Sustainable Technology and Infrastructure Monthly Market Update February 2018 Performance of Key Market Indices 35% 25% 25% 20% 19% 15% 15% 5% (5%) Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 NASDAQ Clean Edge Green Energy Dow Jones Industrial Average NASDAQ Composite S&P 500 Index Performance February Ending Versus First Day of the February YTD CY 2017 52 Wk High 52 Wk Low Dow Jones Industrial Average (4.4%) 1.3% 25.1% (6.0%) 22.7% NASDAQ Composite (1.5%) 5.4% 28.2% (3.1%) 25.5% S&P 500 (3.8%) 1.5% 19.4% (5.5%) 16.5% NASDAQ Clean Edge Green Energy (3.8%) (2.3%) 30.8% (8.0%) 22.0% Notable Recent Transactions & Capital Raises Acquirer Target Transaction Description Corporate Transactions Acquired a leading water management, construction and drilling company for $565m Launched a tender offer to purchase 100% of the outstanding shares for $1.2bn Acquired its renewable O&M and development Corporate M&A and platform Asset Transactions Acquired the yieldco created by rival solar companies FirstSolar and SunPower for $1.7bn Asset Transactions Acquired five solar thermal plants in Spain with a total capacity of 250 MW for $1.4bn Acquired a 206 MW portfolio of renewable energy assets in Japan including solar and wind facilities for $326mm Company Description Aurora Innovation, a Palo Alto-based self-driving vehicle startup, has raised $90mm from Greylock Partners and Index Ventures Capital Raises Ionic Materials, a Massachusetts-based battery-material developer, has raised $65mm Note: M&A transaction values are in enterprise value, unless indicated otherwise. Greentech Advised on This Transaction About Greentech Capital Advisors Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to ensure that our clients achieve success. We have deeply experienced senior bankers and investment professionals who are sector experts and understand our clients' industry and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 55 professionals working seamlessly on our clients' behalf in New York, Zurich and San Francisco and through a strategicGreentechpartnership / 1 in Japan. 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Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/3) Corporate Transactions Transaction Multiple(1) Transaction Date Acquirer Target Target Description Subsector Value ($mm) Revenue EBITDA Acquired a global LED lighting solutions Power Infra / 2/28/2018 SloanLED Litecorr Undisclosed ND ND provider Smart Grid Acquired a maker of smart home Industrial IoT & 2/28/2018 Amazon Ring $1,100 ND ND products Software Acquired a small U.S. ride services company in order to expand its reach in 2/22/2018 Robert Bosch Splitting Fares Advanced Mobility Undisclosed ND ND the markets for ride services and connected vehicles Acquired the wind energy developer and 2/21/2018 Engie North America Infinity Renewables Renewable Energy Undisclosed ND ND its 8,000 MW development pipeline Acquired the high-resolution satellite imagery company that detects plant 2/16/2018 Syngenta FarmShots AgTech Undisclosed ND ND health by analyzing absorbed light from field images Acquired a farm management and 2/16/2018 Proagrica SST Software AgTech Undisclosed ND ND precision agriculture platform Acquired parts of its overseas lighting 2/15/2018 Joerg Bauer General Electric Energy Efficiency Undisclosed ND ND business Grey Mountain CHEP Recycled Pallet Acquired an Atlanta-based whitewood Environmental 2/15/2018 Undisclosed ND ND Partners Solutions pellet recycler from Brambles Services Granite Acquired a leading water management, 2/14/2018 Layne Christensen Water $565 1.2x 22.5x Construction construction and drilling company Launched a voluntary tender offer to purchase 100% of the outstanding 2/8/2018 TerraForm Power Saeta Yield Renewable Energy $1,200 6.1x 8.4x shares for €12.20 in cash per share, a total of $1.2bn Acquired an Ohio-based provider of Environmental 2/7/2018 Valet Living V.I.P Waste Services recycling solutions to multi-family Undisclosed ND ND Services communities Acquired a San Francisco-based provider KAR Auction 2/7/2018 Stratim of urban fleet and autonomous vehicle Advanced Mobility Undisclosed ND ND Services logistics solutions Global Acquired its renewables O&M and 2/7/2018 Infrastructure NRG Yield