1. Clean Technology North American Wind & Solar Industries Sung Ha Chung Siming Li Stefanie Wong Weiting Chen

2. Agenda  Overview  Revolution of Clean Tech  Energy Generation Segment  Wind & Solar Energy  Companies  First Solar Inc.  Canadian Solar Inc.  ETF  Global Wind Energy Index Fund 2

3. Clean Tech Industries Overview

4. Revolution of Clean Tech  In the 1970s, clean tech was considered “alternative”  Environmentalism and lifestyle advocates  Too expensive & lack of political support “Clean technologies are designed to provide superior performance at a lower cost while creating significantly less waste than conventional offering – promises to be the next engine of economic growth.” – Ron Pernick 4 Source: The Clean Tech Revolution by Ron Pernick

5. Revolution of Clean Tech  Six reasons why it is prevalent today  Costs  Capital  Competition  Consumers,  Climate  China 5

6. Key Industry Segments 1.Energy Generation  wind, solar, geothermal, etc. 2.Energy Storage  Fuel Cells, Advanced Batteries 3.Energy Infrastructure 4.Energy Efficiency 5.Transportation 6 Source: Cleantech Group

7. Industry Segments 6.Water & Wastewater 7.Air & Environment 8.Materials 9.Manufacturing/Industrial 10.Agriculture 11.Recycling & Waste 7 Source: Cleantech Group

8. Energy Generation Overview 8

9. Energy Generation  Wind  Solar  Hydro/Marine  Biomass  Geothermal  Other 9

10. US Energy Production and Consumption 2009 10 Source: US DOE

11. US Energy by Energy Source 2000- 2009 ProductionConsumption 11 Source: US DOE

12. Cost of Renewable Energy by Technology 2009 12 Source: US DOE

13. Cost of Conventional Energy 13 Source: First Solar Inc.

14. US Capacity & Generation 2009 14 Source: US DOE

15. US Capacity & Generation 2009 (excluding hydropower) 15 Source: US DOE

16. US Capacity & Generation 2009 by Source 16 Source: US DOE

17. Top States for Renewable Electricity Installed Nameplate Capacity 2009 17 Source: US DOE

18. Top States Renewable Electricity Installed Nameplate Capacity 2009 18 Source: US DOE

19. Renewable Electricity Capacity Worldwide 19 Source: US DOE

20. Worldwide Renewable Electricity Generation Capacity 20 Source: US DOE

21. Top Countries with Installed Renewable Electricity 21 Source: US DOE

22. Top Countries with Installed Renewable Electricity by Technology 2009 22 Source: US DOE

23. Industry Development  Global renewable electricity installations have more than tripled from 2000-2009  Renewable energy accounts for 21% of global electricity generation (including hydropower); 3.8% excluding hydropower  Wind and solar PV fastest growing; capacity grew 14x between 2000-2009  In 2009, Germany led the world in cumulative solar PV installed capacity. The US leads in wind, geothermal, biofuels, and CSP 23

24. Government Energy Subsidies  Industry reliant on government subsidies  Subsidies takes 4 main forms:  Direct Expenditures  Tax Expenditures  Research and Development  Targeted Programs & Indirect support(i.e.: Loans Guarantees programs by US Department of Agriculture) 24

25. Feed-in Tariff  Industry benefited from introduction of feed-in tariff (FiT)  a policy mechanism designed to encourage the adoption of renewable energy  As a government mandate, utility companies pay the homeowners, business and organizations to generate their own electricity  First implemented in US in 1978 by president Jimmy Carter  As a reaction to 1970’s energy crisis  As of 2009, FiT enacted in 63 jurisdictions around the world  Denmark, Spain, and Germany 25

26. Government Energy Subsidies in 2007 26 Source: US EIA

27. Wind Energy Industry Overview 27

28. Wind Energy Technology  Two modern wind turbines  Vertical-axis  Horizontal-axis Vertical-axis wind turbineHorizontal-axis wind turbine

