Former E.ON senior executive named a senior advisor at Miller McConville & Co.

NEW YORK & LONDON, Sept. 3, 2002 — Miller McConville & Co. recently confirmed that Heinz-Dieter Waffel has been named a Senior Advisor.

Waffel joins other senior energy executives including Karl Miller and Kevin McConville in the effort to address the significant fiduciary and financial problems facing the power and natural gas sector.

“We are extremely pleased to have Heinz-Dieter join the senior management team. He brings a tremendous amount of European industry experience and expertise to the company. His appointment is consistent with our corporate objectives to develop a world-class management team with multinational experience and focus,” a company spokesperson said.

“Much of the US and European power and natural gas industry is operating under highly distressed conditions. The industry fundamentals are exemplified by problematic senior management, excessive leverage, weak cash flows, limited access to the capital markets and overstated asset values.

“We have developed a leadership team with the foresight and vision to address the serious fiduciary issues facing the industry, including energy debt advisory and restructuring, and interim senior management under corporate restructurings and bankruptcies. The industry desperately needs strong leadership with competent management in control of the process,” a company spokesperson said.

Waffel formerly served as a Managing Director of E.ON Energie AG, the multinational German utility with over 34,000 megawatts of installed capacity. He was responsible for the wholesale energy operations of the company. He also served as the Chairman of the Viking Cable and Baltic Cable Companies.

Waffel oversaw the wholesale business merger of PreussenElektra and Bayernwerk into E.ON Trading. Prior to E.ON, he served as the Chief Commercial Officer and Member of the Board of Management of PreussenElektra AG. He was a member of the supervisory boards of several regional distribution companies in Germany and Sydkraft in Sweden.

Prior to joining PreussenElektra, Waffel spent twenty-one years at the Tennessee Valley Authority (TVA) in the United States and last served as the senior manager in charge of the TVA power business group with over 30,000 megawatts of installed capacity. He was responsible for the development and management of TVA’s bulk power trading, risk management, product development and power system operational planning.

Waffel has formerly served as the Chairman of the Counsel at the European Energy Exchange in Frankfurt and is a member of its Supervisory Board. He also served as the Chairman of the energy trading steering committee for the Organization of German Electricity Companies (VDEW). He has also served as the Vice Chairman of the Western System Power Pool (WSPP) and he is a former member of the NERC sponsored Commercial Practices Working Group.

Waffel holds a bachelors degree in Business Administration from Technische Universitaet in Karlsruhe, Germany. He also holds a Masters in Management Science from the University of Tennessee in Knoxville, TN.

Miller McConville & Company is also engaged with various potential capital providers regarding the acquisition, control and management of various performing and distressed power and natural gas assets in both Europe and the United States.

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