Moody's changes Vattenfall's outlook from negative to stable

Moody's changes Vattenfall's outlook from negative to stable Moody's Investors Service today announced that the rating agency changes its outlook on Vattenfall's A3 rating from negative to stable. In its statement Moody's substantiated that "the change in outlook reflects (i) the solid progress achieved on integrating the German operations into the Vattenfall group; (ii) the group's strong cash flow and progress in debt reduction in the first half of 2003, which have resulted in a improving financial profile; and (iii) Moody's expectation that the advances as regards business integration and debt reduction will continue." From Vattenfall's Press Office, telephone: +46 8 739 50 10. For more information, please consult: www.vattenfall.com (under Investors, select Credit Ratings). Klaus Aurich, Head of Investor Relations, phone +46 (8) 739 6514. Martin May, Head of Media Relations, phone +46 (8) 739 52 70, mobile +46 (70) 539 52 70. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/10/10/20031010BIT00870/wkr0001.doc http://www.waymaker.net/bitonline/2003/10/10/20031010BIT00870/wkr0002.pdf

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Vattenfall’s vision is to be a leading European energy company. Vattenfall’s main products are electricity and heat. Today, Vattenfall generates electricity, produces heat and supplies energy to several million customers in the Nordic countries and northern Europe. The major customers are industrial plants, energy companies, municipalities, property companies and housing associations. For further information, please see www.vattenfall.com. The media service section, including a picture archive and Vattenfall’s press releases, can be found under News & Comments.

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