DRAFT

1. BUSINESS IDEA – A SHORT, SUMMARY COVERING THE PROPOSED BUSINESS CONCEPT

International Renewable Energy Certificates (I-REC) are an instrument used to claim Carbon value
globally. Renewable electricity creates this Carbon value from reducing Carbon Dioxide emission into the
atmosphere during power production.

The I-REC Secretariat is the Central regulatory company (located in Amsterdam) that authorizes local
Issuer Entities in any specific country (geography) to act on its behalf and issue I-REC certificates.

There is a large potential market for I-REC certificate creation in Pakistan.

We are creating the company that will become the local Issuer Entity in Pakistan.

Its knowledge will help enhance the demand for I-RECs of Pakistan as well as their supply (from I-REC
sellers of Pakistan) and scale up the market.

2. MARKET ANALYSIS – THE TARGET MARKET IN TERMS OF KEY CUSTOMERS, COMPETITION AND MARKET GROWTH
POTENTIAL

I-REC Market Demand: All entities that operate in Pakistan (in particular those that are part of large
multinational corporations with declared low carbon emissions goals) are buyers of I-RECs from
Pakistan. This demand can be equal to all the electricity demand of the multinational manufacturing
corporations, transportation companies, oil & gas companies and brands with contract manufacturing
arrangements. A conservative estimate is at least 25% of the entire electricity used in Pakistan will fall
into this category.

I-REC Supply to Meet Market Demand: Renewable electricity production plants (technologies can
include: Sugar mills using bagasse, Wind farms, Solar power, Waste-to-Electricity, Hydropower, Waste-
Heat Recovery, Biomass-to-Power etc.).

Sugar mills in Pakistan generating renewable electricity can claim value of Carbon by creating and selling
I-REC certificates. When a Sugar mill does not have enough bagasse, they may acquire other renewable
fuels (e.g., crop waste/cuttings) and still generate I-REC value for this power also.

A Waste-to-Energy plant for the Ravi Riverfront Development Authority (Lahore) will also generate
power and generate I-RECs. We are working with this Waste-to-Electricity plant.

I-REC Technologies and Partners: There is no technology involved in the issue of I-RECs as this is a
standard process involving energy auditing and accounting/measurement of Carbon Dioxide emissions.

I-REC Liquidity: We estimate that the current available demand for I-RECs from Pakistan will be greater
than the I-RECs supply and this is favorable for Stable certificate prices. In the future, as the Pakistan
economy grows and electricity use grows, we expect I-REC demand to also grow. If Pakistan does not
DRAFT

grow its renewable electricity production, there will be less I-RECs available versus visible demand (a
condition that will still favor stable prices).

I-REC Support and Incentives: There is no dependency on government incentives or support.

3. MARKET PLAN – HOW THE PRODUCT/SERVICE WILL BE MARKETED OR DISTRIBUTED

We will publicize the ability of renewable electricity generation plants to issue I-RECs certificates using
our business network. We will also rely on the global partners (fellow I-REC Issuers in local countries)
who have relationships with renewable energy companies so that when a renewable electricity project
is initiated in Pakistan, the awareness of I-RECs issuance and value is already present.

We feel this momentum is sufficient to widely publicize the new I-REC certificate creation capability in
Pakistan we will support.

4. OPERATION PLAN – RESOURCES NEEDED TO RUN THE BUSINESS

Professionals:
DRAFT

5. FINANCIAL PROJECTIONS – PROJECTED SALES AND NET PROFIT BEFORE TAX FOR THREE YEARS AND BREAKEVEN POINT

The range of prices for One I-REC certificate can vary. We have assumed low I-REC prices.

One I-REC certificate = One MegaWatt-Hour of renewable electricity.

In Pakistan, One I-REC certificate price range assumption Rupees 1 to Rupees 1.60 per unit (KiloWatt-
Hour) of electricity.

  Year 1 Year 2 Year 3

985,50 985,50 985,50
I-RECs 0 0 0
RUPEES VALUE
Minimum/Certificat
e 1,000 1,000 1,000
Maximum/Certifica
te 1,667 1,667 1,667
I-RECs RUPEE
VALUE
Minimum (MM) 986 986 986
Maximum (MM) 1,643 1,643 1,643
ANNUAL FEE %
Minimum 1.00% 1.00% 1.00%
Maximum 2.00% 2.00% 2.00%
FEE INCOME/YEAR
Minimum (MM) 10 10 10
Maximum (MM) 33 33 33
CUMULATIVE INCOME
Minimum (MM) 10 20 30
Maximum (MM) 33 66 99
DRAFT

6. MANAGEMENT TEAM – KEY DRIVERS OF THE BUSINESS

Management Team Based Globally

MR. AMIR SHUJA, responsible for overall technical and external relationship management.

7. SUPPORTING DOCUMENTS – E.G. LICENSING AGREEMENTS, PRODUCT CERTIFICATIONS, ENDORSEMENTS, ETC.

These will be provided as the negotiations with the I-REC Secretariat proceed.