**Exhibit 21.1**

 
| opgericht 1   september 1919   |   |   |
|--------------------------------|--------|--------|
|                           |        |   |
| Nieuwe Parklaan   73           |   |
| 2597 LB   ‘s-Gravenhage   |   |
| Telefoon (070)   351 23 71     |   |
| Telefax (070)   355 76 00      |   |
| E-mail denhaag@noortgassler.nl |   |   |
| Website   www.noortgassler.nl  |   |   |

 

**INDEPENDENT AUDITOR’S REPORT**

 

To: the Shareholders and Board of Velocitius B.V.

 

We have audited the accompanying financial statements 2013 of Velocitius B.V., Amsterdam, which comprise the consolidated and company balance sheet as at December 31st, 2013, the consolidated and company profit and loss account for the year then ended and the notes, comprising a summary of the accounting policies and other explanatory information.

 

***Management’s responsibility***

 

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America. Furthermore management is responsible for such internal control as it determines as necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

 

***Auditor’s responsibility***

 

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. This requires that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 

***Opinion***

 

In our opinion, the financial statements give a true and fair view of the financial position of Velocitius B.V. as at December 31st, 2013, and of its result for the year then ended in accordance with accounting principles generally accepted In the United States of America.

 

***Unaudited corresponding figures***

 

We have not audited the financial statements of the previous year. Consequently, we have not audited the corresponding figures included in the profit and loss account.

 
| Bloemendaal,   December 23th, 2014            |   |
|----------------------------------------------------|--------|
|                                               |   |
| JPA Van Noort   Gassler & Co B.V.         |   |
|                                               |   |
|                                               |   |
| /s/ F.D. Schoorl   RB                              |   |
|                                               |   |
| Drs. F.D.   Schoorl RB                        |   |
| *Accountant-administratieconsulent   (member NBA)* |   |

 
|                        |   |                                      |   |             |                            |        |
|-----------------------------|--------|-------------------------------------------|--------|-------------|---------------------------------|-------------|
|                        |   | BTW NL0092.79.179.B.01                    |   |        |                            |
|                        |   | JPA Van Noort Gassler & Co. B.V. |   |        | Amsterdam, Bloemendaal,         |
| IBAN NL27 INGB 0677 2375 29 |   | Kamer van Koophandel 27170004             |   |        | Driebergen, ‘s-Gravenhage, |
| [ILLEGIBLE]                 |   | [ILLEGIBLE]                               |   | [ILLEGIBLE] |                            | [ILLEGIBLE] |

 

----

 

**Velocitius B.V.**

(Incorporated in the Netherlands)

 

Consolidated Financial Statements December 31, 2013 and 2012 (expressed in USD)

 
|   |  |
|--------|--|

 

----

 

**Velocitius B.V.**

As at December 31, 2013 and 2012

 
| **Index**                                                      | ** ** | **Page** |
|----------------------------------------------------------------|------------|----------|
|                                                           |       |     |
| **Financial statements**                                       | ** ** |     |
| Consolidated Balance   Sheet                                   |       | 2        |
| Consolidated statements   of Operations and Comprehensive Loss |       | 3        |
| Statements of Changes   in Shareholder’s Equity           |       | 4        |
| Statements of Cash   Flows                                     |       | 5        |
| Notes to Consolidated   Financial Statements                   |       | 6-13     |
| Balance Sheet                                                  |       | 14       |
| Profit and Loss Account                                        |       | 15       |
| Notes to the Annual   Accounts                                 |       | 16-19    |
|                                                           |       |     |
| Supplementary   Information                                    |       | 20       |

 

----

 

**Velocitius B.V.**

Consolidated Balance Sheet

As at December 31, 2013 and 2012

 

(expressed in USD)

 
| ** **                                            | ** ** | **Notes** | ** ** | **2013**   | ** ** | **2012**   | ** ** |
|-------------------------------------------------------|------------|-----------|------------|------------|------------|------------|------------|
| **Assets**                                            |       |      |       |       |       |       |       |
|                                                  |       |      |       |       |       |       |       |
| Goodwill                                              |       | (3)       |       | 1,598,032  |       | 1,653,255  |       |
| Technical plants   and machines                       |       | (4)       |       | 23,351,670 |       | 24,190,718 |       |
| Deferred tax   assets                                 |       |      |       | 95,861     |       | 173,498    |       |
| Trade and other   receivables                         |       |      |       | 783,621    |       | 410,968    |       |
| Receivables from   participants                       |       |      |       | 3,437      |       | 3,299      |       |
| Taxation                                              |       |      |       | 87,181     |       | 321,253    |       |
| Prepaid expenses                                      |       |      |       | 200,462    |       | 213,250    |       |
| Cash and cash   equivalents                           |       | (5)       |       | 1,607,815  |       | 1,524,636  |       |
|                                                  |       |      |       |       |       |       |       |
| **Total   assets**                                    |       |      |       | 27,728,079 |       | 28,490,877 |       |
|                                                  |       |      |       |       |       |       |       |
| **Liabilities**                                       |       |      |       |       |       |       |       |
|                                                  |       |      |       |       |       |       |       |
| Loans payable                                         |       | (7)       |       | 13,726,738 |       | 14,956,979 |       |
| Other provisions                                      |       |      |       | 282,146    |       | 217,682    |       |
| Accounts payable   and accrued expenses               |       | (8)       |       | 385,848    |       | 641,055    |       |
| Taxation                                              |       |      |       | 105,584    |       | 54,778     |       |
| Other   liabilities                                   |       |      |       | 58,140     |       | 52,411     |       |
| Deferred tax   liability                              |       | (9)       |       | 1,443,819  |       | 1,295,988  |       |
|                                                  |       |      |       |       |       |       |       |
| **Total   liabilities**                               |       |      |       | 16,002,275 |       | 17,218,893 |       |
|                                                  |       |      |       |       |       |       |       |
| **Shareholders’   Equity**                       |       |      |       |       |       |       |       |
|                                                  |       |      |       |       |       |       |       |
| Capital stock                                         |       | (6)       |       | 23,954     |       | 23,954     |       |
| Contributed   surplus                                 |       | (6)       |       | 11,546,933 |       | 11,546,933 |       |
| Currency   translation reserve                        |       |      |       | 461,280    |       | (7,573     | )          |
| Deficit                                               |       |      |       | (306,363   | )          | (291,330   | )          |
|                                                  |       |      |       |       |       |       |       |
| **Total   shareholder’s equity**                 |       |      |       | 11,725,804 |       | 11,271,984 |       |
|                                                  |       |      |       |       |       |       |       |
| **Total   liabilities and shareholder’s equity** |       |      |       | 27,728,079 |       | 28,490,877 |       |

 

 
| **Approved   by the Board of Directors**       |   |                             |
|------------------------------------------------|--------|----------------------------------|
|                                           |   |                             |
| /s/ R.C. Paladino                              |   | /s/ P.F. Seidenberg              |
| Mr. R.C. Paladino                         |   | Mr. P.F.   Seidenberg       |
|                                           |   |                             |
|                                           |   |                             |
| Trust International   Management (T.I.M ) B.V. |   | Europe Management   Company B.V. |

 

The accompanying notes are an integral part of these financial statements.

