of the earnings impact for the relevant companies, and assess what might be priced in by thoroughly

Global Utility White Paper CONFIDENTIAL of the earnings impact for the relevant companies, and assess what might be priced in by thoroughly reviewing the Street’s numbers and commentary. It should also be noted that the same structural event often affects not one but several companies, and the implementation of these structural changes are typically not one-day events. As such, depending on the situation, we may have the opportunity to capitalize on the same structural change event several times as it develops. Our research process is our primary idea generator. We travel extensively and, collectively, the 5 investment professionals will have between 600 and close to 1,000 meetings a year as we speak with companies, regulators, consultants, sell-side analysts and governments. o = ©Why We Take a Global Approach - The “Greatest Gift” Electron takes a global approach (historically, 40-60% of gross allocated outside the US) to the utility sector: i) to spot structural change and resultant inefficiencies early, ii) to provide a wider canvas to allocate capital around the globe to the most attractive (from a risk/reward point of view) alpha opportunities and, most importantly, iii) to enable the Electron Global Funds to take advantage of the global sector’s very low inter-regional correlation (i.e., correlation of regions within the global sector; lowest of all MSCI global sectors — see below). Global Sector Inter-regional Correlations 0.80 One of the least 0.70 + correlated sectors 0.60 - 0.50 - j 0.30 + 0.20 5 0.10 - Ee Ise Materials Industrials Energy Financials Cons D Cons staples Telecom Health Care Utilities Source: MSCI, 7 years’ weekly trailing correlation We call this very low regional correlation the global utility sector’s greatest gift to long/short investors as it provides a greater return per unit of risk if one has the ability to dynamically allocate capital to and generate alpha in all regions. There are few long/short global utility funds today given the global utility experience required to capture the greatest gift, as different countries have different utility market designs and structures. The Electron process starts with a focus on structural change and we embrace the myriad of utility markets’ differences around the globe because this approach leads to the most attractive alpha opportunities and the benefits of the “greatest gift”. We allocate capital dynamically to the most attractive alpha opportunities in the global utility industry. As a result, the Electron Global Funds is only one fund, yet the “greatest gift” provides the diversification benefit of 4 relatively uncorrelated regions and concentration in the globe’s most attractive alpha opportunities. 21 Electron Capital Partners, LLC HOUSE_OVERSIGHT_024222