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Any potential investment or investment activity to which this Presentation relates is available only to persons eligible to invest in securities and will be engaged in only with such persons.#3ALERIONCLEANPOWER Table of content 01 - Executive summary 02 - Key investment highlights 3#4ALERIONCLEANPOWER 01 Executive summary#501. Executive summary Alerion at a glance Background Alerion is an industry leader in wind and solar with a high quality asset base and an important pipeline in Italy, Romania and Spain Alerion is listed on the Milan Stock Exchange with a market cap of ~€1.7bn (as of December 31st 2022) Alerion's majority shareholder is Fri-El Group (owning 88% of Alerion's share capital and 94% of voting rights) which is one of the pioneers, a main developer and assetholder in the RES sector As of December 31st 2022, Alerion operates wind and photovoltaic plants for a total installed gross capacity of 893 MW: 765 MW in Italy (27 plants), 36 MW in Spain (1 plant), 12 MW in Bulgaria (4 plants) and 80 MW in Romania (11 plants) The company is currently expanding its business activity into the United Kingdom ALERIONCLEANPOWER 5#601. Executive summary Alerion at a glance Leading Italian IPP and development renewable platform... Trophy RES IPP and growth platform Leading Italian RES platform and one of the largest in Europe Strong in-house development and asset management capabilities High quality and strategically located asset portfolio 43 state-of-the-art plants located in strategic regions with favorable conditions Clear commitment to deliver growth beyond current targets Unique integrated business model Repowering opportunities already identified, to further accelerate growth Strong track record and experience in RES asset development, being true precursor and innovator in the Italian RES space 893 MW gross installed capacity 1.6 TWh annual P50 production Recent EU geographic expansion: 765 MW in Italy 36 MW in Spain 12 MW in Bulgaria 80 MW in Romania Diversification into solar PV technology, mainly located in Italy, Romania and Spain Solid know-how along the entire RES energy value chain Scalable and centralised asset management system Listed on the Milan stock exchange with a market cap of ~€1.7bn Superior quality equipment sourced from leading international suppliers (e.g. Vestas, Siemens Gamesa, Nordex) Further geographical diversification in selected attractive market such us Spain and Romania amid new projects roll-out Strong in-house O&M capabilities with avg. O&M costs lower than national benchmarks Stable and highly predictable cash generation €233m EBITDA in 2022 Leveraging on ~6y years avg. remaining incentives life on ~90% of the gross capacity € €386m net debt as of 31 Dec. 2022, with room for fire-power to grow Strong deleverage potential due to high cash conversion profile Experienced management team Management team with proven track record in delivering growth Growing organic development team and internalization of key technical and operating activities 131 employees ALERIONCLEANPOWER Notes Unless specifically stated all data refer to December 31st 2022 6#701. Executive summary Alerion at a glance ...benefitting from a highly resilient yield portfolio with strong fundamentals and attractive geographical presence... Geographical foodprint in the wind sector Italy Operating plant by region Plant Location Bulgaria 4 Number of operating plants Gross capacity (MW) P50 net (GWh) 12 Apulia 5 140 285 Spain 1 1 20 Basilicata 3 70 140 36 Campania 5 131 253 Romania 11 80 Emilia Romagna 1 20 47 2 84 Molise 2 84 159 Sardinia 6 155 289 5 3 140 70 Sicily 5 164 240 6 5 155 131 Italy 27 765 1,413 Spain 36 95 5 164 Bulgaria 12 25 Legend [Number of plants MW of installed capacity ALERIONCLEANPOWER Romania 11 80 113 Total 43 893 1,646 7#801. Executive summary Alerion at a glance FY 2022 Key Financial Figures & KPIs 274 (M/C) (M/€) 233 (M/E) (M/€) 73 (M/E) 893. (MW) REVENUES EBITDA NET RESULT CAPACITY 97 (M/C) 386M 305 35 (M/€) (M/€) INVESTMENT NFP EQUITY DIVIDENDS (M/€) 1.3 (TWH) PRODUCTION ALERIONCLEANPOWER 8#9FRI-ELGREENPOWER THE CLEAN ENERGY COMPANY ALERIONCLEANPOWER THE WIND ENERGY ANVdWO 01. Executive summary Alerion at a glance leveraging a significant track-record of growth since Fri-El's acquisition in 2017, with current management transforming Alerion into a leading Italian IPP and development renewable platform... 