Edison Rsp — Earnings Release 2015

Nov 3, 2015

RISULTATI NOVE MESI 2015

Milano– 29 Ottobre, 2015

AGENDA

• • Mercatoenergetico
• • Risultati nove mesi 2015:
• • Fonti eimpieghi energia elettrica ^e idrocarburi
• •Principali dati finanziari consolidati ^e investimenti
• • Performanceoperativa
• • Indebitamentofinanziario netto ^e flussi di cassa

An 2 0 1 4 no		1 S 2 0 1 5	1 S 2 0 1 4		3 T 2 0 1 5	3 T 2 0 1 4		9 M 2 0 1 5	9 M 2 0 1 4	
9 9, 5	\$ ( / ) C b b l I E Br t s en wa p	9, 5 4	0 8, 8 1	( ) % 4 5	2 5 1,	0 3, 1 4	( ) % 5 1	6, 5 7	0 0 1 7,	( ) % 4 7
1, 3 3	/ \$ ha ( ) Ex € te c ng e ra	1, 1 2	1, 3 7	( ) 1 9 %	1, 1 1	1, 3 3	( ) 1 6 %	1, 1 1	1, 3 6	( ) 1 8 %
6 7 4,	( / ) b b l I C E Br € t s en wa p	3, 3 5	9, 7 4	( ) 3 3 %	6, 4 1	8, 0 7	( ) % 4 1	0, 9 5	8, 9 7	( ) 3 6 %
4 0 2, 2	( / ) ) le Ga Re 2 € 0 0 0 s s as e m c a	3 6 7, 4	3 9 3, 4	( ) % 7	2 8 6, 8	4 0 7, 4	( ) % 3 0	3 4 0, 5	3 9 8, 0	( ) % 1 4
2 4 4, 8 2 2 0, 8	/ ( ) P S V € 0 0 0 s m c / ( ) T T F € 0 0 0 s m c	2 4 6, 5 2 2 3, 8	2 4 5, 2 2 2 9, 0	1 % ( ) 2 %	2 3 3, 1 2 1 0, 3	2 1 6, 9 1 9 1, 8	7 % 1 0 %	2 4 2, 0 2 1 9, 3	2 3 5, 8 2 1 6, 6	3 % 1 %
5 2, 1	/ ( h ) P U N T W A € M W	4 9, 9	4 9, 5	1 %	5 6, 6	5 0, 5	1 2 %	5 2, 1	4 9, 8	5 %
8, 9 5	( / ) k h P U N Pe € M W a	5 4, 7	6, 2 5	( ) 3 %	6 2, 0	3, 5 5	6 % 1	5 7, 1	3 5 5,	3 %
4 8, 3	/ f f k ( h ) P U N O Pe € M W a	4 7, 2	4 5, 7	3 %	5 3, 5	4 8, 8	1 0 %	4 9, 3	4 6, 8	6 %
2, 2	/ k d ( h ) Sp Sp T W A € M W ar re a	‐0 6 ,	‐0 4 ,	( ) 2 5 %	8, 6	6, 2	3 9 %	2, 5	1, 8	4 1 %
9, 0	/ k d k ( h ) Sp Sp Pe € M W ar re a a	4, 2	6, 3	( ) 3 3 %	1 3, 9	9, 1	5 3 %	7, 5	7, 2	3 %
6 ‐1 ,	f f ( / ) Sp k Sp d O k € h Pe M W ar re a a	‐3 2 ,	2 ‐4 ,	2 3 %	5, 5	4, 5	2 3 %	‐0 3 ,	3 ‐1 ,	% 7 7
6, 0	( / ) O 2 C € to n	2 7,	6 5,	2 8 %	8, 0	6, 1	3 % 1	7, 4	5, 7	2 9 %

a) Al PSV di Snam Rete Gas Fonte: Edison

BILANCIODI ENERGIA ELETTRICA E GAS IN ITALIA

Energia elettricaa)

