October 28, 2014 MARTIFER SOLAR COLLOQUIUM PORTUGAL, JAPAN & EU COOPERATION

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1 October 28, 2014 MARTIFER SOLAR COLLOQUIUM PORTUGAL, JAPAN & EU COOPERATION

2 DISCLAIMER The information contained in this document is strictly confidential and may not be disclosed or reproduced in any form, in whole or in part. 2 This document does not replace the consultation of other publications already disclosed and/or to be disclosed by Martifer Solar concerning periods under analysis. Forward looking statements reflect only the enunciation of intentions, expectations, projections and/or beliefs of the management team, based on past experience, present and future trends. Therefore, it should not represent in anyway a guarantee of future performance taking into account inherent risk and uncertainty factors.

3 01 MARTIFER SOLAR IN A NUTSHELL 02 BRIEF ENERGY MARKET OVERVIEW 03 JAPAN & MARTIFER SOLAR SOUTH WEST REGION, United Kingdom MWp

4 COMPANY OVERVIEW MARTIFER SOLAR IS A LEADING FULLY-INTEGRATED PLAYER Founded in 2006 and headquarters in Viseu Portugal About 300 employees globally FY13 Revenues of 274,4 M Backlog of 227 M (to date) Solid Bankable Company MW done in 536 Projects across all market segments PROVEN TRACK RECORD across every market segment UTILITY-SCALE GROUND-MOUNTED MW 438 MW ROOFTOP 105 MW BIPV 11.7 MW RESIDENTIAL SMALL GENERATION 230 kw 6.6 MW OFF-GRID 50 kw

5 360º BUSINESS MODEL OVERVIEW. Fundraising. Strategic Partnerships. Plant lifecycle absolute performance. Controlling & Reporting. Accounting & Financing 5 DEVELOPMENT Originate the utmost PV investment s portfolio in the Renewable sector, enabling them with affordable and competitive power solutions, that consistently delivers best returns to our satisfied customers.. Due Diligence Services. Financial Advise & Analysis. Deal Structuring

6 WORLDWIDE PRESENCE 6 largest EUROPEAN 1 st PV player SOURCE: IHS players research 3rd largest European O&M player SOURCE: GTM Research vertically integrated segment The PROVEN CREDIBILITY of a World Class PV Player Global Presence more 20 countries across 4 continents AMERICA AFRICA EUROPE ASIA

7 STRONG BANKABILITY Partnership with Key Multilateral Entities International Finance Corporation 38,7 MW PV Plant in Mexico 10 MW PV Plant in Jordan 8 Overseas Private Investment Corporation Ground-Mounted Plant in Tanzania African Development Bank Utility-Scale PV Plant in Kenya European Bank for Reconstruction and Development 10 MW PV Plant in Ukraine Inter-American Development Bank Utility-Scale Plant in Chile Martifer Solar has already worked together with top multilateral entities in some of its projects and continues to do so in its newer projects. Value maximization Risk mitigation

8 2014 ACHIEVEMENTS AND PUBLIC RECOGNITIONS SOUTH WEST REGION, UK 78.4 MWp LA PAZ, MEXICO 38.7 MWp MINEIRÃO STADIUM, BRAZIL 1.6 GWh/year CANAL LOGISTICS, BELGIUM 3.5 MWp UK: ABOUT 80 MW DONE IN 9 WEEKS Public recognition from UK Trade & Investment (Business Expansion) MEXICO: LARGEST PV PLANT BUILT Harvard / IDB Infrastructure 360º award; MIREC winner (Best Breakthrough Company) ENERGIZED 2014 FIFA WORLD CUP Hosted first World Cup game played at Solar-powered stadium BELGIUM: 2 nd LARGEST PV ROOFTOP BENELUX REGION Finalist at Intersolar 2014 (Solar Projects in Europe) 9 PISA, TUSCANY ITALY 696 kwp 1st GRID PARITY PROJECT WITH IKEA Finalist in Solar Industry Awards 2014 (Project Development)

9 01 MARTIFER SOLAR IN A NUTSHELL 02 BRIEF ENERGY MARKET OVERVIEW 03 JAPAN & MARTIFER SOLAR VEULES LES ROSES, France 5.5 MWp

10 ENERGY MIX OUTLOOK No Surprise: historically to date, world energy sources are clearly driven by fossil fuels (brown energy); Current equilibrium is not sustainable for future (depletion of oil reserves, CO2 emissions); Energy Paradigms are shifting: Public concern about global warming, pollution, energy safety and independence are driving maturity towards more sustainable or cleaner energy sources (green energy); In next ten to twenty years, forecasts are Green Energy balancing the offset of Brown Energy sources; According to IEA, Solar Power to be largest energy source of planet by 2050; Thompson-Reuters anticipated the event by SOURCE:

11 RENEWABLE ENERGY MIX OUTLOOK 13 Renewable electricity projected to scale up by 45% from 2013 to 2020; Solar Electricity to climb the ladder, while increasing its share at Renewables. SOURCE:

