Change at board of directors at EnBW Energie Baden-Württemberg AG

EnBW finance director Dr. Reinhard Volk asks supervisory board to relieve him of his duties

Successor to be appointed shortly

Karlsruhe (ots) - There has been a change in the make-up of the EnBW Energie Baden-Württemberg AG board of directors. Dr. Reinhard Volk has asked the supervisory board to relieve him of his duties. Dr. Volk has been responsible for finance at the company since 1st December 2000. According to EnBW in an announcement published on Wednesday, the relevant body has complied with his request which comes into effect on 30th June 2002.

Dr. Volk took up his position at EnBW against the background of the planned stock market flotation. He quickly prepared the company for the demands of the capital markets. During Dr. Volk's term of office, a convertible bond was launched with great success, in addition to the highly successful placement of a large bond on the international capital markets as part of an EMTN programme. EnBW also received a very positive rating from internationally renowned ratings agencies at the end of the year in association with this bond. EnBW, in conjunction with its majority shareholders EDF and OEW, decided in January to postpone the flotation indefinitely due to the general mood on the stock market.

The chairman of the EnBW board, Gerhard Goll, explains, "We regret Dr. Volk's decision. Dr. Volk tackled and achieved a great deal during his time here." Mr Goll expects the name of Dr. Volk's successor to be announced shortly.

EnBW Energie Baden-Württemberg AG

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