Psc geif summary investment offer5

Investment Offer PresentationSolar power generation in Switzerland

Power Synthesis Capital AGSummer 2012

Confidential Tuesday, August 28, 2012 ! ! 1

Global Energy Investment Fund (www.geif.eu) is the unlimited structured fund, registered October 2011 in Principality Liechtnstein.

GEIF is an open share investment fund for qualified investors totaling EURO 200 million. Minimum amount of investment is set at 250 thousand CHF. The target index for GEIF is a 15% annual yield for medium- and long-term investments with allowance for an optimum risk-return ratio. GEIF funds are invested mainly in shares of selected projects in the amount of 25-100% of the registered capital. GEIF invests in two fields: “power generation based on renewable energy sources” and “green / energy efficient / energy saving technologies”. The Fund Administrator is Valartis Fund Management (Liechtenstein) AG. GEIF auditor–ReviTrust AG Liechtenstein. Custodian Bank–Valartis Bank Liechtenstein AG.

The unlimited structure was chosen to set both the fund value and term in accordance with market requests. Initial investment lock up period - 4 years.

The Asset Manager is Power Synthesis Capital AG - PSC - (Switzerland) - established in April 2011. PSC has got the duly registered representation office in Russia (Moscow), accredited with Swiss Business Hub of Swiss embassy and introduces wealth

management services (www.pscapital.ch).

Ecolution Engineering AG (ecolution-engineering.ch) EEAG - is the engineering company, conducting design of PV projects based on combination of “clean” technologies and the very up-to-date know-hows, with further follow-through, performace controls and “turn-key”

construction survelliance outsourcing EPC companies. EEAG selects such EPC contractors in accordance with tender procedure. Further EEAG conduct PV project technical management , performance monitoring and in-house maintenance.

Both PSC and EEAG represent the joined group to asset manage and PV system supply for GEIF. Together we provide for complete expertise and arrangement to develop, launch, and manage PV systems covering administration, legal, financial and management issues.


http://www.geif.eu

http://www.geif.eu

http://www.pscapital.ch

http://www.pscapital.ch

http://ecolution-engineering.ch

http://ecolution-engineering.ch

Target Market:

December 2011 the Swiss government adopted the program to get rid of existing nuclear power stations at the territory of Switzerland by 2030 and substitute thus emerging power gap by alternative power generation in particular PV installations. The Feed-in-tariff (FIT) schedule for the term of 25 years was adopted to stimulate the solar power generation. Current range 0,26-0,45 CHF. Current FIT is 0,39 CHF/kWh applicable for roof-top installations of up to 100KW capacity, in case over 100kW - 0,37 CHF/kWh. However starting October 1, 2012 DETEC (Federal Department of Environment, Transport, Energy and Communication) reduced FIT by 15% in average to 0,36 CHF representing at target PV system type 0,33 CHF and 0,31 CHF respectively. The FIT program is funded by KEV fund managed by Swiss goverment and is currently exceeds 1 bln.CHF per annum. The FIT is degraded by 8% p.a. and to avoid speculations at the market (negative experience of Czech Republic) the lock up period of 24 month is introduced for the FIT receipt by a PV generation facility. For the lock up period of 24 months regular local municipality grid power purchase agreement are actng with average tariff of 0,20 CHF will apply.

Currently the PV share in Swiss energy sector is 0,1%. In accordance with the state plan the share of PV in the energy sector should be not less than 25%.

PV roof-top installations - are the major subsidized objects due to the fact that the land is expensive and mostly allocated for agriculture needs. The above stated optimal FIT is dedicated for roof-tops. The total volume of roofs applicable for PV installations in Switzerland is 200 sq.km. To substitute the nuclear power production capacity of 4,5GW only 90 sq.km. of roofs will be enough to install PV installations. The estimated capital cost is ca. 10 bln.CHF and annual turnover (taking average FIT annually degraded and 24 month lock up period) should exceed 1,5 bln.CHF.

Although solar radiation level in Swi tzer l and i s not comparable with regions close to the equator, the performance and efficiency of PV systems are substantially dependable on temperature and a l t i tude . These two parameters in Switzerland have good va lue a s most PV installations are above 400 meters over sea level and annual average temperature is beneficial for the performance. Additionally, Swiss government is considering de-centralized power stations as a future asset of the Swiss Power grid.

30.07.12 14:08PV potential estimation utility

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The latest Market research from the government shows that the adopted strategy is bringing energetic pace to PV development:

Markterhebung Sonnenenergie 2011 23

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Markterhebung Sonnenenergie 2011 23

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(Bundesamt für Energie, Markterhebung 2011, releasd: June 2012)


Table Swissolar with Market information

100MWp New installations in Switzerland in 2011 (estimate)

210MWp Total installed in Switzerland until 2011 (estimate)

530MWp Potential power on the waiting list for the feed in tariff as of March 2012

approx 12‘000MWp Required power to achieve the goal of 20% PV until 2025

>10‘000 total installed PV installations until 2011

12500 Projects on waiting list. (including small installation <10kW))

approx 160GWh Energy supplied by PV installations on 2011 (estimate 2012: 260GWh)

approx 490GWh Potential energy list by the projects on the waiting list

approx 12‘000GWh Energy supplied in 2025 by the 20% program

0,27% Share of PV in the energy mix. (Gross consumption 2011)

20 % Defined target for PV in the energy mix in 2025


Team

A n d re a s S c h ö n i – President of PSC Swiss citizen, born December 7, 1968 Graduated from the University of Applied Science in Bern.

