EFTA00615105

ELECTRON CAP I TAL PARTNERS LLC Electron Global Fund. LP O1 2013 INVESTOR PRESENTATION EFTA00615105 introduction & team executive summary focused & • Continuation of a 7-year global long/short equity strategy concentrated on global utilities and infrastructure companies in the US, consistent strategy Europe, Asia and Latin America James ("Jos- ) Shaver. Managing Partner & Portfolio Manager. has 8 years of experience as a long/short equity portfolio manager and 21 years (including 10 years working abroad in both Europe and Asia) covering the global utility and infrastructure sectors accomplished Shaver and the core investment team know each other well having worked together for an average of 6 years. both at SAC team Capital Advisors and the former Electron Capital Management (-Electron CM") Combined annualized net return of 10.3% cumulatively outperformed each of the MSCI World Utility. S&P 500 and HFRI Equity Hedge Indices by approximately 92%, 68% and 62%, respectively' demonstrated Consistent outperformance of the MSCI World Utility Index in 7 out of 8 years (in both up and down markets) resulting in track record 8.1% annualized alpha2 and capital preservation in challenging markets • Time-proven risk management culture and process which incorporates a proprietary global sector risk and capital allocation risk management model (60+ metrics) • The Managing Partner has committed a significant upfront investment to the Fund and management company aligned interests • All Partners will reinvest up to 1/3 of distributable profits back into the Fund which will vest over 3 years (no base salaries are drawn) I. Please see page 25 for detailed performance related disclaimers. 2. Jensen's alpha calculation. Jenseris alpha - Portfolio return -(Risk free rate Portfolio beta x (Market return - Risk free rate)]. ELECTRON Striety Confidential. Do Not Dupicate or Ciserbute. CAP. TAT. PARTNERS LTC EFTA00615106 rt rAL.ct or & team global utlity sector philosophy 8 process portfolio 8 risk management fund information ap accomplished team Cohesive team who have worked together at: the members of the investment team have extensive industry expertise and MI SAC Capital a history of success investing together and across market cycles • Electron Capital Management 2000 2001 2002 2003 2004 2005 2006 2007 I 2009 2009 2010 2011 2012 Jos Shaver• WS GSM/DJ SG Barr Devon PA Electron" SAC Capital Electro❑ Managing Partner/ Portfolio Manager g.I Director EU unities (UK) Managing Director. EU utilities Sector US PA Founder and Portfolio Manager. long/shod global utility and infrastructure fund Portfolio Manager. long/short global utility and infrastructure book < Goldman Sachs (since '96) Pequot Citadel SAC Capital Electron Nell Chol Partner/ Sell-side analyst covering US utilities Analyst covering Analyst covering US utilities. Analyst covering US utilities. Senior Analyst US utilities gas pipeines and IPPs infrastructure and select EU utilities Peter SUMO, CFA• Partner/ Senior Analyst < UBS (since '96) Sell-side analyst. Citigroup Sell-side analyst, valuation and Electron" al I III I Analyst covering infrastructure and deep fundamental dives in Electron Head. Man utility research accounting research US, Europe. Asia and Latam Ran thou, CFA Electron" Electron Partner/ Analyst covering Asia. sehect infrastructure and alternative Senior Analyst energy companies Electron" Electron Jeff Zheng Senior Analyst Technical and quantitative analyst. Aaron Keller, CPA CFO and Head of Operations II= Senior Accountant Intrepid Capital (Electron— Controller) Controller WIChief Financial Officer r Electron Greg Zarffro Managing Director. Marketing and IR Intrepid Capital (Electron- ) Associate 1I a Analyst Director Electron •Please see Appendix for full team background. education and advsory board biographies. "Denotes original Electron Capital Management (2004-2008) ELECTRON Strictly Confidential. Do Not Dupicale of DIV bute. 2 CAPITAL PARTNERS LLC EFTA00615107 global utility and infrastructure sector regional market capitalization* regional characteristics (US $2.8 Trillion) Europe Europe US Asia Latam 30% The Pace Setters Muddling Forward The Diligent Student Becoming Enlightened US 35%i • EU directive • Hybrid structure • Studying Europe • Improving regulatory 4ip yAjtlanaol (particularly UK) framework • Political risk realized • Consolidation • China factor • Corporate governance • Power and carbon • EPA mandates and renewables driving • Environmental issues • Government ownership • Country specific issues capex • Increased transparency Others 23% 12% • Coal-to-gas switching subsector market capitalization* universe of companies* global sector correlations* Region Europe US Asia Latam Total 0.8 One of the Least Correlated Sectors Electricity Water 2% 43% Electricity 44 66 43 20 178 0.6 Gas 22% Utility- related 33% Natural Gas Water Utility-related Total 7 5 38 94 15 7 59 147 14 4 46 107 0 3 0 23 36 19 143 376 .4!, 0.4 To 0.2 0.0 a us A it O o a C C O C ii Health Care C 'Source: Morgan Stanley. MSCI U ELECTRON Since)/ Confidential. Do Not etspitate Of Cistrbute. 