C O M PA N Y P R E S E N TAT I O N J A N U A R Y - 2 0 1 2

Palmerston Equity Partners

Proprietary & Confidential Information All Rights Reserved 2011 Palmerston Equity Partners LLC

New York, NY 10118 info@PalmerstonPartners.com www.PalmerstonPartners.com

Table of Content

1. Introduction

2. Strategic Advisory / Capital Efficiency Services

3. Company Structure

4. Philosophy/Divisions

5. Global Footprint/ Capital Sources

6. Activities Breakdown

7. Selected Cases

8. Board of Directors

Introduction

WELCOME TO PALMERSTON EQUITY PARTNERS

Palmerston Equity Partners LLC is an international debt and equity restructuring consultancy based in New York City that specializes in Strategic Advisory and Capital Efficiency Services in the areas of Commodity Trading, Project Financing, Corporate Syndication, and Structured Finance. Launched in June 2008, Palmerston is comprised of 5 managing partners and 11 advisory members.

Strategic Advisory Services

Transaction Advisory

- Due Diligence - Merger Integration - Regulatory Compliance - Concession Negotiating - Bidding Processing - Closing Documentation

Business Strategy

- Strategic Planning - Corporate Assessment - Economic Forecasting - Vertical Integration - Diversification Strategy - Value Internalization

Performance Improvement

- Finance Transformation - Process Re-Engineering - Change Enablement - Growth Initiatives - Productivity Improvement - Expense Reductions

Valuation

- Financial Reporting - Restructuring Analysis - Capital Budgeting - Asset Pricing - Appraisal Structuring - Pre-IPO Studies

Capital Efficiency Services

Trade Finance

- Documentary Collection - Trade Credit Insurance - Letter of Credit underwriting - Export Factoring - Forfaiting Structuring - Transactional Equity

Project Finance

- Renewable Energy - Extractive Mining - Transport Infrastructure - Telecommunication Networks - Modular Construction - Defense Contracting

Structured Finance

- (SPV’s) - (SPAC’s) - Credit Enhancement - Risk Transferring - Securitization Structuring - Pooled Investing

Corporate Finance

- Syndication - Private Placement - Mezzanine - Consortium - Privatization - Flotation

Company Structure

Real Estate Development & Construction

Venture Capital & Investment Banking

Manufacturing & Global Logistics

Palmerston Equity Partners LLC

Chairman of the BoardKeren Binyaminov

Research Committee

David Machlis, Ph.D.

Finance Committee

Burhan Cakmak

Risk Committee

Aaron Aaronson, Ph.D.

Investment Committee

Simal Dogan Ozcelik

Philosophy

Risk Management Diversification Network Opportunism

Time Sensitive

And Targeted risk

Matrix Management

Differentiated And uncorrelatedStrategies across

Multiple investmentAnd assetClasses

Extensive Network ofContacts

Provides uniqueOpportunities and

First mover Advantages

OpenMindedness andWillingness toLook outside

Of the Box

Quantitative

Qualitative

Operational

Structural

Mining / Renewable Energy

Real Estate / Logistics

Infrastructure / Transportation

Trusts / Foundations / Charities

Pension Funds / Insurance Companies

European Banks

Creative

Collaborative

Principled

AnonymousHigh-Net-Worth IndividualsDefense / Security

Divisions

Real Estate Development & Construction

ResearchingSite

InspectionProperty Appraisal

Zoning Procedures

Developing

Site Inspection

Preliminary Development

Rendering Proposals

Analyzing

Property Identification

Soil Studies

Feasibility Analysis

Design Development

Constructing

Cost Estimation

Contract Negotiating

Bidding Concessions

Project Completion

Project Management

Regulatory Planning

Marketing

Pre-Construction

Marketing

Financial Planning

Profit Distribution

Construction Phasing

Venture Capital and Investment Banking

ScreeningFund

ConstraintsTime

Constraints

Institutional Systems

Originating

Public Scoping

Legal Support

Industry Associations

Evaluating

Market Scoping

Fund Design

Fund Raising

Future Arrangements

Structuring

Plan Competitions

Ownership Analysis

Package Consolidation

Take-Privates

IPO’s

Finance Execution

Exiting

Mergers & Acquisitions

Shareholders Testimony

Recapitalizing

Proposal Disposition

Manufacturing & Global Logistics

PlanningProcess

SimulationsModel

Balancing

Activity Based Costing

Estimating

Manufacturing Concepts

Programming Methods

Activity Based Manufacturing

Generating

Patent Planning

Capital Infusion

Intellectual Property

Quality Controls

Integrating

Numerical Methods

Product Tolerance

Real Time Production

Financial Integration

Human-Machine Interface

Marketing

Executing

Global Distribution

Initial Testing

Change Enablement

Manufacturing

Primary Capital Sources Project Locations

Global Footprint

Access to Funding Sources

Allocation by Service Type

Capital Sources

13%

8%

5%

33%

32%

9%

Trust / Foundations / Charities

Pension Funds

Insurance Companies

Private Equity Firms

European Banks

High-Net-Worth Indivduals

Focus Allocation

10%

20%

65%

5%

Trade Finance Infrastructure Project Finance

Corporate Finance Structured Finance

VALUATION/ADVISORY ASSIGNMENTS

Activities Breakdown

Region/IndustryRenewable

EnergyExtractive

MiningTransport

InfrastructureTelecom-Networks

Modular Construction Defense Contracting

North America Biofuels Oil Exploration NA Transmission

Network Residential/

Commercial/Hotel Monitoring Technology

South America Wind Energy Gold Mining NA CogenerationCommercial/

Industrial Blue-Tooth

Networks

Eastern Europe Oil Refining Thermal Coal Oil Container Shipping Fleet NA Housing Units

