1. Wind farm Kalin / Bulgaria

2. Wind farm Kalin / Bulgaria – 99 MW ♦ 55 x Vestas V100 with 1,8 MW rated power ♦ 95 m hub height ♦ average wind speed 5,9 m/s in 95 m hub height ♦ located at the border to Romania ♦ planning period 2007 - 2011 ♦ ready for construction 2011

3. Project Kalin Site Evaluation Wind measurement Energy assessment

4. Project Kalin - Permitting Grid connection contract signed with NEK Right of utilization and construction right for the wind turbines and the respective land lease agreements secured The change of the purpose of the land usage and the registration of the servitudes of all single sites notarized Approval Environmental Impact Assessment EIA report in place Approved Detailed Spatial Plan (PUP) Construction Permit of the wind farm PPA and license in progress

5. Project Kalin - Regulatory Changes in Bulgarian regulatory environment concerning: Feed In Tariff without inflation adjustment Feed In Period reduced Grid Connection Fee newly introduced For Kalin the old conditions will still be applied.

6. Total project costs amount to approx EUR 163 mill. Assumed debt / equity ratio of 69% / 31% Equity capital of approx. EUR 51 mill. and a senior loan of EUR 112 mill. are required. For senior financing an export risk insurance covered senior loan can be foreseen. The export risk insurance will cover all political, transfer and commercial risks of the project and the respective insurance-premium is supposed to be paid upfront. Therefore a premium of approx. EUR 17.5 mill. for an ECA loan cover financing would need to be added to the project costs of the wind farm. Project Kalin – Financing

8. Project company: Kalin Eko Stroi Ltd. (bulgarian OOD) V.Levski Str. 192 office 401 5800 Pleven Bulgaria Tel.: +359 (0) 64 82 20 97 Fax: +359 (0) 64 82 20 98 E-Mail: Kalin_ecostroi@abv.bg Manager: Dr. Melania Kaszas-Savos Company founded in 2006

9. Project development: Rübsamen Windenergie GmbH Brödermannsallee 11 25469 Halstenbek Germany Tel.: +49 (0) 4101 69 67 94 5 Fax: +49 (0) 4101 40 40 59 E-Mail: info@ruebsamen-windenergie.de Manager: Rosemarie Rübsamen Company founded in 1994