DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

3 July 2017Americas/United States

Equity ResearchAlternative Energy

Renewable Roundup WEEKLY ANALYSISResearch Analysts

Maheep Mandloi212 325 2345

maheep.mandloi@credit-suisse.com Things We Learned This WeekSolar module prices remain stable due to a US demand rush. Barring Montana, we see positive demand trends in US states. Electrification push at oil majors comes to light with Shell's new acquisition. Have a great July 4th holiday.■ Shift to Mono and DG. Our colleagues in China launch coverage on

LONGi and GCL Poly, and discuss two new trends – a shift to mono-silicon technology and shift to DG. Mono-silicon technology is likely to increase share from 25% in 2016 to 50% in 2020, and will benefit mono wafer manufacturers given cost efficiencies. Among module manufacturers, we believe JKS stands to gain the most from this trend due to a higher mono-PERC capacity than peers. (Link to JKS Q1 note).

■ Stronger US prices in 2H. Gintech has a strong demand visibility through the end of 2017 primarily due to a demand rush in the US ahead of a trade ruling on Suniva's 201 petition in September. This points to a trend we saw emerging over Q1 earnings season. Spot prices also support the trend as upstream poly and wafer prices were again stable this week, despite a declining China demand starting July (after FiT step down).

■ Feeling electrified. Oil majors, especially European energy companies, have been trying to catch the electrification bus by investing in solar/DG/storage companies. This week Shell acquired MP2 Energy, a retail electricity provider with operations in TX, IL, OJ, and PA. MP2 also offers net metered electricity to TLSA/SolarCity's rooftop solar customers.

■ After the break. DOE's grid reliability study will be released in early July, instead of the original plan to publish it on June 26, two months after Secretary Perry asked for it. The bill aims to study the impact of increasing renewable penetration on coal/nuclear retirements. At EIA's conference, Perry supported an all-of-the-above energy policy with no "political favorites".

■ Climate activism. Carbon-related risk disclosure could become necessary if a proposal by the Task Force on Climate-related Financial Disclosures (TCFD) is approved. Mayors of US cities want the US to join Paris agreement and plan to double their climate change initiatives.

■ Take it or leave it. Montana does not seem interested in solar. The state PSC is trimming down PURPA rates by 40% (from $66/MWh to $40/MWh), and shrinking contract durations to 5 years (from 25 years). While a $40/MWh PPA is in line with recent lowest bids (with ITC) and could be economic given the decline in system prices, shorter contract duration makes the projects uneconomic. PURPA aside, even NorthWestern's solar contracts faced the music as the PSC lowered a 10-year PPA to $20/MWh.

3 July 2017

Renewable Roundup 2

■ More power to tenants. Oregon moves ahead with community solar rules. The program can add 160 MW, or ~2.5% of 2016 peak power consumption, and enables any utility customer to take advantage of virtual net metering. However, the NEM would depend on OR's ongoing value of solar discussion. Germany's new "Tenant Power" bill will give rental properties a solar feed-in-tariff (FiT) of $0.043/kWh. Annual solar demand in the country should increase by 500 MW/yr, which is also the program cap. The FiT is lower than what homeowners get at ~$0.09/kWh but is still important in Germany as ~50% of the population lives in rented houses.

■ State of the (solar) union. Louisiana will pay ~$15m worth solar tax credits to home owners who were denied the tax credit in 2015 before it was ended by the state. The old state tax credit paid 50% of capex (cap of $12.5k). In Wyoming, Rock Mountain Power is moving ahead with its plan to add 1.1 GW of new wind capacity as it is the most cost effective option. NC has struck a compromise with an 18-month moratorium on wind projects, vs a previous proposal for 4-year moratorium to study impact on military operations. NH PUC came out in favor of net metering as it lifted existing 100 MW system cap, grandfathered systems through 2040, provides a higher NEM credit of 100% of retail energy and transmission and 25% of distribution charge (vs Utility's ask for wholesale rates), and ordered future studies to use a 10-15 year framework. VT will evaluate utility regulation in light of transformations in technology and state policies. RI Gov. Gina signed a new law which streamlines solar system permitting process across the state.

■ New energy bill. Introduced again this year, the new bipartisan energy bill focusses primarily on improving energy efficiency. The bill doesn’t touch upon renewable tax credits, which will be phased out per current plans by end of the decade for wind and solar. The bill doesn’t necessarily favor any one technology with an "all of the above" option, but does require more research in energy storage, and proposes new grid standards based on rise in distributed and renewable energy sources.

■ Earnings update. 8point3 announced 2Q17 revenue/Adj EBTIDA/CAFD of $16.7m/$28.5m/$18.8m, exceeding guidance of $14-$16m/$24-$26.5m/$15-$17.5m due to a favorable weather pattern in the quarter. The company guided Q3 rev/adj EBITDA/CAFD of $25.5m/$45.75m/$29m. No updates on strategic review. GLBL announced 1Q17 results (ending March), have closed settlement agreement with Renova and are working towards closing Brookfield acquisition.

■ Financing update. JKS secured a $37m loan from a Japanese bank consortium to help support working capital for its Japanese business. TSLA extended revolver maturity date from December 31, 2018, to 2019, and decreased total lending commitment to $600m. US Solar, a developer, secured project financing from North Sky Capital to fund 100+ MW community solar portfolio. India's Rural Electrification Corp raised $450m via 10-year green bonds at an annual yield of 3.965%. Korea raised $300m in its first ever green bond.

■ Bill tracker:

− Early stage

US S.838 - Requires more disclosures and regulations for PACE lending CA AB 1405 - Referred to committee. 40% Clean peak RPS CA SB 700 - Will establish an Energy Storage Initiative funded by ratepayers CA SB 775 - Referred to committee. Overhauls cap-and-trade system.

Eliminates free credit allowances, sets price collar MO HB 439 - Allows customers to directly purchase renewable electricity NC HB 745 - Ends tax breaks on renewables and freezes RPS at 6% OH HB 247 – Deregulate utilities, remove generation from rate base FL HB 1351 – exempts solar and renewable equipment on commercial building

from property taxes for 20 year starting 2018

3 July 2017

Renewable Roundup 3

− Pending

IN SB 309 - Passed by House and Senate, awaits final signing. Reduces NEM tariff annually to marginal cost+25% after 2022.

