Albert Mitja Sarvise Grupo NovEnergia referente de energia renovable_May2013

1. General presentation and overview May 2013

2. 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 Theentity 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.”

3. Portugal – Pinhal Interior (146 MW) General presentation and overview

4. An international expertise in renewable energy 4/22 NovEnergia Group is dedicated to the promotion of renewable energy World-wide development: Luxembourg, Portugal, Spain, Italy, France, Bulgaria, Hungary, Poland, Romania & South Africa Wind, Solar and Hydro projects An integrated actor: Development Investment Operation Prospection Project identification Technical and environmental studies, authorisations, building permits, grid connection Non-recourse project financing Construction, engineering, operation and maintenance General presentation and overview

5. NovEnergia: Past & Future 5/22 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 thecreation 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 March 2013, its net assets reached 497 Million Euros controlling 1,5 Billion Euros of investments across Europe. NovEnergia has concluded the incorporation of the NovEnergia Holding that will consolidate all the assets of the Group. It is 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

6. Ten years of continuous growth – a snapshot 6/22 Evolution of NovEnergia’s value per share since inception 120.000 Internal Rate of Return 100.000 14.2 % Unit value Novenergia II SICAR 80.000 Euros 60.000 NovEnergia 2010 SICAV NovEnergia II SICAR Unit value Novenergia 2010 40.000 2001 2006 2012 20.000 0 01-Jun-02 01-Jun-03 01-Jun-04 01-Jun-05 01-Jun-06 01-Jun-07 01-Jun-08 01-Jun-09 01-Jun-10 01-Jun-11 01-Jun-12 01-Dez-01 01-Dez-02 01-Dez-03 01-Dez-04 01-Dez-05 01-Dez-06 01-Dez-07 01-Dez-08 01-Dez-09 01-Dez-10 01-Dez-11 01-Dez-12 EUR milllion 2001 2012 13 491 Equity Value 1 - 200 Annual Revenues - 155 EBITDA - 1.500 Total Assets Portfolio in Development - > 1.000 General presentation and overview

7. The Management Team 7/22 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

8. The Management Team 8/22 Albert Mitjá Carlos Pimenta Former General Director of Energy of Catalonia Autonomous Region, and advisor to the European Commission and UNESCO.  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.  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.  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.  CEO of ENEOP, the largest wind energy consortium and industrial cluster in Portugal.  Ottavio Lavaggi 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.  Expert in International Finance and Tax Systems. Former international civil servant of the European Union. Former member of the Italian Parliament.  General presentation and overview

9. NovEnergia Group Structure 9/22 * Lusenerg, NovEnergia España and NovEnergia Italian Portfolio have been transferred into NovEnergia Holding during the last weeks of 2012. The remaining country holdings will be transferred during 2013. NovEnergia II Energy & Environment (SCA) SICAR (Luxembourg) Presence in 10 countries NovEnergia Holding (Luxembourg) * 100% NE2S (Services Company) 100% 100% 85% 90% 80% 70% 100% 100% 70% Lusenerg (Portugal) NovEnergia II España Eneryo (France) NovEnergia II Bulgaria NovEnergia II Hungary NovEnergia II Bucuresti NovEnergia Poland NovEnergia II Italian Portfolio South Africa 57,5% 35% 86% 50-100% 73% 70% 100% 100% 100% 50% 5 SPVs (France) Eko HFV S.p.A. 3 SPVs Generg SGPS Boneca 7 SPVs NEI S.r.l. 1 SPV 5 SPVs Novenergii 90-100% 20% 100% 100% ENEOP 23 SPVs 6 SPVs 11 SPVs 100% 23 SPVs General presentation and overview

10. Capacity in operation (March 31st 2013) Capacity in operation (expected 2016) Consolidated Revenues Total consolidated capacity (MW) Total consolidated capacity (MW) 2011 (M€) 2012 (M€) 2016E (M€) Portugal 679 728 130 150 182 Spain 21 21 15 16 18 Italy 47 50 12 24 28 France 15 15 1 7 8 Eastern Europe Countries 30 10 - n.s. 9 TOTAL 772 844 158 199 245 NovEnergia Group: over 770 MW in operation General presentation and overview

