Company IntroductionMember of the South African Photovoltaic Industry Association

Member of the Green Building Council of SAMember of SAPVIA’s Grid Access Subcommittee You have to learn the rules of the

game, and then you have to play better than anyone else.

- Albert Einstein

Table of Contents

2 TABLE OF CONTENTS

1. Cover Slide

2. Table of Contents

3. Executive Summary

4. Key Features

5. Organogram

6. Management Team, Experience & Skills Base

7. Management Team, Experience & Skills Base

8. Developing Sustainable Broad Based Growt

9. Why use SunRanch?

10. Capability Statement

11. Africa Horisontal Irradiation

12. Photovoltaic Market in Africa

13. ESKOM Tariff Increases (Client Survey)

14. ESKOM Tariff Increases (Graph)

15. ESKOM Tariff Increases vs Cost of Solar Installation

16. Track Record – Pre Incorporation

17. Track Record – Large Scale PV Parks

18. Track Record – Rooftop & Ground Mounted Solar

19. Exciting Deal Pipeline

20. Exciting Deal Pipeline – Blythedale Coastal Resort

21. Savings: Accelerated Depreciation 12B

22. Cost Savings to Clients

23. Cost Savings to Clients

24. Disclaimer

25. Contact Us

Executive Summary

3 EXECUTIVE SUMMARY

Company Profile

Geographic Focus

Business Vision

Execution Model

Strategic Advantage

Community Involvement

Client Target Return

Operational Experience

SunRanch Solar (Pty) Ltd is the renewable energy division of Keras Capital (Pty) Ltd, a corporate advisory firm incorporated in Australia with a

regional office located in Johannesburg, South Africa.

The African Continent.

To develop SunRanch into a top 10 PV EPCM on the African Continent in terms of MW installed within a 5 year period.

Design, install and maintain high quality Photovoltaic power plants as an EPCM of mid­sized to large commercial imbedded power facilities

with a focus on emerging markets in the African continent;

Create strategic alliances to facilitate corporate and organic growth.

Take the Company public at the appropriate time.

Leverage off the representation of Keras Capital in 19 African Countries. Keras has one of the largest global mining databases with circa

14,000 investors. The SunRanch database has a Rolodex of approx. 2,000 targeted clients sub­divided into categories of Mining, Property

Development, Agriculture, Architects and Building Contractors, Residential, Manufacturing and Hotels & Leisure.

Improve the economic conditions of the host communities in which we operate;

Develop energy projects with a high environmental impact and reduce carbon foot print;

Engineer PV solutions with a lower cost matrix for power generation.

ROI > 22% to 43%.

Skills model provides in­house technical & corporate experience and operational depth, with key managers

all having solid track records in the solar industry.

Key Features

4 KEY FEATURES

:

Domicile: South Africa.

Target Domicile: UK LLP.

Springboard into Africa.

Africa fastest growing continent for

renewable energy.

Numerous Tax Incentives for Clients.

Administrator: Board of Directors.

Bankers: Standard Bank.

Auditors: PKF Lawler.

Legal Counsel: Dreyer & Dreyer.

TARGET IRR:

HURDLE RATE: 15%

Financial models developed for various owner

applications.

Eskom approvals obtained for PV design and

grid tie/banking.

Legal opinion obtained on power redistribution.

Organogram

5 ORGANOGRAM

Management

Administration

Marketing:- 5 Marketing Agents

Auditors & Legal Advisor Installation Teams

- 7 Qualified Electricians- 25 Semi-Skilled Staff- 20 Contract Workers

External Consultants

­ Consulting Engineer (Pr. Eng; Pr CPM).

- Consulting Architect

Management Team Experience & Skills Base

6

• Served as Chairman/CEO/Director on over 14 listed resources companies on the ASX, TSX­V, JSE & HKEx.

• Over $395 million in capital raisings. Awarded runner up award for best turnaround company – Crown Diamonds (Australia).

• Chairman of Keras Capital (Pty) Ltd and SunRanch Solar (Pty) Ltd.

• COO of DownSouth Capital Partners Private Equity Fund.

