Sustainable Technology and Infrastructure Monthly Market Update November 2018

Performance of Key Market Indices 30% 20% 8% 10% 5% 5% 0% (1%) (10%) (20%) Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 NASDAQ Clean Edge Green Energy Dow Jones Industrial Average NASDAQ Composite S&P 500 Index Performance November Ending Versus First Day of the November YTD CY 2017 52 Wk High 52 Wk Low Dow Jones Industrial Average 1.7% 3.3% 25.1% (4.8%) 8.5% NASDAQ Composite 0.3% 6.2% 28.2% (9.6%) 8.4% S&P 500 1.8% 3.2% 19.4% (5.8%) 6.9% NASDAQ Clean Edge Green Energy 3.4% (4.3%) 30.8% (9.9%) 10.3% Notable Recent Transactions & Capital Raises

Acquiror Target Transaction Description

Corporate Transactions

Acquisition of Smart Buildings Ltd., a company specializing in smart building solutions

Acquisition of a 9.7% equity stake in Scatec Solar Corporate M&A and for ~$82mm (NOK 700mm) Asset Transactions Agreement to acquire GE Current, a provider of energy efficiency / digital productivity solutions

Asset Transactions

Acquisition of a 50% stake in the 1,218 MW Hornsea 1 offshore wind farm in the North Sea for $5.7bn

Acquisition of a 10% stake in a 950 MW offshore wind farm off the Scottish coast through the acquisition of a 30% stake in Diamond Green, wholly owned by Diamond Generating Europe

Company Transaction Description

Grab, the Singapore-based ride-hailing service, raised an additional $250mm from Hyundai for its ongoing Series H funding round

Capital Raises VOI Technology, an e-scooter start up in Europe, raised $50mm in a Series A round led by Balderton Capital

ChargePoint, a California-based electric vehicle charging network provider, raised $240mm in Series H funding

Note: M&A transaction values are in enterprise value, unless indicated otherwise. Greentech Advised on Transaction About Greentech Capital Advisors Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to ensure that our clients achieve success. We have deeply experienced bankers and investment professionals who are sector experts and understand our clients' industries and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 65 professionals working seamlessly on our clients' behalf in New York, Zurich and San Francisco and through a strategicGreentechpartnership / 1 in Japan. Our team of experienced bankers and investment professionals provides conflict-free advice and thoughtful, innovative solutions. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/5)

Corporate Transactions Transaction Transaction Multiple(1) Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA Agreement to divest all water infrastructure assets, including Halcón Resources 11/1/2018 ND saltwater disposal wells, water Water $325 ND ND Corp. recycling facilities and more, in the Delaware Basin for up to $325mm Persistence Capital Partners sold EnvironeX Group Inc., a Québec City- Environmental 11/2/2018 EnvironeX Group Inc. Eurofins Scientific SE based laboratory testing company ND ND ND Services covering environmental and agrifood sectors, to Eurofins Scientific SE

Greentech’s Take: ENGIE acquired Smart Buildings Ltd., Energy This transaction is the 11/5/2018 Smart Buildings Ltd. ENGIE a company specializing in smart ND ND ND next step in ENGIE’S plan Efficiency to achieve their goal of building solutions being a key player in the smart buildings market Oaktree Capital Management acquired Oaktree Capital MWH Constructors, a leading global 11/6/2018 MWH Constructors Water ND ND ND Management LP construction firm focused on water and energy

Agreement to sell GE Current, a American Industrial provider of energy efficiency and Energy 11/6/2018 General Electric ND ND ND Partners digital productivity solutions, to Efficiency American Industrial Partners

Acquisition of a 100% equity interest in Rhode Island-based Deepwater Renewable 11/7/2018 Deepwater Wind Ørsted A/S Wind, a U.S. offshore wind developer, $510 ND ND Energy from the D.E. Shaw Group at a purchase price of $510mm Acquisition of Sharp Corp.'s U.S. energy systems and services unit, Power Infra / 11/8/2018 Sharp Corp. NantEnergy including Sharp’s pipeline of more ND ND ND Smart Grid than 60 megawatts of solar-plus- storage projects Acquisition of Spin, an electric scooter start up based in SF, for an Advanced 11/8/2018 Spin Ford Motor undisclosed amount though rumors ND ND ND Mobility have said the deal is worth close to $100mm

Greentech’s Take: Acquisition of Lime Energy, a fully- Completion of this integrated building energy efficiency Energy 11/9/2018 Lime Energy Willdan $120 ND $10 acquisition strategically platform for small- and medium-sized Efficiency positions Willdan for U.S. businesses, for $120mm upcoming expansion in the Northeast and California Acquisition of a 25% stake in Singapore-based renewables The Blue Circle Pte AC Energy Holdings Renewable 11/13/2018 developer and strategic partnership ND ND ND Ltd. Inc. Energy to develop 1.5 GW of wind projects in Southeast Asia Agreement to acquire a majority Alberta Investment stake in Madrid-based operator of Eolia Renovables de Renewable 11/14/2018 Management wind and solar farms in Europe, $1,600 ND ND Inversiones Energy Corporation Mexico and Canada, with an expected valuation of $1.6bn (€1.4bn) Acquisition of a 9.7% equity stake in Scatec Solar, an integrated Renewable 11/15/2018 Scatec Solar Equinor ASA independent solar power producer $82 ND ND Energy with installed capacity of 357 MW, for ~$82mm (NOK 700mm)

Acquisition of an owner and operator HPS Investment of over 150 MW of installed capacity Renewable 11/19/2018 Spruce Finance ND ND ND Partners of distributed generation solar and Energy residential energy in the U.S.

Greentech / 2 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Greentech Advised on Transaction Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/5)

Corporate Transactions Transaction Transaction Multiple(1) Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA

Acquisition of last-mile delivery e-Courier Software, Advanced 11/20/2018 Alpine SG, LLC software company for an undisclosed ND ND ND LLC Mobility amount

Acquisition of innovative energy Greentech’s Take: management firm which provides Taylor Consulting Energy This transaction is 11/27/2018 Albireo Energy, LLC high-level, ongoing and customized ND ND ND th and Contracting Efficiency Albireo’s 9 acquisition energy management and optimization since Huron Capital formed Albireo in 2014 to businesses of all sizes and will aid Albireo in expanding its efforts into CPower (Enerwise Agreement to acquire Baltimore- the deregulated energy Energy 11/29/2018 Global Technologies, LS Power based demand-side energy ND ND ND space Efficiency Inc.) management company

Greentech / 3 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/5)

Asset Transactions Transaction Transaction Multiple(1) Date Seller Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA

Scatec Solar completed a deal to increase ownership interest from 39% 11/1/2018 Norfund Scatec Solar ASA Solar ND ND ND to 45% in 3 solar plants totaling 190 MW in South Africa

Renewables Holdco I, a subsidiary of Centaurus Global Atlantic Financial Group, 11/1/2018 Renewable Energy Renewables Holdco I acquired 59% of the total economic Solar ND ND ND LLC interest in CRE-Lafayette, a 72 MW Alabama solar farm

NTR PLC acquired nine operational Plus Renewable solar assets in the U.K. with a 11/1/2018 NTR PLC Solar $70 ND ND Technologies Ltd. combined capacity of 38 MW for ~$70mm (€61.3mm)

Agreement to acquire a 50 MW wind 11/2/2018 Wento Lietuvos Energija Wind ND ND ND farm in Poland

Agreement to acquire the ~15 MW Dominion Energy Power Infra / 11/5/2018 FuelCell Energy Inc. Dominion Bridgeport Fuel Cell facility $37 ND ND Inc. Smart Grid in Connecticut for $36.6mm

Clearway Energy accepted an offer from NRG to acquire a 35% indirect 11/6/2018 NRG Energy Inc. Clearway Energy Inc. interest in a 290 MW Arizona solar Solar $480 ND ND project for cash consideration of $115-120mm and debt of $360mm

Greentech’s Take: Ullico agreed to buy a stake in more Renewable Both solar and wind 11/6/2018 sPower Ullico Inc. than 70 operating wind and solar ND ND ND acquisitions remain Energy robust not only in the farms totaling 1.3 GW United States, but abroad as well Axium agreed to acquire an 80% Axium Infrastructure interest in a 200 MW Indiana wind 11/7/2018 EDP Renewables Wind ND ND ND US project and a 200 MW Kansas wind project

Agreement to sell a minority stake in a 90 MW Ontario wind farm to a Pattern Energy Axium Infrastructure 11/7/2018 consortium of investors led by Axium Wind $166 ND ND Group Inc. Infrastructure for ~$166mm (CAD $216mm)

Geronimo Renewable Noble Environmental Acquisition of a 114 MW operating 11/7/2018 Infrastructure Wind ND ND ND Power wind project in Texas Partners

Olympus agreed to sell its ~77% 11/8/2018 Olympus Power Black Hills Corp. interest in an 80 MW Iowa wind farm Wind ND ND ND to a subsidiary of Black Hills Corp.

Greentech’s Take: Agreement to acquire a 100 MW AC This solar project is expected to be the 11/8/2018 Recurrent Energy Entergy Mississippi solar project in Mississippi for Solar $138 ND ND largest utility-owned $138.4mm solar facility in Mississippi when it enters commercial operation in mid-2022 Acquisition of a 47 MW portfolio of ATN International BlackRock Inc., 11/8/2018 U.S. solar power assets from a unit of Solar $121 ND ND Inc. CleanCapital LLC ATN International Inc.

