1A Sustainable Energy Technology Equity Hedge Fund

NEW ENERGY FUND LPNEW ENERGY FUND LPNEW ENERGY FUND LPNEW ENERGY FUND LPJuly 2009

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NEW ENERGY FUND LPThe first pure play sustainable-energy technology hedge fund. 5th year of track record

NEW ENERGY FUND, LP NEW ENERGY LIQUID FUND, LP

MISSION - Hitch our wagon to the expected 15% - 25% annual RE Growth

GOAL - Un-leveraged return with a standard deviation of 10% - 15%

METHOD - Distill growth liquid and growth technology portfolio’s from universe

PORTFOLIO - Top-down stock selection to create a portfolio of 25 – 35 stocks

EXPOSURE - Long/Short public equity with a long bias

STRUCTURE - Onshore and offshore feeders form a single master feeder fund

FEES - 1.5% management fee and 20% incentive fee with high water-mark

LOCKUP – NEF Liquid, LP 6 months initial, none thereafter

LOCKUP – Initial 12 months, followed by 6 months from quarter following request

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FOSSIL FUEL EXTERNALITIES – Energy is Mispriced

FOSSIL FUELSand

NUCLEAR

POLLUTION – Most common issue

RELIABILITY – Centralized vs Decentralized

HEALTH – Cancer, respiratory, Immune disease

DEPLETION – This clinches the argument

WASTE – Café Standards in US lower than ROW

CLIMATE – This also clinches the argument

GEOPOLITICS – OPEC, Non OPEC

INFLATION – Hedge against, no volatile feedstocks

SUBSIDIES – Fossils get lion’s share

CLEAN ENERGY

ORDERS OF MAGNITUDE FEWER EXTERNALITIES

FOSSIL FUELS – Used to manufacture wind turbines

POISONS – thin film solar CdTe

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More Foreign Stocks

Good US Volumes

Larger foreign Market Cap

Foreign companies are larger and more numerous Foreign companies are larger and more numerous Foreign companies are larger and more numerous Foreign companies are larger and more numerous ---- Wall St still has no Wall St still has no Wall St still has no Wall St still has no wind and only 1/3 of the global solar companies (many Chinese). wind and only 1/3 of the global solar companies (many Chinese). wind and only 1/3 of the global solar companies (many Chinese). wind and only 1/3 of the global solar companies (many Chinese).

Despite being Despite being Despite being Despite being ‘‘‘‘inventedinventedinventedinvented’’’’ here ithere ithere ithere it’’’’s still a very new industry in the US s still a very new industry in the US s still a very new industry in the US s still a very new industry in the US

UNIVERSE ANALYSIS – July 2009Quadrupled from 216 in Oct 2004

10 X 2004 Market Cap,

6 X 2004 Daily Volume

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LEGISLATIVE SUPPORTSIGNIFICANT GLOBAL PUBLIC AND POLITICAL SUPPORT

• American Recovery & Reinvestment Act 2009 - $90 billion

• Over 50 global Feed-in-Tariffs (FIT) worldwide

• Significant capex support from China, Japan, US, Australia

• US State incentives still apply and are additive to Fed

• Renewable Portfolio Standards Legislation debate

• Carbon cap or carbon tax legislation within 6 months

• Likely to double US solar installations to 1.5 gig in 2010

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STOCK SELECTION AND SECTORS

997 stocks

$490 billion market cap

$5.7 billion volume

Portfolio

25-40 Stocks

Valuation

Technical

Timeliness

Driving Factors -150 Stocks

Growth (Revenues, Earnings)

Management (Strategy, Depth)

Macro Picture

Distinguishing Competitive Advantages

Technology (Scalable, Economic)

Government Incentives

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78.6

93.8

120.8

151.2

186.4

227.6

275.8

332.1

11.0

23.1 25.4 28.0 30.8 33.6

6.8 9.214.7

21.532.3

46.1

63.5

85.8

0

50

100

150

200

250

300

350

2006 2007 2008 2009 2010 2011 2012 2013

EXPECTED CUMULATIVE GIGAWATTS GROWTH IN WIND, SOLAR AND GEOTHERMAL ENERGY

FROM 2006 TO 2013

Wind

Geothermal

Solar

GROWTH TO 2013…and beyond

Source: GWEC, EPIA

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COMPARISON OF RENEWABLE & S&P 500 INDEXES

• The NEX Index represents 80 global company’s including a full complement of wind and solar• The domestic US ECO Index has still very little wind, and only recently increased its solar exposure

