European Energy Financial Overview

European Energy key credit highlights ויו 1 Rising electricity sales with more operational projects resulting in stable EBITDA and high margins 2 More than 100 projects completed and EUR 1.7bn cumulative investments, all resulting in positive results. Average profit margin for European Energy's last 5 completed projects was approx. 25% 3 Fast project turnover from Ready-to-Build to grid connection and divestment == EUROPEAN ENERGY Business 4 Large construction portfolio, supported by continuously expanding development pipeline EUROPEAN ENERGY 5 Fast growing market for renewable energy with positive outlook, driven by several trends amongst others the need for increasing the share of renewable energy in the energy mix Market 6 Renewable energy sources comfortably below grid parity with fossil fuels and with potential to be even more cost-efficient. Only hydro is cheaper than solar and wind 7 Strong financials - positive results even if excluding revenue from divestments in Q1 2019 Financials 8 Solid financial profile with a strong equity story starting with EUR 4m equity in 2004 to EUR 108m in 2018 equivalent to a CAGR in equity from 2004 to 2018 at 27%. From 2015 to 2018 CAGR was 24%. | 10

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