1994 2002-2008 +9999) 2010-2011 +99999 Gostner family founded Ener.CO S.r.l., specializing in production, purchase and distribution of electricity Fri-El Green Power signs a joint venture partnership with EDF Énergies Nouvelles (2002) Fri-El Green Power signs a joint venture partnership with RWE Innogy Italia (2008) Construction of the first solid bio- mass site in Sicily, in collaboration with RWE (2010) GAR Group acquires a 50% stake of the liquid biomass plant in Acerra, granting 1992 2003 2004 2006-2008 Price (€) 40 35 30 25 20 15 5 Alerion' share price evolution when I 2018 2019 2020 2021 2022 €42m €45m €54m 2016 Fri-El acquires 2017 2018 2019 2020 2021 2022 raw material supply (2011) a 29% stake in Alerion €81m €132m €233m EBITDA Fincasa 44 S.p.A. shares listed on the Italian Stock exchange (financial, tax and commercial consultancy firm) Alerion was established by means of the contribution of IBI International Business Advisors Investment NV into Fincasa 44 S.p.A. Alerion began investing in the renewable energy sector The Group disposed all its interests in businesses other than the ones operating in the renewable energy sector Fri-El acquires control of Alerion through a tender offer, reaching an 84% stake Contribution of 3 project companies (102 MW) by Fri-El, then developed by the Group in the following years, allowing Fri-El to reach 86% stake in Alerion Repayment of the existing bond and issuance of a €150m retail bond Acquisition of 36MW Spanish wind farm Comiolica (June 2019) Development & con- struction of 142MW Italian wind farms' Acquisition of 50MW Italian wind farm Regal- buto (November 2019) Issuance of a €200m green bond (December 2019) Development & con- struction of 120MW Italian wind farms in Italy in Ricigliano, Grottole and Nul- vi-Tergu² Acquisition of 49% of 67MW Italian wind farms Ururi, Anzi and San Basilio from Fri-El, that reached a stake of 88% in Alerion (December 2020) Agreement for the development of wind and PV plants in Romania 62MW wind farms awarded incentive tariff of 68.5 €/MWh for 20 years in GSE auction and now under construction Issuance of a second €200m green bond (October 2021) Commissioning of 62MW Italian wind farms New installed capacity of 80MW Romanian photo- voltaics Issuance of a €100m green bond (May 2022) ALERIONCLEANPOWER Notes Main acquisitions refer to wind farms developed by Fri-El business development team. The development team will be transferred to Alerion in the context of the Potential Transaction 1 Of which 70MW plant developed and constructed at Fri-El level (i.e. Campidano) 2 Plants developed and constructed at Fri-El level 9#10ALERIONCLEANPOWER 02 Key investment highlights#1102. Key investment highlights Key investment highlights Compelling opportunity to partner with one of the largest Italian IPP and development renewable platforms 1 Highly attractive and supportive market environment underpinned by clear renewables targets 2 Consolidated and stable regulatory framework 3 High quality portfolio ensuring industry-leading operational performance I + Scalable and centralized industry-leading business model 5 Compelling growth targets and future pipeline, backed by strong development track record 6 Stable, robust and predictable long-term cash flow generation 7 Strong, well known and long-standing Management team leveraging pan-European experience, ideal to capture future growth and further consolidate the Italian market ALERIONCLEANPOWER 11#12765 8541 1 02. Key investment highlights Highly attractive and supportive italian market environment underpinned by clear renewables targets Room for consolidation as well as constructive and forward-looking regulation providing stability 1,093 Fragmented wind onshore market with room for consolidation.. 