Vito Gamberale - Speech at CCIAA Molise - May 22, 2015

Rome, May 22nd 2015

Presented by Vito Gamberale

Foreword Page 3

Professional career Page 6

IMI Page 7

GEPI Page 8

ENI Page 9

SIP/TELECOM ITALIA/TIM Page 10

AUTOSTRADE Page 15

F2i Page 16

INVESTOR MANAGER Page 22

2

Summary

3

Foreword

– Today’s meeting objective was to show the importance of leadership inpresent-day society, particularly in a corporate environment

– Life will prove that a leader should first of all be inspired and driven by clear,definite, and sound values, such as:

o integrity

o commitment

o rigour

o open-mindedness

o interdisciplinarity

o competence

Elements that give rise to the developmentof "leadership"

4

Foreword– Such values are translated into a number of professional and ethical qualities that

build a leader. In particular:

o clarity in defining and communicating targets;

o guidance by being a role model;

o team development and management by endorsing the diversity andcomplementarity of different members and pooling their strengths to achievea shared target;

o vision, i.e. project a future scenario that reflects your company's ideas,values and expectations;

o unconventional thinking;

o the ability to recognise and anticipate change;

o a broad sense of development through innovation;

o combining corporate development with fair returns for shareholders;

o combining operational efficiency to a balance financial management.These values and the resulting characteristics are stable over time and canbe found in all successful managerial practices and leaderships.

5

Foreword

I have been invited to present my personal managerial experience during this"one-day meeting on economics", organised by the Confindustria of the MoliseRegion and addressed to the students from Campobasso.

Throughout my speech, I will show you how I tried to apply the values listedabove in the actions that marked my career and present the mentors who havetaught me during my lifetime.

6

Professional career

1968 '69 '77 '84 '91 '98 '06 '14

GEPIAnic

Evaluation ofinvestment plans and

industrial development

Rescue of distressedcompanies and

reintroduction on themarket

Privatisation of non-core assets (textiles,clothing, non-ferrous

metals, former Amiata)

Development ofmobile telephony

Exit from non-coreassets

Development of newtechnologies

Development ofinternational activities

Fund-raising

Acquisition of publicand private

infrastructure assetsand organisation by

industries

Achievements asspecialist

(under the guidance ofmanagerial "mentors")

Achievements asmanager

My career started in 1968 steered by great management "mentors" andleaders that characterised that environment.

They taught me values that constantly inspired my managerial activity, whichstarted in 1991 and has focused on industrial sectors undergoing a profoundrenewal ever since.

24 years70 years

Achievements asdirector

Achievements asinvestor/manager

INVESTORMANAGERV.A.G.

7

IMI

Achievements

−Evaluation of investment plans and industrial development of companies through long-term financing

Fundamental principles and values

−"Mentor": Enrico Murri

−Rigour, discipline, method

−Respect towards all companies, regardless of size or sector

Even prior to the computer era, he developed asophisticated database of all sector time andspace parameters of the Italian industrial system

8

GEPI

Achievements

−Rescue of distressed companies and reintroduction on the market


−"Mentor": Mario Murri

−Supporting recovery of distressed industrial entities

−Always aiming for the best

−Fostering technology development

GEPI

Great concisenessEmotional detachment and fast decision-makingSense of humour

9

ENI

Achievements− Privatisation of non-core assets (textiles, clothing, non-ferrous metals, former Amiata)


− "Mentor/s": Prof. Franco Reviglio

Vittorio Mincato

− Returning ENI to its core business, i.e. energy− Reallocation of non-core business and support to its specific industries – where

possible – or diversification where and when necessary

ENI then President

Assistant to the President at thetime (CEO from 1998 to 2005)

Bravely managed critical and complexsituations through a clear and rigorousmethod and approach.

