Presentation pv park vaskovo_eng_july_2011_v.8.0

INVESTMENT OVERVIEWFOR SALE OF PHOTOVOLTAIC PROJECT “VASKOVO”WITH AN APPROXIMATE TOTAL NOMINAL POWER IN THE RANGE OF 22.17 MWp Haskovo Region, Lyubimets Municipality, Vaskovo Village Sofia • Vienna • Brussels • Moscow • Dubai 18th July, 2011

Contents:Executive summary ………………………..…………………………………3Location and main parameters ...................................................................... 4Licensing overview ....................................................................................... .. 7Productivity estimate of the Vaskovo.......................................................... ...8Financial outline of Vaskovo .......................................................................... 9Sale Proposal ................................................................................................... 9Contact Us ..................................................................................................... 10Appendix I: Tariffs for buying out electricity power from RES ............... 11Appendix II: Land layouts and maps of the terrain.................................... 12 2

1. Executive summary· This presentation is prepared to bring forward an investment opportunity related to the sale of one PV park (Vaskovo) with estimated total installed capacity of 22.17 MWp. The park is projected for optimum performance with mixture between crystalline (17.62 MWp) and thin-film technology (4.55 MWp).· The Project site is situated next to the village of Vaskovo in SouthWest direction, 25 km North of Svilengrad, in the most South part of the country, in a close proximity to Bulgarian borders with Greece and Turkey.· The plots of land that are forming the entire Project site are owned by 4 Special Purpose Companies having one beneficial owner who is willing to enter into a Partnership for their development with a prime class Investor or alternatively, to sell part of, or the entire, fully permitted Project capacity. BMF Ltd. Is the leading and management company amongst the afore-mentioned 4 SPC’s· The current development phase enables starting immediate design of the PV installation with a building permit due in the end of March 2012. Main development milestones such as Urban Planning (“PUP”) and First Letter for Grid Connection to Bulgarian National Electricity Company (NEK) have been passed. The change of land purpose for PV use and preliminary grid connection contract with NEK are the last remaining hurdles which has already been addressed to the proposed authorities and can be considered rather as a “technicality”.· The plots of land forming the project are 12. Altogether, the entire Project can be accommodated on a land of total 48,6 Ha, or broken down in smaller Projects occupying the respective plots· The local developer may opt to sell parts or the entire Project, subject to a confirmed interest by a creditworthy Investor. The eventual transaction will include the ownership of the plots and all permits, including Building permit. BMF Ltd. undertakes to support the future Investor or EPC contractor vis-à-vis the local & national authorities during the construction and connection of the projects. O&M responsibilities post commissioning would also be welcome plus a full service package.· Prospective investors or buyers of Vaskovo project will benefit from one of the best income taxes in Europe. In Bulgaria it is only 10 %.· Favorable feed-in tariff (FIT) for investors in photovoltaic parks in Bulgaria of € 24798/MWh (BGN 48560/MWh) without VAT with 20 years power purchase agreement (PPA). 3

· Total project cost is estimated approximately to € 37 millions. This investment volume allows project owners to get class “A” investment certificate from Investment Bulgaria Agency. Investors class “A” in Bulgaria can rely tax reductions and vacations, easier procedures for licensing and other benefits, which are granted on case-by-case basis.· The presentation below outlines the main technical, economic and investment considerations concerning Vaskovo Project. A more detailed feasibility study, preliminary geological report, financial model and information memorandum (prospectus) can be offered upon request by the Investor. Inea Consulting Ltd as a Project advisor to the current Owners will readily submit any such information upon satisfactory Expression of Interest. 4

2. Location and main parameters of the projects · Coordinates : Central Point 82: N41 54.389, E26 11.044; · Sea level: 269 m. above. The average altitude of the PV park is 300 m. above 5

· Orientation: The terrain is undulating with a slope to the south and southwest. In north-south direction, there are gullies on the slopes of 5 meters in depth in the lower part of the ground, splitting the field of three, four strips - wide and long, relatively equal parts. Slight hill terrain of the park and displacement in the south and southwest provide certain advantages in terms of location of the panels.· No obstruction to light, no heavy winds, snow or seismic activity (data available upon request). No emissions of SOx or NOx in the region, nor dust.· Geological and hydro – geological report prepared, showing adequate condition of the soil to sustain such structures.· Questions related to transport and construction of the project: There is direct access through agricultural roads to the terrain which in turn is free of buildings or any plants. The site is accessible through 2 agricultural roads· Availability of high voltage grids 110 KV at 675 meters direct distance from the border of designed terrains (see the picture below). The eventual grid connection (delivery point) given by NEK is in the plots, which are also ownership of BMF Ltd. This space will be uses for sub-station construction as well.· Grid connection will require just building of a transformer with replacement of the existing cables at the expense of the connection fee.· Terms and conditions for the grid connection have been presented by NEK.· Modules production fixed under 30° decline from the horizontal surface of the terrain – between 1 222 kWh/kWp and 1250 kWh/kWp. 6

