European Energy Financial Overview

Efficient project life cycle from origination to divestment Overview of all grid connected projects in 2018 Comments . European Energy delivers extremely fast execution from ready-to-build to grid connection and divestment 2018 was a busy year at European Energy: The activities spanned five countries: Denmark, Sweden, Germany, Italy and Brazil == Track record of efficient project execution - from origination through to divestment DK PV 70MW Coremas I & II 62MW Bosco le Paine 39MW Lüdersdorf II 3.5MW Lohkamp 12MW Constructed and grid-connected wind and solar farms with an investment value of EUR 377 million in total Nøjsomheds Odde 32.4MW Holmen II 21.6MW Svindbæk EUROPEAN ENERGY 1Y, 2Q 2Y 1Y, 1Q 1Y, 1Q 1Y, 1Q 1Y, 2Q 20 2Q Time from Ready-to-Build to Grid Connection Status of all grid-connected projects in 2018 32MW 2Q Q4 2016 Q1 2017 Q2 2017 Q3 2017 Ready-to-build Q4 2017 Q1 2018 Grid connection Q2 2018 Q3 2018 Q4 2018 Q1 2019 Divested Project Origination DK PV, DK Project rights acquired and project developed Q2 - Q3 2016 Coremas I & II, BR Bosco le Paine, IT Project rights acquired Q4 2016 Project rights acquired Q3 2017 Lüdersdorf II, DE1 Concentration from Wriezener Höhe Q4 2016 Lohkamp, DE Project rights acquired Nøjsomheds Odde, DK Holmen II, DK Q3 2017 Project rights acquired Q2 2016 Project rights acquired Q3 2017 Svindbæk, DK Project rights acquired Q3 2017 Ready-to-build Q4 2016 Q4 2016 Q3 2017 Q2 2017 Q4 2016 Q2 2017 Q3 2017 Q3 2017 In construction Q1 2018 Q4 2016 Q3 2017 Q1 2018 Q3 2017 Q2 2017 Q3 2017 Q3 2017 Grid connected Q2 2018 Q4 2018 Q4 2018 Q2 2018 Q1 2018 Q1 2018 Q1 2018 Q1 2018 Divested Q4 2018 Not yet divested Q1 2019 Not yet divested Q1 2018 Q4 2018 Q1 2019 Not yet divested 1) Repowering Proven ability to deliver strikingly fast project execution minimizes European Energy A/S's financial commitments to projects | 21

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