Analyst Presentation

3Q 2013 Financial Results

November 15th, 2013

www.gasplus.it

INDEX

1 1

INDEX

MARKET SCENARIO

HIGHLIGHTS

FINANCIAL RESULTS

Eni Gas Release Price

MARKET SCENARIO

Euro – Us Dollar Exchange rate

2

Market

TTF Gas Price

Brent Price

HIGHLIGHTS

3 3

Fin. Overview

Positive results compared with the actual market environment for

the Oil&Gas industry characterized by a lower hydrocarbon prices

scenario

E&P Business Unit recorded good results despite production

constraints on a non operated concession

Remarkable EBITDA of Commercial Gas Assets thanks to the

portfolio selection and commercial turnover reduction

Stable positive results from regulated activities

Significant reduction of NFP thanks to cash flow generation and

constant monitoring of working capital including the recent securitization

agreement.

FINANCIAL RESULTS

4 4

Fin. Overview

9M 13 Financial results

Total Revenues decrease determined by portfolio optimization strategy

EBITDA down by 10.0% but strong improvement of EBITDA margin from 25.04% to 34.74%

Consistent reduction of net financial charges due to strong reduction of NFP

Net result still impacted by increased tax rate due to the expanded perimeter of Robin Tax application

9M 2013 – Group P&L

Group (M€) 9M 13 9M 12 % Change 3Q13 3Q12 % Change

Total Revenues 130.3 200.9 -35,1% 19.8 37.5 -47.2%

Operating Costs 85.0 150.6 -43.5% 9.2 24.0 -61.7%

EBITDA 45.3 50.3 -10.0% 10.7 13.5 -20.7%

EBIT 28.2 32.1 -12.2% 5.1 7.0 -27.1%

EBT 19.2 21.1 -9.0% 2.9 2.9 0.1%

Net Result 10.3 11.8 -12.1% 1.7 1.5 13.3%

EPS (€) 0.24 0.27 -12.1% 0.03 0.03 13.3%

9.3

-1.4 -0.6

-6.7 -5.5

-3.3

-3.5

-0.3

0.1 0.2 0.2

Short Term Financial Charges Long Term Financial ChargesCharges on Funds NPV Other Financial ChargesFinancial Revenues

47.0

34.8

4.0

4.1 6.5

-0.7 -0.1

E&P Network Commercial Gas Assets Other

5

FINANCIAL RESULTS Fin. Overview

Net Profit evolution (M€)

9M 2013 Consolidated results

EBITDA breakdown by BU (M€)

50.3 45.3

-12.2

0.1

6.5 0.6

9M12 E&P Network CommercialGas Assets

Other 9M13

50.3 45.3

Group EBITDA evolution (M€)

9M12 9M13

-5.0

1.1

2.0 0.4

9M12 EBITDA D&A Financialcharges &

Other

Taxes 9M13

11.8

10.3

11.6

9M12 9M13

Net Financial Charges evolution (M€)

FINANCIAL RESULTS

6

Fin. Overview

September 30, 2013 – Group Balance Sheet

Lower net working capital mainly driven by receivables reduction, enhanced by the securitization

contract of the commercial portfolio (max plafond revolving amount € 35 M)

Net Financial Debt reduction thanks to a more efficient working capital management and cash-flow

generated by the industrial activities

Improvement and significant reduction of D/E ratio from 0.73 to 0.48

Group (M€)

September

30, 2013

December

31, 2012

% Change

Inventories 26.1 30.2 -13.6%

Receivables 38.9 80.4 -51.6%

Payables (32.5) (35.7) -9.0%

Other working Credits/Debits (1.9) (10.2) -81.4%

Non current Assets 489.6 503.4 -2.7%

Taxes, Abandonment, Severance and Other provision (212.8) (212.3) 0.2%

Net invested capital 307.4 355.7 -13.6%

Net Financial Debt 99.1 150.5 -34.2%

of which long term 88.5 133.3 -33.6%

of which short term 10.5 17.2 -39.0%

Equity 208.4 205.2 1.6%

Total Sources 307.4 355.7 -13.6%

150.0

35.0 35.0

44.1 42.7

48.0

40.5 41.0

26.7

25.2

26.1 26.9

27.4

-

20,0

40,0

60,0

80,0

100,0

120,0

140,0

160,0

180,0

31 Dec2010

31 Dec2011

31 Dec2012

30 Sep2013

Vendor Loan 2017*

ML Term Loan - Baloon2016**

ML Term Loan -Amortizing 2012-2016**

USFIN financing (31 Dec2013)***

Bridge loan 2011

FINANCIAL RESULTS

7

Fin. Overview

Breakdown of NFP (M€)

