The first tranche of capital increase has been completed with the issue of 800,000 new shares

Terni, 27 February 2009. TerniEnergia hereby communicates that with reference to the operation of capital increase with exclusion of option right, according to art. 2441, paragraph 4, second sub-paragraph of the Civil Code, deliberated at the General Assembly of shareholders dated 10 November 2008, for a total of 2,400,000 ordinary shares to be completed by 31 March 2009, the first tranche has been completed, with the issue of 800,000 ordinary shares at the issue price of 1.60 Euro, fully subscribed by Italian Institutional Investors.
The above-mentioned issue corresponds to a capital increase equal to 3.33% of existing capital stock.

Therefore at the end of the first tranche, capital stock is made up of 24.820.000 ordinary shares corresponding to a capital stock of 12,410,000 Euro.
UGF Merchant (ex Unipol Merchant) acted as advisor to the company for this operation and covered the role of global coordinator and lead manager for the institutional placement.