LIST OF EQUITY INVESTMENTS (pursuant to Article 2427, Section 5, of the Italian Civil Code)
B.III - Financial Fixed Assets
Equity Investments in Subsidiaries
Company Head office   Capital stock   % No. of shares or par Cost Permanent Net Sharehold. equity Pro-rata Net income in Pro-rata Fair value
    Currency Amount Par value interest value of partnership (1) changes in carrying in latest approved interest in latest approved interest in at
        per share held interests held   value (1) value (1) fin. statements(2) shareh. equity fin. statements (2) net income 12/31/05
Atema Ltd Dublin (Ireland)                          
Balance at 12/31/04   EUR 1,500,000 0.50 100.000 3,000,000 1,500,050 (118,369) 1,381,681          
Balance at 12/31/05   EUR 1,500,000 0.50 100.000 3,000,000 1,500,050 (118,369) 1,381,681 2,320,586 2,320,586 (51,290) (51,290) na
Biomasse Emilia Romagna Srl in liquidation (*) Cesena (FO)                          
Balance at 12/31/04   EUR 10,000 - 51.000 5,100 37,225 (37,224) 1          
Balance at 12/31/05   EUR 10,000 - 51.000 5,100 37,225 (37,224) 1 - - - - na
Calbiotech Srl in bankruptcy Ravenna                          
Balance at 12/31/04   L 90,000,000 - 55.000 49,500,000 1 - 1          
Balance at 12/31/05   L 90,000,000 - 55.000 49,500,000 1 - 1 - - - - na
Calcestruzzi Palermo Spa in receivership (single shareholder) Palermo                          
Balance at 12/31/04   EUR 108,360 1.00 100.000 108,360 511,034 (511,033) 1          
Balance at 12/31/05   EUR 108,360 1.00 100.000 108,360 511,034 (511,033) 1 - - - - na
Montedison Srl (single shareholder) (*) Milan                          
Balance at 12/31/04   EUR 2,583,000 - 100.000 2,583,000 76,402,224 (60,178,950) 16,223,274          
Writedown   EUR - - - - - (8,181,112) (8,181,112)          
Balance at 12/31/05   EUR 2,583,000 - 100.000 2,583,000 76,402,224 (68,360,062) 8,042,162 8,042,162 8,042,162 (11,300,299) (11,300,299) na
Consorzio di Sarmato Soc. Cons. P.A. Milan                          
Balance at 12/31/04   EUR 200,000 1.00 52.500 105,000 108,456 (9,607) 98,849          
Balance at 12/31/05   EUR 200,000 1.00 52.500 105,000 108,456 (9,607) 98,849 194,645 102,189 - - na
Ecofuture Srl (single shareholder) (*) Milan                          
Balance at 12/31/04   EUR 10,200 - 100.000 10,200 378,801 - 378,801          
Advance on future capital contributions   EUR - - - - 90,000 - 90,000          
Writedown   EUR - - - - - (109,000) (109,000)          
Balance at 12/31/05   EUR 10,200 - 100.000 10,200 468,801 (109,000) 359,801 14,023 14,023 (108,775) (108,775) na
Edison D.G. Spa (single shareholder) (*) Selvazzano Dentro (PD)                          
Balance at 12/31/04   EUR 460,000 1.00 100.000 460,000 42,467,948 - 42,467,948          
Balance at 12/31/05   EUR 460,000 1.00 100.000 460,000 42,467,948 - 42,467,948 30,007,639 30,007,639 6,905,322 6,905,322 na
Edison Energia Spa (single shareholder) (*) Milan                          
Balance at 12/31/04   EUR 22,000,000 1.00 100.000 22,000,000 44,978,075 - 44,978,075          
Balance at 12/31/05   EUR 22,000,000 1.00 100.000 22,000,000 44,978,075 - 44,978,075 64,535,418 64,535,418 20,556,496 20,556,496 na
Edison Energie Speciali Spa (single shareholder) (*) Milan                          
Balance at 12/31/04   EUR 4,200,000 1.00 100.000 4,200,000 435,242,647 - 435,242,647          
Balance at 12/31/05   EUR 4,200,000 1.00 100.000 4,200,000 435,242,647 - 435,242,647 21,180,785 21,180,785 (2,349,214) (2,349,214) na
Edison France Sarl Paris (France)                          
Balance at 12/31/04   EUR 7,700 - 100.000 7,700 58,301 (58,300) 1          
Disposal   EUR (7,700) - (100.000) (7,700) (58,301) 58,300 (1)          
Balance at 12/31/05 EUR - - - - - - - - - - na
(1) Amounts in euros.
(2) Draft financial statements.
(*) Company subject to the oversight and coordination of Edison Spa.
The currency codes used in this Report are those provided in the ISO 4217 International Standard, except for the Italian lira, for which the traditional L was used (as per Art. 2427, Sect. 5, Italian Civil Code)
CHF = Swiss franc EUR = euro NLG = Dutch guilder PTE = Portuguese escudo
GBP = British pound USD = U.S. dollar EGP = Egyptian pound TRL = Turkish lira