Radio-Communication

Central Asia Solar Energy Marble StoneCargo Aircraft

Fleet NA Man-Camp Units Wireless Video

Capturing

Total MM (USD) $826 MM $450 MM $550 MM $720 MM $1529 MM $45 MM

Selected Cases

Board of Directors

Keren Binyaminov | Chairman of the BoardMr. Binyaminov’s experience encompasses designing, implementing, reorganizing and managing operations, engineering, and quality assurance functions for nationally and internationally recognized corporations. He has held senior positions in the Financial and Analytical Departments at Linear Infrastructure Solutions Inc., and Trispecs Inc., specializing in model generation methodologies and technical econometric forecasting, before establishing Palmerston Equity Partners LLC. As Chairman of the Board, Mr. Binyaminov directs the entire spectrum of the firm’s operations: constructing models of optimization, devising structured and unstructured feasibility studies, evaluating cost assessment packages, generating time-sensitive probabilistic supply and demand simulations, evaluating statistical market studies, and managing the overall exposure to risk. Since the firm’s founding he has been the driving force of executing $4.12BB in Strategic Advisory & Capital Efficiency assignments. He holds a B.A in Economics and a B.S in Mathematics from Adelphi University (Honors College Program), graduating near the top of his class, Magna Cum Laude. He was awarded the esteemed James H. Post Prize for the Best Work in Social Sciences. Among his scholarships are the prestigious New York Times College Scholarship, New York Academy of Science (Research Training Program) and Adelphi University’s Presidential Merit Scholarship. He is a member of several National Honor Societies, including Delta Mu Delta, and currently resides in New York City.

Dogan Simal Ozcelik | Investment Committee Chairman

Mr. Ozcelik, in his capacity as Investment Committee Chairman, is our firm's valued senior executive working directly with our chairman assisting him with all final decisions. With his economics background, he anticipates emerging trends, analyses the conduct of policies that have acquired their own thrust, and hunts down the reasons that makes cooperation possible. He oversees the firm's two guarded internal investment divisions: global strategic investments and global tactical investments through his diverse array of worldwide contacts with foreign ministerial personnel, private banking executives, hedge funds' directors, and high net worth investors. Over the years, he has diversified his private and corporate investments into several industries ranging from technology, transportation, security measures, commodity trading, real estate, and tourism. He is our conduit to innovative ideas and international opportunities making the strategic suggestions and providing economic and diplomatic measures which define the character of our firm.

David Machlis, Ph.D. | Research Committee Chairman

Dr. David Machlis is a highly acclaimed professor of economics at Adelphi University’s School of Business. He was nominated many times for Professor of the Year at that same institution since his affiliation in 1967. During his tenure, he has also served as Chairman of the Economics Department as well as the Associate Dean of Academic Affairs. His main academic interests are in monetary policy and business cycles; and particularly as they apply to project development and business decision-making. In his capacity as Research Committee Chairman at Palmerston Equity Partners LLC, he brings forth an informed background in financial and industrial economics techniques to evaluate the ever evolving global financial markets in both the macro-economic and micro-economic spheres. During his professional career, he has been a trusted friend and advisor to Finance Ministers of two countries and has created valuable international contacts in the banking and finance arena. He was responsible for bringing one of the world’s largest diamond manufacturers to South Africa to establish a production plant in that resource-rich country, which, until that time, was primarily involved in exporting the rough product. His honors include an appointment by the Secretary of Education of the U.S. to the President's Advisory council on Bi-Lingual Education and he was also the recipient of a three-year National Defense Education Act Fellowship. He is responsible for creating a program called March of Remembrance and Hope which has brought over 20,000 people from diverse communities to an educational mission to the death camps in Poland. Dr. Machlis earned his B.B.A. Degree at the Baruch College of Business of the City University of New York and his Ph.D. in Economics from Rutgers University, the State University of New Jersey.

Aaron Aaronson, Ph.D. | Risk Committee Chairman

Mr. Aaronson is the force that has the most influence on the technology and financial infrastructure of Palmerston Equity Partners LLC. He is a highly skilled financial specialist with over a decade of experience in maintaining financial systems integrity and assuring calibrated exposure to risk. As Risk Committee Chairman, Mr. Aaronson oversees financial control, planning and analysis, investor relations, tax, and treasury on a global basis. He is responsible for global oversight of corporate services; corporate communications, marketing and brand management; legal, compliance and audit; corporate security; corporate strategy; diversity; human resources; recruiting; and talent management. He holds a B.A in Business Administration from Queens College and a Ph.D. in Clinical and Pharmaceutical Administration from St. John’s University.

Burhan Cakmak | Finance Committee Chairman

Mr. Cakmak in his capacity as Finance Committee Chairman at Palmerston Equity Partners LLC oversees the firm’s project related screening and evaluation methodologies. He oversees our firm’s financial operations in Turkey and neighboring countries, by providing executive and sensitive information gathering and strategic business due diligence. With over 40 years of experience in different phases of international business: ranging from international banking and finance, corporate real estate, and commodity trading; Mr. Cakmak has become a well-respected and recognized business figure. He articulates our firm’s economic measures and alternatives to improve our firm's strategic position in that region. Mr. Cakmak is the president of his own company 3 Boyut, which develops and markets 3D technology to Turkey and 29 other countries. We are fortunate to have him as our firm’s Finance Committee Chairman and representative in Turkey.

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