Igor Smurov - Vice-President of PSCRussian citizen, born June 19, 1970Graduated from the Moscow State University of International Relations (MGIMO).

Simulteneously is the General Manager for EEAG. Was employed at Swiss Solar Systems AG as Sales Director PV Equipment and was responsible for worldwide market management with respect to turn-key photovoltaic module production facilities and high-end components thereof.Prior to this position Mr. Schöni was working for the company Saint-Gobain for the Glass market development Asia, as well as for the company Schneider Electric to implement new energy distribution systems in Switzerland.Member of the board of directors of IPVEA (International PV Equipment Association).

Started his carrier in PriceWaterhouse afterwards Mr. Smurov was with M&A division of Commerzbank AG. Later as CFO and CIO of a Russian major financial group he fundraised for and managed several large sca le inves tment and M&A pro ject s in the telecommunication, financial and semiconductor industries (among them the building from “the scratch” the first Russian national CDMA operator “Sky Link”).In the course of his career Mr. Smurov has successfully arranged, launched and conducted a number of investment projects within the telecommunication, banking / leasing and semiconductor industry, having raised about USD 2 billion

Andrey Golitsyn – Head of PSC Representation office in MoscowRussian citizen, born January 30, 1964Graduate of Moscow State University.

Ar tashes Ambar yan – Director, representative of PSC in PragueRussian citizen, born June 3, 1979Graduate of Moscow State University

From 1986 was managing several successful projects with GAZPROM, Ministry of Geology and some big international companies.From 1994 to 1995 was working on the grants of French Government in University of Bourgogne and in London University in UK, as well as in French Institute of Oil.Starting from 1997 as top-manager was incorporated in projects of big international financial and insurance companies in Russia. At the beginning it was Fortis Bank Moscow Representative Office, then Head of Asset management department of Investment Bank Trust, after was working in Life Insurance fo more than 10 years at «AIG Life», Renaissance Life and Fortis Life Insurance. Before PSC was Managing Director of Moscow branch of International Group IKB Leasing.

Started his carrier in banking and MICEX, later - Head of Treasury the first national CDMA operator “Sky Link” and Head Treasury in a number bank and companies. Afterwards has arranged and launched a number of investment projects in PV construction at the territory of Czech Republic.

PSC Advisory Board members’ CVs are available at http://www.pscapital.ch/en/about-us-en/advisors.


http://www.pscapital.ch/en/about-us-en/advisors




Team Experience:

PSC and EEAG currently retains the group of specialists (see the Chart next page) to contract for design and engineering of PV roof-top installations in Switzerland (see the reference list presentation - as of July, 2012 - attached). Since January 2012 3 PV roof-top installation projects were completed and sold. 4 projects are at completion and over 10 projects are at development stage. EEAG controls quality and construction specifications, provides design procurement for EPCs who a contract is rewarded to. Current EEAG pipeline exceeds 6 MW and will be multiplied in conjunction with funds available with GEIF.

To expand the construction PSC&EEAG are ready to retain EPC contractors (including currently we are partnering with but not limited to Buhler électricté SA,Solar Center Muntwyler AG, M+W group) thus reducing capital costs and obtaining the most lucrative objects: warehouses, logistic terminals and airport hangars.

Our projects are based on most reliable and efficient equipment and materials of EU origin - Solar panels (ASOLAR, LUXOR), inverters and PVBOX (Schneider Electric), Mounting Systems (K2-Systems), batteries and etc. Our working procedure for projects in Switzerland forsees to work as close as possible with local available staff and enterpreneurs. This is to make sure we receive first hand information on new projects introduced at the market and best commercial conditions.

Our technical team has extensive trackrecord exceeding the standard of 360 of training.

PV systems we launched in operation in Switzerland and Italy demonstrate stable high efficiency and provide for high investment yields. PV systems we designed exceed standard statistical efficiency parameters min 5%. All our projects are running through a pre-design phase where we precisly calculate shadow losses and optimized installation engineering in order to get best kWh/m2 ratio.

During 2010-11 PSC group members were involved in construction of solar parks in Czech Republic, Slovakia and Italy thus receiving valuable experience in equipment supplies, construction and legal issues for the current business.

Well positioned at the market the PSC and EEAG evaluate their potential to achieve the market share in Swiss PV downstream of up to 5-7% throughout the period of 5-6 years.


Company Organisation

Andreas Schöni

GM

A. Schöni

Project Manager projects > 100kWSales

J. Franke

BED

Quality Management

Technology

T. Caldara

Project Manager projects < 100kWSalesProcess Management

H. Lehmann & M. Faricelli *H. Lehmann & M. Faricelli *

Architect and Site Managers

statics

Building concepts

S. Schudel

AssistantC. Yuille *

Finance & HR

Bühler Electricité SA

Industrial PV Partner

Electrical installation

GM Jean-Marc Rogivue

Staff 70

Balz Engineering AG

Industrial PV Partner

Roof mounting

GM Daniel Balz

Staff 55

Partner companies

Wednesday, August 1, 12


Business Model

• A SPV company (Swiss resident) is to be established for a number of selected PV projects to operate, each SPV is 100% owned by GEIF (asset managed by PSC).

