Board changes at VTG-LEHNKERING AG

31.03.2004

VTG-LEHNKERING AG is selling its bulk and special logistics activities retroactively effective January 1st 2004 to the private equity investment company Triton, which is pooling these services in the new VL Bulk- und Speziallogistik GmbH, the future LEHNKERING GmbH based in Duisburg.

Wolfgang Lehr, until now responsible for this business unit on the VTG-LEHNKERING executive board, will become CEO of the new LEHNKERING on April 1st 2004.

Mathias Germelmann, to date responsible for the finance area on the executive board of VTG-LEHNKERING AG, will leave the executive board in connection with the sale of the bulk and special logistics business unit on April 30th 2004, but will continue to serve the company in an advisory capacity.

VTG-LEHNKERING AG, now focused entirely on its core business rail and tank container logistics, will operate as "VTG Aktiengesellschaft" (VTG AG), based in Hamburg, in future. The subsidiary of Hapag-Lloyd AG is to be renamed on May 1st.

The supervisory board of VTG-LEHNKERING AG appointed Dr. Heiko Fischer and Jürgen Hüllen both previously heads of the rail logistics division and members of the management of VTG-LEHNKERING and Dr. Kai Kleeberg, previously head of the controlling area, as new members of the company's executive board effective May 1st 2004.

Dr. Heiko Fischer will take over as chairman of the executive board from Hartmut Lühr, who is switching to the management of Hapag-Lloyd Container Line. Fischer will be responsible for the sales, communication and marketing areas and will continue to serve as personnel director.

Jürgen Hüllen will take over the executive board area technology and operation, while Dr. Kai Kleeberg will be responsible for finance on the new executive board.

The supervisory board thanked the retiring executive board members for their successful work for the company over many years.

With over 46,000 rail tank and rail freight cars, the future VTG AG will be one of the leading suppliers of integrated rail logistics services in Europe. Via its holding VOTG, the group is one of the world's leading tank container operators deploying approx. 5,800 units. The business unit rail and tank container logistics has a staff of about 400 and expects to have achieved sales of approx. 400m in 2003.

The experienced rail logistics experts Dr. Heiko Fischer, Jürgen Hüllen and Dr. Kai Kleeberg will ensure that VTG continues to grow successfully in its market. "In recent years, we have consistently expanded our wagon hire and via our subsidiaries and holdings our range of forwarding services extending to haulage, and we will continue on this growth track. The aim is to keep increasing the appeal of rail for freight transport and make the most of the opportunities offered by the enlargement of the EU eastwards," explains Heiko Fischer, designated executive board chairman of the future VTG AG.