G r u p p o A s c o p i a v e

ITALIAN INVESTMENT CONFERENCE

ITALIAN INVESTMENT CONFERENCE –

Milan, 22nd May 2019

Gruppo Ascopiave –

B i O i s n e s s e r e u v v w	3 P g a
G d i i b i t t a s s r u o n	P 2 4 g a
l G a s s a e s	3 8 P g a
A f i i l d t : n n e x e s n a n c a a a	P 5 0 g a
l D i i s c a m e r	P 0 2 1 g a

Business Overview

→	G b i i i i t t r o u p u s n e s s a c v e s	P g a	4
→	f K i e g r e s y u	P g a	6
→	M k i i i i h t t t t g g a r e p o s o n n n e a s s e c o r	P g a	9
→	G f 3 h 2 0 9 A i 1 M 1 t t t s c o p a v e r o u p s r u c u r e a s o s a r c …	P g a	0 1
→	h h l d A i S s c o p a e a r e o e r s v	P a g	1 1
→	i f i i l d i M t t t t a n n a n c a a a n c o m e s a e m e n –	P g a	1 2
→	b k- d b 2 0 0 6 2 0 1 8 E B I T D A S i B i U i t t t g r e a o w n r a e c s n e s s n y u -	P g a	1 3
→	2 0 0 6 2 0 1 8 I i i b l d i i b l t t t t t g g n v e s m e n s n a n e a n n a n e a s s e s -	P g a	1 4
→	2 0 0 6 2 0 8 d f 1 I i i i i i i t t t n v e s m e n s n c o m p a n e s a n r m s a c q u s o n s -	P g a	1 5
→	f l d b l h d f l M i i i i i i t t t a n n a n c a a a a a n c e s e e a n n a n c a r a o s –	P g a	1 6
→	F i i l l i g n a n c a e v e r a e c o m p a r s o n	P g a	1 7
→	l d b d f d b F i i t t t n a n c a e a n c o s o e	P g a	8 1
→	d d l D i i i e n p o c v y	P a g	1 9
→	b A i d i D i i b i G M U t t g g e r e r e w e e n s c o p a v e a n n a s s r u z o n e a s	P g a	2 0
→	S d l i i i t t g g r a e c u e n e s	P g a	2 2

Group Business Activities (1)

consumers

Ascopiave Group is a national player in the down-stream segments of the gas sector. It is a major player in the Veneto Region.

National Energy Authority continue to set maximum tariff levels for the protected market (residential consumers)

Heat management

O h l d i i i t t t t t g e r n o r e a e a c e u v	s
--------------------------------------------------------------------------------------------------------------------------------	---

G i t a s m p o r	S l l d A k f l 3 0, 9 % i i I i ( i i i i ) ( i i 4 ) t t t t t n e r g e a a n e n q a o n s c o p a e c r r e n s a e o c a p a : u v u i d l i k ( T P ) i h G f h t t t t t t t s g n e a o n g e r m m p o r a e o r p a y o c o n r a c w a z p r o m o r e l f 1. 0 b i l l i b i f 2 0 2 1. t t g s u p p y o o n c u c m e e r s o a s p e r y e a r u p o S i i I l i l l i d h l i i d b t t t t t t g g g n e r e a a n e s e s m p o r e a s o e a s s a e s c o m p a n e s p a r e c p a e y h h h l d t e s a r e o e r s.
G t a s p r o c r e m e n u i t t g a c e m a n a e m e n v	O i i i f h i d d i l i k d t t t t t g g p m z a o n o e a s p r o c u r e m e n p r o c e s s a m e a r e u c n s u p p y r s s a n t c o s s.
l i i l E t t e c r c s a e s y d t o e n c o n s u m e r s	l f l h d S i i t t t t u p p y o e e c r c y o e e n c o n s u m e r s. l l l k l l b l l l b l d h I I i i i i i i t t t t t t t n a y e e c r c y s a e s m a r e w e c o m p e e y e r a s e n e n e x y e a r s. l b l h d k l l d l l C i i t t t t t t t t g g g u s o m e r s c u r r e n y e o n n o e p r o e c e m a r e w r a u a y m o v e o h f k t t e r e e m a r e
C i t g o e n e r a o n

Key Figures (1)

Regulated Activity – Gas distribution

Ascopiave Group GAS DISTRIBUTION - 2018 key figures (*) scm= standard cubicmeters

Companies consolidated with full consolidation method GAS DISTRIBUTION - 2018 key figures scm = standard cubic meters

Companies consolidated with net equity consolidation method GAS DISTRIBUTION - 2018 key figures scm = standard cubic meters

f d N i o. o m a n a g e c o n c e s s o n s	2 1 4
h f h d b k k L i i i ( ) t t t t t e n g o e g a s s r o n n e o r m u w	9, 8 0 9
f N U o. o s e r s	5 3 7, 9 7 8
V l f d i i b d ( / l ) t t g o u m e s o a s s r u e s c m m n	1, 0 8 7

f d N i g o. o m a n a e c o n c e s s o n s	1 9 8
L h f h d i i b i k ( k ) t t t t t g g e n o e a s s r u o n n e w o r m	9, 2 6 9
f N U o. o s e r s	4 9 1, 7 2 2
l f d i i b d ( / l ) V t t o u m e s o g a s s r u e s c m m n	1, 0 1 4

N f d i g o. o m a n a e c o n c e s s o n s	3 2
h f h d b k k L i i i ( ) t t t t t g g e n o e a s s r u o n n e w o r m	1, 1 0 5
f N U o. o s e r s	9 4, 6 7 1
V l f d i i b d ( / l ) t t g o u m e s o a s s r u e s c m m n	8 1 4

(*) Data of the companies consolidated with the equity method are considered pro-rata.

