Page 21 - Presentation - TERM SHEET - Spark Venture Partners LLC

PROCEDURE FOR BUSINESS IMPLEMENTATION

 Furthermore, the source of funds for the assets held is examined, as well as the creditworthiness and credit rating of the owners of these assets.

 After a thorough preliminary examination of the named assets (Asset # 1 & Asset # 2) and taking into account the main factors mentioned above regarding the
valuation guidelines within the framework of a feasibility study for determining the loan-to-value ratio of these assets, the network and business partners have

reached the following conclusion during the consultation discussions:

o For the assets provided (Asset # 1 & Asset # 2), a forecast LTV of 35%-40% was determined, based on the estimated total value of the assets (total value - US$
504 million).

o Total value of assets (Asset # 1 & Asset # 2): US$ 504,000,000

o Loan-to-value ratio of assets between 35% - 40%: US$ 176,400,000 - 201,6000,000
Intermediate value: US$ 189,000,000 = 37.50%

 Taking into account the estimated total value of the assets, a forecast loan-to-value deduction was made based on the above-mentioned main factors relating to

the valuation guidelines for a loan-to-value amount to be determined from this.