Berkley Resources - Solar PV Fund

8/3/2019 Berkley Resources - Solar PV Fund

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Business SummarySolar Park Development in Italy and Greece

April 29,

2011

The energy of the mind is the essence of lif

Aristotle


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Business Summary: Solar Park Development in Italy and Greece Berkley Resources I

Page i

Execuve Summary 1

PV Solar Power Explained 2

Solar Power: the World View 3

Strategic Plan 4

Investment Opportunity 4

Investment Instruments 5

Financial Summary 5

Selling a Project vs. Long-Term Hold 5

Synergisc Opportunies 6

Corporate and Operaonal Structure 7

Solar Market: Italy 8

Solar Market: Greece 9

Execuve Team 10

Advisors and Consultants 11

Contact Informaon 12

Contents

The projecons set forth in the Confidenal Business Summary were produced by the Companys

management and are subject to a high degree of uncertainty. They are based upon esmates of

future events and circumstances which may or may not ulmately prove to be true or accurate. Many

of these assumpons are based on inherently uncertain events which may or may not materialize

or which may substanally change. In addion, the esmates and assumpons underlying the

Companys projecons are subject to significant economic and compeve uncertaines and

conngencies, many or all of which are beyond the Companys control. Not all of the assumpons

upon which the projecons are based, and which would be material, are presented. No

representaon or warranty is or can be made as to the accuracy of any of these assumpons.

The projecons were not prepared with a view toward public distribuon or compliance with

published guidelines of the Securies and Exchange Commission or the guidelines established by

the American Instute of Cerfied Public Accountants regarding projecons. No independent review

has been performed to determine the reasonableness or achievability of the projecons. The

projecons included also cover a period beyond one year, and thus, are even more difficult to

accurately predict, parcularly for a development stage company. There can be no assurance that

the Companys projecons will be or can be realized and actual results may differ materially from

those set forth in the Companys projecons. Because of the above limitaons on these projecons,

persons reviewing them are cauoned about placing undue reliance on them.

Uncertainty of Financial Projections

Berkley Resources Inc. is redeploying its

assets from oil & gas into renewable solar

energy. The companys goal is to develop at

least 30MW of solar projects in Italy and

Greece by the end of 2012.


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Company & Focus

Berkley Resources Inc. is a Vancouver-based

natural resource company founded in 1986.*Historically the company has focused on oil and

gas development in Western Canada. However,

with the growing worldwide shi to clean and

renewable energy, Berkleys management has

chosen to redeploy the companys assets into

solar photo voltaic (solar PV) energy

opportunies in the European Union. Towards this

objecve, the company has established

operaonal partnerships with Day4 Energy Corp.,

Posive Energy Group and other leading EU-based

solar PV industry companies to develop solar PV

parks in Italy and Greece. Development in other

EU countries will follow.

Solar Power Opportunity in the EU

To promote energy independence, create high

technology jobs and reduce carbon dioxide

emissions, the EU adopted binding legislaon in

2008 that set naonal targets for renewable

energy generaon across the EU. To meet these

targets, member naons must offer guaranteed

Feed-in Tariff (FiT) rates to incenvize electrical

generaon from renewable sources. Italy, with one

of Europes sunniest climates, has embraced solar

PV development and now represents Europes

third-largest solar market behind Germany and

Spain. Greece, with equally abundant sunshine,

has also established highly aracve FiT rates to

spur solar energy development.

As solar PV development matured in Spain and

Germany, both countries substanally reduced

their FiT rates for new projects. Rates in Italy and

Greece, however, remain high but are scheduled to

decline as addional solar capacity comes on line.

Thus the window of opportunity to lock in highly

aracve, government-guaranteed rates of return

for solar investors in Italy and Greece is limited.

Short & Long Term Objecves

Because FiT rates are locked in and guaranteed for

20 years at the me of licensing (or whenconnected to the grid, depending on locality)

Berkley is acng quickly to take advantage of the

extremely high current FiT rates. The company has

set an objecve of developing at least 30

megawas (MW) of solar PV projects in Italy and

Greece by the end of 2012.

