Ascopiave — Interim / Quarterly Report 2019

Aug 6, 2019

G r u p p o A s c o p i a v e 1stH 2019 CONSOLIDATED RESULTS

Conference Call Pieve di Soligo, 6th August 2019

1stH 2019 CONSOLIDATED RESULTS

P i r e m s e …… …… …… …… …… …… …… …… …… …… …. …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… .…	P 3 g a
l h h l h F i i i i t g g n a n c a s …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …. …… …… …… …… …… …… …… …	P 5 g a
C i l i d d i h f l l d i h i l i d i h d t t t t t t t o m p a n e s c o n s o a e w u a n w n e e q u y c o n s o a o n m e o ……	P 9 g a
h l d l C i f o m p a n e s e o r s a e …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… .…	P 2 6 g a
i l i D s c a m e r …… …… …… …… …… …… …… …… …… …… …… …. …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… ……	P 4 6 g a

Premise

→Ascopiave - Hera term sheet

Financial highlights

Companies consolidated with full and with net equity consolidation method

Companies held for sale

Disclaimer

On 17 June 2019, Ascopiave S.p.A. and Hera S.p.A. have signed a binding term sheet which regulates the terms of a complex operation that provides, among other things, the sale of the shareholdings held by the Ascopiave Group in Sinergie Italiane S.r.l. and in the companies active in the natural gas and electricity sale business Ascotrade, Ascopiave Energie, Blue Meta, Etra Energia and ASM Set to Estenergy S.p.A., a company currently owned by Ascopiave S.p.A. with a share of 49% of the share capital and by Hera Comm S.r.l. with a share of 51%.

Upon completion of the operation, the Hera Group will transfer to Estenergy S.p.A. their sale activities in the "Triveneto" and will acquire the control of the company, while Ascopiave will hold a minority stake of 48%, with a sales option right that can be executed within the seventh year from the closing of the operation.

Amgas Blu will be finally sold from Ascopiave to the Hera Group.

Following this agreement, the Ascopiave Group accounts the activities attributable to the companies being sold as activities held for sale, according to IFRS 5 international accounting principle.

In the first half 2019 income stament, therefore, the results of the activities mentioned are highlighted in the item "net result of activities held for sale". In the balance sheet, the net balance of active and passive elements are instead highlighted in the item "net balance of activities held for sale".

In order to expose the variations of the results achieved by the activities held for sale and to analyze their most significant determinants, a pro-forma income statement has been prepared which shows the relevant revenues, the costs and the intermediate operating results.

Premise

Financial highlights

• →Ascopiave Group structure as of 30th June 2019
• →1stH 2019 consolidated income statement
• →Consolidated balance sheet as of 30th June 2019

