Clean Tech Book 2010 by Abby Slagle

Fifth Annual

Clean Technology and R e n e wa b l e s C o n f e r e n c e

February 23, 2010, New York City

Fifth Annual Piper Jaffray

Clean Technology and R e n e wa b l e s C o n f e r e n c e February 23, 2010

This report is printed on FSC certified paper, and has been designed to minimize waste and reduce energy consumption through efficient use of standard sheet size and double-sided printing. Piper Jaffray does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decisions. This report should be read in conjunction with important disclosure information, including an attestation under Regulation Analyst Certification, found at the end of this report or at the following site: http://www.piperjaffray.com/researchdisclosures. Note: This research report has been prepared in whole or part by non-US research analysts who may be associated persons of Piper Jaffray & Co. These research analysts are not registered/qualified as research analysts with FINRA, but instead have satisfied the registration/qualification requirements or other research-related standards of a non-US jurisdiction that have been recognized for these purposes by FINRA.

5th Annual Clean Technology and Renewables Conference February 23, 2010

Westin Ne w York – Third Floor

Broadway i & Broadway II Track 2

Broadway iii Breakout for Track 2

Westin Ne w York – Fourth Floor

Speaker Ready

Registration

Gershwin I

Imperial Breakout for Track 3

Internet Access

Track 3

Gershwin II Track 4 (Private Co. Track)

5th Annual Clean Technology and Renewables Conference February 23, 2010

Westin New York – Fifth Floor

Manhattan Breakout for Track 1

Majestic i & Majestic II Track 1

Track 1

Track 2

Track 3

5th floor, Majestic I & II

3rd floor, Broadway I & II

4th floor, Gershwin I

Breakout – Manhattan

Breakout – Broadway III

Breakout – Imperial

Track 4 (Private Co. Track)

4th Floor

4th floor, Gershwin II

Registration

Speaker Ready

Internet Access

This conference will be webcast in real-time and on demand for 30 days following the conference at www.piperjaffray.com/cleantech2010 under “Webcast.”

5th Annual Clean Technology and Renewables Conference February 23, 2010

Partici pating Companies (as of February 12, 2010) Company Name

Ticker

Company Name

Ticker

9Ren Group

Private

Itron Inc.

ITRI

Advanced Energy Industries, Inc.

AEIS

JA Solar Holdings Co., Ltd.

JASO

American Superconductor Corporation

AMSC

Kerself S.p.A.

KRS IM

Aspen Aerogels, Inc.

Private

Landis+Gyr, Inc.

Private

Axion Power International Inc.

AXPW

LDK Solar Co., Ltd.

LDK

BPL Global, Ltd.

Private

Lime Energy Co.

LIME

Canadian Solar Inc.

CSIQ

Luca Technologies, Inc.

Private

Capstone Turbine Corp.

CPST

Magma Energy Corp.

MXY CN

Centrosolar AG

C3O GR

Mascoma Corporation

Private

China Hydroelectric Corporation

CHC

Maxwell Technologies Inc.

MXWL

China Wind Systems, Inc.

CWS

Metabolix, Inc.

MBLX

CoaLogix Inc.

Private

Myriant Technologies LLC

Private

CODA Automotive, Inc.

Private

National Wildlife Federation (KEYNOTE)

Keynote

Comtec Solar Systems Group Limited

712 HK

NGP Energy Technology Partners (Panel Participant)

Comverge, Inc.

COMV

Novolyte Technologies Inc.

Private

Control4 Corporation

Private

Phoenix Solar AG

PS4 GR

Cree Inc.

CREE

Photonica S.r.l.

Private

Culligan International Company

Private

Power-One Inc.

PWER

CURRENT Group, LLC

Private

Premier Power Renewable Energy, Inc.

PPRW

Duoyuan Global Water Inc.

DGW

Protonex Technology Corp.

PTXU LN

Echelon Corporation

ELON

Quanta Services Inc.

PWR

ECOSYNTHETIX, Inc.

Private

Ram Power, Corp.

RPG CN

Elevance Renewable Sciences, Inc.

Private

ReneSola Ltd.

SOL

eMeter Corporation

Private

Sequoia Energy

Private

Energy Recovery, Inc.

ERII

Sierra Ventures (Panel Participant)

EnerSys

ENS

SIGMA Corporation

Private

Enphase Energy, Inc.

Private

Skyline Solar, Inc.

Private

ESCO Technologies Inc.

ESE

Solaria Energia y Medio Ambiente SA

SLR SM

Evergreen Solar, Inc.

ESLR

Solazyme, Inc.

Private

Exide Technologies

XIDE

Summit Energy Services, Inc.

Private

First Solar, Inc.

FSLR

Suniva, Inc.

Private

Fortistar, LLC

Private

Suntech Power Holdings Co., Ltd.

STP

FuelCell Energy Inc.

FCEL

Super Micro Computer, Inc.

SMCI

GCL-Poly Energy Holdings Ltd.

3800 HK

Technovator Int Pte Ltd.

Private

Gevo, Inc.

Private

Techprecision Corporation

TPCS

Global Energy Services Siemsa, S.A.

Private

Telvent Git S.A.

TLVT

Green Plains Renewable Energy, Inc.

GPRE

Tetra Tech Inc.

TTEK

HaloSource, Inc.

Private

Turbine Air Systems, Ltd.

Private

Hansen Transmissions International nv

HSN LN

UQM Technologies Inc.

UQM

Veeco Instruments Inc.

VECO

Infiltrator Systems, Inc.

Private

Watts Water Technologies, Inc.

WTS

Innovalight, Inc.

Private

Yingli Green Energy Holding Company Limited*

YGE

International Battery, Inc.

Private

Hudson Clean Energy Partners (Panel Participant)

*Yingli is participating in one-on-one meetings only, no presentation

5th Annual Clean Technology and Renewables Conference Company Overviews

Compa ny O verviews (Companies shaded are followed by Piper Jaffray investment research) 9Ren Group—Private • 9Ren SA engages in the development, construction, and sale of solar photovoltaic plants. It offers turn-key project management services for third parties. The company was founded in 2001 and is based in Madrid, Spain. Advanced Energy Industries, Inc. (AEIS)—$14.25 • Advanced Energy Industries designs, manufactures, sells and supports industrial power conversion products that transform power into various usable forms. The company’s products enable manufacturing processes that use thin-film deposition for various products, such as semiconductor devices, flat panel displays, solar panels and architectural glass, as well as grid-tie power conversion in the solar market. The company also supplies gas flow control technology and thermal instrumentation products for control and detection of gases in the thin-film deposition process for these same markets. • Market cap: $598.9M American Superconductor Corporation (AMSC)—$31.88 Overweight—$44 Target • We believe AMSC is the best way to invest in the Chinese and global wind industry, grid infrastructure upgrades, and potential markets for superconductor wire. AMSC serves some of the largest wind turbine manufacturers in China and is also involved in smart grid projects in the U.S. We believe growth in the wind markets will simultaneously drive growth for AMSC’s grid interconnection and regulation (DVAR) products. • AMSC provides turnkey wind turbine manufacturing solutions, grid interconnection and power conditioning equipment, and HTS wire. • Price target: $44 (SOP—Power systems ($43) + Superconductors ($1)) • Market cap: $1.45B Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Aspen Aerogels, Inc.—Private • Aspen Aerogels, Inc. develops, manufactures, and markets nanotechnology materials for thermal management and energy conservation. It offers aerogels that provide thermal insulation, acoustic insulation, infrared suppression, shock absorption, and performance capabilities for various commercial and government applications. The company serves various markets, such as appliances, buildings and homes, Canadian oil sands, technologies, LNG shipping and storage, military and aerospace, offshore oil pipe-in-pipe systems, outdoor gear, apparel and footwear, and transportation, as well as process equipment, piping, and vessels; and building/construction and automotive. The company was founded in 2001 and is headquartered in Northborough, Mass. Axion Power International Inc. (AXPW)—$1.20 • Axion Power International is a development-stage company engaged in developing an energy storage device that uses carbon electrode assemblies to replace the lead-based negative electrodes found in conventional lead-acid batteries. The company incorporated Axion Power Corporation (APC) for the purpose of acquiring rights to a carbon technology that it

named proprietary lead/carbon (PbC). • Market cap: $32.1M BPL Global, Ltd.—Private • BPL Global, a smart grid technology company, provides software solutions and services to electric utilities. It offers Power SG Foundation, a platform that provides user security management, data repository and reporting, messaging, and common user interface framework services; Power SG Integrated Distributed Energy Resource Management, a software control system for asset utilization and management optimization of distribution networks; and Power SG Network Monitoring and Management, software to monitor and manage the electrical device layer for an intelligent grid. The company also provides Power SG Commercial and Industrial Demand Management, a solution to manage the non-critical load of appliances in commercial and industrial premises; Power SG Residential Demand Management, a solution to manage non-critical load at the home owner level; EasyGreen, a building monitoring, control, and management solution; and Power SG Rapid Fault Locator, a software and sensor solution to avoid outages. BPL was founded in 2004 and is based in Sewickley, Pa. Canadian Solar Inc. (CSIQ)—$23 Overweight—$29 Target • We believe CSIQ will gain share in Germany and Canada and expand to new markets in Asia, the U.S., and Eastern Europe based on our channel checks. The company’s partially vertical integration model has relatively higher cost but provides great flexibility to meet the demand. • Canadian Solar manufactures standard polysilicon-based solar modules for residential, commercial, off-grid, and industrial solar power generation systems. • Price target: $29 (12x proforma 2011E PF EPS of $2.44) • Market cap: $823.4M Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Capstone Turbine Corp. (CPST)—$1.22 • Capstone Turbine develops, manufactures, markets and services micro turbine technology solutions for use in stationary distributed power generation applications, including cogeneration combined heat and power (CHP), integrated combined heat and power (ICHP), and combined cooling, heat and power (CCHP), resource recovery and secure power. Its micro turbines can be used as battery charging generators for hybrid electric vehicle applications. Capstone offers micro turbines from 30 kilowatts up to one megawatt in electric power output, designed for commercial, industrial, and utility users. Its 30 kilowatt (C30) micro turbine can produce enough electricity to power a small convenience store. The 60 and 65 kilowatt (C60 Series) micro turbine can produce heat to provide hot water to a 100-room hotel while also providing about one-third of its electrical requirements. • Market cap: $239.5M Centrosolar AG (C3O GR)—€3.29 • Centrosolar manufactures solar modules and module components and is a distributor and installer of PV systems

