Investor Presentaiton

7 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

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