Analyst Presentation

9M 2012 Financial Results

November 12th, 2012

www.gasplus.it

INDEX

1 1

INDEX

MARKET SCENARIO

HIGHLIGHTS

FINANCIAL RESULTS

MARKET SCENARIO

Euro – Us Dollar Exchange rate

2

Market

TTF Gas Price

Brent Price Eni Gas Release Price

HIGHLIGHTS

3 3

Fin. Overview

Best 9 months EBITDA and EBIT performance achieved since 2006 IPO

Positive performances (E&P - Ebitda +19,3%) and progress of the

development projects

Gas Production lower than expected, mainly due to interruption of two

Third Parties facilities

Strong Net Financial Position reduction due to working capital

reduction and the cash flow generated by all the business units

Expected 2012 EBITDA target in line with outlook

FINANCIAL RESULTS

4 4

Fin. Overview

9 M 2012 Economic results

Total revenue decrease driven by the new strategy of the Group that reduced the gas portfolio to leverage

more on the equity gas and long term transit contract (supply side) and focus on the more profitable

segments (sales side)

All the economic margins grew strongly thanks to positive contribution of all Group Business Units

EBITDA +147.8% vs. 9 M 2011. This enhancement is mainly attributable to the positive contribution of the

BU E&P and to the redefinition of the activities of the Commercial Gas Asset (with a smaller but more

profitable portfolio)

9 M 2012 – Group P&L

Group (M€) 9M 12 9M 11 % Change

Total Revenues 200.9 559.1 -64.1%

Operating costs 150.6 538.8 -72.0%

EBITDA 50.3 20.3 147.8%

EBIT 32.1 1.5 2,040.0%

EBT 21.1 (8.1) 360.5%

Net Result 11.8 (10.4) 213.5%

EPS (€) 0.3 (0.2) 213.5%

30.0 0.7

- 1.5

- 7.0

9M11 EBITDA D&A Financialcharges

Taxes 9M12

7.6

- 0.4

22.3 0.5

9M11 E&P Network Commercialgas area

Other 9M12

E&P Network Commercial gas area Other

4.4

47.0

39.4

4.0

-1.1

-22.4 -0.6 -0.1

5

FINANCIAL RESULTS Fin. Overview

Net Profit evolution (M€)

9M 2012 Consolidated results

EBITDA breakdown by BU (M€)

20.3 50.3

20.3

50.3

Group EBITDA evolution (M€)

-10.4

11,8

9M11 9M12

Best 9M EBITDA achieved since 2006 IPO

Net profit increase driven by the positive

EBITDA performance

FINANCIAL RESULTS

6

Fin. Overview

September 30, 2012 – Group Balance Sheet

Further reduction of Net Financial Debt due to a reduction of working capital financing requirements and

cash flow generated by the Group.

Improvement and significant reduction of D/E ratio (0.68) due to reduction of NFD and positive 9 M result

Group (M€)

September 30,

2012

December 31,

2011

%

Change

Inventories 35.0 24.5 42.8%

Receivables 51.5 130.7 -60.6%

Payables (32.7) (50.8) 35.6%

Other working Credits/Debits (9.8) 3.6 na

Non current Assets 507.1 513.5 -1.3%

Taxes, Abandonment, Severance and Other provision (212.0) (215.8) 1.8%

Net invested capital 339.1 405.8 -16.4%

Net Financial Debt 138.1 212.9 -35.1%

of which long term 139.2 142.8 -47.4%

of which short term -1.1 70.0 -92.9%

Equity 201.0 193.0 4.2%

Total Sources 339.1 405.8 -16.4%

FINANCIAL RESULTS

7

Fin. Overview

Breakdown of NFP (M€)

Breakdown of acquisition financing by duration (M€) Breakdown of working capital financing by duration (M€)

* includes interests; **includes a quota of the IRS fair value

-

20,0

40,0

60,0

80,0

100,0

120,0

140,0

160,0

180,0

31 Dec 2010 31 Dec 2011 30 Sep 2012

Vendor Loan 2017*

ML Term Loan - Baloon 2016**

ML Term Loan - Amortizing2012-2016**

USFIN financing (31 Dec 2013)

Bridge loan 2011

-20,0

-10,0

-

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

Revolving 2011 -2016

Revolving 2011

Self liquidating credit line

Overdraft and others

-50,0

-

50,0

100,0

150,0

200,0

250,0

300,0

31 Dec 2010 31 Dec 2011 30 Sep 2012

Acquisition financing Working capital financing

31 Dec 2010 31 Dec 2011 30 Sep 2012

250.6

212.9

138.1

175.2

145.7 146.4

75.4

67.2

-8.2

75.4

67.2

-8.2

175.2 145.2 146.4

150.0

25.2

26.1 26.7

35.0 35.0

40.5 41.0

44.1 43.7

44.0 35.0

31.1 29.7

4.9 0.3 2.5

-13.1

8 8

FINANCIAL RESULTS: E&P E&P

9M 2012 P&L - E&P contribution

Positive EBITDA performance (+19.3% over prior year) due to a favorable price scenario

Gas production decline due to:

• Natural depletion

• Extraordinary issues regarding a pipeline and a gas treatment plant operated by Third Parties

It is important to highlight that about 40% of the total Group hydrocarbon reserves are related to fields that

are going to be developed

Colle San Giovanni (Gas Plus Italiana 50%, ENI operator) production started in July

Romanian activities:

• Studies for the development of Ana/Doina are underway

• 2012 exploration program consists in drilling two wells: Ioana-1 in the Midia Block and Eugenia-1 in the Pelican Block

• Ioana-1, drilled in October, reported results below expectations in our view due to the well positioning and drilling activities but

confirms the exploration potential of the Midia Block

• Further important perspectives due to a relevant discovery in a close area explored by ExxonMobil/OMV Petrom JV.