29. Wind Farms Onshore Wind FarmOffshore Wind Farm 29

30. How Do Wind Turbine Works 30

31. Industry Development  US installed wind energy capacity increased almost 14x between 2000 and 2009  US wind experienced record growth in 2009 and nearly 10 GW of new capacity was added  Texas led the United States in wind installations in 2009, installing more than 2,292 MW of wind capacity  In 2009, average price of wind power was about $0.40 per kilowatt hour — a price that competes with fossil fuel- generated electricity  In 2009, China surpassed US as the world leader in annual installed wind capacity, with more than 13.8 GW added. 31

32. Industry Performance  $13.13 billion in revenues in 2010 *  Contracted 0.3% annually since 2005  Recession and competition from other alternative energy sources 32 Source: IBIS World *Estimated from 2010 contracts

33. Turbine Manufacturers 33 Source: US DOE

34. US Wind Energy Nameplate Capacity and Generation 34 Source: US DOE

35. US Wind Power Sales Price 35 Source: US DOE

36. Wind Energy Capacity 2009 36 Source: US DOE

37. Solar Energy Industry Overview 37

38. Solar Energy Technology  Solar Thermal  Uses energy from the sun to heat water & buildings or generate electricity  Photovoltaic (PV) Systems  Conversion of sunlight directly into electricity  PV solar panels  Concentrated Solar Power (CSP) The solar furnace at Odeillo France PV CSP

39. Industry Development  Solar energy electricity generation has nearly 4x between 2000 and 2009, but still represents a very small part of overall U.S. electricity generation.  Countries with aggressive solar policies—such as Germany, Spain, and Japan— lead the world in solar photovoltaic (PV) deployment.  China is the market leader with nearly 40% of the global PV cell production.  A number of concentrating solar power (CSP) plants came online in 2009, including 12 MW in the United States and 120 MW in Spain. 39

40. Industry Performance  $57.98 billion in revenues in 2010 *  Annual growth of 4.7% 2005  Higher levels of electricity generation and higher price 40 Source: IBIS World *Estimates

41. Photovoltaic Manufacturers 41 Source: US DOE

42. US Solar Energy Capacity and Generation 42 Source: US DOE

43. US PV Power Sales Price 43 Source: US DOE

44. Solar Energy Installed Capacity 2009 44 Source: US DOE

47. Stock Performance – 1 Year

48. Stock Performance – Max

49. Comparison of 37 Month Cumulative Total Return Source: First Solar Annual Report

50. Company Snapshot Formed in 1999 and launched production of commercial products in 2002 IPO on Nov17, 2006 1st pure-play renewable energy company added to the S&P 500® composite index Ranked #7 on Fortune's list of 100 fastest growing companies, and #1 on its list of profit growth for energy companies.

51. CORPORATE HISTORY

52. Corporate History Glasstech Solar – Founded by inventor/entrepreneur Harold McMaster in 1984 – Envisioned the opportunity for low cost thin films made on a large scale – Shifted to CdTe technology and founded Solar Cells Inc. (SCI) in 1990 Purchased by True North Partners in 1999 – Investment arm Wal-Mart Establishment of First Solar – John T. Walton joined the Board of the new company – Mike Ahearn of True North became the CEO

53. First Solar Inc. -- Ownership

55. Current Position World’s largest thin film solar module manufacturer 2 nd largest Photovoltaic (PV) manufacture Approximately 1.2 gigawatt (GW) production capacity operating or announced World’s lowest cost solar module manufacturer – $0.93/W, breaking the $1 per watt price barrier in Q4 of 2008

56. Source: Modified from Photon International * Based on location of facilities Current Position

57. Competitive Cost Environment Source: First Solar Overview

58. Acquisitions July 2010 All-cash transaction valued at $297 million Solar development firm in North America Formed by the inaugural fund of Energy Capital Partners (Private equity firm) April 2009 All-stock transaction valued at $400 million First Solar issues ~3 million shares of common stock representing a dilution of about 3.5% Photovoltaic project pipeline