3 CAPITAL PARTNERS LLC EFTA00615108 t -sduction & team global utity sector ph losophy & process portfolio & risk management fund information why the global utility and infrastructure sector significant timely and ongoing Structural changes increasing opportunities in the sector. Textbook underperformance coming out Regulatory arbitrage of recession waning Timely OpportunIties Shale gas discoveries, change in fuel Generation capex waning yet transmission mix and LNG impact and distribution capex increasing structural change in Renewable subsidies expiring changes cycle • Efficiency measures gaining momentum Tax changes (dividends, subsidies, Environmental initiatives on an upswing Robin Hood taxes) Limited long/short dollars in what is viewed Re-regulation in some markets as a complex niche sector(') • Fuel cost pass-through clauses global utility and infrastructure opportunities Increased investor appreciation of utility Continued unbundling of the utiity characteristics - essential services, dividends value chain creating long/short and growth in a low growth environment opportunities Macro flows continue to create distortions Competition in generation and and thus long/short opportunities retaiVsupply dividends • Investors largely not pricing in potential Regulatory model changes deregulation and growth dividend increases and cuts Elimination of subsidies Re-rating or change in valuation metric Ongoing Opportunities possible in "new normal" Consolidation and divestitures changing risk profiles Infrastructure growth from both developed and emerging markets (1) Only 1 stock is contained in Goldman Sachs VIP and VISP lists as of August 2012. ELECTRON Stncty Conhclenttal. Oo Not Dupicalo or Dittntatte. CAPiTAL PARTNERS LLC EFTA00615109 g:obal utr ty s.C.CiOf st.o p - arziorroWor. ?trod ilurr global utility and infrastructure market structure • M&A • Unique commodity • Divestitures • Reverse margin changes • New entrants • New-build price signals • Fuel switching fragmentation/ commodity consolidation cycle Environmental • Efficiency Framework • Fossil fuel costs renewables market structure regulation • Commodity price impact focus • Market distortions • Bottlenecks • Peak shaving • Expropriatory politics • Carbon price distortions deregulation • SOr , NO,. Hg2 • Acts of nature • S • Generation competition • Politicization of tariffs • Supply competition • Nuclear • Value chain unbundling ELECTRON SIfiet COntdc - ti:11 Pu '.O1::up,c.:.flt. or Dot-outer 5 CAPITAL PARTNERS LLC EFTA00615110 rt' n-ut or Sto. i .. b: t ..I.. philosophy &process investment philosophy Work environment is a "safe" place for opinions and independent thought "Hunt as a pack" particularly for cross-border market structure changes Consistent measurement and feedback are the keys to improving as investors Focus on alpha generation team based culture Team members may own a view point, but not a name or region Focus on utility market structure changes - generally slower to be priced into the stocks Take advantage of the global utility sector's low regional correlations Focus on the risk/reward proposition, not the greatest absolute return potential • Build conviction by first eliminating possibilities focused, sector-driven approach • cash flow is paramount Sizing is most important risk step • Keep risk model discipline - mitigate selective memory and bias rigorous risk management • When in doubt. get out ELECTRON T:irorty COT nol Qu •.O! Dup c.:41r. or '2,oroure 6 CA:" - A_ FAF - I,Ezic LLC EFTA00615111 introduction & team g'obai ub ty!ector philosophy & process portfolio 8 risk management fund information exhaustive, repeatable investment process key focus on structural changes in utility markets: - Integrated research Thesis with Differentiated View 1. Cross-country/region comparison ("where - Global network of management have we seen this movie before?") Toehold Positions relationships spanning 20 years 2. Deep-dive analysis and discussion with - Senior advisory board members multiple parties involved, such as company management, regulators, - Regulators consultants, etc. - Consultants 3. Evaluate the potential impact to the - Lobbyists industry and local utility market - Sell-side/buy-side analysts 4. Determine the company winners and losers under different structural change scenarios idea detailed generation analysis 5. Evaluate upside/downside potential for portfolio each affected stocks construction 6. Check how different we are from consensus technical ongoing - Trade around fundamentally based overlay monitoring 7. Maintain and increase conviction through positions research and elimination of possibilities - Proprietary utility focused statistical approach combined with multiple technical indicators - Daily review of risk model and limits - Short trade a bucket of - Discussion and action taken on positions fundamental losers breaching stops, targets and time limits - Sizing based on conviction, - Periodic drawdown analysis and stress tests • Maximize dividend capture risk/reward and liquidity - Daily measurement of alpha contribution by - Thesis write-up, upside/downside region and subsector valuation and time limits for each position in risk model - Deep-dive reviews of lessons learned ELECTRON Stncty Conldential. Do Not Dupicale or I>itrbute. 