Longer term, Berkley intends to use its

experience and contacts to develop solar PV

parks in other European countries and eventually

in North America.

Favorable Bank Financing

Through its partnership with Day4 Energy, Berkley

has established a relaonship with UniCredit

Group (Italys fourth-largest bank), whereby

UniCredit will finance up to 80% of Berkleys Italy-

based project costs at an interest rate of 5% or

less. Through its partnership with Posive Energy

Group, Berkley is establishing a relaonship with

Piraeus Bank Group (Greeces third-largest bank).

Under this agreement, Piraeus will finance up to

75% of Berkleys project costs at an interest rate

of 7.5% or less. In both cases, loans will be

amorzed over approximately 18 years.

These favorable banking arrangements provide

aracve leverage for Berkley and, as a result, the

company can expect to earn ongoing rates of

return in excess of 20% per year on invested

capital.

Seeking up to 20M

Berkley seeks to raise up to 20M to take

advantage of EU solar energy opportunies

developed in partnership with Day4. Instuonalinvestors may parcipate through a 10M -

15M mezzanine debt facility. Individual

investors have the opon of bond issues or

converble debentures with a minimum 50,000

investment. Investors may also parcipate

directly in specific solar projects on a case-by-

case basis.

Highlights

} Berkley Resources intends to develop

at least 30MW of solar PV projects in

Italy and Greece by end of 2012.

} EU-mandated renewable energy

targets creang a window of

opportunity.

} Italy and Greece present most

favorable EU markets at this me.

} Financing available through leading

banks in both countries.

} Berkley looking to raise up to 20

million.} Investors parcipate through

Mezzanine Debt Instruments,

Converble Debentures or direct

investment in solar SPVs.

Executive Summary

Because FiT rates are locked in and

guaranteed for 20 years at the me

of licensing (or when connected to

the grid, depending on locality)

Berkley is acng quickly to take

advantage of the extremely high

current FiT rates.

* Berkleys common shares trade on the CanadianNaonal Stock Exchange (CNSX) under the symbolBKS.


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PV Solar-Generated Power Explained

The Perfect Renewable Energy

PV solar-generated power is one of the most environmentally friendly technologies for power

generaon. Solar power plants operate silently and preserve 90% of the natural landscape, thusallowing local ecosystems to thrive.

Solar modules or panels produce direct current (DC) electrical energy from sunlight and daylight.

Inverter systems convert the DC into alternang current (AC) which is fed into the public power

system or grid. The generated power is paid for at a per kilowa (kW) rate according to the

applicable purchase power rates and/or Feed-in-Tariff ("FiT") rates.

How Photovoltaic (PV) Solar Power Works

SunlightSolar Modules

Out to Utility Grid

Inverter & DC/AC

Disconnects

AC Service

Panel

Mounting

Racks

AC Utility

Net Meter

Transfers DCElectricity to

Inverter

DC Input AC Output

Transfers theconverted

AC Electricity

Solar power plants operate silently and do not

disrupt the natural landscape.

More solar energy hits the Earth inone minute than all the energy

consumed by humans in a year.


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By 2009, the EU represented nearly 70% of the worlds installed cumulave PV power.

Forecasts for 2010 and 2011 indicate connued accelerang growth.

* Chart source: Global Market Outlook for Photovoltaics Unl 2014, May 2010 Update,

European Photovoltaic Industry Associaon.

China

USA

Rest of the World

Japan

Eu

1,428

2000 2001 2002 2003 2004 2005 2006 2007 2008 20090

5,000

10,000

15,000

MW

20,000

25,000

1,7622,236

2,848

3,939

5,361

6,956

9,550

15,675

22,878

Historical Development of World Cumulave PV Power*The Challenge of Energy Security

Energy security has become a primary concern

not only for the EU but for governments aroundthe world. In 2007, China imported 47 per cent

of its crude oil, the US imported 35 per cent, and

the EU 94 per cent. To reduce dependency on

foreign imports, governments have developed a

range of incenves and regulaons to smulate

demand for renewable energy and LCT (Low

Carbon Technologies). New policies emphasize

an increase in the use of renewable energy to

reduce reliance on energy imports.

