Nova-Eco Ukraine Alexander Fediaev United Nations Climate Change Conference - Nairobi, 14 November 2006 Owner of a 300 MW wind power project developed within the JI framework and taking its experience to the market

Slide: 2 NOVA-ECO LLC November 2006 Nova-Eco in brief Nova-Eco owns the development of a 300 MW wind power project in Crimea, Ukraine Nova-Eco is managed by a team with development experience from more than 2,000 MW of implemented power projects Nova-Eco employs skilled Ukrainian staff Nova-Eco has strong ties to Ukrainian industries Nova-Eco’s operation is well funded Nova-Eco has created Nova-Eco Consulting as an independent advisory firm for Joint Implementation Projects, Environmental Audits and renewable and traditional energy projects enabling its team’s experience to create further value in Ukrainian market

Slide: 3 NOVA-ECO LLC November 2006 Nova-Eco’s Joint Implementation experience – from start to investment Nova-Eco started a 300 MW wind power development (WPP-300) in Crimea, Ukraine in 2005 with an investment value of 350 million Euro. WPP-300 attracted a Joint Implementation investment from the Swedish Energy Agency (STEM) and Nordic Environmental Finance Corporation (NEFCO) based on Nova-Eco’s Project Information Note Nova-Eco’s team successfully negotiated an Option Agreement with the investors, obtained a letter of endorsement from the Ukrainian authorities and developed the Project Design Document Nova-Eco’s team is now completing the negotiation of the ERPA, following the determination process and applying for the Letter of Approval Nova-Eco has strengthened its team and created an independent advisory company Nova-Eco Consulting to provide its experience to other Kyoto based developments Nova-Eco Consulting recently won the Ukrainian contents to a 100 million Euro energy efficiency loan project from an international bank in cooperation with Vattenfall Power Consultants and SEK Financial Advisors from Sweden

Slide: 4 NOVA-ECO LLC November 2006 The windy location of WPP-300 Ukraine

Slide: 5 NOVA-ECO LLC November 2006 Facts & Figures – WPP-300 Nova-Eco is the largest private investment in the wind power market of Ukraine Nova-Eco is planning the largest wind power park in Ukraine with a 300 MW installed capacity in two locations with average wind speeds of 8.5 m/s Nova-Eco has secured the supply of 150 type MM92 (REPower) wind turbines for installation during Nova-Eco will use advanced equipment from ABB (Sweden) for the interconnection to Ukrainian National Power Grid Nova-Eco is in negotiation with international investors to secure equity investments Nova-Eco is conducting due diligence with debt providers in order to establish a non-recourse project finance WPP-300 will reduce GHG emissions by 3,7 million tons of CO 2 equivalent during Ukrainian Parliament is reviewing the new proposed law on “green” tariff which will give the investors adequate returns

Slide: 6 NOVA-ECO LLC November 2006 Nova-Eco Consulting’s activities Project management Project planning and permit applications in Ukraine Wind measurements and environmental audits Conceptual engineering studies Environmental Impact Assessments according to EBRD standards Public consultations Project Information Notes (PINs) Project Design Documents (PDDs) Management of approval processes in Ukraine Management of determinations Financial modeling and advisory PDD

Slide: 7 NOVA-ECO LLC November 2006 Contacts: Nova-Eco LLC 28 Jurkovskaja St. Kiev, Ukraine Phone: