The natural gas market: old challenges, new perspectives and potential developments

Milan, 27 th November 2008

www.gasplus.it Our Path to Grow

Yesterday Today

Italian E&P Storage

Italian+Int. E&P Retail

Retail Network A long way from the beginning S&S Network Transport

1 The Gas Plus Growth

The Group’s growth was at the beginning of the gas “liberalized” market.

The Sales increased in parallel to the evolution of supply sourcing. The company moved from to Europe to trade gas.

Revenues Gas Sales (M€) (MSmc)

244 836

184 609 612 165 545 133

67 237

2003 2004 2005 2006 2007 2003 2004 2005 2006 2007

2 Exploration & Production in Italy

The E&P business helped the growth.

The target is to replace on medium term the production with new reserves.

Reserves and production Fornovo Area

6 production concessions 31/12/2004 31/12/2005 31/12/2006 31/12/2007 2.800 2.600 2.400 Montecosaro Area 2.200 2.000 14 production concessions 1.800 Million Scm 1.600 1.400

Reggente Area 1.200 1.000 Riserve 2P Produzione Variazione Riserve

10 production concessions

Sinni Area

8 production concessions

3 The International E&P Expansion

Exlploration Projects in UK, NL, PL

First International Discovery in Romania in the Balck Sea off-shore:

Gas Plus share 15%

Certified net Gas in Place (net GOIP) of Doina Main and Sister fields amount 7,700 BSmc (1.16 BSmc net to Gas Plus).

4 Storage Storage

SINARCA PROJECT (60% GPS) Gas Plus is the operator in all the projects San Benedetto (49% GPS) Working Gas : 522 MSmc Published EIA Ministry Decree;

Front End Engineering Design Poggiofiorito (100% GPS) completed; Working Gas : 157 MSmc

Assignment of EPIC underway; Sinarca (60% GPS) Working Gas : 324 MSmc

SAN BENEDETTO (49% GPS)

Total Working Gas 1,003 MSmc As result of a procedure of the Ministry Total Gas Plus Share 607 MSmc (Ministero dello Sviluppo Economico) Gas Plus project was chosen in favour of Projects Schedule a Joint Venture (Gas Plus 49% and operatorship, Gaz de France/Acea 51%). Sinarca

Signed a Term Sheet with the partner to San Benedetto rule main issues of the future Joint Venture; Poggiofiorto

POGGIOFIORITO (100%GPS) 2 08 10 11 13 14 0 0 0 0 0 Is going to be presented the EIA; 2 2009 2 2 201 2 2

* Including work in progress 5 The Network assets

FY07 FY06 Distributed 143.87 154.81 Volumes (MSmc)

Direct End Users 69.824 68.052

Pipeline* (Km) 1.220 1.201

Castelvetro Piacentino

Rottofreno Villanova sull’Arda

Vigolzone

Carpaneto Piacentino Ponte Travo Dell’Olio Orio al Selio

Bettola Bobbio Puegnago Medesano S.Telice Coli del Penaco More ngo Polpenazze Varano de Melegari S. Zeno Manerba Barino Naviglio del Garda

Fornovo S.G. Orzinecchii Pompiano Bangnolo Mella

Orzinouvi Offanengo Leno Romanengo

Visano

Robecco d’Oglio

Sospire

6 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 competitio n; (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.

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