A UNIQUE BIOMASS PLAYER EXPANDING ITS SOLID RENEWABLES BUSINESS

June 2021 Capital Markets Day

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Thank you for your time, let us introduce ourselves

GreenVolt is a 100% subsidiary of Altri, providing the opportunity to directly participate in its growth plan

(1) As of 07/06/2021; (2) Owned both directly through Altri and indirectly through Caima Energia

GreenVolt's unique positioning within the renewable sector

The future of renewable energies…

GreenVolt: a leading Biomass operator with a proven pan-European Solar PV and Wind platform focused on profitable growth

(1) 2020 market share by Biomass energy injected, source: DGEG; (2) Injection capacity; (3) Signed on 7th of June, closing subject to conditions precedent customary in transactions of this nature being met; (4) Net pipeline, probability-weighted, until 2025, including 2.7 GW in Poland and Greece (V-Ridium) + 170 MW in Romania + 0.7 GW in Portugal; (5) New markets and pipeline opportunities already identified; (6) Net, probability-weighted, including 1.3 GW in Poland and Greece (V-Ridium) + 170 MW in Romania + 0.1 GW in Portugal; (7) With financial investors

GreenVolt combines ~€33m 2020 EBITDA in a proven technology with a scalable model underpinned by stable and secured cash flows

Notes: Net injection capacity and pipeline; (1) Signed on 7 th of June, closing subject to conditions precedent customary in transactions of this nature being met; (2) Excluding TGPH; (3) Net pipeline of Solar PV and Wind in Europe, excluding Portugal; (4) 98 MW under construction

GreenVolt: a leading Biomass operator with a proven pan-European Solar PV and Wind platform focused on profitable growth

Biomass is a much needed renewable and sustainable technology

Biomass(2) will remain as a key energy source both in Europe(3)… … and in Portugal(1)

(1) Portuguese NECP; (2) Biomass (including biofuels, biogas and urban waste); (3) IRENA EU-28 (including UK); (4) IRENA Database (2018 renewable electricity generation for EU-28 and Portugal)

Strong tailwinds in Solar PV and On-shore Wind in projects-scarce European markets

Renewable energy generation expansion in Europe	 Wind and Solar PV are the main renewable drivers to achieve the energy transition in Europe (currently represent c. 45% of renewable electricity generation and expected to achieve c. 600 GW in 2030)  Key geographies with a common project scarcity feature, while exhibiting different regulatory frameworks (not all MWs are the same)  Development is the most valuable stage of the Solar PV and Wind value chain
	 Increasing weight of Decentralised Generation

Solar PV and Wind capacity to significantly increase in Europe(2)…

… especially in the geographies where GreenVolt is focused on growing(3)

(1) NECP target; (2) IRENA; EU-28 (including UK); (3) IRENA and NECPs of Portugal, Poland, France, Greece, Italy and Romania

GreenVolt is positioned in the highest return phase of the value chain

Strategic positioning, focusing on the development stage and leveraging on profound market knowledge supported by strong regulated cash flow (~€33m EBITDA 2020)

Strong growth potential for Decentralised Generation globally and Decentralised Generation in Iberia

Self-consumption penetration in Portugal and Spain remains significantly below than other European countries

GreenVolt's strategy stems from its solid 'regulated' Biomass operation foundation, enriched by profitable MW development and rotation, and DeGe as the 'future'

Strategy based on industrial know-how to grow organically and externally supported by an unprecedented market momentum

Notes: Net pipeline, probability-weighted; (1) Net, including 1.3 GW in Poland and Greece (V-Ridium) + 170 MW in Romania. 50 MW of Wind and 48 MW of Solar PV under construction in Poland. 40 MW of Solar PV to participate in June 2021 CfD auction in Poland; (2) Based on 2020 market share in Portugal, source: DGEG; (3) Co-development agreement in Italy for 500 MW Solar PV projects in the next fiver years

Long-term + contracted revenues offering maximum de-risking, a key differentiator

Low risk profile of Portuguese Biomass operating assets based on regulated revenues…

25-year Feed-in-tariff regime ~15 years of remaining

€118.5MWh average FiT in FY2020, CPI adjusted

Portuguese Electricity System as a low credit risk offtaker

contracted lifetime(1)

Operating assets benefit from a stable regulatory framework, with no retroactive changes having ever occurred even under stressed macro conditions in the country
The Portuguese government and the European Union support on renewables sector limits regulatory risk
Potential for FiT extensions, as proven by the already signed 15-year extension for Mortágua

ROC scheme for TGPHBiomass plant in the UK in place until 2037

Solar PV RTB projects in Portugal under a PPA-scheme with Altri

Pipeline projects under secured revenues mechanisms
Local partners to support hedging strategies in new geographies

(1) 17 years including Mortágua 15-year extension

GreenVolt is the leading Biomass player in Portugal…

Financials

Revenue €90m(3) (+33% CAGR '18-'20) 15-year(4) FiT visibility EBITDA ~€33m (37% margin)

Notes: All data for FY2020; (1) 2020 market share by Biomass energy injected, source: DGEG; (2) 2020A calculated over 366 days; (3) Including Biomass sales in 2020; (4) 17 years including Mortágua extension; (5) 15-year extension (until 2039) of the FiT has been signed

… and focused on European consolidation

~40 MW of Biomass add-ons estimated per year

Tilbury Green Power Holdings Limited (TGPH)

Strategically located c.25 miles from London to economically process waste wood with few alternatives

Multiple long-term value enhancement opportunities given strategic location and land lease until 2054

High degree of cash flow visibility, including c.58% of revenue underpinned by RPI-indexed ROCs through to 2037 and a largely fixed operational cost base

Location	Port of Tilbury (United Kingdom)
CoD	January 2019
ROC Banding	1.40 ROCs / MWh
Generating Capacity 43.6 MWe (unconstrained) / 41.6 MWe (ROC accredited)
Fuel Processing	>265kt waste wood p.a.
Facilities	Waste Wood processing facility on site
Availability	91% years 1 – 15
Guarantee	89% years 16 – 20
Generation	c.330-335 GWh p.a.

Platform for expansion to complementary technologies: ~3.6 GW(1) of Solar PV and On-shore Wind in project-scarce markets and high potential geographies o/w 1.5 GW U/C, RtB or in advanced phase

(1) Net pipeline, probability-weighted. Not including pipeline related to Biomass; (2) Service for third parties, not included in the pipeline

Strong local and reputed V-Ridium development team with proven delivery capabilities: of pipeline development and asset rotation

(1) Net pipeline, including co-developments

Vertically integrated renewable energy business model focused on development to create value via sales, while selectively retaining some projects

Asset rotation optionality embedded at the heart of the development cycle

PIPELINE UNDER DEVELOPMENT 1

Strong local and well-known development team with proven capabilities of pipeline development
Development & co-development strategy targeting five European countries

PROJECTS AT READY TO BUILD STAGE 2

Sell-down of 70-80% of selected assets to Tier 1 partners
Selling at optimised value creation multiple (re-rating due to no development risk)

Favourable market conditions
Knowledge of the players / potential

acquirers

Successful track record cumulated through

years of experience

Farm-down Balance sheet retention
- Deep knowledge of assets' characteristics
- Vertically integrated
- Ability to operate the assets thanks to strong

operating know-how

Sale of minority stake (49%) to passive low Ke investors

Decentralised Generation is Greenvolt's third strategic lever for imminent profitable growth

June 2021 22

GreenVolt's clear building blocks for achieving profitable growth

GreenVolt to develop ~3.6 GW, while ~1.1 GW would remain on balance sheet

Solid financial foundations to support further growth

(1) Adjusted for €50m capital increase in March 2021; (2) Including Biomass sales in 2020; (3) Recurrent EBITDA, excluding c.€2m from insurance policy; (4) Includes ~3.6 GW net pipeline + additional early stage Biomass assets and early stage assets in Poland and Italy

Strong expected EBITDA growth underpinned by a well diversified portfolio

Expected EBITDA bridge until 2025e

Notes: Including holding costs

Conservative financial policy achieving Net Debt / EBITDA of 3.5-4.0x

(1) Adjusted for €50m capital increase in March 2021

Recognised management team with proven execution capabilities and successful operational track record

Tier I management team with a pan-European ambition in the renewables space

Local knowledge and seasoned management team in project-scarce markets
V-Ridium proven experience: +€2.5bn in closed transaction and +17 GW(1) developed

(1) Including co-developments

Attractive ESG-focused investment proposition under a best-practice Governance model

Main policies and initiatives

Neutral CO² Emissions
Leader in the forest-based renewable energy sector, expecting to grow in other renewable energy sources
SBM Green Bond 1 st green bond listed on Euronext Access Lisbon
Member(1) of the United Nation's Global Compact since January 2021

Finance for the Future Award (Euronext Lisbon Awards 2020 edition)

Well structured Governance

Incorporating international guidelines
Well-balanced and diverse Board of Directors
- c.36% of independent members
- c.36% of female members
Well-established and organised system:
- Risk, Recruitment & Remuneration and Audit and Related Parties' Transactions committees
- Strategic and Operational Monitoring Committee
- Ethics, ESG and Sustainability Committee
- Strong Code of Ethics and active Risk Management
- Reporting and disclosure according with market references

Strong Human Resources policies

Active employee retention policies
Retribution policies fully aligned with GreenVolt's objectives
Best-in-class training policies
Focus on diversity

(1) Through Altri

Solid foundations to become a unique EU renewables' player, at the forefront of ESG best practices

Leading and well-established Portuguese operator with superior development capabilities in Europe levered on an outstanding team

(1) 2020 market share by Biomass energy injected, source: DGEG; (2) 17 years including Mortágua extension; (3) Normalised to reflect Tilbury's full 12-month EBITDA; (4) Landowners, authorities, TSOs, local utilities, banks, investors; (5) Net pipeline, probability-weighted, including 2.7 GW in Poland and Greece (V-Ridium) + 170 MW in Romania + 0.7 GW in Portugal; (6) Net, probability-weighted, including 1.3 GW in Poland and Greece (V-Ridium) + 170 MW in Romania + 0.1 GW in Portugal; (7) Compound annual growth rate until 2025

Introduction to GreenVolt's investment model

(1) 2020 market share in Portugal by Biomass energy injected, source: DGEG.