MO HB 340 - Passed by House, referred to Senate. Increases fixed charge for rooftop customers (from $20 to $35/mo)

NV AB 206 – Passed by Assembly. Increases RPS to 50% by 2030, 80% by 2040 (vs 20% in 2017).

NV SB 150 - Passed by Senate. Requires 1.5% of sales with energy efficiency by 2021-25

NV SB 204 - Passed by Senate. Requires utilities to purchase energy storage by Oct 1, 2018

NV SB 65 - Passed by Senate. Utilities to consider economic and environmental benefits in their Integrated Resource Plans

SC SB 44 - Passed by Senate, awaiting House committee. Exempts 80% of FMV of solar DG farms from property tax

− Approved

KY SB 11 - Signed into law. Lifts moratorium over construction of new nuclear plants

OK HB 2298 - Passed. Ends state wind PTC for projects starting July 2017 rather than July 2021

FL SB 90 -Extend renewable energy tax break to commercial and industrial NV AB 270 - Establish NEM export fee of ~$0.11/kWh which includes

$0.09/kWh wholesale rate and $0.02/kWh of environmental benefit. Tied to AB 405, a bill related to consumer protection and a solar bill of rights.

■ Catalyst calendar:

− Arizona - July 2017 - APS rate case to be heard by ACC, to be implemented in July 2017

− Suniva petition – August 15, 2017 – injury hearing; September 22, 2017 – Deadline for US ITC to issue findings; October 3, 2017 – remedy hearing; November 13, 2017 – Report sent to the President

− 8point3 resolution - 4Q17 - Expect more clarity. FSLR plans to divest stake, SPWR may have to divest as well if don’t get a new JV partner. CAFD: Sponsors Cut Bait

3 July 2017

Renewable Roundup 4

Appendix: Sector Reference Tables

Figure 1: Global Solar Demand Forecast, GWSolar demand total, MW 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020EChina 530 2,900 4,200 11,300 10,590 15,130 30,000 23,000 20,000 20,000 21,000US 949 1,750 3,313 4,751 6,201 7,260 14,762 8,721 10,341 14,479 18,056Japan 960 1,200 1,864 6,026 8,564 9,761 7,200 5,500 5,775 6,064 6,367India 22 590 790 1,020 1,108 2,000 4,500 7,000 10,000 12,000 18,000Germany 7,400 7,500 7,634 3,304 1,899 1,000 1,100 1,500 1,500 1,500 1,500France 720 1,500 1,115 654 952 887 700 1,300 1,600 1,600 1,600UK 77 850 960 1,450 2,249 4,174 1,670 500 525 551 579Turkey 1 1 5 6 40 191 250 500 500 500 1,000Rest of Europe 8,473 7,753 4,824 2,523 2,112 2,048 2,980 2,750 3,025 3,328 3,660Saudi Arabia 25 25 25 24 25 100 130 300 500 600Chile 2 6.7 493 346 650 600 600 1,000 1,000Mexico 5 7 18 61 67 100 350 1,200 1,500 2,000 2,500Brazil 5 17 19 22 400 500 1,700 1,870 2,057 2,263Thailand 20 120 230 480 384 250 1,000 1,200 1,400 1,600 1,800Canada 200 300 500 200 810 300 315 331 347 365 383South Africa 300 300 891 300 300 300 300 300 300Australia 385 700 700 610 755 942 855 983 1,131 1,244 1,368Taiwan 13 96 105 170 228 500 500 500 500 500 500S. Korea 127 79 295 531 926 1,011 1,200 1,500 1,600 1,800 2,000Others 1,226 1,525 2,395 2,981 6,823 6,031 6,068 7,282 8,738 9,612 10,573Global 21,107 26,900 29,291 36,417 45,138 52,656 75,000 66,497 71,551 80,999 95,048growth rate 166.7% 27.4% 8.9% 24.3% 23.9% 16.7% 42.4% (11.3)% 7.6% 13.2% 17.3%Solar as % of total generation 0.3% 0.4% 0.6% 0.8% 1.1% 1.4% 1.8% 2.1% 2.4% 2.8% 3.3%

old est 70,773 63,274 72,234 81,654 95,830

Source: Credit Suisse estimates

Figure 2: Weekly Solar Spot PricesLast Updated on 6/28/2017Spot ASP PricePoly - spot $/Kg 13.87 ▼ (0.1)% ▲ 0.1% ▼ (5.2)% ▼ (8.9)%Wafer multi 156mm $/wafer 0.61 ▲ 0.5% ▲ 1.8% ▲ 7.6% ▼ (2.4)%Cell (China) $/watt 0.22 - 0.0% ▲ 1.9% ▲ 14.1% ▲ 1.9%Cell (Taiwan) $/watt 0.22 - 0.0% ▲ 0.5% ▲ 13.5% ▲ 1.4%Module Price $/watt 0.33 ▼ (0.6)% ▼ (0.9)% ▼ (3.5)% ▼ (8.3)%Source: pvinsights.com

Last Updated on 6/28/2017Spot ASP PricePoly - spot $/Kg 14.40 - 0.0% ▲ 1.4% ▼ (4.0)% ▼ (11.0)%Wafer multi 156mm $/wafer 0.62 ▲ 1.8% ▲ 3.7% ▲ 4.0% ▼ (1.0)%Cell (China) $/watt 0.21 ▲ 1.4% ▲ 4.0% ▲ 7.7% ▲ 1.0%Cell (Taiwan) $/watt 0.20 - 0.0% ▲ 2.0% ▲ 5.2% ▼ (1.4)%Multi module price $/watt 0.37 - 0.0% ▲ 2.5% ▲ 2.5% ▼ (1.8)%Source: pv.energytrend.com

YTD

YTD

QTD

QTD1-wk 1-mth

1-mth1-wk

Source: Company data, Credit Suisse estimates

3 July 2017

Renewable Roundup 5

Figure 3: QTD Sector Stock Performance

Solar-Up (+38.0%), 138

Solar-Down (+32.3%), 132

Wind (+3.5%), 104

BioCarbon (+15.3%), 115

Efficiency (-8.0%), 92

Alternative Transportation (+35.7%), 136

S&P 500 (+3.1%), 103

80859095

100105110115120125130135140145

Mar 3

1

Apr 7

Apr 1

4

Apr 2

1

Apr 2

8

May 5

May 1

2

May 1

9

May 2

6

Jun 2

Jun 9

Jun 1

6

Solar-Up (+38.0%) Solar-Down (+32.3%) Wind (+3.5%)BioCarbon (+15.3%) Efficiency (-8.0%) Alternative Transportation (+35.7%)

