The document discusses the Alara Keating Infrastructure Fund and its focus on investing in energy efficiency projects. It aims to increase utilization of domestic natural gas and alternative energy solutions while making critical investments in enabling technologies. The fund sees a $190 billion opportunity in retrofitting the 70 billion square feet of commercial buildings in the US to improve energy efficiency. It plans to pursue this by investing in energy retrofits and technology solutions, and providing capital to upgrade buildings through energy service agreements.

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The Alara Keating
Infrastructure Fund
Paving the Way for the Future of
Energy Efficiency and Sustainability
MARCH 2012 CONFIDENTIAL

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TOC K
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 Fund Overview
 Energy Efficiency Investments (TNE)
 Conclusion/Summary Statement
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3. + Fund Overview
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Fund Positioning K
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Alara Keating’s core focus is on energy efficiency projects F
which increases the utilization of domestic natural gas
and alternative energy solutions.
Additionally, we are making critical investments
enabling technologies and vendors
to establish long-term energy independence and security.
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Situation Analysis K
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 The Issue:
Our Energy infrastructure is not designed to drive energy independence,
but rather relies on energy imports from volatile regimens.
 The Need:
Energy independence represents represents a critical underpinning
of economic success, global competitiveness and national security in
the 21st century and beyond.
 The Opportunity:
70-billion square feet of commercial space in the US alone, with an
average age greater than 30 years is in need of energy efficient
upgrades. This translates to a $190 billion opportunity.
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Fund Infrastructure K
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Alera Keating Infrastructure Fund
Invest in
Invest In Energy
Technology
Retrofits
Solutions
Energy Service
Agreements
Minority
(ESA’s) Investments
Provide Capital to Provide Dept &
Upgrade Buildings Growth Equity to
to High Technology &
Performance Service
Standards Companies CONFIDENTIAL

7. + Alara Keating Infrastructure Fund: A
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Energy Service Agreement (ESA) I
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We make investments in Energy
Infrastructure & Enabling Technologies Why do an ESA with Us?
 Creates a Cash Stream to an
Owner to Increase Net
 We are not an ESCO Operating Income
 We do not sell engineering  No Debt or Financing on
services or products Behalf of the Owner
 We do not arrange financing  No Technology Risk to
the Owner
 A 30 Building Project can
create $40-50MM in Value
with No Investment
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8. + Energy Efficiency
Investments
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How Energy Service Agreements Work K
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Energy Service Agreement
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How Energy Service Agreements Work K
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PHASE I: FINANCIAL ENERGY EFFIENCENT F
MAP
Provide risk capital for an initial
Development & Design Phase
 Analyze Historic Utility
Use &Cost Infiltration
Energy Usage by Source Building Heat Loss
Fresh Air Ventilation
 Benchmark Baseline Use 4,500,000
Dishwasher Exhaust
Kitchen Exhaust
Against Comparable 4,000,000 Domestic Hot Water
Buildings 3,500,000
Kitchen Hot Water
Kitchen Equipment Usage
Office Equipment
3,000,000 Cooling Pumps
 Building Survey & Heating Pumps
Energy (kBtu)
2,500,000 Dishwasher Exhaust
Energy Modeling Kitchen Exhaust
Ventilation Motors
2,000,000
Cooling
Exterior Lighting
 Identify Energy 1,500,000
Exit Lighting
Daytime Lighting
Conservation 1,000,000 Security Lighting
Measures (ECM’s) 500,000
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 Final Basis of Design Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11
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How Energy Service Agreements Work K
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PHASE ll: FINANCE ENERGY EFFICENT F
INFRASTRUCTURE
Provide long term investment to deploy project with 3rd party service
Lighting
Optimize HVAC
Combined
Heat &
Power (CHP)
Building
On-Site Alternative
Automation
Generation
Controls

