Investing in Cleantech – The Public Markets Aspect The contents of this document are strictly confidential and may not be copied, used, or transferred without the prior consent of Oikovest.

Themes 1. Cleantech Investment – the Chance of our Lifetime? 2. The Challenges of being a Cleantech Investor in the Public Markets 3. Unique Opportunity?

Themes

1. Cleantech Investment

– the Chance of our Lifetime?

2. The Challenges of being a Cleantech

Investor in the Public Markets

3. Unique Opportunity?

Cleantech Investing – the Chance of our Lifetime? USD Millions Cleantech VC investment reached a record $2.6 billion in Q308

Cleantech Investing – the Chance of our Lifetime?

The Big Picture… = X Population x = Affluence Environmental Impact EI A x P =

The Big Picture… Currently, 800m people, 12% of the world’s population consume 75% of the world’s energy resources. World Fuel Consumption

1980s: Every Irish person wanted to be German……….. 1988: Irish GDP $10,347 German GDP $15,979 2008: 4m Irish people became more German than the Germans…….. 2008: Irish GDP $44,415 German GDP $35,392

Ireland now consumes 24b kwh of electricity per year, double that of 1988…….. …… ..whilst Nigeria with a population of 140m uses 17b kwh…..

These days, every Chinese person wants to be German………..

What happens when 1.3b Chinese try to become German? Private Car possession in China would rise from 15m to 710m……….. Chinese GHG Emissions would rise from 6bt to 16bt p.a………..

If all Chinese would become ‘Germans’….

The Solution…. Draconian solutions to control Population and Affluence?

= X … OR… Population x Affluence Environmental Impact Clean Technology =

Alternative Energy Energy Efficiency Environmental Energy Storage What is Clean Technology? Fuel Cells Advanced Batteries Flywheels Hydrogen Generation and Storage Underground Caverns Solar: PV, Thermal, Equipment suppliers, Raw Materials Supplies BioEnergy: Biofuels, Biogas, Agriculture Wind: Wind Park Development, Equipment Suppliers, Raw Materials Supplies Water: Hydro, Wave and Tide Geothermal Nuclear Buildings Transportation Power Generation, Transmission and Distribution Distributed Power CO₂ Emissions & Trading Clean Water Desalination Waste Management Recycling Resource Efficiency

Conclusion: Cleantech growth paradigm more intact than ever before We may even have reached a tipping point! However, we have a problem with the public markets….

Themes 1. Cleantech Investment – the Chance of our Lifetime? 2. The Challenges of being a Cleantech Investor on the Public Markets 3. Unique Opportunity?

Themes

1. Cleantech Investment

– the Chance of our Lifetime?

2. The Challenges of being a Cleantech

Investor on the Public Markets

3. Unique Opportunity?

The Cleantech Market is not efficient… Dramatic Falls in Share Prices

Huge volatility The Cleantech Market is not efficient…

Massive Differences in Analyst’s Expectations The Cleantech Market is not efficient…

Themes 1. Cleantech Investment – the Chance of our Lifetime? 2. The Challenges of being a Cleantech Investor on the Public Markets 3. Unique Opportunity?

Themes

1. Cleantech Investment

– the Chance of our Lifetime?

2. The Challenges of being a Cleantech

Investor on the Public Markets

3. Unique Opportunity?

Public market valuations are ridiculously low – Some companies are trading at almost bankruptcy levels Unique Opportunity? JA Solar Holdings

What will change the current situation going forward? Intensified M&A activity (already started) Further growth (despite downturn) Rising maturity and wider acceptance of technologies (already far progressed in some fields) New Technologies When looking back in some years time, we will probably conclude that today’s Cleantech market was the Opportunity of our Lifetime!

Intensified M&A activity (already started)

Further growth (despite downturn)

Rising maturity and wider acceptance of technologies (already far progressed in some fields)

New Technologies

Contact Details Gerard Reid Oikovest GmbH Oranienburger Strasse 23 Berlin 10178 Germany Tel. +49 (030) 27574854 Fax +49 (030) 27574856 Email g.reid@oikovest.com The contents of this document are strictly confidential and may not be copied, used, or transferred without the prior consent of Oikovest. Thank you!