Kamen-dent d.o.o. Mostar

Bosnia and Herzegovina

Wind farm project“Pakline – Ljubusa – Kupres”

Sarajevo, 15 March 2011.

WF Ljubusa

WF Pakline

WF Kupres1

WF Kupres2

Location:Bosnia and HerzegovinaTomislavgrad and Kupres municipality

Basic site information:

Wind measurement:

altitude 1100-1300m good terrain configuration main road and 110 kV line crossing the location WF Pakline - central most windy part, 20km2

WF Ljubusa - south part, 14km2

WF Kupres - north part, two separate areas, 25km2

two 50m masts, one-year measurement during 2007.

average wind speed 7m/s (50m) three new 60m masts installed at January

2011 (according to IEC 61400-12-1 standard, with professional calibrated equipment)

Preliminary design and energy yield: Wind turbine class: (2)-3MW Total power planned: 350MW For 1st phase: 102MW Capacity factor without losses (average): 32% Moderate turbulence (WT class IIA)

Status of approvals: concession contract signed with county

(Hercegbosanska zupanija) contract with Tomislavgrad municipality for land use preliminary measurement done preliminary layout done preliminary grid connection solution proposed environmental approval issued preliminary design almost finished (1st phase) location permit expecting for 1-2 months (1st phase)

CAPEX: 1.308.000 €/MW Total (350MW): 437.5 M€ First phase (102 MW): 133.5 M€

OPEX: First phase: 4.700.000 €/annual

Costs Primary depending on feed-in tariff (not known yet) Assumed:

90 €/MWh for 1st year incerased with inflation rate, duration 12 years after 12th years, market prices assumed

First phase (102 MW): Net energy: 271800 MWh/annual Income: 25.800.000 €/annual (1st year)

Project valuation (WACC = 10%): Project IRR: 13.95% Project NPV: 367.200 €/MW (total 37.455.000 €) Payback time (from project free cash flow): 11 years

Equity return (70/30 debt/equity, interest rate 6%, upfront fee 3%, loan duration 12 years, discount rate 12%): Equity IRR: 23.1% Equity NPV: 380.300 €/MW (total 38.800.000 €) Payback time (from equity free cash flow): 7 years

Project /equity valuation (profitability)

Owner/Developer:Kamen – dent d.o.o., Mostar, Bosnia and HerzegovinaEmail: jure.krtalic@tel.net.ba Tel: 00387 63 82 01 68vjetropark.kamen-dent.com

Technical support:Fractal d.o.o., Split, CroatiaEmail: fractal@fractal.hrTel: 00385 98 286 314www.fractal.hr

Contacts: Project financing Equity:

20-25%Developer’s costs and fee: 1/3 of equityStrategic partner: 2/3 of equity

Debt:70-80%Contracitng responsibility: strategic partner

Financing