Document:

EXECUTED
    ORIGINAL

 

Share Sale Agreement

 

Parties

 

Kerama Energy Pty Ltd ACN 154 011 659 (Purchaser)

 

CBD Labs Pty Ltd ACN 130 054 625 (Seller)

 

CBD Energy Limited ACN 010 966 793 (Guarantor)

 

    	 

    	 

    

 

Contents

 

	1	Definitions and interpretation	2
	2	Conditions precedent	9
	3	Sale and purchase	10
	4	Purchase Price	10
	5	Books and Records	12
	6	Completion	12
	7	After Completion 	14
	8	Guarantee of Seller by Guarantor	14
	9	Payments	15
	10	Seller Warranties 	15
	11	Limitation of liability	16
	12	Purchaser Warranties	20
	13	Limitation of liability	21
	14	Tax	25
	15	Goods and services tax	26
	16	Default	27
	17	Dispute Resolution	27
	18	Confidentiality 	28
	19	Further assurance	28
	20	Severability 	29
	21	Entire agreement	29
	22	Variation	29
	23	Rights, powers and remedies	29
	24	Continuing obligations	30
	25	Costs	30
	26	Notices	30
	27	No assignment	33
	28	Governing law and jurisdiction	33
	29	Counterparts	33
	Schedule 1 - Seller Warranties	34
	Schedule 2 - Purchaser Warranties	 
	Schedule 3 - Reference Accounts	42
	Notes to Reference Accounts	42
	Executed as an agreement	43

 

    	 

    	 

    

 

Agreement dated this 16th
day of April 2013 is made between:

 

		Parties	Kerama Energy Pty Ltd ACN 154 011 659 as trustee for the Kerama Energy Trust C/- ESV Chartered
Accountants of Level 18, 55 Market Street, Sydney NSW 2000 (Purchaser);

 

CBD Labs Pty Ltd ACN 130 054 625 of Suite 2,
Level 2, 53 Cross Street Double Bay NSW 2028 (Seller); and

 

CBD Energy Limited ACN 010 966 793 of Suite 2,
Level 2, 53 Cross Street Double Bay NSW 2028 (Guarantor),

 

each a "Party" and collectively the
"Parties".

 

Recitals

 

		A	The
                                                                Company is a proprietary company limited by shares and registered
                                                                under the Corporations Act.

 

		B	The
                                                                Seller is the registered holder and beneficial owner of the Shares,
                                                                being the only shares on issue in the capital of the Company.

 

		C	The Guarantor is the registered holder and beneficial owner of all of the shares on issue in the Seller.

 

		D	The
                                                                Guarantor has agreed to guarantee the terms, conditions, representations,
                                                                warranties and the obligations of the Seller under this Agreement.

 

		E	The Purchaser has agreed to enter into the Share Mortgage as security in favour of the Seller in respect of the Purchaser's
obligations hereunder.

 

		F	The Seller
                                                         has agreed to sell the Shares to the Purchaser and the Purchaser has
                                                         agreed to buy the Shares from the Seller on and subject to the provisions
                                                         of this Agreement.

 

It is agreed

 

		1	Definitions and interpretation

 

		1.1	Definitions

 

In this Agreement, the following words have these
meanings unless the contrary intention appears:

 

		(1)	Accounting Standards means:

 

		(a)	accounting
                                                               standards in force under section 334 of the Corporations Act relating
                                                               to the preparation of Financial Statements;

 

		(b)	interpretations and standards approved by the Australian Accounting Standards Board; and

 

		(c)	requirements of the Corporations Act relating to the preparation and contents of financial reports,

 

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and, to the extent that any matter is not covered by
these accounting standards, interpretations and requirements, means generally accepted accounting principles, policies, practices
and procedures applied from time to time in Australia for companies similar to the Company;

 

		(2)	Agreement means this share sale agreement, including any schedule or annexure to it;

 

		(3)	Areva Rights means any arrangements, agreements, and/or understandings between the Company and Areva Solar Inc or any
rights of the Company against Areva Solar Inc;

 

		(4)	Associate has the meaning ascribed thereto in the Corporations Act;

 

		(5)	Assets means:

 

		(a)	the Patents;

 

		(b)	the Head Licence, including all rights and obligations; and

 

		(c)	the Areva Rights;

 

		(6)	ASIC means the Australian Securities and Investments Commission;

 

Books and Records means all books, records, information,
files, manuals, databases (if any) maintained by and on behalf of the Licensee in any medium (including, where available, digital
media), including all files and correspondence, operating data and plans, production data, technical documentation (design specifications,
functional requirements, operating instructions, logic manuals, flowcharts etc), user documentation (installation guides, user
manuals, training manuals, working papers), maintenance and service records, sales and promotional materials and records, purchasing
and billing records, research and development files, data, intellectual property disclosures, accounting files and records, sales
order files, and all lists of and all rights to the information contained therein;

 

		(7)	Breach has the meaning given to it in clause 10.4;

 

		(8)	Business Day means a day that is not a Saturday, Sunday or any other day which is a public holiday or a bank holiday
in the place where an act is to be performed or a payment is to be made;

 

		(9)	Claim includes, in relation to a person, a demand, claim, action, notice, liability, judgment, Loss or proceeding made
or brought by or against the person, however arising and whether present, unascertained, immediate, future or contingent;

 

		(10)	Company means Larkden Pty Ltd ACN 003 998 098 C/- CBD Energy Limited of Suite 2, Level 2, 53 Cross Street Double Bay
NSW 2028;

 

		(11)	Completion means completion of the sale and purchase of the Shares in accordance with this Agreement;

 

		(12)	Completion Date means the date of this Agreement;

 

		(13)	Contaminant means a solid, liquid or gaseous substance, odour, heat, sound vibration or radiation which is or may be:

 

		(a)	noxious or poisonous or offensive to the senses of human beings;

 

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		(b)	harmful or potentially harmful to the health, welfare, safety or property of human beings; and

 

		(c)	poisonous, harmful, or potentially harmful to animals or plants; or

 

		(d)	detrimental to any beneficial use made of the Environment.

 

		(14)	Corporations Act means the Corporations Act 2001 (Cth), as amended from time to time;

 

		(15)	Court means any court or arbitration tribunal;

 

		(16)	Default Rate means 5% per annum above the daily buying rate (expressed as a percentage yield per annum to maturity)
displayed at or about 10:30am on the Reuters screen BBSW page for Australian bank bills of a three month duration;

 

		(17)	Disclosure Materials means all information relating to the Company and/or its Assets and/or the Shares given or made
available by or on behalf of the Seller, or any Personnel of the Seller, to the Purchaser prior to Completion but after 18 March
2013;

 

		(18)	Encumbrance means any Security Interest, mortgage, charge, lien, restriction against transfer, pledge, claim, option,
encumbrance and any third party interest;

 

		(19)	Environment means the physical factors of the surrounds of human beings including the land, waters, atmosphere, climate,
sound, odours, place, the biological factors of animals and plants and the social factors of aesthetics;

 

		(20)	Environmental Laws means a law regulating or otherwise relating to the Environment including law use, planning, pollution
of the atmosphere, water or land waste, the storage and handling of chemicals, Hazardous Substances, or any other aspect of protection
of the Environment;

 

		(21)	fairly disclosed has the meaning given in clause 10.3 (and fair disclosure shall be construed accordingly);

 

		(22)	Financial Year means each 12 month period commencing on 1 July and ending on 30 June;

 

		(23)	Financial Statements means the financial statements of the Company as set out in the Reference Accounts;

 

		(24)	Governmental Agency means any government and any governmental body, whether:

 

		(a)	legislative, judicial or administrative;

 

		(b)	a department, commission, authority, instrumentality, tribunal, agency or entity; or

 

		(c)	commonwealth, state, territorial or local,

 

and includes any self-regulatory organisation established
under any law but excludes a governmental body in respect of any service or trading functions as distinct from regulatory or fiscal
functions;

 

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Graphite Technology means the use of high purity
graphite in solar thermal operations where the graphite is heated and the energy from such heat is either immediately or later
used to produce steam to drive a turbine and generate electrons;

 

		(25)	GST Act means the A New Tax System (Goods and Services Tax) Act 1999 as amended;

 

		(26)	Hazardous Substance means any substance which is, or may be, hazardous, toxic, dangerous or polluting or which is regulated
by any Environmental Law;

 

		(27)	Head Licence means head licensing agreement between the Company (as licensor) and Lloyd Energy (as licensee) dated 16
November 2001, as amended;

 

		(28)	Intellectual Property means with respect to the Company:

 

		(a)	worldwide trademarks, service marks, trade names, trade dress, designs, logos, slogans and general intangibles of like nature,
together with all goodwill related to the foregoing (whether registered or not, but including any registrations and applications
for any of the foregoing);

 

		(b)	patents (including the ideas, inventions and discoveries described therein, any pending applications, any registrations, patents
or patent applications based on applications that are continuations, continuations in part, divisional, re-examination, reissues,
renewals of any of the foregoing and applications and patents granted on applications that claim the benefit of priority to any
of the foregoing);

 

		(c)	works of authorship or copyrights (including any registrations, applications and renewals for any of the foregoing) and other
rights of authorship;

 

		(d)	trade secrets and other confidential or proprietary information, know how, confidential or proprietary technology, processes,
work flows, formulae, algorithms, models, user interfaces, customer, supplier and user lists, databases, pricing and marketing
information, marketing materials, inventions, discoveries and designs (whether patentable or not);

 

		(e)	computer programs and other software, macros, scripts, source code, object code, binary code, methodologies, processes, work
flows, architecture, structure, display screens, layouts, development tools, instructions and templates;

 

		(f)	published and unpublished works of authorship, including audio-visual works, databases and literary works;

 

		(g)	rights in, or associated with a person's name, voice, signature, photograph or likeness, including rights of personality, privacy
and publicity;

 

		(h)	rights of attribution and integrity and other moral rights;

 

		(I)	uniform resource locators (URLs) and Internet domain names and applications therefor (and all interest therein), IP addresses,
ad words, key word associations and related rights;

 

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		(j)	all other proprietary, intellectual property and other rights relating to any or all of the foregoing;

 

		(k)	all copies and tangible embodiments of any or all of the foregoing (in whatever form or medium, including electronic media);
and

 

all rights to sue for and any and all remedies for past,
present and future infringements of any or all of the foregoing and rights of priority and protection of interests therein under
the Laws of any jurisdiction;

 

		(29)	Kerama Energy Trust means the Kerama Energy Trust as established by Trust Deed dated 31 October 2011 between Robert
Lewis Symond as settler and the Purchaser.

 

		(30)	Lloyd Energy means Lloyd Energy Systems Pty Ltd (Subject to Deed of Company Arrangement) ACN 096 136 248 of Level 10,
2-10 Loftus Street Sydney NSW 2000;

 

		(31)	LP means Partners for Growth Ill, LP of 150 Pacific Avenue San Francisco CA 94111;

 

		(32)	Loss includes any damage, loss, cost, liability or expense of any kind and however arising (including as a result of
any Claim), including penalties, fines and interest and including any that are prospective or contingent and the amount of which
for the time being are not ascertained or ascertainable;

 

		(33)	MWh means one megawatt hour of electrical generation;

 

		(34)	Patents means all patents in the name of the Company, or pending, associated with the production and/or use of graphite
as described in the definition of Graphite Technology or otherwise;

 

		(35)	Personnel of a person means the officers, employees, contractors (including sub-contractors and their employees), professional
advisers, representatives and agents of that person;

 

		(36)	PPSA means the Personal Property Securities Act 2009 (Cth), as amended from time to time;

 

		(37)	PPS Law means:

 

		(a)	the PPSA and any regulation made at any time under the PPSA, including the PPSA Regulations; and

 

		(b)	any amendment made at any time to any other legislation as a consequence of a law or regulation referred to in sub-paragraph
(a) above;

 

		(38)	PPSR means the Personal Property Securities Register;

 

		(39)	PPS Regulations means the Personal Property Securities Regulations 2010 (Cth);

 

		(40)	Purchase Price means A$2,750,000;

 

		(41)	Purchaser Group means the Purchaser and each Related Body Corporate of the Purchaser including, after Completion, the
Company;

 

		(42)	Purchaser Warranties means the warranties set out in Schedule 2;

 

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		(43)	Reference Accounts means (i) the audited balance sheet and profit and loss statement as of 30 June 2012; (ii) the unaudited
balance sheet and profit and loss statement as of 31 December 2012; and (iii) the pro-forma balance sheet and profit and loss account
as at 31 March 2013. These reference accounts are of the Company and are set out in Schedule 3;

 

		(44)	Related Body Corporate, Subsidiary, and Holding Company each has the meaning given in the Corporations Act;

 

		(45)	Security means the first ranking mortgage over:

 

		(a)	the Seller's assets and undertakings held by LP; and

 

		(b)	the Guarantor's assets and undertakings held by LP;

 

		(46)	Security Interest means any security interest under the PPS Law;

 

		(47)	Seller Group means the Seller and each Related Body Corporate of the Seller;

 

		(48)	Seller Warranties means the warranties and Tax Warranties given by the Seller and set out in Schedule 1;

 

		(49)	Shares means 102 ordinary shares in the capital of the Company owned by the Seller, being all shares on issue in the
capital of the Company, together with the benefit of all rights (including dividend rights) attached or accruing to those shares
as at the Completion Date;

 

		(50)	Share Mortgage means the charge over the Shares to be granted to the Seller (as chargee) by the Purchaser (as chargor)
as security for the Purchaser's performance under this Agreement;

 

		(51)	Stamp Duty means duty imposed under the Duties Act 1997 (NSW) and any other similar legislation of a State or
Territory of Australia;

 

		(52)	Tax means taxes, duties, fees, rates, charges and imposts of all kinds assessed, levied or imposed by the Commonwealth,
a state or any other government, regional, municipal or local authority (Australian or overseas) and includes capital gains tax,
fringe benefits tax, income tax, prescribed payments tax, superannuation guarantee charge, PAYG withholding, undistributed profits
tax, payroll tax, GST, group tax, land tax, import duty, excise, Stamp Duty, municipal and water rates, withholdings of any nature
whatever imposed by a Governmental Agency, interest on tax payments and additional tax by way of penalty;

 

		(53)	Tax Act means the Income Tax Assessment Act 1997 (Cth) or the Income Tax Assessment Act 1936 (Cth), as
the case may be;

 

		(54)	Taxation Authority includes any government, and any person, agency or office having the administration of any Tax or
Taxes; and

 

		(55)	Tax Warranties means the tax warranties given by the Seller set out in Schedule 1.

 

		1.2	Interpretation

 

In this Agreement, unless the contrary intention appears:

 

		(1)	Reference to:

 

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		(a)	one gender includes the other;

 

		(b)	the singular includes the plural and the plural includes the singular;

 

		(c)	a recital, clause, schedule or annexure is a reference to a clause of or recital, schedule or annexure
to this Agreement and references to this Agreement include any recital, schedule or annexure;

 

		(d)	any contract (including this Agreement) or other instrument includes any variation or replacement of it;

 

		(e)	a statute, ordinance, code or other law includes subordinate legislation (including regulations) and other instruments under
it and consolidations, amendments, re-enactments or replacements of any of them;

 

		(f)	a person includes an individual, a firm, a body corporate, an unincorporated association or an authority;

 

		(g)	a person includes their legal personal representatives (including executors), administrators, successors, substitutes (including
by way of novation) and permitted assigns;

 

		(h)	a group of persons is a reference to any 2 or more of them taken together and to each of them individually;

 

		(i)	a body which has been reconstituted or merged must be taken to be to the body as reconstituted or merged, and a body which
has ceased to exist and the functions of which have been substantially taken over by another body must be taken to be to that other
body;

 

		(j)	an accounting term is to that term as it is used in Accounting Standards;

 

		(k)	time is a reference to Sydney time;

 

		(I)	a reference to a day or a month means a calendar day or calendar month;

 

		(m)	money (including "$", "AUD" or "dollars") is a reference to Australian currency; and

 

		(n)	any thing (including any amount or any provision of this Agreement) is a reference to the whole and each part of it and a reference
to a group of persons is a reference to any one or more of them.

 

		(2)	The meaning of any general language is not restricted by any accompanying example, and the words "includes", "including",
"such as", "for example" or similar words are not words of limitation.

 

		(3)	The word "costs" includes charges, expenses and legal costs on a full indemnity basis.

 

		(4)	Where a word or expression is given a particular meaning, other parts of speech and grammatical forms of that word or expression
have a corresponding meaning

 

		(5)	Headings and the table of contents are for convenience only and do not form part of this Agreement or affect its interpretation.

 

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		(6)	If a period of time is specified and dates from a given day or the day of an act or event, it is to be calculated exclusive
of that day.

 

		(7)	The time between 2 days, acts or events includes the day of occurrence or performance of the 2nd but not the 1st
act or event.

 

		(8)	If an act must be done on a specified day which is not a Business Day, the act must be done instead on the next Business Day.

 

		(9)	A provision of this Agreement must not be construed to the disadvantage of a Party merely because
that Party was responsible for the preparation of the Agreement or the inclusion of the provision in the Agreement.

 

		1.3	Knowledge

 

Where any Seller Warranty is, or any other provision
of this Agreement is, qualified by reference to the Seller's awareness, knowledge, information, belief or similar, the Purchaser
acknowledges that the Seller's awareness, knowledge, information, belief or similar is made on the basis that the Seller has, in
order to establish that statement is true and not misleading:

 

		(1)	made all reasonable enquiries of the directors, officers and employees of each relevant member of the Seller Group (including
the Company, the Seller and the Guarantor) as at the date of this Agreement who could reasonably be expected to have knowledge
and information relevant to the matters to which the statement relates; and

 

		(2)	where those enquiries would have prompted a reasonable person to make any further enquiries, made those further enquiries,

 

and that, as a result of those further enquiries,
the Seller has no reason to doubt that the statement is true and not misleading. Accordingly, the Seller will not be deemed to
have knowledge of any other person or to have made enquiries of any other person or otherwise and will not be liable for breach
of the Seller's Warranties should a fact or circumstance which would otherwise constitute a breach of the Seller's Warranties be
known to any other person (in each case, and for the avoidance of doubt, other than such persons who are directors, officers and
employees of each relevant member of the Seller Group).

