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Year-end report 2013, Rabbalshede Kraft AB (publ)

February 27, 2014

Significant events during the fourth quarter, October 1, 2013December 31, 2013

· Production for the fourth quarter totaled 86,898 MWh (48,667 MWh) · The average electricity price per presold MWh was SEK 345/MWh (354) · The average price for electricity certificates and Guarantee of Origin (GoO) was SEK 201/MWh (186) · Net sales totaled KSEK 47,452 (26,258) · Operating profit before depreciation/amortization (EBITDA) amounted to KSEK 44,239 (13,185) · Operating profit (EBIT) was KSEK 33,520 (loss: 3,473) 2013 fiscal year

· Production from the Group's wind farms amounted to 189,431 MWh (159,785). · The average electricity price per presold MWh was SEK 351/MWh (364). · The average price for electricity certificates and Guarantees of Origin was SEK 202/MWh (169). · Net sales totaled KSEK 104,694 (85,269) · Operating profit before depreciation/amortization (EBITDA) amounted to KSEK 77,821 (43,215) · Operating profit (EBIT) was KSEK 38,027 (loss: 7,619). · Depreciation/amortization totaled KSEK 39,794 (50,834). The Company adjusted its assessment of the useful life of the wind turbines from 20 years to 25 years, which resulted in a MSEK 10 reduction in depreciation. · The Company posted a profit after tax of KSEK 117 (loss: 30,200). · In June 2013, Manor Investment S.A. invested MSEK 171.6 in Rabbalshede Kraft through a private placement, under which Manor Investment received 14,300,000 new Series B shares at a price of SEK 12.00 per share. · The preferential rights issue that was implemented between June 24 and July 8, 2013, raised MSEK 353.7 for the Company, prior to issuance costs. The Company received the issue proceeds on July 16, 2013. The shares that were subscribed for under the issue have been registered with the Swedish Companies Registration Office. · Rabbalshede Kraft signed an agreement with Swedbank and SEB regarding bank financing, thus securing the Company’s build-out of the ÅrjÄng NV and ÅrjÄng SV wind farms in ÅrjÄng Municipality, as well as the SkaverÖd/GurserÖd wind farm in Tanum Municipality. · The Company is investing nearly MSEK 1,200 in the construction of the ÅrjÄng NV, ÅrjÄng SV and SkaverÖd/GurserÖd wind farms, comprising a total of 33 wind turbines. The wind turbines being installed are of the Vestas V112-3 MW model. Svevia will be in charge of the construction of roads and infrastructure, including the non concession-bound (NCN) network. Construction on the wind farms began in July 2013 and will be completed by late 2014. The annual production for the three wind farms is estimated at 289 GWh. · All 14 wind turbines in the Dingle-Skogen Vind wind farm have been assembled and commissioned. The wind farm was in commercial operation in November 2013, at which point it transitioned to the operational phase. · In May 2012, Rabbalshede Kraft signed an agreement with the Gothenburg Diocese concerning the sale of two of 14 wind turbines in the Dingle-Skogen Vind wind farm. Ownership of the wind turbines was transferred in October 2013. · Rabbalshede Kraft has been granted an environmental permit for the Femstenaberg wind farm comprising up to 15 wind turbines (45 MW), the BrattÖn SÄlelund wind farm comprising up to 14 wind turbines (42 MW) and the LursÄng wind farm comprising up to five wind turbines (10 MW). The wind farms have gained legal effect. · During December 2013, the subsidiary Rabbalshede FÖrvaltning 1 AB received an interest-bearing loan from Manor Investment S.A. amounting to KSEK 101,843. · Rabbalshede Kraft has submitted a permit application for the following projects: BurÅsen (30 MW), Ulvberget (24 MW), ÅrjÄng NV phase II (27 MW) and SkÖllunga (27 MW). · The Annual General Meeting for the 2012 fiscal year was held on April 25, 2013, in Gothenburg, Sweden.

Significant events after the end of the period

· Rabbalshede Kraft was granted an environmental permit for the Lyrestad wind farm comprising up to 8 wind turbines (25 MW), the wind farm gained legal effect in January 2014. For further information, please contact:

Thomas Linnard, CEO Tel. 46 (0)525 - 197 11, 46 (0)706 100 120

Fredrik Samuelsson, Financial Manager Tel. 46 (0)525-197 13, 46 (0)703 01 20 49

Rabbalshede Kraft AB (publ) MarknadsvÄgen 1 SE-457 55 Rabbalshede, Sweden

Telephone 46 (0)525-197 00 E-mail Corp. Reg. No. 556681-4652 This is Rabbalshede Kraft Rabbalshede Kraft AB (publ) is a fast-growing player in wind power. Since being formed in 2005, Rabbalshede Kraft has been involved in the commissioning of 62 wind turbines, of which 38 wind turbines in five wind farms are proprietarily managed. An extensive project portfolio comprises the basis for growth. The Company has another 33 turbines under construction and about 300 wind turbines in the procurement, application or planning phase. Follow the Company's progress at

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