ERG : The Board of Directors approves the c...

Consolidated adjusted1 EBITDA at replacement cost2: €491 million, €569 million in 2013
Group net result at replacement cost3: €76 million, €38 million in 2013
Proposed dividend per share of € 0.50

Fourth quarter of 20144
Consolidated adjusted1 EBITDA at replacement cost2: €91 million, €132 million in 4Q 2013
Group net result at replacement cost3: €1 million, €3 million in 4Q 2013

Genoa, 12 March 2015 - The Board of Directors of ERG S.p.A., which met yesterday, approved the consolidated financial statements and the draft financial statements as at 31 December 20145, the report on corporate governance and ownership, the 2015-2017 long-term monetary incentive plan, the remuneration report and the plan for the merger by incorporation of ERG Supply & Trading into ERG.

Consolidated financial results at replacement cost

Luca Bettonte, ERG's Chief Executive Officer, commented: "FY2014 has been another year of extremely satisfactory economic and financial results, exceeding the indications given to the financial community at the beginning of the year, despite the still difficult energy and macroeconomic scenarios. The Group net result doubled and net financial debt was cut by half compared to 2013, as a result of both the extraordinary transactions concluded during the year and the strong operating cash generation by our assets, which confirmed their high quality. EBITDA, if we consider the same perimeter, increased, reflecting the favourable impact of a strong contribution from the new overseas wind farms, the positive performance of the CCGT plant and an upturn in the results of TotalErg's retail network. During 2014 we in fact achieved the objectives announced to the market in the 2013-2015 Plan. We are currently in the process of finalising the next three-year plan which will confirm the industrial path recently undertaken. As regards 2015, we are expecting to see EBITDA of around 400 million Euro, with a slight growth if compared to the figure posted in 2014 considering an homogeneous perimeter of operations, and a net financial debt of approximately 650 million Euro."

The Board of Directors therefore proposes to the Ordinary Shareholders' Meeting, to be convened on 24 April 2015 in first call, and, if required, on 27 April 2015 in second call, the distribution of a dividend per share of Euro 0.50, which will be available for payment starting from 20 May 2015 (payment date), with an ex-dividend date as of 18 May 2015 (ex date) and record date of 19 May 2015.