• SPV would rent roofs to install and operate PV systems thus being a power generating company.

• SPV initiates projects subject to be pre-selected and designed by EEAG and will purchase each "turnkey" installation from an EPC (see the attached picture) which received the EPC contract as a result of a tender arranged and conducted by EEAG in accordance with EEAG design and mandate to control construction.

• SPV uses debt leverage of 75% (pre-arranged with UBS) to cover capital cost with regard to PV installation turn-key construction.

• SPV will receive income submitting power to the local grid in accordance PPA for the first 24 months followed by 25-year Swiss government plan and adopted FIT.

• SPV pays dividends to GEIF. • PSC and EEAG jointly manage SPV (financially and technically respectively).

Ownership and Operational Structure

EEAG (CH)

Investor

PSC (CH)GEIF (LI)

SPV (CH)

Asset management

GEIF certificates

100% ownership

Ownership Structure

SPV management

Tuesday, July 31, 12


Investor

PSC (CH)

EEAG (CH)

GEIF (LI)

SPV (CH)

9. Asset management fee

4. Dividends

6. PV installation

2. Return of investment +

profit1. investment

5. Mandate to control

construction and monitor the

performance of PV installation

3. Equity Funding

10. SPV management

Bank (CH)8. Debt Funding

Operational Structure

SYSTM CALDARA AG

Solar Center Muntwyler AG

Buhler Enterprises Monthey AG

M&W Group

7. Payment for PV Installation

Quality controls& procurement

Tuesday, July 31, 12

1. Investor purchases GEIF certificates.

2. Both investment profit and returns are not taxed "at source" for the Investor with GEIF due to Liechtenstein jurisdiction.

3. GEIF has 100% ownership interest in SPV - power generation company.

4. The basic mechanism of investment returns and profits from SPV to GEIF is dividends. The dividends paid by the SPV are subject to Swiss WHT at the rate of 35%.

Tax optimization ways:• In accordance with the Law acting since January 1, 2011, any profit obtained from the sale of

stock in case such stock share representing not less then 10% of the capital and provided the duration of ownership is not less then 1 year, such profit is eligible for the participation deduction and therefore more or less tax exempt. The participation deduction is granted to SPV formed as e.g. Ltd. (Aktiengesellschaft / AG).

• Once GEIF is the unlimited structured fund, with reinvestment and flexible lock up period, SPV itself may purchase GEIF certificates, thus providing for GEIF liquidity, fund capitalization and exit for the fund investors (available after 24 months after first issue in accordance with recent NAV). A special daughter company of SPV may get necessary to arrange for the mechanism to work. In accordance with preliminary discussions with Swiss FTA such mechanism has no legal restrictions to apply.

5. EEAG pre-selects PV projects, makes project design and in accordance with the mandate


from SPV arranges competitive tender among EPC contractors, makes quality construction control and procurement, monitors PV system performance, manages in-house maintenance and technical PV installation management.

6-7. SPV rents roofs and EPC builds PV installation as the turnkey arrangement. The applicable VAT is 8%. SPV may be established in the canton of Zug where the profit tax is 9,8%. It is pointed out that the effective place of business is the basis for any taxation in Switzerland. VAT paid by SPV for PV installations is returned as added up to FIT.

8. Bank (pre-arranged with UBS) provides debt funding to SPV with leverage of 75% of the capital required to build a PV installation.

9. PSC receives asset management fees from GEIF.

10. SPV is managed by PSC and EEAG as per management delegation contracts.


Projected Financial Results

To forecast financial results of each project we are commited to we use financial model with exibit for 100kW roof-top installation. We based our “fixed” assumptions on actual projects completed, available official statistics and Swiss PV market regulation data. Project size, level of solar radiation for a specific place, possible capital cost implications, PPA tarifs for the first 24 months and applicable FIT (respectively to project size and commissioning time) are “variable” assumptions.

We are making our projections for 20 years instead of 25 years, which stands for the FIT contract duration with KEV, as we intend selling the PV generation facilities after 15-20 years as fully depreciated and generating net cash flow to Swiss utility companies (such as “Youtility”, Zurich Solar Stromburse).

The assumptions are:

1. Adopted FIT program according to KEV - managed by Federal Council of Energy (see the following table):

Feed-in Tariffs according KEV - Switzerland, VAT 8% includedFeed-in Tariffs according KEV - Switzerland, VAT 8% includedFeed-in Tariffs according KEV - Switzerland, VAT 8% includedFeed-in Tariffs according KEV - Switzerland, VAT 8% includedFeed-in Tariffs according KEV - Switzerland, VAT 8% includedFeed-in Tariffs according KEV - Switzerland, VAT 8% includedFeed-in Tariffs according KEV - Switzerland, VAT 8% includedFeed-in Tariffs according KEV - Switzerland, VAT 8% includedFeed-in Tariffs according KEV - Switzerland, VAT 8% includedFeed-in Tariffs according KEV - Switzerland, VAT 8% included

Type of installation Size on installationTariff from 1.1.2010

Tariff from 1.1.2011

Tariff from 1.3.2012

Tariff from 1.10.2012*

Tariff from 1.1.2013*

assumed costs of installation

assumed mainenance costs

Rp./kWh Rp./kWh Rp./kWh Rp./kWh Rp./kWh CHF/kWh Rp./kWhFree standing <= 10kW 53.3 42.7 36.5 33.1 30.4 3632 6.0

