B.III - Financial Fixed Assets
Equity Investments in Other Companies
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
AEM Spa Milan                          
Balance at 12/31/04   EUR 936,024,648 0.52 5.100 91,807,000 139,028,573 - 139,028,573          
Disposal   EUR (936,024,648) (0.52) (5.100) (91,807,000) (139,028,573) - (139,028,573)          
Balance at 12/31/05   EUR - - - - - - - - - - - na
Agrobio Srl in liquidation Sesto San Giovanni (MI)                          
Balance at 12/31/04   EUR 10,000 - 10.000 1,000 1,000 (999) 1          
Cancellation upon dissolution   EUR (10,000) - (10.000) (1,000) (1,000) 999 (1)          
Balance at 12/31/05   EUR - - - - - - - - - - - na
Banca Popolare di Lodi Soc. Coop a r.l. now
Banca Popolare Italiana Scpa Lodi (MI)                          
Balance at 12/31/04   EUR 862,227,726 3.00 0.023 66,260 369,612 - 369,612          
Disposal   EUR (862,227,726) (3.00) (0.023) (66,260) (369,612) - (369,612)          
Balance at 12/31/05   EUR - - - - - - - - - - - na
Blumet Spa Reggio Emilia                          
Balance at 12/31/04   EUR 7,600,000 1.00 19.700 1,497,219 1,497,219 - 1,497,219          
Purchases   EUR - 1.00 6.090 462,871 462,871 - 462,871          
Reclassification to investments in affiliated companies   EUR (7,600,000) (1.00) (25.791) (1,960,090) (1,960,090) - (1,960,090)          
Balance at 12/31/05   EUR - - - - - - - - - - - na
Cerset Srl Bari                          
Balance at 12/31/04   EUR 116,241 - 0.061 70 222 - 222          
Share capital increase for less than approved amount   EUR 847 - (0.001) - - - -          
Balance at 12/31/05   EUR 117,088 - 0.060 70 222 - 222 - - - - na
Cesi Spa Milan                          
Balance at 12/31/04   EUR 8,550,000 2.50 1.055 36,065 145,072 (2,162) 142,910          
Balance at 12/31/05   EUR 8,550,000 2.50 1.055 36,065 145,072 (2,162) 142,910 - - - - na
Compagnia Paramatti Finanziaria Spa Milan                          
Balance at 12/31/04
- common shares   L 217,631,352 3.00 0.006 3,992 1 - 1          
- nonconvertible savings shares   L 50,979,750 750.00 - - - - -          
    L 268,611,102 - 0.005 3,992 1 - 1          
Balance at 12/31/05
- common shares   L 217,631,352 3.00 0.006 3,992 1 - 1          
- nonconvertible savings shares   L 50,979,750 750.00 - - - - -          
    L 268,611,102 - 0.005 3,992 1 - 1 - - - - -
Costruttori Romani Riuniti Grandi Opere Spa Rome                          
Balance at 12/31/04   EUR 5,164,568 12,911.42 0.500 2 25,823 - 25,823          
Share capital reduction to cover losses
through decrease of share par value   EUR (1,890,139) (4,725.35) - - (645) - (645)          
Balance at 12/31/05   EUR 3,274,429 8,186.07 0.500 2 25,823 - 25,823 - - - - 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