 

2

----

 

**Velocitius B.V.**

Consolidated statements of Operations and Comprehensive Loss

For the years ended December 31, 2013 and 2012

 

(expressed in USD)

 
| ** **                                                | ** ** | **Notes** | ** ** | **2013**   | ** ** | **2012**   | ** ** |
|-----------------------------------------------------------|------------|-----------|------------|------------|------------|------------|------------|
| **Income**                                                |       |      |       |       |       |       |       |
|                                                      |       |      |       |       |       |       |       |
| Sales income                                              |       | (10)      |       | 3,515,414  |       | 3,827,127  |       |
| Other   operational income                                |       |      |       | 187,975    |       | 78,968     |       |
| Interest income   banks                                   |       |      |       | 13,025     |       | 12,901     |       |
| Unrealized   currency exchange result                     |       |      |       | 20,365     |       | 6,059      |       |
|                                                      |       |      |       |       |       |       |       |
|                                                      |       |      |       | 3,736,779  |       | 3,925,055  |       |
|                                                      |       |      |       |       |       |       |       |
| **Expenses**                                              |       |      |       |       |       |       |       |
|                                                      |       |      |       |       |       |       |       |
| Amortization of   intangible fixed assets                 |       | (11)      |       | (119,912   | )          | (116,086   | )          |
| Depreciation of   tangible fixed assets                   |       | (12)      |       | (1,784,594 | )          | (1,727,658 | )          |
| General and   administrative expenses                     |       | (13)      |       | (1,419,311 | )          | (1,675,857 | )          |
| Interest expense   on loans                               |       |      |       | (522,386   | )          | (571,186   | )          |
| Realized   currency exchange result                       |       |      |       | (1,298     | )          | 1,398      |       |
|                                                      |       |      |       |       |       |       |       |
|                                                      |       |      |       | (3,847,501 | )          | (4,089,389 | )          |
|                                                      |       |      |       |       |       |       |       |
| **Net   income/(loss) before provision for income taxes** |       |      |       | (110,722   | )          | (164,334   | )          |
|                                                      |       |      |       |       |       |       |       |
| Provision for   corporate tax                             |       | (14)      |       | (90,724    | )          | (132,611   | )          |
|                                                      |       |      |       |       |       |       |       |
| **Net   income/(loss) after provision for income taxes**  |       |      |       | (201,446   | )          | (296,945   | )          |
|                                                      |       |      |       |       |       |       |       |
| Extraordinary   result                                    |       |      |       | 186,413    |       | 153,607    |       |
|                                                      |       |      |       |       |       |       |       |
| **Comprehensive   loss**                                  |       |      |       | (15,033    | )          | (143,338   | )          |

 

The accompanying notes are an integral part of these financial statements.

 

3

----

 

**Velocitius B.V.**

Statements of Changes in Shareholder’s Equity

For the years ended December 31, 2013 and 2012

 

(expressed in USD)

 
| ** **                             | ** ** | ** **             | ** ** | ** **      | ** ** | **Currency**    | ** ** | ** **  | ** ** | **Total**              | ** ** |
|----------------------------------------|------------|------------------------|------------|-----------------|------------|-----------------|------------|-------------|------------|------------------------|------------|
| ** **                             | ** ** | ** **             | ** ** | **Contributed** | ** ** | **translation** | ** ** | ** **  | ** ** | **shareholder’s** | ** ** |
| ** **                             | ** ** | **Capital Stock** | ** ** | **Surplus**     | ** ** | **reserve**     | ** ** | **Deficit** | ** ** | **equity**             | ** ** |
|                                   |       |                   |       |            |       |            |       |        |       |                   |       |
| Opening balance                        |       | 23,954                 |       | 11,546,933      |       | 0               |       | (147,992    | )          | 11,422,895             |       |
|                                   |       |                   |       |            |       |            |       |        |       |                   |       |
| Net loss                               |       | 0                      |       | 0               |       |            |       | (143,338    | )          | (143,338               | )          |
|                                   |       |                   |       |            |       |            |       |        |       |                   |       |
| Movement for the   year                |       | 0                      |       |            |       | (7,573          | )          | 0           |       | (7,573                 | )          |
|                                   |       |                   |       |            |       |            |       |        |       |                   |       |
| Balance as at   December 31, 2012 |       | 23,954                 |       | 11,546,933      |       | (7,573          | )          | (291,330    | )          | 11,271,984             |       |
|                                   |       |                   |       |            |       |            |       |        |       |                   |       |
| Net loss                               |       | 0                      |       | 0               |       | 0               |       | (15,033     | )          | (15,033                | )          |
|                                   |       |                   |       |            |       |            |       |        |       |                   |       |
| Movement for the   year                |       | 0                      |       | 0               |       | 468,853         |       | 0           |       | 468,853                |       |
|                                   |       |                   |       |            |       |            |       |        |       |                   |       |
| Balance as at   December 31, 2013 |       | 23,954                 |       | 11,546,933      |       | 461,280         |       | (306,363    | )          | 11,725,804             |       |

 

4

----

 

**Velocitius B.V.**

Statements of Cash Flows

For the years ended December 31, 2013

 

(expressed in USD)

 
| ** **                                                                        | ** ** | **Notes** | ** ** | **2013**   | ** ** |
|-----------------------------------------------------------------------------------|------------|-----------|------------|------------|------------|
| **Cash   flows from operating activities**                                        |       |      |       |       |       |
| Net loss                                                                          |       |      |       | (15,033    | )          |
|                                                                              |       |      |       |       |       |
| Adjustments to   reconcile net loss to net cash provided by operating activities: |       |      |       |       |       |
| Depreciation                                                                      |       | (12)      |       | 1,784,594  |       |
| Amortization of   finance costs                                                   |       | (11)      |       | 119,912    |       |
| Changes in   assets and liabilities:                                              |       |      |       |       |       |
| Decrease/(increase)   in trade receivables                                        |       |      |       | (372,653   | )          |
| Decrease/(increase)   in receivables from participants                            |       |      |       | (138       | )          |
| Increase/(decrease)   in loan and interest payable                                |       | (7)       |       | (1,230,241 | )          |
| Decrease/(increase)   in income taxes receivable                                  |       |      |       | 234,072    |       |
| Increase/(decrease)   in income tax payable                                       |       |      |       | 50,806     |       |
| Increase/(decrease)   in deferred tax liability                                   |       | (9)       |       | 147,831    |       |
| Decrease/(increase)   in in deferred tax asset                                    |       |      |       | 77,637     |       |
| Decrease/(increase)   in prepaid expenses                                         |       |      |       | 12,788     |       |
| Increase/(decrease)   in other payables                                           |       |      |       | 70,193     |       |
| Increase/(decrease)   in accounts payable and accrued liabilities                 |       | (8)       |       | (255,207   | )          |
|                                                                              |       |      |       |       |       |
| Increase/(decrease)   due to exchange rate movements                              |       |      |       | (541,382   | )          |
|                                                                              |       |      |       |       |       |
| Net cash   provided by operating activities                                       |       |      |       | 83,179     |       |
|                                                                              |       |      |       |       |       |
| **Cash   flows from Investing activities**                                        |       |      |       |       |       |
| Net cash used in   investing activities                                           |       |      |       | 0          |       |
|                                                                              |       |      |       |       |       |
| **Cash   flows from financing activities**                                        |       |      |       |       |       |
| Net cash used in   financing activities                                           |       |      |       | 0          |       |
|                                                                              |       |      |       |       |       |
| **Increase   in cash and cash equivalents**                                       |       |      |       | 83,179     |       |
|                                                                              |       |      |       |       |       |
| **Cash   and cash equivalents - Beginning of year**                               |       | (5)       |       | 1,524,636  |       |
|                                                                              |       |      |       |       |       |
| **Cash   and cash equivalents - End of year**                                     |       | (5)       |       | 1,607,815  |       |

 

The accompanying notes are an integral part of these financial statements.

