DISCLAIMER

THESE MATERIALS DO NOT CONTAIN OR CONSTITUTE AN INVITATION TO PARTICIPATE IN THE TENDER OFFER OR AN OFFER OF SECURITIES FOR SALE, OR SOLICITATION OF AN OFFER TO PURCHASE SECURITIES OR ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR FOR THE ACCOUNT OR BENEFIT OF ANY U.S. PERSON AS DEFINED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") (A "U.S. PERSON") OR ANY OTHER JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD REQUIRE THE APPROVAL OF LOCAL AUTHORITIES OR OTHERWISE BE UNLAWFUL (THE "OTHER COUNTRIES"). THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, OR PURSUANT TO THE CORRESPONDING REGULATIONS IN FORCE IN ANY OTHER COUNTRY AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON OR IN OTHER COUNTRIES. NO PUBLIC OFFERING OF SUCH SECURITIES IS INTENDED TO BE MADE IN THE UNITED STATES OR IN THE OTHER COUNTRIES. PERSONS WHO ARE PHYSICALLY LOCATED IN IN THE UNITED STATES OR IN THE OTHER COUNTRIES MUST INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRICTIONS.

By clicking the link below you will certify to Alerion Clean Power S.p.A. that:

• you are not located in the U.S.;
• you are not a U.S. Person;
• If you are a resident of, or located in, the European Economic Area, you are a “qualified investor” within the meaning of Regulation (EU) 2017/1129; and
• if you are outside the European Economic Area, you are not located in, nor a citizen or resident of, any jurisdiction in which access to the materials presented on the following pages may be prohibited or restricted by applicable law or regulation. 

In order to comply with applicable legal restrictions, access to these materials is limited to those persons who make the certification described above by clicking on the appropriate button. 

DISCLAIMER

THESE MATERIALS DO NOT CONTAIN OR CONSTITUTE AN INVITATION TO PARTICIPATE IN THE TENDER OFFER OR AN OFFER OF SECURITIES FOR SALE, OR SOLICITATION OF AN OFFER TO PURCHASE SECURITIES OR ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR FOR THE ACCOUNT OR BENEFIT OF ANY U.S. PERSON AS DEFINED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") (A "U.S. PERSON") OR ANY OTHER JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD REQUIRE THE APPROVAL OF LOCAL AUTHORITIES OR OTHERWISE BE UNLAWFUL (THE "OTHER COUNTRIES"). THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, OR PURSUANT TO THE CORRESPONDING REGULATIONS IN FORCE IN ANY OTHER COUNTRY AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON OR IN OTHER COUNTRIES. NO PUBLIC OFFERING OF SUCH SECURITIES IS INTENDED TO BE MADE IN THE UNITED STATES OR IN THE OTHER COUNTRIES. PERSONS WHO ARE PHYSICALLY LOCATED IN IN THE UNITED STATES OR IN THE OTHER COUNTRIES MUST INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRICTIONS.

By clicking the link below you will certify to Alerion Clean Power S.p.A. that:

• you are not located in the U.S.;
• you are not a U.S. Person;
• If you are a resident of, or located in, the European Economic Area, you are a “qualified investor” within the meaning of Regulation (EU) 2017/1129; and
• if you are outside the European Economic Area, you are not located in, nor a citizen or resident of, any jurisdiction in which access to the materials presented on the following pages may be prohibited or restricted by applicable law or regulation. 

In order to comply with applicable legal restrictions, access to these materials is limited to those persons who make the certification described above by clicking on the appropriate button. 

DISCLAIMER

THESE MATERIALS DO NOT CONTAIN OR CONSTITUTE AN INVITATION TO PARTICIPATE IN THE TENDER OFFER OR AN OFFER OF SECURITIES FOR SALE, OR SOLICITATION OF AN OFFER TO PURCHASE SECURITIES OR ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR FOR THE ACCOUNT OR BENEFIT OF ANY U.S. PERSON AS DEFINED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") (A "U.S. PERSON") OR ANY OTHER JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD REQUIRE THE APPROVAL OF LOCAL AUTHORITIES OR OTHERWISE BE UNLAWFUL (THE "OTHER COUNTRIES"). THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, OR PURSUANT TO THE CORRESPONDING REGULATIONS IN FORCE IN ANY OTHER COUNTRY AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON OR IN OTHER COUNTRIES. NO PUBLIC OFFERING OF SUCH SECURITIES IS INTENDED TO BE MADE IN THE UNITED STATES OR IN THE OTHER COUNTRIES. PERSONS WHO ARE PHYSICALLY LOCATED IN IN THE UNITED STATES OR IN THE OTHER COUNTRIES MUST INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRICTIONS.

By clicking the link below you will certify to Alerion Clean Power S.p.A. that:

• you are not located in the U.S.;
• you are not a U.S. Person;
• If you are a resident of, or located in, the European Economic Area, you are a “qualified investor” within the meaning of Regulation (EU) 2017/1129; and
• if you are outside the European Economic Area, you are not located in, nor a citizen or resident of, any jurisdiction in which access to the materials presented on the following pages may be prohibited or restricted by applicable law or regulation. 

In order to comply with applicable legal restrictions, access to these materials is limited to those persons who make the certification described above by clicking on the appropriate button. 