• Non­Executive Director – Middle East Diamond Resources Ltd (JSE listed).

• Qualified Forensic Accountant who holds a BCom.(Hons) degree in Forensic Accounting and a Certificate in Commercial Forensic Information

Technology.

• Full member of the Institute of Commercial Forensic Practitioners.

• Prior to joining SunRanch Willem was the Financial Crime Compliance Officer at Barclays Africa where he managed the Financial Crime

deliverables for the 11 African countries within the Barclays Africa jurisdiction.

• Member of SAPVIA’s Grid Access Sub­Committee.

• Qualified Senior Electrician and holds an Electrical Trade Certificate ( Red Seal ) 23/ATP/s/001898 from SASETA as well as a Certificate of

Compliance (C.O.C) Unit Standard Wireman’s License.

• Vast experience in solar industry and has successfully installed over the 30 solar PV systems.

• Started his apprenticeship at Bloemfontein municipality and qualified as an Electrician in High and Low voltage construction and reticulation.

• Appointed as Superintendent responsible for all high voltage maintenance on substations as well as construction of new substations up to 132 KV.

• Extensive experience in the Solar industry and was responsible for the installation of all electrical equipment and cables on the 86 MW Copperton

Solar farm as well as the 75 MW Dreunberg Solar farm.

Engineering Consultant

• Holds an Engineering Degree (Pr. Eng; Pr CPM).

• Involved in numerous Eskom projects including the design of the substations for renewable energy projects.

• Projects highlights: Kinde 40 MW, Kalkbult 75 MW and Burgersdorp 75 MW.

• Holds sufficient amount of experience and skills to design a full solar system of any scale.

MANAGEMENT TEAM EXPERIENCE & SKILLS BASE

Management Team Experience & Skills Base

7

• Danie has a nuclear physics background.

• Studied on solar energy topics for the past 7 years.

• Regular lectures on renewable energy at the University of Stellenbosch.

• He recently wrote a number of articles and did a number of radio interviews on renewable energy which were published in the media e.g. Farmers

Weekly

• Holds a Degree in BCom Management.

• Qualified Electrician and holds an Electrical Trade Certificate ( Red Seal) 2011.

• Financial Director of iPatrol.

• More than 3 years’ experience in the solar industry and has successfully installed over the 30 solar PV systems.

• Holds a HND Ext.Met (Wits) and is affiliated with GCC, BLDP (WBS) , MMMA, FIMM).

• Consults widely to the Metallurgical and Mining Industry.

• Assists with Solar design (chemical aspects) and marketing to mining clients.

• Good experience in South Africa’s Agricultural industry. Started his career in developing and managing a successful farm including a maize mill in

Kwazulu­Natal.

• Subsequently became the owner of Pam Golding franchises in Ballito, Richards Bay and the Kwazulu­Natal Agricultural division. Prior to joining

SunRanch, Clive was responsible for establishing the Mesquita Group’s agricultural business in Mozambique and is also a shareholder in two

Peanut sorting plants.

• He has generated a vast network of high value clients including property developers, architects, factory and business owners which opens up a

substantial target market for PV installations.

MANAGEMENT TEAM EXPERIENCE & SKILLS BASE

Developing Sustainable Broad Based Growth

8 Developing Sustainable Broad Based Growth

BEE Deliverables:

� Initiatives to roll out Broad BasedEmpowerment & Equal Opportunity Growth

� Creating & Maintaining High Value Business Enterprise

Strategic Alliance:

YouthIn

Solar

AmandlaWeLanga Solar (Pty) Ltd:

� Name means “The Power of the Sun”.

� 100% BEE owned.

� Directors: Advocate Mtho Xulu

Mr. Tshepo Tseema

� SunRanch Provides Technical Support & Training

Strategic Alliance:

WomenIn

Solar

Nomalanga (Pty) Ltd:

� Direct translations means “Female Sun”.

� 100% BEE owned.

� SunRanch Provides Technical Support & Training

Strategic Alliance:

Black Industrialist

Growth

Vertical Information & Technology (Pty) Ltd:

� 100% BEE owned.