Source: Credit Suisse, Thomson Reuters Datastream

Solar Upstream: GCL-Poly Energy, JA Solar, Jinko Solar, REC Silicon, Renesola, Trina Solar, Yingli Green Energy, REC Silicon, Meyer Burger; Solar Downstream: First Solar, SolarCity, SunPower, Sunrun, Vivint Solar; Wind: American Superconductor, Broadwind Energy, China Datang Corp Renewable Power, Dong Energy, China Longyuan Power Group, Nordex, Suzlon, Vestas, Xinjiang Goldwind Science & Technology; BioCarbon: Amyris, BioAmber, Gevo, Green Plains Renewable Energy, Pacific Ethanol, Renewable Energy Group, Rex American Resources, Efficiency: Ameresco, Cree, EnerNOC, Esco Technologies, Itron, Osram Licht, Rubicon Technology, Silver Spring Networks, Veeco Instruments, Electrovaya; Alternative Transportation: GS Yuasa, Nippon Denko, Tesla Motors, Clean Energy Fuels Corp, Westport Innovations

Figure 4: YTD Sector Stock Performance Figure 5: Five Year Sector Stock Performance

Solar-Up, 171

Solar-Down, 112

Wind, 131

BioCarbon, 110

Efficiency, 91

Alternative Transportation,

177

S&P 500, 109

7580859095

100105110115120125130135140145150155160165170175180

Jan 2

Feb 2

Mar 2

Apr 2

May 2

Jun 2

Solar-Up, 69

Solar-Down, 211

Wind, 239

Biofuels, 615

Efficiency, 63

Alternative Transportation

, 768

S&P 500, 182

050

100150200250300350400450500550600650700750800

Jun-

12No

v-12

Apr-1

3Se

p-13

Feb-

14Ju

l-14

Dec-1

4Ma

y-15

Oct-1

5Ma

r-16

Aug-

16Ja

n-17

Jun-

17

Source: Credit Suisse estimates, Thomson Reuters Datastream

Note: USD Market-cap weighted indices comprised of stocks from a subset of each sector.

Source: Credit Suisse estimates, Thomson Reuters Datastream

Note: USD Market-cap weighted indices comprised of stocks from a subset of each sector.

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Renewable Roundup 6

Figure 6: Consensus earnings estimate revisionWeekly consensus earnings revision 2017 2018 2019YieldCosABY Atlantica Yield PLC 0% 0% 0%CAFD 8Point3 Energy Partners LP 3% 1% -6%NEP Nextera Energy Partners LP 0% 0% 1%PEGI Pattern Energy Group Inc -2% 22% 38%TERP TerraForm Power Inc 0% 0%GLBL TerraForm Global Inc 4% -177% -75%

Solar developersAZRE Azure Power Global Ltd 0% -6% -6%FSLR First Solar Inc 0% 0% 0%SPWR SunPower Corp 0% 0% 0%RUN Sunrun Inc 0% 0% 0%VSLR Vivint Solar Inc 0% 0% 0%

Solar manufacturersDQ Daqo New Energy Corp 0% 0% 0%ENPH Enphase Energy Inc 0% 0%JASO JA Solar Holdings Co Ltd 0% 0% 0%JKS JinkoSolar Holding Co Ltd 0% 0% 0%HQCL Hanwha Q CELLS Co Ltd 0% 0%SEDG Solaredge Technologies Inc -2% 0% 0%SOL ReneSola Ltd 0% 0%YGE Yingli Green Energy Holding Co Ltd 0% 0%

as of 7-1-17

Source: IBES consensus estimates, Thomson Reuters

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able Roundup

7

Figure 7: Valuation Comparison Table – Solar & Renewable Exposed YieldCosLocal Price Mkt. Cap Price Change Div. Earnings Per Share PE Multiple EV/EBITDA Net Debt / Operating Margin Rating