Investment model 2

Leveraging on our expertise in biomass 2.1
Profitable growth ahead through technology diversification 2.2

Long-term FiT regime backed by a stable regulatory framework

Portuguese regulatory regime stability aligned with ambitious renewables targets…

The Portuguese National Electricity System closely follows the European Union regulation and policies
PNEC 2030 establishes ambitious targets for renewable energy generation and consumption
The organization and functioning of the Portuguese national electrical system is defined in decree law 172/2006 and Decree-Law no. 29/2006
Key governing bodies:
- General Directorate of Energy and Geology (DGEG)
- Electricity Services Regulatory Entity (ERSE)

… supportive of the Biomass technology… Biomass sector … provides GreenVolt with a long-term secured revenue profile Through a Feed in Tariff Mechanism (FiT)… … as well as other specific incentives in the fire-prevention context … and a robust €119MWh average FiT (€/MWh, FY2020) With 15 years average remaining contracted lifetime(1)… (years) Portuguese Electricity System Offtaker 100% of energy generated licensed % FIT coverage CPI Tariff Update Period 25 years Mortágua's already signed 15-year extension Potential for Extension FiT regime maintained since inception No retroactive changes even under stressed macro conditions Stability 131 120 117 119 115 Average, 119 Mortágua Ródão Constância Figueira da Foz I Figueira da Foz II - SBM 3 11 13 13 23 15 Average, 15 Mortágua Ródão Constância Figueira da Foz I Figueira da Foz II - SBM Remaining useful life Extension

(1) 17 years average remaining useful life including Mortágua 15-year extension

The electricity sector

Undisputed Biomass leader in Portugal

GreenVolt leads(1) the Biomass-sourced electricity market in Portugal in terms of installed capacity (45%), electricity generation (48%) and number of facilities(5 Biomass plants), reinforced by a supply secured by Altri which provides a superior competitive advantage

(1) DGEG; E2P; Biomass players public information; (2) 2020 Gross installed capacity; (3) Other 3 Biomass small power plants in Portugal

Source:

DGEG;E2P; Biomass players public

information

Biomass technology entails procurement challenges and risks…

Ability to sustain high load factors overtime is closely linked with supply availability
Risk of potential shortage and arbitrage incurred at suppliers level

SUPPLY'S QUALITY IS CRITICAL FOR GENERATION OPTIMIZATION

Presence of water and sand in Biomass fuel adversely impacts calorific value and, therefore, achieved load factor
In addition, their presence affects performance and may lead to important equipment failure

SUPPLY PROXIMITY IS A KEY DETERMINANT OF RAW MATERIAL COST AND HIGH ENTRY BARRIERS

Transport cost is a key component of the marginal supply cost
Long routes entail higher risks of deteriorating the product quality
Emissions due to transportation may affect CO² neutrality philosophy

… however, GreenVolt holds a competitive advantage in all dimensions

GreenVolt's nature ensures available and high-quality supply… … while ensuring competitive prices and healthy margins

Contract with Altri includes guaranteed supply availability and quality associated with a compensation provision

Altri's effective forestry Biomass cost is calculated based on achieved generation output, providing a natural hedge on supply quality / yield

FiT with CPI passthrough, providing an additional hedge to supply price increases related to macro conditions

1 -

Immediate proximity to Altri's pulp mills as well as to local Biomass suppliers resulting in significantly low transport costs

GreenVolt's technology enable supply arbitrage between standard Biomass sources providing strong flexibility and optionality

Stable and top-notch gross profit / MWh achieved on the back of best-in-class procurement and regulated revenues

(1) Baseload merchant price

Sustainable Biomass procurement strategy deeply rooted in ESG principles

(1) The 86.3k ha of forest have been awarded with FSC® and PEFC™ certificates; (2) Through its fully owned subsidiary Altri Abastecimento de Madeira; (3) Bark Biomass from Altri's pulp facilities

Altri's cooperation reinforces GreenVolt's unparalleled competitive advantage

+20 years of proven management experience backing top-notch operations

Best-practice O&M from internal GreenVolt team, leveraging on service provision agreement with Altri
Solar PV energy supply agreements (e.g. PPAs) established with Altri in Portugal

1 Biomass supply agreement

Supply commitment until FiT expiry(1) with a blended tariff of fixed (c.35%) and market price

2 Service provision agreement

O&M(2) and AM(3) with premium/penalty scheme, covering full FiT period

3 Management / Back office contract

Administrative services: HR, finance, legal, IT… To be internalized with company growth

4 Surface lease agreements

Long term lease agreement with possibility to renew

The Altri-GreenVolt cooperation delivering high efficiency levels Key competitive advantage to achieve higher returns on external growth

(1) Including potential extension periods; (2) Including corrective and preventive maintenance; (3) Separated from O&M, with a monthly report obligation and GreenVolt being entitled to access all the information

Excellence in Biomass O&M leading to a superior performance

Well-structured relationship with Altri under direct supervision of GreenVolt

(1) 15 days per annum for maintenance and unexpected events

Proven track record in technical performance and excellence in operations

Industry-leading operational standards with GreenVolt's SBM Biomass plant's innovative solutions to overcome utilization-related attrition

Leveraging on our expertise in Biomass to pursue European consolidation

>30 opportunities identified in Europe >30 MW identified in the short/medium term in Portugal ~40 MW of additional capacity per year

Tilbury plant at a glance

Highly efficient ROC accredited operational waste wood fueled power plant in the UK, with net capacity of up to 43.6 MW

Overview Equipment Overview

CoD in Jan-2019, with availability and performance tests under the EPCM contract deemed completed
- Constructed under fixed price EPCM contract by consortium of BWSC and AET
- Designed with net generating capacity of 43.6 MW
At present, generation export constrained to 41.6 MW, in-line with ROC accreditation limit set by OFGEM
Discussions with OFGEM ongoing over accredited capacity increase
Designed based on conventional grate and boiler technology from reputable supplier AET and considered one of highest specification plants in the UK regarding fire and deflagration protection systems

Key Technical Attributes

Location	Port of Tilbury (United Kingdom)
CoD	January 2019
ROC Banding	1.40 ROCs / MWh
Generating Capacity	43.6 MWe (unconstrained) / 41.6 MWe (ROC accredited)
Fuel Processing	>265kt waste wood p.a.
Facilities	Waste wood processing facility on site
Availability Guarantee	91% years 1 – 15 89% years 16 – 20
Generation	c.330-335 GWh p.a.
Note: Signed on 7 th of June, closing subject to conditions precedent customary in transactions of this nature being met

Tilbury plant – Key investment highlights

Supportive long-term regulatory framework

Tilbury Power Plant benefits from the receipt of RPI-indexed ROCs until 2037 and maximises the value of these through its baseload dispatch profile to guarantee stable, long-term revenues

A sustainable investment

Tilbury Power Plant plays a key role in meeting the UK's climate objectives by providing renewable baseload capacity. Energy recovery from waste wood is a key element of the waste hierarchy and the circular economy framework

Strategically located to economically process waste wood with few alternatives

Tilbury Power Plant is strategically located c.25 miles from London and is one of the few large scale power plants in the vicinity capable of disposing of Grades B and C waste wood

Proven, modern combustion technology from leading contractors and equipment suppliers

BWSC and AET both have strong track-records in Biomass and Tilbury Power Plant is built to a robust specification based on proven modern technology

High level of contracted cash flows

c.58% of revenue underpinned by RPI-indexed ROCs through to 2037 which, together with a largely fixed operational cost base (i.e. O&M, fuel supply and ash offtake), provides a high degree of cash flow visibility

Value enhancement opportunities

Tilbury Power Plant offers multiple long-term value enhancement opportunities given strategic location and land lease until 2054. Options include continuation as a waste wood Biomass plant or conversion to energy from waste

Strong know-how and track record being exported to increase plants' profitability 2
Best positioned player to consolidate Biomass market in Europe 3

Consolidation already initiated with TGPH(1)

Leveraging on our expertise in Biomass to pursue European consolidation

(1) Signed on 7 th of June, closing subject to conditions precedent customary in transactions of this nature being met

Investment model 2

Leveraging on our expertise in biomass 2.1
Profitable growth ahead through technology diversification 2.2

Vertically integrated focused on development, with a strong optionality to integrate

Key milestones for the different stages of "pipeline"

Maximizing value creation for shareholders in each project (1/2)

GreenVolt's integrated approach to extract synergies across each business segment, providing an attractive value creation while maintaining a lean and flexible structure

Maximizing value creation for shareholders in each project (2/2)

GreenVolt's investment decisions to be based on best risk-adjusted returns across core markets

Notes: Exit values in Poland are derived from historical V-ridium transactions and in-depth knowledge regarding investor yield expectations. Exit values in Greece are derived from V-ridium insight into market transactions and in-depth knowledge regarding investor yield expectations. In the case of Italy and France, despite those markets currently yield higher exit values, V-ridium is assuming a compression of exit values due to increased competition. (1) Only assuming value creation.

Main activities covered: Development (1/2)

(1) Excluding co-developments

Main activities covered: Development (2/2)

Main activities covered: Construction Management

Main activities covered: Operation & Energy Management (1/2)

The O&M and AM are key areas that provide (i) long-term revenues, (ii) efficiency improvement, and (iii) first-hand insight knowledge

Operation & Maintenance Asset Management

Highly qualified specialists, trusted by international companies like IKEA, KGAL, Taaleri / Masdar or STEAG, that provide technical, operational and commercial services, and tailor-made reporting :

334MW / 140 Wind Turbines

174MW

(i) Technical supervision: monitoring the execution of O&M agreements by third parties, managing grid requirements and H&S standards, malfunction analysis and stock management, among others
(ii) Commercial services: contract administration and invoicing, insurance and claims management, GoOs and CfD management, financial and tax services, among others

Energy Management

(i) Energy management: a flexible and dynamic approach to the market to anticipate and optimize PPA structuring needs and auctions strategy
(ii) Consultancy services: optimization of quality, performance and value at every stage of the projects with tailor-made solutions, including performance management, obsolescence assessment and cost-effective upgrades

Main activities covered: Operation & Energy Management (2/2)

A virtuous asset rotation strategy, underpinned by strong development capabilities, offering optionality…

… and premium returns, fueled by monetization and reinvestment of value creation at RTB...

