VERBUND-Austrian Hydro Power AG (AHP) - General Meeting

2/14/2003Wien

VERBUND, the majority stockholder of VERBUND-Austrian Hydro Power AG (AHP), approved the request for an audit according to § 118 AktG filed by minority stockholder Kelag at today’s AHP general meeting of stockholders.

At the same time, however, the principal stockholder passed a vote of unqualified confidence in the board of management. The stockholders’ confidence in the management was also shown by the discharge of the members of the board of management and the supervisory board, with the exception of supervisory board member Univ.-Doz. Dipl.-Ing. Dr. Hermann Egger.

VERBUND and the other minority stockholders believe that the doubts about the AHP management voiced by the minority stockholder are entirely unfounded. By its approval VERBUND wished to signal, however, that there are no objections whatsoever to an unbiased audit, although the company could do without the arising costs. Hence VERBUND approved both the request for an audit and the appointment of an independent auditor at the general meeting of stockholders.

Upon the initiative of the board of management the general meeting of stockholders approved the distribution of a EUR 7 million dividend to all of its stockholders according to their shares.

VERBUND is holding about 80.3% of the capital stock of AHP, 5.3% are held by EStAG, 10% by Kelag. Wienstrom, EVN, Energie AG Oberösterreich, and the provinces Tyrol and Burgenland own the remaining shares.