Atel Group: Put and call options in Edipower exercised

Following the transfer of shares, Aare-Tessin Ltd. for Electricity (Atel) will increase its share capital of Edipower S.p.A. to 20%.

On 16 July 2007, Atel exercised its call options on Edipower S.p.A. shares towards financial partners Interbanca S.p.A. and Albojo (100% The Royal Bank of Scotland) for the purchase of 2% of the share capital of Edipower S.p.A., as foreseen by agreements signed in 2002 and 2003. Transfer of these shares will be executed on 31 July 2007.

Atel also received notice of the exercising of the put option by Unicredit S.p.A. regarding the sale to Atel of 2% of the share capital of Edipower S.p.A. The transfer of the shares will be executed at the end of January 2008. Overall expenditure will amount to approximately 105 million Euros.

Following the transfer of shares, the share capital of Edipower S.p.A. held by Atel will increase from 16% to 20%.

Aare-Tessin Ltd. for Electricity Corporate Communications