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CASSA DEPOSITI E PRESTITI/TRASMISSIONE ELETTRICITÀ RETE NAZIONALE-GESTORE DELLA RETE DI TRASMISSIONE NAZIONALE


PRESS RELEASE



PRESS RELEASE


ANTITRUST: CONDITIONAL APPROVAL FOR
CDP’S PURCHASE OF 29.9% OF TERNA


The Italian Competition Authority, at its meeting of 4 August 2005, approved the purchase by Cassa Depositi e Prestiti of 29.99% of T.E.R.N.A.’s shares and a division of Gestore della Rete di Trasmissione Nazionale (the company in charge of the national power transmission grid), on the following conditions:

a) During the transition: at least 6 of the 7 directorships reserved for CDP on T.E.R.N.A.’s Board of Directors (in the hypothesis of a 10-member Board) must be filled by independents so as to ensure the company is managed according to the principles of neutrality and impartiality, with no discrimination against customers or classes of customers. The same proportion must be maintained however many members there are on the Board.

b) During the transition: the Consultative Committee foreseen by the DPCM of 11 May 2004 must be strengthened. The Committee must give its non-binding opinion of the definitive development plan for RTN (Rete di Trasmissione Nazionale, or National Power Transmission Grid) before it is presented to the Board. The Committee may also check on implementation of the development plan.

c) On a definitive basis: within 24 months from 1 July 2007,  CDP must divest itself of its holding in ENEL which amounts to 10.2% of the share capital.

The full text of the Authority’s ruling will be made available on the website www.agcm.it .


Rome, 5 August 2005