Payback Period up to 4 PRODUCTION OF years

Payback Period up to 4 PRODUCTION OF years GREEN BIOMASS WITH UP TO Technological Partner: ENERGY FROM 50% HUMIDITY Financial Partner:

I Disclaimer The Confidential Business Plan, supporting revenue and financial projections, market analysis and the Eco-Energy Systems Presentation (referred to in whole as the “Business Plan”) of Fundusz Rezerw Inwestycyjnych Sp. z o. o. , Fluid S. A. , and PT Kepulauan Energi Lestari (referred to as the “Company”) does not constitute an offer to sell or a solicitation of an offer to buy securities. The receipt and acceptance of the Business Plan shall constitute an agreement by the Recipient that, among other things, the Business Plan shall not in any manner whatsoever be copied, reproduced, modified or distributed to any third party, either in whole or in part, without the prior written consent of the Company. All information contained herein shall be kept confidential by the Recipient, and the Recipient shall not reveal or disclose to any third party without written consent of the Company the information that has been made available to the Recipient. This Business Plan contains proprietary and confidential information regarding the Company and is based on information deemed by the Company to be reliable. In furnishing the Business Plan, the Company undertakes no obligation to provide Recipients of the Business Plan with access to any additional information or to update this Business Plan or to correct any inaccuracies that may be contained herein. In addition, certain estimates and projections prepared by the Company are presented in this Business Plan. Such estimates and projections are subject to significant economic, business, and other uncertainties beyond the control of the Company. Although such projections are believed to be realistic, no representations can be made as to their attainability. While the information set forth herein is deemed by the Company to be accurate, the Company shall not beheld liable for the accuracy of or omissions from this Business Plan, and for any other written or oral communication transmitted to the Recipient and any other party in the course of its evaluation of transactions involving the Company. 2

I Table of content Description of the Project Introduction Properties of biocarbon Technology Background Information Project Participants Relationships Financial aspects Costs Revenues 3

Background Information Project Participants Joint Venture Payback Period approx. 4 FLUID’s technology guarantee: Low operating costs Full control over outputs: biocarbon, power production, etc. ZERO CO 2 emission balance Green Certificates (renewable green energy) Biocarbon Electricity years Heat / Cold WHERE CAN THIS TECHNOLOGY BE USED? Proximity and high supply of biomass RURAL AREAS FARMS AND FOOD PROCESSING PLANTS FALLOW LANDS Excellent test results of over 70 types of biomass – even waste from Mc. Donald’s (along with packaging) and crisps.

Background Information Project Participants Joint Venture Payback Period approx. 4 PROFITABILITY years COMPARISON WITH OTHER RENEWABLE ENERGY TECHNOLOGIES Wind Energy Solar Energy Biogas Energy Payback 8 -12 years Payback 9 years Payback above 12 years Uncertain power production Depends on weather conditions High operating costs Uncontrollable current intensity Cannot guarantee the price of power Often generates losses without subsidies

Description of the Project Technology Products and their Properties Market Conditions BIOCARBON Households can use biocarbon for heating and as a fuel for cooking and BBQ in coal-based ovens. Lack of smoke, low ignition temperature, and high calorific value give FLUID brand biocarbon a competitive advantage. Energy and heating industry – biocarbon is suitable for combustion in all types of furnaces without the need for customization. Biocarbon, as opposed to the biomass does not clog and sticks to furnaces and fireplaces. Biocarbon is an excellent soil sweetener – its molecular structure allows it to absorb artificial fertilizers in a great degree and release them slowly, upgrading the type of soil it affects. Biocarbon can be used to turn even sand into a fertile soil.

Description of the Project Technology Products and their Properties Market Conditions A type of charcoal created from biomass in the process BIOCARBON of auto thermal anaerobic heating also called low temperature pyrolysis (below 300 o. C). High calorific value – more than 25 MJ/kg NO SMOKE during burning Trace amounts of sulfur, chlorine, mercury Black coal Biomass Biocarbon from FLUID The calorific value 22 MJ/kg 12 MJ/kg 25 MJ/kg Carbon content 50% 25 -50% Over 70% Content of sulfur, chlorine, mercury Sulfur 0. 7%, nitrogen 0. 24% 0. 1% Trace amount below 0. 01% Volatile elements 18% 80% 17% Ash content 20% 2 -6% Below 6% High content of carbon (C > 70%) and low humidity Low flashpoint – approximately 250 o. C Physic-chemical properties make it a sought-after product by energy companies (green certificates). 7

Description of the Project Technology IB Products and their Properties Market Conditions IOCARBON IGNITION AND COMBUSTION EFFICIENCY 8

Description of the Project Technology Products and their Properties FLUID has a UNIQUE TECHNOLOGY… Market Conditions biomass WASTE into BIOCARBON …to process This is one of the main reasons for low operating costs and high profitability – we process that which others cannot use and treat as a waste. The process of autothermal anaerobic heating below the temperature of 300 o. C is highly efficient and produces 3 final products as seen on the picture. 3 tons of biomass = 1 ton of biocarbon with excellent properties 9

Description of the Project Technology Products and their Properties Market Conditions biocarbon FLUID brand Biomass Chopper Packaging Technological Diagram of Energy Recovery Plant Drier Steam boiler Reactor Heat recovery Wet chips Dry chips Steam turbine Warm process water Hot process water Water vapour Cold process water Biocarbon Central heating Green electricity Hot water CH (green electricity) Cold water return Power grid 10

Description of the Project Technology Products and their Properties Market Conditions MODULAR, SCALABLE TECHNOLOG Every biomass processing power plant is modular and therefore, scalable. It allows business owners to either increase or decrease the production capacity of biocarbon and/or electricity, making each SPV adjusted to local demand for energy as well as to the supply of biomass. It is also possible to acquire additional modules or equipment to process biocarbon further, e. g. to create activated carbon or other products derived from biocarbon. Proposed zoning plan for biomass processing power plant 11