59. First Solar Subsidiaries SubsidiariesCtry Ownership (%) Date of inform. Revenue (mil USD) No. of Employees DirectTotal 1.FIRST SOLAR HOLDINGS GMBHDE100.00 09/2009<0,5n.a. 2.NEXTLIGHT RENEWABLE POWER, LLCUS100.00 07/2010330 3.FIRST SOLAR FE HOLDINGS PTE LTDSG>50.00n.a.12/2008n.a. 4.FIRST SOLAR GMBHDE->50.0012/20082,05394 5.FIRST SOLAR MALAYSIA SDN BHDMY>50.00n.a.12/2008n.a. 6.FIRST SOLAR MANUFACTURING GMBHDE->50.0012/2008433686 7.FSE BLYTHE I LLCUS>50.00n.a.12/2008n.a. 8.FSE BLYTHE LAND HOLDINGS LLCUS>50.00n.a.12/2008n.a. 9.FIRST SOLAR ELECTRIC, LLCUSMOn.a.12/2009<0,525 Data Source: MintGlobal Database

60. EXECUTIVE MANAGEMENT

61. Executive Chairman Michael J. Ahearn (Age: 53) Joined First Solar since Aug 2000 Was the Partner and President of JWMA – Formerly True North Partners – Equity investment firm – Majority stockholder of First Solar Practiced law as a partner in the firm of Gallagher & Kennedy prior to joining JWMA Served on many boards – Arizona Technology Enterprises – Arizona State University Research Park – Homeward Bound – Arizona Science Museum – German Marshall Fund of the United States (Currently) Received both a B.A. in Finance and a J.D. from Arizona State University

62. Chief Executive Officer Robert J. Gillette(Age: 50) Joined First Solar in October 2009 President and CEO of Honeywell Aerospace prior to coming to First Solar Spent over 10 years at General Electric and served in many senior management positions prior to joining Honeywell Received a B.S. in Finance from Indiana University.

63. President Bruce John ( Age: 48) Joined First Solar since Feb 2007 Senior executive from Intel Corporation Engineering graduate of MIT Guest lecturer at MIT, Stanford and Duke Published research in many high technology topics – applying constraint theory to semiconductor process lines – high-volume factory design – silicon surface defects, oxygen gettering – gate oxide quality, transistor design and statistical design of experiments Currently chairs the US Commerce Department's Manufacturing Council for the Obama administration

64. Executive Management Team Jens Meyerhoff (Age: 45) – Chief Financial Officer – Joined First Solar in 2006 – Formerly a CFO from Virage Logic Corp., FormFactor and Siliconix Inc. – Holds a German Finance & Information Technology degree T. K. Kallenbach(Age: 50) – VP - Marketing and Product Management – Joined First Solar in 2009 – Formerly a senior executive from Honeywell – Holds a B.S. in mechanical & aerospace engineering and a MBA from Arizona State University

65. Carol Campbell(Age: 58) – VP - Human Resources – Joined First Solar in 2006 – Formerly a Regional HR Director at the Dana Corporation James Zhu(Age: 48) – Chief Accounting Officer – Joined First Solar in 2007 – Formerly an Assistant Controller, VP, Corporate Controller for Salesforce.com, Chiron Corporation – Certified Public Accountant, B.A. in Economics & M.B.A. in Accounting Executive Management Team

66. The 2010 All-America Executive Team Leader Board RankCompanySector1 st Place Total 1 st Place CEOs 1 st Place CFOs 1 st Place IR Pros 1 st Place IR Cos 1First SolarAlternative Energy82222 2StaplesRetailing/Hardlines71222 5Goldman Sachs Group Brokers, Asset Managers & Exchanges 61212 10CoachApparel51121 10Intel Corp.Semiconductors52102 20McDonald’sRestaurants42002 35Procter & Gamble Co. Cosmetics, Household & Personal Care 30120 50Exxon MobilIntegrated Oil21001 94AppleIT Hardware10001 94EBayInternet10001 Source: http://www.iimagazine.com/Research Most Honoured Companies Rated by Buy-side Analysts, Portfolio Managers, and Sell Side Analysts