5th Annual Clean Technology and Renewables Conference Company Overviews

for rooftop and ground mounted systems. Centrosolar’s main products are integrated solar installations on residential rooftops. Other products are components such as solar glass and mounting systems, as well as building-integrated solar systems and European-wide project planning of solar systems for the roofs of industrial properties and for free-standing installation. • Market cap: €65.1M

line solar wafers in large scale as well as one of the first solar wafer manufacturers in the PRC that was able to manufacture monocrystalline solar wafers with a thickness of ~170 microns in large scale. Comtec sells its solar wafers to leading PRCbased solar cell manufacturers, and to customers in Germany, Taiwan, Thailand, Singapore, Canada, the U.S., and India. • Market cap: HKD 2.17B

China Hydroelectric Corporation (CHC)—$10.10 • China Hydroelectric is a consolidator, operator and developer of small hydropower projects in the People’s Republic of China. The company owns 100 percent of 11 operating hydropower projects and has a controlling interest in another operating hydropower project. The projects are located in Zhejiang, Fujian, Yunnan and Sichuan. In addition, the company expanded its operations through the acquisition, pending government approval, of development rights to a 1000 mega watt (MW) pumped storage hydropower plant in Henan province. The 1000 MW pumped storage hydropower plant in Henan province is a Greenfield project. • Market cap: $514.2M

Comverge, Inc. (COMV)—$10.94 Neutral—$12 Target • We believe Comverge can offer utilities fully managed demand as well as turnkey demand response hardware and software solutions. However, the company focuses on the residential market, which could take longer to penetrate. • Comverge provides energy management equipment and services and sells aggregated base and peak load capacity to utilities and electricity grid operators. • Price target: $12 (EV/EBITDA multiple of ~12x 2011E EBITDA of $21M) • Market cap: $234.1M Jesse W. Pichel, Sr. Research Analyst, 212 284-9301

China Wind Systems, Inc. (CWS)—$5.56 • China Wind Systems, through its wholly owned subsidiaries, Wuxi Huayang Dye Machine Co., Ltd. (Huayang Dye) and Wuxi Huayang Electrical Power Equipment Co., Ltd. (Huayang Electrical Power), is engaged in two business segments: the dyeing and finishing equipment segment, in which the company manufactures and sells textile dyeing and finishing machines; and the forged rolled rings and electric power equipment segment, in which it manufactures and sells high precision forged rolled rings for the wind power and other industries and the company manufactures specialty equipment used in the production of coal generated electricity. In August 2008, the company formed a new wholly owned subsidiary: Wuxi Fulland Wind Energy Equipment Co., Ltd. • Market cap: $86.0M

Control4 Corporation—Private • Control4 manufactures wired and wireless home automation products in the U.S. It offers software and hardware products, which enable home theater and television, multi-room music, lighting, temperature, and security control, through a range of in-home and over-the-Web remote control technology. The company’s products include wireless dimmers and switches, speakers, multi-tuners, multi-channel amplifiers, audio matrix switches, video switchers, and home entertainment and control systems. It also offers wireless thermostats, touch screens, keypads, controllers, contact/relay extenders, and system remote controls. Control4 sells its products through dealers in the U.S., Canada, and internationally. It was founded in 2003 and is headquartered in Salt Lake City, Utah.

CoaLogix Inc.—Private • CoaLogix, a subsidiary of Acorn Energy, Inc., provides selective catalyst reduction (SCR) services to coal-fired power plants to reduce nitrogen oxide emissions. CoaLogix provides SCR catalyst management and consulting services, including computer simulation, inspection, testing and analysis. The company is based in the U.S. CODA Automotive, Inc.—Private • CODA Automotive, an electric car and battery company, designs, develops, manufactures, markets, and distributes electric cars and transportation battery systems in the U.S. The company has developed an all-electric, zero emissions, fourdoor car capable of achieving up to 80 mph with an average range of 100 miles per charge. The company was founded in 2009 and is based in Santa Monica, Calif. Comtec Solar Systems Group Limited (712 HK)—HKD 2.08 • Comtec Solar Systems Group is a monocrystalline solar ingot and wafer manufacturer based in the People’s Republic of China (PRC) focused on the design, development, manufacturing and marketing of high-quality monocrystalline solar wafers. Comtec is one of the first solar wafer manufacturers in the PRC that is able to produce 156x156 mm monocrystal-

Cree Inc. (CREE)—$60.82 Overweight—$70 Target • We view Cree as best exposed to the secular theme of LED lighting given high IP barriers to entry, steep cost roadmap, and current low penetration of a potentially enormous lighting market. • Cree is a leading designer of solutions for LED lighting applications. • Price target: $70 (20x CY11E PF EPS of $2.39) • Market cap: $6.48B Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Culligan International Company—Private • Culligan International develops and provides water treatment and filtration systems to improve general use and drinking water in the home and workplace. Its products include water softeners, drinking water and conditioning systems, and whole house filters. Culligan also provides bottled water services for homes and businesses. In addition, it offers salt and service programs as well as portable exchange programs, including water softener tank replacements and maintenance. The company provides its products through a network of franchises and company-owned dealers in North America. Culligan International was founded in 1936 and is based in Rosemont, Ill.

5th Annual Clean Technology and Renewables Conference Company Overviews

CURRENT Group, LLC—Private • CURRENT Group provides smart grid solutions and broadband communications services for electric utility and residential customers. Its smart grid solutions include intelligent sensing and analytics that allow utilities to maximize the value of existing assets while incorporating renewable sources of generation. The company’s communications services include voiceover Internet protocol, high-speed Internet, data, voice, and video. CURRENT also provides home energy management services. CURRENT Group was founded in 2000 and is based in Germantown, Md., with a subsidiary in Mägenwil, Switzerland. Duoyuan Global Water, Inc. (DGW)—$28.04 Overweight—$40 Target • Significant capacity expansion and an aggressive new product introduction schedule in 2010 positions Duoyuan Global Water to capitalize on the strong growth prospects of China’s water market. We believe these two initiatives support our ~30 percent revenue growth forecast in 2010/2011. Next year, we believe the company will deploy its newly raised capital to pursue opportunities in the membrane filtration market and in water conservation equipment (including ag irrigation equipment). These two markets are estimated to reach $2 billion by 2014, presenting a sizeable growth opportunity for DGW. • Duoyuan Global Water is a China-based manufacturer of various types of water treatment equipment. Major end-users include municipalities and industry. • Price target: $40 (20x FY11E EPS of $1.75 plus est $5/sh cash at EOY2011) • Market cap: $689.8M Michael E. Cox, CFA, Sr. Research Analyst, 612 303-2043 Echelon Corporation (ELON)—$8.22 Underweight—$8 Target • We recently (February 11) moved to an Underweight rating on ELON shares following soft 2010 guidance, continued lack of revenue visibility, and pushout of profitability. The company has yet to demonstrate a consistent build in order momentum following its initial Duke contract announcement. Given lowered expectations for 2010, we would look for management insights regarding a path to profitability. • Echelon provides product and service solutions for the smart grid and network controls markets, including building automation, industrial controls, lighting and transportation, and advanced metering infrastructure (AMI) solutions for utilities. • Price target: $8 (2.5x 2011E sales of $139M) • Market cap: $337.0M Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 ECOSYNTHETIX, Inc.—Private • ECOSYNTHETIX engages in the development, manufacture, and commercialization of biobased technologies to replace petroleum-based industrial products. ECOSYNTHETIX’s current product line includes bio-adhesives, biopolymers, and sugar-based macromers. ECOSYNTHETIX, Inc. was formerly known as Lions Adhesives, Inc. The company was founded in 1996 and is based in Lansing, Mich. Elevance Renewable Sciences, Inc.—Private • Elevance Renewable Sciences is a specialty chemical company. The company specializes in using renewable or natural oils

