IPAA Private Capital Conference Houston, Texas January 29, 2015

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1 IPAA Private Capital Conference Houston, Texas January 29, 2015 These presentation materials do not constitute an offer or invitation by or on behalf of Energy & Infrastructure Capital, LLC or any of its affiliates, to subscribe for or make any investment in any securities or to engage in any other transaction with Energy & Infrastructure Capital, LLC or its affiliates. None of Energy & Infrastructure Capital, LLC or any of its affiliates assumes any duty to update any information in this presentation for subsequent changes of any kind.

2 Executive Summary 1 Who is EIC? 2 How can we help? 3 Market commentary 2

3 Who is EIC? 3

4 EIC Overview Domain expertise Efficient execution Relationship focus Product breadth EIC, an affiliate of Harbinger Group Inc. (NYSE: HRG), is an investment manager that was established in March 2014 to lend to the global energy and infrastructure sectors The platform focuses on three lending verticals: Oil & Gas, Power and Infrastructure EIC presently has ten full-time employees and is headquartered in Stamford, CT with an office in Houston, TX The team has cumulative industry experience of over 50 years, and prior to forming EIC, have been collectively involved with the investment of more than $35 billion Products may include first lien term loans (Opco/Holdco), unitranche, second lien loans, institutional debt and private placements Transaction types may include growth & development capital, general refinancing, acquisitions, leveraged buyouts, recapitalizations and project finance As of December 31, 2014, EIC has invested approximately $100 million 4

5 Corporate Profile HRG is a diversified NY-based holding company seeking to acquire and grow attractive businesses that generate sustainable free cash flow. Market Cap (1) : ~$2.7Bn Revenues (1) : $6.0Bn EBITDA (1) : $0.9Bn Insurance Consumer Products Asset Management Energy Minority Investments and Other Energy Infrastructure Upstream Oil & Gas Thermal Power Water Midstream Renewables Telecom Gas & Electric T&D Distributed Generation Transport 5 (1) Standard & Poor s Capital IQ, January 15, 2015

6 How can we help? 6

7 EIC Within the Spectrum of Capital Options Cost of Capital 2x 5x MOIC Traditional Private Equity 20% 15% Traditional Mezzanine 12% 8% 5% 2% Commercial Banks Higher Advance Rate Lower 7

8 Investment Approach (1 of 2) Looking to be a partner Relationship oriented approach; seeking follow-on opportunities and have ability to alter pricing/structure as risk profile changes No specific hurdle rate or fund life issues at this time; currently investing on balance sheet of affiliated insurance company Will structure around the business plan First lien or second lien, construction / delayed-draw, fixed or floating rate Use of proceeds includes growth & development capital, general refinancing, acquisitions, leveraged buyouts and recapitalizations Know how to play nice in the sandbox Can act as sole lender, club up with other like-minded investors or participate in larger syndicates Deep knowledge of RBL bank market and experience working with commercial banks Preferred investment size is $20-50 million but willing to start smaller under the right circumstances 8

9 Investment Approach (2 of 2) Likes Base of production and operating cash flow with some level of hedging Development drilling Management with relevant experience and skin in the game Tangible and measurable collateral Dislikes Technology risk Permitting risk Exploration Venture capital 9

10 Market commentary 10

11 $ per Bbl Yield to Worst (%) Recent Past April 30, 2014 Bloomberg: Shale Drillers Feast on Junk Debt to Stay on Treadmill December 2, 2014 Bloomberg: Bonds Backing Shale Boom Facing $11.6 Billion Loss $120 $110 $100 Crude Oil (WTI) Bloomberg Energy HY Index 13% 12% 11% $90 10% $80 $70 $60 $50 $40 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 9% 8% 7% 6% 5% 11 Source: Bloomberg

12 Energy New Issue Volume Key Points New issue of high yield and second lien term loans remained robust in 2014 Yields continued to stay at historic lows coupled with weakening structure New issue volume dropped off materially in the fourth quarter as crude continued to soften Investors have trimmed their allocation to oil & gas and/or re-allocated into non-e&p sub-sectors Approximately one third of all energy HY is considered to be distressed (1) $25 $20 $15 $10 $5 $- $1.0 $0.5 $- $(0.5) $(1.0) $(1.5) $(2.0) Energy High Yield New Issue Volume (in billions) Secured Subordinated Unsecured Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 High Yield Weekly Fund Flows (in billions) Weekly Volumes 4-Week Moving Average $(2.5) Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Standard & Poor s LCD (1) Standard & Poor s LCD, Fridson: Energy returned 5.77% in late December, January 6,

13 Activity in 2015? Demand for capital in 2015 A&D will likely be driven by motivated sellers Some demand for development capital for companies with tight liquidity Refinancing / recap activity should be active Bank price decks dropping & HY/TLB on hold Spring redetermination is fast approaching although some problem loans may not hit until the Fall (i.e. kick the can down the road) Capital markets are largely on hold until secondary settles down Sources of liquidity Non-bank private capital will fill the void; lots of capital on the sidelines although not all of it is friendly Newer investors with dry powder will step in along with existing investors that are willing to doubledown despite being distracted with portfolio issues 13

14 Brent Grundberg Disclaimer Energy & Infrastructure Capital, LLC or any of its affiliates, does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. Certain information contained herein has been obtained from published and non-published sources. It has not been independently verified by Energy & Infrastructure Capital, LLC or any of its affiliates. 14

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