967 965 200 Italian onshore wind installed capacity by operator (GW) -3.0 GW 2 ..fueled by a significant growth expected in the coming years.. Italian onshore wind and solar PV installed capacity evolution (GW) ~3.6x installed capacity Erg Edison FRI-EL+Alerion FRI-ELGREENPOWER ALERIONCLEANPOWER Enel greenpower RWE 488 Eni 425 314 301 300 EDPR 294 292 Sorgenia Engie A2A FKR lvpc 281 277 247 2041 183 168 156 126 Bkw PLT energia Alpiq Inergia CVA Acciona SARAS Others (<100 MW) 126 101 70 94 48 75 35 50 32 23 12 15 20 26 32 2022 2025 2030 Wind onshore 2035 2040 Solar ~11 GW market leveraging strong fragmentation with ~3.0 GW on the market represented by portfolios with installed capacity below 100 MW Still significant presence of regional and local developers providing opportunities for consolidation, boosting returns for main platforms 3 ..with recent auctions dominated by wind plants.. 4 Market zone MW awarded by technology (last 6 auctions held in 2020-2021) Onshore Wind Solar PV Hydro North 70 341 141 Center North 2 53 39 Center South 514 115 22 South 666 48 4 Calabria 39 34 1 Sicily 507 167 Sardinia 121 236 Total 1,919 994 207 Onshore wind and solar PV installed capacity expected to grow by c.2.6x and c.4.1x, respectively, between 2022-2040 in Italy Italian government targets 30% share of renewables of electricity production by 2030, in line with EU targets, with both onshore wind and solar PV well-placed to benefit from competitive LCOE¹ ..backed by a positive sentiment / "green" environment Renewables are increasingly relevant in the energy agenda of the Italian Government Renewables are increasingly cost-competitive vis-à-vis conventional genera- tion sources Italian banks have significant balance sheet exposure to the renewables sector Onshore wind continues to dominate the Italian renewable auction vis-à-vis solar PV and Hydro in the recent auctions with ~ 2GW awarded ALERIONCLEANPOWER Notes 1 Levelized Cost of Energy ✓ Large European utilities / Oil & Gas operators have started focusing strategy on renewables Sources Market researches, publicly available information 12#131 2 02. Key investment highlights High quality portfolio ensuring industry-leading operational performance A leading Italian IPP RES platform leveraging highly attractive operating performance Strategically positioned with leading market position in the wind sector... 2 ...and superior quality equipment sourced from leading suppliers... ...with WTGs strate- gically located across several windy regions Legend (m/s) 2019 14% 2012 5% MW break- down by 2011 ~55% post-2010 11% COD 2010 25% Pre-2010 45% ALERIONCLEANPOWER WTG providers (% of capacity) SINOVEL 5% 6% NORDEX 14% SG 10% SENVION 65% Vestas Young asset base with >50% of the installed capacity entered in COD after 2010... Diversified manufacturers base, whereas 5 different international leading players supplied the Group... ...backed by strong in-house O&M capabilities across the main components and control over all maintenance activities ...and complemented by cutting edge technologies used to constantly monitor performance in order to minimise power losses 13#143 02. Key investment highlights Scalable and centralized industry-leading business model Successful balancing of cost optimisation with the insourcing of high value-added activities 1 O&M and supervision activities Highly effective internal O&M team overseeing the whole maintenance process to ensure optimisation of plant performance, minimisation of downtime and spending rationalisation Clearly defined planning of supervision activities coupled with tailored interven- tions upon necessity 2 Performance monitoring 3 Operational excellence State-of-the art monitoring systems boasting SCADA platform allowing for a uni- fied and customised reporting of plant performance across the assets Data analysis as a means to redefine supervision strategy and evaluate the imple- mentation of potential performance improvements CHORDEX Vestas SG SIN VEL SENVION Well established supervision practices Customised monitoring activities for informed decision making Implementation of a comprehensive performance improvement strategy over the years to maximise wind