Presentazione di TerniEnergia alla Star Conference 2012 di Borsa Italia, Milano 28 Marzo

1. STRATEGIC PLAN 2011-2013
Milan –28 February 2011
STAR CONFERENCE 2012
TERNIENERGIA UNMATCHED
"Strategic repositioning of the Group"
"Potentiality of energy efficiency business "
"Target 20/20/20"
TerniEnergia
Erbusco (BS)– March 2012
Milan - March 28, 2012
Borsa Italiana – Room blu 60

2. DISCLAIMER
This document has been prepared by TerniEnergia solely for information purposes and for use in
presentations of the Group’s strategies and financials. The information contained herein has not been
independently verified. No representation or warranty, express or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or correctness of the information
or opinions contained herein. Neither the company, its advisors or representatives shall have any
liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this
document or its contents or otherwise arising in connection with this document.
The forward-looking information contained herein has been prepared on the basis of a number of
assumptions which may prove to be incorrect and, accordingly, actual results may vary. This
document does not constitute an offer or invitation to purchase or subscribe for any securities and no
part of it shall form the basis of or be relied upon in connection with any contract or commitment
whatsoever. The information herein may not be reproduced or published in whole or in part, for any
purpose, or distributed to any other party. These materials do not constitute or form a part of any offer
or solicitation to purchase or subscribe for securities.
Page 2

3. Group structure
60,67%
62%
100 % 50 % 100 % 100 %
4 SPV for 12 JV with EDF EN Italia S.p.A. TerniEnergia Future Newcos
full equity plants and other national partners Hellas M.e.p.e. in abroad markets
Page 3

4. TerniEnergia Group – Integrated leader in “20-20-20”
Listed on STAR Italian Stock Exchange
20%1 20%2 20%3
2020 Energy
European Target Renewables efficency CO2
Reduction
216,4 MWp4 200 mln kWh5 2,4 mln ton
PV plants saved CO2 avoided
TerniEnergia Group
€169,8 mln6 €32,2 mln7 €73 mln8
revenues equity capitalization
1 20% of energy consumption from renewable sources
2 20% of reduction in final energy consumption than the trend calculated from the average of the years 2001-2005
3 20% of reduction of CO2 emitted into the atmosphere compared to 1990
4 Data as at March 31, 2012, 253 plants builted
5 Savings achieved through the company owned “Lucos Alternative Energies SpA”
6 Consolidated as at December 31, 2011
7 Net income for 2011: € 9,048 million
8 As at October 28, 2010. Company listed on the STAR segment of the MTA of the Italian Stock Exchange
Page 4

5. A new business plan: development guidelines
“A strong reaction to changes in PV regulatory and incentives”
 Advanced approach in the new industrial energy efficiency
business in 2011 since now. Business no policy driven
 Started abroad PV industrial activity through first EPC contract in
Greece with a subsidiary of european major utilities and scouting
in new abroad markets (eg. South Africa)
 PV activities as EPC Turnkey and JV providers: target capacity
over 120 MWp in 2012-2013 (PV modules partially included)
 Profitability in power generation business through JV and Full
equity plants guaranteed for 20 years
 Keep unchanged the dividend value. Net Result in 2011 € 9,048
mln, present a light increase compared to 2010 Net result
 Scouting in the hydroelectric sector
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6. Market overview

