EEII AG

euro adhoc: A&A EIC Electricity Investment Company
Management Changes
Ad-hoc Information
A&A EIC Electricity Investment Company (EIC): New Appointments to the Investment Committee
New Board Member (E)

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A&A EIC Electricity Investment Company SA, Geneva announces that it has substantially completed the restructuring of the company:

Investment Committee

As of April 1, 2002, the Investment Committee will consist of the following professionals: Dr. Dominique Candrian, CEO of EIC; Christian Berner, Partner at de Pury Pictet Turrettini & Co. Ltd., Marcel Brühwiler, Andreas Schneller, and Stephan Truffer.

While Dominique Candrian, Christian Berner and Andreas Schneller were members of the Investment Committee already in the past, Marcel Brühwiler and Stephan Truffer will join the team on April 1, 2002: Marcel Brühwiler, 34, will join the EIC team from ABB Financial Services and Stephan Truffer, 32, will join the EIC team from Lehman Brothers’ London-based European energy team.

EIC Partners AG

EIC Partners AG will be the employer of Dominique Candrian, Marcel Brühwiler, Andreas Schneller and Stephan Truffer and will act as the advisor of EIC’s investment manager in Jersey (regulatory approval in Jersey pending). All four team members will work exclusively for the benefit of EIC. PPT Holding, the management team and two Board Members of EIC will be the owners of EIC Partners AG.

Dr. Markus Ruffner proposed to join the EIC Board

The EIC Board has also decided to propose Dr. Markus Ruffner as a new Board Member to the General Assembly on March 8, 2002. Markus Ruffner is Partner and Chief Investment Officer at the New Private Bank (NPB) in Zurich and holds doctor degrees in law and economics. He was formerly a member of the editorial staff of Neue Zürcher Zeitung and a senior economist and investment strategist at Credit Suisse. Subject to the confirmation by the Annual Shareholders Meeting, the Board of EIC will be composed of Peter Giller (Chairman), John Baker, Göran Lundberg, Guillaume Pictet, Markus Ruffner and Hans E. Schweickardt.

Fee Structure

The current Fee structure will basically remain in force (1% Management Fee of NAV plus 20% Performance Fee over a Hurdle Rate of 5%, related to the share price). The high water marks will remain unchanged. The following adjustments have been approved by the Board of EIC:

- Management Fee: Gross-up for some cost of the operations in Jersey (approx. 0.2% p.a.).

- Performance Fee: (i)Reduction of the Performance Fee if EIC’s benchmark - the MSCI World Utilities Index - is under-performed; (ii)Reduction of the Performance Fee if certain liquidity criteria of the EIC shares are not met; (iii)Cap of the Performance Fee per annum at 5% of EIC’s Net Asset Value.

Market Making

As per immediate effect, Zürcher Kantonalbank will act as the market maker for the shares of EIC (Contact person: Stefan Sola, Phone: +41-1-293’66’65).

Proposed change in Name

In the context of the reorganization, the Board of EIC proposes to the Shareholders to change the name from "A&A EIC Electricity Investment Company SA" to "EIC Electricity SA".

EIC is listed on the Swiss Exchange (SWX) and on the Frankfurt Securities Exchange (Bloomberg: EIC SW Euity / EIV GR Equity). The company is specialized in investments in power generation, transmission, trading and distribution.

Zurich / Geneva February 14, 2002

end of announcement            euro adhoc 14.02.2002
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Further inquiry note: Dominique Candrian, Tel.+41-43-844'10'00:, E-mail: dcandrian@eicpower.com



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