 

		2	Conditions precedent

 

		2.1	Conditions precedent

 

Before Completion may take place:

 

		(1)	the Purchaser must have executed and delivered to the Seller the Share Mortgage; and

 

		(2)	the Guarantor must have delivered to the Purchaser a discharge of the Security over:

 

		(a)	the Shares; and

 

		(b)	the Company,

 

in a form satisfactory to the Purchaser.

 

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		2.2	Obligation to co-operate

 

The Parties must use their reasonable endeavours to
ensure that the conditions referred to in clause 2.1 are satisfied on or by the Completion Date.

 

		3	Sale and purchase

 

		3.1	Agreement to sell and purchase

 

The Seller agrees to sell the Shares to the Purchaser
and the Purchaser agrees to purchase the Shares from the Seller free from all Encumbrances and otherwise on and subject to the
provisions of this Agreement.

 

		3.2	Title and risk

 

Title to the Shares (and property and risk in them):

 

		(1)	remains solely with the Seller until Completion; and

 

		(2)	subject to the provisions of this Agreement, passes from the Seller to the Purchaser with effect from Completion.

 

		4	Purchase Price

 

		4.1	Consideration

 

The consideration payable by the Purchaser to the
Seller for the Shares is the Purchase Price.

 

		4.2	Payment on Completion Date

 

		(1)	On and from the Completion Date, and subject to the due performance by the Seller of the obligations on its part to be performed
under clause 2, the Purchaser must pay the Purchase Price as follows:

 

		(a)	A$250,000 on the Completion Date;

 

		(b)	A$1,000,000 on the second anniversary of the Completion Date;

 

		(c)	A$1,000,000 on the third anniversary of the Completion Date; and

 

		(d)	A$500,000 on the fourth anniversary of the Completion Date.

 

		(2)	Interest will accrue on the outstanding balance of the Purchase Price on a daily basis, and will be payable to the Seller on
each date a Purchase price instalment becomes due for payment, as determined in clause 4.2(1). The interest rate shall be 6 month
BBSY plus 1% per annum.

 

		4.3	Payments to Account

 

Each instalment of Purchase Price and interest as
detailed in clause 4.2 must be paid into the following bank account:

 

	 	Account Name:	CBD Energy Limited
	 	 	 
	 	Bank Name:	Westpac Banking Corporation
	 	 	 
	 	BSB:	033-059
	 	 	 
	 	Account Number:	304069

 

or as otherwise directed in writing by the
Seller.

 

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		4.4	Adjustment to Purchase Price

 

Notwithstanding clauses 4.1 and 4.2, the Purchase
Price shall be adjusted if and to the extent that should:

 

		(1)	the Shares be sold by the Purchaser (by way of option, deferred purchase or otherwise) at any time within three (3) years of
the Completion Date, and the gross proceeds (either received or deferred) (Proceeds) from such sale is greater than A$15,000,000
(the amount greater being the Excess), the Purchaser shall pay to the Seller an amount equal to 50% of such Excess by way
of increase in the Purchase Price; or

 

		(2)	the Graphite Technology installed throughout the world, either operating or held ready for operation, with a capacity to generate
at least 8,760 MWh per annum of electrical output is not achieved by the Purchaser or any other party or parties associated with
the Purchaser within three (3) years from the Completion Date, the Purchase Price shall be reduced by A$1,000,000,

 

and such increase or reduction shall be effectuated:

 

		(3)	in the case of 4.4(1) above, by the Purchaser paying to the Seller:

 

		(a)	the amount determined in clause 4.4(1); plus

 

		(b)	the amount of any Purchase Price under clause 4.2 which remains unpaid at that time; and

 

		(c)	in each such case, within five (5) days of receipt of the Proceeds; or

 

		(4)	in the case of 4.4(2) above, by:

 

		(a)	the instalment of Purchase Price due on the third anniversary of the Completion Date as detailed
in clause 4.2(1)(c) being reduced from A$1,000,000 to A$500,000; and

 

		(b)	the instalment of Purchase Price due on the fourth anniversary of the Completion Date as detailed in clause 4.2(1)(d) being
waived by the Purchaser,

 

and for the avoidance of doubt:

 

		(5)	the sale in clause 4.4(1) must be bona fide in all respects and must not be conducted by the Purchaser, for example, firstly
selling the Shares to an Associate of the Purchaser for one price and then that Associate selling the Shares again at a different
price, or any other direct or indirect sale or deferred purchase or option mechanism which, when viewed and considered objectively,
would be considered an intentional act pursued by the Purchaser or its Associates to circumvent paying, or reducing the obligation
to pay the amount so due to the Seller under clause 4.4(1).

 

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		5	Books and Records

 

		5.1	Other than with respect to any records provided to the Purchaser at Completion, the Seller and the Guarantor will provide to
the Purchaser all Books and Records of the Company within seven (7) days of Completion to the Purchaser, at the Purchaser's nominated
delivery address in Sydney.

 

		6	Completion

 

		6.1	Time and location of Completion

 

Completion will take place:

 

		(1)	on the Completion Date; and

 

		(2)	at the office of the Purchaser's solicitors, Bridges Lawyers at Level 6, Gold Fields House, 1 Alfred Street NSW 2000 or such
other place as the Seller and the Purchaser may agree in writing.

 

		6.2	Power of Attorney

 

		(1)	The Seller irrevocably appoints the Purchaser to be its attorney from the Completion Date until the Shares are registered in
the name of the Purchaser (but not otherwise). Under this power of attorney, the Purchaser may do in the name of the Seller and
on its behalf everything necessary or desirable for the registered holder of the Shares, in the Purchaser's sole discretion, to:

 

		(a)	transfer the Shares;

 

		(b)	exercise any rights, including rights to appoint a proxy or representative and voting rights, attending to the Shares; and

 

		(c)	do any other act or thing in respect of the Shares or the Company.

 

		(2)	The Seller declares that all acts and things done by the Purchaser in exercising powers under this power of attorney will be
as good and valid as if they had been done by the Seller and agrees to ratify and confirm whatever the Purchaser does in exercising
power under this power of attorney.

 

		6.3	Seller delivery obligations at Completion

 

At or before Completion, the Seller must deliver (or,
where appropriate, ensure that the Company or the Guarantor delivers) to the Purchaser:

 

		(1)	a transfer (executed by the Seller and in registrable form, subject to stamping) of the Shares in favour of the Purchaser;

 

		(2)	all certificates for the Shares;

 

		(3)	all seals, minute books, statutory books and registers, certificates of incorporation, books of account, trading, tax and financial
records, copies of taxation returns, books and records, constitutions and other documents and papers of the Company;

 

		(4)	the written resignations of each director and secretary of the Company, taking effect from Completion;

 

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		(5)	a release or discharge in relation to each Encumbrance and Security Interest registered over the Shares and appropriate evidence
that the holder of the Security Interest will, in the ordinary course of business, register a financing change statement to reflect
the release or discharge on the PPSR;

 

		(6)	all current permits, licences and other documents (if any) issued to the Company under any legislation or ordinance relating
to its business activities;

 

		(7)	all keys, pins and codes of whatever nature required for the Company to lodge or file documents with any Government Agency,
including ASIC; and

 

		(8)	all other documents and things required by this Agreement to be delivered by the Seller (or where appropriate, ensure that
the Company or the Guarantor delivers) to the Purchaser on Completion, or which are reasonably required by the Purchaser to vest
good title, full possession, control and benefit of the Shares in the Purchaser.

 

		6.4	Seller's right and obligations regarding records

 

Despite clause 6.3:

 

		(1)	the Seller is entitled to retain after Completion copies of any records necessary for the Seller to comply with its legal obligations,
including its Tax obligations; but

 

		(2)	the Seller must not disclose any confidential information contained in those records (other than disclosure to its Personnel
in the ordinary course of its business) unless required by law or the rules of a stock exchange, or until the information becomes
public (otherwise than by a breach by the Seller of its obligations under this clause 6.4).

 

		6.5	Completion meetings

 

At Completion, the Seller must ensure that a duly
convened meeting of the directors of the Company is held at which a quorum of directors is present and acting throughout, at which:

 

		(1)	the directors of the Company resolve:

 

		(a)	to register the transfers of the Shares for registration, subject to stamping, despite any contrary provision of the constitution
of the Company; and

 

		(b)	to cancel the existing share certificates for the Shares and issue new share certificates for the Shares in the name of the
Purchaser;

 

		(2)	the directors of the Company resolve:

 

		(a)	to appoint as directors, secretary and public officer of the Company those persons nominated by the Purchaser, subject to those
persons providing their written consent;

 

		(b)	to accept the resignations of each former director, secretary and public officer of the Company in the agreed form;

 

		(c)	to transfer the registered offices of the Company to the address nominated by the Purchaser, subject to the occupiers providing
their written consent; and

 

    	13

    	 

    

 

		(d)	to revoke all existing powers of attorney or other authorities (if any) granted by the Company.

 

		6.6	Purchaser Completion obligations

 

At Completion, the Purchaser must:

 

		(1)	subject to the due performance by the Seller of the obligations on its part to be performed under this Agreement, pay the Seller
the Purchase Price as set out in clause 4.2; and

 

		(2)	produce to the Seller for inspection the consents of the directors and secretaries referred to in clause 6.5(2)(a).

 

		6.7	Obligations interdependent

 

The requirements of clauses 6.3, 6.5 and 6.6 are interdependent
and are to be carried out contemporaneously. No delivery, payment or other event referred to in clauses 4.2, 6.3, 6.5 and 6.6 will
be regarded as having been made or occurred until all deliveries and payments have been made and all other events have occurred.

 

		6.8	Registration of transfers

 

The Purchaser must use its reasonable endeavours to
ensure that the transfers of the Shares are registered promptly after Completion.

 

		7	After Completion

 

		7.1	Continuing obligation to perform

 

If an obligation of any Party required to be
performed at Completion is not performed at Completion, and regardless of whether it is waived as a condition or requirement
of Completion, the relevant Party remains obliged to perform that obligation.

 

		7.2	ASIC notification

 

The Seller must ensure that ASIC is notified, in
the prescribed form, as soon as practicable after Completion (and in any event within five (5) Business Days), of the occurrence
of those events under clauses 3, 6.5 and 6.8 that must be notified to ASIC under the Corporations Act.

 

		8	Guarantee of Seller by Guarantor

 

		8.1	Seller Guarantee

 

In consideration of the Purchaser entering into this
Agreement at the request of the Guarantor, the Guarantor:

 

		(1)	unconditionally and irrevocably guarantees to the Purchaser on demand the due and punctual performance by the Seller of its
obligations under, or arising from this Agreement, including without limitation all representations and warranties; and

 

		(2)	separately indemnifies the Purchaser against any Losses which may be incurred or sustained by the Purchaser in connection with
any breach, default, failure to fulfil or delay by the Seller in the due and punctual performance of its obligations, representations
and warranties under, or arising from, this Agreement.

 

    	14

    	 

    

 

		8.2	Liability unaffected by other events

 

Subject to the terms of this Agreement, the
liability of the Guarantor under this clause 8 is not affected by any act, omission or thing which, but for this provision,
might in any way operate to release or otherwise exonerate or discharge the Guarantor from any of its obligations including
(without limitation) the grant to the Seller or any other person of any time, waiver or other indulgence, or the discharge or
release of the Seller or any other person from any obligation.

 

		8.3	Continuing guarantee and indemnity

 

This clause 8:

 

		(1)	extends to cover this Agreement as amended, varied or replaced, whether with or without the consent of the Guarantor; and

 

		(2)	is a continuing guarantee and indemnity and, despite Completion, remains in full force and effect for so long as the Seller
has any liability or obligation to the Purchaser under, or arising from, this Agreement and until all relevant Losses or obligations
have been fully discharged.

 

		9	Payments

 

		9.1	Manner of payments

 

Unless otherwise agreed between the Parties, all payments
in connection with the Purchase Price must be made in immediately available funds to the bank account set out in clause 4.3, or
as otherwise directed in writing by the Seller.

 

		9.2	Interest on overdue amounts

 

If a Party fails to pay an amount of money payable
under this Agreement on its due date, the Party in default must pay to the Party entitled to payment of that amount, interest
at the Default Rate on that amount computed from (but not including) the due date until (and including) the date the amount is
paid in full. Interest under this provision accrues daily, is calculated on the basis of a 365 day year, and is payable on the
last Business Day of each month. The right to payment of interest under this provision is without prejudice to any other rights,
powers and remedies the non-defaulting Party may have against the defaulting Party at law or in equity.

 

		10	Seller Warranties

 

		10.1	Seller

 

The Seller warrants to the Purchaser
that each of the Seller Warranties is true, correct and not misleading in all material respects. Each such Seller Warranty is a
separate warranty in no way limited by any other Seller Warranty.

 

		10.2	Seller Warranties

 

Each Seller Warranty is given at the date of this
Agreement, and will remain in full force and effect after the Completion Date despite Completion.

 

		10.3	Disclosures

 

Each of the Seller Warranties is subject to
any matters fairly disclosed in any of:

 

    	15

    	 

    

 

		(1)	the contents of this Agreement; and

 

		(2)	the Disclosure Material,

 

and consequently the Seller shall not be liable for
any Breach in respect of such matters in so far as they constitute fair disclosure.

 

For this purpose fairly disclosed means disclosed
in a manner and with sufficient detail to enable a prudent and sophisticated buyer experienced in the business of the Company to
make an informed assessment of the matter concerned (and fair disclosure shall be construed accordingly).

 

		10.4	Liability for Breach of Seller Warranties

 

Without restricting the rights of the Purchaser
or the ability of the Purchaser to claim on any other basis available to it, but subject always to the limitations and
restrictions contained clause 11, if after Completion it shall be agreed or determined that any of the Seller Warranties was
not true and accurate (which facts shall hereinafter be referred to as a Breach) then the Seller shall pay to the
Purchaser on demand (at the Purchaser's option):

 

		(1)	the cash amount sufficient to compensate the Purchaser against all Losses suffered or incurred by it in consequence of the
relevant Breach;

 

		(2)	the amount of any liability or increased liability which the Company suffers or incurs as a result of the relevant Breach;
or

 

		(3)	the amount of any reduction in the value of any Asset of the Company at Completion from the value which would have been attributed
to that Asset at Completion were it not for the relevant Breach.

 

		10.5	Tail Insurance

 

The Seller will
use its reasonable endeavours to secure run off insurance cover (for at least 7 years) from an insurer, and upon terms
reasonably acceptable to the Purchaser, in relation to any Claim in relation to the Company arising on or prior to
Completion.

 

		11	Limitation of liability

 

		11.1	Acknowledgements

 

Each Party acknowledges and agrees that:

 

		(1)	they enter into this Deed fully and voluntarily;

 

		(2)	it has received independent and professional advice (including legal, accounting, tax and financial
advice) concerning this Agreement and has satisfied itself about anything arising from that advice;

 

		(3)	it has had the opportunity to review this Agreement and all related agreements, and the Disclosure Materials and in the case
of the Purchaser, undertaken a due diligence on the Company, and to negotiate any and all such documents in its sole discretion,
without any undue influence by any other Party hereto or any third party; and

 

		(4)	except as expressly provided in this Agreement, neither the Seller nor the Purchaser is responsible to the other for any Loss
or Claim or otherwise unless it arises from this Agreement and the matters set out herein.

 

    	16

    	 

    

 

		11.2	Limits on liability

 

Despite any other provision of this Agreement, and
in particular clause 10.4:

 

		(1)	(Change
                                                                                        in law or administrative practice): The
                                                                                        Seller is not liable to make any
                                                                                        payment (whether by way of damages or
                                                                                        otherwise) for any Breach or any other
                                                                                        breach of this Agreement where the breach,
                                                                                        or any loss arising in connection with
                                                                                        any breach, is as a result of or in respect
                                                                                        of:

 

		(a)	a new law, or a change in the law (including its interpretation), taking effect after the date of this Agreement;

 

		(b)	a new rule or decision being made by any Government Agency, or a change in any rule or decision
of any Government Agency, after the date of this Agreement; or

 

		(c)	a new administrative practice or policy being introduced by any Government Agency, or a change in any administrative practice
or policy of any Governmental Agency, after the date of this Agreement,

 

including any law, rule, decision, practice or policy,
or any change in any law, rule, decision, practice or policy, which takes effect retrospectively.

 

		(2)	(Later recovery): After the Seller has made any payment
                                                               to the Purchaser for any Breach or any other breach of this
                                                               Agreement, if any member of the Purchaser Group receives any benefit
                                                               or credit, including by claiming an indemnity against or otherwise
                                                               recovering from a person other than the Seller, in respect of any
                                                               Loss directly caused by the Seller's breach of the same Seller
                                                               Warranty or same clause of this Agreement, then the Purchaser must
                                                               immediately repay to the Seller an amount corresponding to the
                                                               amount of that payment less all of the Purchaser's reasonable costs
                                                               incurred with claiming that indemnity against, or otherwise recovering
                                                               from, that third party, or if less, the amount of the benefit or
                                                               credit. Any such recovered amount under this clause must be on
                                                               an after tax basis so that the amount so paid to the Purchaser
                                                               puts the Seller in the same after tax position.

 

		(3)	(Known Breach or Liability): Seller is not liable to make any payment (whether by way of damages or otherwise) for any
Breach or other breach of this Agreement to the extent that the Breach or other breach is based on any fact, matter or circumstance:

 

		(a)	fairly disclosed in or otherwise reasonably identifiable or reasonably determinable from, this Agreement or the Disclosure
Material;

 

		(b)	for which there is a provision or reserve in, or otherwise
                                                               identifiable or determinable from, the Reference Accounts;

 

		(c)	which is within the knowledge of the Purchaser Group or its Personnel;

 

		(d)	which is in the public domain (including matters which are a matter of public record) and of which a prudent and sophisticated
buyer experienced in the business of the Company ought reasonably to be aware; or

 

		(e)	which would have been within the knowledge of the Purchaser had the Purchaser conducted searches prior to the date of this
Agreement of records open to public inspection in Australia, including records maintained by ASIC, the ASX or any other Government
Agency.