Companies consolidated with full and with net equity consolidation method

Companies held for sale

Disclaimer

ho d o f Eu ) us an ro	6 M 2 0 1 9	6 M 2 0 1 8	C hg	C hg %
Re ve nu es	6 0. 8 1 6	6 5. 2 4 2	( 4. 4 2 6 )	-6 8 % ,
( Co f r ia ls d c b les ) t o te s aw m a r an on su ma	( 7 1 9 )	( 1. 2 3 2 )	5 1 3	-4 1, 6 %
( Co f s ice ) t o s erv s	( 1 5. 0 0 1 )	( 1 4. 9 7 0 )	( 3 1 )	+0 2 % ,
( Co f p l ) t o s er so nn e	( 7. 5 6 0 )	( 7. 7 2 6 )	1 6 6	-2 2 % ,
he ( O ing ) t t ts r o p er a co s	( 1 9. 9 9 5 )	( 1 7. 5 2 2 )	( 2. 4 7 3 )	+1 4, 1 %
he O ing inc t t r o p er a om e	1. 2 9 8	2 1 0	1. 0 8 8	+5 1 7, 4 %
E B I T D A	1 8. 8 3 9	2 4. 0 0 2	( 5. 1 6 3 )	-2 1, 5 %
d a ( De ia ion iza ion ) t t t p rec s a n mo r s	( 1 1. 1 0 3 )	( 1 0. 3 8 9 )	( 7 1 4 )	+6 9 % ,
( Pro is ion ) v s	-	-	-	n. a.
E B I T	7. 7 3 5	1 3. 6 1 2	( 5. 8 7 7 )	-4 3, 2 %
F ina ia l inc / ( ) nc om e ex p en se s	( 7 2 4 )	( 5 4 4 )	( 1 8 0 )	+3 3, 1 %
( *) Ev lua ion f c ies i h n ho d t t t a ts t a o om p an w e sse me	6 8 4	8 6 4	( 9 8 ) 1	-2 3, 4 %
E B T	7. 6 6 0	1 3. 9 1 5	( 6. 2 5 5 )	-4 5, 0 %
( Inc ) tax om e es	( 2. 9 2 4 )	( 4. 4 4 8 )	1. 5 2 4	-3 4, 3 %
Ea ing f te ta rn s a r xe s	4. 7 3 6	9. 4 6 6	( 4. 7 3 1 )	-5 0, 0 %
l f a he l d fo le Ne iv i ies t r t o t t es u c r s a	2 9. 6 6 4	2 0. 2 9 2	9. 1 7 5	2 % +4 5,
Ne inc t om e	3 4. 2 0 2	2 9. 7 5 8	4. 4 4 4	+1 4, 9 %
f m ( Ne inc ino i ies ) t t om e o r	( 1. 8 7 8 )	( 1. 3 0 3 )	( 5 7 6 )	+4 4, 2 %
Ne inc f he Gr t t om e o ou p	3 2. 3 2 4	2 8. 4 5 5	3. 8 6 8	+1 3, 6 %

(*) Result of Unigas Distribuzione Gas, company consolidated with net equity consolidation method (data are considered pro-rata): Euro 0,6 mln (Euro 0,8 mln in 1stH 2018).

Consolidated balance sheet as of 30th June 2019

T ho d o f Eu ) usa n ro	3 0 / 0 6 / 2 0 1 9	3 1 / 1 2 / 2 0 1 8	C hg	C hg %
Ta i b le ( *) ts ng as se	3 3. 2 5 4	3 2. 7 2 4	5 3 1	+1 6 % ,
No i b le ta ts ( *) ng n as se	3 7 6. 0 0 5	4 3 2. 6 3 7	( 5 6. 6 3 2 )	-1 3, 1 %
Inv in ia tm ts te ( **) es en as so c s	1 9. 9 5 8	6 8. 3 5 7	( 4 8. 3 9 8 )	-7 0, 8 %
he f d a O ixe t ts r sse	1 4. 2 6 6	2 3. 4 0 1	( 9. 1 3 6 )	-3 9, 0 %
d F ixe ts as se	4 4 3. 4 8 3	5 5 7. 1 1 8	( 1 1 3. 6 3 5 )	-2 0, 4 %
Op ing t t a ts er a cu rre n sse	8 4. 0 5 6	2 1 9. 6 6 0	( 1 3 5. 6 0 4 )	-6 1, 7 %
( Op ing l ia b i l i ies ) t t t er a cu rre n	( 6 4. 1 0 6 )	( 1 6 0. 1 4 6 )	9 6. 0 4 1	-6 0, 0 %
( Op ing l ia b i l i ies ) t t t er a no n c ur re n	( 3 5. 2 6 8 )	( 5 1. 2 4 5 )	1 5. 9 7 7	-3 1, 2 %
k l Ne ing i t w ta or ca p	( 1 5. 3 1 8 )	8. 2 6 8	( 2 3. 5 8 6 )	-2 8 5, 3 %
he l d fo le No t a ts n c ur re n sse r s a	2 2. 9 0 7 4	-	2 2. 9 0 7 4	n.a
l b l he l d fo le ( No ia i i ies ) t t n c ur re n r s a	( 1 2 3. 8 8 1 )	-	( 1 2 3. 8 8 1 )	n.a
Ne ba lan f a iv i ies he l d fo le t t t ce o c r s a	1 4 8. 6 0 9	-	1 4 8. 6 0 9	n. a.
To l c i l e loy d ta ta ap mp e	5 7 6. 7 7 4	5 6 5. 3 8 6	1 1. 3 8 8	+2 0 % ,
Gr ha ho l de i ty ou p s re rs eq u	3 9 3. 0 0 7	3. 6 4 4 5 7	( 9. 8 6 ) 4 7	2 % -1 1,
M ino i ies t r	4. 3 9 9	4. 3 0 3	9 7	+2 2 % ,
Ne f ina ia l p i ion t t nc os	1 7 8. 6 7 5	1 1 7. 5 1 7	6 1. 1 5 8	+5 2, 0 %
To l s ta ou rce s	5 7 6. 7 7 4	5 6 5. 3 8 6	1 1. 3 8 8	+2 0 % ,

