October 2013

CORPORATE PRESENTATION

COMPANY SNAPSHOT

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Project FinanceTrack Record

•M & A

•Track Record

BUSINESS FOCUS

MISSION

GEOGRAPHY

WIND, SOLAR, GEOTHERMAL, SMALL HYDRO, CHP, BIOMASS/WTE

REPRESENTED IN 15 COUNTRIES - EUROPE, AMERICAS, AFRICA

EXPERIENCE IN 55 COUNTRIES GLOBALLY SINCE 1994

SOLAR: USA, BULGARIA, ROMANIA, CZECH REP, ITALY, UGANDA, KENYA

WIND: POLAND, ESTONIA, TURKEY, KENYA

BIOMASS/WTE: UKRAINE, POLAND, CZECH REP, NIGERIA, CHILE, COLOMBIA;

CHP: POLAND, SPAIN, COLOMBIA

MORE THAN USD 2 BILLION IN DEBT TRANSACTIONS – FROM DFIs,

COMMERCIAL LENDERS, EXPORT CREDIT AGENCIES

TO BE THE PREMIER BOUTIQUE GREEN ENERGY FINANCE ADVISORY SERVING

EMERGING MARKETS

•Advisory

•Track Record

MARKET STRATEGIES FOR MANY OF THE LEADING GLOBAL RENEWABLE

ENERGY COMPANIES AND FUND INVESTORS

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FOUNDING PRINCIPALS

Clifford J. Aron, Founder Jacek Kostrzewa, Co-Founder

� 30+ years’ experience in

sustainable energy; 18+ in

emerging markets

� Advisor to IFC, the WB, EIB,

KfW, EBRD, USTDA, US OPIC

� Advisor to private investors

+ commercial banks

� Pioneer of ESCO industry in

USA

� Founding President NY

Energy Efficiency Council

� Director of Energy +

Economic Development NYC

� Environmental lobbyist

� Congressional aide on EE

policy

� 25 + years EE + RES

experience

� Specialist in project finance,

biofuels technology, wind

energy, solar PV, CHP + EE

policy and analysis

� Assignments for EFSE, IFC,

World Bank

� President of largest biofuels

trader in Poland

� Manager, EC PHARE Multi-

country Energy Program Unit in

13 East European countries

� Business Development Director,

National Power in Poland

� Founder of the Polish

Foundation for Energy Efficiency

LONG CAREERS IN RENEWABLE ENERGY

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OUR OFFER

GreenMax's activities:

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Financial Advisory

Corporate and Project Finance

Strategic Advisory

Project Development Services

GreenMax TEAM ACROSS THE GLOBE

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USA, 2 locationsNYC, Chicago

LATAM, 2 locationsSantiago, Bogota

Europe, 7 Locations Warsaw, Bucharest, Kharkhiv, Istanbul, Zagreb, Pristina, Milan

Africa, 4 Locations Lagos, Nairobi, Dar es Salaam + Kigali

CORPORATE AND PROJECT FINANCE

working relationships with investment funds and

strategic investors targeting RE and EE projects in

around the globe

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Project Equity

Project Debt

M&A

strong relationships with multilateral

development banks, commercial lenders, export credit agencies

extensive network of contacts with investment funds, strategic investors,

project developers, technology companies and energy services providers

TRACK RECORD: M&A SOLAREUROPE + USA

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Entry to CEE Solar Market

Acquisition of Greek solar parks

Sale of Italy solar parks

Acquire Italy solar parks

Acquire Romania solar parks

Acquire Romania solar parks

Acquisition of USA solar parks

Acquire Italy solar parks

Acquisition of Bulgaria solar parks

Acquire Italy solar parks

Acquisition of Italy solar parks

Acquire Bulgaria solar parks

Acquire Bulgaria solar parks

Acquisition of Bulgaria solar parks

Acquisition of Italy solar parks

Acquire Bulgaria solar parks

Acquire Italy solar parks

Acquire USA solar parks

SOLAR ENERGY PARTNERS Limited

Solar Infrastructure Investment Specialists

TRACK RECORD: M&A Wind, Biomass, CHPEurope

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Identify Wind projects in CZ + SK