12 PHOTOVOLTAIC (PV) MARKET OVERVIEW EVOLUTION OF GLOBAL PV CUMULATIVE INSTALLED CAPACITY (MW) 14 SOURCE:

13 PV MARKET FORECASTS EVOLUTION OF GLOBAL PV ANNUAL INSTALLATIONS (MW) Forecasts years ahead (2020): > 500 GW, and CAGR up ~13% y/y 15 SOURCE:

14 SUPLY & COST STRUCTURE TRENDS Note: Orange dots indicate past module prices; purple dots are expectations. The oval dots correspond to the deployment starting in 2025, comparing the 2DS (left end of oval) and 2DS hi- Ren (right end). Forecast fixed-axis utility-scale PV capex, (2012 $/W) 16 SOURCE:

15 SUPLY & COST STRUCTURE TRENDS Note: Orange dots indicate past module prices; purple dots are expectations. The oval dots correspond to the deployment starting in 2025, comparing the 2DS (left end of oval) and 2DS hi- Ren (right end) Forecast fixed-axis utility-scale PV capex, (2012 $/W) Affordability Electricity Prices Competitiveness Module Inverter Balance of plant EPC Other SOURCE:

16 ENERGY SOURCES TRENDS LEVELISED COST OF ELECTRICITY 2013 ($/MWH) 18-17% -7% -14% Note: Carbon forecasts from the Bloomberg New Energy Finance European Carbon Model with an average price to 2030 of $48/mt. Coal and natural gas prices from the US EIA and BNEF. Percentage change represents change from Q SOURCE:

17 GRID PARITY HEATMAP PARITY WILL HAPPEN IN SEVERAL REGIONS AROUND THE WORLD OVER THE COMING YEARS Transition of 2-5 years SUBSIDY-DRIVEN SUBSIDY-DRIVEN Solar Markets Solar Markets PARITY-DRIVEN Electricity Markets 19 Over 100 GW of PV installed worldwide; Frameworks assured the maturity of Solar as an viable energy source Best prospects at sunbelt countries (high solar irradiation); Fuel Parity / Consumer parity to be reached at large electricity markets/demand SOURCE:

18 01 MARTIFER SOLAR IN A NUTSHELL 02 BRIEF MARKET OVERVIEW 03 JAPAN & MARTIFER SOLAR

19 JAPAN PV MARKET Currently, Japanese Energy Demand is mostly supplied via fossil fuels (>95%); Share of Renewables of 4,7%; During 2014, Japan to become the 4 th largest PV country worldwide (cumulative capacity); Great prospects for the solar industry sector in the country (strong pace ahead for new solar installations); 21 Note: Predicted figure in 2030 is as 7.5 times large as the present figure Strong Framework and incentives (Feed-in-Tarifs) for the deployment and assembly of PV projects; Mega-Solar projects (>1 MW) to keep growing in the years to come; currently 70 ongoing projects with 24 foreign companies in the marketplace.

20 CONTEXT OF JAPANESE MARKET (1/2) Culture Idiom: ability to adapt to totally new environment when compared to Portugal; 22 Mutual Trust is the key pillar in doing businesses; JP PV Market: fierce competition from foreign and local players; New Market fast learning stages to adoption of Solar Energy; Local know-how about several stages of supervision and maintenance of Solar Plants; Land shortage Available sites: Commercial/Industrial Rooftops; All grounds with non-agricultural purposes (ie, mountain terrains).

21 CONTEXT OF JAPANESE MARKET (2/2) 2020 Olympic Games: Pressure about construction companies; Pressure for scarce labor force. 23 Strong diligence regarding local requisites and certifications of manpower to local projects may hamper foreign personal enrolment; Results in inflation of prices in terms of workforce + available Engineering & Construction (EPC) companies; Local project finance: Not easy to get when you aren t a Japanese's renowned company.

22 MARTIFER SOLAR JAPAN Company started operations 2012; Lean organization based in Tokyo; 24 Combined cultures: Portuguese + Japanese Key Business areas: Focus on the Downstream of Value Chain Development of PV assets; Operation & Maintenance (O&M) Services; Pave the ground for O&M contracts (20 25 years).

23 MARTIFER SOLAR JAPAN Raise awareness in market: 2014 PV EXPO attendance; Confirmation to participate invest in 2015 PV EXPO; Corporate communications program (Press Releases / Interviews / Editorials ) at local media. 25 Track record to date: Mega-Solar Utility-Scale project developed in-house (details soon to be publically released ); Location: One hour and half nearby Tokyo. Future Highlights: Flourish the O&M Business Division; ensure sustainable business for MTSJP mid/long term; Keep the pace in raising new PV assets to be placed at investors asset managers other off-takers.

24 Thank you Martifer Solar

25 CONTACTS Martifer Solar HEADQUARTERS 27 Zona Industrial, Apartado Oliveira de Frades, Portugal T F For most up-to-date information visit To contact us, follow the link