European Energy Financial Overview

Development - risk management and value creation through divestment 三ﾐ EUROPEAN ENERGY Illustrative overview of the business and relationship between project risk throughout the project cycle RTB3 COD4 Operation & Maintenance 100% Financial close Grid connection & Commissioning Early stage Early in the process project likelihood is low and European Energy carries all relevant investments, which is why investments are kept to a minimum and very limited amount ~ 70-85% Planning / permits Securing of land Site selection -2% FID1 Raise finance Finalise contracts & PPA Tender EPC² Operational contracts Project Value On the last 5 divestments, with an aggregated enterprise value of approx. EUR 250m, EE made a profit of approx. EUR 61.5m, which corresponds to a goodwill share of approx. 25%. Project Cost General European Energy business case 15-30% average gross margin on projects Buyer business case (as assumed by European Energy) Leveraged IRR = 4.0- 8.5% (market dependent) Non-leveraged IRR = 2.5-5.0% (market dependent) Project Risk Operation Development phase Construction phase Project Structuring Actual construction Varies 9-24 months 40 years Varies 12-36 months ≥ 30 years 1) FID: Final investment decision, 2) EPC: Engineering, procurement and construction agreements, 3) RTB: Ready-to-build, 4) COD: Commercial operation date Financing External financing is always secured before entering the actual construction, as to share the risk External financing typically constitute around 70-100% of the invested capital | 15

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