1. Kaj Lindvig Managing Director FINANCING COMPANY GROWTH Danish Wind Energy Annual Event 2015

2. About Kaj Lindvig Work for Small and Medium Companies: Chairman of the Board, K2Management A/S Aarhus, 2 Owners, partly owner managed Chairman of the Board, FairWind A/S, Vejle, SE Blue Equity 58%, partly owner managed Board Member, Sub C Partner A/S, Esbjerg, Maj Invest 55%, partly owner managed Liftra Aps, Aalborg, 2 Owners, owner managed Seaflex A/S, Esbjerg, 1 Owner, owner managed Former related functions in DK-companies: 12 years, 2001 - 2013 as CEO, CSO and Senior Advisor A2SEA A/S, Fredericia 5 years, 1995 – 2000 as CEO Semco Maritime Lindvig Consulting offers non-executive board- and top-management support for the offshore wind supply chain. Adding value through leadership experience and hands-on know-how.

3. Why Capital Funds/Private Equity? They bring money They are shareholders on equal terms They invest if the business cases are acceptable They secure professionalism They wish to create more value in the company They want to exit – with profit They make your company more solid to deal with

4. Investment strategy at SE BLUE EQUITY SEBE has a preference towards small and medium large companies that profit from the transition towards more sustainable and green solutions. Danish companies with strong competencies and a global view Close proximity to investor secures a strong network and deep competencies Industry focus Turnover of m20-200 DKK No venture or turn-around Low risk Mature SMEs Both minority and majority Partnership with management – people over companies SEBE contributes with the right framework for management to bring the company to the next level Flexible partner based ownership Business system and history built on Danish knowhow/technology combined with business talent Niches Internationally oriented companies Preferably heavy on ‘engineering’ Companies in stable and good shape Other characteristics

5. SE BLUE EQUITY Portfolio

6. Strategy Focus B2B - broad Stage: only establishe d Turnover: m40-400 DKK Share: Minority (25-50%) Horizon: Typically 6+ years Gearing? Not an option Investme nt: ca. m5- 50 DKK ”Active minority shareholder focusing on established, medium sized production companies (B2B)”

7. Industri Udvikling - investment focus Management / organization – extremely important Has the company shown cash earning abilities? Growth potential? Market position and ”uniqueness”? Clear and convincing strategy? Value drivers for the industry? Exit-options? (strategic, PE, ownership?)

8. Industri Udvikling - wind investments  Resolux ApS: Light fixtures for the wind industry  Total Wind Group A/S: Installation, service, maintenance of wind turbines  EM-Fiberglas A/S: glass fiber elements for the wind industry  Lindø Steel A/S: cutting and processing of large steel components  East Metal Trade A/S: Production, surface treatment and test of large steel components

9. Maj Invest Equity - investment focus Large growth potential underpinned by previous strong performance Strong management Market value m100+ DKK Turnover m200-1000 DKK Partnership models Maj Invest Equity - service and scope Typically investing in companies where the existing owners wish to release the company’s full potential in cooperation with a dynamic partner Covering multiple sectors (ex real estate and biotech) No ultimate requirements for majority ownership Typical ownership between 40 - 90%

10. Maj Invest Equity - working with the investments Prioritized focus on long term operational value creation Joint responsibility to identify common solutions and ways towards growth as well as securing the necessary resources Alignment of interests and expectations with the other stakeholders, including management Clear adaptation of expectations with partners prior to new decisions. Including what should be done after an investment is made Maj Invest Equity - wind investments KK group: control systems for WTGs SubC Partner: survey and maintenance of offshore WTG installations

11. Lesson learned by working with Capital Funds engaged in SME Professional Board with different competences between board members Yearly: 4-6 Board meetings – including specific topics– yearly strategy meeting Wish to create more value in the company – for exit Correct and proper reporting and follow up - monthly Employees in Capital Fund and Chairman of the Board close to management Good network with professionals – also in the same industry Tools to evaluate investments conditions from banks, auditors etc. LINDVIG CONSULTING