ERG — Investor Presentation 2015

May 13, 2015

FIRST QUARTER 2015 RESULTS

13 MAY 2015

LUCA BETTONTE, CEO

DISCLAIMER

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

AGENDA

1Q 2015 Highlights

• ✓ Key Figures
• Results Review
• ✓ Business Environment
• ✓ 1Q 2015 Group EBITDA
• ✓ Results by Segments
• ✓ Investments
• Key Financials
• ✓ Profit & Loss
• ✓ Cash Flow Statement
• 2015 Guidance and Conclusions
• Appendix

RC Ebitda Adj (€ mn)

HIGHLIGHTS: KEY FIGURES

Q1 figures driven by Renewables

CFO

PAOLO MERLI

Results Review

(1) Italian price is theoretical price based on National Average Electricity Price (PUN) + GC

1Q 2015 GROUP EBITDA

Growth in Renewables offset a tough regulatory framework in Power

RC Ebitda (€ mn)

RENEWABLES RESULTS

Production recovery both in Italy and abroad

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

RC Ebitda (€ mn)

POWER RESULTS

Volumes (GWh)

New regulatory framework penalized ERG Power results

Results Review

ADJUSTED INVESTMENTS

(1) Renewables adjusted for LUKERG Renew (50%).

1Q 2015

1Q 2014 Pro-forma

(1)

TOTALERG: KEY FIGURES(1)

(1) Figures refer to 100% of TOTALERG

4Q 2014	Euro millions	1Q 2015	1Q 2014
35	Adjusted RC EBITDA	22	4
39	- Marketing	21	11
(4)	- Refining & Logistics	1	(7)
(22)	Adjusted Depreciation	(20)	(21)
12	Adjusted RC EBIT	2	(17)
7	Adjusted Net Profit	(6)	(17)
23	Investments	11	11
252	NFP	456	479
10.6%	TOTALERG retail market share	10.7%	11.0%

1Q	2Q	3Q	4Q	1Q
2014	2014	2014	2014	2015

Industry Retail Fuels Volumes (M tons)

Results Review

KEY FINANCIALS

PRO-FORMA REPLACEMENT COST P&L

Note: figures based on NO GAAP measures

Key Financials

Pro-forma

4Q 2014 Pro-forma	Euro millions	1Q 2015	1Q 2014 Pro-forma
80	RC Adjusted EBITDA	111	107
(47)	Amortization and depreciation	(41)	(39)
33	RC Adjusted EBIT	71	68
(19)	Net financial income (expenses)	(15)	(11)
3	Net income (loss) from equity investments	(3)	(8)
17	RC Results before taxes	52	49
(11)	Income taxes	(15)	(17)
6	RC Results for the period	37	32
0	Minority interests	(2)	(2)
6	RC Net profit	34	30

Adj. Net Debt 31/03/2015

NFP 50% LUKERG Renew

Net Debt 31/03/2015 reported

Taxes and Other

(1) Net of divestments

(2) Equity consideration for two wind projects in Poland currently under construction

Key Financials

2015 GUIDANCE AND CONCLUSIONS

CEO

LUCA BETTONTE

2015 GUIDANCE(1) AND CONCLUSIONS

✓Further growth in Renewables ✓Lower contribution from CCGT following the new regulation since 1 January 2015

✓CAPEX focus on wind development in Poland

2015 guidance revised to take into account TotalErg deconsolidation

✓Increase reflecting one-off tax item (ISAB Energy), CAPEX for development and dividends

(1) Previous guidance for 2015 (including TotalErg,) was: EBITDA of €400mn, CAPEX of €150mn and NFP of €650mn.

APPENDIX

3Q 2014 (€ mn)

132

4Q 2014 (€ mn)

2014 NET PROFIT PRO-FORMA

1Q 2015 RESULTS

	4Q 2014 Pro-forma	Euro millions	1Q 2015	1Q 2014 Pro-forma
	233	Adjusted Revenues	275	280
	80	RC EBITDA Adjusted	111	107
	66	- Renewables	95	86
	19	- Power	22	29
=	(6)	- Corporate	(6)	(7)

4Q 2014		1Q 2015	1Q 2014
1,341	Installed capacity (end-period, MW)	1,341	1,340
	of which:
1,087	- Italy	1,087	1,086
86	- Germany	86	86
64	- France	64	64
27	- Bulgaria (1)	27	27
77	- Romania (1)	77	76
632	Electricity Production (GWh)	860	805
	of which:
481	- Italy	680	636
41	- Germany	49	48
32	- France	44	47
22	- Bulgaria (1)	26	18
55	- Romania (1)	62	56

RENEWABLES: KEY FIGURES (1/2)

(1) ERG 's stake = 50%

4Q 2014	Euro millions	1Q 2015	1Q 2014
	RC EBITDA:
56	Italy	84	74
4	Germany	3	4
2	France	3	3
4	LUKERG (1)	5	4
	of which:
2	- Bulgaria (1)	2	1
3	- Romania (1)	3	3
66	Total RC EBITDA	95	86
(39)	Depreciation	(33)	(32)
27	RC EBIT	62	54

RENEWABLES: KEY FIGURES (2/2)

ERG POWER: KEY FIGURES

4Q 2014	Euro millions	1Q 2015	1Q 2014
707	Electricity Production (GWh)	614	600
19	RC EBITDA	22	29
(6)	Depreciation	(7)	(7)
14	RC EBIT	15	21

4Q 2014 Pro-forma	Euro millions	1Q 2015	1Q 2014 Pro-forma
9	(1) Renewables	11	8
4	Power	2	3
1	Corporate	0	0
13	Adjusted Total	13	12

INVESTMENTS

(1) It includes ERG quota of investments made by LUKERG Renew