Edison Rsp

Investor Presentation • May 19, 2016

RISULTATI PRIMOTRIMESTRE 2016

Milano– Maggio 2016

AGENDA

• Mercatoenergetico

• • Risultati primo trimestre 2016:
• • Fonti eimpieghi energia elettrica ^e idrocarburi
• •Principali dati finanziari consolidati ^e investimenti
• • Performanceoperativa
• • Indebitamentofinanziario netto ^e flussi di cassa

F Y 2 0 1 5		1 Q 2 0 1 6	1 Q 2 0 1 5	
5 3, 7	\$ / ( b b l ) I C E B t r e n s w a p	3 5, 1	5 5, 2	( ) 3 6 %
1, 1 1	\$ / h ( ) E € t x c a n g e r a e	1, 1 0	1, 1 3	( ) 2 %
4 8, 4	( / ) b b l I C E B € t r e n s w a p	3 1, 9	4 9, 1	( ) % 3 5
3 2, 2	/ l ( ) ) G R 2 € a s e e a s e c s c m a	2 3, 2	3 9, 7	( ) 4 2 %
2 3, 3	/ ( ) P S V € c s c m	1 5, 3	2 5, 5	( ) 4 0 %
2 0, 9	( / ) T T F € c s c m	1 3, 6	2 2, 5	( ) % 4 0
2, 3 5	/ ( h ) U W A € W P N T M	3 9, 6	1, 9 5	( ) 2 4 %
5 8, 7	/ k ( h ) P U N P € M W e a	4 5, 4	5 9, 1	( ) 2 3 %
4 8, 7	( / ) f f k h P U N O P € M W e a	3 6, 4	4 7, 9	( ) 2 4 %
3, 9	/ k d ( h ) S S T W A € M W p a r p r e a	0 5,	0, 0	n. a.
1 0, 3	/ k d k ( h ) S S P € M W p a r p r e a e a	1 0, 9	7, 3	5 0 %
0, 4	/ k d f f k ( h ) S S O P € M W p a r p r e a e a	1, 8	‐4 0 ,	n. a.
7, 7	/ ( ) C O 2 € t o n	5, 6	7, 0	( ) % 2 0

a) Al PSV di Snam Rete Gas Fonte:Edison

BILANCIODI ENERGIA ELETTRICA E GAS IN ITALIA

Energia elettricaa)

An no 2 0 1 5	( ) h T W	I T 2 0 1 6	I T 2 0 1 5	
1 8 0, 9	du le Pr io ica te t tr o z ne rm oe	4 6, 2	4 5, 1	% 2, 5
4 4, 7	du dr le io i ica Pr t tr o z ne oe	9 7,	9, 6	( ) 1 6 % 7,
4 5, 1	du l b l Pr io in i i tre o z ne a r no va	1 1, 2	1 1, 1	1, 1 %
2 0, 7 7	du io Pr t ta o ne ne z	6 3 5,	6 8 5,	( ) 0, % 7
4 6, 4	/ l do Sa im t to t t ne p or ex p or	1 2, 9	1 3, 4	( ) 4, 2 %
( ) 1, 9	i Co ns um o p om p ag g	( ) 0, 6	( ) 0, 5	% 3 4, 7
3 1 5, 2	le do da To ta m an	7 7, 6	7 8, 8	( ) 1, 5 %

a) Al lordo delle perdite di rete

Fonte: dati Ternaand stime Edison

Gas

An no 2 0 1 5	( i l ia d i d i i b i ) tr m r m e cu	I T 2 0 1 6	I T 2 0 1 5	
2 8, 4	l Se iz i e i c iv i i rv us	1 3, 0	1 3, 7	( ) 5, 2 %
1 6, 0	du l Us i in ia i tr s	4, 5	4, 4	0, 2 %
2 0, 7	le Us i ic i te t tr rm oe	5, 7	1 5,	1 2, 1 %
1, 8	d Au i e i to te co ns um p er	0, 4	0, 4	0, 2 %
6 6, 9	le do da To ta m an	2 3, 6	2 3, 6	( ) 0, % 4

Fonte: MinisteroSviluppo Economico, SRG ^e stime Edison

AGENDA

• • Mercatoenergetico
• • Risultati primo trimestre 2016:
• • Fonti eimpieghi energia elettrica ^e idrocarburi
• •Principali dati finanziari consolidati ^e investimenti
• • Performanceoperativa
• • Indebitamentofinanziario netto ^e flussi di cassa

