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Results for 2004

The Motor-Columbus Group’s consolidated sales for fiscal 2004 rose 32% to CHF 6,955 million while net income before minority interest increased 20% to CHF 326 million. Net income after minority interest was up 22% to CHF 174 million compared to CHF 143 million a year earlier.

Successful Fiscal Year 2004

Once again, the results reflect the year’s performance of Aare-Tessin Ltd. for Electricity (Atel), Olten, the only operating subsidiary of Motor-Columbus Ltd. The Atel Group, specialized in electricity trading, marketing, generation, transmission and energy services, recorded very successful results for 2004. In particular, the Energy Segment achieved a new record level of sales and earnings. Sales in Southern Europe were strongly boosted by the new marketing activities for Edipower and by participation in the Milan power exchange. All the other energy markets also contributed to the solid performance, with sales stabilizing at a high level. Consolidated sales reached CHF 5.5 billion, up from CHF 3.8 billion in 2003. Segment income before interest and taxes (EBIT) grew 18% to CHF 433 million. Electricity sales increased sharply once again, climbing 36% to 93 billion kWh. Last year, Atel also traded 109 billion kWh of electricity valued at CHF 5.0 billion in the form of standard products, compared to 67 billion kWh representing CHF 2.7 billion in 2003. As in the past, only the net gains on these trading contracts are included in net sales. Despite continued weakness in economic activity in Germany and Switzerland, the Energy Services Segment generated sales of CHF 1.4 billion, only slightly down on the prior year level of CHF 1.5 billion. Consolidated segment income increased by CHF 5 million to CHF 21 million.

Motor-Columbus Ltd posted net income of CHF 28.1 million for the year, compared to CHF 26.3 million in 2003. The Board of Directors will recommend the Annual Meeting of Shareholders on June 2, 2005 to raise the dividend from CHF 45.-- to CHF 50.-- per share.

For 2005, Atel expects the Energy Segment to post another increase in sales volume and revenue, with segment operating income about level with last year. In the Energy Services Segment, Atel anticipates improved operating results on stable sales as a result of the good order books at the beginning of the year and the restructuring measures that have already largely taken effect. On balance, the Motor-Columbus Group expects sales to rise again in fiscal 2005, with income on a par with last year.

Motor-Columbus Ltd

The Annual Meeting of Shareholders will be held on June 2, 2005 at the Stadtsaal (Trafo) in Baden.

The full Annual Report will be published at the end of April 2005 and be available on the company’s website.