ERG — Investor Presentation 2018

May 15, 2018

FIRST QUARTER 2018 RESULTS

15 MAY 2018LUCA 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 2018 Highlights

-Key Figures

-Boosted growth in France

Results Review

• -Business Environment
• -1Q 2018 Group EBITDA
• -Results by Segments

Key Financials

• -Profit & Loss
• -Investments
• -Cash Flow Statement
• 2018 Guidance and conclusions
• Appendix

HIGHLIGHTS: KEY FIGURES

(1) It excludes TE contribution for €6.2mn(2) It includes Vendor Loan to api for €36mn.

BOOSTED GROWTH IN FRANCE

Deal description

On April 6, 2018 ERG reached an agreement with IMPAX Energy Holding Cooperatief for the acquisition of:

• •Melier wind farm: 8MW COD November 2016 (estimated annual production = 23GWh)
• •Torfou wind farm: 18MW under construction COD expected by 2018 (estimated annual production=48GWh)
• •Pipeline of about 750MW made up as follows:
• -Wave I: 101MW at an advanced stage of development, expected on stream in 2H 2021
• -Wave II: 143MW at an intermediate stage of development, on stream in 2H 2022
• -Wave III: 500MW early stage, beyond BP period
• •Included in the transaction a team of 12 people with a proven track record in greenfield projects
• •EV at €57mn, of which €17mn of PF, plus €5mn earn out related to the pipeline

Strategic rationales

• • Boosting ERG growth strategy in France with installed capacity to reach 300MW at Closing
• • Internalization of a team of proven experience in the Sector and its know-how
• • The pipeline will enable to pursue organic growth as envisaged in ERG's 2018-2022 BP

RESULTS REVIEW

PAOLO MERLI, CFO

BUSINESS ENVIRONMENT

( ) ly lec du d h I E ic i Pr io De T W ta tr ty t o c n v s m an :
	1 Q 2 0 1 7	1 Q 2 0 1 8	l De % ta
l le d I ian E ic i De ta tr ty c m an	8 0	8 2	2 %
l le du I ian E ic i Pr io ta tr ty t c o c n	7 2	6 9	-4 %
f h ic h: o w
he T rm o -	3 5	9 4	% -7
dr Hy o -	8	9	1 1 %
lar So -	5	4	-1 8 %
d W in -	5	6	1 6 %

All-in Wind Prices abroad (€/MWh)

Electricity Prices in Italy (€/MWh)

ENERGY PORTFOLIO

Total 1Q 2018 Production: 2.2TWhTotal Energy Portfolio including hedging & other sales: 3.7TWh

WIND RESULTS

Strong wind conditions in Italy and abroad, offset by lower incentivized power in Italy

Solar consolidated as of 1/1/2018

HYDRO RESULTS

Sound hydro conditions

CCGT RESULTS

Good operating performance in a still positive trading environment

INVESTMENTS

(1) M&A CAPEX related to the closing of Vent d'Est acquisition (which took place on March 22, 2018 amounting to €12mn) and ForVEI consolidation (whose acquisition took place on January 12, 2018) for €346mn thus including €10.5mn of FV relative to the leasing contract.

KEY FINANCIALS

ADJUSTED COSTS P&L

4 Q 2 0 1 7	i l l io Eu ro m ns	1 Q 2 0 1 8	d Re ta te s 1 Q 2 0 1 7
1 1 6	d d A j E B I T D A te us	1 6 2	1 5 1
( ) 6 4	d de Am iza ion iat ion t t or an p rec	( ) 6 9	( ) 6 2
2 5	d j d A E B I T te us	9 4	9 0
( ) 1 6	f l ( ) Ne ina ia inc t nc om e ex p en ses	( ) 1 8	( ) 1 6
( ) 2	( los ) f Ne inc ity inv t tm ts om e s rom eq es en u	0	0
3 4	d d l be fo A j Re te ts ta us su re xe s	7 6	7 3
( ) 5	Inc e t om ax es	( ) 1 9	( ) 1 9
2 8	d d l fo he d A j Re io te ts t us su r p er	5 6	5 4
0	ino ity int M sts r ere	( ) 0	0
2 8	d d f A j Ne Pr i te t t us o	5 6	5 4
% 1 6	Ta Ra te x	% 2 6	% 2 6

Note: figures based on NO GAAP measures

1Q 2018 CASH FLOW STATEMENT

(1) Acquisitions related to the closing of Vent d'Est (which took place on March 22, 2018 amounting to €12mn) and ForVEI consolidation (whose acquisition took place on January 12, 2018) for €346mn including also €10.5mn of FV relative to the leasing contract. (2) It includes €179mn referred to TotalERG disposal (on January 10, 2018), and €106mn referred to Brockaghboy disposal (on March 8, 2018)

