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WHEB Partners
pioneers in European clean technology

Name, Organisation
 Introducing WHEB Partners
A pioneer among the cleantech VC firms in Europe
Location  2 offices (London and Munich).
 9 investment professionals and 2 part time venture partners (excluding
WHEB Asset Management’s 3 professionals and WHEB Infrastructure
Partners’ 4 professionals).
Team Size

 £129 million of assets under management across two funds:

 Fund 1 (2004 vintage): £24m; 8 investments and closed for new
Fund Size deals. LPs comprise family offices and institutions such as Macquarie.
 Fund 2 (2008 vintage): £105m; 7 investments. LPs include European
Investment Fund, Hermes GPE, a US public sector pension fund of
funds, a bank and a variety of American and European family offices.
 Most of Fund 2 will be invested in Europe but investments may be made
Geographic elsewhere (e.g. US, Israel) with local VC partners in deals to which WHEB
Focus can add value in Europe.

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 Why WHEB is different
 20 years of pioneering activity in the cleantech sector.
Team
 Blue chip venture capital (post seed stage) and expansion capital experience.
Experience
 Industrial and entrepreneurial track records.
 Award winning technology commercialisation track record.
 Extensive Government policy advisory work (UK, Germany and EU).

 Large proprietary network of cleantech contacts.

Network  Extensive relevant industrial, financial, family office, government and NGO
relationships.
 Affiliations with:
 RUSTON Wheb, specialist cleantech executive search firm.
 WHEB Asset Management, fund investing in publicly listed sustainable stocks.
 WHEB Infrastructure Partners, renewable energy infrastructure fund.

Proactive
 Hands-on, value adding approach.
Style

 Very few European cleantech specialist VC firms have been in business long
Second Fund
enough to be investing their 2nd fund. 3
 Partners
James McNaught-Davis (London)
 MA from Cambridge and MBA from Wharton Business School
 Originally investment banking with Schroders & Merrill Lynch &
then responsible for M&A at Misys plc, helping grow the business
from £50m to £1bn in revenues
 10 years VC at partner level with Warburg Pincus and Advent
 Joined WHEB Ventures as its managing partner in 2007
 Speaks French and Italian
 Member of British Venture Capital Association’s Energy, Environment
& Technology Board

Dr Rob Wylie (London)

 MA and PhD in chemistry from Cambridge, post doc at Geneva
University
 10 years in Shell’s agrochemical business
 20 years cleantech experience with Rothschilds, KPMG and
WHEB including 5 as VC investor
 Active participant in numerous Government and university
4 advisory boards
 Partners
Kim Heyworth (London)
 Economist with an MA from Trinity College Dublin
 20 years relevant cleantech experience in:
 KPMG Consulting - global chairman of Strategic Services and
Environmental Practices
 WHEB co-founder in 1995
 Experienced Government and industry board advisor including
Waste Recycling Group Plc, one the UK’s largest waste companies

Ben Goldsmith (London)

 8 years’ clean technology investment experience
 Extensive and value-adding global network of contacts
 Co-founded WHEB Ventures with Rob and Kim in 2002
 Founder of the Environmental Funders’ Network

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 Partners and venture partners
Jörg Sperling – Partner (Munich)
 Masters Degree in Electrical Engineering – University of Aachen, Germany.
Research at AT&T Bell Laboratories (New Jersey USA) and at Israel’s
Institute of Technology (Technion).
 8 years VC experience; 6 years in Silicon Valley (Infineon Ventures and
Ridgewood Capital), 2 years in Germany as cleantech focused venture
partner at Target Partners, Munich. Previously VP of Sales at ZMD AG.
 Speaks German, English, Spanish and Hebrew
Dr Mike Mattner – Venture Partner (Munich)
 PhD in Chemistry from Technische Universität München.
 Former CEO of TUM International GmbH, international commercialization of
IP belonging to the Technische Universität München.
 Co-Founder and Managing Director of Get2M GmbH.

Thilo von Selchow – Venture Partner (Dresden)

 CEO & President of ZMD AG since 1999. Chairman of Novaled AG –start-up
company in the field of OLED (organic LED). Previously held executive
positions in German ‘Mittelstand’ companies.
 Investment Manager in the Matuschka Group’s Private Equity fund 6
 Cleantech market opportunity
Cleantech is an investment theme that cuts across multiple industrial sectors:

Energy Clean
Energy
Efficiency Industrial Waste Water
Generation Processes
& Storage

 Renewable  Energy  Filtration

 Innovative  Collection
energy efficiency and
generation (e.g. storage Materials  Flow
bio-fuels, solar,  Recycling
 E-mobility technologies
wave/tidal,  Sustainable
wind)  Treatment
 Smart grids Industrial  Treatment
 Cleaner coal and smart efficiency
meters  Usage
 Carbon capture  Chemical-free efficiency
& storage
agriculture

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 WHEB’s current
investments
Although one third of WHEB’s deal flow is in renewable energy generation,
risk-adjusted returns have looked better in less fashionable categories like energy efficiency,
industrial and agricultural efficiency, materials, waste and water:

Energy Clean
Energy
Efficiency Industrial Waste Water
Generation Processes
& Storage

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Location  Originally Australia but now US.

