Edison: 2003 was a turnaround year

Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended. Strong revenue growth (+16.1%) and a sharp improvement in the operating performance (EBIT up 40% to €405 million) of the Group’s core businesses, coupled with the halving of its financial expense (down from €502 to €245 million), produced pretax operating earnings of €160 million, compared with a loss of €211 million in 2002. The consolidated pretax operating earnings, which include operations that are now almost fully divested, were €137 million, up from a loss of €65 million the year before.

Milan, February 12, 2004 – The Board of Directors of Edison S.p.A. met today at the Company’s Foro Buonaparte headquarters to review the preliminary results for 2003.