E&P (M€) 9M12 9M11 % Change

Hydrocarbon Production (MScme) 185.1 210.7 -12.1%

Exploration Capex 1.5 1.7 -11.8%

Development Capex 8.9 6.5 36.9%

EBITDA 47.0 39.4 19.3%

9 9

FINANCIAL RESULTS: Commercial Gas Asset Commercial

Gas Asset

9 M 2012 P&L - Commercial Gas Asset Contribution

9 9

Retail (M€) 9M12 9M11 % Change

Sales (MScm) 159.8 443.5 -64.0%

Residential 69.5 70.8 -1.8%

Small Business/Multipod 31.5 86.8 -63.8%

Industrial 58.8 285.9 -79.4%

EBITDA 1.0 0.4 +150%

S&S (M€) 9M12 9M11 % Change

Supply (MScm) 476.4 1,812.5 -73.7%

Sales (MScm) 446.9 1,861.9 -76.0%

Captive retail 163.1 440.2 -62.9%

Third retail 181.0 592,6 -69.5%

Balancing / Trading* 102.8 829.1 -87.6%

EBITDA (1.0) (22.8) +96%

*Trading activity has been performed until the end of Gas year 2010/11

S&S EBITDA reflected the typical business seasonal trend, but in any case demonstrated the significant

improvement achieved in portfolio restructuring and commodities risk monitoring; expectation of positive

results on 2012 yearly basis

BU Retail achieved positive gross margin results although the captive segments are not adequately

profitable compared to capital needs and not captive segments need to reach a better trade-off between

margin and costs

10 10

FINANCIAL RESULTS: N&T and Storage

9 M 2012 P&L – N&T Contribution

San Benedetto (AP)

(49% GPS)

Sinarca (CB)

(60% GPS)

Poggiofiorito (CH)

(100% GPS)

Network

Higher distributed volumes (+4.1%)

Current tariff model will be extended to 2013.

Constant monitoring and evaluation of the new ATEM

tenders with the goal, at least, to maintain the same

perimeter of activities and the same level of

profitability

Transportation

6.33 MScm transported

42 km fully owned transportation network

SAN BENEDETTO (49% GPS - Operator): EIA

and NOF procedure (Law334/99) ongoing

POGGIOFIORITO (100%GPS): EIA and NOF

procedure (Law 334/99) ongoing

SINARCA PROJECT (60% GPS - Operator):

Final authorization and technical assessment

Storage projects:

Network and

Transportation Storage

N&T (M€) 9M12 9M11 % Change

Distributed Volumes (MScm) 132.3 127.1 4.1%

Direct end users (#K) 89.5 89.2 0.3%

Pipeline (Km) 1,476.2 1,470.0 0.4%

EBITDA 4.0 4.4 -9,0%

COMPANY PROFILE

11 11

Annex

Shareholding as at 30 Sep 2012 Share information

N. of share: 44,909,620

Share price as of 30/09/2012: € 4.81

Share price as of 09/11/2012: € 4.886

Mkt cap 09/11/2012 : € 219.4 million

Italian Stock Exchange – segment MTA

Own shares as of 30/09/2012: 1,375,155

Share price performance

Group structure Management

Cinzia Triunfo

Achille Capelli

Sandro Mezzi

Davide Usberti

Germano Rossi

Bruno de Vinck

Chief Executive Officer

Chief Financial Officer

Director of Network Business Unit

Planning, Development & General Affairs Director,

CEO of Padana Energia

Director of International E&P Branch

Regulated activity - Network

Director of Italian E&P Branch

Fabio Guastella Head of Supply & Sales Business Unit

100% 100% 100%

Società

Padana

Energia SpA

Gas Plus S.p.A.

Gas Plus

Italiana Srl

Gas Plus

Vendite Srl

Retail E&P S&S

Gas Plus

International

BV

100%

Reggente

SpA

81,5%

100% 100%

100% 97%

85%

Gas Plus

Storage Srl

Gas Plus

Reti Srl

Gas Plus

Energia Srl

Gas Plus

Salso Srl

Gas Plus

Trasporto Srl

Other Storage Network and

Transportation

BU Commercial Asset

Business

Unit

Legal

Entities

Gianmaria Viscardi Network Chief Executive Officer

Giovanni Dell’Orto Chairman of International E&P Branch

12 12

Disclaimer

This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gas

Plus. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking

statements are statements of future expectations that are based on management’s current expectations and assumptions and involve

known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those

expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the

potential exposure of Gas Plus to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts,

projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’,

‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’,

‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Gas

Plus and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report,

including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c)

currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g)

environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and

successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject

to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising

from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks,

project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions.

All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements

contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking

statement speaks only as of the date of this presentation. Neither Gas Plus nor any of its subsidiaries undertake any obligation to

publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of

these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this

presentation.