Greentech / 4 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure M&A Transactions (4/5)

Asset Transactions Transaction Transaction Multiple(1) Date Seller Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA

Greentech’s Take: Agreement to sell 55 MW of solar Chroma Impact This transaction 11/9/2018 ReneSola Ltd. assets in Poland to Chroma Impact Solar ND ND ND Investment demonstrates ReneSola’s Investment, a Chinese developer ability to develop and monetize solar projects in Poland, a key growth market for the Chinese Agreement to acquire a 75 MW DC developer Cypress Creek 11/13/2018 John Laing Group plc solar project in North Carolina for Solar $36 ND ND Renewables $36mm (£27mm)

Acquisition of a ~13% stake in UK Diamond Generating 11/15/2018 EDP Renováveis SA offshore wind project for $69mm Wind $69 ND ND Europe Ltd. (£54mm)

Acquisition of a 90% stake in Indian Simpa Energy India 11/15/2018 ENGIE rural rooftop solar provider for an Solar ND ND ND Pvt Ltd undisclosed amount

Acquisition of two solar projects in Impact Investment 11/15/2018 Eco Energy World Australia totaling 54 MW for ~$51mm Solar $51 ND ND Group (A$80mm)

Brookfield Acquisition of a ~19 MW wind farm in 11/21/2018 Renewable Partners BayWa r.e. Wind ND ND ND the U.K. for an undisclosed amount LP

Siemens Gamesa Aurea Capital Acquisition of 3 solar power plants 11/21/2018 Solar $1 ND ND Renewable Energy SA Partners totaling ~1 MW of capacity in Spain

NJR Clean Energy Acquisition of a 117 MW wind 11/21/2018 Skyline Renewables Wind $209 ND ND Ventures portfolio for ~$209mm

Unnamed Swiss investment 11/22/2018 European Energy A/S ND management firm agreed to acquire a Wind ND ND ND 25 MW wind farm in Denmark

Acquisition of a 51% class B stake in Pattern Energy Pattern Energy 11/26/2018 80 MW Montana wind farm from Wind $23 ND ND Group 2 LP Group Inc. Pattern Energy Group 2 LP for $23mm

Greentech’s Take: Acquisition of a 50% stake in a 1,218 Global Infrastructure The acquisition marks 11/26/2018 Ørsted A/S MW offshore wind farm in the North Wind $5,700 ND ND Ørsted’s 3rd partnership Partners with GIP, in what will be Sea for $5.7bn (£4.46bn) one of the world’s largest offshore wind farms Greenbacker Acquired the rights to a 22 MW 11/26/2018 SunEnergy1 LLC Renewable Energy portfolio of solar projects in North Solar ND ND ND Co. Carolina

Acquisition of an 81 MW solar Foresight Solar Fund 11/28/2018 ND portfolio in the U.K. for $42mm Solar $42 ND ND Ltd. (£33mm)

Greentech / 5 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure M&A Transactions (5/5)

Asset Transactions Transaction Transaction Multiple(1) Date Seller Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA

Greentech’s Take: Acquisition of a 50 MW thermal solar ENCE Energía y The acquisition is part of 11/30/2018 Iberdrola SA project in Spain for ~$206mm Solar $206 ND ND Iberdrola’s €3 billion Celulosa SA asset rotation plan to (€181mm) 2022

Greentech / 6 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (1/3)

Corporate Transactions

Amount Selected Disclosed Date Company Transaction Description Raised ($mm) Subsector Investors

A California-based provider of high-definition mapping technology for autonomous vehicles Advanced Generation Investment 11/1/2018 DeepMap ND raised an undisclosed amount of funding from Mobility Management Generation Investment Management

A San Francisco-based provider of personal, Foundry Group, Crosslink internet-connected, molecular air purifiers Environmental 11/1/2018 Molekule $25 Capital, Uncork Capital, raised $25mm in a funding round led by Services TransLink Capital Foundry Group

A Palo Alto-based creator of smart products that reduce energy consumption, raised $7mm Energy Uncork Capital, K9 Ventures, 11/2/2018 Currant $7 in seed funding, co-led by Uncork Capital and Efficiency UP2398, Precursor Ventures K9 Ventures

A Tel Aviv-based provider of AI technology that DSM Venturing, BayWa r.e. enhances solar plant energy yield raised an Renewable Energy Ventures, Rio 11/6/2018 Raycatch Ltd. ND undisclosed amount of Series B funding, led by Energy Ventures, Maverick Ventures DSM Venturing and BayWa r.e. Energy Ventures Israel

Greentech’s Take: Singapore-based ride-hailing service raised an Grab is Southeast Asia’s Advanced 11/6/2018 Grab additional $250mm from Hyundai for its $250 Hyundai Motor Group largest cab-hailing Mobility company, and has raised ongoing Series H funding round $2.7bn so far with a targeted goal of $3.0bn by the end of 2018 A Netherlands-based clean tech company, raised ~$5.7 million (€5mm) in funding from Environmental Capricorn Venture Partners, 11/7/2018 Black Bear $6 investors, including Capricorn Venture Partners Services Particon and Particon

A San Francisco-based provider of an artificial intelligence platform that focuses on the needs Industrial IoT 11/9/2018 Quantela $10 Digital Alpha of smart cities raised $10mm in funding from & Software Digital Alpha

Arizona-based smart home automation platform for property managers and renters Energy Real Estate Technology 11/13/2018 SmartRent $5 raised $5mm in funding from Real Estate Efficiency Partners Technology Partners

Activate Capital, Munich Re Greentech’s Take: A U.S.-based carsharing, ridesharing and Venture, LG Technology autonomous ridehailing platform for new Advanced Ventures, BNP Paribas, Sony Ridecell’s company- 11/13/2018 Ridecell $60 agnostic software mobility operators expanded its Series B to Mobility Innovation Fund, Ally platform enables new raise more than $60mm led by Activate Capital Ventures, Khosla Ventures, standalone ridesharing or DENSO carsharing operators to accelerate their Irvine, CA-based advanced lithium-ion battery development Power Infra / 11/14/2018 Enevate Corp. technology company raised an undisclosed ND ND Smart Grid amount of funding from Alliance Ventures

Lightfoot, a U.K.-based cleantech engineering company focused on changing the way people Advanced 11/19/2018 Lightfoot think about driving through technological $4 Business Growth Fund Mobility innovation, raised ~$4mm (3.2mm GBP) in funding

VOI Technology, an e-scooter start up in Balderton Capital, LocalGlobe, Advanced 11/19/2018 VOI Technology Europe, raised $50mm in a Series A round led $50 Raine Ventures, Vostok New Mobility by Balderton Capital Ventures

CropIn Technology, an India-based agriculture Chiratae Ventures, Bill & CropIn Technology 11/19/2018 technology startup, raised $8mm in Series B $8 AgTech Melinda Gates Foundation Solutions Pvt. Ltd. funding Strategic Investment Fund

Greentech / 7 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (2/3)

Corporate Transactions

Amount Selected Disclosed Date Company Transaction Description Raised ($mm) Subsector Investors

Atlantic Bridge Capital, ApisProtect, an Irish startup using IoT Enterprise Ireland, The Yield 11/20/2018 ApisProtect technology to monitor beehives, raised $2 AgTech Greentech’s Take: Lab, Finistere Ventures, $1.8mm in seed funding The global transition to Radicle Growth electric fleets is underway; this American Electric Power, investment in EV Canada Pension Plan charging infrastructure ChargePoint, a California-based electric vehicle Investment Board, Chevron may accelerate the Advanced 11/28/2018 ChargePoint charging network provider, raised $240mm in $240 Technology Ventures, transition Mobility Series H funding Clearvision, Daimler Trucks & Buses, GIC, Quantum Energy Partners

Greentech / 8 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (3/3)

Asset Transactions

Amount Selected Disclosed Date Company Transaction Description Raised ($mm) Subsector Investors

Diverso Energy, a US geothermal power 11/9/2018 Diverso Energy company, secured a $55mm package from $55 Geothermal Eolectric Capital Inc. Eolectric Capital Inc.

SunEast, a leading developer of solar projects, SunEast Development raised an undisclosed amount of capital from New Energy Capital Partners, 11/12/2018 ND Solar LLC New Energy Capital Partners, LLC to develop a LLC 105 MW AC solar portfolio

ENCE, a Spanish pulp mills operator, obtained a ~$78mm (€69mm) loan for a new 46 MW ENCE Energia y 11/13/2018 biomass power plant as an extension of the $78 Biomass ND Celulosa SA financing subscribed to in November 2017 for $250mm (€220mm)

Tilt Renewables, an ASX-listed clean energy 11/15/2018 Tilt Renewables Ltd. company, reached a financial close on a 336 ND Wind ND MW onshore wind project in Australia

Fotowatio Renewable Ventures, a Spanish solar Fotowatio Renewable developer, closed an undisclosed amount of 11/16/2018 ND Solar Banco Sabadell Ventures financing for a 50 MW solar power project in Spain

Greentech’s Take: E.ON will own a 20% stake in a 475 MW German energy company Swedish wind project, while Credit Suisse E.ON, Credit Suisse Energy 11/16/2018 E.ON $570 Wind E.ON announced that it is Energy Infrastructure Partners (CSEIP) will own Infrastructure Partners set to build one of the the remaining 80% largest onshore wind farms in Europe ACWA Power, a Saudi power generation AIGihaz Renewable Energy developer, reached financial close on a 11/16/2018 ACWA Power $319 Solar Company, Natixis, Arab $319mm (SAR 1.2bn) solar project in Saudi National Bank Arabia with a total capacity of 300 MW

ENGIE North America's Distributed Solar team closed an investment from Goldman Sach's Alternative Energy Investing Group in a 11/19/2018 ENGIE North America ND Solar Goldman Sachs partnership that will deploy up to 75 MW of distributed solar and solar + storage across the U.S.