farms production and efficiency Continuous innovation in areas such as performance analysis and reporting, as well as continuous screening of new technologies aimed at enhancing asset operational performance Strong track record in performance improvement 4 Energy management Production forecasting and price monitoring to optimise the merchant revenue streams and fully exploit incentives Continuous active management of price risk through hedging contracts / offtake agreements Continuous market monitoring for value accretive energy management 5 HSE / ESG Capillary system based on structures, procedures and resources tailored for the RES business resulting in an outstanding workplace safety track record Strong commitment on social and governance, supporting local communities, diver- sity and work-life balance initiatives among employees and promoting gender equality as essential component of corporate identity and key drivers to improve performance Integrated HSE/ESG management system ALERIONCLEANPOWER 14#154 02. Key investment highlights Compelling growth targets and future pipeline, backed by strong development track record ...on the back of strong in-house development and M&A track-record as well as long-lasting relationship with energy regulators M&A construction In-house development & Operational facts (COD) Corporate facts 2007 + Albanella (9MW) + Agrigento (34MW) Dismissal of investments other than renewables Disposed some solar PV plants (19MW) Repayment of the existing Issuance of a €200m green bond Issuance of a €300m green bonds Disposed remaining solar PV plants (4MW) to focus on wind onshore Fri-El acquires control of Ale- rion through a tender offer, reaching 84% stake bond and issuance of a €150m retail bond 2008 2009 2010 2011-2012 2013-2016 2017 2018 2019 2020 2021/2022 + Lacedonia (15MW) + Ordona (34MW) + San Martino in + San Marco in Pensilis (58MW) Lamis (44MW) +Callari (36MW) + Castel di Lucio (23MW) + Licodia (22MW) San Marco in Lamis and Racale (3MW) Brindisi, Acquaviva and Pontenueve (6MW) Castellaneta (14MW) + Ciorlano (20MW) + Krupen - Bulgaria (12MW) + Villacidro (31MW) + Albareto (20MW) + Morcone- Pontelandolfo (52MW) + Fri-El Campidano (70MW)' + Anzi (16MW)' + Grottole (54MW)' + Nulvi-Tergu (30MW)' + Ricigliano (36MW)' + San Basilio. (25W)' + Ururi (26MW)' 11 solar PV plants Romania (80MW) +2 onshore wind plants Italy (62 MW) + Comiolica - Spain (36MW) + Regalbulto (50MW) Gross installed 43 117 179 273 311 307 306 337 564 751 capacity (MW) 893 ALERIONCLEANPOWER Notes 1 Plant developed and constructed at Fri-El level + Wind onshore Solar PV 15#165 02. Key investment highlights Experienced and long-standing Management team Highly esteemed management team in the renewables space with proven track record in delivering long-term and sustainable growth to shareholders 1 Key management team JOSEF GOSTNER CHAIRMAN & CEO STEFANO FRANCAVILLA DEPUTY CHAIRMAN AND CHIEF FINANCIAL OFFICER PIETRO MAURIELLO PATRICK PIRCHER COO MANAGING DIRECTOR ALERIONCLEANPOWER 2 Key achievements since Fri-El acquisition in 2017 EBITDA (€/m) Installed capacity (MW) 751 751 564 337 306 2017 893 2018 2019 2020 2022 2022 42 45 132 81 54 54 233 2017 2018 2019 2020 2022 2022 Highly reputed Management team with proven capabilities in leading energy organizations and exploiting economies of scale Close-knit team leveraging an aggregated experience of almost 100 years in clean energy asset management activities Full range of asset management services, leveraging strong development capabilities (over 3x in installed capacity since Fri-El acquisition in 2017) Efficient and focused platform with process ownership and oversight of key O&M as well as monitoring functions Establishment of strong relationship with the Energy Regulator and regional authori- ties / municipalities, representing one of the most important renewable interlocutors in Italy Clear and visible growth strategy to pave the way for future growth, either through devel- opment or as consolidator of the RES fragmented market Outstanding execution track record in M&A (acquisitions, JVs and partnerships) and in securing financing agreements 16#172 6 02. Key investment highlights Highly attractive and supportive market environment un- derpinned by clear renewables targets Clean energy targets and continued technological improvement paving the way for growth 17 Clearly defined and ambitious EU targets... 