2011 Report

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The Terna Group’s Sustainability Report for the year ended December 31, 2011 (hereinafter “2011 Sustainability Report”) was prepared according to the Sustainability Reporting Guidelines & Electric Utilities Sector Supplement (EUSS)”, established in 2009 by the GRI – Global Reporting Initiative and according to the G3.1 Guidelines update of March 2011. As in the previous years, the Report was approved by Terna’s Board of Directors and subjected to specific auditing procedures. The assurance report, as of this year drafted by PricewaterhouseCoopers, is attached.

The process of preparing the document included the identification of the significant aspects to report and the presentation of the performance achieved by the Group with reference to these aspects and to sustainability objectives.

The period considered is 2011: all the data regards the year ended on December 31, 2011, while significant events that occurred by April15, 2012 are also described.

Compared to last year, the 2011 Report presents various novelties regarding the reported core indicators, that respond to the updating of the GRI Guidelines included in the G3.1 Guidelines. The application is confirmed at the A+ level. On the basis of evidence presented in the GRI Content Index, we assessed having reached the A+ level of application of the above-mentioned guidelines.

Furthermore, to meet the need underlined various times to create an integrated reporting, Terna joined the “Pilot Programme” initiative promoted by the International Integrated Reporting Council. As the beginning of an integrated process, addressing various themes (for example, Terna’s presentation and that of research and innovation activities) was made uniform in the Sustainability Report and in the Financial Report; moreover, principal information regarding Terna’s sustainability performance, included in this Report, was also included in the 2011 annual Financial Report, following the indications of the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili – CNDCEC (National Council of Tax Consultants and Accounting Experts) on the sustainability information provision in mandatory corporate communication (“Report on managing Financial Statements based on the novelties introduced by Legislative Decree 32/2007”, CNDCEC, January 2009).