Areva - January 2008

On 3 January 2008, our client Areva T&D, a division of Areva Group, announced the signature of an agreement to acquire Nokian Capacitors Ltd, a Finnish designer and manufacturer of high voltage capacitors used in energy transmission networks worldwide. The amount was undisclosed.

The operation is of strategic importance for Areva as it will reinforce its position on the growing ultra high-voltage market.

Nokian Capacitors Ltd. benefits from 50 years of expertise in engineering and manufacturing power system components such as Capacitors in particular. With 2006 sales of 51mlion euros, the company currently counts 290 employees and is represented in 70 countries.Capacitors are components used in High Voltage Direct Current (HVDC) schemes and Flexible Alternative Current Transmission Systems (FACTS). HVDC and FACTS both help reduce C02 emissions by respectively minimizing power losses and ensuring the balance and efficiency of highvoltagetransmission networks. They also facilitate the connection of renewable energy sources into the power network.

Nokian Capacitors Ltd's products will complement Areva's offering and enable its T&D Division to broaden its customer portfolio.

The acquisition is subject to the consultation of trade unions, in compliance with the applicable provisions of the law, and is expected to complete by end of January 2008.

Canaccord Genuity acted as financial advisor to Areva T&D.