67. PRODUCTS & SERVICES

68. Products & Services Uses a thin film semiconductor technology to manufacture electricity-producing solar modules. Designs, constructs and sells photovoltaic (PV) solar power systems

69. Thin Film Semiconductor Technology Cadmium Telluride Photovoltaics (CdTe PV) – A semiconductor layer designed to absorb and convert sunlight into electricity First and only thin film PV technology to surpass crystalline silicon PV in cheapness for a significant portion of the PV market, namely in multi-kilowatt systems Cadmium telluride

70. First Solar Technology Source: First Solar Overview

71. Cross-section of a CdTe Thin Film Solar Cell Source: First Solar Overview

73. Two Business Segments 1.Module Manufacturing – Designs, manufactures and sells solar modules to solar project developers and system integrators 2.System Solutions: provides PV solar power system for commercial systems – Project development, engineering – Procurement and construction (EPC) – Operating and maintenance (O&M) services – Project finance

74. Representative Projects – PV Modules Source: First Solar Overview

75. Announced U.S. Utility Contracts for PV & Solar Thermal

76. Sales Channel Established Developers & Integrators

77. Capacity Growth Source: First Solar Q3 2010 Earnings Call

78. Market Overview Source: First Solar Q3 2010 Earnings Call

79. Industry Market Demand Source: First Solar Q3 2010 Earnings Call

80. Geographical Diversification Strategy Source: First Solar Q3 2010 Earnings Call

81. Cost per Watt Trend Source: First Solar Overview

82. Risk Factors 1. Migration from Existing Subsidy Markets to Transition Markets is Discontinuous Source: First Solar Overview

83. Crossing Over to Sustainable Market Source: First Solar Overview

84. 2. Limited Number of Customers MAJOR CUSTOMERS Revenue from12/26/200912/27/200812/29/200712/30/2006 ( th USD)(%)( th USD)(%)( th USD)(%)( th USD)(%) All customers2,066,20 0 100%1,246,30 1 100%503,976100%134,974100% CUSTOMER 100%138,82211%74,46515%23,02317% CUSTOMER 200%135,23211%51,98910%21,56816% CUSTOMER 3264,74413%143,85712%76,66915%25,88219% CUSTOMER 4356,06817%231,55719%113,66423%25,05419% CUSTOMER 500%149,94612%68,49214%22,35317% CUSTOMER 600%0 65,35213%00% CUSTOMER 7261,31413%00%0 0 Others 57% 36% 11% 13% Data Source: MintGlobal Database

85. 3. Government Regulations/Incentives Reduction of government subsidies, or other supports adversely impact operating results – German feed-in tariffs will be adjusted earlier than expected – California’s RPS goal of 33% of electricity from renewable sources by 2020 has not passed by the CA legislature – A new feed-in tariff program introduced in Ontario, Canada as a primary subsidy program for future renewable energy projects

