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Investor Presentation Milan, February 2019 Disclaimer This presentation and the information contained herein are addressed solely to (A) in Italy, qualified investors, as defined by Article 34-ter, paragraph 1(b), of Consobs Regulation


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Investor Presentation

Milan, February 2019

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SLIDE 2

1

Disclaimer

This presentation and the information contained herein are addressed solely to (A) in Italy, “qualified investors”, as defined by Article 34-ter, paragraph 1(b), of Consob‟s Regulation No. 11971/1999, as subsequently integrated and amended and (B) in Europe, persons who are "professional clients " within the meaning of Annex II, Section I, of the Directive (EU) No 2014/65. This presentation is not addressed to any retail investor neither in italy nor elsewhere and no public offering of shares in Italy or elsewhere will be made. This presentation cannot be made, distributed or circulated to the public in Italy or elsewhere under any circumstances. This presentation and the information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase

  • r subscribe for securities, in the United States, Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the

approval of local authorities or otherwise be unlawful (the “Other Countries”). Neither this presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or pursuant to the corresponding regulations in force in the Other Countries. The securities may not be offered or sold in the United States unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The Company (as defined below) does not intend to register any portion of any offering in the United States. This publication constitutes neither an offer to sell nor a solicitation to buy or subscribe for securities. This presentation has been prepared and is the sole responsibility of the Company and the contents of the same are for information purposes only and are not to be construed as providing investment advice. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither Alerion Clean Power S.p.A. (the “Company” and together with its consolidated subsidiaries, the “Group”), nor EQUITA SIM S.p.A. (“EQUITA”), nor any of their respective representatives, directors, officers, employees, agents or advisers shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this presentation. By accessing these materials, you agree to be bound by the foregoing limitations. This presentation contains certain forward-looking statement, projections, objectives, estimates and forecasts reflecting management’s current views with respect to certain future events. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company’s future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company or any Group company participates or is seeking to participate. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Group’s ability to achieve its projected objectives or results is dependent on many factors which are outside management’s control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. All forward-looking statements included herein are based on information available to the Group as of the date hereof. Neither Group companies nor EQUITA undertakes any obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. The presentation may not be retained, copied, reproduced, used, distributed, published or disclosed, in whole or in part, at anytime without the prior written consent of the Company.

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History

2

Source: company profile, management information, financial statements

2008 - 2014 2015 2016 2017 2018

  • Alerion Clean Power

focused exclusively on wind power

  • Entry into operation of

new wind farms in Italy and Bulgaria

  • Issuance of a bond for

€130m with a 6.00% interest rate

  • FGPA S.r.l., controlled

by FRI-EL Green Power S.p.A, acquired 29.36%

  • f Alerion
  • On April 11, 2018 a capital increase of

€24.8m with the contribution of assets

  • f 3 project companies was approved,

in particular Green Energy Sardegna Srl, Eolica P.M. Srl and Fri-El Albareto Srl (102 MW of gross capacity)

  • FRI-EL reaches 85.5% stake with free

float at 13.0% and treasury shares at 1.5%

  • Bond refinancing: repayment of the

previous bond and issuance of a new bond for €150m with a 3.75% interest rate

  • FRI-EL Green Power

S.p.A, acquired the control of Alerion through a tender offer, reaching a stake of 84%

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SLIDE 4

209.4 193.1 174.1 228.0 8.1x 5.3x 4.1x 5.2x

2015A 2016A 2017A 2018PC

NFP NFP / EBITDA 35% 60% 5% Energy Incentives Other

12

Alerion at a glance

Key Facts

Alerion Clean Power S.p.A. is one of the main independent Italian operator specialized in the production of renewable energies, focused on wind-generated electricity Alerion currently manages and operates a wind farm portfolio composed of:

  • 11 wind farms in Italy with a gross capacity of 325 MW
  • 1 wind farm in Bulgaria with a gross capacity of 12 MW
  • 2 wind farms under construction in Italy with a gross capacity of 72