Company  Irrigation control using a range of sensors, telemetry and

Activity software systems providing up to 50% savings in water usage.

Key  Company experience, 80,000 sensors sold since 1997.

Attractions  Clear market leader in Australian high precision agriculture market.
 Market potential and cost advantages of AquaSpy system.
 Quality Management team and fellow investors.

Track Record  Developed award winning product improvements enabling low cost
& Plans mass production.
 Developed large scale distribution partners (Netafim, Rubicon).
 Revenues depressed since investment due to Australian drought but
now doubling due to US emphasis and recurring revenue contracts
with seed companies.

WHEB Role  Leading role in finding US COO & developing exit strategy.
 Leading role in recruiting new US based CEO for 2009.
 Leading role in finding US based investors
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Location  Southampton, UK.

Company  Developer of turbo-generation technology for large diesel engines using

Activity the 35% of energy lost through exhaust to generate electrical power
which can be fed back to the engine or used to drive auxiliary systems.

Key  Large potential market, in both heavy duty automotive and stationary
Attractions power, driven by increasingly challenging targets for fuel efficiency and
emissions reductions.
 Payback between 1-2 years.
 Strong IP and excellent management team.

Track Record  Delivering a major order to supply 200 units to Schnell, a German
& Plans stationary power manufacturer. Combined with a Framework
Agreement to supply over 2,000 units, this relationship will be worth
£37 million for Bowman during the next 5 years.
 Working on development projects with several large truck
manufacturers including International Truck (Navistar).

WHEB Role  Led successive rounds of investment and introduced several new
investors into the 2010 Investment round. 10
Location  Winchester, UK.

Company  Cost effective and environmentally benign alternatives to

Activity pesticides for insect control in agriculture, stored products and
food processing.

Key  Market potential and strength of market drivers.

Attractions  Very familiar area to WHEB Partner.
 Quality technology, core IPR and team.

Track Record  Completed field demonstration and registration trials in over 25

& Plans countries, and launched first products in South Africa and New
Zealand in 2006, US in 2007 and Europe in 2008/2009.
 Established major corporate distribution partners worldwide.
 Product Registration approvals achieved ahead of schedule for Rice

in India and Top Fruit in Europe Q4 2008.

 New public health opportunity launched 2010.

WHEB Role  Recruited new CEO, Chairman and NED to look after R&D and
manufacturing.
 Led several rounds since Dec 2004 totalling over £7.6m including
recent over-subscribed £2m round bringing in MTI
 Leading exit strategy development
11
Location  EVAP Environmentals Limited, based in York, UK.

Company  Proprietary compostable bioplastic film technology made from a

Activity majority of renewable resources.

Key  Unique way of co-extruding poly lactic acid (food use certified) and
Attractions poly vinyl alcohol (gas barrier) to create a clear, tough, machineable,
sealable bioplastic film for packaging fresh produce.
 The only compostable bioplastic film with a gas barrier yet a uniquely
high vapour transpiration rate which significantly helps extend shelf
life in fast-spoiling produce.

Track Record  All relevant certification achieved, manufacturing partner selected,

& Plans scale-up of manufacturing process underway.
 Commercial trials underway with Aldi and W.Morrison with product
already being sold in selected stores.

WHEB Role  Recently led A round as the sole VC investor.

 Introductions to key target customers and channel partners.
 Working with management to position the company optimally for exit.
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Location  Eindhoven, Netherlands.

Company  A spin-out from Philips – designs, assembles and sells micro filtration
Activity products providing unsurpassed cost savings and reductions in energy
use.

Key  Significant market potential in variety of market applications.

Attractions  Strong and active co-investment syndicate.
 Quality technology, core IPR and team.

Track Record  Signed a €1 million development agreement with Tetra Pak for milk
& Plans filtration and shelf life extention. This will evolve into a full commercial
agreement.
 Converting existing cooperation agreement into commercial contract
with Bayer to address the chemical processing market via installation
of fluXXion equipment in a commercial acetone stripping plant.
 Winner of World Economic Forum Technology Pioneer Award 2008.

