Atel: Management change

Atel is set to amalgamate its Energy Services Northern/Eastern Europe and Energy Services Southern/Western Europe business divisions at the management level, effective 1 May, 2004. Giovanni Leonardi will be in charge of the new Energy Services business division. Leonardi is also the incoming Atel CEO, starting on 29 April 2004. He accedes to this position from his post as head of Energy Services Southern/Western Europe and the Atel Installationstechnik Group in Zürich. Amalgamation of the two Energy Services business divisions is a move that will tighten the Atel Group’s organisation and management structure.

Thomas Bruder, head of the GAH Group in Heidelberg, will accordingly step down from the Atel Executive Board on 1 May 2004. Bruder has been responsible for the Energy Services Northern/Eastern Europe business division since 1 April 2003; he will continue in his post as board chairman of the GAH Group.

Aare-Tessin Ltd. for Electricity Corporate Communications and Energy Policy