Offering Results - Offering of Unexercised Option Rights on Securities Exchange

Milan, 14 August 2007- Sopaf announces the conclusion of the offering of options to shareholders for the underwriting of 56,520,463 bonds convertible into newly issued SOPAF S.p.A. ordinary shares; the offering commenced on 23 July 2007 and ended on 10 August 2007. On the basis of the definitive results communicated by Monte Titoli S.p.A. to SOPAF S.p.A. earlier today, 151,926,000 option rights were exercised, accounting for 36.019% of the total option rights offered and corresponding to 20,358,084 convertible bonds with a total countervalue of EUR 17,915,113.92, inclusive of the countervalue referring to the options exercised by Acqua Blu S.r.l.

It is noted that Acqua Blu S.r.l., (the company directly holding 25.536% of Sopaf, which is controlled by Giorgio Magnoni, who personally controls 31.268% of Sopaf through Acqua Blu S.r.l. and Alfabravo S.r.l.) in accordance with the commitments previously undertaken, exercised 84,360,000 rights, subscribing 11,304,240 convertible bonds, for a total countervalue of EUR 9,947,731.20

It is also noted that 269,868,500 option rights were not exercised during the offering period; such rights accounted for 63.981% of the total option rights offered, corresponding to 36,162,379 convertible bonds, with a total countervalue of EUR 31,822,893.52.
In accordance with the provisions of Article 2441, Paragraph 3 of the Italian Civil Code, the aforementioned unexercised rights will be offered by SOPAF S.p.A. on the Italian Securities Exchange during the trading sessions on 27, 28, 29, 30 e 31 August 2007.

The unexercised rights will be made available to the buyers at Monte Titoli S.p.A. and may be used for subscribing the convertible bonds, at a price of EUR 0.88 per bond, increased by EUR 0.00233 for interest accrued from 10 August 2007 (included) to 4 September 2007 (excluded), based on a subscription ratio of 67 convertible bonds for every 500 option right. The subscription of the convertible bonds will need to be done at Monte Titoli S.p.A., through respective depositaries, on or before 4 September 2007, or the options shall expire.
Banca Akros S.p.A. is the intermediary acting under mandate charged with the offering of the unexercised options.

The remainder of the Convertible Bonds will be fully backed by the underwriting commitment of Banca Akros.

For further information:
Maria Antonietta Barelli
SOPAF S.p.A.
Tel: +39 (02) 72.14.24.29 - mobile: +39.335.620.0990
mabarelli@sopafgroup.it