Feed-in Tarriffs

FiTs have become one of the most effecve tools

to promote clean energy investment and

development. In addion to the EUs sweeping

adopon of FiTs, China (which adopted FiT's as

a part of its Renewables Energy Law of 2005) is

one of many non-EU countries implemenng

FiTs worldwide. Other similar mechanisms are

forcing ulies to derive addional electricity

from renewable sources. These include

Renewable Energy Cerficates (RECs) in the US

and Renewable Obligaons Cerficates (ROCs) in

the UK.

For the EU: 365bn Needed

Barclays Group esmates the EU alone must

invest about 365bn in both large-scale solar

infrastructure and solar micro installaons to

bring EU emissions down to 83% of 1990 levels

by 2020.* The investment needed to reduce CO2

to targeted levels worldwide is easily in the many

trillions of Euros.

In the longer term, Berkley intends to exploit this

trend by leveraging its experience and

relaonships beyond the EU. Key markets include

the United States and Middle Eastern countries.

Solar Power: the World View

Highlights

} Energy security has become a primary concern, not only for the EU, but for

governments around the world.

} To reduce dependency on foreign imports, governments have developed

incenves and regulaons to smulate demand for renewable energy and

LCT (Low Carbon Technologies).

} FiTs have become one of the most effecve tools to promote clean energy

investment and development.

} Other, similar mechanisms are forcing ulies to derive addional electricity

from renewable sources.

} Berkley intends to exploit this trend by leveraging its experience and

relaonships beyond the EU.

Barclays Group esmates the EU alone

must invest about 365bn in both large-

scale solar infrastructure and solar micro

installaons to bring EU emissions to

83% of 1990 levels by 2020.*

* The Accenture-Barclays Group: Carbon Report

published February 2011.


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Partnership with Day4 Energy and Local

EPC* Contractors

Berkley Resources has established a strategicpartnership with Day4 Energy Inc., a Vancouver-

based manufacturer of high-performance solar

electric modules with extensive experience in

the European solar market.

Under the Berkley/Day4 agreement, Day4 will

provide solar panels and related equipment plus

consulng services for the construcon and

maintenance of PV projects. Berkley will provide

financing and, through a subsidiary company, serve

as the General Partner for a number of Special

Purpose Vehicles (SPVs).

SPVs are limited liability, low-tax, flow-through

enes registered to do business in specific

European jurisdicons. Each SPV will finance and

develop an individual solar project in Italy or

Greece.

Potenal In-Kind Contribuons to Capital

During recent meengs in Italy and Greece,

Berkley held discussions with Day4 Energy and

with two substanal developers regarding possi-

ble in-kind contribuons of solar panels and li-

censing permits to the equity of Berkley'sto-be-formed SPVs. Preliminary discussions with

the bank indicate that this strategy would likely

to be approved, as long as at least half of the re-

quired equity is contributed by Berkley in cash.

For the 19MW of projects controlled by these

two developers, this strategy would have the ef-

fect of reducing Berkley's cash equity contribu-

on by up to 6 million, and would allow Berkley

to grab more of the highest FiT rate projects

while they are sll available. Also, because the

in-kind contribuons would receive a "hair-cut"with respect to their ownership percentage of

the SPV, the addional leverage would enhance

Berkley's already high rates of return. As de-

scribed elsewhere in this plan, Berkley or its affil-

iates will also receive sales commissions and

project development fees which will further en-

hance Berkley's overall rate of return.

Strategic Plan Development Opportunities

Highlights

} Strategic partnership with Day4Energy to build solar PV projects in Italy and Greece.

} Day4 provides solar panels & related equipment, consulng services for construcon

& maintenance.

} Berkley provides financing and serves as General Partner for a number of Special

Purpose Vehicles (SPVs).

} Each SPV will finance and develop an individual solar project in Italy or Greece

Special Purpose Vehicles (SPVs) are

limited liability, low-tax, flow-through

enes registered to conduct business

in specific European jurisdicons.

