General presentation and overview December 2012

This business approach does not oblige its addressees to enter into negotiations or to conclude further agreements with NovEnergia II – Energy & Environment
(SCA) SICAR. The information contained herein does not have any guarantee of return of the investment and/or profitability.

NovEnergia II – Energy & Environment (SCA) SICAR makes no representation or warranty, express or implied, as to, or assume any responsibility for, the
accuracy, reliability or completeness of any of the information contained herein or any other information supplied by NovEnergia II – Energy & Environment
(SCA) SICAR or the assumptions on which it is based or shall be under any obligation to update or correct any inaccuracy in the information contained herein or
any other information supplied by NovEnergia II – Energy & Environment (SCA) SICAR or be otherwise liable to addressees or any other person in respect of the
information contained herein or any such information

The entity which receives this dossier is obliged (a) to use any and all (but not limited to) commercial, financial, technical and/or legal information whether
disclosed in writing, orally, visually, electronically or by any other means contained herein only for the purpose of this business approach, (b) to keep strictly
confidential and secret any and all information contained herein and which may further receive from NovEnergia II – Energy & Environment (SCA) SICAR under
the business approach and (c) not to disclose it or any part of it - directly or indirectly - to any third party and to provide the necessary means to prevent
unauthorized disclosure.”
 Portugal – Pinhal Interior (146 MW)

General presentation and overview

An international expertise in renewable energy

NovEnergia Group is dedicated to the

promotion of renewable energy
World-wide development:
Wind, Solar and Hydro Luxembourg, Portugal, Spain,
projects Italy, France, Bulgaria,
Hungary, Poland, Romania
& South Africa

An integrated actor:

Prospection Development Investment Operation

Project Technical and environmental studies, Non-recourse project Construction, engineering,

identification authorisations, building permits, grid financing operation and maintenance
connection

General presentation and overview

NovEnergia: Past & Future

The NovEnergia Group was incorporated in 2001 through the constitution of a Luxembourg based SICAV named NovEnergia 2010. Presently, the
Group is managed by NovEnergia General Partner, a Luxembourg based company owned by the 7 members of the Board (see below “The
Management Team”).

NovEnergia 2010 SICAV played its role in the renewable energy sector in Portugal acquiring important shares and controlling the management of two
key players of the renewable energy sector in Portugal: Generg and Finerge.

Later on, NovEnergia coordinated and participated in the creation of ENEOP – Eolicas de Portugal, a consortium with two major utilities (EDP and
Endesa) and the leader in wind turbine innovation (the German Enercon). ENEOP won the national wind energy tender of Portugal for 1200 MW and
the constitution of an industrial cluster (led by ENERCON) that will produce and install 200 turbines per year.

In 2007 NovEnergia decided to go international, and the Group incorporated a new Fund – NovEnergia II (SCA) SICAR – a Luxembourg based
SICAR. NovEnergia II acquired all the assets of the former NovEnergia 2010. By June 2012, its net assets reached 480 Million Euros controlling more
than 1 Billion Euros of investments across Europe.

NovEnergia is now on the process of creating the NovEnergia Holding that will consolidate all the assets and raising new capital to develop a robust
pipeline of projects in late stages of development. The capital increase that is now underway has been approved for a total of 500 Million Euros. Until
now a total of 124,3 Million Euros of contribution has already been made, leaving 375,7 Million Euros available for additional investors.

General presentation and overview

 Ten years of continuous growth – a snapshot

Evolution of NovEnergia’s value per share since inception

120.000

100.000
Internal Rate of Return
Unit value
80.000 Novenergia
II SICAR
15.0 %
60.000
Euros

NovEnergia NovEnergia II
40.000 Unit value
Novenergia 2010 SICAV SICAR
2010
20.000 2001 2006 2012
0

EUR milllion 2001 2012

Equity Value 13 486

1
Annual Revenues - 205

EBITDA - 162

Total Assets - 1.500

Portfolio in
- > 1.000
Development

General presentation and overview

The Management Team

The NovEnergia Group was conceived and founded by a group of experts around Carlos Pimenta who have
spent the past 20 years promoting energy efficiency and renewable energies in different ways (political
responsibilities, academic research and projects, consulting, energy production), contributing to establish the
current framework for independent renewable energy production at the Portuguese and EU level.