 

5

----

 

**Velocitius B.V.**

Notes to Consolidated Financial Statements

December 31, 2013 and 2012

 

**1**            ***Nature of operations and group affiliation***

 

Velocitius B.V. (the “Company”) was incorporated on May 26, 1986 and is a limited liability company with its statutory seat in Amsterdam, The Netherlands. The principal activity of Velocitius B.V. is acting as a financing and holding of group companies. Velocitius B.V. is wholly owned by MVC Capital, Inc. located at NY, USA.

 

The consolidated financial statements comprise the annual accounts of Velocitius B.V. and the accounts of the three subsidiaries of Velocitius B.V., MVC Windpark-Verwaltungsgesellschaft mb, Windpark Schrepkow Kletzke GmbH & Co KG and Regenerative Energiewandlung R.E.W. Eixen GmbH & Co. KG. The principal activity of MVC Windpark-Verwaltungsgesellschaft GmbH is the administration of its assets as well as the acceptance of the personal liability in commercial partnerships. The principal activity of Windpark Schrepkow Kletzke GmbH & Co KG is the purchase, construction and use of wind turbines. The principal activity of Regenerative Energiewandlung R.E.W. Eixen GmbH & Co. KG is the purchase, construction and operation of wind energy plants for the generation of electric energy.

 

**2**            ***Significant accounting policies***

 

These financial statements have been prepared in accordance with accounting policies generally accepted in the United States of America. The significant accounting policies are:

 

In the consolidated financial statements 2012, after the establishment of this financial statements, such inaccuracy arise that 2012 seriously lacking in giving insight. Inaccuracy mentioned refers to the accumulated depreciation of tangible fixed assets and on deficit as part of shareholder’s equity. The latter should have been EUR 318,071 higher. The comparative figures included in consolidated financial statements are adjusted.

 

In the consolidated financial statements, after the establishment of this financial statements, such inaccuracy arise that 2012 seriously lacking in giving insight. Inaccuracy mentioned refers to the deferred tax position and on the deficit as part of shareholder’s equity. The latter should have been EUR 137,988 higher mainly due to lower tax rate of 29 % instead of 36.5 %.

 

The comparative figures included in the annual reports and accounts are adjusted.

 

**(a) General**

 

Assets and liabilities are stated at face value unless indicated otherwise.

 

**(b) Intangible fixed assets**

 

Goodwill is stated at net book value, and amortised on a straight line basis over a period of 20 years. Goodwill arises as a difference between the purchase price paid for each subsidiary and the fair value of the identified assets and liabilities of the acquired companies. As the subsidiaries’ assets are windmills with an estimated economic life of 20 years, it was estimated goodwill to have the same economic life, therefore it is depreciated over the same period.

 

**(c) Tangible assets**

 

Other fixed assets are valued at historical cost or manufacturing price including directly attributable expenditure, less straight-line depreciation over their estimated useful lives, or value in use, if lower.

 

6

----

 

**Velocitius B.V.**

Notes to Consolidated Financial Statements

December 31, 2013 and 2012

 

**(d) Financial fixed assets**

 

The investments in subsidiaries are stated at net asset value, determined according to the accounting principles used by the Company. In order to ensure this, it has been assessed the principles based on which the value of the assets and liabilities of the Companies subsidiaries were recorded. The tangible fixed assets of Windpark Schrepkow Kletzke GmbH & Co KG are depreciated according to the digressive method. The tangible fixed assets comprise of wind-powered machines, which’s economical life we estimate to be 20 years. According to the accounting principles of the Company, using a straight line basis for depreciation is better reflecting the fair value of the wind-powered machines, as they will not wear-out in the first years of usage, but evenly during the whole economic life of 20 years.

 

**(e) Cash and cash equivalents**

 

Cash and cash equivalent include cash held with banks and highly liquid investments with the maturity less than three months at the time of their purchase.

 

**(f) Long-term liabilities**

 

Liabilities with a longer term than one year are included in long-term liabilities. Repayments due in the course of the next year are included in current liabilities. Liabilities have been valued at nominal value.

 

**(g) Deferred tax assets and liabilities**

 

Deferred tax assets and liabilities are recognized in respect of timing differences between valuation of assets and liabilities according to fiscal provisions on the one hand and the valuation principles as used in these annual accounts on the other. Deferred tax assets and liabilities are calculated based on the ruling tax rates as at year-end or future applicable rates, insofar as already decreed by law. Deferred taxes are valued at nominal value. Deferred tax assets are recognized under current assets; deferred tax liabilities are recognized under provisions.

 

**(h) Foreign currencies**

 

Assets and liabilities denominated in foreign currencies are translated into US Dollar at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated at the rates in effect at the dates of transactions. Exchange gains or losses are reflected in the profit and loss account.

 

**(i) Use of estimates**

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

**(j) Provisions**

 

Provisions are set up for legally enforceable and actual obligations existing at the balance sheet date, if it is likely that an outflow of recourses is necessary and the size of the obligation can be estimated reliably.

 

7

----

 

**Velocitius B.V.**

Notes to Consolidated Financial Statements

December 31, 2013 and 2012

 

**(k) Principles for the determination of result**

 

Profit or loss is determined as the difference between the realisable value of the goods delivered and services rendered, and the costs and other charges for the year. Gains or losses on transactions are recognised in the year in which they are realised; losses are taken as soon as they are foreseeable.

 

Sales income comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Company’s activities. Revenue is shown net of value-added tax, rebates and discounts and after eliminating sales within the group.

 

General and administrative expenses comprise costs chargeable to the year that are not directly attributable to the cost of the goods sold.

 

Intangible fixed assets including goodwill are amortised and tangible fixed assets are depreciated over their expected useful lives as from the inception of their use. Land and investment property are not depreciated. Future depreciation is adjusted if there is a change in estimated useful life.

 

**(l) Taxation**

 

Profit tax is calculated on the profit/loss before taxation in the profit and loss account, taking into account any losses carried forward from previous financial years (insofar as these are not included in deferred tax assets), tax exempt items and non deductible expenses. Account is also taken of changes in deferred tax assets and deferred tax liabilities owing to changes in the applicable tax rates.

