Encavis AG: Earnings Call FY2019

Welcome to the world of Encavis -

From FY 2019 and guidance FY 2020e to the Growth Strategy >> Fast Forward 2025

Encavis AG, Conference Call FY 2019, Hamburg, March 20, 2020

2

We are a leading European Independent Power Producer (IPP) from renewable

energy sources

Our generation capacity of solar and wind parks sums up to > 2.4 GW - and it is growing. We are listed on the German stock exchange and member of the SDAX Index.

3

ENCAVIS: Improving efficiency and cost reduction through Economies of Scale and Economies of Scope

ENergy

CApital

Encavis Asset

Management

ENCAVIS AG

Encavis

Technical

Services/Stern

Energy

VISion

4

Twice increased guidance in 2019 fulfilled - even post capital increase in December 11, 2019

Operating P&L	Guidance of	Guidance of	Updated Guidance	2nd Updated Guidance		FY 2019
(in EUR million)	March 2019	March 2019	post Q1/2019	post Q2-H1/2019 (wa)		(Dec 31, 2019 /
			(incl. IFRS 16)	>	Geben Sie hier eine Formel ein.		incl. IAS 28
			(May 28, 2019 /	(Aug 28, 2019 /
					incl. IFRS 16)	incl. IFRS 16)		and IFRS 16)
Revenue	> 255	> 255		> 260	> 270		273.8
Oper. EBITDA	> 190	> 199		> 210	> 218		217.6
Oper. EBIT	> 112	> 114		> 125	> 132		132.2
Oper. Cash Flow	> 180	> 188		> 190	> 198		189.3
Oper. EPS (EUR)	> 0.35	> 0.35		> 0.40	> 0.42		0.43
Equity ratio	26%	25%		25%	25%		25.3%

• Shortfall of EUR 9 million in operating cash flow due to (again) late repayment of capital gains tax of
  EUR 9m by German tax authority, originally planned for Nov 2019, actually paid beginning of March 2020

5

Record high operational figures 2019 - New acquisitions and favourable meteorological conditions

2019 - Strong Growth in all KPIs

KPIs (EUR million)	2018	2019	Change (in %)
Revenue	248.8	273.8	+10%
Oper. EBITDA	186.9	217.6	+16%
Oper. EBIT	113.7	132.2	+16%
Oper. Cash flow	174.3	189.3	+9%
EPS (in EUR)	0.31	0.43	+39%

Positive weather effects supported the 2019 financial results

KPIs (EUR million)	2019	Weather related effects	FY 2019 adjusted for
			weather effects (wa)
Revenue	273.8	10.5	263.3
Oper. EBITDA	217.6	7.0	210.6
Oper. EBIT	132.2	7.0	125.2

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FY 2019 vs FY 2018 and FY 2017 - adjusted for weather effects (wa)

Increasing positive weather effects in FY 2019: EUR +10.5m (FY 2018: EUR +6.7m and 2017: EUR +4.3m)

Operating	FY 2017	Weather	FY 2018		Weather		FY 2019		Weather	Change
figures		adjusted			adjusted				adjusted	FY 2019(wa)/
(in EUR		FY 2017			FY 2018				FY 2019		FY 2018 (wa)
million)		(wa)			(wa)				(wa)	in %
Revenue	222.4	218.1	248.8		242.1		273.8		263.3		+ 9%
Oper. EBITDA	166.8	162.5	186.9		180.2		217.6		210.6		+ 17%
Oper. EBIT	100.4	96.1	113.7		107.0		132.2		125.2		+ 17%

• Strong growthy-o-y (weather adjusted) is based on new acquisitions (e.g. Denmark) and parks connected to the grid (e.g. The Netherlands)

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Significant earnings growth after 12M/2019 benefited from new acquisitions/parks connected to the grid,

the sale of minority interests in wind parks and positive weather effects besides regulatory changes of IFRS 16

