Ascopiave

Annual Report • Jan 19, 2016

GROUP PRESENTATION

Milan, January 19th 2016

i i B O s n e s s e r e u v v w	P 3 a g
D i i d d v e n s	P 5 1 a g
H i t s o r y	P 1 8 a g
S t t r a e g y	P 2 1 a g
G d i i b i t t a s s r o n u	P 3 0 a g
G l a s s a e s	P 3 9 a g
A f i i l d t n n e e s n a n c a a a x :	P 4 7 a g
D i l i s c a m e r	P 9 9 a g

Contents

Business Overview

→	G b i i i i t t r o p s n e s s a c e s u u v	P 4 a g
→	C i i i h h i i I l t t t t t o m p e v e e n v r o n m e n : e g a s c a n n a y	P 5 a g
→	M k i i i t t a r e p o s o n n g	P 6 a g
→	A i G f S b h 3 0 2 0 1 5 t t t t s c o p a e r o p s r c r e a s o e p e m e r, v u u u … …	P 7 a g
→	S A i h h l d s c o p a v e a r e o e r s .… … … … … … … … … … … … … .… … … … … … … … …	P 8 a g
→	M i f i i l d t a n n a n c a a a	P 9 a g
→	S 2 0 0 9 2 0 1 4 E B I T D A b k- d b i B i U i t t t r e a o w n y r a e g c u s n e s s n - … … … .… … …	P 1 1 a g
→	F i i l l i n a n c a e e r a g e c o m p a r s o n v	P 1 2 a g
→	f F i i l d b d d b t t t n a n c a e a n c o s o e … … … … … … … … … … … … … … … … … … …	P 1 3 a g
→	E I B L o a n … … … … … … … … … … … … … … … … … … … … … … … … … .… … …	P 1 4 a g

Ascopiave Group operates mainly in the gas sector.

GAS SALES - 2014 KEY FIGURES (*)

scm = standard cubic meters

/ V l f l d ( l ) o u m e s o g a s s o s c m m n	8 8 8
Fu l l c l i da d c ies ( /m ln ) te on so om p an sc m	7 6 3	( 8 6 % )
Co ( /m ) ies l i da d w i h e i ho d ln te t ty t m p an co ns o q me sc m u	1 2 5	( ) 1 4 %

(*) Data of the companies consolidated with the equity method are considered pro-quota.

Main italian gas down-stream operators

The Group has created an industrial pole that is ^a national player in the gas sector and ^a leadingregional player in Veneto.

	Ra nk ing	Gr ou p	l. ( c) Vo sm	%
	1	Sn am	230 7,	24 .7%
)	2	2i Re Ga te s	4, 849	16. 6%
* (	3	He ra	2, 592	8.9 %
D	4	A2 A	1, 737	5.9 %
E T	5	Iren	1, 229	4.2 %
U	6	Tos a E ia can ner g	913	3.1 %
B I	7	As iav (a ) co p e	776	2.7 %
R T	8	Es tra	679	2.3 %
S I	9	Lin Gro Ho ldin ea up g	574	2.0 %
D	10	Ero t gas me	347	1.2 %
S	11	Ac -Ag sm am	336	1.1 %
A G	12	Ag Ve sm ron a	325	1.1 %
F	13	Am bie En ia B rian nte erg za	322	1.1 %
O	14	Un ion Fe a In ion al ter nos nac	283	1.0 %
S	15	En ei erg	280	1.0 %
E	16	Do lom iti E ia ner g	256	0.9 %
M U	17	Ga s R imi ni	253	0.9 %
L	18	Ed iso n	250	0.9 %
O V	19	Aim ag	227	0.8 %
	20	Aim Vi cen za	222	0.8 %
		Oth ers	5, 560	19. 0%
		To tal	29, 240	100 .0%

	Ra nk ing	Gr ou p	Vo l. ( c) sm	%
	1	En i	13, 270	24 .9%
	2	Ed iso n	6, 095	11. 4%
	3	En el	5, 270	9.9 %
)	4	Gd F S uez	2, 290	4.3 %
* (	5	E.O n	2, 049	3.8 %
D	6	Iren	1, 992	3.7 %
L O	7	He ra	1, 879	3.5 %
S	8	Ro l D h S hel l utc ya	1, 588	3.0 %
S	9	A2 A	1, 22 1	2.3 %
A G	10	So nia rge	919	1.7 %
F	11	As iav ( b) co p e	888	1.7 %
O	12	Es tra	668	1.3 %
S	13	Ero t gas me	512	1.0 %
E	14	Do lom iti E ia ner g	510	1.0 %
M U	15	Un oga s	494	0.9 %
L	16	Lin Gro Ho ldin ea up g	426	0.8 %
O V	17	Erg	402	0.8 %
	18	Sw iss Po r & Ga we s	398	0.7 %
	19	Ag Ve sm ron a	358	0.7 %
	20	En eni erx a	35 1	0.7 %
		Oth ers	11, 742	22 .0%
		To tal	53, 322	100 .0%

With respect to the number of gas sales customers, Ascopiave Group ranks 1st in Veneto

(*) In house processing on 2014 AEEGSI data. Data of the companies consolidated with the equit method are considered pro-quota; (a) Including volumes distribuited by Ascopiave, Edigas Esercizio Distribuzione Gas, Asm Distribuzione Gas and Unigas Distribuzione; (b) Including volumes sold by Ascotrade, Etra Energia, Asm Set, Estenergy, Veritas Energia, Pasubio Servizi, Blue Meta and Amgas Blu.

Ascopiave Shareholders (*)

Asco Holding S.p.A. directly controls the capital of Ascopiave S.p.A. in an amount equal to 61.562%.

Asco Holding S.p.A. is owned by 91 municipalities mainly located in the province of Treviso (publicshareholders) and ¹ private company (Blue Energy).

(*) Internal processing of information pursuant to art. 120 TUF as of August, 27th 2015 (Source: CONSOB website)

2014 MAIN FINANCIAL DATA ACCORDING TO IFRS 11 (*)

C S I N O M E T A T E M E N T
	G ro p u	D is i bu io t t r n S B U ( **)	S le s S a B U ( *** )
Re ( ** ) ve nu e s	5 8 5, 3 0 0	9 0, 6 9 2	5 7 8, 7 3 8
E B I T D A	9, 5 8 5 7	3 5, 4 1 1	4 4, 1 5 7
E B I T	5 2, 6 6 7	1 6, 9 8 8	3 5, 6 7 9
Ev lua ion f t a o ies i h ( ) t co m p an w i ho d ty t eq u m e	4, 4 5 3	8 3 5	3, 6 1 8
Ne inc t o m e	3 3 3 3 7,

C S B A L A N E H E E T	/ / 3 1 1 2 2 0 1 4
Ta i b le d in i b le ta ts ng an ng as se	4 3 1, 1 4 4
Inv in ia tm ts te es en as so c s	6 4 3 5, 5
O he f ixe d t ts r as se	2 9, 5 5 5
Ne k ing i l t w ta or c ap	1 3, 1 8 8
C T O T A L A P I T A L E M P L O Y E D	5 3 9, 3 4 0
S ha ho l de i ty re rs eq u	4 0 9, 6 6 6
Ne f ina ia l p i io t t nc os n	1 2 9, 6 7 3
S C S T O T A L O U R E	5 3 9, 3 4 0

(-)

EBITDA of the company consolidated with the equity method: €10.9 mln (distribution companies: €2.4 mln ⁺ sales companies: €8.5 mln)

EBIT of the company consolidated with the equity method: €6.7mln (distribution companies: €1.3 mln ⁺ sales companies: €5.4mln)

(*) Thousand of Euro; (**) Distribution SBU includes gas distribution, heat management and cogeneration; (***) Sales SBU includes gas sales and electricity sales; (****) Gas distributionSBU and gas sales SBU revenues are represented before elisions.

F I N A N C I A L R A T I O S ( *) 2 0 1 4
	( ) A	( ) B	( ) ( ) A B +
	C o m p a n y l i d d i h t t c o n s o a e w f i i l l l d t u c o n s o a o n h d t m e o	C o m p a n y l i d d i h t t c o n s o a e w i t t n e e q u y l i d i t c o n s o a o n h d t ( **) m e o	T l t o a
S h h l d i ( E Q U I T Y ) t a r e o e r s e q u y	4 0 9, 6 6 6
N F i i l P i i ( N F P ) t t e n a n c a o s o n	( 1 2 9, 6 3 ) 7	( 1 2, 0 6 ) 5	( 1 4 1, 3 0 ) 7
E B I T D A	7 9, 5 8 5	1 0, 8 8 0	9 0, 4 6 5
N F P / E B I T D A	1. 6 3		5 1. 7
N F P / E Q U I T Y	0. 3 2

(*) Thousand of Euro; (**) Data are considered pro-quota andrefer to Estenergy, Asm Set and Unigas Distribuzione. Data doesn't include Sinergie Italiane.

2009-2014 EBITDA break-down by Strategic Business Unit

( Mil lion f Eu ) o ro	C S I N O M E T A T E M E N T	G r o u p	i i i D b t t s r u o n S B U	%	S l a e s S B U	%
	R e e n e s v u	5 8 5, 3	9 0, 7		5 7 8, 7
S 1 IFR 1	E B I T D A	7 9, 6	5, 3 4	5 4 4, %	4 4, 2	5 5, 5 %
	R e v e n u e s	6 6 7, 8	8 7, 4		6 4 4, 7
IFR S 1	E B I T D A 1 re ted sta	8 6, 3	3 3, 4	3 8, 7 %	5 2, 9	6 1, 3 %
	R e v e n u e s	8 5 4, 3	9 4, 1		8 3 9, 6
	E B I T D A	1 0 5, 9	3 6, 0	3 4, 0 %	6 9, 9	6 6, 0 %
	R e v e n u e s	1. 0 7 8, 0	9 5, 4		1. 0 5 5, 4
	E B I T D A	1 0 2, 7	3 3, 9	3 3, 1 %	6 8, 7	6 6, 9 %
	R e v e n u e s	1. 0 9 9, 2	9 2, 0		5, 1. 0 7 6
	E B I T D A	9 3, 2	3 4, 9	3 4 % 7,	5 8, 3	6 2, 6 %
	R e v e n u e s	8 5 5, 9	8 6, 7		8 4 2, 3
	E B I T D A	8, 0 7	3 2, 9	4 2, 1 %	4 5, 1	5 9 % 7,
	R e v e n u e s	7 6 4, 2	7 7, 2		5 7 6 3,
	E B I T D A	6 1, 5	4 1, 6	6 7, 6 %	1 9, 9	3 2, 4 %

Gas distribution businessis characterized by stable operating margins.

Increase of the gas sales business operating margins over the last years is due to the external growth(acquisition of 8 companies) and tohigher profitability, mainly thanks to declining gas procurement costs.

Financial leverage comparison

( *) C S F I N A N I A L R A T I O	( **) L O C A L U T I L I T I E S ( ) da ta av er ag e	S C A O P I A V E	V A R
F i i l l n a n c a e v e r a g e	1, 1	0, 3	-0 8 ,
D / D E +	5 2 %	2 4 %	-2 8 %
E / D E +	4 8 %	7 6 %	2 8 %
/ D E B I T D A	3, 1	1, 6	-1 5 ,

Ascopiavefinancial leverage (0.3) is lower than those of the Italian listed comparables (avg: 1.1).