 

8

----

 

**Velocitius B.V.**

Notes to Consolidated Financial Statements

December 31, 2013 and 2012

 

(expressed in USD)

 

**3**           ***Goodwill***

 
| ** **                                                                                                             | ** ** | **2013**   | ** ** | **2012**   | ** ** |
|------------------------------------------------------------------------------------------------------------------------|------------|------------|------------|------------|------------|
|                                                                                                                   |       |       |       |       |       |
| MVC Windpark-Verwaltungsgesellschaft   mbH, Poolstrasse 7, 20355 Hamburg, Germany                                      |       |       |       |       |       |
| Acquisition   price                                                                                                    |       | 34,365     |       | 32,991     |       |
| Fair value of   assets and liabilities as at acquisition                                                               |       | (33,000    | )          | (31,681    | )          |
| Goodwill at   acquisition                                                                                              |       | 1,365      |       | 1,310      |       |
| Amortisation   goodwill previous year                                                                                  |       | (435       | )          | (370       | )          |
| Amortisation   goodwill current year                                                                                   |       | (87        | )          | (65        | )          |
| Goodwill   December 31, 2012                                                                                      |       | 843        |       | 875        |       |
|                                                                                                                   |       |       |       |       |       |
| Windpark Schrepkow Kletzke GmbH & Co KG, Feldscheide   2, 24814 Sehestedt, Germany                            |       |       |       |       |       |
| Acquisition   price                                                                                                    |       | 3,247,142  |       | 3,117,334  |       |
| Correction   purchase price (invoice legal services related to acquisition)                                            |       | 78,804     |       | 75,654     |       |
| Fair value of   assets and liabilities as at acquisition                                                               |       | (2,165,369 | )          | (2,078,806 | )          |
| Goodwill at   acquisition                                                                                              |       | 1,160,577  |       | 1,114,182  |       |
| Amortisation   goodwill previous year                                                                                  |       | (357,466   | )          | (301,757   | )          |
| Amortisation   goodwill current year                                                                                   |       | (72,915    | )          | (55,709    | )          |
| Goodwill   December 3l, 2013                                                                                      |       | 730,196    |       | 756,716    |       |
|                                                                                                                   |       |       |       |       |       |
| Regenerative   Energiewandlung R.E.W. Eixen GmbH & Co. KG, Feldscheide 2, 24814   Sehestedt, Germany          |       |       |       |       |       |
|                                                                                                                   |       |       |       |       |       |
| Acquisition   price                                                                                                    |       | 9,130,363  |       | 8,765,366  |       |
| Fair value of   assets and liabilities as at acquisition                                                               |       | (7,835,224 | )          | (7,522,002 | )          |
| Goodwill at   acquisition                                                                                              |       | 1,295,139  |       | 1,243,364  |       |
| Amortisation   goodwill previous year                                                                                  |       | (367,828   | )          | (305,659   | )          |
| Amortisation   goodwill current year                                                                                   |       | (80,076    | )          | (62,169    | )          |
| Goodwill   December 31, 2013                                                                                      |       | 847,235    |       | 875,536    |       |
|                                                                                                                   |       |       |       |       |       |
| Intangible   assets of Regenerative Energiewandlung R.E.W. Eixen GmbH representing   capitalized software license fees |       |       |       |       |       |
|                                                                                                                   |       |       |       |       |       |
| Net book value   beginning of the period                                                                               |       | 20,128     |       | 21,290     |       |
| Depreciation   current year                                                                                            |       | (370       | )          | (1,162     | )          |
| Intangible   assets December 31, 2013                                                                             |       | 19,758     |       | 20,128     |       |
|                                                                                                                   |       |       |       |       |       |
|                                                                                                                   |       | 1,598,032  |       | 1,653,255  |       |

 

9

----

 

**Velocitius B.V.**

Notes to Consolidated Financial Statements

December 31, 2013 and 2012

 

(expressed in USD)

 

***4***                 ***Technical plants and machines***

 
| ** **                                        | ** ** | **2013**   | ** ** | **2012**   | ** ** |
|---------------------------------------------------|------------|------------|------------|------------|------------|
|                                              |       |       |       |       |       |
| Net book value   using straight line depreciation |       | 23,351,670 |       | 24,190,718 |       |

 
|                                                                           |   |   |   | **2013** |   |
|--------------------------------------------------------------------------------|--------|--------|--------|----------|--------|
| ***Movement   schedules of Windpark Schrepkow Kletzke GmbH & Co KG*** |   |   |   |     |   |

 

*Technical plants and machinery straight line depreciation used by Velocitius B. V.*

 
| ** **                                    | ** ** | **Wind-**        | ** ** | **Wind-**        | ** ** | **Wind-**        | ** ** | ** **            | ** ** | ** ** | ** ** |
|-----------------------------------------------|------------|------------------|------------|------------------|------------|------------------|------------|-----------------------|------------|------------|------------|
| ** **                                    | ** ** | **powered**      | ** ** | **powered**      | ** ** | **powered**      | ** ** | ** **            | ** ** | ** ** | ** ** |
| ** **                                    | ** ** | **machine**      | ** ** | **machine**      | ** ** | **machine**      | ** ** | **Safety**            | ** ** | ** ** | ** ** |
| ** **                                    | ** ** | **acquired**     | ** ** | **acquired**     | ** ** | **acquired**     | ** ** | **equipment**         | ** ** | ** ** | ** ** |
| ** **                                    | ** ** | **Sep, 23** | ** ** | **Sep, 23** | ** ** | **Nov, 30** | ** ** | **acquired Apr** | ** ** | ** ** | ** ** |
| ** **                                    | ** ** | **2004**         | ** ** | **2004**         | ** ** | **2005**         | ** ** | **24, 2007**     | ** ** | **Total**  | ** ** |
|                                          |       |             |       |             |       |             |       |                  |       |       |       |
| Acquisition cost                              |       | 1,250,887        |       | 1,250,887        |       | 7,518,058        |       | 337                   |       | 10,020,169 |       |
| Additions to   acquisition cost               |       | 30,926           |       | 30,926           |       | 185,557          |       | 0                     |       | 247,409    |       |
| Accumulated   depreciation                    |       | (520,575         | )          | (520,575         | )          | (2,690,153       | )          | (337                  | )          | (3,731,640 | )          |
| Depreciation                                  |       | (64,091          | )          | (64,091          | )          | (385,181         | )          | 0                     |       | (513,363   | )          |
| Net book value   as at December 31, 2013 |       | 697,147          |       | 697,147          |       | 4,628,281        |       | 0                     |       | 6,022,575  |       |

 