7 CAPITAL PARTNERS LLC EFTA00615112 7):1 Ln 'y ;C-CAO' portfolio & 6* management portfolio construction Typically 70 to 100 positions globally No long position greater than 10% of Fund's value position number, No short position greater than 5% unless paired with long sizing and liquidity 95% of portfolio <2 days volume • Top 10 longs generally 40 to 50% of Fund's value concentration of portfolio • Top 10 shorts generally 30 to 40% of Fund's value • Typically 150% to 250% • Historical median Electron: 185% gross, max 212% gross exposure Historical median SAC: n/a Generally ranges between 50% long to 15% short Historical average Electron: 30% net net portfolio exposure Historical average SAC: 17% net • Globally diversified with allocation according to the most attractive alpha opportunities • Approximately 40-60% ex-US geographic exposure • Approximately 85%+ OECD countries ' Past performance is not indicative of future results. No representation is made that the Fund will or is likely to have exposures similar to the historical exposures shown above. ELECTRON 2,rict Corlideutull Do o! 2up cab. of 8 CAP .TAE PARTNERS LLC EFTA00615113 portfolio B nsk management n. icl glom •r, risk management our proprietary global sector risk and capital model has been developed over the last 8 years provides multi-function/multi-level risk controls • Tracks on a real time basis 60+ risk and capital metrics relevant to the global utility and infrastructure sectors • Quantifies risk using a proprietary "risk lens" for the global utility and infrastructure sectors • Provides a "granular window" on market flows into and out of the global utility and infrastructure sectors • Conduct daily reviews to implement action plans on risk issues or triggered limit breaches • Periodic drawdown analysis and stress testing performed sample risk positions Competitive Integrated Nudear 0 eet-c ty Water Bola 0 0 0 0 Generale! Thailand Coal 0 Supply Action taken to mitigate ELECTRON Strictly Conklental. Do Not Dopicaie Dishbute. 9 CAPITAL PARTNERS LLC EFTA00615114 . portfolio & risk management risk management Electron believes that most metrics fall into the following three categories: company Country. regions. sectors. subsectors and sub-subsectors exposures risk metrics Commodity risk (e.g. power. oil, natural gas, coal. etc.) both direct and indirect Interest rate risk (e.g. regulated utilities, company leverage. etc.) Plethora of financial measures position Liquidity and concentration measures risk metrics Relative positions and volatility Absolute and relative stop loss flags capital metrics Real time alpha and beta attribution by regions and main sectors Thesis write-ups for all positions - consistently reevaluate thesis and avoid thesis creep Absolute and relative target gain flags Trade duration limit flags to mitigate stale positions ELECTRON Y C<>rldevtral. Du Not 2up:c:ate auk,. 10 CA? .TAI PARTNERS lle EFTA00615115 Introduction 8 team g:obai utity sector philosophy 8 process portfolio 8 nsk management fund information demonstrated track record' monthly returns (net of fees) • Electron • SAC Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2012 0.88% 2.30% -1.61% 1.21% 0.31% 2011 -1.87% -0.60% 2.15% 3.19% -3.77% 0.89% -2.01% -2.95% -3.20% 5.86% -1.06% 2.07% -3.48% 2010 0.84% -0.88% 1.63% 0.18% 2.70% 1.33% 1.65% 0.68% 1.88%. 1.15% •L51% 1.56% 5.85% 2009 6.83% 2.08% -1.18% 4.14% 3.40% 1.69% 2.29% 1.94% 3.79% -0.05% 0.37% 0.20% 28.36% 2008 -5.72% 2.16% -2.00% 1.229:6 1 47', n/a -0.13% -0.12% -6.23% -2.69% 0 10% smisses 0.01% 14A0% 2007 3.30% 3.22% 4.11% 2.70';6 3.46°% 4.06"; 234', 3.02"; 3.16'.1 •1.92% 1.35% 28.35% 2006 7.92% 0.08% 2.02% 2.52'. 0.03% -1.45% 0.18"; 1 .19", 0.52":: 3.59`- 5.21% 4.07% 28.24% 2005 2.52":: 1.60' 0.04% 2.20`: 3.14% cumulative returns performance metrics 120% Electron/ MSCI Wodd S&P 500 HFRI Equity . .Electron/SAC —MSCI World Utilities SAC UtNitles Index Hedge 100% , S&P 500 • HFRI Equity Hedge Total period return 91.2% -02% I 24.4% 30.1% 80% Annualized return 10.34% -0.03% 3.37% 4.07% 60% % positive months 65% 56% 61% 65% Annualized 40% 8.94% 14.65% 16.44% 9.81% standard deviation 20% Maximum drawdown -14.92% 41.97% -48.09% -28.86% Sharpe rail& 0.96 -0.12 0.10 0.23 0% Beta of Fundt 0.30 0.22 0.62 •20% Correlation of Fund3 0.49 0.41 0.68 40% Aug-05 May-06 Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 Correlation of Fund In down mark& 0.29 0.18 0.55 1. see page 25 for detailed performance-related disclaimers. 