MONITORING & APPRAISAL Ltd. ("M&A") is an Italian company that was created in 1998 to provide private and public clients with an independent monitoring and appraisal service for the following:

1. Project Finance. M&A operates as a “Technical Adviser” both during the phase of organizing financing (up to the issuing of the “due diligence” report) and during the subsequent execution and management phase
2. Auditing.Monitoring and appraisal services for technical-economic aspects, project-construction and specific aspects concerning project operations
3. Fixed assets. Assessment of a fair market value for industrial fixed assets
4. Auditing on companies. Checking the operative level and management capacity of companies.