Our clients Our cleantech team An introduction to

Nomura Code Cleantech

transactions since 2006
TMO Renewables Ltd
Transaction: Private fundraising Ltd
Activity: Cellulosic biofuels
Date: June 2009
Transaction size: £11m
Fusion IP Plc
Transaction: Placing
Activity: IP exploitation
Date: July 2008
Transaction size: £2m
Ceramic Fuel Cells Ltd
Transaction: Placing and Subscription
Activity: Fuel cells
Date: March 2009
Transaction size: £16m
Ceramic Fuel Cells Ltd
Transaction: Placing
Activity: Fuel cells
Date: May 2008
Transaction size: £9m
Solar Integrated Technologies Inc
Transaction: Merger
Activity: Solar panels
Date: July 2009
Transaction size: $16m
PuriCore Plc
Transaction: Placing and Open Offer
Activity: “Green” chemicals
Date: August 2008
Transaction size: £8m
Ilika Technologies Limited
Transaction: Private Fundraising
Activity: Advanced materials
Date: August 2007
Transaction size: £7m
Juliet Thompson
Managing Director
Corporate finance
Chris Collins
Nomura Code
Chief Executive
Juliet Thompson is a Managing Director and head Charles Walker
of the cleantech practice at Nomura Code. She has Director
14 years of corporate finance experience and has
worked on over 50 transactions including IPOs, Clare Terlouw
secondary offerings, private placements and M&A.
Juliet was a founder of Code Securities in 2003
Director
and prior to this was an Executive Director in the life
sciences group at WestLB Panmure. Before joining
Jonathan Senior
investment banking, she qualified as a Chartered Director
Accountant at Deloitte & Touche and worked as an
economist at HM Treasury. Juliet graduated from Phil Walker
Bristol University with a BSc in Economics. Director
Richard Potts
Director
A leading European
Uli Kinzel
Director
investment bank
specialising in cleantech
John-Marc Bunce Ken Rumph
Cleantech Analyst
Director of Research
Cleantech Analyst
Director of Research
and life sciences
John-Marc Bunce joined Nomura Code having Ken Rumph joined Nomura Code in September
built Ambrian’s Alternative Energy coverage from 2009 having built Clear Capital/Noble’s climate
2006-2007 and was ranked No 1 in the 2009 Extel change coverage between 2007-2009. Ken adds
Survey for New Energy and Clean Technologies. energy efficiency, carbon markets and vehicles/
He has been covering cleantech companies for transport to Nomura Code’s existing coverage.
five years having trained at Dresdner in 2003 and A Natural Sciences graduate from Trinity,
having also held positions at Durlacher/Panmure Cambridge, Ken’s experience spans buy-side
Gordon and Dawnay Day. John-Marc holds a BSc (Scottish Amicable) and sell-side (UBS and Merrill
in Chemistry as well as an MA and an MBA. Lynch). Ken undertook a masters in Environmental
Management at Cranfield in 2006/7 and is a member
of the Institute of Environmental Management
and Assessment.

Hugh Kingsmill Moore Guillermo Serrano

Head of Sales Director Cleantech Sales
Powerfilm Inc Tyratech Inc Biofusion Plc

Transaction: Placing
Activity: Solar panels
Date: June 2007
Transaction size: $16m
Transaction: IPO (AIM)
Activity: “Green” chemicals
Date: May 2007
Transaction size: £25m
Transaction: Placing
Activity: IP exploitation
Date: November 2006
Transaction size: £8m
Hugh Kingsmill Moore is Head of Equity Sales
at Nomura Code and has been part of the sales
team since the foundation of the business in 2003.
Prior to joining Code Hugh performed specialist
and generalist small cap equity sales roles at
ING Barings, Greig Middleton and Nomura
International where he started his city career in
1997. Hugh is a Biological Sciences graduate from
Durham University.
Guillermo Serrano joined Nomura Code in
November 2008 and is currently responsible for
clean technology equities sales. Since 2005 he has
been involved in the most successful equity fund
raisings for cleantech companies on the London
market, namely Ceramic Fuel Cells, Zenergy
Power, Puricore and TMO. Prior to that Guillermo
was dedicated to emerging markets at BBVA, DkW,
Santander and Barings. He holds a Bsc (Econ) from
the London School of Economics.