(soybean, canola, corn, and sunflower oils) to create a variety of specialty chemical products. It offers waxes; functional oils, such as personal care and cosmetics, candles, corrugated coatings, and solvents; industrial and agricultural anti-microbials; and industrial and automobile lubricants and additives. The company was founded in 2008 and is based in Bolingbrook, Ill. eMeter Corporation—Private • eMeter provides software that enables electric, gas, and water utilities to realize the benefits of their advanced metering and smart grid initiatives. It offers EnergyIP, an enterprise meter data management software platform; an Integration Platform for linking various advanced metering information (AMI) systems to multiple utility information systems; and Business Process Management Tools specializing in AMI implementation, operations, and maintenance, as well as provides meter data unification and synchronization system integration with SAP solutions for utilities. The company also offers SmartStart, which allows utilities to validate their investment in AMI, implement eMeter solutions, and access an integrated operational system for user acceptance testing. In addition, it plans, installs, and configures the EnergyIP software, as well as offers strategic consulting services related to meter data management, advanced metering, and demand response. eMeter has a strategic partnership with Siemens Corporation. The company was founded in 1999 and is headquartered in San Mateo, Calif. Energy Recovery, Inc. (ERII)—$6.09 Neutral—$7 Target • Energy Recovery is positioned for the eventual recovery in desalination project activity, which has been negatively impacted by broader economic and credit-related issues. The recent acquisition of PEI establishes Energy Recovery as a diversified supplier of mission-critical energy recovery devices for the desalination market. The acquisition not only strengthens the company’s competitive positioning, it also expands the opportunity for cross-selling of component parts to facilities. Expanded manufacturing capacity has the potential to positively impact margins as project activity improves. • Energy Recovery manufactures and sells energy-saving equipment to OEMs and EPC contractors, specifically those engaged in building/operating desalination plants. • Price target: $7 (25x 2011E EPS, plus $0.90/sh in cash) • Market cap: $326.4M Michael E. Cox, CFA, Sr. Research Analyst, 612 303-2043 EnerSys (ENS)—$22.24 Overweight—$31 Target • We believe ENS is the best way to invest in the energy storage space and is levered to a cyclical economic recovery. ENS has a proven management team that has successfully integrated numerous acquisitions and industrial battery demand directly reflects the level of economic activity. We believe ENS also has the ability to provide backup storage for renewables and grid regulation once those markets reach sufficient critical mass. • EnerSys manufactures, markets, and distributes industrial batteries besides related products such as chargers, power equipment and battery accessories, and provides after-sales and customer-support services for industrial batteries • Price target: $31 (12x CY2011 PF EPS estimate of $2.62) • Market cap: $1.09B Jesse W. Pichel, Sr. Research Analyst, 212 284-9301

5th Annual Clean Technology and Renewables Conference Company Overviews

Enphase Energy, Inc.—Private • Enphase Energy develops and manufactures solar energy management systems for residential and commercial customers to improve the performance of solar power systems. It develops a solar micro-inverter system that consists of components, including a micro-converter that attaches to the racking beneath solar modules and converts DC power to grid-compliant AC power; an envoy communications gateway that collects and transmits performance information from each solar module to a Web site; and Enlighten, a Web site that is used by its customers to monitor and manage their solar power systems. The company offers microinverter systems for residential and commercial solar PV applications. It offers its products through a network of distributors in the U.S. Enphase Energy was founded in 2006 and is based in Petaluma, Calif. ESCO Technologies Inc. (ESE)—$33.22 • ESCO Technologies is a producer of engineered products and systems sold to customers worldwide, primarily for utility, industrial, aerospace and commercial applications. The company operates in three operating segments: Utility Solutions, RF Shielding & Test, and Filtration/Fluid Flow. • Market cap: $878.3M Evergreen Solar, Inc. (ESLR)—$1.22 Neutral—$1.40 Target • We believe the company’s partnership with Jiawei in China is the key to improving its cost structure and remain competitive. • Evergreen Solar manufactures and markets solar wafers, cells, and modules using a proprietary low-cost manufacturing technology. • Price target: $1.40 (1x 2010E book value of $1.44 per share) • Market cap: $250.0M Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Exide Technologies (XIDE)—$5.37 • Exide Technologies is a provider of stored electrical energy solutions. The company is also a manufacturer and supplier of lead acid batteries for transportation and industrial applications. Exide has four business segments: Transportation America, Transportation Europe and ROW, Industrial Energy Americas, and Industrial Energy Europe and ROW. Exide’s transportation batteries include ignition and lighting batteries for cars, trucks, off-road vehicles, agricultural and construction vehicles, motorcycles, recreational vehicles, marine and other applications. The Industrial Energy segments supply both motive power and network power applications. The battery technologies for the motive power markets include flooded flat plate products and tubular plate products. In November 2009, the company introduced ReStore Energy Systems, a division focused on the development and pursuit of new markets for renewable energy storage and lithium ion energy systems. • Market cap: $405.9M First Solar, Inc. (FSLR)—$115.10 Overweight—$127 Target • FSLR is well-positioned to capture solar market share with low cost structure and good execution in the long term. However, FSLR may experience near-term margin pressure due to German FIT cut. • First Solar is the largest thin-film solar module manufacturer;

its manufacturing process is thus far the industry’s lowest cost. • Price target: $127 (16x 2011E GAAP EPS of $7.92) • Market cap: $9.96B Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Fortistar, LLC—Private • Fortistar operates as an independently owned landfill gas company to energy companies in the independent power industry. It engages in the acquisition, ownership, development, and management of power generation projects in the U.S. and Canada. The company’s portfolio includes gas-fired combined-cycle cogeneration power facilities in Lockport and Tonawanda, New York; the Honey Lake project, a biomass-fired project in Lassen County, Calif.; and landfill gas to energy projects in California and New England. The company was founded in 1974 and is headquartered in White Plains, N.Y. FuelCell Energy Inc. (FCEL)—$2.65 • FuelCell Energy is engaged in the development and production of stationary fuel cells for commercial, industrial, government and utility customers. Its Direct FuelCell (DFC) power plants generate power at more than 55 locations worldwide. The company’s products have generated over 400 million kilowatt hour (kWh) of power using a variety of fuels, including renewable wastewater gas, food and beverage waste, natural gas and other hydrocarbon fuels. Products include Direct FuelCell or DFC Power Plants. In addition, the company develops carbonate fuel cells, planar solid oxide fuel cell (SOFC) technology. • Market cap: $223.6M GCL-Poly Energy Holdings Ltd. (3800 HK)—HKD 1.92 • GCL-Poly is one of the leading green energy suppliers in China, providing power and heat in an efficient and environmentally friendly way via cogeneration, incineration and wind. GCL-Poly is also the largest polysilicon producer in China and one of the leading polysilicon and wafer suppliers in the world, delivering high-quality and low cost silicon products to the solar industry. At the end of 2009, GCL-Poly had 18000MT of polysilicon capacity and 1006MW of aggregate installed capacity. • Market cap: HKD 29.24B Gevo, Inc.—Private • Gevo develops biofuels technology based on butanol and its derivatives. Its biofuels technology also enables the production of fuels for the diesel and jet markets, as well as production of green chemicals derived from renewable resources. The company provides second-generation biofuels, such as butanol and isobutanol. Gevo was founded in 2005 and is based in Englewood, Colo. Global Energy Services Siemsa, S.A.—Private • Global Energy Services Siemsa operates as an electricity and energy engineering, installation, and maintenance services provider. The company particularly focuses on the wind sector, where it provides wind farm construction and maintenance. It also undertakes project-related work for process industries and utilities. The company was founded in 2000 and is based in Erandio, Spain. Global Energy Services Siemsa, S.A. is a former subsidiary of Gamesa Energia, S.A.

5th Annual Clean Technology and Renewables Conference Company Overviews

Green Plains Renewable Energy, Inc. (GPRE)—$12.95 • Green Plains Renewable Energy is organized to construct and operate dry mill, fuel-grade ethanol production facilities. The company operates in three segments: production of ethanol and related by-products (collectively refer to as Ethanol Production); grain warehousing and marketing, as well as sales and related services of agronomy and petroleum products (Agribusiness) and marketing and distribution of company-produced and third-party ethanol and distillers grains (Marketing and Distribution). On April 3, 2008, the company completed its merger with Great Lakes Cooperative (Great Lakes). On October 15, 2008, the company completed the merger of VBV LLC and its subsidiaries. On January 2009, the company acquired a majority interest in Blendstar, LLC. • Market cap: $323.3M HaloSource, Inc.—Private • HaloSource develops and commercializes clean-technologies in point-of-use water disinfection; and antimicrobial coatings and water clarification categories. Its products include HaloPure, a water disinfection technology, which kills diseasecausing bacteria and viruses to provide clean and safe drinking water at the point-of-use; and HaloShield coatings harness to kill odor-causing bacteria on textiles, such as cleaning cloths, towels, and bed linens. The company also provides recreational water treatment products to keep pools, spas, and water parks clear and clean. In addition, it offers solutions for natural sediment control remove water contaminants from storm water, construction site runoff, and other wastewaters. HaloSource offers its products through distributors and various retail outlets. HaloSource was founded in 1995 and is headquartered in Bothell, Wash. Hansen Transmissions International NV (HSN LN)—99p Overweight—135p Target • Hansen Transmissions is operationally geared into a wind end-market recovery and is growing margins through recent cost-cutting efforts. In our opinion, the market is overly concerned about debt covenants and is undervaluing Hansen’s earnings growth potential. It is building out capacity in low cost countries and is exposed to growth in China through new customers. We believe Hansen is well-placed strategically in the sweet spot of the wind turbine gearbox industry. • Hansen Transmissions is the second largest manufacturer of wind turbine gearboxes globally, with a leading position in the multi-MW segment. • Price target: 135p (15x 2011E EPS) • Market cap: £661.7M Alastair T. Bishop, Sr. Research Analyst, +44 203 142 8812 Infiltrator Systems, Inc.—Private • Infiltrator Systems manufactures plastic leach field chamber products and accessories for use in septic systems. It offers chambers and onsite septic systems for household wastewater, as well as solutions for onsite wastewater treatment industries. Infiltrator Systems was founded in 1987 and is headquartered in Old Saybrook, Conn., with facilities in Old Saybrook, Conn.; Winchester, Ky.; and Ogden, Utah.