*Technical plants and machinery using digressive depreciation by Windpark Schrepkow Kletzke GmbH & Co KG*

 
| ** **                                    | ** ** | **Wind-**        | ** ** | **Wind-**        | ** ** | **Wind-**        | ** ** | ** **            | ** ** | ** ** | ** ** |
|-----------------------------------------------|------------|------------------|------------|------------------|------------|------------------|------------|-----------------------|------------|------------|------------|
| ** **                                    | ** ** | **powered**      | ** ** | **powered**      | ** ** | **powered**      | ** ** | ** **            | ** ** | ** ** | ** ** |
| ** **                                    | ** ** | **machine**      | ** ** | **machine**      | ** ** | **machine**      | ** ** | **Safety**            | ** ** | ** ** | ** ** |
| ** **                                    | ** ** | **acquired**     | ** ** | **acquired**     | ** ** | **acquired**     | ** ** | **equipment**         | ** ** | ** ** | ** ** |
| ** **                                    | ** ** | **Sep, 23** | ** ** | **Sep, 23** | ** ** | **Nov, 30** | ** ** | **acquired Apr** | ** ** | ** ** | ** ** |
| ** **                                    | ** ** | **2004**         | ** ** | **2004**         | ** ** | **2005**         | ** ** | **24, 2007**     | ** ** | **Total**  | ** ** |
|                                          |       |             |       |             |       |             |       |                  |       |       |       |
| Acquisition cost                              |       | 1,250,887        |       | 1,250,887        |       | 7,518,058        |       | 337                   |       | 10,020,169 |       |
| Additions to   acquisition cost               |       | 30,926           |       | 30,926           |       | 185,557          |       | 0                     |       | 247,409    |       |
| Accumulated   depreciation                    |       | (849,085         | )          | (849,085         | )          | (4,687,882       | )          | (335                  | )          | (6,386,387 | )          |
| Depreciation                                  |       | (56,442          | )          | (56,442          | )          | (376,966         | )          | 0                     |       | (489,850   | )          |
| Net book value   as at December 31, 2013 |       | 376,286          |       | 376,286          |       | 2,638,767        |       | 1                     |       | 3,391,341  |       |

 

10

----

 

**Velocitius B.V.**

Notes to Consolidated Financial Statements

December 31, 2013 and 2012

 

(expressed in USD)

 

**4**              ***Technical plants and machines (continued)***

 
| ** **                                                        | ** ** | **2013** | ** ** |
|-------------------------------------------------------------------|------------|----------|------------|
|                                                              |       |     |       |
| ***Movement   schedules of R.E.W. Eixen GmbH & Co. KG*** |       |     |       |

 

*Technical plants and machinery 20 years straight line depreciation used by Velocitius B.V.*

 
| Wind-powered   machine, acquired December 2006 |   |       |   |
|-----------------------------------------------------|--------|------------|--------|
| Acquisition cost   of 9 windmills at EUR 2,103,981  |   | 26,029,205 |   |
| Additions to   acquisition cost                     |   | 630,942    |   |
| Accumulated   depreciation                          |   | (7,998,045 | )      |
| Depreciation                                        |   | (1,333,007 | )      |
| Net book value   as at December 31, 2013       |   | 17,329,095 |   |

 

*Technical plants and machinery 16 years straight line depreciation used by Regenerative**Energiewandlung R.E.W. Eixen GmbH & Co. KG*

 
| Wind-powered   machine acquired December 2006 |   |       |   |
|----------------------------------------------------|--------|------------|--------|
| Acquisition cost   of 9 windmills at EUR 2,103,981 |   | 26,029,205 |   |
| Additions to   acquisition cost                    |   | 630,942    |   |
| Accumulated   depreciation                         |   | (9,998,312 | )      |
| Depreciation                                       |   | (1,680,190 | )      |
| Net book value   as at December 31, 2013      |   | 14,981,645 |   |

 

**5**              ***Cash and cash equivalents***

 
| ** **                             | ** ** | **2013**  | ** ** | **2012**  | ** ** |
|----------------------------------------|------------|-----------|------------|-----------|------------|
|                                   |       |      |       |      |       |
| Citco Bank   Nederland N.V., Amsterdam |       | 5,508     |       | 12,526    |       |
| Vereins und   Westbank                 |       | 371,404   |       | 311,010   |       |
| RBS Global Group   bank                |       | 1,227,388 |       | 1,197,558 |       |
| Deutsche bank                          |       | 3,515     |       | 3,542     |       |
|                                   |       | 1,607,815 |       | 1,524,636 |       |

 

The cash and cash equivalents are at the Company’s free disposal.

 

**6**              ***Capital stock***

 
| ** **                                              | ** ** | **Ordinary shares (number** | ** ** | ** ** | ** ** |
|---------------------------------------------------------|------------|---------------------------------------|------------|------------|------------|
| ** **                                              | ** ** | **or units)**                    | ** ** | **USD**    | ** ** |
| Authorised and   issued December 31, 2013 and 2012 |       | 18,152                                |       | 23,954     |       |

 

As at balance sheet date the authorized share capital of the Company is USD 119,771 (EUR 90,760) divided into 90,760 shares of USD 1.32 (EUR I) each. A total of 18,152 shares were issued end fully paid.

 

As at balance sheet date the Company had USD 11,546,933 (EUR 8,750,000) contributed to capital surplus account.

 

11

----

 

**Velocitius B.V.**

Notes to Consolidated Financial Statements

December 31, 2013 and 2012

 

(expressed in USD)

 

**7**            ***Loans payable***

 
| ** **                                                           | ** ** | **2013**   | ** ** | **2012**   | ** ** |
|----------------------------------------------------------------------|------------|------------|------------|------------|------------|
|                                                                 |       |       |       |       |       |
| Loan contracted   with a credit institution by :                     |       |       |       |       |       |
| *Regenerative   Energiewandlung R.E.W. Eixen GmbH & Co. KG* |       | 9,956,329  |       | 10,753,105 |       |
| *Windpark   Schrepkow Kletzke GmbH & Co KG*                 |       | 3,770,409  |       | 4,203,874  |       |
|                                                                 |       | 13,726,738 |       | 14,956,979 |       |

 

The loans payable are repayable as follows:

 
| ** **                  | ** ** | **Amount**  | ** ** | **Maturity** | ** ** | **Repayments** | ** ** | **Repayments**  | ** ** | ** **             | ** ** |
|-----------------------------|------------|-------------|------------|--------------|------------|----------------|------------|-----------------|------------|------------------------|------------|
| **Credit Institution** | ** ** | **payable** | ** ** | **date**     | ** ** | **quarterly**  | ** ** | **half-yearly** | ** ** | **Interest rate** | ** ** |
|                        |       |        |       |         |       |           |       |            |       |                   |       |
| Deutsche Kreditbank         |       | 2,049,530   |       | 30 Dec, 2020 |       | 73,197         |       | 0               |       | 4.25                   | %          |
| Deutsche Kreditbank         |       | 1,720,879   |       | 30 Sep, 2015 |       | 0              |       | 122,922         |       | 3.50                   | %          |
| Hypo Vereinsbank            |       | 6,598,083   |       | 30 Sep, 2021 |       | 0              |       | 412,380         |       | 3.25                   | %          |
| Hypo Vereinsbank            |       | 3,358,246   |       | 30 Dec, 2021 |       | 0              |       | 209,892         |       | 3.45                   | %          |

 

**8**             ***Accounts payable and accrued expenses***

 
| ** **       | ** ** | **2013** | ** ** | **2012** | ** ** |
|------------------|------------|----------|------------|----------|------------|
|             |       |     |       |     |       |
| Accounts payable |       | 383,786  |       | 639,014  |       |
| Accrued expenses |       | 2,062    |       | 2,041    |       |
|             |       | 385,848  |       | 641,055  |       |

 

