O P P E N H E I M M O R N I N G N E W S28.02.2003

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Dow Jones: 7,884.99 (+78.01) 6,5007,000 7,000

ONOMIC RESEARCH RECOMMENDATION

UITY RESEARCH RECOMMENDATIONV Energie* Successor to CEO Hartung has been announced Neutral

RRENT EQUITY NOTES RECOMMENDATIONesa Good operating results but net income eroded by ... NeutralC Positive Outlook reiterated, but weak Q1 Outperformerlmann Good start in 2003 Outperformermens Will Siemens buy Alstom Power Transmission? Neutral

DAY‘S EVENTSt Annual results Vision Systems Q1 resultsa Annual news conference

ering Annual news conference and conference calllkswagen Executive Board meeting

Euro Stoxx 50: 2,104.41 (+45.44)DAX: 2,513.22 (+63.02)Nemax 50: 327.80 (+1.86)Dollar/EURO: 1.0744 (-0.0009)Brent Oil (US$): 33.06 (-0.01)Bund Future: 116.27 (+0.10)US Future: 116.31 (+0.13)

2,0002,5003,0003,5004,0004,5005,0005,5006,000

02/01 06/01 10/01 02/02 06/02 10/02 02/030

1,000

2,000

3,000

4,000

5,000

6,000

DAX (left scale)DJ EURO STOXX 50 (rebased, left scale)NEMAX 50 (rebased, right scale)

Source: Thomson Financial Datastream

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E C O N O M I C R E S E A R C H. / .

E Q U I T Y R E S E A R C H

M V V E N E R G I E * M V V G . D E Price: €15.60

Neutral Successor to CEO Hartung has been announced Fair value: 18.80

Yr. end Sales Net Profit EPS PER EV/EBITDA EBIT-Margin Yield2002 1,678.7 57.3 1.21 12.9 7.3 6.6% 4.8%2003e 1,892.7 188.5 1.01 15.5 3.5 14.0% 4.8%2004e 2,005.8 61.6 1.23 12.7 5.0 7.2% 4.8%Market Cap.: €0.79bn Free Float: 12.2% EPS CAGR 01-2006: 9.6 %

____ Facts: MVV’s supervisory board has announced Dr. R. Schulten as the newCEO with a 5-year contract. He will replace Mr. R. Hartung, who will retire on 30September 2003. Dr. Schulten is currently CFO of the Vattenfall-Europe daughterBewag in Berlin.

____ Conclusion: Since Dr. Schulten is an experienced utility manager with manyyears of experience in the sector, we appreciate this announcement. We leave ourrecommendation unchanged.

Dr. Marcus Rehm Telephone: + 49 (69) 7134 - 5640 marcus.rehm@oppenheim.de

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rflorio@sal-oppenheim.com

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