Consolidated Financial Statements of the Alpiq Group

The following consolidated financial statements comply with IFRS Financial Reporting Standards in accordance with IAS 1 "Presentation of Financial Statements". All prior year comparatives represent the figures published by the former Atel Group at 31 December 2008, excluding EOS and Emosson operations.

Due to the business combination to form the Alpiq Group, the figures presented in the financial statements for 2009 have changed significantly since the previous year and are only comparable to a limited extent. On page 55, the key figures disclosed in the consolidated income statement and statement of financial position for 2008 are shown as pro forma financial statements in comparison with the financial statements for 2009.