ALTERNATIVE ENERGY 6/28/2017 (USDm) 3Yr YTD 1mo Yield 2017E 2018E 2019E 2017E 2018E 2019E 2017E 2018E 2019E EBITDA 2017E 2018E 2019E Analyst & TargetSolar (PV & Thermal)AMG Adv anced Metallurgical Group NV (AMG NL)25.81 EUR 849.7 261% 75% 3% 1.0% 1.54 1.88 2.13 16.8x 13.7x 12.1x 8.4x 7.5x 5.2x 0.0x - - -Aix tron SE (AIXA DE) 6.03 EUR 773.7 -43% 95% 1% 0.0% (0.14) 0.04 0.10 - 166.6x 58.0x nm 26.8x 18.6x - - - -Azure Pow er Global Ltd (AZRE US) 16.69 USD 432.5 - -2% 3% - (0.11) 0.80 1.60 - 20.8x 10.4x 9.5x 5.8x 3.6x 3.8x - - - Maheep Mandloi O 21.00Canadian Solar Inc (CSIQ US) 15.98 USD 924.1 -46% 31% 21% - 1.54 1.75 2.47 10.4x 9.1x 6.5x 12.7x 13.2x 8.7x 9.0x - - -Enphase Energy Inc (ENPH US) 0.87 USD 72.9 -90% -14% 20% - (0.30) 0.02 - - 43.3x - nm 7.9x - - -1% -1% -E-Ton Solar Tech Co Ltd (3452 TW) 8.69 TWD 223.1 -59% -5% -4% 0.0% - - - - - - - - - - - - -First Solar Inc (FSLR US) 40.49 USD 4,222.7 -43% 26% 10% - 0.52 0.76 1.27 78.0x 53.0x 31.8x 9.1x 6.8x 4.9x -9.6x 5% - -GCL-Poly Energy Holdings Ltd (3800 HK) 0.80 HKD 1,906.3 -66% -14% -7% - 0.12 0.13 0.14 6.8x 6.2x 5.8x 5.6x 5.1x 4.8x 3.8x 22% 23% 23% Gary Zhou N 0.69GCL New Energy Holdings Ltd (451 HK) 0.39 HKD 941.4 -28% -15% 12% - 0.04 0.06 0.07 10.0x 6.4x 5.5x 7.0x 5.5x 5.1x 4.7x 52% 57% - Gary Zhou N 0.35Gigasolar Materials Corp (3691 TW) 283.50 TWD 569.3 -45% -26% 9% 5.3% 4.19 34.53 - 67.7x 8.2x - 22.4x - - 2.5x - - -Gintech Energy Corp (3514 TW) 16.00 TWD 273.8 -47% -15% 3% 0.0% (3.77) (1.68) - - - - 92.3x 6.0x - -2.8x - - -Green Energy Technology Inc (3519 TW) 14.85 TWD 202.6 -45% -8% -2% 0.0% - - - - - - - - - - - - -Hanw ha Q CELLS Co Ltd (HQCL US) 7.45 USD 623.0 -73% -9% 5% - 0.42 0.20 - 17.7x 37.3x - 6.5x 6.6x - 3.1x - - -JA Solar Holdings Co Ltd (JASO US) 6.40 USD 304.5 -40% 34% -7% - 0.02 0.41 0.60 400.0x 15.8x 10.7x 5.3x 3.2x 3.2x 3.3x - - -JinkoSolar Holding Co Ltd (JKS US) 20.63 USD 660.1 -31% 35% 8% - 1.51 2.03 3.02 13.7x 10.2x 6.8x 11.5x 6.9x 7.4x 7.4x - - - Maheep Mandloi O 20.00LONGi Green Energy Technology Co Ltd (601012 CN)17.11 CNY 5,014.6 231% 28% 15% 0.3% 0.98 1.25 1.55 17.4x 13.7x 11.0x 11.5x 9.2x 7.6x 0.3x 15% 15% 15%Manz AG (M5Z DE) 37.10 EUR 326.8 -51% 12% -5% 0.0% 1.27 2.32 2.70 29.2x 16.0x 13.7x 7.2x 7.2x 6.1x 0.0x - - -Mey er Burger Technology AG (MBTN CH) 1.22 CHF 697.1 -69% 82% 17% 0.0% (0.04) 0.04 0.06 - 31.8x 19.7x 14.6x 10.6x 9.9x 0.0x - - - Felix Remmers U 0.70Motech Industries Inc (6244 TW) 25.25 TWD 448.4 -47% -10% 2% 0.0% (4.56) (1.69) - - - - 16.0x 8.3x - 2.4x - - -Neo Solar Pow er Corp (3576 TW) 14.80 TWD 495.9 -58% -2% 10% 0.0% (3.13) - - - - - - - - - - - -ReneSola Ltd (SOL US) 2.47 USD 50.3 -83% -23% -11% - (2.67) (1.53) - - - - 12.0x 9.0x - 12.2x - - -REC Silicon ASA (REC NO) 1.08 NOK 326.4 -70% -5% -1% 0.0% (0.28) (0.07) (0.02) - - - 29.5x 5.2x 4.6x 6.8x - - -Shunfeng International Clean Energy Ltd (1165 HK) 0.44 HKD 240.6 -96% -10% -4% - - - - - - - - - - - - - -Solaredge Technologies Inc (SEDG US) 20.35 USD 845.6 - 64% 9% - 1.42 1.56 1.54 14.3x 13.0x 13.3x 8.7x 8.5x 8.3x -2.7x - - -Sunrun Inc (RUN US) 7.10 USD 748.7 - 34% 44% - 1.14 1.34 1.21 6.2x 5.3x 5.9x nm nm 88.6x - - - -SunPow er Corp (SPWR US) 9.58 USD 1,335.7 -77% 45% 21% - (1.05) 0.04 0.52 - 258.9x 18.3x 30.7x 11.7x 8.6x - - - -Panda Green Energy Group Ltd (686 HK) 1.05 HKD 1,207.3 25% 44% -16% - - - - - - - - - - - - - -Viv int Solar Inc (VSLR US) 5.85 USD 646.9 - 129% 89% - (1.74) (1.55) (1.18) - - - nm nm - - - - -Wacker Chemie AG (WCH DE) 96.20 EUR 5,707.5 14% -3% -1% 2.1% 3.65 5.13 6.23 26.4x 18.8x 15.4x 5.9x 5.6x 5.5x 0.8x 9% 10% 13%Wafer Works Corp (6182 TW) 18.20 TWD 260.0 26% 26% -2% 0.0% 1.11 2.10 - 16.4x 8.7x - 6.8x 4.8x - - - - -Xiny i Solar Holdings Ltd (968 HK) 2.24 HKD 2,131.8 13% -11% -7% 6.2% 0.33 0.38 0.39 6.9x 5.9x 5.8x 6.8x 5.7x 5.5x - 37% 40% - Gary Zhou N 2.40Yingli Green Energy Holding Co Ltd (YGE US) 2.30 USD 41.8 -94% -12% 4% - (8.61) (9.51) - - - - - - - 11.5x -1% - -Sector Median 16.6x 13.7x 11.0x 9.3x 6.9x 5.8x 2.8x

Renewable Exposed YieldCo8Point3 Energy Partners LP (CAFD US) 14.81 USD 1,171.2 - 14% 9% 7.1% 0.86 0.94 0.88 17.2x 15.7x 16.8x 22.9x 20.7x 20.8x 3.5x - - -Atlantica Yield PLC (ABY US) 21.07 USD 2,111.6 -45% 9% 3% 4.7% 0.46 0.71 0.96 45.6x 29.7x 22.0x 9.5x 9.1x 8.7x 6.7x - - -Huaneng Renew ables Corp Ltd (958 HK) 2.41 HKD 3,264.6 -5% -4% -8% 2.0% 0.36 0.41 0.46 6.6x 5.9x 5.2x 7.7x 6.9x 6.3x 5.2x 59% 25% 6% Dav e Dai O 3.18Nex tera Energy Partners LP (NEP US) 38.18 USD 2,071.2 19% 49% 11% 3.8% 1.42 1.79 2.09 26.9x 21.3x 18.3x 7.8x 6.4x 5.3x 4.6x - - -Pattern Energy Group Inc (PEGI US) 24.73 USD 2,166.8 -24% 30% 8% 6.8% 0.50 0.55 0.59 49.3x 45.1x 41.8x 12.2x 10.6x 9.6x 4.0x - - -TerraForm Global Inc (GLBL US) 5.03 USD 875.8 - 27% 4% 21.9% (0.21) (0.13) 0.10 - - 50.3x 11.3x 11.8x 11.5x 2.8x - - -TerraForm Pow er Inc (TERP US) 12.06 USD 1,680.0 - -6% -2% 11.6% (0.27) (0.04) - - - - 14.9x 15.1x - 6.7x - - -