<= 30kW 44.3 39.3 33.7 27.0 24.8 3089 6.0 <= 100kW 41.8 34.3 32.0 24.8 22.8 2687 6.0 <= 1000kW 40.2 30.5 29.0 23.1 21.3 2464 5.0 > 1000kW 28.9 28.1 21.6 19.9 2372 4.5

Building added <= 10kW 61.5 48.3 39.9 36.1 33.2 4036 6.0 <= 30kW 53.3 46.7 36.8 29.4 27.0 3432 6.0 <= 100kW 50.8 42.2 34.9 26.9 24.7 2986 6.0 <= 1000kW 49.2 37.8 31.7 25.1 23.1 2738 5.0 not applicable 36.1 30.7 23.5 21.6 2635 4.5

Building integrated <= 10kW 73.8 59.2 48.8 42.8 39.4 4929 6.0 <= 30kW 60.7 54.2 43.9 36.5 33.6 4363 6.0 <= 100kW 54.9 45.9 39.1 33.2 30.5 3854 6.0 <= 1000kW 50.8 41.5 34.9 31.5 29.0 3592 5.0 not applicable 39.1 33.4 28.9 26.6 3395 4.5

*) awaiting the decision of the federal counsil*) awaiting the decision of the federal counsilin red: not applicable

ExplanationsCombining the tariff.Installation = 130kW: Use tariff for <=100kW for the first 100kW plus <=1000kW for the next 30kWInstallation = 130kW: Use tariff for <=100kW for the first 100kW plus <=1000kW for the next 30kWInstallation = 130kW: Use tariff for <=100kW for the first 100kW plus <=1000kW for the next 30kWInstallation = 130kW: Use tariff for <=100kW for the first 100kW plus <=1000kW for the next 30kWInstallation = 130kW: Use tariff for <=100kW for the first 100kW plus <=1000kW for the next 30kWInstallation = 130kW: Use tariff for <=100kW for the first 100kW plus <=1000kW for the next 30kW

Maintenance costs: costs for maintenance of installation where no maintenance and warranty extension contract is in place. Maintenance costs: costs for maintenance of installation where no maintenance and warranty extension contract is in place. Maintenance costs: costs for maintenance of installation where no maintenance and warranty extension contract is in place. Maintenance costs: costs for maintenance of installation where no maintenance and warranty extension contract is in place. Maintenance costs: costs for maintenance of installation where no maintenance and warranty extension contract is in place. Maintenance costs: costs for maintenance of installation where no maintenance and warranty extension contract is in place. Maintenance costs: costs for maintenance of installation where no maintenance and warranty extension contract is in place. Maintenance costs: costs for maintenance of installation where no maintenance and warranty extension contract is in place.

Awaiting the decision of the federal counsil: The federal counsil has decided to reduce the tariff, but did not decide the values. Awaiting the decision of the federal counsil: The federal counsil has decided to reduce the tariff, but did not decide the values. Awaiting the decision of the federal counsil: The federal counsil has decided to reduce the tariff, but did not decide the values. Awaiting the decision of the federal counsil: The federal counsil has decided to reduce the tariff, but did not decide the values. Awaiting the decision of the federal counsil: The federal counsil has decided to reduce the tariff, but did not decide the values. Awaiting the decision of the federal counsil: The federal counsil has decided to reduce the tariff, but did not decide the values. Awaiting the decision of the federal counsil: The federal counsil has decided to reduce the tariff, but did not decide the values. Awaiting the decision of the federal counsil: The federal counsil has decided to reduce the tariff, but did not decide the values. The mentionned values are the lowest proposed by the federal working group to the to the federal counsil.The mentionned values are the lowest proposed by the federal working group to the to the federal counsil.The mentionned values are the lowest proposed by the federal working group to the to the federal counsil.The mentionned values are the lowest proposed by the federal working group to the to the federal counsil.The mentionned values are the lowest proposed by the federal working group to the to the federal counsil.The mentionned values are the lowest proposed by the federal working group to the to the federal counsil.The mentionned values are the lowest proposed by the federal working group to the to the federal counsil.

Information update: July 2012

Feed in tariff calculator:Feed in tariff calculator: https://www.guarantee-of-origin.ch/swissforms/TarifPho.aspx?Language=DEhttps://www.guarantee-of-origin.ch/swissforms/TarifPho.aspx?Language=DEhttps://www.guarantee-of-origin.ch/swissforms/TarifPho.aspx?Language=DEhttps://www.guarantee-of-origin.ch/swissforms/TarifPho.aspx?Language=DEhttps://www.guarantee-of-origin.ch/swissforms/TarifPho.aspx?Language=DEhttps://www.guarantee-of-origin.ch/swissforms/TarifPho.aspx?Language=DE

2. Capital cost is calculated based on actual cost of equipment and materials we had with our recent completed projects. CAPEX distribution is as follows:


6%5%

19%

2%17%

9%

42% PV moduleInverterMounting systemCABLINGINSTALLATIONServices & ExternalSpecial

3. Roof rent - we based it on average 3% of the FIT inflow outcome which stands for ca.2CHF per sq.meter per annum. The above 3% level is the regular stipulated clause in long-term (25 years) roof lease contract (the sample is attached).

4. Output - kWh per sq.meter per annum - average solar radiation level was taken from SolarGIS - regular European database.