 

    	17

    	 

    

 

		(4)	(Purchaser Breach): Any amount payable to the Purchaser by the Seller under this Agreement is to be reduced to the extent
of the contributory negligence of the Purchaser with respect to the Loss or Claim.

 

		(5)	(Indirect losses): The Seller is not liable to make any payment (whether by way of damages or otherwise) to the Purchaser
for any indirect or consequential loss or loss of profits, however arising.

 

		11.3	Awareness of breach

 

If the Purchaser becomes aware after the date of this
Agreement of anything which constitutes or could (whether alone or with anything else) constitute a Breach or other breach of this
Agreement, including a Claim which, if satisfied, would result in a Breach or in any other breach of this Agreement, the Purchaser
must do each of the following:

 

		(1)	promptly notify the Seller, giving the Seller full details, including details of the facts, matters and circumstances giving
rise to the breach, the nature of the breach, the Purchaser's estimate of the Loss suffered and any additional information reasonably
requested by the Seller;

 

		(2)	until it notifies the Seller in accordance with this clause 11.3(1), take reasonable steps to mitigate any Loss which may give
rise to a Claim against the Seller for Breach or any other breach of this Agreement;

 

		(3)	not make any admission of liability or reach any agreement or compromise with any person in relation to any Claim or other
matter without first consulting with and obtaining the approval of the Seller;

 

		(4)	give the Seller and its professional advisors reasonable access to:

 

		(a)	the Personnel and premises of the Purchaser Group; and

 

		(b)	relevant chattels and documents (including books and records) within the custody, power, possession or control of the Purchaser
Group,

 

		(5)	to enable the Seller and its professional advisers to examine the Personnel, premises, chattels and documents and to take copies
or photographs at the Seller's expense;

 

		(6)	at the Seller's expense (including the Purchaser's legal costs), take all action in good faith and with due diligence that
the Seller (acting reasonably and in consultation with the Purchaser) directs to avoid, remedy or mitigate the breach or any loss
arising in connection with the breach, including legal proceedings in the name of the relevant member of the Purchaser Group, and
dispute, defend, appeal or compromise any Claim or other matter and any adjudication of it; and

 

		(7)	not do anything which compromises or prejudices the rights of the Seller under this clause 11.3.

 

The Seller is not liable to the Purchaser for a Breach
or any other breach of this Agreement to the extent that the Purchaser does not materially comply with its obligations under this
clause 11.3.

 

    	18

    	 

    

 

		11.4	Calculation of Loss

 

In calculating
the Loss of the Purchaser for a Breach or any other breach of this Agreement account must be taken of the amount by which any
Tax for which any member of the Purchaser Group is now or in the future accountable or liable to be assessed is reduced or
extinguished as a result of the fact, matter or circumstance giving rise to the Loss.

 

		11.5	Remedy in damages

 

Subject to clause 11.2 and except as otherwise provided
in this Agreement, the Purchaser acknowledges that its sole remedy for a Breach or any other breach of this Agreement is damages
and that it is not entitled to terminate or rescind this Agreement except otherwise allowed in this Agreement.

 

		11.6	Additional Limits on liability

 

Despite any other provision of this Agreement, and
in particular clause 10.4:

 

		(1)	(Time period for claims): The Seller is not liable to make any payment (whether by way of damages or otherwise) for
any Breach of this Agreement unless notice of a Claim against the Seller is given by the Purchaser to the Seller (setting out full
details, including details of the facts, matters and circumstance giving rise to the breach, the nature of the breach and the Purchaser's
estimate of the Loss suffered) before:

 

		(a)	in the case of Claims arising from the breach of any Tax Warranty, the date that is 6 years after the Completion Date; and

 

		(b)	in the case of Claims arising from any other Breach of this Agreement, the date that is 2 years after the Completion Date;

 

		(2)	(Threshold Limit): The Seller is not liable to make any payment (whether by way of damages or otherwise) for any Breach
or any other breach of this Agreement unless the amount finally determined against or agreed by the Seller in respect of any one
breach or the aggregate amount of a series of breaches exceeds $100,000;

 

		(3)	(Other limits): The Seller is not liable to make any payment (whether by way of damages or otherwise) for any Breach
or any other breach of this Agreement:

 

		(a)	to the extent that:

 

		(i)	the Breach or any other breach of this Agreement; or

 

		(ii)	any Loss arising in connection with any Breach or any other breach of this Agreement,

 

has arisen as a result of any act or omission after
Completion by or on behalf of any member of the Purchaser Group (including the Company) or their respective officers, employees
or agents, otherwise than

 

		(A)	where this is required by applicable law; or

 

		(B)	in the ordinary course of the Company's business as carried on as at the Completion Date; or

 

		(C)	in accordance with a legally binding obligation entered into by the Company on or before Completion (except where that obligation
was created at the request of the Purchaser);

 

    	19

    	 

    

 

		(b)	to the extent that the breach, or any Loss arising in connection with any breach, has arisen directly as a result of:

 

		(i)	the Purchaser failing to procure any legally necessary prior consent of a third party to the change of control of the Company;
or

 

		(ii)	the legal ownership structure of the Purchaser or other members of the Purchaser Group (as the case may be);

 

		(c)	to the extent that the breach, or any Loss arising in connection with any breach, has arisen as a result of any act or omission
by or on behalf of the Seller:

 

		(i)	that is required or permitted by any provision of this Agreement; or

 

		(ii)	at the request, or with the agreement of the Purchaser;

 

		(d)	to the extent that the breach, or any Loss arising in connection with any breach, has been remedied without cost to the Purchaser;
or

 

		(e)	to the extent that the breach, or any Loss arising in connection with any breach, would not have arisen but for any restructure
or change in ownership of any member of the Purchaser Group after Completion or any change in the accounting policies of any member
of the Purchaser after Completion.

 

		11.7	No double recovery

 

The Purchaser is not entitled to recover damages
or otherwise obtain payment, reimbursement or restitution more than once in respect of the same Loss.

 

		12	Purchaser Warranties

 

		12.1	Purchaser Warranties

 

The Purchaser warrants to the
Seller that each Purchaser Warranty is true, correct and not misleading in any material respect. Each Purchaser Warranty is a separate
warranty in no way limited by any other Purchaser Warranty. The Purchaser Warranties survive, and are not in any way to be affected
by, Completion.

 

		12.2	Liability for Breach of Purchaser Warranties

 

Without restricting the rights of the Seller or
the ability of the Seller to claim against the Purchaser on any other basis available to it, but subject always to the
limitations and restrictions contained in this clause 13, if after Completion it shall be agreed or determined that any of
the Purchaser Warranties was not true and accurate (which facts shall hereinafter be referred to as a Purchaser Breach) then
the Purchaser shall pay to the Seller on demand (at the Seller's option):

 

		(1)	the cash amount sufficient to compensate the Seller against all Losses suffered or incurred by it in consequence of the relevant
Purchaser Breach; and

 

		(2)	the amount of any liability or increased liability which the Seller suffers or incurs as a result of the relevant Purchaser
Breach.

 

    	20

    	 

    

 

		13	Limitation of liability

 

		13.1	Limitation of liability of the Purchaser

 

All Parties agree and acknowledge that:

 

		(1)	The Purchaser enters this Agreement only in its capacity as the trustee of Kerama Energy Trust and in no other capacity.

 

		(2)	Any liability or obligation of the Purchaser arising under or in connection with this Agreement is limited to and can be enforced
against the Purchaser only to the extent to which it can be satisfied out of the assets of the Kerama Energy Trust out of which
the Purchaser is actually indemnified for the liability.

 

		(3)	The limitation of the Purchaser's liability described in this clause applies despite any other provision of this Agreement
or any other document and extends to all liabilities and obligations of, undertaken or incurred by or devolving on, the Purchaser
arising from, or in any way connected with, any conduct, omission, representation, warranty, agreement, transaction or other matter
or thing under or related to this document.

 

		(4)	The Purchaser is not obliged to do anything or refrain from doing anything under or in connection with this Agreement (including
incur a liability) unless the Purchaser's liability is limited in the same manner as set out in this clause or otherwise in a manner
satisfactory to the Purchaser (in its absolute discretion).

 

		(5)	The parties (other than the Purchaser may not sue or seek recourse to the Purchaser or any assets held by the Purchaser in
respect of any liabilities incurred by the Purchaser, acting in its capacity as trustee of the Kerama Energy Trust, in any other
capacity other than as trustee of the Kerama Energy Trust, including seeking the appointment of a receiver (except in relation
to the assets of the Kerama Energy Trust), a liquidator, an administrator or any similar person to the Purchaser or prove in any
liquidation, administration or arrangements of or affecting the Purchaser (except in relation to the assets of the Kerama Energy
Trust).

 

		(6)	In no circumstances will the Purchaser be personally liable for any indirect, incidental, consequential, or special damage
(including without limitation, lost profits) of any form incurred by any person or entity whether or not foreseeable and regardless
of the type of action in which such a claim may be brought.

 

		13.2	Limits on liability

 

Despite any other provision of this Agreement, and
in particular clause 10.4:

 

		(1)	(Change in law or administrative practice): The Purchaser is not liable to make any payment (whether by way of damages
or otherwise) for any Purchaser Breach or any other breach of this Agreement where the breach, or any loss arising in connection
with any breach, is as a result of or in respect of:

 

		(a)	a new law, or a change in the law (including its interpretation), taking effect after the date of this Agreement;

 

		(b)	a new rule or decision being made by any Government Agency, or a change in any rule or decision
of any Government Agency, after the date of this Agreement; or

 

    	21

    	 

    

 

		(c)	a new administrative practice or policy being introduced by any Government Agency, or a change in any administrative practice
or policy of any Governmental Agency, after the date of this Agreement,

 

including any law, rule, decision, practice or policy,
or any change in any law, rule, decision, practice or policy, which takes effect retrospectively.

 

		(2)	(Later recovery): After the Purchaser has made any payment
                                                               to the Seller for any Purchaser Breach or any other breach of this
                                                               Agreement, if any member of the Seller Group receives any benefit
                                                               or credit, including by claiming an indemnity against or otherwise
                                                               recovering from a person other than the Purchaser, in respect of
                                                               any Loss directly caused by the Purchaser's breach of the same
                                                               Purchaser Warranty or same clause of this Agreement, then the Seller
                                                               must immediately repay to the Purchaser an amount corresponding
                                                               to the amount of that payment less all of the Seller's reasonable
                                                               costs incurred with claiming that indemnity against, or otherwise
                                                               recovering from, that third party, or if less, the amount of the
                                                               benefit or credit. Any such recovered amount under this clause
                                                               must be on an after tax basis so that the amount so paid to the
                                                               Purchaser puts the Seller in the same after tax position.

 

		(3)	(Known Breach or Liability): Purchaser is not liable to make any payment (whether by way of damages or otherwise) for
any Purchaser Breach or other breach of this Agreement to the extent that the Purchaser Breach or other breach is based on any
fact, matter or circumstance:

 

		(a)	fairly disclosed in or otherwise reasonably identifiable or reasonably determinable from, this Agreement;

 

		(b)	for which there is a provision or reserve in, or otherwise identifiable or determinable from, the Reference Accounts;

 

		(c)	which is within the knowledge of the Seller Group or its Personnel;

 

		(d)	which is in the public domain (including matters which are a matter of public record); or

 

		(e)	which would have been within the knowledge of the Seller had the Seller conducted searches prior to the date of this Agreement
of records open to public inspection in Australia, including records maintained by ASIC, or any other Government Agency.

 

		(4)	(Seller Breach):.Any amount payable to the Seller
                                                               by the Purchaser under this Agreement, other than the Purchase
                                                               Price, is to be reduced to the extent of the contributory negligence
                                                               of the Seller with respect to the Loss or Claim.

 

		(5)	(Indirect losses): The Purchaser is not liable to make any payment (whether by way of damages or otherwise) to the Seller
for any indirect or consequential loss or loss of profits, however arising.

 

		13.3	Awareness of breach

 

If the Seller becomes aware after the date of this
Agreement of anything which constitutes or could (whether alone or with anything else) constitute a Purchaser Breach or other breach
of this Agreement, including a Claim which, if satisfied, would result in a Purchaser Breach or in any other breach of this Agreement,
the Seller must do each of the following:

 

    	22

    	 

    

 

		(1)	promptly notify the Purchaser, giving the Purchaser full details, including details of the facts, matters and circumstances
giving rise to the breach, the nature of the breach, the Seller's estimate of the Loss suffered and any additional information
reasonably requested by the Purchaser;

 

		(2)	until it notifies the Purchaser in accordance with this clause 13.3(1), take reasonable steps to mitigate any Loss which may
give rise to a Claim against the Purchaser for Purchaser Breach or any other breach of this Agreement;

 

		(3)	not make any admission of liability or reach any agreement or compromise with any person in relation to any Claim or other
matter without first consulting with and obtaining the approval of the Purchaser;

 

		(4)	give the Purchaser and its professional advisors reasonable access to:

 

		(a)	the Personnel and premises of the Seller Group; and

 

		(b)	relevant chattels and documents (including books and records) within the custody, power, possession or control of the Seller
Group,

 

		(5)	to enable the Purchaser and its professional advisers to examine the Personnel, premises, chattels and documents and to take
copies or photographs at the Purchaser's expense;

 

		(6)	at the Purchaser's expense (including the Seller's legal costs), take all action in good faith and with due diligence that
the Purchaser (acting reasonably and in consultation with the Seller) directs to avoid, remedy or mitigate the breach or any loss
arising in connection with the breach, including legal proceedings in the name of the relevant member of the Seller Group, and
dispute, defend, appeal or compromise any Claim or other matter and any adjudication of it; and

 

		(7)	not do anything which compromises or prejudices the rights of the Purchaser under this clause 13.3.

 

The Purchaser is not liable to the Seller for a Purchaser
Breach or any other breach of this Agreement to the extent that the Seller does not materially comply with its obligations under
this clause 13.3.

 

		13.4	Calculation of Loss

 

In calculating the Loss of the Seller for a
Purchaser Breach or any other breach of this Agreement account must be taken of the amount by which any Tax for which any
member of the Seller Group is now or in the future accountable or liable to be assessed is reduced or extinguished as a
result of the fact, matter or circumstance giving rise to the Loss.

 

		13.5	Remedy in damages

 

Subject to clause 13.1 and except
as otherwise provided in this Agreement, the Seller acknowledges that its sole remedy for a Purchaser Breach or any other breach
of this Agreement is damages and that it is not entitled to terminate or rescind this Agreement except otherwise allowed in this
Agreement.

 

		13.6	Additional Limits on liability

 

Despite any other provision of this Agreement, and
in particular clause 10.4:

 

    	23

    	 

    

 

		(1)	(Time period for claims): The Purchaser is not liable to make any payment (whether by way of damages or otherwise) for
any Purchaser Breach of this Agreement unless notice of a Claim against the Purchaser is given by the Seller to the Purchaser (setting
out full details, including details of the facts, matters and circumstance giving rise to the breach, the nature of the breach
and the Seller's estimate of the Loss suffered) before the date that is 2years after the Completion Date;

 

		(2)	(Maximum aggregate amount): The maximum aggregate amount that the Seller may recover from
the Purchaser (whether by way of damages or otherwise) under the Purchaser Warranties and for breach of this Agreement is an amount
equal to the Purchase Price instalments unpaid at the time of such breach;

 

		(3)	(Threshold Limit): The Purchaser is not liable to make any payment (whether by way of damages or otherwise) for any
Purchaser Breach or any other breach of this Agreement unless the amount finally determined against or agreed by the Purchaser
in respect of any one breach or the aggregate amount of a series of breaches exceeds $100,000;

 

		(4)	(Other limits): The Purchaser is not liable to make any payment (whether by way of damages or otherwise) for any Purchaser
Breach or any other breach of this Agreement:

 

		(a)	to the extent that:

 

		(i)	the Purchaser Breach or any other breach of this Agreement; or

 

		(ii)	any Loss arising in connection with any Purchaser Breach or any other breach of this Agreement,

 

has arisen as a result of any act or omission after
Completion by or on behalf of any member of the Seller Group or their respective officers, employees or agents, otherwise than

 

		(A)	where this is required by applicable law; or

 

		(B)	in the ordinary course of the Seller's business as carried on as at the Completion Date,

 

in accordance with a legally binding obligation entered
into by the Company on or before Completion

 

		(b)	to the extent that the breach, or any Loss arising in connection with any breach, has arisen directly as a result of:

 

		(i)	the Seller failing to procure any legally necessary prior consent of a third party to the change
of control of the Company; or

 

		(ii)	the legal ownership structure of the Seller or other members of the Seller Group (as the case may be);

 

		(c)	to the extent that the breach, or any Loss arising in connection with any breach, has arisen as a result of any act or omission
by or on behalf of the Purchaser:

 

    	24

    	 

    

 

		(i)	that is required or permitted by any provision of this Agreement; or

 

		(ii)	at the request, or with the agreement of the Seller;

 

		(d)	to the extent that the breach, or any Loss arising in connection with any breach, has been remedied without cost to the Seller;
or

 

		(e)	to the extent that the breach, or any Loss arising in connection with any breach, would not have arisen but for any restructure
or change in ownership of any member of the Seller Group after Completion or any change in the accounting policies of any member
of the Seller after Completion.

 

		13.7	No double recovery

 

The Seller is not entitled to recover damages or otherwise
obtain payment, reimbursement or restitution more than once in respect of the same Loss.

