Exolis: A simple idea

1. Solar Panels generate electricity2. Inverter cleans and converts current from DC to AC3. 2-Way Meter connects PV generation to the Grid4. Exolis monitors, maintains & optimizes system5. Exolis collects and webcasts comprehensive metrics

Applied to Shopping Centers . . .

Driving greater value

Distributed Generation with MiniGrid Distribution Complexity creates “barrier to entry” Aggregated demand expands revenue opportunities

Demand Response DSM Procurement

Owners/Developers often hold roof rights Exolis “deals in” the Owners

“Green Center” to the Building Owner Enhanced Lease revenue

Roof and/or Parking Lot Expand asset base on subsidized CapEx

Federal 30% ITC ~10% MACRS

State SRECs Grants

Attract a vital tenant base

“Green Center” to the Tenants New energy choices & reliability

Discounted electricity Emergency back-up for Solar . . . and the Grid

Energy Efficiency Smart minigrid

Open software platform Usage data & controls Insertion point for continuous improvement

Roof enhancement: reduces KWh load “Green” aura and customer traffic

Aggregated Demand Net Revenue: Best Case

Assumes 6% Annual Electricity Price increase & SREC Merchant Model

$(1,500,000) $(1,000,000) $(500,000) $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000

2010

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Annual Expense for Grid Services Annual Project Expense Exolis Annual Revenue from Tenants

Annual SREC Revenue Value of PLC Savings Value of Procurement Savings

Value of Switch to Primary

Solar Power: Mandated by Law 3 Forces driving US adoption

1. Strategic need to end reliance on foreign oil2. Rising price of other forms of Generation3. Global warming

Government initiatives in effect Federal

Congress extends 30% ITC to 2016 Stimulus Bill (ARRA) enables ITC as US Treasury Grant

Any PV system under construction before the end of 2010 Accelerated Depreciation $6B in Renewable Energy Loan Guarantees

PV projects under construction by 10/11 State

29 States with Renewable Portfolio Standard, 19 with Solar Set-asides NJ: transitioned from CORE to RPS & SREC – 2% Solar Set-aside MD: RPS & SREC – 2% Solar Set-aside PA: RPS & SREC goes on as rate-caps come off – 0.5% Solar Set-aside

Utility Grants Utility Loans

Solar Set-asides Across the U.S.

Mid Atlantic leads in Solar Set-asides

Perfect timing for a new entrant Short-term

Demand is set . . . by Government mandate Equipment costs are falling

Massive investment in 2007 & 2008 Increased production of Silicon Panels Thin Film production commercially available in ‘09

Financial crisis stalls Developers geared to tax-equity funding Exolis geared to equity financing while tax-equity funding re-establishes Talent is available and less expensive Distressed asset opportunities

Sound economics drive long-term demand Real Estate developers need new revenues Project finance will return in ~’11 and accelerate IRR Tectonic shift toward distributed electricity generation

PV Grid parity in 2013 Smart grid initiatives Electric in transport sector: Plug-in hybrids

Equipment Costs Falling

Grid Parity Timeline

Real Estate Partner The Goldenberg Group

Greater Philadelphia premier developer “Power Shopping Centers”

14 Projects > 6m square feet Luxury apartments & SFDs JWS “Urban Sustainability Center”

Founding Partner in Exolis 5 Projects

> 2m square feet > 10 MW peak capacity

ROFO on the rest of portfolio

New Entrant in Project Finance

Exolis Energy LLC

Project FinanceTax Equity

Private Equity“Retail” Tax Equity

LP

GPExolis LP 1

$50m10 Projects

NJ & PA

PropertyOwner

LP

GP

Exolis LP 3$150m

75 ProjectsUSA

Exolis LP 2$75m

30 ProjectsPA & MD

Exolis LP 1Project #1Exolis LP 1

Project #1Exolis LP 1Project #1Exolis LP 1

Project #1Exolis LP 1Project #1Exolis LP 1

Project #1Exolis LP 1Project #1Exolis LP 1

Project #1Exolis LP 1Project #1Exolis LP 1

Project #1

Tax Equity finance recovers, and Exolis has equity & credibility to access