Operating figures	Q1	Q1	Q2	Q2	Q3	Q3	Q4		Q4			FY
(in EUR million)	2018	2019	2018	2019	2018	2019	2018		2019			2019
		(incl.		(incl.		(incl.			(incl.			(incl.
		IFRS 16)		IFRS 16)		IFRS 16)			IFRS 16)			IFRS 16)
Revenue	45.9	59.5	76.9	84.5	78.1	79.4	47.9		50.4			273.8
Oper. EBITDA	31.5	44.7	62.5	76.1	61.3	65.0	31.6		31.8			217.6
Oper. EBIT	13.6	23.4	44.2	54.8	43.0	43.6	12.9		10.4			132.2
Oper. Cash Flow	27.3	15.9	51.0	60.5	50.5	56.4	45.6		56.5			189.3
Oper. EPS (EUR)	- 0.01	0.05	0.20	0.25	0.19	0.19	- 0.07		- 0.06			0.43

• Improved earnings quality in Q3/2019 supported overall earnings growth in FY 2019

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Margin improvement in the operating business segments in FY 2019 vs. FY 2018

Operating	Solar Parks	Wind Parks	Technical	Asset		HQ
P & L					Services	Management
(in EUR
million)
2018	2019	2018	2019	2018	2019	2018		2019	2018	2019
Revenue	186.5	200.1	57.8	63.1	4.6	4.7	4.1		11.6	-		-
EBITDA	152.2	167.3	41.6	51.9	1.6	1.5	- 1.0		5.6	- 7.5		- 8.7
EBITDA	82%	84%	72%	82%	37%	32%	- 25%		49%	-		-
margin
EBIT	97.6	104.9	23.8	30.4	1.6	1.4	- 1.7		5.0	- 7.6		- 9.5
EBIT margin	52%	52%	41%	48%	36%	31%	- 41%		44%	-		-

• Operating expenses distributed among Business Segments

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Weather adjusted operating results FY 2019 vs FY 2018 by wind and solar (in EUR million)

Operating		Solar Parks			Wind Parks
P & L
(weather
adjusted)
(in EUR million)	FY 2018	FY 2019	Change	FY 2018	FY 2019	Change
	(wa)	(wa)	FY 2019 (wa)	(wa)	(wa)	FY 2019 (wa)
					vs.				vs.
					FY 2018 (wa)				FY 2018 (wa)
Revenue	175.1	186.0	6%	62.5	66.7		7%
Oper. EBITDA	140.8	156.7	11%	46.2	55.4		20%
Oper. EBIT	86.1	94.3	10%	28.5	34.0		19%

• Strong earnings growth (despite wa) is based on new acquisitions /parks connected to the grid

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Earnings increase with almost constant margins

Revenue

EUR million 250

200

150

100

50

%

0

CAGR

72.1 55.4/76.8

34.6

48.0 %

Oper. EBIT

+ 30.7 %

112.8

86.8/76.9 %

55.4

49.1 %

Oper. EBITDA

+ 31.5 %

222.4

166.8

141.875.0 %

106.1

74.8 %

100.4

61.645.1 %

43.3 %

+ 30.6 %

248.8

186.9

75.1 %

113.7

45.7 %

273.8Revenue

217.6Operating

79.5 % EBITDA

132.2Operating

48.3 % EBIT

2 01 4

2 01 5

2 01 6

2 017

2 01 8

2019

Continuously growing operating business backed by solid equity ratios

	Equity	Balance sheet total
2019		2,859.9
722.7
2018		2,649.1
687.1
2017		2,519.7
698.6
2016		2,353.8
608.6
2015		1,324.8
257.0

*) Equity ratio of 25.3% according to temporary treatment of 10-year lasting PPA by IAS 28 / Effect is expected to be fully compensated with COD in second-half of 2020 /

Correct treatment of PPAs result in an equity ratio of 26.9%

Equity ratio

25.3%/26.9%

25.9%

27.7%

25.9%

19.4%

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Explanation of accounting rule of 10-year PPA by IAS 28

Source: Audited Management Report, Encavis AG Annual Report 2019, page 31

[…] In 2018 and 2019, Encavis acquired 80% shareholdings via Encavis Iberia GmbH in each of the project companies Talayuela and Cabrera, both of which are building a solar park in Spain. The purchase price for the two Spanish investments was determined together with the partner Solarcentury using financial models that already take into account the PPAs to be concluded in the expected inflows. […]

In the 2019 financial year, both companies concluded a PPA in the form of a derivative for a period of ten years, in which the fixed electricity purchase price is presently below the current market price level, but at the level of the joint valuation model with Solarcentury and thus the assumptions of the purchase price.

