FOURTH QUARTER 2013 RESULTS12 MARCH 2014

LUCA BETTONTE, CEO

2

DISCLAIMER

This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based.There can be non assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.

3

AGENDA

4Q 2013 Highlights✓ Key Figures✓ 2013 main Achievements

Results Review✓ Business Environment✓ 4Q 2013 Group EBITDA✓ Results by Segments

Key Financials✓ Profit & Loss✓ Investments ✓ Cash Flow Statement

2014 Guidance and ConclusionsAppendix

4

RC Ebitda Adj (€mn)

HIGHLIGHTS: KEY FIGURES

27%

34%

Leverage

RC Net Profit (€ mn)

A year of strong growth

POWER & GAS

RENEWABLES

REFINING & MARKETING

CORPORATE

722

1,015

031/12/2013

DERIVATIVESADJ. NFP EXCL. DERIVATIVES

868

(1) Adjusted Net Financial Position does not include NFP of ISAB Srl

147

638

84

31/12/2012

(1)

458

569

0

328

137

21(28) 37

10(9)

20124Q 2013

2013 4Q 2012

128 132

358

245

(30)(5)

89 83

59(2)(7)

20124Q 2013

12

0

38

10

3

20134Q 2012

Highlights

5

2013 MAIN ACHIEVEMENTS

• Completion of new wind farms construction in Italy (34MW) and Romania (82MW)

• Agreement with Unicredit to enter into the capital of ERG Renew as minority shareholder

• Full exit from ISAB refinery

• Agreement for the sale of ISAB Energy plant, subject to CIP6 early termination

Highlights

• Acquisition of IP Maestrale wind assets (636MW)

December

February

• M&A deal for wind assets in Romania (70MW) and Bulgaria (14MW)June

• Integration of O&M activities on Italian wind farmsOctober

6

RESULTS REVIEW

CFO

PAOLO MERLI

7

BUSINESS ENVIRONMENT

4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013

ITALIAN PRICE ZONAL PRICE SICILY CIP6

Electricity Prices (€/Mwh)

123119

91

66

4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013

EMC Margin ($/bbl)

(1.1)

(3.0)

4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013

Industry Retail Fuels Volumes (M tons)

5.805.63

Results Review

4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013

Renewables: Electricity Prices (€/Mwh)

146

154

9091

104

94

(1) Italian price is theoretical price based on National Average Electricity Price (PUN) + GC(2) Price in Romania is based on ERG Renew average price which includes two GCs. Second GC will be cashed in from 2018 onwards

95 9295

FRANCE ITALY BULGARIA GERMANY ROMANIA(1) (2)

91

65 95

8

1,292

2012

0

458

108(25)30

(1)

Power & GasRenewables Refining & Marketing Corporate 2013

569

FY 2013 GROUP EBITDA

Ebitda growth driven by Renewables and Power

Results Review

9

RC Ebitda (€ mn)

RENEWABLES RESULTS

2,403

350

Volumes (Gwh)

Strong growth driven by ERG Wind

137

37

6

219

0

0

Results Review

4Q 2012

2012

8

43

(1) LUKERG: ERG ‘s stake = 50% in Bulgaria and Romania

111

11

128

8128

ERG Wind

29

1,154ERG Wind

4Q 2013

594

43

1,222

127

2013

1,072

2,010

294 449

283ERG Wind

4Q 2012

2012

4Q 2013

2013

245

59

34 49

34

ERG Wind

121

1.3

0.7

ITALY FRANCE LUKERG(1)GERMANY

22

13

61

155

51

33

10

RC Ebitda (€ mn)

POWER RESULTS

Volumes (Gwh)

Solid figures in Power

Results Review

87 104

2524

241

254

6459

ERG POWERISAB ENERGY

328

83

0

2012

4Q 2012

2013

4Q 2013

358

89

6,997

2012

4Q 2012

0

6,805

1,7661,592

2013

4Q 2013

4,077

2,920

4,142

2,6631,037

728

923

669

106

(1) 1

4648

1510

11

RC Ebitda (€ mn)

MARKETING RESULTS

3Q 2013

EOS TOTALERG

Market Share (%)

Results still penalized by a tough environment

4Q 2012 1Q 2013 2Q 2013

12.1%11.5%

0.7%

Results Review

RC Ebitda (€ mn)

5556

0

4Q 2013

EOSTOTALERG

20124Q 20122013

4Q 2013

1114

0.8%

12

RC Ebitda (€ mn)

REFINING RESULTS: COASTAL AND INLAND

4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013

Margins ($/bbl)

