The sun within.

THE SUN WITHINGENERATING POSITIVE ENERGY

In the Italian language, the word “solare” (solar) calls to mind everything that is positive, clear, open, transparent and optimistic. All the previous adjectives are well suited to describe the fresh approach that the Global Solar Fund Group is bringing to the Italian field of renewable energies.Having the “sun within”, as we declare in our corporate logo, means a lot for us. It means that we do not want just to express the great potential of photovoltaic clean energy to produce advanced technology and industrial growth. We want also to embrace all the positiveness and clarity of vision that belong to solar power, because we firmly believe that we have a responsibility to build a better present and a sustainable future for the next generation.

GSF Group is a leading company in the Italian photovoltaic sector: a company with a solid local history and a global vision, thanks to its deep roots in an international investment fund. But in some ways, GSF Group today is also a surprisingly fresh and new company, all to be discovered. In recent years, indeed, the GSF Group embarked on a bold restructuring of its corporate board, thus resulting in a dynamic new vision. A vision of clean energy and a strong, healthy relationship with local communities. And in order to match that vision, the GSF business became even more trustworthy, transparent and belivable. Always looking ahead, and investing more and more in the richness of the local communities. Our mission is to generate positive energy, in every possible way: boosting technological innovation and economical growth, in order to feed a virtuous cycle of sustainability, social responsibility and ethical business. Catching the sun every single day, and bringing its strength always - and proudly - within us.

THE COUNTRY OF SUNFROM THEORY TO THE GOOD PRACTICES

GSF Group firmly believes that Italy has a great potential to become one of the leading countries in renewable energy sources. A belief that kept us going, even in the years when very few shared our hope of a meaningful growth in this sector. Global Solar Fund is an Italian industrial group founded in 2008. It is owned by a Luxembourg-based investment fund, that has been very active for years in the field of photovoltaic energy.

From the very beginning, the GSF approach to the Italian market has been driven by an optimism that we used to face every chiché. Altough Italy is known as the country of “O’ sole mio” sunny song, figures tell us that for a long time Italians just talked about the sun, while admiring the huge growth of photovoltaic business in other countries, and even in the not-so-sunny countries of Northern Europe.

Despite the systemic difficulties and some false starts, often due to a complex regulatory framework, in recent years the huge solar potential of Italy flourished, allowing to make up for many delays. Thanks to the commitment and the vision of leading edge operators like the GSF Group, the solar power production went through a truly spectacular growth. In 2015, 8% of Italian overall energy needs was met with photovoltaic power, pushing Italy to the top of the world ranking. This result fills us with pride, since we were in first line from day one, working hard to make clean energy one of the great resources of our country.

OUR NEW CHALLENGETO BOOST THE MARKET WITH ADVANCED SKILLS AND TECHNOLOGIES

Thanks to the new industrial cycle, started in 2013 with a new management and a new strategic vision, the GSF Group is more than ready to respond to the current needs of the market. The Group offers 360° business solutions in the photovoltaic sector, with a strong production department, leading edge of technological know-how in every phase of the business, and an energy production that wins the Group the third place in the Italian ranking for installed capacity (141 MW).

A strength that enriches our beautiful country, and that is based on our values of continuous improvement, technological innovation, efficiency and productivity.

Today the Global Solar Fund is an established and successful company, member of industry associations such as Assoenergia and Assorinnovabili. The quality of our processes is guaranteed by the ISO 9001 certification. We are present on the national stage with a sound know-how in every phase of our business: from the project evaluation to the acquisition of plants with permitting; from the executive planning to the fundraising and negotiation with the banks, from the asset management to the management of Operation & Maintenance service for third party plants, with a full service or a customized formula, designed to fulfill the ever-changing needs of a market that is both extremely competitive and quickly developing.