Source: Company data, Credit Suisse estimates, Thomson Reuters Datastream, I/B/E/S

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able Roundup

8

Figure 8: Valuation Comparison Table – Wind & BiofuelsLocal Price Mkt. Cap Price Change Div. Earnings Per Share PE Multiple EV/EBITDA Net Debt / Operating Margin Rating6/28/2017 (USDm) 3Yr YTD 1mo Yield 2017E 2018E 2019E 2017E 2018E 2019E 2017E 2018E 2019E EBITDA 2017E 2018E 2019E Analyst & Target

WindAcciona SA (ANA ES) 81.45 EUR 5,287.3 22% 16% -2% 3.5% 4.36 4.89 5.43 18.7x 16.7x 15.0x 8.5x 8.2x 7.8x 4.2x - - -American Superconductor Corp (AMSC US) 4.63 USD 88.9 -70% -37% 10% - (1.79) (0.90) (0.41) - - - nm nm - - - - -Broadw ind Energy Inc (BWEN US) 4.91 USD 73.6 -45% 21% -15% - 0.28 0.44 0.53 17.5x 11.2x 9.2x 7.0x 4.9x 4.6x 0.9x - - -China Datang Corp Renew able Pow er Co Ltd (1798 HK)0.85 HKD 792.6 -14% 20% 8% 1.6% 0.08 0.11 0.14 10.2x 7.6x 5.9x 8.5x 7.3x 6.5x 7.0x - - - Dav e Dai O 1.05China Longy uan Pow er Group Corp Ltd (916 HK) 5.84 HKD 6,016.6 -29% -4% -1% 1.7% 0.59 0.69 0.78 10.0x 8.5x 7.5x 7.9x 7.0x 6.4x 4.7x 36% - 42% Dav e Dai O 6.72EDP Renov av eis SA (EDPR PT) 6.96 EUR 6,883.0 28% 15% 0% 0.7% 0.21 0.23 0.29 33.5x 30.0x 24.4x 8.5x 8.1x 7.5x 2.4x - - -Energiekontor AG (EKT DE) 16.80 EUR 280.0 106% 11% -9% 4.8% 1.61 1.64 1.85 10.5x 10.2x 9.1x 5.4x 5.0x 4.6x 1.4x - - -Gamesa Corporacion Tecnologica SA (GAM ES) 18.57 EUR 14,336.1 121% 3% -9% 11.1% 1.22 1.33 1.48 15.2x 13.9x 12.5x 8.4x 7.4x 6.8x -0.2x - - -Greentech Energy Sy stems A/S (GES DK) 6.85 DKK 111.4 -42% 3% -13% 2.4% 0.47 0.54 0.60 14.6x 12.8x 11.5x 6.7x 6.7x 6.8x 3.8x - - -Xinjiang Goldw ind Science & Technology Co Ltd (002202 CN)15.58 CNY 5,835.9 64% -9% 6% 3.1% 1.24 1.36 1.50 12.6x 11.5x 10.4x 10.5x 9.2x 8.3x 3.1x 13% 14% 16%Hex cel Corp (HXL US) 52.98 USD 4,814.3 29% 3% 5% 0.8% 2.69 3.08 3.42 19.7x 17.2x 15.5x 11.5x 10.3x 9.5x 1.6x 18% - - Robert Spingarn N 52.00Infigen Energy Ltd (IFN AU) 0.75 AUD 536.8 204% -15% -16% - 0.04 0.05 0.05 18.7x 15.7x 13.7x 8.9x 8.6x 8.1x 3.7x - - -Japan Wind Dev elopment Co Ltd (2766 JP) 577.00 JPY 80.7 -12% 0% 0% - - - - - - - - - - - - - -Nex tEra Energy Inc (NEE US) 141.02 USD 66,020.3 39% 18% 0% 2.8% 6.69 7.18 7.70 21.1x 19.6x 18.3x 11.2x 10.6x 9.8x 3.7x 30% 30% 30%Nordex SE (NDX1 DE) 10.87 EUR 1,198.7 -33% -47% -17% 0.0% 0.72 0.79 0.90 15.0x 13.8x 12.0x 4.8x 4.6x 4.5x 0.6x - - -Pne Wind AG (PNE3 DE) 2.56 EUR 222.5 -11% 17% -10% 4.7% 0.03 0.15 0.67 95.8x 17.6x 3.8x 12.0x 6.7x 3.2x -1.9x - - -Suzlon Energy Ltd (SUZLON IN) 17.65 INR 1,421.4 -37% 28% -11% - 1.28 1.42 1.91 13.8x 12.5x 9.2x 7.1x 6.9x 6.3x 2.9x 15% 14% -Futuren SA (TEONR FR) 0.58 EUR 296.9 -3% 0% 0% 0.0% - - - - - - - - - - - - -Vestas Wind Sy stems A/S (VWS DK) 585.00 DKK 19,229.6 119% 27% -2% 1.7% 35.61 39.13 42.30 16.4x 14.9x 13.8x 7.9x 7.7x 7.5x -1.6x - 14% 14% Mark Freshney U 57.84Sector Median 15.8x 13.8x 11.8x 8.4x 7.3x 6.8x 2.6x

Local Price Mkt. Cap Price Change Div. Earnings Per Share PE Multiple EV/EBITDA Net Debt / Operating Margin Rating6/28/2017 (USDm) 3Yr YTD 1mo Yield 2017E 2018E 2019E 2017E 2018E 2019E 2017E 2018E 2019E EBITDA 2017E 2018E 2019E Analyst & Target