86. FINANCIALS

87. Balance Sheet (Quarterly) -- Assets (In thousands, except share data) (Unaudited)

88. Balance Sheet (Quarterly) – Liabilities & SHE (In thousands, except share data) (Unaudited)

89. Source: First Solar Annual Report Balance Sheet (Annual) -- Assets

90. Balance Sheet (Annual) – Liabilities & SHE

91. Balance Sheet Highlights Source: First Solar Q3 2010 Earnings Call

92. Consolidated Income Statement (Annual)

93. Consolidated Income Statement (Quarterly) (In thousands, except share data) (Unaudited)

94. Net Sales & Diluted EPS Trends Source: First Solar Q3 2010 Earnings Call

95. Income Statement Highlights Source: First Solar Overview

96. Balance Sheet & Income Statement Items (Based on 2009 Annual Report, In thousands of USD) Company nameCtryRevenue Net IncomeTotal AssetsShareholders Funds Average 2,046,300 78,949 2,521,158 1,545,547 LSI CORPORATIONUS 2,219,159(1) (47,719)(8) 2,967,930(4)1,461,104(5) ELCOTEQ SELU 2,180,392(2) (151,328)(11) 742,295(11)35,687(11) AMKOR TECHNOLOGYUS 2,179,109(3) 155,980(3) 2,432,909(7)383,209(10) BENCHMARK ELECTROUS 2,089,253(4) 53,895(6) 1,465,720(9)1,090,903(8) FIRST SOLAR, INC.US 2,066,200(5) 640,138(1) 3,349,512(3)2,652,787(2) VISHAY INTERTECHUS 2,042,033(6) (57,188)(9) 2,719,546(5)1,516,446(4) ANALOG DEVICES INCUS 2,014,908(7) 247,772(2) 3,404,294(2)2,529,149(3) SKYWORTH DIGITALBM 2,006,322(8) 61,286(5) 1,427,392(10)561,641(9) NICHIA CORPORATIONJP 1,922,789(9) 3,791(7) 4,471,562(1)4,008,799(1) THOMAS & BETTS Co.US 1,898,700(10) 107,910(4) 2,453,407(6)1,341,209(7) TAIYO YUDEN LTDJP 1,890,438(11) (146,096)(10) 2,298,175(8)1,420,082(6) The figures displayed between brackets show the position of the company within the group Data Source: MintGlobal Database

97. Financial Ratios Comparison Company nameCtryCurrent Ratio Profit MarginROEROASolvency Ratio Average 3.60 4.07 -35.84 0.41 54.45 LSI CORPORATIONUS1.86(8)-5.89(9)-8.95(9)-5.15(9)49.23(8) ELCOTEQ SELU0.94(11)-7.74(10)-472.73(11)-56.92(11)4.81(11) AMKOR TECHNOLOGYUS1.54(9)5.81(4)33.02(1)13.24(3)15.75(10) BENCHMARK ELECTROUS3.53(3)2.48(6)4.76(6)4.74(6)74.43(3) FIRST SOLAR, INC.US3.42(6)33.22(1)25.87(2)23.41(1)79.20(2) VISHAY INTERTECHUS3.45(5)-1.94(8)-2.62(8)-1.27(8)55.76(6) ANALOG DEVICES INCUS6.44(2)14.76(2)11.76(4)9.99(4)74.29(4) SKYWORTH DIGITAL LTDBM1.47(10)4.13(5)14.75(3)15.80(2)39.35(9) NICHIA CORPORATIONJP10.87(1)0.82(7)0.39(7)0.56(7)89.65(1) THOMAS & BETTS CO.US3.46(4)7.96(3)11.27(5)8.59(5)54.67(7) TAIYO YUDEN LTDJP2.65(7)-8.85(11)-11.78(10)-8.52(10)61.79(5) The figures displayed between brackets show the position of the company within the group Data Source: MintGlobal Database

98. Consolidated Statements of Cash Flows (Annual)

100. Statements of Cash Flows (Quarterly) (In thousands, except share data) (Unaudited)

101. Statements of Cash Flows (Quarterly) (In thousands, except share data) (Unaudited)

102. Operating Cash Flow & Free Cash Flow Source: First Solar Q3 2010 Earnings Call

103. Recommendation

104. CANADIAN SOLAR INC. North America Green Tech Inc.

106. Stock Market Overview  Stock Market Analysis  Ticker Symbol: CSIQ  Stock Index Info: NASDAQ composite (Weight: 0.04%)  Listed on NASDAQ Exchange in 2006 Time Frame: 1 Year Source: http://phx.corporate- ir.net/

107. Stock Performance (1-yr)

108. Stock Performance (5-yrs)

109. Stock Performance (Max)

110. Corporation Background

111. Company Background  Found in Ontario, Canada 2001  Operate in 7 countries: Canada, China Germany, Italy, Japan, Korea and US  Delivering solar modules to over 30 countries  7 manufacturing subsidiaries, total facility space of 256,439 sqm and module capacity of 1.3 GW  First solar PV manufacturer to achieve registration with ISO: TS16949