WHEB Role  Playing a lead role in restructuring the board, reducing Philips culture,
and recruiting new CEO.
 Invited into the syndicate to bring market focus.
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Location  Based in Austin, Texas, USA.

Company  Distributed Temperature Sensing (DTS) instruments to improve the

Activity performance and management of critical assets in Oil & Gas, Power,
Pipeline and other industries.

Key  Blue chip client base (Halliburton, Baker Hughes, Sedatec, Tyco).
Attractions  Market-leading technology and top quality management team.
 Selected by Shell to develop world’s first commercial DTS system for
subsea applications. If successful this could open a significant new
global market opportunity.

Track Record  Revenues grew from $1m in 2006 to $3.9m sales in 2009.
& Plans  Focusing sales activity in geographic areas with strongest market
traction – North America, Middle East and South America.
 Upside potential from the “smart grid” application of the technology,
along the power transmission and distribution network, in the light of
US Stimulus Package funding.

WHEB Role  Supporting European side of the business.

 Customer and market introductions.
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Location  Based in Stockport, UK.

Company  Proprietary disinfection and sanitisation technology using ozone and

Activity hydroxyl radicals.

Key  Unique technology using a "fog" of ozone and hydroxyl radicals to

Attractions sanitise whole rooms, followed by a quenching (and/or catalysing)
process allowing rapid room re-entry.
 Kills pathogens including those such as Listeria, E. coli and MRSA.
 Selling sanitation products into the food processing sector and
targeting healthcare applications through NHS hospital trials.
 Strong advantages over competing technologies; faster cleaning
time, no expensive toxic chemicals and can be operated by janitorial
personnel.

Track Record  Trials at the UK Health and Safety Executive laboratories are
& Plans proceeding successfully with 99.99% kill rates being achieved.
 New products launched in 2009.
 Food Sector Division now profitable.
 Contracts obtained in range of NHS hospitals.
WHEB Role  Led several funding rounds since 2007 alongside North West Equity
Fund.
 Leading exit strategy development. 15
Location  Limerick, Ireland.

Company  Turnkey IT system whose modular functionality transforms the

Activity efficiency of waste haulers and enables municipalities to
introduce pay-by-weight regimes to reduce waste sent to landfill
and increase recycling.

Key  Attractive business model combining up-front revenues for

Attractions hardware with annually recurring revenues for software.
 Strong market traction and potential for rapid revenue growth
with blue-chip waste operators rolling the technology out across
their vehicle fleets.

Track Record  Revenue of €6 million in 2009.

& Plans  Market leader in Ireland and continuing expansion in the UK and
Scandinavia. Major €10m contract to deploy across SITA UK’s
commercial fleet.
 Entering US market via a three-way joint venture with Labrie
Environmental Group, a waste collection vehicle manufacturer
and Cascade Cart Solutions, a refuse bin manufacturer.

WHEB Role  Led the investment syndicate for €5.75m round.

 Made introductions to new customers and a new Chairman of
the Board who guides AMCS‘s strategy.
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Location  Geismar, Germany.

Company  Supplies highly durable and lightweight patented plastic components

Activity for automotive applications (used by Daimler, VW, others), and
lightweight/collapsible transport boxes for global logistics companies
 Products made from high-grade recycled materials derived from
company‘s own plastic waste recycling facilities

Key  Patented products are a lighter, cheaper and more durable

Attractions alternative to materials they replace and are 100% recyclable
 Products are versatile, with many potential applications that can add
to the growth of the company
 Company has strong track record with large OEMs mainly in Germany
and high potential for successful international expansion

Track Record  EBITDA of €8m in 2008, company managed to remain profitable

& Plans despite downturn in automotive sector
 Production capacity currently being expanded to deliver large volume
orders and expand value chain

WHEB Role  Converted debt of company into equity, priming it for growth
 Introduced company to several blue chip OEMs
 Aiding in internationalization strategy, professionalizing management

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Location  Newbury, UK.

Company  Software & data services platform to provide “smart grid” energy
Activity efficiency solutions to the home.
 Automated energy optimisation software to reduce household energy
use (both electrical and thermal) by up 18% and optimise use of local
microgeneration supply (from solar thermal and PV) with local demand.

Key  Selected as one of the six hottest products to watch at the Consumer
Attractions Electronics Show 2010.
 Multiple business-to-business routes to market.
 Strong core management team led by a driven serial entrepreneur, Colin
Calder. He and several key members of his management team
previously built Paragon Software from 1996 and subsequently sold it to
Phone.com for £310 million ($500 million) in February 2000.

Track Record  In trials with 4 of the 6 major UK energy companies.

