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RASER TECHNOLOGIES, INC. modeFinance Edificio A AREA Science Park, Padriciano 99 34149 Trieste ITALY Tel: +39 040 3755337 Fax: +39 040 3756741 mail: info@modefinance.com web: www.modefinance.com

CC

Fundamental Credit Rating:

Company name Identification number Country ZIP code and city Address Phone Web site Email Legal form Account Incorporation date NACE 2 Sector Listed Status

RASER TECHNOLOGIES, INC. US870638510 United States of America 84604 - PROVO Suite 375 +1 801 765 1200 www.rasertech.com info@rasertech.com Not available Consolidated 2003 3511 - Production of electricity Listed Active

mF Credit limit

Not eligible for credit on the base of the available informations

31/12/2009

31/12/2008

31/12/2007

1,523

124

217

Creditworthiness scale Turnover (the) Extremely strong(AAA) Very strong(AA) Good(A) Adequate(BBB) Sufficient(BB) Weak(B) High danger(CCC) Pathological(CC) Extremely pathological(C) Non return(D) Not available

Rating Probability of default Confidence Level

CC 42.00% 75%

C 57.00% 75%

B 3.80% 75%

Leverage ratio

8.16

28.31

0.22

Total asset/Total liabilties

1.12

1.04

5.49

0.95

0.66

1.19

Solvency ratios

Capital Structure Fixed Assets coverage ratio

Profitability and economic equilibrium ratios Return on investement ROI (%)

-6.18

-21.06

-66.21

Return on equity ROE (%)

-120.05

-724.50

-80.96

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Sector Analysis Company

Healthy

Balanced

Vulnerable

Risky

8.16 1.12

0.52 2.93

1.97 1.51

3.78 1.21

-3.29 0.98

0.95

1.31

1.04

0.93

0.24

-6.18 -120.05

15.43 16.52

6.18 7.99

1.61 -2.12

-4.81 -79.14

0 56 0 56 CC

11 45 19 34 522 A

14 45 27 30 2,060 BB

16 28 15 24 1,041 B

27 61 52 21 152 CC

Solvency ratios Leverage ratio Total asset/Total liabilties

Capital Structure Fixed Assets coverage ratio

Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%)

Cash Conversion Cycle (days) Days Sales Of Inventory (DIO) Days Sales Outstanding (DSO) Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)

Numer of analyzed companies (Average) Rating

The sector has been chosen according to: international companies in the sector NACE 2 3511 with financial data of year 2009.

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Sector Analysis - Graphs

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Balance Sheet BALANCE SHEET (th e) Accounting practice Exchange rate USD - EUR Total assets Fixed assets Intangible fixed assets Tangible fixed assets Other fixed assets Current assets Stocks Debtors Other current assets Cash & cash equivalent Shareholders funds Capital Other shareholders funds Total liabilities Non current liabilities Long term debt Other non-current liabilities Current liabilities Loans Creditors Other current liabilities Total shareh. funds & liab.

31/12/2009 Local GAAP 0.69416 107,033 81,566 970 63,258 17,339 25,467 0 234 25,233 29 11,686 550 11,136 95,347 65,422 55,375 10,047 29,925 1,345 0 28,581 107,033

31/12/2008 Local GAAP 0.71855 132,231 127,007 1,140 69,139 56,728 5,224 0 104 5,120 1,103 4,511 456 4,055 127,718 79,253 57,570 21,684 48,464 1,316 0 47,149 132,229

31/12/2007 Local GAAP 0.6793 16,157 11,115 350 872 9,893 5,042 0 352 4,691 4,016 13,214 380 12,834 2,943 58 0 58 2,885 0 0 2,885 16,157

NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent Net debt

31/12/2009 1,345 55,375 29 56,691

31/12/2008 1,316 57,570 1,103 57,783

31/12/2007 0 0 4,016 -4,016

Working capital Net Current Assets

31/12/2009 -4,459

31/12/2008 -43,241

31/12/2007 2,157

Days Sales Of Inventory (DIO) Days Sales Outstanding (DSO) Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)