Example of a generic Solar PV project in Poland – based on historical transactions – combined with GreenVolt's contemplated asset rotation approach at RTB

Equity IRR upside delivery on the back of:
- Value creation / development margin reinvestment on selected projects
- Best-in-class DevEx rationalization and management in favor of value creation maximization
In the present example, Greenvolt could build ~71 MW of capacity through the reinvestment of net value creation from the sale of 100 MW at RTB
Strong optionality and selective allocation of available investable resources on the back of large development capabilities
Maintain high level of control for assets kept in balance sheet

... or with sell-down at COD stage, maximizing value creation

Note: Example of a generic Solar PV project in Poland – based on historical transactions – combined with GreenVolt's contemplated asset rotation approach at COD

Source: Company

information

GreenVolt's strategy of anchoring new pipeline projects with secured revenues through different schemes

Local support schemes to be complemented with Corporate and market PPAs with investment grade parties to ensure bankability of the projects…

	Plant	Project Status	MWp	Expected COD	Mechanism	Offtaker	Term (years)	Pricing	Contract Status
PV RtB projects in Portugal will operate under a PPA-scheme with	Tábua	RtB	4 8	jul-22	PPA	Altri Group	10.0	Flat Fee	Advanced Stage
Altri	UPPs	RtB	1 4	may-22	PPA	Altri Group	10.0	Flat Fee	Advanced Stage
	Águeda	Advanced Stage	4 7	4Q23	PPA	Altri Group	10.0	Flat Fee	Advanced Stage

… with a clear and specific route to each country's renewable energy market

Target countries offering strong renewable energy support regulated schemes to improve their electricity generation mix, with PPA markets under development

	Poland		Romania		Greece		Italy		France

CfD (RES Auction)										
Potential Other RES Support Scheme										
Corporate PPA										
Market PPA										
Mix of Forward Market and PPA							
Merchant							
Behind-the-Meter Direct PPA					

Strong development potential in highly complementary technologies: Solar PV and On-Shore Wind B

Targeted markets have strong intrinsic fundamentals and significant potential…

Sources: BloombergNEF

(Capacity short term forecast, May 20th 2021), RAE, GreenSolver, Public information

… +39 GW of additional Wind & Solar capacity commissioned over 2019-2023

(1) Not applicable as only PPA scheme considered for Romania; (2) Average price of the CfDs bids of the winners

Active developer in Poland with a long track record in the country…

Key success factors

Full-scope developer, including development, construction management and asset management
Relationships with local authorities and large-scale landowners
Grid connection and availability
Revive abandoned On-shore Wind projects
BTM Solar PV opportunities

Note: Net pipeline, probability-weighted

Solar PV and Wind in Greece

… and a recently established JV in Greece with a Tier 1 developer…

Note: Net pipeline, probability-weighted

Early stage projects in Poland and Greece

Early stage pipeline is a mean of developing the business, representing the base for future projects

Combined portfolio 2025-2030 of 895 MW to sustain the path for future growth

Charts in MW

Early stage development projects in Italy…

… and France

Solar PV and Wind in Romania…

… with selective co-development opportunities in Romania

Estimated RTB dates: Dec-2021 and Jan/Feb-2022

Greenfield pipeline: ~70 MW
- 2 projects, 20 MW and 50 MW
- Estimated RTB dates: Nov-2021 and Dec-2022

Co-development opportunities

Advanced phase projects carried out by developers
Focused solely on highly attractive projects
No development risk, no investment until RTB
All projects to be co-developed with pre-agreed construction costs and PPA scheme

… complemented by Solar PV opportunities in Portugal

Decentralised Generation: key pillar of the energy transition, with massive potential

Strong growth potential of Decentralised Generation market in Iberia

Self-consumption penetration in Portugal and Spain remains significantly below than other European countries

Solar PV Capacity in Residential Sector (W/Capita 2018) Relevant Considerations

Regulation and incentives play a key part in market dynamism and provide a structural tailwind to the solar PV self consumption and Decentralised Generation market
The decreasing costs of material and the increasing efficiency of solar panels are contributing to the growing competitiveness of solar PV energy costs
The quest for sustainability and decarbonization from companies to attract employees and customers will also positively impact solar PV self consumption and Decentralised Generation market

Strategic diversification into the value-accretive Decentralised Generation business

Develop first a leading position in Iberia before expanding progressively throughout targeted European geographies, through the combination of active external growth strategy and organic developments

Take advantage of market's under-penetration and capture the massive growth opportunities out there

Target a full integration of the complementary Decentralised Generation business within GreenVolt and activate synergies (relying notably on operations and expertise abroad)

Enhance profitability and diversify source of revenues while maintaining a high level of contracted cash flows / low-risk nature of the portfolio

Enhance overall portfolio's financial returns with Decentralised Generation's floor IRR laying in double digit IRR

Enhance access to Consumer (prosumer concept) as it is increasingly strategic in the new energy transition

Increase GreenVolt's commitment towards energy transition and decarbonisation and enhance the ESG angle

GreenVolt's key objectives Short term initiatives underway

MARKET PENETRATION THROUGH M&A

Highly fragmented market with a large consolidation playground comprising mainly mid-sized and small M&A candidates
MoU signed for the acquisition of a 70% stake in Profit Energy
- Top 3 Decentralised Generation player in Portugal, with a total of ~30 MW projects installed by 2020, o/w 10 MW were installed during 2020
- 2021: expected to install 15-20 MW, totalling 45-50 MW on a cumulative basis
- To serve as the first step and platform for GreenVolt's expansion plan for Decentralised Generation
Know-how acquisition is critical step for engaging further profitable expansion
Further negotiations of additional selected opportunities in Spain and in Eastern Europe countries

In summary: pan-European ambition focused in Solar PV and Wind of project-scarce markets

GreenVolt combines a secured pipeline amounting to 1.5 GW of under construction, ready-to-build and advanced phase projects, with an additional 2.1 GW of early stage pipeline to fuel its future growth

	Secured Growth			Attractive Pipeline of Opportunities	Portfolio
Geography	Under Constr.	RtB	Advanced phase	Early stage	Total (MW)
Portugal	-	62(1)	47(2)	600	709
Poland	98	30	939	1,057	2,124
Romania	-		170	-	170
Greece	-	-	190	418	608
Total (MW)	98	92	1,346	2,075	3,611

Additional identified opportunities in Poland, Greece, Italy and France

Notes: Note: Net pipeline, probability-weighted; (1) Including 48 MWp of Tábua plant + 14 MWp of small scale UPPs; (2) Including 47 MWp of Águeda plant

Significant growth potential supported by a well-defined and visible pipeline

Rigorous pipeline classification and review to strategically prioritize projects across geographies

Note: Net pipeline, probability-weighted

Recap on key messages – Solar PV and Wind expansion

Working on selected, projects-scarce countries on a pan-European scale 1
We will focus on development, the highest return phase of the value chain, but will keep optionality to go further when convenient and value-accretive 2
Value delivered by outstanding team with proven track record 3
Full risk mitigation and local resources put in place 4
5
- Key renewable market for future growth – Decentralised Generation – part of core operations
- Growth fueled by strong execution capabilities, most importantly in the case of V-Ridium 6

Profitable development potential growth through complementary technologies

Corporate Governance & ESG

Compliance with corporate governance recommendations ESG Commitment

Incorporating international guidelines
Well-balanced and diverse Board of Directors
Supported by a well-established and organised system:
- Risk, Recruitment & Remuneration and Audit and Related Parties' Transactions committees
- Strategic and Operational Monitoring Committee
- Ethics, ESG and Sustainability Committee
- Strong Code of Ethics and active Risk Management
- Reporting and disclosure according with market references
Strategic commitment with the production of renewable energy, carbon neutrality and circular economy
Member(1) of the United Nation's Global Compact since January 2021
Sustainalytics appointed on a private basis
- Currently working towards holding a private ESG rating report

Human Resources policies

Active employee retention policies
Retribution policies fully aligned with GreenVolt's objectives
Best-in-class training policies
Focus on diversity

(1) Through Altri

Figueira da Foz II – SBM issued the first Green Bond in Euronext Lisbon

Green Bond issued to exclusively finance the construction of a 34.5MW Biomass power plant located in Figueira da Foz Certifications

GreenVolt's certifications:

ISO 9001- Quality Management System
ISO 14001- Environmental Management System
OHSAS 18001- Occupational Health and Safety Management System
ISO 45001- Occupational Health and Safety Management System
ISO / IEC 17025- General competence requirements for testing and calibration Laboratories
ISO 50001- Energy Management System

Other relevant Certifications within the Altri Group

FSC® Forest Stewardship Council
PEFC™ Programme for the Endorsement of Forest Certification
NP 4457- Research, Development and Innovation Management System
EMAS- European Union Eco-Management and Audit Scheme

(1) Green Bond Principles published by the International Capital Market Association

Well-balanced and diverse Board of Directors

Board of Directors Composition

Well-balanced and diverse Board of Directors, with 11 members with adequate knowledge and skills, of which:
- 4 independent members (36%)
- 4 female members (36%)
- Respecting international guidelines
Three-year term of office (can be reelected for one or more terms of office)
Managing Director with all the powers for the day-to-day management
Meetings taking place at least once every quarter
Quorum: majority of its members is either present in person or by proxy

Recap on key messages – ESG

Proven ESG commitment, being a member of the United Nation's Global Compact(1) 1

Pioneer in Green Bond issuance in Euronext Lisbon 2
Well-established, organised and compliant Corporate Governance 3
Balanced and diverse Board of Directors 4
Human Resources focus: retention, training and objective-aligned retribution policies 5
"E"SG-Technology business 6

Naturally embedded ESG focus

(1) Through Altri

Attractive financial profile represents a solid ground for further growth

Solid financial results with highly visible cashflows: High margin ~€33m EBITDA 2020 resultant from 100% regulated, 100% feed-in-tariff revenue framework . Profitable growth EBITDA CAGR 18-20 +34% mostly due to new plant Figueira da Foz II - SBM COD (2019)
Low risk regulated profile: 15 years(1) of remaining life under feed-in-tariff regime
Capital structure prepared for growth: prudent leverage Net Debt/EBITDA 2020 at 1.0x(2)

(1) c.17 years considering 15 of extension; (2) Adjusted for €50m capital increase occurred during March 2021. Not adjusted for values to be paid for the acquisition of Golditábua (circa €3m) and eventual acquisitions occurring in 2021; (3) in 2018, excludes c. €1.7m net claim compensation for property and inventory damage in the Mortágua and Constância power plants. In 2018-2020, excludes c.0.2m/year of non-cash investment grants of Mortágua´s power plant