10

SIP/TELECOM ITALIA/TIM

Achievements

−Development of mobile telephony


−"Mentor": Ernesto Pascale

−Bridging the gap of Italian TLCs, especially in mobile telephony

Initially President of SIPthen President of TI and STET

Showed audacity and ambition for greatprojects. He turned TI into the best worldwideoperator for development, efficiency,profitability and international presence.He bravely supported and encouraged me tolaunch TIM

11


International development of Telecom Italia's fixed network business in the90s

1994 1995 1996 1997 1998 1999

EuropaEuropa America del NordAmerica del Nord

AsiaAsia AmericaAmericadel Suddel Sud

1994 1995 1996 1997 1998 1999



Europe North America

SouthAmerica

Asia

12


Mobile telephony penetration coefficient in Europe 1990-1994

Years

13


Mobile telephony penetration coefficient in Europe 1990-1998

Years

14


International development of TIM's mobile business in the 90s

1994 1995 1996 1997 1998 1999



Europe North America

SouthAmerica

Asia

15

AUTOSTRADE

Achievements

−Exit from non-core assets

−Development of new technologies

−Development of international activities


−Model: major European infrastructure operators

−First privatisation of an infrastructure in Italy

−Return to the core business

−Development of new technologies

−Export of the model abroad

16

F2i

Achievements

−Development of the biggest Italian private equity fund

−Fundraising for Fund I and Fund II

−Participation acquisition and aggregation by business branch (gas, airports, water services, etc.)

−Creation of independent "national champions" in single branches (2iRG, Metroweb, Aeroporti, etc.)

−Management of participated (in some cases public) companies with an industrial approach


−Relaunching of Italy's development by enhancing existing infrastructures

−Initiation of a new "local" privatisation phase

−Fostering aggregation of participated companies and integration of the managed infrastructure networks

−"Return to Italy" strategic assets gone abroad (E.On and G6 gas networks, the Naples Airport, Metroweb)

−Development of companies by reinvesting returns generated by their management

−Generation of value for shareholders

F2i – FUND I INVESTOR CATEGORIES

Meeting at Consob, October 2nd 2013

F2i's investors include entities aiming to be long-term reference shareholders in Italianinfrastructures as well as investors wishing to monetise within the fund's lifespan

Two renowned international (European) asset managers – including Ardian – recentlyjoined the investor group by acquiring 220 million Euro shares of Fund I on thesecondary market

17

Categoria di investitori Numero Ammontaresottoscritto (€ mln) % del Fondo

Casse previdenziali 13 502 27,1%Fondazioni 25 427 23,1%Banche 3 360 19,4%Asset Manager Internazionali 3 230 12,4%Assicurazioni 6 * 175 9,5%Istituzione Finanziaria Pubblica (CDP) 1 150 8,1%Sponsor & Management n.a. 8 0,4%Totale 1.852 100,0%* Cons idera separatamente tre ass icurazioni parte del medes imo gruppo

Social insurancesFoundationsBanksInternational asset managersInsurancesPublic sector financial institution (CDP)Sponsor & Management

Total*Insurances of the same group are considered separately

Investor categoryNumber

Subscribed capital(mln./€) Fund %

F2i – INVESTMENT BRANCHES OF THE TWO FUNDS

Impegnato(M€)

Erogato(M€) %

F2i I71,9% 99,9%

100% 40,0%

100% 70,0%

100% 44,3% ( 35,7% Fondo I; 8,6% Fondo II )

67,7%

53,8% 87,2%

85,0%

26,3%

15,7%100%

49,8%

100% 100% 70,0%(Fondo II)

100% 51,0% 80,0%

100% 10,3%

2.086 1.755 84%* Si intende compresa la partecipazione in Software Design.** Include quote di Equiter (put & call 2014),di SAB (put 2014) e Aviapartners*** Parte di un Consorzio che controlla il 59,3% della società

100%

83 7 8%

F2i II

SIA ***F 2i R et iLo giche 50 50 100%

F 2iA mbiente T R MT R M V

99%

SA GA T ** (T o rino ) 115

100%

18 100%

SEA (M alpensa /Linate / B ergamo ) 532 100%

Saster N et 18

68 59%

92%

H F V

82%

52 51

F 2iR et i Ita lia

F 2iEnergie

R inno vabili

M etro webItalia M etro web 201 201

F 2i A ero po rt i

F 2i SistemaA ero po rtuale

C ampanoGESA C * (N apo li) 81

A lerio nC lean P o wer 78 64

532

88

Infracis 31 31

(63,9% Fondo I;8,1% Fondo II)

