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DeWind CTC-page11-CleanTechConferenceBook

American Superconductor Corporation develops and manufactures products to improve the cost, efficiency<br>and reliability of systems that generate, deliver and use electric power. Their products include high<br>temperature superconductor (HTS) wire for electric power, transportation, medical and industrial processing<br>applications; motors and generators based on our HTS wire for ship propulsion and industrial uses, as well as<br>synchronous condensers for transmission and distribution grid reliability; and advanced power electronic<br>systems that ensure the quality and reliability of electricity for

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DeWind CTC-page11-CleanTechConferenceBook

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  1. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Table of Contents Page 3 Public Company Profiles Private Company Profiles 41 Jefferies Biographies 47 Jefferies Contact Information 53 Disclosures 57 May 2, 2007 1

  2. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Conference Notes May 2, 2007 2

  3. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Public Company Profiles May 2, 2007

  4. Jefferies & Company, Inc. 3rd Global Clean Technology Conference American Superconductor Corporation Ticker: AMSC Rating: NOT RATED Price: $14.90 Price Target: NA Two Technology Drive Westborough, MA 01581 508.836.4200 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Jun Sep Dec Mar FY Mar FY P/E Source: Bloomberg 2005A 58.3 8.2x 2005A (0.18) (0.15) (0.09) (0.28) (0.70) NM 2006A 50.9 9.3x 2006A (0.17) (0.21) (0.23) (0.34) (0.94) NM 2007E 50.0 9.5x 2007E (0.20)A (0.21)A (0.29)A (0.29) (1.00) 2008E 80.0 5.9x 2008E $15.24-$6.73 $475.4 $517.0 34.7 31.3 — — — — 349,963 Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($41.6) $41.6 0.62 24.0x NM American Superconductor Corporation develops and manufactures products to improve the cost, efficiency and reliability of systems that generate, deliver and use electric power. Their products include high temperature superconductor (HTS) wire for electric power, transportation, medical and industrial processing applications; motors and generators based on our HTS wire for ship propulsion and industrial uses, as well as synchronous condensers for transmission and distribution grid reliability; and advanced power electronic systems that ensure the quality and reliability of electricity for residential, commercial and industrial end users. 1 Year Price History for AMSC 18 15 12 9 6 3 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 4

  5. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Ascent Solar Technologies, Inc. Ticker: ASTI Rating: NOT RATED Price: $9.38 Price Target: NA 8120 Shaffer Parkway Littleton, CO 80127 303.420.1141 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 2006A (0.41) (0.52) (0.30) (0.33) (1.45) NM 2007E 2008E $11.34-$2.01 — — — — — — — — — — — — — — — — — — $55.0 $65.7 7.0 3.6 282,700 Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($10.7) $10.7 Ascent Solar Technologies, Inc., a development stage company, engages in the commercialization of certain photovoltaic (PV) technology developed by ITN Energy Systems, Inc. for extraterrestrial, terrestrial, and near-space applications. Its PV modules use a thin-film copper-indium-gallium-diselenide absorbing layer on a flexible plastic substrate. The company was founded in 2005 and is based in Littleton, Colorado. 1 Year Price History for ASTI 12 9 6 3 0 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 5

  6. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Ballard Power Systems, Inc. Ticker: BLDP Rating: NOT RATED Price: $5.15 Price Target: NA 9000 Glenlyon Parkway Burnaby, British Columbia V5J 5J8 604.454.0900 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 42.2 9.5x 2005A (0.26) (0.24) (0.07) 0.00 (0.53) NM 2006A 49.8 8.1x 2006A (0.15) (0.15) (0.16) (0.12) (0.50) NM 2007E 66.2 6.1x 2007E (0.14) (0.14) (0.14) (0.13) (0.54) NM 2008E 82.2 4.9x 2008E $13.14-$5.05 $401.0 $588.1 114.2 555,100 — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($187.1) $187.1 (0.41) NM Ballard Power Systems, Inc. engages in the design, development, manufacture, and sale of proton exchange membrane (PEM) fuel cells. It operates in three segments: Power Generation, Automotive, and Material Products. The Power Generation segment offers PEM fuel cell products and services for the residential co-generation, materials handling, and back-up power markets. The Automotive segment provides PEM fuel cell products and services for fuel cell vehicles. The Material Products segment designs, develops, manufactures, and sells carbon fiber products primarily to automotive manufacturers for automotive transmissions; and gas diffusion layer materials for the PEM fuel cell industry. The company is headquartered in Burnaby, Canada. 1 Year Price History for BLDP 12 10 8 6 4 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 6

  7. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Beacon Power Corporation Ticker: BCON Rating: NOT RATED Price: $0.90 Price Target: NA 234 Ballardville Street Wilmington, MA 01887 978.694.9121 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 2006A 2007E 2008E $1.80-$0.74 1.5 1.0 1.3 7.7 7.6x 2008E $58.2 $63.5 71.3 31.3 814,000 38.8x 2005A (0.05) (0.04) (0.04) (0.06) (0.20) NM 58.2x 2006A (0.05) (0.06) (0.05) (0.05) (0.21) NM 44.8x 2007E (0.04) (0.04) (0.05) (0.05) (0.19) NM — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($5.3) $5.3 (0.15) NM Beacon Power Corporation engages in the design and development of flywheel devices for storing and transmitting kinetic energy. The company designs products to support electricity grid operation for the utility, renewable energy, and distributed generation markets. It focuses on commercializing Smart Energy Matrix, a multi-flywheel energy storage system for frequency regulation and completion of government research and development contracts. The company also designs and develops Smart Power M-Series, a family of battery backup photovoltaic power conversion systems that offer field-tested performance for grid-connect applications. The company was founded in 1997 and is based in Wilmington, Massachusetts. 1 Year Price History for BCON 2 1 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 7

  8. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Capstone Turbine Corporation Ticker: CPST Rating: NOT RATED Price: $1.16 Price Target: NA 21211 Nordhoff Street Chatsworth, CA 91311 818.734.5300 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Jun Sep Dec Mar FY Mar FY P/E Source: Bloomberg 2005A 17.0 8.4x 2005A (0.13) (0.10) (0.12) (0.12) (0.47) NM 2006A 24.1 5.9x 2006A (0.13) (0.12) (0.14) (0.12) (0.50) NM 2007E 21.0 6.8x 2007E (0.09) (0.10) (0.08) (0.06) (0.36) NM 2008E 29.4 4.9x 2008E $4.25-$0.75 $142.6 $168.0 144.8 143.4 — — — — 4,851,597 Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($25.4) $25.5 (0.21) NM Capstone Turbine Corporation engages in the development, manufacture, sale, and servicing of microturbine technology solutions. Its solutions are primarily used in stationary distributed power generation applications, including cogeneration, resource recovery, and secure power. The company's solutions could also be used as generators for hybrid electric vehicle applications. Capstone Turbine Corporation was founded in 1988 and is headquartered in Chatsworth, California. 1 Year Price History for CPST 5 4 3 2 1 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 8

  9. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Ceres Power Holdings plc Ticker: CWR LN Rating: BUY Price: 236p Price Target: 531p Analyst: Michael McNamara Unit 18, Denvale Trade Park Haslet Avenue East Crawley RH10 1SS +44 1293 400 482 Market Data e e W - 2 5 E l a t o T t e k r a M s e r a h S Avg. Daily Vol. Rev. (MM) GBP Rev. (MM) EV/Rev. EPS GBP p e S c e D r a M n u J FY Jun FY P/E 2006A £1.0 NM 2006A 2007E 2008E 2009E k n a . s r ( . p a C ( . t u O R p n : e g u l a V M M M M 1 - p 4 3 3 9 9 . 8 1 1 £ 9 . 2 3 1 £ 3 . 6 5 28,0249 4 p £4.0 29.7x 2007E £10.0 11.9x 2008E £126.0 0.9x 2009E t e ( M M : ) : ) : ) — — — — — — — — — — — — — — — — Financial Summary t e N Cash & ST Investments (MM) 1,310p D e b t M ( M : ) ) 0 . 4 1 £ ( (5.00) NM (7.00) NM 1.00 NM 30.00 7.9x Ceres Power Holdings plc, originally established in May 2001 to acquire fuel cell intellectual property rights developed over the preceding ten years by Imperial College, has now developed and aims to exploit its patented fuel cell technology. Such exploitation invloves producing core fuel cell components in-house and working with partners to integrate such components into finished products for end users in the global distributed power generation market. 1 Year Price History for CWR LN 360 320 280 240 200 160 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 9 9