Solid growth of revenues…

GreenVolt
improved revenue
performance

Stable electricity revenues based on a FiT regulated framework

Revenues posted significant growth mainly driven by

Figueira da Foz II - SBM power plant (COD July 2019), which accounted for 38% of total electricity revenues in 2020

Increasing electricity generation YoY of remaining power plants

(1) Load factor calculated considering 365 days for 2018 and 2019 and 366 days for 2020

… underpinned by regulated tariffs, well above merchant prices

Increasing energy production

Stable average tariffs

Increasing energy generation on a like-for-like basis:
- Reduction of Mortágua's annual maintenance stoppage in 2020 by almost 40 days (major repair for maintenance in 2019)
Figueira da Foz II SBM power plant rapidly reached nominal capacity in 2019
Stable evolution of tariffs per plant: regulated and inflation annually adjusted
- Reduction of 2019's like for like average tariff due to change in injected electricity's weight per plant
Figueira da Foz II SBM lower average tariff justified as having the most recent start-up date. Due to the regulatory regime, more recent plants have lower tariffs(1)

2018 2019 2020

Average tariff (€/MWh) Like-for-like Figueira da Foz II - SBM Availability rate 120.7 120.4 120.8 114.5 115.1 120.7 119.1 118.5 57.4 47.9 34.0 2018 2019 2020 (2)

Like-for-like Figueira da Foz II - SBM Average tariff Merchant price (baseload)

(1) For power plants with same Z factor and same productivity performance; (2) Availability rate calculated considering 365 days for 2018 and 2019 and 366 days for 2020

Cost structure has exhibited significant improvement, becoming much slimmer

Higher efficiency levels achieved in Figueira da Foz II – SBM lowered the cost structure

Industry-leading technological & operational standards of Figueira da Foz II – SBM impacts positively GreenVolt's average operating costs/MWh
From 2020 on, GreenVolt's cost of sales/MWh includes handling costs

(1) In 2018, other Opex excludes losses in the biomass inventories of Ródão of €0.3m, for which a claim compensation was received. In 2020, cost of sales excludes costs of non-recurrent biomass sales of €3m. Other income excludes €2m claim compensation for property, equipment and inventory damage in the Mortágua, Constância and Ródão power plants in 2018 and 2018-2020 non cash investment grants of Mortágua´s power plant; (2) Figueira da Foz II – SBM's operating costs total c.€18.9m

Strong and steady EBITDA with improving margins

Like for like EBITDA decrease in 2019 derived from:
- Mortágua's stoppage for 60 days
- Reduction of compensations for business interruption from €1.1m in 2018 to €0.5m in 2019
EBITDA growth impacted significantly by Figueira da Foz II – SBM operation and its higher margin

(1) Operating profit before amortization and depreciation and impairment reversals/ (losses) in non-current assets; (2) In 2018, excludes c. €1.7m net claim compensation for property, equipment and inventory damage in the Mortágua, Constância and Ródão power plants. 2018-2020, excludes non-cash investment grants of Mortágua´s power plant; (3) In 2020, adjusted revenues exclude sales of biomass of €3m

Like for like margin expansion

Cash flow backed strong capex and limited net debt

Cash flow was invested in the new state of the art SBM´s power plant

Low leverage provides headroom for future investments

Higher operating cash flow in 2019 mainly reflects the start of the Figueira da Foz II – SBM power plant (c.10m), the delay in a client payment from end of 2018 to beginning of 2019 (c.€5m) and compensation received for Mortágua's claim (€2m)
Most of GreenVolt's 2018-2020 capex in SBM's power plant (total €83m)
- Lower remaining power plants capex since annual plant stoppages' costs are accounted as maintenance costs (not included in O&M contract´s costs). In 2020, acquisition of Golditábua amounting to €3.9m(1)
In 2019, shareholder loans were mostly replaced by debt
At the end of 2020, shareholder loans were zero
- €9.6m converted to supplementary loans
In 2021, a capital increase of €50m in cash reduced net debt to a low leverage referential of c.1x EBITDA

(1) Accounted in intangible, tangible and other net assets, (2) Including receipts from customers, payments to suppliers, other receipts (payments) relating to operating activities and income tax (paid)/ received, (3) Bonds + other loans + lease liabilities – cash and cash-equivalents, (3) Adjusted for €50m capital increase occurred during March 2021. Not adjusted for values to be paid for the acquisition of Golditábua (c.€3m) and eventual acquisitions occurring in 2021, (4) Net debt

Company's target 2021 investment program: transformative growth in motion

Strategic vision for future growth and profitability: medium-term ambition until 2025

GreenVolt's unique positioning within the renewable sector

The future of renewable energies…

Appendix 6

6.1	Market and regulatory framework	94
6.2	Portfolio overview	112
6.3	Additional ESG materials	127
6.4	Supporting financial information	133
6.5	Additional information	137
6.6	Glossary	140

Solar PV and Wind momentum (1/2)

	Portugal	Romania	Poland	Greece
Development Momentum	• Auction framework in place (pay-as-bid remuneration) • Auctions complemented with repowering and hybridization regulations in order to boost Solar PV and Wind installed capacity and to comply with EU´s targets	• Auction framework (contract for difference) expected in next years, replacing green certificate support system (old framework for installations commissioned before end of 2016) • In 2020 Government re-introduced long term PPAs (previously banned) for power-generation capacities commissioned after June 2020	• Auction framework in place (contract for difference) • Recent auctions created a Solar PV boom (declining costs) • Pending removal 10H regulation (distance restrictions to residential areas)	• Auction framework in place (contract for difference) • To reach EU´s targets for 2030 Greece is boosting Wind and PV installed capacity by recent auctions • Emerging C&I PPA market • New procedures established to speed-up permitting process
Renewables share target	• 31% (2020) • 47% (2030)	• 24% (2020) • 31% (2030)	• 15% (2020) • 23% (2030)	• 20% (2020) • 35% (2030)
Expected growth (CAGR 2020-30)	 9% Solar PV  5% Wind	 14% Solar PV  6% Wind	 6% Solar PV  8% Wind	 9% Solar PV  5% Wind
			LCOE
LCOE (USD/KWh)	0.60 0.40 0.20 0.00 2010 2011 2012 2013 2014 2015	• LCOE significantly decline in utility (-78% 2010-2019) scale Solar PV • Expected decline of c. 40% by 2030(3) 2016 2017 2018 2019	0.10 0.05 2010 2011 2012 2013 2014 2015	• LCOE of wind onshore is at lower (-38% 2010-2019) end fossil fuels range • Expected decline of c. 30% by 2030(4) 2016 2017 2018 2019
	IRENA´s Solar PV Analysis	(1)	IRENA´s Wind Analysis	(2)

(1) Analysis of most relevant countries (Solar PV); (2) Analysis of most relevant countries (Wind); (3) IRENA: Future of Solar PV – avg. LCOE decline from 2018 to 2030; (4) IRENA: Future of Wind – avg. LCOE decline from 2018 to 2030.

Solar PV and Wind momentum (2/2)

generation in France is nuclear)

• Auction framework in place (pay-as-bid remuneration) for 20 years

PV and Wind capacity in order to achieve EU´s targets

• Auction schedule: c. 2GW/year (Solar PV) and c. 2GW/year (Wind) until 2024 • In 2020´s multiannual energy plan, France confirmed commitment to boost

• Phase-down strategy to replace nuclear capacity with renewables (c. 71% of

France Italy

Auction framework in place (pay-as-bid remuneration) for 20 years
New tender system (implemented in 2019) for 6 new auctions from 2020-2021 aiming to add up to 5 GW of new installed capacity over the period (c. 3GW in auctions for 2021)
New investments expected from TERNA (Italian grid manager) to boost installed capacity in cross border exchange (c. 6 GW)

Development Momentum

Illustrative timeline of On-shore Wind and Solar PV development cycle in Poland

Illustrative timeline of On-shore Wind and Solar PV development cycle in Greece

Decentralised Generation Business Models

Value proposition for different segments through customized solutions

	Wholesale	Market	Key Clients
	Houses	Buildings and SMEs	Multi-sites Corporations	Industry	Irrigation

Target	• Solutions for single family houses • Customers look for simple solutions with cost savings	• Small-size solutions for dwelling buildings, SMEs and other (i.e., schools) • Clients looking for sustainability and savings	• Buildings of the services sector, shopping centers, hotels and stores among other • Sophisticated customers seeking substantial savings	• Buildings with industrial production and factories • Large scale projects with sophisticated customers • Short paybacks	• Entities involved in the management of water for irrigation for agricultural sector • Quality in addition to savings
Solar Product	• 1.5 – 15 kWp • 8 – 60 sqm rooftop	• 10 – 100 kWp • 50 – 600 sqm rooftop	• Multiple locations, above 100 kWp	• > 120 kWp • > 600 sqm rooftop	• > 120 kWp • > 600 sqm on the ground
Typical Energy Product	• Energy at cost price from the grid, surplus compensation at wholesale price	• Energy at cost price from the grid, surplus compensation at wholesale price	• PPA fixed or indexed price with optional consumption guarantee • Energy advisory	• PPA fixed or indexed price with optional consumption guarantee • Energy advisory	• PPA fixed or indexed price with optional consumption guarantee • Energy advisory
Illustrative Example Customer Economics Spain (1)	• Payback: 4 years • IRR: >30%	• Payback: 5 years • IRR: >30%	• Payback: 5 years • IRR: 30%	• Payback: 5 years • IRR: 30%	• Payback: 5 years • IRR: 30%

(1) Excluding tax incentives

Global Decentralised Generation capacity evolution

Key global mega-trends will drive Decentralised Generation development

… while B2C to Top 170 GW by 2025

Projected Residential Solar PV DG Installed Capacity (GW)

Decentralised Generation potential empowered by favorable regulatory frameworks

Regulatory framework - Poland

Renewables booming with a favorable auction scheme (15-year CfD extended until 2027) in order to comply with EU´s targets

V-Ridium strategy

Own developments and extensions in existing projects
Existing RtB pipeline and greenfield pipeline
Utilizing relationships with local authorities and large-landscape owners

Renewables Market Overview

c. 78 % of generation still old coal
Market awaken for renewables as CO2 price drives high
Increasing penetration of renewables and decreasing efficiency of conventional power sources

Regulation key highlights

10H rule (Distance Law) to be eliminated, giving local authorities more power to allow for new development and construction of onshore wind farms

