CONFIDENTIALMaking Sustainability Bankable

Netwerkbijeenkomst Eemshaven

February 2012

CONFIDENTIAL2Making Sustainability Bankable

DisclaimerThis presentation was prepared by Typhoon Offshore B.V. (“TO”) exclusively for use at the

“Netwerkbijeenkomst Eemshaven”.

This presentation is incomplete without reference to, and should be viewed solely in conjunction

with, the oral briefing provided by TO. Information in this presentation may be based upon

management forecasts and reflects prevailing conditions and our views as of this date, which are

accordingly subject to change. No representation or warranty is made or accepted in respect of the

information contained herein.

This presentation is proprietary to TO and may not be disclosed to any third party or used for any

other purpose. By accepting this document, the recipient agrees that he/she will not copy,

reproduce, distribute or otherwise disclose this document or the contents hereof at any time without

the prior written consent of TO.

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1. Introduction Typhoon Offshore

2. Realisation offshore windproject Gemini

3. Innovation/choices

4. Local Impact

Contents

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1. INTRODUCTION

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Typhoon Offshore: Building on Expertise

Typhoon Offshore

Typhoon Offshore is the daughter company of Typhoon Capital (Est. Amsterdam 2009) and is dedicated to investing in and development of offshore wind energy projects.

Typhoon Offshore’s objective is to acquire stakes in offshore wind projects in the North Sea. Typhoon Offshore then contributes its expertise to bring these projects to financial close, creating value and compelling investment cases for long term investors.

Members of Typhoon Offshore’s core-team successfully managed the landmark projects Belwind and PrinsesAmalia [Q7] to financial close and during construction, and were responsible for innovations which have become market practice. The team has a strong network in Europe, Asia and the Middle East.

• Strong transaction execution skills• M&A and financing expertise• Structuring capabilities• Technical expertise• Project management experience• Financial control experience

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Typhoon Offshore: Building on Expertise

The team already developed, financed and/or commissioned over 20 renewable energy infrastructure projects with a total capacity in excess of 1GW and a transaction value of around EUR 2 billion

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Typhoon Offshore: position in the value chain

Securing site rights

Operational permits

Key project milestones

ContractingFinancingStructuring

Construction

2 – 10 yrs1 – 2 yrs

2 – 4 yrs 20 yrs+

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2. REALIZATION OFFSHORE WINDPROJECT GEMINI

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• Involved since September 2009, TO acquired 30% interest in early 2010 and in August 2011 TO acquired full ownership of the Dutch Project “Gemini” (formerly BARD Offshore Netherlands).

• With its planned 600 MW capacity, it is the largest offshore wind farm to date in the North Sea area, totalling a CAPEX of €2.4 Bln.

• Financial close is scheduled for Summer 2012 and start of construction in 2013

Project characteristics

• Project Gemini consists of 2 X 300 MW fully permitted offshore wind farms in the Netherlands.

• Buitengaats (300MW) and ZeeEnergie (300MW) have both an approved permit (“Wbr”) and a granted Dutch feed-in tariff (‘SDE”).

Project Gemini 600MW Offshore wind in the Netherlands

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Project Gemini…..continue

Gemini Offshore Nederland:

• 600MW• (100-200) x (3- 6MW turbines • Waterdepth : 20-40m. • Distance to shore: ca. 85KM• 2 Offshore platforms + 1 On shore grid station.

Total amount of steel: ±200.000’MT’ (Foundations, tower, platform)Approx 500km Cabling

Construction Costs:• Turbine supplier agreement € 800m• EPC/BoP € 700m• Grid € 550m

Other Costs:• Financial and structuring, devex €350m

15 yrs Full Maintenance & Insurance contract

GridCo

ZeeEnergieBuitengaats

Wind farms

On-shore

Off-shore ~ ~~ ~

Grid

Tennet

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Project Gemini – Green Energy• Project Gemini is located at one of the best offshore wind

location in NL with average wind

speeds of ±10 m/s Estimated annual production for

600MW: 2,400 GWh.

• Electricity for ± 700,000 households / 1,500,000 habitants

per annum which almost equals the number of people

living in the 3 Northern provinces of The Netherlands.

