FY 2007 Financial Results

Milan, 31 March 2008

www.gasplus.it

1

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 thoseexpressed 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.

2

Gas Plus at a glance

Fully Integrated Italian Gas Company

Exploration and production of hydrocarbons, primarily gas

New storage business

Supply and wholesale of gas

Distribution of gas through local pipeline network

Sale of gas to end users

Existing E&P asset portfolio

E&P applications for new assets

Exploration & Production

Supply & Sales

RetailStorageNew business

Trading Activity

Network

3

2007 Highlights

Increased the level of gas production level production in spite of existing fields natural depletion: +3,8%;

Reserves replacement ratio in Italy :+177% ;

Content of E&P Opex : 0,29 Euro/Scm (-14,7%);

Important gas discovery in Romania : certified net Gas in Place (net GOIP) 7,700 BSmc (Gas Plus share 1,16 BSmc -15% share) + additional prospects to be drilled in 2008 on the same trend;

Commercial sales* increase in Italy :+32%

Gas Prices increase in 4Q07 after the minimum in summer 2007;

Acquisition of the majority stake in two distribution companies jointly owned with municipalities : MoU under finalization

TTF Gas price 2006 vs 2007TTF Gas price 2006 vs 2007TTF Gas price 2006 vs 2007

52%

€/MWh

ENI Gas Release - 2007ENI Gas Release ENI Gas Release -- 20072007€/MWh

* Trading sales excluded

21,0

21,5

22,0

22,5

23,0

23,5

24,0

24,5

25,0

Jan Feb Mar Apr May Jun Jul Ago Sep Oct Nov Dec

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FY 2007 Results Fin. Overview

Total Revenues 244,391 184,100 32,7% 108,588 57,760 88,0%

EBITDA 52,788 55,018 (4,1%) 19,363 17,058 13,5%

EBIT 23,617 27,738 (14,9%) 11,298 4,902 130,5%

Profit before Tax 22,349 23,531 (5,0%) 10,542 2,813 274,8%

Net Profit 13,672 13,642 0,2% 7,279 1,111 555,2%

EPS 0,31 0,39 (20,5%) 0,16 0,02 700,0%

Net Debt 8,893 3,698 140,5%

Equity 218,871 214,273 2,1%

Fixed assets 238,901 241,413 (1,0%)EBIT/CIN 10,37% 12,73%

(Euro M)FY07 FY06 4Q06

% change

% change 4Q07

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Sources and uses of cashSources and uses of cashSources and uses of cash

EBIDA by Business UnitEBIDA by Business UnitEBIDA by Business Unit EBIT by Business UnitEBIT by Business UnitEBIT by Business Unit

Financial and Economic Results

32,9 34,2

14,6 14,0

47,5 48,2

0,1

2,2 1,8

0,11,9

2,12,3

0,5

2,61,8

22

35

0,30,1

3,21,7

9M07 9M06 4Q07 4Q06 FY07 FY06

Exploration & Production Supply & Sales Retail Network Other Activities

13,7

21,2

7,1

2,3

20,823,4

0,1

2,2

1,8

0,1

1,9

2,1

2,3

0,5

2,5

1,7

1

1

1

3

0,3

1,2

0,0

9M07 9M06 4Q07 4Q06 FY07 FY06

Exploration & Production Supply & Sales Retail Network Other Activities

16

37

4,0

6,8

15,521,6

8,9 8,5

21,0

4,3

Cash Flow (*) Other (+) Istogramma 3 DividendsBuyback Capex* Other (-)

33,43 37,96

19,363

17,06

52,7955,02

2007 2006

12,32

22,84

11,30

4,1

23,62

27,73

Fin. Overview

* Not considering Capex fully depreciated in the year (12,1 M€ in 2007 and 11,1 M€ in 2006

(Euro thousands) December 31, 2007

December 31, 2006

Delta % FY07-06

Non current assets 233.884 233.734 0%

Inventories 21.225 20.756 2%Commercial Credit 104.151 65.366 59%Commercial Debt (73.758) (34.343) 115%Others 3.087 (6.977) -144%Net Working capital 54.705 44.802 22%

Tax, Abandonment Severance and Other Provisions (60.825) (60.565) 0%

Net invested capital 227.764 217.971 4%

Equity 218.871 214.273 2%Net Debt 8.893 3.698 140%Total sources of financing 227.764 217.971 4%

