Edison Rsp — Investor Presentation 2016

Aug 4, 2016

RISULTATI PRIMOSEMESTRE 2016

Milano– Luglio 2016

AGENDA

• Mercatoenergetico

• • Risultati primo semestre 2016:
• • Fonti eimpieghi energia elettrica ^e idrocarburi
• •Principali dati finanziari consolidati ^e investimenti
• • Performanceoperativa
• • Indebitamentofinanziario netto ^e flussi di cassa

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

FonteEdison

a) Al PSV di Snam Rete Gas

BILANCIODI ENERGIA ELETTRICA E GAS IN ITALIA

Energia elettricaa)

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

a) Al lordo delle perdite di rete

Fonte: dati Ternaand stime Edison

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

Fonte: MinisteroSviluppo Economico, SRG ^e stime Edison

AGENDA

• • Mercatoenergetico
• • Risultati primo semestre 2016:
• • Fonti eimpieghi energia elettrica ^e idrocarburi
• •Principali dati finanziari consolidati ^e investimenti
• • Performanceoperativa
• • Indebitamentofinanziario netto ^e flussi di cassa

EDISON– VOLUMI ENERGIA ELETTRICA IN ITALIA (TWh)

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

An 2 0 1 5 no	I M P I E G H I	I S 2 0 1 6	I S 2 0 1 5	 %
1 7, 1	( ) l ie i f in l i b C t n a	5, 9	9, 1	( ) 3 4, 7 %
7 2, 3	l d i ( ) ( is i, ) A I P E X, tre te t ve n c g ro ss ec c.	3 9, 3	3 5, 0	1 2, 3 %
8 9, 4	le h To im ie i ta p g	4 5, 2	4 4, 1	2, 6 %

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)

An 2 0 1 5 no	F O N T I	I S 2 0 1 6	I S 2 0 1 5	 %	An 2 0 1 5 no	I M P I E G H I	I S 2 0 1 6	I S 2 0 1 5	 %
0, 5	( ) du ion i Pro z a	0, 2	0, 3	( ) % 4, 7	2, 6	i c iv i l i Us	1, 5	6 1,	( ) % 5, 4
1 2, 7	( ) Im ip G N L ort e + p p	7, 3	6, 2	1 8, 0 %	3, 4	du l Us i in ia i str	2, 0	1, 6	1 9, 7 %
4, 2	ltr A i a ist i cq u	2, 9	1, 2	ns	5, 7	let Us i te ic i tr rm oe	3, 0	2, 4	% 2 6, 5
0, 2	Va iaz ion i to r e s cca g g	0, 1	0, 3	( ) 7 8, 2 %	5, 9	ltr d A ite e v en	4, 0	2, 4	6 7, 8 %
1 7, 6	le fo i To ta nt	1 0, 5	8, 0	3 1, 0 %	1 7, 6	le im ieg h i To ta p	1 0, 5	8, 0	3 1, 0 %

Attività diEsplorazione & Produzione

An 2 0 1 5 no	( ) P R O D U Z I O N E G A S m mc	I S 2 0 1 6	I S 2 0 1 5	 %	An 2 0 1 5 no	/ ( '0 b b l ) P R O D U Z I O N E O L I O 0 0	I S 2 0 1 6	I S 2 0 1 5	 %
4 8 5	du do ( ) Pro ion ica st e me a z	2 4 1	2 5 3	( ) 4, 7 %	2. 5 4 6	du do Pro ion ica st z e me	1. 1 2 5	1. 3 2 0	( ) 1 4, 8 %
1. 0 8 5	( ) du ion b Pro ste z e e ro	8 7 5	8 0 7	( ) 2, 8 %	1. 8 0 8	du ( b ) Pro ion ste z e e ro	1. 1 0 0	8 0 5	% 3 6, 6
1. 9 9 3	le du ion To ta p ro z e g as	9 9 9	1. 0 3 3	( ) 3, 3 %	4. 3 5 4	le l To du ion io ta p ro z e o	2. 2 2 5	2. 1 2 5	4, 7 %

a) Include le produzioni della concessione Izabela in Croazia importate in Italia

b) Al lordo delle quantità trattenute come imposta sulle produzioni

GRUPPOEDISON– PRINCIPALI DATI CONSOLIDATI

(€ mln)

