1Q 2010 Financial Results

Milan, 17th May 2010

www.gasplus.it

Euro – Us Dollar Exchange rate

1

Market Scenario General

TTF Gas Price

Eni Gas Release PriceBrent Price

20

40

60

80

100

120

140

160

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

$/bbl - 2008/2009 $/bbl - 2009/2010

0

5

10

15

20

25

30

35

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

Gas TTF (€/MWh) - 2008/2009 Gas TTF (€/MWh) - 2009/2010

1,2

1,25

1,3

1,35

1,4

1,45

1,5

1,55

1,6

1,65

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

EUR - USD 2008/2009 EUR - USD 2009/2010

10

15

20

25

30

35

40

45

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

(€/MWh) - 2008/2009 (€/MWh) - 2009/2010

2

1Q10 Results Highlights

Steady 1Q10 gross production and decrease of Ebitda due to lower gas price

Drilled an exploration well in Italy, gas discovery, reserve amount under evaluationItalian+Int. E&P

Sales 494.1MScm (+17.0% vs 1Q10);

Positive profitability trend from previous quarter thanks to higher volumes, number of customers and

purchasing policies

Retail

Storage

Volume of gas sold : 207.2 MScm (+43.2% vs 1Q09);

Strong sales results, with better profitability

Distributed volumes: 94.1 MScm (+11.4% vs 1Q09);

Increase of Ebitda (+5.2% vs. 1Q09) due both to new tariff mechanism (act 159/08) and cooler temperatures;

Development of the Transportation business unit by acquiring 11km of regional network

Sinarca: near to be convened “Conferenza dei Servizi” in order to obtain the concession;

San Benedetto: continuing the JV’s operative activities; successful outcome of the litigation with other competitor on the assignment of the concession

Strong Increase of volumes sold ( +17%)

Decrease of turnover and Ebitda due to lower gas price (-34%); recovery from 2Q10

Revenues 145.0 M€ (-17.9% vs. 1Q09), EBITDA 15.3 M€ (-26.0% vs. 1Q09), EBIT 11.0 M€ (-31.3% vs.

1Q09), Net Profit 6.3 M€ (-37.6% vs. 1Q09).

Temporary increase in Net Financial Position to 65.4M€ due to working capital funding

Fin. Overview

S&S

Transportation

Network

33

1Q10 Results Fin. Overview

Total Revenues 145.0 100.0% 176.5 100.0% -17.9%

Operating Costs 129.7 89.4% 155.8 88.3% -16.8%

EBITDA 15.3 10.6% 20.7 11.7% -26.0%

EBIT 11.0 7.6% 16.1 9.1% -31.3%

Profit before Tax 10.4 7.2% 16.4 9.3% -36.8%

Net Profit 6.3 4.3% 10.1 5.7% -37.6%

EPS 0.14 0.23

%

change (Euro M)

1Q10%

on sales 1Q09%

on sales

8,8

3,8

4,8

4,2

0,3

0,9

2,3

2,5

1Q09 1Q10

M€

Exploration & Production Supply & Sales Retail Network Other Activities

16,1

11,0

- 31,3%

12,3

7,2

4,8

4,2

0,3

0,9

3,1

3,3

0,3

1Q09 1Q10

M€

Exploration & Production Supply & Sales Retail Network Other Activities

20,7

15,3

- 26,0%

(39,634)

15,312

(4,066)

(31,517)

(3,877)(945) (653)

(65.380)

(70.000)

(60.000)

(50.000)

(40.000)

(30.000)

(20.000)

(10.000)

0

Initial NFP @ 1st Jan

2010

Ebitda

Taxes Change in funds and WC

Net Capex / Disposal

Trading on treasury shares Financial

profit/loss

Final NFP @ 31st March

2010

4

1Q10 Financial Data Fin. Overview

Balance Sheet Net Debt and Cash Flow

EBITDA by Business Unit EBIT by Business Unit

- 0.2 -0.1 -0.3

31 March 2010 31 December 2009 Change 10 - 09

Inventories 10,369 38,596 -73.1%

Receivables 198,680 122,881 61.7%

Payables (73,808) (52,334) 41.0%

Other working credits/debts (1,338) (6,108) -78.1%

Net work ing capital 133,903 103,035 30.0%

Non current assets 219,795 220,317 -0.2%

Tax, Abandonment, Severance and other

provisions (61,352) (62,001) -1.0%

Net Invested Capital 292,346 261,351 11.9%

Net financial Position 65,380 39,634 65.0%

Equity 226,966 221,717 2.4%

Total Sources 292,346 261,351 11.9%

55

E&P E&P

Gross Production 1Q09 vs. 1Q10

Ebitda 1Q10 lower than previous year due to the

decrease of gas price (-31%)

Stable quarterly production; decrease of about 10% on

yearly basis foreseen due to natural decrease of

reservoirs

Successful drilling of Masseria Morano 1dir well.