(*) Applying IFRIC 12 involves categorising the infrastructures under concession from tangible to intangible assets; (**) Value of the associated companies consolidated with net equity consolidation method: Unigas Distribuzione Gas, Euro 20,0mln (Euro 21,5 mln as of 31st December 2018); sale companies,Euro 0,0 mln (Euro 46,8 mln as of 31st December 2018).

Financial highlights

Premise

Financial highlights

Companies consolidated with full and with net equity consolidation method

• →Operating data
• →Economic data
• →Revenues bridge
• →EBIT bridge
• →Gas distribution tariff revenues
• →Other net operating costs
• →Personnel
• →Capex
• →Net financial position and cash flow

Companies held for sale

Disclaimer

(*) Data are considered pro-rata.

(*) Data are considered pro-rata.

11

Companies consolidated with full consolidation method

( T ho d o f Eu ) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	hg C	hg C %
Re ve nu es	6 0. 8 1 6	6 5. 2 4 2	( 4. 4 2 6 )	-6 8 % ,
E B I T D A	8. 8 3 9 1	2 0 0 2 4.	( 6 3 ) 5. 1	-2 % 1, 5
% o n r ev en ue s	+3 1, 0 %	+3 6, 8 %
E B I T	7. 7 3 5	1 3. 6 1 2	( 5. 8 7 7 )	-4 3, 2 %
% o n r ev en ue s	+1 2, 7 %	+2 0, 9 %

Companies consolidated with net equity consolidation method (*)

( T ho d o f Eu ) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	C hg	C hg %
Re ve nu es	3. 9 6 4	3. 8 5 7	1 0 7	+2 8 % ,
E B I T D A	1. 4 8 3	1. 6 7 0	( 1 8 7 )	-1 1, 2 %
% o n r ev en ue s	+3 7, 4 %	+4 3, 3 %
E B I T	8 3 8	1. 0 8 3	( 2 4 5 )	-2 2, 6 %
% o n r ev en ue s	+2 % 1, 1	+2 8, % 1

(*) Data are considered pro-rata.

(*) Data are considered pro-rata.

(*) For more details check out to slide at page 18.

(*) Data are considered pro-rata.

ho d o f ( T Eu ) ( *) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	hg C	hg C %
Ga d ist i bu ion i f f r t ta s r r ev en ue s	3 6. 2 1 0	3 6. 2 1 5	( 4 )	-0, 0 %
Ga d ist i bu ion i f f r ( A ) t ta s r r ev en ue s
Co ies l i da d w it h f l l te mp an co ns o u l i da ion ho d t et co ns o m	3 6. 2 1 0	3 6. 2 1 5	( 4 )	-0 0 % ,

(	ho d o f T Eu ) ( *) usa n ro	6 2 0 9 M 1	6 2 0 8 M 1	C hg	C hg %
	Ga d ist i bu ion i f f r ( B ) t ta s r r ev en ue s Co ies l i da d w it h n ity te et mp an co ns o eq u l i da ion ho d ( **) t et co ns o m	2. 8 8 5	2. 8 5 1	3 4	+1 2 % ,
	Ga d ist i bu ion i f f r ( A+ B ) t ta s r r ev en ue s	3 9. 0 9 5	3 9. 0 6 6	3 0	+0 % 1 ,

(*) Economic data before elisions; (**) Data are considered pro-rata.