The low indebtedness level is ^a very positive result in the light of ^a macroeconomic scenario that makes access to credit ^a real challenge, which therefore strengthens the Group's economic andfinancial soundness and enables it to reap the opportunity of carrying out potential extraordinarytransactions in next years.

(*) Financial leverage is calculated considering the shareholders' equity and the net financial position as of December, 31th 2014; (**) Local utilities considered are the main italian listedlocal utilities: A2A, Hera, Acea and Iren.

( T ho d f Eu ) ( *) us an o ro	3 1 / 1 2 / 2 0 1 4	3 1 / 1 2 / 2 0 1 3	Va r	Va % r
Lo f ina ia l bo ing ( 1 2 hs ) te t ng rm nc rro w s mo n >	3. 4 6 5 5	6 3. 2 0 1	( 9. 4 ) 7 5	-1 4 % 5,
Cu i ion f lon f ina ia l bo ing t p t te rre n os o g rm nc rro w s	9. 4 7 5	9. 8 4 7	( 3 9 )	-0 4 % ,
S ho f ina ia l bo ing ( 1 2 hs ) t te t r rm nc rro w s mo n <	4. 2 2 4 7	6 8 1 4 7.	6. 4 1 0	9, % 5 +
To l f in ia l de b ta t an c	1 3 4 2 5 7.	1 4 0. 9 9 7	( 3. 3 4 ) 7	-2 4 % ,
F ixe d in bo ing te t r te res a rro s w Va ia b le in bo ing te t ra te r re s rro s w	8 0 3 1 3 6. 6 2 2	1. 3 0 4 1 3 9. 4 9 5	( ) 5 0 1 ( ) 2. 8 7 3	-3 8, 4 % -2 1 % ,

2014 average cost of debt: 1,13% (vs 2013 rate: 1,72%)

EIB Loan

EIB lends EUR 70 million to Ascopiave for gas grid in northern Italy

In June 2013 the European Investment Bank (EIB) and Ascopiave havesigned ^a EUR 70 million loan in support of investments to improve andexpand gas distribution networks in the Veneto and Lombardyregions.

This is the first operation between the EIB and Ascopiave. This loan confirms the EIB's commitment to the natural gas sector, which in the past two years has undergone major restructuring in Italyaimed at making gas distribution – ^a priority public service– more efficient.

It also represents an important sign of the Bank's commitment in the EU to mid-caps in the utilitiessector, which are marked by ^a sound business model, public participation and strong regional roots.

→	D i i d d l i v e n p o c y	P a g	1 6
→		P a g	1 7

Dividend payment sustainable with high return to shareholders

Sustainability of the dividend policy:

• pstable cash flow
• pstable business profitability
• pwell-balanced financial structure

Dividend yield at the top of the listed italian utility companies

S D I V I D E N D	2 0 1 4	2 0 1 3	2 0 1 2	2 0 1 1	2 0 1 0	2 0 0 9	2 0 0 8	2 0 0 7	2 0 0 6
( ) D iv i de ds i d T ho d o f Eu n p a us an ro Gr Ne Inc ( T ho d o f Eu ) t ou p om e us an ro	3 5. 1 6 2 3 8 3 5. 5	2 8. 1 2 9 3 8. 6 8 7	2 5. 7 8 5 2 8 6 7. 5	0 6. 2 6 6	2 3. 4 4 1 3 1. 1 4 7	2 1. 0 9 7 2 2 8 8 5.	1 9. 9 2 5 1 8. 4 2 5	1 9. 8 9 8 2 1. 6 4 7	1 9. 8 3 3 1 6. 3 8 1
Pa io t r t y ou a	9 9 %	7 3 %	9 3 %	0 %	7 5 %	8 3 %	1 0 8 %	9 1 %	1 2 1 %
D iv i de d ha ( Eu ) n p er s re ro	0, 1 0 5	0, 1 2 0	0, 1 1 0	0, 0 0 0	0, 1 0 0	0, 0 9 0	0, 0 8 5	0, 0 8 5	0, 0 8 5
( *) D iv i de d y ie l d n	7, 6 %	8, 4 %	9, 2 %	0, 0 %	6, 3 %	5, 8 %	5, 7 %	4, 4 %	4, 0 %
/ R O I R O E	2 0 1 4	2 0 1 3	2 0 1 2	2 0 1 1	2 0 1 0	2 0 0 9	2 0 0 8	2 0 0 7	2 0 0 6
R O I ( **)	1 1, 1 %	1 4, 4 %	1 3, 1 %	1 1, 8 %	1 1, 7 %	9, 1 %	8, 5 %	7, 1 %	1 0, 4 %
R O E	8, 8 %	9, 7 %	7, 3 %	1, 8 %	8, 3 %	6, 9 %	5, 1 %	5, 9 %	4, 4 %

(*) Dividend yield = dividend per share / average price per share in the year

(**) ROI = EBIT / CI; CI = Net Capital Invested (In 2014 investments in associates are excluded)

Dividend Yield comparison

Dividend distributed by Ascopiave in 2014 is higher than those distributed by the major listed comparablecompanies:

(*) Dividend per share / 2014 average price per share.

Contents

H i t s o r y
U f I P O d s e o p r o c e e s →	P 1 9 a g
O ( ) E i f I P 2 0 0 7 2 0 1 4 t t t q s o r a e r → u y y -	P 2 0 a g

Ascopiave has used the IPO proceeds to finance ^a series of investments pursuing the dimensional growthof the Group, both by internal lines (investments in gas distribution network and other capital expenditures)and by external lines (investments in firm / company acquisitions).

( ) 7 3, 9
1 6 1, 5
3 9 6, 8
5 8 5, 2
( ) 1 7 8, 8
( ) 1 7 7, 9
1 8 0, 1
7, 8
( ) 1 2 9, 7	Da in ta mi llio f n o
	2 6, 9 ( ) 2 7, 5 ( ) 8 4, 5 ( ) ( 6 4 8, ) 7 ( ) 5 5, 7

(*) Assignement of the company active in photovoltaic sector; (**) Net Financial Position at December, 31th 2013.

Strategy

→	S i i d l i d b j i t t t r a e g c g e n e s a n o e c e s u v	P a g	2 2
→	G h i h d k t t t t r o w n e o w n -s r e a m m a r e	P a g	2 3
→	G d i i b i t t t a s s r o n s e c o r u	P a g	2 4
→	A i f i i l d f i i h d i i b i b l i d t t t t s c o p a v e : n a n c a n e e s o r w n n n g e g a s s r u o n p u c e n e r s …	P a g	2 6
→	G l t a s s a e s s e c o r	P a g	2 7
→	A i i l i h l k t t t t s c o p a v e : s r a e g c g o a s n e g a s s a e s m a r e … …	P a g	2 9

Gas distribution sector: key figures

• pNo. of operators: about 240
• pMunicipalities served: about 7,000
• pVolumes of gas distributed: about 34 billion of standard cubic meters
• pNo. of users served: over 22 million
• pLength of the gas distribution network: over 220.000 km (ownership: 75% of operators)
• pRegulatory asset base (RAB): 15,1 billion of Euro

Since 2000 gas distribution operators have been reduced to less than a third.

Currently gas distribution sector appairsstrongly concentrated:

• pabout 50% of RAB (*) is held by Snam Rete Gas and F2i, the only operators with a national rank
• p about 30% of RAB is held by 14 medium size operators (RAB > 100 million of Euro), with a regional relevance
• pabout 20% of RAB is held by small size operators

(*) Ascopiave valuation.

Gas distribution sector is facing ^a new phase of restructuring after that experienced subsequently theissuing of Letta decree of the early 2000s. Through the adoption of ATEM (minimum territorial district) isexpected ^a significant reduction of the number of operators. The need of new finance in the system will bethe determining factor for the realisation of the sectorial concentration announced by the legislator.

Likely consequences also to the retail front in consideration of the same ownership structure.

Overall effects of the recent legislation on the competitive context:

reduction of the number of potential competitors

Participation in call of tenders will be possible only to enterprises with suitable financial andorganizational capabilities

less relevance of the economic part of the offer

Definition of maximum thresholds on the economic elements of the offer makes less determining –for the purposes of awarding tenders – the benefit of economic efficiency on operating costs(flattening of the offers on threshold levels)

relevance of the technical offer

To win ^a tender will be crucial the formulation of ^a valid investments plan for development, strengthening and maintenance of the gas distribution system (technical efficiency and sustainabilityfrom the point of view of ^a cost / benefit analysis)

Gas sales sector: key figures

• pNo. of operators in the italian market: over ¹⁶⁰
• p First ¹⁰ operators (with volumes of gas sold higher than one billion of standard cubic meters) supplying over 73% of overall consumption to the gas final market (45,6 billion of standard cubicmeters on ^a total of 62,4 billlion of standard cubic meters)

Since liberalization introduced by Letta decree of the early 2000s, gas sale market has experienced twowell distinct phases:

pORGANIC GROWTH

pCONSOLIDATION through company aggregations / mergers and vertical integrations

The current phase of CONCENTRATION that is happening through growth for external line and the exit from the market of minor gas sales companies will be cause an addictional reduction of the number of operators.

• p Since ²⁰⁰⁸ economic crisis continues to affect natural gas demand. Together with the structure and constraints of take or pay contracts it has contributed to create ^a long market
• pDecoupling between gas price and oil gas price is very significant
• p All these factors (decoupling, long market and spot prices) have contributed to considerably raise margins for retail operators not tied by procurement to takeor pay contracts
• pThe difference between tariff component of raw material and real purchase costs has been very high
• p Resolution n. 196/2013 has changed the criteria to define and update the component of the selling price aimed to cover the cost of the raw material that, from 1st october 2013, refers entirely to the gasspot market (TTF forward prices)
• p Although gradually, extra margins outcoming from the difference between tariff component of row material and real purchase costs will be reduced significantly in the coming years
• p Growth for external lines returns to be ^a driver of development in the gas market as opposed to the organic growth

Ascopiave: actions in the gas sales market

To maintain / improve competitive positioning in the gas sales market, Ascopiave Group foresees:

• to grow for external line to compensate the natural loss of gas sales customers in the geographical areawhere it is the incumbent operator
• to reduce the cost to serve
• to improve the gas supply process by exploiting the competitive advantage of having stable consumption in^a long gas market

Contents

Gas distribution

→	M i i i i l d i i b l i d d d l i t t t t t n m m e r r o r a s r c p c e n e r s e a n e s u u	P 3 a g	1
→	A i i i i i h d i i b i k t t t t t s c o p a e p o s o n n g n e g a s s r o n m a r e v u	P 3 a g	2
→	R l i f h l l f d t t t e g u a o n o e c a o e n e r s	P 3 a g	3
→	C i b i d h i d i i b t t t t t t t o m p e n s a o n o e p a o e o u g o n g s r u o r … … …	P 3 a g	5
→	C i f f l i V R T d R A B t t t r r e n a r r e g a o n a n u u :	P 3 a g	6
→	f f T i l i i i i i l d i i i t t t t t a r r e g u a o n m n m u m e r r o r a s r c c o n c e s s o n s : … … … .… … … … … …	P 3 a g	7
→	S O G S W T l i D i i b i B U t t a n a s s a s s r o n y u –	P 3 a g	8

• p Gas distribution concessions must be awarded only via Minimum Territorial District public tenders, so public tenders can not be banished by ^a single municipality, as in the past.
• p Each Minimum Territorial District groups several neighbouring municipalities, in some case served by interconnected gas distribution grids
• p¹⁷⁷ Minimum Territorial Districts nationalwide

