Accelerated Wind Farm Development

...with institutional investors willing to invest more aggressively and before COD Transaction Enterprise Value Gross MW Stake Pre- tender/ Acquired Value Per MW Per MWh Auction Pre-FC FC Construction COD Levered 609 24.5% €367m 2.46 Wind Farm(s) Date Vendor Acquirer Hohe See & Albatros Borssele III & IV Jan-18 May-18 Enbridge Blauwwind consortium CPPIB Partners Group 732 45% Borkum Riffgrund 2 Aug-17 DONG Energy GIP 450 50% Trianel Borkum II Feb-17 Trianel and EWE ewz and Fontavis 198.4 24.5% Gothaer 110.7 40% €423m1 €3.82m Nordergründe Beatrice Dec-15 wpd Jan-16 SSE CIP 588 10% Burbo Bank Extension Feb-16 DONG Energy PKA, Kirkbi (Lego) 258 50% €1.7bn €6.57m Lynn and Inner Dowsing Feb-16 Centrica / EIG GIG (61%), BlackRock (39%) 194.5 100% €521m €2.69m €899 Mar-09 Ormonde Dec-15 Vattenfall AMF 150 49% €649m €4.33m Feb-12 Rampion Aug-15 E.ON GIG May-15 E.ON GIG EnBW Baltic 2 Nov-15 Macquarie Capital Jun-15 Macquarie Capital PGGM 400.2 6% €1.7bn €4.15m €1,245 400.2 19% €1.7bn €4.28m €1,284 Arztliche B'schaft 288 3.26% 288 30% Jan-15 EnBW Macquarie Capital 288 49.9% 330 50% €1.6bn €4.73m Gode Wind 1 Sep-15 DONG Energy GIP Notes: 1. Debt estimated based on news reports that EIB and KfW IPEX provided c. two-thirds of the €410m capex. FX rate used at Date of Announcement, Source: Augusta & Co, Inspiratia Private and Confidential Discussion Materials AUGUSTA & CO 7th September 2018 Page 10

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