IR Day - 16 December 2015

ERG, an Independent Power producer mainly from renewable sources

2008-2015: a journey towards a green portfolio.

Scenario
ERG transformation

Worldwide wind installed capacity: from 282 GW in 2012 to 2,033 GW in 2040(2), more than 7x

Europe to post a significant growth: from 110 GW to 400 GW(2), almost 4x

Renewables to increase worldwide
Renewables to increase worldwide

Source: World Energy Outlook, IEA November 2015

Wind LCOE(1) ($/MWh) cheaper than other sources
Wind LCOE(1) ($/MWh) cheaper than other sources

Source: New Energy Outlook 2015, Bloomberg

Built-up a solid platform of renewable asset

Proceeds from disposal of oil-linked assets fully re-invested into “green”

2008-2014, disposals from oil sector: ≃€ 3,300mn

200-2015, investments into “green”: ≃€ 3,900mn

BUSINESS PORTFOLIO REPOSITIONED TOWARDS RENEWABLES

Disposals (Cash-in)
Total Disposals 2008-2014: ≃€3,300mn
Disposals (Cash-in)
Investments (EV)
Total Investments 2008-2015: ≃€3,900mn
Investments (EV)
Capital employed

2008

CO2 avoided in the 2008-2016 period
CO2 avoided in the 2008-2016 period

ERG today: becoming an IPP with EU asset platform

A bigger and diversified portfolio

2008
727 MW
2015
2,720 MW
2008
2015
Wind Farm Wind Farm
Wind Pipeline Wind Pipeline
O&M Warehouse O&M Warehouse
Offices Offices
Hydroelectric Plant Hydroelectric Plant
Refinery Refinery
CCGT CCGT
WIND
WIND
HYDRO
HYDRO
THERMOELECTRIC
THERMOELECTRIC
Wind Wind Capapcity
≃1,700 MW
Programmable
Hydro Capacity
≃527 MW
Thermo Capacity
≃527 MW
Annual Production ≃3,5 TWh
Annual Production ≃1.4 TWh
Annual Production ≃2.6 TWh
Total Production: ≃7.5 TWh, +45% vs 2014 pro-forma(I)
WIND
WIND
Wind Wind Capacity
≃1,700 MW
Annual Production ≃3,5 TWh
HYDRO
HYDRO
Programmable Hydro Capacity
≃527 MW
Annual Production ≃1.4 TWh
THERMOELECTRIC
THERMOELECTRIC
Programmable Thermo Capacity
≃527 MW
Annual Production ≃2.6 TWh
Total Production: ≃7.5 TWh,
+45% vs 2014 pro-forma(I)

ERG today: a new generation portfolio

Strategic guidelines for a an organic growth and operational efficiency