• The US has hardly any wind companies still (GE’s wind is 5% of its revenues) and only a small part of the solar. There are a handful of real US solar stocks (ENER, SPWRA, FSLR, WFR, ESLR) and a group of Chinese companies totaling about 25 in the US to over 125 globally

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OIL IS THE ENERGY PROXY BUT NOT WIDELY USED TO MAKE ELECTRICITY

Oil not generally used to make electricity

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GRID PARITY FOR SELECTED MARKETS (CA, HI, NJ, CO)

• Islands already at grid parity everywhere

• San Francisco has 30cents /kw/h

• By 2015 its all moot

• RE won’t stop declining in price

• Fossil fuel energy does not decline

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PORTFOLIO STRUCTURE AND RISK

• Cash normally 5%

• Meet most managements in portfolio

• Use professional short term trading consultant

• Concentrated 25 - 35 positions

• Organically diversified currency exposure

• Not more than 7% in any one position

• Not more than 35% in any one sub-sector

• Short positions to mitigate volatility of overall sector

• Stop-losses to control risk

• Options to further mitigate risk

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EXPOSURES (end June 2009)

SECTOR VEHICLE CURRENCY MKT CAPITAL

NEF, LP

NELF, LP

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First Solar (FSLR - Nasdaq)

• Thesis: Excellent fundamentals offer pure growth• Cadmium Telluride (CdTe) thin-film solar panels• Vertically integrated, cost per watt is only $0.88• Sell at $2.5 per watt (Silicon $3.5)• Consistent upside earnings ‘surprise’ numbers• Has no “Silicon” shortage• Market Capitalization: $8.8 billion

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Catch The Wind CTW/S TSX

• Thesis: “Must have” addition to wind turbines • 80,000 wind turbines installed, 30,000 more by 2011• $13 billion market opportunity• High barrier to entry laser technology from Lockheed• Addressable market still huge• Bought for $CAD 1.30 in an IPO in 2008• Increases turbine generation and saves wear and tear

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Akeena Solar AKNS

• Thesis: Subsidies underpin strong sales growth• Solar power is $0.36 per kw in California, GRID PARITY• Barry Cinnamon, CEO, wrote white paper for

Schwarzenegger's, “million solar roofs” project• Addressable market still huge• Bought for $1.00 in a Pre-Reverse Merger, PIPE• Market Capitalization: $60 million

B

S

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Zenn Motor Co. (ZNN CN)

• The only way to play the EEStor barium titanate ultracapacitor battery

• The battery is light, barium is plentiful, small volume and economic

• Zenn have exclusivity for all vehicles less than 1,400 lbs. curbside weight

• Kleiner Perkins and Lockheed Martin both invested

• 4 passenger electric car (EV) will go 250 miles on one 5 minute charge

• Market Capital is $80 million

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Axion Power (AXPW)

• Drop in replacement for Lead Acid Batteries

• Charges and discharges in 20% of the time

• No negative electrode deterioration

• Thousands instead of hundreds of deep discharge cycles

• Cash rich and Market Capitalization of $36 million

• Recent deal with OEM Exide

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Chinese Wind Systems (CWSI)

• Chinese wind market climbed by 105% in 2008

• Chinese wind has significant government support

• Chinese obliged to purchase components made in China

• CWSI casts huge high value added steel components

• Market Capitalization $36 million

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FREEPOWER (Private)• Organic Rankine Cycle (ORC) mini Turbines

• Revenue generating from 120 kilowatt machines

• High margin business

• CHP business revenue channels globally

• 10 years maintenance free

• 2 year payback with renewable oblig. Certs.

• IPO expected 1Q 2009

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Solar & Environmental Technologies Corporation

• Concentrated Solar Thermal with Storage

• ‘Base-Load’ electricity

• Parabolic dishes reach higher temp ofover 1,300 deg C permitting efficient steam generation

• Air used as a transfer medium

• Capacity of 140 megawatts in 2009, to be sold for $4.0 million per megawatt or Over $500 million.

• A premium product and new concept that will be available in 2009 for the first time. Imagine hydroelectric with heat.

• Based in New York, demo in China

NEF was lead investor in Dec 2007 when the company was valued at $25 m.