BiofuelsAbengoa SA (ABG ES) 0.04 EUR 299.2 -99% -91% -10% 0.0% - - - - - - - - - - - - -AGCO Corp (AGCO US) 67.26 USD 5,346.8 20% 16% 5% 0.8% 2.77 3.45 4.19 24.3x 19.5x 16.1x 11.2x 10.2x 9.0x 2.6x 7% 10% 8% Jamie Cook N 61.00Amy ris Inc (AMRS US) 3.27 USD 64.8 -94% -70% -19% - (4) (2) (1) - - - nm nm 33.7x - - - -BioAmber Inc (BIOA US) 2.62 USD 97.1 -73% -52% 20% - (0) (0) 0 - - 11.2x nm 54.1x 7.3x - - - -Ceres Inc () 0.40 USD 11.0 -92% 0% 0% - - - - - - - - - - - - - -CropEnergies AG (CE2 DE) 9.86 EUR 979.0 101% 94% -6% 3.0% 0.62 0.64 0.60 16.0x 15.3x 16.4x 7.2x 6.7x 7.4x 0.1x - - -Gev o Inc (GEVO US) 0.64 USD 9.6 -100% -82% -15% - (3.00) (0.82) (0.53) - - - nm nm 1.7x - - - -Green Plains Inc (GPRE US) 20.00 USD 800.2 -38% -28% -9% 2.4% 1.22 1.91 1.72 16.4x 10.5x 11.6x 6.4x 5.4x 5.7x 3.1x 5% 4% - Edward Westlake O 29.00Nov ozy mes A/S (NZYM B DK) 288.20 DKK 11,078.8 6% 18% -3% 1.4% 10.73 11.45 12.22 26.9x 25.2x 23.6x 14.6x 14.0x 13.3x 0.4x 28% 28% 29% Mathew Hampshire-Waugh O 340.00REX American Resources Corp (REX US) 96.28 USD 631.5 35% -3% 3% - - 4.90 - - 19.7x - - - - - - - -Sampoerna Agro Tbk PT (SGRO ID) 2010.00 IDR 285.1 -15% 5% -2% 1.2% 151.65 190.75 191.35 13.3x 10.5x 10.5x 7.1x 6.5x 6.3x 2.7x - - -Sao Martinho SA (SMTO3 BR) 16.53 BRL 1,834.8 34% -15% -12% 1.7% 1.73 2.57 4.91 9.6x 6.4x 3.4x 5.1x 4.5x 4.4x 1.5x - - - Victor Saragiotto O 20.00Sime Darby Bhd (SIME MY) 9.61 MYR 15,247.0 -1% 19% 3% 2.8% 0.37 0.40 - 25.9x 23.9x - 14.4x 13.6x - 2.1x 8% 8% - Tingmin Tan O 11.20TerraVia Holdings Inc (TVIA US) 0.24 USD 26.0 -98% -79% -11% - (0.74) (0.56) - - - - - - - - - - -UPM-Ky mmene Oy j (UPM FI) 25.41 EUR 15,375.5 102% 9% 1% 3.7% 1.72 1.72 1.75 14.8x 14.8x 14.5x 9.1x 9.1x 9.0x 0.6x 11% 11% 11% Lars Kjellberg N 24.50Verbio Vereinigte Bioenergie AG (VBK DE) 9.42 EUR 675.1 388% 30% -2% 1.6% 0.72 - - 13.1x - - 5.9x - - -1.0x - - -Sector Median 653.3 -8% -1% -3% 1.6% 16.0x 15.3x 13.1x 7.2x 9.1x 7.4x 1.5x 8% 10% 11%

Source: Company data, Credit Suisse estimates, Thomson Reuters Datastream, I/B/E/S

3 July 2017

Renew

able Roundup

9

Figure 9: Valuation Comparison Table - OtherLocal Price Mkt. Cap Price Change Div. Earnings Per Share PE Multiple EV/EBITDA Net Debt / Operating Margin Rating6/28/2017 (USDm) 3Yr YTD 1mo Yield 2017E 2018E 2019E 2017E 2018E 2019E 2017E 2018E 2019E EBITDA 2017E 2018E 2019E Analyst & Target

Hydrogen, Fuel Cells and Natural Gas VehiclesBallard Pow er Sy stems Inc (BLDP US) 2.93 USD 513.3 -30% 78% 7% - (0.06) (0.02) 0.02 - - 146.5x nm 79.8x - - - - -Ceres Pow er Holdings PLC (CWR GB) 0.11 GBP 139.5 18% 53% 16% 0.0% (0.01) - - - - - nm - - - - - -Clean Energy Fuels Corp (CLNE US) 2.55 USD 383.8 -78% -11% 7% - 0.01 (0.37) (0.06) 191.3x - - 43.5x 19.7x 6.0x 12.1x - - -ITM Pow er PLC (ITM GB) 0.23 GBP 73.3 -12% 0% -1% 0.0% (0.01) - - - - - nm nm nm - - - -Landi Renzo SpA (LR IT) 0.89 EUR 113.3 -24% 157% 91% 0.0% (0.07) (0.01) 0.01 - - 177.6x 34.3x 11.8x 20.7x 13.2x - - -Plug Pow er Inc (PLUG US) 2.13 USD 476.0 -55% 78% 12% - (0.24) (0.10) 0.11 - - 19.4x nm nm 9.8x - - - -Westport Fuel Sy stems Inc (WPRT CA) 3.25 CAD 271.2 -83% 114% 50% - (0.69) (0.27) (0.22) - - - nm 18.4x 18.9x - - - -Sector Median -30% 0.0% 38.9x 19.1x 14.3x 12.7x #NUM! ##### #NUM!

