CORPORATE PRESENTATION

October 2014

Lead Transaction Advisor: Winner:

Executive Summary

• (need to find pictures of gmx projects… in the dropbox folder?)

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Projects executed successfully across four continents

WIND SOLARGEOTHERMAL SMALL

HYDROCHP and

Gas BIOMASS/

WTE

Europe USA Africa Latin America

Sectors CLEAN ENERGY FOCUS WITH EXTENSIVE PROJECT EXPERIENCE

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Expertise across a range of Clean Energy technologies

KIGALI, Rwanda

GLOBAL TEAM

Represented in 16 countries -EUROPE,AMERICAS,AFRICA. Experience in 55 countries globally since 1994

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New York, USA

SANTIAGO, Chile

BOGOTA, ColombiaWARSAW, Poland

LAGOS, Nigeria

ACCRA, Ghana

ADDIS ABABA Ethiopia

NAIROBI, KenyaDAR ES SALAAM, Tanzania

MILAN, Italy

ISTANBUL, Turkey

ZAGREB, Croatia

PRISTINA, Kosovo

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

NIGERIA,SENEGAL, BENIN, CHILE

WIND: POLAND, ESTONIA, TURKEY, KENYA, PANAMA, DOMINICAN REPUBLIC, DOMINICA

CHP: POLAND, UKRAINE, MOLDOVA, SPAIN, COLOMBIA, USA

BIO/WTE: UKRAINE, POLAND, CZECH REP, SLOVAKIA, NIGERIA, COLOMBIA, KENYA, NIGERIA

HYDRO: CZECH REP, SLOVAKIA, RWANDA, KENYA,TANZANIA

GEOTHERMAL: RWANDA, KENYA, TANZANIA, ETHIOPIA, UGANDA, TURKEY, CHILE, PERU, DOMINICA,

ST. KITTS & NEVIS

RENEWABLES: Raised USD 2 B+ in international debt from MDIs, Commercial

Lenders and Export Credit agencies.

ENERGY EFFICIENCY: Launched Financing Facilities leveraging more than USD 1 B in

EE investments in 15 countries

MissionTO BE THE PREMIER BOUTIQUE GREEN ENERGY FINANCE ADVISORY

SERVING EMERGING MARKETS

PERFORMANCE TRACK RECORD IN FINANCE

Corporate Finance:M&A experience

Project Finance experience

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OUR SERVICE OFFERINGS

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Project Equity-Working relationships with investment funds and strategic investors targeting RE and EE projects around the globe.

Project Debt-Strong relationships with multilateral developmentbanks, commercial lenders, export credit agencies

Extensive network of contacts with investment funds, strategic investors, project developers, technology companies and energy services providers

Project Finance

Corporate- M&A

CORPORATE AND PROJECT FINANCE

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Entry to CEE Solar Market

Acquisition of Greek solar parks

Sale of Italy solar parks

Acquire Italy solar parks

Acquire Romania solar parks

Acquire Romania solar parks

Acquisition of USA solar parks

Acquire Italy solar parks

Acquisition of Bulgaria solar parks

Acquire Italy solar parks

Acquisition of Italy solar parks

Acquire Bulgaria solar parks

Acquire Bulgaria solar parks

Acquisition of Bulgaria solar parks

Acquisition of Italy solar parks

Acquire Bulgaria solar parks

Acquire Italy solar parks Acquire USA

solar parks

SOLAR ENERGY PARTNERS Limited

Solar Infrastructure

Investment Specialists

CORPORATE FINANCE-M&A

European & American Projects

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Identify Wind projects in CZ + SK

CEE Wind energy investments

Acquisition of Hungary wind project

Renewable energy sector investments

Entry to Polish wind market

Acquire Polish wind projects

CEE landfill gas projects carbon trades

Acquisition of Polish CHP

Acquire Bulgaria Wind Projects

Acquisition of Polish CHP

Acquire Turkish wind projects

Acquire Polish wind projects

Entry to Baltic region wind market

Polish BioPellet Plant

Sale of Romanian wind project

Grant Funding for RDF Pellet FacilitySumy, Ukraine

Electricom

Sale of Romanian wind farms

Acquire Bosnian Small Hydro

CORPORATE FINANCE-M&A

European Projects

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PROJECT FINANCE-DEBT & EQUITY