EDISON– VOLUMI ENERGIA ELETTRICA IN ITALIA (TWh)

An 2 0 1 no	5 O I F N T	I T 2 0 1 6	I T 2 0 1 5	 %
1 8, 5	du io d iso Pr E o z ne n:	4, 6	4, 6	( ) 0, 8 %
1 4, 1	le ica te t tr rm oe ‐	3, 9	3, 7	5, 7 %
3, 4	dr le i ica t tr oe ‐	0, 3	0, 6	( ) 4 8, 5 %
1, 0	l l b l ica in i i tre ‐ e o e a r no va	0, 4	0, 3	1 1, 8 %
0, 9 7	( ) ( ) l i a is i is i, A I P E X, tr t t cq a g ro ss ec c. u	8, 1 5	1 7, 5	9 % 5,
8 9, 4	le fo i To ta t n	2 3, 1	2 2, 1	% 4, 5

An 2 0 1 5 no	I I G H I M P E	I T 2 0 1 6	I T 2 0 1 5	 %
1 7, 1	l ie i f in l i ( b ) C t n a	3, 0	4, 8	( ) 3 6, 1 %
7 2, 3	l d i ( ) ( is i, ) A I P E X, tre te t ve n c g ro ss ec c.	2 0, 1	1 7, 3	1 5, 6 %
8 9, 4	le h To im ie i ta p g	2 3, 1	2 2, 1	4, 5 %

a) Al lordo delle perdite ed escluso portafoglio di trading.

b) Al lordo delle perdite.

c) Escluso portafoglio di trading.

EDISON ‐VOLUMI IDROCARBURI

Portafoglio gas in Italia (miliardi di metri cubi)

An 2 0 1 no	5 O F N T I	I T 2 0 1 6	I T 2 0 1 5	 %	An 2 0 1 5 no	I M P I E G H I	I T 2 0 1 6	I T 2 0 1 5	 %
0, 5	du ( ) Pro ion i a z	0, 1	0, 1	( ) 1 3, 3 %	2, 6	l Us i c iv i i	1, 3	1, 3	( ) 3, 8 %
1 2, 7	( ) Im ip G N L ort e + p p	3, 6	3, 1	1 7, 5 %	3, 4	du l Us i in ia i str	1, 0	0, 9	1 8, 4 %
4, 2	ltr i a ist i A cq u	1, 6	0, 8	% 9 8, 6	5, 7	let Us i te ic i tr rm oe	1, 8	1, 4	2 7, 6 %
0, 2	iaz ion i Va to r e s cca g g	0, 3	0, 6	( ) 3, 9 % 5	5, 9	ltr d A ite e v en	1, 5	1, 0	4 8, 5 %
1 6 7,	le fo i To ta nt	6 5,	6 4,	2 1, 6 %	1 7, 6	le im ieg h i To ta p	5, 6	4, 6	2 1, 6 %

Attività diEsplorazione & Produzione

An 2 0 1 5 no	( ) P R O D U Z I O N E G A S mm c	I 2 0 1 6 T	I 2 0 1 T 5	 %	An 2 0 1 5 no	/ ( '0 b b l ) P R O D U Z I O N E O L I O 0 0	I 2 0 1 6 T	I 2 0 1 T 5	 %
4 8 5	du do ( ) Pro ion ica st z e me a	1 1 1	1 2 8	( ) 1 3, 3 %	2. 5 4 6	du do Pro ion ica st z e me	5 6 1	6 6 5	( ) 1 5, 6 %
1. 5 0 8	du ( b ) Pro ion ste e e ro z	3 7 5	3 9 8	( ) 5, 8 %	1. 8 0 8	du ( b ) Pro ion ste e e ro z	5 8 7	3 6 3	6 1, 7 %
1. 9 9 3	le du ion To ta p ro z e g as	4 8 6	5 2 6	( ) 7, 6 %	4. 3 5 4	le du ion l io To ta p ro z e o	1. 1 4 8	1. 0 2 8	1 1, 7 %

a) Include le produzioni della concessione Izabela in Croazia importate in Italia

b) Al lordo delle quantità trattenute come imposta sulle produzioni

GRUPPOEDISON– PRINCIPALI DATI CONSOLIDATI

(€ mln)

