1. Avvocati, Dottori Commercialisti e Revisori Legali 1 Incentives 2011 – tax advantages in energy efficiency and Energy efficiency and Photovoltaic incentives Padua 2° march 2011 Photovoltaic

2. Avvocati, Dottori Commercialisti e Revisori Legali 2 Building works for energy efficiency – tax advantages (agevolazioni fiscali) of 55 % Budget Law 2007 introduced tax advantages for works on buildings which increase the energy efficiency of buildings already constructed Types of works suitable Energetic Requalification of existing buildings (riqualificazione energetica di edifici esistenti) Interventions to improve insulation of existing building (pavements, roofs, walls, windows) (interventi su edifici esistente, pareti, finestre + infissi) Installation of Solar Cells for preparation of hot water (pannelli solari) Substitution of heating system (sostituzione di impianti per climatizzazione invernale)

3. Avvocati, Dottori Commercialisti e Revisori Legali 3 Building works for energy efficiency – tax advantages of 55 % Up to 55 % of the cost can be deducted from taxes in 10 yearly installments Only for works on existing buildings (not for new construcions) Private persons, enterprises and public authorities (even if not resident) The building has to be used by the applicant (not if rent) No cumulation with other tax advantages for the same interventions allowed Type of worksMaximum admitted Energetic Requalification of existing buildings (riqualificazione energetica di edifici esistenti) 100,000 Euro (55 % of 181,818.18 Euro) Interventions to improve insulation of the building (interventi su edifici esistente, pareti, finestre + infissi) 60,000 Euro (55 % of 109,090.90 Euro) Installation of Solar Cells for preparation of hot water (pannelli solari) 60,000 Euro (55 % of 109,090.90 Euro) Substitution of heating system (sostituzione di impianti per climatizzazione invernale) 30,000 Euro (55 % of 54,545.45 Euro)

4. Avvocati, Dottori Commercialisti e Revisori Legali 4 1° type: Energetic requalification of existing buildings Each kind of works which ensures that the energy index will decrease of 20 % of values in schedule (see annex C of decree from 19 february 2007, amended by decree from 11 march 2008) Appicable even if requirements for other types of tax advantages are not fulfilled (ex. substitution of heating system by other system than condensing heater impianti dotati di caldaie a condensazione, high efficiency heat pump pompe di calore ad alta efficienza, or geothermic plant of low enthalpy impianti geotermici a bassa entalpia)

5. Avvocati, Dottori Commercialisti e Revisori Legali 5 2° type: Interventions to improve insulation of the building Every kind of works on roofs, pavements, walls, windows (and frames) and on entrance doors, which ensures that the value U [W/m²K] (for heat loss) indicated in schedule (see annex D of decree from 19 february 2007, amended by decree from 11 march 2008) will be respected No energy certification attestato di certificazione energetica required for the whole building

6. Avvocati, Dottori Commercialisti e Revisori Legali 6 3° type: Installation of Solar Cells for preparation of hot water Installation of Solar Cells for preparation of hot water for domestic or industrial use, included swimming pools, sport structures, medical institutions, schools and universities Requirements Minimum period of warranty (five years for Solar Cells and two years for accessories) Solar Cells have to match UNI EN 12975 or UNI EN 12976; certification has to be provided by an organism of a member state of UE or Switzerland No energy certification attestato di certificazione energetica required

7. Avvocati, Dottori Commercialisti e Revisori Legali 7 4° type: Substitution of heating system Only if existing heating system will be substituted integrally or partially by condensing heaters impianti dotati di caldaie a condensazione high efficiency heat pumps pompe di calore ad alta efficienza geotermic plants of low enthalpy impianti geotermici a bassa entalpia Only if substitution: tax advantages are not granted if the condensing heater, heat pump or geothermic plant will be installed in buildings which were not provided with heating systems before Remind that, if substituion by other than the above mentioned facilities will occur, the tax advantages of 1° type (Energetic requalification of existing buildings) may be applicable, if criterias are met

8. Avvocati, Dottori Commercialisti e Revisori Legali 8 Building works for energy efficiency – tax advantages of 55 % Documents to be provided by technicians Attestation asseverazione, which confirms that the works comply with technical requirements requested Energetic certification attestato di certificazione (o qualificazione) energetica, in conformity with sample provided by law Information schedule scheda informativa relativa agli interventi realizzati, in conformity with sample provided by law Documents have to be provided by technicians authorized for planning of buildings and plants (engineers, architects, surveyors geometri, …) No communication to tax authority prior to the beginning of works is required

9. Avvocati, Dottori Commercialisti e Revisori Legali 9 Building works for energy efficiency – tax advantages of 55 % Documents to be provided by applicant Energetic certification attestato di certificazione (o qualificazione) energetica, issued by technician Information schedule scheda informativa relativa agli interventi realizzati, issued by tecnician (both to be sent within 90 days from end of works fine lavori to Enea, on website www.acs.enea.it) Communication to tax authority comunicazione allagenzia delle entrate (standard form provided by law), to be sent via the Enea-website, within 90 days from ending of tax assessment period Type of payment If not enterprise or company: by wire or postal transfer (Bank or Post Office have to retain 10 % of payment as down payment for taxes due by the enterprise which carried out the works)

10. Avvocati, Dottori Commercialisti e Revisori Legali 10 Building works for energy efficiency – tax advantages of 55 % Documents to be kept by the applicant Energetic certification asseverazione, issued by technician Proof of trasmitting of documents to Enea ricevuta di invio tramite internet o ricevuta della raccomandata postale allEnea Invoices fatture o ricevute fiscali (costs of workmanship have to be indicated separated in bill) Proof of bank or postal transfer ricevuta del bonifico (if not enterprise or company)