1 ‐ I valori del primo semestre 2016 includono il consolidamento integrale di Fenice Spa dal 1 aprile, lo scambio tra le partecipazioni di Edison in Hydros ^e Sel Edison con il 100%di Cellina Energy, consolidata con il metodo integrale dal 1 giugno, ^e l'acquisizione degli impianti di Idreg Piemonte il 25 maggio.

PERFORMANCE OPERATIVAPER SEGMENTO

	En	let ia e tri erg	ca		Idr rbu ri oca		Co rat rpo e,	ltr i se tto a	d e lisi ri e i on	To ta	le Ed Gr up po	iso n
(€ m ln)	IS2 01 6	IS2 01 5	∆	IS2 01 6	IS2 01 5	∆	IS2 01 6	IS2 01 5	∆	IS2 01 6	IS2 01 5	∆
di nd Ric i ita av ve	2.6 50	3.2 84	( ) 19 3% ,	3.1 11	2.7 17	14 5% ,	( ) 29 3	( ) 38 2	23 3% ,	5.4 68	5.6 19	( ) 2, 7%
lor do dju d ( *) Ma ine tiv ste rg op era o a	12 2	20 8	( ) 41 3% ,	26 0	42	ns	( ) 42	( ) 46	8, 7%	34 0	20 4	66 7% ,

MARGINE OPERATIVOLORDO ADJUSTED (*) PER SEGMENTO (€ mln)

(*) Il Margine Operativo Lordo Adjusted è effetto della riclassificazione dei risultati delle coperture su commodity ^e cambi associate ai contratti per l'importazione di gas naturale della Filiera Idrocarburi alla Filiera Elettrica, per la parte di risultato riferibile ^a quest'ultimo settore. Tale riclassificazione viene effettuata al fine di consentire una lettura gestionale coerente dei risultati industriali. Il Margine Operativo Lordo Adjusted è al lordo dei servizi centrali di staff ^e tecnici.

GRUPPOEDISON – DAL MOL AL RISULTATO NETTO

An 2 0 1 5 no	( ln ) € m	I S 2 0 1 6	I S 2 0 1 5	
1. 2 6 1	in ivo lo do M t ar g e op er a r	3 4 0	2 0 4	1 3 6
( ) 2. 9 1 4	lu i e io i Am ta t ta m or m en sv a n z	( ) 2 4 1	( ) 3 0 0	9 5 ) a
1 6 1	d fa lu de Va iaz io i ir iva i t ta t r ne ne va e su r ( d b ) i i ty co m m o e ca m	( ) 7 7	( ) 4 8	( ) 2 9
( ) 2 3	l ( ) A i p i i i tr t t t ro ve n on er ne	( ) 1	( ) 1 1	1 0
( ) 7 9 5	isu l ivo R ta to t op er a	2 1	( ) 1 5 5	1 7 6
( ) 2 9	( ) f i i in iar i n i Pr t t t ov en on er an e z	( ) 6 0	6 b	( ) 6 6 )
( ) 3 8	( ) da Pr i i ip io i t te ov en on er p ar c az n	3	( ) 3	6
( ) 8 6 2	isu l im de l le im R ta to te p r a p os	( ) 3 6	( ) 1 5 2	1 1 6
( ) 9 7	l r d d i Im te to p os su e	( ) 2 0	( ) 4 0 c	) 2 0
( ) 9 9 5	l isu R ta to t to ne	( ) 6 5	( ) 9 2 1	3 6 1
	d i i: c u
2 1	isu l d i c d i i R ta to t to te te ne om p e nz a rz	1 1	1 5	( ) 4
( ) 9 8 0	l d d R isu i c i Gr ta to t to te ne om p e nz a up p o	( ) 6 7	( ) 2 0 7	1 4 0

a) Minori ammortamenti ^e svalutazioni ^a causa delle svalutazioni derivanti dal processo di impairment registrate nel 2015 ^e dei minori costi di esplorazione.

b) Incluso l'effetto eccezionalmente positivo degli utili su cambi registrati nell'IH2015.

c) Include l'effetto negativo one‐off di €68mln legato alla dichiarazione di incostituzionalità della Robin Hood tax .

