Marc Schmitz Senior Vice President REIF , Rabobank International

1. European Offshore Wind 2009 A bankers view on the European offshore wind energy market Marc Schmitz Senior Vice President REIF, Rabobank International

2. Rabobank and Clean Tech BELWIND Belgium EUR 482,500,000 Senior Debt Facilities Mandated Lead Arranger EUR 63,430,000 Mezzanine Facility Sole Mandated Lead Arranger July 2009 Rabobank’s investments in Clean Tech In bln Euros Rabobanks global clean tech ambitions: • Sustainability is engrained in the genes of Rabobank and all its core activities • Climate is a priority and viewed as a crucial theme in sustainability • Ambition to engage actively in the transition towards a low-carbon economy Rabo Greenbank € 4.0 Rabo Ventures € 0.2 Project Finance Renewable Energy € 1.2 SAM (CH) € 6.5 Robeco Sustainable Engagement € 5.4 Robeco Clean Tech I and II € 0.8 Sarasin (CH) € 0.7 Low energy Real Estate € 0.9 Total€ 20

3. Renewable Energy & Infrastructure Finance • The REIF team is a highly experienced and professional team with extensive experience in financing of renewable energy and PPP projects • The team consists of 15 individuals • Languages: Dutch, English, German, French, Spanish and Italian. • Team experience: large innovative deals across Europe (i.e. first non recourse offshore wind park in the Netherlands and experience in bio fuels) • REIF has an international orientation and network, covering Europe, the Americas and a part of Asia. The team is supported by a network of local relationship managers in each International Branch, as well as dedicated loan syndicators and credit analysts • REIF offers tailor made structures that enable the financing of various projects. Being a partner of key customers in the renewable energy market, REIF always makes an extensive analysis to find a suitable structuring for every project Tanja Cuppen Head Corporate Finance Marcel Gerritsen Global Head of REIF Secretary REIF Asia REIF Europe REIF Americas

4. Factors influencing offshore wind A Preconditions B Project Viability C Project Economics • Suitable locations and leases • Subsidy • Level • Security • Other legislation • Permits • Offshore spatial planning • Grid connection • Public opinion • Location • Wind characteristics • Water depth • Distance to shore and harbour • Availability of • Sponsors • Staff • Contractors • Turbines • Vessels • Risk • Risk in offshore wind • Interface risk • Risk mitigation • Project Structure • Financing structure detail Investment decision Country focus Site selection

5. Investment decision and bankability Three essential elements: • Turbines & Vessels, BOP (incl. guarantee structure) • Project structure / risk mitigation(usage of ECAs and EIB) • Subsidy regime (different per country)

6. Country choice – government support important factor

7. Financing structure • Financing structure depends on project structure: • More Equity needed in current market • Tenor (long term; depends on term of the subsidy & PPA) • Margins increased due to liquidity costs and • Cash sweeps in place due to market and technical risks • Rabobank can provide a total financing package: • Project equity • Mezzanine debt • Senior debt

8. Belwind deal – an overview • Senior lenders: Rabobank, ASN, Dexia, EIB, EKF • Mezzanine lenders: e.g. Rabobank, PMV • Equity providers: Rabobank, Colruyt, SHV, Meewind, PMV • Why does Rabobank consider mezzanine lending: • Less equity required • Higher leverage in the projects • Higher return on equity • Total financing package (i.e. senior / mezzanine / equity)

9. Belwind deal – the process • Issues • Hard to get equity in place; loss of several equity providers during the process • Low grey electricity prices • High financing costs • Time consuming Success factors • Stable group of MLA’s; Financing already in place in March; Support of EIB and EKF • Good subsidy regime • Relationship between contractors, MLA’s and final shareholders • Experienced MLA group; Rabo, Dexia, EKF involved in Q7/ Prinses Amalia Park • Same contractors as Q7/ Prinses Amalia Park (Van Oord & Vestas)

10. Offshore wind growth prediction Rabobank expectation 2020: Around 30,000 MW installed in Europe 2014-2020:possible shortagesin the value chain 2009-2013:no shortage of vesselsand turbines

11. Investment level Investments needed for offshore wind in the EU-27 Rabobank predictions to 2018 in mln EUR • Rabobank expectation of app. 30 GW installed offshore in 2020 would require app. 100 bln EUR in cumulative investments in the EU27 alone • Annual investments are predicted to reach a level of around 15 bln EUR per year from 2014

12. Track record offshore wind BELWIND Belgium EUR 482,500,000 Senior Debt Facilities Mandated Lead Arranger EUR 63,430,000 Mezzanine Facility Sole Mandated Lead Arranger July 2009 • Current mandates: Borkum, Bard, Boreas • Actively involved in several other European offshore wind projects (ongoing)

13. Contact Details

14. Contact Details Renewable Energy and Infrastructure Finance Marc Schmitz Senior vice president REIF t. +31 30 216 3074 f. +31 30 216 1920 e. Marc.Schmitz@rabobank.com Marcel Gerritsen Global Head REIF t. +31 30 216 5794 f. +31 30 216 1949 e. marcel.gerritsen@rabobank.com Clean Tech Research Maartje van den Berg Senior Associate Clean Tech Research t. +31 30 216 6193 f. +31 30 216 1920 e.Maartje.van.den.Berg@rabobank.com Visiting address Gildenkwartier 199 3511 DH Utrecht The Netherlands Postal address P.O. Box 17199 UH-B 2038 3500 HG Utrecht The Netherlands Rabobank International – Renewable Energy and Infrastructure Finance Visiting address Croeselaan 28 3521 CB Utrecht (UCZ 7044) The Netherlands Postal address P.O. Box 17100 3500 HG Utrecht The Netherlands

15. Disclaimer This presentation has been prepared by Rabobank International (“Rabobank”) exclusively for the benefit and internal use of the audience of the EWEA offshore wind congress (the "Client") and does not carry any right of publication or disclosure other than to its professional advisor(s) who as a matter of law or practice is (are) bound to confidentiality obligations. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of Rabobank. The information in this presentation reflects prevailing market conditions and our judgment as of this date, all of which may be subject to change. This presentation is based on public information. The information and opinions contained in this presentation have been compiled or arrived at from sources believed to be reliable, but no representation or warranty, express or implied is made as to their accuracy, completeness or correctness and all liability in respect of any such matters or statements is expressly excluded. The information and opinions contained in this presentation are entirely indicative and for discussion purposes only and to provide the Client with a fair indication on a potential transaction between the Client and Rabobank.Nothing in this presentation can be construed as an offer, invitation or recommendation to the Client. to enter into a transaction with Rabobank. No rights may be derived from this presentation nor any of its contents including any commercial ideas. For the avoidance of doubt, distribution of this presentation does not oblige Rabobank to enter into any transaction with the Client.  The information in this presentation is not intended and may not be understood as an advice (including without limitation an advice within the meaning of article 1:1 and article 4:23 of the Financial Supervision Act). Client is advised to independently review, and/or obtain independent professional advice, and to draw its own conclusions regarding the economic benefit and risks of the potential transaction and legal, regulatory, credit, tax and accounting aspects in relation to particular circumstances.