Dear Shareholders
Welcome to read Molindo Energy’s first newsletter! From now on there will be a monthly update on the progress of Molindo Energy and the portfolio companies. 

We are off to a flying start and the launch of Molindo Energy has been successful with three initial investments that have the potential to deliver significant value to us shareholders. The companies are all very different with regard to technology and business concepts. Common features are the pre-commercial phase of development and strong management teams and owners.

The great interest and support Molindo Energy has generated in just a short amount of time has strengthened my belief in investments in the energy sector and in great ideas shaping tomorrow’s energy landscape. It cannot be emphasized enough, people are key in any success and for the first three portfolio companies, I believe we have the right mix of people and ideas.

QFS 
QFS is establishing a new qualitative and stable supply channel into China which
initially will focus on fuel oil and crude oil. The drivers of the company are on one hand the continuous growth of China and its enormous need for energy, both traditional and renewable, and on the other hand the less and less regulated petroleum industry in China. QFS has secured all necessary elements and permits to launch the business in 2017. The planned final and last step before commercial launch is to run a refinery optimization test in the first refinery. The quality of the specific fuel oil has already been approved by this refinery, as well as by a handful of other refineries, and the purpose of this optimization test is to define the exact processing steps before launch. The optimization test of the fuel oil has been commissioned and the optimization is taking place during early October. The optimization test together with subsequent analysis is expected to take around two weeks. Following this test and depending on the outcome, we look forward to the commercial start of QFS.

Exeger Sweden
Exeger a manufacturer of dye-sensitized solar cells for indoor illumination utilization. These third generation thin film solar cells can be produced at low cost and with seamless integration to all sorts of electronic devices. With mobile units soon to surpass the number of people on this planet and with an estimated 10 per cent of total world energy consumption to charge these devices, there are obvious and tremendous benefits in Exeger’s offering. Exeger has built the largest factory of third generation solar cells, where the production method is based on screen printing for efficient and low cost production. The company is in numerous discussions with potential customers and stand ready for commercial launch.

Next steps Molindo Energy 
The development in the portfolio companies have so far been encouraging and there is much to look forward to during the second half of 2017. For Molindo Energy, there will be a continued focus on monitoring and supporting the portfolio companies. In terms of growing the number of portfolio companies, there are many potential investments being analyzed. There are long lead times in these investments and we will be careful in our selection. 

Finally, please check out the new web site, www.molindo.se. The next report will be a quarterly report, which is expected to be distributed during the second week of October. 

Yours sincerely,

Morgan Sadarangani