Italian Hydrogen Strategy guidelines to be announced

• €10bn of investments by 2030
• 2% penetration by 2030; 20% by 2050
• 5GW of electrolyzer capacity
• Italy as a "Hydrogen Hub"

Hydrogen investments to grow rapidly

• $11tn of investments forecast for the whole of the value chain to 2050 (BNEF)
• €180-470bncumulated investments by 2050 in Europe (EU hydrogen strategy)

2

The partnership with De Nora

One-of-a-kind asset with significant global growth potential

Attractive water technologies with strong growth profile

Global leader in key component of hydrogen technology

Adds significant edge to Snam's origination Provides cross selling opportunities

The transaction

Deal structure

• Snam to acquire ca.33% of De Nora from Blackstone
• The company will appoint 3 Board Members,
• Representation on Strategic and Technical Committees
• Approx. € 0.4bn investment
• Closing expected in Q1/2021 after the relevant antitrust clearances

Compelling valuation and growth potential

• FY 2020E revenues of >€500m
• Revenue split: 60% electrodes, 40% from water business
• FY 2020E EBITDA ca.€90m
• Ebitda CAGR 2017-2020: 8%
• Ideally positioned to be an international, technology- based listed company

DE NORA FAMILY

34%

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