Renewables Auctions

An aggressive support strategy (potential extension of CfD auctions) needed in order to avoid paying penalties and complying with EU´s targets

(1) PEP 2040; (2) Polish Wind Energy Association

Regulatory framework - Greece

Strong market recovery through auctions, emerging C&I PPA prospects and favorable regulations to increase installed capacity

					Solar PV
Installed Capacity (GW) (1)					Route to market
					Auction framework
			7.4	11.0	• Contract for Difference (Renewables Auctions) – 20-year support
					PPA/Merchant market
2.8	0.8	3.6			• Corporate and Market PPA to evolve in the future in parallel with development of the pool market
					• Behind-the-meter direct PPA
Current	RTB with CfD	2023E	New Pot. Development	Total Potential Capacity
					Wind
Installed Capacity (GW) (2)					Route to market

					Auction framework
			6.3	10.5	• Contract for Difference (Renewables Auctions) – 20-year support
					PPA/Merchant market
3.1	1.1	4.2			• Corporate and Market PPA to evolve in the future in parallel with development of the pool market

(1) Greek PV Association; (2) Greek Wind Association

V-Ridium strategy

JV with local partners to accelerate development in the country
Co-dev agreements with AirEnergy and EcoMind (JV MOUs Secured)
Supplementary approach to organic greenfield

Renewables Market Overview

Several trends are shaping up renewables market in the last 2 years:
- Weakening of PPC increasing local energy group´s appetite for renewables
- O&G local groups seeking diversification towards electricity commercialization
- Top notch international players, funds and firms and and present firms seeking assets in Poland

Regulation key highlights

Energy Ministry is making a coordinated effort for the adoption of a fast-track procedure for partial automation and simplification of permitting, contributing to the renewables sector booming

PPA market

Market reactivation along with the emerging C&I PPA prospects

Regulatory framework - Italy

Renewables capacity booming to comply with EU´s targets, favorable auction framework (FER decree) and new investments (TERNA)

V-Ridium strategy

Early stage developments in Italy
7 regions selected to prioritize growth based on socio-political criteria, availability of land, wind and solar resources and co-development framework agreements

Renewables Market Overview

Italian total renewable capacity installed is expected to have a significant increase in the next years
Solar PV booming up to c. 50 GW, while wind up to c. 19 GW in 2030
Italian grid manager (TERNA) will invest €13bn in the grid over next decade, increasing capacity by up to 6 GW in cross-border exchange

Renewables Auctions framework

FER decree (approved in 2019), implemented a new tender system that structured for 6 new auctions from 2020-2021 aiming to add up to 5 GW of new installed capacity (c. 1.9 GW in 2020 and 3.1 GW in 2021)

(1) TERNA

Regulatory framework - France

Nuclear phase-down and new auction framework settled (2GW/year for Wind and Solar PV) to comply with EU´s targets

Renewables Market Overview

eye to grid & military

Early stage developments in France

V-Ridium strategy

C. 71% generation is nuclear

Regulation key highlights

Renewables Auctions framework

targets

law

(40% renewables share target by 2030)

Nuclear phase-down strategy replaced with renewables capacity additions

Regions of choice driven by under penetration, untapped good wind and

Set to be the second largest growth onshore European wind market

Nuclear power´s share to decrease 50% by 2035 according to French

14 out of 58 reactors need to be decommissioned by 2035 (c.25%)

Renewables auctions expected until 2028 in order to comply with EU´s

• FEE promotes a PPA market to gradually

complement CfD

(1) PEP 2040

Current RTB with CfD 2023E New Pot.

Development

Total Potential Capacity

Introduction to the Biomass technology

Snapshot of the Biomass process

GreenVolt has limited supply risk given that (i) it is a fully integrated player and (ii) fuel is partly received from Altri's pulp facilities

Portuguese Biomass Regulatory Framework

The Biomass industry is assuming an increasingly relevant position in the Portuguese economy not only for its energy production potential but also for its environmental, sustainability and fire prevention roles. As such, the industry is supported by the Portuguese law

The organization and functioning of the Portuguese national electrical system is defined in decree law 172/2006, of 23rd August(1), that (i) establishes the norms of a liberalized market in accordance to the European Commission directive 2003/54/CE, and (ii) formalizes the constitution of an energy Iberian market(2)

The requirements for acquiring an energy production license were simplified, as long as land use, the environment, the safety of people and property are safeguarded, and national energy policy objectives(3) are respected
Under the current framework, DGEG (General Directorate of Energy and Geology) and ERSE (Electricity Services Regulatory Entity) are the governing bodies responsible for supervising and ruling the market

The Portuguese electrical sector Incentives to the Biomass industry Feed-in-Tariff

Due to its recognized importance, Biomass technology benefits from:

Feed-in-Tariff (FiT) incentive, aligned with other renewable technologies
Specific incentives on the fire prevention context
In regard to fire prevention, decree law 64/2017of 12th June(4) came in to set new incentives to develop projects in certain risky areas, aiming to reach a national installed capacity of around 250MW(5)
Recently, the National assembly has approved a recommendation(6) to the Portuguese government to reformulate the public support models regarding forest Biomass plants in order to assure rigorous environmental and sustainability criteria
Granted to projects licensed until November 2012(7) calculated through the following formula:
The Feed-in-Tariff (FiT) is a guaranteed remuneration attributed to specific renewable energy installations
According to decree law 225/2007, of 31st May, that rules the Alpha Projects, the FiT is calculated according to a formula which takes into account several variables, including technology, day producing period and inflation (excluding housing), among other(8)
The tariff is awarded for a 25 years term

The electrical sector Biomass sector

1) Along with further updates, the latest of which in decree law 62/2020, of 28th August; (2) Resulting from an agreement among Portugal and Spain as of the 1st of October 2004; (3) Such as the nature of the primary sources to be used and compliance with competition law; (4) Further updated in decree law 120/2019, of 22nd August; (5) Portuguese National Energy Plan (ENE 2020); (6) National assembly resolution 42/2021, of 3rd February; (7) As per decree law 215-B/2012, of 8th October; (8) As per decree law 225/2007, of 31st May

Tilbury Green Power Holdings Limited (TGPH) – Regulatory Framework (1/2)

1 Message Text	Description	• Came into force in April 2002: legal obligation of licensed electricity suppliers to source a specified proportion of electricity from renewables each year (15.4% in 2021) • Renewable generators are eligible for a certain number of ROCs per MWh of renewable generation Tilbury Power Plant: categorised as dedicated Biomass and is accredited to receive 1.4 ROCs per MWh  Tilbury Power Plant: ROC entitlement is currently adjusted for a Biomass content of c.95%  • Accredited renewable generators typically sell their ROCs to a licensed electricity supplier under a PPA between the two parties • Electricity suppliers charge a % discount to the prevailing ROC price for providing a route to market service, allowing renewable generators to monetise the ROCs generated
	Buy-Out Price	• ROCs can be traded throughout the UK independently of the electricity that they represent Suppliers are required to meet their % sourcing obligations by submitting the relevant number of ROCs or by making a 'buy-out' payment  ROC Buy-out Price set at £50.05 per ROC for the 2020/21 obligation period and indexed annually in accordance with UK RPI 
Ro Mechanism 2 Embedded Benefits	Head Room Mechanism	• Suppliers obligation to source a specific proportion of their electricity supply from renewable generation sources is set by the Secretary of State before the start of each year Fixed obligation reached 15.4% of electricity supplied in 2015/16 and remains at that level throughout the period of the RO to 2027  Headroom is set at 10% above the number of ROCs expected to be issued in the following obligation period and its presence ensures a structural short supply of ROCs  effectively creating a floor price for the ROC buyout
	Recycle Payment	• A supplier that fails to meet its obligation under the RO is required to make a penalty payment which is put into a fund. The fund is recycled at the end of the year to all suppliers, in proportion to the extent to which they submitted ROCs to meet their obligation supplier's willingness to pay for a ROC, and therefore the market price received by a generator, is the avoided ROC Buyout Price plus the expected recycling of buy-out  payments
	Fixed ROC Prices & Projects	• From 31 March 2027, the obligation on suppliers to meet a percentage of their supply through ROCs will be removed and, instead, a 'certificate purchase obligation' will be introduced. This is intended to reduce ROC price volatility in the final years of the RO when the number of accredited generators will be reducing
	Description	• Large, licensed, electricity generators typically incur various charges relating to the use of electricity transmission and, if relevant, distribution networks • Smaller generating stations can avoid many or all such charges as a result of being exempt from the requirement to hold a generation license In addition, by selling their output to an electricity supplier serving customers operating on the same distribution network, embedded generators can help suppliers avoid  various network charges for which they (the suppliers) would otherwise be liable • The value of these savings, referred as 'embedded benefits', is typically shared between the generator
	Transmission Network Use of System	• Transmission Network Use of System ("TNUoS") charges are costs recovered by transmission network owners relating largely to the cost of installing and maintaining the transmission network
	Balancing Services Use of System	• Balancing Services Use of System ("BSUoS") charges recover the day-to-day costs incurred by National Grid in balancing the system in its role as system operator This includes the costs of energy balancing, managing constraints and providing voltage and frequency support 
	Generator Distribution Use of System	• Generator Distribution Use of System ("GDUoS") charges relate to the positive charges and negative credits associated with the local distribution of exporting electricity on to the grid

Tilbury Green Power Holdings Limited (TGPH) – Regulatory Framework (2/2)

In the UK, embedded benefits are savings in network charges derived from buying power from distribution-connected generators

Types of Embedded Benefits

Embedded benefits generally arise from avoiding costs – these are normally monetised in the offtake arrangement or collected directly by the project

