Ascopiave

Major Shareholding Notification • Apr 14, 2020

Extract from the shareholders' agreements communicated to Consob pursuant to Article 122 of Italian

Legislative Decree 24.02.1998, no. 58

Essential information set forth in Article 130 of Consob Regulation no. 11971/1999

Ascopiave S.p.A.

On 5th April 2020, the Municipality of Spresiano, the Municipality of Trevignano, the Municipality of Giavera del Montello, the Municipality of Mareno di Piave, the Municipality of Pieve di Soligo, the Municipality of Segusino, the Municipality of Follina and the Municipality of Riese Pio X participating in a shareholders' agreement stipulated on 16th March 2020 and published in accordance with the law, and the company Anita S.r.l. have reached an agreement which envisages the presentation, and subsequent favourable vote at the shareholders' meeting, of lists of candidates agreed among the above stated shareholders of Ascopiave S.p.A. to participate in the elections of the members of the Board of Directors of Ascopiave S.p.A. and the standing auditors and alternate auditors members of the board of statutory auditors of Ascopiave S.p.A., subject to items 4 and 5 of the agenda of the notice of call of the shareholders' meeting of Ascopiave S.p.A. convened for 29th April 2020 on first call and for 29th May 2020 on second call.

1. Company whose financial instruments are covered by the agreements

The Agreement concerns the shares of Ascopiave S.p.A., a company with registered office in Via Verizzo, no. 1030 – 31053 – Pieve di Soligo (TV), Italy, registered in the Register of Companies of Treviso-Belluno with the following tax code number: 03916270261 and registered in the R.E.A. (Economic and Administrative Index) of Treviso under TV-308479, share capital of Euro 234,411,575.00, divided into 234,411,575 ordinary shares with a nominal unit value of Euro 1.00 each, traded on the Electronic Stock Market / Star Segment at Borsa Italiana S.p.A..

2. Participating shareholders

The participating shareholders are:

• Municipality of Spresiano (Tax Code 00360180269), with registered office in Piazza Luciano Rigo, 10 31027 Spresiano (TV);
• - Municipality of Trevignano (Tax Code 83001370267), with registered office in Piazza Municipio 6 31040 Trevignano (TV);
• - Municipality of Giavera del Montello (Tax Code 01475140263), with registered office in Piazza Donatori del Sangue, 6 – 31040 Giavera del Montello (TV);
• - Municipality of Mareno di Piave (Tax Code 82006050262), with registered office in Piazza Municipio, 13 31010 Mareno di Piave (TV);
• - Municipality of Pieve di Soligo (Tax Code 00445940265), with registered office in Via Ettore Majorana, 186 – 31053 Pieve di Soligo (TV);
• - Municipality of Segusino (Tax Code 83003610264), with registered office in Corte Finadri, 1 31040 Segusino (TV);
• - Municipality of Follina (Tax Code 84000810261), with registered office in Via Sanavalle, 14 31051 Follina (TV);
• - Municipality of Riese Pio X (Tax Code 81002490266), with registered office in Via Giuseppe Sarto, 31 31039 Riese Pio X (TV).
• - Anita S.r.l. (Tax Code 03615530163) with registered office in Via Lombardia, 27 -24027- Nembro (BG), Economic and Administrative Index BG-393630

3. Shares covered by the agreements

As many as 21.059.931 ordinary shares of the company Ascopiave S.p.A., representing 8,984% of the share capital of the company, are covered by the Agreement.

The following chart indicates the number of ordinary shares transferred to the Agreement by each shareholder and the voting rights related thereto as well as the percentage represented by such shares and the relevant voting rights compared to the total number of shares transferred to the Agreement as well as compared to the total number of shares constituting the share capital of Ascopiave S.p.A. and the voting rights related thereto.

