P P T C H A R T B O I L E R P L AT E S V 4 .

0 ( 8 A P R 2 0 1 0 ) V BAR

Bar Basic

Axis Title
January 5
10
March 20
30
June 40
50
August 60
70
October 80
90
December 100

0 20 40 60 80 100 120
CONFIDENTIAL 30 SEPTEMBER 2009
1,600
1,565

Down
27%
from
1,350 2007
High

1,100

Market
up 68%
from
March
850
Low

600
Oct 07 May 08 Dec 08 Jul 09 Mar 10
P P T C H A R T B O I L E R P L AT E S V 4 . 0 ( 8 A P R 2 0 1 0 ) I COLUMN

Column Stacked
CHART TITLE
Axis Title

120

100
10 10

80
10 10

60
10 10

90 90
40
70 70 10 10

50 50
20
30 30

0
AA BB EE GG

Total Labels Beta

PROJECT RED II SOLAR MARKET DYNAMICS

Demand Forecasts Suggest a Broad Range of Scenarios

RED’S BASELINE DEMAND PROJECTIONS

GW
30.0

25.0

20.0

15.0
%
26.8
and GR :
Dem nd CA
al ma
10.0 i st oric c te d De
9A H .3 % roje
A – 200 GR: 49 2015E
P
7 CA –
200 2009
A
5.0

0.0
2007A 2008A 2009A 2010E 2011E 2012E 2013E 2014E 2015E

1-yr Forward 1-yr Forward Estimate? (b) Red Composite Goldman Sachs
(a) (c)

Estimates
Source: Red Management Plan, Wall Street research and Industry research.
(a) Consultant projections incorporate estimates from Bloomberg New Energy Finance, iSuppli, Navigant and Photon.
(b) Red’s forecast averages research estimates from Barclays, Citi, Collins Stewart, Commerzbank, CLSA, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Lazard Capital Markets,
Morgan Stanley, Think Equity, UBS and Wedbush.
(c) Of note, Goldman Sachs is the only research provider, including consultants, to provide a 2015 global PV demand estimate; therefore, Red’s 2015 global PV demand estimate is comprised
solely of Goldman Sachs’ projection.
P R E S E N TAT I O N T I T L E

Private Equity Versus the S&P 500

Since 1986, Private Equity returns have outpaced returns from the S&P 500 by an average of over 760 bps per annum

AVERAG E IRR ( NET O F FEES) BY VINTAG E YEAR

IRR
35%
31%
29%
30% 27% 27%
26% 25%
25% 23%
22% 22%
21%
19%
20%
16%
15% 15% 15% 15%
15% 12% 13%
11% 16% 11% 12%
9% 763bp
10% 12% 7% 7% s
6% 6%
9% 9% 5%
8% 8%
5% 7%
1%
0% (2%)
(1%)
(5%) (2%) (3%)

(7%) (7%)
(10%)
(9%)
(15%)
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

PE IRRs S&P 500 (4-yr IRR)

Source: Blackstone investor presentation and CapitalIQ.

Note: As of 3/31/2010. S&P 500 composite reflects IRR from March 31 of each year to March 31, 2010.
CONFIDENTIAL
Plectrurus perroteti
Typhlina bramina
Python molurus
Common Sand Boa
Red Sand Boa
Common Wolf Snake
Oligodon arnesis
Stripped Keelback
Green Keelback
Checkered Keelback Watersnake
30 SEPTEMBER 2009
Olive Keelback Watersnake Common Krait
Trinket Snake Banded Krait
Banded Racer Sleder Coral Snake
Royal Snake Indian Spectacled Cobra
Bronze-back Tree Snake Indian Monocled Cobra
Flying Snake King Cobra
Chrysopelea ornata Hook-nosed Sea Snake
Ahaetulla nasutus Saw-scaled Viper
Common Cat Snake Bamboo Pit Viper
Dog-faced Watersnake