Pages From Lincoln International Presentation From SPI (2)-2

8/14/2019 Pages From Lincoln International Presentation From SPI (2)-2

1/7

Strictly private & confidential

Merger and Acquisition Activity in the Solar Energy MarketSolar Power International - October 28, 2009


2/7

Introduction to Lincoln International


3/7

ICICI

Tokyo

ChinaEverbright

Paris

Frankfurt

London

Vienna

MadridChicago

Los Angeles

New York

The Lincoln Approach

Global integrated investment bank Middle market M&A focus Differentiation

Industry focus

International footprint / global reach Quality of execution

Introduction to Lincoln International

North America (69 bankers)

Chicago

Los Angeles

New York

Europe and Asia (60 bankers)

Frankfurt

London

Madrid

Paris

Tokyo

Vienna

Strategic Partnerships

China with China Everbright

India with ICICI Securities

International investment bank with focus on M&A advisory

Lincoln International is the only international, integrated, independent mid-market M&A advisor

International M&A Advisory Firm of the Year

Middle Market Investment Bank of the Year

Industry recognitions for performance in 2008

2


4/7

Lincolns Transaction Capabilities and Industry Focus

Exclusive sales and divestitures

Acquisitions

Restructuring and special situations advisory

Debt advisory services

Fairness opinions and valuations

Other financial advisory services

Transaction capabilities

Breakdown by transaction type, 2008-YTD 2009(1)

(1) Includes announced transactions and excludes international affiliates; YTD 2009 as ofJuly 28, 2009

Sell Side69%

Buy Side8%

Debt Advisory and

Valuation Services23%

IndustryExpertise

DrivesResults

Aerospace andDefense

Industrials

Automotive andTruck

Technology

Electronics

Chemicals

Building and

InfrastructurePackaging

BusinessServices

Food andBeverage

Industry group verticals

Transportationand Logistics

RenewableEnergy

Consumer

3


5/7

Winning Attributes

Our distinguishing characteristics

Focus by senior investment bankers

Managing Directors and Vice Presidents are highly engaged on every

transaction

Informed, intense and creative advocacy

We bring significant industry expertise to each transaction

We put extra effort into understanding the distinguishing characteristics of

each business and transaction and strongly advocating our clients

interests

We recognize the uniqueness of each client and tailor our approach and

advice accordingly

Analytical rigor and creativity are hallmarks of our firm

Global integrated approach

International presence provides unmatched transaction and sector

intelligence on a worldwide basis

Zero Failure PhilosophySM

Lincoln International maximizes effort until the clients objectives are

achieved

Lincolns mission is to

develop long-term

relationships by

consistently using

ingenuity to exceed our

clients expectations

Repeat clients represent approximately 45% of our completed transactions, indicative of the results we achieve

4


6/7

An Aggressive and Growing Firm

Over 160 employees worldwide

Key Accomplishments in 2008

Opened London office in January

Opened Madrid office in February

Opened Tokyo office in July

Continued to grow overall staff

Transaction volume decrease only 6% compared to

37% decline in overall M&A volume

Key Accomplishments in 2009: Positive Momentum in aDifficult Market

Currently forecasting record transaction volume in 2009

(71 transactions) despite the depressed M&A market

YTD June ranked #1 overall M&A advisor in Germany

based on number of transactions completed

Valuations and fairness opinions practice up ~500%

Debt advisory practice up ~300%

Increased integration and cross-border cooperation

Transaction growth worldwide

2326

3537

44

58

7066

71

0

10

20

30

40

50

60

70

80

2001 2002 2003 2004 2005 2006 2007 2008 2009F

(1) Reflects the addition of Lincoln Germany in 2006, Lincoln France in 2007, Lincoln Spain, Lincoln UK and

Lincoln Japan in 2008.

(1) Reflects the addition of Lincoln Germany in 2006, Lincoln France in 2007, Lincoln Spain, Lincoln UK and

Lincoln Japan in 2008.

4 7 911 15

22 2729

4045

105

128

161 162

0

20

40

60

80

100

120

140

160

180

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

YTD

5


7/7

Global Footprint Provides Unsurpassed Access to Global Strategic Acquirers

Select transactions involving foreign strategic acquirers

Riverside Partners

has soldAmerican Electronic

Components, Inc. to

Siemens VDO

Goldner Hawn Johnson &

Morrisonhas sold

Mark VII Equipment

to WashTec AG

Carlyle Group

has sold

Neapco, Inc. to

a Chinese acquirer

Lincoln Internationals 2008-YTD 2009 ClosedM&A Transactions (1)

Cross-Border Strategic

26%

Domestic Strategic

35%

Domestic Financial

34%

Cross-Border Financial

5%

Lincoln International has the proven abilityto access and close transactions with

strategic acquirers worldwide

In 2008 YTD 2009, over 30% of Lincoln

Internationals transactions involved aforeign acquirer and over 60% involved a

strategic acquirer

Blue Point Capital Partners

has sold ETI Holding Corp.to

Dyno Nobel

PNC Equity has sold M&R

Marking Systems to The

Trodat Group

Reunion Industries has sold

CP Industries to Everest

Kanto Cylinder Ltd.

Riverlake Partners

has soldStock Equipment Co. to

Schenck Process GmbH

Global Motorsport Group

has been sold to Dae-II

Corporation

Ampro Computers has been

sold to ADLINK Technology,

Inc.

Dover Corporation has sold

GMI to Advanced Vision

Technology

CAE Groups has sold CAE

Data Company to TKH

Group NV

Note: Domestic and cross-border strategic includes st rategic financials

1) Includes announced transactions; YTD 2009 as of July 28, 20 09

Delphi has sold its Global

Exhaust Emissions

Systems Business to

Bienes Turgon

6

Documents

Pages From Lincoln International Presentation From SPI (2)-2