Ørsted A/S raised ~$511mm (£400mm) from Aviva to help fund the construction of the Aviva Investors Global 11/28/2018 Ørsted A/S $511 Wind 1,218 MW Hornsea 1 offshore wind project in Services Ltd. the North Sea

Greentech / 9 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. Comparable Companies Trading Analysis Diversified Industrials and Energy Infrastructure

Price as a % Market Enterprise EV as a Multiple of Net Debt/ Price as of of 52 Wk Value Value (1) EBITDA (2) Price/ Earnings (3) 2018E Debt/ Company 11/30/2018 High ($mm) ($mm) 2018E 2019E 2018E 2019E EBITDA EV Diversified Industrials Diversified Industrials GE $7.50 38.7% $65,236 $170,044 12.8x 10.6x 10.5x 9.2x 6.6x 67.6% United Technologies $121.84 84.5% $105,195 $133,608 11.7x 10.0x 16.9x 15.6x 2.3x 29.9% Siemens €102.40 81.5% $98,551 $118,605 10.5x 9.2x 14.7x 13.6x 1.9x 30.7% Honeywell $146.75 90.4% $108,637 $115,419 12.7x 12.9x 18.4x 18.4x 0.7x 15.8% Caterpillar $135.67 78.3% $80,060 $107,827 9.5x 8.8x 11.7x 10.5x 2.4x 33.2% Danaher $109.54 99.5% $76,777 $86,630 18.3x 17.0x 24.3x 22.6x 2.1x 12.3% Mitsubishi ¥3,062 84.2% $42,878 $83,015 11.2x 10.9x 7.6x 7.1x 4.3x 53.9% Hyundai ₩107,000 63.9% $24,231 $70,688 12.0x 10.1x 10.0x 6.7x 6.8x 90.9% Schneider €64.28 81.8% $42,137 $50,569 10.3x 9.6x 14.3x 13.1x 1.4x 20.6% ABB CHF20.21 74.2% $43,847 $49,250 9.4x 8.5x 15.1x 13.6x 1.1x 18.9% Emerson $67.52 84.7% $42,278 $45,988 12.2x 11.0x 19.2x 17.9x 1.0x 10.4% Johnson Controls $34.78 83.7% $32,139 $44,222 10.1x 10.8x 12.8x 14.1x 2.5x 24.9% Eaton Corp $76.94 85.6% $33,346 $40,121 10.4x 9.7x 14.4x 13.1x 1.7x 18.1% Roper Technologies $297.59 95.2% $30,780 $35,633 19.9x 19.1x 25.4x 24.5x 2.7x 14.6% Rockwell $174.34 83.3% $21,040 $21,907 14.3x 13.4x 20.9x 18.9x 0.6x 8.1% Legrand €54.10 80.2% $16,343 $18,860 12.2x 11.7x 18.1x 17.3x 1.7x 18.3% Dover $84.89 94.1% $12,422 $15,494 12.6x 11.5x 17.5x 15.1x 2.5x 21.2% Delta Electronics NT$130.00 86.1% $10,963 $10,577 11.4x 9.9x 19.7x 17.3x NM 11.7% Alstom €38.76 93.4% $9,789 $10,030 12.7x 11.8x 16.3x 17.5x 0.2x 21.3% Hitachi ¥3,135 63.5% $5,939 $8,382 6.7x 6.3x 10.4x 9.6x 1.6x 30.4% OMRON ¥4,990 65.1% $9,402 $8,283 8.3x 8.2x 17.6x 17.2x NM NM Woodward $83.68 93.7% $5,170 $6,332 15.7x 11.9x 25.8x 17.9x 2.9x 19.7% Regal Beloit $78.18 90.1% $3,373 $4,494 8.6x 8.0x 13.2x 11.9x 2.1x 28.5% Moog $87.45 93.1% $3,042 $3,780 11.3x 9.1x 26.2x 16.1x 2.2x 22.8% Bharat Heavy Electricals ₹68.80 63.7% $3,624 $2,019 7.1x 5.7x 21.2x 15.9x NM NM CG Power & Industrial Solutions ₹38.75 39.1% $357 $561 6.8x 5.6x 15.5x 9.1x 2.6x 50.4% Mean 11.5x 10.4x 16.8x 14.8x 2.3x 28.1% Median 11.4x 10.1x 16.6x 15.3x 2.1x 21.2% Energy Infrastructure Primary Equipment and Power Electronics TE Connectivity $76.93 71.1% $26,390 $29,542 9.2x 8.8x 13.6x 13.1x 1.0x 13.5% Delta Electronics NT$130.00 86.1% $10,963 $10,577 11.4x 9.9x 19.7x 17.3x NM 11.7% Sensata $46.26 80.6% $7,593 $10,024 10.7x 10.1x 12.6x 11.3x 2.6x 32.5% Yaskawa ¥3,540 57.8% $8,314 $8,177 13.0x 12.8x 20.7x 20.8x NM 4.7% Fuji Electric ¥3,565 74.7% $4,687 $5,678 7.1x 6.7x 12.4x 11.7x 1.1x 19.8% NGK ¥1,683 73.0% $4,855 $5,142 5.4x 4.8x 11.3x 10.4x 0.3x 39.3% SPX Corporation $29.58 75.3% $1,284 $1,685 9.9x 8.4x 13.5x 11.3x 2.4x 27.5% LS Industrial Systems ₩51,700 63.0% $1,384 $1,522 5.6x 5.5x 10.2x 9.7x 0.6x 34.5% Mean 9.0x 8.4x 14.3x 13.2x 1.3x 22.9% Median 9.6x 8.6x 13.0x 11.5x 1.0x 23.6% EPC and Services ACS Group €33.88 88.3% $12,071 $24,143 8.9x 8.6x 12.4x 10.9x 4.2x 77.9% Acciona €81.10 99.2% $5,258 $11,176 8.0x 7.9x 18.6x 16.4x 4.2x 66.1% Jacobs $65.67 79.9% $9,342 $10,791 9.9x 8.7x 14.1x 12.2x 1.2x 19.9% AECOM $32.16 80.6% $5,028 $7,954 9.2x 8.3x 11.9x 11.3x 3.2x 45.6% Skanska kr143.05 76.5% $6,290 $7,344 10.7x 8.7x 14.2x 11.6x 1.3x 18.8% Quanta $35.10 87.5% $5,126 $6,003 6.8x 6.2x 12.7x 11.0x 1.0x 16.3% Fluor $40.93 65.9% $5,758 $5,716 8.3x 6.3x 22.1x 13.1x NM 30.2% MasTec $45.09 81.2% $3,548 $5,251 7.3x 6.8x 12.0x 10.5x 2.4x 33.8% EMCOR $72.86 85.6% $4,194 $4,138 8.5x 8.0x 15.0x 14.0x NM 7.2% Strabag €31.35 84.8% $3,905 $3,349 3.3x 3.2x 10.2x 10.2x NM 43.7% Stantec C$31.66 86.0% $2,710 $3,294 11.8x 9.8x 20.0x 14.3x 2.1x 21.6% Dycom Industries $66.26 53.4% $2,074 $2,919 8.8x 7.2x 23.0x 15.9x 2.6x 29.7% Granite Construction $50.63 73.8% $2,374 $2,586 10.5x 6.6x 28.8x 13.3x NM 50.0% Balfour Beatty £2.51 78.8% $2,209 $2,358 8.7x 7.7x 13.4x 11.5x 0.4x 55.9% Primoris $24.15 83.4% $1,237 $1,552 7.9x 6.3x 16.2x 11.8x 1.6x 23.8% Bilfinger €28.94 61.8% $1,449 $1,439 10.2x 6.1x 29.3x 12.5x 0.3x 40.2% Team $16.71 65.4% $503 $864 11.8x 8.2x NM NM 4.9x 43.7% Trevi-Finanziaria Industriale €0.27 52.6% $50 $698 10.1x 8.1x NM NM 9.2x 117.5% Mistras Group $17.19 72.1% $491 $637 8.6x 7.9x 24.9x 19.0x 2.0x 25.7% Mean 8.9x 7.4x 17.1x 12.5x 2.8x 41.2% Median 8.9x 7.8x 14.6x 12.0x 2.2x 37.0% Oil & Gas Services Liberty Oilfield Services $17.32 72.5% $2,049 $2,396 5.3x 5.4x 8.3x 9.4x 0.0x 4.5% Keane Group $11.12 56.1% $1,175 $1,444 3.9x 4.0x 17.0x 21.9x 0.7x 24.4% Select Energy Services $9.68 44.1% $1,046 $1,380 5.5x 5.0x 10.5x 8.8x 0.2x 4.8% Pro Petro $16.22 70.9% $1,355 $1,366 3.7x 3.0x 7.8x 7.1x 0.0x 6.5% Secure Energy C$7.20 73.3% $877 $1,175 8.3x 7.3x NM 29.6x 2.1x 25.9% Mean 5.3x 4.9x 10.9x 15.3x 0.6x 13.2% Median 5.3x 5.0x 9.4x 9.4x 0.2x 6.5%

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. Greentech / 10 (3) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. Comparable Companies Trading Analysis Energy Technology

