B.III.3) Financial Fixed Assets – Other Securities
Company Issuer's Currency Interest No. of shares Cost Permanent Net Fair
  country/   held or partnership   changes carrying value
  location   % interests held   in value value  
Deutsche Bank Dinerplus FIAMM
Balance at 12/31/04 EUR - 1 1,923,239 - 1,923,239 -
Balance at 12/31/05 EUR - 1 1,923,239 - 1,923,239 na
Total other securities - -   1,923,239 - 1,923,239  
C.III - Financial Assets Not Held as Fixed Assets
C.III.2) Equity Investments in Affiliated Companies
Company Head   Capital stock   % Number of Cost Permanent Net Fair
  office Curr. Amount Par interest shares or   changes carrying value
        value per held partnership   in value value at
        share   interests held       12/31/05
Syremont Spa Messina                  
Balance at 12/31/04   EUR 750,000 1.00 40.000 300,000 400.00 - 400.00 -
Balance at 12/31/05   EUR 750,000 1.00 40.000 300,000 400.00 - 400.00 -
Total equity investments
in affiliated companies             400.00 - 400.00 -
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
C.III.4) Other Equity Investments
Company Head   Capital stock   % Number of Cost Permanent Net Fair
  office Curr. Amount Par interest shares or   changes carrying value
        value per held partnership   in value value at
        share   interests held       12/31/05
Acea Spa Rome                  
Balance at 12/31/04   EUR 1,098,898,884 5.16 0.174 370,450 4,009,557.61 (1,041,512.21) 2,968,045.40  
Revaluation   EUR - - - - - 144,845.95 144,845.95  
Balance at 12/31/05   EUR 1,098,898,884 5.16 0.174 370,450 4,009,557.61 (896,666.26) 3,112,891.35 -
Acegas - APS Spa Trieste                  
Balance at 12/31/04   EUR 282,983,213 5.16 1.298 712,000 7,466,305.86 (949,369.86) 6,516,936.00  
Writedown   EUR - - - - - (1,035,248.00) (1,035,248.00)  
Balance at 12/31/05   EUR 282,983,213 5.16 1.298 712,000 7,466,305.86 (1,984,617.86) 5,481,688.00 -
ACSM Spa Como                  
Balance at 12/31/04   EUR 37,496,500 1.00 3.968 1,488,000 5,359,999.53 (1,581,967.53) 3,778,032.00  
Writedown   EUR - - - - - (578,832.00) (578,832.00) -
Balance at 12/31/05   EUR 37,496,500 1.00 3.968 1,488,000 5,359,999.53 (2,160,799.53) 3,199,200.00 -
American
Superconductor Corp. Westborough (USA)              
Balance at 12/31/04   Usd 19,128,000 1.00 0.836 160,000 4,975,111.08 (3,225,991.08) 1,749,120.00  
Writedown   Usd - - - - - (681,760.00) (681,760.00) -
Balance at 12/31/05   Usd 19,128,000 1.00 0.836 160,000 4,975,111.08 (3,907,751.08) 1,067,360.00 -
Azienda Mediterranea
Gas e Acqua Spa Genoa                  
Balance at 12/31/04   EUR 169,525,200 0.52 3.000 9,780,300 22,421,654.60 (8,201,098.54) 14,220,556.06  
Share capital increase   EUR 11,448,879 0.52 (0.190) - - - -  
Revaluation   EUR - - - - - 1,926,719.24 1,926,719.24  
Balance at 12/31/05   EUR 180,974,079 0.52 2.810 9,780,300 22,421,654.60 (6,274,379.30) 16,147,275.30 -
Camfin - CAM
Finanziaria Spa Pero (MI)                  
Balance at 12/31/04   EUR 50,651,623 0.52 0.055 53,974 80,014.30 46,392.81 126,407.11  
Disposal   EUR (50,651,623) (0.52) (0.055) (53,974) (80,014.30) (46,392.81) (126,407.11)  
Balance at 12/31/05   EUR 0 - 0.000 - - - - -
Maire Tencnimont Spa Milan                  
Balance at 12/31/04 EUR - - - - - - -  
Acquisition EUR 142,857,143 1.00 19.500 27,857,143 50,000,000.00 - 50,000,000.00  
Balance at 12/31/05 EUR 142,857,143 1.00 19.500 27,857,143 50,000,000.00 - 50,000,000.00 -
Total other equity investments
not held as fixed assets         98,242,186.29 (16,120,880.29) 79,008,414.65 -