SETC helped raise $6 million from a group of investors

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2008 Decline in Value vs Increase in EarningsAs of October 10, 2008

Name 2008 Price

Decline

08 - 09

Earnings

Increase

2009 PE Name 2008 Price

Decline

08 - 09

Earnings

Increase

2009 PE

3S INDUSTRIES AG -26.3% 75.0% 10.50 HITACHI MAXELL LTD -42.2% 58.8% 21.55

ADVANCED BATTERY TECHNOLOGIE -47.0% 80.4% 4.93 HUNAN CORUN NEW ENERGY CO-A -59.7% 76.1% 10.59

AGO AG ENERGIE + ANLAGEN -51.1% 104.0% 6.47 INTL RECTIFIER CORP -58.9% 1032.1% 23.28

AMTECH SYSTEMS INC -38.8% 189.1% 8.59 JA SOLAR HOLDINGS CO LTD-ADR -72.4% 74.6% 3.80

A-POWER ENERGY GENERATION -68.8% 72.9% 2.10 KERSELF SPA -14.5% 146.6% 8.39

APPLIANCE RECYCLING CTRS AMR -67.2% 55.8% 3.63 KSK POWER VENTUR PLC -29.5% 183.3% 15.07

BABCOCK & BROWN WIND PARTNER -45.9% 173.3% 11.22 LANCO INFRATECH LTD -60.9% 63.4% 4.83

BAJAJ HINDUSTHAN LIMITED -79.2% 1219.2% 5.87 LANZHOU GREAT WALL ELECTRI-A -65.9% 73.1% 7.07

BIOPETROL INDUSTRIES AG -81.8% 300.0% 1.09 LDK SOLAR CO LTD - ADR -59.5% 65.1% 4.21

BIOTEQ ENVIRONMENTAL TECH IN -67.1% 355.3% 7.80 MARTIFER SGPS SA -42.9% 115.2% 12.14

BKN BIOSTROM AG -83.6% 74.5% 1.93 MEIDENSHA CORP -40.5% 56.4% 10.58

C&D TECHNOLOGIES INC -48.6% 114.8% 5.11 MISSION NEWENERGY LTD -67.1% 91.7% 2.00

CAMCO INTERNATIONAL LTD -14.9% 206.8% 2.74 MODINE MANUFACTURING CO -38.0% 100.0% 13.64

CAN HYDRO DEVELOPERS INC -50.0% 286.0% 14.55 OPCON AB -57.8% 229.2% 16.39

CASELLA WASTE SYSTEMS INC-A -39.7% 104.5% 21.59 ORION ENERGY SYSTEMS INC -78.2% 84.5% 15.02

CECO ENVIRONMENTAL CORP -78.4% 133.3% 4.23 ORMAT INDUSTRIES LTD -43.8% 49.4%

CENTROTHERM PHOTOVOLTAICS AG -63.9% 69.6% 7.33 PNM RESOURCES INC -57.5% 235.1% 14.48

CHINA SUNERGY CO LTD-ADR -74.2% 258.4% 4.06 Q-CELLS AG -65.2% 68.7% 10.50

CHINA WINDPOWER GROUP LTD -64.8% 70.6% 3.71 REAL GOODS SOLAR INC-CLASS A -59.7% 871.4% 59.26

CONSOLIDATED WATER CO-ORD SH -49.2% 56.9% 15.12 RENESOLA LTD-ADR -45.2% 73.9% 2.92

COSAN SA INDUSTRIA COMERCIO -45.2% 275.3% 10.43 RENEWABLE ENERGY CORP AS -72.9% 106.6% 9.67

CROPENERGIES AG -45.7% 167.9% 6.99 RENEWABLE ENERGY GENERATION -25.4% 68.3% 0.23

DONGFANG ELECTRIC CORP LTD-H -73.0% 174.1% 8.08 ROMAG HOLDINGS PLC -46.3% 55.8% 18.15

EBARA CORP -53.1% 132.7% 17.88 S.A.G SOLARSTROM AG -51.6% 166.7% 9.75

EDP RENOVAVEIS SA -49.4% 117.0% 19.85 SHENYANG JINSHAN ENERGY CO-A -79.2% 92.3% 8.30

ENERGIEKONTOR AG -39.0% 73.3% 11.92 SHENZHEN TOPRAYSOLAR CO -A -50.3% 68.8% 12.87

ENERGY CONVERSION DEVICES 7.0% 86.0% 11.02 SHRIRAM EPC LIMITED -41.5% 117.9% 5.35

ENERGY RECOVERY INC -12.4% 79.7% 28.91 SINOMA SCIENCE&TECHNOLOGY -A -41.3% 54.7% 17.35

ENVITEC BIOGAS AG -54.6% 111.0% 12.86 SOLAR INTEGRATED TECHNOLOGIE -68.6% 300.0% 1.97

ERG RENEW SPA -61.4% 307.7% 22.28 SOLAR MILLENNIUM AG -58.6% 84.5% 5.34

EXIDE TECHNOLOGIES -39.1% 56.5% 2.71 SOLARTRON PCL -76.4% 94.6% 0.96

FERSA ENERGIAS RENOVABLES SA -60.4% 50.0% 66.00 SPIRE CORP -56.6% 1630.2% 11.21

FIRST SOLAR INC -56.0% 86.5% 16.94 SREI INFRASTRUCTURE FINANCE -78.3% 52.2% 4.42

FORMOSA SUMCO TECHNOLOGY COR -67.3% 88.5% 8.27 SUNOPTA INC -62.4% 59.3% 11.80

FUEL TECH INC -45.2% 59.5% 24.26 SUNPOWER CORP-CLASS A -67.0% 60.2% 12.15

GINTECH ENERGY CORP -39.7% 115.3% 4.02 SUNTECH POWER HOLDINGS-ADR -73.4% 59.5% 8.11

GREENKO GROUP PLC -30.8% 742.1% 0.17 SUNWAYS AG -62.1% 354.3% 3.09

GREENTECH ENERGY SYSTEMS -75.2% 916.7% 10.70 TIMMINCO LTD -57.9% 610.3% 5.57

