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Wermuth Asset Management Gmbh Tatarstan Clean Tech Fund L.P., Summary (December 2011) Russia has one of the world’s most energy intensive economies, consuming 6% of global energy. According to the International Energy Agency, energy intensity of GDP is 11 times higher than in Germany, six times higher than in Canada and four times higher than in Poland. These inefficiencies create an environment in Russia that is ripe for the adoption, development, and production of clean technologies – e.g., energy efficiency and storage, biofuels, clean water, etc. – with the potential for superior financial returns. The Fund will focus on investing internationally in best-in-class companies that provide economic and environmental value to Russia’s Republic of Tatarstan, by selling cleantech products or setting up manufacturing in the region as well as exporting clean technologies from Tatarstan and Russia to world markets. Hanover, Germany, 19 July 2011. From left to right: On 19 July 2011 in Hanover, Wermuth Asset Management (WAM) signed a term Valery Sorokin (General Director of SINEK, the sheet for the Tatarstan Cleantech Fund (TCTF) with the Republic of Tatarstan at Republic of Tatarstan’s Holding Company), President the occasion of the annual German-Russian joint Government meeting. This Dmitry Medvedev, Chancellor Angela Merkel, Jochen marked the launch of the first dedicated cleantech Fund in Russia, which will Wermuth (CIO and Founding Partner, Wermuth Asset target returns of 30% per year. The Fund’s formation is the result of years of Management GmbH), Dr. Hans-Friedrich von Ploetz studying investment opportunities which led to the recognition by both WAM (Chairman of the TCTF’s Investment Advisory Council, and the Tatarstan government of a prime opportunity to sell, transfer, and former Ambassador of Germany to Russia), at the manufacture best-in class cleantech products. Tatarstan is a resource-rich region Signing Ceremony of the Fund’s term sheet. looking for new technologies; in 2011, it was rated the #1 region to do business in Russia by Forbes and Ernst and Young. At a time when the government of Russia is overhauling and modernizing the country, the Fund and its team of Product/Technology Transfer sector-experienced investment professionals and advisors will have “first- mover” advantage, helping to provide a better, more efficient Russia while creating strong prospects for top-quartile returns. TCTF is a ten-year direct investment fund, with a €100m commitment from the Republic of Tatarstan and €10m from WAM and associates. The Fund targets a total of €200m in commitments at the final close; the Founders’ close was 23 Dec., 2011. All investment decisions are taken on the exclusive advice of Wermuth Asset Management, with a world class Investment Advisory Council and Independent Directors to ensure fund mandate compliance. THE FUND: TCTF will use equity and equity-like structures to provide expansion finance to companies with technologies and business models that fit expansion into Russia, CIS and CEE countries, with possible operations in Tatarstan. Investee companies will be sourced primarily in Germany, the UK, the Benelux, the US and Canada, and opportunistically in Russia. Companies are of interest which develop and market products, technologies or services which benefit the economy and/or environment of Tatarstan, transfer advanced technology from Tatarstan and Russia to other markets, and/or expand operations through acquisition or JV, and set up production in the region. Preferred return: LPs other than Tatarstan receive a significant preference on distributions from deals with investment in Tatarstan. TEAM: WAM has a cohesive team of 14 investment professionals and advisers of German, Russian, Dutch and American nationals, with a presence in each of these countries. Team members have a successful track record in portfolio management, corporate finance, capital raising, private equity, venture capital, fundamental research, political and economic analysis and policy advice. Jochen Wermuth, Founding Partner and Chief Investment Officer. In Russia since 1993; fmr Director at Deutsche Bank; fmr adviser to the Ministry of Finance of Russia for four years, where he set up its Economic Expert Group. Master’s degree in Economics and Bachelor’s in Mathematics from Brown University. Mr. Wermuth founded the company in 1998 with his father, Dieter Wermuth. Dr. Daniel Colbert, Lead Fund Partner. Serial entrepreneur. Co-founded Carbon Nanotechnologies; Principal and Chief Technology Officer with NGEN Partners; founding Executive Director of the Institute for Energy Efficiency at the UC–Santa Barbara. Polina Burnos, Principal. Russian cleantech venture and private equity expert with Proventus Capital Management AG; venture and private equity analyst at KIT Finance Investment Bank. Roman Samsonov, Principal. Russian private equity expert; senior analyst at Ernst and Young for valuation and business modeling. Sam Schatz, Senior Associate. Alfa Fellow, experience in financial services most recently with Active Earth Investment Management Investment Advisory Council: Dr. Hans-Friedrich von Ploetz, Chair: NATO Strategy Group member. Former German Ambassador to the UK and Russia. Ted Schell: Managing Director at Associated Partners LP; former General Partner at Apax Partners. Founder and Chairman of Enforta. Shimi Shah: Venture capital and angel investing in technology and medical companies for over 15 years. Jeroen Ketting: Founder and Director of Lighthouse Russia B.V. Leading expert on energy and energy efficiency in Russia. Fred van Beuningen, Co-founded Business4Life Holdings; cleantech and healthcare investor; Executive Board Member of the Young President’s Organization’s Environmental Network. Kendrick White, Founder of Marchmont Capital; 20 years business experience in Russia; formerly Principal with Quadriga Central Russia Fund, which was sponsored by EBRD. David Rosenberg: Serial Entrepreneur. Fmr CEO of The McDonough Group to implement Cradle-to-Cradle standards. Prof. Graham Richards: Emeritus Prof. of Chemistry, Oxford University. World-renowned chemical researcher. Dr. John Newsam: Serial Entrepreneur, materials researcher, and cleantech venture investor. Wermuth Asset Management GmbH Langgasse 38-40 Bryanskaya 5 Seat of the Society: Managing Directors: HypoVereinsbank 65183 Wiesbaden, Germany Moscow 121059, Russia Frankfurt/Main Jochen Wermuth, BLZ: 503 201 91 Phone +49 69 959 254 78 Phone +7 495 580 73 00 FFM HRB 51884 Michael Hyuk Choi Account No: 367 905 310 Fax +49 69 959 254 79 Fax +7 495 580 73 02 USt-ID-Nr. DE 200 110 358 DE62503201910367905310 .
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