112. Company Overview  Vertical integrated manufacturer of ingots, wafers, cells, solar modules and custom-designed solar power applications  Major Markets:  South Korea, Germany and other European countries  Major Customers:  Solar distributors and system integrators such as WSW engineering Inc., Fire Energy S.L  Manufacturers who incorporate our customized solar modules in their bus stop, road lighting and marine lighting products

113. Operating Strategy  Vertical integration  Achieving a higher ratio of internal cell production compared to external sourcing  Develop new markets such as Canada, Japan and China for strategic diversification  Major market exposure reduction  Market share expansion

114. Subsidiaries  CSI Project Consulting GMBH  Direct ownership: 70%  Canadian Solar USA Inc.

115. Management Team

116. Board of Directors & Executive Team  Board of Directors  Shawn (Xiaohua) Qu (Chairman, President & Chief Executive Officer (CEO) )  Arthur Chien (Director)  Robert McDermott (Independent Director)  Lars-Eric Johansson (Independent Director)  Michael G. Potter (Independent Director)  Executive Team  Shawn (Xiaohua) Qu (Chairman, President & Chief Executive Officer (CEO) )  Arthur Chien ( Chief Financial Officer)  Mr. Gregory Spanoudakis ( President of European Operations)  Yan Zhuang ( Corporate Vice President, Global Sales and Marketing)

117. Management Shawn (Xiaohua) Qu President & Chief Executive Officer  Join Canadian solar since founding in 2001 and serve as board of director in 2005  Background:  Bachelor of science in applied physics from Beijing, China in 1986  Master of science in physics from University of Manitoba in 1990  Ph.D. degree in material science from the University of Toronto in 1995  Previous positions:  As product engineer in ATS Automation Tooling Systems, Inc  Technical vice president (Asia Pacific region) of Photowatt International S.A.  post-doctorate researcher at the University of Toronto

118. Management Arthur Chien Chief Financial Officer  Was first an independent director from 2005-2007, then become CFO since 2008  Background:  Bachelor of Science degree from the University of Science and Technology of China  Master of Economics degree from the University of Western Ontario, Canada  Previous Positions:  managing director of Beijing Yinke Investment Consulting Co. Ltd  Chief Financial Officer of China Grand Enterprises Inc  Chief Financial Officer of the Chinese operations of NV Bekaert SA

119. Management Gregory Spanoudakis President of European Operations  Join as a Vice-president since 2002  Background:  Bachelor of business degree from Concordia University and University of Essex, England  MBA degree on International Business Development from Concordia University  Previous Positions:  2002 - 2008: Vice President for International Sales and Marketing  Involved in the semiconductor and solar power industries for 21 years, the last 9 years of which have been in the solar power industry.  1988 - 1999: Senior Executive with Future Electronics, one of the world’s largest distributors of semiconductor components, where he headed the International Division and the Export Development program

120. Product Overview

121.  Raw material: Polysilicon, Silicon wafer, solar cell  Polysilicon & Silicon wafer: import from supplier  Germany and China  Solar cell: Manufacture + import from supplier  China and Taiwan

122. Distribution Channels  Sales contracts to distributors  Sales to “Project Customers” – systems integrators, EPCs and project developers  OEM/tolling manufacturing arrangements

123. Product Manufacturing process

124. Solar Cell Manufacturing Process Solar cell production line has an annual capacity of 420 MW

125. Solar Modules ManufacturingProcess

126. Products Standard

127. High PTC Rating

128. Power Tolerances

129. Standard Modules  Powered by high efficiency mono-crystalline or poly-crystalline solar cells  Suitable for all types of solar applications  From large scale solar farms to residential and commercial roof- top systems  Higher energy production  Top ranked PVUSA (PTC) rating in California  Withstand heavier snow load  Strong framed module, passing mechanical load test of 5400Pa  The average selling price of our standard solar modules decreased from $4.23 per watt in 2008 to $2.13 per watt in 2009

