Investor Presentaiton

765 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

View entire presentation