Edison: a strong performance in the first quarter

Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended. Edison’s Board of Directors approves the results for the first quarter of 2004 Net income of €39 million versus a loss of €59 million last year – Increases in EBITDA (+ 5.6%) and EBIT (+ 15.9%) – Income before taxes of €137 million, almost double last year’s amount – Unit sales for the core businesses up 17% – The Group’s indebtedness shrinks to €3,992 million – The debt\equity ratio improves further to 0.65 (0.69 at the end of 2003).

Milan, May 10, 2004 - The Board of Directors of Edison Spa, meeting today at the Company’s Foro Buonaparte headquarters, reviewed and approved the results for the first quarter of 2004. The period ended with positive earnings of 39 million euros, compared with a loss of 59 million euros in the first quarter of 2003.