5. Module degradation level - in accordance with our suppliers - Solar module producers.

6. Equity value - 25% as pre-arranged and actual with UBS.

7. O&M - 1% of PV installation capacity, assumption based on experience and regular benchmark cost.

8. Tax - 10% according to actuals for Bern and Zug based fiscal practice.

Financial resulted table for presentation purposes with investment parameters is below:

Exhibit Swiss PV roof-top project -100 KWhExhibit Swiss PV roof-top project -100 KWhExhibit Swiss PV roof-top project -100 KWhExhibit Swiss PV roof-top project -100 KWh 000 CHF 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 tO-t20

Total CAPEX -230 Rent tarif CHF/sq.m. 2 Capacity kW 100%% transaction 1.00 % Area 640 FIT CHF/kWh 0.3315

Acquisition cost(Total Investment Costs) -232 Rent 1280 Output kWh/kW 1,200

price per W 2.3

Equity Value 25 % -58 -580

Debt Value 1 -174 -174 -169 -163 -158 -152 -145 -138 -131 -124 -116 -108 -99 -90 -81 -71 -61 -50 -38 -26 -13 0Annuity 20 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 280Interest 5 % 9 8 8 8 8 7 7 7 6 6 5 5 5 4 4 3 2 2 1 1 105Repayment 5 6 6 6 6 7 7 7 8 8 9 9 9 10 10 11 12 12 13 13 174

0Capacity, MW 0.1000 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100 0.100Solarization, h per W 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200Output, MWh 120 119 118 117 116 116 115 114 113 112 112 111 110 109 109 108 107 106 106 105 2,243Module degradation (15% through 20 years)Module degradation (15% through 20 years)Module degradation (15% through 20 years) 0.75 % 1.50 % 2.25 % 3.00 % 3.75 % 4.50 % 5.25 % 6.00 % 6.75 % 7.50 % 8.25 % 9.00 % 9.75 % 10.50 % 11.25 % 12.00 % 12.75 % 13.50 % 14.25 % 15.00 % 15.00 %FiT, CHF per kWh 0 % 0.2000 0.2000 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.3315 0.33

0Rent -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -1.28 -26O& M 0.01 1000 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 980other (security, …..) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 000' CHF 0

Revenue 24 24 39 39 39 38 38 38 38 37 37 37 36 36 36 36 35 35 35 35 712OPEX (Maintenance, Operation, etc.)(Maintenance, Operation, etc.) -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -46EBITDA 22 22 37 37 36 36 36 36 35 35 35 34 34 34 34 33 33 33 33 33 667D&A -15 -15 -15 -15 -15 -15 -15 -15 -15 -15 -15 -15 -15 -15 -15 -230Tax 10 % -1 -1 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -3 -3 -3 -3 -3 -43Free Cash Flow -232 21 21 35 35 34 34 34 34 33 33 33 33 32 32 32 30 30 30 30 29 391

Interest -9 -8 -8 -8 -8 -7 -7 -7 -6 -6 -5 -5 -5 -4 -4 -3 -2 -2 -1 -1 -105Repayment -5 -6 -6 -6 -6 -7 -7 -7 -8 -8 -9 -9 -9 -10 -10 -11 -12 -12 -13 -13 -174

0Flow to Equity -58 7 7 21 21 20 20 20 20 19 19 19 19 18 18 18 16 16 16 16 15 286

NPV CHF 122.45CHF 122.45PayBack Period 5 years 2 month5 years 2 month

Project IRR (based on a 20 years term)(based on a 20 years term) 11.7 %Equity IRR (based on a 20 years term)(based on a 20 years term) 25.7 %

Project IRR (based on a 5 years term)(based on a 5 years term) -12.8 %Equity IRR (based on a 5 years term)(based on a 5 years term) 7.9 %



Payback period 5.131 Months 62

0.000 0.000 0.000 0.000 0.000 5.131 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

Exhibit Swiss PV roof-top project -100 KWhExhibit Swiss PV roof-top project -100 KWhExhibit Swiss PV roof-top project -100 KWhExhibit Swiss PV roof-top project -100 KWhExhibit Swiss PV roof-top project -100 KWhExhibit Swiss PV roof-top project -100 KWhExhibit Swiss PV roof-top project -100 KWh 9.50 % EBITDA MARGINEBITDA MARGIN 000 CHF 0 1 2 3 20 t0-t20

Revenue 24 24 39 35 712OPEX -2 -2 -2 -2 -46EBITDA 22 22 37 33 667D&A -15 -15 -15 -230Tax -1 -1 -2 -3 -7Free Cash Flow -232 21 21 35 29 391Flow to Equity -58 7 7 21 15 286

5 years 10 years 15 years 20 yearsProject IRR -12.8 % 5.5 % 10.1 % 11.7 %Equity IRR 7.9 % 22.6 % 25.2 % 25.7 %NPV CHF 122.45CHF 122.45CHF 122.45CHF 122.45PayBack Period 5 years 2 month5 years 2 month5 years 2 month5 years 2 month

Accumulated projected equity IRR for SPV/GEIF is over 20% at 10+year horizon with netting opportunity for investment in GEIF exceeding 15%. ( for details and calculation formulas see the model attached).


Risks

Below we estimated risks associated with PV generation in Switzerland and respective investemnts in GEIF.

