Ardour Capital Investments LLC Presentation Prepared For (PowerPoint) by suchenfz

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									Ardour Capital

January 2011

Ardour Capital (East Africa) Limited   Ardour Capital International GmbH   Ardour Capital International
      Plot 25 Nkrumah Road
  Reco House, 4th Floor, Suite S9      Oranienburger Straße 23             80 Park Lane
           PO Box 37064                10178 Berlin                        London W1K 7TR
Ardour Capital: the leading Specialist Investment Bank and Asset Manager

       Ardour operates from offices in London, Berlin and Kampala, and its original base in New York City.

       Ardour provides high quality and bespoke investment services, including asset management, to
        sophisticated companies, investors and institutions.

       The firm has a deep understanding of the Renewable Energy and Clean Tech sectors and has increasingly
        branched out into Traditional Energy and Agriculture, which are closely related to the move towards a
        cleaner environment.

       Ardour, and its principals, have strong Asset Management credentials and have been responsible for
        building up a number of funds and businesses in the asset management sector and managing firms with
        portfolios in excess of $4.5bn.

       Ardour works closely with the leading global firms in its Asset Management activities

Ardour has a clear vision for Africa:

l    A dynamic and growing Continent, with Uganda in particular forecast to show
     explosive growth
l    Significant wealth creating opportunities abound – in practically all sectors
l    Inward investment will increase substantially
l    Much of the wealth in Africa, generated by Africans and non Africans alike, will be re-
     invested in Africa
l    While there is a limited ability to invest in listed companies on national stock
     exchanges at present, that is changing rapidly and dynamic capital markets will
     come to the fore within five years
l    A more mature bond market should assist in helping to fund numerous projects
l    Particular investment opportunities exist in Ardour’s areas of expertise

Asset Management Experience – Jonathan Treacher

                 The Amoeba Fund, an early stage biotech buyout Fund

                 Prokom AO, an emerging market fund targeting investments in Russia

              Farlake Plc, a UK stock exchange (AIM) listed investment management
              company with assets under management in excess of £800m

              Romanian Reconstruction Capital, a emerging Easter European investment fund
              targeting invests in Romania and the surrounding regions, with assets in excess
              of $100m

              Absolute Capital Management, a UK stock exchange (AIM) listed investment
              management company with in excess of €3.2bn under management and a
              market capitalization approaching 500m. The firm pursued multiple investment
              strategies, including merger arbitrage, emerging markets equity and debt, long-
              short equity, macro, country and sector specific, special situations and real

              Ardour Capital Investments, an investment management firm investing in listed
              equities in the Clean Tech and Renewable Energy sectors

Comprehensive sector focus

Alternative Energy Resources                                                     Engy Efficiency
• Solar (PV, CSP and Thermal)                                                    • Energy Efficient Lighting
• BioEnergy (Power, Fuel and Product)                                            • White Tags

• Wind (MW-Scale and Distributed)                                                • Green Buildings

• Water (Hydro, Tidal, and Wave Power)                                           • Metering

• Geothermal                                                                     • Demand Response, Smart Grid

                                         • Water and Wastewater Treatment
                                         • Air Quality and Emission Mitigation
                                         • Clean Coal- CO2 Sequestration

 Enabling Technologies                                                           Distributed Generation
 • Power Electronics                                                             • Micro Turbines
 • Power Storage                                                                 • Diesel Engines
 • Advanced Materials                                                            • Fuel Cells
 • Hydrogen Generation and Storage                                               • CHP – Cogeneration
 • Hybrid/Electric Drivetrains                                                   • Clean Coal Technologies

A global integrated Investment Bank
for the Cleantech and Renewable Energy sector

                                               Equity Sales                 Investment Banking
                                        Coverage of key financial         Corporate Advisory, M&A
                                      centres by Industry specialists      ECM, Debt Advisory...

       Renewable Energy Value Chain        Americas Coverage
         Wind, Solar, Geothermal...                                     Americas Investment Banking
                                      Investor relationships in New
                                                                                (New York)
                                      York, Boston, SanFrancisco ...
          Biofuels, Bio-sourced
         Chemicals and Materials
                                          European Coverage
           Energy Efficiency           Investors relationships in        EMEA Investment Banking
         Smart Grid, Storage, Evs      London, Frankfurt, Zurich,          (Berlin and London)
                                      Paris, Dublin, Scandinavia ...

