ENergy

Energy forms the basis of our collective activity and work

CApital

We invest capital to acquire wind farms and solar parks to generate attractive returns

Encavis Asset

Management

ENCAVIS AG

Encavis Technical

Services /

Stern Energy

Highlights from July to November 2020

1. ENCAVIS set a clear commitment to sustainability and responsible action and published first insights into its sustainability strategy on its homepage at: www.encavis.com/en/sustainability/
2. Warburg Research re-initiated active coverage of Encavis AG on Sep 7th with "BUY" recommendation and a target price of EUR 17.20
3. HSBC Germany initiated active coverage of Encavis AG on Sep 28th with "BUY" recommendation and a target price of EUR 21.00
4. BlackRock increased their shareholdings in Encavis AG from 3.51% to 4.07% to 5.76%

Encavis Asset

Management Finance

Highlights from July to November 2020

Wind farms and

Solar parks

2 Encavis Asset Management AG acquires additional wind farms in France for special fund 'Encavis Infrastructure Fund II' as well as a floating solar park in The Netherlands

Encavis Asset Management

v

Finance

La Cabrera

200 MW PV park "La Cabrera" is already connected to the grid

6

• The High Voltage section (substation and transmission line) is grid connected and energized since August 2020.
• The power plant is fully built up and achieved to start partial operations on September 3rd, while all sections were in operations since October 1st.
• At the end of October the cumulated actual production
  of energy was approximately 30,000 MWh despite the fact that the plant was still in commissioning phase.
• First invoices of energy production for the months of September and October were sent to AWS amazon web service in Spain.

Date for Commissioning 08/25/2020

• PV plant is connected to the grid already.
• The agreed extra costs due to CoVid-19 are equal to TEUR 240 as of end of October.

Talayuela

Construction of 300 MW PV park "Talayuela" well underway

7

• All components and materials are on site.
• The whole HV section is finished off currently the cold commissioning activities are going on. The HV section is expected to be grid connected by end of November 2020.
• In the photovoltaic section:
• • 100% of the posts are installed,
  • 100% of the tracker are assembled,
  • 97.3% of the modules are installed.

The modules installation is expected to be finalized by end of November.

• The electrical works (installation of cables, inverters, transformers, switches, security system and SCADA) are expected to be completed by end of November.

Date for Commissioning 11/30/2020 (latest on 01/10/2021)

• Grid connection is expected to occur during second half of December and the subsequent hot commissioning is expected to start first week of January.
• Expected delay due to CoVid-19 outbreak in the range of four weeks.
• Agreed extra costs due to Covid pandemic in spring are equal to TEUR 250.

Strong growing PPA markets - ENCAVIS is a European first mover in solar

Access to early stage projects without taking direct development risk by signing numerous partnership agreements with exclusive rights in Italy, France, Spain, The Netherlands, Denmark and Germany

New ESG investors

First "Green Schuldscheindarlehen"

of EUR 50 million sucessfully placed in 2018

Bond certified by Climate Bond Standard

Executive Board

Encavis got a Primel-Label by ISS ESG (former ISS-oekom) and an A-Level by MSCI ESG Ratings

Investment grade issuer rating confirmed in 2020

Encavis received Investment Grade issuer rating by Scope Ratings (BBB-) initiated in 2019

Rating reflects Encavis' risk-adjustedbusiness model, regional diversification as well as the high proportion of non-recoursefinancing

Strong creditworthiness revealed

Positive impact on financing conditions realized

Encavis Growth Programme: >> Fast Forward 2025

Growth Initiative

• Investment in RTB and securing early-stage projects primarily focused on PPA markets
• Ongoing opportunistic acquisitions in FiT markets
• European focus for the time being
• Disposal of minority participations in projects (mainly wind farms) to diversify local wind risk and to recycle cash

Economies of Scale and Scope

Cash pooling

Encavis Growth Strategy: >> Fast Forward 2025

Increasing operating

EBITDA (wa) from

EUR 210 to 330 million

and CAGR of 8%

Doubling of signed

own capacity of

1.7 GW (2019) to

3.4 GW and CAGR of 12%

Increasing revenue

(wa) from EUR 260 to EUR 440 million and CAGR of 9%

Increasing oper. EPS (wa)

from EUR 0.40 to 0.70

and CAGR of 10%

Solid equity

ratio of 24%

Operatingor more EBITDA margin

of 75%

The "golden end" of ENCAVIS' power plants

Illustration of the different cash flows of a solar park (PV)

Assumptions

Solar-park connected to the grid in 2010 with FIT for 20 years (t20)

Park was bought in Q2 2011, 2012 first full year of operation (t2)

Non-recourse project financing will be serviced and paid-off by the park

Module performance in % 100

95

90

85

Performance of PV-modules after 20-years

Example: Cash flow for one solar park

Costs do not exist in golden end or are under Encavis' discretion

80

75

Observed performance at our parks

Expected future performance of our PV parks according to observations

16,802

0

Performance of solar modules

Historical accounting rules

According to all GAAP/IFRS

it is mandatory to indicate a useful life for an asset that is capitalized. Due to the lack of historical data (utility-scale plants have been built from 2005 onwards)

accountants and investors have focused on the duration of the subsidy schemes (usually 20 years) and/or of the land leases

(usually 25 to 30 years) to estimate the useful life.

