SCOPE CREDIT RATING

Rating Announcement
Preliminary Rating

AH2O Sustainability Finance, Limited

(Incorporated under the law of Ireland)

December 23th 2011

Up to EUR 500,000,000 8.5 per cent Senior Secured Bond Bond description The Issuer has, by a written resolution of its Board of Directors adopted on [.] 2011, authorised the issue 8.5% Senior Secured Bonds (the Bonds) in the nominal amount of a maximum of EUR 500,000,000 and at an issue price of a maximum of 97.5% due [.] 2021. Such amount shall be broken down into a maximum of 5,000 units in the nominal amount of EUR 100,000 each. The Bonds will bear interest at a rate of 8.5 per cent, per annum, payable annually in arrears. Payments will be made in (Euro). Unless previously redeemed or cancelled, the Bonds will be redeemed at their principal amount on [.] 2021 (the Maturity Date). Glottech-USA, LLC (the Company and the Guarantor) will irrevocably and unconditionally guarantee the due and punctual payment of all sums from time to time payable by the Issuer in respect of the Bonds (the Guarantee). Description of the Company The Company has developed a technology which allows separating solids from liquids by the generation of cavitations. The basic technology that has been known since the 1980s. The basic principle is the separation of solids in a liquid by the generation of cavitations generated by ultrasound. Due to the different physical-chemical characteristics of the diverse substances (e.g. density), separation can thus be achieved. The business strategy of Glottech is aimed at selling its technology units in large numbers to the pertinent corporations in the oil and gas business by means of a license model. In this model the technology units at any time remain property of the Company and are leased to clients. The license model includes a one-off upfront fee as well as quantity-dependent royalties. In this, a differentiation is made between units for refining crude oil (petroleum units) as well as units for waste water purification (water units), whereas the focus is set on water purification. The projected turnover is split in turn between leasing income as well as licence income. Description of Collateral Pursuant to the Collateral Deed the Issuer, the Guarantor, and the Company, will grant the Security Trustee, on behalf of the Secured Parties, a first ranking security interest in all of their assets to secure the obligations under the Bonds. Pursuant to the Cash Management Agreement, both the Issuer and the Company have agreed to direct the flow of all funds to and from the Issuer and the Company, respectively, through accounts and subaccounts managed and controlled by the Cash Management Agent. In order to minimise the risk associated with repayment of the Bonds principal, the issuer is intending to acquire a US Senior Life Settlement Portfolio (SLS portfolio) with a face value corresponding to 135% of the nominal amount of the participation rights capital. Given the correspondingly long residual term, such policies would be purchased at well under par. Here, the intention is for at least 70% to be individual policies of at least A- quality. In addition, there have been further minimum requirements formulated, with the issuer expressly undertaking to be bound by these.

Basic Assumptions 1. The Credit Rating is preliminary. The opinion set forth above represents our conclusion based upon the draft forms of the bond documentation that we have reviewed. 2. The Credit Rating Report is strictly limited to the assumptions made and the available transaction and additional documents received until December 23, 2011. 3. The Credit Rating Report is based on the cash flow model provided by the Glottech-USA, LLC on November 23, 2011. 4. The Credit Rating Report is a desktop analysis. 5. The Credit Rating Report is based on the assumption that the total sum of EUR 500 million (less participation right discount) will be issued and the Bond issue takes place in a timely manner. 6. The Credit Rating Report assumes positive results of the 30-days lasting testing period in the first quarter 2012 as assumed by Glottech-USA, LLC. 7. A complete and accurate proof of several positions in the business plan as well as the issuance costs was only estimated. The Credit Rating Report is based on the assumption that the cost estimations are accurate and complete. 8. The Credit Rating Report assumes the issuance of the Bond as stated by the Arranger. 9. Legal Opinions both of the structure of the transaction and of the validity of the security interest (SLS portfolio and interest reserve) were not submitted. The Credit Rating Report assumes full perfection of the transaction structure and the security interest.