DISCLAIMER

THESE MATERIALS DO NOT CONTAIN OR CONSTITUTE AN INVITATION TO PARTICIPATE IN THE TENDER OFFER OR AN OFFER OF SECURITIES FOR SALE, OR SOLICITATION OF AN OFFER TO PURCHASE SECURITIES OR ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR FOR THE ACCOUNT OR BENEFIT OF ANY U.S. PERSON AS DEFINED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") (A "U.S. PERSON") OR ANY OTHER JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD REQUIRE THE APPROVAL OF LOCAL AUTHORITIES OR OTHERWISE BE UNLAWFUL (THE "OTHER COUNTRIES"). THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, OR PURSUANT TO THE CORRESPONDING REGULATIONS IN FORCE IN ANY OTHER COUNTRY AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON OR IN OTHER COUNTRIES. NO PUBLIC OFFERING OF SUCH SECURITIES IS INTENDED TO BE MADE IN THE UNITED STATES OR IN THE OTHER COUNTRIES. PERSONS WHO ARE PHYSICALLY LOCATED IN IN THE UNITED STATES OR IN THE OTHER COUNTRIES MUST INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRICTIONS.

By clicking the link below you will certify to Alerion Clean Power S.p.A. that:

• you are not located in the U.S.;
• you are not a U.S. Person;
• If you are a resident of, or located in, the European Economic Area, you are a “qualified investor” within the meaning of Regulation (EU) 2017/1129; and
• if you are outside the European Economic Area, you are not located in, nor a citizen or resident of, any jurisdiction in which access to the materials presented on the following pages may be prohibited or restricted by applicable law or regulation. 

In order to comply with applicable legal restrictions, access to these materials is limited to those persons who make the certification described above by clicking on the appropriate button. 

DISCLAIMER

THESE MATERIALS DO NOT CONTAIN OR CONSTITUTE AN INVITATION TO PARTICIPATE IN THE TENDER OFFER OR AN OFFER OF SECURITIES FOR SALE, OR SOLICITATION OF AN OFFER TO PURCHASE SECURITIES OR ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR FOR THE ACCOUNT OR BENEFIT OF ANY U.S. PERSON AS DEFINED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") (A "U.S. PERSON") OR ANY OTHER JURISDICTION WHERE SUCH AN OFFER OR SOLICITATION WOULD REQUIRE THE APPROVAL OF LOCAL AUTHORITIES OR OTHERWISE BE UNLAWFUL (THE "OTHER COUNTRIES"). THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, OR PURSUANT TO THE CORRESPONDING REGULATIONS IN FORCE IN ANY OTHER COUNTRY AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON UNLESS THE SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE. NO PUBLIC OFFERING OF SUCH SECURITIES IS INTENDED TO BE MADE IN THE UNITED STATES OR IN THE OTHER COUNTRIES. PERSONS WHO ARE PHYSICALLY LOCATED IN IN THE UNITED STATES OR IN THE OTHER COUNTRIES MUST INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRICTIONS.

By clicking the link below you will certify to Alerion Clean Power S.p.A. that:

• you are not located in the U.S.;
• you are not a U.S. Person;
• If you are a resident of, or located in, the European Economic Area, you are a “qualified investor” within the meaning of Regulation (EU) 2017/1129; and
• if you are outside the European Economic Area, you are not located in, nor a citizen or resident of, any jurisdiction in which access to the materials presented on the following pages may be prohibited or restricted by applicable law or regulation. 

In order to comply with applicable legal restrictions, access to these materials is limited to those persons who make the certification described above by clicking on the appropriate button. 

DISCLAIMER

PRESS RELEASES AND OTHER DOCUMENTS PUBLISHED IN RELATION TO THE ISSUE OF THE BOND CALLED "ALERION CLEAN POWER S.P.A. 2018-2024".

The information contained in this section of the website is addressed to investors who:

(a) are resident in Italy and are not currently domiciled or otherwise located in the United States, Canada, Australia, Japan or any other country other than Italy and
(b) are not "U.S. Persons" as defined in Regulation S of the United States Securities Act of 1933, as amended.

This section of the website (and the information and documents contained herein) does not contain or constitute an offer to sell financial instruments or a solicitation of an offer to buy financial instruments in the United States of America, Canada, Japan, Australia or any other country in which the offer of the financial instruments in question is not permitted without authorisation from the competent authorities, nor does it constitute an offer of financial instruments in any other member state of the European Union.

The securities in question have not been and will not be registered under the Securities Act of 1933, as amended, in force in the United States of America, nor under the corresponding regulations in force in Canada, Japan, Australia and any other country in which the offer of the securities in question is not permitted without authorisation by the competent authorities, as well as in any other member state of the European Union, and consequently may not be offered, sold or otherwise delivered, directly or indirectly, in the United States of America, Canada, Japan, Australia and any other country in which the offer of the bonds in question is not permitted in the absence of authorisation by the competent authorities, as well as in any other member state of the European Union.

The documents contained in this section of the website are for information purposes only and are not directed at or intended for access by persons located or resident in the United States, Australia, Canada and Japan or any other country in which the offer of the relevant securities is not permitted without authorisation from the competent authorities, or in any other member state of the European Union.

I declare that I am not a person resident or located in the United States, Australia, Canada or Japan or any of the Other Countries and that I am not a "U.S. Person".

I have read and understand the above disclaimer. I understand that it may affect my rights. I agree to abide by its terms.

DISCLAIMER

PRESS RELEASES AND OTHER DOCUMENTS PUBLISHED IN RELATION TO THE BOND ISSUE NAMED "ALERION CLEAN POWER S.P.A. 2015-2022" - FULLY REPAID ON 20 JULY 2018