MW

Wind farm portfolio overview

€54.9m 337 MW Actual gross capacity

Note: (1) Including only operating revenues (2) As Consob N. DEM/6064293/2006

Net Financial Position (€m)(2) Focus on 2017 Net Revenues (%) Revenues (€m)

CAGR Revenues 2015-17 8.7%

EBITDA (€m)

3

Source: company profile, management information, financial statements 46.5 51.3 54.9 36.6(1) 40.3(1)

2015A 2016A 2017A 9M 2017 9M 2018

26.0 36.1 42.0 44.0

56.0% 71.0% 76.5%

40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0% 80.0% 22.0 27.0 32.0 37.0 42.0 47.0

2015A 2016A 2017A 2018PC EBITDA EBITDA margin %

Wind Farm €44m

  • Exp. EBITDA

2018 €228m

  • Exp. NFP

2018

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Wind farm portfolio overview

Operating plants

Ordona San Marco in Lamis Sicily Agrigento Callari Castel di Lucio Licodia Ciorlano Albanella Lacedonia (1)

337 MW

Molise

Actual gross capacity

Bulgaria Krupen Campania Apulia S.Martino in Pensillis(1)

re

Note: (1) Wind farms owned in Joint Venture Source: company profile, management information, financial statements

12 Wind farms managed 4

Sardegna Villacidro-Medio Campidano Alerion Clean Power - Wind farm portfolio overview

P lant Lo catio n SP V Gro ss C apacity (M W) Ownership End o f Incentive perio d A lbanella Eolo S.r.l. 8,5 1 00%

  • Feb. 201

6 C io rlano Dotto S.r.l. 20,0 1 00% M arch 2023 A grigento WPS S.r.l. 34,0 1 00%

  • Jan. 201

9 Lacedo nia Ecoenergia Campania S.r.l. 1 5,0 50%

  • Oct. 2023

C allari Callari S.r.l. 36,0 1 00%

  • Jan. 2024

Ordo na Ordona S.r.l. 34,0 1 00% M arch 2024 C astel di Lucio M inerva S.r.l. 23,0 1 00%

  • Apr. 2025

Lico dia Parco eolico Licodia Eubea S.r.l. 22,1 80% Sept 2025 S.M artino in P ensilis New Green M olise S.r.l 58,0 50% Oct 2025 S.M arco in Lamis Renergy San M arco S.r.l. 44,2 1 00%

  • Dec. 2026

Krupen Wind EOOD 1 2,0 51 % Oct 2025 Villacidro - M edio C ampidano Green Energy Sardegna S.r.l 30,8 1 00%

  • Jan. 2039
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Wind farm portfolio overview cont’d

Plants under construction

72 MW

Emilia Romagna

Planned gross capacity

Albareto

re

Source: company profile, management information, financial statements

2 Wind farms under construction 5

Campania Morcone-Pontelandolfo Alerion Clean Power - Wind farm under construction portfolio overview

P lant Lo catio n SP V Gro ss C apacity (M W) Ownership End o f Incentive perio d M o rco ne-P o ntando lfo Eolico PM S.r.l. 51 ,8 1 00%

  • Jun. 2039

A lbareto Fri-El Albareto S.r.l. 1 9,8 1 00%

  • Jun. 2039
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SLIDE 7

Total installed wind power capacity Austria 2.4 2.6 2.8 Belgium 2.2 2.4 2.8 Bulgaria 0.7 0.7 0.7 Croatia 0.4 0.4 0.6 Cyprus 0.2 0.2 0.2 Czech Republic 0.3 0.3 0.3 Denmark 5.1 5.2 5.5 Estonia 0.3 0.3 0.3 Finland 1.0 1.5 2.1 France 10.5 12.1 13.8 Germany 44.9 50.0 56.1 Greece 2.1 2.4 2.7 Hungary 0.3 0.3 0.3 Ireland 2.4 2.8 3.1 Italy 9.0 9.3 9.5 Latvia 0.1 0.1 0.1 Lithuania 0.3 0.5 0.5 Luxembourg 0.1 0.1 0.1 Malta