Breakdown of acquisition financing by duration (M€)

175.2

145.7 145.6

102.1

Breakdown of working capital financing by duration (M€)

* includes interests; ** includes a quota of the IRS fair value; *** Reimbursed in March 2013

175.2 145.7 145.6

102.1

75.4

67.2 4.9

-3.0

-50,0

0,0

50,0

100,0

150,0

200,0

250,0

300,0

31 Dec 2010 31 Dec 2011 31 Dec 2012 30 Sep 2013

Acquisition financing Working capital financing

250.6

212.9

150.5

99.1

0.3 2.5 -1.6 -3.0

31.1 29.7

6.5

44.0 35.0

-10,0

-

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

31 Dec2010

31 Dec2011

31 Dec2012

30 Sep2013

Revolving 2011 -2016

Revolving 2011

Self liquidating creditline

Overdraft and others

75.4 67.2

4.9

-3.0

8 8

FINANCIAL RESULTS: E&P E&P

9M 2013 P&L - E&P contribution

EBITDA reduction affected by (i) oil and gas prices scenario and (ii) contingent production decrease,

mainly due to constraints on a non operated concession, partially balanced by strong control on operating

costs

Exploration and Development Capex reduction mainly due to delay in the on-going authorization process

Development: step forward related to two main projects: (i) for the first, final stage of executive design and

(ii) on-going EIA issuance procedure for the other

Exploration: (i) forthcoming long production test of “Masseria Morano 1 Dir” and (ii) executive design for

location and construction permit of “Faseto 1 Dir” well

As of September 30th, 2013 2P hydrocarbon reserves are Bscme 5,1

International activities:

• Romania: On-going discussions among ExxonMobil, Petrom and Gas Plus with Romanian authorities

for the spin-off of Midia Deep area from Midia concession (Gas Plus owning a 15% interest) which is

expected within 2013

• Poland: application for extension of Block 106 concession submitted

E&P (M€) 9M13 9M12 % Change 3Q13 3Q12 % Change

Hydrocarbon Production

(MScme) 173.7 185.1 -6.2% 57.2 62.2 -8.0%

of which natural gas 152.2 158.1 -3.7% 50.1 54.1 -7.4%

of which oil and condensate 21.5 27.0 -20.4% 7.1 8.1 -12.3%

Exploration Capex 0.6 1.5 -60.0% 0.2 0.8 -75.0%

Development Capex 1.6 8.9 -82.0% 0.4 2.6 -84.6%

EBITDA 34.8 47.0 -26.0% 10.4 16.3 -36.2%

9 9

FINANCIAL RESULTS: Commercial Gas Assets Commercial

Gas Assets

9 9

9M 2013 P&L - Commercial Gas Assets Contribution

Strong increase of marginality: EBITDA € 6.5 million thanks to optimization of customers portfolio (focus on

profitability and solvency) which has reduced the volume sold but has strongly increased the marginality

Receivables Securitization Agreement leads to improvement in the working capital management and reduction in

credit risk

Next Gas Year Outlook

Mainly in wholesale activities, marginality will be affected by new gas prices regime “TTF linked” introduced by

AEEG

In order to balance the decrease in marginality, the focus of the Group will be on (i) increasing the sales in the

most profitable segments, considering the creditworthiness, and (ii) optimizing the costs structure