An 2 0 1 4 no	( h ) T W	1 S 1 5	1 S 1 4		3 T 1 5	3 T 1 4		9 M 1 5	9 M 1 4	
1 6 7, 1	du le Pr io ica te t tr o z ne rm oe	8 4, 0	8 0, 7	4, 1 %	4 9, 1	4 2, 0	1 6, 9 %	1 3 3, 1	1 2 2, 7	8, 5 %
9, 6 5	le du io i dr ica Pr t tr o z ne oe	2 0 4,	3 0 1,	( ) 2 2, 9 %	2, 3 1	6, 1 1	( ) 2 3, % 5	3 6, 3	4 7, 1	( ) 2 3, % 1
4 2, 4	du l b l Pr io in i i tre o ne a r no va z	2 4, 1	2 2, 3	8, 1 %	1 2, 3	1 1, 8	4, 2 %	3 6, 4	3 4, 2	6, 4 %
2 6 9, 1	du io Pr t ta o z ne ne	1 3 2, 1	1 3 4, 0	( ) % 1, 5	7 3, 7	6 9, 9	% 5, 4	2 0 5, 8	2 0 4, 0	% 0, 9
4 3, 7	/ l do Sa im t to t t ne p or ex p or	2 2, 9	2 2, 3	3, 1 %	1 0, 0	8, 5	1 6, 6 %	3 2, 9	3 0, 8	6, 8 %
( ) 2, 3	i Co ns um o p om p ag g	( ) 0, 9	( ) 1, 4	( ) % 3 4, 7	( ) 0, 4	( ) 0, 3	% 2, 3	( ) 1, 3	( ) 1, 8	( ) % 2 7, 4
3 1 0, 5	le do da To ta m an	1 4, 1 5	1 4, 9 5	( ) 0, % 5	8 3, 3	8, 1 7	6, % 7	2 3 4 7,	2 3 3, 0	1, 9 %

a) Al lordo delle perdite di rete Fonte: dati Terna and stime Edison

				G a s
An 2 0 1 4 no	( l d d b ) i ia i i i i tr m r m e cu	1 S 1 5	1 S 1 4		3 1 T 5	3 1 4 T		9 1 M 5	9 1 4 M	
2 5, 5	l Se iz i e i c iv i i rv us	1 6, 9	1 5, 1	1 2, 1 %	1, 9	2, 0	( ) 5, 6 %	1 8, 9	1 7, 1	1 0, 0 %
1 6, 5	i in du ia l i Us tr s	8, 4	8, 5	( ) % 1, 2	3, 8	3, 9	( ) % 2, 7	1 2, 1	1 2, 3	( ) % 1, 7
1 7, 8	le Us i ic i te t tr rm oe	9, 2	8, 4	9, 8 %	5, 8	4, 6	2 7, 9 %	1 5, 0	1 3, 0	1 6, 2 %
1, 6	i e d i Au to te co ns um p er	0, 8	0, 7	% 6, 2	0, 5	0, 4	% 9, 6	1, 2	1, 1	% 7, 5
6 1, 4	le do da To ta m an	3 3 5,	3 2, 7	9 % 7,	1 2, 0	1 0, 9	1 0, 1 %	4 2 7,	4 3, 5	8, % 5

Fonte: MinisteroSviluppo Economico, SRG ^e stime Edison

AGENDA

• • Mercatoenergetico
• • Risultati nove mesi 2015:
• • Fonti eimpieghi energia elettrica ^e idrocarburi
• •Principali dati finanziari consolidati ^e investimenti
• • Performanceoperativa
• • Indebitamentofinanziario netto ^e flussi di cassa

EDISON ‐ FONTI E IMPIEGHI ENERGIA ELETTRICA INITALIA (TWh)