CEE Wind energy investments

Acquisition of Hungary wind project

Renewable energy sector investments

Entry to Polish wind market

Acquire Polish wind projects

CEE landfill gas projects carbon trades

Acquisition of Polish CHP

Acquire Bulgaria Wind Projects

Acquisition of Polish CHP

Acquire Turkish wind projects

Acquire Polish wind projects

Entry to Baltic region wind market

Polish BioPelletPlant

Sale of Romanian wind project

Grant Funding for RDF Pellet FacilitySumy, Ukraine

Electricom

Sale of Romanian wind farms

Acquire Bosnian Small Hydro

6 MW SVEP wind farmin CZ

FITMIN Company BiomassBoilers in CZ

2 MW LibocanyWeir, CZ Small Hydro

Snina, SK District Heating

TRACK RECORD: PROJECT FINANCEEurope

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BOT Poland Power Company

DevinskaNova Ves, SKDistrict Heating

Forfaiting ofESCO receivables in CZ

BOSS Company woodgasificationboilers in CZ

Trade Credit Financing for90 MW SOMA wind farm

SVIT-M Ltd

USTDA Project Development Grant for RDF pellet facility Sumy, Ukraine

Government of Ukraine

$500M U.S. EXIM

financing + export

management of medical

equipment

Current

TRACK RECORD: US EXIMBANK FINANCINGPartnership with Broad Street Capital Group

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Double W Group

$12 Million U.S. EXIM

financing of equipment

for the Radisson Hotel

Kiev, Ukraine

Current

PA Yuzhmash

$80 Million U.S.EXIM

financing for a wind

tower production facility

2008

UkrGasProduction

$150 million US EXIM

Financing for pipeline

equipment

2006

UkrKosmos

$125 million US EXIM

export financing of

telecom equipment

2009

Sea Launch

$107 million US EXIM

Financing for satellite

equipment

2004

FINANCIAL ADVISORY

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Financial structuring of energy sector transactions

Financing facilities design

Design and launch of EE and RE financial products:

•Credit enhancement and loan guarantee programs

•Vendor financing programs and multi-project framework facilities

•Mezzanine, subordination and quasi equity instruments

TRACK RECORD: FINANCIAL ADVISORYEurope

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Train Hungary Credit Dept for RES

Launched EE Guarantee Fund

Design RES credit line for SMEs in CZ

Launched Estonia Block House EE Financing Facility

Launched Hungary Block House EE Financing Facility

Launched Montenegro EE Credit Line at Opportunity Bank

Credit Facility for Municipal Building EE

Launched Block House EE credit lines

TRACK RECORD: FINANCIAL ADVISORYEurope + USA

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Low Income Multifamily EE Financing Mechanisms Poland

Design for Building EE Financing Mechanisms in Kosovo

Design for Municipal EE Financing Mechanisms in Ukraine

Best Practices for Multifamily EE Finance in Eastern Europe Countries

Design for EE Loan Facility with Partner MFI in Bosnia + Herzegovina

Advisor for launch of Multifamily EE Loan Fund, Northeast USA

Design for Multifamily EE Financing Mechanisms in Armenia

Lessons learned from EE Finance programs in Europe

Design of the GeoFundInvestment Window for Eastern Europe and Caucasus

TRACK RECORD: FINANCIAL ADVISORYEurope

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Block House EE Finance Facilities in Romania, Hungary, Ukraine

Market Study Business Plan and Design of the SEE Green for Growth Fund

Design + TA for Poland EE Loan Guarantee Fund

Design of a pilot project Hospital EE Financing Facility in Poland

Quasi Equity Facility for SME Renewable Energy in Eastern Europe

Design + TA for Central European EE Loan Guarantee Fund

ESCO financing analysis for Warsaw Technical University

GREENMAX in Latin America + Africa

GreenMax's activities:

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Financial Advisory

Corporate and Project Finance

Strategic Advisory

Project Development Services

GREENMAX IN AFRICA: Project Finance Experience

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SB SPUMANTI LTD

NIGERIA:Development funding for 2MW rooftop solar plant in Lagos

KENYA:Development funding for 25 MW NgongHills Wind Farm

KENYA:Development funding for 10 MW NgongHills Solar Park

Ram Energy, Inc.