**9**             ***Deferred tax liability***

 
| ** **                                                                                                                                                                                                                                                                                                                                                         | ** ** | **2013**  | ** ** | **2012**  | ** ** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------|------------|-----------|------------|
|                                                                                                                                                                                                                                                                                                                                                               |       |      |       |      |       |
| Deferred tax   liability on the difference between the straight line depreciation allowed   for in Velocitius accounts and the digressive depreciation provided for in Windpark   Schrepkow Kletzke accounts (for taxation purposes), using the tax rate applied   in the tax jurisdiction of the subsidiary (29 %).                                               |       | 763,059   |       | 739,100   |       |
|                                                                                                                                                                                                                                                                                                                                                               |       |      |       |      |       |
| Deferred tax   liability on the difference between the straight line depreciation using 20   year economic life in Velocitius accounts and the straight line depreciation using   16 year economic life in regenerative Energiewandlung R.E.W. Eixen GmbH &   Co. KG accounts , using the tax rate applied in the tax jurisdiction of the subsidiary   (29 %). |       | 680,760   |       | 556,888   |       |
|                                                                                                                                                                                                                                                                                                                                                               |       |      |       |      |       |
|                                                                                                                                                                                                                                                                                                                                                               |       | 1,443,819 |       | 1,295,988 |       |

 

**10**      ***Sales income***

 
| ** **                                                           | ** ** | **2013**      | ** ** | **2012**      | ** ** |
|----------------------------------------------------------------------|------------|---------------|------------|---------------|------------|
|                                                                 |       |          |       |          |       |
| Sales income   from R.E.W. Eixen GmbH & Co. KG              |       | 2,533,537     |       | 2,780,959     |       |
| Sales income   from Windpark Schrepkow Kletzke GmbH & Co KG |       | 981,877       |       | 1,046,168     |       |
|                                                                 |       | **3,515,414** |       | **3,827,127** |       |

 

12

----

 

**Velocitius B.V.**

Notes to Consolidated Financial Statements

December 31, 2013 and 2012

 

(expressed in USD)

 

**11**          ***Amortization intangible fixed assets***

 
| ** **                             | ** ** | **2013** | ** ** | **2012** | ** ** |
|----------------------------------------|------------|----------|------------|----------|------------|
|                                   |       |     |       |     |       |
| Amortization   intangible fixed assets |       | 119,912  |       | 116,086  |       |

 

**12**          ***Depreciation tangible fixed assets***

 
| ** **                           | ** ** | **2013**  | ** ** | **2012**  | ** ** |
|--------------------------------------|------------|-----------|------------|-----------|------------|
|                                 |       |      |       |      |       |
| Depreciation   tangible fixed assets |       | 1,784,594 |       | 1,727,658 |       |

 

**13**          ***General and administrative expenses***

 
| ** **                          | ** ** | **2013**  | ** ** | **2012**  | ** ** |
|-------------------------------------|------------|-----------|------------|-----------|------------|
|                                |       |      |       |      |       |
| General expenses                    |       | 1,386,599 |       | 1,642,567 |       |
| Management fees   Jasper            |       | 14,469    |       | 13,833    |       |
| Legal and other   professional fees |       | 9,646     |       | 9,222     |       |
| Tax advisory   fees                 |       | 3,779     |       | 3,612     |       |
| Management fees   Citco             |       | 1,849     |       | 1,767     |       |
| Accounting fees                     |       | 1,729     |       | 3,772     |       |
| Bank charges                        |       | 1,240     |       | 1,084     |       |
|                                |       | 1.419,311 |       | 1,675,857 |       |

 

**14**          ***Provision for corporate tax***

 
| ** **                                      | ** ** | **2013** | ** ** | **2012** | ** ** |
|-------------------------------------------------|------------|----------|------------|----------|------------|
|                                            |       |     |       |     |       |
| Corporate income   tax on deferred depreciation |       | 90,724   |       | 132,611  |       |

 

The corporate tax is based on the fiscal results, taking into account that certain income and expenses as reported in the profit and loss account are exempted from taxation.

 

**15**          ***Directors and employees***

 

The Group has no employees other than its directors.

The Group has no supervisory directors.

 

13

----

 

**Velocitius B.V.**

Balance Sheet

As at December 31, 2013 and 2012

 

(expressed in Euros)

 
| ** **                                            | ** ** | **Notes** | ** ** | **2013**      | ** ** | **2012**      | ** ** |
|-------------------------------------------------------|------------|-----------|------------|---------------|------------|---------------|------------|
|                                                  |       |      |       |          |       |          |       |
| ***ASSETS***                                          |       |      |       |          |       |          |       |
|                                                  |       |      |       |          |       |          |       |
| **Non-current   assets**                              |       |      |       |          |       |          |       |
| Intangible fixed   assets                             |       | (2)       |       | 1,148,170     |       | 1,237,545     |       |
| Financial fixed   assets                              |       | (3)       |       | 7,560,118     |       | 7,684,079     |       |
|                                                  |       |      |       | 8,708,288     |       | 8,921,624     |       |
|                                                  |       |      |       |          |       |          |       |
| **Current   assets**                                  |       |      |       |          |       |          |       |
| Prepaid expenses                                      |       |      |       | 2,163         |       | 2,163         |       |
| Receivable                                            |       | (4)       |       | 2,500         |       | 2,500         |       |
| Cash at banks                                         |       | (5)       |       | 4,007         |       | 9,492         |       |
|                                                  |       |      |       | 8,670         |       | 14,155        |       |
|                                                  |       |      |       |          |       |          |       |
| **TOTAL   ASSETS**                                    |       |      |       | **8,716,958** |       | **8,935,779** |       |
|                                                  |       |      |       |          |       |          |       |
| ***SHAREHOLDERS’   EQUITY AND LIABILITIES***     |       |      |       |          |       |          |       |
|                                                  |       |      |       |          |       |          |       |
| **Shareholders’   equity**                       |       | (6)       |       |          |       |          |       |
| Issued and fully   paid share capital                 |       |      |       | 18,152        |       | 18,152        |       |
| Share premium                                         |       |      |       | 8,750,000     |       | 8,750,000     |       |
| Accumulated   deficit                                 |       |      |       | (245,143      | )          | (133,701      | )          |
| Reserves                                              |       |      |       | 18,641        |       | 18,641        |       |
| Net result for   the year                             |       |      |       | (11,315       | )          | (111,442      | )          |
|                                                  |       |      |       | 8,530,335     |       | 8,541,650     |       |
|                                                  |       |      |       |          |       |          |       |
| **Current   liabilities**                             |       |      |       |          |       |          |       |
| Intercompany   account payable                        |       | (7)       |       | 14,935        |       | 16,354        |       |
| Accounts payable   and accrued expenses               |       | (8)       |       | 171,688       |       | 377,775       |       |
|                                                  |       |      |       | 186,623       |       | 394,129       |       |
|                                                  |       |      |       |          |       |          |       |
| **TOTAL   SHAREHOLDERS’ EQUITY AND LIABILITIES** |       |      |       | **8,716,958** |       | **8,935,779** |       |

 

The accompanying notes form part of these annual accounts.

