1. Hazel Cleantech Opportunities Fund I LP Overview Presentation to the Green Business Forum 9 th December 2011 This financial promotion is issued by Hazel Capital LLP which is authorised and regulated by the Financial Services Authority (FSA). The Hazel Capital LLP fund(s) (the Fund(s)) are defined as Unregulated Collective Investment Schemes (UCIS) and the promotion of a UCIS either within the UK or from the UK is severely restricted by statute. Consequently, this document is only made available to professional clients and eligible counterparties as defined by the FSA. Shares or partnerships in the Funds should only be purchased by persons with professional experience of participating in unregulated schemes and any other person who receives this document should not rely upon it. © Hazel Capital LLP HAZEL CAPITAL LLP

2. Hazel Capital LLP2 The Opportunity A Guernsey domiciled limited partnership investing in a diversified portfolio of development-stage high growth Cleantech companies. The Fund Target compound return of in excess of 25% per annum over 8 years Seeded with existing portfolio of seven leading cleantech companies currently valued at £7.2m First close of $18m achieved on 1 st November 2010 Targeting $40m total fund-raise Majority of capital will be invested in existing portfolio companies Estimated additional $120m parallel investment opportunity (co-investment and secondaries) Profile of existing underlying investments Companies which drive the reduction in fossil fuel consumption Mid to late stage companies with a clear path to profitability Proven, sector-leading technologies 5 UK Companies, 2 Californian Investments are valued according to BVCA guidelines

3. Hazel Capital LLP3 Overview of the Investment Adviser Hazel Capital LLP Founded by Ben Guest a former partner at Cantillon Capital Management and one of Europes leading technology investors Majority owned by the Partners Partners include Bozkurt Aydinoglu, the co-founder of New Energy Finance 9.99% interest held by RIT and the J Rothschild family philanthropic interests $170m in funds under management/advice (November 2011) Diversified across asset classes Amongst Europes leading Cleantech investors with great deal flow Strong relationship with large co-investors and financing syndicates Team of 11 London based professionals Authorised and regulated by the UK Financial Services Authority (FSA) Specialist investment manager dedicated to Cleantech since 2007

4. Hazel Capital LLP4 Hazel Capital LLP Product Portfolio Hazel Capital LLP Investment Adviser / Investment Manager A team of 11 professionals with deep Cleantech sector knowledge Public Equities Hazel Global Cleantech Equity Fund UCITS III Daily Dealing Long Only fund Value-based investment approach Portfolio Managers: Ben Guest Bozkurt Aydinoglu AUM $31m Venture Capital Hazel Cleantech Opportunities Fund 1 LP Expansion / Mid-to-Late stage Environmental Technology and Services Companies Portfolio Manager: Isabelle Schirmer First Close Commitments $18m Infrastructure Finance/Projects Hazel Renewable Energy VCT1 & VCT2 PLCs Investing in UK renewable energy projects Investment Team: Ben Guest Gareth Owen Tom Vernon AUM $65m Co-investments $57m $170m total assets under management/advice Investing exclusively in the Cleantech" sector across three main products

5. Hazel Capital LLP5 The Investment Team Isabelle Schirmer, Portfolio Manager 25 years experience in finance, M&A, strategy and general management including start-ups Broad sector experience across natural resources, technology, industry & energy Senior BP employee 2005-2008, including Alternative Energy Project Director BP M&A MS Paris Tech, MS University of Wisconsin (USA), INSEAD MBA (with distinction) Ben Guest, Investment Committee Member, Founder and CIO of Hazel Capital LLP Seeded original portfolio Prominent Technology Investor, 17 years investment experience, over 10 years investing in cleantech Managed $1bn Cantillon Technology Fund & Lazard Technology Opportunities hedge funds CFA Charterholder, BEng Mechanical Engineering, Imperial College, London Bozkurt Aydinoglu, Investment Committee Member, Manager of Hazel Capital Public Equity Funds 17 years of investment experience in technology and cleantech, including 4 years as a successful VC investor Co-founded and built New Energy Finance MSc Electrical Engineering, Imperial College, London

6. Hazel Capital LLP6 Investment Focus for The Existing Portfolio Sub-sector Focus Companies that drive reduction of CO2 emissions through reduction of fossil fuels consumption Visibility: Clear evidence of market demand and competitive advantage Highly differentiated technologies, strong, defensible IP and technology leadership Clear roadmaps for cost reductions (independence from subsidies) and market development Experienced and driven management teams Valuation: Potential to significantly increase value over 3-5 years with exits during this period 3 clusters: Clean Power: Renewable Energy Clean Transportation Low Carbon Buildings & Energy Efficiency Key Company Attributes

