References

Thermokin SA

Thermokin SA, a French cleantech start-up company, mandated Mora Associates in 2006 to raise the funding for the development of the Thermokinetic Compressor, a unique device designed to run on waste heat, with numerous applications in heavy industries and power generation.

Mora Associates invested time and effort with Thermokin's management team to review the business model and prepare a business plan, which was discussed with VCs in London, Paris and in Germany.

A leading French venture capital firm is funding the first round, providing the company with the means to develop its first machine over 2007-2009. Further equity raising is forecasted over the next two years by the end of 2009.

More information on Thermokin at www.thermokin.com.

AIRFI

AIRFI is a venture capital fund focused on Eastern France, Western Germany and Northern Switzerland. With EUR 13.7 million, it aims at investing in young companies in this region, mostly in the cleantech, IT and life sciences industries.

Mora Associates has been advising AIRFI on environmental and cleantech companies since 2007.

More information about AIRFI at www.airficonseil.com.

More references on request.