Italian Sustainability Week 2021

28 JUNE – 2 JULY 2021

DISCLAIMER

This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. There can be non assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.

AGENDA

❑ A Successful Journey
❑ ERG Tomorrow
❑ Moving towards an infrastructural Business Model
❑ With ESG in our DNA
❑ 2020 ESG Key Figures
❑ 2021-2025 Financial Strategy
❑ 2021-2025 Targets
❑ 2021 Guidance & Final Remarks

A Successful Journey

ERG enters the solar sector in Germany:

ERG enters the solar power sector (30

in Europe is 1,814MW.

A LONG HISTORY…

ERG Power's combined cycle power plant (480MW) fuelled

ERG transfers the ISAB Refinery and completes its exit from refining.

3 wind farms in Poland for a

At the end of 2015, installed wind capacity is 1,506MW.

total of 82MW.

52MW in France and 34MW in Germany.

OUR TRACK-RECORD IN ENERGY TRANSITION

DECARBONIZATION OF ERG'S PORTFOLIO WELL ON TRACK

Carbon index down 5% in 2018-2020 period 2,983 kt of CO² avoided in 2020, in line with 2018-2022 Business Plan

ERG ranked 1st by Vigeo as 2019 best Climate-related financial disclosure

Source: non-financial statements

(1) The Carbon index drop in 2010 was due to the entrance into operation of the ERG Power plant which replaced the existing oil fed power plants. (2) The Carbon index drop in 2014 was due to the sale of the ISAB Energy plant.

A WELL RECOGNIZED AND REWARDED ESG PROFILE

ERG included in S&P Clean Energy Index with a 0.3% weight: IShares ETFs hold c. 0.7% of ERG share capital

SBTI – SCIENCE BASED TARGET INITIATIVE

April 2019: ERG signed the Committment Letter (confirmed in March 2021)
May 2021: ERG submitted its targets for validation:
- - ERG commits to reduce its Carbon Index of about 30% by 2025 (from a 2020 base year)
- - ERG commits to increase annual sourcing of renewable electricity from 94%(1) in 2020 to 100% by 2025 (asset base 2020)

A REJUVENATED MANAGEMENT TEAM TO ENSURE SEAMLESS STRATEGY CONTINUATION

Our Mission: keep growing in RES acting as #SDGsContributor

A new BoD, a new CEO, a new COO to continue our journey

A rejuvenated and motivated Management Team mainly grown internally sharing the same values

A renewed remuneration policy linked to BP 21-25 execution

Strong commitment to ESG targets (included in both MBO and LTI schemes), at the core of ERG strategy

A BEST IN CLASS GOVERNANCE MODEL WITH…

• A strict financial discipline on investments (organic and M&A)

• An enhanced focus on Energy Sales through CFD and PPA

A renewed Control, Risk and Sustainability Committee to ensure:
- a strong risk management policy
- a focus on ESG at the core of ERG LT strategy
Strategic Committee committed to supervising Strategy Execution

ESG SUSTAINABILITY GOVERNANCE MODEL

ESG, IR & Communication

ESG Duties:

drawing up the ESG Strategic Plan and the external communication strategy and to the financial market;
managing the ESG rating processes;
drawing up the ESG initiative plan, in coordination with the departments of the Group involved, ensuring its implementation and periodically monitoring the achievement of the predetermined targets;
ensuring the drafting of the NFR.

CR&SC

A renewed Control, Risk and Sustainability Committee, appointed by the Board of Directors on 26 April 2021, that is responsible to support the Board in its decisions about:

the approval of the ESG LT strategy and its implementation;
the approval of the Non-Financial Disclosure;
the supervision of all the sustainability topics (e.g. Climate Change; D&I; Governance)

ESG Committee (1)

Composed by: Chairman; Executive Deputy Chairman; CEO; CFO; Top management. Duties:

defines the Group's guidelines on medium to long-term sustainability and promotes the implementation of consistent practices and projects in the field of corporate social responsibility;
approves the ESG Plan as part of the Group's Business Plan, monitors the execution, the achievement of the targets and the priority areas of intervention;
manages the preparation and dissemination of the NFR and other reporting methods related to ESG issues.