Capex level linked to the result of the possible

acquisition of e&p production assets

.

13,5

14

14,5

15

15,5

16

16,5

17

17,5

jan feb mar

Production 1Q09 (Msmce) Production 1Q10 (Msmce)

1Q10 1Q09 D%

Gas Gross Production (MScm) 49.1 49.0 + 0.2%

Exploration Capex Italy (M€) 2.6 0.6 + 333.3%

Exploration Capex International (M€) 0.4 0.6 - 33.3%

Development Capex Italy (M€) 0.6 6.6 - 90.9%

EBITDA (M€) 7.2 12.3 - 41.5%

66

International Activities

Romania (15% )

Field Development Plan foreseen in IIH10. Increase of

gross resources to approx 1.4 BSmc (Melrose

announcement)

UK

Block P001-Monkwell foreseen in 2Q10

Poland

Assigned Block 106 on December 08

3D seismic survey by the end of 2010

NL

JVS on Blocks E15c, E13, D9 with

Tullow Oil (op)

Romania

E&P

77

Supply & Sales - Retail S&S - Retail

S&S Retail

Sales increase due to enlargement of customer

base and colder than average temperatures

Continuation of high margin results from

previous quarter thanks to effective purchasing

policy

Positive level and trend of profitability; normal

variations compared to 1Q09

Effective gas storage policy

Historical highest quarterly sales

Residential: good profitability although slight

increase of competition

SB/Multipod: discount policy related to the

expansion phase

Industrial: strong increase in spite of economic

scenario

1Q10 1Q09 D%

Supply (MSmc) 388,0 346,2 + 12,1%

Sales (MSmc) 494,1 422,4 + 17,0%

Captive retail 212,1 152,0 + 39,5%

Third retail 236,3 131,3 + 80,0%

Trading 45,7 139,1 - 67,2%

EBITDA (M€) 4,2 4,8 - 12,3%

1Q10 1Q09 D%

Sales (MSmc) 207,2 144,7 + 43,2%

Residential 66,6 61,7 + 7,9%

Small Business/Multipod 54,5 34,7 + 57,1%

Industrial 86,0 48,3 + 78,1%

EBITDA (M€) 0,9 0,3 + 228,9%

88

Network & Transportation Network & Transportation

Increase of revenues and Ebitda due to both new tariff system (act AEEG #159/08) and favourable weather

condition

Referring to the expired concessions, Gas Plus is negotiating in order to establish the fair value. Succesful

bid for the 12y renewal of the Vigolzone concession, unsuccesful for S.Agostino

Transportation: further development of transportation Gas Plus own network by acquiring about 11 km of

previous distribution network in Valnure (PC).

1Q10 1Q09 D%

Distributed volumes (MSmc) 94.1 82.2 + 14.5%

Direct end users (#k) 90.4 89.7 + 0.8%

Pipeline (km) 1524.0 1510.0 + 0.9%

EBITDA (M€) 3.3 3.1 + 5.2%

9

Storage Storage

SINARCA PROJECT (60% GPS)

Forthcoming to convene “Conferenza

dei Servizi” in order to finalize the

concession authorization;

Assignment of EPIC underway;

SAN BENEDETTO (49% GPS)

JV operating and technical bodies

continue the activities;

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

1010

Company Profile Annex

Shareholding Share information

N. of share: 44,909,620

Price as of 05/12/10: € 5.40 per share

Mkt capitalization: € 237M

Italian Stock Exchange – segment MTA

Own shares as of 04/29/2010: 1,375,155

Specialist: Banca Akros S.p.A.

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

Us.Fin. S.r.l.73,74%

Findim S.A.12,74%

Treasury shares3,06%

Market10,45%

Us.Fin. S.r.l. Findim S.A. Treasury shares Market

0,7

0,8

0,9

1

1,1

1,2

1,3

1,4

1,5

1,6

FTSE Mib 09/10 Gas Plus 09/10

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