| 1

FULL YEAR 2017 RESULTS

Milan, March 2018

| 2

BUSINESS ENVIRONMENT

• Electric power and gas demand in Italy

• Energy prices trend

| 3Full Year 2017 results

ELECTRIC POWER AVAILABILITY MIX IN ITALY

Gross of losses

Source: Terna ‘s preliminary data and Edison elaboration

190.8 199.5

43.8 37.517.5 17.527.7 30.6

37.0 37.7

(2.5) (2.4)

314.3 320.4

FY2016 FY2017

Pumping

Net import

Other renewable production

Wind production

Hydroelectric production

Thermoelectric production

+2.0%

National generation +1.9%

Electricity consumption up +2.0% thanks to exceptional temperatures in the Summer.

Thermoelectric and renewables generation increased in contrast to exceptionally low

hydroelectric generation and substantially stable imports.

+4.6%

+2.0%

(0.2%)

+10.5%

(14.3%)

(TWh)

| 4

GAS DEMAND IN ITALY

28.2 29.2

16.7 17.9

23.425.4

2.12.2

70.474.7

FY2016 FY2017

System uses and losses

Thermoelectric users

Industrial users

Services and residential users

+6.1%

+3.5%

+8.7%

+6.9%

Source: Ministry of Economic Development, SRG and Edison estimates.

Gas demand increased by +6.1% across all sectors, thanks to higher gas generation, the

recovery in industrial uses and higher residential consumption as a result of cold

temperatures in Winter months. Higher consumption was covered by increased imports.

(bcm)

Full Year 2017 results

| 5

MARKET REFERENCE SCENARIOPSV

1. Clean Spark Spread

Source: Edison

(€/MWh) (€/MWh)

(€c/scm)

Avg FY2017: 20.7

Avg FY2016: 16.5

Avg FY2017: 53.9

Avg FY2016: 42.7

Avg FY2017: 54.8 $/bbl

48.6 €/bbl

Avg FY2016: 45.1 $/bbl

40.8 €/bbl

Avg FY2017: 5.2

Avg FY2016: 2.7

BRENT

PUN TWA CSS1

Full Year 2017 results

| 6

FULL YEAR 2017 RESULTS

• Electric power and hydrocarbons sources and uses

• Consolidated financial highlights and capital

expenditures

• Operating performance

• Net financial debt and cash flow

| 7

79.6

62.8

11.6

10.9

91.2

73.7

FY2016 FY2017

Other sales (b) (wholesalers, IPEX, etc.) End customers (c)

70.8

54.0

16.8

16.4

1.1

1.1

2.5

2.2

91.2

73.7

FY2016 FY2017

Hydroelectric production

Wind & other renewable production

Thermoelectric production

Other purchases (a)(wholesalers, IPEX, etc.)

EDISON - ELECTRIC POWER VOLUMES IN ITALYSOURCES USES(TWh) (TWh)

a) Gross of losses, excluding trading portfolio.

b) Excluding trading portfolio.

c) Gross of losses.

(19.1%)

(23.8%)

(1.8%)

(11.3%)

(19.1%)

(21.1%)

(5.6%)

(3.5%)

Full Year 2017 results

| 8

EDISON - HYDROCARBONS VOLUMES

SOURCES USES

(bcm) (bcm)

GAS PORTFOLIO IN ITALY

14.6 15.1

6.8 5.9

(0.1)

0.5 0.4

21.9 21.3

FY2016 FY2017

Imports (pipeline + LNG) Other purchases

Change in gas inventory Production (a)

8.0 7.1

7.37.3

4.0 4.5

2.6 2.4

21.9 21.3

FY2016 FY2017

Other sales Thermoelectric fuel uses

Industrial uses Residential uses

a) Including production from Izabela concession in Croatia imported in Italy.

(2.7%)

(16.2%)

+3.3%

(13.4%)

(2.7%)

(6.1%)

+13.5%

(0.1%)

(12.0%)

Full Year 2017 results

| 9

EDISON - HYDROCARBONS VOLUMES

GAS PRODUCTION OIL PRODUCTION

(mcm) (kbbl)

E&P OPERATIONS

1.4031.636

521

437

1.9242.073

FY2016 FY2017

International production (a) Domestic production (b)

1.980 2.127

2.163 1.874

4.143 4.001

FY2016 FY2017

International production (a) Domestic production

a) International production includes volumes withheld as production tax.

b) Including production from Izabela concession in Croatia imported in Italy.

+7.7%

+16.6%

(16.1%)

(3.4%)

+7.4%

(13.3%)

Full Year 2017 results

| 10

GROUP CONSOLIDATED HIGHLIGHTS(€ mln)

a) Including Fenice fully consolidated from April 1, 2016 and the swap of Edison participations in Hydros and Sel Edison with 100% of Cellina Energy, fully consolidated from June 1 2016.b) Including additions/reductions to non–current financial assets, price paid on business combinations and net proceeds from the sale of intangibles and property, plant and equipment.

