Iren — Investor Presentation 2019

Sep 26, 2019

Upscaling our business model

Business Plan@2024

26 September 2019

Confirming strategic guidelines with higher focus on sectors' mainstreams Empowering our organization with technological investments and workforce enhancement while strengthening our balance sheet

Doors open to: - further organic investments supporting a "steady" growth - potential M&A transactions boosting an "accelerated" growth

MACRO TRENDS

� �			Energy in transition
--------	--	--	----------------------

Evolution in Generation Market Competition Smart Grids

Client's central role

Innovative Retail Client Offer New Mobility From Consumer to Prosumer

Sustainable Resources

Energy Efficiency Waste Management & Circular Economy Sustainable Water Cycle Management District Heating Development

Technologic Revolution

Digitalization Advanced Analytics

0	OOOO
00

2030 Some of the trends outlined in the previous years are showing a higher acceleration rate: accordingly, IREN's positioning will be consistent to the evolution of the industries.

The Client and Sustainability continue to be the focal points of the long term view of the Company.

Technology, supported by the primary role of digitalization, will enhance IREN's strategy at 360°.

Pillars confirmed in light of market trends and embodied into a wider strategic platform

Pivotal role of data, crucial asset to guide business decisions Across-the-board IT platforms to exploit synergies and better support operations DIGITALIZATION

Focus on training and reskilling to enhance employees' capabilities Acceleration of recruitment, career design processes and reward mechanisms PEOPLE

Circular Economy, landmark of Iren's commitment to the environment Asset management and infrastructure optimization to reduce the wastage of resources SUSTAINABILITY

Agile & Smart organization to guarantee lean and collaborative processes Continuous improvement and strong integration capability EFFICIENCY

Unceasing organic growth path development Ability to seize upside investment opportunities and M&A options

CLIENT Value added services above the commodity Attention and closeness to communities and territories

ACTION PLAN

IREN is building a scalable platform to manage bigger business and complexity Scalability The Company is experiencing a paradigm shift, investing to have a leadership position in the future Transformative phase Throughout next years IREN will focus on implementing the strategic pillars at higher scale Focus on implementation at higher scale @2024

Strategic pillars confirmed

The pillars outlined in the previous plan will continue to guide IREN's strategy

Strategy

Improved efficiency and quality of service thanks to significant investments in the networks development

Increased the resilience of the system and reduced the leakages, replacing out-of-date pipes with state-of-the-art materials

Developed an organizational model that allowed to increase tasks efficiency and rapidly integrate acquired firms

Reached relevant cost synergies thanks to strong performance improvement initiatives and the creation of an operational model bringing to a cultural shift and a new approach to modern technologies ^{600 670}

Launched core digitalization projects to change the paradigm of workforce and asset management

Growing in investments to significantly increase RAB and networks' resilience

Strong RAB growth, increasing efficiency, quality of service and resilience of networks

Award of gas tenders where incumbent

Development of water treatment plants with the aim of closing the water treatment cycle

Focus on smart grid development through the massive installation of smart meters at scale

Second phase of digitalization focused on predictive maintenance, quality of service and operational efficiency

Widened door-to-door collection system in order to improve the percentage of sorted waste collection

Increased the capacity of treatment and disposal in our plants, pushing the special waste trading segment

Achieved growth and extension in new areas thanks to a structured M&A strategy in a highly fragmented market

Invested heavily in a new digital platform, Just Iren, aimed at smartly handling the full waste management cycle

Developing circular economy paradigm, integrating vertically to create a closed-cycle ecosystem

Completion of selection chains by building new plants for treatment and recovery of selected materials, giving priority at revenue stability (i.e. organic fraction, selection)

Vertical integration allowing for:

• margins insourcing, expanding to further activities along the value chain
• developing further options in plastic recycling activities (i.e. granule production, plastic to fuel)

Further territorial consolidation, gradually covering the full value chain

Confirmation of existing concessions and further widening of D2D and pay-as-you-throw collection systems

Full launch of Just Iren project in 2020 and deployment of innovative initiatives

Increased plants flexibility, obtaining important results in the MSD market

Increased district heating volumes and saturated the capacity of cogeneration plants also thanks to heat storage investments

Optimized the full hydroelectric assets pool via revamping

Launched the first Industry 4.0 initiatives

Launched the new energy efficiency business line, Iren Smart Solutions

Increasing plants' flexibility and further developing district heating network

Improvement in flexibility, efficiency and availability of plants in order to be more competitive in ancillary services and in the upcoming capacity market