F 2i ER 1 F 2i ER 2 Ediso n R inno vabili 0%0135

F 2i R eteIdrica Ita liana

M editerranea delleA cque 235 184 78%

2i R ete Gas 468 468 100%GAS

ACQUA

AEROPORTI

TLC

ENERGIERINNOVABILI

TRASPORTI

WASTE TOENERGY

RETIIMMATERIALI

18

Committed Granted

(63.9% Fund I,8.1% Fund II)

(35.7% Fund I, 8.6% Fund II)

(Fund II)

GAS

RENEWABLEENERGY

TRANSPORTS

WATERSERVICES

AIRPORTS

TLCs

WTE

INTANGIBLENETWORKS

(Turin)

(Naples)

* Including the participation in Software Design** Including shares of Equiter (put & call 2014), SAB (put 2014), and Aviapartners*** Part of a consortium controlling 59.3% of the company

F2i – INVESTMENT BRANCHES OF THE TWO FUNDS

Although launched as a fund, F2i actually operates as a public company: each project aims to develop a business branch in specific sectors and fostercooperation among the participated companies:

GASCreation of an independent gas distribution network operator acting as an aggregating

entity in a sector undergoing a concentration phase.

Aims to get independence between sale and distribution.

RENEWABLEENERGY

Two independent entities with influential shareholdership and management. Today this sectoris threatened by contradicting provisions that prevent a future development in Italy.The network represents an overall profitable investment for F2i.

TRANSPORTSEntry point to the highway sector. To date this business area has not "opened".

Possible important openings/opportunities – or else F2i will abandon the sector.

WATERSERVICES

Development of a "national champion", in a sector strategic to Italy in need of big investments

to modernise existing plants. All this despite the demagogic results of the 2011 referendum.

AIRPORTSCreation of an aggregating centre in a highly-fragmented sector characterised by alarming

distorting low-cost predominance and predominantly public ownership lacking strategy.

Enel Rete Gas2i Gas (former E.On Rete)

AlerionHFV

Infracis

Mediterraneadelle Acque

GESACSEASAGAT

G6 Rete Gas

TLCsFosters the development of optic fibre in the most populated and developed Italian areas.Metroweb

Sasternet

WTE TRMA chance to create the third national operator focusing on Northern/North-Western Italy, able

to seize new development and consolidation opportunities.

INTANGIBLENETWORKS SIA

Stable shareholdership for former consortium of highly technological companies with vast

growth potential.19

F2i Group – CURRENT PARTICIPATIONS

The current outreach of the First and Second F2i Fund* generated "aggregated" returns foraround 2.3 bil € and 1 bil € EBITDA in 2014.

F2i

2i ReteGas

72.0%

MetrowebItalia

53.8%

GESAC

70%

HFVMdA

40% 49.75%

SEA

44.3%

Alerion

16%

SAGAT

54.5%

TRM

41%

SIA

12.1%

E2i

70%

Returns

EBITDA

%

CAPEX

658

363.9

55.3%

174.1

67.1

49.8

74.3%

29.6

81.7

49.8

74.3%

13.2

Mil./€

55.4

10.3

18.6%

3.1

614.2

199.6

32.5%

97.7

148.1

73.5

49.7%

38.7

45.5

34.6

76.2%

1.0

45.0

25.5

56.7%

1.6

70.8

47.6

67.2%

12.0

432.3

117.8

27.2%

14.5

119.7

83.2

69.5%

11.0

2,344.2

1,036.1

44.2%

396.7

Aggr.

*The participation of Infracis is not included. 20

DIVIDENDS AND GROSS DIVIDEND YIELD (2010-2014) – F2i I

52,5

- 0,5 - - -

-53,3

2,1 0,64,5

- -

-

15,9

2,3 2,3 - 1,2 -

-

46,1

12,2

5,0 7,2 6,60,1

0,1

66,8

24,0

4,28,0 5,4

0,3

108,6

0

20

40

60

80

100

F2i Reti Italia(2i Rete Gas)

F2i Aeroporti(GESAC/SEA/SAGAT)

F2i EnergieRinnovabili

(ALERION\HFV)

F2i Rete Idrica(MdA)

Metroweb Italia(METROWEB)

Infracis TOTAL

2010 2011 2012 2013 2014

Importi in €\Mln.Importi in €\Mln.Figures in mil./€

21

F2i Reti Italia(2i Rete Gas)

F2i Aeroporti(GESAC/SEA/SAGAT)