� SunRanch Provides Corporate Advisory & Technical Support

Why Use SunRanch™ ?

9 WHY USE SUNRANCH™ ?

• We pride ourselves in providing clients with competitive quotes.

• We use high quality German technology with a 25 year product guarantee.

• The main components of our Solar System are warehoused in South Africa providing for

seamless installations without delays.

• Our Technical Team has the necessary capability and experience to design and install tailor­

made solutions depending on client requirements. This can range from solar panels only to

complex hybrid systems where solar is connected to diesel, batteries and Eskom.

• We do all our own installations ourselves . Client references are available to confirm their

satisfaction with our products and service.

• We provide full maintenance by remote tracking the performance of the system installed to

ensure optimal power generation and delivery. We also provide repair and maintenance

work on short notice.

• We have access to project funding.

SunRanch. Solar™ Capability Statement

10 CAPABILITY STATEMENT

• Experienced technical team to conduct site selection, Feasibility Studies, Costing and permitting.

• Full range of EPC and BOT services.

• Site selection, Foundations, Frameworks, Plant design, PC Control and Protection of plant & Equipment.

• Site preparation, Civils, Electrics, Construction, Commissioning and QA

• Performance monitoring, Security, Cleaning & Parts replacement.

• Finance packages available;• In­House financial modelling made available to clients;• In­house legal services available to assist with contracts and registration of bonds for

security.

�

�

Africa Horisontal Irradiation

11 AFRICA HORISONTAL IRRADIATION

Mega­Energy Trends in Africa – The Fastest Growing

Continent for Solar

McKinsey & Co forecast in their “Brighter Africa” Report some major shifts for Sub­Saharan Africa.

By 2040 the population will double compared to that of 2010 and the GDP will increase five fold. This

in turn will require power consumption that is four times greater in just 30 years than the estimated

400 TWh currently being consumed.

• African Governments have not been sitting still on renewables. Leading the way is the

South Africa with a highly innovative REIPP Procurement Program. In three rounds of

bidding the country’s saving is already estimated at US$1Bn.

• As an example of Africa’s leading innovation,

the Kenyan Government recently announced

an investment partnership with the private

sector in a bid to generate over 50% of its electricity supply from solar. Not to be outdone,

Rwanda announced the opening of East Africa’s

largest solar power plant (8.5Mw)(See photo right).

(Process by which an object is exposed to radiation)

Photovoltaic Market in Africa

12 PHOTOVOLTIAC MARKET

In the last four years, we've seen the market go from prettymuch nothing to a market of around R30 billion to R40 billionin terms of contracts awarded or projects under construction."

“Affordable renewables are set to dominate the emergingpower systems of the world.”

“South Africa intends to bring 6.9 GW of renewables capacityonline by 2020”.

“Our environment is a fragile one and we owe it to futuregenerations to adopt renewable energy resources. Our newsolar infrastructure means we can significantly reduce ourenvironmental footprint and draw less power from the grid.This translates into a tangible benefit for residents of CapeTown as there will be more power available for them,

.

Source: International Energy Agency – Snapshot of Global PV Market Report

1,300 % growth recorded in 3 yrs.

ESKOM Tariff Increases (Client Survey)

13 ESKOM TARIFF INCREASES – CLIENT SURVEY

2004 2.50% R 0.21

2005 4.10% R 0.22

2006 5.10% R 0.23

2007 5.90% R 0.26

2008 27.50% R 0.33

2009 31.30% R 0.43

2010 24.80% R 0.54

2011 25.80% R 0.68

2012 16.00% R 0.79

2013 8.00%**** R 0.85

2014 8.00%**** R 0.92

2015 12.69% R 1.03

2016 9.40% **** R 1.12

R

R

R

R

FORECAST

INCREASE

ESKOM Tariff Increases (Graph)

14 ESKOM TARIFF INCREASES – GRAPH

R ­

R 0.20

R 0.40

R 0.60

R 0.80

R 1.00

R 1.20

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

2004 2005 2006 2007 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Electricity Price increase in South Africa 2004 ­2016

Average approved tariff increase

%

Average electricity prices (cents

per kWh)

ESKOM Tariff Increases vs Cost of Solar Installation

15 ESKOM TARIFF INCREASES – CLIENT SURVEY

The price of solar power has

dropped a substantial 70 percent

since 2009 as a result of

improved technology and cost

scale benefits.