2.6

4.54

1.31

Volumes(2) (k tons)

Worsened and negative Refining(1) Inland Refining EBITDA includes Logistics(2) Volumes relate to 100% of TOTALERG stake in Rome (100%) and Sarpom (24%)

Results Review

EMC MARGIN

COASTAL REFINING MARGIN

INLAND REFINING MARGIN

(1.1)

3,8541,385

384 376

4,479

2,215

681 540

8,333

3,600

2012 20130

4Q 2012 4Q 2013

1,065 916

INLAND REFININGCOASTAL REFINING

(35)

(59)

(9)

(50)

02012

4Q 20122013

4Q 2013

(3)

(32)

0.4

(13)

(13)

(1)

(0.3)

(3.0)

(4)

(3)(0.6)

13

KEY FINANCIALS

14

PRO-FORMA REPLACEMENT COST P&L

Note: figures based on NO GAAP measures

Key Financials

2013 2012 Euro millions 4Q 2013 4Q 2012

569 458 RC Adjusted EBITDA 132 128

(291) (242) Amortization and depreciation (76) (57)

278 216 RC Adjusted EBIT 56 70

(88) (64) Net financial income (expenses) (23) (13)

4 (0) Net income (loss) from equity investments 0 1

194 152 RC Results before taxes 33 58

(100) (89) Income taxes (18) (34)

94 64 RC Results for the period 15 24

(56) (52) Minority interests (13) (14)

38 12 RC Net profit 3 10

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ADJUSTED INVESTMENTS

(1) Renewables adjusted for LUKERG Renew (50%). (2) R&M adjusted for TOTALERG (51%). It does not include ISAB Srl as of September 2012(3) It includes investment for the acquisition of Tcherga wind farm (ca. €26mn)(4) It includes investments for the acquisition of Gebeleisis (ca. €55mn) and Hrabrovo (ca. €9mn) wind farms and ERG Renew O&M (ca. €10mn)(5) It includes investment for the acquisition of ERG Renew O&M (ca. €10mn)

Key Financials

CORPORATEREFINING & MARKETINGRENEWABLESPOWER & GAS

(2)(1)

51 41

13 14

71

170

17

51

35

26

15

11

CORPORATEREFINING & MARKETINGRENEWABLESPOWER & GAS

158

45

20124Q 2012

(€ mn)

0

20134Q 2013

238

77

1.2 1.7 0.5 0.7

(3)

(5)

(4)

16

1,015

27%

34%

29%

Adj. Net Debt

31/12/2012

Cash Flowfrom operation

WorkingCapital CAPEX

Financial Charges

Adj. Net Debt

31/12/2013

NFP 51% TotalErg and

50% LUKERG Renew

Net Debt31/12/2013reported

Leverage

FY 2013 ADJUSTED CASH FLOW STATEMENT

(208)

0

Taxesand Other

Dividends ERG Wind Acquisition

(487)

1,799

722

88

68

Gebeleisis & Hrabrovo

Acquisition

1,565

807

165

722

Eolo Disposal

Key Financials

ERG Renew O&M

Acquisition

PUT Option on last 20%

ISAB

(46)

800

(6)63 10

(426)

63

17

2014 GUIDANCE AND CONCLUSIONS

CEO

LUCA BETTONTE

18

569

2013

2014 GUIDANCE AND CONCLUSIONS

237

20132014 E

LIQUIDITY PF OTHER AT MLT

1,015

≈800

EBITDA:

CAPEX:

NFP:

2014: a year of further transformation

RENEWABLES CORPORATER&MP&G

0

0

0

✓P&G EBITDA decrease from July 1, 2014 following CIP6 early

termination and sale of ISAB Energy plant

✓Like-for-like growth driven by Renewables and exit from

Coastal Refining

✓CAPEX consistent with 2013-2015 Business Plan

✓New Business Plan under definition

2013(2)

≈90

(1) Excluding EBITDA of ISAB Energy in 2H 2013 (€132mn)(2) Excluding 20% ISAB investments (ca. €21mn); including investments for Gebeleisis (€55mn) and Hrabrovo (€9mn) wind farms, and ERG Renew O&M (€10mn)

>500

2013 FCST

2013 FCST

≈175

2013 FCST

≈1,300

437(1)

≈1,100

✓Positive effect on NFP from ISAB Energy transaction

2014 E

2014 E

≈470

19

APPENDIX

20

1,292

4Q 2012

0

128

22 (6)(13)