130. NewEdge Modules CS6P-PX  Allows for rail-free and fast installation  Robust 60 cell solar module incorporating Zep Compatible frame  Applications  Residential roof-tops, commercial/industrial roof-tops, solar power stations

131. NewEdge All-black CS5A-MX  Use high efficiency mono-crystalline silicon cells laminated with a black back sheet  Allows for rail-free, fast installation  Robust 60 cell solar module incorporating Zep Compatible frame  Designed for multiple types of mounting system  Applications  Residential roof-tops, commercial/industrial roof-tops, rural area applications, solar powerstations

132. BIPV Products  Use double low iron tempered glass with solar cells laminated in between  Used as part of the construction material for a building and a source of electricity  Applications  roof, façade, skylight, shade

133. Competitions & Gov’t Regulations

134. Competition  Other source of renewable/ alternative energy  International Companies (Solar):  SunPower, First Solar and Sharp Solar  China-based Companies (Solar):  Suntech, Yingli and Trina  Recently entered / Future competitors:  Semiconductor manufacturers  Competitors employed alternative material & solar technologies: Thin Film materials  Require minimal or no silicon (less affected by silicon cost)  Less efficient (Module conversion efficiencies range approx. 5% to 11%)

135. China Gov’t Regulations  Principal regulation governing foreign ownership of solar power businesses: “Foreign Investment Industrial Guidance Catalogue”  Classified as “encouraged foreign investment industry”  Eligible for preferential treatment  Exemption from customs and input Value added taxes, and priority consideration in obtaining land use rights  Apply to construction and operation of solar power stations, production of solar cell manufacturing machines, production of solar powered air conditioning, heating and drying systems, and the manufacture of solar cells.  25% Income Tax

136. Future operating risk  Decline in market price of raw material  decrease in revenue and market share  Demand depends on cost of third-party financing arrangement with customers  Largely depends on Gov’t subsidise for solar power  Exchange rate risk (From 2007 onwards, majority of sales dominated in Euros & depreciation of USD against Euros in 2007)

137. Financial Analysis

138. Trends for Key Financials

139. Overview of Financial statement

140. Ratios

141. Quarterly B/S

142. Quarterly B/S (Cont’d)

143. Consolidated Balance sheet

144. Consolidated Balance sheet (Cont’d)

145. Income Statement

146. Income Statement (Cont’d)

147. Quarterly Income statement

148. Quarterly Income statement (Cont’d)

149. Cash Flow Statement

150. Cash Flow Statement (Cont’d)

151. Financial Forecast

152. Recommendation  Current + Liquidity Ratio, Inventory, Operating Revenue, Short-term Borrowing, Total Current Liability  Cash, Total Current Asset, Retained Earning HOLD

153. 

154. Agenda- EFTs  What are ETFs?  Types of ETFs  How EFTs compare to others?  Competitive Performance  Tax efficiency Investment Solution  A Liquid Investment Solution  The structural safety of ETFs  Investment strategies using ETFs  ETF Providers in Canada

155. What are ETFs? Exchange-Traded Funds (ETFs)  Provide an efficient and simple way for investors to buy and sell an entire basket of securities with a single transaction throughout the trading day.  ETFs are built like an index fund, but trade like a stock.  Designed to track a specific index and offer investors the advantages of lower costs and improved tax efficiency

156. Types of ETFs  Index ETFs  Inverse and Leveraged ETFs  Commodity ETFs  Currency ETFs  Actively managed ETFs  Exchange Traded Notes (ETNs)

157. How ETFs compare to others?

158. Competitive Performance  Diversification  Low expenses  Tax efficiency  Flexible  Transparency  Intraday liquidity

159. Tax efficiency Investment Solution  The inherent tax efficiency of ETFs - ETF shares trade, like stocks, on major stock exchanges. - ETF shares are created and redeemed through “in-kind” transactions rather than cash. - Low portfolio turnover.

