Germany/Nordex: Non-cash capital increase now effective following entry in the companies register

On June 2, 2005, the increase in Nordex AG’s share capital resolved by its management board with the approval of the supervisory board to a total of EUR 58.8 million (see ad hoc bulletin of May 13, 2005) was entered in the companies register, as a result of which it has now been executed in full. This means that all the elements of the recapitalization plan approved by the shareholders at the annual general meeting of February 21, 2005 have been completely implemented.

The authorized capital of EUR 17.5 million was used to issue 11,973,818 new shares in the form of a non-cash capital increase subject to the exclusion of the shareholders’ subscription rights in return for the contribution by the financing banks of loan receivables amounting to EUR 27,899,000. As a result, Nordex AG’s share capital rose from EUR 46,845,000 (following the cash capital increase completed at the end of March 2005) to EUR 58,818,818.

Subscribed by Dresdner Bank AG, Morgan Stanley Bank International Ltd., HSH Nordbank AG and Bayerische Hypo- and Vereinsbank AG, the new shares should be admitted to trading until end of June 2005 and are expected to be subject to a lock-up obligation towards Bayerische Hypo-and Vereinsbank AG until October 19, 2005.