The “first glance” concern a potential investor may have is comparatively small size (ca. 500 kWh in most of cases for upper segment roof-tops) of projects vs regular large solar park (from 2MW and further) which used to be the practice in most of EU countries. Indeed a big solar park is easier to operate and reach investment return targets however once such park is out of order due to climatic, equipment malfunction or human factor investment yields are questionable and in most cases would generate loss. To compare the risk assume 10MW solar park vs 100 projects of 100 kWt each. Once 10MW project is out of order it is 100% risk and in case 1 or 2 even 10 smaller projects out of 100 stop generating power (subject to be sold to either PPA or FIT), the maximum risk is 10% or less.

Operational risk in such case is to be covered by establishing SPVs for each district or region in Switzerland where EEAG would perform optimal construction quality controls and later PSC and EEAG financial and technical management respectively.

FIT

It is very unlikely the Swiss government may reject or amend alternative energy subsidies. There are a number of factors against such risks and the major are: necessity of decentralization of power grid, CO2 ecological problems and Swiss population supported central government decision to get rid of nuclear power generation.

FIT decrease risk. Very unlikely within next 3-4 years. Due to the existing 24 months lock up period for FIT payments, Swiss goverment regulates the pace of PV development and avoids booming scenario, otherwise it has increased annual subsidy value. In addition, the grid parity is almost achieved as the price for energy in Switzerland currently is quite high and PV generation equiment cost is dropping dramatically. A further way to analyze the potential of an energy source is to calculate the levelized cost of Energy (LCOE). The cost of electricity (typically cents/kWh) generated by different sources is a calculation of the cost of generating electricity at the point of connection to a load or electricity grid. It includes the initial capital, discount rate, as well as the costs of continuous operation, fuel, and maintenance. This type of calculation assists policy makers, researchers and others to guide discussions and decision making.For GEIF‘s consideration we use the suggestions from Fraunhofer Institute.

8

Vorgehen

Die Berechnung von durchschnittlichen Stromgestehungskos-

ten für Neuanlagen erfolgt auf Basis der Kapitalwertmethode,

bei der die Aufwendung für Investition und die Zahlungsströ-

me von Einnahmen und Ausgaben während der Laufzeit der

Anlage durch Diskontierung auf einen gemeinsamen Bezugs-

zeitpunkt berechnet werden. Dazu werden die Barwerte aller

Ausgaben durch die Barwerte der Stromerzeugung geteilt. Die

jährlichen Gesamtausgaben über die komplette Betriebslauf-

zeit setzen sich aus den Investitionsausgaben und den über die

Laufzeit anfallenden Betriebskosten zusammen.

Für die Berechnung von Stromgestehungskosten (Levelized

Cost of Electricity – LCOE) für Neuanlagen im jeweiligen Jahr

der Installation der Anlage gilt (Konstantin 2009):

Die jährlichen Gesamtkosten setzen sich zusammen aus fixen

und variablen Betriebskosten für den Betrieb der Anlagen,

Wartung, Instandhaltung, Reparaturen und Versicherungszah-

lungen. Der Anteil von Fremd- und Eigenkapital kann explizit

über den Diskontierungsfaktor in die Analyse einfließen. Er ist

abhängig von der Höhe des Eigenkapitals, der Eigenkapital-

rendite über die Nutzungsdauer, den Fremdkapitalkosten und

dem Anteil des eingebrachten Fremdkapitals.

Deshalb gilt für die Formel der jährlichen Gesamtkosten in der

Berechnung der Stromgestehungskosten

Durch die Diskontierung aller Ausgaben und der erzeugten

Strommenge über die Nutzungsdauer auf den gleichen Be-

zugspunkt wird die Vergleichbarkeit der Stromgestehungskos-

ten gewährleistet.

Bei PV-Anlagen wurde ein Austausch des Wechselrichters für

Kleinanlagen nach der Hälfte der Nutzungszeit, bei PV-Groß-

anlagen sind ein Wechselrichteraustausch bzw. Wartungsver-

träge in den O&M-Kosten berücksichtigt. Restwert und Kosten

für den Rückbau bzw. Abriss der Anlage werden als sich aus-

gleichende Maßnahmen betrachtet und deswegen in dieser

Berechnung vernachlässigt (hier Annahme bei PV: Restwert ist

10% der Investition).

Die Stromgestehungskosten stellen eine Vergleichsrechnung

auf Kostenbasis und nicht eine Berechnung der Höhe von Ein-

speisetarifen dar. Diese kann nur unter Hinzunahme von wei-

teren Einflussparametern berechnet werden. Eigenverbrauchs-

regelungen, Steuergesetzgebung und realisierte Einnahmen

der Betreiber erschweren die Berechnung eines Einspeisetarifs

aus den Ergebnissen für die Stromgestehungskosten. Zu-

sätzlich muss eingeschränkt werden, dass eine Berechnung

von Stromgestehungskosten die Wertigkeit des produzierten

Stroms innerhalb eines Energiesystems in einer jeweiligen

Stunde des Jahres nicht berücksichtigt.

