IH 2009 Financial Results

IH 2009 Financial Results

Milan, 7

th

_{August 2009}

Market Environment

Eni Gas Release Price Brent Price 0 20 40 60 80 100 120 140 160

lug ago set ott nov dic gen feb mar apr mag giu

$/bbl - 2007/2008 $/bbl - 2008/2009 0 5 10 15 20 25 30 35 40 45

lug ago set ott nov dic gen f eb mar apr mag giu

(€/MWh) - 2007/2008 (€/MWh) - 2008/2009

Euro – Us Dollar Exchange rate _{TTF Gas Price}

1,2 1,25 1,3 1,35 1,4 1,45 1,5 1,55 1,6 1,65 5 10 15 20 25 30 35

IH09 Results Highlights

Domestic Production: 102 MSmc (- 16.4% vs IH08) due to expected extraordinary maintenance on some wells, now the production is achieving yearly target.

Reserves replacement due to workover activities near to 100% Under evaluation acquisition opportunity of Italian Assets; Italian+Int. E&P

Storage Sinarca: near to complete the process to obtain the concession;

The Group reacts in a complex macroeconomic scenario bearing the economic reasults: Revenues 224.5M€ (+19.4% vs IH08), EBITDA 23.9 M€ (-27.6% vs IH08), EBIT 14.6 (-29.7% vs IH08).

Higher Net Profit 10.2 M€ (+15.1 % vs IH08).

2 Sales 586.3 MScm (+8.3% vs IH08);

Positive operating profitability (EBITDA 4.1 M€) notwithstanding the negative economic scenario; S&S

Network

Transport

Retail

Volume of gas sold : 197.6 MScm (-0.3% vs IQH8);

Lower consumption individual customers due to slowdown of industrial customers;

Thin margins led to a negative global result, expected recovery in IIH09: EBITDA -1,1M€ (€ IH08 : +0,5M)

Distributed volumes: 107 MSmc (-3.2% vs IQH8) due to the consumption slowdown Gas Plus Reti S.r.l. became fully owned by Gas Plus.

Signed the agreement with the local municipalities in order to spinoff pipeline asset in 3Q and start-up the operations of BU Transport in 4Q09.

IH09 Results

% %

IH09

IH08

% change

Total Revenues

224.5

188.0

+19.4%

Operating Costs

200.6

+89.3%

154.9

+82.4%

+29.5%

EBITDA

23.9

+10.7%

33.1

+17.6%

-27.6%

EBIT

14.6

+6.5%

20.8

+11.1%

-29.8%

Profit before Tax

17.1

+7.6%

19.0

+10.1%

-9.8%

(Euro M)

Profit before Tax

17.1

+7.6%

19.0

+10.1%

-9.8%

Net Profit

10.2

+4.5%

8.9

+4.7%

+15.1%

EPS

0.23

0.20

+15.1%

44,909,620

44,835,000

Net Debt

22.0

-24.1

Equity

218.8

215.3

Fixed assets

225.6

217.8

IH09 Financial Data

EBITDA by Business Unit EBIT by Business Unit

-1.074 -1.095 -0.282 -0.077 26,808 19,366 3,383 4,101 0,508 2,131 3,402 0,244 IH08 IH09 M€

Other Activities Network Retail Supply & Sales Exploration & Production 33.074 25.718 - 22% 15,759 11,853 14,179 8,615 3,383 4,101 3,383 4,101 0,494 0,494 1,063 1,837 1,063 1,837 0,148 0,148

IH08 IH09 IH08 adj. IH09 adj.

M€

Other Activities Network Retail Supply & Sales Exploration & Production

20.847 16.414 19.267 13.176 - 21% - 32% 4

Balance Sheet _{Net Debt and Cash Flow}

30th June 2009 31st December 2008

Inventories 41,190 48,663

Receivables 133,930 138,472

Payables (55,481) (102,213)

Other working credits/debts (41,622) (8,792)

Net work ing capital 78,017 76,130

Non current assets 225,574 223,474

Tax, Abandonment, Severance and other

provisions (62,810) (62,849)

Net Invested Capital 240,781 236,755

Net financial Position 22,010 20,746

Equity 218,771 216,009 Total sources 240,781 236,755 (20,746) 23,929 (6,919) (1,926) (11,806) (6,578) 2,036 (22.010) (30.000) (25.000) (20.000) (15.000) (10.000) (5.000) 0 5.000 Initial NFP @ 1st Jan 2009 Ebitda Taxes Change in funds and WC Net Capex / Disposal Dividends Financial profit/loss Final NFP @ 30th June 2009

E&P

IH09

IH08

∆∆∆∆

%

Gas Production (MScm)

