Albert Mitja Sarvise Grupo NovEnergia referente de energia renovable_Oct2011

1. General presentation and overview October 2011

2. An international expertise in renewable energy Novenergia is a private equity fund dedicated to the promotion of renewable energy throughout Europe Continent-wide development: Portugal, Italy, France, Spain, Bulgaria, Hungary, Poland & Wind, Solar and Hydro projects Romania 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

3. 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 December 2010, its assets reached 309 Million Euros controlling more than 1 Billion Euros of investments across Europe. NovEnergia is now on the process of raising new capital. The capital increase that is now underway has been approved for a total of 300 Million Euros. Until September 30tha total of 124,3 Million Euros of contribution had already been made, leaving 175,7 Million Euros available for additional investors. General presentation and overview

4. Evolution of Novenergia’s value per share since inception 120.000 100.000 Unit value Novenergia II SICAR 80.000 60.000 Euros Unit value Novenergia 2010 40.000 20.000 0 01-Set-04 01-Set-09 01-Out-01 01-Out-06 01-Out-11 01-Nov-03 01-Nov-08 01-Mar-02 01-Ago-02 01-Abr-04 01-Mar-07 01-Ago-07 01-Abr-09 01-Jan-03 01-Dez-05 01-Mai-06 01-Jan-08 01-Dez-10 01-Mai-11 01-Fev-05 01-Fev-10 01-Jul-05 01-Jul-10 01-Jun-03 01-Jun-08 Accumulated Capital Value Internal Rate of Return 500.000.000 15.1 % 400.000.000 300.000.000 Euros 200.000.000 11.0% 19.4% 100.000.000 Novenergia 2010 SICAV Novenergia II SICAR 0 2001 2006 2011 20012002200320042005200620072008200920102011 Ten years of continuous growth General presentation and overview

5. 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. Álvaro Brandão Pinto, CEO of Novenergia Services Henri Baguenier, Chairman 30 environment sector (EU, Eastern Europe & South America). Former Director (1985-2007) of a Master degree Program on Energy Economics and Energy Policy in Paris years experience in the energy and  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. Member 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. Former Chairman of the Consultative Energy and Environment Committee of the European Commission.  Álvaro Martins Professor (PhD) at the Technical University of Lisbon and is specialized in Economics and Energy Policy. Analyst and supervisor of several organisations involved in energy research. Coordinator of the Portuguese National Carbon Plan 2005-2007.  public and academic General presentation and overview

6. The Management Team Albert Mitjá Carlos Pimenta Former General Director of Energy of Catalonia Autonomous Region, and advisor to the European Commission and UNESCO.  Carlos Pimenta 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. has spent his career defending  Aníbal Fernandes Considerable experience in all branches of the energy sector, from oil to gas to wind energy. Director of Galp Power; former adviser to the Portuguese Government, in charge of the introduction of natural gas in Portugal; advisor to several public and private institutions on energy.  Former 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 EnergyAdvisory 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 Finance and Tax Systems and former international civil servant of the European Union. Former member of the Italian Parliament.  General presentation and overview

7. Novenergia Group Structure NovEnergia II Energy & Environment (SCA) SICAR Presence in 8 countries 100% NE2S (Services Company) 37,29% 100% 35% 100% 90% 70% 100% 70% 80% Eólica da Boneca (Portugal) Novenergia II Bulgaria Lusenerg (Portugal) Novenergia II España Novenergia II Hungary Novenergia II Bucuresti Novenergia II Italian Portfolio Eneryo (France) (Poland) 100 % 100 % 70% 50 - 100% 57,5% 80% 100 % 50% 7 SPVs (France) Eko Generg SGPS 7 SPVs 3 SPVs NEI S.p.A. 4 SPVs HFV S.p.A. Novenergii 20% 90-100% 100% 100% ENEOP 6 SPVs 23 SPVs 11 SPVs 100% 23 SPVs General presentation and overview

8. Capacity in operation (Sep 30th 2011) Capacity in operation (expected for 2015) Expected Consolidated Revenues Total capacity (MW) Novenergia Share (MW) Total capacity (MW) Novenergia Share (MW) 2011E (M€) 2012E (M€) 2015E (M€) Portugal 658 377 737 422 116 122 130 Spain 24 20 24 20 17 18 19 Italy 66 38 260 213 12 27 82 France 8,3 6,6 14,6 11,7 1,5 7,8 7,9 Eastern Europe Countries 400 236 5,7 114 - - - TOTAL 756 442 1436 903 147 182 353 Novenergia Group: more than 750 MW in Operation General presentation and overview

9. Poland Wind : 40 MW Romania Wind : up to 100 MW Hungary Wind : 90 MW France PV : 8 MW; 60 MWp Italy Wind : 4 MW; 157 MW PV : 62 MWp ; 72 MWp Portugal (Boneca & Generg ) Hydro : 33 MW Wind : 606 MW; 104 MW PV : 19 MWp Bulgaria Wind : 280 MW PV : 10 MWp Spain PV : 24 MWp Country Headquarters Local Offices Technology: MW in operation; under development/construction International Portfolio General presentation and overview

10. 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 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 Wind farms under development 25 MW PV in operation 19 MW Portfolio of ENEOP Capacity Part owned by GENERG Wind farms in operation 806 MW 161 MW Wind farms in construction / development 394 MW 79 MW General presentation and overview

11. 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 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

12. 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 163 MW and over 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 September 30ththis joint venture (HFV) held a total of 56 MW in operation.  Build and start the operation of 22 MW of PV plants – of which 16 MW have already been transferred into the HFV partnership.  Projects Capacity PV in operation 62 MW PV under development / analysis 72 MW Wind farms in operation 4 MW Wind farms under development / analysis 86 MW View of Puglia plant (4MWp) Total portfolio 224 MW General presentation and overview

13. France: reaching production 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 the beginning of September and an additional 6,2 MW of several projects will progressively begin operation until the end of 2011.  Important solar resources in the south of France An experienced and dynamic team General presentation and overview

14. 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 more than 250 MW of Wind farms projects all over Bulgaria. 10 MW of PV are ready to build in Dabovo.  KRUSHARI, 20 - 50 MW Wind DABOVO – 10 MW PV RAKOVO, 30 - 50 MW Wind DRAGOMAN, 30 - 40 MW Wind SVILENGRAD, 60 - 100 MW Wind MOMCHILGRAD, 40 - 50 MW Wind General presentation and overview

15. Poland: a mature but still promising market Novenergia has recently 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 2012  Analysis in other projects are ongoing.  GLUCHOW Wind Farm, 20 MW + 20 MW General presentation and overview

16. Eastern countries: 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  General presentation and overview

17. Key data 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 Europe & Mediterranean Geographical Scope 353 million already drawdown; remaining increase of up to 176 million Commitment Presently above EUR 450 million Size Intervalores Sociedade Corretora, SA (Portuguese Financial Cie) Advisor Custodian CACEIS Investor Services,Luxembourg (Credit Agricole Group) 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

18. A large panel of reference investors By September 2011, the capital invested in the fund by key actors of the Portuguese and European financing sectors reaches more than € 353 million. Among the main 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 capital of € 2.7 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:

19. A large panel of reference investors Recently 3 new reference investors entered Novenergia: Champallimaud Foundation • PortugalTelecom (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: BIZValorAsset 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 € 8,4 million in the Capital of Novenergia by the end of 2010. General presentation and overview

20. NovEnergia II – Energy & Environment (SCA) SICAR Luxembourg: 5 allée Scheffer L-2520 Luxembourg  www.novenergia.com  Contacts General presentation and overview