12. + Terra Neutral A
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P H A S E l l l : C A P T U R E A N N U A L E N E R G Y S AV I N G S F
Make a return on investment
during a 10-12 year AKIF
operating relationship
CLIENT
 System Commissioning ENERGY
SAVINGS
 Measurement and Verification
 Continuous Commissioning
ROYATLY UTILITY
PAYMENT PAYMENT
On-going Procurement &
Demand Response Evaluation
HISTORIC
LOCKBOX
UTLITY COSTS
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13. + TERRA NEUTRAL CREATES SIGNIFICANT VALUE FOR A
OWNERS K
E C O N O M I C S F O R T H E AV E R A G E R E I T I
DOING A 30 BULIDING TNE PROGRAM F
TERRA NEUTRAL ENERGY BUILDING OWNER
 Avg. Bldg. Size: 350,000  No Dept or Financing
 Avg. Bldg. Upgrade: $2MM
 Project Cost $0
 Total Project: $60MM
 NOI Improvement: $2 – 2.5MM
 IRR: 14%
 REIT Value Goes up by $40-50MM
 Avg. Term: 11 yrs.
Optimize HVAC Lighting
Combined Heat &Power (CHP)
Building AutomationControls
On-Site Alternative Generation
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14. + ALARA KEATING ESA BENEFITS A
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Additional Cash Flow
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Long-term Savings
Beyond Contract Term
No Debt or Liability
BUILDING
OWNER
BENEFITS
Infrastructure Updated
Carbon Risk Mitigation to a High Performance
Building
Enhanced Product
Image/Reduced Differentiation/Competitive
Reputational Risk Advantage
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15. + Terra Neutral A
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ADDITIONAL BUILDING OWNER BENNEFITS
 Emerging as a tough leader among the competitive landscape
“REITs today are leaders in sustainability because they understand it isn’t just good public
relations – it’s good business. REITs recognize sustainability produces hard dollars-and-
cents savings that are important in today’s economic environment… and sustainability
provides a competitive advantage in the marketplace, because tenants gravitate to
buildings that offer sustainable technology†.
 Premiums associated with buildings that are recognizably “Green”*
• Occupancy Premiums for LEED and Energy Star range from 4.2% to 17.9%
• Rent Premiums for LEED and Energy Star range from 4.4% to 51%
• The IRR on the incremental cost (hard + soft) ranges from 126% to 140%, not
including energy savings, with only 10% of projects returning less than 50%
CONFIDENTIAL
†www.reit.com.REITs Honored for Sustainability Practices. 11/16/2011
*Journal of Sustainable Real Estate. How Risky Are Sustainable Real Estate Projects? An Evaluation of LEED and Energy Star Development Options. 2009

16. + Tangible Benefits for North America A
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IMPROVE INFRASTRUCTURE FOR F
M U N I C I PA L I T I E S & C O R P O R AT I O N S
 Reduce Reliance on Foreign Energy
 Increase Efficiency, thus Reducing Costs
and Increasing Competitiveness Lighting
Optimize HVAC
 Decrease Pollution Related Deaths
and Illness Combined
Heat &
Power (CHP)
 Decrease Emission of Climate
Changing Greenhouse Gases
 Provide Jobs for the 21st
Century workforce
 Mitigate Carbon Risk
 Enhanced Image Building
Automation
Controls
On-Site Alternative
Generation
 Upgrade North American Infrastructure
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17. + Reduce Reliance on Foreign Energy A
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ENERGY DEPENDENCE IS A F
N AT I O N A L S E C U R I T Y P R O B L E M
 We are financing our geopolitical
rivals who are rapidly developing
military&industrial infrastructure.
 Three of the top five oil companies
are government owned-Iran,
Venezuela
&China.
 These three companies represent
259 billion barrels of reserves and
10 million barrels of daily output.
 The only top five western company
is ExxonMobil with 12 billion
barrels of reserves vs. 259 of Iran,
Venezuela and China.
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18. + Decrease emission of climate-changing Greenhouse Gases A
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19. + Provide jobs for the 21
st century workforce A
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20. + Invest in long-term utilization of domestic resources A
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21. + Conclusion/
Summary Statement
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Conclusion K
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Need text here
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Thank you
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