A Corporate Banks Perspective On The Feed-in-Tariff Landscape For Renewable EnergyGreen Energy Act Finance Forum Toronto January 29, 2010Don Roberts Managing Director, CIBC World Markets Inc. 613-564-0827 don.robertscibc.caSee “Important Disclosures“ section at the end of this report for important required disclosures, including potential conflicts of interest.See “Price Target Calculation“ and “Key Risks to Price Target“ sections at the end of this report, or at the end of each section thereof, where applicable.FOR INSTITUTIONAL CLIENT USE ONLY. NOT FOR GENERAL DISTRIBUTION.CIBC World Markets Inc.CIBC World Markets Inc.2Don Roberts 613-564-0827 don.robertscibc.caCIBC World Markets Inc.Before The FiTs, Where Was The Capital Flowing?Before The FiTs, Where Was The Capital Flowing?Wind 42.8%Solar 28.9%Biofuels 13.3%Biomass e.g., Domestic content validated only after the project is complete.Curtailment provisions. Relationships Matter:Expect first capital to go to existing clients especially bigger projects sponsored by proven developers.What Matters?What Matters?9Don Roberts 613-564-0827 don.robertscibc.caCIBC World Markets Inc.Terms are set by the market.They are always subject to change, but what are representative numbers for good onshore wind projects for an established developer in January 2010? 75% debt (definitely under 80% and lower if poorer project/less experienced developer). Term-load spread 300 bps-500 bps (In U.S., hit 600 bps-700 bps during the 2008 crash).Representative Terms?Representative Terms?10Don Roberts 613-564-0827 don.robertscibc.caCIBC World Markets Inc.In response to “Climate-Gate”, new research has been done in Fort McMurray on the TRUE cause of global warming. Concluding ThoughtConcluding Thought11Don Roberts 613-564-0827 don.robertscibc.caCIBC World Markets Inc.it should have been obvious to any objective observer.12Don Roberts 613-564-0827 don.robertscibc.caCIBC World Markets Inc.Appendix: Bio Of Don RobertsAppendix: Bio Of Don Roberts!Mr. Roberts is a Managing Director with CIBC World Markets Inc. He is frequently described as a “thought leader” in the both the global forest products and bio-energy industries. From 1992-2008 he led a team of analysts in advising financial institutions (e.g., pension/mutual funds) on their investments in the global paper On the Board of Executives of the Sloan Center for Paper Business and Industry Studies at the Georgia Institute of Technology (Atlanta, Georgia);On the Board of Directors of the Rights & Resources Institute (Washington, D.C.) andServes in an advisory capacity for a range of government, industry, and NGO groups.!Mr. Roberts has a Bachelors degree in Agricultural Economics from the University of British Columbia, a Masters degree in Forestry Economics from the University of California at Berkeley, and both an MBA and doctoral studies in International Finance and Economics from the University of Chicago.13Don Roberts 613-564-0827 don.robertscibc.caCIBC World Markets Inc.IMPORTANT DISCLOSURES: Analyst Certification: Each CIBC World Markets research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analysts personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analysts compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report. Potential Conflicts of Interest: Equity research analysts employed by CIBC World Markets are compensated from revenues generated by various CIBC World Markets businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers. In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon. Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times