11. 1st Quarter 2013 Highlights – Installed capacity 11/22 CONSOLIDATED OPERATING CAPACITY (March 2013) MW France Italy Portugal Spain Bulgaria Total Wind PV Hydro Total % 15 15 1,9% MW in operation 4 43 47 6,1% 4% 628 18 33 679 87,6% 21 21 2,7% 14% 33 10 10 1,3% 107 632 107 33 772 100% Poland Wind : 40 MW 632 Romania Wind : up to 100 MW Hungary Wind : 90 MW France PV : 15 MW; 20 MWp 82% Italy Wind : 4 MW; 165 MW PV : 43 MW ; 10 MWp Wind PV Hydro Portugal (Boneca & Generg ) Hydro : 33 MW Wind : 628 MW; 49 MW PV : 18 MW Bulgaria Wind : 200 MW PV : 10 MW Spain PV : 21 MW Note: The HFV figures (Italy) included in this slide are affected by a 50% factor due to NovEnergia share. The same applies to Fuente Alamo project in Spain Country Headquarters Local Offices Technology : MW in operation; under development/construction

12. Portugal: Generg & Eneop 12/22 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 tender for 1200 MW 100% 35% Eólica da Boneca Lusenerg 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 956 MW 191 MW Wind farms in construction / development 244 MW 49 MW General presentation and overview

13. Spain: 7 PV projects in operation 13/22 Home Office – Barcelona Spain is one of the most mature markets in Europe for renewables, with more than 21,5 GW of wind and 4,2 GW of PV installed at the end of 2011. 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 1.66 MWp – 2 axes Almansa 3.23 MWp - 1 axis Lobón 2.81 MWp – no tracker Bonete 5.8 MWp – 2 axes Fuente Álamo 5.2 MWp - 1 axis General presentation and overview

14. Italy: PV in operation and wind in development 14/22 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 March 31st this joint venture (HFV) held a total of 81 MW in operation and is expected to reach almost 90 MW during the 1st semester of 2013.  Build and start the operation of 22 MW of PV plants – of which 20 MW have been transferred into the HFV partnership.  Projects Capacity (consolidated) PV in operation 43 MW PV in acquisition 5 MW Wind farms in operation 4 MW Wind farms under development / analysis 165 MW View of Puglia plant (4MWp) Total portfolio 217 MW General presentation and overview

15. France: 5 PV projects in operation 15/22 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

16. Bulgaria: PV in operation and wind in development 16/22 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

17. Poland: first wind project is ready to build 17/22 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 are expected to start in the first semester of 2013.  Analysis in other projects are ongoing.  GLUCHOW Wind Farm, 20 MW + 20 MW General presentation and overview

18. Promising markets 18/22 Other Eastern countries are markets with significant potential but different characteristics: Hungary   Many interesting projects but lack of effective legal framework  3 wind projects representing a capacity of about 90 MW of which 30 MW fully developed  NovEnergia’s strategy: wait for the definition of a stable framework  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 some markets 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 2014-15.  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

19. Key data 19/22 NovEnergia II – Energy & Environment Name SICAR (Umbrella) established in Luxembourg Type Société en Commandite par Actions (SCA) Legal Structure March 2017 + 2 years Term Energy and Environment Projects Investment Strategy 353 million already drawdown; remaining increase of up to 376 million Commitment Presently above EUR 490 million Size BIZ Valor Sociedade Corretora, SA (Portuguese Financial Cie) Advisor CACEIS Bank Luxembourg, Luxembourg (Credit Agricole Group) Custodian Manager NovEnergia General Partner (Lux) Investor Committee 3-4 meetings per year (1 representative per investor above EUR 10m + 1) Held by investors with commitments > EUR 30 m Co-investment rights General presentation and overview

20. A large panel of reference investors 20/22 By March 2013, 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: • Pension Fund of Banco de Portugal (The Central Bank of Portugal) • Three major Foundations:  Philanthropic foundation dedicated to four main fields: arts, education, science and human development,.  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.  Implementation and support of cultural, educative, artistic, philanthropic and social initiatives, focused on Portugal and Macau. • Four large Portuguese Financial Groups:

21. A large panel of reference investors 21/22 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

22. 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