INDEBITAMENTOFINANZIARIO NETTO E FLUSSI DI CASSA

Cellina Energy (+€32mln), l'acquisizione del ramo di azienda di Idreg (‐€36mln) ^e degli investimenti (‐€187mln), prevalentemente nel settore E&P

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.

FIRST HALF 2016 RESULTS

Milan– July, 2016

AGENDA

• BusinessEnvironment

• • First half 2016 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 5		I Q 2 0 1 6	I Q 2 0 1 5		2 Q 2 0 1 6	2 Q 2 0 1 5		I H 2 0 1 6	I H 2 0 1 5	
5 3, 7	\$ / ( b b l ) I C E Br t s en wa p	3 5, 1	5 5, 2	( % ) 3 6	4 7, 0	6 3, 6	( % ) 2 6	4 1, 0	5 9, 4	( % ) 3 1
1, 1 1	/ \$ ha ( ) Ex € te c ng e r a	1, 1 0	1, 1 3	( ) 2 %	1, 1 3	1, 1 0	2 %	1, 1 2	1, 1 2	( ) 0 %
4 8, 4	/ ( b b l ) I C E Br € t s en wa p	3 1, 9	4 9, 1	( ) 3 5 %	4 1, 6	5 7, 5	( ) 2 8 %	3 6, 7	5 3, 3	( ) 3 1 %
3 2 1, 6	lea ( / ) ) Ga Re 2 € 0 0 0 s s se cm a	2 3 2, 2	3 9 7, 2	( ) 4 2 %	1 9 3, 2	3 3 7, 5	( ) 4 3 %	2 1 2, 7	3 6 7, 4	( ) 4 2 %
2 3 2, 9	( / ) S € 0 0 0 s P V cm	2, 1 5 7	2 5 4, 7	( ) 0 % 4	8 1 5 5,	2 3 8, 2	( ) 3 % 5	2 1 5 4,	2 6, 4 5	( ) 3 % 7
2 0 9, 5	( / ) T T F € 0 0 0 s cm	1 3 5, 9	2 2 5, 1	( ) % 4 0	1 3 9, 2	2 2 2, 5	( ) % 3 7	1 3 7, 6	2 2 3, 8	( ) % 3 9
5 2, 3	/ ( h ) P U N T W A € M W	3 9, 6	5 1, 9	( ) 2 4 %	3 4, 5	4 7, 9	( ) 2 8 %	3 7, 0	4 9, 9	( ) 2 6 %
5 8, 7	/ k ( h ) P U N Pe € M W a	4 5, 4	5 9, 1	( ) 2 3 %	3 6, 3	5 0, 3	( ) 2 8 %	4 0, 9	5 4, 7	( ) 2 5 %
8, 4 7	f f ( / ) O k € h P U N Pe M W a	3 6, 4	9 4 7,	( ) 2 % 4	3 3, 5	6, 6 4	( ) 2 8 %	3 9 4,	2 4 7,	( ) 2 6 %
3, 9	/ k d ( h ) Sp Sp T W A € M W ar re a	5, 0	0, 0	n. m.	0, 8	‐1, 1	n. m.	2, 9	‐0, 6	n. m.
1 0, 3	/ k d k ( h ) Sp Sp Pe € M W ar re a a	1 0, 9	7, 3	5 0 %	2, 6	1, 2	n. m.	6, 7	4, 2	5 8 %
0, 4	/ k d f f k ( h ) Sp Sp O Pe € M W ar re a a	1, 8	‐4, 0	n. m.	‐0, 2	‐2, 4	9 0 %	0, 8	‐3, 2	n. m.
7, 7	( / ) C O 2 € to n	6 5,	0 7,	( ) 2 0 %	8 5,	3 7,	( ) 2 2 %	5, 7	2 7,	( ) 2 1 %