6 MW SVEP wind farmin CZ

FITMIN Company Biomass Boilers in CZ

2 MW Libocany Weir, CZ Small Hydro

Snina, SK District Heating

BOT Poland Power Company

Devinska Nova Ves, SKDistrict Heating

Forfaiting ofESCO receivables in CZ

BOSS Company wood gasification boilers in CZ

Trade Credit Financing for90 MW SOMA wind farm

SVIT-M Ltd

USTDA Project Development Grant for RDF pellet facility Sumy, Ukraine

European Projects

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Financial structuring of energy sector transactions

Financing facilities design

Design and launch of EE and RE financial products:

• Credit enhancement and loan guarantee programs

• Vendor financing programs and multi-project

framework facilities

• Mezzanine, subordination and quasi equity

instruments

FINANCIAL ADVISORY

Cross-Border, International finance support

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Government of Ukraine

$500M U.S. EXIM

financing + export

management of medical

equipment

Current

Double W Group

$12 Million U.S. EXIM

financing of equipment

for the Radisson Hotel

Kiev, Ukraine

Current

PA Yuzhmash

$80 Million U.S.EXIM

financing for a wind

tower production facility

2008

UkrGasProduction

$150 million US EXIM

Financing for pipeline

equipment

2006

UkrKosmos

$125 million US EXIM

export financing of

telecom equipment

2009

Sea Launch

$107 million US EXIM

Financing for satellite

equipment

2004

FINANCIAL ADVISORY: CROSS-BORDER, INTERNATIONAL FINANCE SUPPORT

US EXIMBANKFINANCINGPartnership

with Broad Street Capital Group

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Train Hungary Credit Dept for RES

Launched EE Guarantee Fund

Design RES credit line for SMEs in CZ

Launched Estonia Block House EE Financing Facility

Launched Hungary Block House EE Financing Facility

Launched Montenegro EE Credit Line at Opportunity Bank

Credit Facility for Municipal Building EE

Launched Block House EE credit lines

FINANCIAL ADVISORY: FINANCING FACILITY DESIGN, FINANCIAL PRODUCT LAUNCHES

European Projects

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Low Income Multifamily EE Financing Mechanisms Poland

Design for Building EE Financing Mechanisms in Kosovo

Design for Municipal EE Financing Mechanisms in Ukraine

Best Practices for Multifamily EE Finance in Eastern Europe Countries

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

Advisor for launch of Multifamily EE Loan Fund, Northeast USA

Design for Multifamily EE Financing Mechanisms in Armenia

Lessons learned from EE Finance programs in Europe

FINANCIAL ADVISORY: FINANCING FACILITY DESIGN

European Projects

USA Projects

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Design of the GeoFund Investment Window for Eastern Europe and Caucasus

Block House EE Finance Facilities in Romania, Hungary, Ukraine

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

Design + TA for Poland EE Loan Guarantee Fund

Design of a pilot project Hospital EE Financing Facility in Poland

Quasi Equity Facility for SME Renewable Energy in Eastern Europe

Design + TA for Central European EE Loan Guarantee Fund

ESCO financing analysis for Warsaw Technical University

FINANCIAL ADVISORY: FINANCING FACILITY DESIGN AND FINANCIAL PRODUCTS LAUNCH

European Projects

Blockhouse EE Financing Mechanisms for Russia

Municipal ESCO projects pipeline for Croatia

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Entry to New Country Markets

Review of Regulatory Frameworks

Risk Assessments

Selection of Optimal RES Sub-Sectors

Identification of Acquisition Targets

STRATEGIC ADVISORY

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

wanted to enter the Polish market in 2006 they turned to

GreenMax.

•We prepared a comprehensive review of the regulatory framework

and permitting process, reviewed main local and international

players already on the market, projected an achievable market

share for Neo Energia and developed a market entry strategy.

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

of more than 1,700MW under development.

Supported initial entry of

NEO Energia,

to Polish wind market resulting

in acquisition of Relax Energy

EXAMPLE- STRATEGIC ADVISORY AND M&A

European Projects

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•The publicly traded Spanish renewable energy company FERSA asked

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

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

GreenMax recommended Estonia where we demonstrated an approach

for FERSA to achieve a one third market share.