Price as a % Market Enterprise EV as a Multiple of Net Debt/ Price as of of 52 Wk Value Value (1) EBITDA (2) Price/ Earnings (3) 2018E Debt/ Company 11/30/2018 High ($mm) ($mm) 2018E 2019E 2018E 2019E EBITDA EV Energy Technology Smart Grid Solutions Terna €4.94 93.3% $11,238 $20,076 10.9x 10.3x 14.2x 13.4x 4.8x 49.9% AMETEK $73.43 89.6% $17,044 $18,427 14.6x 13.4x 22.5x 20.4x 1.1x 10.3% Keysight $61.82 87.8% $11,587 $12,464 17.9x 12.3x 18.6x 16.0x 1.3x 14.4% Itron $54.16 70.0% $2,135 $3,076 13.0x 9.7x 22.0x 15.3x 3.9x 33.5% ESCO Technologies $70.28 99.4% $1,821 $2,029 14.2x 13.1x 24.8x 22.9x 1.5x 11.7% Landis+Gyr CHF62.05 76.3% $1,832 $1,943 8.7x 8.2x 16.3x 12.8x 0.5x 7.9% S&T €19.47 69.4% $1,409 $1,417 14.2x 12.1x 26.7x 20.0x NM 7.6% Smart Metering Systems £5.55 61.7% $797 $929 14.3x 10.8x 29.7x 21.2x 2.0x 20.6% Utilitywise £0.05 9.2% $5 $25 NM NM 1.3x NM NA 141.9% Mean 13.5x 11.2x 19.6x 17.8x 2.1x 33.1% Median 14.2x 11.4x 22.0x 18.0x 1.5x 14.4% Energy Storage Tesla $350.48 90.5% $60,189 $71,972 NM 18.5x NM NM 5.3x 18.8% BYD Co. HK$58.65 75.4% $21,741 $28,650 13.0x 11.0x 44.0x 32.3x 3.4x 33.1% Panasonic ¥1,165 66.9% $25,157 $27,692 4.3x 4.0x 11.1x 10.1x 0.4x 42.4% Samsung SDI ₩206,500 78.4% $12,792 $13,357 11.5x 8.5x 18.7x 12.4x 0.7x 18.5% EnerSys $87.37 97.4% $3,682 $3,756 10.8x 9.8x 17.5x 15.1x 0.2x 16.3% Plug Power $1.75 67.6% $408 $597 NM NM NM NM NM 36.6% Ballard C$3.85 61.3% $518 $505 NM NM NM NM 1.5x 1.2% FuelCell Energy $0.70 32.5% $66 $188 NM NM NM NM NM 93.7% Maxwell Technologies $2.51 40.1% $115 $128 NM NM NM NM NM 28.5% Ultralife $7.34 67.0% $117 $92 NM NM NM NM NA NM Mean 9.9x 10.4x 22.8x 17.5x 1.6x 30.2% Median 11.1x 9.8x 18.1x 13.7x 0.7x 23.7% LED Lighting Hubbell $110.16 73.9% $6,027 $7,726 10.4x 9.6x 15.4x 14.1x 2.3x 24.9% Acuity Brands $130.02 69.5% $5,212 $5,440 9.4x 8.9x 14.4x 13.2x 0.4x 6.6% Cree $44.14 85.2% $4,527 $4,319 NM 17.7x NM 42.9x NM 10.5% OSRAM €40.47 50.9% $4,438 $4,282 6.3x 6.2x 17.0x 18.3x 0.1x 10.2% Universal Display Corporation $91.84 43.9% $4,326 $3,832 NM 25.4x NM 35.7x NM NM Fagerhult kr78.50 70.7% $998 $1,248 13.2x 11.9x 18.9x 16.7x 2.7x 25.5% Epistar NT$27.05 47.0% $956 $907 5.5x 5.1x 42.1x 47.9x NM 9.5% Zumtobel €8.71 72.7% $429 $606 7.3x 6.4x NM 24.4x 2.1x 44.4% Veeco $8.76 42.6% $419 $437 NM 17.3x 29.0x NM NM 65.1% Beghelli €0.27 59.3% $61 $140 NM NM NM NM NA 77.0% Dialight £3.50 47.9% $145 $136 8.2x 5.3x 18.5x 10.1x NM NM Revolution Lighting $0.73 14.9% $16 $79 22.4x 9.5x NM NM 17.7x 79.7% Energy Focus $0.99 28.6% $12 $5 NM NM NM NM 1.0x NM Mean 10.3x 11.2x 22.2x 24.8x 3.8x 35.3% Median 8.8x 9.5x 18.5x 18.3x 2.1x 25.2%

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. Greentech / 11 (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. (3) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. Comparable Companies Trading Analysis Advanced Mobility (1/2)

Price as a % Market Enterprise EV as a Multiple of Net Debt/ Price as of of 52 Wk Value Value (1) EBITDA (2) Price/ Earnings (3) 2018E Debt/ Company 11/30/2018 High ($mm) ($mm) 2018E 2019E 2018E 2019E EBITDA EV Advanced Mobility Automotive Companies Toyota Motor ¥6,803 87.2% $195,492 $314,689 9.7x 9.1x 8.4x 8.2x 4.1x 59.8% Volkswagen €145.90 76.1% $83,512 $250,318 6.5x 5.9x 5.7x 5.0x 4.3x 85.1% Daimler €49.70 65.0% $60,197 $194,082 9.8x 9.3x 6.3x 5.9x 6.7x 82.3% BMW €72.21 74.1% $53,255 $155,226 10.2x 9.4x 6.9x 6.7x 6.6x 71.5% Ford Motor Company $9.41 69.8% $37,433 $154,650 12.8x 12.5x 7.1x 7.2x 9.7x 99.2% General Motors Company $37.95 83.4% $53,563 $132,516 9.5x 9.4x 6.1x 6.4x 5.4x 77.2% Nissan Motor ¥994.30 83.1% $36,959 $97,511 10.4x 9.8x 6.7x 7.0x 6.5x 73.1% Honda Motor ¥3,202 77.1% $51,081 $96,470 8.1x 7.9x 7.1x 7.7x 3.7x 66.5% Tesla $350.48 90.5% $60,189 $71,972 NM 18.5x NM NM 5.3x 18.8% Hyundai ₩107,000 63.9% $24,231 $70,688 12.0x 10.1x 10.0x 6.7x 6.8x 90.9% Renault €62.05 61.6% $20,776 $63,366 8.7x 8.3x 4.3x 4.0x 5.8x 96.4% SAIC Motor ¥24.85 66.0% $41,812 $54,351 9.4x 8.7x 7.8x 7.2x 1.0x 44.0% Fiat Chrysler Automobiles €14.57 72.1% $25,410 $35,917 2.5x 2.3x 4.9x 4.5x 0.2x 47.9% BYD Co. HK$58.65 75.4% $21,741 $28,650 13.0x 11.0x 44.0x 32.3x 3.4x 33.1% Suzuki Motor ¥5,655 73.6% $24,455 $23,892 5.0x 4.7x 10.6x 10.2x NM 14.1% Tata Motors ₹171.95 38.8% $7,809 $17,210 3.5x 3.0x 12.4x 8.5x 1.8x 77.5% Geely Auto HK$15.42 53.6% $17,693 $15,806 6.1x 5.3x 9.1x 7.5x NM 3.2% Peugeot €19.40 76.4% $19,875 $14,747 1.7x 1.6x 5.9x 5.0x NM 58.4% Dongfeng Motor Group HK$7.55 71.6% $8,313 $9,545 26.8x 26.5x 4.0x 3.9x 0.6x 66.4% Subaru ¥2,523 65.4% $17,091 $9,338 2.8x 2.4x 9.8x 7.8x NM 4.7% KIA ₩30,500 85.2% $11,030 $7,776 2.8x 2.3x 8.1x 6.1x NM 73.5% GAC Motor HK$8.14 55.7% $13,955 $7,371 6.5x 6.3x 6.0x 5.4x NM 32.4% Mitsubishi Motors ¥696.00 74.5% $9,135 $7,030 4.7x 3.9x 9.2x 8.5x NM 26.7% NIO $7.71 55.9% $5,933 $7,013 NM NM NM NM 0.9x 3.5% Mazda Motor ¥1,210 75.1% $6,733 $5,941 3.5x 3.3x 9.9x 8.9x NM 82.8% Mean 8.1x 8.0x 9.1x 7.8x 4.3x 55.6% Median 8.1x 8.1x 7.1x 7.0x 4.3x 66.4% Truck Companies Daimler €49.70 65.0% $60,197 $194,082 9.8x 9.3x 6.3x 5.9x 6.7x 82.3% Volvo kr126.60 75.5% $29,586 $39,276 6.4x 6.5x 8.9x 8.8x 1.8x 37.4% PACCAR $62.22 78.1% $21,742 $27,414 9.7x 9.5x 10.2x 10.0x 2.0x 35.0% MAN SE €90.25 92.2% $15,029 $18,375 NM NM 22.5x 33.2x NA 21.6% Isuzu ¥1,616 80.7% $12,074 $11,704 5.4x 5.0x 10.6x 9.6x NM 21.1% Navistar $32.04 67.1% $3,168 $7,510 9.0x 8.3x 9.6x 8.6x 5.2x 74.6% Mean 8.1x 7.7x 11.3x 12.7x 3.9x 45.3% Median 9.0x 8.3x 9.9x 9.2x 3.6x 36.2% Tier 1 Suppliers Denso ¥5,247 72.7% $36,410 $36,129 6.0x 5.6x 13.1x 12.4x NM 13.7% Continental €132.25 51.4% $29,949 $33,910 4.8x 4.4x 9.3x 8.8x 0.5x 16.1% Bridgestone ¥4,600 83.4% $30,850 $30,020 5.5x 5.2x 11.3x 11.4x NM 13.3% Michelin €92.42 70.6% $18,810 $23,548 5.1x 4.6x 9.5x 8.6x 1.0x 24.9% Magna C$66.31 76.1% $16,664 $20,669 4.7x 4.8x 7.5x 7.0x 0.8x 21.8% Goodyear $23.16 64.2% $5,397 $11,155 5.7x 5.4x 8.9x 7.6x 2.9x 58.5% Valeo €25.20 37.9% $6,855 $10,289 4.0x 3.7x 9.0x 7.6x 1.1x 55.0% BorgWarner $39.58 68.0% $8,243 $10,122 5.8x 5.5x 9.1x 8.5x 1.0x 21.1% Lear $136.25 66.0% $8,744 $9,801 4.4x 4.4x 7.5x 7.2x 0.3x 20.0% Autoliv $85.91 74.4% $7,486 $9,214 7.0x 6.5x 12.2x 10.7x 1.3x 24.4% Faurecia €34.42 44.7% $5,380 $6,288 2.7x 2.5x 6.5x 6.0x 0.2x 34.3% Delphi $17.09 28.3% $1,512 $2,869 3.9x 4.3x 4.0x 5.0x 1.6x 53.5% Visteon $73.82 52.5% $2,134 $2,187 6.7x 6.6x 13.1x 12.4x NM 17.4% Automation Tooling Systems C$17.02 69.0% $1,206 $1,174 10.5x 9.0x 20.0x 16.9x NM 20.4% Stoneridge $26.75 71.0% $762 $805 7.6x 7.1x 13.2x 12.5x 0.4x 12.9% Mean 5.6x 5.3x 10.3x 9.5x 1.0x 27.1% Median 5.5x 5.2x 9.3x 8.6x 1.0x 21.1% Autonomous Driving Chip Makers Intel $49.31 85.6% $225,051 $240,254 7.4x 7.4x 10.9x 10.9x 0.5x 11.8% NVIDIA $163.43 55.8% $99,692 $94,091 20.2x 19.4x 24.3x 24.3x NM 2.1% Qualcomm $58.26 76.2% $70,621 $74,902 11.5x 10.7x 15.3x 13.3x 0.7x 21.9% Advanced Micro Devices $21.30 62.4% $21,287 $21,529 33.3x 23.4x 46.6x 33.7x 0.4x 6.1% Renesas $2.36 37.6% $7,860 $8,268 5.1x 4.7x 14.1x 10.9x 0.2x 24.4% Mean 15.5x 13.1x 22.2x 18.6x 0.4x 13.2% Median 11.5x 10.7x 15.3x 13.3x 0.4x 11.8%

