Sorgenia

CONSOLIDATED BALANCE SHEET
(in euro)

In 2008 the Sorgenia Group reported consolidated revenues of € 2,433.7 million, which were up by 30.7% from € 1,861.7 million in 2007. Against a backdrop of falling energy demand, especially in the last part of the year, the group increased its electricity sales volumes (10.4 TWh up from 9.7 TWh in 2007) and maintained its natural gas sales to end user clients (2.1 billion cubic metres) in line with those of 2007. The rise in revenues was partly affected by the different energy scenario linked to the rise in the prices of oil products recorded in the first half of the year.

Information on shares held by Directors, General Managers and Statutory Auditors

The chart below gives the information required by Art. 79 of Consob Resolution no. 11971 of May 14 1999 and subsequent amendments and additions.

SHARES HELD BY DIRECTORS, STATUTORY AUDITORS AND GENERAL MANAGERS

Dear Shareholders,

The year 2008 has seen contraction and structural change in the world economy, which is likely to last for some time.

The tightening of credit and the resulting market turbulence, which started in 2007, worsened during 2008 causing an international financial crisis without precedent, which is having serious repercussions on the real economy and especially on levels of consumption. The crisis is a systemic one and has affected most sectors of the economy and business throughout the world, especially in the last quarter of 2008.