Balance Sheet

35,5

53,0

34,1

21,0

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RevenuesRevenues

E&P E&P

ReservesReserves vs Productionvs Production

IT 2007 new 2P gas reserves + 0,422 BScm

IT 2P Reserves Replac. Ratio + 177 %

Romania new GIIP (net) + 1,16BScm

-400-200

-200400600800

1.0001.2001.4001.6001.8002.0002.2002.4002.6002.800

2004

2005

2006

2007

Mill

ion

Scm

Production P1 Reserves P2 risked Reserves

* Reserves certified by S.I.M. S.r.l.

7,3% 2,532,71IT Reserves* (BScmeq)

(27,5%)19,5214,15Development Capex Italy (M€)

168,8% 2,907,79Exploration Capex International (M€)

(44,7%)8,704,81Exploration Capex Italy (M€)

(8,4%)26,0123,8226,40424,163Transfer Price (€cent/Scm)

3,8% 220,82229,2557,1859,85Gas Production (MScm)

Δ% FYFY06FY074Q064Q07

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Romania Project

DOINA Main & Sister (Trend)DOINA Main & Sister (Trend)

2 new farm-ins signed with Sterling Resources (Media and Pelikan offshore licenses): 15% Gas Plus equity;

In February 2008 Gas Plus exercised a call option, defined in the Farm-In Agreement, with Sterling, to anticipate its entrance before the end of Doina sister well;

Doina Sister well resulted a new gas discovery;

Certified net Gas in Place (net GOIP) of Doina Main and Sister fields amount 7,700 BSmc (1,16 BSmc net to Gas Plus);

Additional prospects to be drilled in 2008 on the same trend.

Estimated Development Costs (M€) : 200 (100%) 30 (15% - Gas Plus Share)

Estimate Gas In: jan 2011

Distance from coast: 70 km

Current Gas Market Price: 187 $/mScm

Estimated Development Costs (M€) : 200 (100%) 30 (15% - Gas Plus Share)

Estimate Gas In: jan 2011

Distance from coast: 70 km

Current Gas Market Price: 187 $/mScm

E&P

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•Revenues•Revenues

Other E&P International Activities E&P

UK: UK: 3 wells drilled. 2 offshore dry wells + 1 onshore well suspended with gas shows;

1 new farm-in signed with Dana. Monkwell gas field to be appraised in 2008. 15% Gas Plus equity;

7 new offshore licenses assigned to Gas Plus (24° UK Licensing Round). Evaluation started;

NL:NL:1 application for offshore licence E15. Finalization expected by 1H08;

PolandPoland2 onshore mine usufructs (blocks 106 & 107) assigned to Gas Plus as operator. 50% Gas Plus equity;

AlbaniaAlbania1 application for onshore blocks 102 and 103, containing Spiragu oil discovery. Negotiation ongoing;

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Storage Storage

SINARCA PROJECTSINARCA PROJECT

The international tender for the selection of FEED contractor prepared (assigned in 1Q08);

EIA results under evaluation by Ministry of Environment, for approval;

Gas Injection well engineering under preparation.

POGGIOFIORITO PROJECTPOGGIOFIORITO PROJECT

Feasibility study completed;

Application to relevant Authorities (MSE) submitted;

Start-up of EIA procedures expected to start on 2Q08.

SAN BENEDETTO PROJECT APPLICATIONSAN BENEDETTO PROJECT APPLICATION

Feasibility study completed;

Submitted application to MSE for assignment. Decision expected by 2Q08.

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RevenuesRevenues

Supply & Sales - Retail S&S - Retail

S&S

RevenuesRevenues

Retail

Good results in 4Q07 due to price increase have compensated the summer underperformance;

Important volumes increase and presence in wholesale market;

Successful bid for international transport rights.

Important expansion in Small Business/Other and Industrial sales that have compensated lower volumes sold to residential market;

Good profitability of new customers;

Presence in 270 municipal areas in Italy (+98%).