* Engineering, Procurement and Construcon.

Focused on EU Opportunies in Italy and Greece

Berkley seeks to raise up to 10 million to take advantage of two solar-related business

opportunies developed in partnership with Day4:

1. Working in partnership with Day 4 and local contractors, Berkley expects to develop a

minimum of 30 MW of Solar Farms in Italy and Greece. The turn-key cost of each installed

MW is 3.5 to 3.7 million. Because equity required by the Italian and Greek banks ranges

from from 20% to 25%, Berkley needs from 700,000 to 937,000 per MW of developed

solar PV power per project. The funds will be used for site selecon, legal and regulatory

work, materials, construcon, maintenance, consulng fees, commissions, and general

working capital.

2. Berkley is expanding its markeng of Day4 panels in Greece and will be paid commissions

on projects developed by its own SPV's everywhere. Expenses of this business unit are

supported by Day4, so no investor funds are expected to be allocated to it.


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Investment Opportunity Financial Summary

Secured Converble Debt

Berkley is offering up to $10,000,000 of its Series

"A" Subordinated Converble Debentures. Thedebentures are secured by a floang charge on

all of the Company's assets. Highlights of the

terms of the debentures are:

Interest Rate: 10%

Term: 3 years with no prepayment for 1 year.

Security: See above.

Conversion Rate: Aer one year, 75% of the

previous one-month average closing price.

Minimum Purchase: $100,000

Note: No offer to sell securies is made by this

summary of the terms of the Company's Series "A"

Subordinated converble Debentures. An offer is only

made to eligible investors pursuant to the Company's

Confidenal Private Placement Memorandum to which

this Business Summary is an Appendix.

Long-Term Hold Vs. Selling

a Project

Highlights

} Investment opportunity: Secured converble debt.

} May sell SPV projects for profit of 30% on invested capital within 12

months.

} Hold project for long term, generang expected IRR's in excess of

19% for 20 years.

} Berkley may sell selected projects inially to leverage available

capital.

Financial Summary: For an Example Pipeline Project

Project name: 1MW Sample

Size: 1 MWTotal project outlay: 3,596,140

Equity Contribuon 718,228

IRR (80/20% leverage): 21.8%

Technology: Fixed Array

Connecon esmated: May-2011

Starng date: Dec-2010

Irradiaon level - KWhr / KWp 1,320

Worst-Year Debt Cover rao 1.76

Average-Year Debt Cover rao 1.80

Rate of interest on leasing 4.95%

12-Month Revenue Breakdown: Pipeline Project #1

Revenue per KwHr aer indexaon 0.388

Revenue per KwHr - Tariff 0.303

Producon (MWhrs) 1320

Revenue from sale of electricity 512,160

Less: Operaons, Maintenance & Rent (62,000)

EBITDA 450,160

SPVs - Addional Informaon

} In Italy, 20 KW to 1 MW farms earn the opmum FIT rate. We therefore

divide larger properes into single megawa farms whenever possible.

In Greece, solar farms larger than 1M are considered commercial scale,with the maximum FiT rate applied to farms up to 10MW in size.

} The equity component required by the banks for each MW built ranges

from 718,000 to 937,000 depending on the country.

} Currently, each MW plugged into the grid is able to enter into a long-

term (20-year) purchase power agreement at a fixed rate of 39 euro

cents per Khw in Italy and 42 euro cents in Greece.

} Free cash flows to the SPV, for completed solar parks, are expected to

exceed 20% for the 20 year duraon of the guaranteed FiT rates.

Opon 1: Hold for the Long Term

Under the long-term hold opon, each 1MW

solar PV development would generate an

esmated 150,000 per year in net distributed

cash flows. The resulng IRR, essenally

guaranteed by the governnment, would exceed

19% for 20 years.

Opon 2: Sell When Completed

The Company esmates that projects developed

at an average cost of 3.6 million per MW in Italy

can be resold in todays market for over 4

million when completed. Selling a finished

project would result in a profit of approximately

30% on invested capital within 12 months.

