Edison: turnaround results, fresh momentum for an intermediate-term growth plan

Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended. Positive earnings for the core businesses (339 million euros) and the Group as a whole (144 million euros), core business revenues up 16.4% (+10.4% for electric power and +47.3% for natural gas), core business EBIT rise 50.8%, proceeds from the divestiture program reach 9 billion euros, a debt/equity ratio among the best in the industry in Europe, positive operating outlook for 2004.

Milan, March 25, 2004 – The Board of Directors of Edison Spa, meeting today at the Company’s Foro Buonaparte headquarters, reviewed and approved the Annual Report for the 2003 fiscal year, which ended with positive earnings for the core businesses (339 million euros) and the Group as a whole (144 million euros). The Board also reviewed and approved an intermediate-term industrial plan that confirms the Group’s growth strategy.