  • Netherlands

3.4 4.3 4.3 Poland 5.1 5.8 5.8 Portugal 5.1 5.3 5.3 Romania 3.0 3.0 3.0 Slovakia 3.0 3.0 3.0 Slovenia 3.0 3.0 3.0 Spain 23.0 23.1 23.2 Sweden 6.0 6.5 6.7 UK 13.8 14.5 18.9 Total EU-28 141.7 153.7 168.7 Total 2016 Total 2017 EU Capacity (GW) Total 2015

European wind power Overview

9.5 56.1 13.8 23.2 18.9

European (EU 28) installed capacity 168.7 GW

In 2017 European installed capacity increased of around 15 GW, from 153.7 GW in 2016 to 168.7 GW in 2017 The Italian wind market is the fifth in Europe (after Germany, Spain, France and UK) with a total installed capacity of 9.5 GW, corresponding to around 6% of the total European capacity in 2017. The majority of wind farms are located in the south of Italy and the islands, due to the favorable climatic conditions

European installed wind power capacity

6

Note: (1) Chart refers to both onshore and offshore installed capacity Source: WindEurope

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2,406 1,783 1,364 1,065 1,014 951 913

Apulia Sicily Campania Calabria Sardinia Basilicata Other regions

Italian Wind Market Overview

Recent analyses showed that the Italian wind power on shore installed capacity should expand up to 15.2 GW within 2030, compared to the actual installed capacity of around 9.5 GW (+5.7 GW)

Installed capacity potential evolution to 2030 2017 Wind Onshore Installed capacity (MW) – by region

7

2030 Wind Onshore Potential Installed capacity (MW) – By region

2017 Italy Onshore Wind Power (MW)

9,496

2030 Italy Onshore Wind Power (MW)

15,200

Italian installed wind power capacity (2017)

The Italian total number of onshore wind farms amounts to around 6,700 plants in 2017 with a total installed capacity of 9.5 GW, mainly located in southern regions (i.e. Apulia, Sicily, Campania, Calabria, …)

2017 Installed Capacity 2030 Installed Capacity

Legenda

Source: GSE - Rapporto Statistico “Energia da Fonti Rinnovabili in Italia - 2017”; ANEV - "Il potenziale eolico italiano"

Italian Wind Onshore Installed Capacity (MW) Apulia 2,339 2,360 2,441 2,406 0.9% Sicily 1,747 1,758 1,795 1,783 0.7% Campania 1,251 1,318 1,351 1,364 2.9% Calabria 1,000 1,025 1,030 1,065 2.1% Sardinia 997 1,006 1,012 1,014 0.6% Basilicata 475 761 867 951 26.0% Other regions 894 935 915 913 0.7% Total 8,703 9,162 9,410 9,496 2.9% Region 2014 (MW) 2015 (MW) 2016 (MW) CAGR 2014-17 2017 (MW)

Italian Wind Installed Capacity Potential within 2030 Region 2017 Actual (MW) 2030 Target (MW) CAGR 2017-30 Onshore 9,496 15,200 3.7% Apulia 2,406 2,750 1.0% Sicily 1,783 2,000 0.9% Campania 1,364 2,000 3.0% Calabria 1,065 1,750 3.9% Sardinia 1,014 2,000 5.4% Basilicata 951 1,250 2.1% Other regions 913 3,450 10.8% Offshore 950 Others 1,000 Total 9,496 17,150 4.7%

2,406 1,783 1,364 1,065 1,014 951 913 2,750 2,000 2,000 1,750 2,000 1,250 3,450

Apulia Sicily Campania Calabria Sardinia Basilicata Other regions

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Italian Market Positioning

8

Note: (1) 325 MW in Italy as of February 2019 Source: Equita (elaboration on Fri-El and Anev 2017 data)

In 2017 Italy produced 17.5 TWh of wind energy, satisfying the needs of 17 million people with many natural environment benefits (reducing CO2 emissions and petrol consumption)

In the italian market Alerion, with a 2017 gross capacity of 294 MW in Italy, is ranked 7th and, combined with Fri-El, it is ranked 3rd