( T ho d o f Eu ) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	hg C	hg C %
Ot he r r ev en ue s	2 4. 3 1 0	2 8. 7 1 5	( 4. 4 0 5 )	-1 5, 3 %
Ot he f r ia ls a d s ice ost ate r c s o aw m r n erv s	( 3 4. 1 2 2 )	( 3 3. 2 0 1 )	( 9 2 1 )	+2 8 % ,
Co f p l st o ers on ne	( 7. 5 6 0 )	( 7. 7 2 6 )	1 6 6	-2, 2 %
Ot he ing ( A ) et at sts r n op er co
Co ies l i da d w it h f l l te mp an co ns o u	( 3 2 ) 1 7. 7	( 2. 2 3 ) 1 1	( 9 ) 5. 1 5	2, 2 % +4
l da ho d i ion t et co ns o m

Increase of other net operating costs: - Euro 5,2 mln

of which:

• decrease of cost of personnel: + Euro 0,2 mln;
• decrease of margin on energy efficiency tasks management: - Euro 4,0 mln;
• decrease of contributions for subdivisions: - Euro 0,8 mln;
• increase of consulting costs: - Euro 0,5 mln;
• other variations: - Euro 0,1 mln.

T ho d o f Eu ) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	C hg	C hg %
he Ot ing ( A ) et at sts r n op er co
Co ies l i da d w it h f l l te mp an co ns o u	( 1 7. 3 7 2 )	( 1 2. 2 1 3 )	( 5. 1 5 9 )	+4 2, 2 %
l i da ion ho d t et co ns o m
Ot he ing ( B ) et at sts r n op er co
Co ies l i da d w it h n ity te et mp an co ns o eq u	( 1. 4 0 2 )	( 1. 1 8 1 )	( 2 2 1 )	+1 8, 7 %
l i da ion ho d ( *) t et co ns o m
Ot he ing ( ) et at sts A+ B r n op er co	( 8. ) 1 7 7 4	( 3. 3 9 ) 1 4	( 3 8 0 ) 5.	0, 2 % +4

(*) Data are considered pro-rata.

1stH 2019 cost of personnel of Unigas Distribuzione Gas, company consolidated with net equity consolidation method: Euro 0,3 mln (-11,4%).

1stH 2019 investments of Unigas Distribuzione Gas, company consolidated with net equity consolidation method: Euro 0,4 mln (-39,1%).

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments; (**) Investments in intangible assets and in tangible assets (excluded realizations, investments in associated and investments relative to the application of IFRS 16 accounting principle).

(*) Data are considered pro-rata.

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

1stH 2019 average cost of debt: 0,52% (vs 1stH 2018 rate: 0,65%)

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

Premise

Financial highlights

Companies consolidated with full and with net equity consolidation method

Companies held for sale

• →Operating data
• →Economic data
• →Revenues bridge
• →EBIT bridge
• →Gross margin on gas sales
• →Gross margin on trading gas sales
• →Gross margin on electricity sales
• →Other net operating costs
• →Personnel
• →Capex
• →Net financial position and cash flow

Disclaimer

(*) Data are considered pro-rata.

28

Controlled companies

( T ho d o f Eu ) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	C hg	C hg %
Re ve nu es	3 2 2. 8 5 5	2 8 6 5. 1 1	3 6 8 7. 4	3, % +1 1
E B I T D A	3 6. 8 0 3	2 4. 0 0 6	1 2. 7 9 7	+5 3, 3 %
% o n r ev en ue s	+1 1, 4 %	+8 4 % ,
E B I T	3 5. 0 8 2	2 2. 1 4 6	1 2. 9 3 7	+5 8, 4 %
% o n r ev en ue s	+1 0, 9 %	+7 8 % ,

Jointly-controlled companies (*)

( T ho d o f Eu ) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	hg C	hg C %
Re ve nu es	4 7. 7 3 3	4 3. 7 4 6	3. 9 8 7	+9 1 % ,
E B I T D A	5. 7 0 7	5. 6 3 4	7 3	+1 3 % ,
% o n r ev en ue s	+1 2, 0 %	+1 2, 9 %
E B I T	4. 8 8 8	4. 9 7 2	( 8 4 )	-1 7 % ,
% o n r ev en ue s	+1 0, 2 %	+1 1, 4 %

(*) Data are considered pro-rata.

