ERG — Investor Presentation 2019

May 15, 2019

1Q 2019 Results

15 MAY ²⁰¹⁹LUCA 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 2019 Highlights

-Key Figures

-Recent Developments

Results Review

-Business Environment

-1Q 2019 Group EBITDA

-Results by Segments

Key Financials

-Profit & Loss

-Investments

-Cash Flow Statement

2019 Guidance and Conclusions

Appendix

HIGHLIGHTS: KEY FIGURES

Continuing ERG growth path

1Q 2019: STRONG ACCELERATIONON OUR BP

ERG exceeded 3,000MW of installed capacity in Europe

ISSUEDFIRST GREEN BOND

Bond Description

• • On April 4th ERG placed a 6 year fixed rate bond for €500mn, within€1bn EMTN Programme
• •Listed in the Luxembourg Stock Exchange
• •Coupon at 1.875% and yield at 1.933%
• •Fitch assigned a BBB- rating on ERG green bond issue
• •Requests exceeded 6 times the amount offered
• •Bond successfully distributed across Europe: high standing investors, with a significant ESG component

Strategic Rationale

• •Proceeds used to refinance Wind and Solar investments and to prepay Maestrale PF
• •Evolution of Group financial structure from PF to Corporate Financing
• •High confidence of investors on ERG reliability and execution
• •Recognition of the strong orientation of our business model towards the sustainable development

RESULTS REVIEW

PAOLO MERLI, CFO

BUSINESS ENVIRONMENT

Italy: Electricity Production vs Demand (TWh) 1Q 2018 1Q 2019 Delta %Italian Electricity Demand ^{81 80} -1%Italian Electricity Production ^{68 71} 3%of which:- Thermo ^{48 49} 2%- Hydro ^{9 8} -12%- Solar ^{4 5} 36%- Wind ^{6 7} 16%- Other Sources ^{1 1} -1%

Electricity Prices in Italy (€/MWh)

Clean Spark Spread Indicator (€/MWh)

WIND RESULTS

SOLAR RESULTS

HYDRO RESULTS

CCGT RESULTS

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.

(2) M&A CAPEX related to the closing of Andromeda acquisition (which took place on February 12, 2019), amounting to €220mn

KEY FINANCIALS

ADJUSTED P&L

4 Q 2 0 1 8	l l Eu i ion ro m s	1 Q 2 0 1 9	1 Q 2 0 1 8
1 0 9	d d A j E B I T D A te us	1 6 4	1 6 2
( ) 71	d de Am iza tio cia tio ort n a n pre n	( ) 72	( ) 69
3 8	d d A j E B I T te us	9 2	9 4
( ) 17	f l in (ex ) Ne ina nci t a com e pe nse s	( ) 18	( ) 18
( ) 0	( los ) fro Ne t in uit inv est nts com e s m eq y me	0	0
2 1	d d l be fo A j Re te ts tax us su re es	7 4	7 6
( ) 6	Inc e t om ax es	( ) 20	( ) 19
1 5	fo d j d l he io d A Re te ts t us su r p er	5 4	6 5
0	Mi rity in ter est no s	0	( ) 0
1 5	f d j d i A Ne Pr te t t us o	5 4	6 5
2 9 %	Ta Ra te x	2 % 7	2 6 %

Note: figures based on NO GAAP measures

1Q 2019 CASH FLOW STATEMENT

Adj. Leverage

2019 GUIDANCE

LUCA BETTONTE, CEO

2019 GUIDANCE

(1) 2019 Guidance does not include IFRS 16 effects

APPENDIX

ENERGY PORTFOLIO

Total 1Q 2019 Production: 2.3TWhTotal Energy Portfolio including hedging & other sales: 4.1TWh

WIND: KEY FIGURES (1/2)

4 Q 2 0 1 8		1 Q 2 0 1 9	1 Q 2 0 1 8
8 2 2 1,	( ) l le d c i d- io d, Ins M W ta ty ap ac en p er	8 2 2 1,	8 3 1, 7
	f w hic h: o
1, 09 3	ly - It a	1, 09 3	1, 09 3
30 7	- F ran ce	30 7	26 8
21 6	- G erm an y	21 6	21 6
82	lan d - P o	82	82
70	- R ia om an	70	70
54	lga - B ria u	54	54
9 5 5	( ) lec ic i du ion h E Pr G W tr ty t o c	1, 3 2 8	1, 2 1 9
	f w hic h: o
52 2	ly - It a	80 3	73 2
17 7	- F ran ce	20 9	20 0
10 3	- G erm an y	13 0	10 7
68	lan d - P o	82	61
46	ia - R om an	56	47
38	lga - B ria u	49	43
0	- U K	0	29

WIND: KEY FIGURES (2/2)

4 Q 2 0 1 8	l l Eu i ion ro m s	1 Q 2 0 1 9	1 Q 2 0 1 8
	/ ( h ) Un ita Re € M W ry ve nu es :
12 4	- It aly	12 0	12 6
88	- F ran ce	89	88
96	- G erm an y	10 1	93
77	ola nd - P	69	50
74	- R ia om an	72	50
84	- B ulg ari a	81	71
	d d A j E B I T D A: te us
49	aly - It	80	77
10	- F ran ce	14	13
8	- G erm an y	10	8
4	ola nd - P	5	2
2	- R ia om an	3	1
3	ulg - B ari a	4	3
0	- U K	0	3
7 5	l d d To A j E B I T D A ta te us	1 1 5	1 0 7
( ) 3 9	De iat ion p rec	( ) 4 0	( ) 4 1
3 6	d j d A E B I T te us	7 5	6 6

SOLAR: KEY FIGURES

4 Q 2 0 1 8	l l Eu i ion ro m s	1 Q 2 0 1 9	1 Q 2 0 1 8
2 0	lec ( h ) E ic ity Pro du ion G W tr t	4 4	2 1
2 8 4	( / ) ita h Un Re € M W ry ve nu es	3 2 7	2 8 9
4	d j d A E B I T D A te us	1 3	5
( ) 9	De iat ion p rec	( ) 1 0	( ) 5
( ) 5	d d A j E B I T te us	3	0

HYDRO: KEY FIGURES

4 Q 2 0 1 8	l l Eu i ion ro m s	1 Q 2 0 1 9	1 Q 2 0 1 8
3 3 8	lec ( h ) E ic ity Pro du ion G W tr t	3 0 1	4 6 9
1 1 4	( / ) ita h Un Re € M W ry ve nu es	1 0 8	9 4
2 8	d j d A E B I T D A te us	2 3	3 5
( ) 1 5	De iat ion p rec	( ) 1 4	( ) 1 5
1 4	d d A j E B I T te us	9	2 0

CCGT: KEY FIGURES

4 Q 2 0 1 8	l l Eu i ion ro m s	1 Q 2 0 1 9	1 Q 2 0 1 8
0 6 5	( ) lec ic ity du ion G h E Pro W tr t	6 8 1	2 5 7
3 7	/ ( h ) Un ita Re € M W ry ve nu es	3 6	5 1
5	d d A j E B I T D A te us	1 7	1 8
( ) 8	De iat ion p rec	( ) 7	( ) 8
( ) 3	A d j d I E B T te us	1 0	1 1

INVESTMENTS

4 Q 2 0 1 8	l l Eu i ion ro m s	1 Q 2 0 1 9	1 Q 2 0 1 8
1 7	d W in	1 0	( 1) 1 7
0	lar So	2 2 0	( 2) 3 4 6
4	dr Hy o	1	0
4	C C G T	2	2
1	Co ate rp or	0	1
2 6	l To ta	2 3 3	3 6 5

(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.