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. Greentech / 12 (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. (3) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. Comparable Companies Trading Analysis Advanced Mobility (2/2)

Price as a % Market Enterprise EV as a Multiple of Net Debt/ Price as of of 52 Wk Value Value (1) EBITDA (2) Price/ Earnings (3) 2018E Debt/ Company 11/30/2018 High ($mm) ($mm) 2018E 2019E 2018E 2019E EBITDA EV Advanced Mobility Intelligent Transport Roper Technologies $297.59 95.2% $30,780 $35,633 19.9x 19.1x 25.4x 24.5x 2.7x 14.6% FLIR Systems $45.86 71.8% $6,345 $6,173 14.8x 13.0x 20.8x 19.3x NM 6.8% LS Corp ₩53,000 58.8% $1,522 $4,828 6.6x 6.3x 3.7x 6.6x 3.4x 72.4% Conduent $12.82 54.8% $2,709 $3,832 6.0x 6.0x 12.1x 11.4x 1.5x 44.9% Beijing E-Hualu IT ¥20.89 65.7% $1,356 $1,917 16.6x 11.6x 27.2x 19.7x 4.3x 29.7% Cubic Corporation $61.19 79.1% $1,870 $1,766 15.3x 11.4x NM 26.0x 0.6x 11.8% Gosuncn Technology Group ¥6.00 59.2% $1,525 $1,385 NM NM 18.2x 14.2x NA 1.0% Vaisala €16.70 68.7% $689 $618 12.4x 9.2x 22.6x 16.9x NM NM Kapsch TrafficCom €31.00 62.1% $456 $497 6.8x 6.2x 14.5x 11.6x 0.5x 38.3% Beijing Wanji Technology ¥15.06 50.3% $233 $246 NM NM NM NM NA 10.4% INIT Innovation in Traffic Systems €15.85 72.0% $180 $208 11.2x 8.7x 19.3x 14.4x 1.5x 22.0% Iteris, Inc $4.57 58.0% $152 $142 NM NM NM NM 3.2x NM Q-Free kr7.60 89.4% $79 $96 9.3x 6.6x 39.0x 13.5x 1.6x 28.0% Image Sensing Systems $5.86 86.8% $31 $27 NM NM NM NM NA NM Mean 11.9x 9.8x 20.3x 16.2x 2.2x 25.4% Median 11.8x 9.0x 20.1x 14.4x 1.6x 22.0% ITS / Smart Tolling Atlantia €18.11 63.3% $16,933 $33,948 7.6x 5.7x 14.2x 11.3x 3.1x 57.6% Ferrovial €18.17 91.4% $15,210 $20,176 28.5x 20.2x NM 33.9x 5.9x 46.9% ASTM €16.76 65.3% $1,879 $4,993 5.6x 5.3x 7.6x 7.0x 2.3x 65.0% Mean 13.9x 10.4x 10.9x 17.4x 3.8x 56.5% Median 7.6x 5.7x 10.9x 11.3x 3.1x 57.6% Telematics Descartes Systems $29.42 82.0% $2,263 $2,281 24.6x 21.5x NM NM 0.2x 2.2% TomTom €8.00 87.8% $2,132 $1,936 8.3x 8.6x 21.3x 21.3x NM 2.4% Orbcomm $9.48 79.3% $748 $950 16.4x 12.1x NM NM 3.5x 26.0% Ituran $33.11 90.2% $707 $735 9.3x 6.9x 13.8x 11.0x 0.3x 11.6% CalAmp $17.70 69.5% $615 $579 10.6x 9.4x 14.4x 12.8x NM 46.4% MiX Telematics R10.00 95.2% $434 $383 10.0x 8.7x 32.4x 25.7x NM 1.5% Inseego $3.72 82.9% $273 $379 21.6x 14.0x NM NM 6.0x 36.3% Quartix £2.40 61.5% $146 $140 14.5x 16.5x 18.3x 20.5x NM NM TeleNav $4.18 63.3% $189 $105 NM NM NM NM 1.8x NM Quarterhill (fka Wi-LAN) C$1.39 56.7% $124 $70 NM 7.0x NM 34.9x 5.9x 8.5% Kerlink €3.80 16.0% $22 $10 NM NM NM NM NA 25.9% Mean 14.4x 11.6x 20.0x 21.0x 2.9x 17.9% Median 12.6x 9.4x 18.3x 20.9x 2.6x 11.6% Logistics UPS $115.29 85.1% $99,404 $117,892 12.2x 11.0x 15.9x 14.7x 1.9x 19.8% FedEx $229.00 83.4% $60,345 $74,920 8.2x 7.4x 13.8x 12.0x 1.6x 22.6% Deutsche Post €28.12 68.0% $39,369 $55,084 7.5x 6.5x 15.8x 12.4x 2.1x 33.1% Fortive $76.07 86.1% $25,405 $29,281 18.2x 15.8x 24.8x 21.1x 2.4x 17.1% J.B. Hunt $106.36 80.7% $11,612 $12,674 10.1x 8.8x 19.7x 16.5x 0.8x 8.4% Penske $43.60 79.5% $3,700 $9,306 11.5x 11.5x 8.1x 7.8x 6.9x 60.3% Mean 11.3x 10.2x 16.4x 14.1x 2.6x 26.9% Median 10.8x 9.9x 15.9x 13.6x 2.0x 21.2% Communications / Infrastructure AT&T $31.24 79.4% $227,365 $403,149 7.1x 6.6x 8.9x 8.8x 3.1x 45.5% Verizon $60.30 97.9% $249,161 $360,242 7.6x 7.4x 12.9x 12.8x 2.3x 31.4% Cisco $47.87 96.8% $215,222 $198,193 11.3x 10.7x 17.2x 15.2x NM 12.9% T-Mobile $68.45 96.5% $58,072 $87,666 7.1x 6.7x 20.6x 17.1x 2.4x 34.1% Sprint $6.28 94.9% $25,607 $57,432 4.7x 4.4x 12.9x NM 2.6x 70.8% Hitachi ¥3,288 69.6% $27,992 $41,995 4.3x 4.0x 7.8x 7.3x 0.3x 25.2% Xerox $26.92 71.9% $6,415 $10,731 7.2x 7.3x 8.0x 7.6x 2.7x 50.7% Toshiba ¥3,520 88.4% $20,215 $9,610 7.0x 6.3x 2.1x 5.8x NM 44.9% Mean 7.0x 6.7x 11.3x 10.6x 2.2x 39.4% Median 7.1x 6.7x 10.9x 8.8x 2.5x 39.5%

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. Greentech / 13 (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. (3) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. Comparable Companies Trading Analysis Renewables

