Insurance funds and pension funds differ in their attitudes toward renewable energy infrastructure, in their preferred vehicle of investment and in their views on investment going forward.

1. Institutional investor survey results
Pension and insurance fund
attitudes toward investment in
renewable energy infrastructure
November 2013

2. Key findings
► 61% of pension and insurance funds surveyed have no investment in renewable energy infrastructure.
► Nearly one-third of respondents expect their allocation to renewable energy to increase in the next three years, and
15% expect it to increase by over 10%*.
► Greater certainty of government support and greater in-house expertise in renewable energy are two of the most
important factors in encouraging higher allocations to this asset class in the future.
► Insurance funds and pension funds differ in their attitudes toward renewable energy infrastructure, in their preferred
vehicle of investment and in their views on investment going forward. Insurance funds appear to be the most active
investors.
* This excludes 40% of respondents for whom the question was “not applicable”.
Confidential — All Rights Reserved
Institutional investor survey 2013 | 2

3. Profile of survey respondents
► The survey was carried out
by Institutional Investor
LLC on behalf of EY.
► 75 responses from
European and North
American pension (44) and
insurance (31) funds were
received.
► 41% of European
respondents had assets
under management of over
$50b, compared to 13% of
North American
respondents.
► Over a third of
respondents had assets
under management of
$100b or more.
Survey respondents by total assets under
management and type of institution
17%
$50b to $99.99b
13%
Portfolio manager
4%
12%
Senior analyst/Analyst
20%
39%
Chief executive officer/Managing director
$100b or more
12%
5% 3%
$1b to $9.99b
13%
Less than $1b
6%
Pension funds
Insurance funds
10%
1%
Sample size (n = 75)
Head of research
7%
Pension manager/Head of pensions
5%
Alternative asset or infrastructure manager
5%
5%
5%
Sample size (n = 75)
Survey respondents by type of institution and
geography
Sample size (n = 75)
9%
Other
5% 3%
$10b to $19.99b
Chief investment officer
Investment analyst/Manager/Officer
$20b to $49.99b
Pension
Funds
59%
Confidential — All Rights Reserved
Survey respondents by job title
Survey respondents by geography and size
Insurance
Funds
41%
Europe
51%
North
America
49%
Sample size (n = 75)
Institutional investor survey 2013 | 3

4. Investment in renewable energy infrastructure
31% of respondents have invested in renewable infrastructure
Insurance and pension funds
Insurance funds
Percentage of assets invested in renewable energy
infrastructure
Percentage of assets invested in renewable energy
infrastructure
4%
5%
2% to 4.9%
6%
0.1% to 1.9%
19%
No investment
6%
2% to 4.9%
8%
0.1% to 1.9%
No response/unsure
5%
61%
8%
Sample size (n = 75)
► In total, just under a third of respondents have investments
in renewable energy infrastructure.
► 41% of insurance funds surveyed have invested in
renewable energy infrastructure compared to 22% of
pension funds.
29%
No investment
No response/unsure
55%
3%
Sample size (n = 31)
Pension funds
Percentage of assets invested in renewable energy
infrastructure
5%
2% to 4.9%
0.1% to 1.9%
2%
9%
11%
No investment
No response/unsure
66%
11%
Sample size (n = 44)
Confidential — All Rights Reserved
Institutional investor survey 2013 | 4

5. Alignment with fund objectives
Renewable energy investments align more closely to insurance fund objectives than those of pension funds
Insurance funds
Renewable alignment with fund objectives
My fund's need to diversify into alternative asset classes
61%
My fund's ethical objectives
42%
My fund's investment horizon and liquidity requirements
26%
42%
My fund's risk-return requirements
My fund's regulatory or legal requirements
42%
Neutral
10%
23%
35%
6%
19%
55%
Good match
6%
6%
29%
39%
16%
6%
6%
19%
Poor match
10%
Don't know
Sample size (n = 31)
Pension funds
Renewable alignment with fund objectives
My fund's need to diversify into alternative asset classes
My fund's ethical objectives
My fund's investment horizon and liquidity requirements
20%
My fund's regulatory or legal requirements
20%
Good match
18%
11%
55%
Poor match
11%
9%
52%
Neutral
11%
23%
32%
34%
My fund's risk-return requirements
23%
39%
27%
14%
16%
36%
34%
14%
Don't know
► 61% of insurance fund respondents stated that renewable energy infrastructure aligned well with their need to diversify into alternative
asset classes, compared to 34% of pension funds.
Sample size (n = 44)
► 42% of insurance funds surveyed found renewable energy assets provide a good match with their ethical objectives, versus only 27% of
pension funds.
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Institutional investor survey 2013 | 5

