Letter of Intent (LOI)

Date: 6th November 2015

Ref. No:NE 1215568
To: Rankin Group

To Whom It May Concern

Nagina Engineering is active in the manufacturing and provision of
.Industrial steam boilers in Pakistan
Sustainable production and Renewable Energy Generation are
issues which are very important specifically for the local industry
.and Pakistan as a whole
It is therefore that Nagina Engineering has been approached by the
Rankine Group to investigate the opportunity to collaborate in the
development
of a sustainable energy production assets, called the Chameleon
.Asset
As stated, it is important that Pakistan develops pilot projects to
.boast the development of sustainable energy production
Adding to that; technology must be developed in a scalable manner
that enables the efficient roll out of pilot plants to commercial
.implementation levels
It is our understanding that the Rankine Group Chameleon asset can
.be utilized as a scalable sustainable energy production plant
We have seen the UNIDO Request for Proposal for Organic Waste.to-Energy (Biomass) Renewable Energy Investment Project
We endorse this UNIDO initiative to promote and facilitate the
.development of a pilot project in Pakistan
As for this specific initiative, Nagina Engineering wishes to
investigate the possibilities to support the named UNIDO pilot
.project together with the Rankine Group
The UNIDO tender document is a good basis to start from, however
further investigation into the feasibility has to be executed. It is
therefore that Nagina Engineering and Rankine Group wish to
commit to investigate the feasibility of the pilot project. This
investigation is to be executed together with UNIDO in the weeks
.ahead
The current UNIDO tender document is seen as to non-descriptive to
.base firm commitment upon
The commitment of Nagina Engineering is non-binding and based
on board approval. Furthermore the mentioned commitment relates
to an investigation and cannot be seen as a commercial contract of
.any sorts

Zulfiqar Majid
Managing Director