7. A new business plan: PV strategic guidelines
TerniEnergia’s
challenge to grow
• Increases the incentive decalage
New
• Introduces restrictions on large • Property management systems of
“Quarto Conto
ground PV plants and an annual the PV plants to maximize
Energia” revenues from incentived fees
installation cap
and sale of produced energy
• Optimization of plant operation
• Focus on reduction of production and maintenance in order to
achieve revenues stability and
Market costs and increasing installation high margins
quality, e.g. on roof top • Expansion into foreign countries,
changing
• Focus on large utilities attraction strategy of large utilities
investments investors and focus on industrial
roof top plants
• Acquired stakes in Lucos
• Retreat of foreign investors Alternative Energies in order to
Competitive enforce industrial activity and
• Overproduction of PV panels diversifying on energy efficiency
framework • New phase of uncertainty in business
the regulatory framework in Italy
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8. A new business plan: Energy Efficiency guidelines
Market size limited but grew in the late 90's, to reach € 10 billion
between the USA and EU in 2008
Energy Efficiency Hold strong growth over the next 10 years in Europe, even after
Market Overview approval of the Directive “Pacchetto Clima“
European market (EU-25) estimated at least € 75 billion for 2020,
with expected growth of 10 times between 2008 and 2020
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9. A new business plan: Energy Efficiency guidelines
 Accredited by the AEEG and the GME
 Investments in projects that generate energy efficiency for the
Energy Efficiency
customers
Experience
 The energy savings generated by our projects amounted to over
200 million kWh
 Identification of intervention areas, verification of technical
feasibility and verification of the economic and financial viability
of the project
Our activities
 Planning of the intervention, supply of materials, execution of
and our proposal
work - retrofitting and upgrading – plant testing
 Management and maintenance of the facility, ensuring the
smooth functioning of the same
Industrial Energy Efficiency produces High Margins (over 30%)
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10. A new business plan: Energy Efficiency guidelines
 Contracts for Energy Spread or Energy Service with Public and Private
Lightning
projects  Target: 34,000 LA in management by 2013, total investments of € 15 mln
In FTT  Focus: Public illumination
 Medium and large industrial groups and multi-facility in private lighting
ORC
Organic Rankine  Technologies: ORC (TerniEnergia), motors, inverter, others (es., actions on productivity lines, ecc.)
Cycle
Engineering
 Achievements "turnkey" for the redevelopment of lighting systems for other energy efficiency
 Target: 23,000 LA in management by 2013;
EPC
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11. Industrial Plan Highlights
Power consumption
Total installed PV plants
385.005
5%
(63% Energy Saved)
29%
66% 142.619
FE (MWp) JV (MWp) EPC (MWp)
Before project After project
Power consumption
Total installed plants 253
Total installed Area lights 401
Total installed capacity (MWp) 216,4
FE (MWp) 10,4
JV (MWp) 62,1 Energy saved (FY) 242,386 kWh
EPC (MWp) 143,9
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Source: Company information, as at March 31, 2012

12. 2011- 2013 Plan: expected growth of new business
Revenues from Power Generation Business
2011 FullEquity and JV plants production 63 mln kWh
Expected production for 2012 more than 80 mln kWh
Strenght Growth PV EPC Abroad
Installed capacity in 2012 – 2013
Over 120 MWp
National Leadership in Industrial Energy Efficiency field
Industrial lighting
Over 57.000 areas light
Organic Rankine Cycle (ORC)
Starting in energy recovery plants installation
Hydroelectric International Scouting
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13. Financial Highlights

14. 2012- 2013 Plan: EBITDA and Revenues
EBITDA and REVENUES TREND
(Euro ML)
CAGR 2012-2013 = 8%
100 93
Target 2012E-2013E
90 86
80
2012E
70
• Revenues: 86 Euro Mln
60
50 • EBITDA: 16 Euro Mln
CAGR 2012-2013 = 12%
40
30
18 2013E
20 16
• Revenues: 93 Euro Mln
10
0 • EBITDA: 18 Euro Mln
EBITDA Revenues
2012 E 2013 E
2012 E: 18%
EBITDA Margin
2013 E: 19%
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15. 2012- 2013 Plan: Capex targeted
Capex Targeted 2012-2013
(ML euro)
CAGR 2012-2013 = 8%
12,0
11,5
10,9
11,0
10,0
2012 2013
Total targeted Capex for JV and Energy Efficiency Business
D/E 2013: 1.0
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16. Industrial and economic-financial results FY2011
Installed Power (MWp)
2007 2008 2009 2010 2011
EPC (MWp) 1,44 6,62 13,10 47,70 52,50
JV (MWp) 1,70 3,99 14,10 29,50 12,70
FE (MWp) 10,40
Total Installed Power (MWp) 3,14 10,61 27,20 77,20 75,60
EPC 39 36 17 46 22
JV 2 5 13 30 11
FE 10
Total Installed Plants 41 41 30 76 43
Avarage MWp 0,076 0,259 0,907 1,016 1,758 Page 16