In the context of equity accounting, the derivatives with a negative market value recognised in the balance sheets of both participating interests mean that, following a complete reduction of the equity approaches (due to the attributed pro rata results) in accordance with IFRS regulations, the associated loans are also reduced in part with no effect on income. The recognition of the derivatives in the balance sheet is separate from the determination of the investment values in which the effects of the PPAs were already included in the purchase price.This consolidation technique does not in any way lead to the intrinsic value of the participating interests being impaired.

The current equity ratio of 25.3% would be 26.9% without the recognition of derivatives at the level of the Spanish investments.

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Latest News from Spain

Encavis is a European first mover in the growing PPA market

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Market entry in Spanish PPA market with 300 MW PV park "Talayuela" in realization

Highlights:

			>	Generation capacity:	300 MW
				> Total investment volume in EUR:	~225 m
					Equity/project debt finance level:	43:57
					Full loan repayment within PPA
					runtime of	10 years
	Talayuela	>	Co-investor: Solarcentury with	~20%
			>	Long-term PPA contract with
					fixed price for	10 years
			>	Revenues 1styear of full operation
					in EUR:	~25 m
			>	Post-tax IRR:	>8%
			>	Connected to the grid	late 2020

Talayuela

High voltage section of the PV plant at Talayuela (end of February 2020)

Concrete foundation of a pylon

Substation area

Talayuela

Ramming activities

Talayuela

Status of the construction of the PV plant as of February 27th, 2020

High Voltage section (substation and transmission line): Construction started last week of February with the tasks:

Foundations of transmission line towers;

Soil preparation for foundations of the substation;

Following points of the construction of the plant have been achieved by Prodiel:

Provisional offices are installed, logistics, internal traffic rules and storage areas are established;

The ramming task started and 13% of poles are installed. Ten ramming machines are currently available on site.

Key Dates	Required as per Schedule
	2 of the EPC contract
Grid Connection	11/23/2020
Date for	11/30/2020
Commissioning
Date for	01/25/2021
Completion

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Entering the Spanish Corporate PPA market with 200 MW PV park "Cabrera" in realization

Highlights:

			>	Generation capacity:	~200 MW
				> Total investment volume in EUR:	~158 m
					Equity/project debt finance level:	ca. 50:50
					Full loan repayment within PPA
					runtime of	10 years
			>	Co-investor: Solarcentury with	~20%
			>	Long-term PPA contract (149 MW)
	Cabrera			with Amazon with fixed price for	10 years
	>	Revenues 1st year of full operation
					in EUR:	~16.4 m
			>	Post-tax IRR:	~ 8%
			>	Connected to the grid	late 2020

La Cabrera

High voltage section of the PV plant (as of February 27th, 2020)

Tower #35

Substation

La Cabrera

La Cabrera (as of February 27th, 2020)

Pre-assembly workshop

Trackers

La Cabrera

Cerrado Cabrera (as of February 27th, 2020)

Low voltage/medium voltage transformation platform

Medium voltage switchgears

La Cabrera

Status of the construction of the PV plant as of March 13th, 2020
The High Voltage section is ahead of contractual schedule:	Key Dates	Required as per Schedule
substation and transmission line could be finished off in May		2 of the EPC contract
Grid Connection	8/18/2020
if not delayed due to CoVid-19
(while connection is expected in August);	Date for	8/25/2020
Commissioning

Main components and products already delivered to site:	Date for	10/20/2020
Completion
a.	100% of inverters;
b.	100% of trackers;
c.	Approx. 65% of modules;

d. Low/Medium voltage transformers are manufactured in Spain therefore some shipping were postponed on purpose (no risk)

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NO impact of CoVid-19 on our business model

Combining smart finance and sustainable investments in the renewable sector

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NO impact of CoVid-19 on the operating business of generating energy from renewable resources

Operating areas Potential impact of CoVid-19 . . .

