Manager Vice President

Profile

Will is a portfolio manager at Ecofin with specific focus on US

investments. Will is a 18-year veteran of Wall Street and brings a proven

track record of research, valuation and stock selection along with an

extensive history and knowledge of the energy value chain spanning upstream

through downstream sectors. Will was consistently recognized in leading

institutional research polls and was ranked by The Wall Street Journal as

the number-one stock picker in his sector. Prior to Ecofin, Will worked for

the money management firm Neuberger Berman, where he was a Senior Vice

President and Supervisory Analyst. Will was responsible for the firm's

electric, gas and water utility, coal and MLP research. He also co-ran the

firm's top-performing private Energy-Utility fund from March 2003 to June

2005. He previously worked at Bank of America where he was a Principal and

Research Analyst covering utilities, diversified energy companies and MLPs

since 1998. Prior to joining Bank of America, he was an Analyst at Salomon

Smith Barney in New York covering natural gas pipelines and MLPs. Will is a

citizen of the United Kingdom and United States.

Professional Experience

June 2005-Present* London

and New York

Ecofin Ltd, Vice President, Portfolio Manager for North America

Ecofin is a global utility and energy value chain specialist that manages

both long only and long/short funds. Assets under management peaked near $5

billion of which the US portfolio comprised about 35%.

Responsible for portfolio construction, stock picking and day to day

management of the North American portfolio that peaked near $1.8 billion.

Opened the US offices for Ecofin in 2006. Recruited and manage one of the

top buy side investment teams in the sector including two portfolio

managers, two analysts, a dedicated trader, a fixed income specialist,

marketing person and office manager.

Effectively assisted in marketing the firms funds which grew from $800

million when joining the firm and peaked at approximately $5 billion

Successful track record of stock picking and long term alpha creation

within the utility, energy infrastructure and energy sectors (see track

record below)

*I have opted for a buy-out option and will leave the firm in July.

February 2003-June 2005

New York

Neuberger Berman, Senior Analyst

Responsible for utilities, pipelines, MLPs, coal and energy tech research

Co-ran an internal energy fund.

Promoted to Senior Vice President in 2005.

1998-2003 New York

Banc of America Securities, Principal, co-head of utility equity research

Ranked number one stock picker in sector by the Wall Street Journal in

2002.

Ranked in the top five in other institutional surveys.

Managed a staff of seven analysts and associates.

Promoted to Principal from Vice President in 2000

1994-1998 New York

Salomon Smith Barney, Equity Analyst, Gas Utilities, Pipelines, and MLPs

Promoted to Analyst in 1997

Education

1994 MBA University of Notre Dame

1988 BS Economics Southern Connecticut State

ECOFIN GLOBAL UTILITIES HEDGE FUND; NORTH AMERICAN BOOK P&L

North America

Historical Performance* Jan-10 Feb-10

Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10

Dec-10 Jan-11 Feb-11 Period Total - Unlevered -4.3% -1.2% 2.7%

2.2% -7.0% -1.4% 8.1% -0.4% 4.1% 2.2% -2.9% 4.3% 3.0% 3.4%

12.4% Total - Levered -5.2% -1.6% 3.4% 2.8% -8.3% -1.7% 10.7% -

0.5% 5.6% 2.8% -3.7% 5.6% 4.0% 4.6% 18.0% Index** -5.1% -1.9%

2.4% 2.4% -6.1% -1.0% 7.3% 0.9% 2.6% 0.9% -3.6% 2.7% 1.1% 0.8%

2.7% Longs Excess Return 0.8% 0.7% 0.3% -0.2% -0.9% -0.6% 0.7% -

1.3% 1.5% 1.2% 0.6% 1.5% 2.0% 2.7% 9.4%

AUM: Ecofin Total and North American

Book

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