Our Principles:

✓ Code of Ethics
✓ Sustainability policy
✓ Human rights policy

… AN ADVANCED SYSTEM OF REWARD POLICY, SUCCESSION AND CAREER PLANNING

Rewarding Policy:

A revised remuneration system for CEO to enhance correlation with strategy execution and share performance (60% MBO/LTI – 40% Fix)
An enlarged(2) LTI system based on shares with escalation mechanism based on stock performance and execution of ESG KPI
MBO: Short-Term objectives linked to EBT(1), MW Growth and ESG targets
100% of management committed to ESG 2021-2025 Strategy

High Degree of satisfaction in AGM for the new Rewarding policy (96%(3) voted in favour)

(1) EBT: Earning Before Taxes

(2) LTI enlarged to more than 20 key leaders of the Group

GOVERNANCE - REWARDING POLICY - ESG TARGET

Weight	Weight objective indicators	Pillars	Objective
20%	5%	Planet		Circular Wind: reblading recovery of materials and/or energy
	5%	Engagement	Contributions to communities of wind farms (UK)
	5%	People	2.5%	Predictive safety: HSE Improvement of frequency and severity indexes [internal + contractors]
			2.5%	Incidence of women in workforce increase
	5%	Governance	Suppliers engagement in continuous improvement process. Rating review IVQ 2021: Increase in average scoring of strategic suppliers

Weight	Weight objective indicators	Pillars		Objective
	2.5%	Planet		Circular Wind: reblading recovery of materials and/or energy
	2.5%	Engagement	Contributions to communities of wind farms (UK)
10%	2.5%		1.25%	Predictive safety: HSE Improvement of frequency and severity indexes [internal + contractors]
		People	1.25%	Incidence of women in workforce increase
	2.5%	Governance	Suppliers engagement in continuous improvement process. Rating review IVQ 2021: Increase in average scoring of strategic suppliers

100% of management committed to ESG 2021-2025 Strategy ¹⁴

ERG Tomorrow

ERG'S 2021-2025 BP MAIN OBJECTIVES

Key 2021-2025 Strategic Guidelines ERG's 2021-2025 Targets

Setting high growth ambition RES portfolio	+1.5GW through RPW, Greenfield and M&A
Securing energy sales through PPA/CfD	80% regulated
Positioning over multiple geographies	~10 countries (vs 7 @2020)
Wind and solar as growth drivers, with solar gaining share	+~0.5GW of solar PV
Capturing opportunities in Storage & other technologies	Scouting of opportunities
RES-centricity on asset base and development.	Opportunity of Asset Rotation

Energy Sales / Mgmt

Growth in scale

Geographical diversification

Solar as strategic pillar

Conventional is "legacy"

Integration of ESG

Seed in Innovation

ESG fully integrated in business strategy

ESG Plan

1.5GW ADDITIONAL THROUGH: REPOWERING, GREENFIELD & M&A

~400MW GREENFIELD HIGH QUALITY PROJECTS IN CONSTRUCTION ABROAD

Growth in installed capacity (MW) – Under construction/RTB

~400MW under construction with a visible route to market through CFD or PPA

OUR REPOWERING PROJECTS IN ITALY ARE GAINING VISIBILITY

WTG SUPPLY FULLY SECURED FOR GREENFIELD AND REPOWERING PROJECTS

✓ Secured ~1GW through top suppliers contracts at competitive cost ✓ Contracts based on ESG criteria

Leveraging on owned pipeline to boost our growth

ONGOING M&A PROJECTS: POTENTIAL CONTRIBUTION IN 2021-2025

Our unique M&A expertise and reputation well recognized on the market(2)

(1) Prj. 3 includes 100MW plus a gross pipeline of ~1,000MW at different stage of development (2) More than €10bn in terms of EV of executed transactions from 2008 to the present, both Sell and Buy Side

THE EXPECTED EVOLUTION: MORE GEOGRAPHIES TO ADD DIVERSIFICATION

Through a flexible and opportunistic approach we will select the most fitting and executable deals adding geographies in Wind & Solar technologies

Moving towards an Infrastructural Business Model

AN EVOLUTION TOWARDS A QUASI REGULATED BUSINESS MODEL

ERG targets 80% of quasi regulated EBITDA despite incentives phase-out

WIND BEST PRACTICE EXAMPLES: LIFE TIME EXTENSION PLAN & REBLADING

LifeTime Extension Reblading

What is it: operational life extension of WTG over the design lifetime

What we are doing: Lifetime Certification extension, up to 40 years Deployment plan: over 40% capacity covered by certification in 2025

What is it: replacement of the old WTGs' rotor, with innovative blades, both in the materials and aerodynamic profile

What we are doing: Currently ongoing the worksites in the Lacedonia wind farms (180 new blades).

