Essen, 27 November 2003This pressinformation is more than two years old

RWE’s Forecast for 2003 Remains Unchanged Despite One-Off Charges for Realignment of Heidelberger Druckmaschinen

Heidelberger Druckmaschinen AG (HDM), a 50% subsidiary of RWE AG, reported yesterday that HDM would take a €400 million realignment charge. The charge consists of restructuring costs and, more important, expenses associated with changes planned for the Web Systems and Digital Divisions.

Taking into account RWE’s 50% share in HDM, RWE will carry 50% of the cost on its books with an effect on net income for the 2003 fiscal year. However, this effect will be offset by several items, including book gains on disposals – primarily related to the reduction of RWE’s stake in the US-based hard coal and gas company Consol Energy. Therefore, RWE reaffirms the Group’s earnings forecast for 2003 fiscal year it issued on November 13. Net income after goodwill amortization is still expected to decline by no more than 20% compared with the previous year (€1,050 million). Before goodwill amortization, net income is anticipated to be slightly up year-on-year (€1,830 million).

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RWE Aktiengesellschaft
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: This pressinformation is more than two years old