Todays business reality

As the technology has proven to be mature, investors are increasingly extending their

valuation period (up to 50 years) and land lease agreements are currently being renegotiated

or extended to allow a longer operation of the plants.

30 years can be taken for granted:

Performance warranties of 30 years for new modules is currently a "de facto" industry standard

as confirmed by the extracts from official data sheets on the following pages

30 years ++ can be assumed due to following reasons: *)

Consistently dropping technology costs will allow operators to either . . .

• Ongoing optimizations of the portfolio at very low replacement costs or
• Increase the power of the plants once the subsidy schemes are faded out

There is also an increasing portion of already acquired land as well as strategic ambitions

to acquire the land on which solar plants are operating or are being developed.

Encavis' land leases/acquisitions allow long useful life / Extension . . .

. . . to 30 years in 45% of Portfolio (PF) in NL

. . . to 30 years or longer in > 60% of PF in FRA / in 50% of PF in IT / in 30% of PF in UK

. . . up to 2050 plus unlimited number of extensions of 5-year-periodsin ES / an evergreen contract

National shutdown plans of nuclear and coal driven generating capacities

*) Replace 2/3 of capacity

No plan

Fixed plan

Plans in progress

Capacity growth in GW

1000

800

600

400

200

0

PV/Wind of total

Canada

6%

5%

US

9%

3%

Highest Mid / High

Mid

12%

India

4%

6%

Australia

12%

Mid / Low

Lowest

Note: Excludes large hydro;

Source: Bloomberg New Energy Finance

Encavis'

focus

The cost of energy production from conventional sources

is set to increase, as prices for CO2 emissions in the EU rise with the application of taxes and certificates

(2nd phase of the EU CO2 certificate trading scheme and additional national legislations)

Securing the

cost advantage for renewable energy in the long term.

Long-term PPAs

Standard products

• All major forecasters of energy prices do see positive development of energy prices in the future.
• Main drivers for energy prices
  are: CO2 certificate prices, capacity additions of renewables acompanied with cut down of capacities of conventional power plants.
• Even the most conservative forecaster (#3) sees energy market prices which are fairly above current (and, obviously, future) LCOEs enabeling additional investments into renewables.

Dr Dierk Paskert

Chief Executive Officer

CEO since Sep 2017

Reappointed until Aug 2025

CEO Rohstoffallianz GmbH

Member of the Management Board of E.ON-Energie AG SVP Corporate Development of E.ON AG

Member of the Management Board of Schenker AG

Dr Christoph Husmann

Chief Financial Officer

CFO since Oct 2014

Reappointed until Sep 2025

Member (CFO) and later CEO of the Management Board of HOCHTIEF Projekt Entwicklung GmbH

Head of Corporate Controlling and M&A of STINNES AG and HOCHTIEF AG Controlling of VEBA AG

Supervisory Board

Dr Manfred Krüper (Chairman)

Member of the Board of Directors at E.ON AG (until Nov 2006)

Supervisory Board (a.o.): Power Plus Communication AG,

EQT Partners Beteiligungsberatung GmbH; EEW Energy from Waste GmbH

Peter Heidecker (dependent)

Chairman of the Supervisory Board at

CHORUS Clean Energy AG (until Oct 2016)

Founder of the CHORUS GmbH in 1998

Supervisory Board (a.o.):

Auszeit Hotel & Resort AG

Christine Scheel

Member of the Supervisory Board at

CHORUS Clean Energy AG (until Oct 2016)

Former Member of the German Parliament

Supervisory Board (a.o.):

NATURSTROM AG

Alexander Stuhlmann (Dep. Ch.)

CEO at HSH Nordbank (until Dec 2006) and thereafter CEO at WestLB AG (until April 2008)

Supervisory Board (a.o.): Euro-AviationVersicherungs-AG, Ernst Russ AG, GEV Gesell- schaft für Entwicklung und Vermarktung AG, M.M. Warburg & CO Hypothekenbank AG

Dr Henning Kreke (dependent)

Previously CEO at Douglas Holding AG for 15 years

Supervisory Board (a.o.): Deutsche EuroShop AG; Douglas GmbH, Thalia Bücher GmbH

Dr Marcus Schenck

Partner of Perella Weinberg Partners

Independent Advisory Council(a.o.): EQT Infrastructure

Albert Büll (dependent)

Entrepreneur and co-owner of the B&L Group

Advisory Council (a.o.):

BRUSS Sealing Systems GmbH, noventic GmbH

Dr Cornelius Liedtke (dependent)

Entrepreneur and co-owner of the B&L Group

Supervisory Board (a.o.): BRUSS Sealing Systems GmbH, SUMTEQ GmbH

Prof Fritz Vahrenholt

Chairman of the Supervisory Board

(until January 2014) at RWE Innogy GmbH

(previously CEO)

Supervisory Board (a.o.):

Aurubis AG

Significant majority (61.5 %) of shareholders preferred new ENCAVIS shares to cash dividend for FY 2019

Dividend policy reflects increasing cashflows from PV/Wind parks over time

50% increase of nominal dividend until 2021 (compared to 2016) based on the existing PV/Wind park portfolio as of March 31, 2017

Nominal dividend to increase by 50% (base-year 2016) to 30 EUR cent in 2021