Framatome ANP Acquisition of Duke Engineering and Services Completed; New Division of Nuclear Leader to be Called Framatome ANP DE&S

Business Wire, May 1, 2002

Business Editors/Energy Writers

LYNCHBURG, Va.--(BUSINESS WIRE)--May 1, 2002

Framatome ANP, Inc., an AREVA and Siemens Company, following a three-month process of due diligence, has completed its purchase of Duke Engineering & Services (DE&S), a subsidiary of Duke Energy Corporation of Charlotte, N.C.

The purchase, which was announced as an agreement in principle by the two companies on January 31, includes three former business groups of Duke Engineering & Services - Nuclear, Federal and Energy & Environmental. The new division, which will be called Framatome ANP DE&S, had revenues of more than $280 million in 2001 and has 1,250 employees.

"This acquisition reinforces our engineering strengths and balances our resources in France, Germany and the United States," said Vincent Maurel, President of Framatome ANP headquartered in France. "The strengthening of our North American operations is very much a part of our global strategy. We do believe in the future of nuclear power in the United States. This acquisition, combined with our 2000 acquisition of Camberrra, the integration of Siemens Nuclear activities in 2001 and our existing activities as Framatome and Cogema makes AREVA a major player in this country with revenues above $2.5 billion."

Framatome ANP DE&S will maintain three basic business groups. The Nuclear Group will focus on nuclear engineering, plant upgrades, instrumentation and control, and spent fuel storage engineering. The Federal Group provides engineering and site management for several Department of Energy nuclear sites. The Energy and Environmental Group will continue to serve the hydro, gas transmission and fossil energy markets.

"These are exciting times for our company as we enhance our reputation of being a 'window on the world' for our customers," said Tom Christopher, chief executive officer of Framatome ANP, Inc. Speaking before a gathering of new employees in Charlotte, he said, "Duke Engineering & Services has been known as a leading engineering and technical services firm throughout our industry, and this expanded competence enables us to emphasize Framatome ANP's well-established commitment to do whatever it takes to deliver the best solutions at the highest possible value. We do this because we care about our customers' success as well as the future of our planet."

Christopher also praised the dedication and extra hours expended by several "transition teams" that were established after the January announcement to ensure that the acquisition could be completed on about a 90-day timetable, an ambitious goal. "Our teams worked with a lot of enthusiasm to complete this major accomplishment on schedule," he said.

Framatome ANP (Advanced Nuclear Power), an AREVA and Siemens company, is the world's premier nuclear supplier. Framatome ANP's focus includes comprehensive engineering; instrumentation and control; nuclear services; heavy component manufacture; modernization; fuel assemblies for many reactor designs, including those designed by other vendors, and the development and construction of nuclear power plants and research reactors.

Framatome ANP is headquartered in Paris with principal subsidiaries in the U.S. and Germany. AREVA holds a 66 percent share of Framatome ANP and Siemens retains 34 percent. Framatome ANP has a total global workforce of more than 14,000 and posts annual revenues totaling about $2.5 billion.

For further information, visit : www.framatome-anp.com .

AREVA, a world leader in nuclear energy and connectors, includes COGEMA, FRAMATOME ANP and FCI. The group has more than 50,000 employees and is present in 30 countries. For further information, visit www.arevagroup.com .