Essen, 08 June 2004This pressinformation is more than two years old

RWE AG prepares Harpen AG squeeze-out

Cash compensation of €19.50 per share established RWE AG in Essen intends to acquire the shares of the outstanding shareholders of Harpen AG in Dortmund through a squeeze-out transaction. As principal shareholder, the company will call for a vote to transfer the shares to RWE AG during an extraordinary general meeting, expected to be held in early autumn 2004.

The cash compensation is €19.50 per share based on the applicable average market value. Preliminary results of a largely completed evaluation indicate that Harpen’s capitalized earnings value (Ertragswert) will remain below the market value. Should the capitalized earnings value, contrary to preliminary results, be higher, the cash compensation would be increased accordingly.

Squeeze-out transactions allow principal shareholders to take over the shares of the remaining shareholders against a cash compensation. For such action the German Stock Corporation Act requires that the principal shareholder holds at least 95 percent of the shares. RWE AG holds approximately 95.052 percent of the Harpen AG shares, while the remaining stock is widely held. Upon completion of the squeeze-out transaction RWE AG will hold 100 percent of the Harpen shares.

Please contact our Investor Relations Team with any questions that you may have:

RWE Aktiengesellschaft
Investor Relations
Altenessener Straße 27
45141 Essen

T +49 (0) 201-5179-3112
RWE Aktiengesellschaft
Investor Relations
London Office
c/o RWE Supply & Trading
60 Threadneedle Street
London EC2R 8HP
United Kingdom
T +44 (0) 20 7015 5459
: This pressinformation is more than two years old