R ­

R 0.20

R 0.40

R 0.60

R 0.80

R 1.00

R 1.20

R 1.40

R ­

R 5.00

R 10.00

R 15.00

R 20.00

R 25.00

R 30.00

R 35.00

R 40.00

R 45.00

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

ESKOM Tariff Increase and Solar Price (per watt)

Decrease

Average Solar Price Per Watt

InstalledAverage electricity prices (cents per

kWh)

Track Record – Pre­Incorporation

16 TRACK RECORD

86MW Solar farm in the Northern Cape (Copperton): Responsible for

installation of all electrical equipment, cables, cold and hot commissioning.

(acknowledgement J Cohen).

R 9 000 000.00Completion expected

April 2016

Dreunberg Solar Plant in Burgersdorp 75MW.

Installation of all cables and Electrical equipment. Terminations and

joins on all cables.(acknowledgement J Cohen).

R 9 500 000.00 2014

Linde Solar Plant in Hanover 40 MW. Installation of all Electrical

equipment and cables. Pressure test and commissioning.

(acknowledgement J Cohen).

R 8 000 000.00 2014

Letsatsi 64MW Solar Plant: Installation of the 500KVA connection and

reticulation. (acknowledgement J Cohen).R 2 000 000.00 2014

101kWp solar installation (acknowledgement D Coetzee). R 191 900.00 2015

135 kWp grid tie solar installation(acknowledgement D Coetzee). R 2 600 000.00 2015

Track Record – Large Scale PV Parks

17 TRACK RECORD

22KV cable installations.

22KV and 33KV Pressure

tests

Installation of all electrical plant & equipment

and cables. Pressure test and connecting.

Installation of all electrical plant and equipment.

*With acknowledgement to Jaco Cohen

Track Record ­ Rooftop & Ground Mounted Solar

18 TRACK RECORD

*With acknowledgement to Danie Coetzee

The installation was published in the “LandbouWeekblad” 3 April 2015.

Grape Packaging Warehouse.Installation published in the “LandbouWeekblad” 3 April 2015

135 kW grid tie solar plant.

Home of CEO – Atterbury (Europe) – 10KW(Waterkloof, Pretoria)

Home in Waterkloof, Pretoria – 10KW

Exciting Deal Pipeline

19 DEAL PIPELINE

36.15

10.7 100

40

4040

220

Deal Pipe Line – 46.85Mw (US$62.2m)

Contract's Signed

Final Stages Negotiation

Project Available: Tanzania

Project Available: South Africa

Project Available: Kenya

Project Available: EthiopiaTenders Awaiting Adjudication

(Clockwise from Top):

• McCormick Property Development ­

Olievenhout Plaza;

• Flanagan & Gerard – Vaal Mall;

• Hyprop – Canal Walk;

• Hyprop – Somerset Mall.

Exciting Deal Pipeline – Blythedale Coastal Resort

20 DEAL PIPELINE

� The Blythedale Coastal Resort on the North Coast of KwaZulu­Natal consists of five dynamic residential estates (Blythedale Golf, Hills, Forest, Ocean and Equestrian) as well as a Catalytic Hotel.

� PV design will provide for 4,000 housing units, a 4ML desalination plant, a 5 Star Hotel & Conference Centre and various other amenities.

