Alternative Energy

Industry Outlook

Cowen Third Annual Clean Energy Conference - September 8, 2009 Thursday, September 10, 2009 Analysts Conclusion: Panels and presentations, with 42 public and private companies, Robert W. Stone will address a range of important topics, including: smart grid, hybrid and (617) 946-3932 [email protected] electric vehicles, thin-film PV, the role of in PV markets, the PV market outlook from the perspective of system integrators and project developers, and Danielle Vasilescu utility scale solar (PV and thermal). We will have keynotes by leading clean (617) 946-3920 energy investors and the U.S. DOE. We encourage you to register today. danielle.vasilescu @cowen.com ■ Smart Grid: More Big Players Chasing A Potential $43B Market? Siemens (€60, NR) announced last week it had secured nearly €1B in smart grid orders in FY09 (Sep) and established a target of €6B by 2014. Meanwhile, aerospace and defense players such as LMT ($75, Outperform -

1), BA ($49, Underperform - 3), and RTN ($46, Outperform - 1), have been targeting cyber security aspects of smart grid projects seeking stimulus funds.

■ Electric Vehicles: Virtual OEMs Move Fast; Is Your Utility Ready? Coda Automotive plans to launch an all-electric sedan in California by mid- 2010. The cars will be built in China, with a body by HaFei Automobile, lithium batteries from a J.V. with Tianjin Lishen Battery Co., and propulsion systems from UQM Technologies ($5, NR). Even at low overall penetration of

new vehicles, the large number of electric and plug-hybrid models coming to market may overwhelm local power grids in early-adopter areas.

■ Utility Scale Solar: Will New Transmission Get Enough Support? Despite the potential of vast solar resources in the Western U.S., and $6.5B Please see addendum borrowing authority for the Western Area and Bonneville Power of this report for Administrations, transmission expansion may be stymied by fragmented important disclosures. local siting authority and environmental permitting delays.

www.cowen.com ■ Will A China National FIT Matter? If the FIT is too low, or subject to

Cowen Third Annual Clean Energy Conference - Participating Companies 4-Sep-09 Mkt Cap Mkt Cap Price Rating ($B) Price Rating ($B) Private Technologies 5.67 2 120 Ormat Technologies 35.78 NR 1,625 Hudson Clean Energy Partners BP Solar International 53.19 NR166,169 PG&E 40.02 NR 14,835 Kitson & Partners Capstone Turbine 1.32 NR 251 Raser Technologies 1.85 NR 121 Landis+Gyr Cisco 21.83 1125,970 SatCon Technology Corporation 1.77 NR 125 Nanosolar Comverge 12.49 2 276 Solarfun Power Holdings 5.15 NR 278 NextLight Renewable Power Echelon Corporation 11.13 NR 454 SunPower Corp 26.04 1 1,426 Solazyme Ener1 6.29 2 736 Holidings 14.79 2 2,315 Solexant Energy Conversion Devices 10.4 2 477 26.38 1 782 SunRun Evergreen Solar 1.66 2 350 Private SunWize Technologies 121.3 1 10,282 Alteris Renewables Tesla Motors FuelCell Energy 3.48 NR 245 Better Place Think International Business Machines117.5 1153,976 BrightSource Energy Virgin Green Fund JA Solar 3.51 NR 591 Capricorn Investment Group Viridity Energy LDK Solar 8.94 2 1,011 Clean Energy Associates U.S. Department of Energy Oerlikon Solar* 46.00 NR 559 *Euros Source: Cowen and Company Alternative Energy