2. monthly periodicity. risk free rate: 3 month treasury bil secondary market rate (source: Federal Reserve). 3. based on monthly net retuns. ELECTRON Stnctly Conrdc ,tut. Do Not Dupicale of Dtstibute. CAPITAL PARTNERS LLC EFTA00615116 introduction & team g'obai utity sector philosophy & process portfolio & risk management hind information demonstrated track record' capital preservation in down markets contra performance in down markets2 S&P500 E[ectron/SAC MSCI World Utilities Electron/SAC 45% 43% 0% 40% 0 25°. .0.37% 35% 2.4x -1% 30% 25% -2% 18% 20% 15% -3% 10% 5% 4% -3.65% 0% •4.07% To of positive months when MSCI % of negative months when MSCI -5% Average returns during indices' down months World Utilities Index was negative World Utilities Index was positive annual returns vs. benchmark index total outperformance over indices Annual Return MSCI World Utilities Outpettormance 100% 91.4% 2005P 3.14% 0.78% 2.36% 2006 28.24% 31.53% (328%) 80% 2007 28.35% 18A9% 9.86% 61.1% 60% 2008 (14.40%) (28.86%) 14.46% 2009 28.36% 2.01% 26.35% 40% 2010 5.85% (4.52%) 10.38% 20% 2011 (3.48%) (6.82%) 3.34% 2012P 0.31% (1.56%) 1.88% 0% I— Total 91.18% (0.18%) 91.36% MSCI World Utilities S&P t HFRI Equity Hedge 1. Please see page 25 for detailed performance related disclaimers. 2. Corresponding numbers i sing S&P 500 Index are 42% and 20%. respectively. ELECTRON Stnct-y ConldettNil Do Not Dupicalo Of Distr but* 12 CAPITAL PARTNERS LLC EFTA00615117 fund information fund terms & service providers minimum subscription si million subject to Company's discretion liquidity Monthly upon 60 days' notice Soft lock-up 2.5% penalty during first 12 months high-water mark Yes management fee 1.5% incentive allocation 20% Domestic: Morgan Stanley Fund Services (USA) LLC Administrator Offshore: Morgan Stanley Fund Services (Bermuda) Ltd. Auditor Rothstein Kass Domestic: Bingham McCutchen LLP legal counsel Offshore: Maples and Calder Goldman Sachs prime brokers Morgan Stanley UBS ELECTRON Stncty Conldential. Do Not Dupicale of Dgrbute. 13 CAPITAL PARTNERS LLC EFTA00615118 APPEND I X ELECTRON Stncty Do Nol Cupicale Of plasbute 14 CAPITAL PARTNERS LLC EFTA00615119 Introduction & team g obal utoty sector philosophy & process portfolio & risk management fund information appendx appendix: investment team biographies James ("Jos") Shaver, Jos has 21 years of experience covering the global utility and infrastructure sectors, during which time he was based in Europe (five years), Asia (five years) and the US (11 years). For the past four years, Jos has been a Portfolio Manager Managing Partner/ at SAC Capital Advisors, where he ran a global utilities and infrastructure book. Prior to that, Jos founded Electron Portfolio Manager Capital Management, a global utilities and infrastructure-focused long/short fund, in 2005. Prior to starting Electron, Jos lived in London (2000-2004) where here began his investment career and was a senior investment banker to the major European utilities as a Managing Director of SG Barr Devlin, which he joined from Credit Suisse First Boston/Donaldson, Lufkin & Jenrette. Major European utility focus covered the following countries: UK, Germany, France, Italy, Spain, Belgium, Netherlands, Sweden, Finland and Norway. Prior to moving to Europe, Jos spent five years in Hong Kong (1995 - 2000) focusing on the Asian utilities. Jos was Head of UBS' Utility Investment Banking Group (Asia), following the merger of UBS and SBC and, prior to that, the Head of Project Finance Debt (Asia). Major Asian utility and infrastructure focus covered the following countries: China, Korea, India, Thailand, Malaysia, Singapore, Indonesia, Philippines, Japan and Pakistan. Before moving to Asia, Jos was a Team Leader in UBS' global project finance group in New York (1989 -1995) where he advised/arranged and structured several notable financings in the independent power and mining sectors in the US and Latin America. Jos received a BA in Mathematical Economics from Colgate University in 1986 and an MBA in Finance and Accounting (double major) from Columbia Business School in 1990. ELECTRON Stnct-y Conldc-t Do Not Dupicale or DITO 15 CAPITAL PARTNERS LLC EFTA00615120 introduction & team g'obal utlity sector philosophy & process portfolio & nsk management fund information appendix appendix: investment team biographies Neil Choi, Neil joined the team at SAC Capital Advisors in June 2010 as a senior analyst covering the US utility sector. Neil has 7 Partner/Senior Analyst years long/short experience. Prior to joining SAC, he worked as an Analyst in the Global Equities division within Citadel Investment Group, where he covered utilities, gas pipelines and independent power companies, and before that at Pequot Capital Management for approximately two years, as part of a team managing the firm's long-short US utility portfolio. Before joining