Key Figures (2)

Not regulated Activities – Gas sales

G As ia c o p v e ro u p	l f l d l V ( / ) g o u m e s o a s s o s c m m n	9 0 8
ke f *) G A S S A L E S 2 0 1 8 i ( y g u re s - da rd bic tan ter scm = s cu me s	N f t o. o c u s o m e r s	6 4 4, 6 2 9
l d d h fu l l C ie i i t t o m p a n s c o ns o a e w l d ho d i io t t c o ns o a n m e	V l f l d ( / l ) g o u m e s o a s s o s c m m n	7 8 1
ke G A S S A L E S 2 0 1 8 f i g y u re s - da rd bic tan ter scm = s cu me s	f N t o. o c u s o m e r s	5 3 7, 4 8 3
l d d h C ie i i i t t t ty o m p a n s c o ns o a e ne e q w u l i d io ho d t t c o ns o a n m e	l f l d l V ( / ) g o u m e s o a s s o s c m m n	2 5 9
G A S S A L E S 2 0 1 8 ke f i g y u re s - da rd bic tan ter scm = s cu me s	f N t o. o c s o m e r s u	2 1 8, 6 7 0

(*) Data of the companies consolidated with the equity method are considered pro-rata.

Key Figures (3)

Not regulated Activities – Electricity sales

As ia G c o p v e ro u p ke f ( *) E L E C T R I C I T Y S A L E S 2 0 1 8 i g y u re s - Gw h iga ho tt = g wa ur -	l f l l d h V i i ( G W ) t t o u m e s o e e c r c y s o	4 5 7
	f N t o. o c u s o m e r s	9 8, 9 9 1
C l d d h fu l l ie i i t t o m p a n s c o ns o a e w l d ho d i io t t c o ns o a n m e	l f l l d h V i i ( G W ) t t o u m e s o e e c r c y s o	3 9 3
ke E L E C T R I C I T Y S A L E S 2 0 1 8 f i g re s y u - Gw h iga ho tt = g wa ur -	f N t o. o c u s o m e r s	8 2, 4 4 3
l d d h C ie i i i t t t ty o m p a n s c o ns o a e ne e q w u l d ho d i io t t c o ns o a n m e	l f l l d G h V i i ( W ) t t o m e s o e e c r c s o u y	1 3 1
E L E C T R I C I T Y S A L E S 2 0 1 8 ke f i g y u re s - Gw h iga ho tt = g wa ur -	f N t o. o c u s o m e r s	3 3, 7 7 3

(*) Data of the companies consolidated with the equity method are considered pro-rata.

Market positioning in the gas sector

The Group is anational playerin the gas sector and aleading regional player in Veneto.

**VOLUMES OF GAS DISTRIBUTED (*)**

Ra k ing n	Gr ou p	Vo l.	%
1	Ita lg as	8, 9 0 5	2 8. 2 %
2	Ga 2 i Re te s	5, 5 4 3	17 6 %
3	He ra	2, 9 4 9	9. 3 %
4	A 2 A	2, 4 8 5	7. 9 %
5	Ire n	1, 4 1 9	4.5 %
6	As iav co p e	1, 0 1 4	3. 2 %
7	Es tra	3 5 5	1. 8 %
8	Eg Ho l d ing	4 1 3	1. 3 %
9	Ag Ve sm ron a	3 4 8	1. 1 %
1 0	En i erg e	3 3 1	1. 0 %
1 1	Do lom it i En ia erg	3 0 5	1. 0 %
1 2	Un ion Fe Int ion l S A no sa ern ac a	2 8 4	0. 9 %
1 3	Ga R im in i s	2 8 3	0. 9 %
1 4	Sp Ac -A A sm g am	27 5	0. 9 %
15	E d iso n	25 7	0. 8 %
1 6	A im ag	25 7	0. 8 %
17	A im V ice nz a	25 5	0. 8 %
1 8	S im Cr e em a	25 1	0. 8 %
1 9	Mu lt ise iz i rv	2 3 0	0. % 7
2 0	Am b ien En ia Br ian te erg za	1 9 1	0. 6 %
	Ot he rs	5, 0 2 0	15 9 %
	To l ta	3 1, 5 6 8	1 0 0. 0 %

**VOLUMES OF GAS SOLD (*)**

Ra k ing n	Gr ou p	Vo l.	%
1	En i	1 2, 4 0 6	2 0. % 7
2	E d iso n	9 4 7, 5	1 3. 3 %
3	En l e	6, 8 1 5	1 1. 0 %
4	En ic ky A Pr lov Ho l d ing et erg um s y y	2, 2 6 5	4. 2 %
5	Ire n	2, 4 8 3	4. 2 %
6	He ra	2, 1 45	3. 6 %
7	A A 2	1, 9 4 8	3. 3 %
8	So ia rg en	1, 1 8 4	2. 0 %
9	Gr Ax p o ou p	1, 0 2 0	1.7 %
1 0	En ie g	9 7 9	1. 6 %
1 1	On E.	9 2 4	1.5 %
1 2	S Ro l Du h he l l tc y a	8 6 2	1. 4 %
1 3	Sp Es tra A	8 5 3	1. 4 %
1 4	As iav co p e	8 1 1	1. 4 %
15	Re Ag p ow er	77 7	1. 3 %
1 6	Un og as	6 9 7	1. 2 %
17	Eg Ho l d ing Sp A	6 3 7	1. 1 %
1 8	Me ia Sp A tae ne rg	5 0 4	0. 8 %
1 9	So lva En Se ice Ita l ia y erg y rv s	4 9 5	0. 8 %
2 0	Ga S Na tur l dg s a	4 8 2	0. 8 %
	Ot he rs	1 3, 5 4 8	2 2. 6 %
	To l ta	5 9, 8 1 6	1 0 0. 0 %

(*) 2017 ARERA data.

**Ascopiave Shareholders (*)**

Asco Holding S.p.A. directly controls the capital of Ascopiave S.p.A. (capital stake: 61.562%)

Asco Holding S.p.A. is owned by 90 municipalities mainly located in the province of Treviso (public shareholders) and 2 private companies.

