Itron Releases Information Related to Convertible Senior Subordinated Notes

Business Wire, April 1, 2008

LIBERTY LAKE, Wash. -- Itron, Inc. (NASDAQ:ITRI), today released information regarding its 2.50% Convertible Senior Subordinated Notes Due 2026 ("Notes").

According to their terms, the Notes are convertible into cash and common stock when the closing price of Itron common stock exceeds $78.19, which is one hundred and twenty percent (120%) of the conversion price of $65.16, for 20 or more trading days in a period of 30 consecutive trading days prior to the end of a quarter. The Notes may be surrendered for conversion during any business day prior to the last trading day of the quarter ended June 30, 2008. The conversion feature became effective April 1, 2008.

In order to convert the Notes, a Holder must (1) complete and sign the Conversion Notice, with appropriate signature guarantee, on the back of the Note, (2) surrender the Notes to a Conversion Agent, (3) furnish appropriate endorsements and transfer documents if required by the Registrar or Conversion Agent, (4) pay the amount of interest, if any, the Holder must pay as described below, and (5) pay any tax or duty if required pursuant to the Indenture. A Holder may convert a portion of a Note if the portion is $1,000 principal amount or an integral multiple of $1,000 principal amount.

If a Holder surrenders a Note for a conversion after the close of business on the record date for the payment of an installment of interest and prior to the related interest payment date, such Security, when surrendered for conversion, must be accompanied by payment of an amount equal to the interest thereon which the registered Holder at the close of business on such record date is to receive (other than overdue interest, if any, that has accrued on such Note).

The name and address of the Conversion Agent is:

Deutsche Bank Trust Company Americas
Attn: Trust & Securities Services
60 Wall Street, 27th Floor
Mail Stop: NYC60-2710
New York, NY 10005

We believe it is highly unlikely that holders would choose to convert the Notes because the market value of the Notes exceeds the amount that holders would receive upon conversion.

Details related to the Notes and conversion information is also available on Itron's website at: http://www.itron.com/investors-convertiblenotes/.

About Itron:

Itron is a leading technology provider and critical source of knowledge to the global energy and water industries. Itron operates in two divisions; as Itron in North America and as Actaris outside of North America. Our company is the world's leading provider of metering, data collection and software solutions, with nearly 8,000 utilities worldwide relying on our technology to optimize the delivery and use of energy and water. Itron delivers industry leading solutions for electricity, gas and water utilities by offering meters; data collection and communication systems, including automated meter reading (AMR) and advanced metering infrastructure (AMI); meter data management and utility software applications; as well as comprehensive project management, installation and consulting services. To know more, start here: www.itron.com.