& Plans  Strong qualified prospect pipeline with “virtual utilities”, home energy
efficiency providers, microgeneration companies, security companies
and social housing providers.

WHEB Role  Led Series A round in July 2009, co-investing with the founding CEO.
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Location  Headquartered in Lidköping, Sweden with a second plant in Âs, Czech
Republic.

Company  Polyethylene terephthalate (“PET”) packaging specialist. Petainer has long

Activity term contracts with blue chip customers to supply PET bottles and
valuable technical expertise in the design and manufacture of multi-use
PET bottles, the use of recycled PET material and “light-weighting” bottles.
Petainer has recently developed large PET containers for distribution and
dispensing of beer in an environmentally friendly manner.

Key  Established, profitable business with long term contracts with blue chip
Attractions customers (e.g. Coca Cola, Carlsberg and Heineken).
 Opportunity to accelerate growth through the launching of new products,
notably 20 litre + beer kegs and water coolers.
 Low acquisition price, equivalent to 2x 2009 EBITDA and 1.6x 2010 EBITDA,
for this €60 million turnover, green packaging leader in the German-
speaking world (DACH) and the Nordic region.

Track Record  Company has strong cash generative track record and now expects to
& Plans grow revenues and margins more quickly through the introduction of new
large container products. £6m EBITDA forecast for 2010 and turnover of
£56m.

WHEB Role  Co-led the consortium for this £17 million buyout.
 Negotiated mezzanine funding from KBC and working capital facilities
from Swedish and Czech banks as well as the purchase from Rexam PLC. 19
Location  Headquartered in Starnberg at Starnberg lake near Munich, Germany

Company  Torqeedo develops and distributes high-end electric outboard motors

Activity with less than 10hp (horsepower), using torque motors, high efficiency
LIMA battery cells, advanced electronics, superior drive train technology,
and state of the art propellers, resulting in a product that is consistently
rated as a top buy in its markets. Due to the small size of motor and
electronics, Torqeedo can offer an integrated drive system with extremely
low weight, low volume, high power, and high efficiency.

Key  Inexpensive play in the mega-trend of electric mobility

Attractions  Management has shown rapid execution and capitalization on a market
opportunity, growing the sales of their high end product by 25% in 2009
when sales in the marine market shrank by 40% in the same year
 Break even can be reached with current technologies, international
markets and regulation will fuel growth, and advances in battery
technology provide for a potentially large upside
 A large number of potential trade buyers exists, and the market is
currently overlooked by other cleantech investors.

Track Record  Company has revenue growing track record and now expects to grow
& Plans revenues and margins through the introduction of new products.

WHEB Role  Led the investment syndicate.

 Introduced new chairman to Torqeedo. 20
Location  Nuremberg, Germany.

Company  Supplies a suite of low power solutions for display technologies which
Activity minimize reflections and enhance display brightness/ contrast (thus
lowering energy needs), improve robustness, and provide longer
product life cycles

Key  Company provides solutions to some of the most pressing problems

Attractions of the large display market (sunlight-readability, energy
consumption, toughness)
 Sales pipeline is very strong, with over 60 advanced negotiations and
several contracts with a potential for >€10m in sales each
 Technology proven with large OEMs

Track Record  Management has built company from inception in 2005 to €7.6m in
& Plans just 3 years
 Customers include Dell, HP, Siemens, General Dynamics, GE
 Automated plants to be built in Asia to satisfy large demand

WHEB Role  Led the investment.

 Pro-active participation in developing the relationship with Asian
partners and in recruiting the executive team

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Location  Manchester, UK.

Company  Unique, patented approach to rubber reprocessing - cross polymer

Activity bonds in vulcanised rubber are broken using only mechanical forces
(no chemicals, heat or pressure required).

Key  Properties of reprocessed rubber are materially the same as virgin

Attractions rubber enabling closed loop scrap recycling resulting in a significant
cost and energy saving.
 Potential for a build-own-operate (BOO) model with no inventory risk
(toll process for customers) as feedstock is free.
 Focus on low-volume, high value post-industrial scrap polymers.

Track Record  Company‘s first demonstration plant in Berlin has been processing
& Plans rubber offcuts for customers since August 2009.
 Company has identified a site for its first North American
demonstration plant in Ontario, Canada.

WHEB Role  Led the investment syndicate.

 Pro-active participation in developing the relationship with the
Chinese manufacturers and managing the risk associated with doing
business in China.
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Contact

Jörg Sperling
Maximilianstr. 36
80539 München
Tel. +49 89 122 2808 20
Mobil +49 173 595 0938
joerg@whebpartners.com
www.whebpartners.com