3. BERECHNUNG VON STROMGESTEHUNGSKOSTEN

LCOE Stromgestehungskosten in Euro/kWh

I0 Investitionsausgaben in Euro

At Jährliche Gesamtkosten in Euro im Jahr t

Mel Produzierte Strommenge im jeweiligen Jahr in kWh

i realer kalkulatorischer Zinssatz in %

n wirtschaftliche Nutzungsdauer in Jahren

t Jahr der Nutzungsperiode (1, 2, ...n)

n

tt

el

n

tt

iM

iA

ILCOE

t

1

10

)1(

)1(

Jährliche Gesamtkosten At =

Fixe Betriebskosten

+ Variable Betriebskosten

(+ Restwert/Entsorgung der Anlage)

Io = Investment cost in CurrencyAt = annual costs in the specific year in CurrencyMel = Energy production in the specific years


i = interest rate (assumed 6%) n = number of years that the system shall workt = year of the period specific yearLCOE in Currency / kWh

with this calculation, different energy prodcution system can easely be compared, as the parameters for all of them will be equal or similar. For a system built in 2012 and lasting for at least 25 to 30 years, the following values have been calculated. (size 1 MW, roof top)

LcoE 25 years LcoE 30 years

0.087 CHF / kWh 0.068 CHF / kWh

According the ELIX, European Elecricity Index, the prices for energy in Switzerland are between 47 - 60 CHF / MWh or, 0,047 to 0,060 CHF / kWh. (Market price June 2012)Area

s Volume

MWh Volume for the previous year

MWh

Base / peak on a monthly average Euro/MWh (peak excl. weekends)

D/A

20237640 17212491 38.81 / 50.35

FR 5135380 4585681 40.342 / 54.174 CH 1685028 913536 39.31 / 52.06 ELIX - European Electricity Index ELIX - European Electricity Index ELIX - European Electricity Index 36.79 / 49.64

These prices are for general electricity, wherease renewable energy is sold on a spot level of 0,1 CHF/ kWh or more. During the strong winter time in 2011/2012, the price for electricity went up to to more than 0,20 CHF/kWh. This, due to the high consumption from France, whereas Switzerland exported the energy.

According to analysts energy prices will raise and therefore PV energy will gain in relevance in the energy mix as it becomes competitive on the market.

For GEIF it would mean that it could become a strategy to sell the energy if the FIT would be obsolete or not in favor of the fund. The energy trading is possible today already and it could be a possibility to optimise the lock-off period in the FIT.

PPA

In case of very unlikely event PPA (power purchase agreements with local municipalities) either for the lock up period of 24 months or as an alternative to FIT program may refuse purchasing power from a roof-top PV installation a legal claim is filed with ELCOM (Electric Commission of Swiss Government). As any such precedent is unknown we expect that ELCOM would help resolving the issue in favor of PV generation company.

Currency

CHF is currently one of the most reliable currencies in the world. Swiss economy despite international recession demonstrates impressive results - regardless of strong currency Swiss


economy is in good shape: export is growing, unemployment ratio is at the minimum level. Swiss financial ratio is AAA and is stable.

EPC Risk

Physical damage insurance:The Swiss Association for Engineers and Architects (SIA) has defined a minimum level of insurance for the work as an EPC contractor. Any company which is taking a project in terms of EPC, must declare the existence of the specific insurance. Such insurance is called professional liability insurance and covers all risk during a project. EPC companies are usually insured up to 5mln. CHF per incident and can adopt this level to the size of project. Usually the companies are insured by SUVA see also: http://www.suva.ch/english/

Performance Bond a!er insta"ation In case when an Investor requires a performance guarantee, he is expected to ask for:- A bank guarantee from the EPC‘s bank. Usually, this stands for a short term committment

over the standard warranty period. (1 year for usual equipment). For PV applications these terms are not practical.- A performance bond guarantee from an Insurance. Usually it is within the level of 10% (according to requirements of SIA). Such insurance can then be made for a longer term. In most cases, the EPC asks for maintenance contract during the term of insurance in order to keep an eye on the installation performance. The cost of such insurance solution are ca. 0,75% of the installation cost.

Technical Risk of running PV stations

Equipment risks:In General, the supplier has to introduce devices peformance guarantee in accordance with intended application. But he would hardly assume responsibility for any breakdowns. For the installations of GEIF we will request warranty of a first class European insurance company. (for instance “SwissRe”): • Modules

• Product liability: 10 years• Performance guarantee: 25 years for 80% of the power. • Liability Insurance to be covered by the supplier• Performance guarantee insurance upon request and negotiations

• Inverters & AC devices• Standard warranty: 5 years• Extensions up to 20 years with maintenance contracts possible

• Installation systems• Standard warranty: 12 years• No additional insurance needed as this part is not critical.

PV performance / power production failure - Physical damage insurance


http://www.suva.ch/english/

http://www.suva.ch/english/

- Any damage to the installation due to unforessen events except for the below stated, can be covered by such insrance. The loss of revenue during the repair period can be and usually included in the insurance contract.

- Damages from Hail, Thunderstorm, Rain, Fire and Snow- Such natural hazard events are covered by public building insurance as requested by

Swiss Law. The insurance pays the repairing costs but not a PV system breakdown. - PV System breakdown is to be covered by the Physical damage insurance.

The above insurance information is based on discussions and information received from “Mobiliar” Insurance company, based in Switzerland.

Preventive actions:In order to reduce insurance costs and revenue losses, EEAG has developed a monitoring system for all switched on PV installations. With such monitoring system we can fix trigger points in order to control the performance and implemnt preventive maintenance prior critical PV system breakdown. (the system is based on Solarlog‘s networks).

