Green Investing: The Case for Renewable Energy

June 24, 2004

Winslow Management Company

60 State Street

Boston, MA 02109

Tel: 617-788-1600

Fax: 617-788-1605

www.winslowgreen.com

Winslow: Who We Are

Small cap growth manager -- $200 million under management (*as of 3/31/04) Unique advantage in proprietary green screen Manager of concentrated small capitalization portfolios since 1991 Use of fundamental, quantitative and technical disciplines Combined management experience of 67+ years in the financial industry Products: Two Public Mutual Funds Hedge Fund (open to qualified investors only) Enhanced Cash Management Individually Managed Accounts A division of Adams, Harkness & Hill
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Winslow: Environmentally effective investing

Green Companies:

Products or services that improve environmental conditions Environmental impacts of operations are openly disclosed

Clean Companies:

Operations meet regulatory compliance; working towards open disclosure of environmental impact Companies strive to minimize environmental impact or operate in industries with no substantial environmental challenges Companies in dirty industries use Best-in-Class practices to prevent environmental degradation

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Winslow Green Growth Fund (WGGFX)

WGGFX vs. Russell 2000 Growth

* Chart courtesy of Yahoo

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Observations on Renewable Energy

Emerging growth industry (risk & reward)

(July 10, 2002)

Green companies not always good investments Economic vs. regulatory driven business plans Market awareness of renewable energy? Environmental responsibility enhances profitability Socially responsible market is big and getting bigger Industry at point of inflection

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Emerging growth industry: Risk

BLDP vs. S&P 500

* Chart courtesy of BigCharts.com. Past performance does not guarantee future returns.

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Emerging growth industry: Reward

HYGS vs. S&P 500

* Chart courtesy of BigCharts.com. Past performance does not guarantee future returns.

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Green companies are not always good investments

APWRQ vs. S&P 500

* Chart courtesy of BigCharts.com. Past performance does not guarantee future returns.

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Economic vs. regulatory driven business plans

IMGC vs. S&P 500

* Chart courtesy of BigCharts.com. Past performance does not guarantee future returns.

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Market awareness of renewable energy?

Sell side industry research coverage: Ardour Capital Partners Adams, Harkness & Hill First Albany Needham and Co. Raymond James Salomon Smith Barney Stephens Research

Only One Bulge Bracket Firm

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Environmental responsibility enhances profitability

Winslow 100 Index Cumulative Returns July 31, 1999 - March 31, 2004
120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% -60.00%
Ju lSe 99 p N - 99 ov Ja 99 n M -00 ar M - 00 ay -0 Ju 0 l -0 Se 0 p N - 00 ov Ja 00 n M -01 ar M - 01 ay -0 Ju 1 l -0 Se 1 p N - 01 ov Jan 01 M -02 ar M - 02 ay -0 Ju 2 lSe 02 p N - 02 ov Ja 02 n M -03 ar M - 03 ay -0 Ju 3 l -0 Se 3 p N - 03 ov Ja 03 n M -04 a r04

Winslow Green Index

Russell 2000 Index

S&P 500 Index

* Past performance does not guarantee future returns. Not actual account or portfolio.

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Industry at point of inflection?

Renewable Energy stocks have under-performed the Market: 2 years
Energy Tech S&P 500

140.000 120.000 100.000 80.000 60.000 40.000 20.000 0.000 6/21/2002 7/21/2002 8/21/2002 9/21/2002 1/21/2003 2/21/2003 3/21/2003 4/21/2003 5/21/2003 6/21/2003 7/21/2003 8/21/2003 9/21/2003 1/21/2004 2/21/2004 3/21/2004 4/21/2004 5/21/2004 10/21/2002 11/21/2002 12/21/2002 10/21/2003 11/21/2003 12/21/2003 6/21/2004

Source: FactSet

Past performance does not guarantee future results

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Industry at point of inflection?

Renewable Energy stocks have performed with the Market: 5 Years
Energy Tech 350.000 300.000 250.000 200.000 150.000 100.000 50.000 0.000 6/18/1999 9/18/1999 3/18/2000 6/18/2000 9/18/2000 3/18/2001 6/18/2001 9/18/2001 3/18/2002 6/18/2002 9/18/2002 3/18/2003 6/18/2003 9/18/2003 3/18/2004 12/18/1999 12/18/2000 12/18/2001 12/18/2002 12/18/2003 6/18/2004 S&P 500

Source: FactSet

Past performance does not guarantee future results

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26 Renewable Energy Tech Stocks

AstroPower Capstone Turbine Evergreen Solar FuelCell Energy Hydrogenics Plug Power Proton Energy Systems

American Power Conversion C&D Technologies MagneTek Maxwell Technologies Power-One Satcon Technology American Superconductor Echelon Intermagnetics General

Itron Quanta Services Shaw Group Woodward Governor IMPCO Technologies Millennium Cell Quantum Fuel Systems Technologies

Teledyne Technologies

UQM

Active Power

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Renewable Energy Stocks Data Points

Largest Market Cap: American Power Conversion Corporation (APCC) $3.8B Smallest Market Cap: Evergreen Solar (ESLR) $41MM Average Market Cap: $487MM # Energy Companies profitable: 11 out of 26 (42.3%) 52-week Average Daily Volume: $420,000

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2004: Powerful Growth Drivers for Renewable Energy

Fossil fuel prices rising US Balance of payments a serious issue Geopolitical quagmire Climate change & global warming Corporate investors: GM, GE, etc. Increase in government spending on renewable energy Alternative energy sales are rising Product costs are declining Increasing social awareness of renewable energy

Positive macro forces at work

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Socially Responsible Investing (SRI): 2003

An investment process that considers the social and environmental consequences of investment, both positive and negative 2003 Report on Socially Responsible Investing Trends in the United States, Social Investment Forum In 2003, $2.26 trillion in assets were managed using SRI strategies: 12% The Social Investment Forum counted 200 SRI mutual funds in 2003 Over 2002-2003, SRI mutual fund assets have grown by 19% while total mutual fund assets shrank by 4%.

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Assets Under SRI Management

2.5 2.0 1.5 1.0 0.5 0.0 1995 1997 1999 2001 2003
Source: SIF Biennial Reports on Trends on Socially Responsible Investing

$ trillion

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Renewable Energy: Investment Outlook for next 3-5 years

Double digit unit growth will continue Mergers, acquisitions and partnering Global growth market Industry leaders emerging Broadening universe of investors Valuations will increase Best investment returns in profitable companies

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Comparable Green Industry: Investment Outlook for next 3-5 yrs.

WFMI vs. S&P 500

* Chart courtesy of BigCharts.com. Past performance does not guarantee future returns.

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Green Investing: The Case for Renewable Energy

For copies of this presentation, please visit:

www.winslowgreen.com

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