  10. Jefferies & Company, Inc. 3rd Global Clean Technology Conference China Clean Energy, Inc. Ticker: CCGY Rating: NOT RATED Price: $2.20 Price Target: NA 17 Candlewood Drive West Windsor, NJ 08550 609.799.8921 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 10.1 4.6x 2005A 2006A 13.5 3.4x 2006A 2007E 2008E $3.10-$0.23 — — — — $46.3 $47.3 21.5 40,888 2007E 2008E — — — — — — — — — — — — — — — — — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($1.0) $2.2 0.08 27.5x 0.07 31.4x China Clean Energy, Inc., through its subsidiary, Fujian Zhongde Technology Co., Ltd., engages in the development, manufacture, and distribution of biodiesel and specialty chemical products made from renewable resources. Its products include dimer acid, biodiesel, polyamide resin, printing ink, fatty acid, hot-melt adhesive, stearic acid, vegetable asphalt, oleic acid, and glue water. China Clean Energy markets its biodiesel products primarily to regional service stations in the People's Republic of China, as well as specialty chemical products to companies in Europe, the United States, and Asia. The company was founded in 1995 and is based in West Windsor, New Jersey. 1 Year Price History for CCGY 4 3 2 1 0 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 10

  11. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Composite Technology Corporation Ticker: CPTC Rating: NOT RATED Price: $1.32 Price Target: NA 2026 Mcgaw Avenue Irvine, CA 92614 949.428.8500 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Dec Mar Jun Sep FY Sep FY P/E Source: Bloomberg 2005A 2006A 10.1 24.1x 2006A (0.06) (0.05) (0.03) (0.06) (0.20) NM 2007E 2008E $1.89-$0.72 $243.4 $236.1 1.0 NM — — — — 2005A (0.03) (0.04) (0.12) (0.16) (0.35) NM 2007E 2008E 178.9 125.3 945,424 — — — — — — — — — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): $7.3 $1.4 Composite Technology Corporation, through its subsidiaries, engages in the development, manufacture, and marketing of renewable and energy efficient electrical products for the electric utility industry primarily in the United States, Europe, and China. It has two segments, CTC Cable and DeWind. The CTC Cable segment offers Aluminum Conductor Composite Core (ACCC) conductors cables, an overhead electrical transmission conductor for electric transmission and distribution lines; and composite core components of the ACCC conductor and related accessories. The DeWind segment manufactures wind generation turbines under the brand name 'DeWind'. Composite Technology was founded in 1980 and is headquartered in Irvine, California. 1 Year Price History for CPTC 2 1 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 11

  12. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Electro Energy, Inc. Ticker: EEEI Rating: NOT RATED Price: $1.17 Price Target: NA 30 Shelter Rock Road Danbury, CT 06810 203.797.2699 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 2006A 2007E 2008E $3.96-$1.02 3.9 8.6x 4.7 7.1x — — — — $33.4 $27.3 23.3 9.5 52,582 2005A (0.08) (0.07) (0.05) (0.04) (0.23) NM 2006A (0.05) (0.07) (0.06) (0.10) (0.28) NM 2007E 2008E — — — — — — — — — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): $6.1 $3.8 Electro Energy, Inc. engages in the development, manufacture, and commercialization of rechargeable bipolar nickel-metal hydride batteries for use in a range of applications in the United States. It supplies nickel cadmium batteries and components for satellites, aircraft, satellite launch vehicles, and other specialty applications. The company also provides contract research and development services to the United States Government and its agencies. Electro Energy, formerly known as MCG Diversified, Inc., was founded in 1992 and is headquartered in Danbury, Connecticut. 1 Year Price History for EEEI 4 3 2 1 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 12

  13. Jefferies & Company, Inc. 3rd Global Clean Technology Conference EMCORE Corporation Ticker: EMKR Rating: BUY Price: $5.16 Price Target: $10.00 Analyst: John Lau, P .E. 10420 Research Road, SE Albuquerque, NM 87123 505.332.5000 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Insider Ownership: Institutional Ownership: Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Dec Mar Jun Sep FY Sep FY P/E 2005A 127.6 2.0x 2005A (0.18) (0.10) (0.11) (0.08) (0.47) NM 2006A 158.4 1.6x 2006A (0.10) (0.07) (0.08) (0.18) (0.44) NM 2007E 167.1 1.5x 2007E (0.13) (0.12) (0.11) (0.09) (0.44) NM 2008E $12.65-$3.84 $251.5 $260.1 — — 2008E 35.8% 68.1% 50.4 40.5 821,206 — — — — — — Financial Summary Book Value (MM): Book Value/Share: Net Debt (MM): Net Debt/Capital: Long-Term Debt (MM): Cash & ST Investments (MM): $152.2 $2.87 ($8.6) (6%) $95.9 $124.1 EMCORE Corporation manufactures a broad portfolio of compound semiconductor-based components and subsystems such as Fiber Optic Modules, Solar Cells, and RF Wafers. These products are used in Cable Television (CATV), Fiber-to-the-Premise (FTTP), Telecommunications Infrastructure, Data Storage Networks, Satellite, and Wireless Communications markets. 1 Year Price History for EMKR 15 12 9 6 3 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 13

  14. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Evergreen Energy, Inc. Ticker: EEE Rating: BUY Price: $6.62 Price Target: $30.00 Analyst: David C. Adams 55 Madison Street, Suite 500 Denver, CO 80206 303.293.2992 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Insider Ownership: Institutional Ownership: Shares Out. (MM): Float (MM): Avg. Daily Vol.: EPS USD Mar Jun Sep Dec FY Dec FY P/E CFPS 2005A 2006A 2007E 2008E Mar (0.02) Jun (0.02) Sep (0.02) Dec (0.02) FY Dec (0.08) FY P/CFPS NM 2005A (0.05) (0.06) (0.07) (0.17) (0.35) NM 2006A (0.09) (0.12) (0.22) (0.23) (0.66) NM 2007E (0.18) (0.13) (0.14) (0.21) (0.66) NM 2008E (0.11) (0.12) (0.12) (0.12) (0.46) NM $18.70-$5.45 $520.1 $604.4 9.0% 78.8% 91.3 75.3 1,119,085 (0.04) (0.06) (0.13) (0.16) (0.38) NM (0.13) (0.08) (0.08) (0.16) (0.45) NM (0.11) (0.12) (0.12) (0.12) (0.46) NM Financial Summary Net Debt (MM): Cash & ST Investments (MM): Working Capital: ($84.3) $84.3 $94.2 Evergreen Energy, Inc. is a Denver, Colorado based company that, through its K-Fuel technology, transforms sub bituminous coal and lignite into clean energy supplies. Its K-Fuel technology uses heat and pressure to physically and chemically transform coal with a lower heat value into coal with a higher heat value, and also removes impurities from the coal. 1 Year Price History for EEE 20 16 12 8 4 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 14

  15. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Fuel Tech, Inc. Ticker: FTEK Rating: NOT RATED Price: $24.32 Price Target: NA Financial Centre 695 East Main Street Stamford, CT 06901 203.425.9830 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 52.9 9.5x 2005A 0.03 0.14 0.05 0.11 0.33 73.7x 2006A 75.2 6.7x 2006A 0.06 0.08 0.09 0.06 0.28 86.9x 2007E 93.1 5.4x 2007E 0.06 0.10 0.12 0.14 0.44 55.3x 2008E 123.3 4.1x 2008E $29.68-$10.07 $505.1 $537.5 22.1 15.1 422,214 — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($32.4) $32.4 0.63 38.6x Fuel Tech, Inc. provides engineering solutions for the optimization of combustion systems in utility and industrial applications worldwide. It offers boiler optimization, air pollution reduction, and control solutions. The company operates in two segments, Nitrogen Oxide (NOx) Reduction Technology and FUEL CHEM Technology. The company, formerly known as Fuel Tech N.V., was founded in 1987 and is headquartered in Batavia, Illinois. 1 Year Price History for FTEK 30 25 20 15 10 5 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 15