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

wind developer in Estonia. GreenMax continued to provide support,

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

first 57MW wind farm project.

Led

FERSA Renovables

team to acquire EastWind,

Estonia

EXAMPLE- STRATEGIC ADVISORY AND M&A

European Projects

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

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

GreenMax in 2009 to develop an investment strategy focused on

renewable energy projects.

•We analyzed regulatory frameworks and market potential for wind and

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

Balkans to arrive at a focus for MEP.

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

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

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

Advised

Mid Europa Partners

on investment to an Eastern

European RE venture

EXAMPLE- STRATEGIC ADVISORY AND M&A

European Projects

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EPC and O&M contracts, Equipment

Procurement

Tariff Applications,

Permitting and Environmental

Review

Energy Off-take

Agreements

Emissions Trading and RE

Certificates

Project Business

Plans

Feasibility Analyses + Economic Modeling

Detailed Due Diligence

Market analysis and Regulatory

review

PROJECT DEVELOPMENT SERVICE

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EXTENSIVE EXPERIENCE IN LATIN AMERICA AND AFRICA

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Financial Advisory

Corporate and Project Finance

Strategic Advisory

Project Development Services

GREENMAX IN LATIN AMERICA + AFRICA

Due to complexity of these markets, GreenMax offers turn key Concept to Commissioning support for projects in Africa and Latin America.

Turnkey, project specific service offerings

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• GreenMax, in partnership with Geologica, Sichangi Partners Advocates and TrueNorth Kenya, is providing an interdisciplinary team of financial, legal andtechnical specialists to prepare the Menengai project for investment andimplementation.

• GDC is the state owned company charged with managing development ofKenya’s geothermal resources. GDC undertakes exploration and plans tomanage the steam field exploitation, selling steam to private IPPs.

• As part of the first phase at Menengai, GDC is targeting 300MW to beoperational in 2017.

• GreenMax will confirm the resource and environmental management plans,design viable steam sales and electricity sales tariffs, advise on a workableorganizational and financing structure and promote the opportunity to privateIPP investors.

Lead Transaction Advisor to Kenya’s

Geothermal Development Company (“GDC”)

for the 300MW Menengai Geothermal Power Project

(2013-Ongoing Assignment)

GEOTHERMAL FINANCIAL ADVISORY & PROJECT DEVELOPMENT SERVICES

GDC MENENGAI GEOTHERMAL POWER PROJECT

AfricanProjects

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GEOTHERMAL FINANCIAL ADVISORY & PROJECT DEVELOPMENT SERVICES

AKIIRA ONE LTD. GEOTHERMAL POWER PROJECT

Akiira One Ltd. (“AOL”), a company solely dedicated to the developmentof the geothermal project at Akiira, was first established by a Kenyanclean energy development company as a joint venture with the USgeothermal developer Ram Energy Inc. AOL is one of the first cleanenergy project developers in Kenya to obtain a concession for thepreparation of a geothermal energy project without government financialsupport in early stage exploration.

GreenMax, procured a $950,000 services package provided at no costfrom the US Overseas Private Investment Corporation (“US OPIC”) AfricaClean Energy Facility (“ACEF”), one of the Power Africa programssponsored by the US Government, for AOL to support the final stages ofproject preparation for a 40MW geothermal energy project in Kenya.

The planned project will be:• Constructed on land concessioned to AOL adjacent to the Olkaria

geothermal fields, less than 100km outside of Nairobi. A first phase of40MW will be followed by additional generation capacity totaling140MW; and

• Facilitated by the OPIC funding to pay for a highly qualified set ofinternational and Kenyan consultants to perform the final technical andlegal work necessary to commence drilling for the geothermal resourceearly next year.

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GEOTHERMAL FINANCIAL ADVISORY & PROJECT DEVELOPMENT SERVICES

PRESS COVERAGE

Robert Bunyi CEO of AOL, stated: “This grant is a major step in the implementation of the first fully commercially developed geothermal project in Kenya.