31/12/2009 0 56 0 56

31/12/2008 0 308 0 308

31/12/2007 0 591 0 591

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Income Statement INCOME STATEMENT (th e) Accounting practice Exchange rate USD - EUR Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized Operating revenue / turnover Total operating costs Costs growth (%) Service costs Material costs Costs of employees EBITDA Depreciation EBIT Financial P/L Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation P/L for period

31/12/2009 Local GAAP 0.69416 1,523 1,132.3 0

31/12/2008 Local GAAP 0.71855 124 -43.1 0

31/12/2007 Local GAAP 0.6793 217 0

1,523 20,658 6 -17,347 1,789 -19,135 4,629 10,542 5,913 7,890 -14,507 478 -14,029 0 -14,029

124 27,758 58 -17,627 10,007 -27,635 -2,518 295 2,813 2,298 -30,152 -2,530 -32,682 0 -32,682

217 11,404 -11,001 185 -11,187 489 512 22 1 -10,698 0 -10,698 0 -10,698

Costs of Good Sold Gross Profit Other Operating Expenses

31/12/2009 2,706 -1,183 17,952

31/12/2008 -165 288 27,923

31/12/2007 240 -23 11,164

Cash flow Added value

31/12/2009 -12,240 -

31/12/2008 -22,675 -

31/12/2007 -10,512 -

Number of employees

31/12/2009 42

31/12/2008 57

31/12/2007 40

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Evolutions and trends

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Qualitative information

Full overview

Raser Technologies Inc, with registered office address in Provo, is a US - based public company engaged in the production of electrical industrial equipments. It started its business in 2003. The firm is specialized in the technology licensing and development of quality electric motor and controller technology for clean renewable power with focus is on improving the efficiency of rotating electromagnetic and heat transfer applications within the transportation, industrial and power generation markets. Its products and services are used in industrial AC induction motors and drives, automotive alternators, permanent magnet motors, and integrated starter alternators and hybrid - electric and electric vehicle propulsion systems. Raser conducts business in two divisions: Transportation and Industrial Technology, and Power Systems. In the Transportation and Industrial Technology division, the company provides products for improving the efficiency and power density of electric motors, generators, and their associated power electronic drives and controls. The Power Systems division produces and operates geothermal electric power generating equipments and bottom - cycling operations that gets electric power from the waste heat of existing power plants and industrial facilities. Some of its products include Symetron motor technology.

History

Not available.

Primary business line

Technology licensing and development of quality electric motor and controller technology.

Secondary business line

Not available.

Main activity

Services; Manufacturing.

Secondary activity

Not available.

Main products and services

Not available.

Size estimate

Not available.

Strategy, organization and policy

Not available.

Strategic alliances

Not available.

Membership of a network

Not available.

Main brand names

Symetron.

Main domestic country

United States Of America.

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Main foreign countries or regions

Not available.

Main production sites

Provo.

Main distribution sites

Not available.

Main sales representation sites

Not available.

Main customers

Not available.

Auditor/Advisor/Bank type Auditor

HEIN & ASSOCIATES

Board Mr Nicholas Goodman Mr Mr Mr Mr

Barry G Markowitz James A Herickhoff Reynold Roeder Scott E Doughman

function Chairman of the Board, Chief Executive Officer (Finance & Administration) Director Director Director Director

date of birth -

nationality United States -

Sharehoders (the first twenty shareholders ordered by Direct %) LINDEN ADVISORS LP via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

US 1.42

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

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1 15 2010/12

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FLETCHER INTERNATIONAL LTD. Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

US 1.25 -

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

2010/02

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

2,018 1,830 9,500 2010/09

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

87,047 1,913,902 260,000 2010/09

OCH - ZIFF CAPITAL MANAGEMENT GROUP LLC via its funds Rating: D Country ISO code US Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % Number of Employees Total % 0.78 Information date