Henri Baguenier, Chairman Álvaro Brandão Pinto, CEO

 30 years experience in the energy and
environment sector (EU, Eastern Europe & South
America). Professor of Energy Economics at the
University of Paris and Director (1985-2007) of a
Master degree Program on Energy Economics and
Energy Policy.
 Large know-how in several branches of the energy
sector. Director of Endesa Group companies in
Portugal, in particular of companies dedicated to
renewables and co-generation. Member of the Board
of ENEOP. President of COGEN Portugal.

 Former President of SIIF do Brazil (EDF-EN

Group) and of the European Small Hydro
Association. Former Advisor to the Portuguese
Secretary of State of Energy. Chairman of the
Consultative Energy and Environment Committee
of the European Commission (1997-2000).
Álvaro Martins
 Professor at the Technical University of Lisbon and of
Economics and Energy Policy. Analyst and supervisor of
several public and academic organisations involved in
energy research. Coordinator of the Portuguese
National Carbon Plan 2005-2007.

General presentation and overview

The Management Team
Albert Mitjá
 Former General Director of Energy of Catalonia
Autonomous Region, and advisor to the European
Commission and UNESCO.
Aníbal Fernandes
 Considerable experience in all branches of the energy
sector, from oil to gas to wind energy. Former
Director of Galp Power and CEO of Transgás Atlântico;
former advisor to the Portuguese Government, in
charge of the introduction of natural gas in Portugal.
 CEO of ENEOP, the largest wind energy consortium
and industrial cluster in Portugal.
Armando Nunes
 Financial and Capital markets expert since 1990.
Former CEO of Banco Mello Capital Markets Group of
Companies. Former member of the Board of the
Portuguese Association for Pension Funds and of the
Portuguese Association of Asset Managers. Economics
degree, Master in European Studies and MBA.
General presentation and overview
Carlos Pimenta
 Carlos Pimenta has spent his career defending
environmental issues and sustainable development. He
was Secretary of State for the Environment/Natural
Resources and Fisheries in the 1980’s in Portugal and
member of the Portuguese and European Parliaments
from 1985 to 1999. He is also a former Board Member
of EDF Energies Nouvelles and one of the co-founders
of the Globe program.
 During his time at the European Parliament, he was a
negotiator of the Kyoto protocol and a key promoter
of the EU’s renewable energy policy. He is currently a
Board Member of several renewable energy companies
and a member of the EU Energy Advisory Forum.
Ottavio Lavaggi
 Expert in International Finance and Tax Systems.
Former international civil servant of the European
Union. Former member of the Italian Parliament.
NovEnergia Group Structure

NovEnergia II Energy & Environment (SCA) SICAR

(Luxembourg)
Presence in 10 countries
NovEnergia Holding
(Luxembourg)
100%

NE2S (Services
Company)

100% 100% 90% 80% 70% 100% 70% 100% 85%

Lusenerg NovEnergia Eneryo NovEnergia II NovEnergia II NovEnergia II NovEnergia II NovEnergia South

(Portugal) II España (France) Bulgaria Hungary Italian Portfolio Bucuresti Poland Africa

57,5% 35% 50-100% 86% 70% 100% 100% 100% 50% 73%
5 SPVs Eko
Generg SGPS Boneca 7 SPVs 3 SPVs NEI S.r.l. 4 SPVs
HFV 1 SPV
(France) Novenergii S.p.A.

20% 90-100%
100% 100%
ENEOP 23 SPVs
6 SPVs 11 SPVs

100%

23 SPVs

* The country holdings are being transferred into NovEnergia Holding that has just been incorporated

General presentation and overview

 Capacity in Capacity in
operation (Nov operation Consolidated Revenues
30th 2012) (expected 2015)

Total capacity Total capacity 2011 2012E 2015E

(MW) (MW) (M€) (M€) (M€)

Portugal 671 728 130 154 178

Spain 24 24 15 15 18

Italy 77 216 12 25 60

France 15 80 1 7 23

Eastern
Europe 10 80 - 1 23
Countries

South Africa - 90 - - 9

TOTAL 797 1.187 158 204 311

NovEnergia Group: near 800 MW in Operation

General presentation and overview

Investments to perform & company growth

Expected capacity in operation (MW)