PERFORMANCE OPERATIVAPER SEGMENTO

	ia e let tri Ene rg ca				Idr rbu ri oca		alt ri s ori ed eli sio ni Co rat ett rpo e,			tal Ed iso To Gr e up po n
(€ m ln)	IT2 01 6	IT2 01 5	∆	IT2 01 6	IT2 01 5	∆	IT2 01 6	IT2 01 5	∆	IT2 01 6	IT2 01 5	∆
di nd Ric i ita av ve	1.3 61	1.7 03	( ) 20 1% ,	1.8 36	1.6 76	9, 5%	( 1) 17	( 2) 23	26 3% ,	3.0 26	3.1 47	( ) 3, 8%
lor do ad ted ( *) Ma ine tiv jus rg op era o	43	10 9	( ) 60, 6%	14 7	( ) 37	ns	( ) 18	( ) 21	14, 3%	17 2	51	ns

MARGINE OPERATIVOLORDO ADJUSTED (*) PER SEGMENTO (€ mln)

(*) Il Margine Operativo Lordo Adjusted è effetto della riclassificazione dei risultati delle coperture su commodity ^e cambi associate ai contratti per l'importazione di gas naturale della Filiera Idrocarburi alla Filiera Elettrica, per la parte di risultato riferibile ^a quest'ultimo settore. Tale riclassificazione viene effettuata al fine di consentire una lettura gestionale coerente dei risultati industriali. Il Margine Operativo Lordo Adjusted è al lordo dei servizi centrali di staff ^e tecnici.

GRUPPOEDISON – DAL MOL AL RISULTATO NETTO

An 2 0 1 5 no	( ln) € m	I T 2 0 1 6	I T 2 0 1 5	
1. 2 6 1	ine ivo lor do Ma t rg op er a	1 7 2	5 1	1 2 1
( ) 2. 1 9 4	i e lu ion i Am rta nt taz mo me sv a	( ) 1 1 4	( ) 1 5 0	3 6	a )
1 6 1	d fa lue de Va iaz ion i ir v iva i t ta t r n e e a su r ( d b ) ity i co mm o e c am	( ) 9 2	( ) 1 3	( ) 7 9
( ) 2 3	ltr ( ) A i p i i i t t t rov en on er ne	0	( ) 7	7
( ) 7 9 5	isu lta ivo R to t op er a	( ) 3 4	( ) 1 1 9	8 5
( ) 2 9	( ) i i f ina iar i n i Pro nt t t ve on er nz e	( ) 3 0	3 1	( ) 6 1	b)
( ) 3 8	( ) da Pro i i ip ion i nt te ve on er p ar c az	( ) 3	( ) 2	( ) 1
( ) 8 6 2	isu lta im de l le im R to te p r a p os	( ) 6 7	( ) 9 0	2 3
( ) 9 7	l r d d Im ito te p os su e	( ) 4	( ) 5 2 c)	4 8
( ) 9 9 5	isu lta da inu ing ion R to t to nt t ne co op er a s	( ) 7 1	( ) 2 1 4	7 1
0	lta da d d o R isu isc inu ion to t to t t n e on e p er a s	0	0	0
( ) 9 5 9	isu lta R to t to ne	( ) 7 1	( ) 1 4 2	7 1
	di i: cu
2 1	lta d d R isu i c i i to t to te te n e om p e nz a rz	5	1 1	( ) 6
( ) 9 8 0	isu lta d i c d i R Gr to t to te ne om p e nz a up p o	( ) 7 6	( ) 1 5 3	7 7

a) Minori Ammortamenti ^e svalutazioni ^a causa delle svalutazioni derivanti dal processo di impairment registrate nel bilancio 2015 ^e dei minori costi di esplorazione (25 mln€ nel IT2016 vs 41 mln€ nel IT2015).

b) Nel IT2015 erano inclusi utili su cambi eccezionalmente positivi, per via dell'andamento del cambio €/USD; nel IQ2016 è stata rilevata una perdita si cambi. Gli oneri finanziari nel IT2016 sono in miglioramento grazie ^a un minor livello di indebitamento ed un diverso mix di risorse finanziarie.

c) Le imposte sul reddito nell'IT2015 comprendevano un effetto negativo one‐off di 68 milioni di euro, legato alla dichiarazione di incostituzionalità della Robin Hood Tax.

