SolarCAP A/S – the future of Thermal Solar Energy Future Energies Maison du Danemark 14 – 15 April 2008

The VKR Group (April 2008) 20/09/2018

VKR Holding - The Model Company Objective The purpose of the VKR Group is to establish a number of model companies, which cooperate in an exemplary manner. A model company works with products useful to society and treats its customers, suppliers, employees of all categories and shareholders better than most other companies. A model company makes a profit which can also finance growth and maintain financial independence. (Villum Kann Rasmussen, 1965) 20/09/2018

Financial highlights VKR Group Key figures EURm 2007 2006 Revenue 2,331.5 2,189.0 Net profit for the year 188.6 250.0 Total assets 2,187.1 1,966.1 Investment in tangible fixed assets 200.9 130.8 Equity 1,700.2 1,543.1 Financial ratios Profit ratio, % 10.8 14.7 Return on assets, % 20.6 31.7 Equity ratio, % 77.7 78.5 Employees 16,209 14,562 20/09/2018

Strategy & Vision To become the leading supplier of renewable energy solutions based on thermal solar energy - and To make thermal solar energy the most environmentally sound and cost-effective source of energy. 20/09/2018

The History of SolarCAP A/S 1997-1998: Market study was performed to learn and understand the collector market 1998: The strategy in solar energy was developed. The possibility of a new business area was identified 1998-2002: Acquisitions of minority shareholdings in potential market leaders in the European solar market were performed 2002: Revised strategy plan set the target of becoming one of the leading suppliers on the European solar market 2003: All activities in solar are organized in a new business area under SolarCAP 2005: Majority shareholding achieved in SONNENKRAFT and Pro Solar. Start of General Solar System’s operation as one entity 2006: Expansion into France, Spain and USA 2007: Expansion into India and Denmark 2008: Expansion into Uganda/East Africa, South Africa and Portugal 20/09/2018

SolarCAP Presence (April 2008) 1998-2002 Minority Shares in European Solar Thermal Companies. 2003 SolarCAP Established. 2005 Majority Shareholding in SONNENKRAFT and Pro Solar. Establishment of General Solar Systems. 2006 Expansion into France, Spain, and USA (Heliodyne). 2008 Expansion into Portugal, Uganda/East Africa and South Africa. Distributors / Exports Own Sales Organisation Production 2007 Expansion into India (EMMVEE) and Denmark (Arcon & Thermo-Sol). 20/09/2018

SolarCAP Group (April 2008) 14 companies 900 employees EUR 150 million turnover (2007) Europe USA Africa India Sales & Distribution Manufacturing 20/09/2018

Vision & Mission of SolarCAP Financial Market and customers We have an average annual growth rate of 20% and an EBT of 5 % We make profit in our main markets and invest in future markets Vision We will make Thermal Solar Energy the most economical feasible energy source Organisation Employees We are the largest International supplier of thermal solar systems and components on all important markets With a motivated and qualified team we are servicing our customers as a Full-Service Solar System Supplier 20/09/2018

SONNENKRAFT SONNENKRAFT is the Group’s main brand. SONNENKRAFT is the leading solar specialist in Europe. Offers complete product program in solar domestic hot water and heating. Sale and distribution through heating installers. Sales companies in Austria, Germany, Italy, Spain, France and Denmark – sales offices in Uganda /East Africa and Portugal. www.sonnenkraft.com 20/09/2018

ARCON Solvarme Specialist producer of large systems World leader in large solar heating systems Located in Skørping, Denmark. Founded in 1974 One of three companies world wide that have the know-how to project and build large systems for i.e. central heating purposes. Market leader Europe for large scale projects - have delivered 8 out of 10 large European projects www.arcon.dk 20/09/2018

Large-scale plant in combination with district heating plant 20/09/2018