CONFIDENTIAL Global Utility White Paper A Primer on Long/Short Investing in the Global Utilities & Infrastructure Sector Jos Shaver Portfolio Manager Electron Capital Partners LLC March 08, 2013 For exclusive of Jeffrey Epstein Global Utility White Paper CONFIDENTIAL 1. Executive Summary ................................................................................................................................................ 3 2. Structural Change – Advantageous Time for Global Utility Sector Long/Short Investing ..................................... 5 � Structural Change in Electron’s Research Process ....................................................................................... 5 � Structural Change Cycle ............................................................................................................................... 5 � Investors Not Positioned for Structural Change Pickup ............................................................................... 5 o Long‐Only Investors Substantially Underweight but Hedge Funds Turning ......................................... 5 3. Regional Structural Changes Driving Alpha Opportunity ....................................................................................... 7 � US Utilities ................................................................................................................................................... 7 � European Utilities ........................................................................................................................................ 9 � Asian Utilities ............................................................................................................................................. 10 � Japanese Utilities ....................................................................................................................................... 11 � Latam Utilities .......................................................................