160. Tax advantages of ETFs

161. A Liquid Investment Solution  Intraday Liquidity of ETFs vs. Mutual Funds  Liquidity provides Flexibility  ETF Structure Provides Two Levels of Liquidity

162. Intraday Liquidity of ETFs vs. Mutual Funds

163. Liquidity provides Flexibility  ETFs are structured to provide superior flexibility and liquidity.  Compare the flexibility in trading of ETFs, stocks and open- ended mutual funds in the table below.

164. ETF Structure ETFs offer unparalleled liquidity relative to mutual funds stocks. ETF Structure Provides Two Levels of Liquidity :  Market supply and demand  Designated Brokers (DBs) - Key to Liquidity in the ETF Market

165. The structural safety of ETFs

166. Investment strategies using ETFs  Asset allocation  Portfolio completion  Tax loss harvesting

167. Investment strategies using ETFs  Core and satellite portfolio structure  Diversification  Hedging

168. ETF Providers in Canada  Claymore Investments, Inc.  Horizons AlphaPro ETFs  Horizons BetaPro ETFs  BMO Exchange Traded Funds  Deutsche Bank  Barclays Capital

170. http://www.bloomberg.com/apps/quote?ticker=FAN:USHold down Apple key ⌘ + Shift + 4 and release all keyhttp://www.bloomberg.com/apps/quote?ticker=FAN:USHold down Apple key ⌘ + Shift + 4 and release all key

171. Fund Performance – 1 Year  http://www.bl oomberg.com/ apps/quote?tic ker=FAN:US http://www.bl oomberg.com/ apps/quote?tic ker=FAN:US  1yr & 5yr

172. Fund Performance – 5 Year  http://www.bl oomberg.com/ apps/quote?tic ker=FAN:US http://www.bl oomberg.com/ apps/quote?tic ker=FAN:US  1yr & 5yr

173. Agenda- FAN  Fund Objective  Fund Overview & Characteristics  Fees and Expenses of the Fund  Performance  After-tax returns  Principal Risks  Management

174. Global Wind Energy Index Fund (FAN)  Fund Objective Seek investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of an equity index called the ISE Global Wind Energy Index.

175. Fund Objective  The index is constructed as follows:  The wind energy industry are given an aggregate weight of 66.67% of the index --smaller market capitalizations  A modified market capitalization weighted methodology  Be actively engaged in the wind energy industry  must have a market capitalization of at least $100 million & meet certain investability requirements.  The index is reconstituted and rebalanced semi-annually.

176. Fund Overview & Characteristics Pursuant to contract, First Trust has agreed to waive fees and/or pay fund expenses to prevent the net expense ratio of the fund from exceeding 0.60% per year, at least until May 15, 2011.

177. Fees and Expenses of the Fund  Shareholder Fees –None  Annual Fund Operating Expenses

178. Performance

179. After-tax returns  After Tax Held returns represent return after taxes on distributions.  After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares.  Market Price returns are based on the midpoint of the bid/ask spread.  After-tax returns are calculated using the historical highest individual federal marginal income tax rates.

180. Top 10 Holdings

181. Sector Breakdown

182. Top Country Exposure 

183. Performance  Performance data quoted represents past performance.  Past performance is not a guarantee of future results.  The fund’s performance reflects fee waivers and expense reimbursements  Performance information for the ISE Global Wind Energy Index is for illustrative purposes only and does not represent actual fund performance  Obtain performance information through the most recent month-end by visiting ftportfolios.com.

184.  PRINCAL RISKS… RISKS…

185. Risks  MARKET RISK  NON-CORRELATION RISK  REPLICATION MANAGEMENT RISK  WIND ENERGY RISK  NON-DIVERSIFICATION RISK  UTILITIES SECTOR RISK  LIQUIDITY RISK  NON-U.S. SECURITIES RISK  CURRENCY RISK

186. Management  Investment Advisor First Trust Advisors L.P. (“First Trust”)  Portfolio Managers － There is no one individual primarily responsible for portfolio management decisions for the Fund. － Investments are made under the direction of a committee the “Investment Committee”

187. 