Embedded benefit	Description	Relevance to Tilbury Power Plant
Avoided Demand TNUoS ("Triad benefit")	Avoided Transmission Network Use of System (TNUoS) charges – collected by reducing demand/increasing embedded generation during the three highest transmission demand periods of the year (known ex-post as Triad periods)	Collected based on output during Triad periods (baseload profile of 91- 92% load factor assumed).
Avoided BSUoS charges	Avoided Balancing Services Use of System (BSUoS) charges – collected by reducing volumes metered at NBP (where BSUoS is levied on suppliers) and instead providing energy at the local level	Distribution-connected generation can expect to earn BSUoS as an embedded benefit on each MWh generated. Transmission-connected generators currently pay BSUoS, and recover this in NBP pricing. Embedded generators can earn the same prices but do not face the same cost.
Avoided transmission and distribution loss costs	Avoiding the need to adjust volumes down (and therefore increase unit costs) to account for transmission and distribution losses	Generally, distribution-connected generator output will be subjected to a scalar greater than 1 because it saves having to procure extra energy to make up for thermal losses on networks. Tilbury Power Plant has a LLF scalar of <1, and distribution losses are a cost for the site
Avoided AAHEDC	The Assistance for Areas with High Electricity Distribution Costs (AAHEDC) levy is collected at NBP and used to subsidies expensive electricity transport costs in part of Scotland	Distribution-connected sites which are SVA(2)-settled can expect to earn AAHEDC as an embedded benefit on each MWh generated. Tilbury CVA(2) and Power Plant is thus is not eligible for this benefit
DUoS(1) Generation	Distribution Use of System (DUoS) charges paid by Distribution Network Owners for providing output at certain times of the day and year	Collected based on output in Super Red band periods (i.e. 4-7pm on week days, Nov-Feb for Tilbury Power Plant) – though value varies region-to-region. DUoS is commonly zero for EHV sites, though Tilbury Power Plant is eligible for DUoS as it has a Super Red Band Charge

(1) DUoS projections provided do not deduct the fixed DUoS charge component (variable cost/benefits are included only) - fixed cost needs to be deducted elsewhere

(2) Assets connected the distribution network can either be connected to the Central Volume Allocation (CVA), or Supplier Volume Allocation (SVA) market, though usually SVA. The different connection market impacts how the units are settled. With CVA sites being half-hourly (HH) metered, whereas the vast majority of SVA sites are non half-hourly (NHH) metered.

United Kingdom Electricity Market – Supply & Demand

UK's generation mix has changed significantly since 2009 with a significant shift towards renewable energy sources
- ꟷ The combined share of coal, gas and oil generation fell from 77.5% in 2009 to 45.5% in 2019, whilst renewables increased from 4.0% in 2009 to 36.5% in 2019
- ꟷ In June 2019, the UK Government became the first globally to pass legislation to target net-zero emissions by 2050, surpassing the previous target of an 80% reduction
Within renewables, waste and Biomass represent a relatively small percentage of total installed capacity in the UK at 15.4% in 2019
- ꟷ However, they contribute a disproportionately high proportion of renewable generation at 30.7% (36 TWh) in 2019 given their typical baseload dispatch profile

Since 2009, there has been a decline in the United Kindom's electricity demand going from c.351 TWh in 2009 to c.309 TWh in 2019
There are several reasons behind this decline, with the main factors identified as:
- ꟷ Impact of energy efficiency measures (e.g. more efficient lightbulbs and domestic appliances)
- ꟷ Continuing transition of the economy into less energy-intensive industries
- ꟷ Lower levels of economic growth, especially since the recession in 2008/09
However, with the electrification of heating and transport (e.g. increasing adoption of electric vehicles) as well as diminishing marginal energy efficiency gains, it is expected that electricity demand will revert to long-term growth, with an expected CAGR of 1.4% for the next 30 years

112

Mortágua

10 MW injection capacity

Ródão

12 MW injection capacity

Constância

12 MW injection capacity

Figueira da Foz I

30 MW injection capacity

(1) Availability based on 366 days of a year

Figueira da Foz II – SBM

35 MW injection capacity

(1) Availability based on 366 days of a year

Tangible and diversified Solar PV and Wind greenfield pipeline

x% of total pipeline

GreenVolt tangible pipeline

	Under Construction	RTB	Advanced Phase	Early stage
Portugal	n.a.	62 MW	47 MW 5 MW	600 MW
Poland	50 MW 48 MW	30 MW	~270 MW ~670 MW	420 MW ~640 MW
Greece	n.a.	n.a.	~75 MW ~115 MW	~165 MW ~255 MW
Italy	n.a.	n.a.	n.a.	n.a.
France	n.a.	n.a.	n.a.	n.a.
Romania	n.a.	n.a.		n.a.
	98 MW	92 MW	1,351 MW	2,075 MW

Breakdown of pipeline by technology by 2025

Breakdown of pipeline by geography by 2025

Secured Portfolio: operating capacity of 5 forest Biomass plants operating in Portugal

Plant		Injection Capacity (MW)	COD	FiT end	FiT (2020, €/MWh)	Availability(2) (2020, %)	Load Factor(2) (2020, %)	Production (2020, GWh)
Mortágua	Viseu	10.0	1999	2024(1)	130.8	91.6%	83.1%	73.0
Ródão	Castelo Branco	11.8	2006	2031	120.1	89.2%	63.6%	66.2
Constância	Santarém	11.8	2009	2034	117.0	91.8%	76.1%	79.1
Figueira da Foz I	Figueira da Foz	30.0	2009	2034	119.1	94.5%	86.7%	228.6
Figueira da Foz II - SBM	Figueira da Foz	34.5	2019	2044	115.1	95.4%	94.4%	286.0
Total		98.2		2036(3)	118.5	93.6%	85.0%	732.8

(1) 17 years including Mortágua 15-year extension; (2) Availability and Load Factors calculated using 366 days for 2020; (3) Weighted average based on injection capacity. Until 2038 if including Mortágua extension

Secured Portfolio: under construction capacity

Project	Net Capacity (Mw)	Ownership (%)	Attributable Capacity (MW)	RTB	COD	Site Control	Interconnection Rights	Envirnomental Permits	Compensation Mechanism	Contract Lenghts	Off-taker	Currency
Nakło nad Notecia 1	8.0	100%	8.0		2Q22				CfD	15 years	TBD	PLN
Nakło nad Notecia 2	8.0	100%	8.0		2Q22				CfD	15 years	TBD	PLN
Nakło nad Notecia 3	8.0	100%	8.0		2Q22				CfD	15 years	TBD	PLN
Nakło nad Notecia 4	8.0	100%	8.0		2Q22				CfD	15 years	TBD	PLN
Oborniki 1	8.0	100%	8.0		2Q22				CfD	15 years	TBD	PLN
Oborniki 2	8.0	100%	8.0		2Q22				CfD	15 years	TBD	PLN
Wolka Dobrynska	34.5	100%	34.5		4Q22				CfD	15 years	TBD	PLN
Podlasek	15.4	100%	15.4		4Q22				CfD	15 years	TBD	PLN
Under Construction capacity	98		98

Secured Portfolio: ready-to-build capacity

Project	Net Capacity (MW)	Ownership (%)	Attributable Capacity (MW)	RTB	COD	Site Control	Interconnection Rights	Envirnomental Permits	Compensation Mechanism	Contract Lenghts	Off-taker	Currency
Tábua	48.0	100%	48.0	2021	jul-22			n.a.(1)	PPA	10 years	Altri Group	EUR
UPPs	14.0	100%	14.0	2021	may-22			n.a.(1)	PPA	10 years	Altri Group	EUR
Opalenica 61	6.0	100%	6.0	2021	2022	P	P	P	CfD Auction	15 years	TBD	PLN
Trzemeszno 1	8.0	100%	8.0	2021	2022	P	P	P	CfD Auction	15 years	TBD	PLN
Trzemeszno 2	8.0	100%	8.0	2021	2022	P	P	P	CfD Auction	15 years	TBD	PLN
Czarnków	8.0	100%	8.0	2021	2022	P	P	P	CfD Auction	15 years	TBD	PLN
Ready-to-Build capacity	92		92

(1) Environmental permits not mandatory once the capacity is below 50 MW, according to the Portuguese Environmental Agency

Attractive pipeline of opportunities: advanced phase capacity

Project	Net Capacity (MW)	Ownership (%)	Attributable Capacity (MW)	RTB	COD	Site Control	Interconnectio n Rights	Envirnomental Permits	Compensation Mechanism	Contract Lengths	Off-taker	Currency
Constância	5.0	100%	5.0	2021	2023	Ongoing (1)	P	n.a.(2)	FiT	TBD	n.a.	EUR
Águeda	47.0	70%	47.0	2022	4Q23	P	P	Ongoing (3)	PPA	10 years	Altri Group	EUR
Adv. Phase capacity Portugal (2 projects)	52		52
RTB 2022	22.8	100%	22.8	2022	2024	P	P		CfD/PPA	15/10 years (4)	TBD	PLN
RTB 2023	84.6	100%	84.6	2023	2025	P			CfD/PPA	15/10 years (4)	TBD	PLN
RTB 2024	159.6	100%	159.6	2024	2026	P		P	CfD/PPA	15/10 years (4)	TBD	PLN
RTB 2021	32.4	100%	32.4	2021	2022	P		P	CfD Auction	15 years	TBD	PLN
RTB 2022	72.0	100%	72.0	2022	2023	P		P	CfD Auction	15 years	TBD	PLN
RTB 2023	24.0	100%	24.0	2023	2024	P			CfD Auction	15 years	TBD	PLN
RTB 2024	543.2	100%	543.2	2024	2025	P			CfD Auction	15 years	TBD	PLN
Adv. Phase capacity Poland (24 projects)	939		939
RTB 2023	74.2	100%	74.2	2023	2024	Application for Prod. Cert.			CfD	20 years	n.a.	EUR
RTB 2022	36.0	100%	36.0	2022	2023	Production Certificate			CfD	20 years	n.a.	EUR
RTB 2023	15.3	100%	15.3	2023	2024	Production Certificate			CfD	20 years	n.a.	EUR
RTB 2024	64.8	100%	64.8	2024	2025	Production Certificate			CfD	20 years	n.a.	EUR
Adv. Phase capacity Greece (11 projects)	190		190
RTB 2022	100.0	100%	100.0	2022	TBD	TBD	TBD	TBD	TBD	TBD	TBD	TBD
RTB 2022	70.0	100%	70.0	2022	TBD	TBD	TBD	TBD	TBD	TBD	TBD	TBD
Adv. Phase capacity Greece (4 projects)	170		170
Adv. Phase capacity (41 projects)	1,351		1,351

(1) Waiting for ICNF site control final considerations (2) Environmental permits not mandatory once the capacity is below 50 MW, according to the Portuguese Environmental Agency (3) Environmental Permit currently in environmental impact assessment; (4) 15 years for CfD and 10 years for PPA.