(*) Internal processing of information pursuant to art. 120 TUF (Source: CONSOB website)

**2018 MAIN FINANCIAL DATA ACCORDING TO IFRS 11 – INCOME STATEMENT (*)**

C S I N O M E T A T E M E N T						201 8 EB ITDA bre akd own
	G r o u p	D i i b i t t s r u o n S B U (a )	S l a e s S B U ( b)	P t a r e n c o m p a n y
R e e n e s v u (c )	8 1, 6 2 5 5	1 1 3 4 9 5,	4, 2 4 6 5 7	1 1, 3 6 7
E B I T D A	8 0, 0 3 6	5 5 4 8, 3	5 3 8, 4 9	-7 0 6 6 ,
E B I T	1 0 1 5 5,	2 9, 2 4 5	3 4, 2 4 5	-8 6 6 9 ,
Ev lua ion f t a o ( ) ies i h t co m p an w i ho d ty t eq u m e	8, 3 5 5	1. 4 0 7	1 4 6 7,	0	EBI TD A	EBI TD A	EBI TD A
N i t e n c o m e	4 6, 4 9 9				Dis trib uti on SBU	Sal es SBU	Par ent com pan y

EBITDA of the company consolidated with the equity method: Euro 12.8 mln (distribution companies: Euro 3.2 mln + sales companies: Euro 9.6 mln)()

EBIT of the company consolidated with the equity method: Euro 10.3 mln (distribution companies: Euro 1.8 mln + sales companies: Euro 8.5 mln)

^(*) Thousand of Euro; (a) Distribution SBU includes results of entities active in the distribution business; (b) Sales SBU includes results of entities active in the sale business; (c) SBU revenues are represented before elisions.

2006-2018 EBITDA break-down by Strategic Business Unit

(Millionof Euro)

	G ro u p	D is i bu io tr t n S B U	%	S le a s S B U	%	Pa t re n c o m p a ny ( *)	%
E B I T D A IFR S 1 1	8 0, 0	4 8, 6	6 0, 7 %	5 3 8,	4 8, 2 %	( ) 7, 1	-8 8 % ,
E B I T D A IFR S 1 1	8 4, 4	4 7, 8	5 6, 6 %	4 1, 1	4 8, 6 %	( ) 4, 4	-5 2 % ,
E B I T D A IFR S 1 1	9 5, 3	3 5, 0	3 6, 8 %	6 0, 2	6 3, 2 %	0, 0	0, 0 %
E B I T D A IFR S 1 1	8 1, 0	3 5, 8	4 4, 2 %	4 5, 2	5 5, 8 %	0, 0	0, 0 %
E B I T D A IFR S 1 1	7 9, 6	3 5, 4	4 4, 5 %	4 4, 2	5 5, 5 %	0, 0	0, 0 %
E B I T D A IFR S 1 1 re ted sta	8 6, 3	3 3, 4	3 8, 7 %	5 2, 9	6 1, 3 %	0, 0	0, 0 %
E B I T D A	1 0 5, 9	3 6, 0	3 4, 0 %	6 9, 9	6 6, 0 %	0, 0	0, 0 %
E B I T D A	1 0 2, 7	3 3, 9	3 3, 1 %	6 8, 7	6 6, 9 %	0, 0	0, 0 %
E B I T D A	9 3, 2	3 4, 9	3 7, 4 %	5 8, 3	6 2, 6 %	0, 0	0, 0 %
E B I T D A	7 8, 0	3 2, 9	4 2, 1 %	4 5, 1	5 7, 9 %	0, 0	0, 0 %
E B I T D A	6 1, 5	4 1, 6	6 7, 6 %	1 9, 9	3 2, 4 %	0, 0	0, 0 %
E B I T D A	5 2, 3	3 6 7,	1, 8 % 7	1 4, 8	2 8, 2 %	0, 0	0, 0 %
E B I T D A	4 6, 5	3 5, 5	7 6, 4 %	1 1, 0	2 3, 6 %	0, 0	0, 0 %
E B I T D A	4 1, 1	3 9, 9	9 7, 0 %	1, 2	3, 0 %	0, 0	0, 0 %

Gas distribution businessis characterized bystable operating margins.

Increase of the gas sales business operating margins over the last years is due to external growth (acquisition of 8 companies) and to higher profitability, mainly thanks to declining gas procurement costs. 2016 sales SBU EBITDA is supported by Euro 11.1 mln positive one-off related to the optional APR mechanism set by the energy regulator (ARERA).

(*) Before 2017 the parent company Ascopiave contributed to the results of the distribution SBU.

2006-2018 Investments in tangible and intangible assets

I N V E S T M E N T S	G r o p u	D i i b i t t s r u o n k t n e w o r	%	O h t e r i t t n v e s m e n s	%
I N V E S T M E N T S IFR S 1 1	2 9, 5	2 8 7,	9 4 %	1, 7	6 %
S S I N V E T M E N T IFR S 1 1	2 3, 6	2 2, 5	9 5 %	1, 1	5 %
I N V E S T M E N T S S 1 IFR 1	2 0, 8	1 9, 7	9 5 %	1, 1	5 %
I N V E S T M E N T S IFR S 1 1	2 2, 0	2 0, 7	9 4 %	1, 3	6 %
S S I N V E T M E N T IFR S 1 1	2 1, 1	1 9, 7	9 4 %	1, 3	6 %
I N V E S T M E N T S IFR S 1 1 re ted sta	1 8, 9	1 2, 7	6 % 7	6, 2	3 3 %
I N V E S T M E N T S	2 1, 6	1 4, 9	6 9 %	6, 7	3 1 %
I N V E S T M E N T S	2 3, 1	1 6, 8	3 % 7	6, 3	2 % 7
I N V E S T M E N T S	4 1, 8	1 5, 4	3 % 7	2 6, 4	6 3 %
S S I N V E T M E N T	2 9, 1	1 1, 2	3 8 %	1 7, 9	6 2 %
I N V E S T M E N T S	2 9, 9	1 3, 8	4 6 %	1 6, 1	5 4 %
I N V E S T M E N T S	1 9, 2	1 1, 4	6 0 %	7, 7	4 0 %
S S I N V E T M E N T	1 7, 5	1 2, 2	7 0 %	5, 3	3 0 %
I N V E S T M E N T S	1 6, 7	1 2, 4	4 % 7	4, 4	2 6 %

The Group investments in tangible and intangible assets over the last 13 years amounts to Euro 316,0 mln and for the most part (69%) concern the development, the maintenance and up-grade of the gas network and of the distribution system. In 2009-2011 the group made significant investments in photovoltaic power plants. The photovoltaic business was disposed in 2011.