The Italian market is highly fragmented but a consolidation process is ongoing, benefitting from economies of scale

MW

294(1) 1,134 782 482 589 328 312 282 278 275 272 238 225 202 193 Erg Renew Enel GreenPower FRI-EL & Alerion E2i Energie Speciali E.ON Climate & Ren. Falck Renewables F2i EDF EN Italia Glenmont Gruppo IVPC Margherita BKW Italia PLT Energia Alpiq

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New regulations moves from incentives to auctions, increasing competition in the sector and reducing dependency from government incentives, sustaining the transition to the grid parity

Tariffs allocated to call for tenders €/MWh

124 115 93 66 2012 2013 2014 2016

Regulatory framework – Incentives evolution

Focus on incentives evolution 9

1 2 3

FER indicates that plants with power greater than 5 MW have to win an auction in order to receive incentives This trend is directly related to the grid parity which is expected in the wind energy sector. Thanks to the technological development, new wind farms are in fact increasingly efficient (in terms of volume of energy produced and in maintenance costs), ensuring grid parity. Since 2016 the Green Certificates (GC) (the previous incentive scheme) has been substituted by a new incentive form called Feed in Tariff, introduced with the Ministerial Decree 23/06/2016

Source: GSE

Tariffs agreed for the new assets contribution

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To extend useful life and to enhance energy productivity, Alerion introduced plants active

  • wnership: together with FRI-EL Green Power, Alerion

internally manage O&M of the plants It is expected that the Italian Government will support the repowering / reblading process through a faster and easier regulatory framework and authorization processes

Regulatory framework – Repowering and Reblading

A significant portion of wind farms installed in Europe will come to the end of useful life between 2020 and 2030

Annual repowering potential to 2030 (GW)

Promotion of Repowering and Reblading interventions to rejuvenate wind farms In Europe it is estimated that the early repowering volume grows from 1.2GW in 2017 to reach 5.5-8.5GW in 2027 (main interested countries Germany, Spain, Italy, Denmark, Portugal and France).

Focus on repowering and reblading trend 10

1 2 3

Source: SEN, GSE, WindEurope "Wind energy in Europe: Scenarios for 2030 “, WindEurope, Repowering – framing note, June 2017

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2017A 2018A 2021P Long term target Actual gross capacity New Assets Contribution New Investments already planned Pipeline

Business Plan Strategic Pillars Long Term Growth Path 1 2 3 Organic Growth O&M Efficiency New Assets Contribution

Planned Gross Capacity (MW)

Target Presence

11

306 MW Future projects are expected both in Italy and in other European countries (e.g. Spain) to expand the actual installed capacity Target of an overall installed capacity increase of around 180 MW in Italy (through asset contribution and capex and M&A growth)

Source: Alerion Business Plan

4 M&A Growth

~592 MW 408 MW

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Business Plan Targets

12

(1) As Consob N. DEM/6064293/2006; Source: Alerion Business Plan

Gross Capacity (MW) EBITDA (€m) Net Financial Position (€m)(1)

During the Business Plan Period (2019-2021), the Gross Capacity is expected to grow to ca. 592 MW in 2021:

  • Ca. 480 MW in Italy
  • Ca. 100 MW in Spain
  • 12 MW in Bulgaria

The NFP is expected to grow at

  • ca. €310 m in 2021, in order to

finance the CapEx Plan (€210 m in the Business Plan Period - 2019-2021)

NFP / EBITDA [4,1x] [4,4x] COMMENTS

~592 ~70 ~310 As results of the increasing installed gross capacity, EBITDA is expected to grow to ca. €70m in 2021, also benefitting from O&M efficiency 306 306

2017A 9M 2018 2021P

42.0 44.0

2017A 2018PC 2021P

174.1 228.0

2017A 2018PC 2021P

[5,2x]

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Annex

13

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SLIDE 15

Group structure @ February 2019

100%

Alerion Servizi Tecnici e Sviluppo S.r.l.