Commercial Gas Assets

(MScm) BU 9M13 9M12 % Change 3Q13 3Q12 % Change

Supply (MScm) 257.4 476.4 -46.0% 71.8 122.1 -41.2%

Sales (MScm) 263.1 443.6 - 40.7% 35.8 78.6 - 54.5%

Third retail S&S 91.4 181.0 - 49.5% 12.4 20.9 - 40.7%

Balancing (former Trading) S&S 64.5 102.8 -37.3% 11.3 34.1 -66.9%

Captive S&S 107.2 159.8 -32.9% 12.1 23.6 -48.7%

Residential Retail 63.7 69.5 -8.3% 4.9 4.5 8.9%

Small Business/Multipod Retail 19.3 31.5 -38.7% 1.7 3.0 -43.3%

Industrial Retail 24.2 58.8 -58.8% 5.5 16.1 -65.8%

EBITDA 6.5 0.0 n.m. 0.2 -2.7 111.1%

of which S&S 2.5 -1.0 350.0% -0.3 -2.7 88.9%

of which Retail 4.0 1.0 300.0% 0.5 0.0 n.m

10 10

FINANCIAL RESULTS: N&T and Storage

9M 2013 P&L – N&T Contribution

San Benedetto (AP)

(49% GPS)

Sinarca (CB)

(60% GPS)

Poggiofiorito (CH)

(100% GPS)

Network

Confirmed positive results in line with last year

Increase in 2013 VRT (+3% with respect on 2012) due to

remuneration of capex on smart meters

New tariff model from 2014 onwards

Constant monitoring and evaluation of the new ATEM

tenders with the goal, at least, to maintain the same

perimeter of activities and the same level of profitability

Transportation

7.037 MSmc transported in 9M 2013

42 km fully owned transportation network

SAN BENEDETTO (49% GPS - Operator): EIA procedure

(Law334/99) ongoing

POGGIOFIORITO (100%GPS): EIA and NOF procedure

(Law 334/99) ongoing

SINARCA PROJECT (60% GPS - Operator): Final

authorization and technical assessment

Storage projects:

Network and

Transportation Storage

N&T (M€) 9M13 9M12 %

Change 3Q13 3Q12 %

Change

Distributed

Volumes

(MScm) 134.7 132.7 1.5% 20.1 20.5 -2.0%

Direct end

users (#K) 88.9 89.5 -0.7% n.m. n.m. n.m.

Pipeline (Km) 1,487.3 1,476.2 0.8% n.m. n.m. n.m.

CAPEX 1.0 0.7 42.9% 0.5 0.1 400.0%

EBITDA 4.1 4.0 2.5% -0.1 -0.1 0.0%

COMPANY PROFILE

11 11

Annex

Shareholding as at 30 Sept. 2013 Share information

N. of share: 44,909,620

Share price as of 30/09/2013: € 4.50

Share price as of 14/11/2013: € 4.71

Mkt cap 14/11/2013 : € 211.5 million

Italian Stock Exchange – segment MTA

Own shares as of 30/09/2013: 1,336,677

Share price performance

Group structure Management

Cinzia Triunfo

Achille Capelli

Sandro Mezzi

Davide Usberti

Germano Rossi

Bruno de Vinck

Chief Executive Officer

Chief Financial Officer

Director of Network Business Unit

Planning, Development & General Affairs Director,

CEO of Padana Energia

Director of International E&P Branch

Regulated activity - Network

Director of Italian E&P Branch

Fabio Guastella Head of Supply & Sales Business Unit

100% 100% 100%

Società

Padana

Energia SpA

Gas Plus S.p.A.

Gas Plus

Italiana Srl

Gas Plus

Vendite Srl

Retail E&P S&S

Gas Plus

International

BV

100%

Reggente

SpA

81,5%

100% 100%

100% 97%

85%

Gas Plus

Storage Srl

Gas Plus

Reti Srl

Gas Plus

Energia Srl

Gas Plus

Salso Srl

Gas Plus

Trasporto Srl

Other Storage Network and

Transportation

BU Commercial Asset

Business

Unit

Legal

Entities

Gianmaria Viscardi Network Chief Executive Officer

Giovanni Dell’Orto Chairman of International E&P Branch

Floating shares; 7,57%

FINDIM; 15,51%

USFIN; 73,94%

Treasury Shares; 2,98%

12 12

Disclaimer

This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gas

Plus. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking

statements are statements of future expectations that are based on management’s current expectations and assumptions and involve

known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those

expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the

potential exposure of Gas Plus to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts,

projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’,

‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’,

‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Gas

Plus and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report,

including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c)

currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g)

environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and

successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject

to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising

from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks,

project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions.

All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements

contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking

statement speaks only as of the date of this presentation. Neither Gas Plus nor any of its subsidiaries undertake any obligation to

publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of

these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this

presentation.