allows the company to use a silicon ink-based manufacturing process. The company focuses on developing silicon-based solar cells for grid-connected solar power generation. Innovalight was founded in 2001 and is headquartered in Santa Clara, Calif. International Battery, Inc.—Private • International Battery engages in the design, development, and manufacture of large-format rechargeable cells and batteries. The company develops and supplies battery systems and battery system chargers for use in a range of vehicle, military, and industrial applications. Its products include lithium cobalt oxide cells and lithium iron phosphate cells manufactured through a water-based process. The company’s customers include the U.S. military, military contractors, vehicle highenergy cells and batteries for vehicles, auxiliary power units, uninterrupted power systems, and hybrid electric and electric vehicle manufacturers. International Battery was founded in 2004 and is based in Allentown, Pa. Itron Inc. (ITRI)—$61.34 Neutral—$58 Target • Itron has a strong base of legacy utility customers and four of the largest AMI contracts in the U.S. However, we believe the smart grid space is becoming increasingly competitive and requires Itron to quickly develop new products and solutions in order to differentiate their offerings in bids for new AMI projects. • Itron manufactures electricity, gas, water, and heat meters for utilities and large commercial and industrial energy users, including automated meter reading (AMR) devices and advanced metering infrastructure (AMI) technology for electric utility smart grid applications. • Price target: $58 (~10.5x 2010E EBITDA of $288M) • Market cap: $2.45B Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 JA Solar Holdings Co., Ltd. (JASO)—$5.12 Overweight—$7 Target • We believe the company has a competitive cost structure, strong balance sheet, visibility of customer contracts, and potential to gain share from competitors. • JA Solar, based in China, produces polysilicon-based solar cells. • Price target: $7 (10x proforma CY11E EPS) • Market cap: $869.4M Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Kerself S.p.A. (KRS IM)—€7.8 • Kerself manufactures solar cells and modules and installs rooftop and ground mounted solar systems in Italy. Since 2005 Kerself has expanded through a series of acquisitions across the solar value chain to become, in terms of market cap, the largest solar pure play in Italy: in 2005 it bought PV installer Nuova Thermosolar; in 2006 it acquired cell and module manufacturer Helios Technology; in 2007 it bought installer and distributor DEA; in 2008 it acquired MW-scale specialist installer Saem and producer of solar trackers and EPC contractor Ecoware. • Market cap: €135.9M

Innovalight, Inc.—Private • Innovalight develops ultra thin-film power modules for residential and commercial applications. Innovalight’s technology

5th Annual Clean Technology and Renewables Conference Company Overviews

Landis+Gyr, Inc.—Private • Landis+Gyr AG provides energy management products and services for the electricity metering industry. It offers integrated AMM/advanced metering infrastructure solutions, communication systems and software, meters, meter data management, and financing services. The company also provides installation and wiring, diagnosis and consulting, cost-benefit analysis, spare parts, training, upgrade and retrofit, investment planning, network analysis, fault clearing, system pre-study, in metering process development, deployment, operating, and support and maintenance services, as well as service contracts. In addition, it offers multi-energy meters for electricity, gas, heat, and cold applications in residential, commercial and industrial, and grid metering sectors. Further, the company provides load-management systems; tools for meter park management; personal energy management solutions for consumption and billing data online and through in-home displays; variable pricing systems; and specialized software tools for validation of incoming metering data and processing of profile and tariff calculations. The company was founded in 1896 and is based in Zug, Switzerland. As of October 7, 2004, Landis+Gyr AG operates as a subsidiary of Bayard Energy Pty, Ltd. LDK Solar Co., Ltd. (LDK)—$6.82 Underweight—$5 Target • We believe LDK’s core wafering business could experience near-term margin expansion but it continues to have difficulty in ramping up its poly plant. • LDK Solar is a manufacturer of multi-crystalline solar wafer substrates. • Price target: $5 (1x book value of $5.17/share) • Market cap: $740.0M Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Lime Energy Co. (LIME)—$5.30 • Lime Energy is a provider of energy efficiency and renewable energy design/build solutions. The company operates in two segments: Energy Technology and Energy Efficiency Services. The company’s core Energy Efficiency Services business, which represented 96 percent of its revenue during the year-ended December 31, 2008, provides energy efficiency engineering and consulting, as well as the development and implementation of energy efficient lighting, mechanical, electrical and water services, building envelope weatherization, and renewable energy solutions. Through its Energy Technology business, which represented 4 percent of the 2008 revenue, Lime Energy also offers a line of controllers under the eMac and uMac brand names that provide continuous management of heating, ventilation and air conditioning (HVAC) and lighting equipment using wireless communication technology. On June 11, 2008, the company acquired Applied Energy Management, Inc. (AEM). • Market cap: $124.5M Luca Technologies, Inc.—Private • Luca Technologies engages in the development of long-term biotechnology-driven solutions to the natural gas market in U.S. The company also develops methods for optimizing the natural gas-producing activity of natural Geobioreactors. Luca Technologies has developed a technology platform based on the discovery and management of naturally occurring

anaerobic microorganisms that metabolize oil, organic-rich shale and coal into natural gas. The company was founded in 2001 and is based in Golden, Colo. Magma Energy Corp. (MXY CN)—CAD 1.66 • Magma Energy, a geothermal pure-play, operates, develops, explores and acquires geothermal energy projects. Since inception in early 2008, Magma Energy has acquired one operating power plant in Nevada and an interest in two large geothermal plants in Iceland, all of which have expansion potential, and has five advanced stage projects and 22 exploration projects—one of the largest geothermal portfolios of any company. Magma is actively expanding its projects worldwide. • Market cap: CAD 412.6M Mascoma Corporation—Private • Mascoma develops cellulosic ethanol. The company offers biofuels from non-food biomass wood, straws, fuel energy crops, paper pulp, and various agricultural waste products. It has strategic partnerships with Michigan Economic Development Corporation and JM Longyear. The company was founded in 2005 and is based in Boston, Mass., with corporate and engineering offices in Boston; research and development labs in Lebanon, N.H.; and demonstration plant in Rome, N.Y. Maxwell Technologies Inc. (MXWL)—$16.64 Underweight—$12 Target • We believe MXWL’s superconductor device is a solution for certain niche applications in hybrid vehicles and wind turbines, but would like to see more visibility into growth. • Maxwell Technologies develops, manufactures and markets energy storage and power delivery products for several different end-market applications. • Price target: $12 (~2.0x CY11E P/S) • Market cap: $362.8M Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Metabolix, Inc. (MBLX)—$9.77 Neutral—$10 Target • 2010 is poised to mark an inflection point for Metabolix. This year, Metabolix (and its JV partner Archer Daniels Midland) is set to begin production of the company’s bio-based, bio-plastic material Mirel. Despite facility delays and the weak economic backdrop, the company has indicated that customer demand remains strong. New plant science programs are underway and updates as the year progresses could prove to be positive catalysts for the stock. • Metabolix is a science company developing biodegradable plastics, fuels and chemicals from renewable resources. • Price target: $10 (22x FY15E EPS contribution from MBLX share of Telles JV, disc at 20%) • Market cap: $224.7M Michael E. Cox, CFA, Sr. Research Analyst, 612 303-2043 Myriant Technologies LLC—Private • Myriant Technologies uses its proprietary technology to produce multiple high-value chemicals from renewable feedstock. The company’s technology combines advanced cellulosic technologies with an integrated biorefinery approach. Myriant is currently using its technology to produce Lactic Acid, with an accelerated production cycle targeting Succinic Acid in the near

5th Annual Clean Technology and Renewables Conference Company Overviews

future. Myriant Technologies is based in Quincy, Mass. with a research and development lab in Woburn, Mass. National Wildlife Federation—Keynote • National Wildlife Federation (NWF) is America’s largest conservation organization. Focused on protecting wildlife, the organization offers conservation education, leadership training and development, information outreach, and networking services. It caters to individuals, organizations, businesses, and government. NWF was founded in 1936 and is headquartered in Reston, Va. Novolyte Technologies Inc.—Private • Novolyte Technologies manufactures and supplies specialty electrolyte materials, high-performance solvents, aryl phosphorus derivatives, and custom manufactured products in North America. The company offers glymes, dioxane, dioxolane, butyl diglyme solvents, aryl phosphines, extraction solvents for gold recovery, grignard solvents, electronic materials, polymer ingredients, and pharmaceutical and agricultural chemicals, as well as electrolytes for primary and secondary lithium batteries, ultracapacitors, and other energy storage devices. Its products are used in various applications, including organic energy storage devices, complex pharmaceutical synthesis, gold extraction, gas scrubbing, adhesives, coatings, inks, cleaning detergents, and engineered fabrics. The company serves customers in China, Asia, and Europe. The company was founded in 2008 and is based in Independence, Ohio with manufacturing facilities in Baton Rouge, La., and Suzhou, China. It also has an R&D center in Suzhou, China. Phoenix Solar AG (PS4 GR)—€28.61 Overweight—€43 Target • As a volume play on solar, Phoenix Solar is less exposed to pricing pressure through the OEM chain and should benefit from the current strong end-market demand. We believe Phoenix has one of the strongest balance sheets in the downstream solar space. Phoenix will provide insights into the current debate on tariff reductions in Germany and other key solar markets. • Phoenix Solar sells solar modules, inverters, accessories, and complete solar power systems and carries out planning and construction of large solar power plants. • Price target: €43 (13x 2010E EPS of €3.27) • Market cap: €191.7M Alastair T. Bishop, Sr. Research Analyst, +44 203 142 8812 Photonica S.r.l.—Private • Photonica srl is a developer of solar parks in Italy. Photonica comprises a network of companies which control a pipeline of over 1.7GW of PV projects in Italy for construction, expected in 2010-2012. Photonica has grid connected 22MW and has secured more than 400 grid connection rights in Italy to date. Companies in the Photonica group comprise Spazio Energia, a specialist in grid connection of PV parks; Sundev and Solarev, specialists in project origination which have framework contracts signed with five top EPCs and investors in Italy; and Sun-Lab, provider of expertise for project design, construction and environmental impact assessment of solar PV parks.