Pequot, Neil was a sell-side analyst for nine years at Goldman Sachs, where he covered US utilities. He graduated magna cum laude from The Wharton School in 1995 with a BS in Economics. Peter Suozzo, CFA Peter has 22 years of experience covering the utility, infrastructure, capital goods and energy sectors. Peter joined Partner/Senior Analyst Electron Capital Management in August 2007 and moved with the team to SAC Capital Advisors in 2008. Prior to joining Electron, he was a sell-side analyst with Citigroup, covering valuation and accounting, and with UBS, where he was head of Asian utility research. Before that he was an Asia-based fund manager for privately held Unifund, SA and an investment analyst with Columbia University's Office of Investments. Peter holds a BA in International Relations from Colgate University (1982), an MBA in Finance from Columbia University (1990) and a MA in Accounting from The Leklin School (2007), and is a CFA charterholder. Ran Zhou, CFA Ran has 7 years of experience covering utilities, renewables, energy and capital goods. He joined Electron Capital Partner/Senior Analyst Management in June 2005 as an analyst after graduating from Columbia University with an MA in Statistics in May 2005 and moved with the team to SAC Capital Advisors in 2008, where he covered Asian utilities, energy, capital goods and global renewables. Ran was born and raised in Beijing, China, where he received a BS in Mathematics and Applied Mathematics from Tsinghua University in July 2004. Ran is a two-time Bronze medalist in China's National Olympic Mathematics Competition. He is fluent in English and Mandarin Chinese. Jeff Zheng. Jeff joined Electron Capital Management in June 2007, focusing on technical and quantitative analysis in the global Senior Analyst utility sector and moved with the team to SAC Capital Advisors in 2008. Prior to joining Electron Capital Management, he worked as a quantitative trading support intern at Greenwich Equity Group in 2007. Jeff received a BS in Coastal Engineering from Shanghai Jiao Tong University, China in 2003, and MS degrees in Environmental Engineering and Financial Mathematics from the University of Connecticut in 2006 and 2008, respectively. ELECTRON Striety Confidential. Co Not Chapicale 0, Dist/but*. I is CAPITAL PARTNERS LLC EFTA00615121 introduction & team g'obal utt ty sector philosophy 8. process portfolio & risk management fund information appentix appendix: operations team biographies Aaron Keller , Aaron Keller joined Electron Capital Partners as Chief Financial Officer in October 2012. Aaron is a CPA with 10 years of experience in hedge fund accounting. He most recently served as Chief Financial Officer of Kingsbrook Partners. Chief Financial Officer and Prior to that, he served as Controller of Intrepid Capital Management and Electron Capital Management. Before that, Head of Operations Aaron was a Senior Associate at Rothstein Kass, with a focus in hedge fund accounting. He received his BS in Accounting from the Sy Syms School of Business in 2001 and is a member of both the American Institute of Certified Pubic Accountants and the New York State Society of Certified Pubic Accountants. At Electron, Aaron is responsible for overseeing all back-office operations of both the funds and management companies. Greg Zaffiro, Greg Zaffiro joined Electron Capital Partners as a Managing Director in November 2012. Greg has 9 years of Managing Director and experience in the hedge fund industry. He most recently served as the Director of Marketing and Business Development for Platinum Partners. Prior to that, he was an equity research analyst with Roth Capital Partners, Head of Marketing / IR focusing on enterprise software companies. Before that, Greg was an associate with Intrepid Capital Management and Electron Capital Management. He received his BS in Business Administration from Fordham University in 2006. At Electron, Greg is responsible for overseeing all marketing and business development. ELECTRON y Dort Do Nol 2up:cate 17 CAPITAL PARTNERS LLC EFTA00615122 distinguished advisory board each member of the senior advisory board has been selected for his "out of the box" thinking and had been with Electron Capital Management from launch and with SAC for the first 2 years 2C0S 2006 2007 2008 2009 2010 2011 2012 • Former CEO of Kelda plc (United Kingdom) and Managing Director of EarthTech (Europe) - the water and infrastructure division of Tyco Mr. Kevin Bond Senior Advisor • Currently Chairman of CityWest Homes. the social housing company for the City of Westminster (London) and Chairman and Board Member of a number of UK companies • Based in the United Kingdom Electron Capital Management SAC Capital Electron Mr. Lenny Lee Senior Advisor • Former President & CEO of CILCORPAPALCO. Vice President of AES Corp. and Managing Director of AES (Asia) • Based in the United States Electron Capital Management SAC Capital Electron Mr. Alfred Sorensen Former President of Galveston LNG and former President & CEO of Duke Energy (Europe) Senior Advisor • Based in Canada Electron Capital Management SAC Capital Electron Mr. Duncan Whyte • Former Chairman of Wales and West utilities Senior Advisor • Former main board director of Scottish Power for 11 years (roles included Acting CEO. COO and CFO/Finance Director) and CEO of Weir plc • Based in the United Kingdom ELECTRON Strictly Confidential. Do Not Cho:deal° Of Diserbute. 