COWEN AND COMPANY CLEAN ENERGY CONFERENCE Thursday, September 10, 2009 Track One Track Two TANSA ROOM MIRUS ROOM 3rd Floor 3rd Floor Smart Grid: Oerlikon Solar 8:30-8:55 AM Cisco Dr. Chris Constantine, Echelon Corporation Director of New Technologies Comverge Evergreen Solar 9:00-9:25 AM Landis+Gyr Michael El-Hillow, CFO Viridity Energy Thin-Film PV: SatCon Technology Corporation 9:30-9:55 AM Energy Conversion Devices Steve Rhoades, President & CEO Nanosolar Oerlikon Solar International Business Machines Corporation 10:00-10:25 AM Solexant Gary Cohen, General Manager, Global Communications Sector, IBM Hybrid and Electric Vehicles: FuelCell Energy 10:30-10:55 AM Better Place R. Daniel Brdar, Chairman & CEO Capricorn Investment Group Ener1 Raser Technologies 11:00-11:25 AM Pacific Gas and Electric Company Dick Clayton, Principal Executive Officer

Tesla Motors Think China Solar: Ormat Technologies 11:30-11:55 AM Clean Energy Associates Smader Lavi, VP of Finance JA Solar LDK Solar Capstone Turbine Corporation 12:00-12:25 PM Solarfun Power Holdings Darren Jamison, President & CEO

Suntech Power Holdings Trina Solar Lunch – Keynote Presentation 12:30-1:55 PM John Cavalier, Managing Partner, Hudson Clean Energy Partners Anup Jacob, Partner, Virgin Green Fund PV System Integration: Ascent Solar Technologies 2:00-2:25 PM Alteris Renewables Dr. Mohan Misra, Chairman & Founder Kitson & Partners SunRun Echelon Corporation 2:30-2:55 PM SunWize Technologies Chris Stanfield, EVP & CFO

Utility Scale Solar: Solazyme, Inc. 3:00-3:25 PM BP Solar Tyler Painter, CFO BrightSource Energy First Solar 3:30-3:55 PM NextLight Renewable Power

Pacific Gas and Electric Company SunPower Corp Keynote Presentation: 4:00-4:25 PM Carol Battershell, Senior Advisor, Commercialization and Deployment, U.S. Department of Energy

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COWEN AND COMPANY CLEAN ENERGY CONFERENCE Panel Descriptions Smart Grid 8:30 AM-9:25 AM Track 1, Tansa Room, 3rd Floor

Panel Focus: How will two-way information flow help reduce energy costs and consumption? How must the grid evolve to support intermittent renewable sources and distributed generation while maintaining reliability?

Moderator: Rob Stone, Senior Alternative Energy Analyst, Cowen and Company

Panelists: Cisco – Marie Hattar, VP, Network Systems and Security Solutions Marketing Comverge – Michael Picchi, Interim President & CEO, EVP & CFO Echelon – Chris Stanfield, EVP & CFO Landis+Gyr – Brent Pearson, Vice President Viridity Energy – Audrey Zibelman, President & CEO

Thin-Film PV 9:30 AM-10:25 AM Track 1, Tansa Room, 3rd Floor

Panel Focus: Thin-film PV rapidly gained market share while c-Si was supply constrained. How will the segment adapt to abundant silicon? How will various thin-film technologies and equipment makers help drive solar to grid parity?

Moderator: Rob Stone, Senior Alternative Energy Analyst, Cowen and Company

Panelists: Energy Conversion Devices – Mark Morelli, President & CEO Nanosolar – Brian Stone, VP Product Management & Sales Oerlikon Solar – Dr. Chris Constantine, Director of New Technologies Solexant – Damoder Reddy, CEO

Hybrid and Electric Vehicles 10:30 AM-11:25 AM Track 1, Tansa Room, 3rd Floor

Panel Focus: Can next-generation hybrid and electric vehicles address the twin challenges of energy independence and greenhouse gas emissions? What are the implications for the automotive, utility and renewable energy industries?