Deployment plan: Planned in the others Wind Farms where the repowering is not made possible

Dismantling consistent with ESG Strategy: >98% circular

LTE Certification guarantees that the operation of the wind farm is compliant with regulations (IEC 61400-28 or DiBt 2012 for Germany) after the expiration of the type certificate

Our in-depth knowledge of the plants and our industrial expertise enhance our assets

O&M CONTRACTS OPTIMIZATION IN EUROPE – "GLOBAL APPROACH"

A strong industrial footprint with a flexible approach to O&M

SEEDING IN INNOVATION: STORAGE & HYDROGEN

In general ✓ Scouting of technologies for storage & Hydrogen

Fossa del Lupo (25MW) e Vicari (10MW)

Storage ✓ 2 sites identified and ready for storage:

Hydrogen ✓ Possible partnerships with off-takers and developers ✓ Green energy & site availability on ERG portfolio may bring opportunities and synergies

Leveraging on our asset base and technical skills

OPPORTUNITY TO RESHAPE ASSET PORTFOLIO TOWARDS A PURE WIND & SOLAR PLAYER

Hydro CCGT

Efficient Capacity: 527MW (1.5TWh)

90% basin (modulable) with 19 hydro plants, 7 micro-hydro plants, 7 dams, 3 reservoirs and one pumping station

Installed Capacity: 480MW (2.5TWh) High Efficiency Cogeneration (CAR) renewal for Module 1 on track to be

Avg. EBITDA 2018–2020: €105mn Incentives till 2025 on ~35-40% of production

Upside Revamping, PPA, Storage

Avg. EBITDA 2018–2020: €63mn

completed by year-end 2021;

Premium asset based on Location, Captive, MGP, Capacity and MSD Markets as well as distribution revenues from RIU (Owned Internal Grid)

Development Projects in BP 2021-2025 CAR Renewal for module 2(1) A new OCGT (57MW)(2) in ERG Power site with Permitting well advanced

With ESG in our DNA

ERG'S WHY

We are #GreenEnERGyMakers, one of the leading European producers of energy from renewable sources

We are #ClimateChangeFighters, at the forefront of the fight against climate change, and pioneers of the energy transition through the development of renewable energy production

We are #SDGsContributors, our Business model focuses on helping to achieve the Sustainable Development Goals (SDGs) set by the United Nations

ESG AT THE CORE OF ERG'S 2021-2025 STRATEGY

ERG 8 KEY ESG PRIORITIES…

• Carbon Neutrality • >98% Circular

• Education for Next Generation • >1% for the Community

• Re-skilling & Agile Transformation • Inclusion & Diversity

• ESG objectives into MBO and LTI • Enhancing Governance model

… BUT CONTINOUS IMPROVEMENT on other 5 projects well on track

We identified 8 ESG priorities which will be the bulk of our ESG strategy

ESG AS A COMPLEMENTARY LEVER ALONG THE VALUE CHAIN

Target 2021-2025 ESG Plan based on measurable KPIs along the value chain

2021-2025 ESG PLAN IN DETAILS

100% OF 2021-2025 BP CAPEX CONSISTENT WITH UN SDGs

2020 ESG Key Figures

2018-2022 ESG TARGETS AND 2020 KPI

climate change Tackling	OBJECTIVES 2018-2022	2020 ACTUAL
	Avoided CO,: 15 m tons Carbon Index111: down 14% to 2022	More than 9 million tons of avoided CO, (2,983 kt in 2020) Carbon index -4.7% (0.15 kgCO,/kWh as at end 2020)
	Continuous efforts on extracting value from our technology	64.71% CCGT plant HEC performance index 90% of indirect consumption supplied by "green" energy
	Enhancing our integrated generation portfolio	2,636 MW installed capacity in renewable energy plants 89% of the invested capital

	OBJECTIVES 2018-2022	2020 ACTUAL	EDUCATION
enhancing People	New leadership model Human Capital Coverage	Human Capital Coverage +4% compared to 2018 More than 29 thousand training hours, 77% training on
		technical and managerial topics, 95% of our employees	EQUALITY
	Skills development	Power of Diversity project supported by Valore D	+(1)

	OBJECTIVES 2018-2022	2020 ACTUAL	DECENT WORK AND ECONOMIC GROWT 机
	Integration of HSE certifications according to ONE Company Model	100% ISO 14001 and/or ISO 45001 certified Italian and German companies consistent with their activities
	Technological development	Repowering and reblading projects for our wind farms	CONSUMPTION
Sustainable thinking sustainable acting	CDP reporting Consolidating relations with communities	CDP Climate Change - Rating A- ESG rating & indexes Sustainable Procurement and Suppliers Code of Conduct	7 PARTNERSHIP FOR THE GOALS 8