Remote controlled operation of ground mounted PV and onshore wind parks →NO risk at business as usual / The sun is shining - The wind is blowing

Secured revenues based on Feed-in-Tariffs for remaining 13 years (on average) and Power Purchase Agreements (PPAs) for 10 years

Secured liquidity for the whole cash planning (covering the next 18 months) and IT-based payment system TIS in use

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ENCAVIS is well prepared for turbulent markets

Operating areas Potential impact of CoVid-19 . . .

Very limited impact on guidance 2020 by delayed connection to the grid of the two PV parks under construction in Spain by maximum two months until years-end Worst case in delay this year would result in a negative sensitivity on the EPS for 2020 of EUR 0.01 / Force majeure would shift the PPA to starting point COD

Macro hedges in all parks limit currency exposure down to dividend payments Currency exposure is limited to Danish Crown (DKK) and British Pound (GBP) While DKK is very stable, the volatile GBP is hedged already until end of 2023 →no currency risk

Technical maintenance of PV parks by our technical service unit (ETS / Stern

Energy) maybe affected to a minor extend of a few weeks delayed services

• Sustainable valuation of all assets and NO doubt on the Growth Strategy >> Fast Forward 2025

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FY 2020e: The year of transition

Segments	Highlights in Q1 2020
						Encavis AG disclosed its growth strategy: >> Fast Forward 2025
						that set concrete targets and growth rates in its strategic outlook

Encavis and its strategic development partner Solarcentury celebrated the Foundation Stone at Spanish solar park Talayuela (300 MW capacity)

Scope Ratings confirmed its investment grade issuer rating BBB- with stable outlook on Encavis AG

Encavis announces dividend proposal to the AGM for fiscal 2019 of EUR 0.26 offering the scrip dividend for the seventh time in a row will grant shareholders maximum flexibility to choose receiving cash dividend or new shares

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Moderate growth expected for FY 2020e vs FY 2019 (wa) - adjusted for weather effects (wa)

2020 will be a year of transition in which the acquired PPA parks in Spain will have COD in Q3 or Q4 and new acquisitions don't contribute to 2020 P&L

Operating figures	FY 2019		Weather adjusted	Guidance FY 2020e		Change
(in EUR million)			FY 2019 (wa)			Guidance
						FY 2020e /
						FY 2019 (wa)
Revenue	273.8		263.3	> 280.0		+ 6.3%
Oper. EBITDA	217.6		210.6	> 220.0		+ 4.5%
Oper. EBIT	132.2		125.2	> 130.0		+ 3.8%
Oper. EPS	0.43		0.40	0.41		+ 2.5%

• Large Spanish projects Talayuela and La Cabrera are under construction in 2020 and distribute FY revenue and operating cash flow to the Group in 2021

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Guidance FY 2020e by Business Segments

Operating

Solar Parks

Technical

Wind Parks

Asset

HQ

P & L

Services

Management

(in EUR

million)

FY

FY 2019

Guidance

FY

Guidance

FY

FY 2019

Guidance

FY

Guidance

FY

Guidance

2019

(wa)

2020e

2019

2020e

2019

(wa)

2020e

2019

2020e

2019

2020e

Revenue

200.1

186,0

> 190

4.7

> 4

63.1

66.7

> 74

11.6

> 12

-

-

EBITDA

167.3

156.7

> 159

1.5

> 2

51.9

55.4

> 62

5.6

> 5

- 8.6

< - 9

EBIT

104.9

94.3

> 95

1.4

> 2

23.8

34.0

> 38

5.0

> 5

- 9.5

< - 10

• Based on average meteorological conditions and the already secured solar park and wind farm portfolio as of March 2020

Together we strive

to improve each and every day

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Appendix: Strategic outlook

>> Fast Forward 2025

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ENCAVIS Growth Programme: >> Fast Forward 2025

Growth Initiative

• Investment in RTB and securingearly-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 parks) to diversify local wind risk and to recycle cash

Economies of Scale and Scope

• Optimisation of O&M cost
• Optimisation ofSPV-financing
• Cash pooling

33

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

Pillars of the Encavis Growth Strategy >> Fast Forward 2025

• Encavis has secured preferred access toknow-how for PPA by establishing a dedicated in-house competence team and by investing in market leading competence platform Pexapark (CH).
• Leveraging knowledge and network as experienced investor based on recently signed PPAs with a leading European Utility and Amazon for in total 500 MW of Spanish solar parks.
• Strong Balance Sheet with equity ratio > 24% giving corporates adequate comfort to handle risks fromlong-term PPA contracts.
• Access to early stage projects without taking direct development risk by signing numerous partnership agreements with exclusive rights in Italy, France, Spain, Netherlands, Denmark and Germany.