The following chart shows the Ascopiave Group gas users breakdown by Minimum Territorial District tender deadline:

Tender deadlines

M I N I M U M T E R R I T O R I A L D I S T R I C T	To l m in im ta um i ia l d is ic te to tr t rr r g as u se rs	As ia Gr co p ve ou p g as u se rs	%	Pu b l ic de te n r de d l in a e	As ia Gr co p ve ou p ha g as u se rs s re ( % )
Tr iso 2 ev	1 9. 8 9 4 5	1 4 1. 1 6 3	2 9, 0 %	Fe bru 2 0 1 6 ary	8 8, 3 %
Tr iso 1 ev	1 3 7. 9 0 6	7 5. 6 6 4	1 5, 5 %	De be 2 0 1 6 ce m r	5 4, 9 %
Ro ig o v	9 9. 3 7 6	3 5. 5 9 3	7, 3 %	Ma h 2 0 1 7 rc	3 5, 8 %
V ice 3 nz a	1 0 2. 7 2 4	2 7. 4 3 1	5, 6 %	De be 2 0 1 6 ce m r	2 6, 7 %
Be 1 rg am o	7 5. 8 0 1	3 1. 5 9 3	6, 5 %	De be 2 0 1 5 ce m r	4 1, 7 %
Be 5 rg am o	9 6. 9 1 7	3 0. 8 8 6	6, 3 %	Fe bru 2 0 1 6 ary	3 1, 9 %
Ve ia 2 ne z	2 0 3. 0 1 3	2 5. 8 9 9	5, 3 %	De be 2 0 1 5 ce m r	1 2, 8 %
O he d. t t. r m	1. 3 1 8. 4 0 3	1 1 8. 4 2 5	2 4, 3 %	2 0 1 5- 2 0 1 8	9, 0 %
To le ta	2. 1 9 4. 0 8 8	4 8 6. 6 5 4	1 0 0, 0 %

Ascopiave positioning in the Minimum Territorial Districts set by the Government

• p Ascopiave is currently the main operator in ² Minimum Territorial Districts (Treviso ² and Treviso 1) with ^a more than 50% market share in terms of end users served. The current end users in these MinimumTerritorial Districts amount to over 40% of the total end users served by the Group.
• p Ascopiave has ^a current remarkable market share in other Minimum Territorial Districts located in Veneto and Lombardy.
• p Ascopiave is selecting the Minimum Territorial Districts target and evaluating potential partnerships with other operators, in order to strengthen its position in somegeographical areas.

Standards to evaluate economic and technical offers

• A – Economic Offer
• B – Safety and service quality
• C – Development and maintenance of the distribution network

A - Economic offer

(maximum score: 28)

• pDiscount on gas distribution tariffs
• pDiscount on prices for other services provided by the distributor to the end users
• p Fee to be paid to municipalities awarding the concession (cap on the fee level: 10% of the capital cost components of VRT (Total Revenues Constraint) ⁼ 10% ^x ( CI ^x rd⁺ AMM ))
• p Obligation to extend the distribution network (meters of pipes per end users that imply the obligation to connect new potential end-users)

• pInvestments to improve energy efficiency

• B - Offer concerning the safety and the service quality(maximum score: 27)

• pnetwork inspections in order to prevent gas leaks (percentage of gas network annually checked)
• pperformance of the emergency service
• pperformance of the gas odorization service
• pimproving the level of other quality standards set by the Authority
• C - Offer concerning the development and the maintenance of the distribution network(maximum score: 45)
• pappropriateness of the network operation analysis
• p investments plan for the extension and the increase of the capacity of the distribution network; the evaluation concerns: the tangible benefits expected by the investment proposed, the accuracy of the technical projects as well as the quantities of new pipes to be made
• pinvestment plan for the maintenance
• ptechnological innovation

In the event that the public tender should not be awarded to Ascopiave, the winner must pay to the Group, as the current owner of the networks, ^a compensation:

• (a) the compensation must be calculated in accordance with the terms of the agreement implementingthe concession or direct award (as the case may be), provided that the agreement is signed before February 11th, 2012
• (b) or, if this is not provided for, the compensation must be calculated in accordance with theGuidelines set by the Ministry of Economic Development (Decree May, 22nd 2014)
• (c) contributions paid by private users in the past for the construction of part of the network must bededucted (valuation of these are in accordance with the tariff regulation) (*)
• (d) whenever the compensation is higher than 110% of the net capital invested remunerated by thetariff system (RAB): the Energy National Authority (i.e. AEEGSI) must verify whether thecompensation has been evaluated in accordance with the law
• (e)the organizer of the tender bid must take into account the observations issued by the AEEGSI.

^(*) In the evaluation of RAB contributions paid by private users are currently deducted.

2014 VRT (*) (Gas Distribution Revenues) and 2014 RAB (Net Capital Invested)

(*) Ascopiave 2014 VRT has been approved by Gas, Electricity and Water Authority (AEEGSI) with Resolution n. 132/14; (**) VRT of the companies consolidated with the full consolidation method ⁼ 61.8 €/mln ⁺ VRT of the company consolidated with the equity method ⁼ 5.7 €/mln (pro-quota); (***) RAB of the companies consolidated with the full consolidation method ⁼ 367.5 €/mln ⁺ RAB of the company consolidated with the equity method ⁼ 29.5 €/mln (pro-quota).

Tariff regulation for the incoming Minimum Territorial District concessions(Res. AEEGSI n. 367/2014/R/GAS)

Underestimated RAB compared to the national mean level

Revaluation of RAB if the current value of the gross asset value per meter of the distribution network isless than 75% of ^a target value calculated by AEEGSI by applying ^a standard mathematical formula.

Difference between Compensation and RAB

At the starting date of the new concession:

• • if the winner of the public tender is the current incumbent operator, the new RAB is equal to theprevious one;
• • if the winner of the public tender is ^a newcomer, the new RAB is equal to the compensation paid bythe newcomer to the outgoing operator.

Compensation at the ending date of the minimum territorial district concession

The compensation is calculated as sum of (a) the value of the stock of capital existing at the startingdate of the concession, that is equal to the initial compensation properly updated to take into account thedepreciation occurred during the concessional period, and (b) the value of the investments made during the concessional period, calculated as the average between the effective costs of the assets and the regulatory value of the assets (*).

(*) As announced by the AEEGSI in the future the value of the investments considered by the tariff system could be not the effective cost but could be estimated by using standard cost to be defined by the AEEGSI. For this reason the regulatory value of the assets could be different to the effective cost of them.

Strengths

• Dimensional level that allows exploitation of interesting management economies of scale
• Contiguity in gas network, with advantages in terms of operative efficiency
• High network management operative standards
• Part of the local municipalities granting the gas distribution concessions are shareholders of the Group
• Independence by large municipalities
• Current financial leverage

Weakness

We expect that legal framework uncertainty and the timeneeded by municipalities to organize competitive tender procedures will delay the tenders start

Opportunities

• Possibility to achieve critical mass as of aggregative polein Veneto and Lombardy in the utility sector
• Tenders for gas distribution concessions
• Temporary push towards aggregations of companies operating in the sector increase in geographical coverageby expanding the corporate structure

Threats

• Regulatory uncertainty
• Uncertainty on financial needs for the compensations to be paid to outgoing distributors
• Gas concession expiring
• Risk to lose tenders

Contents

Gas sales

→	G l d k i d l l i i t t t t t a s s a e s o e n c s o m e r s m a r e s e g m e n a o n a n s e n g p r c e s u : … … …	P a g	4 0
→	G l l i i d i d t t t a s s e n g p r c e o o m e s c e n c u s o m e r s	P a g	4 1
→	C M E M i d i h i t n e a o n m e c a n s m x … … … … … … … … … … … … … … … … …	P a g	4 3
→	G t t a s p r o c u r e m e n c o s s	P a g	4 4
→	S i i I l i t n e r g e a a n e … … … … … … … … … … … … … … … … … … … … … … … … … … …	P a g	4 5
→	S l i G S l S B U t w o a n a y s s a s a e s –	P a g	4 6

Gas sales to end customers: market segmentation and selling prices

(*) 2014 data in million of standard cubic meter. Operating data of companies consolidated proportionally are considered pro-quota.

P C M E M C C R Q T C p r + + + =	G R A D T D Q V D G C T V A T + + + + +
C M E M C C R W h l l f t o e s a e c o s o g a s + =	T D G d i i b i i f f t t t a s s r u o n a r =
Q T G i i i l k t t t t t t a s r a n s p o r a o n c o s v a n a o n a n e w o r =	Q V D G i l l t t a s r e a s a e s c o s =
C G R A D P i f h d l t t p r + r c e c o m p o n e n s o r e g r a u a =	G C T G i t t a s c o n s u m p o n a x e s =
f i l i h l i t t t t m p e m e n a o n o e n e r e g a o n w u	V A T V l d d d t a u e a e a x =

Gas selling price to a typical domestic end customer (annual consumption: 1,400 scm)

2 3 1 7, 2, 9 0 1, 4 0 1 1, 9 0 9 2	3 % 5 4 % 2 % 1 5 %
4,	6 %
4 8, 4 3	6 1 %
1 8, 4 1	2 3 %
1 1, 9 6	1 5 %
3 0, 3 6	3 9 %
7 8, 8 0	1 0 0 %
	lian ) o

Gas selling price to domestic end customers (€cent/scm): from 1stQ 2010 to 3rdQ 2015

National average price of natural gas for ^a family with autonomous heating and annual gas consumption of 1,400 scm.

Until 3rdQ 2013: Cost of raw material ⁼ QE; Fixed costs ⁼ QTI+QS+TD+QVD+QCI; Taxes ⁼ GCT+VAT; From 4thQ 2013: Cost of raw material ⁼ CMEM; Fixed costs ⁼ QT+TD+QVD+CCR; Taxes ⁼ GCT+VAT; Other costs: Cpr+GRAD.

Price component covering the wholesale cost of gas set by the Authority for the protected market (CMEM) is currently linked to the European gas spot prices and not to the medium-long term take or paycontracts.

Current regulation (in force until at least 30th September 2015) provides that the price component isquarterly up-datedand is equal to:

CMEM = Pfor + QT(int) +QT(psv) + QT(mcv)

where:

P(for) ⁼ component price covering the cost of the raw material (energy), calculated as the average of the forward OTC quarterly prices in the Dutch TTF hub occurring in the pen-ultimate month before the reference quarter and published by ICIS-Heren

• QT(int)⁼ cost of the gas transport through international pipelines
• QT(psv)⁼ cost of the gas transport from the national boundary to the virtual national hub (PSV)

QT(mcv)⁼ other transportation costs

Gas procurement costs

• pGas procurement costs are negotiated on a free market
• pIncumbent shippers have strong market position

U s e s		S i o u r c n g
S l d t t a e s o e n c u s o m e r s ( l d i b i ) t e x c u n g u s n e s s c u s o m e r s	/ 7 0 8 0 % ~	A l ( h l ) ( ) ( * ) t t t n n u a c o n r a c s e r m a y e a r D l i f l l d i i b i k t t t t e v e r y : e n r y o o c a s r u o n n e w o r P l f i t t e n a y o r e x c e s s c a p a c y u s e
S l b i t a e s o s n e s s u t c u s o m e r s	/ 3 0 2 0 % ~	G t t t a s p r o c u r e m e n c o n r a c s : d i d i d i h l l i t t t t t s a m e r a o n a n n e a o n a s e s e n g c o n r a c s u x

(*) Thermal Year: starting date: 1st october - year ^t / ending date: 30th september – year t+1; (**) Framework supply agreement with the Group's reference shipper provides that the annual cost of gas take into account the cost of the gas procured through take or pay contracts signed by Sinergie Italiane.

