· The results as of 31 March 2012 approved:

- Net revenues of euro 183.0 million (+17.3%)

- Gross Operating Margin of euro 35.2 million (+12.5%)

- Operating result of euro 18.3 million (+16.5%)

- Net financial position: no change vs 31.03.2011

· The own shares purchase scheme renewed

Trieste, 10 May 2012- The Board of Directors of AcegasAps met today, chaired by Massimo Paniccia, to review and approve the interim operating report as at 31 March 2012.

CONSOLIDATED NET RESULT

Group Net revenues total euro 183.0 million, up 17.3% on Q1 2011, corresponding to a rise in overall turnover of euro 27.0 million. This growth is sustained by the development of the energy businesses (gas and electricity) which benefit from the acquisition, completed in June 2011, of the IRIS energy businesses.  In general terms, there has been an increase in revenues of all the business sectors managed by the AcegasAps Group: Gas revenues are up euro 12.5 million, Electricity revenues by euro 11.9 million, Water Cycle revenues by euro 1.2 million, Services revenues by euro 0.7 million and Environment revenues by euro 0.2 million.

The Gross Operating Margin for Q1 2012 amounts to euro 35.2 million, an increase of euro 3.9 million compared to euro 31.3 million in Q1 2011. This growth is sustained primarily by the results achieved by the Gas sector (euro +1.4 million), Environment (euro +1.4 million) and electricity (euro +0.7 million). The other sectors closed Q1 2012 more or less breaking even or in slight growth.

In Q1 2012 the Gas Sector reports an increase in volumes managed due to the acquisition of the IRIS energy businesses (+13 million cubic metres sold and +17 million cubic metres distributed). Net of the effects resulting from the change in scope, the gas volumes distributed grew by 0.7% (234 million cubic metres in Q1 2012 as against 233 in 2011) whilst sold volumes fell by 8.6% (183 million cubic metres in 2012 as against 201 in 2011). Distribution margins have grown both due to the effect of core operations (euro +0.2 million) and the aforesaid acquisition which contributed euro 0.9 million to the AcegasAps Group's Gross Operating Margin. Sales rose by euro 0.4 million.

The Environment Sector reports a euro 1.4 million rise in Gross Operating Margin, increasing from euro 8.5 million in 2011 to euro 9.9 in 2012. Most of the growth in Gross Operating Margin (euro 1.3 million) is due to the return to full operation of the Trieste plant where Line 1 in 2011 was shut down for a prolonged period up to 9 March to allow the grille and steam generator to be replaced. This has resulted in growth both in volumes of burnt waste (84 thousand tonnes in Q1 2012 as against 74 thousand tonnes in 2011) and volumes of electricity produced (61 GWh in 2012 as against 48 GWh in 2011).

The Gross Operating Margin of the Electricity Sector grew by euro 0.7 million rising from euro 3.2 million in Q1 2011 to euro 3.9 million in 2012. There has been a rise in both the electricity generation margin (euro +0.2 million), and distribution margin (euro +0.3 million) and, finally, the sales margin (euro +0.2 million ). The volumes of electricity produced are down slightly (78 GWh generated in Q1 2012 as against 81 in 2011). The reduction of approximately 3 GWh follows the fall in the quantities generated by Elettrogorizia (-12 GWh) due to the unfavourable effect of  the trend in market prices, and the return to production of the Trieste WTE plant already mentioned.

As far as the Water Sector is concerned, the Gross Operating Margin has risen by euro 0.3 million increasing from euro 9.2 million in Q1 2011 to 9.5 in 2012. The volumes are up slightly from 12.6 million cubic metres in 2011 to 12.9 in 2012 (+2.2%).

The Operating Result for Q1 2012 has increased by euro 2.6 million from euro 15.7 million in Q1 2011 to 18.3 in 2012. The movement in Gross Operating Margin is not reflected to the same degree at operating result level due to the movement, relative to Q1 2011, in provisions (euro -0.2 million), but primarily due to the increase in amortisation and depreciation (euro +1.3 million) resulting from investments made during recent years.

The Net Result for the period closed Q1 2012 at euro 7.0 million, down 7.8% compared to euro 7.6 million in Q1 2011, due mainly to the increase in net financial charges and the tax rate.