GT SOLAR INTERNATIONAL INC -65.3% 60.7% 4.87 TWINTEC AG -62.2% 216.7% 5.82

GTL RESOURCES PLC -74.6% 1700.0% 1.29 VELCAN ENERGY -61.0% 72.5% 43.48

GURIT HOLDING AG-BR -37.6% 65.2% 13.22 VERBIO AG -77.6% 434.0% 2.92

GUSHAN ENVIRONMENTAL ENE-ADR -71.6% 57.5% 0.27 YINGLI GREEN ENERGY HOLD-ADR -86.1% 68.3% 3.21

HANSEN TRANSMISSIONS INT -42.9% 68.4% 12.85 ZOLTEK COMPANIES INC -76.7% 75.4% 8.77

HANWEI ENERGY SERVICES CORP -74.3% 93.1% 1.92 ZONGSHEN PEM POWER SYSTEMS -82.2% 120.8% 3.41

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Criteria for Inclusion in the Liquid Fund (not all criteria for all holdings)

• Dominant player in the field• High earnings and growth potential• Valuations commensurate with growth rates• Smaller companies must have good profitability and strong cash flow or financing• Technology – Unique or high demand technology• Beneficiary of Energy Policy Initiatives • Proven capabilities• Management that can grow and develop internal team

Structure of Liquid PortfolioReturn Objective

To achieve a superior risk-adjusted return in the clean-tech sector relative to a blend of the NEX and ECO indexes.In addition to a hedge fund format our firm can also accept separate accounts with the same profile. NEF Advisors, the advisor to this fund is also registered with the Securities & Exchange Commission in the United States, but a separately managed account could be custodied wherever the client would prefer.

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MARK TOWNSEND COX

FOUNDER, PORTFOLIO MANAGER

• 25 years Int’l equity experience

• 1979 Parabolic solar in Nigeria

• Founder of New Energy Fund in 2003

• 12 years as portfolio manager

• 14 years European equity sales

• EMBA, Columbia University

• Series 7, 24, 65, 63 NASD licenses

• Royal Military Academy, Sandhurst

• British Army Airborne lieutenant

• Falklands campaign. Awarded MID

• MA, Dundee University, Scotland

• Fluent spoken French

MANAGEMENT TEAM

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• 360,000 kilowatt hours in a year or 360 megawatts

• 5 X 15 meter parabolic dishes

• 16% efficiency Photovoltaic

• Saves 100,000 gallons of diesel fuel yearly, US $400,000

• It’s a “Car Stopper”

•Locals were consulted and were “pleased and excited” about the project

Windorah

Queensland

Australia

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SUMMARY

• Longest Renewable Energy track record (5 years)

• 2 Funds covering technology and large cap opportunities

• 1 technology opportunity portfolio (NEF LP)

• 1 liquid, large cap portfolio (New Energy Liquid Fund LP)

• Registered with the SEC

• 43 Family Office, High Net Worth and Institutional investors

• Offshore fund represents 25% of technology portfolio NAV

• Goldman Sachs prime broker platform

• Concept Capital (SMH) and EFG Offshore administrators

• Experienced 2 person team

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NEXT GENERATION RENEWABLES

Space Solar

Uninterrupted 24/7 solar electricity is now economic and PG&E has a PPA already signed

Upper Atmosphere Wind

Energy in the jet stream is significantly higher than

intermittent, ground level wind.

Enhanced Geothermal

Go deep enough and there is significant energy beneath

everywhere

NEW ENERGY FUND LP546 Fifth Avenue, 14th Floor, New York, NY 10036-5000

markcox@newenergyfundlp.com, 212 419 3918 office, 917 419 3918 cell