ERG — Investor Presentation 2016

May 13, 2016

FIRST QUARTER 2016 RESULTS 13 MAY 2016 LUCA BETTONTE, CEO

FIRST QUARTER 2016 RESULTS

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.

1Q 2016 Highlights

• ✓ Key Figures
• ✓ Total Installed Capacity Evolution
• Results Review
• ✓ Business Environment
• ✓ 1Q 2016 Group EBITDA
• ✓ Results by Segments
• Key Financials
• ✓ Profit & Loss
• ✓ Investments
• ✓ Cash Flow Statement
• 2016 Guidance and Conclusions
• Appendix

HIGHLIGHTS: KEY FIGURES

New business mix implied a very good set of results

Highlights

EVOLUTION OF TOTAL INSTALLED CAPACITY

A big jump in technological and geographical diversification

Highlights

RESULTS REVIEW

PAOLO MERLI, CFO

BUSINESS ENVIRONMENT

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

(2) It is worth noting that in 4Q 2015 our plants in Bulgaria exceeded threshold of production, and therefore they sold electricity in the

• Dispatching Market, thus receiving prices lower than feed-in
• (3) Figures refer only to Gebeleisis wind farm

1Q 2016 GROUP EBITDA

New electricity mix resulted in a positive contribution from all ERG divisions

ENERGY PORTFOLIO

1Q 2016 vs 1Q 2015 (TWh)

A new enlarged and diversified electricity portfolio

NON-PROGRAMMABLE RESULTS

Consolidation of new assets and better wind conditions

Results Review (1) As of December 23, 2015 LUKERG asset split became effective. From 1.1.2016 ERG Renew owns Tcherga and Hrabrovo wind farms in Bulgaria, and Gebeleisis wind farm in Romania.

PROGRAMMABLE RESULTS

Solid set of results

ADJUSTED INVESTMENTS

(2) M&A CAPEX related to the closing of IMPAX acquisition (which took place on February 2, 2016, amounting to €293mn) and Brockaghboy acquisition (€13mn)

TOTALERG: KEY FIGURES(1)

1Q	2Q	3Q	4Q	1Q	1Q	2Q	3Q	4Q	1Q
2015	2015	2015	2015	2016	2015	2015	2015	2015	2016

4Q 2015	Euro millions	1Q 2016	1Q 2015
29	Adjusted RC EBITDA	30	22
27	- Marketing	19	21
2	- Refining & Logistics	11	1
(19)	Adjusted Depreciation	(18)	(20)
10	Adjusted RC EBIT	12	2
2	Adjusted Net Profit	5	(6)
27	Investments	11	11
294	NFP	431	456
10.9%	TOTALERG retail market share	11.0%	10.7%

Results Review

KEY FINANCIALS

PRO-FORMA REPLACEMENT COST P&L

4Q 2015	Euro millions	1Q 2016	1Q 2015
86	RC Adjusted EBITDA	163	111
(48)	Amortization and depreciation	(64)	(41)
38	RC Adjusted EBIT	99	71
(18)	Net financial income (expenses)	(19)	(15)
2	Net income (loss) from equity investments	2	(3)
22	RC Results before taxes	82	52
(1)	Income taxes	(21)	(15)
21	RC Results for the period	61	37
(0)	Minority interests	(3)	(2)
20	RC Net profit	57	34
4%	Tax Rate	26%	29%

Note: figures based on NO GAAP measures

Key Financials

1Q 2016 ADJUSTED CASHFLOW STATEMENT

Leverage

(1) Equity consideration for IMPAX acquisition (€293mn) and Brockaghboy acquisition for about €13mn

Key Financials

2016 GUIDANCE AND CONCLUSIONS

LUCA BETTONTE, CEO

2016 GUIDANCE

EBITDA:

✓2016 guidance confirmed at €440mn

CAPEX:

✓2016 guidance confirmed at €400mn

NFP:

✓2016 guidance confirmed at €1.73bn

(1) It includes M&A CAPEX related to the closing of IMPAX acquisition (which took place on February 2, 2016), and Brockaghboy acquisition

APPENDIX

1Q 2016 RESULTS

4Q 2015	Euro millions	1Q 2016	1Q 2015
231	Adjusted Revenues	295	275
86	RC EBITDA Adjusted	163	111
52	- Non-Programmable	117	95
	of which:
39	- Italy	87	84
13	- Abroad	29	12
37	- Programmable	48	22
	of which:
29	- Thermo	27	22
8	- Hydro	21	0
(3)	- Corporate	(2)	(6)

NON-PROGRAMMABLE: KEY FIGURES (1/2)

4Q 2015		1Q 2016	1Q 2015
1,506	Installed capacity (end-period, MW)	1,720	1,341
	of which:
1,087	- Italy	1,094	1,087
128	- France	252	64
86	- Germany	168	86
82	- Poland (1)	82	n.a.
70	- Romania (2)	70	77
54	- Bulgaria (2)	54	27
604	Electricity Production (GWh)	1,226	860
	of which:
368	- Italy	774	680
78	- France	208	44
45	- Germany	81	49
42	- Poland (1)	63	n.a.
55	- Romania (2)	54	62
16	- Bulgaria (2)	46	26

(1) Production in Poland started in July 2015

(2) 2015 figures correspond to ERG 's stake in the joint venture LUKERG = 50%

NON-PROGRAMMABLE: KEY FIGURES (2/2)

4Q 2015	Euro millions	1Q 2016	1Q 2015
	RC EBITDA:
39	Italy	87	84
5	France	16	3
4	Germany	6	3
2	Poland (1)	3	n.a.
2	Romania (2)	3	3
0	Bulgaria (2)	2	2
52	Total RC EBITDA	117	95
(35)	Depreciation	(41)	(33)
17	RC EBIT	75	62

(1) Production in Poland started in July 2015 (2) 2015 figures correspond to ERG 's stake in the joint venture LUKERG = 50%

ERG POWER: KEY FIGURES

4Q 2015	Euro millions	1Q 2016	1Q 2015
698	Electricity Production (GWh)	695	614
29	RC EBITDA	27	22
(8)	Depreciation	(7)	(7)
21	RC EBIT	20	15

ERG HYDRO: KEY FIGURES

4Q 2015	Euro millions	1Q 2016	1Q 2015
84	Electricity Production (GWh)	384	0
8	RC EBITDA	21	0
(5)	Depreciation	(15)	0
3	RC EBIT	6	0

4Q 2015	Euro millions	1Q 2016	1Q 2015
60	Non-Programmable (1)	308	18
951	Programmable	2	2
	of which:
3	- Thermo	1	2
948	- Hydro (2)	1	0
1	Corporate	1	0
1,012	Adjusted Total	310	20

(1) 1Q 2015 figure includes SPV in Poland. 1Q 2016 figure includes M&A CAPEX related to the closing of IMPAX acquisition (which took place on February 2, 2016) and Brockaghboy acquisition (2) 4Q 2015 figure refers to Hydro acquisition