Extension of district heating systems and saturation of the existing infrastructure

Development of hydro assets, both via repowering and realization of mini-hydro plants, while investing for hydro concessions renewal

Growth in the energy efficiency segment mainly focusing on residential and public buildings, as well as large tenders

Full deployment of Industry 4.0 program and leverage on advanced systems for power management

Transformed the BU from a standard commodity provider to a leader in high value-added services, launching New Downstream and E-mobility business lines

Organically increased the customer base and significantly reduced the churn rate thanks to a strong commercial development; cut the cost-to-serve through process synergies and a full-digital strategy

Developed an omni-channel sales approach, pushing on digital processes and leveraging on physical store network and relevant partnerships

Achieved the balance of the electricity produced and sold to our end users, optimizing the full energy value chain also via a significant growth in size

Growing in the customer base, aiming at 2.25 million clients at 2024

Further growth in the customer base, also outside the core territories, leveraging on the retailing best practices of other cutting-edge industries

Strong focus on a full digital strategy including new CRM system, outstanding customer experience and innovative marketing paradigms

Entry in the fintech and digital payments ecosystems, grabbing the first-mover advantages of the PSD2 opportunities

Margins stabilization thanks to an advanced energy portfolio management

Full deployment of Iren Go offering to be a leader in the wider sustainable mobility ecosystem, enrichment of the NDS portfolio with end-to-end smart home proposition

Pursued restructuring, functional reorganization and rationalization

Redesigned HR and Performance management processes

Completed digitalization of legacies and core processes

Increased procurement efficiency

About 20 M&A transactions and transformed Finance

Pushing on digitalization and people as key enablers of an efficient operating model

Focus on company transformation and scalable business model

Strong acceleration of digitalization at scale, deployment of a new IT model and advanced platforms (i.e. Analytics, RPA)

Transformation in a lean organization with agile management model enabling further synergies

Implementation of a new employee journey, generational turnover and reskilling

Coping with potential larger M&A deals

TOTAL CAPEX PLAN

300m€ capex increase compared to previous business plan. +400m€ related to development projects

Over 800m€ in the water cycle management

600m€ capex devoted to the waste sector

Higher commitment on Market in order to widen our customer base

350m€ in digitalization projects to enable our business model upscale

DEVELOPMENT & RAB CAPEX BREAKDOWN

Over 300m€ linked to the district heating expansion and improvement of our cogeneration plants

Almost 300m€ dedicated to the construction of 7 plants in the disposal and treatment waste business

About 200m€ devoted to energy efficiency projects

The networks development capex related to the completion of ATEMs in which Iren is incumbent

BP@2024

GROWTH

^~200 Million Euro EBITDA growth in 6 years

The development projects and the RAB increase contribute equally to organic growth

More than 100 performance improvement projects enable to reach significant savings

Supportive scenario will partially offset the expiry of energy certificates

Emerging costs are linked to the new business model mainly based on digitalization

BP@2024

Strategy

Sustainable CAPEX amount to about 2 billion €, up by 14% compared to the previous plan

FOCUS AREA	INITIATIVES	MAIN TARGETS		SDGs
WATER RESOURCES	• Division of the networks into small and equal areas (districts) • Efficiency improvement of water treatment plants	-5% network leaks	+16% wastewater plants capacity
CIRCULAR ECONOMY	• Acquisition and creation of new recovery plants • Extension of door-to-door collection system JustIren for digitalization and efficiency • improvement	+8% sorted waste collected per inhabitant	1,2Mt waste recovered
DECARBONIZATION	• Increase in thermal and electricity storage • Development of renewables • Energy efficiency projects: Smart Solutions	-3% power generation carbon intensity	+20% energy savings
RESILIENT CITIES	• Extension of district heating networks • Smart metering • Eco-mobility • Distributed photovoltaic generation	+12% district heated volumes	35% eco-vehicles on total fleet
PEOPLE	Enhancing competencies and reskilling • • Increasing investments on our territories	+14% direct and indirect occupation	+27% training hours per capita

+3.6% EBITDA cagr +200m€ EBITDA increase

Growth is driven by RAB increase, improvement in service quality and synergies 866

The new treatment plants will allow to close the waste cycle and to increase margins of the whole waste value chain

The widening of the district heating network and the energy efficiency projects offset the lack of energy certificates

