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euro adhoc: EIC Electricity SA
Quarterly or Semiannual Financial Statements
Fair Value Adjustments (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Zurich and Geneva, September 30, 2003
Fair Value Adjustments
The investment company EIC Electricity SA informs, that it has
adjusted the fair value estimates of its three private equity
investments as following:
Fair Value Ensys AG new: CHF 5.8 (+96%) per EIC share; 
Fair Value Termobahia Ltda new: CHF 1.9 (+21%) per EIC share; 
Fair Value SEFL new: CHF 3.4 (-37%) per EIC share.
As a result of the adjustments, the value of the EIC private equity
portfolio increases by CHF 1.1 per share. The company will provide
some background to its adjustments in its quarterly report (available
as of October 1, 6 pm at www.eicpower.com)
EIC is listed on the Swiss Exchange (SWX) and on the Frankfurt
Securities Exchange (Bloomberg: EIC SW Equity / EIV GR Equity). The
company is specialized in investments in power generation,
transmission, trading and distribution.
end of announcement        euro adhoc 30.09.2003

Further inquiry note:

Dr. Dominique Candrian

Branche: Electricity Production & Distribution
ISIN: CH0007162958
WKN: 940179
Index: Investment Index (IGSP)
Börsen: Frankfurter Wertpapierbörse / official dealing
SWX Swiss Exchange / official dealing

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