31

(*) Data are considered pro-rata.

33

(*) For more details check out to slide at page 39.

(*) Data are considered pro-rata.

35

( T ho d o f Eu ) ( *) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	hg C	hg C %
Re fro les g ve nu es m as sa	2 3 5. 9 4 5	2 1 1. 5 1 8	2 4. 4 2 7	+1 1, 5 %
( Ga ha ) sts s p urc se co ( Ga d ist i bu ion ) t sts s r co	( 1 3 7. 2 2 9 ) ( 5 4. 1 4 9 )	( 1 2 7. 8 1 4 ) ( 5 0. 7 6 4 )	( 9. 4 1 5 ) ( 3. 3 8 5 )	+7 4 % , +6 7 % ,
Gr in les ( A ) arg g oss m on as sa Co l le d c ies nt ro om p an	4 4. 5 6 7	3 2. 9 4 0	1 1. 6 2 6	+3 5, 3 %

The increase of gross margin on gas sales of the controlled companies, equal to + Euro 11,6 mln, is manly due to:

the redetermination of the coefficient k (res. 32/2019/R/GAS) for + Euro 8,2 mln;

the gas settlement for + Euro 4,1 mln (negative result in the first half of 2018: - Euro 2,0 mln; positive result in the first half of 2019: + Euro 2,1 mln).

Net of these effects, the margin showed a reduction, equal to - Euro 0,7 mln, mainly due to lower amounts of gas sold in the period.

( T ho d o f Eu ) ( *) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	hg C	hg C %
Gr in les ( B ) arg g oss m on as sa int ly- l le d c ies Jo nt ( **) co ro om p an	7. 5 5 9	7. 6 5 4	( 9 4 )	-1 2 % ,
les Gr in ( A+ B ) oss m arg on g as sa	5 2. 1 2 6	4 0. 5 9 4	1 1. 5 3 2	+2 8, 4 %

(*) Economic data before elisions; (**) Data are considered pro-rata.

ho d o f ( T Eu ) ( *) usa n ro	6 2 0 9 M 1	6 2 0 8 M 1	C hg	C hg %
fro d les Re ing tra ve nu es m g as sa	2. 1 3 5	5. 0 7 1	( 2. 9 3 6 )	-5 7, 9 %
( Tr d ing ha ) sts a g as p urc se co d ( Tr ing / c ity ) tra ort sts a g as nsp ap ac co	( 2. 0 7 2 ) ( 2 9 )	( 4. 8 3 9 ) ( 1 3 1 )	2. 7 6 7 1 0 2	-5 7, 2 % -7 7, 7 %
d les Gr in ing ( A ) tr oss m arg on a g as sa Co l le d c ies nt ro om an p	3 3	0 1 1	( 6 ) 7	-6 6, % 7

( ho d o f ) ( *) T Eu usa n ro	6 2 0 9 M 1	6 2 0 8 M 1	C hg	C hg %
d les Gr in ing ( B ) tr oss m arg on a g as sa Jo int ly- l le d c ies ( **) nt co ro om p an	-	-	-	n.a
Gr in d ing les ( A+ B ) tr arg g oss m on a as sa	3 3	1 0 1	( 6 7 )	-6 6, 7 %

(*) Economic data before elisions; (**) Data are considered pro-rata.

( T ho d o f Eu ) ( *) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	C hg	C hg %
Re fro lec ic ity les ve nu es m e r sa	6 1. 3 5 7	4 7. 1 7 1	1 4. 1 8 6	+3 0, 1 %
( lec ic ity ha ) E tr sts p urc se co ( E lec ic ity d ist i bu ion ) tr t sts r co	( 3 5. 6 1 3 ) ( 2 1. 3 8 2 )	( 2 5. 1 1 7 ) ( 1 8. 5 3 8 )	( 1 0. 4 9 6 ) ( 2. 8 4 4 )	+4 1, 8 % +1 5, 3 %
lec les Gr in ic ity ( A ) tr oss m arg on e sa Co l le d c ies nt ro om p an	4. 3 6 2	3. 5 1 5	8 4 6	+2 4, 1 %

The increase of gross margin on electricity sales of the controlled companies, equal to + Euro 0,8 mln, is manly due to higher amounts of electricity sold related to contextual increase in customers.