Although development costs in Greece are

somewhat lower, financing costs are somewhat

higher. As a result, we ancipate that similar

profits would be available upon the sale of

completed solar PV projects in Greece.

Berkley may elect to sell some of its first projects

to leverage available capital and undertake as

many development projects as possible during

this period of high FiT rates


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Synergistic Opportunities

Solar Panel Sales

Berkley (through its subsidiary AUC) and Day4 have entered into a Sales Representave Agreement

whereby Berkley is markeng Day4 Panels in Greece as an independent sales representave andreceiving a commission of .04 per Wa of panels sold. As a result, the company is opening a sales

office in the Athens area. Berkleys inial sales efforts have been so successful that Day4 is now

turning all sales leads in Greece over to Berkley. Day4 has also agreed to pay a commission on any

panels purchased (whether within or outside of Greece) pursuant to the development of solar PV

parks by Berkley or any of its subsidiaries or affiliates.

Day4s Quality Advantage

Day4s mul-crystalline PV panels are technologically advanced and offer superior durability and

efficiency when compared to most of its competors products. These characteriscs significantly

enhance the rate of return to solar developers who install Day4 panels in their projects.

Home Installaon Opportunies

In order to spur development of small-scale solar PV, Greece offers tax benefits for the installaon

of home-based PV installaons. The incenves are expected to create a whole new category sector

of PV installaons for many years to come as homeowners replace old solar water heaters with solar

PV systems. Another recent law requires all new buildings, warehouses, and factories to install solar

PV systems as a prerequisite to obtaining construcon license. In the home PV Sector, the tariff is

the highest of any other form of PV investment and guaranteed for 25 years of producon.

No addional funding is required to pursue this business opportunity.

Access to Premier Solar Projects in Greece

Berkleys Day4 distributorship presents an addional synergisc advantage. By represenng and

distribung one of the markets premier quality panels, Berkley will have access to the very best

solar projects coming available in Greece.

Highlights

} Berkley acts as a sales agent for Day4s

solar panels in Greece and has opened

sales office in Athens.

} Day4 panels offer a number of

advantages over competors.

} Home-based installaons offer a

significant secondary market in Greece

* World Energy Outlook 2010 Factsheet, Inter

naonal Energy Agency

The Internaonal Energy Agency

predicts that investment in renew-

ables to produce electricity is

esmated at $5.7 trillion (in 2009

dollars) over the period 2010-2035*

New incenves are expected to

create a whole new category

sector of PV installaons as

homeowners replace old solar

water heaters with solar PV

systems.


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Corporate and Operational Structure

Profits from SPVs

flow to Berkley

Sponsors SPVs and ManagesEPC Development Partners

Funds the

PV projects

1+MW

PV Solar Farm

(Owned by SPV)

Posive EnergyEPC Development Partner

for Greece

Eurosistem RECSEPC Development Partner

for Italy

Supplies solar panels and

related equipment; provides

consulng services

Consulng fees

paid to Day4

Renewable EnergyAcquision Corp.

(REAC)

100% of grid revenues

flow to SPVs/REAC

1

1

5

2

3

4

2

3

4

5

Day4 Energy designs and manufactures high-performance solar PV panels

based on unique and patented high power/highly robust electrode

technology. The company maintains offices in Europe, including a

manufacturing facility in Poland with markeng, architectural design, and

engineering offices in Germany and Italy. Day4 is sourcing cream of the

crop projects for Berkley through its extensive industry contacts.

Berkley provides project funding to REAC, a fully-reporng SEC issuer

acquired by Berkley in 2010. Berkley acts as General Partner to the SPV's

and, together with Day4 and the EPCs, manages the development,

construcon, and ongoing maintenance of the projects. Each SPV funds

a specific solar PV development project in Italy or Greece.

RECS/EuroSistem and Posive Energy are established EPC contractors

and leaders in the field of solar development in Italy and Greece. REAC

will work with these companies as a joint developer of its solar projects

and intends to receive co-development fees from them.

