Sale of VERBUND shares successful

11/18/2004Wien

VERBUND has been extremely attractive on the international capital market. With the sale of a 6.33 percent equity stake of EnBW (Energie Baden-W├╝rttemberg) in only one day to about 100 institutional investors all over Europe, the successful corporate strategy was once again confirmed.

"It is especially encouraging that the freefloat in our company has been significantly increased," explained Michael Pistauer, Chief Financial Officer of the VERBUND group. "We expect an additional significant increase in the attractiveness of our company in the capital market."

Among experts, the VERBUND has already been considered highly successful for a long time. According to the analyses of the international investment bank Sal. Oppenheim, VERBUND is "the best positioned utility in Europe." Deutsche Bank even speaks of "excellent strategic positioning".

The recent success story on the capital market of VERBUND was accompanied by a highly successful road show carried out by the VERBUND management which met with enormous and widespread investors' interest. Under the lead of Merrill Lynch as Global Coordinator and Raiffeisen Centrobank as co-arranger, the EnBW share block was successfully placed on Tuesday and was already doubly oversubscribed within a few hours.

Finally, the approximately two million VERBUND shares went to about 100 institutional investors, predominantly in Great Britain, Switzerland, Germany, Holland and France, at around 300 million Euros. As a result, the freefloat of VERBUND has increased from 15.7% to more than 22%.