Price as a % Market Enterprise EV as a Multiple of Net Debt/ Price as of of 52 Wk Value Value (1) EBITDA (2) Price/ Earnings (3) 2018E Debt/ Company 11/30/2018 High ($mm) ($mm) 2018E 2019E 2018E 2019E EBITDA EV Renewables Integrated PV and PV Manufacturing Hanwha ₩30,000 61.5% $2,620 $23,436 8.3x 8.3x 3.4x 3.6x 3.5x 58.5% LONGi Green Energy Technology ¥18.60 65.1% $7,476 $7,862 15.1x 11.5x 21.1x 17.3x 0.6x 17.5% TBEA Solar ¥6.85 66.1% $3,664 $6,100 9.2x 8.3x 11.2x 10.2x 2.6x 71.4% GCL ¥4.98 92.2% $3,631 $3,943 26.8x 19.4x NM 35.5x 2.2x 23.6% SunPower $6.85 68.5% $966 $2,785 25.4x 13.3x NM NM 15.6x 71.4% First Solar $44.45 54.4% $4,659 $2,383 9.2x 4.1x 29.3x 14.8x NM 19.6% Canadian Solar $16.90 91.8% $990 $2,177 5.5x 6.0x 6.6x 8.6x 2.9x 97.6% Yingli Green Energy $0.18 6.5% $3 $1,830 NM NM NM NM NA 97.9% Sungrow ¥8.37 41.9% $1,751 $1,807 12.1x 9.4x 15.1x 11.8x 0.6x 16.5% Jinko Solar $11.57 43.0% $453 $1,578 7.5x 8.7x 6.5x 25.4x 5.3x 129.7% SolarEdge Technologies $38.93 55.0% $1,781 $1,430 7.5x 7.4x 13.2x 13.9x NM NM Foxconn NT$62.20 70.1% $2,856 $1,403 3.9x 3.7x 9.2x 9.0x NM 59.3% Mersen €25.25 60.3% $590 $854 5.9x 5.4x 9.4x 8.6x 1.7x 33.5% Enphase $5.40 71.1% $574 $570 NM 14.9x 50.0x 19.4x NM 19.7% Daqo New Energy $26.12 36.0% $283 $382 3.1x 3.1x 6.4x 5.1x 0.3x 44.6% SMA €18.50 29.3% $727 $315 NM 4.7x NM NM 35.6x 7.3% ReneSola $1.70 47.1% $65 $249 9.5x 18.0x 13.1x 13.1x 5.7x 64.5% Manz €25.70 67.4% $225 $185 11.9x 5.2x NM 13.1x NM 30.2% Mean 10.7x 8.9x 15.0x 14.0x 6.4x 50.7% Median 9.2x 8.3x 11.2x 13.1x 2.8x 44.6% Solar Development BayWa €23.15 69.6% $926 $4,562 13.0x 11.7x 15.7x 11.8x 9.3x 81.9% Sunrun $14.65 89.1% $1,639 $3,749 NM NM 33.1x 16.9x NM 52.0% Vivint Solar $5.47 73.5% $653 $1,797 NM NM NM 31.6x NM 64.7% Scatec Solar kr73.90 97.9% $974 $1,595 14.9x 8.1x NM 43.6x 5.3x 52.0% Etrion C$0.26 81.9% $65 $209 24.0x 22.2x NM NM 16.4x 82.4% Mean 17.3x 14.0x 24.4x 26.0x 10.3x 66.6% Median 14.9x 11.7x 24.4x 24.2x 9.3x 64.7% Wind Development Energiekontor €13.40 85.9% $221 $419 9.2x 5.5x 46.2x 10.0x 4.1x 63.3% PNE Wind €2.51 77.7% $218 $253 9.5x 4.4x 27.1x 8.3x 1.9x 72.4% Arise kr18.55 89.6% $68 $174 8.1x 7.1x 20.1x 8.8x 4.9x 64.2% ABO Wind €13.90 95.2% $120 $142 4.2x 3.9x 9.4x 9.0x 0.6x 44.5% Mean 7.8x 5.2x 25.7x 9.0x 2.9x 61.1% Median 8.7x 4.9x 23.6x 8.9x 3.0x 63.8% IPPs Enel €4.79 85.8% $55,139 $131,815 7.2x 6.8x 11.9x 10.5x 3.2x 52.4% Iberdrola €6.59 94.3% $47,736 $93,642 9.1x 8.6x 14.0x 13.1x 3.8x 47.6% ENGIE €12.42 82.4% $34,246 $52,974 5.1x 4.8x 12.7x 11.7x 1.3x 77.6% Innogy €40.38 100.0% $25,400 $43,572 9.3x 9.3x 20.0x 19.5x 3.4x 48.5% EDP €3.09 87.0% $12,781 $34,358 9.1x 8.5x 16.0x 13.3x 4.6x 54.0% AES $15.49 95.1% $10,259 $30,909 8.3x 8.0x 12.8x 11.8x 4.7x 65.6% NRG $38.43 95.2% $11,142 $16,342 7.6x 8.1x 14.3x 8.8x 2.4x 44.4% Northland Power C$22.34 88.2% $2,983 $8,628 12.9x 12.0x 14.1x 13.6x 7.7x 66.6% ERG €16.06 77.2% $2,733 $4,458 7.8x 7.9x 17.3x 17.4x 3.1x 56.1% Boralex C$17.90 71.5% $1,201 $3,494 12.5x 9.7x NM 35.9x 8.1x 69.2% Scatec Solar kr73.90 97.9% $974 $1,595 14.9x 8.1x NM 43.6x 5.3x 52.0% Falck Renewables €2.41 95.1% $795 $1,517 7.8x 7.6x 20.7x 20.7x 3.4x 60.8% Atlantic Power C$2.90 88.1% $240 $1,086 6.0x 6.0x NM 26.4x 3.6x 83.7% Voltalia €8.25 75.0% $457 $921 12.1x 8.1x NM 37.9x 5.2x 52.1% Alerion Clean Power €2.77 76.9% $161 $369 NM NM NM NM NA 111.1% Athena Investments kr6.78 70.2% $110 $230 NM NM NM NM NA 83.6% Mean 9.3x 8.1x 15.4x 20.3x 4.3x 64.1% Median 8.7x 8.1x 14.2x 15.5x 3.7x 58.5% Wind and Other Vestas kr492.00 98.5% $15,354 $13,123 8.0x 7.8x 17.7x 16.7x NM 4.3% Xinjiang Goldwind HK$7.74 48.9% $5,255 $8,858 11.3x 9.9x 7.0x 6.3x 4.3x 48.2% Siemens Gamesa Renewable €12.45 85.7% $9,602 $8,790 7.5x 6.5x 18.0x 14.8x NM 23.4% Ormat $56.09 79.4% $2,842 $4,049 11.2x 10.3x 25.3x 24.7x 3.0x 30.4% China High Speed Transmissions HK$9.20 66.6% $1,922 $2,853 NM NM NM NM NA 72.0% Suzlon ₹5.15 30.0% $393 $1,856 10.4x 7.3x NM 10.2x 8.2x 79.7% Bonheur ASA kr96.00 78.2% $475 $1,371 NM NM NM NM NA 117.9% Nordex €8.67 74.1% $952 $1,132 9.4x 7.2x NM NM 1.5x 63.6% Sinovel ¥1.14 65.5% $990 $1,031 NM NM NM NM NA 13.1% TPI Composites $27.19 84.4% $938 $957 14.1x 7.5x NM 21.0x 0.3x 13.9% Senvion €3.65 30.7% $302 $580 6.4x 4.6x NM NM 3.1x 77.3% Sif Holding €12.98 66.6% $375 $434 14.3x 5.7x 39.3x 8.0x 2.0x 13.8% Mean 10.3x 7.4x 21.5x 14.6x 3.2x 46.5% Median 10.4x 7.3x 18.0x 14.8x 3.0x 39.3%

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. Greentech / 14 (3) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. Comparable Companies Trading Analysis Yield Vehicles

Price as a % Market Enterprise EV as a Multiple of Price as of of 52 Wk Value Value (1) EBITDA (2) Price/ Earnings (3) Current Debt/ Company 11/30/2018 High ($mm) ($mm) 2018E 2019E 2018E 2019E Yield EV Yield Vehicles North American Yield Vehicles Brookfield Renewables C$38.04 83.7% $8,876 $29,006 13.6x 12.5x NM NM 6.8% 40.6% NextEra Energy Partners $46.70 92.2% $7,353 $13,001 13.5x 11.4x 16.9x 25.7x 3.7% 31.6% Clearway Energy(4) $18.03 87.2% $3,499 $9,351 9.4x 8.7x 17.4x 15.1x 7.0% 62.0% Atlantica Yield $19.62 86.5% $1,966 $6,976 8.5x 7.9x 25.9x 28.8x 6.8% 84.0% Pattern Energy $20.69 91.3% $2,030 $5,307 13.0x 12.6x 12.8x 46.8x 8.2% 44.8% Innergex C$12.58 85.3% $1,259 $4,484 14.5x 11.9x NM 37.4x 5.4% 68.8% TransAlta Renewables C$11.18 82.8% $2,211 $2,967 9.4x 9.0x 13.6x 13.3x 8.4% 25.9% Mean 13.8x 12.6x 17.3x 26.3x 6.5% 51.9% Median 13.2x 11.7x 17.1x 25.7x 6.8% 51.1% European Yield Vehicles Encavis AG €5.93 82.6% $869 $2,514 12.0x 11.3x 16.5x 14.3x 3.7% 76.8% Greencoat UK Wind £1.29 98.6% $1,862 $2,362 NM NM 10.8x 13.4x 5.2% 21.3% Renewables Infrastructure Group £1.13 98.4% $1,700 $1,690 23.0x 22.8x 16.5x 16.4x 5.7% NM Aventron CHF9.00 69.5% $394 $870 13.6x 12.3x 34.6x 33.3x 2.6% 57.4% NextEnergy Solar Fund £1.11 95.7% $818 $813 10.7x 12.7x 15.3x 13.8x 6.0% NM John Laing Environmental £1.06 95.9% $669 $662 NM NM NM NM 6.2% NM Bluefield Solar Income £1.23 97.6% $580 $580 NM NM NM NM 6.2% NM Foresight Solar £0.87 88.8% $48 $61 NM NM NM NM 6.9% 31.3% Mean 14.8x 14.8x 18.7x 18.2x 5.3% 46.7% Median 12.8x 12.5x 16.5x 14.3x 5.9% 44.3%