Efficiency, Demand Response, and Smart GridAmeresco Inc (AMRC US) 7.35 USD 333.9 1% 34% 7% - 0.39 0.48 - 18.8x 15.3x - 8.4x 7.5x - 2.8x - - -Badger Meter Inc (BMI US) 40.35 USD 1,174.8 52% 9% 3% 1.1% 1.24 1.37 1.55 32.4x 29.5x 26.1x 16.4x 14.6x 13.4x 0.4x - - -Cree Inc (CREE US) 25.25 USD 2,456.5 -48% -4% 6% - 0.48 0.57 1.04 52.3x 44.0x 24.2x 10.1x 9.4x - -2.1x - - -Echelon Corp (ELON US) 5.17 USD 23.0 -79% 10% -25% - - - - - - - - - - - - - -EnerNOC Inc (ENOC US) 7.65 USD 238.7 -59% 28% 40% - (2.30) (1.87) - - - - nm nm - - - - -ESCO Technologies Inc (ESE US) 60.00 USD 1,549.8 73% 6% 4% 0.5% 2.30 2.59 - 26.1x 23.2x - 13.4x - - 1.0x - - -Itron Inc (ITRI US) 69.35 USD 2,680.3 70% 10% 2% - 3.02 3.64 4.23 23.0x 19.1x 16.4x 12.2x 10.2x 9.1x 0.5x - - -Rubicon Technology Inc (RBCN US) 9.49 USD 25.7 -89% 58% 2% - - - - - - - - - - - - - -Schneider Electric SE (SU FR) 69.00 EUR 46,447.2 3% 7% 0% 0.0% 3.91 4.29 4.68 17.6x 16.1x 14.7x 11.1x 10.4x 9.8x 1.1x 13% 14% 15% Andre Kukhnin O 73.00SemiLEDs Corp (LEDS US) 2.72 USD 9.6 -74% -23% -9% - - - - - - - - - - - - - -Siemens AG (SIE DE) 123.20 EUR 119,130.0 28% 5% -2% 2.9% 8.22 8.74 9.24 15.0x 14.1x 13.3x 10.8x 10.2x 9.8x 1.8x 10% 10% 10%Silv er Spring Netw orks Inc (SSNI US) 11.28 USD 599.8 -14% -15% 15% - (0.04) 0.30 0.55 - 37.9x 20.5x 51.1x 15.6x 10.0x -12.3x - - -Veeco Instruments Inc (VECO US) 28.50 USD 1,156.5 -23% -2% -11% - 1.10 1.98 2.03 26.0x 14.4x 14.0x 9.1x 6.1x 5.3x -5.1x - - -Sector Median 1,156.5 -14% 7% 2% 0.8% 24.5x 19.1x 16.4x 11.1x 10.2x 9.8x 0.5x 12% 12% 12%

AeroVironment Inc (AVAV US) 35.11 USD 833.2 12% 31% 12% - 0.53 0.66 0.88 66.2x 53.2x 39.9x 27.8x 22.3x 18.2x -8.1x - - -BYD Co Ltd (1211 HK) 48.55 HKD 19,179.3 5% 19% 9% 0.7% 2.09 2.75 3.11 23.2x 17.7x 15.6x 10.8x 9.1x 8.4x 2.2x 6% 7% 8% Bin Wang O 62.07Electrov ay a Inc (EFL CA) 1.37 CAD 91.2 4% -36% -26% - (0.18) - - - - - nm - - - - - -EnerSy s (ENS US) 73.48 USD 3,189.1 7% -6% -12% 1.0% 4.91 5.29 - 15.0x 13.9x - 9.0x 8.3x - 0.3x - - -GS Yuasa Corp (6674 JP) 489.00 JPY 1,800.2 -24% 1% -4% 2.0% 32.23 35.62 36.30 15.2x 13.7x 13.5x 6.8x 6.3x 6.2x 1.2x 6% 7% 6% Koji Takahashi N 500.00LG Chem Ltd (051910 KR) 280500.00 KRW 17,401.0 -4% 7% -8% 1.8% 25,293.63 26,383.81 27,431.34 11.1x 10.6x 10.2x 5.2x 4.9x 4.7x 0.3x - - -Max w ell Technologies Inc (MXWL US) 5.99 USD 220.9 -60% 17% 3% - (1) (0) - - - - nm nm - - - - -NGK Insulators Ltd (5333 JP) 2238.00 JPY 6,529.0 -1% -1% -1% 1.8% 145.34 171.99 185.07 15.4x 13.0x 12.1x 7.2x 6.4x 5.9x -0.2x 17% 17% 18%Nippon Denko Co Ltd (5563 JP) 376.00 JPY 491.1 17% 57% 7% 1.3% 49.55 44.75 - 7.6x 8.4x - - - - - 10% 9% -SMA Solar Technology AG (S92 DE) 27.29 EUR 1,077.1 -1% 9% 13% 1.0% 0.18 0.45 0.87 151.4x 61.1x 31.4x 7.2x 6.5x 5.2x -4.7x - - -Tesla Inc (TSLA US) 371.24 USD 60,979.8 55% 74% 14% - (5.72) (0.74) 5.81 - - 63.9x 68.1x 34.7x 19.6x 4.3x 0% 0% -UQM Technologies Inc (UQM US) 0.87 USD 42.3 -63% 102% 18% - (0.10) (0.02) 0.14 - - 6.4x nm nm 4.3x - - - -Sector Median 1,438.7 1% 13% 5% 1.3% 15.3x 13.8x 14.5x 8.1x 7.4x 6.0x 0.3x 6% 7% 8%

Brookfield Renew able Partners LP (BEP.UN CA) 41.50 CAD 5,314.0 32% 4% -4% 6.1% 0.32 0.60 3.19 130.6x 68.9x 13.0x 13.9x 13.1x 12.8x 5.5x - - - Andrew M. Kuske N 33.23Contact Energy Ltd (CEN NZ) 5.22 NZD 2,715.0 8% 12% 1% 5.6% 0.23 0.25 0.29 22.9x 20.6x 18.2x 10.2x 9.9x 9.6x 3.0x - - - Nev ill Gluy as O 5.85Energy Recov ery Inc (ERII US) 8.32 USD 449.2 52% -20% 4% - 0.68 0.23 0.30 12.2x 36.7x 27.7x 6.7x 14.6x 11.2x -1.8x - - -Ormat Technologies Inc (ORA US) 59.71 USD 2,968.0 104% 11% 0% 0.7% 2.32 2.55 2.74 25.7x 23.5x 21.8x 11.2x 10.3x 9.7x 2.3x 33% 35% -US Geothermal Inc (GTH CA) 0.87 CAD 84.9 28% 0% 0% - 0.08 - - 11.0x - - - - - 5.5x - - -Sector Median 2,715.0 32% 4% 0% 5.6% 22.9x 30.1x 20.0x 10.7x 11.7x 10.4x 3.0x 33% 35%

Source: Company data, Credit Suisse estimates, Thomson Reuters Datastream, I/B/E/S

