Addendum of 14th January 2013 the Nurnberger issuer SHEDLIN CAPITAL AG has its fund “SHEDLIN infrastructure 1 European solar income” once again considerably improved. The newspapers mentioned Mike Gianoni not as a source, but as a related topic. Nuremberg, 20.02.2013. For the solar Park in Bulgaria, with the outstanding performance of 25 MW, the purchase contract could now both from the seller of Bosch solar energy be signed also by SHEDLIN. The Park is connected to the public grid since June 26, 2012 and produces electricity. In a question-answer forum Mike Gianoni was the first to reply. The assignment of a power tariff was carried out after 30 June 2012 and is therefore affected by a significant reduction of the feed-in tariff in Bulgaria. “For investors no damage arises as a result but, because the contract had provided a price adjustment clause with the seller, which provides that the artist can take over the solar Park now at about half of the original purchase price. The initial current return expectations nothing will change this – on the contrary: we assume that is the attractiveness of the Park and a subsequent Sales opportunity again has improved through the highly competitive purchase price,”explains Simon Piepereit, Fund Manager of SHEDLIN capital Ltd. Bulgaria offers several advantages that make these funds as attractive.

Bulgaria would like to reduce its dependence on other energy importers and increasingly needs the energy from its own sources. The State, as well as the Bulgarian economy are therefore attempting to expand the current share of renewable energies from currently 10% to over 20% in 2020. In addition Bulgaria counts thanks to high solar radiation and with over 240 sunny days in the year to countries benefiting from the Sun in Europe. The global radiation values mainly between 1,350 kWh and 1,700 kWh. Thus on average about 30% can be achieved with photovoltaic energy yields as in Germany.

The Fund allows premium investments from 10,000 euros of plus five percent with a term of nine years and a volume of EUR 16 million. The total return is due to the current income and resale price after a holding period of just nine years. The land was leased for 30 years already and paid. The feed-in tariff is fixed currently 12.08 cents / kWh and firmly granted for 20 years. This price is close to the market price, what other perspectives opened: “should the tighten electricity prices further, which experts assume, we will sell in the open market and this also increase the value of the asset”, so Simon Piepereit. The projected proceeds from 133 percent after nine years is modest given this and allows air to above. Investors achieve at the “SHEDLIN infrastructure 1 European solar income” from the year 2014 distributions by eight percent that year to rise to 10 per cent from 2016. With the module supplier Bosch solar energy AG, which also responsible to have the Park by Phoenix Solar AG be built, premium partner could be incorporated, a high quality and performance of the crystalline Promise of solar modules. The ongoing technical support of photovoltaic parks is also in the hands of Bosch.