2012 2013 2014 2015
year end
Spain 24 24 24 24

France 15 15 55 80

Italy 77 98 181 216

Portugal 672 728 728 728

Eastern Europe Countries 10 30 80 80

South Africa - - - 90

Total 798 895 1.097 1.187

Portugal – Manteigas (6,5 MW)

M EUR 2012E 2013E 2014E 2015E 2016E 2017E

Revenues 204 220 274 311 329 352
EBITDA 162 175 215 245 261 280
Net Result (after minorities) 19 17 14 20 23 48

Net Fixed Assets 1.285 1.448 1.548 1.574 1.562 1.446

Current Assets 215 239 282 307 278 294
Total Assets 1.500 1.687 1.830 1.881 1.840 1.740

Financial Debts 1.010 1.147 1.327 1.387 1.127 1.028

Short-term liabilities 48 78 73 71 62 63
Total Equity 443 462 429 422 651 650
Total Equity and Liabilities 1.500 1.687 1.830 1.881 1.840 1.740

General presentation and overview

 Poland
Wind : 40 MW

Hungary Romania
France Wind : up to 100 MW
Wind : 90 MW
PV : 15 MW; 20 MWp

Italy
Wind : 4 MW; 165 MW
Portugal (Boneca & Generg ) PV : 73 MW ; 20 MWp
Hydro : 33 MW
Wind : 620 MW; 56 MW
PV : 18 MW
Bulgaria
Wind : 200 MW
Spain
PV : 10 MW
PV : 24 MW

Country
Headquarters
Local Offices
Technology : MW in operation; under development/construction

International Portfolio

General presentation and overview

Portugal: Generg & Eneop

Home Office - Lisbon

NovEnergia in Portugal Generg is the 3rd renewable energy operator in Portugal
In 2006, the ENEOP consortium won the national wind energy
100% 35% tender for 1200 MW

Lusenerg Eólica da
Boneca 8 MW Wind
in operation
57,5%

Generg Portfolio of GENERG Capacity

Hydro in operation 33 MW
20%
Wind farms in operation 436 MW
Eneop PV in operation 18 MW

Portfolio of ENEOP Capacity Part owned by GENERG

Wind farms in operation 918 MW 184 MW

Wind farms in construction / development 282 MW 56 MW

General presentation and overview

Spain: 7 PV projects in operation

 Home Office – Barcelona

 Spain is one of the most mature markets in Europe for renewables, with more than 20 GW of wind and 4 GW of
PV installed at the end of 2010. NovEnergia has invested strongly in PV, with 7 projects in operation representing
a portfolio of 24 MWp (investment of 166 M€)

Location
Capacity– structure/tracking

Mora La Nova
1.54 MWp – 1 axis
Villares del Saz
3.37 MWp – no
tracker
Barrax
Almansa
1.66 MWp – 2
3.23 MWp - 1 axis
axes
Lobón Bonete
2.81 MWp – no 5.8 MWp – 2 axes
tracker
Fuente Álamo
5.2 MWp - 1 axis

General presentation and overview

Italy: a large and developing portfolio

 Home Office – Rome

 Since 2007, NovEnergia’s local team has managed to:

 develop a vast portfolio of several wind and PV projects, representing around 150 MW and 100 MW, respectively.
 Build and start the operation of a 4 MW wind project
 Close a strategic partnership with F2i (a national public/private infrastructure fund created by the Italian government in 2007) for the
co-investment of 100 MW of PV projects. As of August 31st this joint venture (HFV) held a total of 64 MW in operation.
 Build and start the operation of 22 MW of PV plants – of which 20 MW have already been transferred into the HFV partnership.

Projects Capacity
PV in operation 73 MW

PV under development / analysis 20 MW

Wind farms in operation 4 MW

Wind farms under development / analysis 165 MW

View of Puglia plant
(4MWp)
Total portfolio 262 MW

General presentation and overview

France: 5 PV projects in operation

 Home Office – Paris

 Since 2008, NovEnergia’s affiliate - Eneryo - has managed to develop a strong portfolio of PV plant projects representing 50
MW in the south of France and Building integrated photovoltaics (BIPV) projects representing 10 MW

 8 MW of PV and 0,3 MW of BiPV have begun production in September 2011 and an additional 6,6 MW of several projects
have started operation during the 1st semester of 2012.