The GSF Group is present in every phase of the production cycle

PlantManagement

PlantBuilding

FundraisingAcquisitionof plants with permitting

ProjectDevelopment

OUR MISSION TO LOOK AHEAD IN THE LIGHT OF SUSTAINABILITY

There is a value that drives us more than everything else in our daily commitment to renewable energy production: the value of sustainability. It is part of our DNA, since we believe that preserving the resources of the planet for the next generation is the only way to guarantee our future. The solar energy can have a fundamental role in this challenge because it combines, in a clean and efficient way, both the importance of industrial volumes production and the care for people well-being.

If compared with the same amount of energy production from fossil fuels, GSF group’s photovoltaic energy production avoids CO2 emissions for about 112.000 tons per year.But that’s not all: GSF Group commitment to preserve our planet begins from the territory. The Group wants to protect the natural resources and to support the local communities, by reducing the environmental impact of photovoltaic power plants and enhancing the local communities access to the basic facilities.

180photovoltaic plants

(179 in Apulia,1 in Campania)

4holding

companies

2service

companies

660,000photovoltaic cells

112,000tons of CO

2 saved,

compared to the same amount of production

from fossil fuels

47employees

OUR FIGURES

223 GWhof clean energy generated

from renewable source,uploaded by the GSF Group on to the Italian power grid

70 €millions

revenues

40vessel

companies

141 MWinstalled power

LET’S LEARN FROM THE NATURE THE SOLAR TRACKING, PERFECT MODEL OF EFFICIENCY

Figures are important, but it is the quality of innovation that truly makes the difference. That’s the reason why 80% of the 660.000 photovoltaic panels owned by GSF Group are built on innovative solar tracking structures, known as bi-axial trackers, that are inspired by the extraordinary models of energy efficiency supplied by the nature.

In fact these technologically advanced systems allow the panels to make two completely independent rotation movements: the motion around the vertical axis (azimuthal) and the one around the horizontal axis (zenithal or tilting). It thus allows to always keep the panels in a position which is orthogonal to the solar radiation direction and then, in the ideal situation, to absorb the maximum of energy.

Thanks to the use of large-scale next-generation solar tracking technologies, the production of renewable energy in our solar parks is more stable and competitive. The bi-axial trackers in fact boast an energy productivity average of 25% more, compared to the ones built on traditional structures, with peaks that exceed 40% of additional productivity in the summer months. The deep technical know-how of the GSF Group in the management and maintenance of these advanced technologies represents one of the greatest added values of our company.

FROM THE SOUTH TO EVERYWHERE

AN EXPANDING GROUP THAT CREATES VALUE

GSF has plants in Apulia, Campania and Sicily, but covers the overall national territory thanks to the services of O&M and Asset Management by GSF Engineering, the engineering Company of the Group, developing a huge generated business.

GSF GROUP AND THE APULIA REGIONApulia is one of the leading regions in renewable energies in Italy, thanks to the huge growth of photovoltaic production and the presence of many eolic plants and parks. Brindisi is the province with the highest percentage of photovoltaic plants and also the territory where GSF Group is determined to build its model of upright development of renewable energies: operating through a steady dialogue and discussion with local communities, always with maximum transparency.

Investments, employment, vocational training, new orders and generated economy are the drivers that give oxygen to the local economy and that can make a real difference over time.

GSF Group has done an investment that lasts in time: we want to make photovoltaic parks always more efficient. Managing them in the best way means that we’re supporting a widespread local generated business for at least the next 20 years, with ramifications that go through parts supply, maintenance by specialized technicians and security companies. Furthermore, every year GSF Group pays million of taxes to the local Administrations, feeding a virtuous cycle of resources that remain on the territory.

ZERO IMPACT OBJECTIVEPhotovoltaic business needs a great talent for vision and thinking ahead with a medium/long term perspective. Therefore, to guarantee well operating plants for at least 25 years, GSF Group invested, and is still going to invest, large resources in maintenance, management, efficiency and safety of its plants, employing highly specialized staff in the regions where the Group operates, thus contributing to the richness of local communities.

