1.2 Novenergia funds evolution

From an incipient infrastructure fund focused on Portugal to a consolidated European platform poised for growth

Novenergia 2010, SICAV (2001-2007)

 The original fund was constituted in 2001 as a renewable energy fund with focus on Portugal

 Initial start-up stage focused on development of new projects (site and wind assessments, license and permits, construction, etc.) and strategic partnerships

 The fund built strategic partnerships with GDF, Enel and EDP as co-investors and also with technology providers such as Enercon

Novenergia II Energy & Environment (SCA), SICAR (2007-2017)

 Novenergia II was constituted in 2007 to replace the previous fund

– All the investors of the previous fund reinvested and new capital was also raised

 The SICAR aimed for:

– The consolidation of Novenergia as a relevant renewable energy producer in Portugal

– Expansion into Europe

 In 2012, the fund created Novenergia Holding Company and transferred its assets to it in order to guarantee an efficient and fully operational company which would serve as a platform for future growth and value creation

Novenergia, S.C.S2 (2017 onwards)

 The New Fund has a clear and defined strategy based on a balanced shareholder value creation consisting of

– Attractive dividend yield target

– Platform value increase through investments with low risk profile

– Repowering

– Over powering

– New projects

63MW1 at the end of the period in Portugal

613MW1 at the end of the period in Portugal, Spain, Italy, France, Poland and Bulgaria c.900MW1 in existing geographies by 2022 and further upside in selected new countries

Novenergia, based in Luxembourg, has undergone a significant transformation over the past 15 years led by its experienced General Partner and on-the-ground executive management team