Power-One Inc. (PWER)—$3.92 • Power-One is a designer and manufacturer of power conversion and power management products, primarily for the communications and server/storage infrastructure equipment, industrial applications, high-end consumer and industrial appliances, and renewable energy markets. Power-One’s products are used to convert, process and manage electrical energy, in both alternating current (AC) and direct current (DC) form. In the renewable energy market, Power-One sells inverters primarily for roof-top solar applications. During the year ended December 31, 2008, the company expanded its product line to include central solar inverters. Power-One sells its power conversion and power management products to a diversified group of equipment manufacturers, including contract manufacturers. • Market cap: $345.7M Premier Power Renewable Energy, Inc. (PPRW)—$2.10 • Premier Power Renewable Energy is a developer, designer, and integrator of solar energy solutions for residential, commercial, and industrial customers in North America and Spain. The company’s main business is installation of solar energy systems and all related components for use by residential homeowners, commercial and industrial enterprises, municipalities, and other solar energy providers. In June 2009, the company announced its entry into Italy, with the acquisition of Arco Energy, a privately held solar project developer and distributor. • Market cap: $61.0M Protonex Technology Corp. (PTXU LN)—30p Overweight—48p Target • Protonex has the strongest track record of military grant procurement amongst the fuel cell developers. With multiple product launches for military and commercial applications scheduled by 2011, we believe Protonex is well placed to make the transition from a military R&D enterprise to a commercial business. • Protonex manufactures portable and remote power sources and develops products for military and customer applications in the sub-kW (100-500W) power range. • Price target: 48p (20-year DCF, 12.2% WACC) • Market cap: £19.5M Alastair T. Bishop , Sr. Research Analyst, +44 203 142 8812 Quanta Services Inc. (PWR)—$17.49 • Quanta Services is a provider of specialty contracting services. The company operates in two reportable business segments: the infrastructure services and the dark fiber segment. The infrastructure services segment provides specialized contracting services, offering end-to-end network solutions to the electric power, gas, telecommunications and cable television industries. The dark fiber segment designs, procures, constructs and maintains fiber-optic telecommunications infrastructure in select markets, and licenses the right to use pointto-point fiber-optic telecommunications facilities to customers. In July 2008, it acquired a helicopter-assisted transmission line installation, maintenance and repair services company. In November 2008, it acquired two affiliated professional

5th Annual Clean Technology and Renewables Conference Company Overviews

telecommunications engineering companies. In October 2009, the company acquired Price Gregory Services, Incorporated. • Market cap: $3.67B

Africa, the Middle East, Australia, and Asia markets. Skyline Solar, Inc. was incorporated in 2007 and is based in Mountain View, Calif.

Ram Power, Corp. (RPG CN)—CAD 3.52 • Ram Power is a renewable energy company focused in the business of acquiring, exploring, developing and operating geothermal power projects to address the growing demand for green energy in the U.S. and around the world. Founded in 2008 by an experienced geothermal project development and management team, the company recently combined with three publicly traded Canadian geothermal power companies to take advantage of the economies of scale in project development. Ram Power has an interest in geothermal projects in California, Nevada, Nicaragua, Canada and elsewhere. • Market cap: CAD 514.1

Solaria Energia y Medio Ambiente SA (SLR SM)—€2.27 Underweight— €1.80 Target • Despite ongoing balance sheet uncertainties from unsold solar projects, Solaria should benefit from a revival in solar installations in Spain. Solaria has been gradually changing strategy from a pure play manufacturer to an owner and operator of assets. • Solaria, based in Puertollano, manufactures and installs PV modules principally in Spain. • Price target: €1.80 (P/E multiple 10x FY10E) • Market cap: €230.7M Alastair T. Bishop, Sr. Research Analyst, +44 203 142 8812

ReneSola Ltd. (SOL)—$5.03 Overweight—$6 Target • We believe ReneSola’s core wafer business fundamentals are improving given the tight wafer capacity. The company could experience inflection point in 1Q10 and turn profitable. ReneSola starts to build some momentum on its downstream strategy with the recent win of module OEM business. • ReneSola manufactures and sells mono and multi-wafers. • Price target: $6 (10x ‘10E proforma EPS) • Market cap: $356.1M Jesse W. Pichel, Sr. Research Analyst, 212 284-9301

Solazyme, Inc.—Private • Solazyme an algal synthetic biology company, engages in the production of renewable oil. It offers fuels, including microbial-derived jet fuels, bio-diesels, and renewable diesels. The company also offers marine and microaquatic compounds for health and wellness products. Its products are used for biofuel production, replacements for fossil petroleum, and plant oils in various products ranging from green household cleaning supplies to cosmetics and foods. The company serves renewable energy and industrial chemicals markets, as well as specialty ingredients markets in cosmetic, nutritional, and pharmaceutical products. Solazyme, Inc. was founded in 2003 and is headquartered in South San Francisco, Calif.

Sequoia Energy, Inc.—Private • Sequoia Energy, Inc. develops renewable energy projects in Manitoba, Saskatchewan, and North Dakota. The company primarily focuses on wind energy projects in western Canada and the U.S. Midwest. It provides various project-specific services, such as community consultation, research and site selection, wind measurement, site planning, licensing and permitting, project finance, project management, and operation and maintenance. The company is headquartered in Winnipeg, Canada. SIGMA Corporation—Private • SIGMA manufactures and supplies pipe fittings in North America. It offers pipe fittings and accessories for waterworks, including retainer glands, MJ glands, gland packs, pipe restraints, and adapter flanges; and ductile iron, PVC, and HDPE pipes and fittings. SIGMA also provides fabricator products, polyethylene encasement products, municipal castings, pipe joint lubricants, hydraulic cement, duc-lugs, eye bolts, socket clamps, flange accessory packs, tracer wire, detectable tapes, valve wrenches, and valve box alignment devices; and threaded flanges, anchor flanges, and bell adapters. In addition, it offers plant services for water and sewer treatment plant customers. The company, founded in 1985 and headquartered in Cream Ridge, N.J., operates as a subsidiary of SG Companies, Inc. Skyline Solar, Inc.—Private • Skyline Solar manufactures single-axis tracking high gain solar (HGS) arrays for commercial, industrial, government, and utility markets. It offers HGS structural and reflective racking components. The company serves California, Arizona, Colorado, Nevada, Texas, Italy, France, Greece, Spain, Northern

Summit Energy Services, Inc.—Private • Summit Energy Services provides energy management services for businesses and industry. The company offers market intelligence, strategic sourcing, rates analysis, risk management, and energy sustainability services. Its energy management services include energy procurement, energy risk management, and utility consulting. The company also provides crude oil forecasting and natural gas hedging. It serves industries, such as packaging, plastics, chemicals, printing, automotive, government, healthcare, restaurants, aerospace, pharmaceutical, food, entertainment, glass, hospitality, metals, property management, education, telecommunications, mining, and forest products. The company was founded in 1991 and is based in Louisville, Ky. with additional offices in the U.S., Belgium, France, Germany, Mexico, and the Netherlands. Suniva, Inc.—Private • Suniva develops, manufactures, and markets silicon photovoltaic cells for power generation. It offers ARTisun series solar cells, which are high-efficiency cells made of polysilicon. The company offers its products for use in the solar modules or panels. Suniva was founded in 2006 and is based in Atlanta, Ga. Suntech Power Holdings Co., Ltd. (STP)—$13.48 Neutral—$11 Target • We believe STP is differentiated from other Chinese manufacturers by its brand name and quality reputation. The company could win share in downstream installation business. STP is currently managing GSF A/R, various investments, and its

5th Annual Clean Technology and Renewables Conference Company Overviews

balance sheet. • STP, located in China, manufactures photovoltaic cells and modules. • Price target: $11 (13x 2011E PF EPS of $0.85) • Market cap: $2.41B Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Super Micro Computer, Inc. (SMCI)—$13.60 • Super Micro Computer designs, develops, manufactures and sells application-optimized server solutions based on a modular and open-standard x86 architecture. The company’s solutions include a range of rack mount and blade server systems, as well as components. It offers an array of server components, which are interoperable and can be configured to create complete server systems. Super Micro Computer bases its solutions on open standard components, such as processors from Intel and AMD, and its solutions can run on the Linux and Windows operating systems. • Market cap: $483.3M Technovator Int Pte Ltd.—Private • Technovator Int Pte operates as a building automation and technology company. The company offers extra low voltage products or services, including building automation, security and access control, multi-media conference facility, and fire automation systems, as well as hi-tech building products. It also provides HVAC control products, including differential pressure switches, water flow and fluid level switches, thermostats, damper actuators, and FCU and motorized valves; fire alarm products, which comprise fire alarm control panels, fire detectors, fire alarm buttons, addressable modules, and fire alarm command centers; and security products, such as access control, digital video surveillance, intrusion alarm, cameras, and control keypads. The company was founded in 2005 and is based in Singapore. Techprecision Corporation (TPCS)—$0.95 • Techprecision Corporation manufactures metal-fabricated and machined precision components and equipment. The company’s products are used in various markets, including the alternative energy, medical, nuclear, defense, industrial, and aerospace industries. Its products for the alternative energy market include wind turbine components and components used to produce solar panels; for the medical market, comprise components and assemblies for proton beam accelerators for cancer treatment; and for the nuclear market, commercial reactor internal components and temporary heads, spent fuel storage and transportation canisters and casks, and material handling equipment. The company also offers aircraft carrier steam accumulator tanks, DDX destroyer prototype propulsion equipment, gun and weapons handling equipment, submarine sonar system components, and primary shield tank heads and foundations for the defense market; vacuum chambers, food processing equipment, chemical processing equipment, and pressure vessels for the industrial market; and delta rocket precision-machined fuel tank bulkheads, F-15 special equipment pods, and various other components, fixtures, and tooling for aerospace market. The company was founded in 1956 and is based in Westminster, Mass. • Market cap: $13.2M