2006-2018 Investments in companies and firms acquisitions

(49% up to 100%)

2006-2018 Investments in companies and firms acquisitions: Euro 200,0 Mln

(*) IPO: 12 dec 2006

Estenergy

(North-Eastern Italy)

(48,999%)

(North-Eastern Italy)

(*)

**2018 MAIN FINANCIAL DATA ACCORDING TO IFRS 11 – BALANCE SHEET (*)**

C S B A L A N E H E E T	/ / 3 1 1 2 2 0 1 8
Ta i b le d in i b le ta ts ng a n ng a s s e	4 6 3 6 0 5,
Inv in ia tm ts te e s e n a s s o c s	6 8, 3 5 7
O he f ixe d t ts r a s s e	2 3, 4 0 1
Ne k ing i l t w ta o r c a p	8, 2 6 8
T O T A L C A P I T A L E M P L O Y E D	5 5, 6 3 8 6
S ha ho l d i ty re e rs e q u	4 4 7, 8 6 9
Ne f ina ia l p i io t t nc o s n	1 1 7, 5 1 7
T T A L S U R C E S O O	5 5, 6 3 8 6

Tangible and intangible assets: details BALANCE SHEET 31/12/2018 Goodwill 80,758 Tangible assets under IFRIC 12 341,627 Other intangible assets 10,251 Tangible assets 32,724 Tangible and intangible assets 465,360

2018 ASCOPIAVE MAIN FINANCIAL RATIOS

Financial leverage (NFP / EQUITY)

0.26

Debt cover ratio (NFP / EBITDA)

1.47

(*) Thousand of Euro

Financial leverage comparison (2017)

C S ( *) F I N A N I A L R A T I O	C S ( **) L O A L U T I L I T I E ( ) da ta av er ag e	S C A O P I A V E
F i i l l n a n c a e v e r a g e	1. 0 5	0. 2 7
/ D E B I T D A	2. 3 7	1. 4 2

Ascopiavefinancial leverage(0.3) islower than that of the Italian listed comparables(avg: 1.0).

The low indebtedness level is a very positive result in the light of a macroeconomic scenario that makes access to credit a real challenge, which therefore strengthens the Group's economic and financial soundness and enables it to reap the opportunity of carrying out potential extraordinary transactions in the next years.

(*) Financial leverage is calculated considering the shareholders' equity and the net financial position as of 31st December 2017; (**) Local utilities considered are the main italian listed local utilities: A2A, Hera, Acea and Iren.

Gruppo Ascopiave – ITALIAN INVESTMENT CONFERENCE – Milan, 22nd May 2019

Financial debt and cost of debt

( ho d f ) ( *) T Eu us an o ro	3 2 2 0 8 1 / 1 / 1	3 2 2 0 1 / 1 / 1 7	Va r	% Va r
Lo f ina ia l bo ing ( 1 2 hs ) te t ng rm nc rro s mo n w > Cu i io f lon f ina ia l bo ing t p t te rre n os n o g rm nc rro s w S ho f l bo 2 hs ina ia ing ( 1 ) t te t r rm nc rro w s < mo n	5 5. 1 1 1 8. 0 1 4 6. 3 8 5 1	5 4. 3 6 0 0. 8 1 1 1 6 8 5 4. 5	7 5 1 ( 2. 6 ) 1 7 8 3 1. 1	1, 4 % + -2 3 % 1, 3, 3 % +
l f l de b To in ia ta t an c	1 1 9. 5 0 6	1 1 9. 1 0 9	3 9 7	0, 3 % +
F ixe d bo ing te ra rro w s F loa ing bo ing t te ra rro w s	3 6. 8 7 4 8 2. 6 3 2	3 0. 0 0 0 8 9. 1 0 9	6. 8 7 4 ( 6. 4 7 7 )	2 2, 9 % + -7 3 % ,

2018 average cost of debt: 0,51% (vs 2017 rate: 0,38%)

(*) Data refers to the companies consolidated with the full consolidation method

Dividend policy

Dividend payment sustainable with high return to shareholders

Sustainability of the dividend policy:

pstable cash flow
pstable business profitability
pwell-balanced financial structure

Dividend yield at the top of the listed italian utility companies

DIV IDE ND	20 18	20 17	20 16	20 15	20 14	20 13	20 12	20 11	20 10	20 09	20 08	20 07	20 06
Div ide nd ( Th nd f E ) ou sa o uro	.16 3 75	40 .01 6	40 .01 6	33 .34 7	33 .33 2	26 .66 6	24 .48 4	0	22 .55 7	20 .34 9	19 .44 2	19 .89 0	19 .83 3
Gr Ne t In ( Th nd f E ) ou p co me ou sa o uro	44 .62 5	47 .13 5	53 .63 5	43 .01 4	35 .58 3	38 .67 8	27 .86 5	6.2 66	31 .17 4	25 .28 8	18 .45 2	21 .76 4	16 .38 1
Pa tio t ra ou y	168 %	85 %	75 %	78 %	94 %	69 %	88 %	0%	72 %	80 %	105 %	91 %	12 1%
Div ide nd sh ( Eu ) p er are ro	0, 33 8	0, 180	0, 180	0, 150	0, 150	0, 120	0, 110	0, 00 0	0, 100	0, 09 0	0, 08 5	0, 08 5	0, 08 5
Div ide nd ield ( *) y	10 7% ,	5, 3%	7, 2%	7, 0%	7, 6%	8, 4%	9, 2%	0, 0%	6, 3%	5, 8%	5, 7%	4, 4%	4, 0%

TOTAL DIVIDENDS DISTRIBUTED FROM STOCK EXCHANGE LISTING TO DATE

About Euro 375,1 mln

/ RO I RO E	20 18	20 17	20 16	20 15	20 14	20 13	20 12	20 11	20 10	20 09	20 08	20 07	20 06
O I ( **) R	11 1% ,	12 0% ,	15 4% ,	12 2% ,	11 1% ,	14 4% ,	13 1% ,	11 8% ,	11 7% ,	9, 1%	8, 5%	7, 1%	10 4% ,
O R E	10 1% ,	10 6% ,	12 2% ,	10 4% ,	8, 8%	9, 7%	7, 3%	1, 8%	8, 3%	6, 9%	5, 1%	5, 9%	4, 4%

(*) Dividend yield = dividend per share / average price per share in the year; (**) ROI = EBIT / CI; CI = Net Capital Invested (In 2014 and 2015 investments in associates are excluded)

Unigas Distribuzione Gas S.r.l.