Renewable Energy $1,375 ND ND development platform Partners Greentech / 2 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. Greentech Advised on This Transaction (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/3) Corporate Transactions Transaction Multiple(1) Transaction Date Acquirer Target Target Description Subsector Value ($mm) Revenue EBITDA Acquired all of the issued and outstanding shares of EdgePower, an 2/6/2018 Just Energy EdgePower Energy Efficiency $14 ND ND energy monitoring and management company Acquired the yieldco created by rival 2/6/2018 Capital Dynamics 8point3 Energy solar companies First Solar and Renewable Energy $1,654 23.6x 31.6x SunPower Ningxia Jiaze Acquired the solar power project 2/1/2018 ET Energy Renewable Energy $397 ND ND Renewables contractor Greentech / 3 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/3) Asset Transactions Transaction Multiple(1) Transaction Date Acquirer Seller Target Description Subsector Value ($mm) Revenue EBITDA Acquired five solar thermal plants in 2/27/2018 ContourGlobal Acciona Spain with a combined capacity of Solar $1,400 ND ND 250 MW Acquired two energy storage facilities, a Convergent Energy 20 MW flywheel project located in Power Infra / Smart 2/27/2018 Rockland Capital Undisclosed ND ND & Power Stephentown, NY and a 20 MW flywheel Grid project located in Hazle, PA Acquired a 206 MW portfolio of Green Power 2/27/2018 Pattern Energy renewable energy assets in Japan, Renewable Energy $326 ND ND Investments including solar and wind facilities Acquired a 142 MW portfolio of solar 2/22/2018 Greencoat Capital Canadian Solar Solar $268 ND ND farms in the U.K. Acquired a 49% stake in the 100 MW 2/21/2018 New Energy Solar SunPower Solar $55 ND ND Boulder Solar 1 project in Nevada Acquired project rights in two Australian Overland Sun 2/21/2018 innogy solar plants with a combined planned Solar Undisclosed ND ND Farming capacity of approximately 462 MW An unnamed bidder has agreed to purchase Alevo's manufacturing Power Infra / Smart 2/21/2018 Undisclosed Alevo $5 ND ND equipment after its bankruptcy for Grid $5mm Acquired two U.S. wind projects, a 90 TransAlta 2/21/2018 Undisclosed MW project in Pennsylvania and a 29 MW Wind $240 ND ND Renewables project in New Hampshire Acquired a 37.5% stake in three Changhua Regional Taiwanese offshore wind projects in the 2/13/2018 EnBW Wind Undisclosed ND ND Government Changhua Region, which will collectively generate 2 GW Acquired the planned 277 MW Truscott- Truscott Gilliland 2/13/2018 Taaleri Gilliland East wind project located in Wind Undisclosed ND ND Wind Texas Acquired a 50% stake in Covanta's 58 Green Investment 2/13/2018 Covanta MW energy-from-waste facility located in Biomass $168 ND ND Group Dublin Acquired the 7 MW Halifax Solar Energy 2/9/2018 PSEG Solar Source BayWa Wind Undisclosed ND ND Center in North Carolina Acquired an 80% interest in two Local Landowner 2/8/2017 BluEarth Renewables Minnesota wind facilities, totaling 39.6 Wind Undisclosed ND ND Partners MW Acquired five wind farms with a 2/7/2018 Endesa Gestinver combined 132 MW in Galicia and Wind $219 ND ND Catalonia, Spain Alberta Investment Enel Green Power Acquired a 49% stake in a 145 MW pair 2/7/2018 Wind Undisclosed ND ND Management North America of Canadian wind farm projects Greentech / 4 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. Greentech Advised on This Transaction (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (1/2) Corporate Transactions Amount Date Company Transaction Description Raised ($mm) Subsector Selected Disclosed Investors Boost Biomes, a San Francisco-based microbe discovery Nimble Ventures, Tencent Holdings, 2/28/2018 Boost Biomes $2 AgTech startup, has raised $2mm Viking Global Investors Mérieux Développement, Foresite Inscripta, a Colorado-based CRISPR gene-editing startup, has Capital Management, NanoDimension, 2/28/2018 Inscripta $56 AgTech raised $55.5mm Paladin Capital Group, Spruce Capital Partners, Venrock, Xeraya Capital Aurora Innovation, a Palo Alto-based self-driving vehicle 2/28/2018 Aurora Innovation $90 Advanced Mobility Greylock Partners, Index Ventures startup, has raised $90mm Norwest Venture Partners, ff Venture CyberX, a Boston-based industrial IoT and