Moderator: Rob Stone, Senior Alternative Energy Analyst, Cowen and Company

Panelists: Better Place – Michael J. Granoff, Head of Oil Independence Policies Capricorn Investment Group – Dipender Saluja, Managing Director Ener1 – Charles Gassenheimer, Chairman & CEO Pacific Gas and Electric Company – Andrew Tang, Senior Director (via phone-in) Tesla Motors - Diarmuid O’Connell, VP Corporate Development Think – Richard Canny, CEO

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Panel Descriptions China Solar 11:30 AM-12:25 PM Track 1, Tansa Room, 3rd Floor

Panel Focus: Strength in low cost exports may soon be combined with a burgeoning domestic market. Which technology, integration and go-to-market strategies will prove superior? What are the likely competitive impacts elsewhere?

Moderator: Rob Stone, Senior Alternative Energy Analyst, Cowen and Company

Panelists: Clean Energy Associates – Andy Klump, Managing Director JA Solar – Ming Yang, Vice President of Business Development & Corporate Communications LDK Solar – Jack Lai, EVP & CFO Solarfun Power Holdings – Paul Combs, Vice President of Strategic Planning Suntech Power Holdings – Steven Chadima, Vice President, External Affairs Trina Solar – Terry Wang, CFO

PV System Integration 2:00 PM-2:55 PM Track 1, Tansa Room, 3rd Floor

Panel Focus: Falling prices and abundant supply should offer attractive returns for PV projects. How will downstream players grow scale, reduce costs, and overcome financing and interconnection bottlenecks to sustain industry growth?

Moderator: Rob Stone, Senior Alternative Energy Analyst, Cowen and Company

Panelists: Alteris Renewables – Steven Kaufman, Acting CEO Kitson & Partners – Sydney Kitson, Chairman & CEO SunRun – Edward Fenster, Co-Founder & CEO SunWize Technologies – David Kaltsas, Executive Vice President

Utility Scale 3:00 PM-3:55 PM Track 1, Tansa Room, 3rd Floor

Panel Focus: Driving solar to the next order of magnitude implies a huge opportunity and fresh challenges. How will the industry and regulators address the issues of rates, financing, environmental impact, and transmission constraints?

Moderator: Rob Stone, Senior Alternative Energy Analyst, Cowen and Company

Panelists: BP Solar – Mark Kerstens, VP, Global Sales & Marketing BrightSource Energy – Scott Rosebrook, VP Finance & Treasurer First Solar – Richard Gruber, Vice President, Project Development NextLight Renewable Power – Frank De Rosa, CEO Pacific Gas and Electric Company – Fong Wan, SVP, Energy Procurement (via phone-in) SunPower Corp – Dennis Arriola, CFO

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COWEN AND COMPANY CLEAN ENERGY CONFERENCE Le Parker Meridien Hotel, Thursday, September 10, 2009 Private Companies

Alteris Renewables 523 Danbury Road Wilton, CT 06897 Phone: (203) 210-7710 www.alterisinc.com

Alteris Renewables is a leading renewable energy system integrator with more than 2,250 completed installations over the past 30 years. The company was created by Riverside Partners in 2008 through the combination of SolarWrights and Solar Works. Alteris provides turn-key photovoltaic, solar thermal, and wind energy solutions for commercial, residential, educational, municipal, and institutional clients. The company possesses industry-leading expertise in engineering, design, project management, performance analysis, project financing, and renewable energy credit programs. Alteris has 12 offices in Connecticut, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont.

Alteris Renewables was recently chosen to engineer and install solar arrays for 50 New York schools as part of the $2.1 million “School Power…Naturally” program. The program was designed to educate New Yorkers about the role that solar electric power can play in providing clean energy in homes, schools, and the workplace.

