ENOI_Presentasion

0

July 2010

Table of contents

I. About ENOI

i. ENOI’s supply and sales

ii. ENOI’s presence in Europe

iii. ENOI’s transportation and storage

iv. ENOI’s key clients

II. European Gas Market

i. Virtual exchange points

ii. Market Making

III. Next Steps

i. Future vision

IV. Annexes

1

I. About ENOI

2

At a glance

Founded in 2000 at the beginning of the new European open market, which encouraged:

• common European rules,

• increasing free commercial activity,

• better access to transport and storage capacity

ENOI’s prime activities consist mainly in

the acquisition, transport, storage and sale of Natural Gas

to European utilities companies, industrial customers and power generators

ENOI is a privately owned European Natural Gas Company

operating as a physical commodity (gas) merchant

3

59124 166

286

694

14941642

2800

2003FY 2004FY 2005FY 2006FY 2007FY 2008FY 2009FY 2010EFY

304 479 6411087

3250

5063

10029

18000

2003FY 2004FY 2005FY 2006FY 2007FY 2008FY 2009FY2010EFY

ENOI’s turnover for 2009 FY is over €1.6 billion with an increase of 9.8% Y/Y

Volumes of gas sold in 2009 FY reached 10 billion cubic metres, with an increase of 98%

Y/Y

ENOI forecasted turnover for 2010 FY is between €2.5 and €2.8 billion and the volume is

expected to reach between 15 and 18 billion cubic metres with an increase of 50-80% Y/Y

Achievements: volumes and turnover

All data is based on the financial year 1st April Y1 - 31st March Y2

TURNOVER

(EURO MILLIONS)

VOLUME OF SALES

(MILLION MC/Y)

CAGR 2003-2006

69%

CAGR 2006-2010

77%

CAGR 2003-2006

53%

CAGR 2006-2010

102%

4

Continued history of growth:

ENOI, founded in 2000, has been profitable since

its second year of activity (2001)

Commitment to profitability:

ENOI margins remained constant even in the

presence of a high increase of volumes

Strong liquidity:

ENOI considers its liquidity position a strong asset

in the commodities market environment

EARNINGS BEFORE TAXES (€ Mln)

EBITDA (€ Mln)*

FINANCIAL POSITION (€ Mln)

Financial performance

*EBITDA includes “net differentials on derivatives” accounted in interest expenses in ENOI financial statements.5

3

10

24

42

52

2,1%

3,7%3,5%

2,8%

3,1%

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

4,0%

0

10

20

30

40

50

60

2005FY 2006FY 2007FY 2008FY 2009FY

EB

ITD

A M

arg

in (

%)

EB

ITD

A (

€M

ln)

2

9

24

37

49

1,1%

3,0%

3,4%

2,5%

3,0%

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

4,0%

0

10

20

30

40

50

60

2005FY 2006FY 2007FY 2008FY 2009FY

EB

T M

arg

in (

%)

EB

T (€

Mln

)

-2 -2

1714

39

-5

0

5

10

15

20

25

30

35

40

45

2005FY 2006FY 2007FY 2008FY 2009FY

Net

Cash

/ (

Deb

t) a

t year

en

d(€

Mln

)

0

2000

4000

6000

8000

10000

2003FY 2004FY 2005FY 2006FY 2007FY 2008FY 2009FY

ENOI: SALES IN EUROPE(BREAKDOWN BY COUNTRY)

Denmark

Czech Republic

Slovakia

Norway

Croatia

Belgium

Switzerland

France

Austria

Holland

United Kingdom

Germany

Italy

(Mcm/year) - ENOI Financial 1st April Y1 - 31st March Y2

Sales

ENOI is one of the main emerging players on the European Natural Gas markets thanks to its

activity in 13 European countries

6

ENOI’s continuous commercial

activity on main European hubs

and the extent of its network of

transportation and storage

capacity enables the Company to

reach key European markets and

to maximise profitability and

efficiency of the supply and sales

process

ENOI currently operates on 18

virtual trading points and on 25

physical border points

ENOI imports LNG from different

producers, mainly on spot market

Consolidated presence in Europe

Countries where ENOI has storage capacity

ENOI’s market presence

ENOI’s gas flows

7

ENOI’s LNG flows in Europe

ITALY

MAC.

ALBANIA

B&H

MONT.

CROATIA

AUSTRIA

POLANDGERMANY

FRANCE

SPAIN

LITHUANIA

LATVIA

ESTONIA

FINLAND

SWEDEN

NORWAY

UK

IRELAND

SLOVAKIACZECH REP.

