1H 2010 Financial Results

Milan, 6th August 2010

www.gasplus.it

Euro – Us Dollar Exchange rate

1

Market Scenario General

TTF Gas Price

Eni Gas Release PriceBrent Price

2

1H10 Results Highlights

Gross margin reduction (-24%), of which -22% due to gas price and -2% to production decrease

Investment policy, production and reserves replacement ratio affected by the expectation of a possible relevant

acquisition.Italian+Int. E&P

Sales 743.3 MScm (+26.9% vs 1H09); enlarged customer base

Temporary reduction in profitability (EBITDA € 2.0 M, -51.2% vs. 1H09) due to higher storage costs and

negative margin on some non recurrent trading sales

S&S

Network

Transport

Retail

Storage

Volume of gas sold : 309.2 MScm (+56.2% vs 1H09);

Ebitda increase (negative Ebitda in 1H09), due to sale formula revision and higher tariff for residential customers

Distributed volumes: 123.2 MScm (+15.0% vs 1H09);

Increase of Ebitda (+11.8% vs. 1H09) due to new tariff mechanism (act 159/08);

Definitive tariffs issued in July; expected increase in Revenues and Ebitda

Sinarca: in May started “Conferenza dei Servizi”

San Benedetto: continuing the JV’s operative activities; VIA procedure in start-up

Revenues 218.2 M€ (-2.8% vs. 1H09), EBITDA 20.2 M€ (-15.5% vs. 1H09), EBIT 9.1 M€ (-38.0% vs. 1H09),

Net Profit 4.2 M€( -58.4% vs. 1H09).

Increase in volumes (+26.9%); decrease in average selling price ( -22.4%) and unit margin

Temporary increase in Net Financial Debt 52.5 M€; expected reduction in 2H10, net of acquisition effect

Selling price recovery already started; price level expected in 2H10 higher than in 2H09

Fin. Overview

33

1H10 Results Fin. Overview

(Euro M)% % % change

IH10 on sales IH09 on sales 2010-2009

Total Revenues 218,2 224,5 (2,8%)

Operating Costs 198,0 90,7% 200,6 89.3% (1,3%)

EBITDA 20,2 9,2% 23,9 10.7% (15,7%)

EBIT 9,1 4,2% 14,6 6.5% (38,0%)

Profit before Tax 8,3 3,8% 17,1 7.6% (51,5%)

Net Profit 4,2 1,9% 10,2 4.5% (58,4%)

EPS 0,10 0,23

44.909.620

Net Debt 52,5 22,0

Equity 217,7 218,8

Fixed assets 217,9 225,6

4

1H10 Financial Data Fin. Overview

Balance Sheet Net Debt and Cash Flow

EBITDA by Business Unit EBIT by Business Unit

-1,1-0,7 -1,1 -1,0

(39.634)

20.167

(4.054)

(11.225)

(9.033)

(6.538)

(2.187)

(52.504)

(55.000)

(50.000)

(45.000)

(40.000)

(35.000)

(30.000)

(25.000)

(20.000)

(15.000)

(10.000)

(5.000)

0

Initial NFP

@ 1st Jan

2010

Ebitda

Taxes

Change

In funds

and WC

Net Capex /

Disposal

DividendsFinancial

profit

and loss

Final NFP

@ 30th Jun

2010

-0.1 -0.3

30 June 2010 31 December 2009 Change 10 - 09

Inventories 23.796 38.596 (38,3%)

Receivables 168.752 122.881 37,3%

Payables (55.177) (52.334) 5,4%

Other working credits/debts (24.381) (6.108) 299,2%

Net working capital 112.990 103.035 9,7%

Non current assets 217.942 220.317 (1,1%)

Tax, Abandonment, Severance and other

provisions (60.731) (62.001) (2,0%)

Net Invested Capital 270.201 261.351 3,4%

Net financial Debt 52.504 39.634 32,5%

Equity 217.697 221.717 (1,8%)

Total Sources 270.201 261.351 3,4%

55

E&P E&P

Gross Production 1H10 vs. 1H09

Slowdown of revenues and Ebitda due to slight

decrease of production and fall of commodities price

compared to the previous year (-22%)

Decrease in production foreseen on an annual basis

( less than 10%) due to natural decrease of reservoirs

On an annual basis, capex level linked to the result of

the possible acquisition of E&P production assets

Masseria Morano 1dir reserve appraisal subject to long

production test

Unsuccessful drilling of Monkwell (UK North sea)