Net capex & financial investmentsb)

Full Year 2017 results

109175

196

23568

80

6

6

88

44

379

496

FY2016 FY2017

disposals

Corporate and other

Exploration

Hydrocarbons (including regulated)

Electric power

FY2016a) FY2017 D

Sales revenues 11,034 9,940 (9.9%)

EBITDA 653 803 23.0%

EBIT (260) 42 nm

Profit (loss) before taxes (347) (41) nm

Group net income (loss) (389) (176) 54.8%

Net capex & net financial investmentsb) 379 496

FY2016a) FY2017

Net invested capital 7,327 6,319

Net financial debt 1,062 116

Total shareholders' equity 6,265 6,203

of which Group's net interest 5,955 5,915

Debt/Equity ratio 0.17 0.02

| 11

OPERATING PERFORMANCE BREAKDOWN

(*) Adjusted EBITDA reflect the effect of the reclassification from the Hydrocarbons Operations to the Electric Power Operations of the portion of the results of commodity and foreign

exchange hedges executed in connection with contracts to import natural gas attributable to the Electric Power Operations. This reclassification is being made to provide a consistent

operational presentation of industrial results. Adjusted EBITDA include central staff and technical services.

EBITDA improved in all businesses, especially power

generation and E&P, thanks to:

- the recovery of the price scenario

- the higher margins in the thermoelectric sector,

despite lower hydroelectric production

- further cost savings

2016 power EBITDA included Fenice consolidation since

April 1, 2016 and €33mln positive one off from the swap

of hydroelectric assets with 100% of Cellina Energy.

Full Year 2017 results

(€ mln) FY2016 FY2017 ∆ FY2016 FY2017 ∆ FY2016 FY2017 ∆ FY2016 FY2017 ∆

Sales revenues 5,682 5,127 (9.8%) 6,031 5,592 (7.3%) (679) (779) (14.7%) 11,034 9,940 (9.9%)

Adjusted EBITDA (*) 242 265 9.5% 505 637 26.1% (94) (99) (5.3%) 653 803 23.0%

Electric Power Hydrocarbons Corporate and other Total Edison Group

182263

323

374

242

265

(94) (99)

653

803

FY2016 FY2017

Corporate and other

Electric power activities

Gas activities (including regulated)

Hydrocarbons E&P

| 12

FROM CONSOLIDATED EBITDA TO NET RESULT

Despite the improvement in the

performance of industrial activities, the

Group recorded a loss of €176mln mainly

due to:

- the temporary negative effect of change

in fair value of derivatives and

- impairment write-downs resulting from the

deterioration of the long term view of the

commodity scenario

*

a) Mainly referred to the capital gain connected to the sale of Foro Buonaparte properties, rented on a long term basis.

b) Reduction thanks to lower debt and a different mix of financial resources.

c) Mainly related to the economic effect of the disposal of Infrastrutture Trasporto Gas, the 7.3% stake in Terminale GNL Adriatico, the interest in Istituto Europeo

di Oncologia and the participation in Alerion Clean Power.

d) Mainly impacted by foreign taxes, some non deductible capital losses from disposal of equity investments and non deductible write-downs.

Full Year 2017 results

(€ mln) FY2016 FY2017 D

EBITDA 653 803 150

Depreciation, amortization and writedowns (734) (655) 79of which: writedowns (256) (169) 87

of which: exploration costs (68) (80) (12)

Net change in fair value of commodity derivatives (166) (221) (55)

Other income (expense), net (13) 115a) 128

EBIT (260) 42 302

Net financial income (expense) (94) (52)b) 42

Income from (Expense on) equity investments 7 (31)c) (38)

Profit (loss) before taxes (347) (41) 306

Income taxes (25) (97)

Profit (loss) from continuing operations (372) (163) 209

Profit (loss) from discontinued operations 0 0 0

Profit (loss) (372) (163) 209

of which:

Minority interest in profit (loss) 17 13 (4)

Group interest in profit (loss) (389) (176) 213

(122)d)

| 13

(1062)

(116)

Dec 31, 2016 Dec 31, 2017

NET FINANCIAL DEBT AND CASH FLOW(€ mln)

FURTHER

REDUCTION OF NET

FINANCIAL DEBT

TO € 0.1 BLN

POSITIVE CASH

INFLOW GENERATED

BY:

• INDUSTRIAL

PERFORMANCE

• IMPROVEMENT IN

WORKING CAPITAL

• NON RECURRING

DISPOSALS

a) Net capex & net financial investments and €7mln mainly from changes in perimeter.

b) Financial effect from the disposal of the 100% stake in Infrastrutture Trasporto Gas (ITG), the 7.3% equity investment in Terminale GNL Adriatico (Adriatic

LNG) and the sale and rent of Foro Buonaparte properties in Milan.

+803+26 +946+200 +489-63 -20 -489

EBITDA Changes inWorkingCapital

Taxes Net financialexpenses

Netinvestments

a)

Non recurringdisposals b)

Other Net cash flowof the period

+946

Full Year 2017 results

Creates the best conditions to

strengthen the position in

renewables, energy efficiency and

expand the customer base, starting

from the acquisition of Gas

Natural’s Italian operations closed

in February 2018

| 14

STATEMENT

As required by Article 154-bis, Section 2, of the Uniform Finance Law (Legislative Decree No 58/1998), Didier Calvez and Roberto

Buccelli, in their capacity as “Dirigenti preposti alla redazione dei documenti contabili societari” of Edison S.p.A., attest that the

accounting information contained in this presentation is consistent with the data in the Company’s documents, books of accounts and

other accounting records.

Full Year 2017 results