  16. Jefferies & Company, Inc. 3rd Global Clean Technology Conference FuelCell Energy, Inc. Ticker: FCEL Rating: NOT RATED Price: $7.37 Price Target: NA 3 Great Pasture Road Danbury, CT 06813 203.825.6000 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Insider Ownership: Institutional Ownership: Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Jan Apr Jul Oct FY Oct FY P/E Source: Bloomberg 2005A 30.4 13.0x 2005A (0.38) (0.35) (0.38) (0.40) (1.51) NM 2006A 33.3 11.9x 2006A (0.34) (0.48) (0.37) (0.46) (1.65) NM 2007E 36.0 11.0x 2007E (0.38) (0.38) (0.39) (0.39) (1.52) NM 2008E 48.7 8.1x 2008E $15.00-$5.84 $395.9 $487.9 17.9% 56.5% 66.2 55.1 — — — — 1,614,675 (1.09) NM Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($92.0) $93.4 FuelCell Energy, Inc. engages in the development, manufacture, and sale of fuel cell power plants for electric power generation. Its core carbonate fuel cell products include Direct FuelCell and DFC Power Plants. The company's carbonate fuel cell products electrochemically produce electricity from hydrocarbon fuels, such as natural gas and biomass fuels. FuelCell Energy was founded in 1969 and is headquartered in Danbury, Connecticut. 1 Year Price History for FCEL 14 12 10 8 6 4 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 16

  17. Jefferies & Company, Inc. 3rd Global Clean Technology Conference General Electric Company Ticker: GE Rating: HOLD Price: $35.41 Price Target: $37.00 Analyst: Robert J. Schenosky 3135 Easton Turnpike Fairfield, CT 06828 203.373.2211 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Insider Ownership: Institutional Ownership: Shares Out. (MM): Avg. Daily Vol.: Rev. (B) USD Rev. (B) EV/Rev. (B) EPS USD Mar Jun Sep Dec FY Dec FY P/E 2005A 149.7 4.9x 2005A 0.37 0.41 0.44 0.55 1.76 20.1x 2006A 163.4 4.5x 2006A 0.39 0.47 0.49 0.64 1.99 17.8x 2007E 177.5 4.1x 2007E 0.44A 0.53 0.56 0.70 2.23 15.9x 2008E 197.1 3.7x 2008E $38.49-$32.06 $735,874.3 $368,207.3 1.0% 56.0% 10,398.4 33,805,868 — — — — Financial Summary 2.51 14.1x Book Value (MM) Book Value/Share: Net Debt (MM) Net Debt/Capital: Long-Term Debt (MM) LTD/Cap: Cash & ST Investments (MM) Total Debt/Cap: $107,488.0 $10.30 $367,667.0 75% $222,970.0 45.3% $64,400.0 76.5% General Electric Company engages in the development, manufacture, and marketing of various products for the generation, transmission, distribution, control, and utilization of electricity. GE's products include major appliances; lighting products; industrial automation products; medical diagnostic imaging equipment; motors; electrical distribution and control equipment; locomotives; power generation and delivery products; nuclear power support services and fuel assemblies; aircraft jet engines; chemicals for treatment of water and process systems; and engineered materials. The company provides various services, such as product services; electrical product supply houses; electrical apparatus installation, engineering, repair, and rebuilding services; and computer-related information services. 1 Year Price History for GE 39 36 33 30 27 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 17

  18. Jefferies & Company, Inc. 3rd Global Clean Technology Conference HydroGen Corporation Ticker: HYDG Rating: NOT RATED Price: $4.60 Price Target: NA 216.368.4774 Wright Fuel Cell Center Building 1819 East 101st Street Cleveland, OH 44106 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 2006A 2007E 2008E $9.75-$3.05 0.0 NM 0.6 — — — — $35.0 $58.9 12.8 10.9 16,036 58.3x 2006A (0.17) (0.14) (0.17) (0.19) (0.67) NM 2005A 2007E 2008E — — — — — — — — — — — — — (0.49) (0.68) (0.16) (2.18) NM Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($23.9) $24.1 HydroGen Corporation, a development stage company, through its wholly owned subsidiary, HydroGen, LLC, engages in the design, manufacture, marketing, and distribution of fuel cell modules and energy systems using phosphoric acid fuel cells. It owns certain technology, proprietary rights, and manufacturing assets for the production of 400 kW air-cooled phosphoric acid fuel cell modules. The company is headquartered in Cleveland, Ohio. 1 Year Price History for HYDG 10 8 6 4 2 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 18

  19. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Hydrogenics Corporation Ticker: HYGS Rating: NOT RATED Price: $0.94 Price Target: NA 5985 Mclaughlin Road Mississauga, Ontario, L5R 1B8 905.361.3660 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 37.2 0.7x 2005A (0.12) (0.10) (0.08) (0.10) (0.41) NM 2006A 30.1 0.9x 2006A (0.09) (0.10) (0.99) (0.24) (1.42) NM 2007E 2008E $1.05-$0.85 — — — — $26.4 $86.4 91.9 73.3 599,906 2007E 2008E — — — — — — — — — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($60.0) $60.3 Hydrogenics Corporation develops and provides hydrogen and fuel cell products and services. The company's OnSite Generation segment offers hydrogen generation products. Hydrogenics' Power Systems segment offers products based on proton exchange membrane technology. The company's Test Systems segment offers products that stimulates, monitors, and controls effect of variables. The company is headquartered in Mississauga, Canada. 1 Year Price History for HYGS 5 4 3 2 1 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 19

  20. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Infinity Bio-Energy Limited Ticker: IBI LN Rating: NOT RATED Price: £5.33 Price Target: NA Rua Funchal, 418 - 24° Andar 04551-060 São Paulo, Brazil +55 11 3525 9900 Market Data 52-Week Range: £5.66-£5.25 Total Entprs. Value (MM): £344.4 Market Cap. (MM): £345.4 Shares Out. (MM): 64.8 Float (MM): 41.0 Avg. Daily Vol.: 12,454 Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($2.0) $2.0 Source: Bloomberg Infinity Bio-Energy Limited owns and operates sugar and ethanol production facilities primarily in Brazil. The company produces sugar, as well as ethanol, including hydrous ethanol and anhydrous ethanol. It also acquired the rights to two greenfield development projects at the junction of the Minas Gerais, Bahia, and Espirito Santo States of Brazil. The company was founded in March 2006 and is based in Hamilton, Bermuda. 1 Year Price History for IBI LN 6 5 4 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 20

  21. Jefferies & Company, Inc. 3rd Global Clean Technology Conference MEMC Electronic Materials, Inc. Ticker: WFR Rating: BUY Price: $67.43 Price Target: $60.00 Analyst: Jeffrey W. Bencik, CFA 501 Pearl Drive (City of O'Fallon) St. Peters, MO 63376 636.474.5000 Market Data e e W - 2 5 E l a t o T t e k r a M r e d i s n I o i t u t i t s n I s e r a h S M ( t a o l F y l i a D . g v A Rev. (MM) USD Rev. (MM) EV/Rev. EBITDA (MM) EV/EBITDA EPS USD r a M n u J p e S c e D FY Dec FY P/E 2005A 13.7x 314.0 48.2x 2005A 2006A 1,540.6 9.8x 628.6 24.1x 2006A 3 . 0 4 . 0 5 . 0 6 . 0 2.05 32.9x 2007E 7.9x 898.7 16.8x 2007E 6 . 0 7 . 0 7 . 0 8 . 0 3.02 22.3x 2008E 2,400.0 k n C a . s r ( . p a n w O l a n O : e g u l a V M M p i h s r e w O M M ( . t u : ) M : . l o V R p n $ 6 . 7 6 2 . 6 2 2 . 7 3 1 , 5 1 4 , 5 1 9 . 2 2 0 . 6 7 2 1 9 , 6 0 0 , 5 $ - 1 $ $ 6 1,912.0 1,107.4 t e ( M M : ) 6.3x : ) 7 . 8 8 1,042.9 14.5x 2008E : r % % n : ) e p i h s : 7 . 9 2 9 . 6 7 6 — — — — 6 5 6 8 9 3 9 1 — — — — 5 Financial Summary Net Debt (MM): Long-Term Debt (MM): d l e i Y d n e d i v i D s a . t n I t r o h S Cash & ST Investments (MM) $450.0 ($351.5) $32.3 0 . 0 1.10 61.3x 3.87 17.4x : % % % a o f o l F : t a 3 MEMC Electronic Materials is a manufacturer of silicon wafers for the semiconductor industry and a supplier of silicon to the solar industry. For the Semiconductor industry, the company supplies 100mm, 125mm, 150mm, 200mm, and 300mm wafers. Within each size, the company offers prime polished wafers, epitaxial wafers, and test and monitor wafers. For the solar industry, MEMC sells raw silicon in either chunk or granular form. Longer term the company is planning on providing solar wafers to the industry, but currently out sources this segment to pure wafer manufacturers. MEMC was created as a division of Monsanto in 1959 and then subsequently sold to E.ON AG. MEMC went public in 1995 on the NYSE and E.ON AG sold its ownership to Texas Pacific Group (TPG), which held 89% of the company. Since that time, TPG has reduced its holding and now accounts for only 15% ownership in MEMC. 1 Year Price History for WFR 70 60 50 40 30 20 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 21

