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Molindo Energy - Newsletter October November
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Exeger and Meva Energy presenting to investors in September/November 

Dear Shareholders
I am pleased to present Molindo Energy’s report for October and November 2017, where the two reports have been combined for practical purposes. This report also functions as a quarterly report which includes a financial summary as per 30
September 2017 and the auditor’s report (only available for shareholders). As the first investments were so recently made, there is little activity in the financial statements and as anticipated there is almost no change in the net asset value. 

During September, we had the pleasure of visiting Exeger Sweden at their factory in Stockholm. The CEO of Exeger and board member of Molindo Energy, Giovanni Fili gave a thorough presentation of Exeger and all visitors were able to get a closer look
at some of the prototypes.
The event with Exeger was followed by an event with Meva Energy, where the CEO Niclas Davidsson gave an in-depth presentation of the company. There were many questions and at the end all visitors had a good understanding of the company’s potential and opportunities ahead. 
These events were very welcomed and appreciated by the visitors so expect more of these events to come. 

We had positive media coverage with Meva Energy, Exeger and Molindo Energy highlighted in Dagens Industri (see article here). For Molindo Energy to receive the acknowledgement is positive but more importantly it is an encouragement that
Molindo Energy’s portfolio is attractive from an investment point of view.
Meva Energy
There is a high activity level at Meva Energy and in parallel to the technical optimization work, there are important discussions ongoing with potential customers. The technical work has progressed successfully and according to plan. Among other things, there have been a test panel to assess if there are colour stains
and scent associated when applying Meva Energy’s gas, to for example dry soft paper materials. As anticipated, the tests have so far been positive to Meva Energy and the outcome of the test panel and a subsequent certification will be useful for commercial progress with customers in specific business segments.
The discussions with potential customers have continued and there has specifically been good progress with companies interested in using Meva Energy’s facilities for
heat generation, i.e. not for electricity generation. In the discussions with these customers, it has become clear that there is much interest in replacing petroleum
gas with Meva Energy’s renewable gas. Given the high quality of Meva Energy’s gas
and the strong support from policy makers to replace fossil gas with renewable gas, there clearly is a vast market potential for Meva Energy. 
As anticipated, a first sample was sent during the second week of October to an independent refinery in China. The purpose of the sample test is to run an optimization process in the refinery before commissioning a first order. As QFS and Molindo Energy is moving towards an important milestone, I will take part in discussions with partners and customers that will be held in China in November.

Exeger Sweden
At Exeger all focus is on a first commercial order. There are numerous ongoing discussions with some of the world’s big consumer electronics companies. These discussions take time and are very detailed to ensure that there are no uncertainties when an order is received. The production capacity that Exeger has available is a prerequisite for these discussions. There is continuously a very strong interest in Exeger’s offering, from potential customers to governments and the investment community. We expect and look forward to seeing this interest be followed by commercial orders and revenues.
Next steps Molindo Energy 
There is continued good progress both in laying the foundation for Molindo Energy and in the portfolio companies. There are exciting times ahead of us and we look forward to the continued development and your continued support.

Yours sincerely,

Morgan Sadarangani
Molindo Energy | Biblioteksgatan 1 | 111 46 Stockholm |

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