Milan, 5 September 2007 - Sopaf announces the conclusion of the offering to its shareholders of option rights for the subscription of 56,520,463 bonds convertible into newly issued SOPAF S.p.A. ordinary shares.  The bonds are part of the SOPAF 2007-2012 3.875% Convertible Bond Issue.

With the conclusion of the offering of unexercised rights on the Italian Securities Exchange (27, 28, 29, 30, 31 August 2007), 194.000 option rights had been exercised, corresponding to 25.996 convertible bonds, accounting for 0.046% of the total convertible bond with a countervalue of EUR 22,876.48.
269.674.500 option rights have been unexercised corresponding to 36,136,383 convertible bonds, accounting for 63.935%. The remainder of the Convertible Bonds has been fully backed by the underwriting commitment of Banca Akros S.p.A.

The transaction has thus been concluded with the full subscription of 56,520,463 convertible bonds covered by the SOPAF 2007-2012 3.875% Convertible Bond Issue, for a countervalue of EUR 49,738,007.44.

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