18 CAD TA; PAP - NED,: LLC EFTA00615123 introduction & team global uti ty sector philosophy & process portfolio & risk management fund information appendix appendix: fundamental utility value drivers difference in various regional value chains highlights an electric utility company's value chain opportunity upside and constraint generation cit Commodity product Fuel mix Merit curve New entrant costs Technology fit trading Risk management Trading skills Default risk Collateral transmission and distribution 0 Regulation Bottlenecks Scale Regulator skills Infrastructure funds supply Scale matters Access to cheap electricity and gas Churn and stickiness ELECTRON Strictly Confidenhal. Do Not Dupicale of dta bole. 19 CAPiTAL PARTNERS LLC EFTA00615124 appencix appendix: fundamental utility value drivers supply response electricity prices (fragmented market) Comments: Comments: - As demand increases (Do 4 Di), prices eventually spike (Po 4 - Deregulated markets are in their infancy P1). and volatility increases - Economic theory would say that long run prices should track - Response to price signal (") - world's most efficient generation is long run marginal costs (LRMC) built (typically gas-fired CCGT), shifting the supply curve to the - In reality, prices will spend the majority of the time close to short right (So 4 SI ) run marginal costs SRMC only to spike upwards for short periods of time Results: - The supply curve shifts to the right putting demand back on the Results: flat part of the curve and prices move back down (P, 4 P2) - The supply curve shifts to the right putting demand back on the flat part of the curve and prices move back down (P, 4 P2) $/mwhr $/mwhr so S, PI LRMC - Pr Po PoP2 SRMC Do Di O0 01 O2 mwhr time ELECTRON Sorcty ConWerrnol Do ‘o!CoproLOcr or Cotrouto 20 CA:" - A_ PAP - NE; LLG EFTA00615125 I introduction & team gObal utirly sector philosophy & process portfolio 8 r. ragement fund information appendx appendix: fundamental utility value drivers track approximately 60 components in the proprietary sector risk model of the theoretical utility risk bundle to seek to hedge undesirable risks at the portfolio level Accounting controls Operations Trading VAR M&A Compliance Unforced outages Dividend policy management I r I . I r I control Capex Labor I T Integrity Maintenance Technology Leverage Regulator Interest rates Environmental changes Acts of natures Capital market access risk Volatility Market design limited or no Fuel Price Currency Gaming Beta Weather Valuation Country I I I I management I I I I I Credit Risk New technology Inflation control Electricity price Economic growth Regulatory regime Change in correlations Merit order Value chain mix Intensity of use Market fragmentation Market concentration Regulator Market fragmentation moves Envronmental changes Weather Competition Gaming judgment & I i I Acts of nature . 1 . I diversity Capital market access I Market design I Regulatory regime Change in correlations I NewI technology Market concentration moves Country Fuel price Credit risk hedgeable in Bectnoty price Inflation Valuation Interest rates long/short portfolio Merit order Intensity of use I Beta Value chain mix Economic growth Volatility ELECTRON 21 CAPITAL PARTNERS LLC EFTA00615126 introduction 8 team g oba uti ty sector phitosophy 8 process portfolio 8 risk management fund information appenclx appendix: exposure analysis' historical exposure analysis Cectron a SAC Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Average 2005 Gross 148.3% 147.2% 179.1% 211.8% 171.6% 2005 Net 27.1% 26.3% 19.2% 28.8% 25.4% 2006 Gross 189.9' 196.2% 197.2% 178.4' 200.6°. 191 179.6% 191.0% 190.4% 209.9% 181.3% 198.5% 192.0% 2006 Net 23.8% 13.1% 16.8% 20.1% 25.5% 22.1% 22.0% 31.8% 34.9% 27.2% 32.5% 31.8% 25.1% 2007 Gross 188.8% 193.1% 203.4% 179.9% 196.9% 197.9% 187.3% 164.1% 171.3% 182.3% 157.9% 162.5% 182.1% 2007 Net 42.5% 37.7% 34.1% 39.8% 38.3% 37.1% 33.1% 37.9% 35.5% 36.7% 37.6% 37.3% 37.3% 2006 Gross 161.9% 154.4% 118.9% 104.2% 1.0% n/a 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 149.9% 2006 Net 41.8% 28.2% 18.2% 0.0% n/a 0.2% 0.2% 8.7% 0.3% 0.7% 8.0% 12.0% 2009 Gross 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 2009 Net 7.4% -0.7% 0.6% 20.9% 15.5% 26.2% 28.3% 26.9% 26.3% 31.0% 26.1% 16.3% 18.7% 2010 Gross 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 2010 Net 21.8% 17.5% 30.0% 22.0% 20.0% -4.8% 18.4% 21.6% 21.9% 36.1% 33.0% 16.1% 21.1% 2011 Gross 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 184.8% 2011 Net 10.5% 9.0% 24.1% 38.0% 34.4% 26.9% 32.4% 5.6% 0.2% 15.4% 27.4% 12.0% 19.7% 2012 Gross 184.8% 184.8% 184.8% 184.8% 184.89'. 