SWITZERLAND

ROMANIA

SERBIA

BULGARIA

GREECE

SLOVENIA

HUNGARY

BELGIUM

THE NETHERLANDS

DENMARK

PORTUGAL

LUX.

GASSCO

AREA D

NORTH SEA

LNG

LNG

Positioning

25 Physical Border Points18 Virtual Trading Points

ITALY

MAC.

ALBANIA

B&H

MONT.

CROATIA

AUSTRIA

POLAND

GERMANY

FRANCE

SPAIN

LITHUANIA

LATVIA

ESTONIA

FINLAND

SWEDEN

NORWAY

UK

IRELAND

SLOVAKIA

CZECH REP.

SWITZERLAND

ROMANIA

SERBIA

BULGARIA

GREECE

SLOVENIA

HUNGARY

BELGIUM

THE NETHERLANDS

DENMARK

PORTUGAL

LUX.

PEG Sud

TIGF

PEG Nord

ZEEBRUGGE

CEGH

NCG

GASPOOL

GTF

TTF

Area DGassco

NBP

EGT-L

PSV

AGGM

AOC

TYSSENGAS-H+L

AEQUAMUS

NORTH SEA

8

Ver 3

ITALY

MAC.

ALBANIA

B&H

MONT.

CROATIA

AUSTRIA

POLANDGERMANY

FRANCE

SPAIN

LITHUANIA

LATVIA

ESTONIA

FINLAND

SWEDEN

NORWAY

UK

IRELAND

SLOVAKIACZECH REP.

SWITZERLAND

ROMANIA

SERBIA

BULGARIA

GREECE

SLOVENIA

HUNGARY

BELGIUM

THE NETHERLANDS

DENMARK

PORTUGAL

LUX.

Blaregnies

Dunkirk

Lanžhot

Zeebrugge

Bocholtz

Eynatten

Obergailbach

Oltingue

Wallbach

Griespass

Tarvisio

Waidhaus

Oberkappel

Ellund

JulianadorpEmden

Oude

Bacton

Gorizia

Panigaglia

Lasów

BaumgartenMosonmagyarovar

NORTH SEA

Larrau

Zevenaar

Competitive positioning in Italy

ENOI was ranked as 7th importer

on the Italian gas market in 2009

Portfolio importation mainly flows

from European transportation

systems

Italian deliveries are a

combination of gas mainly from

Algeria and Russia, followed by

Holland, Norway, Libya and Qatar

Future LNG projects will further

diversify Italian gas supply

Data in Mcm/year. Source: Italian Authority for Energy and Gas, 2010

9

Rank Company 2009 Imports Share %

1 Eni 33.156 49,9%

2 Edison 10.410 15,7%

3 Enel Trade 8.648 13,0%

4 Plurigas 2.111 3,2%

5 Gaz De France 1.789 2,7%

6 Sorgenia 1.376 2,1%

7 ENOI 1.370 2,1%

8 Sinergie Italiane 881 1,3%

9 Sonatrach Gas Italia 757 1,1%

10 Speia 580 0,9%

11 Essent Trading International 572 0,9%

12 E.ON Energy Trading 550 0,8%

13 Hera Trading 488 0,7%

14 CEA Centrex Italia 485 0,7%

15 Begas Energy International 404 0,6%

16 EGL Italia 349 0,5%

17 Gas Plus Italiana 308 0,5%

18 Energetic Source 303 0,5%

19 Spigas 231 0,3%

20 Italtrading 228 0,3%

Others 1.417 2,1%

Total 66.410 100%

The strength of the current and future development of transportation portfolio rights arefuelling the Company’s growth

The Company has secured long-term transportation contracts in Germany, Austria,Netherlands, Belgium, Switzerland and France (short-term transportation capacity isacquired on a spot basis)

Total transportation capacity is more than 8 billion cubic metres in FY2009

(1) (Mcm/year) - ENOI Financial 1st April Y1 - 31st March Y2

Transportation capacity and contracts

10

405

1050

15682051

3143

55475206

8039

2002 2003 2004 2005 2006 2007 2008 2009

ENOI TRANSPORTATION CAPACITY (Mcm/Y) (1)

LONG TERM ITALY SPOT

216

387

552

825

1369

1761

1997 2008

21772240

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

LONG-TERM TRANSPORTATION CONTRACTS ALREADY IN PORTFOLIO (Mcm/Y) (1)

11%

17%

72%

2009

ENOI storage capacity:

The Company has secured long-term storage contracts in Germany, Austria and CzechRepublic

Spot capacity has been secured in Italy, Germany, Austria, France, Denmark, Spain andUnited Kingdom