Currently Ascopiave S.p.A. holds a 48.86% capital stake of Unigas Distribuzione Gas S.r.l. and the company is consolidated by Ascopiave Group with the net equity consolidation method. Anita S.r.l., a company owned by local entities, is the majority shareholder.

Unigas operates the distribution business in 32 municipalities located in the Province of Bergamo (Lombardy), serving about 95,000 end users.

pLength of the gas distribution network (km): 1,105

pNo. of Users: 94,671

Main Financial Data

I N C O M	E S T A T E M E N T		B A L A N C E S H E E T
/ € 0 0 0 2 0 1 8		2 0 1 7	/ € 0 0 0	3 1. 1 2. 2 0 1 8	3 1. 1 2. 2 0 1
Re ve nu es	2 0, 1 7 6	2 3, 0 2 6	Ne Ca i l In d t ta te p ve s	4 5, 5 0 6	4 8 8 7, 7
E B I T D A	5, 4 4 3	5, 5 3 2
E B I T	2, 9 4 8	3, 0 9 7	S ha ho l de Eq i ty re rs u	4 2, 3 3 3	4 1, 5 7 3
Ne inc t om e	2, 1 6 0	2, 2 0 0	Ne F ina ia l Po i ion t t nc s	3, 1 7 3	6, 2 1 5

Merger between Ascopiave and Unigas Distribuzione Gas

On April 2019 the Shareholders' Meetings of Unigas and Ascopiave approved the project of the merger by incorporation of Unigas into Ascopiave. The merger is expected to be effective by the end of the first half of 2019.

The merger will be implemented through (i) cancellation of the shares representing 100% of Unigas's share capital on the date of execution of the merger deed and (ii) transfer to Anita, in exchange for its stake in Unigas, of treasury shares of Ascopiave, without the need to proceed with an increase in the share capital of Ascopiave due to the swap.

After the merger, Anita will hold a 3.05% stake of Ascopiave S.p.A.

Strategic guidelines (1)

Focus on the gas sector and on the energy market

Growth in size through an expansion of the customer base

Improvement of the business profitability

pParticipation in competitive bidding for the assigning of concessions to manage the gas distribution service
pDevelopment of the electricity market as a tool to retain current gas customer base (cross selling) and to achieve value creation objectives: dual fuel sales policy (a joint commercial proposal for gas and electricity)
pImproving the economic efficiency of the operations (cost to serve)
pImprovement of the gas procurement process

Strategic guidelines (2)

-On October 2018 Ascopiave resolved to start a process aimed at:
- penhancing its activities in the sale of gas and energy;
- pstrengthening and consolidating its presence in the gas distribution sector;

in both case also through one or more strategic partnership.

On 20th February 2019 the board of Directors of Ascopiave approved the launch of the first stage of the process, which goal is to collect the expression of interest and non-biding offers that will be submitted, within 15th April 2019, by the interested operators.

-The operators contacted to take part to the procedure are over 20.

Gas distribution

→	G d b i i i t t t a s s r u o n s e c o r	P a g	2 5
→	G d i i b i l l f k t t g a s s r u o n : e a r a m e w o r	P g a	2 6
→	P b l i d f h i i f h i t t t g g u c e n e r s o r e a s s n n o e c o n c e s s o n s	P g a	2 7
→	h d b k A i i i i i i i i t t t t t g g s c o p a e p o s o n n n e a s s r o n m a r e v u	P g a	2 8
→	A i i h d i i b i k t t t t t t g g s c o p a v e s r a e y n e a s s r u o n m a r e	P a g	2 9
→	l f h l l f d R i t t t g e u a o n o e c a o e n e r s	P g a	3 2
→	C i b i d h i d i i b t t t t t t t g g o m p e n s a o n o e p a o e o u o n s r u o r	P g a	3 3
→	l l l M i i T i i D i i B t t t n m m e r r o r a s r c e n o u u –	P g a	3 4
→	f f l d C i i V R T R A B t t t r r e n a r r e g a o n : a n u u	P g a	3 5
→	f f l T i i t g a r r e u a o n	P a g	3 6
→	S W O T l i G D i i b i S B U t t a n a s s a s s r o n y u –	P g a	3 7

Gas Distribution Sector

**Gas distribution sector: key figures (*)**

pNo. of operators: 211

pMunicipalities served: about 7,200
pVolumes of gas distributed: about 31.6 billion of standard cubic meters
pNo. of users served: about 23.7 million
pLength of the gas distribution network: about 261,700 km
pRegulatory asset base (RAB): about Euro 18 bln (**)

Since 2000 gas distribution operators have been reduced to less than a third.

Currently gas distribution sector is strongly concentrated:

pabout 50% of RAB (**) is held by Italgas and F2i, the only operators with a national rank
pabout 30% of RAB is held by 14 medium size operators (RAB > Euro 100 mln), with a regional relevance

pabout 20% of RAB is held by small size operators

(*) 2017 ARERA data; (**) Ascopiave valuation.

Gas Distribution: Legal Framework

pGas distribution is currently a local monopolistic activity managed under concessions granted by municipalities
pItalian gas distribution sector was liberalized in 2000 according to the European Union Rules
pThe law established a mechanism of competition for the market: concession must be awarded only through public tenders.
pThe distributor is responsible for the operation, the development and the maintenance of the distribution network (operational expenses and investments), according to the concessional agreementsigned between the operator and the municipality
pTheNational Energy Authority(ARERA)

psets the tariffs to be applied to cover the cost of capital and for the operations of the service

pprovides rules regarding theminimum standard service levels.

pThe distributor gives access to any requiring gas sales company, that has the right to use the network to supply gas to its customers (third party access)

Public Tenders for the Assigning of the Concessions

pIn order to improve the economic efficiency of the sector, since 2007 the legislation has established that the tenders must be called to assign concessions for the management of the service in wide geographical areas, grouping neighbouring municipalities (Territorial Districts).
pThe national government constituted 177 Territorial Districts nationwide
pMunicipalities belonging to a single Territorial District must appoint a local entity to act as contracting authority for the District
pThe law established the deadline by which each District Authority must call the tenders.
pIn 2011 the national government issued some decrees establishing the general contents of the call for tenders, that must be fulfilled on the base of the local needs for investments to be defined by the local contracting authority. The standardization was aimed at encouraging competition and assuring transparency and effectiveness in the tender process..