Telvent Git S.A. (TLVT)—$32.33 Neutral—$37 Target • We recently (February 11) moved to a Neutral rating on TLVT shares to reflect what we believe are investor concerns surrounding the Spanish economy and the resulting potential headwinds for future TLVT orders in Transportation and Global Services. The falling euro has been another headwind. Spain represents ~40% of TLVT revenue and backlog (Europe is 45% of revenue). We would look for sentiment to improve on the Spanish macro environment and in the Transportation segment to become more constructive on the stock. • Telvent provides proprietary and customized IT solutions to the electric utility, oil & gas pipeline, transportation, environmental, and agricultural markets. • Price target: $37 (14x 2011E PF EPS of $2.63) • Market cap: $1.10B Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Tetra Tech Inc. (TTEK)—$21.16 Overweight—$26 Target • TTEK shares have pulled back recently following the release of disappointing FY10 guidance. We believe this pullback presents an attractive buying opportunity. TTEK has set a reasonable, if not conservative, bar for FY10 guidance by removing delayed projects from internal projections. Underlying growth drivers of water & environmental remain intact and we believe the resumption of project activity in Federal & wind-related project activity could drive upside to estimates. The balance sheet remains very strong, which provides flexibility to pursue strategic acquisitions. • TTEK is an E&C firm that specializes in water infrastructure, environmental remediation and wind power. • Price target: $26 (20x FY11E EPS) • Market cap: $1.31B Michael E. Cox, CFA, Sr. Research Analyst, 612 303-2043 Turbine Air Systems, Ltd.—Private • Turbine Air Systems engages in the design and manufacture of packaged chilled water plants for the commercial, industrial, and energy industries. It offers water-cooled centrifugal compressor systems, single helical screw compressors, and dual helical screw compressors. The company provides products for use in applications such as power augmentation, combined heat and power, industrial process, commercial comfort, and district cooling applications. It serves markets such as pharmaceuticals, semiconductor and data centers, hospitals, universities/campus, industrial and automotive, and energy service and district cooling, as well as hotels, resorts, and casinos. The company offers its products in North and South America, the Middle East, Asia, Africa, and Australia. Turbine Air Systems was founded in 1999 and is based in Houston, Tx. UQM Technologies Inc. (UQM)—$4.98 Overweight—$7 Target • In reporting fiscal 3Q results that fell modestly shy of our model due to increased engineering spend, UQM indicated that commercial scale production startup for the Coda Automotive launch remains on schedule. UQM continues to work with more than a dozen OEMs on test motor systems

5th Annual Clean Technology and Renewables Conference Company Overviews

for pure-battery and hybrid electric vehicles, both in a propulsion and range extending capacity. We believe the company is having good success in product tests and we would not be surprised to see new customer contract announcements by the end of CY10. • UQM Technologies designs and manufactures electric motors and related equipment for the electric vehicle market. • Price target: $7 (30x CY12E EPS, discounted at 20%) • Market cap: $177.3M Michael E. Cox, CFA, Sr. Research Analyst, 612 303-2043 Veeco Instruments Inc. (VECO)—$35.11 Overweight—$44 Target • We believe Veeco is winning share in a fast growing LED MOCVD tool market with its new K465i tool. Veeco’s new tool improved uniformity and yield on top of its high throughput and is opening doors to new LED customers. • Based in Plainview, N.Y., Veeco provides equipment and solutions for LED, solar, data storage, semiconductor, scientific and industrial research customers. • Price target: $44 (17x 2011E PF EPS of $2.58) • Market cap: $1.32B Jesse W. Pichel, Sr. Research Analyst, 212 284-9301 Watts Water Technologies, Inc. (WTS)—$28.49 • Watts Water Technologies is a supplier of products for use in the water quality, water safety, water flow control and water conservation markets. The company operates its business in three geographic segments: North America, Europe and China. Watts distributes its products through three primary distribution channels: wholesale, do-it-yourself (DIY) and original equipment manufacturers (OEMs). Watts sells its products for the residential construction and home repair and remodeling industries through DIY plumbing retailers, national catalog distribution companies, hardware stores, building material outlets and retail home center chains, and through plumbing and heating wholesalers. In addition, it sells products directly to certain large OEMs and private-label accounts. During the year ended December 31, 2008, water quality products accounted for approximately 17 percent of its total sales. In May 2008, Watts completed the acquisition of Blucher Metal A/S. • Market cap: $1.05B Yingli Green Energy Holding Company Limited* (YGE)—$12.68 Overweight—$16 Target *Participating in one-on-one meetings only, no presentation • We believe the company has one of the lowest cost structures in the industry due to its vertically integrated model and that it has the potential to become one of the top consumer brands. We believe concerns on the company’s poly plant ramp are currently reflected in the share price. • YGE is the largest vertically integrated solar company in China and sells solar modules to major European installers and systems integrators. • Price target: $16 (13x 2011E PF EPS of $1.21) • Market cap: $1.88B Jesse W. Pichel, Sr. Research Analyst, 212 284-9301

Prices and market capitalizations reflect closing prices on February 12, 2010.

5th Annual Clean Technology and Renewables Conference Company Overviews

June June 9 - 10, 9 -2009 10, 2009 T ec h n i ca l C ha r t s (2-year price trend line charts of companies followed by Piper Jaffray U.S.-based analysts) American American Superconductor Superconductor Corp. Corp. (AMSC) (AMSC)

Duoyuan Duoyuan GlobalGlobal WaterWater Inc. (ADS) Inc. (ADS) (DGW)(DGW)

12-Feb-2008 12-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. DollarU.S. Dollar

High: 47.530 High: 47.530 Low: 8.220 Low: 8.220 Last: 31.880 Last: 31.880

12-Feb-2008 12-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. DollarU.S. Dollar

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

High: 44.000 High: 44.000 Low: 20.400 Low: 20.400 Last: 28.040 Last: 28.040

50 Day Moving 50 Day Average Moving Average

50 45 40 35 30

10 IPO: 16.00 IPO: 16.00

3/08

3/08 6/08

6/08 9/08

9/08 12/08 12/08 3/09

3/09 6/09

Data Source:Data Prices Source: / Exshare Prices / Exshare

6/09 9/09

9/09 12/09 12/09

3/08

©FactSet Research ©FactSet Systems Research 2010Systems 2010

Canadian Canadian Solar Solar Inc. (CSIQ) Inc. (CSIQ) High: 51.800 High: 51.800 Low: 3.000 Low: 3.000 Last: 23.000 Last: 23.000

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

3/08 6/08

6/08 9/08

9/08 12/08 12/08 3/09

3/09 6/09

Data Source:Data Prices Source: / Exshare Prices / Exshare

6/09 9/09

60 50 40

9/09 12/09 12/09

3/09 6/09

Data Source:Data Prices Source: / Exshare Prices / Exshare

6/09 9/09

9/09 12/09 12/09

6/08 9/08

9/08 12/08 12/08 3/09

3/09 6/09

6/09 9/09

20 18 16

9/09 12/09 12/09

©FactSet Research ©FactSet Systems Research 2010Systems 2010

High: 13.250 High: 13.250 Low: 4.500 Low: 4.500 Last: 6.090 Last: 6.090

3/08 6/08

6/08 9/08

9/08 12/08 12/08 3/09

3/09 6/09

Data Source:Data Prices Source: / Exshare Prices / Exshare

6/09 9/09

14 13 12 11 10

9/09 12/09 12/09

©FactSet Research ©FactSet Systems Research 2010Systems 2010

EnerSys EnerSys Inc. (ENS) Inc. (ENS) High: 63.950 High: 63.950 Low: 12.570 Low: 12.570 Last: 60.820 Last: 60.820

12-Feb-2008 12-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. DollarU.S. Dollar

9/08 12/08 12/08 3/09

3/09 6/09

High: 37.710 High: 37.710 Low: 5.710 Low: 5.710 Last: 22.240 Last: 22.240

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

64 56 48

6/08 9/08

3/08 6/08

Data Source:Data Prices Source: / Exshare Prices / Exshare

3/08

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

3/08 6/08

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

©FactSet Research ©FactSet Systems Research 2010Systems 2010

12-Feb-2008 12-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. DollarU.S. Dollar

3/08

High: 16.560 High: 16.560 Low: 4.920 Low: 4.920 Last: 8.220 Last: 8.220

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

30 25 20

Cree Inc. Cree(CREE) Inc. (CREE)

Data Source:Data Prices Source: / Exshare Prices / Exshare

9/09 12/09 12/09

©FactSet Research ©FactSet Systems Research 2010Systems 2010

12-Feb-2008 12-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. DollarU.S. Dollar

