Disclaimer

This Confidential Information Memorandum (“Memorandum "was prepared by Coalternative energy (CAE) solely for information purposes from materials provided by CAE . This Memorandum is being distributed by CAE solely for use by qualifying interested investors to determine whether they would like to proceed with further investigation into the capital funding programme of CAE projects. Full details pertaining to the bond issue are contained within the listing particulars prepared and verified by the company lawyers. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. The making of this presentation does not constitute a recommendation regarding any securities. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities referred to herein may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, in or into, the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) and may only be offered or sold to certain non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of other jurisdictions. The information contained in this document is provided as of the date of this document and is subject to change without notice.

This document is only directed at, and being distributed: (A) in the United Kingdom, to persons (i) who have professional experience in matters relating to investments and who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order S2005, as amended (the “Order”), (ii) who fall within Article 49 of the Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity within the meaning of Section 21 of the Financial ervices and Markets Act 2000, as amended, in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated, and (B) in each Member State of the European Economic Area (“EEA”) that has implemented Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU) and any relevant implementing measure in each Member State of the European Economic Area (the “Prospectus Directive”), to and accessed by (a) legal entities which are qualified investors as defined in the Prospectus Directive, (b) a person who is not a (i) retail client as detailed in point 11 of Article 4(i) of Directive 2014/65/EU (as amended, “MiFID II”), (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the “Insurance Mediation Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive, provided that no offer of securities of CAE shall result in a requirement for the publication by CAE or any other person of a prospectus pursuant to Article 3 of the Prospectus Directive. This document is an advertisement and not a prospectus for the purposes of the Prospectus Directive. The manufacturer target market (for MiFID II product governance purposes) is eligible for counterparties and professional clients only. No PRIIPs Key Information Document (KID) has been prepared, as the securities described herein may not be offered, sold or otherwise made available to retail investors in the EEA .Use of this Memorandum is governed by the terms of the previously executed confidentiality agreement which strictly limits the circulation and copying of the information contained in this Memorandum. Each recipient of the Memorandum (the “Recipient”) should familiarise itself with the terms of the confidentiality agreement before reading, using or circulating this Memorandum. This Memorandum may not be reproduced or used without the prior written approval of CAE for any other purpose other than the evaluation of the Transaction by the Recipient. The information contained herein has been prepared to assist the recipient in making its own evaluation of the transaction and does not purport to contain all the information that the recipient may desire. In all cases, the recipient should conduct its own investigation and analysis of the Transaction and of the data set forth in this Memorandum. Neither CAE nor the Financial Advisor assume any responsibility for independent verification of any of the information contained herein, including any statements about the prospects of the transaction contained herein. Neither CAE nor the Financial Advisor make any representation or warranty as to the accuracy, fairness or completeness of this Memorandum or the information contained in, or omitted from, this Memorandum and each expressly disclaims any and all liability for statements (express or implied) contained in, or omitted from, this Memorandum or any other written or oral communications transmitted or made available to the recipient in the course of its evaluation of the transaction. Only those particular representations and warranties, if any, which may be made to a party in a definitive written agreement regarding the Transaction, when, as and if executed, and subject to such limitations and restrictions as may be specified therein, will have any legal effect .The statements, financial estimates and projections contained in this Memorandum and other information provided in connection with this Memorandum reflect various assumptions made by CAE concerning anticipated results and are subject to significant business, economic, legislature and competitive uncertainties and contingencies, many of which are beyond the control of CAE Accordingly, there can be no assurance that such statements, estimates and projections will be realised. The actual results will likely vary from the forecast, and those variations may be material. Neither CAE nor the Financial Advisor makes any representations as to the accuracy or completeness of such statements, estimates and projections or that any forecasts will be achieved. By accepting this Memorandum, the Recipient acknowledges and agrees that 1) all of the information contained herein is subject to a confidentiality agreement previously executed by the Recipient except as permitted by the confidentiality agreement; 2) the Recipient may distribute or reproduce this Memorandum, in whole or in part, only in accordance with the confidentiality agreement and only for the purpose of the evaluation of the transaction by the recipient; 3) if the recipient does not wish to pursue this matter, or at the request of CAE and the Financial Advisor, it will return this Memorandum to CAE or the Financial Advisor as soon as practicable, together with any other materials relating to the Transaction which it may have received from CAE or the Financial Advisor; and 4) any proposed actions by the recipient which may be inconsistent in any respect with the foregoing will require written consent of CAE and the Financial Advisor.

This Memorandum and any other information provided in connection with this Memorandum should not be construed as the giving of investment advice by CAE.Neuer Text