Fastned B.V. €10,000,000 Bond Programme 22 May 2017 1 Table of Contents 1 Summary .......................................................................................................................... 6 1.1 Section A – Introduction and warnings ........................................................................ 6 1.2 Section B – Issuer ........................................................................................................... 6 1.3 Section C - Bonds ........................................................................................................... 9 1.4 Section D - Risks ........................................................................................................... 12 1.5 Section E - Offer ............................................................................................................ 16 2 Risk factors ..................................................................................................................... 19 2.1 Risks relating to Fastned and the industry in which it operates in general .......... 19 2.1.1 Macro-economic risk .............................................................................................. 19 2.1.2 Market risks ............................................................................................................. 20 2.1.2.1 Unpredictability as a result of operating in a new market: ............................ 20 2.1.2.2 Limited number of EVs on the road: ................................................................ 20 2.1.2.3 Price & margin erosion: ...................................................................................... 20 2.1.2.4 Alternative charging behaviour: ........................................................................ 21 2.1.2.5 Rapid technological development: ................................................................... 21 2.1.2.6 Uncertainty related to alternative technologies: ............................................. 21 2.1.2.7 Infrastructure development:............................................................................... 21 2.1.3 Network development risk ..................................................................................... 22 2.1.3.1 Revokement of WBR Permits: .......................................................................... 22 2.1.4 Operational Risks ................................................................................................... 23 2.1.4.1 Increasing price of renewable electricity: ........................................................ 23 2.1.4.2 Solvability risk: ..................................................................................................... 23 2.1.5 Fiscal risks ............................................................................................................... 23 2.1.5.1 Reduced fiscal and other incentives for EVs: ................................................. 23 2.1.5.2 Energy tax increase: ........................................................................................... 23 2.1.6 Legal risks ................................................................................................................ 24 2.1.6.1 Changes to the law ............................................................................................. 24 2.1.6.2 Dispute about the scope of the WBR Permits in the Netherlands: ............. 24 2.1.7 Reputation risks ...................................................................................................... 26 2.2 Risks specifically relating to the business and circumstances of Fastned ........... 26 2.2.1 Active in one sector only........................................................................................ 26 2.2.2 Limited track record ................................................................................................ 27 2.3 Factors which are material for the purpose of assessing the market risks associated with the Bonds ................................................................................................... 27 2 2.3.1 The Bonds may not be a suitable investment for all investors ........................ 27 2.3.2 Risk of non-redemption of the Principal amount ............................................... 27 2.3.3 Risk of non-payment of the interest due on the Bonds .................................... 28 2.3.4 The value of Bonds may be adversely affected by movements in market interest rates .......................................................................................................................... 28 2.3.5 The Bonds may be subject to withholding taxes and the Issuer is not obliged to make gross up payments ................................................................................................ 28 2.3.6 Risk of early redemption at the Issuer’s option .................................................. 28 2.3.7 Risk of changes in governing law ........................................................................ 29 2.3.8 Risk of limited tradability ........................................................................................ 29 2.3.9 The conditions of the Bonds contain provisions which may permit their modification without the consent of all investors .............................................................. 29 3 Important Information.................................................................................................... 30 3.1 Prospectus...................................................................................................................... 30 3.2 Responsibility ................................................................................................................. 30 3.3 Forward-looking statements ........................................................................................ 31 3.4 Offering Restrictions ..................................................................................................... 31 3.5 Miscellaneous ................................................................................................................ 31 4 Documents incorporated by reference ....................................................................... 32 5 Information about the Issuer ........................................................................................ 33 5.1 General ........................................................................................................................... 33 5.2 Goal ................................................................................................................................. 33 5.3 What Fastned does ....................................................................................................... 33 5.4 History of Fastned ......................................................................................................... 34 5.5 Strategy ........................................................................................................................... 35 5.6 Current network ............................................................................................................. 37 5.7 Network development ................................................................................................... 39 5.8 Business model ............................................................................................................. 40 5.8.1 Revenues ................................................................................................................. 40 5.8.2 Pricing ....................................................................................................................... 41 5.8.3 Cost of goods sold .................................................................................................. 42 5.8.4 Operational costs .................................................................................................... 42 5.8.5 Capacity utilisation.................................................................................................. 42 5.9 Suppliers ......................................................................................................................... 43 5.10 Environment ................................................................................................................... 43 5.11 Organisational structure ............................................................................................... 43 3 5.11.1 Subsidiaries ......................................................................................................... 44 5.12 Governance .................................................................................................................... 45 5.13 Board of Directors ......................................................................................................... 46 5.13.1 Remuneration paid ............................................................................................. 47 5.13.2 Benefits in kind granted ..................................................................................... 48 5.13.3 Service contracts................................................................................................. 48 5.13.4 Address of the Board of Directors .................................................................... 48 5.13.5 Potential conflicts of interest ............................................................................. 48 5.14 Employees .....................................................................................................................