For more information, contact:

Mike El-Hillow Advanced Energy Industries, Inc. 970.407.6570

Cathy Kawakami Advanced Energy Industries, Inc. 970.407.6732 cathy.kawakami@aei.com

Fort Collins, Colo., February 10, 2003—Advanced Energy Industries (Nasdaq: AEIS), a leading global provider of critical solutions used in the production of semiconductors, flat panel displays, data storage products and other advanced applications, today announced the appointment of Dennis Faerber, 50, as executive vice president and chief operating officer. Advanced Energy’s product and technology, manufacturing, global customer operations and quality groups will all report directly to Mr. Faerber.

Most recently, Mr. Faerber was vice president and general manager of US Operations for Agilent Technologies’ Electronic Products and Solutions Group. Prior to Agilent, Mr. Faerber held a variety of management positions in research and development, manufacturing, marketing and services throughout a twenty-four year career with Hewlett-Packard Corporation (HP) and continued with Agilent following the company’s spin-off from HP.

Doug Schatz, chairman and chief executive officer, said, “Dennis has a solid track record at Agilent and HP in leading large, global organizations through critical changes, such as global manufacturing and outsourcing programs and channel and supply chain management initiatives, that have resulted in higher value to customers and exemplary manufacturing efficiency. He brings a good balance of leadership experience, business acumen and worldwide operating expertise to our existing management team, and will lead our continuous drive for operational excellence throughout the organization.”

Mr. Schatz added, “We have a product and technology portfolio that surrounds the process, and addresses the most critical aspects of plasma-based manufacturing. This portfolio is the foundation that enables us to provide customers more comprehensive solution sets so that we continuously deliver unique solutions for more precise and predictable manufacturing. Dennis’ broad operations experience will enhance this collaborative effort across product lines as we work hand-in-hand with our customers to redefine the market for integrated subsystems.”

Mr. Faerber stated, “AE is a global company with strong market leadership positions in multiple product lines, yet it has been able to maintain operational flexibility and an entrepreneurial spirit as it grew in size and breadth. AE’s reputation for providing unsurpassed technological solutions to customer needs fits perfectly with my experience. During my visits with the company, it was clear that AE employees have a passion for success, and I look forward to contributing to that success as we continue to pursue the tremendous opportunities ahead.”

About Advanced Energy
Advanced Energy is a global leader in the development, marketing and support of components and sub-systems critical to plasma-based manufacturing processes used in the production of semiconductors, flat panel displays, data storage products, compact discs, digital video discs, architectural glass, and other applications that require precise thin-film processes.

AE offers a comprehensive line of technology solutions in power, flow and thermal management, plasma and ion beam sources, and integrated process monitoring and control to original equipment manufacturers (OEMs) and end-users around the world.

AE operates in regional centers in North America, Asia and Europe, and offers global sales and support through direct offices, representatives and distributors. Founded in 1981, AE is a publicly-held company traded on Nasdaq National Market under the symbol AEIS. For more information, please visit our corporate website: www.advanced-energy.com