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with higher margin potential over fixed tariff scheme ? Combined pipeline and asset deals traded between mln €/MW Germany ? Diminishing tax incentives lead closedend fund model dying out ? AngloSaxon and private Danish investors revitalise market ? Low wind sites and years together with decreasing tariffs bring margins below 10% Page 10 169。 Internationalizing wind investments require an integrative approach in order to assess market opportunities The “5R” – Investment Radar ? Returns It’s more than wind hours and tariffs! Reach Realization Returns Resources Regulation ? Resources A lot of wind means a lot of petition ? Regulation Typically made for domestic investors ? Realization Understanding local peculiarities ? Reach Address entry point into the market Page 11 169。 Thank you for your interest at your service ! Christian Gr252。tte Managing Partner Mobile: +34 678 002 479