 

14

----

 

**Velocitius B.V.**

Profit and Loss Account

for the years ended December 31, 2013 and 2012

 

(expressed in Euros)

 
| ** **                                      | ** ** | **Notes** | ** ** | **2013**    | ** ** | **2012**     | ** ** |
|-------------------------------------------------|------------|-----------|------------|-------------|------------|--------------|------------|
|                                            |       |      |       |        |       |         |       |
| **Operational   expenses**                      |       |      |       |        |       |         |       |
|                                            |       |      |       |        |       |         |       |
| Amortization   intangible assets                |       | (10)      |       | (89,374     | )          | (89,374      | )          |
| General and   administrative expenses           |       | (11)      |       | (139,373    | )          | (341,415     | )          |
|                                            |       |      |       | (228,747    | )          | (430,789     | )          |
|                                            |       |      |       |        |       |         |       |
| **Financial   income/(expenses)**               |       |      |       |        |       |         |       |
| Other income                                    |       |      |       | 200,608     |       | 0            |       |
| Unrealized   currency exchange result           |       |      |       | 15,328      |       | 4,711        |       |
| Realized   currency exchange result             |       |      |       | (977        | )          | 1,087        |       |
|                                            |       |      |       | 214,959     |       | 5,798        |       |
|                                            |       |      |       |        |       |         |       |
| **Result   before provision for corporate tax** |       |      |       | **(13,788** | **)**      | **(424,991** | **)**      |
|                                            |       |      |       |        |       |         |       |
| Refund of   corporate income tax 2011           |       |      |       | 1,435       |       | 1,098        |       |
|                                            |       |      |       |        |       |         |       |
| Result subsidiaries   - income                  |       | (9)       |       | 1,038       |       | 312,451      |       |
|                                            |       |      |       |        |       |         |       |
| **NET   RESULT FOR THE YEAR**                   |       |      |       | **(11,315** | **)**      | **(111,442** | **)**      |

 

The accompanying notes form part of these annual accounts.

 

15

----

 

**Velocitius B.V.**

Notes to the Annual Accounts

December 31, 2013 and 2012

 

**1**                 ***General information***

 

The company’s annual accounts have been prepared in accordance with the statutory provisions, of Part 9, Book 2, of the Netherlands Civil Code and the firm pronouncements in the Guidelines for Annual Reporting in the Netherlands as issued by the Dutch Accounting Standards Board. The accounting policies for the company annual accounts and the consolidated financial statements differs. Annual accounts of the Company are prepared under accounting policies generally accepted in the Netherland and were translated to the accounting policies generally accepted in United States of America when consolidating. Group companies are stated at net asset value in accordance with Note 2 (d) to the consolidated financial statements.

 

For the accounting policies for the Company’s Balance Sheet and Profit and Loss Account, reference is made to the Notes to Consolidated Financial Statements on pages 6 to 12.

 

**2**                 **Intangible fixed assets**

 
| ** **                                                                  | ** ** | **2013**   | ** ** | **2012**   | ** ** |
|-----------------------------------------------------------------------------|------------|------------|------------|------------|------------|
|                                                                        |       |       |       |       |       |
| **Goodwill**                                                                |       |       |       |       |       |
|                                                                        |       |       |       |       |       |
| MVC   Windpark-Verwaltungsgesellschaft mbH,                                 |       |       |       |       |       |
| Poolstrasse 7,   20355 Hamburg, Germany                                     |       |       |       |       |       |
| Acquisition   price                                                         |       | 25,000     |       | 25,000     |       |
| Fair value of   assets and liabilities as at acquisition                    |       | (24,007    | )          | (24,007    | )          |
| Goodwill at acquisition                                                     |       | 993        |       | 993        |       |
| Amortisation   goodwill previous years                                      |       | (330       | )          | (281       | )          |
| Amortisation   goodwill current year                                        |       | (50        | )          | (49        | )          |
| Goodwill as at   December 31, 2013                                     |       | 613        |       | 663        |       |
|                                                                        |       |       |       |       |       |
| Windpark   Schrepkow Kletzke GmbH & Co KG,                         |       |       |       |       |       |
| Feldscheide 2,   24814 Sehestedt, Germany                                   |       |       |       |       |       |
| Acquisition   price                                                         |       | 2,362,244  |       | 2,362,244  |       |
| Correction   purchase price (invoice legal services related to acquisition) |       | 57,329     |       | 57,329     |       |
| Fair value of   assets and liabilities as at acquisition                    |       | (1,575,271 | )          | (1,575,271 | )          |
| Goodwill at   acquisition                                                   |       | 844,302    |       | 844,302    |       |
| Goodwill   previous years                                                   |       | (270,880   | )          | (228,665   | )          |
| Amortisation   goodwill current year                                        |       | (42,215    | )          | (42,215    | )          |
| Goodwil1 as at   December 31, 2013                                     |       | 531,207    |       | 573,422    |       |
|                                                                        |       |       |       |       |       |
| Regenerative   Energiewandlung R.E.W. Eixen GmbH & Co. KG,         |       |       |       |       |       |
| Feldscheide 2,   24814 Sehestedt, Germany                                   |       |       |       |       |       |
| Acquisition   price                                                         |       | 6,642,193  |       | 6,642,193  |       |
| Fair value of   assets and liabilities as at acquisition                    |       | (5,700,000 | )          | (5,700,000 | )          |
| Goodwill at   acquisition                                                   |       | 942,193    |       | 942,193    |       |
| Amortisation   goodwill previous year                                       |       | (278,733   | )          | (231,623   | )          |
| Amortisation   goodwill current year                                        |       | (47,110    | )          | (47,110    | )          |
| Goodwill as at   December 31, 2013                                     |       | 616,350    |       | 663,460    |       |
|                                                                        |       |       |       |       |       |
|                                                                        |       | 1,148,170  |       | 1,237,545  |       |

 

16

----

 

**Velocitius B.V.**

Notes to the Annual Accounts

December 31, 2013 and 2012

 

**3**                **Investments in subsidiaries**

 
| ** **                                                         | ** ** | **Shares held %** | ** ** | **2013**   | ** ** | **2012**   | ** ** |
|--------------------------------------------------------------------|------------|-----------------------------|------------|------------|------------|------------|------------|
| ** **                                                         | ** ** | ** **                  | ** ** | ** ** | ** ** | ** ** | ** ** |
| MVC   Windpark-Verwaltungsgesellschaft mbH,                        |       |                        |       |       |       |       |       |
| Poolstrasse 7,   20355 Hamburg, Germany                            |       | 100                         |       |       |       |       |       |
| Net asset value   as at January 1, 2013                       |       |                        |       | 17,965     |       | 20,793     |       |
| Result   subsidiary during the year                                |       |                        |       | (793       | )          | 497        |       |
| Fundamental   error adjustment                                     |       |                        |       | 0          |       | (3,325     | )          |
| Net asset value   as at December 31, 2013                     |       |                        |       | 17,172     |       | 17,965     |       |
|                                                               |       |                        |       |       |       |       |       |
| Windpark   Schrepkow-Kletzke GmbH &Co. KG,                |       |                        |       |       |       |       |       |
| Feldscheide 2,   24814 Sehestedt, Germany                          |       | 100                         |       |       |       |       |       |
| Net asset value   as at January 1, 2013                       |       |                        |       | 1,549,494  |       | 1,116,953  |       |
| Result   subsidiary during the year                                |       |                        |       | (74,522    | )          | 122,096    |       |
| Fundamental   error adjustment                                     |       |                        |       | 0          |       | 310,445    |       |
| Net asset value   as at December 31, 2013                     |       |                        |       | 1,474,972  |       | 1,549,494  |       |
|                                                               |       |                        |       |       |       |       |       |
| Regenerative   Energiewandlung R.E.W. Eixen GmbH & Co. KG |       |                        |       |       |       |       |       |
| Feldscheide 2,   24814 Sehestedt, Germany                          |       | 100                         |       |       |       |       |       |
| Net asset value   as at January 1, 2013                       |       |                        |       | 6,116,620  |       | 6,072,599  |       |
| Result   subsidiary during the year                                |       |                        |       | 76,354     |       | 189,858    |       |
| Dividends   received as at December 31, 20123                 |       |                        |       | (125,000   | )          | (250,000   | )          |
| Fundamental   error adjustment                                     |       |                        |       | 0          |       | 104,163    |       |
| Net asset value   as at December 31, 2013                     |       |                        |       | 6,067,974  |       | 6,116,620  |       |
|                                                               |       |                        |       |       |       |       |       |
| Net asset value   as at December 31, 2013                     |       |                        |       | 7,560,118  |       | 7,684,079  |       |

