July 07 Ted Brandt Chief Executive Officer Marathon Capital, LLC Consolidation in North American Wind Sector

July 07 Leading Advisor and Investment Banker to investors and developers in the Renewable Energy Industry Headquartered in Bannockburn, IL Experienced professional staff; 12 employees (1 PhD, 9 MBAs including 1 Power Plant Design Engineer) Currently working on transactions involving renewable energy and oil & gas Extensive relationships with strategic and financial players in these sectors Marathon has closed more than 30 transactions over the last 5 years, exceeding $2.5 Billion in aggregate value including recent transactions such as: Represented Greenlight Energy on its sale to BP Alternative Energy. This transaction was closed in August 2006 Represented CPV Wind on its sale to Iberdrola. This transaction was closed in May 2007 Represented SkyPower on its large-stake equity sale to Lehman Brothers. Financial close in June 2007 Currently representing one large wind power developer as sell-side investment banker Represented AMP Resources (a geothermal development company) on its sale to Enel. Transaction was closed in March 2007 Sale of equity on a 50MM gallon per year ethanol project Background on Marathon Capital, LLC

July 07 Consolidation Facts It is believed approximately 20 wind development and operating companies have been acquired or consolidated in the last several years

July 07 Value on DevelopmentPipelines EconomiesofScale PositiveMarketSentiment Given our recent experiences, buyers/investors put a significant value in a development pipeline and see it as a value-appropriate entry point to the sector Consolidation brings scale and bargaining power and consequently lowers transaction costs and return expectations Concerns about global warming and future emission regulations causes pressure among related companies for direct investments in renewable power production with a proven technology CriticalMass Developers have accumulated enough projects in their development pipelines to attract well-capitalized strategic, financial and private equity buyers/investors CapitalRequirement Developers are facing more stringent capital and credit quality requirements in some parts of their development efforts (e.g. turbine down payments, PPA RFP commitment requirements) SectorMaturity Wind turbine technology has been maturing, resulting in a wider market acceptance and consequently, a natural progression toward consolidations Causes & Drivers for Consolidation in the Wind Sector in North America

July 07 Developers Regional or Nationwide Lightly-capitalized Fund development efforts (land control, wind data collection, permits and environmental & interconnect studies) through angel investors or small private financing Require significant capital/credit quality for turbine down payments, PPA/RFP commitment and constructions. At this point, developers can: Bring in single project financing and receive developer fee Sell the development project to a 3 rd party Sell corporate-level equity to a well- capitalized buyer/investor who will fund the whole company, including the projects Buyers/Investors Three types: Strategic, Financial, Private Equity Strategic Buyer Typically an IPP, Oil & Gas or Utility Company Seeks long-term strategic investment in the wind sector because of corporate mandates Able to fully use tax benefits, unless for non- American companies Financial Buyer Typically an investment bank or insurance company Seeks mid or long-term investment for return potentials Able to fully use tax benefits Private Equity Buyer Seeks short-term returns by funding development and construction needs and sell the company to a strategic buyer after some projects are spinning Unable to use tax benefits All types of buyers typically fund SG&A, development and construction expenses through corporate-level capital or project financing consolidation Characteristics of Consolidation in the North American Wind Sector

July 07 Development Assets Projects in development come in different stages of completion Stages are defined by completion of: Land Acquisition or Control Wind Data Collection Environmental Studies Transmission & Interconnect Studies and Agreements Local Permits PPA Award or Hedging Implementation Development assets represent an entry value to potential buyers Development team is highly valuable for Financial & Private Equity Buyers since they dont have one of their own; less valuable for strategic buyers because they typically have one already Depending on project maturity, valuation ranges from $30 to $90K per megawatt in development Operating Assets Projects are fully-permitted and constructed Projects are in operation and producing electricity Depending on the locations, projects have either long-term off-take agreement or merchant off-take arrangement Operation team is highly valuable for Financial & Private Equity Buyers since they dont typically have one of their own; less valuable for strategic buyers because they typically have one already Depending on projects PPA rates and wind capacity factors, valuation ranges from $1.2MM to $1.7mm per installed megawatt Values in Wind Companies are Derived from Two Types of Assets

July 07 Before Consolidation Projects are financed on a singular basis Non-recourse project debt & project equity are used and arranged on a project-by-project basis Two types of equity Tax Equity Cash Equity Lack of economies of scale leads to high transaction costs One-off project financing leads to less favorable terms and conditions Lack of financing could lead to a sale of project in development After Consolidation Projects are more likely to be financed on a portfolio basis (i.e. bond financing, pooled tax equity) Non-recourse project debt, back-leverage debt and equity maybe used Depending on the tax-profile of the buyer, 3 rd party tax equity might or might not be used Economies of scale leads to lower transaction costs Since financing needs would be based on the project portfolio, there is a higher bargaining position, which leads to more favorable terms and conditions. Back-leverage at the buyer/investors level can be used to enhance buyer/investors returns Impact of Consolidation in Wind Financing

July 07 Financing activities will become more efficient Key players will focus on building the newly acquired development assets Strategic buyers will build and hold assets while continuing to develop new projects Financial & Private Equity buyers will build most of their assets to COD and sell them Future consolidation will increasingly involve companies with operating assets Summary