2012 Net 11.0% 7.2% 12.9% 14.1% 11.3% 1. Please see page 25 for detzded po,dormance related disclaimers. ELECTRON Stncty Conldenhal. Do Not Cupicale Of Dgrbute. 22 CAPITAL PARTNERS LLC EFTA00615127 introduction & team g'obal utlity sector philosophy & process portfolio & risk management fund information appendix contact information Electron Capital Partners LLC New York Office 599 Lexington Avenue 38th Floor New York, NY 10022 Greg Zaffiro Office Mobile: E-mail: ELECTRON Welly Confidential. Do Not Dupicale of Dl* bate. 23 CAP TAL PARTNERS LLC EFTA00615128 introduction & team g!obal utlity sector philosophy & process portfolio & risk management fund information disclaimer This presentation is presented solely for information purposes to assist prospective investors in determining whether they have a preliminary interest in investing in Electron Global Funds (the "Fund"), which has yet to be formed. This presentation is a summary and does not purport to be complete. This presentation does not constitute an offer to set or a solicitation of any offer to buy or sell, any securities or to provide any investment advisory services. Any such offer will be made solely to qualifies investors by means of a final offering document and related subscription materials for the Fund. which will contain material information not contained herein and to which the prospective investors are directed. This presentation is not intended to replace such documents, which should be carefully read prior to investing. An investment in any security, including the securities described herein. involves a high degree of risk. No assurance can be given that the investment objectives of the Fund will be achieved and investment results may vary substantially on a quarterly, annual and/or other periodic basis. Past performance is not necessarily indicative of future results, and no representation is made that the Fund will or likely to achieve results similar to those shown. The nature of, and risks associated with, the investments to be made by or on behalf of the Fund may differ substantially from the nature of. and risks astorinted with, investments undertaken historically by the principals of Electron Capital Partners LLC. Indices referenced in this presentation are presented for comparative purposes only. These indices were selected because they are well known to investors and we believe that they are appropriate for comparison with the Fund's expected investment strategy. The performance of the Fund may not be comparable to the performance of these indices. The performance of these indices includes the reinvestment of all income (other than dividends) and does not reflect the deduction of any expenses or fees. These indices are not actively managed. It is not possible to invest directly in these indices. Prospective investors should not construe this presentation or any other communication received in connection with the Fund as legal, accounting, tax, investment or other advice, and each prospective investor should consult with its own counsel and advisors as to all legal. tax, regulatory, financial and related matters concerning an investment in the Fund. This presentation is confidential and proprietary. Accordingly. this presentation is to be treated as strictly confidential and not disclosed, directly or indirectly, to any party other than the person to whom it has been delivered and such person's professional advisors. Any distribution of this presentation. in whole or in part. or the divulgence of any of its contents, is unauthorized. An investment in the Fund involves a significant degree of risk. including, without limitation: • The risk of loss and/or volatile performance: • The use of leverage; • Risks relating to investments in intellectual property; • The lack of liquidity: and • The lack of regulatory or other oversight. Forward Looking Statements: Any projections. forecasts and estimates (including, without limitation, any target rates of return) contained in this presentation are necessarily speculative in nature and are based upon certain assumptions. It can be expected that some or all of such assumptions will not materialize or will vary significantly from actual results. Accordingly, these projections are only an estimate. Actual results will differ and may vary substantially from the results shown. ELECTRON Shicey Conridenlial. Do No' Dupleate or Distrbute. 