Sinergie Italiane is ^a company established in 2008 (*) to create ^a partnership among Italian downstreamenergy companies strongly rooted to local areas and with solid, loyal customer bases.

Sinergie Italiane signed ^a long-term import take or pay (ToP) contract with Gazprom for the supply of 1.0bcm of gas per year up to 2021.

In April 2012 Sinergie Italiane shareholders meeting resolved for the voluntary liquidation of the companyand appointed the liquidators.

The scope of the company during 2012-2014 was limited to import russian gas and to sell it to the salescompanies participated by the shareholders, as well as to manage the agreements, transactions anddisputes relating to the regulation of contractual relations, improved before the liquidation.

^(*) Former shareholders structure included the current shareholders and also Alto Milanese Gestioni Avanzate and Utilità Progetti.

Strengths

• Large end customer base
• High per-capita consumption
• Front offices capillarity
• Efficient customer care service
• Differentiation of offered services (dual fuel)
• Independence by big customers
• Deeply rooted presence in reference geographical area
• Strong local brand reputation
• High degree of customer loyalty

Weakness

Limited diffusion and knowledge of the brand outside of the geographical area where the Group is the current incumbent

Opportunities

• Presence in territory with good development capability in the segment of residential customers
• Opportunity to acquire new customers in locations not served by distribution SBU
• Total market 'opening' – Cross selling on customer base

Threats

• Risk exposure connected to gas purchase cost
• Activity partially regulated by the Italian Gas, Electricity and Water Authority, focused on keeping low price levels
• Competition in a fully liberalized market
• Competitive pressure increase and attacks from new entrants
• Entrance and consolidation of foreign groups and major Italian utilities

Annexes: financial data

Annexes: financial data

-FY 2014 financial results

→	S A l i i f I F R 1 1 i i l i d d t t t t t p p c a o n o n e r n a o n a a c c o u n n g s a n a r … … … … …	P 4 9 a g.
→	F Y 2 0 1 3 d i t t t t t r e s a e n c o m e s a e m e n … … … …	P 0 5 a g.
→	B l h D b h d 3 1 2 0 1 3 t t t t t a a n c e s e e a e c e m e r, r e s a e … … … … … … … … .… … … … … … … .… … … … …	P 5 1 a g.
→	F Y l i d d i 2 0 1 4 t t t t c o n s o a e n c o m e s a e m e n … … … … … … … … … … … … … … … … … … …	P 5 2 a g.
→	C l i d d b l h D b 3 1 h 2 0 1 4 t t t t o n s o a e a a n c e s e e a e c e m e r, … … .… … … … … … … … … … … … …	P 5 3 a g.
→	f V l d i i b d t t o m e s o g a s s r e u u … … … … … … … … … … … … … … … … … … .… … …	P 4 5 a g.
→	V l f l d o u m e s o g a s s o … … … … … … … … … … … … … … … … … … … … … … … … … … … …	P 5 5 a g.
→	V l f l i i l d t t o u m e s o e e c r c y s o … … … … … … … … … … … … … … … … … … … … … … … …	P 5 6 a g.
→	R b i d e e n e s r g e v u … … … … … … … … … … … … … … … … … … … … … … .… … … … … … …	P 5 7 a g.
→	E B I T D A b i d r g e … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … …	P 9 5 a g.
→	E B I T D A b k d r e a o w n … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … .… …	P 6 1 a g.
→	G d i i b i i f f t t t a s s r u o n a r r e v e n u e s … … … … … … … … … … … … … … … … … … … … … … … … …	P 6 3 a g.
→	G i l r o s s m a r g n o n g a s s a e s … … … … … … … … … … … … … … … .… … .… … … … … … … … …	P 6 4 a g.
→	G i l i i l t t r o s s m a r g n o n e e c r c y s a e s … … … … … … … … … … … … … … … … … … …	P 6 5 a g.
→	O h i t t t t e r n e o p e r a n g c o s s … … … … … … … … … … … … … … … … … … … … … … .… … … … …	P 6 6 a g.
→	N b f l m e r o e m p o e e s u y … … … … … … … … … … … … … … … … … … … … … … … … … … …	P 6 8 a g.
→	C f l i d d l t t o n s o a e c o s o p e r s o n n e … … … … … … … … … … … … … … … … … … .… … … … … …	P 6 9 a g.
→	C l i d d i l d i t t t o n s o a e c a p a e x p e n u r e s … … … … … … … … … … … … … … … … … …	P 7 0 a g.
→	N F i i l P i i d h f l t t e n a n c a o s o n a n c a s o w … … … … … … … … … … … … … … … … … …	P 7 1 a g.

-2009-2014 financial comparison

-9M 2015 financial results

In application of IFRS ¹¹ international accounting standard, from January, 1st 2014 the jointlycontrolled companies are consolidated with the net equity consolidation method.

Until December, 31th 2013 they were consolidated with the proportionate consolidation method.

Co m p an y	2 0 1 4		2 0 1 3
S ine ie I l ia S. l. ta rg ne r.	Ne i l i da io ho d t e ty t t q co ns o n m e u	=	Ne i l i da io ho d t e ty t t q co ns o n m e u
S. Ve i En ia l. ta r s er g r.	Fu l l c l i da io ho d t t on so n m e	≠	Pr io l i da io ho d t te t t op or na co ns o n m e
As Se S. l. t m r.	Ne i l i da io ho d t e ty t t q co ns o n m e u	≠	Pr io l i da io ho d t te t t op or na co ns o n m e
S. Es A. te ne rg y p.	Ne i l i da io ho d t e ty t t q u co ns o n m e	≠	Pr io l i da io ho d t te t t op or na co ns o n m e
Un ig D is i bu io S. l. tr as z ne r.	Ne i l i da io ho d t e ty t t q u co ns o n m e	≠	Pr io l i da io ho d t te t t op or na co ns o n m e

For having ^a comparable accounting situation:

• FY ²⁰¹³ income statement has been reclassified (2013 restated);
• balance sheet at December, 31th ²⁰¹³ has been reclassified (31/12/2013 restated);

using the same consolidation principles in force in 2014.

T ho d f Eu ) us an o ro	F Y 2 0 1 3	C hg	F Y 2 0 1 3 d ta te re s
Re ve nu es	8 5 4. 3 3 4	( 1 8 6. 4 9 6 )	6 6 7. 8 3 7
( Co f ra ia ls d c b les ) t o te s ma r an on su ma w	( ) 5 7 4. 5 1 8	1 0 1. 0 4 9	( ) 4 7 3. 4 6 9
( Co f s ) ice t o s er v s	( ) 1 3 3. 4 4 2	5 9. 6 9 1	( ) 7 3. 7 5 1
( Co ) f p l t o s er so nn e	( ) 2 7. 2 8 0	4. 3 7 1	( ) 2 2. 9 0 9
( O he ing ) t t ts r o p er a co s	( ) 1 4. 3 3 7	1. 6 7 2	( ) 1 2. 6 6 6
O he ing inc t t r o p er a om e	1. 1 4 8	( ) 2	1. 1 4 6
E B I T D A	1 0 5. 9 0 4	( ) 1 9. 7 1 6	8 6. 1 8 8
( De ia ion d a iza ion ) t t t p rec s a n mo r s	( ) 2 0. 5 7 0	2. 2 9 7	( ) 1 8. 2 7 3
( ) Pr is ion ov s	( ) 8. 5 4 8	2. 5 0 9	( ) 6. 0 3 9
E B I T	6. 8 7 7 7	( 1 4. 9 1 0 )	6 1. 8 7 7
/ ( ) F ina ia l inc nc om e ex p en se s	( ) 3. 8 7 4	2. 4 4 7	( ) 1. 4 2 7
Ev lua ion f c ies i h n ho d t t t a ts t a o om p an w e ss e me	( ) 2 6 2	6. 7 3 0	6. 4 6 8
E B T	2. 6 5 1 7	( 5. 3 4 ) 7	6 6. 9 1 7
( Inc ) tax om e es	( 3 1. 4 1 ) 5	3 4 5. 7	( 2 8 0 ) 5. 7
Ea in f te ta rn g s a r xe s	4 1. 1 1 1	( 0 )	4 1. 1 1 1
( Ne los fro d isc inu d o ion ) t t t s m on e p er a s	( 1 ) 7	-	( 1 ) 7
Ne inc t om e	4 1. 0 4 0	( ) 0	4 1. 0 4 0
( Ne inc f m ino i ies ) t t om e o r	( 2. 3 6 1 )	-	( 2. 3 6 1 )
Ne inc f he Gr t t om e o ou p	3 8. 6 7 8	-	3 8. 6 7 8

( ) T ho d f Eu us an o ro	/ / 3 1 1 2 2 0 1 3	C h g	/ / 3 1 1 2 2 0 1 3 d t t r e s a e
T i b l t a n g e a s s e s	3 9. 2 7 7	( ) 1. 4 3 7	3 7. 8 4 0
N i b l t t o n a n g e a s s e s	4 4 8 9 8 7.	( ) 6 0. 3 9 8	3 8 7. 5 0 0
I i i t t t n e s m e n s n a s s o c a e s v	1	2. 4 2 1 7	2. 4 2 1 7
O f h i d t t e r x e a s s e s	4 4. 3 1 5	( ) 4. 6 6 4	3 9. 6 8 7
F i d t x e a s s e s	5 5 3 1. 2 7	5. 9 2 2	5 3 7. 4 4 9
O i t t t p e r a n g c u r r e n a s s e s	2 8 6 4 7 5.	( ) 7 1. 7 9 9	2 0 4. 0 6 6
( O ) i l i b i l i i t t t p e r a n g c r r e n a e s u	( ) 2 1 1. 9 8 6	1. 3 5 7 5	( ) 1 6 0. 2 3 4
( O ) i l i b i l i i t t t p e r a n g n o n c r r e n a e s u	( 6 1. 1 2 6 )	6. 3 3 4	( ) 5 4. 7 9 2
N k i i l t t e w o r n g c a p a	5 2. 7 2	( ) 1 3. 7 1 2	( ) 1 0. 9 6 0
T l i l l d t t o a c a p a e m p o y e	5 3 4. 2 8 7	( 9 0 ) 7. 7	5 2 6. 4 8 9
G h h l d i t r o u p s a r e o e r s e q u y	3 9 7. 6 8 9	-	3 9 7. 6 8 9
i i i M t n o r e s	4. 9 8 9	-	4. 9 8 9
N f i i l i i t t e n a n c a p o s o n	1 3 1. 6 0 0	( ) 7. 7 9 0	1 2 3. 8 1 0
T l t o a s o r c e s u	5 3 4. 2 8 7	( 9 0 ) 7. 7	5 2 6. 4 8 9