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ENCAVIS Growth Strategy: >> Fast Forward 2025

> Doubling of signed own capacity of 1.7 GW (2019) to 3.4 GW

• Increasing revenue (wa) from 260 to 440 million EUR
• Increasing oper. EBITDA (wa) from 210 to 330 million EUR
• Oper. EBITDA margin of 75%
• Increasing oper. EPS (wa) from 0.40 EUR

to 0.70 EUR	> Growth rate of signed own capacity of 12% CAGR

• Revenue (wa) growth rate of 9% CAGR
• Oper. EBITDA (wa) growth rate of 8% CAGR

> Oper. EPS (wa) growth rate of 10% CAGR > Solid equity ratio of 24% or more

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Selected measures to fulfill >> Fast Forward 2025

Pipeline	> Currently several strategic partnerships with developers signed
	> Pipeline of more than 2.5 Gigawatt (GW) minimum secured
Capacity Growth	> 1.7 GW of signed own capacity end of 2019 will be doubled to 3.4 GW
	end of 2025
	> Thereof currently 1.2 GW connected to the grid, end of 2020 1.7 GW
	and approx. 3.0 GW end of 2025
Recycling of Cash	> Sale of minority stakes up to 49% will be continued
	> Doubled capacity incl. diversified local wind risks
Recycling of Debt	> Reduction of EUR ~100 million of debt p.a. at SPV level offers headroom
	for new debt in the same amount at corporate level at better conditions

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Growth strategy based on 2019 fundamentals only

Profitable growth outside Europe

Profitable business models in storage technology

Potential reserves in equity capital market transactions and dividend policy post 2021

Further opportunities in

Mergers & Acquisitions

Base case scenario:

>> Fast Forward 2025

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The Management

38

Management team with great industry expertise and strong passion for renewables

Dr. Dierk Paskert

Since September 2017 CEO at Encavis AG

Reappointed until August 2025

CEO Rohstoffallianz GmbH

Member of the Management Board of E.ON-Energie AG

E.ON AG Düsseldorf, SVP Corporate Development

Member of the Management Board Schenker AG

Dr. Christoph Husmann

Since October 2014 CFO at Encavis AG Reappointed until September 2025

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

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

39

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

40

The Encavis share

An attractive investment

41

Dividend proposal of EUR 0.26 for FY 2019 fully in line with dividend target 2021

Majority (54.4 %) of shareholders preferred new ENCAVIS shares to cash dividend for FY 2018

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

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

Further acquisitions of PV/Wind

0.05

parks will positively contribute to the dividend potential

0.30
0.26
0.24
0.22
0.20
0.18
0.15
0.10
0.08

Dividend (EUR cent/share)

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

42

Entrepreneurial shareholder structure - strong and long-term anchor investors

Market Cap in EUR

~ 1.0 billion

# shares

137,039,147

Free float	61.5%
including

Management ENCAVIS AG (0.4%)

Pool of

AMCO Service GmbH (Büll Family) with Dr. Liedtke Vermögensverwaltung GmbH

26.6%(Liedtke Family)

4.4%PELABA Anlagenverwaltungs GmbH & Co. KG (Heidecker Family)

4.0%Versicherungskammer Bayern

3.5%

Lobelia Beteiligungsgesellschaft /

Kreke Immobilien KG (Kreke Family)

43

ENCAVIS share - Ten active coverages with five "buy" recommendations

Coverage institution	Updated Ratings	Date (2020)	Target Price (EUR)
	Buy	Mar 13, 2020	11.20
	Neutral	Mar 04, 2020	10.00
		Jan 24, 2020
	Buy	Jan 16, 2020	15.00
	Buy	Jan 10, 2020	12.50
	(Buy)	Jan 09, 2020	10.40
Consensus	Further Ratings	Date (2019)	11.82 (updated only)
	Hold	Dec 18, 2019	9.25
	Hold	Dec 12, 2019	10.00
	Hold	Dec 11, 2019	9.00
	Buy	Jan 10, 2019	7.20
Consensus			10.51 (all included)

• Further coverages of the ENCAVIS share are initiated . . .

