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Investor Presentaiton

12 Value creation in Scatec's integrated business model • The integrated business model yields multiple sources of value Project cost of equity defined based on e.g. leverage, currency and country risk premium • Scatec guidance: Avg project Equity IRR of 12-16% • D&C gross margins of 10-12% • Cost inflation with some impact on Development & Construction margin for project backlog Illustration of Equity IRR build up: 18+% 12-16% Project Company Equity IRR Project Development margin Construction margin Service margin Refinancing Total Equity IRR

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