 

		14	Tax

 

		14.1	Subject to clause 11.2, if at any time within five (5) years from the Completion Date any Taxation Authority issues to the
Company an assessment in respect of any income year ending before the Completion Date and in respect of the period from the first
day of the next income year to the Completion Date or in respect of any payments made by the Company or an event or transaction
occurring prior to that date (including any agreement or deed entered into by the Company prior to the Completion Date), in which
the Tax payable exceeds or is additional to the amount of Tax on the same account either previously paid (or that has remained
unpaid), or that is provided for in the Reference Accounts then:

 

		(1)	the Purchaser must promptly (and in any case within 5 Business Days) provide or must cause the Company to promptly (and in
any case within 5 Business Days) provide the Seller with a statement of the circumstances of the assessment; and

 

		(2)	the Seller must pay to the Purchaser the amount of that excess or additional Tax within the time stipulated in the assessment.

 

		14.2	The Purchaser must account or must procure that the Company accounts to the Seller for an amount equal to any credit, refund,
rebate or reimbursement allowed by or received from a taxation authority within five (5) years from the Completion Date in respect
of:

 

		(1)	any Tax paid by the Company before the Completion Date or provided for in the Reference Accounts (except to the extent that
the credit, refund, rebate or reimbursement is already provided for); or

 

		(2)	any Tax paid by the Company after the Completion Date to the extent the Purchaser has received an amount under this Agreement
for the Tax.

 

Any amount payable by the Purchaser to the Seller
under this clause 14.2 is in addition, and not an adjustment, to the Purchase Price.

 

		14.3	If so required by the Seller, the Purchaser must procure that the Company prepares and files the necessary Tax return and takes
such further reasonable action as may be required by the Seller to ensure that any amount which the Purchaser is required to account
or procure the accounting of to the Seller is received by the Company (provided that the Seller bears all the Purchaser's reasonable
costs and expenses of taking such actions).

 

    	25

    	 

    

 

		15	Goods and services tax

 

		15.1	Definitions

 

In this clause 15:

 

		(1)	GST means GST as defined in the GST Act or any replacement or other relevant legislation and regulations;

 

		(2)	words used in this clause which have a particular meaning in the GST law (as defined in the GST Act, and also including
any applicable legislative determinations and Australian Taxation Office public rulings) have the same meaning, unless the context
otherwise requires;

 

		(3)	any reference to GST payable by, or any input tax credit entitlement of, a Party includes any corresponding GST payable by,
or an input tax credit entitlement of, the representative member of any GST group of which that Party is a member; and

 

		(4)	if the GST law treats part of a supply as a separate supply for the purpose of determining whether GST is payable on that part
of the supply or for the purpose of determining the tax period to which that part of the supply is attributable, such part of the
supply is to be treated as a separate supply.

 

		15.2	No GST in any payments

 

Unless GST is expressly included,
any payment expressed to be payable under any other clause of this Agreement for any supply made under or in connection with this
Agreement does not include GST.

 

		15.3	Addition of GST

 

To the extent that any supply made under or in connection
with this Agreement is a taxable supply, the GST exclusive consideration otherwise payable for that supply is increased by an amount
equal to that consideration multiplied by the rate at which GST is imposed in respect of the supply, and is payable on or before
30 August 2018 (subject to the receipt of a valid tax invoice prior to or contemporaneously with payment).

 

		15.4	Parties' obligations to provide

 

Each Party agrees to do all things, including
providing tax invoices and other documentation, that may be necessary or desirable to enable or assist the other Party to
claim any input tax credit, adjustment or refund in relation to any amount of GST paid or payable in respect of any supply
made under or in connection with this Agreement.

 

		15.5	Payment by reimbursement or indemnity

 

If a payment to a Party under this Agreement is a
payment by way of reimbursement or indemnity and is calculated by reference to the GST inclusive amount of a loss, cost or expense
incurred by that Party, then the payment is to be reduced by the amount of any input tax credit to which that Party is entitled
in respect of that loss, cost or expense before any adjustment is made for GST.

 

    	26

    	 

    

 

		16	Default

 

		16.1	Remedies of the Seller

 

If the Purchaser fails to perform any of its obligations
under or in connection with this Agreement then the Seller's sole remedy is to enforce its Share Mortgage over the Shares.

 

		17	Dispute Resolution

 

		17.1	Dispute Resolution

 

		(1)	If any dispute arises with respect to this Agreement, a Party must not commence any Court or arbitration proceedings unless
the Parties have complied with this clause, other than where a Party seeks urgent interlocutory relief.

 

		(2)	A Party to this Agreement claiming that a dispute has
arisen out of or in relation to this Agreement must give written notice (Notice of Dispute) to each other Party to this
Agreement specifying the nature of the dispute.

 

		(3)	If the Parties are not able to resolve the dispute within
fourteen (14) days of receipt of the Notice of Dispute (or such further period as agreed in writing by them), then the dispute
shall be referred to the chief executive officer of each of the disputing Parties.

 

		(4)	If the matter is referred to the chief executive officers
of the disputing Parties, within seven (7) days of referral to the chief executive officers, the chief executive officers of the
disputing Parties shall meet in order to attempt to resolve the dispute.

 

		(5)	If the chief executive officers of the disputing Parties
do not resolve the dispute, the chief executive officers of each of the disputing Parties shall, within seven (7) days attempt
to agree on:

 

		(a)	the dispute resolution technique and the procedures to be adopted in an attempt to resolve the dispute;

 

		(b)	a timetable for steps to be taken in relation to those procedures; and

 

		(c)	the selection of compensation of an independent person required fur such technique.

 

If the chief executive officers agree upon the above
processes and timetable, then the dispute shall be determined in accordance with such processes and techniques. Notwithstanding
the earlier provisions of this clause 16.1(5), the Parties agree not to appoint an arbitrator and any such independent person shall
act only as a mediator.

 

		(6)	If the chief executive officers are unable to agree upon the appointment of such a mediator in clause 16.1(5) , then the Parties
agree that the mediator will be appointed by the president of the Law Society of New South Wales (or the present's nominee) who
will select the mediator and determine the mediator's remuneration.

 

		(7)	If the dispute cannot be resolved at mediation, the Parties are free to take whatever action they determine in relation to
the dispute, including commencing legal proceedings.

 

    	27

    	 

    

 

		18	Confidentiality

 

		18.1	General obligation

 

		(1)	Subject to clause 18.1(2), each Party must keep confidential:

 

		(a)	the existence and terms of this Agreement and the Share Mortgage (and any draft thereof); and

 

		(b)	all negotiations in connection with them, 

 

			and must ensure that their respective Personnel do likewise.

 

		(2)	A Party may disclose information:

 

		(a)	on a confidential basis to its relevant Personnel and advisers to enable them to advise or assist in connection with this Agreement
and the Share Mortgage (including its administration or enforcement);

 

		(b)	to a person whose consent is needed in connection with this Agreement if the Party seeking consent uses reasonable endeavours
to get the consenting person to agree to keep the information confidential (and then only to the extent that the consenting person
needs to know the information in order to decide whether to consent);

 

		(c)	if that information is in the public domain (other than because the Party has disclosed it);

 

		(d)	if the Party lawfully had the information before it was disclosed to them in connection with this Agreement;

 

		(e)	with the consent of each other Parties;

 

		(f)	in connection with legal or other proceedings relating to this Agreement;

 

		(g)	if compelled by law or by an authority such as a Government Agency, court, tribunal or stock exchange; or

 

		(h)	if this Agreement expressly requires or permits a Party to disclose information.

 

A Party disclosing under clauses 18.1(2)(g) and/or
(h) must, as far as practical, consult with each other Party beforehand as to the content and timing of the disclosure.

 

		18.2	Agreement on press announcements

 

The Parties must in good faith agree at or before
Completion on the form of any press announcement or public statement that they will each make concerning this Agreement.

 

		18.3	Continuing obligation

 

This clause 18.3 continues to bind the Parties after
Completion and after the Parties' other obligations under this Agreement terminate.

 

		19	Further assurance

 

		19.1	Each Party must at its own cost from time to time do all things (including executing or producing documents, getting documents
executed or produced by others and obtaining consents) necessary or desirable to give full effect
to this Agreement (including the transactions contemplated by this Agreement).

 

    	28

    	 

    

 

		20	Severability

 

		20.1	If anything in this Agreement is unenforceable, illegal or void or contravenes the law then it is severed and the rest of this
Agreement remains in force. The rights and obligations of each Party are not affected by any law that, but for this clause 20,
would affect those rights and obligations.

 

		21	Entire agreement

 

		21.1	This Agreement:

 

		(1)	contains the entire agreement, arrangement and understanding between the parties on everything connected with the subject matter
of this Agreement; and

 

		(2)	supersede any prior agreement, arrangement or understanding on anything connected with that subject matter.

 

Accordingly, anything (such as
correspondence, negotiations or representations before this document is executed or an arrangement or understanding) not reflected
in this Agreement does not bind the Parties and may not be relied on by them.

 

		22	Variation

 

		22.1	Variation

 

An amendment or variation to this Agreement is not
effective unless it is in writing and signed by the Parties named therein.

 

		22.2	Waiver

 

A provision of this Agreement (including a condition
precedent) may only be waived in writing signed by the person who has the benefit of the provision.

 

		23	Rights, powers and remedies

 

		(1)	The rights, powers and remedies of each Party under this Agreement are additional to other rights and powers independently
given by law.

 

		(2)	A Party's failure or delay to exercise a right, power or remedy does not operate as a waiver of that right, power or remedy.

 

		(3)	The exercise of a right, power or remedy does not preclude either its exercise in the future or the exercise of any other right,
power or remedy.

 

		(4)	Unless this Agreement expressly provides otherwise, a Party may exercise a right, power or remedy
(including giving or withholding its approval or consent) entirely at its discretion (including by imposing conditions).

 

		(5)	In exercising, or deciding not to exercise, a right, power or remedy, a Party is not required to take into account any adverse
effect on another Party.

 

		(6)	Each Party agrees to comply with the conditions of any approval, consent or waiver given by another Party.

 

		(7)	Waiver of a right, power or remedy is effective only in respect of the specific instance to which it relates and for the specific
purpose for which it is given.

 

    	29

    	 

    

 

		24	Continuing obligations

 

		24.1	Survival of rights

 

The rights and obligations of the Parties do
not merge on the completion of any transaction contemplated by this Agreement. They also survive the execution and delivery
of any conveyance, assignment, transfer or other document entered into for the purpose of implementing any transaction
contemplated by this Agreement.

 

		24.2	Survival of indemnities

 

Each indemnity in this Agreement survives the expiry
or termination of this Agreement. A Party may enforce a right of indemnity at any time, including before it has suffered loss.

 

		25	Costs

 

		25.1	Costs

 

Each Party must pay its own costs in connection with
the negotiation, preparation and execution of this Agreement.

 

		25.2	Stamp Duty

 

The Purchaser must pay all stamp duty
(including all fines, penalties and interest) and other government imposts payable on or in connection with this Agreement
and any transaction contemplated by this Agreement, and all instruments of transfer and other documents or instruments
executed under or in connection with this Agreement or any transaction contemplated by this Agreement, when due.

 

		25.3	Indemnity

 

The Purchaser indemnifies the Seller against all Loss
arising from any failure by the Purchaser to comply with its obligations under clause 25.2.

 

		26	Notices

 

		26.1	To be in writing

 

Each communication in connection with this Agreement
(including a notice, consent, request, waiver or demand) (Notice) has no legal effect unless it is in writing.

 

		26.2	Delivery

 

In addition to any other method of service provided
by law, the Notice may be:

 

		(1)	sent by prepaid ordinary post to the address for service of the addressee, if the address is in Australia and the Notice is
sent from within Australia;

 

		(2)	sent by prepaid airmail to the address for service of the addressee, if the address is outside Australia or if the Notice is
sent from outside Australia;

 

		(3)	sent by facsimile to the facsimile number of the addressee;

 

		(4)	sent by email to the email address of the addressee; or

 

		(5)	delivered at the address for service of the addressee.

 

    	30

    	 

    

 

		26.3	Timing of delivery

 

If the Notice is sent or delivered in a manner provided
by clause 25.2, it must be treated as given to and received by the Party to which it is addressed:

 

		(1)	if sent by post from within Australia to an address in Australia, on the 2nd Business Day (at the address to which it is posted)
after posting;

 

		(2)	if sent by post to an address outside Australia or sent by post from outside Australia, on the 5th Business Day (at the address
to which it is posted) after posting;

 

		(3)	if sent by facsimile before 5 pm on a Business Day at the place of receipt, on the day it is sent and otherwise on the next
Business Day at the place of receipt;

 

		(4)	if sent by email before 5pm on a Business Day at the place of receipt, on the day it is sent and otherwise on the next Business
Day at the place of receipt; or

 

		(5)	if otherwise delivered before 5 pm on a Business Day at the place of delivery, upon delivery, and otherwise on the next Business
Day at the place of delivery.

 

		26.4	Facsimiles and emails

 

Despite clause 26.3:

 

		(1)	a facsimile is not treated as given or received if at the end of the transmission the sender's facsimile machine fails to issue
a report confirming the transmission of the number of pages in the Notice; and

 

		(2)	an email is not treated as given or received if the sender's computer reports that the message has not been delivered.

 

		26.5	Time and days

 

If a Notice is served by a method which is
provided by law but is not provided by clause 26.2, and the service takes place after 5pm on a Business Day, or on a day
which is not a Business Day, it must be treated as taking place on the next Business Day.

 

		26.6	Assumed delivery

 

A Notice sent or delivered in a manner provided by
clause 26.2 must be treated as validly given to and received by the Party to which it is addressed even if:

 

		(1)	the addressee has been liquidated or deregistered or is absent from the place at which the Notice is delivered or to which
it is sent; or

 

		(2)	the Notice is returned unclaimed.

 

		26.7	Seller's and Guarantor's addresses

 

The Seller's address for service and facsimile number
are:

 

	 	Name	:	CBD Labs Pty Ltd
	 	 	 	 
	 	Attention	:	Chief Financial Officer
	 	 	 	 
	 	Address	:	Level l2, 15 Macquarie Place, Sydney NSW 2000
	 	 	 	 
	 	Facsimile no	:	+61 2 9252 2721
	 	 	 	 
	 	Email address 	:	Richard Pillinger (rpillinger@cbdenegry.com.au)

 

    	31MASTER ACQUISITION AGREEMENT

 

 

DATED DECEMBER 2012

 

 

PRIME RENEWABLES GMBH

 

and

 

ECO-KINETICS NETHERLANDS HOLDING B.V.

 

relating to the acquisition of photovoltaic
projects

 

 

ALLEN & OVERY

Studio Legale Associato

 

    	 

    	 

    

 

INDEX

 

	 	Page
	 	 
	Clause	 
	 	 
	1.	Recitals and Schedules	4
	2.	Definitions and Interpretations	4
	3.	Sale and Purchase of the Shares	5
	4.	Enel Receivables	6
	5.	Conditions to Closing	6
	6.	Pre-Closing Covenants	8
	7.	Closing	8
	8.	Interim Period	10
	9.	Warranties	12
	10.	Indemnity	23
	11.	Confidentiality	27
	12.	Miscellaneous	27
	13.	Applicable Law and Arbitration	30
	 	 
	Signatories	31
	 	 
	Schedule	 
	 	 
	1.	Evidence of the Powers of the Parties	32
	2.	Definitions	33
	3.	The Projects	38
	4.	Settlement Agreements	40
	5.	EPC Contract	41
	6.	O&M Contract	42
	7.	By-laws of the Holding Company	43
	8.	Form of Parent Company Guarantee	51
	9.	List of bank and other accounts — outstanding loans	55
	10.	Contracts	56
	II.	Land	57
	12.	Insurance Policies	59

 

    	2

    	 

    

 

THIS AGREEMETN (the Master Agreement)
is made on ____ December 2012

 

BETWEEN

 

		(1)	Prime Renewables GmbH, a company incorporated under the laws of Germany, whose registered
office is at Floor 15, Bockenheimer Landstr. 51-53 / 60325 Frankfurt am Main, Germany, registered with the commercial registry
of "Handelsregister B des Amtsgerichts Frankfurt am Main" under number HRB 91984, duly represented by Mr. Werner Goricki,
in his capacity as legal representative, duly authorised as resulting from the extract of the commercial registry, copy of which
is attached hereto as Schedule I (the Purchaser);

 

on the one part-

 

		(2)	eco-Kinetics Netherlands Holding B.V., a company incorporated under the laws of the Netherlands,
whose registered office is at Schiphol Boulevard 231, 1118 BH Schiphol the Netherlands, company number no. 55226582, duly represented
by Mr. Jacobus Johannes Van Ginkel, in his capacity as legal representative, duly authorised pursuant to the shareholder's resolution
dated 26 November 2012 and as resulting from the extract of the commercial registry, copies of which are attached hereto as Schedule
1 (the Seller);

 

-on the other part-

 

(the Purchaser and the Seller are herein
collectively referred to also as the Parties and individually as a Party).

 

BACKGROUND

 

		(A)	The Seller owns no. 13,342,736 (thirteen million three hundred and forty two thousand seven hundred
and thirty six) shares having a nominal value of Euro 13,342,736 (thirteen million, three hundred and forty two thousand seven
hundred and thirty six/00) (the Shares) representing the entire corporate capital of eco-Kinetics Netherlands One B.V.,
a company incorporated under the laws of the Netherlands, with registered office in De Lairessestraat 154, 1075 HL, Amsterdam,
the Netherlands, company number no. 55244408 (the Holding Company).