Expansion of the customer base and margins normalization

EBITDA BREAKDOWN BY ACTIVITY

73% ebitda derived from regulated and quasi-regulated activities in 2018, 70% in 2024

24

2018 – 2024 NFP BRIDGE

The higher capital intensive investments support the growth of the operating margin

Full exploitation of the financial structure in order to accelerate the growth

The strong cash generation (roughly 1b€) allows to share the positive results with shareholders

*NFP 2018 adjusted taking into account the accounting standard IFRS 16, 2018 NFP reported at 2,453m€

NET FINANCIAL POSITION

BBB Outlook: Stable

Priority in keeping the sound investment-grade rating, also supported by a higher NFP quality thanks to OLT disposal

The optimal financial structure provides for a NFP/EBITDA ratio close to 3.0x in order to increase investments by exploiting the financial flexibility achieved

The adaptability of the investments' plan will enable to shift capex from one year to another in order not to exceed the threshold

Possibility to go above this threshold, for a short/medium term, for important M&A transactions or strategic investments

Confirmation of the dividend policy growth path despite the increase in capex

FINANCIALS

BP@2024

Iren's long term debt average maturity is 5.3 years

65% of expiring debt is going to be refinanced

EIB funds correspond to 20% of total debts

Significant reduction in cost of debt thanks to liability management operations and a favorable scenario

ECONOMIC INDICATORS

*2018: Net of white certificates sale (60m€), market accrual (41m€) and OLT participations adjustments (28m€)

The Ebit is affected by higher depreciations due to capital intensive expenditures

The Group's net profit shows a higher cagr than the previous economic indicators thanks to a sound financial policy management and a tax rate stabilization

BP@2024

BP@2024

OLT DISPOSAL

2018 FINANCIALS	m€
RAB	760
EBITDA	65
PFN	830

• Improvement in liquidity and in rating's score
• Fire power for growth opportunities

FINANCIAL FLEXIBILITY

The Group confirms a strong financial flexibility, accepting a short-term increase in debt-to-Ebitda ratio to exploit potential extraordinary strategic opportunities

The cash generation capacity, along with the disposal of non-strategic assets (like OLT participation) and the diversified business model underlining the company, allows Iren to grasp concrete opportunities not included in the business plan:

A pool of well identified investments that can be activated within a short timeframe

Small scale M&A deals, but also larger scale ones

OTHER INVESTMENTS OPTIONS NOT INCLUDED IN BUSINESS PLAN FIGURES

1b€ of strategic investments already identified and up to 100m€ of Ebitda thanks to small M&A deals

Small companies

Favored by a market fragmentation and the experience in consolidation processes.

Large companies

Possible thanks to a scalable and reliable business model

Evaluating M&A options always comparing the trade off between opportunity and the optimization of financial structure, with the main goal of maintaining the sound investment grade

Confirming growth as our first priority, we are putting in place the actions aiming at a larger size in a more dynamic scenario

We are ready to exploit further organic investments, but also potential larger size M&A transactions not included in BP figures

Commitment confirmed in 10% DPS growth over the next 5 years

IREN AT A GLANCE

				BP@2024
	2018 Data	Energy Infrastructure	Water Service	Urban Waste Collection
>7million INHABITANTS IN IREN'S	REGULATED ACTIVITIES (45% OF EBITDA)	• RAB Electricity distribution: 440m€ • RAB Gas distribution: 670m€ • 4.2% electricity network leaks (vs. national avg. 6.5%)	• RAB water cycle management: 1,000m€ • 34.8% water network leaks (vs. national avg. 40.7%)	1.3m tons municipal waste • collected • 64.3% of sorted waste collection (vs. national avg. 55.5%)
REFERENCE AREAS		Hydroelectric Green Certificates	District Heating	Urban Waste Disposal
CUSTOMERS: ~1.8M in the energy sector ~2.8M served inhabitants in the water service	QUASI REGULATED ACTIVITIES (28% OF EBITDA)	• 700 GWh GCs produced through hydro • 721K tons CO emission 2 avoided from hydro	• 89 mcm of district heated volumes • 895K tons CO emission 2 avoided from cogeneration	• 3 Waste To Energy plants (total capacity ~800Kton/y) • 99% energy or material recovery from total waste managed
~2.3M served inhabitants in the		Generation	Energy Market	Special Waste
waste sector ~0.9M served inhabitants in district heating >3.5 services provided per clients	UNREGULATED ACTIVITIES (27% OF EBITDA)	• 2,700 MW of generation capacity • 87% of electricity produced by environmentally friendly sources	~7.3 TWh electricity sold to • end clients • ~2.8 bcm gas sold* • 90% customer satisfaction	~690K tons of special waste • managed • 134K tons special waste to energy recovery
Annexes			*Including internal uses	37