F O N T I	9 M 2 0 1 5	9 M 2 0 1 4	 %
du d Pr io E iso o z ne n:	1 4, 4	1 2, 9	1 0, 7 %
le ica te t tr rm oe ‐	1 0, 9	8, 4	2 8, 8 %
i dr le ica t tr oe ‐	2, 7	3, 9	( ) % 3 1, 1
l ica l in b i l i tre ‐ e o e a r no va	0, 8	0, 6	% 2 4, 1
( ) ( ) l i is i is i, A I P E X, tr t t a cq u a g ro ss ec c.	5 3, 3	5 8, 5	( ) 8, 8 %
le fo i To ta t n	6 7, 7	7 1, 4	( ) 5, 3 %

I M P I E G H I	9 M 2 0 1 5	9 M 2 0 1 4	 %
l f l ( b ) C ie i in i t n a	1 3, 3	1 5, 4	( ) 1 4, 1 %
l d ( ) ( ) A i is i, I P E X, tre te t v en c g ro ss ec c.	5 4, 4	5 6, 0	( ) 2, 9 %
le im ie h i To ta p g	6 7, 7	7 1, 4	( ) 3 % 5,

• a) Al lordo delle perdite ed escluso portafoglio di trading.
• b) Al lordo delle perdite.
• c) Escluso portafoglio di trading.

EDISON ‐VOLUMI IDROCARBURI

Portafoglio gas in Italia (miliardi di metri cubi)

F O N T I	9 M 2 0 1 5	9 M 2 0 1 4	 %	I M P I E G H I	9 M 2 0 1 5	9 M 2 0 1 4	 %
du Pr io i o z n	0, 4	0, 3	% 3 0, 9	l Us i iv i i c	1, 7	1, 5	% 1 5, 3
( ) Im ip G N L t + p or p e	9, 2	7, 1	2 9, 9 %	du l Us i in ia i tr s	2, 4	2, 5	( ) 2, 1 %
l A i is i tr t a cq u	2, 4	2, 0	1 7, 6 %	le Us i ic i te t tr rm oe	4, 1	3, 2	2 7, 0 %
Va iaz io i to r ne s cc ag g	0, 1	‐0 1 ,	nm	l d A i tre te v en	3, 9	2, 1	8 4, 2 %
le fo i To ta t n	1 2, 1	9, 3	3 0, 2 %	le h im ie i To ta p g	1 2, 1	9, 3	3 0, 2 %

Attività diEsplorazione & Produzione

( ) P R O D U Z I O N E G A S m m c	9 M 2 0 1 5	9 M 2 0 1 4	 %
du do Pr io ica t o z ne m es	3 7 3	2 8 5	% 3 0, 9
du Pr io te a) o z ne es ro	1. 1 3 5	1. 3 1 4	( ) 1 3, 6 %
le du To io ta p ro z ne g as	1. 5 0 8	1. 5 9 9	( ) 5, 7 %

/ ( '0 b b l ) P R O D U Z I O N E O L I O 0 0	9 2 0 M 1 5	9 2 0 M 1 4	 %
du io do ica Pr t o z ne m es	1. 9 5 3	1. 9 0 6	% 2, 5
du Pr io te a) o z ne es ro	1. 2 5 3	1. 1 6 9	% 7, 2
le du io l io To ta p ro z ne o	3. 2 0 6	3. 0 7 5	4, 3 %

a) Al lordo delle quantità trattenute come imposta sulle produzioni

GRUPPOEDISON– PRINCIPALI DATI CONSOLIDATI

(€ mln)

(a) I valori dei primi 9 mesi 2014 sono stati rideterminati ^a seguito della nuova esposizione dei derivati ^e oneri non ricorrenti.