 

		(B)	The Holding Company owns (i) a quota having a nominal value of Euro 10,000.00 (ten thousand/00)
(the TE1 Quota) representing the entire corporate capital of Tele Energy 1 S.r.l., a company incorporated under the laws
of Italy, with registered office in via Nickmann 6/A, 70132, Bari, Italy, registration with the Companies' Register, Italian tax
code and VAT number no. 06782700725 (TE1), (ii) a quota having a nominal value of Euro 10,000.00 (ten thousand/00) (the
FV12 Quota) representing the entire corporate capital of Enne.Pi. Studio FV. 12 S.r.l., a company incorporated under the
laws of Italy, with registered office in Lungomare 9 Maggio 38, 70132, Bari, Italy, registration with the Companies' Register,
Italian tax code and VAT number no. 07253100726 (FV12), (iii) a quota having a nominal value of Euro 10,000.00 (ten thousand/00)
(the FV9 Quota) representing the entire corporate capital of Enne.Pi. Studio FV. 9 S.r.l., a company incorporated under
the laws of Italy, with registered office in Lungomare 9 Maggio 38, 70132, Bari, Italy, registration with the Companies' Register,
Italian tax code and VAT number no. 07211550723 (FV9), and (iv) a quota having a nominal value of Euro 10,000.00 (ten thousand/00)
(the FV8 Quota and, together with the TE1 Quota, the FV12 Quota and the FV9 Quota, the Quotas) representing the entire
corporate capital of Enne.Pi. Studio FV. 8 S.r.l., a company incorporated under the laws of Italy, with registered office in Lungomare
9 Maggio 38, 70132, Bari, Italy, registration with the Companies' Register, Italian tax code and VAT number no. 07211560722 (FV8
and, together with TEI, FV12 and FV9, the Project Companies; the Project Companies and the Holding Company are herein
collectively referred to as the Companies).

 

    	3

    	 

    

  

		(C)	The Project Companies
                                                                  have been set up for the purpose of developing, engineering,
                                                                  financing, constructing, commissioning, operating and maintaining
                                                                  five photovoltaic plants as better described and identified
                                                                  in Schedule 3 (the Projects).

 

		(D)	On 28 November 2012 the
                                                                  Holding Company entered into no. 2 settlement agreements, a
                                                                  true copy of which is attached hereto as Schedule 4 (the Settlement
                                                                  Agreements), with, among the others, the previous quotaholders
                                                                  of the Project Companies, in relation to certain pending issues
                                                                  (inclusive of certain issues relating to amounts of the considerations
                                                                  to be paid for the transfer of the Quotas under the relevant
                                                                  past deeds of transfer and not fully paid within the due date),
                                                                  pursuant to which: (i) all payments, claims, disputes and issues
                                                                  still outstanding in connection with the past deeds of transfer
                                                                  have been fully settled among the interested parties conditional
                                                                  upon payment by the Holding Company and certain other entities
                                                                  or individuals, upon expiry of different maturity dates (the
                                                                  first one falling on 21 December 2012 and the last one on 20
                                                                  May 2013), of certain amounts as stated thereunder, and (ii)
                                                                  any claims relating to payments in connection with certain services
                                                                  and supply of parts for the construction of the photovoltaic
                                                                  plants of the Projects have been fully settled among the interested
                                                                  parties.

 

		(E)	For the purpose of the construction
                                                                  and operation of the photovoltaic plants involved in the Projects,
                                                                  the Project Companies, as principal, and eco-Kinetics Europe
                                                                  Limited, as contractor, have entered into, in relation to each
                                                                  Project: (i) an engineering, procurement and construction contract,
                                                                  copy of which is attached hereto as Schedule 5 (the EPC Contract),
                                                                  and (ii) an operation and maintenance contract, copy
                                                                  of which is attached hereto as Schedule 6 (the O&M Contract).

 

		(F)	The Purchaser, a company operating
                                                                  in the field of the management and financing of photovoltaic
                                                                  plants, wishes, on the terms and subject to the conditions set
                                                                  out in this Master Agreement, to acquire the Shares.

 

NOW, THEREFORE, on the basis of
the foregoing, the Parties agree as follows.

 

		1.	RECITALS AND SCHEDULES

 

The Recitals above and the Schedules
to this Master Agreement are an integral and essential part of this Master Agreement.

 

		2.	DEFINITIONS AND INTERPRETATIONS

 

		2.1	The heading contained in this Master Agreement and in any Schedules are for reference purposes
only and shall not affect in any way their interpretation.

 

		2.2	In this Master Agreement, unless the contrary intention appears, a reference to a Recital, Clause,
Subclause or Schedule is a reference to a recital, clause, subclause or schedule of this Master Agreement.

 

		2.3	In this Master Agreement, where an
Italian term is written in italics or in italics and in brackets after an English term and there is any inconsistency between
the Italian and the English term, the meaning of the Italian term shall prevail.

 

		2.4	In this Master Agreement, references to dates and times are to be computed as of the Italian time,
unless otherwise expressly provided.

 

    	4

    	 

    

  

		2.5	In addition to the terms defined above and other terms defined in other Clauses or Schedules,
                                                          capitalised terms used in this Master Agreement shall have the meaning given to those terms in Schedule 2.

 

		3.	SALE AND PURCHASE OF THE SHARES

 

		3.1	Subject to the Conditions Precedent being satisfied, or waived by the Purchaser, and subject to
the terms and conditions of this Master Agreement, the Seller shall sell and transfer to the Purchaser, and the Purchaser shall
purchase, the Shares at Closing.

 

		3.2	In consideration for the transfer of the Shares, the Purchaser shall pay to the Seller a purchase
price equal to Euro 12,300,000.00 (twelve million three hundred thousand/00) (the Purchase Price). The Purchase Price shall
be paid as follows:

 

		(a)	Euro 11,850,000.00 (eleven million eight hundred fifty thousand/00) at the Closing Date to the
bank account set forth in Subclause 12.8(a);

 

		(b)	(i) Euro 450,000.00 (four hundred
                                                               fifty thousand/00) to the bank account set forth in Subclause 12.8(a)
                                                               at the date of issuance of the last provisional acceptance certificate
                                                               under the EPC Contracts, in case any of the provisional acceptance
                                                               certificates under the EPC Contracts is still to be issued at the
                                                               Closing Date; (ii) it is agreed to the contrary that, in case any
                                                               and all provisional acceptance certificates under the EPC Contracts
                                                               will prove to have been already issued on or prior to the Closing
                                                               Date, said amount equal to Euro 450,000.00 (four hundred fifty
                                                               thousand/00) shall cumulate with the one under (a) above and be
                                                               paid at the Closing Date to the bank account set forth in Subclause
                                                               12.8(a).

 

		3.3	It is agreed that the Purchase Price will be reduced to Euro 11,950,000.00 (eleven million nine
hundred fifty thousand/00) in the event Closing Date falls on a date which is earlier than 21 December 2012. In such an event:
(i) Subclause 3.2 shall still apply, provided however that figures under 3.2(a) and 3.2(b) shall respectively be reduced to Euro
11,512,630.00 and Euro 437,370.00; and (ii) the Purchaser shall procure that the payment of Euro 350,000 (three hundred and fifty
thousand/00) pursuant to and in accordance with the Settlement Agreement, referred to under Subclause 7.2(h), is fully made by
the Holding Company so that the bank account of the recipient of the aforesaid payment is in cleared funds on or before 21 December
2012.

 

		3.4	The Shares shall be sold free from
                                                           all Encumbrances and together with all rights attaching to them, including
                                                           the right to the full amount of all dividends which may be allocated
                                                           to the Shares for the current business year which started on 1 July
                                                           2012.

 

		3.5	The Parties agree that the Purchaser may designate a member of the Purchaser's Group, including
for the avoidance of doubt a new company to be incorporated, to purchase the Shares in accordance with article 1401 of the Code
and act as Purchaser under this Master Agreement, in which case the following provisions apply:

 

		(a)	the designation will be validly made if notified by the Purchaser in writing to the Seller together
with the written acceptance of the designated member of the Purchaser's Group;

 

		(b)	any designation shall be notified to the Seller no later than the Closing Date;

 

		(c)	upon designation and simultaneous written acceptance by the designated member of the Purchaser's
Group in accordance with this Subclause 3.5, the Purchaser shall be definitively released from the performance of the obligations
undertaken by it under this Master Agreement.

 

    	5

    	 

    

  

		4.	ENEL RECEIVABLES

 

		4.1	The Seller has informed the Purchaser that the Project Companies are entitled to certain receivables
towards Enel in relation to the assignment of the ownership of the electrical infrastructure to Enel for the purpose of its inclusion
within the grid managed by Enel itself (the End Receivables).

 

		4.2	In case the Enel Receivables are not cashed in by the Project Companies within 24 (twenty four)
months as of the date hereof, the Seller shall pay to the Purchaser a sum equal to the amount of the Enel Receivables.

 

		4.3	In case the Enel Receivables are cashed in, in whole or in part, by the Project Companies within
the term set out in Subclause 4.2, the following provisions shall apply:

 

		(a)	if the amount of the Enel Receivables cashed in by the Project Companies is higher than Euro 80,000.00
(eighty thousand/00), the Purchaser shall pay to the Seller a sum equal to the exceeding portion on a euro by euro basis; or

 

		(b)	if the amount of the Enel Receivables cashed in by the Project Companies is lower than Euro 70,000.00
(seventy thousand/00), the Seller shall pay to the Purchaser a sum equal to that reduction on a euro by euro basis.

 

		4.4	Any such payment shall be made within 5 (five) Business Days following the expiry of the term set
out in Subclause 4.2.

 

		4.5	To the extent possible, the Purchaser is entitled to deduct from/offset any sum due to it by the
Seller under Subclause 4.3(b) against any amount payable by it to the Seller under Subclause 3.2(b).

 

		5.	CONDITIONS TO CLOSING

 

		5.1	The Purchaser's obligations to purchase the Shares
and fulfil its obligations under Clauses 3 and 7, are conditioned to (i) the following conditions
under letters (a), (b), (c) and (d) below having been met within the Long Stop Date, and (ii) the following conditions under letters
(e), (f), (g) and (h) below being met throughout the period elapsing from the Execution Date
up to the Long Stop Date (inclusive):

 

		(a)	all Encumbrances on, or affecting, the Shares being released, cancelled and terminated and the
Holding Company being released and discharged from all undertakings, liabilities and obligations arising thereto;

 

		(b)	the agreement (Convenzione) for the granting of the Incentive Tariff having been properly
entered into by and between the Project Companies and the GSE in relation to each and all Projects with the exception of the relevant
agreement to be entered into between FV8 and the GSE in relation to the Vitti I Project;

 

		(c)	an
                                                                                                    updated twenty-year notarial
                                                                                                    report
                                                                                                    addressing all the plots of
                                                                                                    land impacted by each Project,
                                                                                                    and covering, in particular,
                                                                                                    the plots of land referred
                                                                                                    to by the relevant deeds of
                                                                                                    easement (contratti per
                                                                                                    la costituzione di diritti
                                                                                                    di servitù)
                                                                                                    and the deeds of undertaking
                                                                                                    (atti d'obbligo), being
                                                                                                    delivered by the Seller to
                                                                                                    the Purchaser in relation
                                                                                                    to each Project showing that
                                                                                                    each land impacted by the
                                                                                                    Projects is free from mortgages
                                                                                                    or other liens and that there
                                                                                                    is not any prejudicial registration
                                                                                                    on land (trascrizione pregiudizievole);

 

    	6

    	 

    

  

		(d)	delivery by the Seller of evidence of the filing of the deeds of easement (contratti per la
costituzione di diritti di servitù) and the deeds of undertaking (atti d'obbligo) concerning the Projects with the Property
Register in relation to all the Projects other than the Bitonto Bitetto Project;

 

		(e)	there being no pending or commenced actions or proceedings by or before any court or other governmental
body or agency which shall seek to restrain, prohibit or invalidate the transactions contemplated by this Master Agreement related
to the purchase by the Purchaser of the Shares;

 

		(f)	none of the following event is taking place: (i) any material breach of the Warranties coming to
the Purchaser's attention whether as a result of the Seller notifying such breach to the Purchaser or the Purchaser becoming otherwise
aware of it; and (ii) anything else occurring which has or would be likely to have a Material Adverse Effect on the Companies and/or
the Projects; unless any such breach or event is fully remedied by the Seller on or prior to the Long Stop Date;

 

		(g)	no introduction of, or any change in, any and all applicable Law or regulation following the Execution
Date that will or may generate change in the Incentive Tariff regime; and

 

		(h)	without any prejudice to Subclauses 10.2(a) and in relation to each Project, no third party or
Public Authority claiming or challenging or annulling on a self redress basis (annullamento in autotutela) or threatening
to claim or challenge or annul on a self redress basis (annullamento in autotutela), the validity of the Authorisations
and of the Connection Applications; unless such claim, challenge or annulment (either actual or threatened) is withdrawn or waived,
autonomously or under the initiative of the Seller, by the same third party or Public Authority on or prior to the Long Stop Date.

 

		5.2	The Conditions Precedent are all set in the exclusive interest of the Purchaser, so that the Purchaser
may waive all or any of the Conditions Precedent (either in whole or in part) at any time by written notice to the Seller.

 

		5.3	Each Party shall act in good faith
                                                           to procure (so far as it is so able to procure) that the Conditions
                                                           Precedent are satisfied on or before 31 January 2013 (the Long Stop
                                                           Date). lf, for reasons independent from the Parties, any
                                                           of the Conditions Precedent under letters 5.1(a), 5.1(b), 5.1(c) and
                                                           5.1(d) of Subclause 5.1 should not be met by the Long Stop Date, and
                                                           the Purchaser should not have waived it by that time, then each of
                                                           the Parties will be entitled to immediately notify to the other a written
                                                           request to postpone it for 30 calendar days, it being understood that,
                                                           in such an event, the Long Stop Date shall be automatically postponed
                                                           up to 2 March 2013.

 

		5.4	The Party responsible for the satisfaction of any of the Conditions Precedent shall promptly notify,
giving written evidence of that, the other Party of (i) the satisfaction of the relevant Condition Precedent or (ii) the occurrence
of any action, fact or event that makes or can be reasonably expected to make the satisfaction of any of the Conditions Precedent
impossible or unlikely. This notice must be given on or before the second Business Day after the Party becomes aware of the same.

 

		5.5	If on or before the Long Stop Date (as postponed, if the case may be), the Purchaser acknowledges
that any of the Condition Precedent has not been met (or is not otherwise waived by the Purchaser), without prejudice to any other
rights or remedies available to the Purchaser in accordance with any and all applicable Law (including, without any limitation,
its ability to claim damages), except for this Clause and Clauses 2, 11, 12.6 and 13, all the other provisions of this Master Agreement
shall lapse and cease to have effect.

 

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		6.	PRE-CLOSING COVENANTS

 

		6.1	The Parties undertake to deliver before Closing to the Notary the powers of attorney and any other
deeds required for the purpose of executing the Deed of Transfer and performing any other relevant action at Closing as set out
in Clause 7. The Seller shall cause that the Holding Company delivers before Closing to the Notary the power of attorney and any
other deeds required for the purpose of executing the Deed of Transfer and performing any other relevant action at Closing as set
out in Clause 7.

 

		6.2	The Seller acknowledges and agrees that (i) the Notary will be a
civil law notary with the Purchaser's lawyers, (ii) it is aware of the provisions of the Ordinance Interdisciplinary Cooperation
(Verordening Interdisciplinaire Samenwerking) of the Royal Professional Organisation
of Civil Law Notaries (Koninklijke Notariële Beroepsorganisatie) in the Netherlands,
and (iii) the Purchaser's lawyers may advise and act on behalf of the Purchaser with respect to this Master Agreement and any agreements
and/or any disputes related to or resulting from this Master Agreement.

 

		6.3	The Parties acknowledge that the amended by-laws of the Holding Company attached under Schedule
7 are an English unofficial version which may need to be translated and implemented in the Dutch language and according to local
requirements. The Seller shall procure that a Dutch version of the amended by-laws of the Holding Company as reflected under Schedule
7 is circulated for approval of the Purchaser fairly in advance of the Closing Date to allow the latter to approve it before it
is submitted to the Notary to be used for the purposes of Subclause 7.2(d). The Parties acknowledge that, in the event changes
will be required in order to make the new by-laws as attached in Schedule 7 validly translated into Dutch language and consistent
with local requirements, they will procure that the finally adopted new by-laws of the Holding Company are, to the utmost extent
possible, consistent with the intended interests and aim of the Purchaser.

 

		6.4	The Seller undertakes to transfer and assign to the Holding Company before Closing at no charge,
cost and under no consideration any and all receivables and credits claimed by any Seller's Group Company towards the Project Companies
in relation to, or in any case connected to, the payment of the considerations and/or other sums pursuant to the EPC Contracts
and/or any other agreements to which the Project Companies are parties.

 

		6.5	The Purchaser shall keep the Seller promptly informed of any claims regarding the transformer outage
at the Casamassima Saracino Project in relation to the period lasting from October 2012 to November 2012 and provide the Seller
with copies of all relevant documents and such other information in its possession or control as may be reasonably requested by
the Seller for the purpose of allowing the Seller, or any of its Affiliates, to enforce the relevant warranty claims against the
supplier of the defective parts.

 

		7.	CLOSING

 

		7.1	Closing shall take place simultaneously at the offices of Allen & Overy, Via Manzoni 41-43,
Milan, Italy, and Apollolaan 15, 1077 AB Amsterdam, the Netherlands, at 10.00 a.m. central European time on the Closing Date, or
at the other place and/or time to be agreed upon between the Parties.