( ho d o f ) ( *) T Eu usa n ro	6 2 0 9 M 1	6 2 0 8 M 1	C hg	C hg %
lec les Gr in ic ity ( B ) tr oss m arg on e sa Jo int ly- l le d c ies ( **) nt co ro om p an	8 2 1	6 3 1	9 9 1	+3 2, % 4
Gr in lec ic ity les ( A+ B ) tr arg oss m on e sa	5. 1 7 4	4. 1 2 9	1. 0 4 5	+2 5, 3 %

(*) Economic data before elisions; (**) Data are considered pro-rata.

( T ho d o f Eu ) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	C hg	C hg %
Ot he r r ev en ue s	3. 8 2 5	3. 9 2 9	3 ( 4 7 )	-8, 8 %
Ot he f r ia ls a d s ice ost ate r c s o aw m r n erv s Co f p l st o ers on ne	( 1 0. 4 4 3 ) 2 9 8 ( 5. )	( 1 1. 5 9 1 ) 8 8 9 ( 4. )	1. 1 4 8 0 9 ( 4 )	-9, 9 % +8 % 4 ,
he Ot ing ( A ) et at sts r n op er co Co l le d c ies ntr o om p an	( 1 2. 1 5 9 )	( 1 2. 5 5 0 )	3 9 2	-3 1 % ,

Decrease of other net operating costs: + Euro 0,4 mln

of which:

• increase of cost of personnel: - Euro 0,4 mln;
• increase of advertising and commercial costs: - Euro 0,1 mln;
• decrease of consulting costs: + Euro 0,2 mln;
• other variations: + Euro 0,7 mln.

ho d o f ( T Eu ) usa n ro	6 M 2 0 1 9	6 M 2 0 1 8	hg C	hg C %
Ot he ing ( A ) et at sts r n op er co Co l le d c ies ntr o om p an	( 1 2. 1 5 9 )	( 1 2. 5 5 0 )	3 9 2	-3 1 % ,
he Ot ing ( B ) et at sts r n op er co Jo int ly- l le d c ies ( *) ntr co o om p an	( 2. 6 6 4 )	( 2. 6 3 3 )	( 3 2 )	+1 2 % ,
he Ot ing ( A+ B ) et at sts r n op er co	( 1 4. 8 2 3 )	( 1 5. 1 8 3 )	3 6 0	-2 4 % ,

(*) Data are considered pro-rata.

Cost of personnel of the jointly-controlled companies (Sinergie Italiane excluded): Euro 1,3 mln (+8,4%).

Investments of the jointly-controlled companies (Sinergie Italiane excluded): Euro 0,8 mln.

(*) Excluding network extension in new urbanized areas that according to IAS are considerated as operating costs and not investments; (**) Investments in intangible assets and in tangible assets (excluded realizations, investments in associated and investments relative to the application of IFRS 16 accounting principle).

(*) Data are considered pro-rata.

45

Premise

Financial highlights

Companies consolidated with full and with net equity consolidation method

Companies held for sale

Disclaimer

• • This presentation has been prepared by Ascopiave S.p.A. for information purposes only and for use in presentations of the Group's results and strategies.
• • For further details on the Ascopiave Group, reference should be made to publicly available information, including the Quarterly Reports and the Annual reports.
• • Statements contained in this presentation, particularly the ones regarding any Ascopiave Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward looking statement. Such factors include, but are not limited to: changes in global economic business, changes in the price of certain commodities including electricity and gas, the competitive market and regulatory factors. Moreover, forward looking statements are currently only at the date they are made.
• • Any reference to past performance of the Ascopiave Group shall not be taken as an indication of the future performance.
• • This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
• -By attending the presentation you agree to be bound by the foregoing terms.