Background Information Project Participants Joint Venture Fundusz Rezerw Inwestycyjnych Sp. z o. o. (FRI) is an investment firm specialising in financing highly profitable projects in the exploration and exploitation of natural resources and renewable raw materials (green energy). Bank Gospodarstwa Krajowego (BGK) is Poland's only state-owned bank. BGK was established in 1924. The primary business objective of BGK is to provide banking services for the public finance sector, in particular through the support of the government's economic programs, as well as local government and regional development programs implemented with the use of public funds, including those of the European Union. FRI has 31. 25% shares in FLUID S. A. and has an trade consulting agreement with FLUID to sell their technology. Through the program called Polish Export, BGK acts as a loaner for every SPV in which FRI & FLUID are involved. FLUID S. A. is a Polish-based company, listed on New. Connect and it is the world leader in the processing of biomass into biocarbon and electricity during the process of autothermal carbonisation (details on www. fluid. pl/en ). FLUID S. A. is both the provider of technology and project developer for Eco-Energy Systems all around the world. C L Local Company is a symbolic name for any company located outside of Poland that acts Locally company, a buyer as an establish IMPORTER (BUYER) ofof FLUID’s technology is an essential entity in in technology. It is an essential business entity this business establishment. every scenario that includes financing from Bank Gospodarstwa Krajowego (BGK) through Polish Export program. As a borrower from BGK, Local Company needs to have appropriate financial assets and acridities from either a fund or a local bank. PT Kapulauan Energi Lestari is an example of such Local Company. It is established in Indonesia and has recently signed a contract for $35 million USD for the first power plant.

Background Information Project Participants Joint Venture BUYER’S CREDIT GRANTED THROUGH BUYER’S Foreign Country, i. e. Indonesia BANK C 1 2. Conclusion of Credit agreement between BGK and Importer’s bank (acting as the Borrower), and also between Importer and Importer’s bank. L 4 Polish Exporter 1. Conclusion of export contract. Buyer of Polish goods & services 3. Purchase of insurance policy in KUKE by BGK. 4. Implementation of export contract. 5 6 2 2 6 7 3 6 7 BUYER’S BANK 5. Submission of commercial documents confirming delivery of the goods / completion of services by the Exporter to BGK. 6. BGK makes a disbursement of Credit, making a direct payment to the Exporter and simultaneously debiting the Credit account with the amount of the disbursement. In turn, the Importer is debited with the disbursed amount, under relevant credit agreement concluded between the Importer’s bank and the Importer. 7. The Importer repays the credit to his bank and, irrespectively of that repayment, the Importer’s bank repays the credit to BGK. 13

Background Information Project Participants Joint Venture Foreign Country, i. e. Indonesia BUYER’S CREDIT (DIRECT) 1. Conclusion of export contract. 1 2. Conclusion of Credit agreement between BGK and the Importer. 4 3. Purchase of insurance policy in KUKE by BGK. C Polish Exporter 5 L 6 2 6 7 3 Buyer of Polish goods & services 4. Implementation of export contract. 5. Submission of commercial documents confirming delivery of the goods / completion of services by the Exporter to BGK. 6. BGK makes a disbursement of the Credit, making a direct payment to the Exporter and simultaneously debiting the Credit account with the amount of the disbursement. 7. The Importer repays the credit to his bank and, irrespectively of that repayment, the Importer’s bank repays the credit to BGK. 14

Financial Aspects Costs Revenues The estimated construction cost of energy recovery power plant. 4 reactors – 1 module Currency POLAND INDONESIA USD $ 12 000 $ 22 000 In this scenario we assume that biocarbon serves as a fuel to achieve MAXIMUM ENERGY production. The estimated construction costs of our installations is always adjusted to the payback period of approximately 4 years. Payback period depends on the following: ü purchasing cost of raw materials (biomass) ü revenue from sales of either: • energy • biocarbon

Financial Aspects Costs Revenues Input cost (biomass) Unit POLAND INDONESIA Hard biomass USD/ton $ 65 $ 50 Waste biomass (humidity up to 50%) USD/ton $ 40 $ 10 The amount of biomass required to fuel a processing plant of 4 reactors is 48 000 tons per annum. Due to the possibility of using waste biomass in technological production operations costs are reduced significantly. The main costs associated with biomass waste procurement are: • transport • loading / unloading.

Financial Aspects Costs Revenues Estimated revenue recovery plant 4 reaktory – 1 moduł from biomass energy currency POLAND $135* za MW/h INDONESIA $ 303. 5* for MW/h USD/annum 3 564 000 5 280 000 Annual operating hours: 8 000 In this scenario, we assume ZERO production of biocarbon and MAXIMUM production of POWER. Revenue from the sale of cold will constitute 5 -10% ( depending on the market). The plant in Indonesia will be based on European components. The first plant of this type will therefore be more expensive than plants with a similar size in Europe. Plants in Indonesia and throughout the region of South–East Asia will give better financial results than similar plants in Europe, USA and Canada. This is due to lower operating costs, efficient, cheap labour force, cheap feedstock (biomass) and favourable administrative considerations.

Cyprian Pukszta mobile: +48 791 281 721 e-mail: c. pukszta@fri. com. pl Contact us Michał Kozłowski mobile: +48 692 040 560 e-mail: m. kozlowski@fri. com. pl Fundusz Rezerw Inwestycyjnych Plac Trzech Krzyży 3 00 -535 Warsaw tel. +48 22 584 71 90 biuro@fri. com. pl www. fri. com. pl 18