Take or Pay: Once connected to the grid, Berkley intends to enter into

"take or pay" purchase power agreements at the project's

predetermined FiT and power rates which will be fixed for a period of

20 years. Berkley plans to sell to large publicly held power companies.

The companies will either: (1) take the power and pay for it at FiT rates

or; (2) pay for the power at FiT rates if unable to take it. The SPV is onlyresponsible for the power up to the grid connecon and collects 100%

of the revenues.

Revenues from the SPV solar project flow back to REAC, the SPV sponsor.

Resulng profits then flow to Berkley. Berkley expects to hold the

projects for long term returns in excess of 20%, but may sell some early

projects and roll the profits into addional solar parks.


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Solar Market: Italy

Renewable Electricity to 22% by 2020

Italys EU mandated requirement is to increase

its renewable energy share to 17% by 2020.Because Italy is highly dependent on energy

imports, the Italian government has established

a voluntary target to increase renewable electric

generaon to 22% of total supply by 2020.

Italy benefits from both an aracve regulatory

environment and abundant sunlight. The country

currently ranks third among Europes PV power

producers aer Germany (5,300MW) and Spain

(3,200MW). As of December 31, 2009, Italys

total installed PV capacity stood at approximately

742MW, according to Gestore dei ServiziEnergeci (GSE), an organizaon that promotes,

supports, and develops renewable energy in

Italy. (GSEs sole shareholder is the Italian

Ministry of Economy and Finance which, in

consultaon with the Italian Ministry of

Economic Development, provides guidance on

GSEs acvies.)

Solar Generaon Income in Italy

In Italy, solar power producers receive income

from two sources:

1) the Basic Tariff (the base power purchase rate

for electricity), which can vary according to

market condions (see Table 1); and,

2) the EU mandated FiT payments, which are

fixed at the me the project is connected to

the grid and are guaranteed by the Italian

government for 20 years (see Table 2).

Noce in the tables that the FiT rate for 2011

projects is over three mes the Base Tariff rate

and is actually a 6% reducon from the inial

2010 FiT rate of 0.346. This is because the Fit

Rates are intended to be a temporary incenve

to kick-start the development of renewable

energy facilies. Industry experts expect Italy to

reach grid parity (the point at which electricity

generated by solar power is equal in cost or

cheaper than, the exisng grid power) in the

2011-2012 period. The FITs have been legislated

as part of Italian law and cannot be changed

retroacvely.

FiT contracts in Italy are structured on a take-or-pay basis, meaning that the GSE will either:

(1) take the power and pay for it at FiT rates or; (2) pay for the power at FiT rates if it is unable

to take it. The SPV (project/plant) is only responsible for the power up to the grid connecon

point. Beyond the connecon point, the SPV has no further responsibilies or liabilies. The

SPV is not responsible for grid capacity issues.

Table 1 - ENEL Solar Base Tariff for Italy 2010

Annual System Electricity Output Range in kWh Basic Tariff

0 500,000 0.102 /kWh

500,000 1,000,000 0.086 /kWh

More than 1,000,000 0.075 /kWh

Annual inflaon applied to ENEL Basic Tariff: 2.0%

Electricity Rates are established by Italian government agencies which

regulate the power industries. Rates are implemented by Enel Distribuon

which is owned by Enel Power Company, the largest ulity in Italy and

second largest in EU. Enel Power is a 60 Billion, publicly-traded traded

company. See www.enel.com

Table 2 - FiT Rates in Italy (Euros/kWh)

2010 2011 2011 2011 2012 2013

Capacity Jan-Apr May-Aug Sep-Dec

200kW - 1000kW 0.346 0.314 0.303 0.266 0.250 0.235

1,000kW 5,000kW 0.346 0.313 0.289 0.264 0.248 0.233

>5,000kW 0.346 0.297 0.275 0.251 0.236 0.222

With one of Europes sunniest climates,

Italy now ranks third amongst EU

countries for solar energy generaon.

(Global Market Outlook for Photo-voltaics

Unl 2014: May 2010 Update,

European Photovoltaic Industry

Associaon)

...Italy appears as one of the

most promising markets with

an addional 711 MW

[installed] in 2009.