PERFORMANCE OPERATIVAPER SEGMENTO

	ia let ica En tr er g e			dr bu i I oc ar r			ltr i se i e d e l is ion i Co ate tto rp or , a r			le Gr d iso To E ta up p o n
( ln) € m	9 M 2 0 1 5	9 M 2 0 1 4	∆	9 M 2 0 1 5	9 M 2 0 1 4	∆	9 M 2 0 1 5	9 M 2 0 1 4	∆	9 M 2 0 1 5	9 M 2 0 1 4	∆
d d R ica i i v ita v en	4. 9 9 7	5. 7 8 1	( ) 1 3, 6 %	3. 8 7 3	3. 6 6 0	5, 8 %	( ) 5 6 1	( ) 5 1 1	( ) 9, 8 %	8. 3 0 9	8. 9 3 0	( ) 7, 0 %
ine ivo lor do Ma t rg op era	2 8 7	5 1 0	( % ) 4 3, 7	5 4	2 3 3	( % ) 7 6, 8	( ) 6 9	( ) 9 1	% 2 4, 2	2 7 2	6 5 2	( % ) 5 8, 3

EBITDA PER SEGMENTO(€ mln)

Corporate, altri settori ed elisioni

GRUPPOEDISON – DAL MOL AL RISULTATO NETTO

An 2 0 1 4 no	( ln) € m	i 9 2 0 1 5 m es	) i 9 2 0 1 4 m es a	
8 1 4	ine ivo lor do M t arg op er a	2 7 2	6 5 2	( ) 3 8 0
( ) 7 6 1	lu Am i e io i ta t ta mo r me n sv a z n	( ) 4 5 0	( ) 3 7 0	( ) 8 0 b)
2 0 5	iaz ion d i fa ir v lue de iva i Va t ta t r n e e a su r ( d b ) i i ty co mm o e c am	3 4	2 0 1	( ) 7 7
( ) 1 1	l ( ) A i p i i i tr t t t ro ve n on er ne	( ) 2 2	( ) 1 5	( ) 7
2 9 2	isu l ivo R ta to t o p er a	( ) 1 5 7	3 8 7	( ) 5 4 4
( ) 9 1	( ) f Pr i i ina iar i n i t t t ov en on er nz e	( ) 2 2	( ) 9 9	7 7
1 3	( ) i i da ip io i Pr t te ov en on er p ar c az n	( ) 1	1 1	( ) 1 2
2 1 4	isu l im de l le im R ta to te p r a p os	( ) 1 8 0	2 9 9	( ) 4 7 9
( ) 1 5 9	l r d d Im i te to p os su e	( ) 2 8	( ) 1 0 6 c)	7 8
5 5	l da R isu in ing io ta to t to t t n e co n u op er a ns	( ) 2 0 8	1 9 3	( ) 4 0 1
0	isu l da d isc inu d o io R ta to t to t t ne on e p er a ns	0	0	0
5 5	isu l R ta to t to n e	( ) 2 0 8	1 9 3	( ) 4 0 1
	di i: cu
1 5	l d d R isu i c i i ta to t to te te ne om p e nz a rz	2 3	1 6	7
0 4	isu l d i c d i Gr R ta to t to te n e om p e nz a up p o	( ) 2 3 1	1 7 7	( ) 0 8 4

a) I valori sono stati rideterminati ^a seguito della nuova esposizione di derivati ^e oneri non ricorrenti.

b) Maggiori Ammortamenti ^e svalutazioni ^a causa di maggiori costi di esplorazione (60 mln€) ^e per la svalutazione di alcune attività E&P all'estero (11 mln€).

c) A seguito della dichiarazione d'illegittimità costituzionale della Robin Hood Tax, sono stati rilasciati i crediti per imposte anticipate ^e il fondo imposte differite.

INDEBITAMENTOFINANZIARIO NETTO E FLUSSI DI CASSA

INDEBITAMENTOFINANZIARIO NETTO (€ mln)

(*) Include dividendi per 61 mln€ pagati ai terzi, principalmente relativi alla società E2i Energie Speciali Srl.