ho d f Eu ) us an o ro	2 0 1 4	2 0 1 3 r d ta te es	C hg	C hg %
Re ve nu es	5 8 5. 3 0 0	6 6 7. 8 3 7	( 8 2. 5 3 8 )	-1 2, 4 %
( Co f ra ia ls d c b les ) t o ter s w ma an on su ma	( ) 3 5 9. 3 6 6	( ) 4 7 3. 4 6 9	1 1 4. 1 0 3	2 4, 1 % -
( Co f s ice ) t o s erv s	( ) 1 0 7. 7 4 0	( ) 7 3. 7 5 1	( ) 3 3. 9 8 9	4 6, 1 % +
( Co f p l ) t o s er so nn e	( ) 2 2. 7 2 6	( ) 2 2. 8 2 2	9 6	0, 4 % -
( O he ing ) t t ts r o p era co s	( 1 9 1 4 ) 5.	( 1 2. 6 6 6 )	( 3. 2 4 8 )	2 6 % 5, +
O he ing inc t t r o p era om e	3 2	1. 1 4 6	( 1. 1 1 3 )	9 2 % 7, -
E B I T D A	7 9. 5 8 5	8 6. 2 7 6	( ) 6. 6 9 0	-7 8 % ,
( De ia ion d a iza ion ) t t t p rec s a n mo r s	( 2 0. 0 9 9 )	( 1 8. 2 3 ) 7	( 1. 8 2 6 )	1 0, 0 % +
( Pr is ion ) ov s	( 6. 8 1 9 )	( 6. 0 3 9 )	( 8 1 ) 7	1 2, 9 % +
E B I T	5 2. 6 6 7	6 1. 9 6 4	( ) 9. 2 9 7	5, -1 0 %
F ina ia l inc / ( ) nc om e ex p en se s	( 1. 9 3 ) 5	( 1. 1 ) 5 5	( 8 ) 7	1 % 5, +
Ev lua ion f c ies i h n ho d t t t a ts t ( *) a o om p an w e ss e me	4. 4 5 3	6. 4 6 8	( ) 2. 0 1 5	3 1, 2 % -
E B T	5 5. 5 2 7	6 6. 9 1 7	( 1 1. 3 9 0 )	-1 0 % 7,
( ) Inc tax om e es	( ) 1 8. 1 9 4	( ) 2 5. 8 0 7	7. 6 1 3	2 9, 5 % -
Ea ing f te ta rn s a r xe s	3 7. 3 3 3	4 1. 1 1 1	( 3. 7 7 8 )	-9 2 % ,
( fro ) Ne los d isc inu d o ion t t t s m on e p er a s	-	( ) 7 1	7 1	1 0 0, 0 % -
Ne inc t om e	3 7. 3 3 3	4 1. 0 4 0	( 3. 7 0 7 )	-9 0 % ,
( Ne inc f m ino i ies ) t t om e o r	( 1. 0 ) 7 5	( 2. 3 6 1 )	6 1 1	2 9 % 5, -
Ne inc f he Gr t t om e o ou p	3 5. 5 8 3	3 8. 6 7 8	( ) 3. 0 9 5	-8 0 % ,

(*) The economic result of the companies consolidated with the net equity consolidation method (data are considered pro-quota): sales companies, Euro 2,4 mln (Euro 5,9 mln in 2013restated); distribution companies, Euro 0,8 mln (Euro 0,8 mln in 2013 restated); Sinergie Italiane, Euro 1,2 mln (- Euro0,2 mln in ²⁰¹³ restated).

T ho d f Eu ) us an o ro	3 1 / 1 2 / 2 0 1 4	3 1 / 1 2 / 2 0 1 3 d t t r e s a e	C h g	C h % g
T i b l t ( *) a n e a s s e s	3 6. 6 1 4	3 8 4 0 7.	( ) 1. 2 2 7	-3 2 %
g N i b l t t ( *) o n a n g e a s s e s	3 9 4. 5 3 0	3 8 7. 5 0 0	7. 0 3 0	, 1, 8 % +
I i i t t t ( **) n v e s m e n s n a s s o c a e s	6 4 3 5. 5	2. 4 2 1 7	( 6. 9 6 8 )	-9 6 %
O h f i d t t e r x e a s s e s	2 9. 5 5 5	3 9. 6 8 7	( ) 1 0. 1 3 2	, -2 5, 5 %
F i d t x e a s s e s	5 2 6. 1 5 2	5 3 7. 4 4 9	( ) 1 1. 2 9 7	-2 1 % ,
O i t t t p e r a n g c u r r e n a s s e s	2 2 9. 0 9 5	2 0 4. 0 6 6	2 0 2 9 5.	1 2, 3 % +
O ( i l i b i l i i ) t t t p e r a n g c r r e n a e s u	( ) 1 6 2. 5 4 8	( ) 1 6 0. 2 3 4	( ) 2. 3 1 4	1, 4 % +
( O i l i b i l i i ) t t t p e r a n g n o n c u r r e n a e s	( 3. 3 6 0 ) 5	( 4. 9 2 ) 5 7	1. 4 3 3	-2 6 % ,
N k i i l t t e o r n g c a p a w	1 3. 1 8 8	( 1 0. 9 6 0 )	2 4. 1 4 8	-2 2 0, 3 %
T l i l l d t t o a c a p a e m p o y e	5 3 9. 3 4 0	5 2 6. 4 8 9	1 2. 8 5 1	2, 4 % +
G h h l d i t r o u p s a r e o e r s e q u y	4 0 5. 3 5 7	3 9 7. 6 8 9	7. 6 6 7	1, 9 % +
M i i i t n o r e s	4. 3 1 0	4. 9 8 9	( 6 9 ) 7	-1 3, 6 %
f i i i i N l t t e n a n c a p o s o n	1 2 9. 6 7 3	1 2 3. 8 1 0	5. 8 6 3	4, 7 % +
T l t o a s o u r c e s	5 3 9. 3 4 0	5 2 6. 4 8 9	1 2. 8 5 1	2, 4 % +

(*) Applying IFRIC ¹² involves categorising the infrastructures under concession from tangible to intangible assets; (**) Value of the associated companies consolidated with the net equity consolidation method: sales companies, Euro 45,6 mln (Euro 52,1 mln at 31/12/2013 restated); distribution companies, Euro 19,9 mln (Euro 20,3 mln at 31/12/2013 restated).

of which 26,4 mln of cmfor enlargement of the consolidation perimeter (**)

Veritas Energia S.r.l.: from January, 1st 2014 the company has modified its consolidation method (from proportionate to full consolidation method). (*) Data are considered pro-quota; (**) Acquisition of 49% stake in Veritas Energia S.r.l.

Veritas Energia S.r.l.: from January, 1st 2014 the company has modified its consolidation method (from proportionate to full consolidation method). (*) Data are considered pro-quota; (**) Acquisition of 49% stake in Veritas Energia S.r.l.

(***) Reduction is mainly due to ^a rationalization of Estenergy customers portfolio and to the change of the consolidation method of Veritas Energia.

(*) of which for the change of the consolidation method of Veritas Energia (company consolidated with the full consolidation method since January, 1st 2014): Euro 63,2 mln.

(*) Sinergie Italiane excluded; (**) of which for the change of the consolidation method of Veritas Energia (company consolidated with the full consolidation method since January, 1st 2014): Euro 27,9 mln.

(*) of which for the change of the consolidation method of Veritas Energia (company consolidated with the full consolidation method since January, 1st 2014): Euro 7,1 mln.

(*) Sinergie Italiane excluded; (**) of which for the change of the consolidation method of Veritas Energia (company consolidated with the full consolidation method since January, 1st 2014): Euro 4,7 mln.

	( T ho d f Eu us an o ro	)
( T ho d f Eu ) us an o ro	2 0 1 4	2 0 1 3	Va r	Va % r
E B I T D A	9. 5 8 5 7	8 6. 2 6 7	( 6. 6 9 0 )	8 % -7 ,
Sa E B I T D A le -	4 4. 1 7 5	2. 8 6 5 7	( 8. 6 9 2 )	-1 6, 4 %
E B I T D A D is i bu ion tr t -	3 4 1 1 5.	3 3. 4 0 9	2. 0 0 2	6, 0 % +
E B I T	5 2. 6 6 7	6 1. 9 6 4	( 9. 2 9 ) 7	-1 5, 0 %
Sa E B I T le -	3 5. 6 7 9	4 4. 8 2 2	( ) 9. 1 4 3	-2 0, 4 %
E B I T D is i bu ion tr t -	1 6. 9 8 8	1 1 4 2 7.	( 1 4 ) 5	-0 9 % ,

( f ) T ho d Eu us an o ro	2 0 1 4	2 0 1 3	Va r	Va r
E B I T D A	1 0. 9 0 0	1 9. 7 1 6	( ) 8. 8 1 6	-4 4, 7
E B I T D A Sa le -	8. 5 1 9	1 7. 3 9 9	( ) 8. 8 8 0	-5 1, 0
E B I T D A D is i bu ion tr t -	2. 3 8 1	2. 3 1 7	6 4	2, 8 +
E B I T	6. 6 8 3	1 4. 9 1 0	( ) 8. 2 2 7	-5 5, 2
E B I T Sa le -	4 1 0 5.	1 3. 6 3 1	( 8. 2 2 1 )	-6 0, 3
E B I T D is i bu ion tr t -	1. 2 7 3	1. 2 7 9	( ) 7	-0 5 ,

( T ho d f Eu ) ( *) us an o ro	2 0 1 4	2 0 1 3	C hg	C hg %
f fs Ta i l ie d les ies to r ap p sa co mp an	5 0. 4 7 8	5 9. 3 0 2	( ) 8. 8 2 4	-1 4, 9 %
Eq l iza ion ( / - ) t t ua a mo un +	1 2. 1 9 1	5. 1 8 6	7. 0 0 5	1 3 5, 1 % +
Ga d is i bu io i f f r ( A ) tr t ta s n r ev en ue s
Co l i da d i h fu l l te t mp an co ns o y w	6 2. 6 6 9	6 4. 4 8 8	( 1. 8 1 9 )	-2 8 % ,
l i da ion ho d t t co ns o m e

The decrease of the gas distribution tariff revenues of the companies consolidated with full consolidation method (- Euro 1,8 mln) is due to:

• 1)change of the gas distribution tariffs applied to gas sales companies: - Euro 8,8 mln;
• 2)equalization amount: ⁺ Euro 7,0 mln.