925 2,094 405 2010/09

VANGUARD GROUP, INC. THE via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

US 1.08

CITIGROUP INC via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

US 1.07

STATE OF NEW JERSEY via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

US 0.47

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

2010/06

DIMENSIONAL FUND ADVISORS LP via its funds Rating: A Country ISO code US Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % Number of Employees Total % 0.29 Information date

37 2,187 300 2010/10

MORGAN STANLEY SMITH BARNEY LLC via its funds Rating: Country ISO code US Operating revenue (MIL $) NACE Rev. 2, Core code Total Assets (MIL $) Direct % Number of Employees Total % 0.22 Information date

2010/09

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POWER FINANCIAL CORP via its funds Rating: B Country ISO code NACE Rev. 2, Core code Direct % Total %

CA 0.20

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

22,977 143,126 2010/11

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

40,849 2,546,303 2010/09

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

39,161 911,332 35,700 2010/09

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

11,016 345,634 2010/12

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

2010/09

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

17,836 1,007,894 57,676 2010/09

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

119 24,014 159 2010/09

DEUTSCHE BANK AG via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

DE 0.16

GOLDMAN SACHS GROUP, INC via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

US 0.16

NOMURA HOLDINGS INC via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

JP 0.15

WS CAPITAL LLC via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

US 0.15

COMMERZBANK AG via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

DE 0.13

D. E. SHAW & CO., L.P. via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

US 0.12

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MCADAMS WRIGHT RAGEN INC via its funds Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

US 0.10

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

50 2010/09

Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date

5 35 2007/04

HEARTLAND ADVISORS, INC. Rating: Country ISO code NACE Rev. 2, Core code Direct % Total %

US -

Subsidiaries (the first twenty subsidiaries ordered by Direct %) Not available.

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MORE rating guide General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company s strength and weakness thanks to sophisticated data mining tools and taking into account the analysts knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company as: profitability, liquidity, solvency, interest coverage and efficiency.

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Rating scale Rating class

Rating Macro class

The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent economic and financial flow and fund equilibrium.

AAA

AA

Healthy

A

BBB Balanced BB

B Vulnerable CCC

D

The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from ’AAA’ is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events. A company rated ’BB’ is more vulnerable than companies rated ’BBB’. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions. The company presents vulnerable signals with regard to its fundamentals. Adverse business, financial, or economic conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. A company rated ’CCC’ has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency. The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase.

CC

C

Assessment

Risky

The company shows considerable pathological situations. The company’s capacity to meet its financial commitments is very low. The company has not any longer the capacity to meet its financial commitments.

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Fundamental Credit Rating Ratios Solvency ratios Leverage ratio Assets to debt Financial ratios Fixed Assets coverage ratio Liquidity ratios Current ratio Quick ratio

Measures the level of total liabilities of the company in comparison with equity. Indicates company s solvency. The company shows a level of deficit when the value of this ratio is under one unit. Only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital. The current ratio measures whether a company has sufficient short-term assets to cover its short-term liabilities. The quick ratio compares current liabilities only to those assets that can be readily turned into cash.

Profitability and economic ratios Return on Investement(ROI) It measures the profitability of company investments without regard to the way the Return on Equity(ROE) Asset turnover Profit margin Interest coverage ratio Interest Paid coverage

investment is financed. It measures the profitability of the equity. It indicates the investments turnover with regard to sales. The level assumed from the ratio depends on the sector in which the company operates. It indicates the profitability of the sales. Indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.

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mF Credit Limit mF Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit: • Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector;; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings). The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention at the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.

Probability of default and Confidence Level In addition to the MORE rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level: P Available Inf ormation Conf idence = P T otal Inf ormation The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.

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NOTES The present analysis was based on the company available financial statements as provided by Bureau Van Dijk Electronic Publishing - ORBIS database (lack of both Notes to financial statements and Report on operations).

DISCLAIMER All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.

Contacts Company Products Where Info web Phone

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Raser Technologies