              Specialist IPPs

        Emissions, Waste and Water


1.   Company Overview
2.   Investment Banking & Corporate Finance
3.   Research
4.   Capital Markets
5.   Asset Management
6.   Ardour Global Indexes

Long Experience in Uganda

     Jonathan Treacher is married to a
      Ugandan, was married in Kampala
      and has had a house in Kampala for
      over ten years
     He has run a business and made
      investments in Uganda
     He is committed to the country and
      to bringing his skills to assist in its

Investment Banking & Corporate Finance
Selected Transactions

Investment Banking & Corporate Finance
Selected Transactions (cont’d)

Recent Non-Deal Road Shows

 We add value for clients through our superior investor targeting and investor relationships based on our heritage in
 the sector

Investment Banking & Corporate Finance Team
Europe, Middle East, Africa

     Jonathan Treacher, Managing Director

     −   Over 25 years of investment banking, fund management and board level senior management experience
     −   Chairman (formerly CEO) Absolute Capital Management.
     −   Partner Beehive Capital.
     −   Oakes Fitzwilliams & Co Corporate Finance
     −   Drexel Burnham Lambert, Hill Samuel & Co Limited
     −   Advanced education at the London Business School, Hague Academy of International Law and DePaul University School of Law

     George Brenan, Managing Director

 −   13 years experience as a Corporate Financier at Cazenove/JPMorgan Cazenove in London
 −   Advised on over GBP 40bn of completed M&A and Capital Markets transactions; Partner of Cazenove & Co. (2000); Director JPMorgan Cazenove, Corporate Finance
 −   Established and led Cleantech, Renewable Energy and Agriculture sector coverage
 −   Founder member of Cazenove M&A team and UK Industrials Team
 −   Barrister: specialist in Insolvency and Company Law; BA in Physics, from the University of Oxford (first class).

             Hamwilson Mwebembezi Managing Director

         −   Experienced corporate lawyer and adviser
         −   Seniour partner in a leading Kampala law firm
         −   Former member of the judiciary in Uganda
         −   Many years experience in advising leading companies and individuals
         −   Strong knowledge and contacts in Uganda and East Africa

Investment Banking & Corporate Finance Team
  Kerry Dukes, Managing Partner, Co-founder and Head of Investment Banking

 −   20+ years securities industry experience, served on board of numerous public companies
 −   Audit Committee Chairman & Chairman of Compensation Committee for publicly traded US based healthcare company
 −   Founder, Bluestone Capital
 −   Chief Operating Officer and Managing Director, Commonwealth Associates
 −   Began career at Shearson Lehman

  John Ewen, Sr. Vice President

 −   Portfolio Manager of Terra Trust focused on renewables and sustainability at Bank von Ernst AG Liechtenstein
 −   Project Manager, New Business-Mining Sensing Systems, Research Scientist ground penetrating radar (GPR) with international patents Hilti AG
 −   Geophysicist CGAS Exploration, Amoco Production
 −   MS Geophysics, Ohio State University
 −   BS Environmental Systems Technology, Cornell

  Sameer Joshi – Vice President

 −   6 years of Investment Banking; including M&A advisory as well as lead managed IPOs, Follow-ons, PIPEs, Registered Directs, private company financings
 −   Investment Banker with Wells Fargo Securities and Collins Stewart LLC (formerly C.E. Unterberg, Towbin)
 −   Engineering consultant for ABB (ABB Industrial Systems, Sweden; ABB Simcon, U.S.)
 −   Design Engineer with Tata group (Tata Consulting Engineers; Tata Interactive Systems)
 −   Post-graduate diploma in software technology – related experience includes work as Systems Architect
 −   MBA in Finance and Economics, Columbia Business School with Dean’s List Honors; Bachelor of Engineering (B.E.), University of Bombay in India with Honors


1.   Company Overview
2.   Investment Banking & Corporate Finance
3.   Research
4.   Capital Markets
5.   Asset Management
6.   Ardour Global Indexes

Ardour Research

 Our world-class research team is the bedrock of our sector
 expertise and placing power and is a key differentiator of our
 client offering

 Our philosophy
 – Quality and Independence: research is the cornerstone of our business
   and our brand
 – Leadership: our heritage and team of leading specialists position
   Ardour as an opinion leader
 – Coverage: Over 55 Cleantech and Renewable Energy companies under
   coverage globally;
 – Client focus: ideas, education, overview
 Our Product
 – Company research:
    •  Initiation reports, updates, flashes
 – Ardour Weekly and Monthly
   •   Market, sector outlook
   •   News analysis and commentary
 – Research White Papers