ATTESTAZIONE:

Ai sensi dell'Articolo 154‐bis, comma 2, del Testo Unico della Finanza (decreto legislativo 58/1998), Didier Calvez ^e Roberto Buccelli, in qualità di "Dirigenti preposti alla redazione dei documenti contabili societari" di Edison S.p.A., attestano che l'informativa contabile contenuta in questa presentazione corrisponde alle risultanze documentali, ai libri e alle scritture contabili.

NINE MONTHS 2015 RESULTS

Milan– October 29th, 2015

AGENDA

• BusinessEnvironment

• • Nine months 2015 results:
• • Electricpower and hydrocarbons sources and uses
• • Consolidatedfinancial highlights and capital expenditures
• •Operating performance
• •Net financial position and cash flow

MARKETREFERENCE SCENARIO

F Y 2 0 1 4		1 H 2 0 1 5	1 H 2 0 1 4		3 Q 2 0 1 5	3 Q 2 0 1 4		9 M 2 0 1 5	9 M 2 0 1 4	
9 9, 5	\$ / ( b b l ) I C E Br t s en wa p	5 9, 4	1 0 8, 8	( ) 4 5 %	5 1, 2	1 0 3, 4	( ) 5 1 %	5 6, 7	1 0 7, 0	( ) 4 7 %
3 3 1,	\$ ( / ) ha Ex € te c ng e ra	2 1, 1	3 1, 7	( ) 9 % 1	1, 1 1	3 3 1,	( ) 6 % 1	1, 1 1	3 6 1,	( ) 8 % 1
7 4, 6	/ ( b b l ) I C E Br € t s en wa p	5 3, 3	7 9, 4	( ) 3 3 %	4 6, 1	7 8, 0	( ) 4 1 %	5 0, 9	7 8, 9	( ) 3 6 %
4 0 2, 2 2 4 4, 8	/ le ( ) ) Ga Re 2 € 0 0 0 s s as e cm a ( / ) P S V € 0 0 0 s cm	3 6 7, 4 2 4 6, 5	3 9 3, 4 2 4 5, 2	( ) 7 % % 1	2 8 6, 8 2 3 3, 1	4 0 7, 4 2 1 6, 9	( ) 3 0 % % 7	3 4 0, 5 2 4 2, 0	3 9 8, 0 2 3 5, 8	( ) 1 4 % % 3
2 2 0, 8	/ ( ) € 0 0 0 s T T F cm	2 2 3, 8	2 2 9, 0	( ) 2 %	2 1 0, 3	1 9 1, 8	1 0 %	2 1 9, 3	2 1 6, 6	1 %
2, 5 1 5 8, 9	( / ) h P U N T W A € M W / k ( h ) P U N Pe € M W a	9, 9 4 5 4, 7	9, 4 5 5 6, 2	% 1 ( ) 3 %	6, 6 5 6 2, 0	0, 5 5 5 3, 5	2 % 1 1 6 %	2, 5 1 5 7, 1	9, 8 4 5 5, 3	% 5 3 %
4 8, 3	( / ) f f k h P U N O Pe € M W a	4 7, 2	4 5, 7	% 3	5 3, 5	4 8, 8	% 1 0	4 9, 3	4 6, 8	% 6
2, 2	/ k d ( h ) Sp Sp T W A € M W ar re a	‐0 6 ,	‐0 4 ,	( ) 2 5 %	8, 6	6, 2	3 9 %	2, 5	1, 8	4 1 %
9, 0	( / ) Sp k Sp d k € h Pe M W ar re a a	2 4,	6, 3	( ) 3 3 %	3, 9 1	9, 1	3 % 5	7, 5	2 7,	3 %
‐1 6 ,	/ k d f f k ( h ) Sp Sp O Pe € M W ar re a a	‐3 2 ,	‐4 2 ,	2 3 %	5, 5	4, 5	2 3 %	‐0 3 ,	‐1 3 ,	7 7 %
6, 0	/ ( ) C O 2 € to n	7, 2	5, 6	2 8 %	8, 0	6, 1	3 1 %	7, 4	5, 7	2 9 %

a) At PSV of Snam Rete Gas Source: Edison

ELECTRIC POWER AVAILABILITY MIX AND GAS DEMAND INITALY

Electricity supply mixa) (TWh)