11. Avvocati, Dottori Commercialisti e Revisori Legali 11 Photovoltaic Incentives The Conto Energia III - D.M. 06.08.2010 General Provisions Photovoltaic plants (cap of 3 GW – term of 14 months) Integrated PV-plants with innovative characteristics impianti integrati con caratteristiche innovative (cap of 300 MW) Concentrator PV-plants impianti a concentrazione (cap of 200 MW) Owner of the plant a) Companies and enterprises b) Public entities c) Private persons d) Co-owners of buildings condomini (if Concentrator PV-plant only a) and b))

12. Avvocati, Dottori Commercialisti e Revisori Legali 12 Photovoltaic Incentives Decrease of 6 % in 2012 and 2013 General schedule of f.i.t. for PV-plants Power Rate Start-up of plant in period from 31.12.2010 to 30.04.2011 Start-up of plant in period from 01.05.2011 to 31.08.2011 Start-up of plant in period from 01.09.2011 to 31.12.2011 PV-plants on buildings Other PV-plants on buildings Other PV-plants Other PV-plants on buildings

13. Avvocati, Dottori Commercialisti e Revisori Legali 13 Photovoltaic Incentives Third tariff (=arithmetic average of f.i.t. for other PV-plants) for plants on greenhouses, noise protection barriere acustiche, porch roofs tettoie Increasment for PV-plants in industrial areas, stone pits, waste disposal sites (5 %), does not apply for roof top plants!) Removal of asbestos and cement asbestos amianto (10 %) Municipalities with less than 5.000 inhabitants, if PV-plants realized on buildings and responsible is municipality (5 %) Systems with input that can be planned (+20%) Premio higher tariff for plants on buildings with increased energy efficiency (up to 30%) Payment granted for 20 years (no inflationary adjustment) In addition to consideration for selling energy Application to be sent within 90 days from start-up of the PV-plant

14. Avvocati, Dottori Commercialisti e Revisori Legali 14 Photovoltaic Incentives For 2011 – decrease of 2% in 2012 and 2013 Payment granted for 20 years (no inflationary adjustment) In addition to consideration for selling energy Integrated PV-plants with innovative characteristics Impianti integrati con caratteristiche innovative Power Rate

15. Avvocati, Dottori Commercialisti e Revisori Legali 15 Photovoltaic Incentives Only for companies and enterprises and Public entities (not for Private persons and Co-owners of buildings) From 1 kW to 5 MW For 2011 – decrease of 2% in 2012 and 2013 (with cap of 200 MW) Payment granted for 20 years (no inflationary adjustment) In addition to consideration for selling energy Concentrator PV-plants Impianti a concentrazione Power Rate

16. Avvocati, Dottori Commercialisti e Revisori Legali Avv./RAin Svenja Bartels, Partner - Padua Activity Areas: M&A, Energy Law, Company and Commercial, Property Law, legal aspects with regard to renewable energy and project management. Formation and professional background: Svenja Bartels studied Law at the Universities of Bonn, in Swiss and attended the Univeristy of Administrative Sciences Speyer until 1999. She is member of the Düsseldorf and Milan Bar from 2002. After practising for some years in Milan, she has been cooperating with the lawyers office Rödl & Partner in Padua since 2005. She has developed wide experience in advising foreign companies, in particular German and Italian companies. She has assisted a huge number of German and international clients in the field of projekt developement, transaction and takeover of commercial properties. She primarily advises companies which operate in the field of renewable energy. Speaker in many conferences concerning renewable energy. Languages: German, English, Italian, French. Svenja Bartels Avvocato / Rechtsanwältin E-Mail: svenja.bartels@roedl.it Rödl & Partner Padua Via Francesco Rismondo 2/E 35131 Padua Tel.: +39 (049) 80 46 911 Fax: +39 (049) 80 46 920 Contacts

17. Avvocati, Dottori Commercialisti e Revisori Legali 17 Largo G. Donegani, 2Via E. Rismondo, 2/EPiazza di Santa Anastasia, 7Piazza Walther-von-der-Vogelweide, 8 20121 Milano35131 Padova00186 Roma39100 Bolzano Tel.: +39-02-6328841Tel.: +39-049-8046911Tel.: +39-06-96701270Tel.: +39-0471-1943200 Fax: +39-02-63288420Fax: +39-049-8046920Fax: +39-06-3223394Fax: +39-0471-1943220 mailand@roedl.itpadova@roedl.itroma@roedl.itbolzano@roedl.it www.roedl.com/it As a worldwide firm providing legal advice, tax consultancy and auditing, Rödl & Partner is at the service of the markets leading companies. Our success is defined through our clients success. The success story of Rödl & Partner began in 1977 with the firms incorporation in Nuremberg, Germany. Carefully-planned and outstanding growth led to more branch offices in Germany, as well as Central and Eastern Europe and Asia, followed by the development of key locations in Western and Northern Europe, the US and Latin America. Our strategy is as simple as it is successful: Rödl & Partner provides local services in locations where clients see a potential for their economic engagement. Today, Rödl & Partner has offices in approximately 80 locations in 40 countries and our colleagues worldwide focus on one aim: to expand our clients success. Our activities focus on you and your business. We examine your business in all of its different facets as well as from various angles and perspectives. With the combination of integrated, long-term invested economic, fiscal and legal strategies, we promise maximum prospects for development and success. About Rödl & Partner