2

Power & GasRenewables Refining & Marketing Corporate 4Q 2013

132

4Q 2013 GROUP EBITDA

Ebitda growth driven by Renewables

Appendix

21

807

44%

34%

29%

Adj. Net Debt

30/09/2013

Cash Flowfrom operation

WorkingCapital

CAPEX Financial Charges

Adj. Net Debt

31/12/2013

NFP 51% TotalErg and

50% LUKERG Renew

Net Debt31/12/2013reported

Leverage

4Q 2013 ADJUSTED CASH FLOW STATEMENT

(208)

0

Taxesand Other

(178)

(114)

1,015

1,56567

23

10

(426)

Appendix

67

PUT Option on last 20%

ISAB

ERG Renew O&M

Acquisition

2013 2012 Euro millions 4Q 2013 4Q 2012

10,368 12,457 Adjusted Revenues 2,843 2,645

569 458 RC EBITDA Adjusted 132 128

245 137 - Renewables 59 37

358 328 - Power & Gas 83 89

(5) 21 - Refining & Marketing (2) 10

(30) (28) - Corporate (7) (9)

22

4Q AND FY 2013 RESULTS

Appendix

23

2013 2012 4Q 2013 4Q 2012

1,340 596 Installed capacity (end-period, MW) 1,340 596

of which:

1,087 512 - Italy 1,086 512

86 n.a. - Germany 86 n.a.

64 64 - France 64 64

27 20 - Bulgaria (1) 27 20

76 n.a. - Romania (1) 76 n.a.

2,403 1,222 Electricity Production (GWh) 594 350

of which:

2,010 1,072 - Italy 449 294

155 n.a. - Germany 51 n.a.

127 128 - France 43 43

57 22 - Bulgaria (1) 17 13

54 n.a. - Romania (1) 34 n.a.

RENEWABLES: KEY FIGURES (1/2)

Appendix(1) ERG ‘s stake = 50%

24

2013 2012 Euro millions 4Q 2013 4Q 2012

RC EBITDA:

219 128 Italy 49 34

11 n.a. Germany 4 n.a.

8 8 France 3 3

6 1 LUKERG (1) 3 1

of which:

4 1 - Bulgaria (1) 1 1

2 n.a. - Romania (1) 2 n.a.

245 137 Total RC EBITDA 59 37

(126) (66) Depreciation (32) (18)

119 71 RC EBIT 27 20

Appendix(1) ERG ‘s stake = 50%

RENEWABLES: KEY FIGURES (2/2)

25

ISAB ENERGY: KEY FIGURES

Appendix

2013 2012 4Q 2013 4Q 2012

4,142 4,077 Sales (Gwh) 923 1,037

653 631 Sales (€ mn) 171 162

254 241 RC EBITDA (Eu mn) 59 64

202 192 RC EBIT (Eu mn) 44 52

90% 88% Net capacity utilization (%) 79% 89%

119 123 CIP6 tariffs (Eu/MWh) 119 123

173 149 EBITDA IT GAAP (Eu mn) 45 44

26

ERG POWER: KEY FIGURES

Appendix

2013 2012 Euro millions 4Q 2013 4Q 2012

2,663 2,920 Electricity Production (GWh) 669 728

104 87 RC EBITDA 24 25

(28) (27) Depreciation (7) (7)

76 61 RC EBIT 17 18

27

INTEGRATED DOWNSTREAM: KEY FIGURES(1)

Appendix

(1) Figures include 51% stake inTOTALERG and 100% EOS(2) Estimated market share referring to 100% of TOTALERG

2013 2012 Euro millions 4Q 2013 4Q 2012

45 53 Adjusted RC EBITDA 11 11

55 56 - Marketing 11 14

(9) (3) - Inland refining and logistics 0 (3)

(60) (59) Adjusted Depreciation (16) (14)

(15) (6) Adjusted RC EBIT (5) (3)

41 37 Investments 14 13

11.3% 11.2% TOTALERG retail market share(2) 11.5% 12.1%

0.8% 1.0% EOS retail market share 0.7% 0.8%

28

COASTAL REFINING: KEY FIGURES(1)

Appendix

(1) Figures are adjusted for ERG’s stake in ISAB Srl (40% from January to August 2012, 20% afterwards)(2) Investments do not include 20% ISAB investments

2013 2012 Euro millions 4Q 2013 4Q 2012

35 107 Gross refining margin 10 21

(50) (32) Adjusted RC EBITDA (13) (1)

(23) (38) Adjusted Depreciation (6) (6)

(73) (70) Adjusted RC EBIT (19) (7)

0 14(2) Investments(2) 0 0