Total storage capacity is 300 million cubic metres of Working Gas in FY 2009

Italian storage capacity is 170 million cubic meters in FY2009 and it is linked to final clients

Storage capacity and contracts

(1) (Mcm/year) - ENOI Financial 1st April Y1 - 31st March Y211

43

86

130

172 172 172 172183

2007 2008 2009 2010 2011 2012 2013 2014

LONG-TERM STORAGE CONTRACTS ALREADY IN PORTFOLIO (Mcm/Y) (1)

2002 2003 2004 2005 2006 2007 2008 2009

ENOI STORAGE CAPACITY (Mcm/Y) (1)

LONG TERM SPOT

26

54

88

116128

170

224

301

43%

57%2009

Key clients

ENOI’s key clients in Europe include Power generators, large Industrial customers,

Municipalities and other utilities companies

Over 200 counterparties worldwide

ENOI has signed:

98 EFET (European Standard Master Agreements)

16 LNG Master Agreements signed to date with major international LNG players

Various short term buy and sale agreements with European counterparties

The Company currently has in place a number of negotiations worldwide for additional

supply and sale agreements:

More than 30 EFET under negotiation

11 LNG Master Agreements under negotiation

12

II. European Gas Market

13

3148 54

81

109

165

266

0

50

100

150

200

250

300

02-03 03-04 04-05 05-06 06-07 07-08 08-09

ZEE TTF PSV PEG CEGH NCG Gaspool

Bcm / year

0

5

10

15

20

25

Jan-0

3

May-0

3

Sep

-03

Jan-0

4

May-0

4

Sep

-04

Jan-0

5

May-0

5

Sep

-05

Jan-0

6

May-0

6

Sep

-06

Jan-0

7

May-0

7

Sep

-07

Jan-0

8

May-0

8

Sep

-08

Jan-0

9

May-0

9

Sep

-09

ZEE TTF PSV PEG

CEGH NCG Gaspool Aggregate

Bcm / month

Development of virtual exchange points

The development of trading hubs in Europestarted with the creation of Great Britain’sNational Balancing Point (NBP) in 1996 asa direct result of the Network Code

The liberalisation of the gas market in otherEuropean countries has led, over the pastseveral years, to the development of manyother trading hubs, including:

NBP in UK Zeebrugge-Hub in Belgium TTF in Netherlands PSV in Italy PEG North and PEG South in France TIGF in France NCG NetConnect Germany GASPOOL in Germany EGT-L in Germany CEGH in Austria GTF in Denmark AOC in Spain Gassco system in North Sea/Norway

ENOI is active in all the above exchangepoints

YEARLY VOLUMES TRADED ON CENTRALISED MARKETS WHERE ENOI IS CURRENTLY MOST ACTIVE (THERMAL YEAR)

Source: GT Service

MONTHLY VOLUMES TRADED ON CENTRALISED MARKETS

WHERE ENOI IS CURRENTLY MOST ACTIVE

Source: GT Service 14

Market Making leader in Italy

ENOI has developed its own online platform where bid and ask prices are published,

making the Company the only gas market maker in Italy

Since September 2006, ENOI has handled around 10% of the total volumes of gas traded

on the PSV market, the Italian virtual point. Besides Italy ENOI acts as market maker in

Germany (NetConnect Germany and GASPOOL), Austria (CEGH), France (PEGs)

ENOI provides real time quotations to accredited counterparties during trading hours

Market Making advantages:

Facilitates access to players in the market

Provides pricing transparency

Useful tool for market operators

Increases the probability to conclude deals and meet supply and demand

Helps portfolio optimisation among market players

Quick and competitive pricing

15

Market Making (snap-shot online platform)

16

III. Next Steps

17

The Company’s existing transport and storage capacity in Europe will be further

strengthened by current and future pipeline projects from the East and from new LNG

terminals in Italy. In February 2010 ENOI opened a representative office in Hong Kong

Europe in a global strategy will be a key market as a player making ENOI an ideal partner

for achieving the highest value within the European market

Future vision

18

ENOI’s Hong Kong Rep. Office

ENOI’s Head office

ENOI actual presence

ENOI target markets

At ENOI, on the side of the Board,

a senior steering committee for ethical issues is in place (“Organismo di Vigilanza”)

which meets on a weekly basis to monitor and verify all activity

and so acts as an “Independent Internal Watchdog”

ENOI is aware that the importance of behavioral ethics

is an indefectible value and condition for the Company’s success

and thus defines the guidelines which must be marked in the conduct of

internal relations and external dealings.

ENOI intends to play a new and prominent role in respect to the market,

economic development, progress and energy security.