EXIT STRATEGY

PSC as GEIF Asset Manager assumes operate PV generation projects (via opeartional SPV) for the term of 15-20 years. However, due to unlimited nature of GEIF and adopted Prospectus we are to redeem issued GEIF certificates to investors 24 months from the date they purchased certificates in accordance with the NAV valuation as of the last date, upon prior notification.

Due to the 24 months lock up period for FIT such exit application is possible but not likely as returns are minor. However, we are to provide for necessary liquidity in case such redeem claim is issued to GEIF/PSC. For such purpose and in accordance with requests of Liechtenstein FMA GEIF’s Custodian Bank - Valartis Bank (Liechtenstein) is to provide a respective loan facility to GEIF once required. This approach is valid thoughout all life of GEIF.

As stated above (p.10) each SPV established by GEIF/PSC may itself purchase GEIF certificates, thus providing for GEIF liquidity, fund capitalization and exit for the fund investors (available after 24 months after first issue in accordance with recent NAV).

In accordance with financial results and due to 24 months lock up period for FIT (see the previous section) substantial returns are to be generated after 5th year of operations. Starting such point a investor may request redeem of GEIF certificates - a portion of those each year - thus receiving a sort of annual “interest” payments.

Final exit liquidity provision scenario is based on assumption that GEIF/PSC will sell PV generating assets after 15-20 years of operation to Swiss utility companies (such as “Youtility”, Zurich Solar Stromburse). The assets will be fully depreciated and may be sold for remainder discounted cash flow minus purchase premiums which traditionally do not exceed 5%.


PV complimentary solution

As complimentary to PV generating facilities GEIF is targeted to invest in setting up Electric Vehicle (EV) Charging Stations (EVCS) as additional channel of power sales, complementary and exceeding acting grid hook up Feed-in-Tariffs adopted by Swiss authorities.

PSC as the GEIF asset manager has got arrangements with local municipalities in Switzerland to install EVCS

with both public places and selected households/big residential/malls and warehouses/airport terminals with PSC made PV rooftop systems are deployed. EVCSs will be power supplied by the PV rooftop installations in parallel with regular grid hook up.

RationalsThe market of EV cars is developing quite fast - major world industry players have declared their programs to launch EV mass production 2013 thus trigging avalanche infrastructure development. Current market of EVs in Europe exceeds hundred thousand and rapidly grows thus evidently approaching the booming stage within next 2-4 years.

PSC enjoys good working relationship with one of the major EVCS producers in Europe to project, turn-key install and service the EVCS. EVCS are of different models starting from private mobile charger to high-speed EVCS with multimedia and various payment system support.

Simple calculation shows that several cars charged daily may consume all PV generated power thus times multiplying profit for an average PV rooftop installation of 100 kW (capital expenses for in-build or regular charging stations set up stands for 5-7% additional to average 100kW turn-key installation cost). Acting EV charge-in tariffs introduce lucrative alternative/ add up to PV FITs adopted at the target market providing even better investment returns:

Types of EV Consumers ParametersParametersParameters Cost of single charging (CHF)

Types of EV Consumers

Power (kW) Power currency (A)

Battery capacity (kWh)

Cost of single charging (CHF)

Biles and Scooters from 2 from 8 0,1-2,0 0,02-0,4

Motorbikes from 3 from13 1-5 0,2-1

3&4 wheel Electrocars 2-22 8-32 5-25 1-5

Capital cost for in-built and parking (medium and fast) EVCS is as follows:

Regular CEE plug-in

Home Charge device

Regular public charging station

Fast Charging station

Average time for charging

>4h >4h 30min-4h ca.30min.


Regular CEE plug-in

Home Charge device

Regular public charging station

Fast Charging station

Charging quality

Important notice

Capital Investment (CHF ca, including adjacent facilities)

Price for power per single charging,CHFMaintenance p.a. CHFTariff charging

Possible deployment

Regular Regular Regular Fast

Regular charging Regular charging Regular charging dependable upon charging furniture and slot types

100-600 500-3000 1500-15000 30000-80000

0,5-3 0,5-3 0,5-3 4-10

0 0-50 20-2000 200-2000

regular consumed cost



Billing process

Single households, shops and offices

Single or several households, shops offices

Block houses, office centers, parking places, shopping malls

separate charging stations, highway stations, shopping malls


Advantages of investments in GEIF

GEIF constitutes a unique combination of attractive features of unlimited and limeted forms of investment fund organization, namely: • Any investor may have his Fund certificates redeemed by the GEIF asset management 24

months from the date of certificate purchase in accordance with the NAV valuation as of the last date, upon prior notification of the GEIF Asset Manager (vs the limited fund format when returns are available upon the expiration of the fund only–usually 8-10 years).

• GEIF has a precise period of time in which it invests in facilities - lock up period – 4 years. After the lock-up period is over GEIF may only maintain liquidity by investing the funds in highly liquid assets.

Alternative energy facilities are included in the GEIF investment portfolio on a long-term basis, thus continuously generating cash flow and increasing capitalization, profitability, and liquidity of investments in the Fund. And in case of necessity or favorable market conditions, some of the GEIF’s energy assets may be sold to utility companies.

High yield, virtually non-risk projects in alternative energy, in particular, PV sector, constitute real assets, which generate power thus continuously growing in value and demand; for qualified investors real assets investment is the best alternative to highly volatile stock market.


Psc geif summary investment offer5

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