Y 1 4 F	( h ) W T	1 H 1 5	1 H 1 4		3 Q 1 5	3 Q 1 4		9 1 M 5	9 1 4 M	
1 6 7, 1	he le du T ic io tr t rm oe c p ro c n	8 4, 0	8 0, 7	4, 1 %	4 9, 1	4 2, 0	1 6, 9 %	1 3 3, 1	1 2 2, 7	8, 5 %
5 9, 6	dr le ic du io Hy tr t oe c p ro c n	2 4, 0	3 1, 0	( ) % 2 2, 9	1 2, 3	1 6, 1	( ) % 2 3, 5	3 6, 3	4 7, 1	( ) % 2 3, 1
4 2, 4	he b le du O io t t r re ne a p ro c n w	2 4, 1	2 2, 3	8, 1 %	1 2, 3	1 1, 8	4, 2 %	3 6, 4	3 4, 2	6, 4 %
2 6 9, 1	du io Ne t t p ro c n	1 3 2, 1	1 3 4, 0	( ) 1, 5 %	7 3, 7	6 9, 9	5, 4 %	2 0 5, 8	2 0 4, 0	0, 9 %
4 3, 7	Ne im t t p or	2 2, 9	2 2, 3	3, 1 %	1 0, 0	8, 5	1 6, 6 %	3 2, 9	3 0, 8	6, 8 %
( ) 2, 3	Pu in m p g	( ) 0, 9	( ) 1, 4	( ) 3 4, 7 %	( ) 0, 4	( ) 0, 3	2, 3 %	( ) 1, 3	( ) 1, 8	( ) 2 7, 4 %
3 0, 1 5	l To ta so ur ce s	1 5 4, 1	9 1 5 4,	( ) 0, % 5	8 3, 3	8, 7 1	6, % 7	2 3 7, 4	2 3 3, 0	9 % 1,

a) Gross of losses Source: Terna data and Edison estimates

Gasdemand (bcm)

F Y 1 4	( ) bc m	1 H 1 5	1 H 1 4		3 Q 1 5	3 Q 1 4		9 M 1 5	9 M 1 4	
2 5, 5	de l u Se ice & i ia t rv s re s n se rs	6, 9 1	1 5, 1	2, % 1 1	9 1,	2, 0	( ) 6 % 5,	8, 9 1	1 7, 1	0, 0 % 1
1 6, 5	du l u In ia tr s se rs	8, 4	8, 5	( ) 1, 2 %	3, 8	3, 9	( ) 2, 7 %	1 2, 1	1 2, 3	( ) 1, 7 %
1 7, 8	he le ic T tr rm oe c us er s	9, 2	8, 4	% 9, 8	5, 8	4, 6	% 2 7, 9	1 5, 0	1 3, 0	% 1 6, 2
1, 6	d lo Au io to t co ns um p n an ss es	0, 8	0, 7	6, 2 %	0, 5	0, 4	9, 6 %	1, 2	1, 1	7, 5 %
6 1, 4	l de d To ta m an	3 5, 3	3 2, 7	% 7, 9	1 2, 0	1 0, 9	% 1 0, 1	4 7, 2	4 3, 5	% 8, 5

Source:Ministry of Economic Development, SRG and Edison estimates

AGENDA

• • BusinessEnvironment
• • Nine months 2015 results:
• • Electricpower and hydrocarbons sources and uses
• • Consolidatedfinancial highlights and capital expenditures
• •Operating performance
• •Net financial position and cash flow

EDISON ‐ ELECTRIC POWER SOURCES AND USES INITALY (TWh)

