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Ormat Technologies Inc. - Analyst/Investor Day

Others that are here today from the company are Ami Boehm, a newly appointed Director; Hila Ganz [ph], Assistant to the IR Manager; Eyal Hen, Director of Finance; Eram Karim [ph] and the KCSA team to whom we thank very much for organizing or assisting us in organizing this event.

As we were preparing for our meeting today, we try to compare the company we were at the IPO less than 8 years ago, and some of you are with us since that time, and the company that we are today. And I must admit, that even we were surprised by the differences.

Market cap increased from $0.5 billion to close to $1 billion. Installed capacity nearly doubled. Annual revenue increased to almost $0.5 billion, which is the guidance for this year. We have built an impressive exploration team, very important for future growth. Our land position for future growth increased substantially. Our Product segment is stronger than ever. Our vertical integration was expanded by our drilling capabilities with 9 rigs that we now own and, more importantly or as important, from the technology side, we increased our power generation module to a 20-megawatt in a single module.

The business environment became much more supportive for renewable energy. In 2004, the LPAs program in the United States was at its infancy. Today, we rely not only on the 33% LPAs in California for our growth, but very aggressive renewable energy policies throughout the world.

During the last few years, we benefited in the U.S. from the ARRA legislation, which is about to expire shortly, or at least, this is our working assumption. But unlike wind, geothermal, we continue to be developed and grow even upon expiration of those incentives.

A word about the low natural gas environment. Natural gas prices today in the United States are in the order of $2.5 million BTU. By the way, we have hedged, for this year, our capacity to expected capacity to $3.08 million BTU, a little better than what it is today. But the point I wanted to make is the difference between the $2.5 and $15 million BTU, which are the prices in Japan. We don't believe that this difference is going to remain for a long time. But what we will share with you is what we are planning to do in the interim and we do have paved some plans in the interim, and this is going to be part of the agenda today.

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