BALANCE SHEET

The balance sheet reports, compared to 2011 year-end figures, a 3.7% increase in Capital Invested amounting to euro +30.4 million. This increase is sustained primarily by the growth in Working Capital (euro +34.5 million) arising primarily from the rise in trade receivables (euro +52.1 million) linked to seasonal factors.

In relation to the growth in capital invested consideration should also be given to Investment Spending which, in Q1 2012, amounted to euro 11.9 million, a significant reduction (-41.1%) on euro 20.2 million in the corresponding period in 2011.

Net Equity grew by euro 6.8 million and Net Financial Position closed at euro -471.0 million, due to the movements in capital invested described previously, a slight improvement on the levels at the end of March 2011 (euro -471.9 million)

SIGNIFICANT EVENTS AFTER 31 MARCH 2012

On 24 April 2012 AcegasAps signed a Memorandum of Understanding with Italgas S.p.A. (Snam Group) to set up a joint venture to develop natural gas distribution operations carried out within the geographical areas of the provinces of Padua, Pordenone, Trieste and Gorizia. This operation represents an important opportunity for developing and consolidating gas distribution activities in the North East of the country and will allow the two operators' operational and economic performance to be optimised.

FUTURE OUTLOOK

The free market activities in the electricity and gas sectors could result in a reduction in margins in relation to the tariff component revisions proposed by the Authority; it is expected that margins for the regulated activities will remain stationary compared to 2011. 2012 will also experience the positive effects of the consolidation of the energy activities of the former Iris Gorizia (Est Più and Isogas), purchased in June 2011 in a joint-venture with Eni.

The combined effect of the aforementioned phenomena should lead to increased operating margins in 2012 and a net profit in line with that of 2011.

OWN SHARES PURCHASE SCHEME

The Shareholders' Meeting of 26 April 2012 - as notified to the public with the press release on the same date - renewed the authorisation issued on 28 April 2011 for the purchase of own shares. Based on this new authorisation, the Board of Directors today confirmed the continuation of the previous Scheme.

It should be noted that, as published in the press release of 26 April 2012, as part of the own shares purchase and disposal plan authorised by the Shareholders' Meeting of 28 April 2011 and terminated at the same time as the Shareholders' Meeting on 26 April 2012, 97,383 ordinary shares have been purchased on the regulated market, corresponding to 0.18% of share capital at the average price of about Euro 3.44 per share and an overall corresponding value of Euro 334,982.23. No disposals of purchased shares have been carried out.

The Scheme confirmed today by the Board of Directors is in essence re-proposing the same terms as the previous scheme. Provision is made for the purchase of a maximum number of AcegasAps ordinary

shares equal to no more than 10% of share capital, taking account of own shares already held by the Company, with the aim of setting up a securities portfolio as a means of payment or exchange under  any future extraordinary operations, as provided for by practice no. 2 approved with Consob Resolution no. 16839 of 19.3.2009.

The volume of own shares purchased daily may, as provided by art. 5 of EC Regulation no. 2273/2003, mentioned by the aforesaid Consob Resolution, exceed the limit of 25% of the average daily volume of shares exchanged in the 20 days trading prior to the date of each individual purchase, subject to a maximum limit of 50%.

The Scheme refers to a maximum period of 18 (eighteen) months as from the date the Shareholders' Meeting issues its authorisation or, if this period is shorter, for the time elapsing between the date of said resolution and the date on which the Shareholders' Meeting approves the financial statements at 31 December 2012, in accordance with the authorisation issued by the Shareholders' Meeting.

When conducting share purchase transactions the unit price may not exceed the amount resulting from a 10% increase of the reference price in the trading session immediately preceding the session of each individual purchasing transaction and may not be below the amount resulting from a 10% reduction in the same reference price.

If the holding of own shares is no longer required any disposals of own shares may not be carried out at a price lower than that resulting from a 10% reduction in the reference price of the trading session immediately preceding that of each individual disposal transaction, except in certain specific cases of share use or disposal (e.g. swap, contribution, assignment or other non-cash disposals).

Finally, notice is given that, regarding the objectives in support of the liquidity of the company's ordinary own shares, there is no change in the activity commenced on 30 September 2011 in accordance with market practice no. 1 permitted with Consob Resolution no. 16839 of 19.3.2009, carried out at the risk of the intermediary appointed, and the terms of which have already been reported in the press release of 29 September 2011.

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