1. APEC Renewable Energy Finance Forum Comments on American Council on Renewable Energy (ACORE) Meeting in New York Presented by Terry Surles, Pacific International Center for High Technology Research on behalf of Mike Eckhart, ACORE CEO May 14, 2004

2. One of the Leading Growth Industries in the Early 21 st Century Markets Must Adjust Due to Security Concerns Alternative Investment Vehicles Global Market Growth for Electricity Global Warming Fossil Fuel Price Volatility Electricity Deregulation

3. Recent Growth Has Resulted In Global Annual Renewable Energy Installations of $15 Billion Invention and Discovery Major Technology Changes Major Market Needs Government Incentives – for All Energy Systems Government Renewable Resource Assessments Technology/Institution Linkages

4. Product Segmentation SOLAR ELECTRIC FUEL CELLS SOLAR THERMAL BATTERIES SYSTEMS/ COMPONENTS BIOMASS MICRO- TURBINES CLEAN FUELS Hydrogen

5. Photovoltaic Growth A B C D

6. Investment Criteria are Consistent with Silicon Valley Strong Management Team Technology Based Proprietary Product Substantial Capital Appreciation Limited Legal/Financial Downside Venture Stage: Pre-commercialization to Expansion

7. The Powerlite Story: An Example of Public Goods R&D Linking to Public Policy Incentives Idea for PV Buildings Energy efficient Material Discussed with CEC Seed Money for Tech Development from CEC, later supplemented by USDOE Technology Commercialization Helped by California Renewable “Buy-Down” Program. Installation subsidized by up to $4.50/watt One of the Largest PV Building System in Nation at St. Rita Jail – 1 MW $30M/year, 100 employees; contact John Shugar

8. Renewable Energy Finance Forum-Wall Street Co-organized by ACORE and Euromoney Energy Events All U.S.-based Renewable Energy Associations Involved Attempts to Coordinate of Renewable Industry Similar to Coal, Oil, and Nuclear Keynote by Governor Pataki

9. Some Speakers and their Affiliations Include: Steve Zwolinski, President, GE Wind Energy Bruce Braine, Vice President, American Electric Power Mark Riedy, Partner, Pillsbury Winthrop LLP Jonathan Johns, Partner, Ernst & Young Michael Ware, Managing Director, Advanced Capital Markets Steven Sishaver, Director of Structure Finance, FPL Energy LLC Steven Greenwald, Managing Director for Global Finance, Credit Suisse First Boston Chris Walker, Managing Director, Swiss RE Nancy Floyd, Director, Nth Power Phil Deutsh, Director, PERSEUS Capital