17,1

14,9

17,0 17,218,2

17,217,015,4

16,7 16,7 16,4 16,3

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

20,0

gen feb mar apr mag giu2009 2010

MSmc

1H10 1H09 D%

Gas Production (MScme) 98,5 101,6 - 3,0%

Exploration Capex Italy (M€) 3,1 0,8 + 287,5%

Exploration Capex International (M€) 2,2 0,9 + 144,4%

Development Capex Italy (M€) 2,9 8,6 - 66,3%

EBITDA (M€) 13,9 19,4 - 28,4%

66

International Activities

Romania (15% )

Formal permitting procedure expected in 2H 10. Gross

resources of approx 1.4 BSmc (as per Melrose report)

UK

Block P001-Monkwell unsuccessful in IIQ10

Poland

Assigned Block 106 on December 08

3D seismic in IIIQ 10

NL

Plan of additional 3D seismic on Blocks

E15c, E13, D9 with Tullow Oil (op)

Romania

E&P

7

Storage Storage

SINARCA PROJECT (60% GPS)

“Conferenza dei Servizi” started in

May in order to finalize the

concession authorization

Assignment of EPIC underway

SAN BENEDETTO (49% GPS)

JV operating and technical bodies

continue the activities; VIA procedure

in start-up

Finalization of the EIA study

Positive outcome of the litigation

raised by other competitor

POGGIOFIORITO (100%GPS)

Ongoing the setting up of the EIA

study

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

Total Gas Plus Share 607 MSmc

Gas Plus is operator in all the projects

2009 2010 2011 2012 2013 2014

Sinarca

San Benedetto

Poggiofiorito

Projects Schedule

88

Supply & Sales - Retail S&S - Retail

S&S Retail

Strong increase in # of customers and volumes

Colder than average winter temperatures

Margin reduction in 2Q 10 due to some non

recurrent storage costs and trading transactions

Increase of profitability for residential sales, due

to revised gas price formula (Act 64/09)

Increase in volumes and # of customer for other

than residential customers

(sb/multipod/industrial)

Conservative provisions for bad debt due to the

negative macroeconomic situation

1H10 1H09 D%

Supply (MSmc) 692,1 615,9 + 12,4%

Sales (MSmc) 743,3 585,9 + 26,9%

Captive 314,2 204,2 + 53,8%

Third retail 294,8 156,8 + 88,0%

Trading 134,4 224,9 - 40,3%

EBITDA (M€) 2,0 4,1 - 51,2%

1H10 1H09 D%

Sales (MSmc) 309,2 197,9 + 56,2%

Residential 77,8 74,4 + 4,5%

Small Business/Multipod 69,7 42,3 + 64,8%

Industrial 161,7 81,2 + 99,1%

EBITDA (M€) 1,3 (1,1) n.a.

99

Network & Transportation Network & Transportation

Increase of Revenues and Ebitda due to new tariff system (act AEEG #159/08) and colder than average

winter temperature

Definitive tariffs issued at the end of July 10; increase in Revenues and EBITDA expected

Fair value agreed with some municipalities confirms Gas Plus industrial recovery value approach;

successful bid for the 12y renewal of the Vigolzone (PC)concession; unsuccessful for S.Agostino (FE)

Temporary renewal for two other expiring concessions

Still uncertain the process of public tender for the renewal of the network concessions

Further increase in Gas Plus transportation own network (11 km in Valnure, previously included in

distribution network) starting in 2H 10

Network & Transportation

1H10 1H09 D%

Distributed volumes (MSmc) 123,2 107,1 + 15,0%

Direct end users (#k) 91,0 90,1 + 1,0%

Pipeline (km) 1497,0 1482,0 + 1,0%

EBITDA (M€) 3,8 3,4 + 11,8%

1010

Company Profile Annex

Shareholding Share information

N. of share: 44,909,620

Price as of 08/05/10: € 5.255 per share

Mkt capitalization: € 236M

Italian Stock Exchange – segment MTA

Own shares as of 08/06/2010: 1,375,155

Share price performance

Group structure Management

Gas Plus SpA

Gas Plus

Italiana SpA

Gas Plus

Energia Srl

Gas Plus

Vendite Srl

Gas Plus

Trasporto Srl

Gas Plus

Reti Srl

Gas Plus

Storage Srl

E&P

Business

Unit

S&S

Business

Unit

Storage

Business

Unit

Network & Transportation

Business

Unit

Retail

Business

Unit

Other

100% 100% 100% 96.1% 85%

100%

Davide Cornaggia

Giovanni Dell’Orto

Cinzia Triunfo

Achille Capelli

Luigi Diamante

Davide Usberti

Paolo Tedesco

Gianmaria Viscardi

Chief Executive Officer

Chairman International Exploration & Production

Chief Financial Officer and Investor Relator

Director of Network Business Unit

Director of Supply & Sales and Retail Business Units

Director General Affairs and Responsible Storage Business Unit

Network Chief Executive Officer

Director Exploration & Production Business Unit

Others groups executive

1111

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.

Disclaimer