Better Place 1070 Arastradero Road, Suite 220 Palo Alto, CA 94304 Phone: (650) 845-2800 www.betterplace.com

Better Place is a leading electric vehicle services provider that is accelerating the global transition to sustainable transportation. Better Place is building the infrastructure and intelligent network to deliver a range of services to drivers, enable widespread adoption of electric vehicles and optimize energy use. The Better Place network addresses historical limitations to electric vehicle adoption by developing the necessary infrastructure in a convenient and accessible manner. The company intends to provide electric vehicle battery switching and charging stations to customers through a subscription-based service. The company works with all parts of the transportation system, including automakers, battery suppliers, energy companies, and the public sector. Better Place is based in California and has operations in , Denmark, and Australia. The company’s investors include Israel Corp., Morgan Stanley, the Ofer Group, and VantagePoint Venture Partners.

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BrightSource Energy 1999 Harrison Street, Suite 2150 Oakland, CA 94103 Phone: (510) 550-8161 www.brightsourceenergy.com

BrightSource Energy develops, builds, owns, and operates large-scale solar thermal power plants and delivers low-cost, reliable clean energy to industrial and utility customers worldwide. Utilizing its proprietary Luz Power Tower (LPT) 550 technology, the company constructs solar thermal towers equipped with mirrors that use sunlight to create steam to power an electricity generator. A typical tower is capable of generating 100MW of clean energy. The company also owns Luz II, which provides product development and engineering, project engineering, management and solar field manufacturing and supply services. BrightSource is headquartered in Oakland, California, with operations in California and Israel.

BrightSource recently signed the largest power purchase agreement to date with PG&E to supply electricity generated from 1.3GW of solar thermal power plants. BrightSource will build seven solar thermal power plants as part of this project, with the first 110MW plant expected to begin operating in 2012.

Capricorn Investment Group 250 University Avenue Palo Alto, CA 94301 Phone: (650) 331-8800 www.capricornllc.com

Capricorn Investment Group is a firm based in Palo Alto, CA. The firm invests in companies specializing in environmentally friendly products. Capricorn serves as the investment manager for a small number of influential clients, including co-founder Jeff Skoll, the first president of eBay and former Vice President Al Gore. Capricorn’s investments include Think Global and Tesla Motors.

Clean Energy Associates 1301 Causeway Bay Plaza Two 463-465 Lockhart Road Causeway Bay, Hong Kong www.cea3.com

Clean Energy Associates is an advisory firm serving global solar industry clients working with Chinese partners. Clean Energy Associates’ mission is to strengthen the link between the emerging Chinese solar sector and the growing global market for renewable energy. The firm has offices in Hong Kong and . Andy Klump, former Vice President of Business Development at Trina Solar, founded the firm in 2008 and serves as a Managing Director.

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Hudson Clean Energy Partners 400 Frank W. Burr Boulevard, Suite 37 Teaneck, NJ 07666 Phone: (201) 287-4100 www.hudsoncep.com

Hudson Clean Energy Partners is a private equity firm that invests in the clean energy market and is focused on renewable power, alternative fuels, energy storage, and demand-side energy management. Hudson’s investment strategy focuses on high-growth, asset-based, capital- intensive segments of the clean energy value chain using commercialized technologies to extract energy from wind, solar, geothermal, biomass, and other renewable sources. Hudson has investments in Recurrent Energy, Element Power, SoloPower, CaliSolar, and Wind to Power Systems.

Kitson & Partners / Babcock Ranch 4500 PGA Boulevard, Suite 400 Palm Beach Gardens, FL 33418 Phone: (561) 624-4000 www.babcockranchflorida.com

Kitson & Partners, an international real estate company, announced an agreement with Florida Power & Light to build a 75MW photovoltaic power plant at Babcock Ranch, FL. Babcock Ranch will be the first city planned to be 100% powered by photovoltaic energy. The 75MW PV plant is expected to be largest PV generation facility in the world when completed. Babcock Ranch will include 6 million square feet of retail, commercial, office, civic, and light industrial space when finished. Subject to state of Florida approvals, groundbreaking on the solar facility is targeted for late 2009. Construction of the city center is expected to begin in mid-2010, and the first residential and commercial buildings will start in late 2010. Babcock Ranch will also feature sustainable water management and conservation, street lamps designed to reduce light pollution, electric car chargers, and green roofs that reduce energy loss.

