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Environmental Business: growth trends & normal companies Verbier , 10 th December, 2010

Environmental Business: growth trends & normal companies Verbier , 10 th December, 2010. High correlation between CO 2 and temperature. CO 2 concentrations Last 400,000 years < 280 ppm Last 100 years up to 380ppm Current trend: 800 ppm by 2100 Stabilization objective of 550 ppm.

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Environmental Business: growth trends & normal companies Verbier , 10 th December, 2010

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  1. Environmental Business: growth trends & normal companies Verbier, 10th December, 2010

  2. High correlation between CO2 and temperature CO2 concentrations • Last 400,000 years < 280 ppm • Last 100 years up to 380ppm • Current trend: 800 ppm by 2100 • Stabilization objective of 550 ppm

  3. Low targets, goals dropped: the Copenhagen Accord is a failure on fundamental issues: • the Accord is not legally binding • the Accord has no aggregate targets for industrial or developing countries, and no agreed base-year • financial commitments from industrial countries are limited and uncertain • The Copenhagen flop

  4. The only and key driver: worldwide population growth + 3,5 x

  5. The only and key driver: worldwide populationgrowth

  6. Crude oil (UK Brent) $/bbl • The world… is not enough? Wheat $/MT Copper $/MT 85 193 7.730 +204% +69% +326% 114 28 1.814 2000 Apr 10 2000 Apr 10 2000 Apr 10 Rice $/MT Coal (Australian) $/MoT Iron cts/DMTU 505 176 107 +149% +507% +312% 203 26 29 2000 Apr 10 2000 Apr 10 2000 Apr 10 Palm oil $/MT Natural gas (Russian) $/000m3 Uranium $/lb 798 41 300 +206% +413% +142% 261 124 8 2000 Apr 10 2000 Apr 10 2000 Apr 10

  7. World energy consumption is increasing Energy demand per capita and GDP per capita (1980 – 2002) Electricityconsumption kWh/person/day

  8. World primary energy demand: fossil fuel leadership continues Source: World Energy Outlook 2008

  9. Energy utilization (world): not only electricity Transportation Building & Others Electricity

  10. The environmental business sectors

  11. Stimulus packages favour Renewables Green stimulus ranking (USD bln) Green stimulus ranking as % of total stimulus Source: HSBC, government announcements (*includes on EU’s central recovery plan, member states listed separately)

  12. Capital markets: Renewables vs total Source: Bloomberg

  13. The worst crisis “ever” did confirm the main drivers for both energy efficiency... Source: Bloomberg - UK Brent price trend from 1985 to 2010

  14. COAL GAS GW GW • … and pollutioncontrol Electricity Refineries Mln bbl Refineries Source: OGJ Car Production mln units Automotive

  15. The Cleantech leagues – (on a world basis - 2009) No. 1 in Europe

  16. Only listed companies active primarily in the environmental sector (consistent with Ambienta I definition) • “UCITS III” fund managed by KairosSgr, launched in September 2010 • Low leverage, key strategy based on fundamental values, worldwide capital markets, around 30% short selling on NAV • Ambienta SGR to be the “sector advisor” to the fund. • "Kairos Ambiente" Fund www.kairospartners.com

  17. Ambienta I, portofolio companies results

  18. The environmental business: not only renewables (and therefore not only “incentives driven”)… • A long time trend enjoying solid economic growth, that is even better off after the crisis • Not only new tech and infrastructure, but also lots of “normal” companies • An European job • Final remarks

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