ERG — Investor Presentation 2014

Mar 12, 2015

FOURTH QUARTER 2014 RESULTS

12 MARCH 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

4Q 2014 Highlights

• ✓ Key Figures
• ✓ 2014 Main Achievements

Results Review

• ✓ Business Environment
• ✓ 4Q 2014 Group EBITDA
• ✓ Results by Segments
• Key Financials
• ✓ Profit & Loss
• ✓ Investments
• ✓ Cash Flow Statement
• 2015 Guidance and Conclusions
• Appendix

RC Ebitda Adj (€ mn)

HIGHLIGHTS: KEY FIGURES

Strong reduction in NFP thanks also to CIP6 early termination

POWER

Highlights

Adj NFP (€ mn)

IMPROVEMENT VS. GUIDANCE

✓Slight growth on a like-for-like basis ✓Results beat guidance, due to strong Renewables and Power, along with corporate cost reduction

Better operating performance and strong reduction in NFP

✓Lower NFP due to strong cash generation (including M&A)

(1) 2013 EBITDA re-stated to take into account ISAB Energy only for 1H and excluding Coastal Refining for the full year Highlights

2014 MAIN ACHIEVEMENTS AND RECENT DEVELOPMENTS

• Unicredit enters in ERG Renew share capital with a 7.14% stake
• Raised Project Financing for €167mn for Gebeleisis and Topolog wind farms in Romania and Palazzo San Gervasio in Italy
• 80MW in Poland under construction, expected to enter into operation by 2015

Renewables

• Agreement for disposal of ISAB Energy, and exit from CIP6:
• June 2014: acquisition of ISAB Energy minorities from GDF Suez for €153mn
• June 30, 2014: ISAB Energy disposal to LUKOIL for a cash-in of €26mn
• August 2014: exit from CIP6 convention for a cash-in of €515mn

Power

• EOS disposal as of December 29, 2014 for a cash-in of €30mn
• Exit from oil Supply & Trading activities as of January 1, 2015

Oil

CFO

PAOLO MERLI

Results Review

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

Improved results in Renewables Decrease in Power figures due to ISAB Energy plant disposal

(1) ISAB Energy EBITDA in FY13 was at €253.9mn, while in FY14 it is at €104.5mn due to ISAB Energy disposal as of July 1, 2014

Results Review

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

Higher production both in Italy and abroad

11

Volumes (GWh)

Strong ERG Power results ISAB Energy plant disposal effective as of July, 1

Results Review

4Q 2014

RC Ebitda (€ mn)

INTEGRATED DOWNSTREAM RESULTS

Improved margins at TotalERG offset by operating loss in Trading

Results Review

• (1) TOTALERG Refining EBITDA includes Logistics
• (2) Volumes relate to 100% of TOTALERG stake in Sarpom (24%)

TOTAL INTEGRATED DOWNSTREAM

TOTALERG REFINING TOTALERG MARKETING EOS ERG SUPPLY & TRADING COASTAL REFINING (1)

KEY FINANCIALS

PRO-FORMA REPLACEMENT COST P&L

Note: figures based on NO GAAP measures

Key Financials

2014	2013	Euro millions	4Q 2014	4Q 2013
491	569	RC Adjusted EBITDA	91	132
(241)	(291)	Amortization and depreciation	(60)	(76)
249	278	RC Adjusted EBIT	31	56
(81)	(88)	Net financial income (expenses)	(22)	(23)
2	4	Net income (loss) from equity investments	(0)	0
170	194	RC Results before taxes	9	33
(70)	(100)	Income taxes	(9)	(18)
101	94	RC Results for the period	0	15
(25)	(56)	Minority interests	0	(13)
76	38	RC Net profit	1	3

ADJUSTED INVESTMENTS

Key Financials

(€ mn)

4Q 2014

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

• (2) Integrated Downstream adjusted for TOTALERG (51%)
• (3) It includes investment for the acquisition of Gebeleisis (ca. €55mn) and Hrabrovo (ca. €9mn) wind farms, plus ERG Renew O&M (ca. €10mn)
• (4) It includes investment for the acquisition of ERG Renew O&M (ca. €10mn)

2015 GUIDANCE AND CONCLUSIONS

CEO

LUCA BETTONTE

✓EBITDA reduction mainly due to the exit from CIP6 ✓Slight growth on a like-for-like basis driven by Renewables