7. Hazel Capital LLP7 Where Portfolio Companies Fit Car club company 2 nd largest UK player Fast growing Breakthrough Battery Power Technology Polymer Lithium Sulphur chemistry for Electric Transportation & Energy Storage Low carbon building materials made of natural fibres, including hemp, and specialist binders Breathable Outstanding thermal efficiency Low embodied carbon World leader in Solar Thermal Energy Generation Flagship 400MW project 2.6GW of off take contracts 10GW development potential UK and Europe leading vertical axis turbine for small wind Exceptional Aesthetics Powerful Smart Turbine (controls) Low environmental impact, very quiet Concentrating PhotoVoltaics (CPV) Systems combining High efficiency cells & Concentrating tracking mirrors Contracts with utilities Tidal Energy turbine for marine and hydro applications Unique oscillating hydrofoil device High power output Best suited for shallow waters Fully submerged whilst in operation but buoyant for installations

8. Hazel Capital LLP8 CompanyDeal SourceHazel Value AddedCEO/Chairman Contact Proprietary research Provided start-up capital. Financing and international strategy advice to CEO. Introductions to additional investors and strategic partners (incl. Statoil). John Woolard Proprietary research Board Membership. Strategy formulation, close oversight of execution. Recruitment of executive chairman and building up of delivery capability. Peter Ward CEO referralIntroduction to component suppliers and European opportunities. David Gudmundson CEO referralBoard Chairmanship. PR firm sourcing. Introductions to business partners, customers and investors. Huw Hampson- Jones Proprietary research Board membership. Chairmanship of Audit committee. Advising on strategy, business planning, company structuring, rewards and incentives and fund raising. Gerry Musgrave Proprietary research Closely supported CEO on strategy. Debated acquisition strategy, cost management, geographic focus and fundraising. James Finlayson Proprietary research Advising on strategy and fund-raising.Bob Smith How Hazel Adds Value? Constructive Engagement with Management

9. Hazel Capital LLP9 Intended Use of Funds Current focus is on deploying follow on capital to maintain pro rata equity stakes in existing portfolio, giving investors clear visibility Base case estimated return 30%+ per annum Most exits achievable by end 2014 One exit achieved at 45% premium within 12 months Additional capital to be allocated to select new opportunities To further diversify the portfolio into other Cleantech sub sectors (lighting, smart grid, water services etc.) Fund is also a gateway to the deployment of substantial capital in parallel investments Ability to deploy up to an additional $120m to substantially increase stakes in selected portfolio companies, via co-investment and secondaries (purchase of shares from other shareholders in portfolio companies) Flexibility around the structuring of parallel investments

10. Hazel Capital LLP10 Why Invest Now? Current Negativism Contrasts with Long Term Fundamentals Extreme negative sentiment currently exhibited towards Cleantech WilderHill New Energy Global Innovation Index (NEX) down 35% in Q3 2011 & 36% since 2006 inception Listed Cleantech valuations are at their lowest level ever and M&A and private valuations depressed Negative sentiment stems from: margin volatility resulting from repeated cycles of shortages/excess supply (solar and wind) regulatory uncertainty at national and international levels However the long term fundamentals for the sector are as strong as ever High Growth and Large Markets Annual Investment in Renewable Energy expected to double from 2010 to 2020 and reach $400bn Total renewable energy investment to amount to $7 trillion over the next 20 years From 2009 to 2035: Renewables will contribute to 44% of new electricity generation Electricity generation growth rates: 9% p.a. wind, 15% solar PV, 25% CSP and 20% marine Lower Costs and Grid Parity Renewable energy costs will continue to be driven down the experience curves Solar PV expected to decrease a further 55% by 2020 and an additional 20% by 2030 Solar and on shore wind will be at grid parity in an ever increasing number of geographies

11. Hazel Capital LLP11 NEX Index versus Renewable Energy Investment CAGR 2009-2030 9% NEX 2006-2011 -36%

12. Hazel Capital LLP12 Fund Key Features General PartnerHazel Ventures Management Ltd Fund ManagerHazel Capital LLP Commitment Period 3 years from the fund closing date Term 8 years from the fund closing date. Term may be extended by up to three, one-year periods by the GP Co-Investment with LPsAt the discretion of the General Partner First Closing $18m on November 1 st 2010 Target Total Commitments by Final Closing$40m Minimum Commitment£250,000 or a lesser amount at the discretion of GP Management Fee2% Carried Interest of General Partner 20% after 8% preferred return

13. Hazel Capital LLP13 Portfolio Companies

14. Hazel Capital LLP14 For further information, please contact: Isabelle Schirmer Portfolio Manager ischirmer@hazelcapital.com or Lizzie Vickers Marketing Director lvickers@hazelcapital.com Hazel Capital LLP 59 Gloucester Place London, W1U 8JH, UK Tel: + 44 (0) 203 434 1010 Contact Details

15. Hazel Capital LLP15 International Energy Agency World Energy Outlook 2010 World Energy Outlook 2011, November 2011 Deploying Renewables, November 2011 Bloomberg New Energy Finance Levelised Cost of Energy Update: Q3 2011, October 2011 Global Renewable Energy Market Outlook, November 2011 Sources