IMMEDIATE REACTION TOWARDS COVID-19

• Adoption of appropriate safety measures for all employees
Working form Home (5 days out of 5) for 70% people
Streangthening of IT Sistem
- health insurance for Covid-19 for all the employees
ERG has donated €2mn to support the healthcare system where has operations Communities
- ERG's people donated the quivalent of 2,300 hours of work to the Civil Protection Dep.
- ERG's majority shareholder, donated €1mn in favour of Genoa's front-line hospitals
- • Steering Committee to ensure business continuity
- Investment: delays in construction program and processes
- Difficult market environment

ERG's

Local

Operations

Employees

DATA BREAKDOWN ON PERSONNEL

A DIVERSIFIED GROUP WITH EQUAL OPPORTUNITIES

ENVIRONMENTAL AND SAFETY CERTIFICATIONS

Environmental certification under ISO 14001 covers over 80% of our installed base and over 59% of our people
Health & Safety certification, updated in 2020 according to ISO 45001, covers over 80% of our installed base and about 91% of our people

ERM TARGETS ACHIEVED IN 2020

Risk Classification 2020 Results 2020

In 2020 we have identified 40 "Main Risks" of which:

16 classified as TOP described in greater detail to senior management;
24 classified as GOLD depicted in a concise Dashboard)

The risks are divided into 4 categories: Strategic, Financial, Operational (including HSE and ICT risks) and Compliance.

Reporting

The results are reported on a six-month basis to:

management / CFO / CEO, who assess the adequacy of the risk profile assumed in relation to the objectives set and the actions taken to mitigate the risks;
the Board Committees, who assess the overall effectiveness of the Integrated Risk Management process.

REDUCTION OF ENVIRONMENTAL IMPACT OF OPERATIONS

Green Energy for our indirect Consumption(1)

As of 2016, ERG is committed to supply its offices and plants with certified renewable energy

WELFARE PROJECTS FOR EMPLOYEES

ENGAGING LOCAL COMMUNITIES

TAX CONTROL FRAMEWORK (TCF)

The ERG Group has adopted a Tax Control Framework, i.e. an internal audit system for tax risk (a set of rules, procedures, etc.), that comprises the following pillars:

The TCF is effective in ERG SpA and its Italian subsidiaries from 1 Jan 2021 (Fiscal Year 2020)

2021-2025 Financial Strategy

ERG GREEN BOND 2020: ALLOCATION SUMMARY

France

5 Wind Farms in operation 54 MW Wind 2020 Production 120.3 GWh CO2 Savings 67 ktCO2e

Germany
104 MW Wind
	#10 Wind Farms in operation
2020 Production	190.6 GWh
CO2 Savings	143 ktCO2e

UK

250 MW Wind

4 Wind Farms under construction Expected Annual Production 740.6 GWh Expected CO2 Savings 355 ktCO2e

Italy

262 ktCO2e CO2 2020 Savings 476 MW Total Capacity # 44 Plants Eligible for Green Projects € 341 mn Allocated Proceeds 413 GWh Actual 2020 Production Green Bond 2020 Highlights

Financial policy:

maintaining BBB- investment grade rating and Net Debt/Ebitda @ ~3.5x

(€ bn)

A RELEVERAGE TO BOOST RES PORTFOLIO

Sustainable leverage increase consistent with current investment grade rating

A ROBUST FINANCIAL STRUCTURE

Non programmable sources fully unlevered Interest rate risk fully offset

"ERG's 'BBB-' IDR affirmation reflects robust business profile, and a diversified and clean asset base,.."

(1) ERG SpA owns operating subsidiaries via fully owned subholding ERG Power Generation (free of debt and in cash pooling with ERG S.p.A.)

ASSET ROTATION CAN OPEN FOR FURTHER DEBT CAPACITY STILL MAINTAINING THE INVESTMENT GRADE

	Business Profile	Financial Policy	Expected(1) Rating
R	Target of quasi-regulated EBITDA up to 90% Greener asset base	from 3.5x
ASSET ROTATION	Increased asset diversification	Up to	BBB- (stable outlook)
towards Wind & Solar Assets	Increased geographical diversification	4.0x

A pure W&S Portfolio with up to 90% secured revenues through PPA/CfD can strengthen the business profile and provide for further leverage capacity