INDEBITAMENTOFINANZIARIO NETTO E FLUSSI DI CASSA

INDEBITAMENTOFINANZIARIO NETTO (€ mln)

a) Includono l'effetto di deconsolidamento della liquidità netta di Hydros (€34mln)

ATTESTAZIONE:

Ai sensi dell'Articolo 154‐bis, comma 2, del Testo Unico della Finanza (decreto legislativo 58/1998), Didier Calvez ^e Roberto Buccelli, in qualità di "Dirigenti preposti alla redazione dei documenti contabili societari" di Edison S.p.A., attestano che l'informativa contabile contenuta in questa presentazione corrisponde alle risultanze documentali, ai libri e alle scritture contabili.

FIRST QUARTER 2016 RESULTS

Milan– May, 2016

AGENDA

• BusinessEnvironment

• • First quarter 2016 results:
• • Electricpower and hydrocarbons sources and uses
• • Consolidatedfinancial highlights and capital expenditures
• •Operating performance
• •Net financial position and cash flow

MARKETREFERENCE SCENARIO

F Y 2 0 1 5		1 Q 2 0 1 6	1 Q 2 0 1 5	
3, 5 7	\$ / ( b b l ) C I E Br t en sw ap	3 5, 1	2 5 5,	( ) 3 6 %
1, 1 1	\$ / ha ( ) Ex € te c ng e ra	1, 1 0	1, 1 3	( ) 2 %
8, 4 4	/ ( b b l ) C € I E Br t en sw ap	3 9 1,	9, 4 1	( ) 3 % 5
3 2, 2	/ le ( ) ) Ga Re 2 € s as e sc m a c	2 3, 2	3 9, 7	( ) 4 2 %
2 3, 3	( / ) P S V € c sc m	1 5, 3	2 5, 5	( ) % 4 0
2 0, 9	/ ( ) T T F € c sc m	1 3, 6	2 2, 5	( ) 4 0 %
5 2, 3	/ ( h ) P U N T W A € M W	3 9, 6	5 1, 9	( ) 2 4 %
8, 5 7	/ k ( h ) € P U N Pe M W a	4 5, 4	9, 5 1	( ) 2 3 %
4 8, 7	/ f f k ( h ) P U N O Pe € M W a	3 6, 4	4 7, 9	( ) 2 4 %
3, 9	( / ) k d h Sp Sp T W A € M W ar re a	5, 0	0, 0	n. a.
1 0, 3	/ k d k ( h ) Sp Sp Pe € M W ar re a a	1 0, 9	7, 3	5 0 %
0, 4	f f ( / ) k d k h Sp Sp O Pe € M W ar re a a	1, 8	‐4 0 ,	n. a.
7, 7	( / ) C O 2 € to n	6 5,	7, 0	( ) % 2 0

^a ) At PSV of Snam Re te Gas Source:Edison

ELECTRIC POWER AVAILABILITY MIX AND GAS DEMAND INITALY

Electricity supply mixa) (TWh)

F Y 2 0 1 5	( h ) T W	I Q 2 0 1 6	I Q 2 0 1 5	
1 8 0, 9	he le du T ic io tr t rm oe c p ro c n	4 6, 2	4 5, 1	2, 5 %
4 4, 7	dr le ic du io Hy tr t oe c p ro c n	7, 9	9, 6	( ) % 1 7, 6
4 5, 1	he b le du O io t t r re ne w a p ro c n	1 1, 2	1 1, 1	1, 1 %
2 7 0, 7	du io Ne t t p ro c n	6 5, 3	6 5, 8	( ) % 0, 7
4 6, 4	Ne im t t p or	1 2, 9	1 3, 4	( ) 4, 2 %
( ) 1, 9	Pu in m p g	( ) 0, 6	( ) 0, 5	3 4, 7 %
3 1 2 5,	l To ta so ur ce s	6 7 7,	8, 8 7	( ) 1, % 5

Grossof losses

Source: Ternadata and Edison estimates

Gasdemand (bcm)

F Y 2 0 1 5	( ) bc m	I Q 2 0 1 6	I Q 2 0 1 5	
2 8, 4	de l u Se ice & i ia t rv s re s n se s	1 3, 0	1 3, 7	( ) 2 % 5,
1 6, 0	du l u In ia tr s se s	4, 5	4, 4	0, 2 %
2 0, 7	he le ic T tr rm oe c us es	5, 7	5, 1	2, % 1 1
1, 8	d lo Au io to t co ns um p n an ss es	0, 4	0, 4	0, 2 %
6 6, 9	l de d To ta m an	2 3, 6	2 3, 6	( ) % 0, 4

