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Perpignan Solar Holdings LtdJunior Loan Note

Investment Proposition SummaryKey Investment Features

Promoter Amarenco Solar Limited (“Amarenco”)

Asset 9.6 MW operational solar farm in Perpignan, France

Product €6.59m Junior Loan Note (€4.0m being raised by Cantor Fitzgerald Ireland)

Issuer Perpignan Solar Holdings Limited (“PSH”)

Term 5 years

Annual Coupon 8%

Additional Annual Payment All excess cash generated by the project to be paid to Junior Loan Note holders (expected c.2%-4% per annum)

Enterprise Value €25.94m (€6.59m Junior Loan Note & €19.34m Senior Debt)

Exit Sale or Refinance of PSH in Year 5 The Junior Loan Note holders will also have a put option to Amarenco

Fees 2% placing fee payable by the investor0.5% annual management fee deducted from annual coupon

Minimum Investment €25,000

Marketed by: Cantor Fitzgerald Ireland Limited

Project Manager and Transaction Advisor: Amarenco Solar Limited

Cantor Fitzgerald Ireland Ltd is regulated by the Central Bank of Ireland. Cantor Fitzgerald Ireland Ltd is a member firm of the Irish Stock Exchange and the London Stock Exchange.

75 St. Stephen’s green, Dublin 2, Ireland. Tel : +353 1 633 3800. Fax : +353 1 633 3856email : info@cantor.com web : www.cantorfitzgerald.ie

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Summary• Perpignan Solar Holdings Limited was established by Amarenco to acquire a 9.6MW solar plant near Perpignan, France.

• The plant comprises of 96 greenhouse based photovoltaic units currently under construction by Ralos New Energy (a solar engineering company).

• The plant is located on 8 plots, 7 of which are owned freehold. The remaining plot is subject to a 30 year lease from the local municipality.

• There is a 17.5 year Power Purchase Agreement in place with Electricité de France (an A+ rated company).

• The plant is being financed with (i) €6.59m of Junior Loan Notes issued by PSH to investors and (ii) senior debt finance of €19.34m provided byLandesbank Saar of Germany with a term of 16.5 years and a fixed rate of c.2.5% for 10 years.

• An annual coupon of 8% will be paid on the investors Junior Loan Note.

• Any additional excess cash in PSH will be distributed to the Junior Loan Note investors as a dividend.

• The plant will be fully operational prior to the drawdown of the Junior Loan Note.

• Amarenco is acting as project manager and transaction advisor. Amarenco was founded by John Mullins (ex-CEO of Bord Gais) in mid 2013 and isdedicated to solar energy and investment management. Current assets under management are €100m.

• Exit in year 5 will be by way of a sale or refinance of PHS. The investor will also retain a put option to sell PSH back to Amarenco.

Summary Risk Factors• Regulatory and Tax risk: including reduction tariff and retrospective increase in taxes.

• Operational risk: including lower irradiance levels and technical performance.

• Financial risk: including the failure to find an end buyer for exit.

See information memorandum for further information on risk factors.

Return of a sample €100,000 Investment over 5 Years€100,000 LoAN Note SubSCrIPtIoN Aug 2015 OCT 2016 OCT 2017 OCT 2018 OCT 2019 Aug 2020

Loan Note Investment (100.0)

8% Coupon on Interest Bearing Loan Note 8.0 8.0 8.0 8.0 8.0

Forecast Additional Distribution 0.7 2.9 2.6 2.3 4.4

Final Distribution 119.3

Investor Cashflows (100.0) 8.7 10.9 10.6 10.3 131 .7Annual Yield 8.7% 10.9% 10.6% 10.3% 12.4%

Irr 13.2%times Money 1.7

*Assuming an exit after 5 years based on the NPV of the remaining 25 years equity cashflows at a discount rate of 6% would result in an IRR of 13.2% or 1.70x money.

DisclaimerThis document has been prepared and distributed by Cantor Fitzgerald Ireland Ltd (“Cantor”) for information purposes only and is intended fortransmission to retail clients of Cantor. This summary is not intended nor should it be distributed to any investors who are not classed as retail clientsunder the European Communities (Markets in Financial Instruments) Regulation 2007 (MiFID). It is not intended and does not constitute personalrecommendations nor provide the sole basis for any evaluation for the securities discussed. Cantor recommends that specific advice should alwaysbe sought prior to investment, based on the particular circumstances of the individual investor.

Warning: The value of your investment may go down as well as up. You may get back less than you invest.

Perpignan Solar Holdings Ltd