V-Ridium Team asset rotation highlights

Year	Technology	Project	Capacity	Description
2007	Wind	Relax	1.2 GW	• Portfolio and development platform sold to EDPR in the biggest RES deal • Managed by future GEO founders, EDPR became No. 1 RES player
2011	Wind	GEO	104 MW	• GEOR develops two Wind farms and offers EDPR a JV, both executed successfully
2015	Wind	GEO	90 MW	• Two Wind farms successfully sold to IKEA • Transaction named "2015 RES Deal of the Year in Poland"
2018	Wind	GEO	204 MW	• GEOR creates JV with Vestas investing in seven Wind farms with total capacity of 204 MW
2019	PV	GEO	21 MW	• 21 MW of constructed Solar PV portfolio sold with CfD support scheme from auction (June 2017)
2019	PV	GEO	40 MW	• GEOR won Solar PV auction in 2018 with over 40MW Solar PV projects • 20 MW was sold to European utility
2019	PV	GEO	59 MW	• GEOR creates JV with German fund KGAL called Augusta Energy under which invests in 59 MW in a PV installation
2019	Wind	GEO	210 MW	• GEOR sales 210 MW of RTB Wind portfolio with CfD support scheme from auction (December 2019)
2020	Wind	GEO	51 MW	• 51 MW of RTB Wind portfolio sold with CfD support scheme from auction (December 2019)
2020	PV	GEO	22 MW	• GEOR exits with 22 MW Solar PV projects to Chinese funds with PV auction won in 2019
2020	PV & Wind	V-ridium	-	• GEOR rebrands and establishes new operating and investment platform V-Ridium • Management team remained unchanged

Appendix 6

6.1	Market and regulatory framework	94
6.2	Portfolio overview	112
6.3	Additional ESG materials	127
6.4	Supporting financial information	133
6.5	Additional information	137
6.6	Glossary	140

Member(1) of the United Nations Global Compact since January 2021

Commitment with the United Nations Global Compact Principles… Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining Principle 4: the elimination of all forms of forced and compulsory labour; Principle 5: the effective abolition of child labour Principle 6: the elimination of discrimination in respect of employment and occupation … and aligned with the United Nations Sustainable Development Goals (SDG) Human Rights Labour Environment Anticorruption Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery Principle 7: Businesses should support a precautionary approach to environmental challenges Principle 8: undertake initiatives to promote greater environmental responsibility Principle 9: encourage the development and diffusion of environmentally friendly technologies Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights Principle 2: make sure that they are not complicit in human rights abuses Most relevant SDGs for the Company GENDER EQUALITY CLEAN WATER AND SANITAZION AFFORDABLE AND CLEAN ENERGY DECENT WORK AND ECONOMIC GROWTH RESPONSIBLE CONSUMPTION AND PRODUCTION CLIMATE ACTION LIFE ON LAND

(1) Through Altri

Strategic commitment with the production of renewable energy, carbon neutrality and circular economy

In 2020, Altri produced 974 GWh of renewable energy injected into the national electricity grid, of which 733 GWh come from GreenVolt's Biomass power plants

(1) The 86.3k ha of forest have been awarded with FSC® and PEFC™ certificates

Proven ESG Commitment

Focus	Main Initiatives	Goals
Gender Equality & Talent	 Altri Gender Equality Plan  Partnerships with Instituto Politécnico de Tomar and Coimbra	2030 Commitment: Double the number of women in leadership toles
attraction	Business School  Safety Culture	2030 Commitment: Walk towards zero accidents with lost days
Commintment towards the comunity	 Interview with the mayor of Vila Velha Ródão  Donation of equipment to the District Hospital of Figueira da Foz  Support for improving the thermal comfort of elderly people and children  Support for young people at risk of failure at school abandonment	Altri actively seeks to be close to the communities in which it operates. In 2020, in addition to the usual support and contributions to local institutions and organizations, Altri sought to involve the community in order to promote transparency, institutional dialogue and stimulate a lasting relationship
Environment	 Environmental Monitoring Commission (EMC) created by both Celbi and the Navigator Company	This Commission was created with the goal of implementing a policy of opening and sharing the environmental performance of companies, as well as making it possible to share the concerns of the local community

Supplementary Governance Bodies (1/2)

Strong code of Ethics and active Risk Management applied across all governance bodies

Supplementary Governance Bodies (2/2)

Strong code of Ethics and active Risk Management applied across all governance bodies

Appendix 6

Market and regulatory framework 6.1
Portfolio overview 6.2
Additional ESG materials 6.3
Supporting financial information 6.4
Additional information 6.5
Glossary 6.6

133

Supporting Financial Information (1/3)

Greenvolt´s Consolidated Income Statement(1)

Income statement (€k) Income statement (€k)	2018 2017 PF 2018	2019 2019	2020 2020
Revenue Revenue	50,537 47,101 50,537	64,283 64,283	89,878 89,878
Other income Other income	3,313 633 3,313	851 851	222 222
Cost of sales Cost of sales	-19,870 -18,326 -19,870	-24,881 -24,881	-39,029 -39,029
External services and supplies External services and supplies	-13,518 -13,623 -13,518	-17,471 -17,471	-17,920 -17,920
Provisions and impairment reversals/ (losses) in current assets Other expenses	0 -426 -365	0 -82	0 -130
Other expenses Operating profit less amortization & depreciation and	-365	-82	-130
Operating profit less amortization and depreciation and impairment reversales (losses) in non-current assets impairment reversals (losses) in non-current assets Amortization and depreciation	15,359 20,098 20,098 -9,426 -7,765	22,701 22,701 -10,623	33,021 33,021 -12,148
Amortization and depreciation Impairment reversals/ (losses) in non-current assets	-7,765 -5,500	-10,623 0	-12,148 6,336
Impairment reversals/ (losses) in non-current assets Operating profit	-5,500 5,933 6,833	0 12,078	6,336 27,208
Operating profit Financial expenses	6,833 -838 -621	12,078 -1,872	27,208 -1,791
Financial expenses Financial income	-621 0	-1,872 0	-1,791 0
Financial income Profit before income tax and ESEC	0 5,095 6,213	0 10,206	0 25,417
Profit before income tax and ESEC Income tax	6,213 -1,627 -1,010	10,206 -2,616	25,417 -6,413
Income tax Energy sector extraordinary contribution (ESEC)	-1,010 0	-2,616 -797	-6,413 -1,079
Energy sector extraordinary contribution (ESEC) Consolidated net profit for the year	0 3,468 5,203	-797 6,792	-1,079 17,926
Consolidated net profit for the year Attributable to non-controlling interests	5,203 0	6,792 - 4	17,926 - 9
Attributable to non-controlling interests Attributable to Equity holders of the parent	0 5,203	- 4 6,795	- 9 17,934
Attributable to Equity holders of the parent	5,203	6,795	17,934

(1) Non-audited. Exclude V-Ridium and Tilbury Green Power Holdings Limited

Supporting Financial Information (2/3)

Greenvolt´s Consolidated Balance Sheet(1)

Balance Sheet (€k)	1//01/2018	2018	2019	2020
Non current assets	119,551	148,790	176,469	174,190
Property, plant and equipment	117,250	144,916	166,810	160,466
Right-of-use assets	0	0	5,738	5,434
Intangible assets	1,656	1,537	1,418	6,796
Other investments	0	0	0	0
Deferred tax assets	644	2,337	2,503	1,494
Current assets	17,516	21,020	27,714	22,232
Inventories	538	1,501	3,042	1
Trade receivables	0	0	0	20
Assets associated w ith contracts w ith customers	3,635	8,018	7,366	7,477
Other receivables	27	2,478	988	12
Income tax receivables	0	0	0	0
Other tax assets	6	2,174	7	115
Other current assets	164	140	204	506
Cash and cash equivalents	13,145	6,707	16,107	14,101
Total assets	137,066	169,810	204,184	196,421

Balance Sheet (€k)	1//01/2018	2018	2019	2020
Equity	28,224	33,427	39,778	67,296
Non controlling interests	0	0	13	15
Non current liabilities	56,877	13,392	70,829	70,529
Bonds	0	0	49,674	48,464
Other loans	43,266	0	0	0
Lease liabilities	0	0	6,089	5,837
Other payables	0	0	0	820
Other non-current liabilities	1,339	1,106	834	612
Deferred tax liabilities	3,078	3,048	2,845	3,258
Provisions	9,194	9,238	11,388	11,538
Current liabilities	51,965	122,991	93,563	58,582
Bonds	0	0	295	1,545
Other loans	9,670	0	50,000	40,007
Shareholders loans	29,559	111,314	24,596	0
Lease liabilities	0	0	274	284
Trade payables	4,715	6,914	11,932	8,538
Other payables	6,825	3,463	1,955	3,939
Income tax payables	183	945	151	3,412
Other tax liabilities	667	0	4,012	566
Other current liabilities	347	355	349	290
Total equity and liabilities	137,066	169,810	204,184	196,421

(1) Non-audited. Exclude V-Ridium and Tilbury Green Power Holdings Limited

Supporting Financial Information (3/3)

Greenvolt Consolidated Cash Flow Statement(1)

Cash flow statement (€M)	2018	2019	2020
Net cash from operating activities	9,180	30,338	28,644
Receipts from customers	55,174	80,445	110,433
Payments to suppliers	-41,184	-47,361	-67,434
Other receipts/ (payments) relating to operating activities	-2,839	890	-12,626
Income tax (paid)/ received	-1,970	-3,637	-1,729
Net cash used in investing activities	-43,395	-31,847	-3,777
Receipts arising from	0	0	0
Interest and similar income	0	0	0
Payments relating to	-43,395	-31,848	-3,777
Investments	0	-18	-822
Property, plant and equipment	-43,395	-31,830	-2,955
Intangible assets	0	0	0

Cash flow statement (€M)	2018	2019	2020
Net cash (used in)/ from financing activities	27,777	10,909	-26,873
Receipts arising from	81,500	185,000	400,010
Loans obtained	0	180,000	400,000
Capital contributions	0	0	10
Other financing transactions	0	0	0
Shareholder loans	81,500	5,000	0
Payments relating to	-53,723	-174,091	-426,883
Interest and similar expenses	-779	-1,439	-1,442
Loans obtained	-52,944	-80,000	-410,000
Lease liabilities	0	-422	-528
Shareholder loans	0	-92,230	-14,913
Net increase (decrease) in cash and cash equivalents	-6,438	9,400	-2,007
Cash and cash equivalents at beginning of year	13,145	6,707	16,107
Cash and cash equivalents at end of year	6,707	16,107	14,101