Source:Ministry of Economic Development, SRG and Edison estimates

AGENDA

• • BusinessEnvironment
• • First quarter 2016 results:
• • Electricpower and hydrocarbons sources and uses
• • Consolidatedfinancial highlights and capital expenditures
• •Operating performance
• •Net financial position and cash flow

ELECTRIC POWER SOUCES AND USES INITALY (TWh)

F Y 2 0 1 5	S O C S U R E	I Q 2 0 1 6	I Q 2 0 1 5	 %
1 8, 5	d i d i E t s o n p r o u c o n :	4, 6	4, 6	( ) % 0, 8
1 4, 1	h l i t t e r m o e e c r c ‐	3, 9	3, 7	% 5, 7
3, 4	h d l i t y r o e e c r c ‐	0, 3	0, 6	( ) 4 8, 5 %
1, 0	d d h b l i t n a n o e r r e n e a e s w w ‐	0, 4	0, 3	1 1, 8 %
7 0, 9	h h ( ) ( h l l ) O I P E X, t t e r p u r c a s e s a w o e s a e r s, e c.	1 8, 5	1 7, 5	% 5, 9
8 9, 4	l T t o a s o u r c e s	2 3, 1	2 2, 1	4, % 5

F Y 2 0 1 5	S S U E	I Q 2 0 1 6	I Q 2 0 1 5	 %
1 7, 1	( ) d b E t n c u s o m e r s	3, 0	4, 8	( ) 3 6, 1 %
7 2, 3	h l ( ) ( h l l ) O I P E X, t t e r s a e s c w o e s a e r s, e c.	2 0, 1	1 7, 3	% 1 5, 6
8 9, 4	l T t o a u s e s	2 3, 1	2 2, 1	4, % 5

• a) Gross of losses , excluding trading portfolio.
• b) Gross of losses.
• c) Excluding trading portfolio

HYDROCARBONSVOLUMES

Gasportfolio in Italy (bcm)

F Y 2 0 1 5	S O U R C E S	I Q 2 0 1 6	I Q 2 0 1 5	 %
0, 5	du ( ) Pro ion ct s a	0, 1	0, 1	( ) 1 3, 3 %
1 2, 7	( l ) Im ip ine L N G ort + p s p e	3, 6	3, 1	1 7, 5 %
4, 2	he ha Ot r p urc se s	1, 6	0, 8	9 8, 6 %
0, 2	C ha in d g inv sto to ng e re as en ry	0, 3	0, 6	( ) 3, 9 % 5
1 7, 6	l s in ly To Ita ta ou rce s	5, 6	4, 6	% 2 1, 6

2 0 F Y 15	U S E S	Q 2 0 6 I 1	Q 2 0 I 15	 %
2, 6	i de ia l u Re nt s se s	3 1,	3 1,	( ) 3, 8 %
3, 4	du ia l u In str se s	1, 0	0, 9	% 1 8, 4
5, 7	he lec ic fue l u T tr rm oe se s	1, 8	1, 4	% 27 6 ,
5, 9	he les Ot rs a	1, 5	1, 0	% 4 8, 5
17, 6	l u in ly To Ita ta se s	5, 6	4, 6	2 1, 6 %

E&Poperations

F Y 2 0 1 5	( ) G A S P R O D U C T I O N mc m	I Q 2 0 1 6	I Q 2 0 1 5	 %
4 8 5	du ( ) Do ic ion st ct me p ro a	1 1 1	1 2 8	( ) 1 3, 3 %
1. 5 0 8	l du ( b ) Int ion ion t ct er na a p ro	3 7 5	3 9 8	( ) 5, 8 %
9 9 3 1.	l du ion To ta ct g as p ro	8 6 4	2 6 5	( ) 6 % 7,

FY 20 15	( ) O I L O U C I O K b b l P R D T N	IQ 20 16	IQ 20 15	%
2.5 46	du Do ic ion st ct me p ro	5 61	6 65	( ) 15, 6 %
1.8 0 8	( ) ion l du ion b Int at ct ern a p ro	5 87	3 6 3	% 61 7 ,
4.3 54	l i l p du ion To ta ct o ro	1.1 48	1.0 28	11 7 % ,

a) Including production from Izabela concession in Croatia imported in Italy

b) International production includes volumes withheld as production tax

EDISONGROUP – CONSOLIDATED HIGHLIGHTS

(€ mln)

