Veronagest Group is an independent renewable energy company based in Italy. It has a current portfolio of 282.4 MW of wind projects and 16.8 MW of solar PV projects located across Italy. The company has a full range of in-house expertise across the renewable energy project lifecycle from development and origination to construction, operation, and maintenance. It aims to further grow its portfolio through new greenfield development and acquisitions.

1. Veronagest Group
Group presentation
October 2014

2. 2
Contents
i. Business overview
ii. Current portfolio

3. 2% 1%
9% 9%
11% 23%
37%
31%
41% 36%
2010 2020
imported
coal
renewables
oil
gas
* It’s the sum of the energy used for final consumption + trasformed
in other energy productes (oil – fuel) + trasformed in electricity
Source: S.E.N. (Ministero Sviluppo Economico 2012 September)
3
Italy: an attractive renewables market
17%
11%
20%
European target
2020*
as of 2010 S.E.N. target
2020**
Primary power consumption* (%)
Gross power consumption** (%)
Renewable share from gross final energy
consumption (%)
Source: * European Parliament resolution on the promotion of
energy from renewable sources;
** Strategia Energetica Nazionale - Ministero Sviluppo
Economico (2012 September)
13%
14%
4%
14%
23% 38%
3%
1%
45% 37%
2010 2020
imported
coal
renewables
oil
gas
** The electricity a Country needs to run any power plants or machines

4. 4
Veronagest: a leading independent player
Italian wind market (net installed MW) – ranking as of 31/12/2013
1.132
737
493 474
361
328 320
272
245
1200
1000
800
600
400
200
0
ERG Renew EGP FRI.EL Edison Veronagest E.ON Falk renew IVPC SER
Source: ANEV

5. 299.2
5
70.5
70.5
Wind - MW by year PV
148.3
77.8
230.4
82.1
332.9
102.5
262.4
279.2
16.8
60
45
30
15
400
300
200
100
0
262.4
2007 2008 2009 2010 2011 2012
Group history milestones
Management (line) – number of people
MW under management
7
22
35
55
34
27
0
2007 2008 2009 2010 2011 2012
STRATEGY – M&A
2005 Veronagest (VG) acting as a private equity investor providing expertise
in project finance for 2 wind farms (ETP 1&2 – 92MW)
2006 VG switched to an industrial approach and focused on renewable
energy through: 1) hiring expertise in origination & construction;
2) ensuring a solid pipeline
2007 Framework agreement with GAMESA for WTG supply
2008 Evolution of origination strategy: wind green field development
2009 Start-up of greenfield PV
2011 Disposal of Parco Eolico Ennese (70.5 MW) to Alpiq
2012 Framework agreement with Gamesa for 234 MW O&M
FINANCING – GREEN FIELD ORIGINATION
2006 Project financing closed for ETP 1 & 2 (€ 130 mln)
2007 VRG Wind 030, 040 & 060 (€ 255 mln) closed financing at the best
condition on the market
2008 In October the financing of Mineo (€ 64 mln) is committed
2009 Financial close of GEMSA (€ 115 mln) and 16.8 MW of PV (€ 73 mln)
2011 Vendor Loan of Cortale Energia (€ 42,5 mln) by Gamesa
2013 Autorizzazione Unica (A.U.) for 36 MW of wind in Basilicata
CONNECTION TO THE GRID
2007 ETP 1 (70.5 MW), the biggest wind farm in Italy, is connected
2008 VRG Wind 040 (29.8 MW) and VRG Wind 060 (48.0 MW)
2009 VRG Wind 030 (60 MW) and ETP 2 (22.1 MW - wind) are connected
2010 P.E.M. (42.5 MW - wind) and Gemsa (60 MW - wind) are connected
2011 S.I.B. (16.6 MW of photovoltaic) is connected
2012 Cortale Energia (20.0 MW – wind) is connected
16.8
20.0

6. 6
Group structure and ownership
Photovoltaic Wind
VRG Wind 129
Srl
VRG Wind 030 Srl
VRG Wind 060 Srl
VRG Wind 819 Srl
Development
asset SPVs
100%
100%
56,2%
100%
S.I.B. Srl
Development
asset SPVs
77%
>51%
Construction & Engineering
Wind Service Srl
Trading
VG Energy Srl
100%
100%
>51%
VRG Wind 070 Srl
100%
VRG Wind 127 Srl
VRG Wind 040 Srl
VRG Wind 840 Srl
100%
100%
100%

7. 7
Full set of in-house expertise
Board of Directors
Chairman
CEO
Regulatory Affairs
and Electric Market
Legal Affairs
Portfolio
Management
Group Finance
General Assistants
Administration and
Accounting
Procurement
ORIGINATION PROJECT FINANCING
ENGINEERING &
CONSTRUCTION
OPERATION &
MAINTENANCE
TRADING EE & GC
Veronagest SpA Wind Service Srl VRG Energy Srl
Scouting
Develo
pment
Fixing M & A
Contract
Negotiation Engineering
Costruction
Supervision
Plant
Operation
Plant
Maintenance Trading & Hedging

8. 8
Contents
i. Business overview
ii. Current portfolio

9. 9
Current portfolio - wind (connected till 2011) - 282,4 MW
VRG Wind 129 (22.1 MW)
Location: Sicily
Ownership: 100% Veronagest;
WTG+BOP: Gamesa;
Status: Op. 10/2009
VRG Wind 030 (60.0 MW)
Location: Sicily
Ownership: 100% Veronagest
WTG: Gamesa; BOP: Siemens
Status: Op. 01/2010
VRG Wind 040 (29.8 MW)
Location: Sicily
Ownership: 56,2% Veronagest
WTG: Gamesa; BOP: Siemens
Status: Op. 01/2009
VRG Wind 819 (42.5 MW)
Location: Sicily
Ownership: 100% Veronagest;
WTG: Gamesa; BOP: Siemens
Status: Op. 3/2011
VRG Wind 070 (60.0 MW)
Location: Calabria
Ownership: 100% Veronagest
WTG: Gamesa; BOP: ABB
Status: Op. 3/2011
VRG Wind 060 (48.0 MW)
Location: Sicily
Ownership: 100% Veronagest
WTG: Senvion; BOP: Siemens
Status: Op. 01/2009
VRG Wind 840 (20.0 MW)
Location: Calabria
Ownership: 100% Veronagest
WTG+ BOP: Gamesa;
Status: Op. 6/2012

10. 10
Current portfolio – PV (connected till 2011) - 16,8 MW
Cammarata (2.93 MWp)
Location: Sicily
Ownership: 77% Veronagest
PV: Sunpower
Connected to the grid: Dec. 2010
Licata (3.2 MWp)
Location: Sicily
Ownership: 77% Veronagest
PV: Sunpower
Connected to the grid: Dec. 2010
Mussomeli (1.0 MWp)
Location: Sicily
Ownership: 77% Veronagest
Connected to the grid: Dec. 2010
PV: Sunpower
Cerami (2.95 MWp)
Location: Sicily
Ownership: 77% Veronagest
Connected to the grid: Dec. 2010
PV: Sunpower
Caltanissetta (3.5 MWp)
Location: Sicily
Ownership: 77% Veronagest
Connected to the grid: Dec. 2010
PV: Sunpower
Calamonaci (3.0 MWp)
Location: Sicily
Ownership: 77% Veronagest
PV: Sunpower
Connected to the grid: Dec. 2010

11. 11
Veronagest S.p.A.
Via Dante, 17
38068 Rovereto
ITALIA
e-mail: veronagest@veronagest.com