  22. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Metabolix, Inc. Ticker: MBLX Rating: BUY Price: $24.92 Price Target: $25.00 Analyst: Laurence Alexander, CFA 21 Erie Street Cambridge, MA 02139 617.492.0505 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Insider Ownership: Institutional Ownership: Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E 2005A 2006A 2007E 2008E 36.0 10.7x 2008E $25.99-$14.00 3.0 NM 4.0 0.0 NM $385.4 $508.4 0.5% 50.0% 20.4 19.4 105,166 96.4x 2006A (0.01) (0.18) (0.20) (0.33) (0.65) NM 2005A (0.07) (0.08) (0.09) (0.11) (0.36) NM 2007E (0.34) (0.35) (0.41) (0.40) (1.50) NM — — — — (0.50) NM Financial Summary Book Value (MM): Book Value/Share: Net Debt (MM): Cash & ST Investments (MM): $109.0 $5.10 ($123.0) $122.1 Metabolix, Inc., headquarted in Boston, is an early-stage industrial biotechnology firm focused on developing bio-based alternatives to petrochemical-based plastics, fuels and chemicals. Using proprietary technologies to produce a family of biodegradable plastics called PHAs, Metabolix has developed two technology platforms. The first, and most developed, is a strategic alliance with ADM, the largest U.S. producer of ethanol, to make PHAs out of corn sugar using microbial fermentation. The second technology platform is a biorefinery system that uses switchgrass to co-produce both PHAs and ethanol. 1 Year Price History for MBLX 27 24 21 18 15 12 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 22

  23. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Millennium Cell, Inc. Ticker: MCEL Rating: NOT RATED Price: $0.90 Price Target: NA One Industrial Way West Eatontown, NJ 07724 732.542.4000 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 2006A 2007E 2008E $2.05-$0.77 0.4 NM 0.2 NM 0.6 — — $46.5 $48.1 53.4 47.5 221,385 77.5x 2007E (0.04) (0.04) (0.04) (0.02) (0.14) NM 2005A (0.08) (0.14) (0.08) (0.05) (0.34) NM 2006A (0.06) (0.10) (0.04) (0.06) (0.25) NM 2008E — — — — — — Financial Summary Net Debt (MM): ($1.6) Cash & ST Investments (MM): $4.4 Millennium Cell, Inc.'s current business focus is to develop hydrogen fuel cartridge technology and designs as well as hydrogen batteries comprised of a fuel cell and the Company's proprietary hydrogen storage technology for use in portable electronic devices for the military, industrial, medical and consumer electronics markets. The Company licenses its fuel cartridge technology and designs to companies who develop fuel cell systems. Millennium Cell, Inc. also develops hydrogen batteries and intends to produce and sell these products. 1 Year Price History for MCEL 2 1 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 23

  24. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Natural Fuel Limited Ticker: NFL AU Rating: NOT RATED Price: AUD0.88 Price Target: NA 1 Outridge Crescent, Level 1 Subiaco, WA 6008, Australia +61 8 9286 6788 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) AUD Rev. (MM) EV/Rev. EPS AUD 2005A 2006A 2007E 2008E Sep — Dec — Mar — Jun — FY Jun (0.01) FY P/E NM Source: Bloomberg 2005A 2006A 2007E 2008E 468.2 0.5x AUD1.48-AUD0.81 AUD212.3 AUD297.1 — — — — — — 337.6 268.9 466,986 — — — — — — — — — — — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): (AUD84.8) AUD84.8 (0.06) NM 0.23 3.8x Natural Fuel Limited, through its subsidiaries, operates biodiesel facilities. The company manufactures biodiesel and glycerin from renewable energy sources. The Company, through a joint venture with Babcock and Brown Environmental Investments Limited, operates a biodiesel facility in Darwin, Australia. It also has three biodiesel facilities under development, which are located in Jurong Island, Singapore; Port Botany, Australia; and Houston, Texas, in the United States. 1 Year Price History for NFL AU 1.35 1.2 1.05 0.9 0.75 0.6 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 24

  25. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Nova Biosource Fuels, Inc. Ticker: NVBF Rating: NOT RATED Price: $3.15 Price Target: NA The Riviana Building 2777 Allen Parkway, Suite 860 Houston, TX 77019 713.869.6682 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 2006A 17.7 16.8x 2006A (0.02) (0.04) (0.16) (0.18) (0.41) NM 2007E 25.9 11.5x 2007E (0.03) (0.03) (0.01) 0.02 (0.06) NM 2008E 187.3 1.6x 2008E $4.05-$2.05 $296.8 $346.5 — — 2005A 110.0 44.4 156,774 — — — — — — — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($49.7) $52.2 0.52 6.1x Nova Biosource Fuels, Inc. is an energy company that refines and markets American Society of Testing and Materials, or ASTM, standard biodiesel. Biodiesel is a direct substitute for petroleum diesel and is produced from renewable vegetable oils and animal derived fats, oils and greases. The Company's strategy is to profitably commercialize its patented, proprietary biodiesel technology and become the industry leader in production of biodiesel. Nova believes its technology can efficiently process over 25 different vegetable oils and animal derived fats, oils and greases with free fatty acid levels in excess of 20% and produce standard biodiesel and technical grade glycerin. 1 Year Price History for NVBF 5 4 3 2 1 0 Q2 Q3 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 25

  26. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Novozymes A/S Ticker: NZYMB DC Rating: NOT RATED Price: DKK557.00 Price Target: NA Krogshoevej 36 Bagsvaerd 2880, Denmark +45 88 24 99 99 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) DKK Rev. (MM) 6,281.0 6,802.0 7,385.0 8,061.0 EV/Rev. 5.0x EPS DKK 2005A Mar 2.82 Jun 3.67 Sep 3.28 Dec 3.02 FY Dec 12.79 FY P/E 43.5x Source: Bloomberg 2005A 2006A 2007E 2008E DKK548.00-DKK362.00 DKK31,621.1 DKK30,245.1 4.6x 4.3x 2007E 3.57 3.86 3.97 4.08 15.97 34.9x 3.9x 2008E 2006A 2.97 3.73 3.52 3.84 14.09 39.5x 54.3 31.1 — — — — 295,705 Financial Summary Net Debt (MM) Cash & ST Investments (MM): DKK1,376.0 DKK687.0 18.22 30.6x Novozymes A/S, a biotech-based company, provides enzymes and micro organisms in Denmark and internationally. The company offers enzymes for food, feed, detergent, and technical industries, including enzymes for the starch, textile, fuel ethanol, leather, and forest products industries. In addition, it offers industrial micro organisms for cleaning, wastewater treatment, aquaculture, and biological plant care. The company has operations in the Middle East, Africa, North America, Asia Pacific, and Latin America. Novozymes is headquartered in Bagsvaerd, Denmark. 1 Year Price History for NZYMB DC 550 500 450 400 350 300 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 26

  27. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Ormat Technologies, Inc. Ticker: ORA Rating: NOT RATED Price: $41.16 Price Target: NA 6225 Neil Road, Suite 300 Reno, NV 89511 775.356.9029 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 238.0 8.2x 2005A 0.12 0.13 0.39 (0.16) 0.48 85.8x 2006A 269.0 7.2x 2006A 0.25 0.24 0.39 0.12 0.99 41.6x 2007E 305.1 6.4x 2007E 0.24 0.21 0.50 0.20 1.13 36.4x 2008E 386.3 5.0x 2008E $45.13-$31.03 $1,946.7 $1,568.2 38.1 13.7 — — — — 198,592 Financial Summary Net Debt (MM): Cash & ST Investments (MM): $378.5 $133.7 1.56 26.4x Ormat Technologies, Inc. is a leading vertically integrated company engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates clean, environmentally friendly geothermal and recovered energy-based power plants, in each case using equipment that it designs and manufactures. 1 Year Price History for ORA 50 45 40 35 30 25 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 27