 

**4**                **Receivable**

 
| ** **               | ** ** | **2013** | ** ** | **2012** | ** ** |
|--------------------------|------------|----------|------------|----------|------------|
|                     |       |     |       |     |       |
| MVC   Capital, Inc. |       | 2,500    |       | 2,500    |       |

 

**5**                **Cash at banks**

 
| ** **                             | ** ** | **2013** | ** ** | **2012** | ** ** |
|----------------------------------------|------------|----------|------------|----------|------------|
|                                   |       |     |       |     |       |
| Citco Bank   Nederland N.V., Amsterdam |       | 4,007    |       | 9,492    |       |

 

17

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**Velocitius B.V.**

Notes to the Annual Accounts

December 31, 2013 and 2012

 

**6**      **Shareholders’ equity**

 

As at balance sheet date the authorized share capital of the Company is EUR 90,760 divided into 90,760 shares of EUR 1 each. A total of 18,152 shares were issued and fully paid.

 

Movements in the shareholders’ equity accounts are as follows:

 
| ** **                            | ** ** | ** ** | ** ** | **Changes**                | ** ** | ** ** | ** ** |
|---------------------------------------|------------|------------|------------|----------------------------|------------|------------|------------|
| ** **                            | ** ** | **2012**   | ** ** | **for the year** | ** ** | **2013**   | ** ** |
|                                  |       |       |       |                       |       |       |       |
| Issued and fully   paid share capital |       | 18,152     |       | 0                          |       | 18,152     |       |
| Share premium                         |       | 8,750,000  |       | 0                          |       | 8,750,000  |       |
| Accumulated deficit                   |       | (133,701   | )          | (111,442                   | )          | (245,143   | )          |
| Reserves                              |       | 18,641     |       | 0                          |       | 18,641     |       |
| Net result   previous year            |       | (111,442   | )          | 111,442                    |       | 0          |       |
| Net result   current year             |       | 0          |       | (11,315                    | )          | (11,315    | )          |
|                                  |       | 8,541,650  |       | (11,315                    | )          | 8,530,335  |       |

 

**7**                 **Intercompany account payable**

 
| ** **                       | ** ** | ** ** | ** ** | **2013** | ** ** | **2012** | ** ** |
|----------------------------------|------------|------------|------------|----------|------------|----------|------------|
|                             |       |       |       |     |       |     |       |
| MVC Capital Inc.                 |       | USD        | 19,500     |     | 14,186     |     | 15,605     |   |
| MVC Windpark   -Verwaltungs GmbH |       |       |       | 749      |       | 749      |       |
|                             |       |       |       | 14,935   |       | 16,354   |       |
|                                  |            |            |            |          |            |          |            |  |

 

**8**                 **Accounts payable and accrued expenses**

 
| ** **                  | ** ** | **2013** | ** ** | **2012** | ** ** |
|-----------------------------|------------|----------|------------|----------|------------|
|                        |       |     |       |     |       |
| Accounts payable            |       | 170,188  |       | 376,228  |       |
| Accrued tax   advisory fees |       | 1,500    |       | 1,547    |       |
|                        |       | 171,688  |       | 377,775  |       |

 

**9**                 **Result subsidiaries**

 
| ** **                                      | ** ** | **2013** | ** ** | **2012** | ** ** |
|-------------------------------------------------|------------|----------|------------|----------|------------|
|                                            |       |     |       |     |       |
| Adjustment net   asset value of the investments |       | 1,038    |       | 312,451  |       |

 

**10**          **Amortization intangible assets**

 
| ** **              | ** ** | **2013** | ** ** | **2012** | ** ** |
|-------------------------|------------|----------|------------|----------|------------|
|                    |       |     |       |     |       |
| Amortization   goodwill |       | 89,374   |       | 89,374   |       |

 

18

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**Velocitius B.V.**

Notes to the Annual Accounts

December 31, 2013 and 2012

 

**11**          **General and administrative expenses**

 
| ** **                                                   | ** ** | **2013** | ** ** | **2012** | ** ** |
|--------------------------------------------------------------|------------|----------|------------|----------|------------|
|                                                         |       |     |       |     |       |
| Management fees   Jasper                                     |       | 92,405   |       | 95,597   |       |
| General expenses                                             |       | 22,348   |       | 4,901    |       |
| Accounting fees                                              |       | 10,890   |       | 10,755   |       |
| Director costs                                               |       | 7,260    |       | 7,170    |       |
| Legal and other   professional fees                          |       | 2,844    |       | 2,808    |       |
| Management fees   Citco                                      |       | 1,392    |       | 1,374    |       |
| Tax advisory   fees                                          |       | 1,301    |       | 2,933    |       |
| Bank charges                                                 |       | 933      |       | 843      |       |
| Out of pocket expenses   (MVC Financial Services, Inc.) |       | 0        |       | 215,034  |       |
|                                                         |       | 139,373  |       | 341,415  |       |

 

**12**          **Provision for corporate tax**

 

The corporate tax is based on the fiscal results, taking into account that certain income and expenses as reported in the profit and loss account are exempted from taxation.

 

**13**          **Directors and employees**

 

The Company has no employees other than its directors.

 

The Company had four directors during the year (2012: four). No loans or advances have been given to or received from the directors.

 

The Company has no supervisory directors.

 

19

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**Velocitius B.V.**

Supplementary Information

December 31, 2013

 

**1**                 **Proposed Appropriation of Results**

 

Subject to the provision under Dutch law no dividends can be declared until all losses have been recovered. Profits are at the disposal of the Annual General Meeting of Shareholders in accordance with the Articles of Incorporation.

 

The management proposed not to declare a dividend and to add the net result for the year to the accumulated deficit. This proposal has not been reflected in the accompanying annual accounts.

 

**2**                 **Post Balance Sheet Events**

 

No matters or circumstances of importance have arisen since the end of the financial year the that have significantly affected or may significantly affect the operations of the Company, results of those operations in or the state of affairs of the Company subsequent financial periods.

 

**3**                 **Audit**

 

The Company qualifies as a “small company” and in accordance with Article 396 § 6 of the The Netherlands, Book 2, Title 9, no audit is required.

 

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