Operative Plants Technical and Development Services Ecoenergia Campania S.r.l. (Lacedonia 15MW) Renergy San Marco S.r.l. (S. Marco in Lamis 44.2MW) Wind Power Sud S.r.l. (Agrigento 34 MW) Ordona S.r.l. (Ordona 34 MW) Parco Eolico Licodia Eubea S.r.l. (Licodia 22.1 MW) Callari S.r.l. (Callari 36 MW) Minerva S.r.l. (Castel di Lucio 23 MW) Dotto S.r.l. (Ciorlano 20 MW) Eolo S.r.l. (Albanella 8.5 MW) 4 Bulgarian SPVs (Krupen 12 MW) 100% 100% 100% 100% 100% 100% 100% 80% 50% 51% 50% New Green Molise S.r.l. (S. Martino in Pensilis 58 MW)

14

Green Energy Sardegna S.r.l. (Medio Campidano 30.8 MW)

Alerion Energie Rinnovabili S.p.A.

New Assets Contribution 100% 100%

Source: company profile, management information, financial statements

Fri-El Albareto S.r.l. (Albareto 19.8 MW) Eolico PM S.r.l. (Morcone-Pontandolfo 51.75 MW) Enermac S.r.l. 100% 100% Project under construction Project under development 100%

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Appendix

Key Financials

15

Source: Alerion Consolidated results (1) Including only operating revenues (2) As Consob N. DEM/6064293/2006 (3)

  • Excl. derivatives

Income Statement Balance Sheet

€ m 2015 2016 2017 30/09/2018 Non-current intagible assets 70.1 66.7 62.7

  • Non-current tangible assets

223.3 207.3 191.4

  • Non-current financial assets

13.4 14.5 17.8

  • Total non-current assets

306.8 288.5 271.9

  • Other non-current assets

6.8 8.3 12.3

  • Net Invested Capital

313.6 296.8 284.2

  • Shareholders' Equity

105.4 105.6 111.8

  • Minority Shareholders' Equity

2.8 2.6 2.6

  • Total Equity

108.2 108.2 114.4

  • Cash and Cash Equivalents

28.2 35.0 43.3

  • Net Financial Position (2)

209.4 193.1 174.1

  • NFP excluding Derivatives

188.5 174.7 159.1 188.8 NFP (2) / EBITDA 8.1 5.3 4.1

  • NFP (3) / EBITDA

7.3 4.8 3.8 n.m. € m 2015 2016 2017

9M2017 9M2018

Revenues 46.5 51.3 54.9 36.6(1) 40.3(1) Operating costs (21.1) (16.1) (15.3) (9.0) (9.0) Results of Joint Ventures 0.6 0.9 2.4 1.6 1.4 EBITDA 26.0 36.1 42.0 27.9 33.3 EBITDA % 55.9% 70.4% 76.5%

  • Depreciation and amortization

(22.0) (20.5) (20.6)

  • EBIT

4.0 15.6 21.4

  • Net interest expenses

(17.3) (13.9) (13.3)

  • EBT

(13.3) 1.7 8.1

  • Taxes

4.3 (0.9) (3.2)

  • Net Results

(9.0) 0.8 4.9

  • Net results to minorities

(0.4) (0.1) (0.1)

  • Net Results of the Group

(8.6) 0.9 5.0

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Appendix

The Group: FRI-EL Green Power

16

Source: Fri-El Green Power S.p.A. web site (1) Pro forma financials take into consideration 100% of Alerion Clean Power

c 2016 20171

Revenues

214 325

EBITDA

83 143

EBITDA %

38.8% 44.0%

Net Results

22 46

NFP

246 416

NFP/EBITDA

3.0x 2,9x

Thomas Gostner 33% Josef Gostner 33% Ernst Gostner 33%

Increase due to the acquisition of the controlling stake

  • f Alerion Clean Power S.p.A.

Pro Forma Key Financials (€ m) Shareholding Structure EBITDA (€ m) and EBITDA Margin (%) NFP (€ m) and NFP/EBITDA (x)

246 416 3,0x 2,9x 2016 2017 83 143 39% 44% 2016 2017