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The Board of Directors of ERG S.p.A. approves the Interim Management Report as at 31 March 2013

• Consolidated adjusted¹ EBITDA at replacement cost²: Euro 173 million, Euro 111 million in the first quarter of 2012

• Group net result at replacement cost³: Euro 27 million, Euro 1 million in the first quarter of 2012

Genoa, 14 May 2013 – Yesterday the Board of Directors of ERG S.p.A. held a meeting to approve the Interim Management Report as at 31 March 2013⁴.

Consolidated financial results at replacement cost

Performance highlights (million Euro)	First Quarter			Variation
		2013	2012
Adjusted EBITDA		173	111	+ 55%
Adjusted EBIT		103	50	+ 106%
Group net result		27	1	-

	31.03.13	31.12.12	Variation
Net financial debt (million Euro)	1,510	513	+ 997
Leverage⁵	43%	21%
Adjusted net financial debt (million Euro)	1,799	722	+ 1,077
Adjusted leverage⁶	47%	27%

Luca Bettonte, ERG's Chief Executive Officer, commented: “the quarter's results show a strong upward trend in terms of both EBITDA and net income, the latter having more than doubled compared to the overall figure for 2012. These results were achieved thanks above all to the contribution from wind assets recently acquired and the reduced exposure to refining. Performance as regards the thermoelectric sector, despite the continuous downturn in the scenario, was in line with 2012 and significantly contributed to the Group's cash generation. The prolongation of the profound recession that has characterised recent years and, with particular regard to Downstream, the sharp falloff in consumption are heavily penalising the R&M sector, with negative impacts on the Group's net result. The integration of the acquired wind companies is proceeding according to plan and will enable us, already during the coming quarters, to take full advantage of the benefits deriving from operational synergies. We are therefore able to confirm that Group adjusted EBITDA at replacement cost for FY2013 will reach a figure in excess of Euro 500 million, while in the case of exercise of the PUT option on the remaining 20% of ISAB Srl, the net debt at the end of the year should amount to around Euro 1.3 billion.”

Financial

The Board of Directors of ERG S.p.A. approves the Interim Management Report as at 31 March 2013

Consolidated adjusted¹ EBITDA at replacement cost²: Euro 173 million, Euro 111 million in the first quarter of 2012

Group net result at replacement cost³: Euro 27 million, Euro 1 million in the first quarter of 2012

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ERG to hold first quarter 2013 results conference call

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ERG Shareholders' Meeting

ERG Shareholders' Meeting approves the Financial Statements as at 31 December 2012, appoints the new Board of Statutory Auditors and resolves to pay a dividend of Euro 0.40 per share.

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Publication of lists for the appointment of the Board of Statutory Auditors

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Press Release within the terms set forth by Article 144-sexies, fourth paragraph, of the Issuers' Regulations

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ERG Renew: 35 million Euro project financing for the Amaroni wind farm

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Remuneration Report

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Board of Directors' Explanatory Report

with regard to the matters on the agenda of the ERG S.p.A. Ordinary Shareholders' Meeting and the proposal for authorisation to purchase and sell treasury shares

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The Board of Directors approves the consolidated financial statements and the draft financial statements as at 31 December 2012

Consolidated adjusted1 EBITDA at replacement cost2: €458 million, €284 million in 2011
Group net result at replacement cost3: €12 million, - €49 million in 2011
Proposed dividend of €0.40 per share

Fourth quarter of 20124
Consolidated adjusted1 EBITDA at replacement cost2: €128 million, €55 million in 4Q 2011
Group net result at replacement cost3: €10 million, - €17 million in 4Q 2011

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