Confidential Utility Sector White Paper Disclaimer

Global Utility White Paper CONFIDENTIAL Disclaimer This report, which is attached as an exhibit to the Investor Presentation, is presented by Electron Capital Partners LLC (“Electron”) solely for information purposes to provide recipients with general information regarding Electron’s current view of the global utility sector. This report is a summary and does not purport to be complete. This report does not constitute an offer to sell, 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 qualified investors by means of a final offering document and related subscription materials, which will contain material information not contained herein and to which the prospective investors are directed. This report is not intended to supplement, modify or replace such documents, which should be carefully read prior to investing. An investment in any security involves a high degree of risk. No assurance can be given that Electron’ investment objectives 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. The nature of, and risks associated with, the investments to be made by Electron may differ substantially from the nature of, and risks associated with, investments undertaken historically by the principals of Electron. Recipients should not construe this report or any other communication received in connection with Electron or any fund as legal, accounting, tax, investment or other advice, and each recipient should consult with its own counsel and advisors as to all legal, tax, regulatory, financial and related matters. Recipients should not rely on this report in making any investment decisions. This report is confidential and proprietary and the recipient agrees not to disclose, directly or indirectly, to any party other than the recipient and the recipient’s professional advisors. Any distribution of this report, in whole or in part, or the divulgence of any of its contents, is unauthorized. Any projections, forecasts, opinions and estimates contained in this report 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, actual results will differ and may vary substantially from the results shown. Electron has prepared this report, in part, on the basis of information and data filed by issuers with various government regulators or made directly available to Electron by the issuers or through sources other than the issuers. Although Electron evaluates all such information and data and may seek independent corroboration when Electron considers it appropriate and reasonably available, Electron is not in a position to confirm the completeness, genuineness or accuracy of such information and data and, in some cases, complete and accurate information is not available. 27 Electron Capital Partners, LLC HOUSE_OVERSIGHT_024228