1.5 Proven track record in value creation

Novenergia has delivered a strong IRR (net of fees) of 12.6% to its investors

…based on organic and inorganic business development

2001 Novenergia at its inception acquired c.20% of Generg and played a key role in its organic development

12.6% IRR

2007 Constitution and development of ENEOP as a leading partner, where Generg held 20%

2008 Start of operations in Spain

2009 Development of a JV with F2i2 in Italy, based on a project initially 100% owned by Novenergia

2011 Acquisition of an additional c.37.5% stake in Generg

2001Mar - 16

Novenergia has delivered strong returns to shareholders over the last 15 years

2011 Start of operations in France

2012 Start of operations in Bulgaria

2014 Start of operations in Poland

12.6% IRR and 5.0x cash on cash over the last 15 years

Source Company information

Note

1IRR based on the Net Asset Value of the fund (net of fees) as of March 2016 2Italian infrastructure fund

2016 Novenergia acquired an additional 42.5% in Generg in exchange of the capacity that originated from ENEOP becoming the sole owner of Generg