6. Technology preferences
More than half of insurers surveyed have already invested or are considering investments in on-shore wind;
on-shore wind and hydro-electric are the most popular technologies for pension funds
Insurance funds
Investment by type of renewable energy infrastructure
On-shore wind turbine power projects
28%
Solar photovoltaic power projects
14%
24%
Hydro-electric power projects
7%
18%
Geothermal power projects
4%
7%
48%
10%
59%
21%
57%
18%
Off-shore wind turbine power projects
4%
Biomass power projects
4%
75%
7%
7%
Any other type
10%
29%
61%
89%
3%
3%
3%
Have invested
31%
Evaluating particular deal(s)
Considering investment
No activity
Sample size (n = 28)
Pension funds
Investment by type of renewable energy infrastructure
On-shore wind turbine power projects
18%
Solar photovoltaic power projects
14%
Hydro-electric power projects
9%
64%
16%
70%
14%
9%
2%
75%
7%
11%
Biomass power projects
64%
9%
9%
Off-shore wind turbine power projects
Have invested
2%
16%
20%
Geothermal power projects
Any other type
2%
11%
2%
75%
11%
2%
68%
36%
Evaluating particular deal(s)
Considering investment
No activity
Sample size (n = 44)
Confidential — All Rights Reserved
Institutional investor survey 2013 | 6

7. Geographic preferences
The US is the top destination for renewable energy infrastructure investments
► More than one in four respondents have already
made or are considering renewable energy
infrastructure investments in the US.
► The UK and Ireland is the second most popular
destination for investment among respondents.
Renewable energy infrastructure investments by location
USA
26%
UK and Ireland
19%
17%
Elsewhere in Continental Europe
Germany
13%
France
9%
South Africa
9%
Canada
7%
South America
7%
Spain
7%
Italy
7%
Elsewhere in Asia
6%
Elsewhere in Africa
6%
Oceania
4%
China
3%
Middle East
3%
Not applicable
52%
Sample size (n = 69)
Confidential — All Rights Reserved
Institutional investor survey 2013 | 7

8. Forms of investment
Insurance companies invest mainly in project debt, whereas pension funds prefer tradable corporate
equities
Insurance and pension funds
Forms of investment
Tradable corporate equity (shares traded on a public exchange)
12%
16%
Project debt
17%
7%
Project equity
Tradable corporate debt (bonds traded on a public exchange)
Insurance funds
10%
12%
Other
Pension funds
9%
14%
1%
Not applicable
12%
35%
Sample size (n = 69)
Forms of investment
27%
29%
Tradable corporate equity (shares traded on a public exchange)
12%
Project debt
43%
Project equity
21%
20%
Tradable corporate debt (bonds traded on a public exchange)
Other
Not applicable
Insurance fund sample size (n = 28)
Confidential — All Rights Reserved
0%
24%
Pension funds
Insurance funds
25%
4%
29%
59%
Pension fund sample size (n = 41)
Institutional investor survey 2013 | 8

9. Performance of investments and future allocations
► 38% of respondents said their renewable energy investments had met or exceeded their expectations1,2 For many,
these are still relatively recent investments, and their performance has not yet been evaluated.
► Nearly one in three respondents expect their future renewable allocation to increase in the next three years, and 15%
expect it to increase by over 10% 1.
► The vast majority (76%) of those who expect their allocations to increase are insurance funds.
Performance of renewable infrastructure investments
Our renewable energy investments
have exceeded our expectations
Outlook for future allocations to renewable infrastructure
Increase by 10%+
9%
Increase by 5% to 10%
Our renewable energy investments
have met our expectations
15%
8%
Increase by up to 5%
29%
10%
No change
68%
Decrease by up to 5%
11%
It's too soon to tell
Sample size (n = 35)
51%
0%
Decrease by 5% to 10%
Our renewable energy investments
have fallen short of our expectations
0%
Decrease by 10%+
0%
Sample size (n = 40)
(1) Excludes 31 respondents who answered “don’t know/not applicable”
(2) With 51% stating it was “too soon to tell”
Confidential — All Rights Reserved
Institutional investor survey 2013 | 9

