Changes in the RHI Supervisory Board

15. February 2002

At the extraordinary general meeting of RHI AG on February 15, 2002, Mr. Michael Gröller, Chairman of the Board of Management of Mayr-Melnhof Karton AG, and Mr. Gerd Klaus Gregor, Supervisory Board Member of Schoeller-Bleckmann Oilfield Equipment AG, were elected to the Supervisory Board. They replace Dr. Erich Hampel and Mr. Andreas Treichl, who had previously resigned from the Supervisory Board.

An overwhelming majority of 98.3% of the shareholders voted in favor of the convertible bond at this extraordinary general meeting, so that the capital restructuring concept presented by the new Board of Management can now be implemented.

Dr. Walter Ressler, President of the Supervisory Board, and his Deputy Dr. Friedrich Nemec took this high acceptance as an occasion to pass the responsibility of the presidium on to the next generation. Dr. Walter Ressler: “With the appointment of Dr. Helmut Draxler and his team and the preparation for this impressive approval of the convertible bond, we have made crucial decisions for RHI’s future; however, the time has now come to pass on the responsibility of the presidium to the next generation.”

Ressler and Nemec consider the high approval rate of the convertible bond a vote of confidence for the new management team and their restructuring concept. “We are convinced that the new management under Helmut Draxler as the Chairman of the Board will, after this difficult phase, be able to fully focus on operating business and on extending the worldwide significance of RHI’s core segment refractories”.

Mr. Gerd Peskes, certified public accountant and tax consultant in Düsseldorf, and RHI Supervisory Board Member since 1999, will take over the chairmanship of the Supervisory Board. Mr. Michael Gröller, who was elected to the Supervisory Board on February 15, 2002, will be Deputy Chairman. Dr. Ressler and Dr. Nemec will remain members of the Supervisory Board.