 

		7.2	At Closing, the Seller shall, following the chronological order below:

 

		(a)	deliver to the Purchaser (i) a statement by which the Seller declares that there are no outstanding
receivables and credits which may be claimed by any Seller's Group Company towards the Project Companies in relation to, or in
any case connected to, the payment of the considerations and/or other sums pursuant to the EPC Contracts and/or any other agreements
to which the Project Companies are parties, and (ii) a written acquittance signed by each Seller's Group Company irrevocably and
unconditionally stating that the Seller's Group Companies have no claim, at any title whatsoever, towards the Project Companies
with respect to any and all receivables and credits which may be claimed by any Seller's Group Company towards the Project Companies
in relation to, or in any case connected to, the payment of the considerations and/or other sums pursuant to the EPC Contracts
and/or any other agreements to which the Project Companies are parties;

 

    	8

    	 

    

  

		(b)	procure the resignation in writing of each relevant Company's directors, managers and attorneys,
in each case to be expressed to take effect on the Closing Date and acknowledging that the directors have no claim against any
and all of the Companies, whether for loss of office, accrued remuneration or otherwise;

 

		(c)	procure that a shareholders' meeting of each relevant Company is validly convened and held to resolve
on the appointment of the Persons who will be designated by the Purchaser as new directors of each relevant Company;

 

		(d)	procure that a shareholders' meeting of the Holding Company is validly convened and held to resolve
the adoption of amended by-laws of the Holding Company as reflected under Schedule 7 in order to (i) remove limits on the nationality
of directors and provide for one single category of directors irrespective of their nationality, and (ii) provide that the meetings
of the board of directors may be held, and relevant resolutions adopted, also outside of the Netherlands;

 

		(e)	deliver to the Purchaser the shareholders' ledger (once
possibly updated as provided under (j) below), deed of incorporation, updated by-laws, minute books, registers and all statutory
books as stated in Subclause 9.6(c) of each relevant Company;

 

		(f)	deliver to the Purchaser evidence that Euro 10,640,000.00 (ten million six hundred fourty thousand/00)
to eco-Kinetics Europe Limited as 100% of the aggregate consideration pursuant to the EPC Contract has been duly paid and cashed
in by the contractor; it being agreed that at Closing the Seller shall also deliver to the Purchaser evidence that any sum which
is due and payable to the contractor under the O&M Contract as at the Closing Date has been duly paid and cashed in by the
contractor;

 

		(g)	deliver to the Purchaser evidence, satisfactory to the latter, that all cash is deposited in the
bank accounts opened in the name of each Project Company as minimum required equity capital (Euro 10,000 per each Project Company)
and all powers to manage and operate such accounts previously granted to Mr. Francesco Felici or any other individuals have been
revoked and annulled;

 

		(h)	only provided that Subclause 3.3 is not applicable and Closing Date falls on a date which is falling
on, or later than, 21 December 2012, deliver to the Purchaser evidence, satisfactory to the latter, of payment of the Euro 350,000.00
(three hundred fifty thousand/00) claim, as referred to under the Settlement Agreement entered into by and among the Holding Company
and, among the others, the previous quotaholders of the Project Companies, having been timely, accurately and fully made by 21
December 2012, pursuant to and in accordance with the relevant Settlement Agreement, at no cost or charge for any of the Project
Companies and without any residual obligation or liability of the Holding Company with respect to such claim remaining outstanding
after the date of said payment;

 

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		(i)	deliver to the Purchaser the true original of the parent company guarantee released by CBD Energy
Limited, according to the form attached herewith under Schedule 8; 

 

		(j)	execute before the Notary the Deed of Transfer of the
Shares, free from any Encumbrances, and procure that (i) the Holding Company executes the Deed of Transfer before the Notary,
and (ii) the relevant entry is executed in the Holding Company's shareholders' ledger in a form satisfactory to the Purchaser;
and

 

		(k)	procure that any such other document that is contemplated under this Master Agreement or that may
be required by any and all applicable Law in order to complete the sale to the Purchaser of the Shares or in connection therewith
is executed.

 

		7.3	At Closing, the Purchaser shall pay the Purchase Price in accordance with Subclauses 3.2(a) and
3.2(b)(ii) and, if the case may be, 3.3.

 

		7.4	All actions and transactions constituting the Closing (including, without any limitation, the transfer
of the Shares) shall be regarded for the purposes of the Closing as a single transaction so that, at the option of the Party interested
in carrying out the specific action or transaction, no action or transaction shall be deemed to have taken place unless and until
all other actions and transactions constituting the Closing shall have taken place as provided in this Master Agreement.

 

		7.5	If for any reason the Seller does not do or procure to be done all those things set out in Subclause
7.2, the Purchaser may:

 

		(a)	communicate in writing to the Seller that, without prejudice to any other rights or remedies available
to the Purchaser in accordance with any and all applicable Law (including, without any limitation, its ability to claim damages),
except for this Clause, the Clauses 2, 11, 12.6 and 13, all the other provisions of this Master Agreement relating to the acquisition
by the Purchaser of the Shares shall lapse and cease to have effect; or

 

		(b)	fix a new Closing Date.

 

		7.6	The execution of the Closing shall not affect, and shall not have
any novative effects (effetto novativo) on the rights and obligations of the Parties
provided for in this Master Agreement which shall remain effective as stated herein.

 

		8.	INTERIM PERIOD

 

		8.1	During the Interim Period, the Seller shall:

 

		(a)	procure that the Purchaser, its agents and representatives, are given full access to the properties,
books, Contracts, commitments and records of the Companies during normal business hours on any Business Day and on reasonable notice
to the Seller;

 

		(b)	without any prejudice to Parties' disclosure obligation under this Master Agreement, provide such
information regarding the Projects, businesses and affairs of the Companies as the Purchaser may reasonably require;

 

		(c)	procure that the businesses of the Companies will be carried on in
the ordinary course, consistent with past and current practice (senza soluzione di continuità rispetto al passato).
In particular, and without limiting the generality of the foregoing, the Seller shall procure
that, except with the written consent of the Purchaser, the Companies will not:

 

		(i)	incur any expenditure
that is not strictly necessary for the correct implementation of the Projects without the previous written consent of the Purchaser.
It is agreed and understood that, as a consequence of the incurring of such authorised expenditure,
at the Closing Date, no debts, liabilities, fees, expenses, charges, costs of whatever nature, including, without any limitation, Taxes, fees, legal and notarial expenses relating to the carrying
out of the expenditure shall be due by the Companies to any third party, including, without any limitation, the Seller; or

 

    	10

    	 

    

  

		(ii)	dispose of or grant any option or right of pre-emption in respect of any part of their assets;
or

 

		(iii)	even in the ordinary course of their businesses consistent with their past practices, will not
(i) enter into any Contract involving an amount without the previous written consent of the Purchaser; or (ii) make any commercial
proposal or offer to any Person, which, if accepted, would result in a legally binding Contract; or

 

		(iv)	borrow any money; or

 

		(v)	enter into any unusual Contract or commitment or:

 

		(A)	make any loan;

 

		(B)	enter into any leasing, hire purchase or other Contract or arrangements for payment on deferred
terms; or

 

		(vi)	declare, make or pay any dividend or other distribution or do or allow to be done anything which
renders their financial position less favourable than at the Execution Date; or

 

		(vii)	grant, issue or redeem any mortgage, charge, debenture or other security or give any guarantee
or indemnity; or

 

		(viii)	make any change in the terms and conditions of employment of any of their directors or employ any
Person; or

 

		(ix)	permit any of their insurances (if any) to lapse or do anything which would make any policy of
insurance void or voidable; or

 

		(x)	pass any resolution of their shareholders or quotaholders, as applicable, whether in general meeting
or otherwise; or

 

		(xi)	agree, conditionally or otherwise, to do any of the foregoing; or

 

		(xii)	in any other way depart from the ordinary course of their day-to-day business; or

 

		(xiii)	do or omit to do, or cause to be done or omitted to be done, any act, transaction or thing which
would result (or be likely to result) in (I) any of the Warranties being untrue or inaccurate at the Closing Date and/or (II) any
direct or indirect negative impact and/or effect on the transactions (or part thereof) contemplated by this Master Agreement.

 

		8.2	The Seller shall immediately notify the Purchaser in writing of any matter or thing which arises
or becomes known to it before the Closing which (notwithstanding the preceding paragraph) constitutes (or would after the lapse
of time constitute) a misrepresentation or a breach of any of the Warranties or the undertakings or other obligations on the part
of the Seller under this Master Agreement.

 

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		9.	WARRANTIES

 

		9.1	General provisions

 

		(a)	The Warranties given by the Seller shall be true,
accurate, complete and correct in all material respects at the Execution Date and at the Closing Date.

 

		(b)	Each of the Warranties is separate and independent
and, unless otherwise expressly provided, is not limited to:

 

		(i)	by reference to any other Warranty;

 

		(ii)	by any other term in this Master Agreement: or

 

		(iii)	by anything in the Schedules which is not expressly referenced to the Warranty concerned.

 

		(c)	The Seller acknowledges that the Warranties are material and the accuracy and completeness of the
Warranties is essential to the Purchaser's decision to enter into this Master Agreement.

 

		(d)	The Warranties herein are qualified by all facts, matters and information Disclosed to the Purchaser.

 

		(e)	The following Warranties are given by the Seller in addition to any other representation and warranty
given under this Master Agreement or all and any applicable Law.

 

		9.2	Organization

 

		(a)	The Holding Company is duly organised, validly existing and in good standing under the Laws of
the Netherlands.

 

		(b)	Each Project Company is a società a responsabilità limitata
(limited liability company) company, duly organised, validly existing and in good standing under
the Laws of Italy.

 

		(c)	The corporate capital of:

 

		(i)	the Holding Company is equal to Euro 13,342,736 (thirteen million, three hundred and forty two
thousand seven hundred and thirty six/00), duly authorised, validly issued and fully paid up; and

 

		(ii)	each Project Company is equal to Euro 10,000 (ten thousand/00), duly authorised and validly issued.

 

		(d)	Each Project Company has no subsidiaries and it possesses the full corporate powers and authorities
to own its Assets and to carry out the relevant Project(s).

 

Accurate and complete copies of
certificates of incorporation, articles of association and other organisation and related documents, each as amended to date, of
each Company shall be delivered, within the Closing Date by the Seller to the Purchaser.

 

		9.3	Effect of this
                                                                             Master Agreement

 

		(a)	The Seller has the requisite power and authority to
enter into and perform this Master Agreement.

 

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		(b)	For the Seller, its execution, delivery and performance
of this Master Agreement, and its consummation of the transactions contemplated herein:

 

		(i)	do not constitute a default or breach under any Contract to which it or the relevant Company is
a party or by which it or the relevant Company is bound;

 

		(ii)	do not relieve any other party to a Contract with the relevant Company of its obligations or enable
that party to vary or rescind its rights or obligations under such Contract;

 

		(iii)	do not constitute a violation of any and all Law applicable to it, or to the business, the relevant
Project, or the Assets of the relevant Company, or to any of the transactions contemplated in this Master Agreement;

 

		(iv)	do not violate any regulation, rule, injunction, judgement, order, decree, ruling, charge or other
restriction of any Public Authority to which the Seller or the relevant Company are subject;

 

		(v)	do not accelerate or otherwise modify any obligation of the relevant Company under any Contract
whatsoever;

 

		(vi)	do not result in creation, imposition, crystallisation or enforcement of any Encumbrance whatsoever
on any of the Assets of the relevant Company or any of the quota capital in such Company; or

 

		(vii)	do not require the consent of any Person.

 

		(c)	This Master Agreement constitutes a valid and legally binding agreement of the Seller, enforceable
against the Seller in accordance with its terms and conditions.

 

		9.4	Quota capital and ownership

 

		(a)	The Shares constitute the whole of the issued and subscribed corporate capital of the Holding Company,
and they are validly issued and fully paid up.

 

		(b)	The Companies have not issued any financial instrument or are party to any Contract entitling any
Person to participate in their capital, profits or management.

 

		(c)	There are no Contracts or circumstances which prevent, or in any case limit, any Encumbrances on,
or affecting, the Shares from being released, cancelled and terminated and the Holding Company being released and discharged from
all undertakings, liabilities and obligations arising thereto, as provided under Subclause 5.1(a).

 

		9.5	Insolvency

 

		(a)	Each Company is not insolvent and is not involved in or subject to any Insolvency Proceedings.

 

		(b)	There are not circumstances which require or would enable any Insolvency Proceedings to be commenced
in respect of each Company.

 

		(c)	Each Company is not in a situation as provided for in articles 2446 and 2447 of the Code (reduction
of the capital for losses).

 

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		(d)	Each Company is not party to any transaction capable of being revoked
(oggetto di azioni revocatoria) in whole or in part for insolvency reasons and/or any
reasons provided by article 2901 of the Code.

 

		9.6	Financial and Corporate Records

 

		(a)	The accounting records of each Company are up-to-date, and, so far as the Seller is aware, contain
true and accurate details of all material transactions of each Company.

 

		(b)	Each Company's records, systems and information, and the means of access to them, are exclusively
owned by it and under its direct control.

 

		(c)	Accurate and complete copies of the contents of the statutory books of each Company have been delivered,
within the Closing Date to the Purchaser. The statutory books of each Company have been properly kept and contain an accurate and
complete record of the matters which should be dealt with in those books and no notice or allegation that any of them is incorrect
or should be rectified has been received. None of the shareholders, quotaholders, board of directors, or board of statutory auditors
if any, has taken any material action.

 

		(d)	All
                                                                                                    returns, particulars, resolutions
                                                                                                    and other documents required
                                                                                                    to be filed with or delivered
                                                                                                    to the Companies' Register
                                                                                                    (Registro delle
                                                                                                    Imprese) by
                                                                                                    each Company or any of its
                                                                                                    directors have been correctly
                                                                                                    and properly prepared and
                                                                                                    so filed and delivered, and
                                                                                                    no such returns, particulars,
                                                                                                    resolutions or other documents
                                                                                                    have been so filed or delivered
                                                                                                    during the period of 10 (ten)
                                                                                                    Business Days ending with
                                                                                                    the Closing Date.

 

		(e)	Schedule 9 contains an accurate
                                                               and complete list of all bank accounts, other accounts, certificates
                                                               of deposit, marketable securities other investments, safe deposit
                                                               boxes, lock boxes and safes of each Company, and the names of all
                                                               the directors or other individuals who have access thereto or are
                                                               authorised to make withdrawals therefrom or dispositions thereof.

 

		(f)	Except as disclosed in Schedule 9, each Company has no outstanding loan capital or any money borrowed
or raised, or any liability in respect of any guarantee or indemnity.

 

		9.7	Compliance with Law

 

		(a)	So far as the Seller is aware, the operations of each Company, the conduct of the business of each
Company (including, without any limitation, the relevant Project(s)), as and where such business has been or presently is conducted,
and the ownership, possession and use of the Assets of each Company have complied and currently do comply with any and all applicable
Law.

 

		(b)	No directors or other individuals, during the course of their duties, have done or omitted to do
anything which is a contravention of any and all applicable Law giving rise to a material liability on the part of each Company.

 

		(c)	So far as the Seller is aware, each Company has obtained
and holds all Permits eventually required for the lawful operation of its business, including, without any limitation, the relevant
Project, as and where such business is presently conducted. The Seller is not aware of anything that might result in the revocation,
suspension or modification of any of those Permits or might prejudice their renewal.

 

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		9.8	Financial Statements

 

		(a)	The financial statements of each Company (including the Financial Statements), as of the date of
its incorporation:

 

		(i)	comply with the requirements
of any and all applicable Law (including, without any limitations, the Code and other applicable statutes and regulations);

 

		(ii)	have been prepared in accordance with the Accounting Principles consistently applied; and

 

		(iii)	are not affected by any unusual or non-recurring items.

 

		(b)	The Financial Statements of each
                                                               Company correctly state the Assets and the liabilities of the Company
                                                               and show a true and fair view of the state of affairs of the Company
                                                               and of the results of the Company as of the dates and for the periods
                                                               for which they were prepared.

 

		9.9	Assets

 

		(a)	So far as the Seller is aware, all the movables and immovable property, tangible and/or intangible
assets, machineries, goods and real properties, including, without any limitation, the Land owned by each Company are those indicated
in the Financial Statements (the Assets). Each Company has full, good and marketable title and exclusive ownership, possession
and/or availability of all its Assets, and such Assets are and will be free and clear of any Encumbrances. For each Company the
Assets are all the assets necessary and sufficient to develop, engineer, finance, construct and operate the relevant Project in
accordance with any and all applicable Law and Good Industry Practice.

 

		(b)	None
                                                                      of the Assets reflected in the Financial Statements of the
                                                                      Company has been disposed of, or agreed to be disposed of,
                                                                      by the Company.

 

		(c)	All
                                                                      of the tangible Assets owned by the Company are fit for
                                                                      purpose and in compliance with any and all applicable Law
                                                                      in all respects.

 

		9.10	Contracts

 

		(a)	Schedule
                                                                      10 contains an accurate and complete list of all Contracts
                                                                      to which each Company is party or by which each Company
                                                                      is bound and a complete description of all work remaining
                                                                      to be performed under such Contracts by each Company or
                                                                      the other parties, as the case may be. All such Contracts
                                                                      are valid, in full force, effect and fully enforceable in
                                                                      accordance with their terms and conditions and each term
                                                                      is a valid and binding obligation of each Company and the
                                                                      other parties.

 

		(b)	Each Company has performed all the obligations required to be performed by the Contracts listed
in Schedule 10 and is not in default thereunder nor would be in default thereunder with the passage of time, the giving of notice,
or both. None of the other parties to any of such Contracts is in default thereunder or would be in default thereunder with the
passage of time, giving of notice, or both.

 

		(c)	The Contracts listed in Schedule
                                                               10 are all the Contracts necessary and sufficient to develop,
                                                               engineer, finance, construct and operate each relevant Project
                                                               in accordance with the Authorisations, any and all applicable Law
                                                               and the Good Industry Practice.

 

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		9.11	Related party transactions

 

		(a)	Subject to the Settlement Agreement, there is not outstanding and there has not as of the incorporation
and up to the Closing Date been outstanding any material loans, guarantees, Contracts, transactions, understandings or other arrangements
of any nature between or among each Company and (i) any current or former shareholders, quotaholders, directors, officers, associates,
Affiliates of each relevant Company (or any of its predecessors) or (ii) the Seller or any of its current or former shareholders,
directors, officers, associates, Affiliates.

 

		(b)	Any Contracts entered into by and between each Company and (i) any current or former shareholders,
quotaholders, directors, officers, associates, Affiliates of each relevant Company (or any of its predecessors) or (ii) the Seller
or any of its current or former shareholders, directors, officers, associates, Affiliates, have been negotiated, executed and performed
in compliance with any and all applicable Law and at arms' length conditions.

