investing growth capital in the german cleantech sector

Confidential – Copyright 2009 11

Mountain Cleantech AG

13. April 11, 2023

Investing Growth Capital in the German Cleantech Sector


Disclaimer and Confidentiality

The elements contained in this document have been prepared solely for the purpose of information and do not constitute an offer, in particular a prospectus or any invitation to treat, buy or sell any security or to participate in any investment strategy. This Document is not an offer to acquire shares nor is it a Prospectus, nor a Private Placement Memorandum. Investments may be suitable for private investors only if they are recommended by an authorized self-employed or a professional employed adviser acting on behalf of the investor on the basis of a written agreement. This document may contain unaudited third party information. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof. Any information given in this document may be subject to change or update without notice. Neither Mountain Cleantech AG, nor Cleantech Invest AG, nor Mountain Cleantech Fund, nor any of their officers, directors or employees can be held direct or indirect liable or responsible with respect to the information and/or recommendations of any kind expressed herein. This document and information contained herein is confidential and must not be copied, reproduced, distributed or passed to any person at any time without our prior written consent. Any claims arising out of or in connection with the terms and conditions of this disclaimer are governed by Swiss law.


Mountain Cleantech AG

• Longest established dedicated Cleantech team in German-speaking region

• Fund #1 since 2007, Team is now launching its Fund #2

• 100% native German-speaking local investment team

• Existing high quality late stage portfolio of 6 investments with aggregate revenues

of EUR >320m in FY 2008

• Late stage focus allows for low technology risk, short exit windows,

high IRR potential

• Over 500 projects / deals reviewed by Mountain Cleantech team p.a.

• Germany #1 region for Cleantech world-wide

Mountain Cleantech AG – Overview


Daniel G. Koppelkamm Investment Manager

Felix JanßenInvestment Manager

Alexander von HuttenManaging Director

Jürgen F. HabichlerManaging Director

Mountain Cleantech TeamOrganizational Chart

Dr. Arno StrehlerAdvisory Board

Gabriel J. MeurerVenture Partner

Markus P. SteblerAdvisory Board

Dr. Günter SchneiderAdvisory Board

Advisory Board

Back Office and Infrastructure supplied by Mountain Partners Family Office

Management

Research AnalystDeal Support

Research AnalystDeal Support

Investment Team

Team has been working together for several years


Growth Capital in German Cleantech – The Opportunity

Cleantech Investing in Germany


Cleantech Pioneer



Extract of German regulations:

Source: BMU

Cleantech Investing in GermanyGerman Clean Energy Political Framework

2001Promulgation to promote processing of waste oil into base oil

2004Renewable Energy Sources Act entered into force on 1. August 2004

2009Heating Energy Act, with renewed and widened support and broadened eligibility for programs

2009Revising the Renewable Energy Sources Act in the Electricity Sector and Amending Related Provisions

2005Waste Water Ordinance (AbwV), Oridnance on Requirements for the Discharge of Waste Water into Waters

2003Implementation of the Water Framework Directive

1961Founding of the Federal organisation for waste treatment to optimize waste sorting

1974Founding of the Federal Environment Agency

1999Production Tax Creditfor Renewable Energy

2000Act on Granting Priority to Renewable Energy Sources

1985Fourth Ordinance for Federal Immission Control Act (BImschV)

1971First environmental program toprotect environment

Germany’s Cleantech position is based on a longstanding favourable political framework


Cleantech Investing in GermanyGermany #1 Region for Cleantech World-Wide

Germany has seen rapid growth in their Clean Energy business (CAGR from 2000– 2007)

Germany dominates wind and solar jobs among peers (2006)

Source: UNEP, “Green Jobs: Towards decent work In a sustainable, low-carbon world”; 2006.

Note: Figure is based on public market data only.


Technology “Made in Germany“



Cleantech Investing in Germany Cleantech “Made in Germany”

Germany USA Japan Italy UK German average share in Global Trade

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%16%

15%

9%

6%5 %

11%

Source: Umweltwirtschaftsbericht 2009; Ministry of Environmental, Natural and Reactor protection, Germany

Global Trade of enviromental protection productsShare in global trade with environmental protection products, 2006 by country

World market share of German Cleantech companies in selected sectors

German companies are global leaders in Cleantech

Germany Rest of World

12%

40%

11%10%

17%24%41%

Photovoltaic Wind EnergyDecentral Water ManagementSolar Heat

Thermal Insulation

Biogas Plants

Process Measuring & Control Technology

Waste Water Treatment

65%

!


Lack of Venture Capital



The LOCUST-Mentality

VS.

The KRAUT-Mentality


Why?

Germans are different….


Source: 2009 EVCA Yearbook, European Private Equity & Venture Capital Association

Select German Cleantech Exits

Share of Venture Capital allocated to Cleantech Deals in % of total VC Investments per country of portfolio company in 2007

Germany UK Europe0%

2%

4%

6%

8%

10%

12%

14%

Cleantech Investing in Germany Less money chasing Cleantech Deals in Germany


Excellent…

Exit Track Record



Source: 2009 EVCA Yearbook, European Private Equity & Venture Capital Association

IPO

M&A

Select German Cleantech Exits

Cleantech Investing in GermanyFavourable Exit Potential


Cleantech Pioneer

Technology „Made in Germany“

Lack of Venture Capital

Excellent…

Exit Track Record

What makes Cleantech Venture CapitalInvesting in Germany special?

The KRAUT-Mentality

…


Fantastic Investment Potential!

Investment Opportunity


Mountain Cleantech AG aims to raise EUR 100m for Fund # 2 – a Luxembourg SICAV-SIF structure

Investment OpportunityHow to participate…

Mountain Cleantech Fund SICAV-SIF – Key Terms

Target Size: EUR 100m

Investment Advisor: Mountain Cleantech AG, Switzerland

Investment Fund: Mountain Cleantech Fund SICAV-SIF, Luxembourg

Term: 8 yrs, 2 yrs extension

Fees: 2% Management Fee20% Carried Interest8% Hurdle Rate; Catch Up

First Closing: Q2 2010

Special Terms: Co-Investment rights for Cornerstone Investors

Administrator and Custodian Legal Advisor Auditor

External Partners

investing growth capital in the german cleantech sector

Economy & Finance