But it is necessary to look further ahead, to the 2030 targets. The current ruling will oblige owners of photovoltaic plants, at the end of their life cycle, to dismantle the panels and to fulfill also all the collection and recycling obligations already existing for electrical and electronic waste, as well as protecting the territory against the risk of “abandonment” of the panels on the ground. GSF Group is aware of the importance of sustainability and respect of the territory, and decided to plan ahead starting immediately studies focused on possible alternative uses of the discarded panels. This potential of research, professional experience and specific competences in this field make GSF Group the leading edge of the sector and a fundamental benchmark also for the other players of the photovoltaic.

Long term vision is a quality that, when combined with technological innovation, makes all the difference in the renewable energies sector. Today, more and more companies look at GSF Group as a trailblazer providing great solutions also in the services of consultancy and management of the plants.

ATTENTION TO DETAILSMONITORING WITH THE MOST ADVANCED TECHNOLOGIES

It is well known that the Sun is one of the most powerful natural sources of energy and that one single hour of solar radiation on the earth, if fully captured, would be sufficient to fulfill the energy needs for all human activities for a whole year.

Still, we rarely stop to reflect about how photovoltaic is also an extremely safe and reliable energy. In fact, electric power can be obtained by solar radiation in an efficient way that is basically without risk, when it’s carefully monitored, well maintained and produced by a company with solid experience in the business of renewable energies.

GSF aims to not only prevent any possible efficiency losses, but also to ensure continuity of production in a certain and reliable way for the entire life cycle of a photovoltaic system. Our advanced monitoring systems allow us to remote control all of the plant operations, minute by minute, constantly monitoring all the productivity data. Thanks to a team of technicians and experienced analysts in the Control Room, every single figure is evaluated both individually and compared with the cumulative performance trends.

Nothing is left to chance: every variable, from the weather trend to error warnings, is immediately checked and taken care of, bringing about adjustments and maintenance services needed. Attention to details is what really makes the difference, and making the difference is our mission in every phase of the production cycle.

OPERATION & MAINTENANCEA SUPPLIER THAT THINKS LIKE AN “OWNER”

For many medium to large size industries, giving to GSF Group the management of their photovoltaic plants means ensuring a high-quality management approach, thanks to a team of experts who study the most suitable technical and business solutions to get the best results from day one.

Compared to other companies that offer only maintenance and management services, GSF Group has the added value of its advanced capabilities and its expertise as a successful owner of photovoltaic plants and producer of a large volume of energy. This means a constant attention to details that make possible a greater return on the investment, maximizing the energy productivity.

Yes, we have the “Sun within”: because we believe in the clean energy from the Sun – a sector we are leading in – and because we know in details how to manage great photovoltaic parks, guaranteeing day by day business continuity and prosperity. We have a 360° approach, from maintenance services to strategical consultancy in order to identify new plants and to manage bureaucratic and administrative processes. Our aim is to make every plant we work on a success story, just like ours.

OPERATION & MAINTENANCE SERVICES

We propose to our customers several maintenance packages:

• O&M STANDARD All the services needed to ensure a basic protection of solar parks and systems: grass cutting, modules cleaning and routine maintenance.

• O&M ADVANCED To the previous package, we add monitoring, bonus malus warranty and video security service.

• FULL SERVICE Full Service assistance adds to the previous package extraordinary and preventive maintenance of the inverter and security service.

• ASSET MANAGEMENT A contract aimed to the whole management of administrative procedures.

• FULL SERVICE AND ASSET MANAGEMENTGlobal Solar Fund offers a very complete package that guarantees the best technical assistance and administrative procedures management.

GSF Group stands out for the added value given from the following peculiarities:

• PLANT OPERATION CONTINUITY (MAINTENANCE, MONITORING)

• CHOICE OF A WIDE RANGE OF SERVICES

• HIGH SERVICE STANDARD, TOP LEVEL TECHNICAL STAFF

• COMPANY SUCCESS CASE HISTORY

• INVERTER SPECIAL MAINTENANCE (CUSTOMIZED SERVICE)