NETWORKS

BP@2024

1.4b€ of cumulated capex to significantly increase RAB by 800m€ and the networks' resilience

150m€ of capex are devoted to developing the water purification plants

Further synergies will be exploited from continuous improvement in asset/workforce management system

Maintaining all the gas and water concessions in which IREN is incumbent and on which the tender will be launched within the business plan horizon

Possible participation in tenders within reference areas in which IREN is not incumbent (not included in BP figures)

m€	2018	2022	2024
EBITDA	342	406	451
Cagr '18 – '24		4.7%
EBIT	176	219	256
Cumulated RAB capex		1,330
Cumulated development capex		120

+60% waste treated in our plants through building of new treatment plants (paper, plastic, TMB and sludge)

+6% of sorted waste collection supported by widening of door-to-door and pay-asyou-throw collection systems

Confirming all the concessions currently owned

Possible participation in tenders within reference areas in which IREN is not incumbent (not included in BP figures)

m€	2018	2022	2024
EBITDA	155	189	199
Cagr '18 – '24		4.3%
EBIT	75	78	83
Cumulated maintenance capex		300
Cumulated development capex		280

BP@2024

Increase in IREN's generation fleet flexibility, also through electricity and thermic storage development, in order to be more competitive in ancillary services and in the upcoming capacity market

230m€ of capex to extend district heating and to saturate the existing infrastructure. The increase in DH volumes includes 5mcm following the consolidation of a business branch currently rented by Iren in Turin area

+5MW of new hydro capacity, through repowering and realization of mini-hydro plants 200m€ invested in energy efficiency projects

m€	2018	2022	2024
EBITDA	265*	247	261
Cagr '18 – '24		-0.3%
EBIT	128*	97	104
Cumulated maintenance capex	200
Cumulated development capex	550

*Excluding60m€of capitalgains fromthewhite certificatesextraordinarysale

Client base expansion of +25%, also outside the core territories, while keeping the churn rate as one of the lowest in the sector

• +90% of electricity sold to retail clients and S/M size companies
• 70% of digital operations will be a driver to reduce cost-to-serve

20m€ invested in e-mobility to full deploy Iren Go offering and to extend the range of innovative products and services offered

m€	2018	2022	2024
EBITDA	98*	136	156
Cagr '18 – '24		8.1%
EBIT	46*	66	76
Cumulated maintenance capex	190
Cumulated development capex	80

*Excluding41m€attributablerevisionof previousestimatesof invoices to be issued

ENVIRONMENTAL TARGETS: WATER SOURCES AND CIRCULAR ECONOMY

WATER SOURCES

• Division of the networks into small and equal areas (districts)
• Efficiency improvement of water treatment plants

Initiatives Positive impacts

• Reduction in water withdrawals from the environment
• Reduction in network leaks
• Energy savings
• Higher wastewater treatment capacity and quality

• Acquisition and creation of new recovery plants
• Extension of door-to-door collection system • Higher sorted waste percentage

Annexes

• JustIren for digitalization and

CIRCULAR ECONOMY

Initiatives Positive impacts

- Closing the circular economy cycle, recovering materials and energy from waste

• Reduction in waste production
• efficiency improvement Pay-as-you-throw system easier to apply through digitalization

ENVIRONMENTAL TARGETS: DECARBONIZATION AND RESILIENT CITIES

DECARBONIZATION

• Increase in thermal and electricity storage
• Development of renewables
• Energy efficiency projects: smart solutions

carbon intensity Initiatives Positive impacts

• Improvement of plants flexibility, efficiency and availability
• Reduction in gas and energy consumption and, consequently, lower CO2 emissions

• Extension of DH networks
• Smart metering
• Eco-mobility
• Distributed photovoltaic generation

RESILIENT CITIES

Initiatives Positive impacts

• Increasing energy efficiency
• Air quality improvement
• Reduction in gas, electricity and water consumption
• Reduction in CO² emissions

+12% district heated 95% volumes gas smart meters	35% eco-vehicles on total fleet	~2,000 distributed photovoltaic
		plants

