White Pine Hydro

Sound Understanding of Cashflows, Outside-In

• Ability to understand cashflows outside-in using industry knowledge

• Built conviction on bottom-up fundamental asset value

• Recognized that in certain market scenarios the senior debt terms would trap cash and leave Holdco debt with cash shortfalls

Acquired Holdco Debt at Discount

• During a period of low hydrology and low power prices investment thesis started to play out

• Bought portion of Holdco debt at discount

• Joined bondholder calls

Provided Seller elegant exit solution:

• Acquired equity from seller for nominal value with recapitalization of Holdco debt

• Avoided complicated restructuring and exposure to asset auction