F2i Energie Rinnovabili(ALERION\HFV)

F2i Rete Idrica(MdA)

Metroweb Italia(METROWEB) SEA(1) Infracis TOTALE

Costo storico al 30.09.2014 (€\Mln) 417,82 594,29 114,56 183,93 218,58 30,86 1560,05 (2)

Dividend Yield 2010 18,80% - 0,77% - - - - 15,41%Dividend Yield 2011 19,07% 10,97% 0,76% 2,52% - - - 10,89%Dividend Yield 2012 3,81% 8,13% 2,48% - 1,05% - - 1,85% (3)

Dividend Yield 2013 11,04% 17,96% 4,64% 3,91% 3,03% 1,78% 0,26% 5,03%Dividend Yield 2014 15,99% 4,03% 3,67% 4,35% 2,46% - 0,84% 6,96%NB: Il dividend yield è calcolato sul costo storico delle Partecipazioni al 31 dicembre dell'anno precedente. Per quanto riguarda la partecipata FRII il dividend yield è calcolato considerando nel costo storicoil BtE (€ 178 mln.) in scadenza il 24 maggio 2013.(1) Il dividend yield di SEA è calcolato sul costo storico della partecipazione al 31 dicembre 2012 pari ad € 445 mln., qualora fosse stato calcolato sulla sola quota che ha erogato il dividendo (29,75%acquistata nel 2011), il dividend yield sarebbe stato pari a 2,07%(2) Il valore del Costo storico riportato afferisce alle sole Partecipate che hanno prodotto dividendi nel 2013.(3) Il calo del rendimento 2012 è dovuto all'operazione straordinaria effettuata da ERG per l'acquisizione di G6 Rete Gas, nell' ottobre 2011. Per realizzare detta operazione ERG ha effettuato un importanterifinanziamento che ha comportato vincoli sulla distribuzione dei dividendi. F2i ha preferito effettuare l'acquisizione tramite ERG, che aveva capacità di debito inutilizzata, apportando un aumento di capitalecontenuto (€ 52,7 mln. richiamati nel settembre 2011) con notevole beneficio in termimni di IRR e minori richiami per gli Investitori, che diversamente, sarebbero stati pari a circa € 197 mln.

Historical cost on September 9th 2014 (mil./€)

TOTAL

Note: The dividend yield is calculated based on the participation historical cost until December 31st of the previous year. As for participated FRII, its dividend yield calculation includes the BtE (178 mil. €) expiring on May24th 2013 in the historical cost.(1) SEA’s dividend yield is calculated based on the participation historical cost until December 31st 2012 of 445 mil. €; if calculated based only on the share that granted the dividend (29.75% acquired in 2011), thedividend yield would be 2.07%.(2) The value of the reported historical cost refers to the sole participated company that produced dividends in 2013.(3) The drop in returns in 2012 is due to the extraordinary transaction performed by ERG for the aquisition of G5 Rete Gas in October 2011. For this transaction ERG deployed an important re-financing that led torestrictions of dividend distribution. F2i preferred to perform the acquisition through ERG, which had an unused debt capacity through a moderate asset increase (52.7 mil. €, recalled in 2011) with great advantages interms of IRR and minor recalls for investors that would otherwise have amounted to about 197 mil. €.

22

INVESTOR MANAGER

Achievements

Through VAG (a kind of personal fund), I invest in selected companies with elevatedgrowth potential

-I enter as President

-I agree upon the company value when entering and the exit valuation criteria

NOW: PSC Group Leader in plant engineering

NEXT: IC Leader in additives for building materials

SOON (TBD): English funds Leader in renewable energy


23

Professional career

1968 '69 '77 '84 '91 '98 '06 '14

GEPIAnic

Achievements asspecialist

(under the guidance ofmanagerial "mentors")

Achievements asmanager

My career started in 1968 and was shaped under the guidance of greatmanagement "mentors" and leaders that characterised that environment.

They taught me values that constantly inspired my managerial activity, whichstarted in 1991 and focused on industrial sectors undergoing a profoundrenewal ever since.

24 years 70 years

Achievements asdirector

Achievements asinvestor/manager


Learning ReturningEarnings

- to companies- to social matters- to affections

Presentations & Public Speaking

Vito Gamberale - Speech at CCIAA Molise - May 22, 2015