ERG : The Board of Directors of ERG S.p.A.a...

Third quarter of 2015

• Consolidated adjusted¹ EBITDA at replacement cost²: €66 mln, €80 mln in the 3rd qtr of 2014
• Group net result at replacement cost³: €19 mln, €14 mln in the 3rd qtr of 2014

Nine months of 2015

• Consolidated adjusted¹ EBITDA at replacement cost²: €264 mln, €263 mln in the 9 months of 2014
• Group net result at replacement cost³: €76 mln, €54 mln in the 9 months of 2014

Genoa, 12 November 2015 - At its meeting held yesterday, the Board of Directors of ERG S.p.A. approved the Interim Management Report as at 30 September 2015⁴.

Consolidated financial results at replacement cost

Luca Bettonte, ERG's Chief Executive Officer, commented: 'the third quarter's operating results were influenced above all by the poor wind conditions in Italy and the sharp falloff in electricity prices as regards Sicily. These effects were partly compensated in the Wind energy sector by the output of the new wind farms, with the contribution of 63 MW acquired in France and the 42 MW that came on stream in Poland, and in the Power sector by the improvement in operational and cost efficiency. On the other hand, there has been a notable upturn in net result owing to the increased contribution from TotalErg, following the excellent performance in all its business segments. For year-end we confirm our guidance for EBITDA, at around Euro 350 million, and net debt, which is estimated at Euro 600 million on a comparable basis, without taking into account the acquisition of E.On's hydroelectric plants, scheduled for completion on 30 November next, and the recent agreement to acquire wind farms in France and Germany for a total capacity of 206 MW. Moreover, we are currently finalising the three-year business plan, which we shall be presenting to the financial community in Milan this coming 16 December.'

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Regarding the estimates and forecasts contained in this section, we point out that actual results may differ even significantly from the announced results due to a multitude of factors, including: future trends in prices, the operating performance of plants, the impact of regulations for the energy and fuel distribution sectors and for the environment, other changes in business conditions and in the action of the competition.

The layout of the accounting statements corresponds to the format used in the Interim Report on Operations. Appropriate explanatory notes illustrate the results at replacement cost and adjusted results at replacement cost.

Pursuant to Article 154-bis(2) of the Consolidated Finance Act, the manager responsible for preparing the company's financial reports, Paolo Luigi Merli, declares that the accounting information contained in this press release corresponds to the accounting documents, books and records.

The results for the third quarter and nine months of 2015 will be illustrated to analysts and investors today at 11.00 a.m. (CET), during a conference call and simultaneous webcast, which may be viewed by visiting the Company's website (www.erg.it); the presentation will be available on the said website, in the 'Investor Relations/Presentations' section, at the offices of Borsa Italiana S.p.A. and on the Nis-Storage authorised storage mechanism (www.emarketstorage.com) 15 minutes before the conference call.

This press release, issued at 7.30 a.m. (CET) on 12 November 2015, has been prepared pursuant to the Issuers' Regulations. It is available to the public at the offices of Borsa Italiana S.p.A., on the Nis-Storage authorised storage mechanism (www.emarketstorage.com) and on the Company's website (www.erg.it) in the section 'Media/Press Releases'. The Interim Management Report at 30 September 2015 is available to the public at the Company's registered office at via De Marini 1, Genoa, on the Company's website (www.erg.it) in the section 'Investor Relations/Financial statements and reports', at the offices of Borsa Italiana S.p.A. and on the Nis-Storage authorised storage mechanism (www.emarketstorage.com).

Contacts:

Alessandra Mariotti Media Relations Manager - tel. + 39 010 2401364 mob. + 39 335 8053395
Emanuela Delucchi IR Manager - tel. + 39 010 2401806 - e-mail: edelucchi@erg.it - ir@erg.it
Matteo Bagnara IR - tel. + 39 010 2401423 - e-mail: ir@erg.it

www.erg.it - @ergnow

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¹ Adjusted results at replacement cost also include the contribution, as regards ERG's share, of LUKERG Renew. For the definition and reconciliation of the adjusted results at replacement cost, reference should be made to the content of the chapter 'Alternative performance indicators' attached to this press release.

² Results at replacement cost do not include inventory gains (losses) and non-recurring items.

³ Group net result at replacement cost does not include the inventory gains (losses) of TotalErg, non-recurring items or applicable theoretical taxes and corresponds to the adjusted Group net result at replacement cost.

⁴ The unaudited Interim Management Report at 30 September 2015 was prepared in accordance with the valuation and measurement criteria laid down by the International Financial Reporting Standards (IFRS) and based on the relevant guidelines contained in Article 154-ter of the Consolidated Finance Act.

⁵ The ratio of total net financial debt (including project financing) and net invested capital.

⁶ Also includes ERG's share of the net financial position pertaining to the LUKERG Renew joint venture.