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eeef Annual Report 2013

Letter from the Investment Manager A number of regional initiatives have been launched for energy efficiency upgrades in European cities, covering street lighting and public building upgrades as well as construction of district heating networks or combined heat and power plants using renewable resources. Energy service companies promoting energy performance contracting linked to savings guarantees are being increa- singly embraced to enhance the sustainable use of energy, through energy efficiency and renewable energy sources. However, the energy efficiency market is still at its inception phase across Europe and projects in this field are developing at a moderate pace. As the investment manager of the Fund, we consider 2013 as a breakthrough year for eeef, since we were able to invest in a variety of projects in Europe and achieve co-operations with a number of public authorities in Europe to facilitate project ‘creation’ in the market. By the end of 2013, a total of approx. € 9 million in funds was provided from the eeef European Commission Technical Assistance (TA) Facility to public authorities to finance their project development activities. For example, the Spanish cities of Santander, La Palma, Marbella, Cordoba, Elche and Terrassa are using the technical assistance funds provided by eeef to develop projects in public lighting/building retrofitting/clean urban transport and photovoltaic sectors, representing potentially attractive investment opportunities for the Fund. In the course of 2013, eeef deployed various financial instruments required by our partner institutions. We have invested equity in combined heat and power (CHP) plants in France to ensure a clean renewa- ble heat supply to French cities, acquired project bonds to finance a comprehensive energy efficiency upgrade in Bologna (Italy), entered into partnership with a financial institution to provide a green finan- cing facility to the Romanian bank Banca Transilvania and, lastly, invested in project bonds issued by Bolloré to support a green transportation initiative for the cities of Paris, Lyon and Bordeaux (France). The Fund will continue to build upon this experience in the future, utilising its capability to efficiently offer and implement various long term funding solutions aligned with the project needs of European local and regional communities. We have a strong ambition to be a constant driver for the conversion process of the European cities and communities into low carbon environments and accompany our partners along their successful implementation path. We are looking forward to another inspiring year and we hope you enjoy reading this report. LadaStrelnikova-Hübner Matthias Benz Zarpana Massud-Baqa Dear Reader, eeef was established in 2011; ever since, we have been actively involved in market development, while observing the progress in energy efficiency across the EU member states. Deutsche Bank AG, Environmental & Social Capital Introduction 5

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