201804 Exus' Presentation v2

Exus’ Presentation April, 2018 1

Executive Summary Exus Management Partners is an independent investment and asset management company focused on renewable energy sector which brings turn-key investment opportunities to institutional and private direct and managed funds investors: • Investment arm to originate, structure and place equity and/or debt securities; and • Asset management arm to provide fully integrated management services for investors. Exus has presence in Europe, Latam and US. Exus is currently managing over 1,175MW of wind and solar power generation, representing more than €1bn of enterprise value and has raised and invested more than €550M in equity in the last 24 months alone. 2

Company PhilosophyWhat we stand for…Our Our Values OUT OF THE BOX THINKING INTEGRITYVision Embrace and drive change. Be good!!!!! EXCELLENCE Be adventurous PASSION Create a Global Platform for Top class work Love and enjoy what you do Management of Renewables Energy TEAM WORK Assets for third-party Investors and WIN-WIN Leverage collective thinking 3 the creation of a liquid secondary Think long term market place for trading of Renewable Energy Securities. ENVIRONMENT Leave this world better than you found it

Exus Management Partners complete Asset Management chainSource high-quality renewable Identifying 1 Secure Equity Structure and place equity, hybridenergy projects that can and Debt and debt securities, with differentrepresent attractive investment Assets Funding investors and adjusted to differentopportunities for institutional risk/return appetiteand private investors 5 2 Lead project due diligence,Provide for Exit Opportunities Exit / Transaction negotiations and structuringfor specific assets and liquidity Monetization Executionto investors as/if required 4 3 Full Management ServiceEnsure tight, 24-hour control of assets, optimize operational performance of projects, ensure fulladministrative management of projects and provide complete and periodic reporting to investors 4

Partners of ExusIndustry Luis Adão da Fonseca Industry António Gellweiler Between 2004 and 2012 was a member of the Executive Vice-Chairman of Iberwind (2nd largest wind operator in Portugal Committee of EDP Renewables (third largest wind developer with almost 700 MW of installed power in wind farms). Previous in the world). Previously worked at McKinsey & Co., where he founder & CEO of FINERGE (>300 MW of wind and cogeneration is currently Senior External Advisor for Renewable Energies. plants built). Exclusive agent for Enercon in Portugal up to 2008 Insead MBA. Master in Risk Management from NYU Stern with more than 3,000 MWs installed. Member of APREN board School of Business; (Portuguese renewable energy promoter’s association);M&A Diogo Saalfeld Reis Brazil Partners Between 2010 and 2014 he was a director of Plenium Partners See next slide for detail profile (investment firm focused on renewable energy with € 2 bn of assets • Matthias Becker under management). Between 2009 and 2010, Diogo worked at • Pedro Fragoso European Investment Fund (EIF) where he was involved on direct • Alexandre Machado investments in Private Equity and Venture Capital funds in Spain and Portugal. IE Business School MBA;Asset Manag. Carlos Tello US Partners – In advanced negotiations Carlos was COO of Plenium Partners where he managed c.1.000 Extensive experience, in the US and Asia, both on the development, MW portfolio of Wind, Hydro, PV and CSP projects in several EU construction and operation of renewable assets. Notable deals countries. Worked for Scottish Power Renewable (UK) and include 1Bn dollar portfolio what relates to almost 1GWs wind Iberdrola (Spain) where he focused on the management, investments in US; development, operations and maintenance of energy projects. University of KTH Stockholm (Sweden), EMN Nantes (France) and Mexico Partner - In advanced negotiations ETSII at Universidad Politécnica de Madrid (Spain). Wide renewables deal experience, in the Mexico and LATAM, bothIndustry Nelson Quinta on the sell side and buy side. Further, transactions in the Water, Roads, Energy, Telecom and Real Estate sectors. Chief Officer in Working in the energy sector for nearly 20 years and experienced in one the reference companies in the wind industry; the wind business for more than 12 years. Director and Project Manager of some of the largest wind operators in Iberia. Participated in the development of approximately 500 MW wind projects in Europe. MSc in Mechanical Engineering from University of Porto; 5

