FTI Consultings Wind Industry Expertise March 2015 Table of - PowerPoint PPT Presentation

FTI Consulting’s Wind Industry Expertise March 2015

Table of Contents About FTI Consulting Wind Energy Publication Experience Summary of the Global Wind Supply Chain Update 2015 Report The Team 2

About FTI Consulting

FTI Consulting Overview GLOBAL REACH FTI Consulting is a FCN $1.56 BN With over 4,400 employees and global advisory firm offices in 26 countries on six Publicly traded – NYSE Market Capitalization that provides multidisciplinary continents, our breadth and depth 1982 80 solutions to complex extends across every major social, challenges and Year founded Different disciplines political and economic hub across opportunities. the globe. 4,400+ 700+ United by a culture of Employees worldwide Industry specialists urgency, our EXPERIENCED PROFESSIONALS professionals are 440+ 26 FTI are trusted advisors with diverse organised around Senior Managing Directors Offices in 26 countries the globe to provide expertise and exceptional critical assistance credentials serving clients globally 55 2 Nobel wherever and including accountants, economists, whenever needed. 55 of all Fortune 100 Laureates engineers, former CFOs and corporations are clients strategists. 10 of 10 94 Advisor to 94 of the Advisor to 10 of 10 of the world’s top DEEP INDUSTRY EXPERTISE world’s top 100 law firms bank holding companies FTI combine unparalleled expertise and industry knowledge to address critical challenges for clients. Our largest industry groups are: • Ener nergy, P Power & & Prod oducts • Financial Institutions & Insurance • Healthcare & Life Sciences • Real Estate • Retail & Consumer • Telecom, Media & Technology Our energy expertise practices under FTI-CL Energy, a cross-practice team of energy 4 experts from both FTI Consulting and its subsidiary, Compass Lexecon.

FTI Clean Tech Practice Overview Clean Tech Energy Services Technology FTI’s Clean Tech Practice supports clients across the renewable energy value chain, providing a wide FTI Consulting has completed over 25 array of advisory services that address the strategic, financial, operational, reputational, regulatory Analysis of complex engagements in and capital needs of clean technology companies with a focus on wind, solar, and biofuels/biomass. the last 3 years, economic, regulatory and supporting the finance issues to assist entire clean tech clients in understanding the value chain, with issues and opportunities they Construction Plant Design and Equipment experience in the Raw Materials face. and Developers Wind, Solar, and and Machinery Development Manufacturers Installation and Operators Biofuels markets and specific emerging tech. Clean Tech Value Chain We maximize value for our clients by combining our global footprint and core competencies in corporate finance and economics with deep clean tech expertise and extensive industry contacts. FTI Consulting serves clients across the entire value chain in numerous industries, including solar, wind, biofuels, biomass, energy efficiency, storage, electric vehicles, smart grids, etc. We work with a variety of stakeholders in the clean tech industry: investors and lenders, start-ups and established companies, law firms, utilities, regulatory agencies, governments and others. Our significant network of in-house experts in clean tech and adjacent industries allows us to assemble teams with skill sets that match the opportunity and deliver success for our clients. FTI has experience addressing the challenges currently facing clean tech companies which include: Reliance on supportive government policy incentives, Development of new technologies and entering new markets, Excess and idled plant capacity, and The global commoditization and cheap natural gas alternatives, among others. 5

FTI Clean Tech Practice Overview Clean Tech Energy Services Forensic & Economic Corporate Finance & Restructuring Litigation Consulting Consulting Interim Transaction Advisory Business Plan & Regulatory & Restructuring Management & Due Diligence FTICA Strategy Litigation  Distressed &  Interim management  M&A /Transaction  M&A Buy-Side  O&M strategy  Policy Evaluation Turnaround Advisory (COO, CEO, CFO) Support Services  Technical &  Litigation  Business  Market Entry/Exit  M&A Sell-Side commercial plant  Dispute Resolution  CRO Transformation Strategy Services assessment  Business plan review  Financial modeling  Due Diligence –  Valuation and  Resource, Technology  Lender negotiations and planning technical & financial Opinions & Market Assessment  Treasury and risk  Tax Advisory  Private Placements  Supply chain management  Post Acquisition  Strategic Alternatives evaluation &  Cash projections Dispute Advisory development  Operations and  Merger Integration  Business Model metrics Evaluation &  Working capital Development management  Power Market Price Forecasts 6

