Joint press release:
Stuttgart. On November 26, 2002, EnBW Energie Baden-Württemberg AG implemented a procedure at Neckarwerke Stuttgart AG, Stuttgart, to exclude the minority shareholders in accordance with Section 327a et seq. AktG (German Stock Corporation Act) (see Corporate News statement of EnBW dated November 26, 2002). The ordinary AGM of NWS on April 15/16, 2003 will decide on the exclusion of minority shareholders. Based on an expert opinion prepared by the auditors KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungs-gesellschaft, EnBW has set the cash compensation amount at Euro 396.50 per no-par value bearer share of Neckarwerke Stuttgart AG. The appropriateness of the cash compensation amount has been confirmed by a court-appointed expert auditor. The Management Board and Supervisor Board of Neckarwerke Stuttgart AG have agreed to propose to the ordinary AGM of Neckarwerke Stuttgart AG that a decision be made to transfer the no-par value bearer shares of the minority shareholders to EnBW in accordance with the procedure to exclude the minority shareholders (327a et seq. AktG) in return for cash compensation of Euro 396.50 for each no-par value bearer share of Neckarwerke Stuttgart AG.