Strictly private & confidential

Merger and Acquisition Activity in the Solar Energy Market

Solar Power International - October 28, 2009
Introduction to Lincoln International
Introduction to Lincoln International
International investment bank with focus on M&A advisory
The Lincoln Approach
• Global integrated investment bank London
• Middle market M&A focus Frankfurt
• Differentiation Los Angeles
– Industry focus Vienna Tokyo
– International footprint / global reach Paris
– Quality of execution
Madrid
Chicago
New York ICICI China
North America (69 bankers) Everbright
• Chicago
• Los Angeles
• New York

Europe and Asia (60 bankers)

• Frankfurt
• London Industry recognitions for performance in 2008…
• Madrid
• Paris
• Tokyo
• Vienna
→ International M&A Advisory Firm of the Year
Strategic Partnerships
• China – with China Everbright → Middle Market Investment Bank of the Year
• India – with ICICI Securities

Lincoln International is the only international, integrated, independent mid-market M&A advisor

2
Lincoln’s Transaction Capabilities and Industry Focus

Transaction capabilities Industry group verticals

• Exclusive sales and divestitures

Industrials
• Acquisitions
• Restructuring and special situations advisory
• Debt advisory services Transportation Aerospace and
and Logistics Defense
• Fairness opinions and valuations
• Other financial advisory services Automotive and
Technology
Truck

Industry
Breakdown by transaction type, 2008-YTD 2009(1) Expertise Building and
Packaging
Drives Infrastructure
Debt Advisory and Results
Valuation Services
23% Food and Business
Beverage Services

Buy Side
8% Consumer Chemicals

Sell Side
69%
Renewable
Electronics
Energy

(1) Includes announced transactions and excludes international affiliates; YTD 2009 as of
July 28, 2009

3
Winning Attributes

Our distinguishing characteristics

• Focus by senior investment bankers

– Managing Directors and Vice Presidents are highly engaged on every
transaction

• Informed, intense and creative advocacy

– We bring significant industry expertise to each transaction
– We put extra effort into understanding the distinguishing characteristics of “Lincoln’s mission is to
each business and transaction and strongly advocating our clients’ develop long-term
interests
– We recognize the uniqueness of each client and tailor our approach and
relationships by
advice accordingly consistently using
– Analytical rigor and creativity are hallmarks of our firm ingenuity to exceed our
• Global integrated approach clients’ expectations”
– International presence provides unmatched transaction and sector
intelligence on a worldwide basis

• Zero Failure PhilosophySM

– Lincoln International maximizes effort until the client’s objectives are
achieved

Repeat clients represent approximately 45% of our completed transactions, indicative of the results we achieve

4
An Aggressive and Growing Firm

Over 160 employees worldwide

180 161 162

160
140 128
120 105
100 • Key Accomplishments in 2008
80 – Opened London office in January
60 40 45
27 29 – Opened Madrid office in February
40 15 22
4 7 9 11 – Opened Tokyo office in July
20
0 – Continued to grow overall staff
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
– Transaction volume decrease only 6% compared to
YTD
37% decline in overall M&A volume
(1) Reflects the addition of Lincoln Germany in 2006, Lincoln France in 2007, Lincoln Spain, Lincoln UK and
Lincoln Japan in 2008.

• Key Accomplishments in 2009: Positive Momentum in a

Transaction growth worldwide Difficult Market
– Currently forecasting record transaction volume in 2009
80
70 71 (71 transactions) despite the depressed M&A market
70 66
58 – YTD June ranked #1 overall M&A advisor in Germany
60
based on number of transactions completed
50 44
35 37 – Valuations and fairness opinions practice up ~500%
40
30 23
26 – Debt advisory practice up ~300%
20 – Increased integration and cross-border cooperation
10
0
2001 2002 2003 2004 2005 2006 2007 2008 2009F

(1) Reflects the addition of Lincoln Germany in 2006, Lincoln France in 2007, Lincoln Spain, Lincoln UK and
Lincoln Japan in 2008.

5
Global Footprint Provides Unsurpassed Access to Global Strategic Acquirers
Select transactions involving foreign strategic acquirers

Goldner Hawn Johnson &

Blue Point Capital Partners Carlyle Group Morrison
Delphi has sold its Global Global Motorsport Group has sold ETI Holding Corp. has sold Dover Corporation has sold has sold
Exhaust Emissions has been sold to Dae-II to Neapco, Inc. to GMI to Advanced Vision Mark VII Equipment
Systems Business to Corporation Dyno Nobel a Chinese acquirer Technology to WashTec AG
Bienes Turgon

Riverside Partners
Riverlake Partners
has sold
CAE Groups has sold CAE PNC Equity has sold M&R Reunion Industries has sold has sold Ampro Computers has been
American Electronic
Data Company to TKH Marking Systems to The CP Industries to Everest Stock Equipment Co. to sold to ADLINK Technology,
Components, Inc. to
Group NV Trodat Group Kanto Cylinder Ltd. Schenck Process GmbH Inc.
Siemens VDO

Lincoln International’s 2008-YTD 2009 Closed

M&A Transactions (1)

Cross-Border Strategic Lincoln International has the proven ability

26% to access and close transactions with
strategic acquirers worldwide
Domestic Financial
34%
In 2008 – YTD 2009, over 30% of Lincoln
International’s transactions involved a
foreign acquirer and over 60% involved a
Cross-Border Financial
strategic acquirer
Domestic Strategic 5%
35%
Note: Domestic and cross-border strategic includes strategic financials
1) Includes announced transactions; YTD 2009 as of July 28, 2009