44

ENCAVIS share with strong upward trend since mid of 2019 suffered also from capital market panic

190
180
170
160
150
140
130
120
110
100
90
80
18.03.19	18.04.19	18.05.19	18.06.19	18.07.19	18.08.19	18.09.19	18.10.19	18.11.19	18.12.19	18.01.20	18.02.20
			ENCAVIS	DAX	SDAX	ÖKODAX	Linear (DAX)

45

ENCAVIS - One of the largest independent and listed European Renewable IPPs

Benchmarking by market capitalization (EUR million)

3,137
						European listed renewable companies
						Listed yield companies
2,164	2,092	2,034
	1,970
			1,091	981
				778	769	694	593
							505
								180

46

Date 2020	Event (I)
Mar 19	Consolidated Financial Statements 2019
Apr 01	Raiffeisen Centrobank Investors Call
Apr 06	Seydler Bank Online RS, Luxemburg (LUX)
Apr 07	Commerzbank Online RS, London (UK)
Apr 22	ENCAVIS Online Capital Markets Day
	2020, Düsseldorf (GER)
Apr 29	Bankhaus Lampe Investors Day,
	Brussels (BE)
May 05/06	Seydler Bank Investors Day,
	Kopenhagen (DK) & Stockholm (SWE)
May 13	Annual General Shareholders Meeting
	(AGM) of Encavis AG, Hamburg (GER)
May 19	Goldman Sachs Utilities Conference:
	Heading to Net Zero, London (UK)

Date 2020	Event (II)
May 20	Berenberg Conference USA 2020,
	Tarrytown, N.Y. (USA)
May 27	Interim statement Q1/3M 2020
Jun 02	Raiffeisen Centrobank Investors Day,
	Zurich (CH)
Jun 02/03	Asset Life Optimisation Forum, LDN (UK)
Jun 09	DIRK Conference 2020, Panel Discussion
	"Markets for Future", Frankfurt/M. (GER)
Jun 11/12	CM-CIC Investors Forum, Paris (FR)
Jun 17	Commerzbank Investors Day,
	Munich (GER)
Jun 18	Quirin Champions Conference 2020,
	Frankfurt/Main (GER)
	ODDO BHF Natixis Renewable Conference
	Paris (FR)

47

Date 2020	Event (III)
Jun 24	Raiffeisen Bank International Conference
	Schuldscheindarlehen (SSD), FFM (GER)
Aug 18/19	Bankhaus Lampe German Conference,
	Baden-Baden (GER)
Aug 26	Interim report Q2/6M 2020
Sep 02-03	Commerzbank Sector Conference 2020,
	Frankfurt/Main (GER)
Sep 09-10	Stifel Cross Sector Insight Conference,
	London (UK)
Sep 12	Interest payment PNL 2018
	'Green Schuldscheindarlehen'
Sep 13	Interest payment Hybrid Convertible
Sep 16	Raiffeisen Centrobank Investors Day,
	Zagreb (RO)

Date 2020	Event (IV)
Sep 21/22	Berenberg/Goldman Sachs
	German Corp. Conference, Munich (GER)
	Jefferies Equity-Linked Conference 2020,
	London (UK)
Oct 14	Jefferies European Mid-Cap Industrial
	Forum 2020, London (UK)
Oct 15/16	Jefferies Investors Days,
	Dublin/Edinburgh (IRL/UK)
Nov 16	Interim statement Q3/9M 2020
Nov 16-18	German Equity Capital Market Forum,
	Deutsche Börse, Frankfurt/Main (GER)
Nov 23/24	Commerzbank Investors Days,
	Zurich/Geneva (CH)
Nov 24	DZ Bank Equity Conference, FFM (GER)
Dec 11	Interest payment PNL 2015

48

Contact

Jörg Peters

Head of Investor Relations and Public Relations

Encavis AG

Große Elbstraße 59

D- 22767 Hamburg

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