• Annual emission reduction

• 1,250,000 Ton CO₂

• 3968 Ton Nox

• 4284 Ton SO2

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Stakeholders

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PROJECTGEMINI

Sponsors:HVC (15%)Typhoon Offshore (85%)

Revenue from:PPA contractSDE subsidyGreen certificates (GVOs)

Contracts, supplier & construction

1. WTG supplier for turbine supply2. Consortium for EPC/BoP•Consortium also for installation turbines•Consortium main EPC contractor Grid

•WTG O&M contract•Grid O&M contract

•Insurance Contract(CAR & BI)

Debt ProvidersEIBKorean BanksKfWECAsGlobal Commercial Banks

Mezzanine ProvidersEPC/Supply parties (vendor finance)Electricity Off-takers (PPA)

Envisaged Strategic + financial investors (equity) @FCHVC (15%)Typhoon Offshore (10%)Contractors + Supplier (24%)Undisclosed as of yet (51%)

±

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• Piles are driven into the seabed at a suitable place. The top of the foundation is painted a bright colour to make it visible to ships and has an access platform to allow maintenance teams to dock

• Once the turbine is assembled, sensors on the turbine detect the wind direction and turn the head, known as the nacelle, to face into the wind, so that the blades can collect the maximum amount of energy. The movement of the wind over the aerodynamically shaped blades (2) makes them rotate around a horizontal hub, which is connected to a shaft inside the nacelle (3). This shaft, via a gearbox, powers a generator which converts the energy into electricity

• Submarine cables (4 & 7) transport the power to an offshore transformer (5) which converts the electricity to a high voltage before running it back to connect to the grid at a substation on land (6)

1

2

Source:BWEA

3

6

4

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A typical offshore wind farm: how does it work?

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Outline workschedule

• Pile driving and installation of the foundations (1)• Installation wind turbine (2 & 3)• Infield cabling (4)• Transformer platform & Transformer AC/ DC Convertor platform (5)• Export cable (7)• Onshore Convertor DC/ AC Transformerstation (6)

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Contracting Strategy: Two contract strategy

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Clear Contracting strategy & Reliable contractors = No loose ends = Bankability

Our business: Structuring, Contracting, Financing

Typhoon Offshore

• combines capital and industry leading knowhow

• aims at superior financial and environmental

returns

• innovates by applying the dual contract model

• resulting in bankable projects

• Non recourse construction & project finance

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3. INNOVATION / CHOICES

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Start detailed design and engineering

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Type of Foundations for Offshore wind

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Design & detailed engineering

• Tenor 15 yrs• Minimum 25 yrs• Hostile environment• Installation Challenges

www.flyingfocus.nl

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Foundation examples: Monopiles

• Water depths max 35 mtrs• Turbines max 3,6MW• Proven design• Sufficient production capacity available

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Foundation examples: Tri-pod & Jackets

Water depth >40mtrs Water depths >20mtrs

Turbines > 5MW Turbines > 5MW

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Wind turbine structure

50 mtr

23 mtr

35 mtr

67 mtr

60 mtr

Foundation weight800 - 1250 ton

Tower 200 ton

Turbine 200 - 500 ton

235mtr

97 mtr

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Construction

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Pile driving and scour protection

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Vessel/Barge for pile driving and transition piece installation

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Transition piece and Installation of tower/ wind turbine

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Installation Transformer platform

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Transformer platform & exportcable laying vessel

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Onshore cabling

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Maintenance

• Full time maintenance

• Scheduled and un-scheduled

• Operations

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4. LOCAL IMPACT

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(Possible) Impact of investments

• New permanent job creation in the region; direct as well as indirect

For our 600MW project:

– During installation and construction on average 500 fte/yr

– During operational phase on average 120 fte/yr

In Germany about 25,000MW will be realized

In the UK approximately 35,000MW

• Further development of the Dutch maritime and installation industry

• Dutch ports could become hubs for maintanence

• The Netherlands are located at a central position in the North Sea Area.

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Eemshaven leading the way in offshore wind

North Sea: global centre for Offshore Wind Largest, most dedicated and concentrated area for offshore wind power > planned capacity of 60 to 80 GW to be operational in the next 20 years.

After the nuclear disaster in Japan, several European governments emphasised their necessity to switch to other sustainable energy sources. Germany not only decided to fully cancel their nuclear energy development program, they even decided to completely stop their nuclear energy production

Offshore wind considered one of the main sources for sustainable Job creation and renewable energy in North-West Europe. Strong dedication and support from the public/governmental sector will accelerate development and further shorten the planned timelines towards project completion.

UK: 36 GW / Germany: 25 GW / Belgium: 2 GW / Netherlands: 3 GW /France 6 GW / Others (Scandinavia): 10 GW

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Workshop/ factory for Monopiles and Jackets

• Foundations about 20,000 man-hours

• Based on Ikea-approach• Pre fab tubular and other • Secondary steel per ton 3 to 5 man-

hours production.

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What could all this do for the Eemshaven

• Good geographical location

• What industry is already present and what else is needed?

• Steel processing

• Logistics

• Construction Support

• Maintenance

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Contact details

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Amsterdam - Head OfficeApollolaan 1501077 BG AmsterdamThe NetherlandsTel: +31 (0)20 840 8600 E-mail: info@typhoonoffshore.eu

London Office133 HoundsditchLondon EC3A 7BXUnited KingdomTel: +44 (0)203 402 6022

Seoul Office27F. Trade Tower159-1 Samsung Dong, Seoul 135-729South KoreaTel: +82 (0)2 6007 2677