A2A

Milan, May 15th, 2015

Q1 2015 Results

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

Update 3R

2

RESTRUCTURE

CCGT fleet management:

―Higher MSD market share

Generation & Trading cost discipline:

―-118 FTE reduction achieved Vs previous quarter

―-5 €M of external costs (10% reduction) Vs 2014

―LTSA renegotiation 100% completed Vs 90% in BP presentation

RELAUNCH

Environment:

―Asti glass treatment plant fully on stream

―+14,000 t authorized capacity extension for the landfill ofCavaglià

―signed an agreement with Apindustria (about 1,000companies in the Brescia area) for the integrated industrialwaste management of about 10,000 t/y

―2 new concessions in waste collection (~50,000 inhabitants)

Energy Retail: free market customer base development over thanstrategic plan expectations

RESHAPE

Public Lighting: Milan (80%), Brescia (10%), Bergamo andCassano D'Adda under discussion

Innovative waste smart bin pilot project launched in Milan

Strategic Plan 2015 - 2019

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

Update 3D and additional projects underway

3

DISCIPLINE,DIALOGUE &DIGITAL

New Networks Business Unit responsible appointed

People development projects start-up (i.e. Futura2a)

Stakeholders engagement:- Strategic Plan road show:

o #7 official presentations to key institutionalstakeholders

o Over 150 members of the financial community met

- New initiatives to increase accountability &transparency vs. stakeholders (i.e. outdoor digitaltotem in Brescia)

Debt structure: partial buy-back of notes due in 2016 + 300million euro bond issue with A2A’s lowest coupon ever