KENYA:Development funding for 70MW AkiiraGeothermal Energy Project

MMadhvani International

UGANDA:Development Funding for 23MW Bagasse Cogen at Kakira Sugar

Madhvani International

UGANDA:Development Advisory for 30MW Peat Fired power plant in Kabale

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NIGERIA: Development funding for 60MW WTE Plant in Lagos

Solar Energy

Uganda Ltd

UGANDA:Working capital for PV installation company

Highland Nigeria Ltd

GREENMAX IN AFRICA: Project Advisory Experience

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TANZANIA:Grant funding for TA at EWURA on PPAs + tariffs for IPPs

TANZANIA:Market Intelligence Report for Lighting Africa launch in TZ

KENYA:Review of small hydro project development portfolio

UGANDA:Grant funding for TA at Ministry of Energy on Biofuels Plan

UGANDA:Review of Rural Electrification Cooperatives Strategy

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KENYA: Grant funding for TA at KTDA on small hydro development

RWANDA:Development funding 10MW Rukarara+27MW NyaborongoHydro Plants

EAST AFRICAGeothermal Market + Finance Assessment

GREENMAX IN LATIN AMERICA: PROJECT EXPERIENCE

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CHILE + PERU:Geothermal Market Risk + Financing Analysis

ARGENTINA:Design of the National Energy Efficiency Fund

COLOMBIA + CHILE : Waste to Energy Market Review + Project DD

PANAMA + DOM. REP.Assessment of Wind Project Investment Opportunities

CHILE:CodelcoCopper Industrial Heat Recovery Project DD

CHILE + ECUADORAssessment of Solar PV Investment Opportunities

CHILE: Sustainable Energy Finance Training Workshops

DOM. REPWind Energy Market Assessment + Project DD

STRATEGIC ADVISORY

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Entry to New Country Markets

Identification of Acquisition Targets

Review of Regulatory Frameworks

Risk Assessments

Selection of Optimal RES Sub-Sectors

Financing Strategies

EXAMPLE: Strategic Advisory and M&A

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•When Neo Energia, the RES subsidiary of Electricite de Portugal

wanted to enter the Polish market in 2006 they turned to

GreenMax.

•We prepared a comprehensive review of the regulatory framework

and permitting process, reviewed main local and international

players already on the market, projected an achievable market

share for Neo Energia and developed a market entry strategy.

•As a result, in Q1 2007, EdP acquired Relax Energy, with a portfolio

of more than 1,700MW under development.

Supported initial entry of

NEO Energia,

to Polish wind market resulting

in acquisition of Relax Energy

Example: Strategic Advisory and M&A

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•The publicly traded Spanish renewable energy company FERSA asked

GreenMax to support them to expand to Eastern Europe in 2008.

•With FERSA seeking a strong position in new country markets,

GreenMax recommended Estonia where we demonstrated an approach

for FERSA to achieve a one third market share.

•As a result in Q2 2008, FERSA acquired EastWind, the most advanced

wind developer in Estonia. GreenMax continued to provide support,

arranging project financing from IFC and Hansa Bank for EastWind's

first 57MW wind farm project.

Led

FERSA Renovables

team to acquire EastWind,

Estonia

EXAMPLE: Strategic Advisory and M&A

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•The largest Private Equity Fund dedicated solely to Eastern Europe, with

over Euro 3 billion in assets under management, MEP called on

GreenMax in 2009 to develop an investment strategy focused on

renewable energy projects.

•We analyzed regulatory frameworks and market potential for wind and

solar PV in Poland, Romania, Bulgaria, Turkey, Ukraine and the West

Balkans to arrive at a focus for MEP.

•In April 2010 MEP acquired a controlling interest in Energy 21, the

largest Czech solar PV developer with over 20MW in operating capacity

and a regional portfolio of more than 100MW under development.

Advised

Mid Europa Partners

on investment to an Eastern

European RE venture

EPC and O&Mcontracts, Equipment

Procurement

Tariff Applications,

Permitting and Environmental

Review

Energy Off-take

Agreements

Emissions Trading and RE

Certificates

Project Business

Plans

Feasibility Analyses + Economic Modeling

Detailed Due Diligence

Market analysis and Regulatory

review

PROJECT DEVELOPMENT SERVICES

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Advantages DifferentiatorsClient Segment

Design of Financing Facilities

M&AStrategicAdvisory

Project Development Services

Project Finance Launch Financial Products

GreenMax ADVANTAGES

• Green Energy

Specialists

• Regional Experience

+ Presence

• Track Record of

Success

• Results Oriented

• Focus on Research

• Strong Origination

Network

• Established

Relationships with

Investors

• Innovative Structures

• Strategic Investors

• Project Developers

• Private Equity Funds

• Infrastructure Funds

• Multilateral Financial

Institutions

• Commercial Banks

Thank you!

Email: office@greenmaxcap.comwww.greenmaxcap.com

Europe Headquartersul. Dobra 54/4100-312 WarszawaPhone: +48 22 892-0050Fax: +48 22 892-0060

USA Headquarters540 President St. 3rd FlBrooklyn, NY 11215Phone: +1 646-564-3500Fax: +1 646-998-8023