  28. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Pacific Ethanol, Inc. Ticker: PEIX Rating: NOT RATED Price: $15.10 Price Target: NA 400 Capital Mall, Suite 2060 Sacramento, CA 95814 916.403.2123 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 87.6 6.4x 2005A (0.10) (0.08) (0.03) (0.18) (0.40) NM 2006A 226.4 2.5x 2006A (0.02) (2.56) 0.07 (0.01) (2.50) NM 2007E 418.7 1.3x 2007E 0.05 0.06 0.13 0.09 0.31 48.7x 2008E 718.1 0.8x 2008E $44.50-$12.50 $558.4 $608.5 40.3 31.5 968,889 — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($50.1) $83.2 0.76 19.9x Pacific Ethanol, Inc. produces and sells ethanol and its co-products and provide transportation, storage and delivery of ethanol through third-party service providers in the Western United States. In October 2006, Pacific Ethanol completed construction of an ethanol production facility with nameplate annual production capacity of 35 million gallons located in Madera, California, and began production. In October 2006, the Company also acquired approximately 42% of the outstanding membership interests of Front Range Energy, LLC, which owns and operates an ethanol production facility located in Windsor, Colorado with nameplate annual production capacity of 40 million gallons. 1 Year Price History for PEIX 48 40 32 24 16 8 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 28

  29. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Plug Power Inc. Ticker: PLUG Rating: NOT RATED Price: $3.22 Price Target: NA 968 Albany-Shaker Road Latham, New York 12110 518.782.7700 Market Data e e W - 2 5 E l a t o T t e k r a M Shares Out. (MM): y l i a D . g v A Rev. (MM) USD Rev. (MM) EV/Rev. 2005A 13.5 1.1x 2006A 2007E 2008E 27.2 0.6x k n C a . s r ( . p a R p n : e g u l a V M M 6 . 6 $ $ - 0 7 . 2 0 . 5 1 $ 1 . 4 8 2 86.6 0 , 8 6 7 7.8 1.9x 8.8 1.7x t e ( M M : ) : ) $ Source:Bloomberg : . l o V 6 0 0 Financial Summary Net Debt (MM): ($269.1) Cash & ST Investments (MM) $269.1 Plug Power Inc.’s principal activities are to design, develop and manufacture on-site energy systems for worldwide energy consumers. These products are an architecture-based technology platform, which include proprietary proton exchange membrane fuel cell and fuel processing technologies. A fuel cell is an electrochemical device that combines hydrogen from the air to produce electric power without combustion. 1 Year Price History for PLUG 7 6 5 4 3 2 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 29 29

  30. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Renewable Energy Corporation ASA Ticker: REC NO Rating: BUY Price: NOK150.00 Price Target: NOK189.00 Analyst: Michael McNamara Veritasveien 14 N-1323 Høvik, Norway +47 67 81 52 50 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Avg. Daily Vol.: Rev. (MM) NOK Rev. (MM) 4,402.0 6,514.0 9,775.0 19,757.0 EV/Rev. 14.4x EPS NOK 2006A Mar — Jun — Sep — Dec — FY Dec 1.02 FY P/E NM 2006A 2007E 2008E 2009E NOK162.00-NOK74.50 NOK63,592.1 NOK71,643.1 9.8x 2007E 6.5x 2008E 3.2x 2009E 494.1 — — — — — — — — — — — — 1,049,365 Financial Summary Net Debt (MM): (NOK8,051.0) 3.30 43.9x 4.39 33.0x 9.49 15.3x Renewable Energy Corporation ASA is a fully integrated producer of solar products with a presence in all sectors of the production chain from silicon production to solar module assembly. In addition, REC is currently the largest producer of solar grade silicon and solar wafers in the world. 1 Year Price History for REC NO 175 150 125 100 75 50 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 30

  31. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Siemens AG Ticker: SIE GR Rating: NOT RATED Price: €86.38 Price Target: NA Wittelbacherplatz 2 D-80333 Munich, Germany +49 89 636 00 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM) Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) EUR Rev. (MM) 75,445.0 87,325.0 82,907.6 87,482.9 EV/Rev. 1.1x EPS EUR 2005A Dec 1.16 Mar 0.92 Jun 0.67 Sep 0.55 FY Sep 3.29 FY P/E 26.3x Source:Bloomberg 2005A 2006A 2007E 2008E €88.54-€60.81 €83,619.8 €77,413.8 1.0x 1.0x 2007E 1.15 1.19 1.34 1.47 5.26 16.4x 1.0x 2008E 2006A 0.62 0.97 0.86 0.61 3.31 26.1x 896.2 846.4 — — — — 7,473,898 Financial Summary Net Debt (MM) Cash & ST Investments (MM) €6,206.0 €12,218.0 6.22 13.9x Siemens AG, headquartered in Berlin and Munich, is one of the world's largest electrical engineering and electronics companies. The Company focuses on the areas of Automation and Control, Power, Transportation, Medical, Information and Communications and Lighting. Siemens' expertise in power technology includes generation, transmission & distribution and energy management. Siemens' power generation technology includes IGCC and nuclear power plants, fuel cells, and renewable energy generation, including biomass, hydroelectric and wind power. Founded 160 years ago, the Company has approximately 475,000 employees working to provide innovative technologies and services to customers in over 190 countries. 1 Year Price History for SIE GR 100 90 80 70 60 50 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 31

  32. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Solar Integrated Technologies, Inc. Ticker: SIT LN Rating: NOT RATED Price: 122p Price Target: NA 1837 East Martin Luther King Jr. Boulevard Los Angeles, CA 90058 323.231.0411 Market Data 52-Week Range: 325p-16.5p Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol. Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 33.5 5.1x 2005A 2006E 2007E 2008E — — — — — — £93.6 £84.8 69.5 57.6 427,965 2006E 2007E 2008E — — — — — — — — — — — — — — — — — — — — — — Financial Summary Net Debt (MM): $17.6 Cash & ST Investments (MM): $19.4 (0.51) NM Solar Integrated Technologies, Inc. is a Los Angeles-based company that manufactures, designs and installs building integrated photovoltaic (BIPV) roofing systems for non-residential, low-slope rooftops. The Company is a global leader in the development of an innovative and proprietary BIPV roofing system that combines flexible thin-film solar modules with a single-ply roofing membrane for large-scale commercial and industrial applications. SIT's BIPV roofing system enables its customers to transform a traditional rooftop into a value-generating asset. 1 Year Price History for SIT LN 400 320 240 160 80 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 32

  33. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Startech Environmental Corporation Ticker: STHK Rating: NOT RATED Price: $2.71 Price Target: NA 15 Old Danbury Road, Suite 203 Wilton, CT 06897 203.762.2499 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Jan Apr Jul Oct FY Oct FY P/E Source: Bloomberg 2005A 2006A 2007E 2008E $4.00-$1.56 0.3 NM 1.0 — — — — $57.5 $58.3 21.5 18.4 65,874 57.5x 2006A (0.02) (0.25) (0.02) (0.09) (0.34) NM 2005A (0.06) (0.05) (0.05) (0.05) (0.21) NM 2007E 2008E — — — — — — — — — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($0.8) $1.2 Startech Environmental Corporation is an environmental technology company commercializing its proprietary plasma processing technology, known as the Plasma Converter, which achieves closed-loop elemental recycling that irreversibly destroys hazardous and non-hazardous waste and industrial by-products while converting them into useful commercial products. These products include a rich synthesis gas called PCG (Plasma Converted Gas), surplus energy for power, hydrogen, metals and silicates for use and for sale. 1 Year Price History for STHK 4 3 2 1 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 33

  34. Jefferies & Company, Inc. 3rd Global Clean Technology Conference SunPower Corporation Ticker: SPWR Rating: HOLD Price: $58.00 Price Target: $37.00 Analyst: Jeffrey W. Bencik, CFA 3939 North First Street San Jose, CA 95134 408.240.5500 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Insider Ownership: Institutional Ownership: Shares Out. (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E 2005A 78.7 236.5 648.1 902.1 52.3x 17.4x 2005A 2006A — 0.04 — 0.11 — 0.16 0.02 0.18 (0.68) 0.50 NM NM 2006A 2007E 2008E $59.63-$23.75 $4,115.7 $4,297.8 6.4x 4.6x 2007E 0.20 0.23 0.27 0.30 1.00 58.0x 2008E 2.0% 15.0% 74.1 — — — — 1,123,253 Financial Summary 1.51 38.4x Book Value (MM): Book Value/Share: Net Debt (MM): Cash & ST Investments (MM): $788.8 $6.00 ($182.1) $182.1 SunPower Corporation manufactures solar cells and modules (95% of '07 sales) for both commercial and residential applications. Additionally, the company manufactures imaging equipment (<5% of '07 sales) for medical and security applications. The solar cell manufacturing is done in the Philippines, while the module manufacturing is outsourced to Chinese contract manufacturing partners. The company sells its product globally with roughly 70% sold into Europe (mainly Germany), 30% into the US, and the remainder into Asia. SunPower is a relatively small player (1-2% global share) but, the company manufactures the highest efficiency silicon based solar module in the industry at above 20%. 1 Year Price History for SPWR 60 50 40 30 20 10 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 34