4Q07 4Q06 FY07 FY06 Δ% FYSales (MSmc) 89,06 61,79 249,16 204,59 21,8% Residential 35,99 28,66 84,80 96,10 (11,8%)Small Business/Other 12,37 7,16 28,14 24,02 17,2% Industrial 40,70 25,97 136,22 84,47 61,3%

EBITDA (M€) 0,488 -0,502 2,561 1,752 46,2%

4Q07 4Q06 FY07 FY06 Δ% FYSupply (MSmc) 334,58 143,13 840,63 575,53 46,1% Sales (MSmc) 336,61 163,88 836,38 545,39 53,4% Captive Retail/PPP 102,21 73,93 304,06 270,83 12,3% Thirds Retail 128,82 45,36 322,18 203,97 58,0% Trading 105,58 44,59 210,14 70,59 197,7%

EBITDA (M€) 2,238 1,823 0,121 1,904 (93,6%)

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Network Network

Increase of the end user number but reduction of volumes due to warm weather in first half 2007;

Tariff Recovery of 2007 lower distributed volumes, from 4Q08;

High efficency in managing networks (64,8 Euro per End User);

Ongoing convertion of a 35 km distribution network into a fully owned transportation network. Established the new company Gas Plus Trasporto s.r.l.;

First connection of our distribution network with a local production site (“Quadrelli”) of the E&P B.U. completed, maximizing the production and the commodity margins;

Negotiation of the majority stake acquisition of two P.P.P. presently managed: MoU under finalization.

Increase of the end user number but reduction of volumes due to warm weather in first half 2007;

Tariff Recovery of 2007 lower distributed volumes, from 4Q08;

High efficency in managing networks (64,8 Euro per End User);

Ongoing convertion of a 35 km distribution network into a fully owned transportation network. Established the new company Gas Plus Trasporto s.r.l.;

First connection of our distribution network with a local production site (“Quadrelli”) of the E&P B.U. completed, maximizing the production and the commodity margins;

Negotiation of the majority stake acquisition of two P.P.P. presently managed: MoU under finalization.

RevenuesRevenues21,4%

Δ% Q

1,6%1.2011.220Pipeline* (Km)

68.052

154,81

FY06

2,6%

(7,1%)

Δ% FY

44,80

IVQ 06

54,40

IVQ 07

69.824Direct End Users

143,87Distributed Volumes (MSmc)

FY07

* 97% owned, not considering Public Private Partnership (approx. 300km)

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What we will do The path ahead

E&P

To stabilize portfolio with focus on profitability;

Analysis on midstream operations where the Group is going to obtain production.

To continue maximizing asset value and stability of the B.U., developing it at the same or higher level of profitability of the current assets, through synergies with the present activities and with the others B.U.

To continue strong commercial expansion in particular to medium size industrial and small business.

S&S

Network

Storage

Retail

Internationally: maximize value of existing explo assets, appraise the existing fields, optimize portfolio through swap and limited farm-outs where equity higher than 15-30%;

Italy: maintain investments to support reserves and production growth in the medium-long term.

Sinarca Project: EPIC to be assigned. EIA authorisation expected by 3Q08. Long Term Item Procurement bids to be launched after EIA final approval;

Poggiofiorito Project: project application to EIA commission;

San Benedetto Project: waiting bid results to start preparation of EIA documentation.

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Company Profile Annex

Shareholding Share information

N. of share: 44.909.620

IPO price: €8,5 per share

Price as of 31/12/07: €7.1 per share

Mkt capitalization: € 318.5m

Italian Stock Exchange – segment MTA

Specialist: Banca IMI S.p.A.

Own shares as of 28/03/08: 2.21%

2007 Share price performance

Group structure(after Group-reorganization) Management

Davide Usberti CEO

Giulio Paini Chairman of GPI in charge for Storage

Marco Zanella General Manager of E&P

Piero Cocco-Ordini CFO

Giovanni Baroni Manager of Supply & Sales and Retail

Achille Capelli Manager of Network

Gas Plus SpA

Gas PlusItaliana SpA

Gas PlusEnergia Srl

Gas PlusVendite Srl

Gas PlusTrasporto Srl

Gas PlusReti Srl

Gas PlusStorage Srl

E&PBusiness

Unit

S&SBusiness

Unit

StorageBusiness

Unit

NetworkBusiness

Unit

RetailBusiness

UnitOther

100%

100%

100% 100% 85%

€

72,19%

2,21%

25,60%Us.fin. S.r.l. (Davide Usberti)

Own SharesMarket