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Gents,

Hope, all is well. Following our conversation earlier, I would like to tell
you the following:

During the last months a very disturbing situation occurred with regard to
our geothermal project in Italy: we have been experiencing consistent
bureaucratic barriers, lack of political will on part of the local
government and officials to authorize our project and eventually enactment
of new legislation. A a result, FIT (feed in tariff) as well as the whole
procedure of the application to get it changed. This altogether negatively
affected our financial model and business prospects.

That’s why after a very long and thorough discussion a decision was taken
to cease our participation in the project and to conduct a number of legal
actions to exit the project and to stop the cooperation with our Italian
partner.


This is not an easy decision but it's needed to be taken now in order to
avoid further losses.

Attached you will find a correspondent resolution for execution. This is
one of the first obligatory steps we need to undertake at this point.

I am kindly asking you to sign it ASAP and forward me a scanned copy.


Very best,