Savings: Accelerated Depreciation Sect 12B

21 SAVINGS: ACCELERATED DEPRECIATION 12B

Accelerated Depreciation: Sect 12B of The Income Tax Act No 58 of 1962

Machinery, plant, implements, utensils or articles or improvements thereto (theasset) used in farming or production of renewable energy ­

An allowance will be granted for assets owned by a taxpayer or acquired by thetaxpayer as purchaser in terms of an “instalment credit agreement” as defined inthe VAT Act, and brought into use for the first time by the taxpayer –

­ in the carrying on of farming operations;

­ for the purpose of trade to be used for the production of bio­diesel,

­ for the purpose of his trade to generate electricity from –

­ wind power;

­ solar energy;

­ hydropower to produce electricity of not more than 30 megawatts; and

An allowance equal to –

• 50% of the cost of the asset to the taxpayer in the year of assessment (first yearof assessment) in which the asset is brought into use;

• 30% of the cost in the second year of assessment;

• 20% of the cost in the third year of assessment.

Savings for a R 17 million PV plant will be:

­Year 1: (17 000 000 * 50%)* 28% company tax= R 2 380 000.00

­Year 2: (17 000 000 * 30%) * 28% company tax= R 1 428 000.00

­Year 3: (17 000 000* 20%) * 28% company tax= R 952 000.00

*Note: On 22 July 2015, National Treasury released draft tax legislation for publiccomment. The legislation aimed to implement tax proposals that wereannounced in the 2015 Budget Speech. Most notably for renewable energy,National Treasury proposed a 1­year 100% depreciation allowance onembedded PV (as opposed to the then­current 3­year 50/30/20 allowance).

Cost Savings to Clients

22 COST SAVINGS TO CLIENTS

• Savings over 25

years for R17m

PV plant.

• Financial Models

developed for

Estates, Office

Complexes,

Shopping Malls and

Home Owners.

• Eskom approval

obtained on our PV

Installations.

• Legal Opinion

available on Power

Distribution.

Cost Savings to Clients

23 COST SAVINGS TO CLIENTS

Savings over 25 years

for R17m PV plant.

IRR = 38.9%

Disclaimer

25 DISCLAIMER

These materials have been provided to you by SunRanch Solar (Pty) Ltd in connection

with an actual or potential mandate or engagement and may not be disclosed or

referred to (in whole or in part) or used or relied upon for any other purpose other

than as specifically agreed by written agreement with SunRanch. The information used

in preparing these materials was obtained from public or own sources. While

SunRanch has taken reasonable care in preparing these materials, it has not

independently verified the information contained in these materials.

SunRanch, its affiliates and their respective directors, officers or employees (the

“SunRanch Group”) assume no responsibility for and do not represent or warrant the

completeness or accuracy of the information (whether written or oral) including

estimates, projections or forecasts (of future financial performance or otherwise)

referred to in these materials or that may be supplied in connection with these

materials (“Information”). SunRanch is under no obligation to inform the Recipient or

anyone about any change (whether or not known or apparent to SunRanch) to the

Information. The Recipient must make his own independent judgment with respect to

any matter contained in these materials.

The SunRanch Group will not be responsible for any losses or damages which any

person suffers or incurs as a result of relying upon or using these materials or as a

result of any information being omitted from these materials. These materials do not

constitute an offer or commitment to arrange or underwrite any form of financing, to

underwrite, subscribe for or place any securities, or to enter into any other

transaction, and do not create any legally binding obligations on the SunRanch Group.

The SunRanch Group does not owe any fiduciary or other duties to the Recipient or

any other person and the SunRanch Group may be involved in other transactions and

services with clients who may have conflicting interests with the Recipient. If these

conditions above are not acceptable, kindly return immediately these materials and

any copies thereof, otherwise, the retention of these materials by the Recipient shall

evidence his/her acceptance of such conditions.

SunRanch’ ability to enter into any transaction (or to provide any person with any

services in connection with any transaction) will be subject to, among other things,

internal approvals and conflicts clearance.

Contact Us

26 CONTACT US

Suite 5, Coldstream Office Park

C/o Hendrik Potgieter Drive & Van Staden Roads, Little Falls, Roodepoort,

Gauteng, South Africa 1735.

Postnet Suite 47

Private Bag X5

Strubensvalley 1735.

Website: www.sunranch.solar

Tel: +27 11­ 958­0682

Email: charlespm@sunranch.solar

willemm@sunranch.solar

gails@sunranch.solar

cliveg@sunranch.solar

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The Secret of getting ahead is getting started- Mark Twain

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