Ardour Research
Industry Focused Reports & White Papers

• Backup Power and Power Quality Systems Solar Power
• Flywheel Energy Storage
• Flow Batteries- Lead Acid Batteries
• Lead Acid Batteries
• National Commission On Energy Policy (NCEN)
• Ancillary Services: The Plumbing Of The Power
• Hybrid Electric Vehicles: A Unique Value Proposition Ultracapacitors
   Nuclear Power: Poised For A Resurgence?
• Biomass Energy
• DMFC Fuel Cells Nickel-metal Hydride (Nimh) Batteries: Energy Storage
   For Electronics And Hybrid Cars
• Hydrogen Storage: Methods And Principles
• Solid Oxide Fuel Cells (SOFC): A Solid Performer with Opportunity
• Hydrogen Transportation: A Conduit to the Hydrogen Economy
• Nickel-Cadmium Batteries: Practical, Where Others Fear to Tread
• LED Lighting: An Illuminating Look
• Wave Power
• Ethanol from Lignocellulose

Research Coverage Universe

Ardour Research
Key members of a leading team
  Walter Nasdeo, Managing Director/Director of Research

 −   Sr. Research Analyst, Bluestone Capital
 −   Research Analyst, Credit Lyonnais
 −   Media appearances / interviews / conferences include: CNBC, Bloomberg, BBC, Wall Street Journal, New York Times, CNNMoney, CNNfn, TheStreet.Com, Bloomberg News, Small
     Times, Sustainable, Dow Jones Newswire. Bulldog Research Award Winning Analyst for earnings accuracy. Member of NYSSA and AIMR
 −   MBA and BBA in Entrepreneurship, University of North Texas.
 −   U.S. Army European Operations Berlin, Germany, secret security clearance as member of Berlin Brigade in the 1980s.

  Jinming Liu – Sr. Vice President: Bio-fuels / Bio-materials

 −   Associate Research Scientist, Columbia University
 −   Cloned more than ten genes and published seven papers on international circulated, peer-reviewed journals
 −   MBA in Finance, Fordham University
 −   PhD specialized in Molecular Neuroscience, State University of New York

  Adam Krop - Vice President: Solar

 −   A.G. Edwards, Associate Analyst
 −   MBA in Finance Fordham University
 −   BS Biology, James Madison University


1.   Company Overview
2.   Investment Banking & Corporate Finance
3.   Research
4.   Capital Markets
5.   Asset Management
6.   Ardour Global Indexes

Capital Markets

 Our Capital Markets team are leading Sector Specialists dedicated to servicing the needs of global institutional
 investors in the Cleantech and Renewables space
    Experienced senior team in sales and execution

    Extensive global industry specialist network

    Comprehensive Institutional client list including long only
     funds, hedge funds, and venture funds in Green & Cleantech;
     Renewable, Alternative & Traditional Energy; SRI; specialized
     in Micro & Small Cap.

    Clearing agent; Penson Financial Services, Inc.
     ($2 billion+ in capital)

    Executes trades on North American and European Exchanges.

    Relationships with independent brokers on the NYSE, AMEX
     and Deutsche Boerse enhances execution capability

    Consistently exhibits trading performance in line with, or
     better than, the volume weighted average price (VWAP)

Capital Markets

 Key services for Institutional Investors

      Research

      Access to Analysts

      Institutional Sales Coverage

      Access to Company Management: ad hoc and
       through non-deal roadshows

      Ardour Capital’s Annual Energy Technology

      Dedicated trading desk

Ardour Annual Conference

                                     Keynote Speakers                                                 Presenting Companies

 Lauren Culver- Energy Technology Commercialization Specialist, U.S. DOE, EERE
 David Schoenbrod- Trustee Professor of Law, New York Law School (Environmental Law)
 Thomas Dennis- Cassidy & Associates (Energy, and Environmental Lobbyist )

 Carol Battershell- Senior Advisor, Commercialization and Deployment, U.S. DoE
 Jorge J. Lopez- President and CEO, ConEdison Solutions
 Jason Mulvihill- Legislative Director and Chief Counsel, Senator John Ensign (R-NV).

 Dr. Rohit T. Aggarwala - Director of The Office of Long-term Planning and Sustainability for Mayor
 Michael Bloomberg
 Carol Battershell- Senior Advisor- U.S. Department of Energy, Energy Efficiency and Renewable

 Alexander (Andy) Karsner - Assistant Secretary, Energy Efficiency & Renewable Energy
 Ambassador Sichan Siv - Senior Advisor/Ardour Capital Investments

 Douglas Faulkner - U.S. Department of Agriculture's Deputy Under Secretary for Rural

 Jonathan Foster - California Clean Energy Fund

 Peter Smith - President of New York State Energy Research Development Authority

 Joseph J. Rohm - Executive Director Center for Energy & Climate Solutions. Held various DOE
 positions during Clinton Administration

Capital Markets Team

  Brian Greenstein, Managing Partner, co-founder and Head of Capital Markets: US and UK coverage