17. Financial Results FY2011
Revenues Ebitda
Revenues 2009 2010 2011 EBITDA 2009 2010 2011
Total Revenues 46.831 99.933 169.845 EBITDA 7.313 14.625 15.235
Ebitda Margin 15,6% 14,6% 9,0%
Financial results FY2011 - Euro 9,048 ml (9,022 ml FY2010)
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18. Financial Results FY2011
Net Working Capital Net Financial Position
60,0 1,2
55,0 1,1
77,5 50,0
45,0 1,0
40,0
35,0
68,9 42,6 30,0 0,8
54,6
30,7 25,0
26,1 23,3 15,9
5,0 14,0 20,0
(22,9) (29,8) 15,0 0,6
(3,2) 22,2
(3,6) 10,0
(83,4)
5,0 11,0
- 0,4
(5,0) (8,3)
(16,4) (18,7)
(45,7) (10,0)
(15,0) 0,2
(20,0) 0,2
0,2
2009 2010 2011 (25,0)
Inventories Trade Receibles (30,0) -
2009 2010 2011
Trade payables Other Assets / Liabilities
NWC/Sales (%) Financial Indebtness Cash and CashEquivqlents NFP/Equity
2009 2010 2011 2009 2010 2011
Inventories 5,0 68,9 14,0 Financial Indebtness 11,0 22,2 54,6
Trade Receibles 30,7 77,5 42,6 Cash and CashEquivqlents (8,3) (16,4) (18,7)
Other Activities 2,7 6,0 3,8
Trade payables (22,9) (83,4) (29,8) NFP 2,7 5,7 35,9
Other Assets / Liabilities (3,2) (45,7) (3,6)
NFP/Equity 0,2 0,2 1,1
NWC 12,2 23,3 27,0
NWC/Sales (%) 26,1 23,3 15,9
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19. Il business dell’Energy Efficiency
Memorandum of Understanding
Cofely Italia – Lucos Alternatives Energies
28.03.2012
Ing. Agostino Albertazzi – Direttore Aggiunto Polo Energia di Cofely Italia
Dott. Andrea Marano – Amministratore Delegato di Lucos Alternatives Energies

20. Più siamo, più consumiamo
Crescita della popolazione mondiale Consumi mondiali di energia
(fonte: AIE / BP statistical review) (fonte: BP statistical review)
MTep (Millions de Tonnes Equivalent Pétrole)
9 000
Avènement de
la fibre optique nucléaire
8 000
hydraulique
7 000
6 000 Gaz
Naturel
5 000 80 % de
X 50 l’énergie est
4 000 d’origine
Pétrole fossile
3 000
2 000
Invention de
l’ampoule
1 000
Charbon
0
1860
1865
1870
1875
1880
1885
1890
1895
1900
1905
1910
1915
1920
1925
1930
1935
1940
1945
1950
1955
1960
1965
1970
1974
1979
1985
1990
1995
1870 1900 1950 2000
charbon pétrole gaz hydro & ENR nucléaire
20
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21. Il consumo di combustibile fossile
Esaurimento del petrolio e delle energie Concentrazione atmosferica di CO2 e
fossili temperatura media
21
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22. Quali i problemi, quali le opportunità
I problemi Le opportunità
Ridurre i costi energetici
Prezzo
Anticipare la legislazione
Legislazione
Incrementare l’immagine
Immagine aziendale
22
Cofely – Lucos / 28.03.2012

23. Cos’è l’Efficienza Energetica
Raw materials
Manufactory
Energy Goods
Staff …
…
Compressed Boiler
Air System
Energy Efficiency
Energy Efficiency
Energy Efficiency
23
Cofely – Lucos / 28.03.2012

24. Economicamente parlando …
CONSUMO x PREZZO = BOLLETTA ENERGETICA
(MWh) (€ / MWh) (€)
EFFICIENZA ENERGETICA x PREZZO = RISPARMIO
(MWh) (€ / MWh) (€)
24
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25. Potenziali risparmi nelle aree tematiche di
applicazione dell’efficienza energetica
Air Conditioning
Process
Motors & 8%
16%
Pumps
3%
Cogeneration
Lighting 27%
2%
Heating
26% Compressed
Bioenergy & Air
FMCS Electric
Incineration 4%
4% Systems
9%
Build ing 1%
Ho t Wate r insulatio n
Ele ctrical 5%
e q uip me nt
5%
He ating
INDUSTRIA
10% 35%
Lig hting
10%
Air co nd itio ning Ve ntilatio n
25% 10%
RESIDENZIALE
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Cofely – Lucos / 28.03.2012

