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Page 1 Iberwind Corporate Profile June 2012

Corporate Profile

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June 2012


A consortium led by Magnum

Capital Industrial Partners acquired

in November 2008, through its

subsidiary Iberwind, the majority of

the wind assets in Portugal formerly

owned by the Australian group

Babcock & Brown, as well as the

portfolio of service companies that

guarantee the management,

operation and supervision of those

same assets.

The Iberwind shareholder structure

is mainly based on private equity

funds and Portuguese individual

shareholders (family offices).

Iberwind: Leading Wind Player in PortugalShareholder Structure (1 / 2)


Magnum Capital Industrial Partners(Leading Shareholder)

Leading private equity firm in Spain and Portugal with funds under management of €866M, with specialized teams in both countries.

Team of 15 professionals distributed in offices in Madrid and Lisbon.

Invests in mid-to-upper middle market Iberian companies, with the objective of creating value through an active industrial ownership model.

ESIF / ES Capital Espírito Santo invested via its ES Infrastructure Fund and via ES Capital, the private equity company of Espírito Santo Investment Group and one of the eldest Portuguese private equity companies.

Team of 20 professionals distributed in its Lisbon, Madrid and San Paolo offices.

More than €200M under management from some of the most relevant national and international investors, and invests in later stage and infrastructures deals.

ECS Capital Private equity investment and management firm established in 2006.

Albuquerque Fund, its first fund, has committed capital of over €100M from key Iberian and international financial institutions and various private investors.

Gotan SGPS Gotan SGPS is the holding company of Luísa Champalimaud, one of Portugal’s most renamed investors.

Multipower SGPS Multipower SGPS was founded in 2002 and is the holding company of António Gellweiler. Invests mainly in wind energy projects and real state.

Madre SGPS Madre SGPS is the holding company of António Parente, a well-known Portuguese entrepreneur.

Fjord Capital Fjord Capital is a specialized private equity fund focused in the renewable energy sector.

Iberwind: Leading Wind Player in PortugalShareholder Structure (2 / 2)


Iberwind: Leading Wind Player in PortugalStrategic Objectives and Guidelines

Achieve an efficient, lean and flexible organization adjusted to the scale of the assets under

management and also to the pipeline development goals.

Develop and ensure state-of-the-art management for the wind farms, seeking to maximize energy

generation as well as ensure the market’s highest availability rate and cost effective operations and

maintenance.

Guarantee appropriate financial management to mitigate the risks and provide long-term access to

low-cost funds, including attractive financing for all the wind farms of the Iberwind Group portfolio.

Create value-generating options in attractive European countries from a wind resource energy,

financial and political perspective.


One of the leading players of the Portuguese

renewable energy market with a market share

close to 18% in the wind business (installed

capacity / MW):

- Produces around 3% of the annual electricity

consumption of Portugal.

Capacity of 683.75 MW currently in operation:

- Last wind farms were connected in Q3 2009.

Strong and geographically diversified wind energy

resource throughout Portugal:

- Portfolio with around 2,500 average net wind

hours.

- Comprised of 31 wind farms spread across

the country.

Iberwind: Leading Wind Player in PortugalWind Portfolio Snapshot


Iberwind: Leading Wind Player in PortugalMain Features (1 / 2)

Strong Operating Performance

In 2011, with a production of 1,552 GWh, the company achieved an

average availability across the portfolio of 97.4%.

Some of the wind farms have been operating since 1998, providing

significant visibility and reliability on wind and technical performance.

Annual average production of the Iberwind Group portfolio since 2008

exceeding 2.400 equivalent wind hours.

Iberwind ranked in 1st or 2nd quartile in all operating variables analyzed in

a global independent wind operator benchmark study performed by

McKinsey in 2010.

One of the largest wind portfolio in Portugal comprising 31 wind farms

spread from north to south of the country with 683.75 MW in operation.

Technological diversification featuring turbines from several manufacturers

(Vestas 45%, Nordex 43% and others 12%).

Highly Diversified Portfolio


Sound FinancialStructure

Iberwind closed a refinancing in Jun’09 bringing all wind farms (except

two) into a project finance contract (including those constructed during

2009).

Well balanced financing structure and portfolio effect result in comfortable

leverage levels and financial ratios.

Solid Platform for Pipeline Development

Iberwind represents a solid platform on which to build further pipeline

across Portugal and other European countries.

Iberwind: Leading Wind Player in PortugalMain Features (2 / 2)

Highly Experienced Management

Iberwind developed a vertically-integrated business model, under which it

developed, construction-managed, operated and owned all of its

renewable energy projects, gaining significant expertise and experience in

all aspects of the business.


Operation and maintenance of wind farms since 1998.

Detailed knowledge of several WTG models from 5 different manufacturers: Vestas, Nordex, GE, Enercon and WinWinD.

Management of 31 wind farms with 319 WTG and 683.75 MW.

Experience

Team

Work force comprising around 40 specialized technicians (engineers and operators).

Specialized technicians with competences in WTG and substations with emphasis in: blades, gearboxes, pitch, yaw, power transformers, substations.

Suppliers

Integrated operations of wind farms, with internal technicians certified by manufacturers to operate WTG.

Management of O&M agreements and enforcement of obligations. Close relationship and access to manufacturers decision centers.

Organization

Specialists for each area and good definition of responsibilities.

Control of key systems, supporting procedures and training.

Enforcement of adequate safety and environment policies.

Focus on alignment & commitment.

Iberwind: Leading Wind Player in PortugalDistinctive O&M Track-Record


Iberwind: Leading Wind Player in PortugalOperating & Financial Performance

Revenues

€m €m

Mar. 87% 84% 86% 85% 81%

167.9152.9159.1

139.6118.9

20092008 20112010 2012B

136.7129.7136.9117.6

103.7

2011201020092008 2012B

EBITDA

Production

GWh 1,7111,552

1,7101,480

1,261

2012B2011201020092008

Availability

97.1%

2011

97.4%

2010

97.0%

2009

96.8%

2008

94.9%

2012B


Iberwind: Leading Wind Player in PortugalInternational Award

Best Emerging Renewable Energy Company (Europe) 2011


Natural Efficiency

Business

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