PEOPLE

• Enhancing competencies and reskilling
• Qualitative growth of skills Increase in investments for infrastructures and services

Initiatives Positive impacts

• Maintenance of high employment levels
• Increase in employment level
• Growth of the value creation for the local territories

	GAS	ELECTRICITY	WATER
	DISTRIBUTION	DISTRIBUTION	SERVICE
Regulatory period	6 years (2020 – 2025)	8 years (2016 – 2023)	4 years (2020 – 2023)
WACC methodology update	6 years (2016 –	6 years (2016 –	4 years (2020 –
	2021)	2021)	2023)
WACC update	every three years (2019)	every three years (2019)	every two years (2020)

	2019 – 2021	2022 - 2024
Gas distribution	6.3%	6.3%
Gas metering	6.7%	6.7%
Electricity distrib. and metering	5.9%	5.9%
	2019	2020 - 2023
Integrated water service	5.31%	5.31%
	Already defined values	Assumptions

	2018	2022	2024
PUN (€/MWh)	61	56	56
PSV (€/000 smc)	25	20	19
ETS (€/Ton)	16	23	24
Clean spark spread - PSV (€/MWh)	5	6	6.5
Hydro Green Certificates (€/MWh)	99	93	91
Energy Efficiency Certificates (€)	250	260	260

ATEM	Expiry
Genova 1	Expired
Parma	Expired
Reggio Emilia	Expired
Vercelli	Expired
Piacenza 2 - Est	Expired

GAS CONCESSIONS		WATER CONCESSIONS		ELECTR.	CONCESSIONS
ATEM	Expiry	AREA	Expiry	AREA	Expiry
Genova 1	Expired	Piacenza	Expired	Torino	2030
Parma	Expired	Reggio Emilia	Expired	Parma	2030
Reggio Emilia	Expired	Genova	2032	Vercelli 1	2030
Vercelli	Expired	Parma	2025
Piacenza 2 - Est	Expired	Vercelli 1	2023
		La Spezia	2033

AREA	Expiry
Torino	2030
Parma	2030
Vercelli 1	2030

HYDROELECTRIC CONCESSIONS WASTE CONCESSIONS

AREA	Hydroelectric plant	Electric Power (MW)	Expiry
Piemonte 1	Pont Ventoux-Susa	157	2034
Piemonte 2	Valle Orco e S. Mauro	300	Expired 2010
Piemonte 3	S. Lorenzo, Moncalieri, La Loggia, valle Susa	25	---*
Campania	Nucleo Tusciano	108	2029
Liguria	Brugneto, Canate	10	Expired 2014

* The expiring date is not provided for electric power plants <3 MW **Ongoing tenders

AREA	Expiry
Parma**	Expired
Piacenza**	Expired
Reggio Emilia	Expired
Torino	2033
Vercelli 1	2028
Vercelli 2	Expired
La Spezia	2028

Annexes

Public entities IREN's Shareholders are more than 50%: Municipality of Genoa ~19%, Municipality of Turin ~14%, Emilia Municipalities (Reggio Emilia, Parma, Piacenza and other minor Municipalities) ~17%, La Spezia Municipalities ~2%.

Four Shareholders' agreements:

• One between FSU (Municip. Of Genoa) , FCT (Municip. of Turin), Emilia Shareholders and former ACAM Municipalities (expiring April 2022)
• One between FSU and FCT (expiring July 2021)
• One between Emilia Shareholders (expiring April 2022)
• One between former ACAM Municipalities (expiring May 2022 )

They guarantee that all the most important decisions relating to Corporate Governance are taken by agreement of the public Shareholders. In particular, out of 15 members of IREN's BoDs, 13 are appointed by the members of the shareholders agreements, including the CEO, Chairman and Vice-Chairman which are unanimously appointed.

Loyalty Shares Scheme

4

Public Shareholders

>50%

Shareholders Agreements

The introduction of LSS in IREN's bylaws (May 2016) and the elimination of the obligation for Public shareholders to hold at least 51% of IREN's share capital, have already had the effect of increasing the free float (Public shareholders sold approximately 30 million shares in 2017/2018 plus the conversion of >80 million preferred shares into ordinary shares)

SBB

On 5 th April 2019, the shareholders meeting approved a share buyback program up to 5% of Iren's share capital. On 13th May 2019, the Board of Directors approved the launch of share buyback program on 2% of share capital. As of 23th September 2019, 8.8m€ of treasury share were purchased, equal to 0.3% of share capital.

