Solar Park –Estimation of Value at the end of 5 Years and Risks thereon

For: - Professional Financial Advisers Only. Internal Purposes Only

By: - Independent Portfolio Managers Ltd

 The Solar Park consists of three adjacent sites, each having 1Megawatt (MW)
of production capacity.

 Each site is capable of producing 1,500,000 KWh p.a. based on the

climatological and technical conditions of the sites. (See Note 1)

 The Italian Government has legislated that a set tariff is paid for every KWh of
‘renewable energy’ generated.

 The operation and maintenance contracts are fixed from the outset with an
annual escalator of 2% p.a.

 During first year following the closing, 2 sites of 1 MW each will be built out.

 The income after tax and costs of these 2 sites, in the year following their
completion is estimated to be €1,086,000.

 Following the completion of sites 1 & 2, dividends paid to the Solar Park Fund
(7.25% to investors, 1.5% Management Fee, 0.5% Fund operating costs) will
leave an excess income of €35,000.

 Following the completion of sites 1 & 2, the 3rd site (also of 1MW) will be
built out utilising bank financing.

 The 3rd site should increase income after expenditure to an estimated

€1.6m.p.a. (Before dividends to the Solar Park Fund).

 The accumulated ‘excess income’ in year 2,3,4 and 5, after dividends to the
Solar Park Fund (as described above) and Loan interest, will be €410,000 p.a.

 This ‘excess income’ will be accumulated and assigned to GIS (the sponsor),
in the event of a buyout.

 If the buyout does not transpire, this accumulated income will be for the
benefit of the Fund investors. The accumulated income over the 5 year period
is estimated to be €1,700,000.

Independent Portfolio Managers Limited

Authorised and Regulated by the Financial Services Authority
Address: Charles House, 5-11Regent Street, London SW1Y 4LR. Telephone: 020 7004-7835
info@independentportfoliomanagers.com

For Professional Financial Advisers only. This document is for informational purposes
only and should not be relied upon by private investors. For full details refer to the
Particulars of the Fund, which take precedence over the information contained herein.
  If GIS does not exercise the option to buy out the Fund investors within 5
years, the investors will have a right:-

o To continue to own the Solar Park and receive the income generated
(over the balance or the term of up to a maximum of 20 years).

o Or the Fund Managers will organise the sale of this income stream.

Valuation

 This Income stream is estimated to total €23,000,000 (including the

accumulated €1,700,000) over the remaining 15 years.

 A ‘present value analysis’ of all the income stream over the 15 years, at a
compounded rate of 6% (15 year Italian Government bond yield + credit risk),
gives an estimated value to The Solar Park of €15,600,000. N.B. This allows a
significant margin of error for investors considering their principal investment
of €11,350,000 (assuming stable exchange rates).

 A break even analysis using a discount rate of as high as 12% would be

required for this ‘present value’ calculation to become neutral.

Risks

 The discount rate utilised at the time of sale will be determined by the
prevailing interest rate climate in Europe appertaining at that time.

 The value of the Solar Park will also be subject to foreign exchange rate
fluctuations. (The investor’s principal is in Sterling and the Solar Park’s value
is in Euros).

Notes

1. Output estimates are based on ‘Technical summary of yield estimates’ produced by Every
Engineering GmbH dated 29th April 2009.

2. Cash flows are based on internal estimates.

3. For full information, investors should refer to the Particulars of the Fund.

4. This communication is for your information only.

E & OE
KP/ARMG
04/09/09
Independent Portfolio Managers Limited
Authorised and Regulated by the Financial Services Authority
Address: Charles House, 5-11Regent Street, London SW1Y 4LR. Telephone: 020 7004-7835
info@independentportfoliomanagers.com

For Professional Financial Advisers only. This document is for informational purposes
only and should not be relied upon by private investors. For full details refer to the
Particulars of the Fund, which take precedence over the information contained herein.
Important Information
This private marketing memorandum has been prepared by Independent Portfolio Managers Ltd ("IPM"). IPM is authorised and regulated by the Financial
Services Authority.

