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Holger Reichardt and Wolfgang Pfizenmaier retire from Heidelberg Management Board

Press release from the issuing company

November 27, 2003 -- Due to imminent changes and planned restructuring within the Heidelberg Group, Dr. h.c. Holger Reichardt has resigned as Director for Marketing, Sales and Service at Heidelberger Druckmaschinen AG with effect from November 30, 2003. His contract has been cancelled amicably and by mutual agreement. The Supervisory Board and Management Board would like to express their heartfelt gratitude to Mr. Reichardt for his contribution to the company. His duties will be taken over by Bernhard Schreier, Heidelberg's Chief Executive Officer. Holger Reichardt had been a member of the Management Board since 1998. Wolfgang Pfizenmaier has also resigned his seat on the Management Board. This decision was also reached amicably and by mutual agreement and will be effective from November 30, 2003. Mr. Pfizenmaier had been responsible for digital printing operations at Heidelberger Druckmaschinen AG. He will continue to be at the company's disposal for special assignments. The Supervisory Board and Management Board expressed their gratitude and appreciation for the work he had done on the Management Board. Wolfgang Pfizenmaier has been with the company since 1974. During this time he has been responsible for, among other things, the Research & Development and Technology sections.