Ascopiave — Investor Presentation 2017

Mar 15, 2017

Press conferenceof presentation of the 2016 annual results

Treviso, 15th March 2017

In order to rationalizing of the company's organizational layout in the last few years the number of companies has been significantly reduced (from over 30 to actual 14)

2016 annual results

ROBERTO GUMIRATO

General managerAscopiave S.p.A.

2016 annual results: overview

V l f o m e s o g a u	d i i b d t t s s r e u	V l o m e s o u	f l d g a s s o	V l f l i i l d t t o m e s o e e c r c s o u y
( Mil lion f s da tan o	rd bic ) ter cu me s		rd bic ) ter cu me s	( GW h)
∆ + = 1, +	3, 2 1 7 %	-1 ∆ = -2 2 ,	8, 3 %	∆ = -5 ,	8, 8 -1 2 %

Companies consolidated with full consolidation method

Share trend

In terms of relative performance, the stock value of the share shows ^a strong advantage regard the majorlisted utilities.

Share trend of the major listed utilities and FTSE MIB index trend (Borsa Italiana) from 12/12/2006 to 13/03/2017

EBITDA bridge

Companies consolidated with full consolidation method– Values in thousand of Euro

2016 investments

Values in thousand of Euro

Net Financial Position and Cash Flow

Companies consolidated with full consolidation method– Values in thousand of Euro

Main financial data

S h h l d i t a r e o e r s e q u y	4 4 4, 2 0 9
( ) N F i i l P i i N F P t t e n a n c a o s o n	( 9 4, 1 1 9 )
E B I T D A	9 5, 2 5 5

Companies consolidated with full consolidation method– Values in thousand of Euro

2016 DIVIDEND PROPOSED: Euro 0,18 per share

S D I V I D E N D	( **) 2 0 1 6	2 0 1 5	2 0 1 4	2 0 1 3	2 0 1 2	2 0 1 1	2 0 1 0	2 0 0 9	2 0 0 8	2 0 0 7	2 0 0 6
D iv i de ds d ist i bu d ( T ho d o f Eu ) te n r us an ro	4 2. 1 9 4	3 5. 1 6 2	3 5. 1 6 2	2 8. 1 2 9	25 .7 8 5	0	2 3. 4 4 1	2 1. 0 9 7	1 9. 9 25	1 9. 8 9 8	1 9. 8 3 3
Gr Ne Inc ( T ho d o f Eu ) t ou p om e us an ro	5 3. 6 3 5	4 3. 0 1 4	3 5. 5 8 3	3 8. 6 7 8	27 8 6 5	6. 2 6 6	3 1. 17 4	25 2 8 8	1 8. 45 2	2 1.7 6 4	1 6. 3 8 1
Pa io t ra t y ou	7 9 %	8 2 %	9 9 %	7 3 %	9 3 %	0 %	75 %	8 3 %	1 0 8 %	9 1 %	1 2 1 %
D iv i de d p ha ( Eu ) n er s re ro	0, 1 8 0	0, 15 0	0, 15 0	0, 1 2 0	0, 1 1 0	0, 0 0 0	0, 1 0 0	0, 0 9 0	0, 0 8 5	0, 0 8 5	0, 0 8 5
D iv i de d y ie l d ( *) n	7, 2 %	7, 0 %	7, 6 %	8, 4 %	9, 2 %	0, 0 %	6, 3 %	5, 8 %	5, 7 %	4, 4 %	4, 0 %

SUSTAINABLE DIVIDEND POLICY

• Stable cash flow
• Well-balanced financial structure
• Dividend Yield at the top of the listed italian utilities

TOTAL DIVIDENDS DISTRIBUTED FROM STOCK EXCHANGE LISTING TO DATEAbout 270 million of Euro (including the dividend proposal)

(*) Dividend yield ⁼ dividend per share / average price per share in the year; (**) Dividend proposal

