SLIDE 1

Forsideslide, farvet eller med billede Indsæt billede: 1. Vælg EKF-fanen 2. Klik på Forside-billede

3. Vælg billede Offshore wind

Vælg Printer version 1. Vælg Design-fanen 2. Under Tema, højre klik på in cooperation Eksport Kredit Fonden print 3. Vælg Anvend på alle dias with EKF SLIDE 2

Denmark’s Export Credit Agency SLIDE 3

EKF’s sectors

Guarantee exposure Number of customers Slide med bullets Brug Forøge / Formindske indryk for at skifte mellem de forskellige niveauer

0% 20% 40% 60% 80%

Wind Infrastructure & supply Oil and gas industry Cement Agricultural & food technology Ships & ports Biomass Manufacturing industry Other SLIDE 4

Project finance projects by EKF

Project finance Project finance (Wind) (Other) SLIDE 5

Offshore Project Financing SLIDE 6

Offshore wind financed by EKF

Total installed in Projects financed the EU: by EKF: 12,631 MW 3,806 MW SLIDE 7

EKF’s world of offshore wind

Q7 C-Power Northwind Gemini Nobelwind Rentel

2006 2008 2010 2012 2014 2016

Belwind Meerwind Butendiek Veja Mate Beatrice Norther SLIDE 8 EKF’s offshore project finance

Project Q7 / PAW Belwind 1 C-Power Meerwind Northwind Butendiek Gemini Veja Mate Nobelwind Beatrice Rentel Norther Closed 2006 2009 2010 2011 2012 2013 2014 2015 2015 2016 2016 2016 Status Operation Operation Operation Operation Operation Operation Construction Construction Constructio Construction Construction Construction n

Country Netherlands Belgium Germany Belgium Germany Netherlands Germany Belgium Scotland Belgium Belgium

Banks BNP Rabobank KFW ASN KfW-Ipex ABN-AMRO KfW SMBC, Santander EIB ABN AMRO Rabobank KBC BTMU Rabobank BNPP Mizuho, BNP Paribas KBC Bank Belfius Bank Tabel tekst Dexia ASN SG Commerzb ING Bremer- BTMU DeBa Rabobank, Caixabank KFW IPEX BNP Paribas EKF Medium 13 pkt BTMU EIB KFW-Ipex ank KFW-Ipex Landes- DeBa BNP Commonweal SG Insurance Bank of HSH Commerzb Dexia bank Natixis Santander Paribas, th Bank of Société Tokyo- NIBC ank KFW-Ipex Belfius EIB SMBC SMBC EIB, Australia Générale Mitsubishis Dexia Lloyds EIB KfW BMO GIEK (ECA) ING Rabobank Rabobank ASN Santander Pension CIBC ING SMBC EIB Siemens Danmark BNG Natixis Belfius SMTB EH (ECA) Bank D|D (ECA) Santander Société ASN Bank Société GIEK/MTI Caixa Générale Credendo Générale (ECA) EDC (ECA) SMBC EIB EIB BTMU EH (ECA) RBS-Nat D|D (ECA) West KFW IPEX EIB

Investment, 383 614 1,300 1,274 852 1,300 2,800 1,900 617 2,600 1,100 1,150 EUR million

WTG supplier Vestas Vestas RePower Siemens Vestas Siemens Siemens Siemens MHI Vestas Siemens Siemens Vestas

Capacity, MW 120 165 295 288 216 288 600 402 165 588 309 370

EKF pct. of 25 45 5 32 33 33 20 16 35 20 24 25 senior debt SLIDE 9

Project Finance Guarantee

How it works

Risk Tabel tekst EKF Medium 13 pkt

Order Financing

Guarantee Financing SLIDE 10

How we work SLIDE 11

EKF – General requirements

Slide med bullets Danish economic interest Brug Forøge / Formindske › indryk for at skifte mellem › Complying with the OECD de forskellige niveauer Arrangement on Officially Supported Export Credits › Pro rata and pari passu with financing parties › Risk sharing with all parties › Assessment of environmental and social aspects › Reputation risk

© MHI Vestas Offshore Wind SLIDE 12

Due diligence & Risk

Tekst starter uden punktopstilling Off take study One or two independent For at få punktopstilling på teksten (flere niveauer findes), brug Forøg listeniveau

Legal Security, offtake, permit/licence, For at få venstrestillet tekst uden punktopstilling, brug law, loan documentation etc. Formindsk listeniveau

Technical O&M, turnkey, site, contract etc. Ændre farve på mellemrubrik 1. Marker ordet 2. Vælg den femte farve i farveskemaet fra Insurance Market standards etc. PowerPoints topmenu

Environment Compliance – EQ/IFC PS

SLIDE 13

EKF approval process

Project memorandum Negotiations of term Financial close sheet and financial model