10. Drivers of future investment
Greater certainty of government policy and support, in-house expertise in renewable energy and
transparency of potential investments will encourage investments
Insurance and pension funds
► Respondents specified “Other” drivers to be:
► “Appropriate risk/returns and more client
requests”
Drivers for renewable energy infrastructure investments
29%
Greater in-house expertise in renewable energy infrastructure investing
24%
Greater certainty of government support and policy
Greater transparency of potential investments
26%
Increasing interest in socially and environmentally responsible
investment from pension plan holders or other funders
15%
Development of suitable pooled investment vehicles
Government policy that supports institutional investors’ unique
requirements, e.g., current use of tax credits in the US may not be of
value to pension funds
Insurance fund sample size (n = 27)
Confidential — All Rights Reserved
34%
27%
24%
17%
Other
Pension funds
30%
19%
11%
► “Economics”
► “Economic viability”
22%
22%
5%
44%
22%
17%
Greater access to attractively structured renewable energy assets
Partnership opportunities with other investors
► “Double the size of portfolio”
22%
Insurance funds
Pension fund sample size (n = 41)
► “Less government support. Projects must be
viable without subsidies”
► From the comments respondents made
quoted above, it seems that although greater
certainty of government support is a key
driver of investment, some funds are deterred
from investing precisely because renewable
energy infrastructure requires subsidy.
► For insurance funds, which tend to be larger
in terms of assets under management than
pension funds, having more in-house
expertise in this area is crucial to increasing
investment. Many pension funds simply do not
have the resources needed to invest in teams
to evaluate projects.
► For pension funds, greater transparency of
investments — the ability to look-through to
underlying projects and compare to historical
performance data — is critical.
Institutional investor survey 2013 | 10

11. Recent EY cleantech thought leadership
Renewable energy country
attractiveness index (RECAI)
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Our quarterly RECAI report ranks national
energy markets on their attractiveness for
.
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integrating such a role into your organization.
US water sector on the verge of
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From boiler room to board room:
optimizing the corporate energy mix
Designed as a resource for corporate energy
managers, this report discusses strategies and
considerations for addressing energy-related
risks through the integration of renewables
into a more diversified energy mix.
.
Global renewable energy country attractiveness
and resource map
These maps provide a global view of the renewable energy
landscape by combining our overall and technologyspecific RECAI rankings with data on installed renewable
generation capacity, capacity growth rate, new project
pipeline and percentage of electricity generated from
renewable sources.
Confidential — All Rights Reserved
Visit ey.com/cleantech to access these publications and other EY perspectives on cleantech.
This report shares EY’s point of view on the
multiple challenges that are converging to
compel change in the US water sector, including
an action agenda of ten proactive steps that
water industry stakeholders should consider to
help establish the long-term sustainability and
growth of the sector.
Cleantech matters: expanding the electric
vehicle experience
Summarized in this report are the insights and
recommendations arising from our annual Cleantech
Ignition Sessions, which convene industry players
from around the world to discuss trends in
electrification of vehicles.
Institutional investor survey 2013 | 11

12. How EY’s Global Cleantech Center can help your business
From start-ups to large corporations and national governments,
organizations worldwide are embracing cleantech as a means of
growth, efficiency, sustainability and competitive advantage. As
cleantech enables a variety of sectors, old and new, to transform
and participate in a more resource-efficient and low-carbon
economy, we see innovation in technology, business models,
financing mechanisms, cross-sector partnerships and corporate
adoption.
EY’s Global Cleantech Center offers you a worldwide team of
professionals in assurance, tax, transaction and advisory services
who understand the business dynamics of cleantech. We have the
experience to help you make the most of opportunities in this
marketplace, and address any challenges. Whichever sector or
market you’re in, we can provide the insights you need to realize
the benefits of cleantech.
Contacts
Gil Forer
Global Cleantech Leader
+1 212 773 0335
gil.forer@ey.com
Ben Warren
Global Cleantech Transactions
Leader
+44 20 7951 6024
bwarren@uk.ey.com
John de Yonge
Director, Global Cleantech
Account Enablement
+1 201 872 1632
john.de_yonge@ey.com
Scott Anderson
Global Marketing Director
scott.anderson@ey.com
+1 201 872 1292
Scott Sarazen
Global Markets Leader
+1 617 585 3524
scott.sarazen@ey.com
Lily Donge
Global Knowledge Leader
+1 202 327 6796
lily.donge@ey.com
Heather Sibley
Global Cleantech Assurance
Leader
+1 415 894 8032
heather.sibley@ey.com
Alex Desbarres
Global Strategic Analyst
+44 20 7951 7078
adesbarres@uk.ey.com
Paul Naumoff
Global Cleantech and CCaSS
Tax Leader
+1 614 232 7142
paul.naumoff@ey.com
Nicola Marshall
Global Cleantech Transaction
Advisory Services Resident
Manager
+1 212 773 5156
nicola.marshall@ey.com
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13. EY | Assurance | Tax | Transactions | Advisory
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