Source: Edisona) At PSV of Snam Rete Gas

ELECTRIC POWER AVAILABILITY MIX AND GAS DEMAND INITALY

Electricity supply mixa)

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

Grossof losses

Source: Ternadata and Edison estimates

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

demand

Gas

Source:Ministry of Economic Development, SRG and Edison estimates

AGENDA

• • BusinessEnvironment
• • First half 2016 results:
• • Electricpower and hydrocarbons sources and uses
• • Consolidatedfinancial highlights and capital expenditures
• •Operating performance
• •Net financial position and cash flow

ELECTRIC POWER SOUCES AND USES INITALY (TWh)

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

F Y 2 0 1 5	S S U E	I H 2 0 1 6	I H 2 0 1 5	 %
1 7, 1	d ( b ) En to cu s m er s	5, 9	9, 1	( ) 3 4, 7 %
2, 3 7	he le ( ) ( ho le le ) O I X, P E t tc rs a s c w sa rs, e	3 9, 3	3 0 5,	1 2, 3 %
8 9, 4	l u To ta se s	2 4 5,	4 4, 1	2, 6 %

^a ) Gross of losses , excluding trading portfolio.

b) Gross of losses.

c) Excluding trading portfolio

HYDROCARBONSVOLUMES

Gasportfolio in Italy (bcm)

FY 2 0 15	S O U R C E S	IH 2 0 1 6	IH 2 0 15	%
0, 5	du ( ) Pr ion ct o s a	0, 2	0, 3	( % ) 4, 7
1 2, 7	( ) Im ip l ine LN G ort + p s p e	3 7,	6, 2	1 8, 0 %
4, 2	he ha Ot r p urc se s	2, 9	1, 2	nm
0, 2	ha d g C in inv sto to ng e re as en ry	0, 1	0, 3	( ) 7 8, 2 %
17, 6	l so in ly To Ita ta urc es	1 0, 5	8, 0	3 1, 0 %

FY 2 0 15	U S E S	IH 2 0 1 6	IH 2 0 15	%
2, 6	i de ia l u Re nt s se s	1, 5	1, 6	( ) % 5, 4
3, 4	In du ia l u str se s	2, 0	1, 6	1 9, % 7
5, 7	he lec fue l u T ic tr rm oe se s	3, 0	2, 4	2 6, 5 %
5, 9	he les Ot rsa	4, 0	2, 4	6 7, 8 %
17, 6	l u in ly To Ita ta se s	1 0, 5	8, 0	3 1, 0 %

E&Poperations

FY 2 0 15	( ) G A S P R O D U C T I O N mc m	IH 2 0 1 6	IH 2 0 15	%
4 85	(a ) Do ic du ion st ct me p ro	24 1	25 3	( ) 4, 7 %
1.5 0 8	l du ( b ) Int ion ion at ct ern a p ro	75 8	7 8 0	( ) 2, 8 %
1. 9 9 3	l du ion To ta ct g as p ro	9 9 9	1. 0 3 3	( ) 3, 3 %

FY 2 0 15	( b b l ) O I L P R O D U C T I O N K	IH 2 0 1 6	IH 2 0 15	%
2.5 4 6	ic du ion Do st ct me p ro	1. 1 25	1. 3 2 0	( % ) 14, 8
1. 8 0 8	( ) Int ion l du ion b at ct ern a p ro	1. 1 0 0	8 0 5	3 6, 6 %
4. 3 5 4	l l p du To i ion ta ct o ro	2. 2 25	2. 1 25	4, 7 %

a) Including production from Izabela concession in Croatia imported in Italy

b) International production includes volumes withheld as production tax

EDISONGROUP – CONSOLIDATED HIGHLIGHTS

(€ mln)

1 ‐ IH2016 figures include the full consolidation of Fenice Spa from April 1, the swap of Edison participations in Hydros and Sel Edison with 100% of CellinaEnergy, fully consolidated from June 1, and the acquisition ofIdreg Piemonte assets on May 25.