BP@2024

PUBLIC ENTITIES / SHAREHOLDERS

BP@2024

Shareholders	Total Shares	%	Total Voting rights	%
FSU Municipality of Genoa	245.249.617	18,85%	457.749.233	23,73%
FCT Municipality of Turin	179.567.795	13,80%	359.135.582	18,62%
Municipality of Reggio Emilia	84.717.464	6,51%	169.434.928	8,78%
Other Municipalities of Reggio Emilia	69.823.590	5,37%	137.241.475	7,11%
Municipality of Parma	41.158.566	3,16%	82.317.132	4,27%
Municipality of Piacenza	17.459.547	1,34%	34.919.094	1,81%
Other Municipalities	534.070	0,04%	1.056.105	0,05%
Former ACAM Municipalities (La Spezia)	24.705.700	1,90%	24.705.700	1,28%
Shares/voting rights owned by public entities	663.216.349	50,98%	1.266.559.249	65,65%
Free float	633.764.441	48,72%	658.639.577	34,14%
Treasury shares*	3.950.587	0,30%	3.950.587	0,21%
IREN's Share capital	1.300.931.377	100%	1.929.149.413	100%

IREN SHAREHOLDING STRUCTURE				TRADE REGIME OF PUBLIC SHAREHOLDERS' SHARES
Shareholders	Total Shares	%	Total Voting rights	%	Shareholders	Total Shares	Non-negotiable shares (until may 2022)	Negotiable shares (under specific policy to avoid overhang risk)	Freely negotiable shares (not included in the shareholders agreement)
					FSU Municipality of
					Genoa	245.249.617	154.281.688	90.967.929	-
					FCT Municipality of Turin	179.567.795	154.281.689	25.286.106
					Municipality of Reggio Emilia	84.717.464	58.228.078	26.489.386	-
					Other Municipalities of
					Reggio Emilia	69.823.590	44.147.738	22.990.158	2.685.694
					Municipality of Parma	41.158.566	14.025.186	5.292.380	21.841.000
					Municipality of Piacenza	17.459.547	12.248.901	5.210.646	-
					Other Municipalities	534.070	311.318	216.288	6.464
					Former ACAM	24.705.700	17.804.838	2.918.139	3.982.723
					Municipalities
					Shares owned by public entities	663.216.349	455.329.436	179.371.032	28.515.881

On the 1 st June 2018, the "loyalty share scheme" came into force. All the Shareholders that have kept IREN shares for at least two years and have been registered in the proper list have now a double votingrightfor eachshares(only in relationto specificmatters, suchas the appointment of theBoard ofDirectorsand of theBoardofStatutoryAuditors).

207.886.913 negotiable shares equal to 16.0% of IREN's share capital

*The votingrightrelatingto treasury shares in the portfolio is suspended.The treasuryshares,however,are includedin the calculationof the quorumconstitutingthe shareholders'meeting

The Manager in charge of drawing up the corporate accounting documents and the Chief Financial Officer of IREN S.p.A., Mr. Massimo Levrino, hereby declares, pursuant to paragraph 2 of article 154 bis of the Consolidated Finance Act (Legislative Decree No 58/1998), that the accounting information contained in this presentation is consistent with the accounting documents, records and books.

This document was prepared by IREN mainly for use during meetings with investors and financial analysts. This document does not constitute an offer to sell or a solicitation to buy or subscribe shares and neither this entire document or any portion of it may constitute a basis or provide a reference for any contract or commitment.

Some of the information contained in this document may contain projected data or estimates that are based on current expectations and on opinions developed by IREN and are based on current plans, estimates, projections and projects. Consequently, it is recommended that they be viewed as indicative only.

Projected data and estimates entail risks and uncertainties. There are a number of factors that could produce significant differences between projected results and actual results. In addition, results may be affected by trends that are often difficult to anticipate, are generally beyond IREN's control and could produce results and developments that are substantially different from those explicitly or implicitly described or computed in the abovementioned projected data and estimates. The non-exhaustive list that follows being provided merely by way of example, these risks include: significant changes in the global business scenario, fluctuations in the prices of certain commodities, changes in the market's competitive conditions and changes in the general regulatory framework.

Notice is also given that projected data are valid only on the date they are produced. Except for those cases in which the applicable statutes require otherwise, IREN assumes no obligation to provide updates of the abovementioned estimates and projected data.