(1) Non-audited. Exclude V-Ridium and Tilbury Green Power Holdings Limited

Appendix 6

Market and regulatory framework 6.1
Portfolio overview 6.2
Additional ESG materials 6.3
Supporting financial information 6.4
Additional information 6.5
Glossary 6.6

137

Key people at GreenVolt and Board members

Individual CVs available upon analysts' requests

GreenVolt's ambition

STRATEGY	Expanding profitably (across RES technologies and geographies), optimising the renewable portfolio by leveraging on strong cash flow, technical and industrial know-how and in our proven ability to execute
MARKET	Pan-European diversification across scarce-asset markets and the renewables universe, perfectly positioned at the heart of the energy transition wave
MODEL	Vertically integrated focused on development, with strong optionality for integration
GROWTH	Profitable, multi layers and relying on a seasoned management with an executable plan
FINANCIALS	Contracted, offering high visibility on future cash flows, paving the way to premium shareholder returns (secured by absolute financial discipline)
VALUES	Resolutely anchored in ESG, at the service of decarbonisation and energy transition

Appendix 6

Market and regulatory framework 6.1
Portfolio overview 6.2
Additional ESG materials 6.3
Supporting financial information 6.4
Additional information 6.5
Glossary 6.6

140

Glossary of terms (1/3)

AM: Asset Management
Availability: Amount of time that a power plant is able to produce electricity over a certain period
Adjusted EBITDA: EBITDA excluding net claims compensation for property, equipment and inventory damage in the Mortágua and Constância, non-cash investment grants of Mortágua´s power plant, cost of biomass sold and losses in the biomass inventories of Ródão Power
Adjusted EBITDA margin: Adjusted EBITDA / Adjusted revenues
Adjusted Revenues: Revenues excluding sales of biomass
BEKP: Bleached Eucalyptus Kraft Pulp
BTM: Behind-the-Meter, power generation that can be used on-site, without passing to grid
BOP: Balance of Plant
BSUoS: Balancing Services Use of System
B2B: Business-to-business
B2C: Business-to-consumer
CAGR: Compound Annual Growth Rate
CapEx: Capital Expenditure
CEE: Central Eastern Europe
CfD: Contract-for-Differences
COD: Commercial Operation Date
CO² : Carbon Dioxide
CPI: Consumer Price Index, measure of inflation

DevEx: Development Expenditure
DG: Decentralised Generation
DGEG: Direção Geral de Energia e Geologia
DSO: Distribution system operator
EBITDA: Operating profit before amortization and depreciation and impairment reversals/ (losses) in non-current assets
EBITDA margin: EBITDA / Revenues
EHV: Extra High voltaje
EPA: Environmental Protection Agency
EPC: Energy Performance Certificate
EPCM: Engineering, Procurement and Construction Management
ERSE: Electricity Services Regulatory Entity
ESG: Environmental, Social and Governance
FEE: France Energie Eolienne
FiT: Feed-in-Tariff, policy mechanism offering long-term contracts to renewable energy producers
GDUoS: Generator Distribution Use of System
GIM: Global Impact Member
GSP: Grid Supply Point

Glossary of terms (2/3)

GW: Gigawatt
GWh: Gigawatt hour
HR: Human resources
HV: High Voltage
H&S: Health and Safety
IFRS: International Financial Reporting Standards
IPP: Independent Power Producer
IRR: Internal Rate of Return
IT: Information Technology
ITF: Intention to float
JV: Joint venture
Ke: Cost of Equity
KPI: Key Performance Indicators
KWp: Kilowatts peak
LCOE: Levelised Cost of Energy, average net present cost of electricity generation for a plant over its lifetime
Load factor: Electricity produced during a year / Installed capacity * Hours of a year
LTV: Loan to Value
Like for like: Measure of growth, adjusted to reflect the same perimeter (e.g. excluding Figueira da Foz II – SBM plant)
MOU: Memorandum of Understanding
MW: Megawatt
MWe: Megawatt electrical
MWh: Megawatt hour
MWp: Megawatt peak
M&A: Mergers & Acquisitions
NBP: National Balancing Point
ND: Net debt
NECP: National Energy Climate Plan
NES: National Employment Standards
Net debt: Bonds + other loans + lease liabilities cash and cash-equivalents
Net leverage: Net debt / EBITDA
Net pipeline: Pipeline capacity adjusted by success rate probability and co-developers' share interest
Net Profit: Profit after expenses, depreciation and amortization and financial expenses
NFD: Net Financial Debt
OFGEM: Office of Gas and Electricity Markets
OpEx: Operational Expenditure
Other Operating costs: Cost of sales + External services and supplies + Other expenses. Excludes cost of Biomass sold and losses in the Biomass inventories of Ródão Power

Glossary of terms (3/3)

Other Opex: External services and supplies + Other expenses. Excludes losses in the Biomass inventories of Ródão Power
O&M: Operations and Maintenance
PNEC: Plano Nacional Energia e Clima
PPA: Power Purchase Agreement
PPC: Public Power Corporation
PSI: Portuguese Stock Index
RAE: Regulatory Authority of Energy
Recurrent EBITDA: EBITDA excluding effects of non-recurrent items
RES: Renewable Energy Sources
RO: Renewables Obligation
ROC: Renewable Obligation Certificate
RPI indexed: Retail Price Index
RTB: Ready-to-Build
SBM: Sociedade Bioeléctrica do Mondego
SDG: Sustainable Development Goals
SMEs: Small and Medium-sized Enterprises
Solar PV: Solar Photovoltaic
TCM: Technical and comercial management

TGPH: Tilbury Green Power Holdings Limited
TNUoS: Transmission Network Use of System
TSA: Transitional Service Agreement
TSO: Transmissions System Operator
TWh: Terawatt hour
SSA: Special Service Agreement
UPP: Unidades de Pequena Produção (Small-Scale Production Units)
U/C: Under construction
U/O: Under operation
VAT: Value Added Tax
YoY: Year-on-Year

Smarter, cleaner energy

AI assistant

Altri SGPS — Investor Presentation 2021

1914_iss_2021-06-08_b97da4a3-b733-48f5-b4a4-4eb4548d26f1.pdf

A UNIQUE BIOMASS PLAYER EXPANDING ITS SOLID RENEWABLES BUSINESS

Disclaimer

Thank you for your time, let us introduce ourselves

GreenVolt is a 100% subsidiary of Altri, providing the opportunity to directly participate in its growth plan

GreenVolt's unique positioning within the renewable sector

GreenVolt: a leading Biomass operator with a proven pan-European Solar PV and Wind platform focused on profitable growth

GreenVolt combines ~€33m 2020 EBITDA in a proven technology with a scalable model underpinned by stable and secured cash flows

GreenVolt: a leading Biomass operator with a proven pan-European Solar PV and Wind platform focused on profitable growth

Biomass is a much needed renewable and sustainable technology

Biomass(2) will remain as a key energy source both in Europe(3)… … and in Portugal(1)

Strong tailwinds in Solar PV and On-shore Wind in projects-scarce European markets

GreenVolt is positioned in the highest return phase of the value chain

Strong growth potential for Decentralised Generation globally and Decentralised Generation in Iberia

GreenVolt's strategy stems from its solid 'regulated' Biomass operation foundation, enriched by profitable MW development and rotation, and DeGe as the 'future'

Long-term + contracted revenues offering maximum de-risking, a key differentiator

GreenVolt is the leading Biomass player in Portugal…

Financials

… and focused on European consolidation

~40 MW of Biomass add-ons estimated per year

Tilbury Green Power Holdings Limited (TGPH)

Strong local and reputed V-Ridium development team with proven delivery capabilities: of pipeline development and asset rotation

Asset rotation optionality embedded at the heart of the development cycle

PIPELINE UNDER DEVELOPMENT 1

PROJECTS AT READY TO BUILD STAGE 2

Decentralised Generation is Greenvolt's third strategic lever for imminent profitable growth

GreenVolt's clear building blocks for achieving profitable growth

GreenVolt to develop ~3.6 GW, while ~1.1 GW would remain on balance sheet

Solid financial foundations to support further growth

Strong expected EBITDA growth underpinned by a well diversified portfolio

Conservative financial policy achieving Net Debt / EBITDA of 3.5-4.0x

Recognised management team with proven execution capabilities and successful operational track record

Attractive ESG-focused investment proposition under a best-practice Governance model

Main policies and initiatives

Well structured Governance

Strong Human Resources policies

Solid foundations to become a unique EU renewables' player, at the forefront of ESG best practices

Introduction to GreenVolt's investment model

Investment model 2

Long-term FiT regime backed by a stable regulatory framework

Undisputed Biomass leader in Portugal

Biomass technology entails procurement challenges and risks…

SUPPLY'S QUALITY IS CRITICAL FOR GENERATION OPTIMIZATION

SUPPLY PROXIMITY IS A KEY DETERMINANT OF RAW MATERIAL COST AND HIGH ENTRY BARRIERS

… however, GreenVolt holds a competitive advantage in all dimensions

Sustainable Biomass procurement strategy deeply rooted in ESG principles

Altri's cooperation reinforces GreenVolt's unparalleled competitive advantage

+20 years of proven management experience backing top-notch operations

2 Service provision agreement

3 Management / Back office contract

4 Surface lease agreements

Excellence in Biomass O&M leading to a superior performance

Proven track record in technical performance and excellence in operations

Leveraging on our expertise in Biomass to pursue European consolidation

Tilbury plant at a glance

Overview Equipment Overview

Key Technical Attributes

Tilbury plant – Key investment highlights

Supportive long-term regulatory framework

A sustainable investment

Strategically located to economically process waste wood with few alternatives

Proven, modern combustion technology from leading contractors and equipment suppliers

High level of contracted cash flows

Value enhancement opportunities

Leveraging on our expertise in Biomass to pursue European consolidation

Investment model 2

Vertically integrated focused on development, with a strong optionality to integrate

Key milestones for the different stages of "pipeline"

Maximizing value creation for shareholders in each project (1/2)

Maximizing value creation for shareholders in each project (2/2)

Main activities covered: Development (1/2)

Main activities covered: Development (2/2)

Main activities covered: Construction Management

Main activities covered: Operation & Energy Management (1/2)

The O&M and AM are key areas that provide (i) long-term revenues, (ii) efficiency improvement, and (iii) first-hand insight knowledge

Operation & Maintenance Asset Management

334MW / 140 Wind Turbines

Energy Management

Altri SGPS Investor Presentation 2021