1. Worldwide Stationary Fuel Cell installations* WorldUSAOhio 5 kW – 250 kW3571674 250 kW – 1 MW66401 > 1 MW950 Fuel cells 2000 Worldwide Stationary Fuel Cell Installation database; includes Planned installations and those not currently operating

2. Site To Be Announced PlannedFuelCell EnergyUnknown Korea Scott Receiving Station 1990sFuelCell EnergySanta ClaraCalifornia USA Bridgeport Fuel Cell Park PlannedFuelCell EnergyBridgeport Connecti cut USA Wabash River Energy facility 2003FuelCell EnergyTerre HauteIndiana USA Kansai Electric 1990sFuji Electric Japan Power plant 1990sUTC PowerMilan Italy Goi Power Station 1990sUTC PowerIchihara Japan Connecticut Juvenile Training School 2001UTC PowerMiddletown Connecti cut USA Verizon Call Center and Communications Building 2005UTC PowerGarden CityNew York USA 1 MW or greater projects* * Fuel cells 2000 Worldwide Stationary Fuel Cell Installation database

3. US Installations 1980s1990’s2000’s 5 kW – 250 kW166100 250 kW – 1 MW0634 > 1 MW014 * Fuel cells 2000 Worldwide Stationary Fuel Cell Installation database

4. Wind Energy Projects in US Total installed wind capacity 11,603 MW as of 12/31/06

5. Session panelists Rodger McKain, SOFCo-EFS Holdings –Standing in for Dave Nichols, RRFCS Larry Hutchison, American Electric Power Keith Spitznagel, LoganEnergy

6. Conclusion The large stationary fuel cell sector has had a very buoyant year. There has been no major fall out in terms of company closures or technology sell-outs and all the big players are showing positive growth signs. In terms of commercialisation we can increasingly see 2008 as a realistic date, with the companies already starting to compete in an open market. Increasing fuel options has opened up new market sectors for the units, including for direct hydrogen units neatly avoid the chicken-and-egg question. In the more medium term (the next 5-10 years) it will be interesting to watch the transition from financially subsidised industry to a competitive one and we cannot help but suspect that we will see the closure of a small number of the companies currently active in our database. Fuel Cell Today `Market Survey: Large stationary Applications 2006

7. So what about 2007? This really is one sector where big is beautiful. Larger and larger plans for fuel cell power plants, as well as smaller (!), <200kW, for distributed and back-up power for single installations. Also an increasing number of orders will be announced, if true one press release from FuelCell Energy states that they will be soon announcing 30-40 MW of new orders alone. In Europe, with the launch of the 7th Framework Programme, we should see a number of units going in, especially the HyCom (Hydrogen Communities) project. Hopefully once the politics of the FP7 are sorted out then this could be a real boost for the move to commercialisation of large stationary fuel cells in Europe. Overall next year is already shaping up to be as busy and interesting as this year was. Fuel Cell Today `Market Survey: Large stationary Applications 2006