26. GDFSUEZ: Leader nell’efficienza energetica,
presente in tutto il mondo
6 Business Lines 218.900 117.3 GW capacità
5 nell’energia, 1 nei servizi collaboratori in installata*
ambientali 70 paesi
1.100 ricercatori ed
Esperti in 9
Centri di R&S
1° produttore 1° Società
mondiale indipendente nel settore delle
di energia elettrica “utilities” nel
Mondo
(Forbes Global 2000)
Secondo fornitore
mondiale di servizi
ambientali
*Comprende il 100% della capacità degli impianti GDF SUEZ a tutto il 30 Giugno
2011, indipendentemente dall’attuale holding rate.
26
Cofely – Lucos / 28.03.2012

27. COFELY GDFSUEZ in Italia:
Numeri chiave e attività
2.400 collaboratori
50 sedi su tutto il territorio nazionale
6 Aree dedicate all’Efficienza
5 Società operative
Energetica 3 linee di business:
Oltre 55.000 clienti tra cui:
Energia, Operations, Residenziale &
Più di 1.000 tra PA, importanti aziende e PMI
Oil
Oltre 50.000 Utenze Private
3.300 Condomini
UN’OFFERTA
GLOBALE
27
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28. La Business Line Energia di Cofely Italia
Dati Chiave
Produzione elettricità: 1.900GWh/a
Produzione vapore: 1.400 Kt/a
Consumo gas naturale: 489 MSmc/a
Potenza elettrica totale: 270 MW
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29. Lucos Alternatives Energies
Risparmi energetici e benefici di immagine per i clienti
 Lucos è una Società di Servizi Energetici, accreditata presso
l’AEEG ed il GME, controllata da TerniEnergia S.p.A.,
società quotata sul segmento STAR del MTA
L’esperienza di
Lucos nell’efficienza  Investiamo il nostro capitale in progetti di efficienza
energetica energetica che generano risparmi per il cliente
 I risparmi energetici generati dai progetti eseguiti da Lucos
ammontano ad oltre 200 milioni di kWh
 Identificazione delle aree di intervento e verifica della
fattibilità tecnica, economica e finanziaria del progetto
Le nostre attività e
la nostra proposta  Progettazione dell’intervento, fornitura dei materiali,
esecuzione dei lavori – riqualificazione e messa a norma – e
collaudo dell’impianto
 Gestione e manutenzione dell’impianto, con garanzia del
buon funzionamento dello stesso
29
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30. Partnership fra Cofely e Lucos
MEMORANDUM OF UNDERSTANDING DEL 3 NOVEMBRE 2011
TARGET: clienti privati (industrie, società di distribuzione, ecc..) e pubblici
SERVIZI OFFERTI: progetti finalizzati alla riduzione dei consumi energetici primari
(interventi sull’involucro edilizio, sugli apparati elettrici, sugli
impianti meccanici, impianti speciali, gestione
pluriennale degli impianti energetici)
MODALITA’: Finanziamento, progettazione, realizzazione e gestione, con garanzia di
risparmio energetico
Realizzazione “chiavi in mano” o di “EPC” e “O&M”, dietro investimento
del cliente
30
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31. Case Study: uno stabilimento industriale di
trattamento dei rifiuti
FASE 1
1 2 3 4
Audit energetico Individuazione Studio di fattibilità di Proposta tecnico-
preliminare GRATUITO aree di soluzioni di economica preliminare
presso lo stabilimento inefficienza efficientamento stabilimento del cliente
del cliente energetica energetico
FASE 2
5 6 7 8 9
Audit Contratto di
Protocollo Progettazione Offerta tecnico- efficienza
d’intesa energetico preliminare economica
dettagliato energetica con
impegnativa finanziamento
tramite terzi
Autoproduzione di energia elettrica da recupero calore di scarto del processo industriale
31
Cofely – Lucos / 28.03.2012