Accelerated Wind Farm Development

Reflections from Augusta's Taiwanese M&A experience Private and Confidential Discussion Materials International equity keen to deploy ☐ Diverse interest from global players (funds, PF, utilities) Appetite from passive capital to risk share pre FID to boost returns Levered IRR targets started 200bps higher than Europe but this picture is changing fast Quality sponsor still critical as consortium partner ...however, domestic equity still cautious Quite a few Asian investors showed interest and submitted indicative bids However, local Taiwanese institutions remained in exploratory mode at that stage Market cautious that domestic debt markets can match capital need but international banks are bullish. Political framework (non-OECD): Taiwan is not part of OECD, which excludes many investors active in European offshore Regulatory changes: Important aspects such as performance bonds are evolving FIT PPA concept: Legal framework was evolving and excluded standard aspects common in Europe such as change of law, curtailment or force majeure but other legal protections compensate The positive reaction of global investors to the Taiwanese auction has been confirmed: - Largest offshore wind developers competing for projects Supply chain has eagerly embraced the opportunity Equity and debt finance moving fast to get involved AUGUSTA & CO 7th September 2018 Page 13

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