24 CA >JAL PARTNERS LLC EFTA00615129 introduction & team gebai uthty sector philosophy 8 process portfolio & risk management fund information performance-related disclaimers All returns from September 2005 through May 2008 are derived from the annual audited returns of the Electron Global Utility Fund, Ltd ("Electron Original Fund"). Al returns from July 2008 through April 2012 are derived by Electron from information (the "Information") consisting of the buying power ("BP")'. gross market value ("GMV")2 and gross profit/loss ("PnL") of the account managed by Jos Shaver (the "Account") at SAC Capital Advisors. L.P. ("SAC"), and provided by SAC to both Jos Shaver on July 2, 2012 and Rothstein Kass on November 12, 2012. In preparing these returns. Electron considered a variety of methods of convening the Account Information into estimated "hedge fund" returns. and selected the methods that it believes are most representative of how the Account would have performed had it been a "hedge fund". The use of other conversion methods could have resulted in significantly lower or higher returns. In addition. Electron made certain assumptions about the expected operations of the Fund. It can be expected that some or all of such assumptions will not materialize or will vary significantly from actual results. Recipients of this presentation are urged to make their own examination of the Information presented. Please be advised that the Information provided by SAC is confidential and a confidentiality agreement will need to be executed by a potential investor to review the Account Information. To convert the Account Information into an estimated "hedge fund" return, Electron aggregated the daily PnL of the Account, divided the aggregate PnL by the GMV of the Account as of the beginning of the applicable month, and multiplied by 185% (since 185% is the median gross exposure ratio for the Electron Original Fund).3 For 2008, volatile GMV levels due to high cash levels (less than 1/3 of BP deployed for all 2008 months and see http://online.wsj.com/article/SB122394318763531045.html) would produce results that Electron believes do not accurately reflect how a "hedge fund" would have performed under similar market circumstances and constraints. Electron adjusted the formula by using the BP of the Account as of the beginning of the applicable month instead of the GMV, and by multiplying the result by 119% (since 119% is the median daily BP to GMV ratio).' If the BP adjustment is not used for 2008 and GMV is used as in other years. the annualized return for the combined track record would be 13.26% instead of 10.34% and the standard deviation would be 19.16% Instead of 8.94%. Finally, BP was taken to zero on April 13, 2012 when Jos Shaver resigned from SAC. Rothstein Kass performed agreed•upon procedures which recalculated the results for the SAC period from July 2008 through April 2012 using the Information provided to them directly from SAC on November 12, 2012 and according to the method outlined above. The results are presented net of a 1.5% management fee (calculated monthly in arrears) and 20% annual performance allocation. The results of the Electron Original Fund are presented net of all actual expenses incurred by the Electron Original Fund. The results of the Account are presented net of financing costs and other charges associated with investment decisions, but do not reflect the deduction of administrative, legal. accounting. regulatory and other "hedge fund" expenses. In providing information to Rothstein Kass and us, SAC has informed us that it and its affiliated entities have no responsibility or liability in connection with the information provided herein and do not guarantee the accuracy of such Information. While in no way limiting the foregoing, each recipient understands and agrees that (i) the information provided by SAC is based on unaudited information, may involve the use of estimates and assumptions and therefore may not be completely accurate, (ii) neither SAC nor any affiliate thereof will have any obligation to verify the information provided herein (or the accuracy thereof) to the recipient or any third patty, and (iii) neither SAC nor any affiliate thereof will have any liability to the recipient or any third patty. 1. BP is the maximum Gross Market Value that could be held in the Account. 2. GMV is the sum of USD equivalent absolute market value of each security in the Account at the end of each trading day. USD market value for each security is calculated using the exchange close prices and translated to USD using the daily 3:00PM EST FX rate posted on Reuters. Calculations exclude currency forward contracts and cash balances posted to the Account. GMV for option contracts is calculated based upon the number of such contracts multiplied by the appticable dosing price for such contract multiplied by the applicable option multidier for such contract. Illiquid positions, if any. are valued at recent transaction price or at SAC's discretion. 3. The resulting formula is (monthly PnL)/(GMV month beginning) x 185%. 4. The resulting formula for 2008 is (monthly PnL)/(BP month beginning) x 185% x 119%. ELECTRON Stncty Conldenttal. Do Not Dupicale or Detrbute. CA >JAL PARTNERS LLC EFTA00615130