FE CLEAN ENERGY GROUP The Company

1. FE Clean Energy GroupRenewable Energy and Energy Efficiency StrategiesGeorge Sorenson, ChairmanFinancial and Technical Synergies Within Our FundsSeptember, 2004

2. FE CLEAN ENERGY GROUPThe Company • FE Clean Energy is a private equity investment firm with approximately $150 million of investment capital. The firm was founded to capitalize on the worldwide growth in energy efficiency projects and renewable energy projects. • The Group has closed over $567 million of infrastructure investments in emerging markets for our funds under management and our co-investors. • Funds under management include The Dexia FondElec Energy Efficiency and Emissions Reduction Fund, The FondElec Latin America Clean Energy Services Fund and the FE Global / Asia Clean Energy Services Fund.

3. FE CLEAN ENERGY GROUPEnergy Efficiency Strategies • FE Clean Energy takes a platform approach to business development. • Establishes and invests in companies with a particular technical specialty in a market • EETEK Hungary: energy efficiency and co-generation with a focus on municipal and industrial users • Optima Energia Mexico: energy efficiency with a current focus on the hotel sector • Thailand and India: a focus on municipal lighting, industrial energy efficiency and renewable energy • Our goal is to invest in the build out of energy infrastructure and share in the gains in efficiency as part of our return.

4. FE CLEAN ENERGY GROUPTechnology Enablers • An environment conducive to the development of energy efficiency and renewable energy projects must be present in the country of investment. • Is there a national policy supporting energy efficiency initiatives that incentivizes the various participants? • The Thai approach to energy auditing

5. FE CLEAN ENERGY GROUPTechnology Enablers • Are financing enablers present? • Can non-recourse financing for energy efficiency projects be obtained from local or governmental financial institutions? • Are potential financial guarantors for energy projects accessible?

6. FE CLEAN ENERGY GROUPTechnology Enablers • Is an appropriate energy regulatory regime in place? • Are tariff guidelines in place that provide appropriate pricing for renewable energy? • Can one enter into long term power purchase agreements to supply power to the grid? • Is the licensing process for new projects clear and efficient? • Can non-recourse financing for energy efficiency projects be obtained from local or governmental financial institutions?

7. FE CLEAN ENERGY GROUPEETEK Ltd. • EETEK is the first independent, full service ESCO in Hungary to provide end-to-end services for energy efficiency upgrades. • EETEK has an in house technical team. • Service is customized for the particular customer. • Services include: energy management, heating system rehabilitation, boiler house reconstruction, waste heat utilization, lighting system modernization, control system implementation. • FE Clean Energy realized EETEK’s expertise could be used in similar projects outside of Hungary. • Initial forays took place in neighboring countries • Gradually a more global approach has taken form

8. FE CLEAN ENERGY GROUPOptima Energia • An emerging Mexican ESCO with expertise in the hotel business, desirous of broadening that expertise to other energy efficiency businesses in both Mexico and other nearby countries in the region. • The Company has struggled with financing problems inherent to emerging markets. • The ability to borrow using a contract as collateral • EETEK has begun working with Optima on potential illumination transactions. • EETEK understands the technology, Optima understands the market • Optima has hotel expertise that may be put to good use in other select Latin American markets and in Southeast Asia. • A low tech solution to hotel energy efficiency fits well in select Asian countries

9. FE CLEAN ENERGY GROUPELPRO and Naturol • The Indian market demand for energy efficiency and renewable energy is increasing dramatically. • ELPRO has an elegant, low tech solution to increase municipal lighting efficiency in Indian cities. • Use of existing cell phone lines to regulate lamps • The city handles all lamp repairs and replacements • ELPRO gets a portion of the savings • EETEK can provide expertise to ELPRO on building ELPRO’s illumination business

10. FE Clean Energy GroupContinued • In the Indian market there is a need to supplement petroleum based fuels with bio-fuels. • Naturol has formed a business to supply bio additives for diesel, initially using waste palm oil, and then transitioning to Jatropa oil. • Naturol is working with the Government of Andra Pradesh to formulate an agricultural subsidy policy for Jatropa bean production. • The Company has tied up with an American oil additive producer, and is getting the quality of their product certified for both the India and European bio-fuel markets. • The Company, in addition to their projected diesel additive sales, is focused on some higher value added nutraceutical businesses. • If the business plan is successful we will transfer the know how to other emerging markets.

11. FE Clean Energy GroupPrivate Equity Strategies • Conclusion • Governments must foster technology enablers in markets they want to promote. • We have found that meaningful technology transfer can occur into as well as between emerging markets. • We try to adjust existing business approaches to similar needs in other markets.