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HOCHTIEF, one of the world´s leading companies in the construction and construction services sector has announced the formation of a new business unit Central/ Eastern Europe effective January 1st 2003 which will be based in Warsaw. The new division will combine all Central European units in Poland (HOCHTIEF Polska), Czech Republic (VSB) as well as HOCHTIEF Russia and project oriented businesses in the Baltic Countries and Eastern Europe. The former CEO of HOCHTIEF Polska, Dr. Uwe Krüger, has been appointed to be the CEO of the new division.

Dr. Uwe Krüger said today: „We definitely regard the construction markets in Central Europe as growth markets in both infrastructure and building sector. Hence we have decided to strengthen our organisation and enlarge our market presence. Poland is chosen as the headquarters because of its leading position among the succession countries to the EU, its market size and geographic location, and the very skilled workforce available.“ HOCHTIEF Central/ Eastern Europe will have yearly revenues of more than 400 mio EURO. Further expansions will be driven out of the existing business units and will focus on General Contractor, Construction Management, Infrastructure and PPP Projects. HOCHTIEF also announced today that Henryk Jan Liszka will succeed Dr. Krüger as the new CEO of HOCHTIEF Polska. Mr. Liszka led the operations of Bovis Lend Lease in Poland for ten years and is regarded as one of the leading experts in Construction Management in Central Europe. „We are very excited to have Henryk Liszka on board. I am confident that he will contribute with an unparalleled experience and expertise to the further growth and success of our business in Poland“ empasized Dr. Krüger. Henryk Liszka added: „The commitment HOCHTIEF has made to Central and Eastern Europe with the newly formed business unit will enhance the successes it has achieved to date. I very much look forward to the challenge of achieving our goal of making HOCHTIEF the leading construction provider in this area of Europe.“ HOCHTIEF Polska With a turnover of 468 mio PLN in financial year 2001, HOCHTIEF Polska is one of the biggest leading construction companies on the Polish market. Although HOCHTIEF set up shop in Poland in 1996, it has been present on this market since 1990. Over the past decade HOCHTIEF in Poland has specialized in the construction of industrial buildings and facilities, public construction services, development of housing projects and infrastructural engineering. Lately the company has expanded its service offer to construction management. HOCHTIEF Polska now employs 1000 people all over Poland and operates through its offices in Warsaw (Budokor Branch), Poznan (Poz-Building Branch), Cracow (Kpis-Cracovia Branch) and Gdynia (North Division). This year HOCHTIEF Polska expects its revenues to reach 750 mio PLN. HOCHTIEF With a work done volume of EUR 13.4 billion in financial year 2001, HOCHTIEF is the biggest construction company in Germany and also ranks among the industry's leaders on an international level. Starting from its core business of building, the company is continuously expanding its service offer: Airport management, project development and facility management are becoming increasingly important. World-wide, about 34,000 people work for HOCHTIEF. Via subsidiaries and associates, the company is represented on all major markets including North and South America, Western, Central and Eastern Europe, India, Australia, Southern Africa and the Asia Pacific region.