Etrion Annual report 2011

2011 HIGHLIGHTS
OPERATIONAL

- Produced 88.3 million (2010: 20.9 million) kilowatt-hours (“kWh”) of solar
electricity from seven solar power projects (Cassiopea, Helios ITA-3, Centauro,
Helios ITA, Etrion Lazio, SVE and Nettuno) during the year ended December 31,
2011.

- Completed construction of the 10 MW Helios ITA-3 and 2.6 MW Nettuno solar
power projects, both connected to the electricity grid in August 2011.

FINANCIAL

- Generated solar electricity revenues of $51.9 million (2010: $11.6 million)
during the year ended December 31, 2011.

- Recognized adjusted earnings before interest, taxation, depreciation and
amortization (“EBITDA”) for the renewable energy segment of $47.6 million (2010:
$8.4 million) during the year ended December 31, 2011.

- Issued, in April 2011, $77.4 million (€60 million) of corporate bonds in the
Norwegian bond market at 9% annual interest with a 4-year maturity.

- Repaid, in May 2011, the outstanding principal and interest associated with
the $77.4 million (€60 million) credit facility provided by a subsidiary of
Lundin Petroleum AB.

- Repaid, in November 2011, the $36.1 million (€28 million) bridge loan from
investment companies associated with the Lundin family.

- Completed, in the fourth quarter of 2011, the drawdown of $51.0 million (€39.5
million) from the non-recourse loan facility with Natixis, WestLB and
Mediocreval in connection with the Helios ITA-3 and Nettuno solar power
projects.