S O C S U R E	9 M 2 0 1 5	9 M 2 0 1 4	 %
d du E iso io t n p ro c n:	1 4, 4	1 2, 9	1 0, 7 %
he le ic t tr rm oe c ‐	1 0, 9	8, 4	2 8, 8 %
hy le dr ic tr oe c ‐	2, 7	3, 9	( ) 3 % 1, 1
in d d he b le t ‐ w an o r r en ew a s	0, 8	0, 6	% 2 4, 1
( ) ( ) he ha ho le le O I P E X, t tc p r ur c se s a w sa rs, e	5 3, 3	5 8, 5	( ) 8, 8 %
l To ta s ou rce s	6 7, 7	7 1, 4	( ) 5, 3 %

U S E S	9 2 0 1 M 5	9 2 0 1 4 M	 %
( ) d b En to cu s m er s	1 3, 3	1 5, 4	( ) % 1 4, 1
( ) ( ) he le ho le le O I P E X, t tc rs a s c w sa rs, e	5 4, 4	5 6, 0	( ) % 2, 9
l To ta u se s	6 7, 7	7 1, 4	( ) 5, 3 %

a) Gross of losses , excluding trading portfolio.

b) Gross of losses.

c) Excluding trading portfolio

EDISON ‐ HYDROCARBONSVOLUMES

Gasportfolio in Italy (bcm)

l ly To in I ta ta s ou rce s	1 2, 1	9, 3	3 0, 2 %
ha d C in in to to ng e s re g as ve n ry	0, 1	‐0 1 ,	nm
he ha O t p r ur c se s	2, 4	2, 0	% 1 7, 6
( ) ip l in Im L N G ts + p or p e e	9, 2	7, 1	% 2 9, 9
du io Pr t o c ns	0, 4	0, 3	3 0, 9 %
S O U R C E S	9 2 0 1 M 5	9 2 0 1 4 M	 %

S S U E	9 M 2 0 1 5	9 M 2 0 1 4	 %
de l Re i ia t s n u se	1, 7	1, 5	1 5, 3 %
du l In ia tr s u se	2, 4	2, 5	( ) 2, 1 %
he le fu l u ic T tr rm oe c e se	4, 1	3, 2	2 0 % 7,
he le O t rs a s	3, 9	2, 1	8 2 % 4,
l in ly To I ta ta se s u	1 2, 1	9, 3	% 3 0, 2

E&Poperations

( ) G S O C O A P R D U T I N m cm	9 M 2 0 1 5	9 M 2 0 1 4	 %
du Do ic io t t m es p ro c n	3 7 3	2 8 5	3 0, 9 %
l du In io io te t t rn a na p ro c n a)	1. 1 3 5	1. 3 1 4	( ) 1 3, 6 %
l du io To ta t g as p ro c n	0 8 1. 5	9 9 1. 5	( ) % 5, 7

( b b l ) O I L P R O D U C T I O N K	9 M 2 0 1 5	9 M 2 0 1 4	 %
du Do ic io t t m es p ro c n	1. 9 5 3	1. 9 0 6	2, 5 %
l du In io io te t t rn a na p ro c n a)	1. 2 5 3	1. 1 6 9	7, 2 %
l l p du To i io ta t o ro c n	3. 2 0 6	3. 0 7 5	4, 3 %

a) International production includes volumes withheld as production tax

EDISONGROUP – CONSOLIDATED HIGHLIGHTS

(€ mln)

(a) 9M2014 data were restated for ^a new presentation of derivatives and other non recurring expenses.