2018 GUIDANCE AND CONCLUSIONS

LUCA BETTONTE, CEO

(1) CAPEX include the closing of Vent d'Est acquisition (which took place on March 22, 2018 amounting to €12mn), and ForVEI consolidation (whose acquisition took place onJanuary 12, 2018) for €346mn thus including €10.5mn of FV relative to the leasing contract (2) It includes Vendor Loan to api for €36mn

APPENDIX

WIND: KEY FIGURES (1/2)

Q 2 0 1 4 7	l l i io Eu ro m ns	1 Q 2 0 1 8	1 Q 2 0 1 7
1, 8 1 4	l le d c ( d- d, ) Ins i io W M ta ty ap ac en p er	1, 8 3 7	1, 2 0 7
	f w h h: ic o
1, 0 9 3	ly - It a	1, 0 9 3	1, 0 94
25 2	- F ran ce	26 8	25 2
21 6	- G erm an y	21 6	16 8
8 2	lan d - P o	8 2	8 2
70	- R ia om an	70	70
54	lg ia - B u ar	54	54
48	- U K	0	0
1, 0 8 1	lec du ( h ) E ic i Pr io G W tr ty t o c n	1, 2 1 9	1, 0 6 2
	f w h h: ic o
94 5	- It ly a	73 2	65 8
15 5	- F ran ce	20 0	15 6
13 2	- G erm an y	10 7	77
8 2	lan d - P o	61	6 3
48	- R ia om an	47	6 0
41	lg ia - B u ar	43	49
29	- U K	29	0

WIND: KEY FIGURES (2/2)

4 Q 2 0 1 7	l l Eu i ion ro m s	1 Q 2 0 1 8	1 Q 2 0 1 7
	/ ( h ) Un ita Re € M W ry ve nu es :
14 4	- It ly a	12 6	14 5
96	- F ran ce	88	89
88	- G erm an y	93	97
46	lan d - P o	50	44
58	ia - R om an	50	64
63	lga ria - B u	71	67
98	- U K	10 0	n.a
	d j d A E B I T D A: te us
63	ly - It a	77	81
10	- F ran ce	13	11
10	- G erm an y	8	6
2	lan d - P o	2	1
2	ia - R om an	1	3
1	lga ria - B u	3	3
2	- U K	3	0
8 9	l d j d To A E B I T D A ta te us	1 0 7	1 0 4
( ) 4 1	De ia ion t p rec	( ) 4 1	( ) 3 8
4 9	d d A j E B I T te us	6 6	6 5

SOLAR: KEY FIGURES

Q 2 0 4 1 7	l l i io Eu ro m ns	Q 2 0 8 1 1	Q 2 0 1 1 7
n. a.	( ) le du h E ic i Pr io G W tr ty t c o n	2 1	n. a.
n. a.	/ ( h ) Un i Re € M W ta ry ve nu es	2 8 9	n. a.
n. a.	d j d A E B I T D A te us	5	n. a.
n. a.	De ia io t p re c n	( ) 5	n. a.
n. a.	d d A j E B I T te us	0	n. a.

HYDRO: KEY FIGURES

Q 2 0 1 4 7	l l i io Eu ro m ns	1 Q 2 0 1 8	1 Q 2 0 1 7
2 6 0	( ) le ic i du io h E Pr G W tr ty t c o n	4 6 9	3 8 6
1 0 9	/ ( h ) Un i Re € M W ta ry ve nu es	9 4	9 5
2 0	d j d A E B I T D A te us	3 5	3 5
( ) 1 5	De ia io t p re c n	( ) 1 5	( ) 1 5
6	d d A j E B I T te us	2 0	2 1

CCGT: KEY FIGURES

4 Q 2 0 1 7	l l Eu i io ro m ns	1 Q 2 0 1 8	1 Q 2 0 1 7
6 4 1	le du ( h ) E ic i Pr io G W tr ty t c o n	5 2 7	6 0 0
4 6	( / ) i h Un Re € M W ta ry ve nu es	5 1	4 4
1 6	d d A j E B I T D A te us	1 8	1 4
( ) 8	De ia io t p re c n	( ) 8	( ) 8
8	d j d A E B I T te us	1 1	7

INVESTMENTS

Q 2 0 4 1 7	l l i io Eu ro m ns	Q 2 0 8 1 1	Q 2 0 1 1 7
9	in d W	( 1) 1 7	8
n. a.	lar So	( 2) 3 6 4	n. a.
3	dr Hy o	0	1
4	C C G T	2	2
1	Co te rp or a	1	0
1 7	l To ta	3 6 5	1 1

(1) It includes €12mn referred to Vent d'Est acquisition, whose closing took place on March 22, 2018(2) It includes ForVEI consolidation (whose acquisition took place on January 12, 2018) for €346mn thus including €10.5mn of

FV relative to the leasing contract.