  35. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Suntech Power Holdings Co., Ltd. Ticker: STP Rating: BUY Price: $38.59 Price Target: $43.00 Analyst: Jeffrey W. Bencik, CFA 17-6 Changjiang South Road New District, Wuxi Jiangsu Province 214028, China +86510 853 18888 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) 226.0 598.9 1,073.1 1,656.7 EV/Rev. 26.7x EBITDA (MM) 43.0 EV/EBITDA NM EPS USD 2005A Mar — Jun — Sep — Dec — FY Dec 0.26 FY P/E NM 2005A 2006A 2007E 2008E $40.49-$21.40 $6,035.6 $6,031.6 10.1x 110.2 54.8x 2006A 0.12 0.17 0.22 0.20 0.68 56.8x 5.6x 193.0 31.3x 2007E 0.21 0.27 0.30 0.35 1.13 34.2x 3.6x 331.1 18.2x 2008E 156.3 2,447,809 Financial Summary — — — — Book Value (MM): Book Value/Share: Net Debt (MM): Long-Term Debt (MM): LTD/Cap: Cash & ST Investments (MM): $652.5 $4.17 $4.0 $19.6 2.2% $225.5 1.81 21.3x Suntech Power Holdings Co., Ltd., principally engages in the design, development, manufacturing, and marketing of photovoltaic (PV) cells and modules through its subsidiaries. The company also provides PV system integration services in China. The company's products are used to provide reliable and environmentally friendly electric power for residential, commercial, industrial, and public utility applications in various markets worldwide. Suntech Power Holdings operates in European countries, Germany, Spain, South Africa and the United States. The company is headquartered in Wuxi, China. 1 Year Price History for STP 40 35 30 25 20 15 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 35

  36. Jefferies & Company, Inc. 3rd Global Clean Technology Conference The Dow Chemical Company Ticker: DOW Rating: NOT RATED Price: $46.07 Price Target: NA 2030 Dow Center Midland, MI 48674 989.636.1000 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 46,307.0 49,124.0 48,627.0 48,181.0 1.1x 1.0x 2005A 2006A 1.39 1.24 1.30 1.05 0.82 0.53 1.14 1.00 4.64 3.82 9.9x 12.1x 2006A 2007E 2008E $47.60-$33.00 $50,826.3 $44,190.3 1.0x 2007E 1.11 1.12 0.99 0.98 4.20 11.0x 1.1x 2008E 959.2 956.0 — — — — 8,414,514 Financial Summary Net Debt (MM) Cash & ST Investments (MM) $6,636.0 $2,910.0 3.47 13.3x The Dow Chemical Company is a diversified chemical company that offers a broad range of innovative chemical, plastic and agricultural products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care. The company has set public goals for sustainable development and from 1995 to 2005 reduced its energy intensity by 22%. In 2006, Dow had annual sales of $49 billion and employed approximately 42,600 people worldwide. The Company has 150 manufacturing sites in 37 countries and produces more than 3,100 products. 1 Year Price History for DOW 50 45 40 35 30 25 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 36

  37. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Theolia Ticker: TEO FP Rating: NOT RATED Price: €29.90 Price Target: NA Parc de la Duranne 860 rue René Descartes, Les Pléiades - bât. F BP 80199, 13795 Aix-en-Provence Cedex 3, France +3304 42 904 904 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) EUR Rev. (MM) EV/Rev. EPS EUR Sep Dec Mar Jun FY Jun FY P/E Source: Bloomberg 2005A 14.3 65.9x 2005A 2006E 2007E 100.6 9.4x 2007E 2008E 293.0 3.2x 2008E €31.73-€10.66 — — €941.7 €941.9 31.5 29.4 367,917 2006E — — — — — — — — — — — — — — — — — — Financial Summary Net Debt (MM): Cash & ST Investments (MM): (€0.2) €21.9 0.54 55.4x 0.94 31.8x 1.31 22.8x Theolia is a leading independent developer of wind farms in France with a growing presence in renewable energy production across Europe. Subject to shareholder approval, Theolia will significantly increase its installed capacity from 78MW to 243MW through the acquisition of GE Energy Financial Services' wind farms in Germany. Theolia's activities cover the development, construction and management of wind farms. The Company is present in France, Germany, Spain, Greece, Eastern Europe, India and Brazil. 1 Year Price History for TEO FP 32 24 16 8 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 37

  38. Jefferies & Company, Inc. 3rd Global Clean Technology Conference WFI Industries Ltd. Ticker: WFI CN Rating: NOT RATED Price: C$22.04 Price Target: NA 9000 Conservation Way Fort Wayne, IN 46809 260.478.5667 Market Data 52-Week Range: Total Entprs. Value (MM): C$261.3 Market Cap. (MM): C$266.7 Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E 39.5x 28.7x 25.0x 23.3x Source: Bloomberg 2005A 71.5 3.4x 2005A 0.03 0.07 0.14 0.27 0.50 2006A 90.7 2.7x 2.7x 2.3x 2006A 2007E 0.10 0.15 0.25 0.20 0.69 0.79 2007E 88.4 2008E 105.9 C$26.90-C$14.91 2008E 12.1 10.0 — — — — — — — — 17,186 Financial Summary Net Debt (MM):($5.4) Cash & ST Investments (MM): $6.5 0.85 WFI Industries specializes in the design, manufacture and distribution of geothermal and water-source HVAC systems for residential, commercial and institutional applications. Marketed under the WaterFurnace brand name, these products are sold, installed and serviced by a network of independent heating and cooling contractors, commercial representatives and distributors to customers throughout the United States, Canada, Europe and Asia. The Corporation also provides loop installation services through its LoopMaster International, Inc. subsidiary. LoopMaster installs geothermal loops across the USA. 1 Year Price History for WFI CN 28 24 20 16 12 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 38

  39. Jefferies & Company, Inc. 3rd Global Clean Technology Conference WorldWater & Power Corp. Ticker: WWAT Rating: NOT RATED Price: $0.70 Price Target: NA Pennington Business Park 55 Route 31 South Pennington, NJ 08534 609.818.0700 Market Data 52-Week Range: Total Entprs. Value (MM): Market Cap. (MM): Shares Out. (MM): Float (MM): Avg. Daily Vol.: Rev. (MM) USD Rev. (MM) EV/Rev. EPS USD Mar Jun Sep Dec FY Dec FY P/E Source: Bloomberg 2005A 2006A 17.3 5.8x 2006A (0.03) (0.01) (0.01) (0.03) (0.08) NM 2007E 2008E $0.81-$0.14 $100.8 $106.0 2.0 — — — — 50.4x 2005A (0.02) (0.02) (0.05) (0.02) (0.11) NM 2007E 2008E 151.4 132.4 — — — — — — — — — — — — 1,456,051 Financial Summary Net Debt (MM): Cash & ST Investments (MM): ($5.2) $5.8 WorldWater & Power Corp. is an international solar engineering and project management company with unique, high-powered solar electric technology and expertise, providing alternative energy solutions to a wide variety of customers in both domestic and international markets. Until 2002, WorldWater's business was focused exclusively on providing developing countries with water and power solutions. Since then, following power advances in its technology, the Company has placed increasing emphasis on domestic markets, principally in California, New Jersey, and their surrounding states, and is addressing the needs of residential, commercial and industrial customers, in both the public and private sectors. 1 Year Price History for WWAT 0.8 0.6 0.4 0.2 0 Q1 Q2 Q3 Q1 2007 Created by BlueMatrix May 2, 2007 (Priced as of April 25, 2007) 39

  40. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Conference Notes May 2, 2007 40