Exus Brasil Partners ALEXANDRE MACHADO PEDRO FRAGOSO • 20-y career with deep experience in renewables development, design, implementation and operations • Co-Founder Global Capital Partners, 2016 − Responsible for development, design, construction and operations of wind farms ~680 MW capacity, USD1Bn • A-connect, Partner, LatAm, 2014-2016 − USD3.3Bn deal Technical sellside leader and Asset Management platform leader for foreign investor • The Boston Consulting Group (BCG), Principal, 2012- 2014, Brazil, Energy and Private Equity practices co- • COO, Renova Energia, 2012-2014 leader • Head of Engineering, ABB Voith Power, Brazil, Germany, • Mobi.E International, SA (e-mobility payment systems), 2001-2011 CEO, Europe, 2011-2012 • Field Engineer, Siemens, Brazil, 1998-2000 • Roland Berger, Senior Manager, Europe, 1999-2010, Energy practice leader Portugal, co-leader Iberia • Engineer, Asea Brown, Brazil, 1997 • At GCP, acted as buy-side advisor of a group of three • Specialization, Wind Energy Systems, Fraunhofer Brazilian conglomerates in the acquisition of energy Institute assets comprising two wind parks and an SHP in Brazil, totaling USD 100M in Equity Value • PhD, Electric Power Systems, USP • MBA, Stuttgart Institute • Acted as buy-side and sell-side advisor for the largest • MSc, Electric Power Systems, USP, conc. Reliability of global private equity and infrastructure funds and large corporations, totaling USD 10Bn+, USD 4Bn+ in Energy SCADA systems • M. Eng., Electric Systems, UNIFEI • Advised large multinational corporations, governments and global investors in the whole Energy value chain in issues from corporate strategy, M&A, cost optimization, restructuring, to regulatory work • MBA INSEAD • Guest speaker in Columbia University, SIPA, NY, Global Energy Policy classes; speaker in several global energy conferences 6

Recent Activity & PresenceExus is one of leading asset managers in the renewable sector at the international level NORTH EUROPEAMERICA 845MW Management400MW Tech DD 200MW Develop. Mang. 222MW Wind Construction 1.045MW Technical DD Pittsburgh Office Madrid Office Lisbon Office SOUTH Sao Paulo Office ASIA AMERICA 200MW Tech DD65MW Closed Deal 130MW in AUM689MW Tech DDs 7

Main Activities performed by ExusDetailed Description of our Asset Management Service Origination, Product Business DevelopmentStructuring & Investment Risk ManagementTechnical Management Commercial Management Investor Relations • Technical Project Management • Commercial / Energy Trading • Business Reporting & Communications • Energy Selling Strategies • Project Finance Management • Corporate Governance • Data Analysis • Refinancing • Corporate Responsibility • Revenue Analysis • LRIV Fund Management • Technical-risk Management • Management of Structured Products • Technical Reporting • Controlling • Optimization Planning • Budgeting • Regulation Follow-up • Financial Reporting • Commercial Management • Financial-risk Manag. • Regulatory Affairs • Relationship with Banks • Risk Mitigation • Project Finance Manag. • Compliance Assurance (e.g. NERC) • Distributions • Revenue Enhance • Accounting • Renegotiation of contracts • Tax Compliance • Legal and Compliance • Auditing Reporting Value at Risk (V@R) ESG Policies 8

Alternative Investment Structures provided by ExusExus provides for Direct Investment Opportunities in a Real Asset class through Equity, hybrid and/or Debt securities INVESTOR / LRIV 1. Long-term Return Investment Vehicles (LRIV) to aggregateRenewable Portfolio diverse set of investors through stand-alone Exus managed investment vehicles or in partnership with top-tier investment fund managers;Assets Equity 2. Direct Investment through acquisition of majority or minority Hybrid Equity stakes in Operating or under-construction Renewable Debt Assets; 3. Structured Securities with reduced risk exposure and specific yield and duration characteristics; 4. Green Bond debt instruments and equivalent debt securities 9

