aging its historical tradition as Italy's top energy operator, Edison was able to enter the deregulated market and, in few years, become a dynamic player both in Italy and internationally.

In the coming years, Edison will continue to grow in accordance with the strategic guidelines provided in the Company's plans, which the new shareholders have endorsed. It will develop a flexible, competitive and environmentally compatible production capacity; it will diversify its supply of natural gas; it will build new importation infrastructures; it will invest in exploration and production; it will improve its range of integrated energy and natural gas customer propositions and become more customer oriented, thus ready to seize new opportunities in Italy and abroad.
These objectives are within our reach. We are confident that our Company's strong balance sheet and financial position, the professionality and commitment of its entire organization and its proven capacity to create value for all of its stakeholders will continue to be sources of strength and will reinforce the confidence of all shareholders in Edison's growth.
Giuliano Zuccoli
Chairman
Umberto Quadrino
Chief Executive Officer
Board of Directors, Statutory Auditors and Independent Auditors
Board of Directors
Chairman   Giuliano Zuccoli (1)
Chief Executive Officer   Umberto Quadrino (1)
Directors   Marc Boudier (1)(2)
    Daniel Camus (3)
    Uris Cantarelli (3)
  indipendent Director Giovanni De Censi (2)
    Pierre Gadonneix
  indipendent Director Gian Maria Gros-Pietro (2)(3)
    Mario Mauri (1)(2)
    Renato Ravanelli
    Klaus Stocker (3)
    Gerald Wolf
Board of Statutory Auditors  
Chairman Sergio Pivato
Statutory Auditors Salvatore Spiniello
  Ferdinando Superti Furga
(1) Member of the Strategy Committee.
(2) Member of the Compensation Committee.
(3) Member of the Audit Committee.
Independent Auditors PricewaterhouseCoopers Spa
Information About the Company's Securities
Number of shares at December 31, 2005  
Common shares 4,162,515,334
Savings shares 110,592,420
Warrant outstanding 1,018,648,623
Shareholders with Significant Holdings at December 31, 2005
  % of voting rights % interest held
Transalpina di Energia Srl 71.232% 69.388%
EDF Eléctricité de France Sa (1) 17.333% 16.884%
JP Morgan Securities Ltd 4.628% 4.508%
Mediobanca Spa 3.050% 2.971%
(1) Interest held directly and indirectly.