  41. Private Company Profiles

  42. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Blue Square Energy 6 Industrial Drive North East, MD 21901 410.287.0744 Blue Square Energy produces and distributes the world’s largest and most powerful silicon solar cell. The Company is commercializing its proprietary silicon solar cell technology called Bright Point, which utilizes impurity enriched silicon to deliver high efficiency, low-cost solar electricity. Blue Square Energy produces and distributes the world’s largest and most powerful silicon solar cell. It is commercializing a proprietary solar cell technology called Bright Point, which utilizes impurity enriched silicon to deliver high efficiency, low-cost clean energy. Celunol Corp. [merging with Diversa Corporation (DVSA)] 55 Cambridge Parkway, 8thFloor Cambridge, MA 02142 617.671.5300 Celunol Corp. is a leader in the effort to commercialize the production of cellulosic ethanol – an environmentally-friendly transportation fuel that can be produced from abundant, low-cost cellulosic biomass. Celunol’s patented and proprietary technology is the result of more than fifteen years of leading- edge R&D. With a proven management team rich in engineering and project development expertise, Celunol is uniquely positioned to be a low-cost producer for meeting tomorrow’s worldwide transportation energy needs. The Company aspires to develop and build a portfolio of cellulosic ethanol and other biomass facilities in the U.S. and abroad. Celunol has recently completed upgrades to its pilot-scale cellulosic ethanol plant in Jennings, Louisiana, which is one of the first such facilities in the nation. constructing a demonstration-scale cellulosic ethanol facility at the same site with a design production capacity of 1.4 million gallons per year. The Company is currently On February 12, 2007, Celunol and Diversa (NASDAQ:DVSA) entered into a merger agreement. proposed merger transaction is subject to customary closing conditions, including receipt of certain regulatory approvals and the approval of the stockholders of Diversa and Celunol. The May 2, 2007 42

  43. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Ceres, Inc. 1535 Rancho Conejo Blvd. Thousand Oaks, CA 91320 805.376.6500 Ceres, Inc., headquartered in Thousand Oaks, CA, is a privately-held plant biotechnology company utilizing cutting-edge genomics technologies to deliver sustainable solutions in energy production, agriculture, human health and nutrition. Ceres utilizes its proprietary genomics technologies including full-length cDNA sequencing, targeted gene activation, high-throughput screening platforms, and plant breeding with trait- linked marker-assisted breeding, to identify and deploy genes and traits required for the production of elite plant varieties and hybrids. Ceres is developing and plans to bring to market energy crops such as switchgrass, miscanthus, energycane and poplar for biofuels. Since 2002, Ceres has also been deploying its traits and technologies in certain agricultural crops as part of a multi-year, $137 million license-based agreement with Monsanto. Ceres is also applying its proprietary plant genomic knowledge to a number of opportunities in the creation of enhanced plants and plant-based products through license-based collaborations. Energy Photovoltaics, Inc. 8 Marlen Drive Robbinsville, NJ 08961 609.587.3000 Energy Photovoltaics, Inc. (“EPV”) is a leading clean technology company that designs, manufactures and sells high-performance, low-cost amorphous silicon ("a-Si") thin-film photovoltaic ("PV") modules to customers in a variety of end-markets. Over the past 15 years, the company has developed significant process and operations expertise for its commercial a-Si technology and believes that it offers the lowest cost a-Si thin-film PV modules currently available. EPV’s thin-film production process consumes less energy to manufacture modules than crystalline silicon ("c-Si") module manufacturing and the Company’s technology is not dependent on polysilicon, a raw material utilized in c-Si modules that is currently in short supply. EPV’s a-Si material can be deposited on a variety of substrates. The company has selected glass as the low-cost material on which it has deposited its cells. The company’s glass modules do not require framing which further reduces cost and makes them aesthetically pleasing. EPV modules also generate 30% more energy per rated watt than c-Si modules. May 2, 2007 43

  44. Jefferies & Company, Inc. 3rd Global Clean Technology Conference GreatPoint Energy, Inc. One Broadway, 16thFloor Cambridge, MA 02142 617.225.4394 GreatPoint Energy, Inc. is commercializing a proprietary catalytic gasification process that converts low-cost coal and petroleum coke into high-value, clean, pipeline quality natural gas (methane) at a cost of less than $4/MMBtu. GreatPoint’s natural gas product is 99.5% methane, meets all natural gas purity requirements, and can be transported throughout North America by existing natural gas pipeline infrastructure. GreatPoint’s product gas provides an attractive, cost effective alternative to drilled and imported natural gas, utilizing an abundant supply of low cost coal and petroleum coke. International Battery, Inc. 81 North Maple Avenue Ridgewood, NJ 07450 201.444.3232 International Battery, Inc. is a clean technology company that designs, develops, markets and sells large- format, high-capacity lithium-ion rechargeable battery and power systems (with capacities ranging from 50 to 1,000 ampere hours). The Company was founded to satisfy the increasingly complex requirements of the most demanding end-users within the $30.0 billion global battery market – commercial, military and advanced industrial customers. The Company currently believes that its proprietary battery technology is the only successful large-format, high-energy capacity version of lithium-ion battery chemistry in mass production today. The Company’s technology has been utilized in mass transit buses and scooters in China. In addition, prototype battery systems are currently being tested for telecommunications, cable television, backup power and military applications by multiple well known and highly regarded companies. The Company has achieved major milestones, including signing a CRADA with U.S. Army’s for joint development of a universal lithium-ion battery system to replace traditional lead-acid batteries in all military combat vehicles, and being awarded a sole-source contract to develop a non-primary power system for the Abrams tank. May 2, 2007 44

  45. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Konarka Technologies, Inc. 116 John Street, Third Floor Lowell, MA 01852 978.569.1400 Konarka Technologies, Inc. builds Power Plastic™ that converts light to energy – anywhere. The company develops and manufactures light-activated Power Plastic that is inexpensive, lightweight, flexible and versatile. This organic material makes it possible for devices, systems and structures to have their own low cost embedded sources of renewable power. By integrating energy generation functionality into everyday devices, Konarka allows manufacturers to offer truly wireless applications. PrimeStar Solar, Inc. 1740 Skyway Drive, Suite B Longwood, CO 80504 303.532.5866 PrimeStar Solar, Inc. was formed in June 2006 by a highly capable and experienced design and manufacturing team with the goal of profitably commercializing thin film photovoltaic (“PV”) modules employing superior solar technology and PrimeStar’s own in-house equipment design capabilities, which are based on the management team’s prior experience in the thin film coated glass sector. If the Company is successful, PrimeStar’s PV modules will be efficient, exceptionally low-cost and environmentally friendly. PrimeStar believes that its PV modules will be the most economically attractive solar PV energy generation alternative in the market, and once high volume production is achieved, the Company hopes to deliver results that surpass its current competitors. May 2, 2007 45

  46. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Silver Spring Networks 2755 Campus Drive, Suite 205 San Mateo, CA 94403 650.357.8770 Silver Spring Networks leverages the power of open, standards-based IP technology to create a two-way, Smart Grid network that connects utilities with their customers. This advanced utility network provides a scalable and reliable infrastructure from the substation to the customer premise and dramatically improves efficiency, lowers costs and ensures the reliable delivery of services. Customers gain insight and control to manage their energy more efficiently, while utilities can vastly improve the way they interact with their customers. This innovative network gives utilities greater flexibility to adapt to new technologies, products, and services—and can make a substantial impact to the bottom line. Virgin Fuels 250 University Avenue Palo Alto, CA 94301 650.331.8832 The Communications Building 48 Leicester Square London, WC2H 7LT, United Kingdom +44 0 20 7664 6263 Virgin Fuels has been established to invest up to $400mm in companies in renewable energy and resource efficiency sectors in the US and Europe. Virgin Fuels is a sector-focused, multi-stage investment firm investing primarily in expansion/growth capital opportunities with an allocation to venture capital. Diversification is a cornerstone of their strategy, investing across stage, geography and technology in their core sectors. May 2, 2007 46