The current rules governing the incoming tender processes will probably cause a further restructuring of the distribution sector.

A significant reduction in the number of operators is expected, as the participation to the public tenders requires to the potential competitors strong financial capability and important economic, organizational and technical skills.

T E R R I T O R I A L D I S T R I C T	Pu b l ic de te n r de d l in a e	As ia Gr co p ve ou p g as u se rs	%	As ia Gr co p ve ou p ke ha ( % ) t s m ar re
Tr iso 2	Ma h 2 0 1 7	1 4 1. 0 4 5	2 7 %	8 8 %
ev Tr iso 1	rc Ju 2 0 1 7	7 5. 6 6 4	1 4 %	5 5 %
ev	ne
Ro ig o v	Ap i l 2 0 1 8 r	3 5. 5 9 3	7 %	3 6 %
V ice 3 nz a	Se be 2 0 1 te 7 p m r	8 0. 1 7 5	1 % 5	8 % 7
V ice 4 nz a	Ma h 2 0 1 7 rc	2 9. 1 9 2	6 %	4 4 %
Be 1 rg am o	Ja 2 0 1 7 nu ary	1 5. 4 3 6	3 %	2 0 %
Be 5 rg am o	Ma h 2 0 1 7 rc	1 5. 0 9 1	3 %	1 6 %
Ve ia 2 ne z	Ja 2 0 1 7 nu ary	2 5. 8 9 9	5 %	1 3 %
O he d. t t. r m	2 0 1 6- 2 0 1 9	1 0 8. 2 0 6	2 1 %	n.a
To l ta		5 2 6. 3 0 1	1 0 0 %

**Ascopiave positioning in the Territorial Districts constituted by the Government (*)**

pAscopiave is currently the main operator in 3 Territorial Districts (Treviso 2, Vicenza 3 and Treviso 1) with more than 50% market share in terms of end users served. The current end users in these Territorial Districts amount to over 50% of the total end users served by the Group.
pAscopiave currently has a remarkable market share in other Minimum Territorial Districts located in Veneto and Lombardy.

(*) 2012 data (pro-rata).

Ascopiave strategy in the gas distribution market (1)

Ascopiave is selecting the Territorial Districts to bid for and is evaluating potential partnerships with other operators, in order to strengthen its position in some geographical areas.

Ascopiave has all the requirements to successfully act in the market:

- it has strong financial capability so it can finance the required investments, by further exploiting the financial leverage
- It is one of the main operator in Italy, with a long-standing and excellent expertise in the sector and it can assign remarkable organisational and economic resources to compete in the tender processes.

Group Ascopiave net financial needs to win new gas distribution concessions:

Cash out (-) (A) Acquisition of new gas distribution plants from the outgoing operators (B) Investments during the concessional period (maintenance and development) Cash in (+) (A) Self financing - Disposals of gas distribution plants in areas in which Ascopiave does not intend to bid for (net of tax) - Increase of EBITDA (B) Other financing - Bank financing

Ascopiave goal is to grow in the distribution sector by winning new contracts to manage the service. Geographical areas served by Ascopiave is expected to change.

A f h i t t g e r e a s s n m e n	f h t t o e n e w	i i l T t e r r o r a	D i i i t t s r c c o n c e s s o n s :
-----------------------------------------------------------------------------------	-------------------------------------------	-----------------------------------------------------	--------------------------------------------------------------------------------------------------

(A) in the target Territorial District (Ascopiave wins the contract):

-Ascopiave will continue to operate the service in the municipalities where it currently carries out the activity (continuity)
-Ascopiave will operate the service in the municipalities where the activity is currently carried out by other operators (outgoing operators) (new municipalities served). Ascopiave will acquire the property of the plant and will pay to the outgoing operators a compensation, calculated in accordance with the law (value of the existing plants).

(B) in the other Territorial District (Ascopiave does not bid for or loose in the competition)

Ascopiave will cease the operation of the service in the municipalities where it currently carries out the activity. It will cash by the ingoing operator (the winner of the contract) a compensation calculated in accordance with the law.

Ascopiave strategy in the gas distribution market (3)

Regulation of the call of tenders

Standards to evaluate economic and technical offers

A - Economic offer(maximum score: 28)
pDiscount on gas distribution tariffs
pDiscount on prices for other services provided by the distributor to the end users
pFee to be paid to municipalities awarding the concession (cap on the fee level: 10% of the capital cost components of VRT (Total Revenues Constraint) = 10% x ( CI x rd + AMM ))
pObligation to extend the distribution network (meters of pipes per end users that imply the obligation to connect new potential end-users)
pInvestments to improve energy efficiency
B - Offer concerning safety and service quality(maximum score: 27)
pNetwork inspections in order to prevent gas leaks (percentage of gas network annually checked)
pPerformance of the emergency service and of the gas odorization service
pImproving the level of other quality standards set by the Authority
C - Offer concerning the development and the maintenance of the network(maximum score: 45)
pAppropriateness of the network operation analysis
pInvestments plan for the extension and the increase of the capacity of the distribution network; the evaluation concerns: the tangible benefits expected by the investment proposed, the accuracy of the technical projects as well as the quantities of new pipes to be made
pInvestment plan for the maintenance
pTechnological innovation

Compensation to be paid to the outgoing distributor

In the event that the public tender should not be awarded to Ascopiave, the winner must pay to the Group, as the current owner of the networks, a compensation:

(a) the compensation must be calculated in accordance with the terms of the agreement implementing the concession or direct award (as the case may be), provided that the agreement is signed before 11th February 2012
(b) or, if this is not provided for, the compensation must be calculated in accordance with the Guidelines set by the Ministry of Economic Development (Decree 22nd May2014)
(c) contributions paid by private users in the past for the construction of part of the network must be deducted (valuation of these are in accordance with the tariff regulation) (*)
(d) whenever the compensation is higher than 110% of the net invested capital remunerated by the tariff system (RAB), the Energy National Authority (i.e. ARERA) must verify whether the compensation has been evaluated in accordance with the law

(e) the organizer of the tender bid must take into account theobservations issued by the ARERA.