 

		9.12	Companies' operations since the Financial Statements'
date

 

		(a)	As of 1 July 2012 (as far as the Holding Company is
concerned) and 1 January 2012 (as far as the Project Companies are concerned):

 

		(i)	except in the ordinary course of its business consistent with its past practices, the Companies
have not:

 

		(A)	created or assumed any Encumbrances upon any of their business (including, without any limitation,
the Projects) or Assets; or

 

		(B)	incurred any obligation; or

 

		(C)	made any loan or advance to any Person; or

 

		(D)	assumed, guaranteed or otherwise become liable for any obligation of any Person; or

 

		(E)	committed for any capital expenditure; or

 

		(F)	purchased, leased, sold, abandoned or otherwise acquired or disposed, or agreed to acquire or dispose,
of any business (including, without any limitation, the Projects) or Assets; or

 

		(G)	waived any right or cancelled any debt claim; or

 

		(H)	assumed or entered into any Contract; or

 

		(I)	increased, or authorised an increase in, the compensation or benefits paid or provided to any of
their directors, officers, salesmen, agents or representatives; or

 

		(J)	done anything else outside the ordinary course of business,
whether or not specifically described in any of the foregoing paragraphs;

 

		(ii)	even in the ordinary course of their business consistent with their past practices, the Companies,
in their conduct of the Projects have not incurred any obligation, made any loan to any Person, acquired or disposed, or agreed
to acquire or dispose, of any business or assets, entered into any Contract or other transaction, or done any of the other things
described in paragraph (i);

 

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		(iii)	subject to those matters Disclosed, there has been no Material Adverse Effect affecting the Companies,
the Projects, the Companies' Assets or financial condition;

 

		(iv)	subject to those matters Disclosed the Companies have conducted the Projects in a normal and proper
manner and paid their creditors within the time agreed with them;

 

		(v)	the Companies (i) have not incurred any outstanding bank debt or notes payable; (ii) have not incurred
any outstanding indebtedness to any of their current or former shareholder, quotaholders, directors or officers; (iii) had any
obligation for any overdrafts with respect to any of their bank accounts or other cash Assets; (iv) declared, made or paid any
dividend or other distribution of profits or Assets which is, or could be treated as, a distribution; (v) accrued any deferred
bonuses or compensation due to any shareholder, quotaholder or agent of the Companies or paid any such deferred bonuses or compensation
except to the extent such deferred bonuses or compensation was accrued on the relevant Financial Statements.

 

		9.13	Authorisations

 

		(a)	At the Execution Date any and all Authorisations have been obtained by the Companies in relation
to the Projects, and at the Closing Date will be valid, in full force and effective.

 

		(b)	In relation to each Project, none of the Authorisations is subject to any litigation with third
parties, whether actual or threatened in writing, and:

 

		(i)	there are not threat or administrative challenge of such Authorisations; and

 

		(ii)	there are not express or implicit suspension of the DIA or order
(ordinanza) to suspend the works, issued by the relevant Municipality against the Authorisations.

 

		(c)	To the Seller's best knowledge, the Seller or each relevant Company have not breached the provisions
of any and all applicable Law, including Environmental Laws, applicable to each Company, its business and the relevant Project,
as well as the conditions indicated in the Authorisations, which may result in a revocation and/or suspension of the relevant Authorisations.

 

		(d)	In relation to each Project, all the Authorisations conform to any and all applicable Law, and
in particular, to the New Energy Account guidelines issued by the GSE and are, therefore, suitable to allow the admission of each
Company to the Incentive Tariff scheme.

 

		9.14	Project

 

		(a)	Each Project (and consequently the photovoltaic plant involved therein)
has been duly and fully connected by the manager of the local distribution grid (geslore di rete) with
the power distribution grid (rete di distribuzione) and properly entered in commercial
operation (entrata in esercizio), from any and all defects and inconsistencies with
the data and information set out under Schedule 3.

 

		(b)	Each Project (and consequently the photovoltaic plant
involved therein) has been constructed and, consequently, may be operated and maintained in all respects in accordance with the
Authorisations, the Good Industry Practice and any and all applicable Law.

 

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		(c)	Each item of machinery or plant of each Project, including its fixed machinery or plant: (i) has
not suffered any defect of any kind whatsoever; (ii) is fit for purpose; (iii) has been installed in accordance with Good Industry
Practice; and (iv) complies in all material respects with all the relevant Authorisations and any and applicable Law and regulations
regarding photovoltaic plants in Italy and, in particular, in Apulia.

 

		(d)	The construction works to be carried out pursuant to the EPC Contracts have been properly authorised
and no litigation and/or administrative annulment procedure has arisen or has been threatened in this respect.

 

		9.15	Land

 

		(a)	The details of each Land set out in Schedule 11 are true and accurate in all material respects.

 

		(b)	Each Land is the only property owned, controlled, used or occupied by the relevant Company and
all deeds and documents necessary to prove title to each Land are in the possession of the relevant Company. No Company has entered
into any Contract, unexpired agreement, option or pre-emption to acquire any other property.

 

		(c)	Each Company is the sole entity entitled to the occupation or use of the relevant Land and no Person
is in, or otherwise entitled to, occupation or use.

 

		(d)	There are no Encumbrances on, or affecting any of, each Land, not there is any commitment to give
or create any Encumbrance, and no Person or Public Authority has claimed to be entitled to any Encumbrance.

 

		(e)	There are no disputes regarding boundaries, rights (whether benefiting each Land), covenants or
other matters relating to each Land or its use. No Land is subject to rights of restitution of it in favour of any former owner,
or of any relevant inheritors, with or without compensation. No Land is adjacent to each other.

 

		(0	Each Company has a permanent legal right free from onerous and unusual conditions to use all roads,
footpaths, conduits and other facilities serving the relevant Land in the manner in which they are presently used and there is
no any imminent or likely interruption of the right of the Company to use these roads, footpaths, conduits or other facilities.
No public road is actually interested by the electrical lines constructed and operated in relation to each Project.

 

		(g)	The Project Companies have a proper title on all the areas impacted by the Projects including the
areas which are necessary for the construction and operation of the electrical lines and the areas which are necessary for the
compliance of the Projects with Article 65, paragraphs 2 and 4 of Law Decree No. 1/2012 passed into Law of 24 March 2012 No. 27.

 

		(h)	Each Company has not entered into any Contract and is not under any obligation in respect of the
construction, maintenance or adoption of any road, footpath, conduit or other facility.

 

		(i)	The present use of each Land is
in compliance with any and all applicable planning and zoning Laws (including, without any limitation, the PUTTp) and regulations,
and the Permits authorising that use are unconditional and permanent.

  

		(j)	No development, alteration or other work which would require any Permit, permission or consent
under any and all applicable planning and zoning Law (including, without any limitation, the PUTTp) and regulations have been carried
out without all those Permits, permissions and consents having been obtained, and all conditions attached to those Permits, permissions
and consents have been observed and performed.

 

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		(k)	No breach of any and all applicable
                                                               planning and zoning Law (including, without any limitation, the
                                                               PUTTp) and regulations or building regulations or other relevant
                                                               Law or any Permit issued under any such Law or regulation has been
                                                               committed in relation to any Land and no notice has been
                                                               issued or injunction granted or applied for in respect of any breach
                                                               or alleged breach of those Law and regulations.

 

		(1)	No building on any Land
                                                               is of special architectural or historic interest such as to make
                                                               it subject to controls beyond those affecting buildings generally.

 

		(m)	No Land is (i) classified as a site of communitarian importance (silo
dr importanza comunitaria) and/or a special protection zone (zona di protezione speciale) and/or
(ii) placed in a seismically active area.

 

		(n)	Each Land is substantially fit for the purpose for which it is used at present and is necessary
and sufficient to develop, construct, operate and maintain the relevant Project in accordance with the Authorisations, any and
all applicable Law and Good Industry Practice.

 

		9.16	Connection Applications

 

Each Company (i) has duly submitted
any and all the applications (the Connection Applications) to and obtained by the manager of the local distribution grid
(gestore di rete) any and all the relevant approvals for connection of each relevant Project to the power distribution grid
(rete di distribuzione) and (ii) has made any and all required payments.

 

		9.17	Labour

 

Each Company does not have and
has never had since the date of its incorporation any employees (including lavoralori a progetto), whether full or part
time and whether directly or indirectly, or collaborators and no Person may claim against each Company any rights as employee or
collaborator.

 

		9.18	Litigation

 

		(a)	With the exception of claims referred to under the Settlement Agreements, no litigation or arbitration
proceeding is currently pending or threatened, nor has any such proceeding occurred at any time since the date of each Company's
incorporation, to which each Company is or was a party, or by which each Company or any Assets or business (including, without
any limitation, the relevant Project) of each Company is or was affected and there are no circumstances which are likely to give
rise to any litigation or arbitration proceedings by or against each Company.

 

		(b)	No judgement is currently outstanding, nor has any judgement been outstanding at any time since
the date of each Company's incorporation, against each Company, or by which each Company or any Assets or business (including,
without any limitation, the relevant Project) of each Company is or was affected.

 

		(c)	No breach of Contract, breach of
                                                               warranty, tort, negligence, infringement, product liability,
                                                               discrimination or other claim of any nature has been asserted or
                                                               threatened by or against each Company at any time since the date
                                                               of its incorporation, and there is no basis for any such claim.

 

		(d)	Each Company is not the subject of any investigation, inquiry or enforcement proceedings or process
by any Public Authority, other administrative or regulatory body nor are there any circumstances which are likely to give rise
to any such investigation, inquiry, proceedings or process.

 

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		9.19	Tax and Social Security

 

		(a)	So far as the Seller is aware, each Company has:

 

		(i)	duly and timely complied with all requirements in the matter of Tax;

 

		(ii)	duly and timely filed all compulsory Tax returns, if any, with the competent Tax authorities and
the information provided thereby are correct, complete and not misleading;

 

		(iii)	fully and timely made all payments,
                                                               assessments, withholdings as well as fully and timely paid any
                                                               penalties and interest with respect to Taxes as resulting from
                                                               the filed returns and any notice, assessment or injunction received
                                                               from any relevant Tax authority;

 

		(iv)	made adequate and full provisions in the Financial Statements for all Tax obligations and liabilities;
and

 

		(v)	not received any assessment, injunction, request for payment which remain outstanding and unpaid,
or other communication from any Tax authority since the date of its incorporation and there are no circumstances that may give
raise to any such assessment, injunction or request for payment.

 

		(b)	Each Company is not subject to any Tax related proceedings or disputes pending before any Public
Authority or any other authority or competent body. No inspection, assessment or dispute by any competent body is expected or formally
threatened against each Company.

 

		9.20	Insurance

 

Except as specified in Schedule
12, since the date of its incorporation each Company has not entered into any insurance policies and, in relation to the conduct
of the business of each Company, no insurance policy has to be entered by it pursuant to any and all applicable Law.

 

		9.21	Intellectual Property

 

		(a)	Other than the right to its corporate name, each Company does not
have any intellectual property right which has been registered in or applied for in connection with the business of the Company
or otherwise granted in use to the Company (including trademarks, IT and software licences). No intellectual property rights
are necessary for the carrying out of the business of each Company, including, without any limitation,
the development, engineer, finance, construction, commission, operation and maintenance of each relevant Project.

 

		(b)	None of the operations of the business of each Company involves the unauthorised use of confidential
information in circumstances which might entitle a third party to make a claim, of whatever nature, against the Company.

 

		9.22	Environment

 

		(a)	So far as the Seller is aware, each Company has as of its incorporation complied with any and all
applicable Environmental Law.

 

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		(b)	Each Company has as of its incorporation held all requisite Environmental Licences (all of which
are valid and subsisting) and, so far as the Seller is aware, has complied with the terms and conditions of such Environmental
Licences. The Environmental Licences have at all times covered the activities of each Company in the places and in the manner in
which such activities are or have been carried out. So far as the Seller is aware, there are no circumstances likely to give rise
to any modification, suspension, revocation of any Environmental Licence, or which may prejudice the renewal, extension or, where
necessary transfer of, any such licence.

 

		(c)	So far as the Seller is aware, each Company has not received any notice or other communication
from which it appears that the Company has been, is or may be in violation of any Environmental Law and/or Environmental Licence
or that any Environmental Licence may be subject to modification, suspension or revocation.

 

		(d)	Each Company is not engaged in any prosecution litigation, arbitration or settlement action concerning
Environmental Law, any Environmental Licence or Dangerous Substances and there are not facts or circumstances which are likely
to give rise to such prosecution, litigation, arbitration or settlement action by or against the Company.

 

		(e)	Each Company is not responsible (wholly or in part) for any Environment Remedial Action in relation
to each Land or is subject to any investigation or inquiry by any Environment Regulatory Authority in relation to each Land.

 

		(f)	Each Land is not included on or referred to in any register of contaminated land or any similar
record or register.

 

		9.23	Health and Safety Matters

 

		(a)	Each Company complies and has at all times complied with any and all applicable Law and regulations
relating to health and safety in workplaces including all conditions, limitations, obligations, prohibitions and requirements (including
any and all fulfilments to be performed before the commencement of any kind of work whatsoever) contained therein and there are
no facts or circumstances which may lead to any material breach of any and all applicable Law and regulations relating to health
and safety in workplaces.

 

		(b)	There have been no claims, investigations or proceedings against or threatened against each Company
or any of its directors in relation to the relevant Project in respect of accidents, injuries, illness, disease or other harm to
the health and safety of contractors, subcontractors or any other persons caused by breaches of any and all applicable Law and
regulations relating to health and safety in workplaces or otherwise.

 

		9.24	Questionable Payments

 

So far as
the Seller is aware, no current or former partners, owners, quotaholders, directors, executives, officers, representatives, agents
of each Company (when acting in such capacity or otherwise on behalf of the Company):

 

		(a)	has used or is using any corporate funds for any illegal contributions, gifts, entertainment or
other unlawful expenses relating to political activity;

 

		(b)	has used or is using any corporate funds for any direct or indirect unlawful payments to any foreign
or domestic government officials or employees;

 

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		(c)	has established or maintained, or is maintaining, any unlawful or unrecorded fund of company monies
or other properties;

 

		(d)	has made at any time any false or fictitious entries on the books and records of the Company;

 

		(e)	has made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment of any
nature using company funds or otherwise on behalf of the Company; or

 

		(f)	made any material favour or gift that is not deductible for income tax purposes using company funds
or otherwise on behalf of the Company.

 

		9.25	Brokerage Fees

 

No Person acting on behalf of
each Company or any of its shareholders or quotaholders is or shall be entitled to any brokerage, finder’s fee or a like payment
in connection with the transactions contemplated in this Master Agreement and no legal fees or audit or accountancy fees will be
payable by each Company arising directly or indirectly from the negotiations and signing of this Master Agreement.

 

		9.26	Powers of Attorney

 

Each Company has not granted
any power of attorney or similar authority which remains in force at the Closing Date.

 

		9.27	Full Disclosure

 

		(a)	The Seller represents and warrants
                                                               to the Purchaser that during the negotiation of this Master Agreement
                                                               and the due diligence investigations carried out by or on behalf
                                                               of the Purchaser it has made available to the latter, true
                                                               and accurate copies of all documentation concerning each Company
                                                               and each Project.

 

		(b)	No Warranty made by the Seller in this Master Agreement or pursuant hereto (i) contains any untrue
statement of any fact; or (ii) omits to state any fact that is necessary to make the statements made, in the context in which made,
not false or misleading in any respect.

 

		(c)	The copies of documents
                                                               referred to in this Master Agreement or otherwise delivered or
                                                               Disclosed to the Purchaser in connection with the transactions
                                                               contemplated in this Master Agreement, are true and accurate, and
                                                               are not missing any amendments, modifications, correspondence or
                                                               other related papers which would be pertinent to the Purchaser’s
                                                               understanding thereof in any respect.

 

		(d)	There is no material fact that has not been disclosed to the Purchaser in this Master Agreement
and/or in the course of the due diligence, that has a Material Adverse Effect on each Company, each Project, the Assets or financial
condition of each Company or the ability of each Company or of the Seller to perform their obligations under this Master Agreement.

 

		(e)	All information relating to each Company, its Assets
or each Project which would be material to a purchaser for value of the shares, quotas, undertakings or assets of the Company
is contained in this Master Agreement.

 

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		10.	INDEMNITY

 

		10.1	Seller’s indemnity

 

		(a)	The Seller shall, at the direction of the Purchaser, indemnify the Purchaser, the relevant Company
or (in the case of liability to another Person which has not been discharged) the Person to whom the liability has been incurred,
including, without any limitation, officers, employees and agents (each, a Beneficiary), against:

 

		(i)	any
                                                                                                  deficiency or liability of the
                                                                                                  Beneficiary, including liabilities
                                                                                                  of any nature, payments, losses
                                                                                                  (including minusvalenze
                                                                                                  and
                                                                                                  sopravvenienze passive),
                                                                                                  damages,
                                                                                                  obligations, claims, expenses
                                                                                                  and any other costs (including
                                                                                                  labour, social security, environmental,
                                                                                                  Tax, product or third party
                                                                                                  liability), whether accrued,
                                                                                                  contingent or otherwise (passività
                                                                                                  attuali or
                                                                                                  potenziali), which
                                                                                                  arises from any of its Warranties
                                                                                                  being untrue, misleading, incomplete
                                                                                                  or breached and which would
                                                                                                  not have existed or arisen if
                                                                                                  the Warranty in question had
                                                                                                  not been untrue, misleading,
                                                                                                  incomplete or breached;

 

		(ii)	any proceeding, action, suit, claim or demand against the Beneficiary by any Person arising out
of or caused by, directly or indirectly, any act or omission of the relevant Company, or any of its shareholders or quotaholders,
directors or officers, occurring at any time on or before the Closing Date;

 

		(iii)	any overstatement of an asset (insussistenze di poste attive
o minusvalenze) or understatement of a liability, whether accrued, contingent or otherwise (passività
attuali o potenziali); and

 

		(iv)	any costs and damages, including a loss in value of the Shares, suffered as a result of the above.

 

		(b)	The liability of the Seller under letter (a) shall be subject to the limitations contained in,
and to the other provisions of, Subclause 10.2, and any Claim shall be subject to the provisions of those Subclauses.