 - 20+ years securities industry experience
 - Managing Director & Head of Capital Markets, Bluestone Capital
 - Managing Director & Head of Institutional Sales, Commonwealth Associates
 - Other affiliations included Bear Stearns, Merrill Lynch and George Buck Consulting Actuaries

  Jean-Marc O’Brien, Sr. Vice President: France, Switzerland (French), Scandinavia, Ireland

 - 20+ years experience institutional sales, sales management and trading
 - Director of New Business Development, Medley Global Advisors
 - Senior Capital Markets positions with Credit Agricole Indosuez Securities: New York, Paris, Stockholm VP, Head of Sales, U.S. Institutional, Hedge Fund and
   Central Bank Desk, New York and Manager of Fixed Income Sales in Paris; Citibank NA 1983-1989
 - BAS Computer Science, University of Pennsylvania: BS Finance, Wharton

  Harald Duell, Sr. Vice President: Germany, Switzerland (German), Austria
 - 20+ years of experience covering institutional fund managers in the USA and Europe
 - Managing Sales and Research for small private boutiques and large organisations
 - Worked and lived in Germany, UK and US
 - Highly ranked small cap research at Reuters 2000 for Germany and Switzerland
 - MBA, American Graduate of International Management “ Thunderbird”
 - BS, University of Oregon

Capital Markets Team

  James O’Brien, Sr. Vice President

 - Over 10 years experience as a Senior Equity Analyst covering business and financial services companies for Ryan Beck & Co., Brean Murray, Carret & Co. and
   Standard & Poor’s.
 - MBA from The Johnson School of Management at Cornell University
 - BA in History from Trinity College

  Paul Kacperowski, Sr. Vice President Trading

 - 20+ years experience in trading, sales trading and trading desk management.
 - Head Trader, Granite Financial Group
 - Credit Lyonnais Securities
 - Other brokerage affiliations include Robb, Peck, McCooey and Jesup and Lamont Securities.

  Olushola (Shola) Ashiru, Associate

 - Heads up Ardour Capital’s corporate outreach program and manage the Ardour Global Indexes submission process.
 - Enterprise Rent a Car Sales-Management Training Program
 - MBA in Finance and Accounting, Fordham University
 - BA in International Business, Clark Atlanta University


1.   Company Overview
2.   Investment Banking & Corporate Finance
3.   Research
4.   Capital Markets
5.   Asset Management
6.   Ardour Global Indexes

Asset Management

     Focus only on the Cleantech          and
      Renewable Energy space
     Offering a range of individualized and
      specialized services and products for our

      – Managed Accounts
      – Private Equity Funds
      – Public Market Funds
      – Hybrid Funds
      – Long/Short Fund
      – UCITS III fund

Asset Management Team

  Jeff Cianci
  - Over 20 years experience as an equity research analyst at UBS and Bear
  - Cited as a top rated Wall Street analyst by Institutional Investor and other
   trade groups
  - Worked as merger and acquisitions consultant
  - Extensive experience advising both public and private companies
  - MBA Finance, Columbia University: MS Chemistry University of Miami: BA
   New College of Florida

  Christoph Dethleffsen
  - studied Law at LMU Munich & ALU Freiburg from 1993-1997.
  - During his academic studies he started as an independent trader
  - Since then he has over 15 years experience as a Proprietary Trader achieving
   double digit returns.
  - Adviser on portfolio Risk Management and Hedging Strategies.


1.   Company Overview
2.   Investment Banking & Corporate Finance
3.   Research
4.   Capital Markets
5.   Asset Management
6.   Ardour Global Indexes

Ardour Global Alternative Energy IndexesSM

 • Five indexes that serve as a fair, impartial and transparent measure of the performance of the Alternative
   Energy Industry
 • Licensed for UITs, Certificates, ETFs, Futures and Options on Futures
 • Dow Jones Indexes (a unit of Dow Jones & Co.) is the agent responsible for compilation, maintenance,
   calculation and dissemination
 • Over $300m in ETFs

        Global Alternative Energy ETF                                  Solar Energy ETF
        Ticker Symbol:           GEX                                   Ticker Symbol:          KWT
        Exchange Listing:        NYSE                                  Exchange Listing:       AMEX
        Listing Date:            May 2007                              Listing Date:           April 2008
        Manager:                 VanEck Global                         Manager:                VanEck Global

   Ardour Capital International GmbH    80 Park Lane
   Oranienburger Straße 23              Mayfair
   10178 Berlin                         London
   Germany                              W1K 7TR
                                        United Kingdom

   Jonathan Treacher
   Tel: +44 (0) 20 3440 2728
   Mob: +44 (0) 7971 818 535

   George Brenan
   Tel: +44 (0) 20 3440 2727
   Mob: +44 (0) 7990 562 682


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