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Atel holds a 20 percent stake in Edipower S.p.A.

In line with the intention announced in mid-July 2007, Aare-Tessin Ltd. for Electricity (Atel) completed the increase of its share in Edipower S.p.A. at the end of January 2008. As of 31 January 2008, Atel now has a 20 percent stake in the Italian energy producer. This brings its financial interest to the same level as the energy purchase rights.

Share transfer completed at end of January 2008

On 16 July 2007 Atel exercised its call options on Edipower S.p.A. with financial investors Interbanca S.p.A. and Albojo (100 percent Royal Bank of Scotland). The call options were governed by agreements made in 2002 and 2003, entitling Atel to purchase shares corresponding to 2 percent of the share capital of Edipower S.p.A. In addition, Unicredit S.p.A. exercised its put option to sell to Atel a share package corresponding to 2 percent of the share capital of Edipower S.p.A. The share transfer was completed on 31 January 2008. The entire transaction cost Atel around EUR 105 million and increased Atel's stake in Edipower from 16 to 20 percent.

Edipower is among Italy's largest electricity producers, with a 7.4 percent share of Italian consumption. Atel has had a stake in Edipower since 2002. The increase in its holding has no influence on the energy portion. Atel continues to purchase 20 percent of the electrical energy generated by the company's six thermal power stations and three hydroelectric power stations.