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eeef Annual Report 2013

Letter from the Chairperson eeef, an innovative public-private partnership dedicated to mitigating climate change through energy efficiency measures and the use of renewable energy, was established in July 2011. It operates under the ‘Advancing Sustainable Energy for Europe’ agenda. It finances and provides technical assistance to municipal, local, regional authorities and entities – both public and private – acting on behalf of those authorities. The eeef operates in all member states of the European Union. The Fund was capitalized with an initial volume of € 265 million by the European Commission, European Investment Bank, Cassa Depositi Prestiti and Deutsche Bank. It also manages a € 20 million Technical Assistance Facility provided by the European Commission. While 2012 was characterized by building up a sustainable pipeline and closure of its first transac- tions, 2013 marked a significant growth of both its investment and technical assistance portfolio. By December 2013, the investment portfolio of eeef reached an allocated volume of € 102 million with the overall Fund commitments of €145.8 million and is currently providing financing to 7 projects. eeef also provided technical assistance to nine projects for a total amount of € 9 million. In 2013, it also managed to build up a substantial investment and technical assistance portfolio aimed at reaching the ambitious targets it set itself for 2014. eeef continued its participation in conferences and active dialogues with public authorities. These activities helped to raise awareness and transparency about eeef’s current and future operations. Our objectives for the next few years remain demanding – (i) increasing our network of public autho- rities and Energy Service Companies (ESCO), (ii) preparing eeef for further growth by acquiring new investors and (iii) further diversifying the investment portfolio by adding new investments. I am confident that eeef is well positioned to further invest in valuable public sector projects based on: (i) its successfully established track record, (ii) the continuously growing commitment of the local authorities to engage in green initiatives, and (iii) the Fund’s flexibility to provide various financing instruments including structuring services. Enjoy reading! Dear Reader, I am very pleased to present to you the European Energy Efficiency Fund (“eeef”) 2013 Annual Report. Peter Coveliers Chairperson of the Management Board 4 eeef Annual Report 2013

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