(*) In the evaluation of RAB contributions paid by private users are currently deducted.

A r e a :	3, 4 9 6	2 k m
P l i t o p u a o n :	2 0 0, 4 4 2 1 6 8, 2 8 9	i h b i t t n a a n s i h b i i t t n a a n s n i i l i i t m u n c p a e s l d t c r r e n s e r e u y v
L h f h t t e n g o e g a s d i i b i k t t t s r o n n e o r u w :	9 8 3	( / / ) k 3 1 1 2 2 0 1 5 m
R d l i i t e e v e r y p o n s ( ) g a s s e r s u :	4 7, 5 2 1	( / / ) 3 1 1 2 2 0 1 5 n.
V l f o u m e s o g a s d i i b d t t s r e u :	1 1 2	M i l l i o n s c m ( ) 2 0 1 5
O i t t u g o n g o p e r a o r s :	B I M B l l e u I l t a g a s	I f t t t n o n r a s r u u r e

pOn 1st September 2017 AP Reti Gas S.p.A. submitted an offer to win the concession for the management of the gas distribution service in the territorial district of Belluno Bidding competitors: four

pStarting date of the concession (expectation of the contracting Authority): 1st April 2018 Duration: 12 years Compensationtobepaidtotheoutgoingoperators:aboutEuro59mlllion

Gruppo Ascopiave – ITALIAN INVESTMENT CONFERENCE – Milan, 22nd May 2019

**2018 VRT (*) (Gas Distribution Revenues) and 2018 RAB (Net Invested Capital)**

2018 VRT () = CO + AMM + CI x rd = Euro 78.1 mln**

where:

CO:quota covering management operating costs

AMM:quota covering depreciation

CI(RAB): net capital invested in distribution

rd: real pre-tax rate of return on net invested capital (~ 6.10%)

2018 RAB (***) = Euro 465.0 mln

(*) Ascopiave 2018 VRT has been approved by Gas, Electricity and Water Authority (ARERA) with Resolution n. 98/2019/R/gas; (**) VRT of the companies consolidated with the full consolidation method = Euro 72.4 mln + VRT of the company consolidated with the equity method = Euro 5.7 mln (pro-rata); (***) RAB of the companies consolidated with the full consolidation method = Euro 432.6 mln + RAB of the company consolidated with the equity method = Euro 32.3 mln (pro-rata).

Tariff regulation

2019 real pre-tax rate of return on RAB

For 2019 ARERA set the real pre tax rat rate of return on RAB at 6.3% (distribution) (Res. 639/2018/R/com).

Tariff regulation: standard investment costs

National Energy Authority (ARERA) announced that in the next future the value of the investments considered by the tariff system will be not the effective cost but it will be estimated using standard costs to be defined by the ARERA. For this reason the regulatory value of the assets will be different from their effective cost.

Tariff regulation for the incoming Territorial District concessions

Difference between Compensation and RAB

At the starting date of the new concession:

• if the winner of the public tender is the current incumbent operator, the new RAB is equal to the previous one;
• if the winner of the public tender is a newcomer, the new RAB is equal to the compensation paid by the newcomer to the outgoing operator.

Compensation at the end date of the minimum territorial district concession

The compensation is calculated as the sum of (a) the value of the stock of capital existing at the start date of the concession, that is equal to the initial compensation properly updated to take into account the depreciation occurred during the concessional period, and (b) the value of the investments made during the concessional period, calculated as the average between the effective costs of the assets and the regulatory value of the assets.

SWOT analysis – Gas Distribution SBU

Strengths

Dimensional level that allows exploitation of interesting management economies of scale
Contiguity in gas network, with advantages in terms of operative efficiency
High network management operative standards
Part of the local municipalities granting the gas distribution concessions are shareholders of the Group
Independence by large municipalities
Current financial leverage

Opportunities

Possibility to achieve critical mass as of aggregative pole in Veneto and Lombardy in the utility sector
Tenders for gas distribution concessions
Temporary push towards aggregations of companies operating in the sector increase in geographical coverage by expanding the corporate structure

Weakness

We expect that legal framework uncertainty and the time needed by municipalities to organize competitive tender procedures will delay the tenders start

Threats

Regulatory uncertainty

Uncertainty on financial needs for the compensations to be paid to outgoing distributors
Gas concession expiring
Risk to lose tenders

Gas sales

→	G l t a s s a e s s e c o r	P g a	3 9
→	l d h b G t t t t a s s a e s o e n c u s o m e r s : e c u s o m e r a s e	P g a	4 1
→	l l d l d G i i i i t t t a s s e n g p r c e o r e s e n a e n c s o m e r s u	P g a	2 4
→	C d h M E M i i i t n e x a o n m e c a n s m	P a g	4 4
→	G t t a s p r o c r e m e n c o s s u	P g a	4 5
→	S i i l i I t g n e r e a a n e	P g a	4 7
→	h l b A i i i t t t g g s c o p a e s r a e n e a s s a e s n e s s v y u	P g a	4 8
→	S l i G S l S B U t w o a n a y s s a s a e s –	P g a	4 9

**Gas sales sector: key figures (*)**

pNo. of operators in the italian market: 420
pFirst 27 operators (volumes of gas sold higher than one billion of standard cubic meters) supplying 71% of overall consumption to the final market (42.5 billions standard cubic meters on a total of 59.8 billlions standard cubic meters)

Since liberalization introduced by Letta decree in the early 2000s, gas sale market has experienced two well distinct phases:

porganic growth

pconsolidationthrough company aggregations / mergers and vertical integrations

The current phase of market concentration - that is happening through M&A activities (external growth) and the exit from the market of minor gas sales companies - will cause a further reduction in the number of operators.

(*) 2017 ARERA data.