OPERATINGPERFORMANCE BREAKDOWN

	Ele ic ctr P ow er		dro bo Hy car ns		Co adj nd oth rat rpo e, . a er		tal Ed iso Gr To n ou p
(€ m ln)	IQ 20 16	IQ 20 15	∆	IQ 20 16	IQ 20 15	∆	IQ 20 16	IQ 20 15	∆	IQ 20 16	IQ 20 15	∆
les Sa r eve nu es	1.3 61	1.7 03	( 1% ) 20 ,	1.8 36	1.6 76	5% 9,	( 1) 17	( 2) 23	3% 26 ,	3.0 26	3.1 47	( 8% ) 3,
dju d ( *) EB ITD A ste a	43	10 9	( ) 60, 6%	14 7	( ) 37	nm	( ) 18	( ) 21	14, 3%	17 2	51	nm

ADJUSTED EBITDA* BREAKDOWN(€ mln)

(*) Adjusted EBITDA reflect the effect of the reclassification from the Hydrocarbons Operations to the Electric Power Operations of the portion of the results of commodity and foreign exchange hedges executed in connection with contracts to import natural gas attributable to the Electric Power Operations. This reclassification is being made to provide ^a consistent operational presentation of industrial results. Adjusted EBITDA include central staff and technical services.

EDISON GROUP – FROMEBITDA TO NET RESULT

F Y 2 0 1 5	( ln) € m	I Q 2 0 1 6	I Q 2 0 1 5	
1. 2 6 1	E B I T D A	1 7 2	5 1	1 2 1
( ) 2. 1 9 4	d w do De iat ion iza ion ite ort t p rec am an r wn s ,	( ) 1 1 4	( ) 1 5 0	3 6	a )
1 6 1	ha fa lue f c d de Ne in ir v ity iva ive t t c ng e a o om mo r s	( ) 9 2	( ) 1 3	( ) 7 9
( ) 2 3	he ( ), Ot inc t r om e ex p en se ne	0	( ) 7	7
( ) 7 9 5	E B I T	( ) 3 4	( ) 1 1 9	8 5
( ) 2 9	f l ( ) Ne ina ia inc t nc om e ex p en se	( ) 3 0	3 1	( ) 6 1	b)
( ) 3 8	( ) fro ity inv Inc Ex tm ts om e m p en se on eq u es en	( ) 3	( ) 2	( ) 1
( ) 8 6 2	f ( los ) be fo Pro it tax s re es	( ) 6 7	( ) 9 0	2 3
( ) 9 7	Inc tax om e es	( ) 4	( ) 5 2 c)	4 8
( ) 9 5 9	f ( los ) fro Pro it inu ing ion nt at s m co op er s	( ) 7 1	( ) 1 4 2	7 1
0	( ) f it los fro d isc inu d o ion Pro t at s m on e p er s	0	0	0
( ) 9 5 9	f ( los ) Pro it s	( ) 7 1	( ) 1 4 2	7 1
	of wh ich :
2 1	f ( los ) M ino ity int in it t r er es p ro s	5	1 1	( ) 6
( ) 9 8 0	int in f it ( los ) Gr t ou p er es p ro s	( ) 7 6	( ) 1 5 3	7 7

a) Lower D&A as ^a result of the impairment writedown recorded in 2015 and lower exploration costs (€25mln in IQ2016 versus €41mln in IQ2015).

b) In IQ2015 net financial income included exceptionally positive gains on foreign exchanges, as ^a result of U\$D/€ exchange rate, against losses on exchange rates in IQ2016. Cost of debt lower in IQ2016 thanks to lower debt and ^a different mix of financial resources.

c) Taxes in IQ2015 included ^a negative nonrecurring impact of 68 million euro due to the effect of the unconstitutionality of the Robin Hood tax .

NET FINANCIAL POSITIONAND CASH FLOW

EBITDA

a) Including the deconsolidation effect of Hydros' cash (€34mln)

11

STATEMENT:

As required by Article 154‐bis, Section 2, of the Uniform Finance Law (Legislative Decree No 58/1998), Didier Calvez and Roberto Buccelli, in their capacity as "Dirigenti preposti alla redazione dei documenti contabili societari" of Edison S.p.A., attest that the accounting information contained in this presentation is consistent with the data in the Company's documents, books of accounts and other accounting records.