( f ) T ho d Eu ( *) us an o ro	2 0 1 4	2 0 1 3	C hg	C hg %
is i io i f f r ( ) Ga d tr bu t ta B s n r ev en ue s Co l i da d i h n i te t t e ty mp an co ns o e q y w u l i da ion ho d t t co ns o m e	5. 6 4 1	5. 6 8 0	( 3 9 )	-0 % 7 ,
( ) Ga d is i bu io i f f r A+ B tr t ta s n r ev en ue s	6 8. 3 1 0	7 0. 1 6 7	( ) 1. 8 5 7	-2 6 % ,

( T ho d f Eu ) ( *) us an o ro	2 0 1 4	2 0 1 3	C hg	C hg %
fro Re les ve nu es m g as sa	4 0 4. 6 6 5	4 9 0. 7 5 0	( ) 8 6. 0 8 5	-1 7, 5 %
( Ga ) ha ts s p urc se co s	( ) 2 6 4. 0 7 2	( ) 3 2 5. 3 6 3	6 1. 2 9 1	-1 8, 8 %
( D is i bu io ) tr t ts n c os	( ) 7 7. 4 0 2	( ) 9 3. 5 0 9	1 6. 1 0 7	-1 7, 2 %
in ( ) G les A ro ss m ar g o n g as s a Co l i da d i h fu l l te t m p an co ns o y w l i da io ho d t t co ns o n m e	6 3. 1 9 0	7 1. 8 7 8	( 8. 6 8 7 )	-1 2, 1 %

The decrease of the gross margin on gas sales of the companies consolidated with full consolidation method is equal to - Euro 8,7 mln:

• change on the same consolidation perimeter: - Euro 15,4 mln
• change for full consolidation of Veritas Energia S.r.l.: ⁺ Euro 6,7 mln

( ) T ho d f Eu ( *) us an o ro	2 0 1 4	2 0 1 3	C hg	C hg %
Gr in les ( B ) os s m ar g o n g as s a Co l i da d i h i te t t e ty m p an y co ns o w ne q u l i da io ho d t t co ns o n m e	1 2. 3 1 4	2 1. 2 4 4	( 8. 9 2 9 ) ( **)	-4 2, 0 %
( ) Gr in les A+ B os s m ar g o n g as s a	7 5. 5 0 4	9 3. 1 2 1	( ) 1 7. 6 1 7	-1 8, 9 %

(*) Economic data before elisions; (**) Change on the same consolidation perimeter: - Euro 4,4 mln / Change for deconsolidation of Veritas Energia S.r.l.: - Euro 4,5 mln.

( ) T ho d f Eu ( *) us an o ro	2 0 1 4	2 0 1 3	C hg	C hg %
Re fro lec ic i les ty ve nu es m e r sa	9 6. 1 2 2	3 3. 9 5 7	6 2. 1 6 5	1 8 3, 1 % +
( E lec ic i ha ) tr ty ts p urc se co s ( ) D is i bu io tr t ts n c os	( 3. 8 ) 5 5 5 ( ) 3 7. 1 9 5	( 3 3. 6 6 8 ) -	( 1 9. 9 1 ) 7 ( ) 3 7. 1 9 5	9, 2 % 5 + n.a
G in lec ic i les ( A ) tr ty ro ss m ar g o n e s a Co fu l i da d i h l l te t m p an y co ns o w l i da io ho d t t co ns o n m e	5. 3 4 2	2 9 0	5. 5 0 2	1 7 4 4, 7 % +

The increase of the gross margin on electricity sales of the companies consolidated withfull consolidation method is equal to ⁺ Euro 5,1 mln:

• change on the same consolidation perimeter: ⁺ Euro 0,9 mln
• change for full consolidation on Veritas Energia S.r.l.: ⁺Euro 4,2 mln

( T ho d f Eu ) ( *) us an o ro	2 0 1 4	2 0 1 3	C hg	C hg %
Gr in lec ic i les ( B ) tr ty os s m ar g o n e s a Co l i da d i h i te t t e ty m p an y co ns o w ne q u l i da io ho d t t co ns o n m e	5 7 9	4. 0 4 2	( ) 3. 4 6 3 ( **)	5, -8 7 %
Gr in lec ic i les ( A+ B ) tr ty os s m ar g o n e s a	5. 9 2 1	4. 3 3 2	5 1. 8 9	3 6, 7 % +

(*) Economic data before elisions; (**) Change on the same consolidation perimeter: - Euro 0,5 mln / Change for deconsolidation of Veritas Energia S.r.l.: - Euro 3,0 mln.

( T ho d f Eu ) ( *) us an o ro	2 0 1 4	2 0 1 3	C hg	C hg %
O he t r r ev en ue s	4 4. 4 9 5	4 3. 6 9 8	6 1 7	1, % 7 +
O he f r ia ls d ice t ts te r c os o aw m a r an se rv s	( 3. 3 4 9 ) 7	( 1. 2 ) 7 5 5	( 2. 0 9 3 )	2, 9 % +
Co f p l t o s er so nn e	( ) 2 2. 7 2 6	( ) 2 2. 8 2 2	9 6	-0 4 % ,
O he in ( A ) t t o t ts r n e p er a g co s Co l i da d i h fu l l te t m p an y co ns o w	( ) 5 1. 6 1 6	( ) 5 0. 3 7 9	( ) ( **) 1. 2 3 7	2, 5 % +
l i da io ho d t t co ns o n m e

Increase of other net operating costs of the companies consolidated with full consolidation method: - Euro 1,2 mln

of which:

• increase of gas distribution concession fees: Euro 0,1 mln
• decrease of cost of personnel: + Euro 0,1 mln
• increase of customers acquisition cost : - Euro 0,2 mln
• increase of cost of credit recovery: - Euro 0,3 mln
• increase of margin on energy efficiency tasks management: + Euro 4,1 mln
• decrease of revenues for distribution network connection services (change in accounting method): - Euro 3,0 mln
• decrease of capital gain realized on the disposal of distribution plants: - Euro 1,1 mln
• increase of contingent liabilities: - Euro 0,7 mln
• other changes: + Euro 0,0 mln

(*) Economic data before elisions; (**) Change on the same consolidation perimeter: + Euro 2,6 mln / Changefor the full consolidation of Veritas Energia S.r.l.: - Euro 3,8 mln.

(*) Economic data before elisions; (**) Sinergie Italiane excluded; (**) Change on the same consolidation perimeter: + Euro 0,7 mln / Change for deconsolidation of Veritas Energia S.r.l.: + Euro 2,9 mln.

of which15 employees for enlargement of the consolidation perimeter (**)

Veritas Energia S.r.l.: from January, 1st 2014 the company has modified its consolidation method (from proportionate to full consolidation method). (*) Data are considered pro-quota; (**) Acquisition of 49% stake in Veritas Energia S.r.l.

FY 2014 cost of personnel of the companies consolidated with the net equity consolidation method (Sinergie Italiane excluded): Euro 3,3 mln (-25,2%).

Consolidated capital expenditures (*)

FY 2014 investments of the companies consolidated with the net equity consolidation method(Sinergie Italiane excluded): Euro 2,3 mln (-21,4%).

(*) Excluding network extension in new urbanized areas that according to IAS are considered as operating costs and not investments. Data in thousand of Euro. (**) Investments in tangible assets: Euro 1,3 mln; investments in intangible assets: Euro 19,8 mln (excluded realizations of tangible and intangible assets).

(*) Sinergie Italiane excluded.

Annexes: financial data

-FY 2014 financial results

-2009-2014 financial comparison

→	I t t t n c o m e s a e m e n	P a g.	7 4
→	B l h t a a n c e s e e	P a g.	7 5

-9M 2015 financial results

Income statement

	IFR S 1 1	IFR S 1 1 r ed tat es
( T ho d f Eu ) us an o ro	2 0 1 4	2 0 1 3	2 0 1 3	2 0 1 2	2 0 1 1	2 0 1 0	2 0 0 9
Re ve nu es	5 8 5. 3 0 0	6 6 8 3 7. 7	8 5 4. 3 3 4	1. 0 8. 0 3 8 7	1. 0 9 9. 2 4 1	8 5 5. 8 8 4	6 4. 1 5 1 7
( Co f ra ia ls d c b les ) t o te s w ma r an on su ma ( Co ) f s ice t o s erv s ( Co ) f p l t o s er so nn e ( O he ing ) t t ts r o p er a co s O he ing inc t t r o p er a om e	( 3 9. 3 6 6 ) 5 ( ) 1 0 7. 7 4 0 ( ) 2 2. 7 2 6 ( ) 1 5. 9 1 4 3 2	( 4 3. 4 6 9 ) 7 ( ) 7 3. 7 5 1 ( ) 2 2. 8 2 2 ( ) 1 2. 6 6 6 1. 1 4 6	( 4. 1 8 ) 5 7 5 ( ) 1 3 3. 4 4 2 ( ) 2 7. 1 9 3 ( ) 1 4. 3 3 7 1. 1 4 8	( 8 0. 8 2 2 ) 7 ( ) 1 5 2. 4 3 4 ( ) 2 5. 4 4 2 ( ) 1 6. 9 5 2 2 4 7	( 8 4 4. 2 6 8 ) ( ) 1 2 4. 5 7 2 ( ) 2 4. 3 2 3 ( ) 1 3. 5 2 2 6 1 2	( 6 6 0. 0 3 0 ) ( ) 8 7. 5 2 8 ( ) 2 1. 0 9 1 ( ) 1 0. 2 1 3 9 8 9	( 6 1 3 8 4 ) 7. ( ) 5 8. 8 8 8 ( ) 1 8. 3 7 7 ( ) 9. 9 3 4 1. 9 7 6
E B I T D A	7 9. 5 8 5	8 6. 2 7 6	1 0 5. 9 9 2	1 0 2. 6 3 5	9 3. 1 6 9	7 8. 0 0 9	6 1. 5 4 5
( De ia ion d a iza ion ) t t t p rec s a n mo r s ( Pr is ion ) ov s	( ) 2 0. 0 9 9 ( ) 6. 8 1 9	( ) 1 8. 2 7 3 ( ) 6. 0 3 9	( ) 2 0. 5 7 0 ( ) 8. 5 4 8	( ) 2 2. 1 1 6 ( ) 7. 4 9 1	( ) 1 9. 0 8 1 ( ) 7. 3 7 2	( ) 1 7. 4 1 4 ( ) 4. 8 4 1	( ) 1 6. 2 8 3 ( ) 4. 1 7 4
E B I T	5 2. 6 6 7	6 1. 9 6 4	7 6. 8 7 4	7 3. 0 2 7	6 6. 7 1 7	5 5. 7 5 4	4 1. 0 8 8
/ ( ) F ina ia l inc nc om e ex p en se s Ev lua ion f c ies i h e i ho d t t ty t a o om p an w q u me	( ) 1. 5 9 3 4. 4 3 5	( ) 1. 5 1 5 6. 4 6 8	( ) 3. 9 6 1 ( 2 6 2 )	( ) 6. 9 1 6 ( 1 1. 0 0 ) 7	( ) 2. 7 9 8 ( 2 2. 4 2 ) 5	( ) 7 6 7 ( 3 ) 7 5	( ) 1. 3 2 5 4 6 8
E B T	5 5. 5 2 7	6 6. 9 1 7	7 2. 6 5 1	5 5. 1 0 4	4 1. 4 9 4	5 4. 2 5 3	4 0. 2 3 1
( Inc ) tax om e es	( 1 8. 1 9 4 )	( 2 8 0 ) 5. 7	( 3 1. 4 1 ) 5	( 2 9. 0 9 ) 5	( 3 3. 8 4 ) 7	( 2 1. 4 0 8 )	( 1 4. 3 4 0 )
Ea ing f te ta rn s a r xe s	3 7. 3 3 3	4 1. 1 1 1	4 1. 1 1 1	2 5. 5 9 5	7. 6 2 0	3 2. 8 4 5	2 5. 8 9 1
Ne inc ( los ) fro d isc inu d o ion t t t om e s m on e p er a s	-	( ) 7 1	( ) 7 1	4. 3 3 6	6 3 9	-	-
Ne inc t om e	3 7. 3 3 3	4 1. 0 4 0	4 1. 0 4 0	2 9. 9 3 2	8. 2 5 9	3 2. 8 4 5	2 5. 8 9 1
( f m ) Ne inc ino i ies t t om e o r	( ) 1. 7 5 0	( ) 2. 3 6 1	( ) 2. 3 6 1	( ) 2. 0 6 7	( ) 1. 9 9 3	( ) 1. 6 7 1	( ) 6 0 3
Ne inc f he Gr t t om e o ou p	3 5. 5 8 3	3 8. 6 7 8	3 8. 6 7 8	2 7. 8 6 5	6. 2 6 6	3 1. 1 7 4	2 5. 2 8 8