• MONITORING ROOM

• WELL EQUIPPED WAREHOUSE, LARGE AVAILABILITY OF PARTS AND PURCHASE CAPABILITY

• MANAGEMENT AND FIXING OF SCADA SYSTEMS

NEW MANAGEMENTOPERATIONAL APPROACHTHE SUN WITHIN TO CREATE VALUE ALL AROUND US

Giuseppe Tammaro, new CEO, took office in 2013 with his team, and from his arrival he brought a new great enthusiam in the Group. Acting in a way completely different from the previous management, the new team brought back a mood of trust and the will of creating value. Some aspects after the turning point can stand out in a clearer way as the new image, new logo and the new way of communicating. But the change is deep and involves any aspect of the company activity, from the Code of Ethics to the industrial politics, with a completely new relationship with the stakeholders. To this end GSF Group started and strenghtened relationships and cooperations with national and local Institutions in order to promote the development of renewable energies, to enhance the respect for the environment and to promote the sustainability.

Therefore GSF Group, in partnership with Energy Strategy Group by the Politecnico di Milano, supports the data collection to create the annual Renewable Energy Report, to analyze in detail the situation of the global market of renewable energies in Italy and worldwide.

The project Garanzia Giovani (a European labour warranty plan for young people) is an example of the commitment in boosting the relationship with local communities, addressed to new graduated and young people looking for a job, offering trainings and internships in one of the 179 photovoltaic parks located in Apulia.

But GSF Group commitment to young generations doesn’t end here, as many projects can demonstrate, from the technical drawing contest “Energie Rinnovabili” (Renewable Energies) in the schools of the province of Brindisi to the charity initiatives like the event “Smile for Children” in the hospital Policlinico of Rome.

The sun within.

GIUSEPPE TAMMARO

Managing Director and Legal Representative of the Italian companies of the Group since November 2013. He has a long experience in Consumer Finance and in the Automotive sector, with specific background in the General Management, Business Development, Administration, Credit Management and Operations. Before joining the Italian companies of the new GSF Group, he managed the development of several startups and led complex corporate restructurings both in Italy and abroad. For the Consumer Finance Division of Unicredit he developed and managed Automotive business in Europe. He was the CEO of Ferrari Financial Services, Fiat Bank Poland and Alphabet (BMW group Italy). He held several positions in Fidis, now FCA Bank.

UGO SOLERI

Chief Financial Officer – He is in charge of financial, economic and fiscal issues of the new GSF Group since January 2014.Before joining Global Solar Fund, he was CFO of several international companies such as Itedi - La Stampa (Fiat Group S.p.a.), Stet -Telecom Group S.p.a., Bombril S/A - Cirio Group S.p.a. and GF Group S.p.a. He was Director of PUBLIKOMPASS S.p.a., BMI S.p.a., NEXTA s.r.l., and in charge of economic, financial and corporate issues and the new editorial initiatives for Itedi of Fiat Group.

OUR MANAGEMENT TEAM

PIERLUIGI GRAMAGLIA

Technical and Development Director - Since 2016 he is in charge of the supervision, management and organization of Technical area, Permitting, Business area, Technology Development and techinical office in Brindisi. Since 2014 he was Asset Manager and Chief Operating Officer. Before joining GSF Group he was Business Development Manager and Senior Project Manager in Energia in Natura S.r.l. and EDP Renewables Italia S.r.l. He has a long experience in the field of electrical engineering and renewable sources (from hydroelectric to photovoltaic).

MAURO FOLCARELLI

Chief Operating Officer – In charge of Operations Area and the departments of Asset Management and O&M Services. Before joining the new GSF Group, he was Business Development Director of Enerthi Group, later PCC INVEST Group, in charge of budgeting and project management for green field renewable energy in Central America and Italy. Before, as General Project Manager and Technical Director in Enerthi in Italy, he was in charge of the permitting processes, of the engineering and the environmental assessment for the development and the construction of renewable energy plants, mainly photovoltaic. He is Environmental and Territory Engineer and attended several corporate and business professional, O&M, safety, environmental certifications.

GLOBAL SOLAR FUND

REGISTERED OFFICEVia Crescenzio, 9 - 00193 Rome - ItalyT. +39 06 3212522 F. +39 06 68802390

gsfmanagement@pec.itglobalsolarfund.com

The sun within.

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