Ef-on, Inc. · TSE:9514

Ef-on — FY2008 Earnings Presentation

22 slides from Ef-on's earnings presentation, Aug 20, 2008

1. Slide 1: 2008 2008

   2008 6 2008 8 20 1

2. Slide 2: 6,970 10,572 14,926 4,353 7,118 9,539 14,658 5,119 1,034 944 962 18 1,182 88

   08 6 12 06 6 07 6 08 6 10 11 12 6,970 10,572 14,926 4,353 7,118 9,539 14,658 5,119 1,034 944 962 18 1,182 88 695 784 1,226 12 1,017 1,029 514 265 69 335 289 59 28 31 2,031 218 1,115 1,333 2 06 6 07 6 08 6 10 11 12 6,970 10,572 14,926 4,353 6,027 5,264 5,039 225 336 1,918 2,085 166 832 4,084 8,505 4,

3. Slide 3: ( ( 6,027 5,264 5,039 4.3% 3 14% 32% 54% 4 5

   06 6 07 6 08 6 ( ( 10 11 12 6,027 5,264 5,039 225 4.3% 368 463 19 483 14% 32% 54% 4 5

4. Slide 4: ESCO and CO2 business results

   ESCO CO2 6 WP ( : 06 6 07 6 08 6 ( ( (10 (11 (12 14% MWh 31,499 71,824 57,206 14,618 20.4% 336 767 602 164 21.5% 273 23 241 218 WP 54% 06 6 07 6 08 6 ( ( (10 (11 (12 32% MWh 58,440 68,190 9,750 16.7% 613 711 98 16.0% 92 187 279 WP 06 6 07 6 08 6 ( ( 06 6 07 6 08 6 ( ( (10 (11 (12 (10 (11 (12 MWh 50,

5. Slide 5: FESCO

   B/S FESCO

6. Slide 6: MWh

   06 6 07 6 08 6 ( ( 10 11 12 MWh 35,741 282,712 442,764 160,052 56.6% 832 4,084 8,505 4,420 108.2% 131 175 100 276 32% 54% 14% 10 11

7. Slide 7: .08 10,572 100.0% 14,926 100.0% 4,353 41.2% 9,539 90.2% 14,658 98.2% 1,032 9.8% 267

   12 .08 6 07 6 08 6 10,572 100.0% 14,926 100.0% 4,353 41.2% 9,539 90.2% 14,658 98.2% 1,032 9.8% 267 1.8% 944 9.0% 962 6.5% 88 0.8% 695 4.7% 784 115 1.1% 152 1.0% 191 1.8% 474 3.1% 12 0.1% 1,017 6.8% 1,029 265 2.5% 69 0.5% 38 0.4% 18 0.1% 28 0.3% 11 0.1% 6 0.1% 1 0.0% 218 2.1% 1,115 7.5% 1,333 13

8. Slide 8: FESCO ESCO

   09 6 13 17,410 612 146 81 14 FESCO ESCO 15

9. Slide 9: 16

   16

10. Slide 10: FESCO

    FESCO FESCO

11. Slide 11: 2008

    20 2008 6

12. Slide 12: 10,572 14,926 4,353 41.2% 9,357 11,193 1,837 19.6% 88 695 41 632 12 1,017

    22 08 6 07 6 08 6 10,572 14,926 4,353 41.2% 9,357 11,193 1,837 19.6% 88 695 41 632 12 1,017 162 597 218 1,115 251 678 3,151 72 13,860 96 17,012 68 3,635 92 8,432 94 12,068 86 3.05% 3.15% 23

13. Slide 13: 10,572 100.0% 14,926 100.0% 4,353 41.2% 9,539 90.2% 4,658 98.2% 1,032 9.8% 267 1.8%

    08 6 07 6 08 6 10,572 100.0% 14,926 100.0% 4,353 41.2% 9,539 90.2% 14,658 98.2% 1,032 9.8% 267 1.8% 944 9.0% 962 6.5% 88 0.8% 695 4.7% 784 - 115 1.1% 152 1.0% 191 1.8% 474 3.1% 12 0.1% 1,017 6.8% 1,029 - 265 2.5% 69 0.5% 38 0.4% 18 0.1% 28 0.3% 11 0.1% 6 0.1% 1 0.0% 218 2.1% 1,115 7.5% 1,333 - 24 08

14. Slide 14: ( 1,002 1,716 1,785 1,699 1,632 10 21 534 331 4,911 14.3% 6,115 16.3%

    08 6 ( 07 6 08 6 1,002 1,716 651 438 1 793 1,785 1 1,699 1,632 207 210 21 534 331 4,911 14.3% 6,115 16.3% +24.5% 10,515 13,037 9,937 9,144 1,068 1,813 21,522 62.7% 23,995 63.7% +11.5% 26,433 77.0% 30,110 80.0% +13.9% 6,150 17.9% 6,594 17.5% +7.2% 3,840 11.2% 4,283 11.4% +11.5% 1,762 5.1% 2,879 7.7%

15. Slide 15: 6,150 3,840 1,762 8,226 7,884 442 886 886 1,115 1,115 1,115 2 2 2

    19 6 30 6,150 3,840 1,762 2 8,226 364 364 3 19 7,884 1 1 444 442 886 886 1,115 1,115 1,115 2 2 2 3 105 105 3 14 123 20 6 30 6,594 4,283 2,879 7,998 470 470 4 7,533 1 2 3 28 07 6 08 6 08 6 08 6 11 12 12 12 A 906 817 820 1,638 B) 6,950 1,744 4,278 6,022 6,481 493 3,232 3,726 437 432 224 657 3,914 3,48

16. Slide 16: FESCO forecast

    09 6 09 6 08 6 14,926 8,600 8,800 17,400 +2,474 +16.6% 11,193 6,100 6,400 12,500 +1,307 +11.7% 695 146 464 610 +1,305 - 632 100 105 5 +637 - 1,017 117 262 145 +1,162 - 597 77 152 75 +672 - 1,115 143 223 80 +1,195 - 678 79 138 59 +737 - 30 FESCO

17. Slide 17: Energy Service Company

    32 Energy Service Company 33

18. Slide 18: 34

    34 35

19. Slide 19: RPS FESCO

    PA 2 36 FESCO 37 FESCO

20. Slide 20: FESCO

    FESCO FESCO

21. Slide 21: FESCO

    FESCO FESCO

22. Slide 22: RUB P-ARLAD

    RUB P-ARLAD FESCO °

Ef-on — FY2008 Earnings Presentation on 6ix