Global Utility White Paper CONFIDENTIAL 1, EX@GULIVE SUMMEPY cocnewewrmommmmenmnmununceecnraummnaarunermesmaar emaumameeenorenmemececoremmmracemneaer emer 2. Structural Change — Advantageous Time for Global Utility Sector Long/Short Investing ........cccccscccccseceereceneeeD e Structural Change in Electron’s Research Process .....ccccccccccccccsccseeececcscseeeeeeeceseeseeneeeeeesseeeeaeeeesessseeueaeeeeeesseeD @ Structural Change CCI cece cece eeeee cece ee cece cen eee EE cE ECE EEE EE EECLEEEEEEEEEE EE CEEOL EE EEE EE OECEE EEE EE EE conse aE EE EEE ete EEE e Investors Not Positioned for Structural Change PICKUP .........ccccceccccccecceseeteeececseceeeeeeecssceseeaeeeseeseestaeeeeeesseeD © Long-Only Investors Substantially Underweight but Hedge Funds Turning ...........cccccccccccceseestteeeeseeeeee 3. Regional Structural Changes Driving Alpha Opportunity ........cccccccscccccecccsceeeeececcesecceeeescsscesccsecscessestteeescesseseed © US URNS cocrescecseenaurmsennemeenmceemau arse mermnrennmenen nee mmnenmenmeTe meena t European Utilities: sve: serene aamenen ene cea arena ae ee D. © ASIAN Utilities ieee enn e eee tenner teen ee dened ented Cee COE Cc eee e cc ne ccna deena decade ceteeeeaaeseneeeeaeeeeeeeeteeeeeeee LO © JAPANESE Utilities 0 cece ccc cceseeteeeeceeeeeeeneeeeeeceeeeeneeeeeeseeseeaeeeeeescceseeneeeeeesceseeaeeeescsscesseerssesscseatsersseeee bh © Latent Util 6S vcccsceccenaursesseeenmneneemm nese cman mermnrennmeneernanneeemmnanmemrmunemmemennadl 2 4. Global Structural Changes Driving Alpha Opportunity .........ccccccccccccccccseseececcesecteeeecsceseceeeeeecssesteterssesceseeeeers bl e Power Prices are Skewed tothe U psid@s vii: sccm cman nen LD © Capex (ex-US) is Rebounding Post-RECeESSION .......ccccccccscccsssscecccseeecsteeeceeseseecceseeeecstsescssseecscsetsssssescsssseeces LA 5. Substantial Alpha Opportunities Follow Periods of Underperformance......cccccccccccccccstcecceccssccctrsecscsssssereeesces LA e Record Duration and Depth of Under