UPSIDES

EN&A project launched; preliminary saving targets identified

LOI signed among integrated water cycle players of Bresciaprovince

Strategic Plan 2015 - 2019

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2014

80

2015

117

2014

3.363

2015

3.307

2014

182

2015

228

Q1 2015 vs Q1 2014 ResultsKey Financials

2014

305

2015

337

EBITEBITDA

GROUP NET INCOMENET FINANCIAL

POSITION

€M

+25%+10%

+46% -2%

4

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2014

305

Generation &

Trading

6 3 4

District

Heating

7 7 5

2015

337

Energy

Retail

Waste Networks EPCG

Q1 2015 vs Q1 2014 ResultsGroup EBITDA

€M

+32

5

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2014

107

Generation

-1

Plants

Dispatching

3

Enviromental

Markets

9

Trading

Portfolio

-4

Gas Margin

-2

2015

113

Q1 2015 vs Q1 2014 ResultsGeneration & Trading EBITDA

+6

Electricity Margin +8€M

6

€M

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2014

25

RegulatedMarket

-1

FreeMarket

2

FixedCosts

-3

Non recurringand other

5

2015

28

Q1 2015 vs Q1 2014 ResultsEnergy Retail EBITDA

+3

7

€M

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

Q1 2015 vs Q1 2014 ResultsWaste EBITDA

2014

15

2

40

057

Collection

1

WTE

1

Other Treatment Plants

2

2015

16

2

42

061

€M

Industrial Treatment

Collection

Urban Treatment

International Projects

4

Treatment Plant +3€M

8

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2014

35

4

39

Price

Effect

-2

42

White

Certificates

-2

Non

RecurringItems

2

Operating

Efficiency

1

Heat

services

2

2015

40

6

46

Climate

Effect

Commercial

development

Q1 2015 vs Q1 2014 ResultsDistrict Heating EBITDA

Volume Effect +6€M

€M

District Heating

Heat Services

+7

9

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2014

30

5

0

27

62

Electricity Networks- Allowed Revenues

2

Electricity Networks- Other

3

Public Lightingand other

2

2015

35

5

3

27

69

Q1 2015 vs Q1 2014 ResultsNetworks EBITDA

€M

+7

Electricity Networks +5€M

10

Gas Networks

Electricity Networks

Water Cycle

Public Lighting

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2014

0

5

15

20

Energy

2

Distribution Revenues

2

Costs saving

1

2015

17

7

251

Q1 2015 vs Q1 2014 ResultsEPCG EBITDA

€M

+5

Energy

Other

Distribution

Distribution +3€M

11

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

Q1 2015 vs Q1 2014 ResultsFrom EBITDA to Group Net Income

2015EBITDA

337

D&A

-98

Risk Provisions

-11

Net FinancialExpenses

-41

EBT

187

Taxes

-60

Minorities

-10

GroupNet Income

117

€M

305 -115 -8 -40 142 -54 -8 802014

12

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2014

5

25

20

50

2015

7

23

19

49

Maintenance

Development

Mandatory

Q1 2015 vs Q1 2014 ResultsCapex

BREAKDOWN BY ACTIVITY

2014

6

11

9

17

1

5

50

2015

10

7

6

24

149

10,4

1,0

Generation &

Trading

Energy Retail

Waste

District Heating

Networks

Corporate

EPCG

BREAKDOWN BY BUSINESS

-1 -1

€M

13

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

Q1 2015 ResultsNet Free Cash Flow

2015EBITDA

337

Changein Net

WorkingCapital

-175

Use ofFunds

-6

NetFinancialExpenses

-51

FFO(1)

105

Capex

-49

Net FreeCash Flow

56

€M

(1) Funds from operations after working capital change

14

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2,910

449

615

3,973

Cash andequivalents +

Other Net Assets2014

-610

Net FinancialPosition 2014

3,363

Net Free CashFlow 2015

-56

Net FinancialPosition 2015

3,307

Cash andequivalents +

Other Net Assets2015

706

GrossFinancial

Debt31/03/2015

2,951

447

615

4,013

GrossFinancial

Debt31/12/2014

Q1 2015 ResultsGross debt and net financial position

15

€M +40

Bonds

Loans

Fix

ed

rate

85%

Var.

15%

Fix

ed

rate

85%

Var.

15%

• Average debt maturity 6.0 years

• Average annual cost of debt from 3.9% of 2014 to 3.6% estimate 2015

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 16

Annexes

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

Q1 2015 vs Q1 2014 ResultsConsolidated Results: P&L

EBITDA

D&A

Provisions

EBIT

Net FinancialExpenses

Associates & JV

EBT

Taxes

Minorities

NET INCOME

Q1 2015 Q1 2014 %

+10.5%

-14.8%

+37.5%

+25.3%

-4.5%

-75.0%

+31.7%

+11.1%

+25.0%

+46.3%

€M

REVENUES -5.0%

CHANGE

+32

+17

-3

+46

+2

-3

+45

-6

-2

+37

-72

337

(98)

(11)

228

(42)

1

187

(60)

(10)

117

305

(115)

(8)

182

(44)

4

142

(54)

(8)