	IFR S 11	IFR S 11 d sta te re					( *)
( f ) T ho d Eu us an o ro	3 1 / 1 2 / 2 0 1 4	3 1 / 1 2 / 2 0 1 3	3 1 / 1 2 / 2 0 1 3	3 1 / 1 2 / 2 0 1 2	3 1 / 1 2 / 2 0 1 1	3 1 / 1 2 / 2 0 1 0	3 1 / 1 2 / 2 0 0 9
Ta i b le t ng a s s e s	3 6. 6 1 4	3 8 4 0 7.	3 9. 2 7 7	4 0. 3 4 5	6 1. 9 8 3	4 3. 8 1 4	3 2 9. 9 0 7
No i b le t t n a ng a s s e s	3 9 4. 5 3 0	3 8 7. 5 0 0	4 4 7. 8 9 8	4 5 0. 4 5 7	4 5 9. 0 4 6	4 1 0. 7 6 5	1 1 4. 5 4 2
Inv in ia t t t e s m e n s a s s o c e s	6 5. 4 5 3	7 2. 4 2 1	1	-	-	-	-
O f he ixe d t t r a s s e s	2 9. 5 5 5	3 9. 6 8 7	4 4. 3 1 5	2 9. 8 1 7	2 6. 4 1 7	1 6. 1 3 3	1 4 1 8 5.
F ix d t e a s s e s	5 2 6. 1 5 2	5 3 4 4 9 7.	5 3 1. 5 2 7	5 2 0. 8 0 8	5 4 0 7. 7 7	4 0. 1 2 7 7	4 5 9. 9 3 0
O ing t t t p e ra c u rre n a s s e s	2 2 9. 0 9 5	2 0 4. 0 6 6	2 8 6 4 7 5.	3 6 3. 4 3 6	3 8 1. 6 8 4	2 6 1. 1 3 7	2 1 1. 9 6 7
( O ing l ia b i l i ie ) t t t p e ra c u rre n s	( 1 6 2. 4 8 ) 5	( 1 6 0. 2 3 4 )	( 2 1 1. 9 8 6 )	( 2 6 1. 1 ) 7 5	( 2 8 3. 1 9 9 )	( 2 0 8. 9 2 8 )	( 1 8. 0 ) 7 7 5
O l ia b i l i ie t t t	( ) 5 3. 3 6 0	( ) 5 4. 7 9 2	( ) 6 1. 1 2 6	( ) 6 4. 1 2 2	( ) 8 2. 4 6 6	( ) 4 7. 5 2 6	( 4 4. 4 6 8
( ing ) p e ra n o n c rre n s u							)
i i N k l t w t e o r n g c a p a	1 3. 1 8 8	( ) 1 0. 9 6 0	2. 7 5 2	3 8. 1 4 0	1 6. 0 1 9	4. 6 8 3	( ) 1 0. 7 4 7
T l i l l d t t o a c a p a e m p o y e	5 3 9. 3 4 0	5 2 6. 4 8 9	5 3 4. 2 8 7	5 5 8. 9 4 8	5 6 3. 8 9 7	4 5. 3 9 5 7	4 4 9. 1 8 3
G h h l d i ty r o p s a r e o e r s e q u u	4 0 5. 3 5 7	3 9 6 8 9 7.	3 9 6 8 9 7.	3 8 4. 0 5 3	3 5 8 1 7. 7	3 5. 5 3 5 7	3 6 2 4 5 7.
i i i M t n o r e s	4. 3 1 0	4. 9 8 9	4. 9 8 9	4. 7 6 5	4. 6 9 6	3. 8 6 6	2. 8 5 1
N f i i l i i t t e n a n c a p o s o n	1 2 9. 6 3 7	1 2 3. 8 1 0	1 3 1. 6 0 0	1 0. 1 3 0 7	2 0 1. 2 2 1	9 5. 9 9 5	9. 0 8 8 7
T l t o a s o u r c e s	5 3 9. 3 4 0	5 2 6. 4 8 9	5 3 4. 2 7 8	5 5 8. 9 4 8	5 6 3. 7 8 9	5. 5 4 7 3 9	4 4 9. 1 8 3

(*) Data are represented not considering the application of IFRIC 12.

ANNEXES

-FY 2014 financial results

-2009-2014 financial comparison

-9M 2015 financial results

→	9 M 2 0 1 l i d d i 5 t t t t c o n s o a e n c o m e s a e m e n … … … … … … … … … … … … … … … … … …	P 7 7 a g.
→	C S l i d d b l h b 3 0 h 2 0 1 5 t t t t t o n s o a e a a n c e s e e a e p e m e r, … … … … … … … … … … … … … … .…	P 7 8 a g.
→	V l f d i i b d t t o u m e s o g a s s r u e … … … … … … … … … … … … … … … … … … .… … …	P 9 7 a g.
→	V l f l d o u m e s o g a s s o … … … … … … … … … … … … … … … … … … … … … … … … … … … …	P 8 0 a g.
→	V l f l i i l d t t o m e s o e e c r c s o u y … … … … … … … … … … … … … … … … … … … … … … … …	P 8 1 a g.
→	R b i d e e n e s r g e v u … … … … … … … … … … … … … … … … … … … … … … .… … … … … … …	P 8 2 a g.
→	E B I T D A b i d r g e … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … …	P 8 4 a g.
→	E B I T D A b k d r e a o w n … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … … .… …	P 8 6 a g.
→	G f f d i i b i i t t t a s s r o n a r r e e n e s u v u … … … … … … … … … … … … … … … … … … … … … … … … …	P 8 8 a g.
→	G i l r o s s m a r g n o n g a s s a e s … … … … … … … … … … … … … … … .… … .… … … … … … … … …	P 8 9 a g.
→	G i l i i l t t r o s s m a r g n o n e e c r c y s a e s … … … … … … … … … … … … … … … … … … …	P 9 0 a g.
→	O h i t t t t e r n e o p e r a n g c o s s … … … … … … … … … … … … … … … … … … … … … … .… … … … …	P 9 1 a g.
→	f N b l m e r o e m p o e e s u y … … … … … … … … … … … … … … … … … … … … … … … … … … …	P 9 3 a g.
→	C l i d d f l t t o n s o a e c o s o p e r s o n n e … … … … … … … … … … … … … … … … … … .… … … … … …	P 9 4 a g.
→	C l i d d i l d i t t t o n s o a e c a p a e x p e n u r e s … … … … … … … … … … … … … … … … … … … …	P 9 5 a g.
→	N F i i l P i i d h f l t t e n a n c a o s o n a n c a s o w … … … … … … … … … … … … … … … … … …	P 9 6 a g.

) ho d f Eu us an o ro	9 M 2 0 1 5	9 M 2 0 1 4	C hg	C hg %
Re ve nu es	4 1 3. 4 1 3	4 3 1. 2 3 4	( ) 1 7. 8 2 1	-4 1 % ,
( Co f ra ia ls d c b les ) t o te s w ma r an on su ma	( 2 2. 9 2 ) 5 7	( 2 6 6. 4 8 ) 5	1 3. 1 3 5	1 % 5, -
( Co f s ice ) t o s erv s	( 8 3. 2 2 1 )	( 9. 3 8 ) 7 7	( 3. 8 3 4 )	4, 8 % +
( Co f p l ) t o s ers on ne	( 1 6. 0 9 8 )	( 1 6 8 0 ) 7.	1. 8 2 5	8, 9 % -
( O he ing ) t t ts r o p era co s	( 9. 4 1 3 )	( 1 0. 9 9 9 )	1. 8 6 5	1 4, 4 % -
O he ing inc t t r o p era om e	4 0 5	2 1	3 8 4	1 8 1 2, 3 % +
E B I T D A	5 2. 1 1 3	5 6. 7 0 4	( 5 ) 4. 9 1	-8 1 % ,
( De ia ion d a iza ion ) t t t p rec s a n mo r s	( 1 4. 4 8 ) 7	( 1 4. 6 8 1 )	( 6 ) 7	0, % 5 +
( Pr is ion ) ov s	( 2. 0 1 3 )	( 4. 9 4 3 )	2. 9 2 9	5 9, 3 % -
E B I T	3 5. 3 5 1	3 0 8 0 7.	( 1. 2 9 ) 7	-4 % 7 ,
/ ( ) F ina ia l inc nc om e ex p en se s	( ) 4 0 8	( ) 8 6 9	4 6 2	5 3, 1 % -
Ev lua ion f c ies i h n ho d t t t a ts t ( *) a o om p an w e ss e me	4. 4 4 2	4. 1 0 4	3 3 8	8, 2 % +
E B T	3 9. 3 8 6	4 0. 3 1 5	( 9 3 0 )	-2 3 % ,
( Inc ) tax om e es	( ) 1 1. 8 7 7	( ) 1 5. 0 8 6	3. 2 0 9	2 1, 3 % -
Ea ing f te ta rn s a r xe s	2 7. 5 0 9	2 5. 2 2 9	2. 2 7 9	9, 0 % +
( Ne los fro d isc inu d o ion ) t t t s m on e p era s	-	-	-	n.a
Ne inc t om e	2 7. 5 0 9	2 5. 2 2 9	2. 2 7 9	9, 0 % +
( Ne inc f m ino i ies ) t t om e o r	( ) 1. 4 2 7	( ) 1. 2 3 5	( ) 1 9 2	1 5, 5 % +
Ne inc f he Gr t t om e o ou p	2 6. 0 8 1	2 3. 9 9 4	2. 0 8 7	8, 7 % +

(*) Result of the companies consolidated with net equity consolidation method (data are considered pro-quota): sale companies, Euro 2,3 mln (Euro 1,0 mln in 9M 2014); distributioncompanies Euro 0,9 mln (Euro 0,5 mln in 9M 2014); Sinergie Italiane Euro 1,3 mln (Euro 2,6 mln in 9M 2014).