101.6

121.5

- 16.3%

Transfer Price (€cent/Scm)

28.4

28.6

- 0.8%

Exploration Capex Italy (M€)

0.8

3.7

- 78.6%

Exploration Capex International (M€)

0.9

4.2

- 77.8%

Development Capex Italy (M€)

8.6

1.6

+ 437.2%

EBITDA

19.4

26.8

- 27.8%

Production IH09 Production IH09

Successful Workover: Metaponto 1, Accettura 2; Setting up of the compression station in

Poggiofiorito;

International Activities

Romania (15% ) UK

Block P001-Monkwell expected drill in 2H09

Poland

Assigned Block 106 on December

Tender for assigment of 3D seismic survey

NL

JVS on Blocks E15c, E13, D9 with Tullow oil (op)

6 6

Romania (15% )

Change of operator (IQ09) with Melrose; Slowdown of formal permitting procedure due to the authorization process

Storage

SINARCA PROJECT (60% GPS) SINARCA PROJECT (60% GPS)

MSE convened the “Conferenza dei Servizi”, last stage in authorization procedure;

Published EIA Ministry Decree (2008), under implement the prescription enclosed in the Decree;

Assignment of EPIC underway;

Poggiofiorito (100% GPS) Working Gas : 157 MSmc San Benedetto (49% GPS) Working Gas : 522 MSmc Sinarca (60% GPS) Working Gas : 324 MSmc

Total Working Gas 1,003 MSmc Gas Plus is operator in all the projects

SAN BENEDETTO (49% GPS) SAN BENEDETTO (49% GPS)

JV operating and technical bodies began the activities;

Ongoing the setting up of the EIA study;

POGGIOFIORITO (100%GPS) POGGIOFIORITO (100%GPS)

Ongoing the setting up of the EIA study.

Projects Schedule

Poggiofiorto San Benedetto Sinarca

Total Working Gas 1,003 MSmc Total Gas Plus Share 607 MSmc

Supply & Sales - Retail

S&S

Retail

crisis;

Increase of operating margins thanks to

profitability on the supply side (gas purchase on foreingn markets).

.

Negative result due to low margins, expected a recovery in 2H09 thanks also to the AEEG act n.64/90 ;

Higher fixed costs incidence due to commercial expansion and decrease of average business customer consumption linked to economic recession.

Network

* Former Salso Servizi Netwok business unit excluded

IH09

IH08*

∆∆∆∆

%

Distributed volumes (MSmc)

107.0

85.9

n.a.

Direct end users (#k)

89.8

71.3

n.a.

Pipeline

1.5

1.5

n.a.

EBITDA (M€)

3.4

2.1

+ 59.6%

Gas Plus Reti S.r.l. became fully owned by Gas Plus;

Still applied the old tariff mechanism and assumed as yearly budget reference. Uncertain the application

of

the new tariff mechanism approved by the AEEG. (act #159/08);

Signed the agreement with local municipalities in order to spin off in 3Q09 of almost 30km of network to

Gas Plus Trasporto S.r.l., new company that operates in the regional transport business unit.

Company Profile

Shareholding

Share information

N. of share: 44,909,620 IPO price: € 8.5 per share

Price as of 08/03/09: € 7.25 per share Mkt capitalization: € 324M

Italian Stock Exchange – segment MTA Specialist: Banca IMI S.p.A.

Own shares as of 08/03/09 : 1,104,073.

Share price performance

10500 12500 14500 16500 18500 20500 22500 24500 26500 28500 30500 32500 5 5,5 6 6,5 7 7,5 8 8,5 € 73,62% 12,74% 13,64%

Us.fin. S.r.l. (Davide Usberti) Findim S.A. Market (included own shares)

10 10

Group structure

Management

Davide Usberti Chief Executive Officer

Paolo Tedesco Chief Financial Officer and responsible for the preparation of the

company’s financial reporting

Giovanni Baroni Director Corporate Business Development and Investor Relator

Achille Capelli Director of Network Business Unit

Davide Cornaggia Director of Supply&Sales and Retail Business Units

Luigi Diamante Director of Exploration&Production Business Unit

Cinzia Triunfo Responsable of General Affairs and Storage Business Unit

Gian Maria Viscardi Network CEO

Giovanni Dell'Orto Chairman International B&P

Other Group's Executives

GAS PLUS MIBTEL

Gas Plus SpA

Gas Plus Italiana SpA Gas Plus Energia Srl Gas Plus Vendite Srl Gas Plus Reti Srl Gas Plus Storage Srl E&P Business Unit S&S Business Unit Storage Business Unit Network Business Unit Retail Business Unit Other 100% 100% 100% 96.1% _85%

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) 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.