Landis+Gyr Feldstrasse 1 CH-6301 Zug Switzerland Phone: +41 (0) 41 935 6000 www.landisgyr.com

Landis+Gyr is a leading energy measurement and metering solutions provider for electricity, gas, heat, and water worldwide. The company’s products and services enable utilities to save operating costs and more efficiently manage energy through a complete portfolio of energy meters and integrated smart metering solutions. Landis+Gyr is a leading developer of advanced metering solutions, including Advanced Metering Infrastructure (smart metering), Demand Response (smart grid) and metering products. The company currently has an installed base of over 300 million electricity meters worldwide. Landis+Gyr currently operates in over 30 countries and serves major utilities on every continent.

In July, Landis+Gyr announced that it will work with Cisco Systems, a leading networking equipment provider, to develop a holistic approach to smart grid communications infrastructure that will help utilities and their customers manage energy more efficiently.

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Nanosolar 5521 Hellyer Avenue San Jose, CA 95138 Phone: (408) 578-3032 www.nanosolar.com

Nanosolar is develops and manufactures cost-effective and durable thin-film solar cells utilizing its proprietary nanoparticle ink and fast roll-printing technology. The company's first product, the Nanosolar Utility Panel, is a thin-film module designed specifically for utility-scale systems. Founded in 2002, the company is building the world's largest factory in San Jose, California, and the world's largest panel-assembly factory in Berlin, Germany. The company’s investors include Benchmark Capital, EDF Group, Firelake Capital Management, GLG Partners, Mohr Davidow Ventures, OnPoint Technologies, and U.S. Venture Partners.

NextLight Renewable Power 353 Sacramento Street Suite 2100 San Francisco, CA 94111 Phone: (415) 935-2500 www.nextlight.com

Founded in 2007, NextLight Renewable Power is a renewable energy development company focused primarily on utility-scale solar electricity generation projects in the western U.S. The company has significant development and operating experience to site, permit, build, and finance projects using the best renewable technology for the application. NextLight was formed by Energy Capital Partners, a private equity firm, to respond to the growing demand for clean, carbon-free, utility-scale renewable energy. Together, NextLight and Energy Capital Partners combine expertise in project development and financial resources to build, own and operate successful, utility-scale solar generating facilities.

In June, the company entered into a power purchase agreement with Pacific Gas and Electric Company (PG&E) to supply 230MW of photovoltaic power from the AV Solar Ranch 1 project. The project is expected to produce 592 GWh of renewable electricity per year for PG&E customers throughout northern and central California.

Solazyme 561 Eccles Avenue South San Francisco, CA 94080 Phone: (650) 780-4777 www.solazyme.com

Solazyme is a leading renewable oil and bioproducts company. The company uses renewable algal biotechnology to produce clean fuels, chemicals, foods and health science products. The company's advanced and proprietary technology uses algae to produce oils and biomaterials in standard fermentation facilities quickly, cleanly, cost effectively and at large scale. Solazyme’s technology uses a variety of feedstocks, including many non-food biomass sources and waste streams. The company’s investors include BlueCrest Capital Finance, Braemar Energy Ventures, Harris & Harris Group, Lightspeed Venture Partners, Roda Group and VantagePoint Venture Partners.

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Solexant 2385 Bering Drive San Jose, CA 95131 Phone: (408) 240-8900 www.solexant.com

Solexant develops high-efficiency, low-cost third-generation thin-film photovoltaic technologies. Solexant’s , developed at Lawrence Berkeley National Lab, is the first ultrathin-film solar cell incorporating nanocrystals made from high-performance and flexible inorganic materials that increase solar cell efficiency and reduce manufacturing costs. Combining high-efficiency materials with manufacturing innovations, the company is able to achieve cost savings of up to 50% compared to other photovoltaic technologies. The company’s venture investors include X/Seed Capital, Trident Capital, Medley Partners, and Firelake Capital.