  47. Jefferies Biographies

  48. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Jefferies Equity Research Robert Schenosky, Managing Director & Industrials Group Head Robert Schenosky is a Managing Director at Jefferies covering the Industrial Sector. He has had nearly 19 years of experience in the industrial sector. Prior to joining Jefferies in 2004, Mr. Schenosky was a Managing Director at CIBC World Markets, where he started the industrial research effort in May 2002. Previously, he was a Managing Director at Merrill Lynch for seven years, where the global group he headed were all highly ranked in surveys including Institutional Investor, the Wall Street Journal and Greenwich Associates. Previously, he provided industrial research at Smith Barney, Kemper Securities and Prescott, Ball & Turben. Mr. Schenosky completed his graduate work at Weatherhead School of Management and received a B.S. from Case Western Reserve. He also spent time at the University of London for undergraduate studies. Laurence Alexander, Vice President Laurence Alexander is a Vice President at Jefferies covering the chemicals, water and industrial biotechnology sectors for the industrial team. Prior to joining Jefferies, Mr. Alexander spent more than five years in equity research. Most recently, Mr. Alexander was a Vice President with Deutsche Bank's global chemicals team. Previously, he served in several associate roles at ABN AMRO providing coverage for European and U.S. specialty chemicals, and U.S. and Latin American equity strategy. Mr. Alexander received an MFA from Columbia, a BA from Yale and is a CFA charterholder. Jeffrey Bencik, Vice President Jeffrey Bencik is a Vice President at Jefferies covering the Clean Technology Sector. Prior to joining Jefferies in 2004 Mr Bencik covered various sectors including multi-industries electrical equipment and appliance in 2004, Mr. Bencik covered various sectors including multi-industries, electrical equipment, and appliance stocks for Merrill Lynch. Previously, he garnered first-hand knowledge in the industrial space through his employment as an Engineer for General Electric. Additionally, he served his country overseas as an Executive Officer in the US Army in tours in Germany and Bosnia. Mr. Bencik received an MBA from the Kelley School of Business at Indiana University and a BS from the United States Military Academy at West Point. In 2006, he was selected by the Wall Street Journal for "Best on the Street" analyst survey for top stock price performance. Michael McNamara, Senior Analyst Michael McNamara is a Senior Equity Research Analyst at Jefferies and covers the European Special Situations area. Prior to joining Jefferies in 2005, Mr. McNamara worked as both an analyst and a portfolio manager with experience in both long-only and long-short investments in the global emerging markets at Gartmore Investment Management in London and CAN Vida in Santiago de Chile. Mr. McNamara received a BS from Skidmore College in Saratoga Springs, NY. May 2, 2007 48

  49. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Jefferies Investment Banking Roy Furman, Vice Chairman of Jefferies & Company, Inc. & Chairman of Jefferies Capital Partners Roy Furman is a Vice Chairman of Jefferies and Chairman of Jefferies Capital Partners, the firm’s private equity division. Prior to joining Jefferies in 2001, Mr. Furman was Vice Chairman of ING Barings. He co- founded Furman Selz, an international investment banking, institutional brokerage and money-management firm in 1973 where he was President and CEO until the firm’s sale to ING in 1999. Mr. Furman attended Harvard Law School where he is a member of the Executive Committee of the Dean’s Advisory Board and was previously the National Fund Chair. He was also the Chairman of the Brooklyn College Foundation. He is Vice Chairman of Lincoln Center for the Performing Arts, Chairman Emeritus of the Film Society of Lincoln Center and Vice President of the New York City Opera. Mr. Furman received a JD from Harvard Law School and a BA from Brooklyn College. Paul Deninger, Vice Chairman of Jefferies & Company, Inc. & Chairman of Jefferies Broadview Technology Investment Banking Group Paul Deninger is a Vice Chairman of Jefferies and Chairman of Jefferies Broadview Technology Investment Banking Group. Mr. Deninger joined Broadview International in 1987, became a Managing Director in 1991, and was the firm’s CEO from 1996 until its acquisition by Jefferies in 2003. With more than 20 years of experience in the technology industry, Mr. Deninger has advised on over 125 M&A transactions, numerous IPOs, and has served on the boards of several public and private technology companies. He has been a member of the World Economic Forum since 1996 and serves on the boards of the Boston Symphony Orchestra, Big Brother of Massachusetts Bay, The MATCH School, and is co-chairman of TechNet New England. He also sits on the investment committee of London-based Kennet Venture Partners. Mr. Deninger received an MBA from Harvard Business School and a BS from Boston College received an MBA from Harvard Business School and a BS from Boston College. Ted Cook, Managing Director & Head of the General Industrials Investment Banking Group Ted Cook is a Managing Director at Jefferies and Head of the General Industrials Investment Banking Group. With 23 years of industry experience, Mr. Cook has provided investment banking services to a broad range of domestic and foreign clients in the industrial sector. Prior to joining Jefferies in 2003, Mr. Cook worked in investment banking at Schroders PLC, J.P. Morgan & Co. and Banc of America Securities LLC, where he also headed the general industrial group. Mr. Cook received a BA, magna cum laude, from the University of Colorado and has attended the MBA program at the University of Denver. Bruce Huber, Managing Director & Head of European Technology Investment Banking Group Bruce Huber is Managing Director and Head of the European Technology Investment Banking group at Jefferies. He also leads the firm's European Clean Technology Practice and is the investment banking representative on the board of directors of Jefferies International Limited. With over 23 years of growth investment banking expertise, including over 15 years working with European clients, Mr. Huber has advised on over 100 M&A and capital markets transactions across Europe and North America. Prior to joining Jefferies in 1995, Mr. Huber was a director focusing on international M&A at Barclays de Zoete Wedd (BZW) working in London and Frankfurt. Prior to joining BZW, Mr. Huber worked at Donaldson, Lufkin & Jenrette in their New York office where he helped build the firm’s communications investment banking practice from 1984 to 1990, with experience across IPOs, convertible debt, private placements, alternative energy project financing and high yield debt through M&A advisory. Mr. Huber received a BSE degree from Princeton University. May 2, 2007 49

  50. Jefferies & Company, Inc. 3rd Global Clean Technology Conference Jefferies Investment Banking Jeffrey Lipton, Managing Director & Head of Clean Technology Practice Jeffrey Lipton is a Managing Director at Jefferies and head of the firm’s Clean Technology Practice. Jefferies' Clean Technology practice covers a broad landscape, including Solar, Advanced Batteries, Fuel Cells, Power Storage and Management, Biofuels and Biomaterials and Advanced Materials. Within the CleanTech sector he has worked with Celunol, Diversa, Distributed Energy, Electro Energy, Metabolix, Energy Conversion Devices, SunPower and Solar Integrated Technologies. Prior to joining Jefferies in 2003, Mr. Lipton worked at Morgan Stanley for four years in the General Industrial Group with a primary focus on the Chemical sector. Before Morgan Stanley, he worked at Schroders Plc in several different sectors including Healthcare, Chemicals and Industrials. Mr. Lipton has executed multiple merger and acquisition transactions, public and private equity and debt financings as well. Mr. Lipton received a JD/MBA from Columbia University and a BS from the Wharton School at University of Pennsylvania. Courtney Tuttle, Managing Director, Clean Technology Practice Courtney Tuttle is a Managing Director at Jefferies and covers biofuels companies. She has over 10 years of investment banking experience. She has been working with companies in the biofuels sector since 2004, with a particular focus on ethanol and biodiesel. She has also worked with corporate clients in the shipping, industrial, consumer and retail sectors in the U.S. and internationally. Prior to joining Jefferies in 2003, Ms. Tuttle worked with Donaldson, Lufkin & Jenrette/Credit Suisse First Boston and Montgomery Securities. Ms. Tuttle received an MBA in Finance from the Wharton School of Business and a BA and MA from the University of Pennsylvania. Adam Bergman, Senior Vice President, Clean Technology Practice Adam Bergman is a Senior Vice President at Jefferies and covers the Clean Technology Sector. He has executed transactions for Energy Conversion Devices, Solar Integrated Technologies, SunPower, Pentadyne Power, Distributed Energy and Diversa. Prior to joining Jefferies in 2004, Mr. Bergman worked in the Technology Group at JPMorgan and its predecessor firm Chase H&Q for over three years. Before that, he worked at UBS in the Global Healthcare Group and at Rothschild, where he focused on M&A and restructuring, including nine months in South Korea and Japan during the Asian financial crisis. He has executed multiple public and private M&A and financing transactions domestically and internationally. Mr. Bergman received an MA in International Development from the International University of Japan and a BA in Political Science from the Johns Hopkins University, where he was a member of Phi Beta Kappa. Todd Coleman, Senior Vice President, Clean Technology Practice Todd Coleman is a Senior Vice President at Jefferies and covers the Clean Technology Sector. Mr. Coleman has more than 10 years of investment banking experience in technology and industrials and has closed several billion dollars of public and private financings and merger and acquisition advisory assignments for domestic and international companies. Prior to joining Jefferies in 2004, Mr. Coleman was with Robertson Stephens focusing on semiconductor devices and capital equipment. Mr. Coleman received a BA degree from Bates College. May 2, 2007 50

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