Risks and Uncertainties

In addition to the disclosures contained in this document, information on the main risks and uncertainties to which the Group is exposed, including the disclosures required by Legislative Decree 195/2007, which has amended paragraph 5 of Article 154 bis (Executive Responsible for Financial Reporting) of Legislative Decree no. 58 of 24 February 1998, taking account of the CONSOB consultation document of 7 July 2008, is provided in the Management Reports as at 31.12.10 of the individual ACEA Group companies.

Moreover, further information on foreign exchange risk, market risk, liquidity risk and interest rate risk is provided in the section “Additional disclosures on financial instruments and risk management policies” in the notes to the consolidated financial statements for the year ended 31.12.10, to which reference should be made.

At the date of preparation of this management report, we do not expect the Acea Group to be exposed to further risks and uncertainties that may have a significant impact on its results of operations or financial position, other than those mentioned in this document.