1.1 Novenergia II Fund at a glance

Novenergia II Energy & Environment (SCA), SICAR (the “Fund”) is a leading European independent renewable energy infrastructure fund with over 15 years of history

 Consolidated platform with full operational and corporate control of the assets operating in Portugal, Italy, Spain, France, Poland and Bulgaria through a wholly owned company, Novenergia Holding Company, S.A. (the “Company”)

 613MW1 of net installed capacity across wind, solar PV and mini-hydro technologies

 Assets with contracted and / or guaranteed revenue under a stable regulatory framework

2

1 Experienced General Partner as one of its most valuable assets

 Committed team of professionals with strong experience in the Fund, having developed it since its inception

 Consolidated network resulting in direct involvement in the Portuguese renewable energy regulation review in 2012

3

Track record of value creation for its investors

 NAV of €622m as of March 2016 resulting in a 12.6% IRR2 (net of fees) since 2001

 c.5.0x return on capital since first fund constitution

4

Rationale of the transaction

 The Fund was constituted with an expected life maturing in 2017

 The General Partner is looking to raise a new fund (the “New Fund”) to acquire the Company and continue its development

 A significant part of the current investor base is interested in reinvesting, on average, c.50% of their current exposure, which will result in c.25% of participation units reinvested in the New Fund

5

The New Fund is expected to consolidate Novenergia as a leading international renewable energy producer and expand its platform across Europe and Latam

 Positioned as an alternative to traditional fixed income investments, well suited for investors looking to match long-term liabilities

 Solid total return targeted with an attractive and recurrent dividend yield component