OPERATINGPERFORMANCE BREAKDOWN

	lec E ic Po tr we r		dr bo Hy oc ar ns		d d o he Co j. ate t rp or a an r ,		l d To E iso Gr ta n ou p
( ln) € m	9 M 2 0 1 5	9 M 2 0 1 4	∆	9 M 2 0 1 5	9 M 2 0 1 4	∆	9 M 2 0 1 5	9 M 2 0 1 4	∆	9 M 2 0 1 5	9 M 2 0 1 4	∆
les Sa r ev en ue s	4. 9 9 7	5. 7 8 1	( ) 1 3, 6 %	3. 8 7 3	3. 6 6 0	5, 8 %	( ) 5 6 1	( ) 5 1 1	( ) 9, 8 %	8. 3 0 9	8. 9 3 0	( ) 7, 0 %
E B I T D A	2 8 7	5 1 0	( ) 4 3, 7 %	5 4	2 3 3	( ) 7 6, 8 %	( ) 6 9	( ) 9 1	2 4, 2 %	2 7 2	6 5 2	( ) 5 8, 3 %

EBITDA BREAKDOWN(€ mln)

9M2014

9M2015

• Electricpower merchant activities
• Hydrocarbons E&P
• Gassupply & sales and regulated activities
• Corporate, adj. and other

EDISON GROUP – FROMEBITDA TO NET RESULT

Y 2 0 1 4 F	( ln) € m	9 2 0 1 M 5	) 9 2 0 1 4 M a	
8 1 4	E B I T D A	2 7 2	6 5 2	( ) 3 8 0
( ) 7 6 1	ia io iza io d w i do De t t t te p re c n, am or n a n r wn s	( ) 4 5 0	( ) 3 7 0	( ) 8 0 ) b
2 5 0	ha fa lue f c d de Ne in ir v i iva ive t ty t c ng e a o om mo r s	4 3	1 2 0	( ) 7 7
( ) 1 1	he ( ), O inc t t r om e ex p en se ne	( ) 2 2	( ) 1 5	( ) 7
2 9 2	E B I T	( ) 1 5 7	3 8 7	( ) 5 4 4
( ) 9 1	f l ( ) Ne ina ia inc t nc om e ex p en se	( ) 2 2	( ) 9 9	7 7
1 3	( ) fro i inv Inc Ex ty tm ts om e m p en se on eq u es en	( ) 1	1 1	( ) 1 2
2 1 4	f ( los ) be fo Pr i t ta o s re xe s	( ) 1 8 0	2 9 9	( ) 4 7 9
( ) 1 5 9	Inc ta om e xe s	( ) 2 8	( ) ) 1 0 6 c	7 8
5 5	f ( los ) fro Pr i in ing io t t t o s m co n u op er a ns	( ) 2 0 8	1 9 3	( ) 4 0 1
0	f ( los ) fro d d o Pr i isc in io t t t o s m on ue p er a ns	0	0	0
5 5	f ( los ) Pr i t o s	( ) 2 0 8	1 9 3	( ) 4 0 1
	f w h h: ic o
1 5	( ) ino i in in f i los M ty te t t r re s p ro s	2 3	1 6	7
4 0	f ( los ) Gr in in i te t t ou p re s p ro s	( ) 2 3 1	1 7 7	( ) 4 0 8

a) 9M2014 data were restated for ^a new presentation of derivatives and other non recurring expenses.

b) Higher D&A due to higher exploration costs (60 mln€) and write‐down of some E&P activities abroad (11 mln€).

c) Following the ruling of unconstitutionality of the Robin Hood Tax, the deferred tax assets and the provision for deferred tax were eliminated.

NET FINANCIAL POSITIONAND CASH FLOW

NET FINANCIAL POSITION(€ mln)

(*) Including dividends for 61 mln€ paid to minority shareholders, mainly relating to the company E2i Energie Speciali Srl.

STATEMENT:

As required by Article 154‐bis, Section 2, of the Uniform Finance Law (Legislative Decree No 58/1998), Didier Calvez and Roberto Buccelli, in their capacity as "Dirigenti preposti alla redazione dei documenti contabili societari" of Edison S.p.A., attest that the accounting information contained in this presentation is consistent with the data in the Company's documents, books of accounts and other accounting records.