ENOI has chosen to make the commitment of adopting responsibility

on behalf of all those working in and for the Company,

marking its conduct in the cultural legacy of shared principles

such as honesty, loyalty, seriousness, solidarity, transparency and competence.

Extract from ENOI Code of Ethics (revised in March ’08) which has been in force since 2006

The importance of transparency at ENOI

19

IV. Annexes

20

TURKEY

ITALY

UKRAINE

MOLDOVA

RUSSIAN

FEDERATION

MAC.

ALBANIA

B&H

MONT.

CROATIA

AUSTRIA

BELARUS

POLAND

GERMANY

FRANCE

SPAIN

LITHUANIA

LATVIA

ESTONIA

FINLAND

SWEDENNORWAY

UK

IRELAND

SLOVAKIACZECH REP.

SWITZERLAND

GEORGIA AZERBAIJAN

IRAN

IRAQSIRIA

KAZAKHSTAN

TUNISIAALGERIA

CYPRUS

ROMANIA

SERBIA

NABUCCO

BULGARIA

GREECEIGI

TAP

ARMENIASLOVENIA

HUNGARY

BELGIUM

THE

NETHERLANDS

DENMARK

PORTUGAL

MAROCCO

LUX.

IGB

ITG

MALTA

ENOI, to further develop its strong existing network, has started to develop commercialactivities with neighboring European countries such as Croatia, Poland and Slovenia

ENOI, in order to optimise its positioning through key pipeline projects (Nabucco, ITGI, SouthStream), is developing relationships with Bulgaria, Greece, Hungary, Romania and Turkey

ENOI aims to play an important role with LNG in Greece and Turkey

Eastern Europe Projects

NORD STREAM:

Transport capacity: 55 bcm/y

Distance: 1220 km

SOUTH STREAM:

Transport capacity: 63 bcm/y

Distance: more than 2000 km

NABUCCO:

Transport capacity: 31 bcm/y

Distance: 3300 km

IGI:

Transport capacity: 8 bcm/y

Distance: 800 km

TAP:

Transport capacity: 10/20 bcm/y

Distance: 520 km

IGB:

Transport capacity: 3-5 bcm/y

Distance: 160 km

21

LNG terminals in Europe

Existing LNG terminals PlannedUnder construction22

TURKEY

ITALY

UKRAINE

MOLDOVA

RUSSIAN FEDERATION

MAC.ALBANIA

B&H

MONT.

CROATIA

AUSTRIA

BELARUS

POLAND

GERMANY

FRANCE

SPAIN

LITHUANIA

LATVIA

ESTONIA

FINLANDSWEDEN

NORWAY

UK

IRELAND

SLOVAKIACZECH REP.

SWITZERLAND

GEORGIAAZERBAIJAN

IRAN

IRAQSIRIA

KAZAKHSTAN

TUNISIAALGERIA

CYPRUS

ROMANIA

SERBIABULGARIA

GREECE

ARMENIASLOVENIA

HUNGARY

BELGIUM

THE NETHERLANDS

DENMARK

PORTUGAL

MAROCCO

LUX.

RovigoPanigaglia

Barcelona

Sagunto

CartagenaHuelva

Bilbao

Reganosa

Sines

Fos

Montoir

Isle of Grain

South Hook

LNG

Zeebrugge

Revithoussa Aliaga

Ereglisi

Vassiliko

LivornoPorto Recanati

Porto Empedocle Priolo

Brindisi

El MuselKrk

Le Havre

Dunkerque

EemshavenŚwinoujście

MALTA

Gioia Tauro

Trieste

Brunnsviksholmen

Dragon LNG

GATE

Wilhelmshaven

Klaipeda

Rostock

Teesside

Shannon LNGPortMeridian

Canvey

Fiere

Palei Galini-Iraklion

LNG terminals in Italy

Panigaglia LNG

Operating since 1971

Terminal capacity is 3.7 bcm (now

reduced to 2.5 bcm) per year

Maximum vessel size accepted

70,000 cubic metres

ENOI imported its first LNG cargo

in 2003; currently the Company

has regasification capacity and

participates in spot allocations

For 2009FY ENOI secured

commitment in six slots

Rovigo LNG

Operating since October 2009

The terminal has regasification

capacity of 8 billion cubic metres

per year

8% of regasification capacity is

available on spot basis

Maximum vessel size acceptance

is 152,000 cubic metres; Q-Flex

will be authorised in future

250,000 cubic metres storage

Only lean gas is accepted

Gas correction equipment will be

available in one year

Potential residual regasification

capacity will be made available to

counterparties

23