SunRun 717 Market Street, Suite 600 San Francisco, CA 94103 Phone: (415) 982-9000 www.sunrunhome.com

SunRun provides direct access to clean, affordable electricity to residential solar customers through a variety of financial alternatives, including power-purchase agreements and solar lease programs. The company owns and maintains the solar systems installed on residential rooftops and sells the electricity generated to customers at established prices. SunRun removes the complexity and risk of solar system ownership by providing customers with money-back annual performance guarantees, professional-grade monitoring, maintenance, repairs, and . SunRun currently serves communities in California, Arizona, and Massachusetts. Accel Partners and Foundation Capital are investors in the company.

SunWize Technologies 1155 Flatbush Road Kingston, NY 12401 Phone: (800) 817-6527 www.sunwize.com

SunWize Technologies is a leading photovoltaic distributor in the United States, delivering photovoltaic products and manufacturing a full line of engineered solutions to customers in North America for residential, commercial and industrial installations. The company designs its products and systems to maximize efficiency while minimizing installation time and operating costs. SunWize designs pre-assembled and custom photovoltaic systems and provides design services that include site analysis, installation supervision and system commissioning. SunWize is a subsidiary of Mitsui & Co., Ltd., one of the world’s largest trading companies.

In July 2009, SunWize completed the largest PV installation in Texas, a 337-kW DC solar electric system to help utilize renewable energy and improve energy efficiency. SunWize recently acquired GenSelf Corporation, the largest photovoltaic installer in California’s Coachella Valley.

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Tesla Motors 1050 Bing Street San Carlos, CA 94070 Phone: (650) 413-4000 www.teslamotors.com

Tesla Motors designs, manufactures, and sells high-performance electric cars that are the quickest and most energy-efficient in the world. Tesla recently released its first car, the Tesla Roadster, which is the only highway-capable, production electric vehicle currently being sold in North America and Europe. The Tesla Roadster has a range of over 200 miles on a single charge and can reach 60mph in 3.9 seconds. Tesla announced that it had attained profitability for the first time, with $1 million of earnings on $20 million of revenue for the month of July.

In addition, Tesla unveiled the Model S, an all-electric family sedan, in March 2009 and expects to commence production of the Model S in late 2011. In July, Tesla received $465 million in low- interest loans from the Department of Energy to help fund the production of the Model S.

Current investors include Daimler AG, Valor Equity Partners, Technology Partners, DFJ Growth, DBL, The Westly Group, and Compass Venture Partners.

Think Global IT Fornebu Martin Lingesvei 17 N-1367 Snarøya Phone: + 47 63 85 45 00 www.think.no

Think Global designs, develops, manufactures, and markets environmentally friendly vehicles and technologies. The company has been developing and producing urban vehicle solutions since the early 1990s. The company’s vehicles are designed to be smart, flexible, and continuously updated to deliver state-of-the-art urban mobility. Think has also established partnerships in the U.S. with battery suppliers A123 and EnerDel. The company’s products include Think City, an emission-free vehicle with three times the energy efficiency as a traditional combustion engine car. Currently, the company operates production facilities in Aurskog, Norway, with a plant capacity of 5,000 units per shift (maximum of 16,000 units per year).

In August, Ener1 agreed to invest approximately $47 million of equity into Think Global. The two companies have also agreed on a long-term battery supply agreement and intend to co- manufacture and market electric drive systems.

U.S. Department of Energy 1000 Independence Avenue, SW Washington, DC 20585 Phone: 1-800-342-5363 www.energy.gov

The U.S. Department of Energy (DOE) is a department of the United States federal government focused on policies regarding energy and nuclear material. The DOE’s mission is to support and advance the national, economic and energy security issues of the United States through technological innovation, as well as to ensure the cleanup of the U.S. nuclear weapon complex. The DOE achieves this mission by delivering results in energy and nuclear security, scientific discovery and innovation, environmental responsibility, and management excellence. The DOE

10 September 8, 2009 Alternative Energy currently operates 24 research laboratories and facilities, four power marketing administrations, and an energy information administration.