3 ...coupled with increasing technological competitiveness 2020 targets 2030 targets Levelized Cost of Energy ($/MWh) GHG emissions CO Renewable energy 20% 40% Targeted reductions in greenhouse gas emissions vis-à-vis 1990 levels 20% 32% Targeted percentage of energy from renewable sources in gross final energy consumptions ...underpinning renewables growth... Installed capacity (GW) Installed capacity (GW) Installed capacity (GW) 2022 2040 2022 2040 Wind onshore Solar 169 148 101 99 22 95 92 95 81 77 50 60 2009 2010 2011 394 19 48 2016 32 32 30 32 30 2017 2018 2019 29 28 20 2020 29 62 26 60 56 56 54 54 54 2012 2013 37 37 45 45 2014 2015 270 c.4.1x c.2.6x 323 94 D 23 166 32 12 226 148 c.3.9x c.7.4x 12 1 11 c.2.0x c.4.1x D 28 55 19 76 2009 2010 2011 2012 2013 2014 149 104 86 101 91 72 Renewable generation costs have consistently dropped in the last 5 years and still have additional decrease potentials in the medium term 61 53 46 44 2020 250207 58 49 46 40 36 31 70 2015 2016 2017 2018 2019 ALERIONCLEANPOWER Notes Sources Market researches, publicly available information#187 02. Key investment highlights Consolidated and stable regulatory framework Constructive and forward-looking wind regulation in Italy providing stability and security for investors Highly visible flow from incentive schemes... 2...underpinned by a supportive regulatory environment overtime... ~6 years average remaining incentive life for the Portfolio Incentive mechanism compensates volatility in power prices during that period, significantly reducing market risk 1999-2012 Decree 16/3/1999 Decree 24/10/2005 Decree 18/12/2008 2012-2019 Decree 6/7/2012 Decree 23/6/2016 ~523 MW benefits from the GRIN incentive scheme, calculated as follows: . GC Purchase price year t = 78% × (180€/MWh - Re) x K Where: 2019 Decree 9/8/2019 (FER1) - GC Purchase price year = GC price published by GSE Green certificates mechanism resulting in superior profitability of onshore wind invest- ments (IAFR Qualification) Differentiated incentives according to power, category of intervention and the level of maturity of plants entering in operation after 31/12/2012 Extend the access to incentives through auc- tions and registers to 2021 - Re = arithmetic average of hourly zonal electricity price for year t-1 - K = factor set equal to the technology coefficient granted under the previous GC scheme. Equal to 1 for onshore wind ~102 MW benefits from the FiP incentive, which is a variable top-up premium payment by GSE on the market wholesale electricity price and guarantees a fixed amount of 66 €/MWh The FER 1 Decree, enforced in August 2019 by the Italian Govern- ment, granted new incentives to procure 8 GW of renewable energy capacity during the years 2019-2021 The MiTe has expressed the intention to extend the duration of FER1 incentive scheme beyond the conclusion scheduled for 2021 Together with the extension of FER 1, the Government is plan- ning to approve the FER 2 Decree, an additional incentive mechanism aiming at supporting the development of innova- tive RES like offshore wind 3 2020 Decree 16/7/2020 Simplified administrative procedure for revamping Energy production after a revamping can be incentivized ...coupled with a uniquely attractive incentive scheme 7 • • Assets regulated under a mixture of two schemes: 15-year GRIN convention scheme (former Green Certificate) where pric- es move with power prices providing strong hedging characteristic 20-year Feed-in-Premium scheme with a CfD' mechanism Priority access to power grid for renewable energy projects and guaranteed off-take Dedicated off-take / electricity withdrawal price by GSE Incentive scheme funded by the end consumers through a surcharge on the electricity bill ALERIONCLEANPOWER Notes 1 Contract for Difference Sources Market researches, publicly available information 18#19ALERIONCLEANPOWER