30 25 20

9/08 12/08 12/08 3/09

6/09 9/09

Energy Energy Recovery Recovery Inc. (ERII) Inc. (ERII) High: 20.650 High: 20.650 Low: 2.350 Low: 2.350 Last: 10.940 Last: 10.940

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

6/08 9/08

3/09 6/09

Data Source:Data Prices Source: / Exshare Prices / Exshare

3/08

©FactSet Research ©FactSet Systems Research 2010Systems 2010

12-Feb-2008 12-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. DollarU.S. Dollar

3/08 6/08

9/08 12/08 12/08 3/09

12-Feb-2008 12-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. DollarU.S. Dollar

Comverge Comverge Inc. (COMV) Inc. (COMV)

3/08

6/08 9/08

Echelon Echelon Corp. Corp. (ELON) (ELON)

12-Feb-2008 12-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. DollarU.S. Dollar

3/08

3/08 6/08

6/09 9/09

40 35 30

9/09 12/09 12/09

©FactSet Research ©FactSet Systems Research 2010Systems 2010

3/08

3/08 6/08

Data Source:Data Prices Source: / Exshare Prices / Exshare

6/08 9/08

9/08 12/08 12/08 3/09

3/09 6/09

6/09 9/09

9/09 12/09 12/09

©FactSet Research ©FactSet Systems Research 2010Systems 2010

5th Annual Clean Technology and Renewables Conference Company Overviews

February February 19, 2009 19, 2009

Evergreen Evergreen Solar Inc. Solar (ESLR) Inc. (ESLR)

LDK Solar LDKCo. Solar Ltd.Co. (ADS) Ltd.(LDK) (ADS) (LDK)

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

High: 12.640High: 12.640 Low: 1.000 Low: 1.000 Last: 1.220 Last: 1.220

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

3/08

3/08 6/08

6/08 9/08

12/08 9/08

12/08 3/09

3/09 6/09

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

6/09 9/09

Data Source: Prices Data/ Source: ExsharePrices / Exshare

12/09 9/09

14 12 10 8

12/09

3/08

©FactSet Research ©FactSet Systems Research 2010 Systems 2010

First Solar FirstInc. Solar (FSLR) Inc. (FSLR) High: 317.000 High: 317.000 Low: 85.280Low: 85.280 Last: 115.100 Last: 115.100

9/08 6/08

12/08 9/08

12/08 3/09

6/09 3/09

12/09 9/09

320

280

240

200

160

120

80 12/09

80 3/08

©FactSet Research ©FactSet Systems Research 2010 Systems 2010

Itron Inc. Itron (ITRI) Inc. (ITRI) High: 106.250 High: 106.250 Low: 34.250Low: 34.250 Last: 61.340Last: 61.340

12/08 9/08

12/08 3/09

6/09 3/09

12/09

©FactSet Research ©FactSet Systems Research 2010 Systems 2010

High: 21.810High: 21.810 Low: 4.000 Low: 4.000 Last: 16.640Last: 16.640

3/08 6/08

6/08 9/08

12/08 9/08

12/08 3/09

3/09 6/09

Data Source: Prices Data/ Source: ExsharePrices / Exshare

6/09 9/09

12/09 9/09

22 20 18 16 14 12

12/09

©FactSet Research ©FactSet Systems Research 2010 Systems 2010

12/08 9/08

12/09 9/09

70 60

12/09

3/08

3/09 6/09

3/08 6/08

6/08 9/08

12/08 9/08

12/08 3/09

3/09 6/09

Data Source: Prices Data/ Source: ExsharePrices / Exshare

6/09 9/09

12/09 9/09

12/09

©FactSet Research ©FactSet Systems Research 2010 Systems 2010

ReneSola ReneSola Ltd (ADS) Ltd(SOL) (ADS) (SOL) High: 27.000High: 27.000 Low: 1.550 Low: 1.550 Last: 5.120 Last: 5.120

12/08 3/09

High: 19.400High: 19.400 Low: 4.620 Low: 4.620 Last: 9.770 Last: 9.770

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

6/08 9/08

24 22 20 18 16 14

110 100 90

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

3/08 6/08

12/09 9/09

24 22 20 18 16 14

110 100 90

JA Solar JAHoldings Solar Holdings Co. Ltd.Co. (ADS) Ltd.(JASO) (ADS) (JASO)

3/08

6/09 9/09

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

6/09 9/09

Data Source: Prices Data/ Source: ExsharePrices / Exshare

3/09 6/09

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

9/08 6/08

12/08 3/09

Metabolix Metabolix Inc. (MBLX) Inc. (MBLX)

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

6/08 3/08

12/08 9/08

60 50 40

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

6/09 9/09

Data Source: Prices Data/ Source: ExsharePrices / Exshare

3/08

6/08 9/08

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

6/08 3/08

3/08 6/08

Data Source: Prices Data/ Source: ExsharePrices / Exshare

60 50 40

MaxwellMaxwell Technologies Technologies Inc. (MXWL) Inc. (MXWL)

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

3/08

High: 52.400High: 52.400 Low: 3.750 Low: 3.750 Last: 6.820 Last: 6.820

High: 29.480High: 29.480 Low: 2.020 Low: 2.020 Last: 5.030 Last: 5.030

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

6/09 9/09

12/09 9/09

30 25 20

12/09

3/08

3/08 6/08

Data Source: Prices Data/ Source: ExsharePrices / Exshare

6/08 9/08

12/08 9/08

12/08 3/09

3/09 6/09

6/09 9/09

12/09 9/09

30 25 20

12/09

5th Annual Clean Technology and Renewables Conference Company Overviews June 9June - 10, 92009 - 10,

Suntech Suntech Power Holdings Power Holdings Co. Ltd.Co. (ADS) Ltd.(STP) (ADS) (STP)

Veeco Instruments Veeco Instruments Inc. (VECO) Inc. (VECO)

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

High: 54.340High: 54.340 Low: 5.090 Low: 5.090 Last: 13.480Last: 13.480

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

3/08

3/08 6/08

6/08 9/08

12/08 9/08

12/08 3/09

3/09 6/09

Data Source: Prices Data/ Source: ExsharePrices / Exshare

6/09 9/09

12/09 9/09

70 60 50 40

12/09

3/08

High: 41.650High: 41.650 Low: 6.810 Low: 6.810 Last: 32.330Last: 32.330

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

6/08 9/08

12/08 9/08

3/08 6/08

6/08 9/08

12/08 9/08

12/08 3/09

3/09 6/09

Data Source: Prices Data/ Source: ExsharePrices / Exshare

6/09 9/09

12/09 9/09

40 35 30 25 20

12/09

Yingli Green Yingli Energy Green Energy HoldingHolding Co. Ltd.Co. (ADS) Ltd.(YGE) (ADS) (YGE)

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

3/08 6/08

High: 37.570High: 37.570 Low: 3.220 Low: 3.220 Last: 35.110Last: 35.110

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

70 60 50 40

TelventTelvent GIT S.A.GIT (TLVT) S.A. (TLVT)

3/08

12/08 3/09

3/09 6/09

Data Source: Prices Data/ Source: ExsharePrices / Exshare

6/09 9/09

12/09 9/09

12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

45 40 35 30

25 20 15

High: 27.960High: 27.960 Low: 2.500 Low: 2.500 Last: 12.680Last: 12.680

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

30 25 20

12/09

3/08

3/08 6/08

Data Source: Prices Data/ Source: ExsharePrices / Exshare

6/08 9/08

12/08 9/08

12/08 3/09

3/09 6/09

6/09 9/09

12/09 9/09

12/09

Tetra Tech TetraInc. Tech (TTEK) Inc. (TTEK) 12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

High: 32.000High: 32.000 Low: 14.200Low: 14.200 Last: 21.160Last: 21.160

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

3/08

3/08 6/08

6/08 9/08

12/08 9/08

12/08 3/09

3/09 6/09

Data Source: Prices Data/ Source: ExsharePrices / Exshare

6/09 9/09

12/09 9/09

32 30 28 26

12/09

UQM Technologies UQM Technologies Inc. (UQM) Inc. (UQM) 12-Feb-200812-Feb-2008 to 12-Feb-2010 to 12-Feb-2010 (Daily) (Daily) U.S. Dollar U.S. Dollar

High: 7.450 High: 7.450 Low: 1.190 Low: 1.190 Last: 4.980 Last: 4.980

50 Day Moving 50 Day Average Moving Average 200 Day Moving 200 Day Average Moving Average

3/08

3/08 6/08

6/08 9/08

Data Source: Prices Data/ Source: ExsharePrices / Exshare

9/08 12/08

2009

12/08 3/09

3/09 6/09

6/09 9/09

9/09 12/09

8 7 6

12/09

5th Annual Clean Technology and Renewables Conference February 23, 2010

NOTES

5th Annual Clean Technology and Renewables Conference February 23, 2010

NOTES

5th Annual Clean Technology and Renewables Conference February 23, 2010

NOTES

5th Annual Clean Technology and Renewables Conference February 23, 2010

Clean T echnology and R enewables Investment Rese arch T ea ms E u r ope an R e n e wabl e s Alastair Bishop Senior Research Analyst Piper Jaffray Ltd. +44 (0) 20 3142-8812 alastair.t.bishop@pjc.com

Sean McLoughlin Research Analyst Piper Jaffray Ltd. +44 (0) 20 3142-8818 sean.d.mcloughlin@pjc.com

Alastair Bishop, a principal and senior research analyst on the renewables equity research team in London, joined Piper Jaffray in 2009. Bishop has more than eight years’ experience in the sector, previously serving as head of renewable energy research at Dresdner Kleinwort, where he focused on European wind, solar, biofuels and fuel cells sector stocks. Bishop was rated No. 3 stock picker and the No. 1 earnings estimator for industrials in the 2009 FT/Starmine Awards. In the same awards for industrials, he was rated No. 2 stock picker in 2008 and No. 1 stock picker in 2007. Bishop ranked in the top five in Handelsbatt’s stock picker for German equities award and Extel’s analyst for capital goods research award in 2008. Bishop holds a bachelor’s degree with first class honours in economics from Nottingham University.