This private marketing memorandum may only be communicated and distributed on a confidential basis to a limited number of prospective investors who fall
into one of the following categories:

1. Certified Sophisticated Investor who have signed a statement complying with Part II of Schedule 5 of the Financial Promotion Order 2005 (FP Order")
within 12 months ending on the day on which the communication is made providing that the requirements of Articles 49(3) of the FP Order have been given by
the sender;

2. Certified High Net Worth Individuals who have signed a statement complying with Part I of Schedule 5 of the FP Order within 12 months ending on the day
on which the communication is made provided that the requirements of Articles 48(4) and (7) of the FP Order (relating to risk warnings) have been given by
the sender;

3. Corporate bodies and unincorporated associations, partnerships and trusts which meet the requirements of Article 49 of the FP Order; and

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This private marketing memorandum does not constitute, or form part of, any offer or invitation to sell, allot or issue, or any solicitation of an offer to purchase
or subscribe for, any securities, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or
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any particular person and is not general advice to any class of persons. Accordingly you should not rely on the information contained in it and should obtain
relevant and specific professional advice in making any investment decision. Any investment in the Solar Park Fund (GBP) IC Limited an incorporated cell of
the IPM Renewable Energy Fund ICC Limited (the "Fund") may only be made on the basis of a final form offer document which will be prepared in
accordance with the Prospectus Rules 2008 issued by the Guernsey Financial Services Commission ("GFSC"). IPM is acting as investment manager and
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private marketing memorandum has been given in good faith and every effort has been made to ensure its accuracy, the information may not be complete or
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by statute or any other applicable law where to do so is illegal.

Prospective investors should note that most of the protections under the Financial Services and Markets Act 2000 do not apply to investments in the Fund and
that compensation under the Financial Services Compensation Scheme may not be available. Investors will not be eligible for the payment of any
compensation under the Collective Investment Schemes (Compensation of Investors) Rules 1988 made under The Protection of Investors (Bailiwick of
Guernsey) Law, 1987.

This document, if sent to a recipient, is sent on the strict understanding that he will not further distribute any copy of it, or communicate the invitation or any
information contained in it, in any way or in any jurisdiction in which such distribution or communication is not authorised by law. The Fund will be a
Registered Closed- Ended Investment Fund pursuant to the Registered Collective Investment Scheme Rules 2008 issued by the GFSC. The GFSC in granting
registration will rely upon specific warranties provided by Capita Financial Administrators (Guernsey) Limited, the Fund’s administrator. Under the Registered
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of the Fund or for the correctness of any of the statements made or opinions expressed with regard to it. A registered collective investment scheme is not
permitted to be offered to the public in Guernsey.

Channel Islands Stock Exchange ("CISX")

Application has been made for the Shares in issue, to be listed on the Official List of the Channel Islands Stock Exchange. There is no active secondary market
in the Shares and the Directors do not anticipate that such a market will develop.

The admission of the Shares to the Official List of the Channel Islands Stock Exchange does not constitute a warranty or representation by the Channel Islands
Stock Exchange as to the competence of the service providers to, or any other party connected with, the Company or the Fund, the adequacy of information
contained in this document or the suitability of the Company or the Fund for investment purposes.

The Scheme Particulars of IPM Renewable Energy Fund ICC Limited and the Supplemental Particulars relating to The Solar Park Fund (GBP) IC Limited,
together, constitute the Channel Islands Stock Exchange listing document and the offer for subscription for the Fund and include particulars given in
compliance with the Listing Rules of the Channel Islands Stock Exchange for the purpose of giving information with regard to the ICC and the Fund.

Independent Portfolio Managers Limited

Authorised and Regulated by the Financial Services Authority
Address: Charles House, 5-11Regent Street, London SW1Y 4LR. Telephone: 020 7004-7835
info@independentportfoliomanagers.com

For Professional Financial Advisers only. This document is for informational purposes
only and should not be relied upon by private investors. For full details refer to the
Particulars of the Fund, which take precedence over the information contained herein.