Lorrain (3,8 MW)

Important solar resources in the

south of France

An experienced and dynamic team

General presentation and overview

Bulgaria: a strategic emerging market

 Home Office – Sofia

 Feed-in tariffs for Wind and PV projects have been recently defined, finalising the legal framework revision
 Strong resources of wind, sun and hydro
 Small penetration of large players
 NovEnergia is developing around 200 MW of Wind farms projects all over Bulgaria. 10 MW of PV have already started
operation in Dabovo.

DABOVO – 10 MW PV

DRAGOMAN, 30 - 40 MW Wind

Dabovo (10 MW)

RAKOVO, 30 - 50 MW Wind

SVILENGRAD, 60 - 100 MW Wind

MOMCHILGRAD, 40 - 50 MW Wind

General presentation and overview

Poland: a mature but still promising market

 NovEnergia has acquired the rights for a 20 MW wind project. An additional capacity of 20 MW can be secured in the
same location in the months that follow.

 Construction works for the first 20 MW will start in the beggining of 2013.

 Analysis in other projects are ongoing.

GLUCHOW Wind Farm, 20 MW

+ 20 MW

General presentation and overview

Promising markets

 Other Eastern countries are markets with significant potential but different characteristics:
 Hungary
 Many interesting projects but the feed-in tariff is subject to restrictive national tenders
 3 wind projects representing a capacity of about 90 MW
 30 MW are fully developed
 NovEnergia’s strategy: Develop projects while waiting for the definition of a stable support mechanism

 Romania
 Large untapped potential but some uncertainty remains regarding the green certificate scheme
 A partnership with a local company is under study
 The associated portfolio would represent up to 120 MW (wind and hydro)
 NovEnergia’s strategy: Build strong partnership with local players

 NovEnergia is ready to enter markets all around the world, namely

 South Africa: together with local partners NovEnergia is preparing to participate is the national tender for new capacity
– up to 90 MW are under final stages of analysis for presentation in the tender and could start construction by in 2014.

 Brazil and the rest of Latin America (the management team has strong local contacts that can present very interesting
opportunities), Middle East and Asia – prospects could reach above 300 MW of capacity.

General presentation and overview

Key data

Name NovEnergia II – Energy & Environment

Type SICAR (Umbrella) established in Luxembourg
Legal Structure Société en Commandite par Actions (SCA)
Term March 2017 + 2 years
Investment Strategy Energy and Environment Projects
Commitment 353 million already drawdown; remaining increase of up to 376 million
Size Presently above EUR 485 million
Advisor BIZ Valor Sociedade Corretora, SA (Portuguese Financial Cie)
Custodian CACEIS Bank Luxembourg, Luxembourg (Credit Agricole Group)
Manager NovEnergia General Partner (Lux)
Investor Committee 3-4 meetings per year (1 representative per investor above EUR 10m + 1)
Co-investment rights Held by investors with commitments > EUR 30 m

General presentation and overview

A large panel of reference investors

By November 2012, the capital invested in the fund by key actors of the Portuguese and European financing
sectors reaches more than € 353 million. Among the main historical investors are:

• Banco de Portugal The Central Bank of Portugal (through its Pension Fund)

• Three major Foundations:

 Philanthropic foundation dedicated to four main fields: arts, education, science and human
development, with a assets of € 2.9 billion.

 Financial institution created to contribute to the development of Portugal by financial and

strategic support for innovative projects thanks to the cooperation between American and
Portuguese civil societies. Its capital in 2006 was €140 million.

 Implementation and support of cultural, educative, artistic, philanthropic and social initiatives,
focused on Portugal and Macau.

• Four large Portuguese Financial Groups:

A large panel of reference investors

More recently 3 new reference investors entered NovEnergia:

• Champalimaud Foundation

• Portugal Telecom (through its Pension Funds)

• Instituto de Seguros de Portugal - the supervising authority for the insurance sector (through 2 of its Managed Funds)

Other reference investors are:

 BIZ Valor Asset management, Montepio Nacional das Farmacias, Caixagest.

As a commitment sign to the investors the NovEnergia General Partner is also a shareholder since inception, with a share of around
3% in the Capital of NovEnergia.

General presentation and overview

NovEnergia II – Energy & Environment (SCA) SICAR

Luxembourg:
5 allée Scheffer
L-2520 Luxembourg

www.novenergia.com

Portugal – Caramulo (90 MW)

Contacts

General presentation and overview