OPERATINGPERFORMANCE BREAKDOWN

	Ele ic P ctr ow er		dro bo Hy car ns		dj. d o he Co rat t rpo e, a an r		l E dis To Gr ta on ou p
(€ m ln)	IH2 01 6	IH2 01 5	∆	IH2 01 6	IH2 01 5	∆	IH2 01 6	IH2 01 5	∆	IH2 01 6	IH2 01 5	∆
les Sa r eve nu es	2.6 50	3.2 84	( ) 19 3% ,	3.1 11	2.7 17	14 5% ,	( ) 29 3	( ) 38 2	23 3% ,	5.4 68	5.6 19	( ) 2, 7%
dju d ( *) EB ITD A ste a	12 2	20 8	( ) 41 3% ,	26 0	42	nm	( ) 42	( ) 46	8, 7%	34 0	20 4	66 7% ,

ADJUSTED EBITDA* BREAKDOWN(€ mln)

(*) Adjusted EBITDA reflect the effect of the reclassification from the Hydrocarbons Operations to the Electric Power Operations of the portion of the results of commodity and foreign exchange hedges executed in connection with contracts to import natural gas attributable to the Electric Power Operations. This reclassification is being made to provide ^a consistent operational presentation of industrial results. Adjusted EBITDA include central staff and technical services.

EDISON GROUP – FROMEBITDA TO NET RESULT

F Y 2 0 1 5	( ) € m ln	I H 2 0 1 6	I H 2 0 1 5	
2 6 1. 1	E B I T D A	3 0 4	2 0 4	3 6 1
( ) 2. 1 9 4	d do De ia io iza io i t t t te p re c n, am or n an w r w ns	( ) 2 4 1	( ) 3 0 0	5 9 ) a
1 6 1	ha fa lu f c d de Ne in ir i iva ive t ty t c ng e va e o om m o r s	( ) 7 7	( ) 4 8	( ) 2 9
( ) 2 3	( ), he in O t t r co m e ex p en se ne	( ) 1	( ) 1 1	1 0
( ) 7 9 5	E B I T	2 1	( ) 1 5 5	1 7 6
( ) 2 9	f l ( ) Ne in ia in t an c co m e ex p en se	( ) 6 0	6 b )	( ) 6 6
( ) 3 8	fro ( ) In Ex i in ty tm ts co m e m p en se on eq u ve s en	3	( ) 3	6
( ) 8 6 2	f ( ) fo i lo be Pr t ta o ss re xe s	( ) 3 6	( ) 2 1 5	6 1 1
( ) 9 7	In ta co m e xe s	( ) 2 0	( ) 4 0 ) c	2 0
( ) 9 5 9	f i ( lo ) Pr t o ss	( ) 5 6	( ) 1 9 2	1 3 6
	f h h: ic o w
2 1	f ( lo ) M in i in in i ty te t t or re s p ro ss	1 1	1 5	( ) 4
( ) 9 8 0	in in f i ( lo ) Gr te t t ou p re s p ro ss	( ) 6 7	( ) 2 0 7	1 4 0

a) Lower D&A resulting from the writedowns recognized in 2015 and lower exploration costs.

b) Including exceptionally positive foreign exchange effects in IH2015.

c) Including ^a €68mln one off negative effect due to the ruling of incostitutionality of the Robin Hood Tax.

NET FINANCIAL POSITIONAND CASH FLOW

INDEBITAMENTOFINANZIARIO NETTO (€ mln)

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.