✓CAPEX driven by development in Wind ✓New Business Plan under definition

Group's transformation still ongoing

✓Tax settlement on ISAB Energy transaction

(1) 2014 Pro-forma EBITDA excluding ISAB Energy, ERG Supply & Trading and EOS

APPENDIX

4Q 2014 GROUP EBITDA

Improved results in Renewables Decrease in Power figures due to ISAB Energy plant disposal

(1) ISAB Energy EBITDA in 4Q13 was at €59mn, while in 4Q14 it is at €2mn

Appendix

Adj. Net Debt 30/09/2014

Cash Flow from operation Working Capital CAPEX Financial

Charges

Leverage

ISAB Energy Price Adjustment

Appendix

FY AND 4Q 2014 RESULTS

2014	2013	Euro millions	4Q 2014	4Q 2013
4,350	10,368	Adjusted Revenues	1,081	2,843
491	569	RC EBITDA Adjusted	91	132
267	245	- Renewables	66	59
204	358	- Power	22	83
44	(5)	- Integrated Downstream	9	(2)
(24)	(30)	- Corporate	(6)	(7)

2014	2013		4Q 2014	4Q 2013
1,341	1,340	Installed capacity (end-period, MW)	1,341	1,340
		of which:
1,087	1,087	- Italy	1,087	1,087
86	86	- Germany	86	86
64	64	- France	64	64
27	27	- Bulgaria (1)	27	27
77	76	- Romania (1)	77	76
2,580	2,403	Electricity Production (GWh)	632	594
		of which:
2,051	2,010	- Italy	481	449
144	155	- Germany	41	51
122	127	- France	32	43
67	57	- Bulgaria (1)	22	17
196	54	- Romania (1)	55	34

RENEWABLES: KEY FIGURES (1/2)

Appendix

(1) ERG 's stake = 50%

2014	2013	Euro millions	4Q 2014	4Q 2013
		RC EBITDA:
233	219	Italy	56	49
12	11	Germany	4	4
8	8	France	2	3
14	6	LUKERG (1)	4	3
		of which:
4	4	- Bulgaria (1)	2	1
10	2	- Romania (1)	3	2
267	245	Total RC EBITDA	66	59
(137)	(126)	Depreciation	(39)	(32)
130	119	RC EBIT	27	27

4Q 2014	4Q 2013
---------	---------

RENEWABLES: KEY FIGURES (2/2)

ISAB ENERGY: KEY FIGURES

2014	2013		4Q 2014	4Q 2013
2,042	4,142	Sales (GWh)	0	923
251	653	Sales (€ mn)	2	171
104	254	RC EBITDA (€ mn)	2	59
78	202	RC EBIT (€ mn)	1	44
100	119	CIP6 tariffs (€/MWh)	100	119
61	173	EBITDA IT GAAP (€ mn)	1	45

ERG POWER: KEY FIGURES

2014	2013	Euro millions	4Q 2014	4Q 2013
2,623	2,663	Electricity Production (GWh)	707	669
100	104	RC EBITDA	19	24
(27)	(28)	Depreciation	(6)	(7)
73	76	RC EBIT	14	17

INTEGRATED DOWNSTREAM: KEY FIGURES

(1) Estimated market share referring to 100% of TOTALERG

2014	2013	Euro millions	4Q 2014	4Q 2013
44	(5)	Adjusted RC EBITDA	9	(2)
47	39	- TOTALERG (51%)	18	10
5	6	- ERG Oil Sicilia	0	1
(8)	1	- ERG Supply & Trading	(9)	(0)
n.a.	(51)	- Coastal Refining	n.a.	(13)
(48)	(83)	Adjusted Depreciation	(13)	(22)
(5)	(87)	Adjusted RC EBIT	(4)	(24)
34	41	Investments	12	14
10.7%	11.3%	TOTALERG retail market share(1)	10.6%	11.5%

INVESTMENTS

2014	2013	Euro millions	4Q 2014	4Q 2013
38	(1) 170	(2) Renewables	9	(4) 51
14	26	Power	4	11
34	41	Integrated Downstream(3)	12	14
3	2	Corporate	1	1
89	238	Adjusted Total	25	77

• (1) It includes investment for the acquisition of Gebeleisis (ca. €55mn) and Hrabrovo (ca. €9mn) wind farms, plus ERG Renew O&M (ca. €10mn)
• (2) It includes ERG quota of investments made by LUKERG Renew
• (3) It includes ERG quota of investments made by TOTALERG
• (4) It includes investment for the acquisition of ERG Renew O&M (ca. €10mn)