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SB SPUMANTI Hanel Power LTD

NIGERIA:Development funding for 2 MW rooftop solar plant Lagos

KENYA:Development funding for 25 MW Ngong Hills Wind Farm

KENYA:Development funding for 10 MW Ngong Hills Solar Park

MMadhvani International

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

Madhvani International

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

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NIGERIA: Development funding for 60 MW WTE Plant in Lagos

Solar Energy Uganda Ltd

UGANDA:Working capital for PV installation company

PROJECT FINANCE & PROJECT DEVELOPMENT SERVICES

AfricanProjects

KENYA:40 MW Geothermal project

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NIGERIA:6 MW Hybrid CSP–Biomass power plant and 45 MW CCGT project

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GHANA:Development + implementation funding for a 100MW solar PV plant

Nigeria:60 MW WTE Project

SBS-Hanel Power Limited (SBSHPL)

NIGERIA: Development + implementation funding for LUTH 6MW gas power plant

PROJECT FINANCE & PROJECT DEVELOPMENT SERVICES

AfricanProjects

NIGERIA:Development + Funding of a 50 MW Solar PV Project

KENYA: 40 MW Solar PV plant

OSD Projects Limited

NIGERIA:Development + Funding of a 12 MW Natural Gas Power project

BENIN:Project Development support for 100 MW Solar PV Project

TFI POWER

LTD

GHANA:Financing and development of a 60 MW Solar PV Project

RUCO Energy

RWANDA:Financing for a 10 - 12 MW Small Hydro Project

SB SPUMONTI

2-3 MW Solar PV Rooftop project, Nigeria

25 MW Wind energy project, Kenya

Kenya:300 MW phase of Menengai Geothermal project

10 MW Solar PV plant in Ngong Hills, Kenya

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PROJECT FINANCE & PROJECT DEVELOPMENT SERVICES

Design of RESSEE Financing Facility, Chile

RE & EE Training Seminar & Technical Support, Chile

Geothermal Market & Financial Advisory, Chile and Peru

Geothermal Market Assessment, Caribbean

WTE Market Assessment for Chile and Colombia

Latin-American Projects

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

TANZANIA:Market Intelligence Report for Lighting Africa launch in TZ

KENYA:Review of small hydro project development portfolio

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

UGANDA:Review of Rural Electrification Cooperatives Strategy

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

RWANDA:Development funding 10MW Rukarara+27MW Nyaborongo Hydro Plants

EAST AFRICAGeothermal Market + Finance Assessment

FINANCIAL ADVISORY: FINANCING FACILITY DESIGN AND GRANT FUNDING SUPPORT

AfricanProjects

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RWANDA: 2.4 MW Small Hydro power plant

MACHINOFABRIK

NIGERIA: 1000 MW Clean Coal power plant

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CHILE + PERU:Geothermal Market Risk + Financing Analysis

ARGENTINA:Design of the National Energy Efficiency Fund

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

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

CHILE:Codelco Copper Industrial Heat Recovery Project DD

CHILE + ECUADORAssessment of Solar PV Investment Opportunities

CHILE: Sustainable Energy Finance Training Workshops

DOM. REPWind Energy Market Assessment + Project DD

FINANCIAL & STRATEGIC ADVISORY

Latin AmericanProjects

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Clifford J. Aron, Founder & President 30+ years’ experience in sustainable energy; 18+ in

emerging markets

Advisor to IFC, the WB, EIB, KfW, EBRD, USTDA, US OPIC

Advisor to private investors + commercial banks

Pioneer of ESCO industry in USA

Founding President NY Energy Efficiency Council

Director of Energy + Economic Development NYC

Environmental lobbyist

Congressional aide on EE policy

Jacek Kostrzewa, Co-Founder 25 + years EE + RES experience

Specialist in project finance, biofuels technology, wind energy,

solar PV, CHP + EE policy and analysis

Assignments for EFSE, IFC, World Bank

President of largest biofuels trader in Poland

Manager, EC PHARE Multi-country Energy Program Unit in

13 East European countries

Business Development Director, National Power in Poland

Founder of the Polish Foundation for Energy Efficiency

THE TEAM: FOUNDING PRINCIPALS

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Cemal ParlakManager, Turkey and the Caucasus

Worked in development and financing of energy projects in Turkey for over eight years.