Other members of our sales team – Catherine Isted, Brough Ransom

PuriCore Plc Powerfilm Inc Aqua Bounty Technologies Inc

Transaction: IPO (Full List)
Activity: “Green” chemicals
Date: June 2006
Transaction size: £30m
Transaction: IPO (AIM)
Activity: Solar panels
Date: May 2006
Transaction size: $18m
Transaction: IPO (AIM)
Activity: Aquaculture
Date: March 2006
Transaction size: £20m
Contact us
Nomura Code Securities, 1 Carey Lane, London, EC2V 8AE, United Kingdom
Telephone +44 (0)20 7776 1200 Fax +44 (0)20 7776 1201 Email mail@nomuracode.com
www.nomuracode.com
Nomura Code Securities Limited. Authorised and regulated by the Financial Services Authority. Member of the London
Stock Exchange. Registered in England no. 4778512. Registered Office: 1 Carey Lane, London EC2V 8AE. A member
of the Nomura group of companies.

Nomura Code is wholly
owned by the Nomura Group,
a leading investment bank
with global reach
Nomura Code is part of the
Nomura Group, a leading
investment bank with global
reach through Nomura in Europe,
Asia and the US. Nomura Code
has one of the largest and most
experienced sector teams in
Europe, offering the full range of
advisory, fundraising and broking
services. Over the last 10 years
the team has raised €4 billion.
The core team has been together for over
10 years and established an extensive
network of long-standing contacts with
companies, institutional investors, hedge
funds, private equity houses and venture
capitalists. Nomura Code’s experienced
team is dedicated to the success of
its clients.
Cleantech is a term used to describe knowledge-
based products or services that improve
operational performance, productivity, or
efficiency while reducing costs, inputs, energy
consumption, waste, or pollution.
Global full service
Nomura has a global network of 26,000
employees in over 30 countries located
in Europe, the Americas and Asia. This
widespread local office network offers full
capabilities in Corporate Advisory, Equity
and Debt Capital Markets globally, to
complement Nomura’s core strength
in Japan.
1
No. ranked analyst
team in 2009
(The Thomson Extel Pan-European Survey)
Corporate finance
Nomura Code has one of the largest
sector focused corporate finance teams
in Europe. It combines a wide range of
professional skills and experience with
an extensive knowledge and in-depth
understanding of the cleantech and life
science sectors. We advise companies
on strategic development and a full range
of transactions including private equity
placements, initial public offerings,
secondary offerings, mergers and
acquisitions, public takeovers, defences,
divestitures and joint ventures. Nomura
Code is also able to advise founders,
major shareholders and private equity
investors on divestments and companies
on share buy-back programmes.
Our eight corporate finance directors
have, on average, more than 15 years’
experience in the securities market. We
have built an enviable track record and
focus on delivering solutions and building
value for our clients.
Sales
The Nomura Code equity sales team
provides direct access to the institutional
investment community in the UK and
Continental Europe. We believe that
growth companies and investors are
best served by sector specialists who,
compared with generalists, provide
greater industry insight, have a better
understanding of the client’s business
and build closer relationships with
investors. The team has very strong, long
term relationships with both the generalist
funds and specialist funds that comprise
the potential investor universe for small
and mid cap cleantech stocks in Europe.
We draw upon a collective 50 years
experience of selling growth stocks in
the cleantech sector to a Pan-European
audience and have unrivalled placing
power in both the quoted and
unquoted markets.
Cleantech adviser
of the year 2009
A total of €228m raised
in IPOs since 2005
Market making/sales trading
Nomura Code offers a market making
service to institutional clients by providing
information flow in our specialist sectors.
This includes news of trading flow, block
trades, programme trades, agency
crosses and unusual trading volumes.
We also provide an excellent execution
service by using our trading technology
and market network to secure best
prices for client business. Nomura Code
is a registered market maker in over
40 cleantech and life science stocks.
We provide liquidity in these stocks
directly to our institutional clients and
indirectly to private clients via retail
brokers. Our market makers commit
capital to client business to ensure best
execution; this risk-taking service is
particularly valuable in smaller
companies whose stock is seldom
traded. As a market maker we have
established a strong market position
in all our clients’ shares.
Research
Nomura Code has a highly experienced
equity research team covering
“cleantech”, encompassing renewable
energy, alternative energy, clean fuels,
energy efficiency, energy storage,
environmental technologies and
consultancy, waste and recycling, water
and emissions markets. The team was
ranked No. 1 in the Thomson Extel 2009
survey for UK small cap: New Energy
and Clean Technology.
Coverage includes company-specific
research: daily industry updates,
regularly updated corporate valuation
and operational statistics, but also
thematic or sectoral research. The team
also writes topical briefings on specific
drivers to the sector which include
climate change, tighter regulation and
energy security. In addition to
management road shows, the team’s
marketing activity includes CEO dinners,
site visits for investor clients and
conference presentations.