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Solar Market: Greece

FiT Incenves Similar to Italy

The Greek government has adopted FiT

incenves similar to those in Italy (see Table 3).Greece has not seen the same pace of solar

development as Italy, however, as licensing and

regulatory hurdles have been more challenging.

Nevertheless, Greece has embraced solar PV as

a clean source of energy. With the help of the

Greek PV Associaon, regulatory processes are

becoming faster, simpler, and clearer, and

associated costs are declining. As a result, solar

PV is the fastest growing energy sector in Greece.

Solar energy producon in Greece has doubled

every 2 years over the last 10 years.

Favoring Larger Scale

In order to spur rapid commercial-scale

development, FIT rates in Greece are structured to

favor large scale solar farms over smaller home

and business use systems. As in Italy, Greek FiT

rates are scheduled to decrease for new projects

over me as addional PV capacity is connected to

the grid.

Rates Locked in for 20 Years

The FiT rates are locked in for 20 years from the

date of licensure. Thus the declining schedule

applies only to new projects coming on line during

the defined me periods.

Table 3 - FiT Rates in Greece (Euros/kWh)

2010 2011 2011 2012 2013

Capacity Jan-Apr May-Aug

10kW - 100kW 0.40 0.372 0.351 0.333 0.298

100kW 1,000kW 0.45 0.419 0.394 0.375 0.336

>1,000kW 0.45 0.419 0.394 0.375 0.336

Like Italy, Greece has a

superb sun radiaon

capacity and it is

esmated that one third

of Greeces energy

requirements could be

met with solar power.

In order to migate the risk of doing business in Greece, Berkley plans (through its

relaonship with Posive Energy) to sell the electricity generated from its Greek solar

PV projects directly to Public Power Corporaon S.A., a mul-billion Euro revenue

company listed on the London Stock Exchange.* Furthermore, as the Greek

distributor of one of the premier solar PV panels on the market, Berkley will be able

to cherry pick from the very best solar projects coming available in Greece.

Highlights

} Greek incenves/FiT rates are similar to

Italys and offer lucrave returns to solar

developers.

} Incenves and streamlined government

processes have made solar PV the fastest-

growing energy source in Greece.

} FiT rates in Greece are structured to favor

large-scale solar farms.

} Berkley plans to sell generated power

directly to Public Power Corporaon S.A.

* See www.dei.gr for more informaon.
http://www.dei.gr/http://www.dei.gr/


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Executive Team

Ma Wayrynen 49

Preseident & CEO, Berkley Resources, Inc.

Mr. Wayrynen has extensive experience inresource company management, venture capital,

startup financing, and mergers and acquisions.

As a director of Quinto Mining, he helped raise

more than $30 million and advanced a Quebec

iron ore property to a viable project. Quinto sold

to Consolidated Thompson Iron Mines in June

2008 for a share value equal to $175 million.

(Consolidated Thompson was eventually sold to

Cliffs Resources for $4.9B.) Mr. Wayrynen was

formerly acve in the real estate industry as a

licensed salesman and licensed agent nominee

in charge of real estate for mulple retail projects

throughout the greater Vancouver area. In

addion, he was a licensed securies

professional for over 10 years. He is a director of

several publicly-listed resource companies and is

a co-founder of TrichoScience Innovaons Inc.,

developer of a therapeuc hair replacement

technology undergoing extensive clinical trials for

market approval.

Patrick L. Riggs 42

Managing Director, Berkley Renewables

Mr. Riggs is founder/CEO of Riggs Capital, Inc., aconsulng firm which arranges funding, and

provides structuring and consulng services

for small-to-medium sized entrepreneurial

companies. Mr. Riggs has been in the investment

banking business for over 15 years and is an

honored member in Who's Who in American

Business and held an unblemished Series 7

license for several years. Mr. Riggs studied

economics at the University of North Dakota and

has structured several reverse merger and M&A

transacons, both as a principal and as a

consultant. Mr. Riggs has traveled extensively,

conducng business in Asia and Europe. He was

born in Italy and maintains close connecons in

Greece through his Greek mother and family

members in Athens.