Participating shareholders	Number of Ascopiave ordinary shares transferred to the Agreement	Number of voting rights transferred	Percentage of voting rights transferred compared to the total voting rights transferred to the Voting Agreement	Percentage of voting rights transferred compared to the total voting rights constituting the share capital of Ascopiave
Municipality of Spresiano	3,810,159	3,810,159	27.393%	1.625%
Municipality of Trevignano	345,929	345,929	2.487%	0.147%
Municipality of Giavera del Montello	2,286,095	2,286,095	16.436%	0.975%
Municipality of Mareno di Piave	3,459,288	3,459,288	24.870%	1.476%
Municipality of Pieve di Soligo	173,088	173,088	1.244%	0.074%
Municipality of Segusino	1,905,079	1,905,079	13.696%	0.813%
Municipality of Follina	1,905,079	1,905,079	13.696%	0.813%
Municipality of Riese Pio X	24,709	24,709	0.178%	0.011%
Anita S.r.l.	7.149.505	7.149.505	33,950%	3,050%

All participating shareholders, except Riese Pio X, have requested registration in the Special List of Increased Voting Rights stated in Article 6 of Ascopiave S.p.A. Articles of Association, but the requirements for the acquisition of the increased voting rights are not fulfilled yet.

It is herein specified that the Municipality of Spresiano, the Municipality of Trevignano, the Municipality of Segusino, the Municipality of Mareno di Piave, the Municipality of Pieve di Soligo, the Municipality of Follina and the Municipality of Riese Pio X, the Municipality of Giavera del Montello have already finalised the publication of the extract of the shareholders' agreement stipulated between the local authorities on 16th March 2020 and published on 18th March 2020 in the newspaper Italia Oggi, the crossing of the 5% threshold of the voting rights of Ascopiave SpA .

The voting Parties captioned in this communication do not exceed the threshold of 10% of the voting rights of Ascopiave S.p.A.

In any event, should it be deemed of importance, pursuant to Article 120 of the Issuers' Regulations, we herein declare that none of the participating shareholders, namely Municipality of Spresiano, Municipality of Trevignano, Municipality of Segusino, Municipality of Mareno di Piave, Municipality of Pieve di Soligo, Municipality of Follina ed Municipality of Riese Pio X, Municipality of Giavera del Montello hold, directly or indirectly, any Ascopiave shares or other financial instruments with voting rights or other voting rights exercisable in Ascopiave shareholders' meeting, other than the shares transferred and the voting rights

transferred nor are they subject to control by any entity.

4. Entity exercising control over the company through the Shareholders' Agreement

None of the Participating Shareholders exercises, by virtue of the Agreement, control over Ascopiave S.p.A. pursuant to Article 93 of Italian Legislative Decree 24/02/1998 no. 58.

5. Type of Agreement

The Agreement falls within the scope of an agreement for the presentation, and subsequent favourable vote at the Shareholders' Meeting, of lists of candidates agreed among the Municipality of Spresiano, the Municipality of Trevignano, the Municipality of Giavera del Montello, the Municipality of Mareno di Piave, the Municipality of Pieve di Soligo, the Municipality of Segusino, the Municipality of Follina, the Municipality of Riese Pio X and Anita S.r.l. to participate in the elections of the members of the Board of Directors of Ascopiave S.p.A. and the standing auditors and alternate auditors, members of the board of statutory auditors of Ascopiave S.p.A., subject to items 4 and 5 of the agenda of the notice of call of the ordinary Shareholders' Meeting of Ascopiave S.p.A. convened for 29th April 2020 on first call and for 29th May 2020 on second call.

6. Term of the Agreement.

The Pact, bearing a transitory nature, lasts until the actual Shareholders' Meeting of Ascopiave S.p.A. convened to renew the terms of the Board of Directors and the Board of Statutory Auditors.

With regard to the voting agreement stated above, it is herein stated that at 19.19 hours on 5th April 2020, Anita S.r.l. communicated to the Municipality of Spresiano that it would not execute the agreement reached regarding the renewal of the corporate offices of Ascopiave S.p.A .

FILING OF THE AGREEMENT

On 8th April 2020, a copy of the Agreement was submitted to The Registry of Companies of Treviso-Belluno. Extract available at the following website: www.comune.spresiano.tv.it

8 th April 2020