3. Licensing overview A) Steps in project development and in Vaskovo project particularly1. Approval of Particular Zoning Plan (PUP)Announcing the approved PUP to the neighbors of the plot; PCoordination with local Health and Sanitary authority; PCoordination and approval from Regional Environmental Inspectorate PCoordination and opinion by Ministry of Agriculture PCoordination and opinion by National Forestry Agency PCoordination and opinion by Regional Waters Distribution Company PCoordination and opinion by National Irrigation Systems Company PNew revision by the expert architectural council in the Municipality; PApproval by the City Council PMayor’s order for validating the PUP; PQuarantine period of 2 weeks before PUP enters into effect; PRegistration in the cadastre plan and issuance of new Plans; -2. Change of Land usagePackage of documents (PUP, new plans, expert opinions); PFiling request for change of land status to Ministry of Agriculture (land of more than 5 Ha); PDecision from the Ministry of Agriculture; P3. Project PhaseIssuance of a design visa; -Preliminary contract with NEK Bulgaria (in progress); -Conceptual design and Final Project (el part + civil works); -Approval of the final Project by the Municipality; -Building permit; -Connection agreement with NEK Bulgaria; -B) Steps in Grid Connection and Procedure to the Distribution Company (NEK)1 Application to the Distribution Company for connection to the grid P2 Response to the application, to serve the Design Visa P3 Request for terms and conditions for connection to the grid P4 Receipt of a Connection opinion with the terms and conditions -5 Request for preparation of a Preliminary Contract for Connection -6 Signing the Preliminary Contract for Grid Connection -7 After final working, coordinating with the Distribution Company -8 Filing a Request for signing a Grid Connection Agreement -9 Filing a Request for signing a Power Purchase Agreement -10 Signing a Grid Connection Agreement -11 Signing a Power Purchase Agreement -Note:With “P” are marked finished phases for the Vaskovo project,with„-“ not finished. 7

4. Productivity estimate of VaskovoPrecise productivity estimation has been calculated with the software PV Syst. Full finalreport of Vaskovo PV park Solar Resource & Feasibility Analysis, can be obtained fromthe project sponsor BMF Ltd. upon satisfactory expression of interest.For SunPower SPR-225-BLK-UProduced energy: 21,533 MWh/yearSpecific production: 1,222 kWh/kWp/yearPerformance ration (PR): 80.7 %For Sharp NA-F121 (G5)Produced energy: 5,685 MWh/yearSpecific production: 1,250 kWh/kWp/yearPerformance ration (PR): 82.6 %Total electricity export to grid for Vaskovo Photovoltaic Park: 27,218 MWh/year 8

5. Financial outline of Vaskovo The project has pre-tax IRR – 30.3 % and Equity Payback Time - 3.5 years, which makes it financially viable and extremely attractive for investments. Detailed financial model with calculated ROI, IRR, risk &sensitivity analysis etc. is available. Inea Consulting Ltd as a Project advisor to the current Owner will readily submit any such information upon satisfactory Expression of Interest.6. Sale ProposalThe project sponsor BMF Ltd. announce herewith his intention to sale shares fromVaskovo Photovoltaic Park at two variants:Variant 1: Sale of shares at the following conditions, depending on the developmentstage of the project: Ø Stage 1 (current project status): 60 000 EUR/MWp Ø Stage 2 (preliminary grid access contract with NEK): 120 000 EUR/MWp Ø Stage 3: (building permit): 150 000 EUR/MWp Ø Stage 4: (final grid access contract with NEK): 170 000 EUR/MWpNote: Prices do not include 20 % VAT and are valid 3 months from the date at the firstpage of this document.Variant 2: To provide land ownership and all permissions for photovoltaic power plantdevelopment against 10 % stake in the project. 9

6. Contact UsIlko Iliev – Manager Daniel Krastev – OwnerInea Consulting Ltd BMF Ltd5, Shipka Str., 3rd floor 72, Rajko Daskalov Str., 3rd floor9000 Varna, Bulgaria 4000 Plovdiv, BulgariaTel. +359 52 91 60 56 Tel. +359 32 633 339Fax: +359 52 302 508 Mob:+359 899 197 666Mob:+359 896 833 044; e-mail: daniel_kr@home-brokers.comMob:+359 887 342 475e-mail: ilko.iliev@ineaconsulting.eu 10

Appendix I. Tariffs for buying out electricity power from Renewable EnergySourcesAbstract from preferential buying out prices without VAT for electricity produced fromRES with installed power under 10MW(in force since July, 1st 2011)1. From wind generated electric power with full effective yearly hours of work up until2250 hours and with installed power 800kW and more – 191.00 BGN/MWh2. From wind generated electric power with full effective yearly hours of work over2250 hours and with installed power 800kW and more – 173.06 BGN/MWh3. From wind generated electric power with installed power under 800KW with notsynchronized generator and cagetype rotor - 137.06 BGN/MWh5. from electrical systems working with PV modules over 200 kWp – € 247.98/MWh(BGN 485.60/MWh) 11

Appendix II: Land layouts and maps of the terrain 12

Presentation pv park vaskovo_eng_july_2011_v.8.0

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