80

1,379 1,451

17

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

Q1 2015 vs Q1 2014 ResultsConsolidated Results: Balance Sheet

Intangible Assets

Shareholdings and Other Non Current Financial Assets

Other Non Current Assets/Liabilities

Deferred Tax Assets and Liabilities

Provisions for Risks, Charges and Liabilities for landfills

Employee Benefits

NET FIXED CAPITAL

Inventories

Trade receivables and other current Assets

Q1 2015 FY 2014 %€M

Tangible Assets 5,579 5,625 -0.8%

Current tax Assets/Liabilities

WORKING CAPITAL

TOTAL CAPITAL EMPLOYED

Equity

Net Financial Position

TOTAL SOURCES

1,320 1,318 +0.2%

84 82 +2.4%

(293) (287) +2.1%

307 323 -5.0%

(498) (498) -

(363) (369) -1.6%

6,136 6,194 -0.9%

180 284 -36.6%

1,902 1,846 3.0%

39 83 -53.0%

478 348 +37.4%

6,614 6,542 +1.1%

3,307 3,179 +4.0%

3,307 3,363 -1.7%

6,614 6,542 +1.1%

Trade payables and other current Liabilities (1,643) (1,865) -11.9%

18

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2014

37

17

27

7

27

121

NonRecurring

Items

1

-5

3

DistrictHeating

-1

EPCG

-1

Other

-2

2015

32

17

26

27

116

4

2

Generation& Trading

EnergyRetail

3

5

6

Generation &Trading

Energy Retail

District

Heating

Networks

Waste

EPCG

Other

Q1 2015 vs Q1 2014 ResultsFixed Costs

19

-5

€M

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2014

167

Other costs

-2

FTE effect

-5

Cost effect

3

2015

163

2014

12,399

Change in

perimeter

-28

Net reduction

-355

2015

12,016

20

FTE(1)

LABOURCOSTS (€M)

-383

(1) A2A Group’s Full Time Equivalent

Q1 2015 vs Q1 2014 ResultsLabour costs

-4

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent.

2015

111

111

2016

503

101

604

2017

103

103

2018

98

98

2019

750

101

851

2020

98

98

2021

500

88

588

2022

500

88

588

2023

300

82

382

2024

61

61

2025

300

60

360

Beyond2025

98

68

166

€M

Q1 2015 ResultsGross debt maturities as of 31/03/2015

Bonds

Loans

21

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 22

Operational annexes

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 23

Q1 2015 vs Q1 2014 ResultsBreakdown of Volumes

Volumes

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 24

Q1 2015 vs Q1 2014 ResultsEnergy Scenario

(1) Gas at virtual trading point

(2) Pfor 196/13 Jan 2014-Sep 2014; Pfor 162/14 Oct 2014-Mar 2015.

(3) hourly average for each month

(4) based on gas at virtual trading point with 53% efficiency; includes transport costs

(5) 35% efficiency - includes cost spread on API2 and transport cost

(6) data subject to update by Terna

Average data 2014 2015 Δ vs 2014 Δ % vs 2014

Brent $/bbl 107,9 55,2 -52,7 -48,8%

CO2 - EU ETS cost €/Tonn 6,0 7,1 1,1 18,8%

Green Certificates €/MWh 88,4 96,6 8,1 9,2%

€/$ €/$ 1,37 1,13 -0,2 -17,7%

Brent € €/bbl 78,8 49,1 -29,7 -37,7%

PSV(1) €/MWh 25,5 24,1 -1,4 -5,6%

AEEGSI Gas Tariff(2) c€/mc 29,8 25,2 -4,6 -15,4%

Coal € (API2) €/Tonn 57,4 53,5 -3,9 -6,8%

PUN baseload(3) €/MWh 52,4 51,9 -0,6 -1,1%

PUN peak(3) €/MWh 62,6 59,1 -3,5 -5,6%

PUN off-peak(3) €/MWh 46,8 47,9 1,0 2,2%

CCGT gas cost(4) €/MWh 54,3 51,5 -2,8 -5,2%

Clean Spark spread vs Peakload €/MWh 3,8 5,0 1,2 30,8%

Clean Spark spread vs Baseload €/MWh -6,4 -2,3 4,1 n.a.

Clean Dark Spread vs Baseload(5) €/MWh 13,5 14,9 1,4 10,4%

Italian electricity demand(6) TWh 78,2 78,1 -0,1 -0,1%

Gas demand bcm 21,4 23,6 2,2 10,5%

This information was prepared by A2A and it is not to be relied on by any 3rd party without A2A’s prior written consent. 25

This document has been prepared by A2A solely for investors and analysts. This document does not constitute an offer or invitation to purchase or subscribe anyshares or other securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.Some information contained herein and other material discussed at the meetings may include forward-looking information based on A2A’s current beliefs andexpectations. These statements are based on current plans, estimates, projections, and projects and therefore you should not place undue reliance on them.Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differmaterially from those contained in any forward-looking statement. Such factors include, but are not limited to changes in global economic business, changes inthe price of certain commodities including electricity, gas and coal, the competitive market and regulatory factors. Moreover, forward-looking statements arecurrent only at the date on which they are made.