The American Recovery and Reinvestment Act of 2009 has authorized funding in excess of $38 billion to the DOE, with over $9 billion awarded. As of August 2009, the DOE has spent the awarded funding on programs including energy efficiency and renewable energy, environmental management, and advanced research projects in energy, among others.

Virgin Green Fund 27 South Park Street, Suite 200 San Francisco, CA 94107 Phone: (415) 979-0280 www.virgingreenfund.com

Virgin Green Fund focuses on middle-market growth and expansion investment opportunities in the renewable energy and resource efficiency sectors. The fund invests in companies with products and services that reduce net greenhouse gas emissions and/or improve management of scarce resources, operate in environmentally and economically sustainable markets, and have a long-term positive impact on their communities and society. Virgin Green Fund currently has investments in Gevo, Solyndra, Odersun, Metrolight, Wildcat Discovery Technologies, DuraTherm, Seven Seas Water, and GreenRoad Technologies.

Viridity Energy 100 W. Elm Street Suite 410 Conshohocken, PA 19428 Phone: (484) 534-2222 www.viridityenergy.com

Viridity Energy provides energy management software and services to commercial customers that deliver a broad array of real time, planning and long-term energy benefits through its proprietary VPower™ System. The system integrates each customer's flexible and controllable loads, distributed generation, storage and power contracts into a single managed resource by using smart grid enabled systems. The company utilizes its proven technology platform enhanced with market applications to forecast supply requirements and optimize supply-side and demand resources, enabling customers to capture revenue and cost savings previously not available. The company provides energy use optimization, energy planning, advisory services, demand response, environmental sustainability, operational enhancements, and information services and reporting.

In July, the company formed a strategic partnership with Siemens Energy to provide virtual power plant functionality to large electricity users, such as university campuses, government complexes and industrial facilities. To provide the solution, Viridity will combine Siemens’ decentralized energy management system, known as DEMS, with its VPower™ System.

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Addendum

STOCKS MENTIONED IN IMPORTANT DISCLOSURES Ticker Company Name BA Boeing Company ENER Energy Conversion Devices IBM IBM LDK LDK Solar Co. Ltd. (ADR) LMT Lockheed Martin RTN Raytheon

ANALYST CERTIFICATION Each author of this research report hereby certifies that (i) the views expressed in the research report accurately reflect his or her personal views about any and all of the subject securities or issuers, and (ii) no part of his or her compensation was, is, or will be related, directly or indirectly, to the specific recommendations or views expressed in this report.

IMPORTANT DISCLOSURES

Cowen and Company, LLC and or its affiliates make a market in the stock of BA, ENER, IBM, LDK, LMT, RTN securities.

Cowen and Company, LLC compensates research analysts for activities and services intended to benefit the firm's investor clients. Individual compensation determinations for research analysts, including the author(s) of this report, are based on a variety of factors, including the overall profitability of the firm and the total revenue derived from all sources, including revenues from . Cowen and Company, LLC does not compensate research analysts based on specific investment banking transactions.

DISCLAIMER

This research is for our clients only. Our research is disseminated primarily electronically and, in some cases, in printed form. Research distributed electronically is available simultaneously to all Cowen and Company, LLC clients. All published research, including required disclosures, can be obtained on the Firm’s client website, www.cowenresearch.com.

Further information on any of the above securities may be obtained from our offices. This report is published solely for information purposes, and is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any state where such an offer or solicitation would be illegal. Other than disclosures relating to Cowen and Company, LLC, the information herein is based on sources we believe to be reliable but is not guaranteed by us and does not purport to be a complete statement or summary of the available data. Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice.

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