Exus OrganizationTeam of approximately 30 professionals, representing more than 100 years of unparalleled experience in the renewable sector andmore than 10,000 MWs of capacity developed, acquired or managedAsset Management Team Origination, Legal & Direct Investors Product Structuring Compliance Investors Relations Pension Funds & Investment Risk Insurance Companies Management Family Offices Finance & Fund Sovereign Wealth Funds Management Infrastructure Funds Administrative Managed Funds Controlling and Tax Exus Managed Investment Funds Planning Exus Partnerships Funds Technical and Operations Management Business Development 10

Why ExusExus works on behalf of the investor with the right set of tools and professionals required to address the 360º needs of the projectallocating the required profiles to the specific requirements of each of its phases: TEAM MANAGER’S DEEP SPECIFIC TOOLS UNDERSTANDING OF Experience, knowledge, specialization, BLUeSKY THE SECTOR Control Center multidisciplinarity… technology, market, risks and ECONOMIES OFRELATIONSHIP WITH SCALE, regulatory frameworkPUBLIC AUTHORITIES associated to the large portfolio. RESOLVESassociations, offtakers and other key Leverage on project providers. POTENTIAL stakeholders CONFLICTS Overall cost reduction among partners and other stakeholders. Bankability 11

Differential CapabilitiesExus combines a strong M&A team along with a very experienced commercial and technical management team providing a uniqueformula for enhancing investment returns 02 TEAM PROFILE International team (UK, France, Portugal, USA, Germany and Spain)01 ASSET OPTIMIZATION Multidisciplinary team (admin, controllers, 03 INNOVATION financial directors, engineers, operators, Asset Optimization is the corner stone of advisors, M&A bankers, lawyers) Exus is currently working with several Exus activities software providers to improve operational condition on the asset: The whole team, vision and strategy of the company is devoted to bringing additional • materials science to predict equipment value to the investor while reducing risk status • statistically significant underperformance detection05 EXPERINCE AND KNOWLEDGE 04 CREATIVE ANGLE Team wide experience in all phases of a renewable energy project (development, construction, commissioning, operation and optimization) and technologies (PV, Wind, CSP and Hydro) Extensive experience with complex international debt structures and lenders 12

Exus’ DNA - Strong Technical Profile Multidisciplinary TeamWhy we claim we have strong technical capabilities Team comprised by Electrical, Mechanical, Electronic and Civil from different nationalities Structure Matrix management – from Project Managers to on the ground Site Managers supported transversally by Control Centre, legal… Development & Construction O&M Services Exus provides development & construction capabilities what bring a Exus provide O&M Services what gives us a string technical good understanding of the permitting and technology innovations knowledge Control Center System & Procedures Control Center – Asset monitoring, performance management, O&M Exus is focused on the improvement of its systems and supervision, wind limits orders… procedures to sophisticate its management capabilities Technical Consultancy Services BoP OperationExus provides Technical Consultancy Services to third parties with a more Exus perform substations and BoP operations in several assets experiential approach capitalizing on its insight as asset manager 13

Asset Management ApproachAsset Management Strategy focused on high value creation activities to investors High Value EXUS Exus Approach to Asset Management Creation Tech & Financial A part from a proactive operation and detailed tailor-made Optimization reporting, Exus places most of its efforts on the high value added activities for investors. Risk Management Analysis & Diagnose Current Asset Management Standard Service in the Industry Reporting Under this asset management approach most of the efforts are focused on the Operation / Financial Controlling supervision of O&M and follow up of financial statements and indicators. Low value creation to investors.Low Value Creation 14

Pittsburgh São Paulo Madrid Lisbon Office Office Office Office 1001 Liberty Ave Rua Funchal, 418 - 35th floor Paseo de la Castellana, 60 Av. Eng. Duarte Pacheco, Suite 1025 04551-060 São Paulo | SP 3ª Planta, 28046 Madrid Amoreiras, Torre 2, 16 º piso, BrazilPittsburgh, PA. 15222 Spain C, 1070-102 Lisboa US Portugal www.exuspartners.com 15