Evan Katsoulis, 43

Internaonal Sales Director, Berkley Renewables

Mr. Katsoulis has earned degrees in electrical andmechanical engineering from the University of

Patra and the American College in Athens. He has

started or been involved with a variety of

import/export businesses in Greece, specializing

in electronics, soware, and shipping. Before

joining Berkley, Mr. Katsoulis worked for a large

distributor of solar related products and

developed a customer base of nearly 150

companies, including the 12 largest solar

installers and contractors in Greece. Mr. Katsoulis

is fluent in English and Spanish, as well as his

nave Greek. He has built numerous

longstanding relaonships with companies and

individuals in England, Italy, Germany, and the

USA that will benefit Berkley.

Craig Laughlin, 60

President & Director, Renewable Energy

Acquision Corp. (REAC)

Mr. Laughlin is the founder and President of SRC

Funding, Inc., a private company through which

he has provided business consulng services and

engaged in private investment acvity since

1991. Mr. Laughlin has served as a director ofnumerous publicly traded and/or SEC reporng

companies, including during the past five years:

Renewable Energy Acquision Corp. (co-

Founder); SimplaGene USA, Inc. (co-founder);

and Dotronics, Inc. (sole officer and director,

brought in to posion the company for an

acquision). Mr. Laughlin was also a founding

Director in 2006 of the Macalester College Clean

Energy Revolving Fund and has maintained a

focus on energy conservaon, energy efficiency,

and renewable energy in his professional and

invesng life.


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11

Advisors and Consultants

Howard Feldman, 64

Mr. Feldman is the CEO of BK Financial Services,

LLC. and has been associated with the Wall Streetinvestment banking community for over 35

years. His relaonships within the financial

community are extensive, including a

comprehensive proprietary network of over 500

instuonal investors and fund managers

throughout the country. He has structured

financing strategies for private and public

corporaons in nearly every sector of the

economy. With a background in equity

instuonal sales and instuonal fixed income

sales, Howard has analyzed hundreds of new

investment opportunies and raised capital

through equity, debt, and mezzanine financings

for both public and private companies.

Prior to his involvement with Wall Street,

Howard was a Captain in the U.S. Army and

served as a commanding officer of a company of

paratroopers with the 101st Airborne Division in

Vietnam.

Addional informaon on Mr. Feldman and the

BK Financial team can be found at:

hp://www.bkfinancialservices.com/1Team.htl

Luigi Fusi, 51

Mr. Fusi is the Managing Director of Global

Module & Project Sales for Day4 Energy and

head of Day4 Europe. He brings to Berkley a

wealth of technical and managerial experience,

having worked in execuve posions with Cisco

and HewlePackard. He holds double degrees

from the University of Milan in electrical

engineering, an MA from MIT, and an execuve

MBA. Mr. Fusi specializes in idenfying solar

business opportunies and closing complex

corporate transacons.

Fillipo Natoli, 47

As Managing Director of RECS, Mr. Natoli brings

many years of solar construcon contracngexperience to Berkley. He has built in excess of

50 MW in the last three years in Italy. He is also

knowledgeable in all aspects of PV installaon

and local construcon regulaons for the EPC

contracng business. He has developed a

parcular experse in single MW facilies

throughout Italy.

Konstannos Mavros

Mr. Mavros is the CEO of Posive Energy, a fully-

integrated and insured EPC contractor that has

built in excess of 50 MW over the past five years.He is an expert in PV installaon and local

construcon regulaons with a parcular

experse in single MW facilies throughout

Greece.


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Page 12

Contact

For Informaon, Please Contact:

Ma Wayrynen, President & CEO

Berkley Resources Inc.

Suite 900, 570 Granville Street

Vancouver, BC V6C 3P1

604.682.3701

[email protected]

Patrick Riggs, Managing Director

Berkley Renewables Group

612.850.5029

[email protected]

Craig Laughlin, President

Renewable Energy Acquision Corp.

[email protected]

952.541.1155

www.berkleyresources.com

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