 

		(c)	With respect to any
Claim as to which the Purchaser (or any other Beneficiary) is entitled to indemnification from the Seller under Subclause 10.1,
within 30 (thirty) Business Days after the Purchaser receives written documents underlying
the Claim or, if the Claim does not involve a third party action, suit, claim or demand,
promptly after the Purchaser first has actual knowledge of the Claim, the Purchaser shall give notice to the Seller (the Indemnification
Notice) of the nature of the Claim and the amount demanded or claimed in connection therewith (the Claim Amount), together
with copies of such written documents. In this latter event the Seller (without prejudice to its right to refer the matter to
a court in accordance with Subclause 13.2) shall pay to the Beneficiary the Claim Amount as directed by the Purchaser within 20
(twenty) Business Days as of receipt of the Indemnification Notice. If the Seller does not notify the Purchaser with its intention
to refer the matter to an arbitration in accordance with Subclause 13.2 within 20 (twenty) Business Days as of receipt of the
Indemnification Notice, the Seller shall be deemed to have accepted liability for the Claim Amount.

 

		(d)	If a third party action, suit, claim or demand is
involved, then, upon receipt of the Indemnification Notice, the Seller shall, at its expense and through legal counsels of its
choice, promptly assume and have sole control over the litigation, defence or settlement (the Defence) of the Claim, except
that:

 

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		(i)	the Purchaser may, at its option, expense and through legal counsels of its choice, participate
in the Defence or assume control of Defence. In the event the Purchaser assumes the control of Defence: (I) the Seller shall be
entitled to participate in the Defence at its expense and through lawyers of its choice and (II) if the Defence requires the payment
of monetary damages the Purchaser shall only be entitled to consent to any Judgement, or agree to any amicable settlement, with
the Seller prior written consent, such consent not to be unreasonably withheld or delayed;

 

		(ii)	the Seller shall not consent to any Judgement, or agree to any amicable settlement, without the
Purchaser’s prior written consent, such consent not to be unreasonably withheld or delayed;

 

		(iii)	the Seller shall keep the Purchaser promptly informed of the Defence and provide the Purchaser
with copies of all relevant documents and such other information in its possession or control as may be requested by the Purchaser;
and

 

		(iv)	if the Seller does not promptly assume control over the Defence or, after doing so, does not, in
the Purchaser’s opinion, continue to prosecute the Defence in good faith, the Purchaser may, at its option and through legal counsel
of its choice, but at the Seller’s expense, assume control over the Defence.

 

		(e)	In any event sets out under letter (d) the Seller and the Purchaser shall fully cooperate with
each other in connection with the Defence, including by furnishing all available documentary or other evidence as is reasonably
requested by the other Party.

 

		(f)	If the Seller and/or the Purchaser, as the case may be, is/are not successful in its/their action
under letter (d), the Seller shall pay the Claim Amount (plus any accrued interests) to the Beneficiary within 15 (fifteen) Business
Days as of the date of the Judgement or the amicable settlement.

 

		(g)	Without prejudice to any other rights or remedies available to it, the Beneficiary may deduct from
any amount payable by it under

 

		(i)	this Master Agreement; or

 

		(ii)	any Contracts, transactions, understandings or other arrangements entered into by it or, if different,
the relevant Company, and by the Seller and any of its current or former shareholders, directors, officers, associates or Affiliates;
or

 

		(iii)	any Contracts, transactions, understandings or other arrangements entered by it or, if different,
the relevant Company, and by Seller or any of its current or former shareholders, directors, officers, associates or Affiliates,

 

any sum due to the Beneficiary
under this Master Agreement (including in respect of any breach of the obligations, Warranties and undertakings on the part of
the Seller).

 

		(h)	The covenants under this Subclause 10.1 may be enforced by any Beneficiary without any prejudice
to any other rights or remedies available to it under any Contract, transaction, understanding or other arrangement entered into
by it or, if different, the relevant Company, and by the Seller and any of its current or former shareholders, directors, officers,
associates or Affiliates.

 

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		(i)	The covenants under this Subclause 10.1 may be enforced by any Beneficiary, if different from the
Purchaser, against the Seller, as a third party beneficiary under article 1411 of the Code.

 

		10.2	Limits on the Seller’s liabilities

 

		(a)	The liability of the Seller in respect of Claims for breach of the Warranties given in Clause 9
shall terminate:

 

		(i)	on the tenth Business Day after the date on which the Claims
                                                                                                  are definitively time-barred by all applicable statutes of limitation (including any extensions or waivers) in respect of
                                                                                                  employment matters (danni e responsabilità connessi ai rapporti di lavoro) and
                                                                                                  matters covered by Warranties set out in Subclause 9.19; and

 

		(ii)	without any prejudice to point (i) above, on the tenth Business Day after the date of the second
anniversary of the Closing Date in respect of all other matters.

 

		(b)	The Seller shall not be liable
                                                               if the amount due in connection with issues, events or occurrences
                                                               giving rise to a Claim does not exceed, in the aggregate,
                                                               Euro 50,000 (fifty thousand/00), provided that if such threshold
                                                               is exceeded, the Seller shall be liable to pay the entire amount.

 

		(c)	The liability of the Seller in respect of Claims arising, in accordance with Subclause 10.1, from
any of the Warranties given in connection to the Companies and/or the Projects being untrue, misleading, incomplete or breached
and which would not have existed or arisen if the Warranty in question had not been untrue, misleading, incomplete or breached,
shall not exceed Euro 2,500,000 (two million five hundred thousand/00).

 

		(d)	Nothing in this Clause shall qualify or limit the liability of the
Seller in relation to any Claim attributable to fraud (dolo) or wilful misconduct (colpa
grave) on the part of the Seller or its agents or advisors.

 

		10.3	Special Indemnity

 

		(a)	The Parties agree that the Seller shall indemnify and hold the Purchaser harmless from and against
any and all costs, losses or damages incurred or suffered by the Companies deriving from:

 

		(i)	claims referred to under the Settlement Agreements and/or the breach of the latter by any of the
parties thereto, inclusive without limitations of any costs, losses or damages, incurred or suffered in connection with any of
the litigation proceedings referred to under the Settlement Agreements;

 

		(ii)	the revocation, annulment, invalidity, challenge of the DIA in relation
to all of the Projects because of non compliance with Articles 22 and 23 of the Presidential Decree No. 380/2001; and/or fines
or other sanctions issued pursuant to Article 37 of Presidential Decree No. 380/2001 because of the construction works carried
out in relation to Casamassima Saracino Project being not compliant with the Authorisations; and/or the agreement (Convenzione)
for the granting of the Incentive Tariff having not been properly entered into by 31 March 2013
by the Project Company FV8 and the GSE with reference to the Vitti 1 Project, and, in general, the occurred suspension, interruption,
revocation of any Incentive Tariff for any of the Project or revocation, annulment, termination of the relevant agreements (Convenzioni)
between each of the Project Companies and the GSE, after the Closing Date;

 

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		(iii)	the missed or inaccurate or incomplete payment by each
beneficiary to the relevant grantor of considerations due in relation to the pie-crust lease and easement agreements (contratti
per la costituzione di diritto di superficie e servitiù) and the deeds of undertaking (atti d'obbligo) concerning the
Projects;

 

		(iv)	the missed or inaccurate recording of the deeds of easement (contratti per la costituzione di diritti di servitiù) concerning
the Vitti 1 Project for tax purposes;

 

		(v)	any challenge, claim, procedure brought
                                                             by the GSE or other Public Authorities in relation to the entitlement
                                                             (titolarità) of any of the Project Companies to the DIA and
                                                             DIL relating to the Projects, whether arising because or in connection
                                                             or as a consequence of the commencement of any process to obtain
                                                             an act of assignment (voltura) of such DIA and/or DIL.

 

		(b)	Subject to Subclause 10.3(a), the Seller shall reimburse
the Purchaser, within 10 Business Days following the request made by the same in this respect, an amount equal to the above costs,
losses or damages actually incurred or suffered by the Companies.

 

		(c)	The limitations provided under Subclause 10.2 shall not apply to this Subclause 10.3, it being agreed that:

 

		(i)	the maximum aggregate liability of the Seller under this
Subclause 10.3 is equal to Euro 12,300,000.00 (twelve million three hundred thousand/00), provided that such amount shall be automatically
reduced every each year elapsing as of the Closing Date according to the following table, unless in the event of Claims having
been brought against the Seller under this Subclause 10.3 in the meantime, in which case such yearly reduction shall be automatically
suspended up until the above Claims are finally and fully settled between the Parties:

 

	Year no.	 	Automatic Reduction %	 
	Year 1	 	 	0	%
	Year 2	 	 	0	%
	Year 3	 	 	2.5	%
	Year 4	 	 	5.0	%
	Year 5	 	 	7.5	%
	Year 6	 	 	10.0	%
	Year 7	 	 	13.3	%
	Year 8	 	 	16.7	 
	Year 9	 	 	20.0	%
	Year 10	 	 	25.0	%

 

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		(ii)	the liability of the Seller under this Subclause 10.3
shall terminate on the tenth anniversary of the Closing Date, except in respect of any Claim of which notice is given to the Seller
before such date.

 

		11.	CONFIDENTIALITY

 

		11.1	Each
                                                                                       Party undertake:

 

		(a)	to keep confidential this Master
                                                               Agreement and its terms and conditions as well as any and all other
                                                               information which have been or will be delivered or disclosed (whether
                                                               orally or in writing) by the other Party in connection with this
                                                               Master Agreement and its performance (the Confidential Information),
                                                               with a level of care and attention which is not less than that
                                                               used to protect confidential information and documentation relating
                                                               to such Party; and

 

		(b)	not to disclose any Confidential Information to any third party without the previous written consent
of the other Party, except and only to the extent (a) required by applicable law or by any authority of competent jurisdiction,
(b) such information has become public through no fault of the Party who receives it or (c) required to comply with any disclosure
requirement applicable to listed companies, it being understood, however, that the Parties may disclose the Confidential Information
to its shareholders, affiliates, officers, employees, consultants and representatives insofar as necessary for the carrying out
of the activities provided for in this Master Agreement.

 

		11.2	The Parties acknowledge the essential nature of this
Clause 11 since a breach of the confidentiality obligations in this Clause may significantly jeopardize the expected revenues
of the Projects.

 

		12.	MISCELLANEOUS

 

		12.1	Entire Agreement, Modification and Remedies

 

This Master Agreement and the
Schedules constitute the entire agreement between the Parties relating to the subject matter hereof and supersede any and all prior
understandings or agreements between the Parties, whether written or oral, express or implied, relating hereto. Any modification
of this Master Agreement or additional obligations assumed by any Party in connection with the subject matter hereof shall be binding
only if evidenced in writing and signed by the duly authorised representatives of the Parties.

 

		12.2	No Waiver

 

Any possible time or indulgence
by a Party in respect of acts or omissions of the other Party in breach of the provisions of this Master Agreement shall in no
way be construed as a waiver of the rights of such Party arising from the breached provision, nor of the right to demand the appropriate
and correct fulfilment of the terms and conditions provided herein.

 

		12.3	Severability

 

In the event that one or more
of the terms, provisions or conditions in this Master Agreement are deemed invalid or ineffective for any reason whatsoever, such
invalidity or ineffectiveness shall not affect the validity and effectiveness of the other terms, provisions and conditions herein,
and the terms, provisions or conditions deemed invalid or ineffective shall be regarded as deleted from this Master Agreement.
The Parties hereby also undertake to negotiate in good faith in order to replace in mutual agreement the terms, provisions and conditions which
have become invalid or ineffective, with new covenants aimed at re-balancing, if necessary, the overall interests in this Master
Agreement.

 

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		12.4	Undertaking
                                                                                       for a third party's fact or behaviour (promessa
                                                                                       del facto del terzo)

 

Any undertaking assumed by a
Party under any provision of this Master Agreement whereby such Party "undertakes to procure that", “shall procure
that”, “undertakes to cause that”, “shall cause that”, “shall ensure that” any Person, which
is not such Party, performs any action or omits to perform any action, or which provided for such Party's undertaking by using
similar expressions, shall be deemed to constitute (and shall be interpreted as) a promessa del fatto del terzo by such
Party with respect to such action or omission of such Person pursuant to article 1381 of the Code.

 

		12.5	Costs and Expenses

 

Without any prejudice to any
other different provision set out in this Master Agreement, each Party shall bear and pay its own legal and other costs incurred
in relation to the preparation and execution of this Master Agreement and the performance of the obligations contemplated by it.
It is agreed and understood that any tax and/or duty as well as any notarial fees due in relation to the transactions contemplated
under this Master Agreement shall be equally borne by the Parties which carried out such transactions.

 

		12.6	Notices

 

		(a)	The language of this Master Agreement is English and all notices, demands, requests, statements,
certificates or other documents or communications shall be in English unless otherwise agreed.

 

		(b)	Any notice or other formal communication given in this
Master Agreement must be in writing and may be delivered or sent by post to the party to be served at its address appearing in
this Master Agreement as follows:

 

		(i)	to the Seller at:

 

Schiphol Boulevard 231, 1118 BH Schiphol, the
Netherlands, 

marked for the attention of Mr. Jacobus Johannes van Ginkel,

 

		(ii)	to the Purchaser at:

 

Floor 15, Bockenheimer Landstr. 51-53 / 60325 Frankfurt
am Main, Germany,

 marked for the attention of Mr. Werner Goricki,

 

with copy to:

 

		(A)	WHEB Infrastructure Partners LLP,

 2 Fitzhardinge Street,
London WI H 6EE,

 marked for the attention of Mr. Matthew Hammond,

 

		(B)	Allen & Overy Studio Legale Associato,

 Via Manzoni 41-43, Milan, Italy,

 marked for the attention of Mr. Paolo Ghiglione,

 

or at such other address or fax number as a Party may
have notified to the other Party in accordance with this Clause. Any notice or other document sent by post shall be sent by registered
mail return receipt requested (if within the territory of Italy) or by prepaid airmail (if elsewhere).

 

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		(c)	Any notice or other formal communication shall be deemed
to have been given:

 

		(i)	if delivered, at the time of delivery; or

 

		(ii)	if posted, on the day of receipt, provided it is sent by registered mail requesting a return receipt.

 

		12.7	Assignment

 

		(a)	Without any prejudice to letters (b) and (c) below, none
of the Parties may assign any of its rights, interests or obligations hereunder without the prior written consent of the other
Party.

 

		(b)	The Purchaser shall be entitled, without the consent
of the Seller, to transfer its rights and obligations under this Master Agreement, in whole or in part, to any of its Affiliates.
The Purchaser will notify the Seller of any such transfer and the latter hereby irrevocably agree to execute any documentation
necessary to give effect thereto. Furthermore the Purchaser may designate one Person to become a party to this Master Agreement
and to purchase the Projects in accordance with the terms hereof, provided that such designation is made in compliance with the
following provisions:

 

		(i)	anything in article 1403 of the Code to the contrary notwithstanding, the designation will be sufficiently
made if notified in writing to the Seller together with the written acceptance of the Person so designated no later than 3 (three)
Business Days prior to the Closing Date; and

 

		(ii)	the designated Person shall assume, and the Purchaser shall be free of, all and any obligation and undertaking of the Purchaser
regulated in this Master Agreement.

 

		(c)	The Purchaser shall be
entitled to assign to any third parties, without seeking the Seller's consent, its current and future rights under Clause
10.

 

		12.8	Payments

 

Unless otherwise expressly stated, all payments
to be made under this Master Agreement shall be made in Euro to the Party to be paid as follows:

 

		(a)	to the Seller, by irrevocable wire transfer in immediately available
funds (valuta fissa a favore del beneficiario), to the third party account of Eversheds
Faasen B.V. Notariaat Rotterdam with account number 66.43.75.952 at ING Bank in Amsterdam (IBAN code: IBAN NL84 INGB 0664 3759
52 and BIC code ING Bank: INGBNL2A) for the attention of Eversheds Faasen B.V. Notariaat Kwaliteitsrekening Volders with reference
"7596 — transfer shares eco-Kinetics Netherlands One B.V.", or such
other account as the Seller may specify;

 

		(b)	to the Purchaser, by irrevocable wire transfer in immediately available
funds (valuta fissa a favore del beneficiario), to the account of the Purchaser at:
Deutsche Bank Privat- und Geschäftskunden AG, BLZ: 500 700 24, number: 011574100, IBAN: DE17 5007 0024 0011 5741 00, BIC / SWIFT
Code: DEUTDEDBFRA, or such other account as the Purchaser may specify.

 

    	29

    	 

    

 

		13.	APPLICABLE LAW
                                                                               AND ARBITRATION

 

		13.1	Applicable
                                                                                                        Law

 

This Master Agreement is governed by and shall
be constructed according to the laws of Italy.

 

		13.2	Arbitration

 

		(a)	All disputes arising out from this Master Agreement shall be settled by arbitration under the Rules
of the Chamber for National and International Arbitration of Milan. The arbitration panel shall consist of three arbitrators appointed
according to the Rules of the Chamber for National and International Arbitration of Milan. The seat of the arbitration shall be
Milan. All the documentation shall be either English or Italian and the language of the arbitration shall be Italian.

 

		(b)	The arbitration panel shall act on the following basis:

 

		(i)	the panel shall render its decision within 120 (one hundred
twenty) days from the date it accepts office;

 

		(ii)	the panel shall decide in accordance with the rules of law (secondo diritto);

 

		(iii)	the final award shall also fix the costs of the arbitration and decide which of the parties or in what proportion the
                                                                parties shall bear them; and

 

		(iv)	the award of the arbitrators shall be final and binding and shall not be subject to appeal.

 

IN WITNESS WHEREOF,
the Parties hereto have caused this Master Agreement to be executed in two counterparts, each of which shall be deemed an original,
but all of which together shall constitute a single instrument by their duly authorised representatives as of the date first written
above.

 

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SIGNATORIES

 

	Prime Renewables GmbH	 	eco-Kinetics Netherlands Holding B.V.
		 	
	/s/ Prime
    Renewables     GmbH	 	/s/ J.J. Van Ginkel
	 	 	J.J. Van Ginkel

 

    	31

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