Relevant Wind Energy Experience The FTI-CL Energy Team has advised numerous stakeholders across the energy value chain Large ge Japanes nese e Leadin ing Equipment ment European U Utili lity Manufacturer Commercial wind turbine Developed offshore S vs D Competitive analysis and Technical expert for offshore Tax Advisor dispute with $60m at stake. analysis & supply chain strategic supply chain wind supply chain and to the Company Expert witness in technical strategy review manufacturing development dispute for wind turbine OEM. report Wind P Power P Plants Supply C ly Contractual l Disput ute $ e $300m a 0m at stake ke Rotor blade assessment Contractual dispute for including review of Multi- Due diligence on global gearbox supply with $100m Expert witness support Global evaluation of MW blade technologies, wind castings supply at stake. Expert witness delivering expert opinion. offshore wind shipping competitive landscape chain for a leading Asian Settlement reached in favour of support delivering expert opportunity foundry opinion. client Due D e Diligenc ence o e on Acquisition ons Holdings one of on of E Europe’s Company i y in Abu D Dhabi large gest develo lopers Prepared the market due Evaluation of the wind Due diligence in Tennet Performed technical and financial diligence for a large Chinese gearbox supply chain and offshore transmission Financial Advisor due diligence for developer with wind turbine vendor to to the Secured Lenders provided investment guide assets wind, solar, biomass, and hydro support its IPO plants to secure a €75m loan Note: Some cases were serviced by FTI team members while with previous firms. 7

Relevant Wind Energy Experience (Continued) The FTI-CL Energy Team has advised numerous stakeholders across the energy value chain $3B Multi-Utility Provi Pr vider a and Acquisition on o of S Solar Renew ewable e Business Energy Se Serv rvices Company Technical and Financial Due Diligence for acquisition of Financial Advisor Financial Advisor Financial Advisor Transaction Advisor solar business in Southern to the Lender to the Company to the Lender to the Lender Europe Financial Advisor to the Interim Chief Financial Advisor Financial Advisor Chief Restructuring Official Committee of Financial Officer & CRO to the Company to the Lending Syndicate Officer Unsecured Creditors Hybrid C d Co- $53M 3M D Devel eloper er Photov ovol oltaic Generation on, and C Construction o of Prod oducts Photov ovol oltaic a and Rene enewable E Ener nergy Manufacturer Conventional F l Fuel l and P Power Generation P Platform Generation on Projects Pre- and post-bankruptcy Solution ons C Company filing crisis management / Financial Advisor Financial Advisor Transaction Advisor Chief Restructuring Sell-Side Investment to the Company to the Company to the Investor Officer Banking Services to the Company 8

Wind Energy Publication Experience

Wind Energy Publication – Global Wind Supply Chain Update 2015 This report: Examines the supply chain situation for 12 key components (350+ suppliers) and three key materials (150+ suppliers), which account for more than 95% of a wind turbine’s total cost; Includes an assessment of offshore wind farm balance of plant and the forecast for the global wind market growth to 2018; and Summarizes the world’s top 15 turbine manufacturers ‘ supply chain strategies and supplier relationship matrix. Link to Full Report. 10

Wind Energy Publication – Innovative Financing of Offshore Wind This report: Provides an extensive assessment of the investors poised to enter the sector and the ways they can infuse their equity and debt into this new and rapidly growing infrastructure asset; A review of the financial instruments available for offshore wind development as well as analysing innovative funding structures; and Includes global offshore wind capacity forecast up to 2025 and the CAPEX and OPEX evolution in the offshore wind sector. Link to Full Report. 11