MLPs Green Plains $16.25 74.2% $673 $1,919 16.0x 10.0x NM NM 3.0% 72.4% Enviva $28.73 86.5% $761 $1,036 10.8x 7.7x NM 18.7x 8.8% 39.5% Mean 13.4x 8.8x NM 18.7x 5.9% 56.0% Median 13.4x 8.8x NM 18.7x 5.9% 56.0%

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. (3) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. (4) Acquisition by Global Infrastructure Partners announced on February 7, 2018 and is expected to close in H2 2018. Greentech / 15 Comparable Companies Trading Analysis Air & Environmental Services

Price as a % Market Enterprise EV as a Multiple of Net Debt/ Price as of of 52 Wk Value Value (1) EBITDA (2) Price/ Earnings (3) 2018E Debt/ Company 11/30/2018 High ($mm) ($mm) 2018E 2019E 2018E 2019E EBITDA EV Air & Environmental Services Solid Waste Waste Management $93.75 99.6% $39,970 $49,905 11.9x 11.3x 22.7x 21.2x 2.4x 20.1% Republic Services $77.34 99.8% $25,102 $33,268 11.8x 11.2x 25.2x 23.8x 2.9x 24.8% Waste Connections $78.48 96.5% $20,671 $24,193 15.6x 14.0x 31.3x 27.9x 2.3x 15.6% Covanta $16.56 91.7% $2,170 $4,574 10.2x 10.1x NM NM 5.4x 54.5% Advanced Disposal Services $26.95 96.5% $2,389 $4,271 10.0x 9.5x NM NM 4.4x 44.3% Casella $32.65 94.7% $1,401 $1,915 13.8x 12.4x 47.7x 36.9x 3.7x 27.0% Biffa £2.03 75.6% $646 $1,074 5.5x 5.3x 10.6x 10.2x 2.2x 44.6% Mean 11.2x 10.5x 27.5x 24.0x 3.3x 33.0% Median 11.8x 11.2x 25.2x 23.8x 2.9x 27.0% Specialty Waste Stericycle $48.07 62.6% $4,355 $7,152 9.6x 9.3x 11.0x 11.3x 3.7x 39.7% Darling Ingredients $21.88 97.8% $3,603 $5,261 12.3x 10.9x 31.8x 21.0x 3.7x 31.9% Clean Harbors $64.53 89.0% $3,614 $4,985 10.3x 9.7x NM 41.7x 2.8x 32.6% US Ecology $69.67 90.3% $1,536 $1,786 14.1x 12.4x 30.0x 26.2x 2.0x 15.5% Heritage-Crystal Clean $28.01 99.4% $646 $629 14.4x 10.5x 39.5x 23.3x NM 4.6% Mean 12.1x 10.5x 28.1x 24.7x 3.1x 24.9% Median 12.3x 10.5x 30.9x 23.3x 3.3x 31.9% Pollution Control Donaldson $56.04 94.3% $7,183 $7,526 15.5x 14.2x 26.0x 22.7x 0.7x 7.2% CECO $8.31 90.5% $290 $342 11.9x 9.7x 28.7x 17.9x 1.8x 24.3% Advanced Emissions Solutions $10.77 87.1% $214 $183 NM NM 6.0x 4.3x NA NM Mean 13.7x 11.9x 20.2x 15.0x 1.2x 15.7% Median 13.7x 11.9x 26.0x 17.9x 1.2x 15.7%

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. Greentech / 16 (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. (3) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. Comparable Companies Trading Analysis Water

Price as a % Market Enterprise EV as a Multiple of Net Debt/ Price as of of 52 Wk Value Value (1) EBITDA (2) Price/ Earnings (3) 2018E Debt/ Company 11/30/2018 High ($mm) ($mm) 2018E 2019E 2018E 2019E EBITDA EV Water Efficiency / Process Pentair $42.70 85.0% $7,413 $8,147 13.7x 13.0x 18.3x 16.8x 1.2x 9.8% Flowserve $48.51 85.3% $6,348 $7,340 15.1x 12.9x 27.8x 22.3x 2.0x 20.5% Rexnord $28.31 88.2% $2,963 $4,078 9.5x 8.8x 17.0x 14.7x 2.6x 32.8% Itron $54.16 70.0% $2,135 $3,076 13.0x 9.7x 22.0x 15.3x 3.9x 33.5% Kemira €10.17 84.5% $1,789 $2,612 7.2x 6.6x 13.7x 12.0x 2.3x 38.5% Evoqua $9.14 36.0% $1,042 $1,902 8.6x 8.0x 16.1x 15.6x 3.9x 49.4% Badger Meter $55.50 98.4% $1,616 $1,641 19.8x 18.1x NM 32.9x 0.3x 2.2% Lindsay $101.16 92.4% $1,088 $1,043 16.4x 16.5x 42.6x 28.1x NM 11.2% Thermon Group $22.59 80.8% $736 $934 11.8x 10.2x 21.2x 17.4x 2.4x 23.8% AquaVenture Holdings $18.78 91.7% $502 $578 11.2x 8.7x NM NM 1.5x 29.6% Wabag ₹260.35 40.1% $204 $258 5.8x 5.2x 10.0x 8.5x 1.1x 29.0% Mean 12.0x 10.7x 21.0x 18.4x 2.1x 25.5% Median 11.8x 9.7x 18.3x 16.2x 2.2x 29.0% Infrastructure, Monitoring & Compliance Ecolab $160.49 99.7% $46,361 $53,282 17.5x 16.1x 30.6x 27.2x 2.3x 13.3% Xylem $72.98 88.5% $13,116 $15,257 15.5x 13.9x 25.3x 21.6x 2.2x 16.6% Watts Water $73.76 79.0% $2,515 $2,737 11.4x 10.7x 19.8x 18.0x 0.9x 13.8% Advanced Drainage System $27.27 81.4% $1,558 $2,216 9.7x 8.8x 24.2x 20.7x 1.5x 29.3% Mueller Water Products $10.53 81.3% $1,658 $1,757 9.5x 8.4x 19.0x 16.1x 0.5x 25.3% Hyflux NA NA NA $1,742 NM NM NM NM NA 101.4% Select Energy Services $9.68 44.1% $1,046 $1,380 5.5x 5.0x 10.5x 8.8x 0.2x 4.8% Mean 11.1x 10.0x 20.8x 18.0x 1.4x 30.0% Median 9.7x 8.8x 19.8x 18.0x 1.5x 21.0% Heating & Cooling Lennox $225.91 98.2% $9,100 $10,180 17.6x 14.6x 25.3x 19.2x 1.9x 11.1% A.O. Smith $47.38 69.3% $8,052 $7,628 11.9x 11.1x 18.4x 16.9x NM 2.5% Comfort Systems USA $52.66 88.0% $1,956 $2,034 10.3x 9.4x 17.3x 15.9x 0.4x 4.8% AAON $37.95 84.5% $1,977 $1,966 25.2x 17.5x 44.5x 27.9x NM NM Mean 16.3x 13.2x 26.4x 20.0x 1.1x 6.1% Median 14.8x 12.9x 21.8x 18.0x 1.1x 4.8% Distribution Veolia $21.26 80.4% $12,023 $25,651 6.9x 6.6x 16.3x 14.4x 3.4x 63.3% American Water Works $95.41 100.0% $17,231 $25,520 15.0x 13.7x 29.0x 26.9x 4.9x 32.9% SUEZ €13.13 82.2% $9,234 $24,253 8.1x 7.7x 22.4x 19.2x 4.1x 67.3% Severn Trent £18.30 84.0% $5,537 $12,669 10.8x 10.2x 14.0x 13.2x 6.1x 57.1% Aqua America $34.29 86.7% $6,102 $8,494 17.1x 15.9x 24.4x 23.1x 4.8x 28.2% American(4) States Water $67.08 97.9% $2,465 $2,854 18.0x 16.9x 38.5x 34.3x 2.5x 13.7% SJW (4) $56.04 80.9% $1,156 $1,650 11.5x 11.3x 28.0x 24.5x 3.5x 30.7% Connecticut Water Service $69.58 99.0% $838 $1,148 20.9x 19.1x 35.7x 29.8x 5.6x 27.3% Middlesex Water Company $51.84 98.1% $850 $1,046 NM NM 26.4x 25.3x NA 19.1% York Water $33.12 85.4% $428 $520 NM NM 33.1x 28.6x NA 17.6% Artesian $36.36 84.2% $336 $465 NM NM NM NM NA 27.8% Mean 13.5x 12.7x 26.8x 23.9x 4.3x 35.0% Median 13.3x 12.5x 27.2x 24.9x 4.5x 28.2%

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. Greentech / 17 (3) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. (4) SJW and Connecticut Water announced a merger of equals on 3/15/2018 which is expected to close in Q4 2018. Comparable Companies Trading Analysis AgTech, Industrial Biotechnology and Building Materials

