EnBW stipulates terms for the placement of own shares to further strengthen its capital base

Karlsruhe. Energie Baden-Württemberg Aktiengesellschaft in Karlsruhe (EnBW) has announced the details of the placement of its own shares to further strengthen the company's capital base. This placement is similar to the capital increase of May/June 2004 and will involve an offer to shareholders to purchase around 12.9 million of the EnBW shares currently held by EnBW. Based on the planned purchase ratio of 18:1, one share in EnBW can be acquired for each 18 existing shares. As EnBW also intends to settle fractional rights, shareholders owning fewer than 18 shares may basically also purchase a share in EnBW. The purchase right will therefore be rounded up to a full number of shares. All in all, 12,887,449 own shares (plus any shares required for fractional rights settlement) will be offered at a purchase price of EUR 31.30.The scheduled purchase period is from March 23, 2005 to April 6, 2005 (both dates inclusive). The two major EnBW shareholders, EdF and OEW, have already indicated that they will support the capital increase. "We also view the faith of shareholders in EnBW and in the potential of the share as confirmation of the successful business strategy pursued by EnBW during the last two years. This ongoing and dependable support is a key element in the success of our restructuring activities", says Dr. Christian Holzherr, the CFO of EnBW. The share of EnBW Energie Baden-Württemberg AG is officially listed at the securities exchanges in Frankfurt am Main and Stuttgart under WKN code 522 000. This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia). This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.