T ho d f Eu ) us an o ro	/ / 3 0 0 9 2 0 1 5	/ / 3 1 1 2 2 0 1 4	C h g	C h % g
T i b l t a n g e a s s e s ( *)	3 1 8 2 5.	3 6. 6 1 4	( 1. 4 3 2 )	-3 9 % ,
N i b l t t ( *) o n a n g e a s s e s	3 9 3. 5 5 2	3 9 4. 5 3 0	( ) 9 7 8	-0 2 % ,
I i i t t t ( **) n e s m e n s n a s s o c a e s v	6 5. 2 5 6	6 5. 4 5 3	( ) 1 9 7	-0 3 % ,
O h f i d t t e r x e a s s e s	2 7. 0 9 8	2 9. 5 5 5	( ) 2. 4 5 7	-8 3 % ,
F i d t x e a s s e s	5 2 1. 0 8 7	5 2 6. 1 5 2	( ) 5. 0 6 5	-1 0 % ,
O i t t t p e r a n g c u r r e n a s s e s	1 3 6. 4 9 4	2 2 9. 0 9 5	( 9 2. 6 0 1 )	-4 0, 4 %
( O i l i b i l i i ) t t t p e r a n g c r r e n a e s u	( ) 1 0 5. 5 6 2	( ) 1 6 2. 5 4 8	5 6. 9 8 6	-3 5, 1 %
( O i l i b i l i i ) t t t p e r a n g n o n c u r r e n a e s	( 2. 2 1 ) 5 7	( 3. 3 6 0 ) 5	6 3 8	-1 2 % ,
N k i i l t t e o r n g c a p a w	( 2 1. 8 9 ) 7	1 3. 1 8 8	( 3 4. 9 ) 7 7	-2 6 5, 2 %
i T l l l d t t o a c a p a e m p o y e	4 9 9. 2 9 8	5 3 9. 3 4 0	( ) 4 0. 0 4 2	-7 4 % ,
G h h l d i t r o u p s a r e o e r s e q u y	3 9 8. 3 2 6	4 0 5. 3 5 7	( ) 7. 0 3 1	-1 7 % ,
M i i i t n o r e s	3. 9 6 4	4. 3 1 0	( ) 3 4 6	-8 0 % ,
f i i i i N l t t e n a n c a p o s o n	9 7. 0 0 8	1 2 9. 6 7 3	( ) 3 2. 6 6 5	-2 5, 2 %
T l t o a s o u r c e s	4 9 9. 2 9 8	5 3 9. 3 4 0	( ) 4 0. 0 4 2	-7 4 % ,

(*) Applying IFRIC ¹² involves categorising the infrastructures under concession from tangible to intangible assets; (**) Value of the associated companies consolidated with net equityconsolidation method: sale companies, Euro 45,2 mln (Euro 45,6 mln at 31/12/2014); distribution companies, Euro 20,0 mln (Euro 19,9 mln at 31/12/2014).

(*) Sinergie Italiane excluded.

(*) Sinergie Italiane excluded.

( f ) T ho d Eu us an o ro	M 5 9 2 0 1	M 9 2 0 1 4	Va r	Va % r
E B I T D A	5 2. 1 1 3	5 6. 7 0 4	( 4. 5 9 1 )	-8 1 % ,
Sa E B I T D A le -	2 5. 9 6 7	3 1. 4 8 6	( ) 5. 5 1 9	-1 7, 5 %
E B I T D A D is i bu ion tr t -	2 6. 1 4 5	2 5. 2 1 7	9 2 8	3, 7 % +
E B I T	3 5. 3 5 1	3 7. 0 8 0	( 1. 7 2 9 )	-4 7 % ,
Sa E B I T le -	2 2. 0 6 1	2 4. 6 4 2	( ) 2. 5 8 1	-1 0, 5 %
E B I T D is i bu ion tr t -	1 3. 2 9 1	1 2. 4 3 8	8 5 3	6, 9 % +

( T ho d f Eu ) us an o ro	M 5 9 2 0 1	M 9 2 0 1 4	Va r	Va % r
E B I T D A	7. 6 2 1	7. 1 2 7	4 9 4	6, 9 % +
E B I T D A Sa le -	5. 5 4 3	5. 3 2 7	2 1 6	4, 1 % +
E B I T D A D is i bu ion tr t -	2. 0 7 8	1. 8 0 0	2 7 8	1 5, 5 +
E B I T	4. 5 5 2	3. 8 2 9	7 2 3	1 8, 9 +
Sa E B I T le -	3. 3 2 2	2. 8 4 4	4 7 8	1 6, 8 +
E B I T D is i bu ion tr t -	1. 2 3 0	9 8 4	2 4 5	2 4, 9 +

( f ) T ho d Eu ( *) us an o ro	9 M 2 0 1 5	9 M 2 0 1 4	C hg	C hg %
Ta i f fs l ie d les ies to r ap p sa co mp an	3 6. 7 7 6	3 5. 2 5 0	1. 5 2 6	4, 3 % +
/ - Eq l iza ion ( ) t t ua a mo un +	9. 2 6 9	1 1. 4 9 2	( 2. 2 2 4 )	-1 9, 3 %
Ga d is i bu io i f f r ( A ) tr t ta s n r ev en ue s
Co l i da d i h fu l l te t mp an y co ns o w	4 6. 0 4 4	4 6. 7 4 2	( 6 9 8 )	-1 5 % ,
l i da ion ho d t t co ns o m e

The decrease of gas distribution tariff revenues of the companies consolidated with full consolidation method (- Euro 0,7 mln) is due to:

• 1)change of gas distribution tariffs applied to gas sales companies: ⁺ Euro 1,5 mln;
• 2)equalization amount: - Euro 2,2 mln.

( f ) T ho d Eu ( *) us an o ro	M 5 9 2 0 1	M 9 2 0 1 4	C hg	C hg %
fro Re les ve nu es m g as sa	2 7 6. 7 7 6	2 8 5. 9 0 8	( ) 9. 1 3 2	-3 2 % ,
( Ga ) ha ts s p urc se co s ( D is i bu io ) tr t ts n c os	( ) 1 7 9. 6 4 0 ( ) 5 7. 9 4 4	( ) 1 8 7. 4 3 0 ( ) 5 5. 2 1 9	7. 7 9 0 ( ) 2. 7 2 5	-4 2 % , 4, 9 % +
in ( ) G les A ro ss m ar g o n g as s a Co l i da d i h fu l l te t m p an co ns o y w l i da io ho d t t co ns o n m e	3 9. 1 9 1	4 3. 2 5 9	( 4. 0 6 8 )	-9 4 % ,

The decrease of gross margin on gas sales of the companies consolidated with full consolidation method is equal to - Euro 4,1 mln.

( T ho d f Eu ) ( *) us an o ro	M 5 9 2 0 1	M 9 2 0 1 4	C hg	C hg %
fro Re lec ic i les ty ve nu es m e r sa	6 9. 6 1 5	6 9. 8 4 2	( ) 2 2 6	-0 3 % ,
( ) E lec ic i ha tr ty ts p urc se co s	( ) 3 8. 3 2 3	( ) 3 7. 6 4 1	( ) 6 8 2	1, 8 % +
( D is i bu io ) tr t ts n c os	( 2 8. 4 9 0 )	( 2 6. 8 9 9 )	( 1. 9 1 ) 5	9 % 5, +
in ic i ( ) G lec tr ty les A ro ss m ar g o n e s a
Co l i da d i h fu l l te t m p an y co ns o w	2. 8 0 2	5. 3 0 2	( ) 2. 5 0 0	-4 7, 1 %
l i da io ho d t t co ns o n m e

The decrease of gross margin on electricity sales of the companies consolidated with full consolidation method is equal to - Euro 2,5 mln.

( T ho d f Eu ) us an o ro	9 M 2 0 1 5	9 M 2 0 1 4	C hg	C hg %
O he t r r ev en ue s	1 2 6 1 5.	1 6. 1 3 7	( 9 1 2 )	6 % -5 ,
O he f r ia ls d ice t ts te r c os o aw m a r an se rv s	( 3 0 8 ) 5. 7	( 3 0 9 1 ) 7.	2. 0 0 4	4 % -5 ,
Co f p l t o s er so nn e	( ) 1 6. 0 9 8	( ) 1 7. 6 8 0	1. 5 8 2	-8 9 % ,
O he in ( A ) t t o t ts r n e p er a g co s
Co l i da d i h fu l l te t m p an y co ns o w	( ) 3 5. 9 2 5	( ) 3 8. 5 9 9	2. 6 7 4	-6 9 % ,
l i da io ho d t t co ns o n m e

Decrease of other net operating costs of the companies consolidated with full consolidation method: ⁺ Euro 2,7 mln

of which:

• decrease of margin on energy efficiency tasks management: Euro 1,5 mln
• decrease of cost of personnel: + Euro 1,6 mln
• decrease of cost of maintenance and repairs: + Euro 0,4 mln
• decrease of State crossing fees: + Euro 0,3 mln
• decrease of gas meter reading costs: +Euro 0,3 mln
• increase of compensation from insurance: + Euro 0,3 mln
• decrease of debt collection costs: + Euro 0,2 mln
• increase of contingent assets: + Euro 0,5 mln
• other changes: + Euro 0,6 mln:

f ) ho d Eu us an o ro	9 M 2 0 1 5	9 M 2 0 1 4	C hg	C hg %
O he in ( A ) t t o t ts r n e p er a g co s Co l i da d i h fu l l te t m p an y co ns o w l i da io ho d t t co ns o n m e	( ) 3 5. 9 2 5	( ) 3 8. 5 9 9	2. 6 7 4	-6 9 % ,
O he in ( B ) t t o t ts r n e p er a g co s Co l i da d i h i te t t e ty m p an co ns o ne q y w u l i da io ho d t t ( *) co ns o n m e	( 6. 1 2 8 )	( 5. 9 8 6 )	( 1 4 2 )	2, 4 % +
O he in ( A+ B ) t t o t ts r n e p er a g co s	( 5 ) 4 2. 0 3	( 5 5 ) 4 4. 8	5 2. 3 2	-5 7 % ,

(*) Sinergie Italiane excluded.

9M 2015 cost of personnel of the companies consolidated with net equity consolidation method (Sinergie Italiane excluded): Euro 2,5 mln (-1,6%).

Consolidated capital expenditures (*)

9M 2015 investments of the companies consolidated with net equity consolidation method (Sinergie Italianeexcluded): Euro 0,8 mln (-49,9%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments. (**) Investments in tangible assets: Euro 0,5 mln; investments in intangible assets: Euro 11,9 mln (excluded realizations of tangible and intangible assets and investments in associated).

(*) Sinergie Italiane excluded.

( ) T ho d f Eu ( *) us an o ro	/ / 3 0 0 9 2 0 1 5	/ / 3 1 1 2 2 0 1 4	Va r	Va % r
Lo f ina ia l bo ing ( hs ) te 1 2 t ng rm nc rro s mo n w > Cu f f i ion lon ina ia l bo ing t p t te rre n os o g rm nc rro s w S f ( ) ho ina ia l bo ing 1 2 hs t te t r rm nc rro w s < mo n	4 6. 8 6 8 9. 6 8 0 4 0. 2 8 7	5 3. 4 5 6 9. 7 4 5 7 4. 2 2 4	( ) 6. 5 8 8 ( ) 6 5 ( ) 3 3. 9 3 7	-1 2, 3 % -0 7 % , -4 5, 7 %
To l f in ia l de b ta t an c	9 6. 8 3 5	1 3 4 2 5 7.	( 4 0. 5 9 0 )	-2 9, 5 %
F ixe d bo ing te ra rro s w Va ia b le bo ing te r ra rro s w	5 7 7 9 6. 2 5 8	8 0 3 1 3 6. 6 2 2	( ) 2 2 6 ( ) 4 0. 3 6 4	-2 8, 1 % -2 9, 5 %

9M 2015 average cost of debt: 0,84% (vs 2014 rate: 1,13%)

(*) Data refers to only companies consolidated with full consolidation method.

Disclaimer

Disclaimer

• This presentation has been prepared by Ascopiave S.p.A. for information purposes only and for use in presentations of the Group's results and strategies.
• For further details on the Ascopiave Group, reference should be made to publicly available information, including the Quarterly Reports and the Annual reports.
• Statements contained in this presentation, particularly the ones regarding any Ascopiave Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. A number of important factors could cause actual results todiffer materially from those contained in any forward looking statement. Such factors include, but arenot limited to: changes in global economic business, changes in the price of certain commoditiesincluding electricity and gas, the competitive market and regulatory factors. Moreover, forward lookingstatements are currently only at the date they are made.
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