Market positioning

Ra nki ng	Gro up	Vo l. (s ) mc	%
1	Sna m	7,5 42	24. 3%	N i l l t a o n a p a e r y
2 d	2i R Ga ete s	5,1 87	16. 7%
e 3	Her a	2,7 85	9.0 %
t 4	A2A	1,8 32	5.9 %
u 5	Iren	1,2 71	4.1 %	1 l i V f t t s p a c e n e n e o o r u
b 6 ri	Tos a E ia can ner g	1,1 27	3.6 %
t 7	Asc iav op e	683	2.2 %	d s e r e v
s 8 i	Gro Lin Hol din ea	639	2.1 %
d 9	up g E.S .Tr. A.	547	1.8 %
s 10	Ero t me	205	0.7 %	i 5 0 % k h t m a r e s a r e n >
a 11	gas Ag Ve sm ron a	372	1.2 %
g 12	Ac -Ag sm am	354	1.1 %	T i d T i 1 r e v s o a n r e v s o
f 13	Uni Fen Int aci l on osa ern ona	353	1.1 %	A T E M
o 14	Am bie En ia B rian nte za	330	1.1 %
s 15	erg Ene i	299	1.0 %
e 16	rge Ga s R imi ni	275	0.9 %
m 17	Dol iti E ia om ner	271	0.9 %	S i i f i k h t t g n c a n m a r e s a r e
u 18	g Edi son	275	0.9 %
l	Aim	258	0.8 %	h V d L b t t o e r e n e o a n o m a
	ag	247	0.8 %	A T E M
o 19
V 20	Aim Vi cen za
	Oth ers Tot al	6,1 55 31, 007	19. 9% 100 .0%
Ra nki ng	Gro up	Vo l. (s ) mc	%
1	Eni	12, 763	23. 7%
2	Ene l	01 5,7	10. 6%
3	Edi son	5,6 65	10. 5%
4	Iren	2,2 28	4.1 %
d 5 l	Her a	2,1 05	3.9 %
o 6	E.O n	2,0 91	3.9 %
s 7	Eng ie	1,9 26	3.6 %
s 8	h S Roy al D utc hel l Pl c	1,3 51	2.5 %
a 9	A2A	1,3 34	2.5 %
g 10 f	So nia rge	814	1.5 %
11 o	Asc iav op e	801	1.5 %
12 s	Est ra	701	1.3 %
13 e	Uno gas	601	1.1 %
14	Ero t gas me	585	1.1 %
m 15 u	Dol iti E ia om ner g	547	1.0 %
16 l	Ax Gro po up	529	1.0 %
o 17	Ga Sdg Sa s N atu ral	505	0.9 %
V 18	Me tan o N ord	368	0.7 %
19	Gro Lin Hol din ea up g	361	0.7 %
20	Rep er A ow g	337	0.6 %
	Oth ers Tot al	12, 503 53,	23. 2%

ASCOPIAVE 2011-2016

FULVIO ZUGNO

Chairman of the board of directorsAscopiave S.p.A.

2012-2016: Investments and acquisitions

Dividends trend

Ye ar	2 0 0 7	2 0 0 8	2 0 0 9	2 0 1 0	2 0 1 1	l To ta	Av er ag e
de ds d bu d ( ln ) D iv i ist i € te n r m	1 9. 9	1 9. 9	2 1. 1	2 3. 4	0. 0	8 4. 3	1 6. 9
( ) Div i de d ha € n pe r s re	0.0 85	0.0 85	0.0 9	0.1 0	0.0 0

Ye ar	2 0 1 2	2 0 1 3	2 0 1 4	2 0 1 5	2 0 1 6	l To ta	Av er ag e
( ) iv i de ds d ist i bu d ln D € te n r m	2 5. 8	2 8. 1	3 5. 2	3 5. 2	4 2. 2	1 6 6. 5	3 3. 3
de d ha ( ) Div i € n pe r s re	0.1 1	0.1 2	0.1 5	0.1 5	0.1 8

Net income evolution

Total Shareholder Return

In terms of Total Shareholder Return the Group has created value in ^a considerably higher way relative tomain comparable listed companies operating in the utility sector.

Total Shareholder Return of the share titles referredto the main listed utilities (Borsa Italiana) from 12/12/2006 to 13/03/2017

Dividend Yield/Performance

Dividends distributed by Ascopiave in 2015 are higher than those distributed by the major listedcomparable companies.

(*) Dividend per share / 2015 average price per share.

Ascopiave: value for the territory

INVESTMENTS, CONCESSION FEES AND DIVIDENDS

Concession fees paid by Ascopiave S.p.A. to non-shareholder municipalities in the period 2010-2016: about 17 million of Euro

And tomorrow?…Strategic guidelines

Thank you for your attention

DISCLAIMER

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 todiffer materially from those contained in any forward looking statement. Such factors include, but arenot limited to: changes in global economic business, changes in the price of certain commoditiesincluding electricity and gas, the competitive market and regulatory factors. Moreover, forward lookingstatements 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.