Price as a % Market Enterprise EV as a Multiple of Net Debt/ Price as of of 52 Wk Value Value (1) EBITDA (2) Price/ Earnings (3) 2018E Debt/ Company 11/30/2018 High ($mm) ($mm) 2018E 2019E 2018E 2019E EBITDA EV AgTech Large Crop / Life Science DowDuPont $57.85 75.1% $132,722 $162,235 8.7x 8.0x 13.9x 12.2x 1.5x 21.7% Bayer €64.58 59.5% $68,189 $112,541 9.9x 7.9x 11.0x 8.8x 3.9x 44.1% BASF €64.37 65.2% $66,941 $88,439 7.7x 7.2x 10.5x 9.9x 1.8x 26.2% Archer-Daniels-Midland $46.02 88.4% $25,801 $31,847 9.0x 8.7x 13.0x 12.5x 1.7x 24.7% Mosaic $36.00 96.3% $13,877 $17,661 9.0x 7.8x 18.8x 14.8x 1.8x 26.1% Bunge Limited $57.07 68.6% $8,052 $14,767 7.9x 7.7x 12.4x 11.0x 2.9x 54.1% Mean 8.7x 7.9x 13.3x 11.5x 2.3x 31.3% Median 8.9x 7.9x 12.7x 11.6x 1.8x 26.2% Irrigation / Equipment Deere $154.88 88.4% $49,821 $87,844 18.6x 16.4x 15.9x 13.2x 8.0x 48.1% CNH Industrial $9.70 62.0% $13,227 $36,110 10.9x 10.0x 13.2x 11.1x 5.8x 66.5% Kubota ¥1,937 81.8% $21,051 $24,874 10.9x 10.1x 16.2x 15.0x 1.4x 30.1% Mahindra & Mahindra ₹790.20 79.7% $14,095 $19,811 18.7x 16.4x 20.0x 17.6x 6.0x 40.5% Toro $61.99 91.4% $6,521 $6,589 14.8x 13.6x 22.6x 20.3x 0.1x 4.7% AGCO $59.68 78.6% $4,672 $6,328 8.1x 7.3x 15.7x 12.9x 2.0x 29.8% Valmont $130.54 74.0% $2,883 $3,405 9.9x 8.8x 17.2x 15.2x 1.3x 21.7% Raven Industries $40.35 81.0% $1,451 $1,382 15.4x 14.6x 25.9x 25.2x NM NM Jain ₹66.60 44.3% $486 $1,193 7.0x 6.1x 11.0x 7.8x 4.0x 61.6% Lindsay $101.16 92.4% $1,088 $1,043 16.4x 16.5x 42.6x 28.1x NM 11.2% Mean 13.1x 12.0x 20.0x 16.6x 3.6x 34.9% Median 5 12.9x 11.9x 16.7x 15.1x 3.0x 30.1% Industrial Biotechnology Neste €69.02 90.2% $20,037 $20,140 10.4x 9.8x 16.8x 15.4x 0.1x 6.5% Cosan R$34.46 71.3% $3,628 $5,158 4.3x 3.6x 14.2x 10.5x 1.2x 50.6% Green Plains Renewable Energy $16.25 74.2% $673 $1,919 16.0x 10.0x NM NM 9.4x 72.4% MGP Ingredients $67.99 68.2% $1,146 $1,191 20.2x 17.0x 33.2x 27.8x 0.8x 3.8% Renewable Energy Group $26.95 82.9% $1,005 $1,001 8.4x 7.5x 4.3x 16.9x NM 20.8% Amyris $4.94 53.2% $355 $512 NM NM NM NM NM 34.4% FutureFuel $17.27 91.0% $755 $453 NM NM NM NM NA NM REX American Resources $69.59 75.3% $440 $300 NM NM NM NM NA NM Pacific Ethanol $1.50 30.6% $69 $269 21.9x 5.2x NM NM 14.5x 87.1% Mean 11.9x 9.6x 17.1x 17.7x 2.9x 31.4% Median 10.4x 9.8x 15.5x 16.2x 1.0x 27.6% Building Materials Multi-Industry CRH $27.66 70.3% $22,433 $32,662 8.4x 7.6x 13.3x 11.4x 2.4x 35.4% Saint-Gobain €32.74 67.1% $20,488 $31,239 6.3x 5.9x 10.4x 9.2x 2.1x 41.8% Masco $31.69 68.2% $9,681 $12,256 8.8x 8.3x 13.1x 11.5x 1.7x 24.3% Owens Corning $52.15 54.0% $5,701 $9,272 7.2x 6.6x 11.0x 9.4x 2.7x 39.6% Beacon Roofing Supply $34.86 52.4% $2,376 $5,266 10.4x 9.1x 12.5x 11.0x 4.9x 57.3% Armstrong World Industries $66.99 91.2% $3,320 $3,821 10.8x 9.8x 18.0x 15.3x 1.4x 21.7% Simpson Manufacturing $58.50 74.7% $2,689 $2,523 10.6x 9.4x 19.2x 16.0x NM NM Griffon Corporation $12.16 50.8% $555 $1,607 9.3x 8.4x 15.2x 12.2x 6.1x 69.8% Gibraltar $36.16 73.7% $1,159 $1,124 9.3x 8.3x 17.5x 15.7x NM 18.7% Mean 9.0x 8.2x 14.5x 12.4x 3.1x 38.6% Median 9.3x 8.3x 13.3x 11.5x 2.4x 37.5% Sustainable Products/Materials Kingspan €38.02 85.9% $7,756 $8,616 15.2x 13.6x 20.5x 18.2x 1.5x 11.9% Cabot(4) Corporation $49.20 71.7% $2,953 $3,932 6.9x 6.5x 11.8x 10.3x 1.5x 26.2% Trex $63.73 70.2% $3,744 $3,637 18.6x 16.7x 27.5x 25.0x NM NM Quanex $15.79 64.2% $555 $753 7.4x NM 17.7x 14.9x 1.9x 27.9% DIRTT Environmental Solutions C$6.81 93.5% $434 $400 10.8x 9.0x NM 19.4x NM 1.8% Aspen Aerogels $3.36 60.2% $81 $81 NM 23.1x NM NM 0.0x 6.4% Mean 11.8x 13.8x 19.4x 17.6x 1.2x 14.8% Median 10.8x 13.6x 19.1x 18.2x 1.5x 11.9%

Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. (3) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. Greentech / 18 (4) 2 for 1 stock split on July 19, 2018 Global Experts in Sustainable Technology and Infrastructure

Zürich New York Tokyo Partnership with    Sangyo Sosei San Francisco Advisory Inc.

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Mergers & Capital Raising Strategic Public Equity Acquisitions Advisory • GCA Sustainable • Corporate sales • Equity private • Strategic consulting Growth Fund • Asset sales placements • IPO preparation • GCA Emerging Markets • Acquisitions • Debt private placements • Financial restructuring Sustainable Growth • Minority investments • Project finance advisory • Specialized opinions Fund • Joint ventures • Co-managed public • Independent capital • Fairness opinions offerings markets advice >20 $19bn $4bn assignments

(1) As of November 30, 2018. Highly Experienced Partners Supported by 55 Professionals

Jeff Derek Laurent PJ Michael Steve McDermott Bentley Dallet Deschenes Horwitz Megyery Managing Partner Partner Partner Partner Partner Partner New York Zürich New York San Francisco New York New York +1 212 946 3948 +41 44 578 3917 +1 212 946 3362 +1 415 697 1561 +1 212 946 3949 +1 212 946 3940 dbentley@ laurent@ pjdeschenes@ mhorwitz@ steve@ jeff@ greentechcapital.com greentechcapital.com greentechcapital.com greentechcapital.com greentechcapital.com greentechcapital.com > 15+ years of > 15+ years of > 15+ years of > 20+ years of > 15+ years of > 30+ years of experience experience experience experience experience experience > >35 completed > >30 completed > >30 completed > >40 completed > >30 completed > >150 completed transactions transactions transactions transactions transactions transactions > Renewable energy > Renewable energy > Renewable energy > Blockchain > Head of Private > Founder and head assets assets assets > Energy efficiency Placements of advisory > Distributed > Distributed energy > Power infrastructure > Energy software and > Cleantech business generation production services services > Power infrastructure > Large industrials > Water > Energy efficiency > Renewable energy > Energy storage and energy and services value chain > Renewable energy companies > Environmental > Smart grid > Broad coverage of services senior leaders

Diego Damien Rob David Duncan Pignatelli Sauer Schultz Smith Williams Partner Partner Partner Partner & Partner Zürich Zürich New York Portfolio Manager San Francisco +41 44 578 3941 +41 44 578 3914 +1 212 946 3950 New York +1 415 697 1560 diego@ damien@ robert@ +1 212 946 2231 duncan@ greentechcapital.com greentechcapital.com greentechcapital.com [email protected] greentechcapital.com

> 30+ years of > 20+ years of > 25+ years of > 20+ years of > 20+ years of experience experience experience experience experience > >60 completed > >50 completed > Chief Legal Officer > Chief Investment > >40 completed transactions transactions and Chief Officer of GCA transactions > European coverage > Energy efficiency Compliance Officer Investment > Sustainable Food & > Industrials and > Power infrastructure of Greentech Management, LLC AgTech energy companies > Renewable energy Capital Advisors > Portfolio Manager > Advanced > Utilities value chain > Chief Operating of GCA Sustainable transportation > Smart grid Officer of GCA Growth Long-Only > Industrial IoT & Investment Fund software Management > Environmental services > Water Greentech / 19