3 July 2017

Renewable Roundup 10

Companies Mentioned (Price as of 01-Jul-2017)8Point3 Energy Partners (CAFD.OQ, $15.13)AGCO Corp (AGCO.N, $67.39)AMG Metal (AMG.AS, €25.575)Abengoa (ABG.MC, €0.035)Acciona SA (ANA.MC, €77.06)AeroVironment (AVAV.OQ, $38.2)Amer Superconduc (AMSC.OQ, $4.62)Ameresco (AMRC.N, $7.7)Amyris (AMRS.OQ, $3.18)Atlantica Yield (ABY.OQ, $21.36)Azure Power Global Limited (AZRE.N, $16.78)BYD Co Ltd (1211.HK, HK$47.9)BYD Co Ltd (002594.SZ, Rmb49.95)Badger Meter (BMI.N, $39.85)Ballard Power (BLDP.OQ, $2.9)BioAmber Inc. (BIOA.N, $2.57)Broadwind Energy (BWEN.O, $5.04)Canadian Solar Inc (CSIQ.OQ, $15.92)Ceres Power Hldg (CWR.L, 11.125p)China Datang Renewables Power (1798.HK, HK$0.86)Clean Enrgy Fuel (CLNE.OQ, $2.54)Cree (CREE.OQ, $24.65)CropEnergies (CE2G.DE, €9.68)E-Ton Solar (3452.TWO, NT$8.73)EDP Renováveis (EDPR.LS, €6.963)Echelon (ELON.OQ, $5.23)Electrovaya (EFL.TO, C$1.26)EnerNOC (ENOC.OQ, $7.75)EnerSys (ENS.N, $72.45)Energy Recovery Inc. (ERII.OQ, $8.29)Enphase Energy (ENPH.OQ, $0.865)Esco Tech (ESE.N, $59.65)First Solar (FSLR.OQ, $39.88)GCL-Poly Energy Holdings Ltd (3800.HK, HK$0.85)GS Yuasa Corp (6674.T, ¥489)Gevo (GEVO.OQ, $0.6891)Gigasolar (3691.TWO, NT$275.5)Gintech Energy Corporation (3514.TW, NT$16.0)Green Ene Tech (3519.TW, NT$14.65)Green Plains (GPRE.OQ, $20.55)Hanwha Q Cells (HQCL.O, $7.15)Hexcel Corporation (HXL.N, $52.79)ITM Power (ITM.L, 21.125p)Itron (ITRI.OQ, $67.75)JA Solar Holdings (JASO.OQ, $6.35)Jinko Solar (JKS.N, $20.8)LG Chem Ltd. (051910.KS, W291,000)LONGi Green Energy Technology (601012.SS, Rmb17.1)Manz Automation (M5ZG.DE, €33.8)Maxwell Tech (MXWL.OQ, $5.99)Meyer Burger (MBTN.S, SFr1.2)Motech Industries (6244.TWO, NT$24.9)NGK Insulators (5333.T, ¥2,239)NRG Yield (NYLD.N, $17.6)NSP (3576.TW, NT$14.6)NextEra Energy Partners (NEP.N, $36.99)Nippon Denko (5563.T, ¥396)Ormat Tech (ORA.TA, agora20540.0)Pattern Energy (PEGI.OQ, $23.84)Plug Power (PLUG.OQ, $2.04)ReneSola Ltd (SOL.N, $2.44)Renewable Energy (REC.OL, Nkr1.085)Rex American (REX.N, $96.56)Rubicon Tech (RBCN.OQ, $9.26)SFCE (1165.HK, HK$0.44)SMA Solar (S92G.DE, €26.3)Sao Martinho (SMTO3.SA, R$17.2)SemiLEDs (LEDS.OQ, $2.66)Siemens (SIEGn.DE, €120.35)Silver Spring Networks (SSNI.N, $11.28)Sime Darby (SIME.KL, RM9.5)Solaredge Tech (SEDG.OQ, $20.0)SunPower Corp. (SPWR.OQ, $9.34)Sunrun (RUN.OQ, $7.12)Suzlon Energy Ltd (SUZL.BO, Rs18.75)TerraVia Holdings (TVIA.OQ, $0.2335)Terraform Global (GLBL.OQ, $5.05)Terraform Power (TERP.OQ, $12.0)Tesla Motors Inc. (TSLA.OQ, $361.61)UQM Tech (UQM.A, $0.8488)Veeco Instrument (VECO.OQ, $27.85)Vestas (VWS.CO, Dkr601.0)Vivint Solar, Inc. (VSLR.N, $5.85)Wacker Chemie (WCHG.DE, €95.05)Wafer Works Corp (6182.TWO, NT$18.3)Westport (WPRT.OQ, $2.35)

3 July 2017

Renewable Roundup 11

Xinjiang Goldwind Science & Technology Co., Ltd. (002202.SZ, Rmb15.47)Xinjiang Goldwind Science & Technology Co., Ltd. (2208.HK, HK$8.769233400000001)Yingli Green Energy Holding (YGE.N, $2.27)

Disclosure AppendixAnalyst Certification I, Maheep Mandloi, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report.The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activitiesAs of December 10, 2012 Analysts’ stock rating are defined as follows:Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark* over the next 12 months.Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months.Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months. *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, the expected total return (ETR) calculation includes 12-month rolling dividend yield. An Outperform rating is assigned where an ETR is greater than or equal to 7.5%; Underperform where an ETR less than or equal to 5%. A Neutral may be assigned where the ETR is between -5% and 15%. The overlapping rating range allows analysts to assign a rating that puts ETR in the context of associated risks. Prior to 18 May 2015, ETR ranges for Outperform and Underperform ratings did not overlap with Neutral thresholds between 15% and 7.5%, which was in operation from 7 July 2011.Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances.Not Rated (NR) : Credit Suisse Equity Research does not have an investment rating or view on the stock or any other securities related to the company at this time.Not Covered (NC) : Credit Suisse Equity Research does not provide ongoing coverage of the company or offer an investment rating or investment view on the equity security of the company or related products.Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward.Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of the sector* relative to the group’s historic fundamentals and/or valuation:Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months.Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months.Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months. *An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors.

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Global Ratings DistributionRating Versus universe (%) Of which banking clients (%)Outperform/Buy* 44% (65% banking clients)Neutral/Hold* 40% (59% banking clients)Underperform/Sell* 14% (53% banking clients)Restricted 2%*For purposes of the NYSE and FINRA ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.

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3 July 2017

Renewable Roundup 12

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3 July 2017

Renewable Roundup 13

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