Project Name: Seema Energy 2x35 MW Co generation Project

Project Proponents: Aequero Limited – Commercial and Financial Advisor

Seema Shareholders:Orawan KongthedJera InvestmentsTatiya Limchivit

Project Description: Seema Energy Co. Ltd proposes the development of two 35 MW nominal net renewable energy cogeneration plants, supplied by dedicated energy

crop plantations in Nakhon Ratachasima, Thailand. Each Cogeneration Plant will have the capacity to deliver approximately 35 MWnet of Electrical

energy to the Grid in full condensing modeor 30MW net of electrical energy to the Grid up to 30 tph of process steam for sale to industrial

customers. NAPIER grass will be the main source of the biomass.

KEY FINANCIAL METRICS Project Benchmark Notes

Investment Cost Chok Chai – $96.7M - TotalSIZ - $94.3M - Total

Gearing 75:25

Project IRR Chok ChaiSIZ

Equity IRR Chok Chai – 23%SIZ 24%

Investor Equity NPV Chok Chai - $19.5MSIZ - $20.3M

At 15% Discount Rate

Capital Structure Debt 75%

Equity 25% Proposed Investor Shareholdings – 55%

KEY RISKS Risks Identified Likelihood Market/Revenue EGAT Approval – Approval of Request for Power Selling is still

in process; Uncertainty of PPA long term contract - Standard form PPA is

only for 5 year term, though subject to extension, risk of being disapproved for the next 20 years should be taken into account (will undergo another 4 requests for approval??)

Fuel price and land leases are indexed to CPI

Operational Availability of Biomass Fuel Supply (Napier Grass) – effect of defaults of farmers to deliver the required supply

Napier Grass Farm and Logistics Management – risks associated with planting napier grass to attain the expected yield such as timing of planting, harvesting, crop and soil management

Not alternative viable biomass fuels in cases of low napier grass harvests

Technological Napier grass has yet to be used as fuelstock for a commercial biomass power plant

Seema has conceded a high risk of fouling and corrosion in machinery

DP Clean Tech - no experience yet on Napier Grass

Development Cost Overruns

Regulatory Multiple permits have not yet been acquired (EGAT LOA, PPA, EIA, BOI Promotion Certificate)

RATIONALE to pursue Attractive returns at 23-24% Strong government support through EGAT and ALRO EPC contractor DPCT has considerable experience in developing plants

ACTION ITEMS Review of Financial Model - playing figures to determine the impact to returns of the above identified risks; sample checking/matching of the figures in the Information Memo and that of the financial model

Further Research and study of Thai Renewable Energy Market specifically biomass power generation with Napier Grass as its source – to validate AEQUERO/PWC information memo

Inquiry on the DPCT technology – DP Clean Tech is the EPC contractor for AseaOne Power Corporation to build 12MW project in AKLAN