Worked across range of Clean Energy technologies Expertise in strategic advisory for Energy Efficiency(EE)

upgrades particularly in large industrial facilities Has developed bankable reports for financing of

Sustainable Energy investments in the industrial sector

Dr. Albert ButareManager East Africa

20+ years’ experience in energy, technology and RE Former Minister of State,Infrastructure:Republic of

Rwanda. CEO of Africa Energy Services Group Ltd. Vice Chancellor of the Academic Deputy of the Kigali

Institute Science and Technology (KIST); Expertise in high-level public sector policy, project

development and implementation including engineering

Dr. Vedran UranManager, West Balkans

Prepared and updated country energy profiles of various eastern europe countries. Managed the first comprehensive ESCO project in Eastern Europe.Published over 40 scientific,professional articles in the fields of EE, RE,Energy policy & economics8+ years’ of experience in the RE and EE with functional finance and engineering experience.

Andres Roi RiedelManager LATAM

Served as president of WBCO S.A; Former Chairman of the ULI Chile Country Council.Chairman of the ULI South America CouncilFormer General director of the development of Parque Bicentenario in Vitacura-SantiagDirected several urban and real estate studies; currently director of ROI&ASOC;Expert in advisory on RE projects and investments, architecture, landscaping, urban design,

urban & regional planning and real estate analysis

Dr. Akinpelu Cornelius Shogunle Manager West Africa+30 years’ experience in development and imlementation of energy integration strategies Experience in system planning and engineering design for generation, transmission & distributionEngineering designs and technical specifications for geothermal, fossil, solar, and waste-to-

energy projects

THE TEAM: SENIOR MANAGEMENT (REGIONAL MANAGERS)

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Mr Milan RusnakManager: Energy Efficiency Finance Practice

Milan manages several of our sustainable energy finance

advisory assignments around the globe.

Milan recently completed a ten year tenure at the International

Finance Corporation where he implemented various clean

energy programs globally both for investment, working in the

Financial Markets Group and as an advisor working in the

Advisory Services (A2F and SBA units).

Dr. William Kwasi GboneyManager, Energy Economics and Tariffs Practice

+25 years’ experience in the economic regulation of utilities companies

and in power plant operations; expert in econometric, financial and tariff

modelling, application of empirical techniques for utility performance

benchmarking.

Served as CEO of the International Institute of Infrastructural Economics

& Management (I3EM) and as technical coordinator for the African

Forum for Utility Regulators (AFUR);

Hiwote Teshome Manager, Energy Access Practice

20+ years’ experience in East Africa energy options; experience in

managing “bottom of the pyramid” marketing analyses for rural cooking

technologies in the region.

Worked for the Ethiopian Ministry of Infrastructure (MININFRA); served

as Head of Mission of the PAC EA Improved Cook Stove (ICS)

dissemination project targeting urban areas in Rwanda;

THE TEAM: SENIOR MANAGEMENT (SECTOR EXPERTS)

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Advantages DifferentiatorsClient Segment

• Clean Energy Specialists

• Regional Experience +

Presence

• Track Record of Success

• Results Oriented

• Focus on Research

• Strong Origination

Network

• Established Relationships

with Investors

• Innovative Structures

• Strategic Investors

• Project Developers

• Private Equity Funds

• Infrastructure Funds

• Multilateral Financial Institutions

• Commercial Banks

Design of Financing Facilities

M&A

Project Finance

Project Development

Services

Launch Financial Products

Strategic Advisory

GREENMAX ADVANTAGES

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Thank you!

www.greenmaxcap.com

Europe HeadquartersDobra 54/4100-312 WarszawaPhone: +48 22 892-0050jkostrzewa@greenmaxcap.com

USA Headquarters540 President St. 3rd FloorBrooklyn, NY 11215Phone: +1 646-564-3500cja@greenmaxcap.com

Africa Headquarters CK Gardens Annex,1st Ngong Avenue33223 –00600Nairobi, KenyaPhone: +254 724 255 537abutare@greenmaxcap.com

Latin America HeadquartersMerced 22 Oficina 1101Santiago, ChileTel: +56 2 2639 3225aroi@greenmaxcap.com

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