Gas sales sector (2)

pSince 2008 economic crisis continues to affect natural gas demand. Together with the structure and constraints of take or pay contracts it has contributed to create a long market
pDecoupling between gas price and oil gas price is very significant
pAll these factors (decoupling, long market and spot prices) have contributed to considerably raise margins for retail operators not tied by procurement to takeor pay contracts
pThe difference between tariff component of raw material and real purchase costs has been very high
pResolution n. 196/2013 has changed the criteria to define and update the component of the selling price aimed at covering the cost of the raw material that, now refers entirely to the gas spot market (TTF forward prices)
pAlthough gradually, extra margins outcoming from the difference between tariff component of row material and real purchase costs will be reduced significantly in the coming years.

External growth (through M&A) becomes again a driver of development in the gas market as opposed to the organic growth.

Increase in profitability comes from low gas procurement costs (by entering the mid-stream segment of the value chain)

Gas sales to end customers: the customer base

pAscopiave customer base is constituted for the most part by loyal residential customers.
pDespite gas sales business was completely liberalised in 2003, so that any end consumer may sign a supply contract with any gas sales company, the National Energy Authority (ARERA) continue to regulate activities to assure that the market works properly and to protect certain categories of customers (residential customers); for these customers, maximum tariff levels are still set.
pThe National Energy Authority announced that from 2020 it will stop fixing maximum tariff levels, so that supply prices will be set only through the free negotiations occurring in the market.

(*) 2018 data in million of standard cubic meter. Operating data of companies consolidated proportionally are considered pro-rata.

P = CMEM + CCR + QT + TD + QVD + GCT + VAT

CMEM + CCR = Wholesale cost of gas QT= Gas transportation cost via national network

TD= Gas distribution tariff

QVD = Gas retail sales cost GCT = Gas consumption taxes VAT= Value added tax

Gas selling price to a typical residential end customer (annual consumption: 1,400 scm)

Pr ice t c om p on en	Eu / s t ro ce n cm	%

C M E M C C R +	2 4, 6 3	3 5 %
Q T	3, 7 4	5 %
T D	7, 2 4	1 0 %
Q V D	5, 1 0	7 %
ice Pr	4 0, 7 0	5 8 %
G C T	1 8, 4 1	2 6 %
V A T	1 0, 5 7	1 5 %
Ta xe s	2 8, 9 8	4 2 %
Pr ice ta xe s +	6 9, 6 8	1 0 0 %

1st April 2019 (Municipality: Conegliano)

Gas selling price to residential end customers (€cent/scm): from 4thQ 2013 to 2ndQ 2019

Average gas pricefor a family with autonomous heating and annual gas consumption of 1,400 scm.

Raw material gas = CMEM+CCR+QVD+GRAD+Cpr; Transport and gasmeter management = TD+QT+RS+UG1+ST+VR; System charges: RE+UG2+UG3; Taxes = GCT+VAT.

Gruppo Ascopiave – ITALIAN INVESTMENT CONFERENCE – Milan, 22nd May 2019

CMEM indexation mechanism

The price component covering the wholesale cost of gas set by the Authority for the protected market (CMEM) is currently linked to the European gas spot prices and not to the medium-long term take or pay contracts.

Current regulation provides that the price component isquarterly up-datedand is equal to:

CMEM = Pfor + QT(int) +QT(psv) + QT(mcv)

where:

P(for) = component price covering the cost of the raw material (energy), calculated as the average of the forward OTC quarterly prices in the Dutch TTF hub occurring in the penultimate month before the reference quarter and published by ICIS-Heren

QT(int)= cost of the gas transport through international pipelines

QT(psv)= cost of the gas transport from the national boundary to the virtual national hub (PSV)

QT(mcv)= other transportation costs

Gas procurement costs (1)

Gas procurement costs

pGas procurement costs are negotiated on a free market
pIncumbent shippers have strong market position
pDeclining gas demand gives economic opportunities to sales companies with loyal customer base

To procure gas for the most stable part of its customers base (residential and small business customers) Ascopiave relies:

1) on a long term take or pay contract signed in 2008 by Sinergie Italiane (in liquidation) (current capital stake of Ascopiave: 30.94%);

2) on annual contracts stipulated with several shippers for almost all the rest of the customers.

Gas procurement costs (2)

Renegotiation of the long term take or pay contract

pThe economic conditions provided by the contract signed in 2008 with Gazprom have been renegotiated several times in the past
pEconomic conditions need to be renegotiated periodically as the prices become significantly different from the ones prevailing in the market.
pIn the recent past all the main national shippers that signed long term take or pay contracts renegotiated their economic conditions, because the contracted prices became out of the market; due to the economic crisis and the system overcapacity the spot market prices fell dramatically.
pRenegotiation has likely allowed the national shippers to recover margins on their activities and improve their economics.

Sinergie Italiane is a company established in 2008 (*) to create a partnership among Italian downstream energy companies strongly rooted to local areas and with solid and loyal customer bases.

Sinergie Italiane signed a long-term import take or pay (ToP) contract with Gazprom for the supply of 1.0bcm of gas per year up to 2021.

In April 2012 Sinergie Italiane shareholders meeting resolved for the voluntary liquidation of the company and appointed the liquidators.

The scope of the company during 2012-2014 was limited to import russian gas and to sell it to the sales companies participated by the shareholders, as well as to manage the agreements, transactions and disputes relating to the regulation of contractual relations, improved before the liquidation.

^(*) Former shareholders structure included the current shareholders and also Alto Milanese Gestioni Avanzate and Utilità Progetti.

Ascopiave strategy in the gas sale business

Ascopiave has the possibility to act in the market successfully, taking opportunities from the further incoming market liberalization and concentration:

- it is one of the main operator in Italy, with an extensive and good expertise in the sector, as well asgood standing and reputation
- it currently has an important size, that allows it to exploit economies of scale (efficient cost for operations and marketing)
- it has a loyal and stable customer base, that makes it an appealing partner for experienced up and mid stream operators

Ascopiave: actions in the gas sales market

To improve its competitive positioning in the gas sales market, Ascopiave Group intends:

to develop the electricity businessas a tool to retain current gas customer base (cross selling)
- to reduce the cost to serve, through a more efficient management of the core operations (billing, back office and front office activities, credit cash, credit recovery, etc)
- to improve the gas supply process by exploiting the competitive advantage of having stable consumption in a long gas market

SWOT analysis – Gas Sales SBU