C h i na In d u s t r ia l s , C l ea n T e c h I n d ustri als Michael Cox, CFA Alexander Potter Senior Research Analyst Research Analyst Piper Jaffray & Co. Piper Jaffray & Co. 612 303-2043 612 303-6709 michael.e.cox@pjc.com alexander.e.potter@pjc.com Michael Cox is a principal and senior research analyst at Piper Jaffray, focusing on the industrial growth sector. Prior to joining Piper Jaffray in 2003, Cox worked in equity research at RBC Capital Markets in Minneapolis, Minn. and Edward Jones in St. Louis, Mo. Cox received a bachelor’s degree in finance from Iowa State University and a master’s degree in business administration from the Carlson School of Management at the University of Minnesota. He holds the Chartered Financial Analyst designation.

S o lar & C l ea n T ec h n o l o g i e s Jesse Pichel Senior Research Analyst Piper Jaffray & Co. 212 284-9301 jesse.w.pichel@pjc.com

Elaine Kwei, CFA Research Analyst Piper Jaffray & Co. 212 284-9330 elaine.s.kwei@pjc.com

Constance Wang Research Analyst Piper Jaffray & Co. 212 284-9315 constance.j.wang@pjc.com

Min Xu Research Analyst Piper Jaffray & Co. 212 284-9337 min.x.xu@pjc.com

Jesse Pichel is a managing director and senior research analyst covering clean technology with a focus on solar power. He has covered technology growth companies for ten years, first as a research analyst with Needham & Company and C.E. Unterberg, Towbin, before joining Piper Jaffray in 2003. Pichel holds a bachelor’s degree of science from Cornell University and a Master of Business Administration degree from Fordham University.

5th Annual Clean Technology and Renewables Conference February 23, 2010

important resear ch disclosures Distribution of Ratings/IB Services Piper Jaffray Rating

Count

Buy (OW) 327 Hold (N) 268 Sell (UW) 88

Percent 47.90 39.20 12.90

IB Serv./Past 12 Mos. Count Percent 65 17 1

19.88 6.34 1.14

Note: Distribution of Ratings/IB Services shows the number of companies currently in each rating category from which Piper Jaffray and its affiliates received compensation for investment banking services within the past 12 months. FINRA rules require disclosure of which ratings most closely correspond with “buy,” “hold,” and “sell” recommendations. Piper Jaffray ratings are not the equivalent of buy, hold or sell but instead represent recommended relative weightings. Nevertheless, Overweight corresponds most closely with buy, Neutral with hold and Underweight with sell. See Stock Rating definitions below. Note: figures are from February 8, 2010.

Analyst Certification — Alastair Bishop, Michael Cox, Jesse Pichel – Senior Research Analysts The views expressed in this report accurately reflect my personal views about the subject company and the subject security. In addition, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report.

Affiliate Disclosures: This report has been prepared by Piper Jaffray & Co. and/or its affiliates Piper Jaffray Ltd. and Piper Jaffray Asia Securities Limited, all of which are subsidiaries of Piper Jaffray Companies (collectively Piper Jaffray). Piper Jaffray & Co. is regulated by FINRA, NYSE, and the United States Securities and Exchange Commission, and its headquarters is located at 800 Nicollet Mall, Minneapolis, MN 55402. Piper Jaffray Ltd. is registered in England, no. 3846990, and its registered office is One South Place, London, EC2M 2RB. Piper Jaffray Ltd. is authorised and regulated by the UK Financial Services Authority (“FSA”), entered on the FSA’s register, no. 191657 and is a member of the London Stock Exchange. Piper Jaffray Asia Securities Limited is a licensed corporation regulated by the Securities and Futures Commission of Hong Kong (“SFC”), entered on the SFC’s register, no. ABO154, and is an exchange participant of The Stock Exchange of Hong Kong Limited. Its headquarters is located at 39/F Tower 1 Lippo Centre, 89 Queensway, Hong Kong. Disclosures in this section and in the Other Important Information section referencing Piper Jaffray include all affiliated entities unless otherwise specified. Piper Jaffray research analysts receive compensation that is based, in part, on overall firm revenues, which include investment banking revenues.

5th Annual Clean Technology and Renewables Conference February 23, 2010

Rat i n g s a n d Ot h e r D ef i n i t i o n s Stock Ratings: Piper Jaffray ratings are indicators of expected total return (price appreciation plus dividend) within the next 12 months. At times analysts may specify a different investment horizon or may include additional investment time horizons for specific stocks. Stock performance is measured relative to the group of stocks covered by each analyst. Lists of the stocks covered by each are available at www.piperjaffray.com/ researchdisclosures. Stock ratings and/or stock coverage may be suspended from time to time in the event that there is no active analyst opinion or analyst coverage, but the opinion or coverage is expected to resume. Research reports and ratings should not be relied upon as individual investment advice. As always, an investor’s decision to buy or sell a security must depend on individual circumstances, including existing holdings, time horizons and risk tolerance. • Overweight (OW): Anticipated to outperform relative to the median of the group of stocks covered by the analyst. • Neutral (N): Anticipated to perform in line relative to the median of the group of stocks covered by the analyst. • Underweight (UW): Anticipated to underperform relative to the median of the group of stocks covered by the analyst. An industry outlook represents the analyst’s view of the industry represented by the stocks in the analyst’s coverage group. A Favorable industry outlook generally means that the analyst expects the fundamentals and/or valuations of the industry to improve over the investment time horizon. A Neutral industry outlook generally means that the analyst does not expect the fundamentals and/or valuations of the industry to either improve or deteriorate meaningfully from its current state. An Unfavorable industry outlook generally means that the analyst expects the fundamentals and/or valuations of the industry to deteriorate meaningfully over the investment time horizon. The Alpha List consists of Overweight-rated stocks that have been selected by analysts from among their best ideas within their universe of covered stocks, with an eye toward above-average returns over the next three to six months.

ot h e r i mpo r ta n t i n fo r m at i o n The material regarding the subject company is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This report is solely for informational purposes and is not intended to be used as the primary basis of investment decisions. Piper Jaffray has not assessed the suitability of the subject company for any person. Because of individual client requirements, it is not, and it should not be construed as, advice designed to meet the particular investment needs of any investor. This report is not an offer or the solicitation of an offer to sell or buy any security. Unless otherwise noted, the price of a security mentioned in this report is the market closing price as of the end of the prior business day. Piper Jaffray does not maintain a predetermined schedule for publication of research and will not necessarily update this report. Piper Jaffray policy generally prohibits research analysts from sending draft research reports to subject companies; however, it should be presumed that the analyst(s) who authored this report has had discussions with the subject company to ensure factual accuracy prior to publication, and has had assistance from the company in conducting diligence, including visits to company sites and meetings with company management and other representatives. This report is published in accordance with a conflicts management policy, which is available at http://www.piperjaffray.com/researchdisclosures. Notice to customers: This material is not directed to, or intended for distribution to or use by, any person or entity if Piper Jaffray is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to such person or entity. Customers in any of the jurisdictions where Piper Jaffray and its affiliates do business who wish to effect a transaction in the securities discussed in this report should contact their local Piper Jaffray representative. Europe: This material is for the use of intended recipients only and only for distribution to professional and institutional investors, i.e. persons who are authorised persons or exempted persons within the meaning of the Financial Services and Markets Act 2000 of the United Kingdom, or persons who have been categorised by Piper Jaffray Ltd. as professional clients under the rules of the Financial Services Authority. Asia: This report is distributed in Hong Kong by Piper Jaffray Asia Securities Limited, which is regulated by the Hong Kong SFC. This report is intended only for distribution to professional investors as defined in the Hong Kong Securities and Futures Ordinance and is for the use of intended recipients only. United States: This report is distributed in the United States by Piper Jaffray & Co., member SIPC, FINRA and NYSE, Inc., which accepts responsibility for its contents. The securities described in this report may not have been registered under the U.S. Securities Act of 1933 and, in such case, may not be offered or sold in the United States or to U.S. persons unless they have been so registered, or an exemption from the registration requirements is available. This report is produced for the use of Piper Jaffray customers and may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose without the prior consent of Piper Jaffray & Co. Additional information is available upon request. Copyright 2010 Piper Jaffray. All rights reserved.

I n v e s t m e n t R e s e arc h MINNEAPOLIS – Headquarters 800 Nicollet Mall Suite 800 Minneapolis, MN 55402 612 303-6000 800 333-6000 CHICAGO Hyatt Center, 24th Floor 71 South Wacker Drive Chicago, IL 60606 312 920-3200 800 973-1192 HONG KONG 39/F, Tower 1, Lippo Centre 89 Queensway, Admiralty Hong Kong 85 (2) 3189-3222 LONDON One South Place London EC2M 2RB +44 203 142-8700 NEW YORK 245 Park Avenue, 33rd Floor New York, NY 10167 212 284-9300 800 982-0419 SAN FRA NCISCO 345 California Street Suite 2400 San Francisco, CA 94104 415 277-1500 800 214-0540