NATIONAL ENERGY IMPROVEMENT FUND

Smarter, Better, FasterAccess to Financing & Funding

for Energy Improvements

INVESTOR OVERVIEW MARCH 2019

NEIFUND.ORG

NEIF is a for-profit, public benefit, licensed financial institution. Certified “B-Corp” status pending.

NEIF’s mission is to promote energy savings by increasing the affordability of energy efficiency improvements for consumers and businesses.

NEIF is a national leader in energy improvement financing.

The NEIF team has been responsible for over $700 Million in energy financing.

Who is NEIF?neifund.org

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NATIONAL ENERGY IMPROVEMENT FUND, LLCA Pennsylvania Benefit LLC

Offering of 100 Shares Series B Preferred Term Units

7.00% Paid Quarterly

5 Years Interest only, followed by 5-year principal term out redemption, plus 2.00% pro-rata participation upon change of control*

Offering Price: Thirty Thousand Dollars ($30,000.00) per shareIn addition to the 7.00 % Preferred Dividend paid quarterly, each share will

receive its full remaining principal redemption plus .02% (2%/divided by 100 shares) of the net purchase price at change of control. * For example, if the net purchase price at change of control was

$10,000,000 each share would receive a pro-rate participation of $2,000 in addition to the full remaining principal redemption.

This Offering is Limited only to: (i) Accredited Investors; and (ii) a Restricted Number of Investors Who Have Such Knowledge and Experience in Financial Business Matters That They Are Capable of Evaluating the Merits and Risks of a

Prospective Investment. Please see the Private Offering Informational Statement and related documents.

Investment Offering

NEIFUND.ORG

SMARTER BETTER FASTER

Leveraging years of contractor-driven energy finance know-how and industry relationships to offer the best possible experience for contractors, customers, sponsors and partners

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The NEIF Effect on Financing & Funding for Energy Improvements

Improved access to lower cost capital to provide better rates to customers and lower fees to contractors

Fast, simple, fully compliant automated lending platforms, backed by a team of Energy Lending Specialists to achieve rapid decisions and funding

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What is NEIF’s Business Model?

Consumer lending fees from origination & multi-year

loan and program servicing contracts

NEIF’s business model generates current fee revenue and long-term sustained recurring revenues derived from a set of business lines that are tightly unified to service energy

efficiency financing. 5

The NEIF business model relies on revenue from energy efficiency financing in four areas.

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Commercial finance origination, servicing &

utility management contracts

Discounted advance payment of utility

rebates to contractors

Specialty finance services for energy efficiency derived from loan

placement and capital sourcing

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NEIF’s Team is Led by Efficiency Finance Pioneers

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PETER KRAJSACO-CHAIR

MATTHEW BROWNCO-CHAIR

Previously CEO of AFC First, a groundbreaking energy efficiency lender founded in 1947 with over 6,000 participating contractors, creators of Pennsylvania’s Keystone HELP, the national EnergyLoan program, and many other market-based and state- and utility-backed financing programs.

Founder and Principal of Harcourt Brown & Carey and HBC Energy Capital, the nation’s top designer of energy finance programs for states and utilities including California, Michigan and many others.

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A Senior Management with Years of Experience

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LAURA NELSONCHIEF OPERATING OFFICER

Previously CFO of AFC First

Instrumental in national Warehouse for Energy Efficiency Lending

VP at Renew Financial and Deutsche Bank

TESSA SHINVP LENDING AND PROGRAMS

Former Director of Lending and Programs at AFC First and Renew Financial

TERI STOFFEYVP ACCOUNTING AND SERVICING

Former Accounting Manager at Renew Financial

Former Director of Process and Reporting at AFC First

JEREMY EPSTEINVP COMMERCIAL FINANCE

Senior associate, HBC

Residential and commercial finance program expert

HEATHER BRAITHWAITEVP STRATEGIC DEVELOPMENT & REBATE PROGRAMS

Senior associate, HBC

Government and utility finance program expert

RANDY BAKSENIOR DIRECTOR, BUSINESS DEVELOPMENT

National sales, channel and contractor management professional

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The NEIF Team Has Been an Innovator in the Nation’s Most Successful Energy Financing Programs

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• Pennsylvania Treasury –Keystone HELP

• West Penn Power Sustainable Fund

• Sustainable Energy Fund

• Building Performance Institute (BPI)

• Efficiency Maine

• Connecticut Green Bank

• Eversource

• United Illuminating

• Michigan Saves

• Energy Kinetics

• ComEd

• Ameren

• Progress Energy

• Atas International

• Knauf Insulation

• Xcel Energy

• AEP Ohio

• P&N Distribution (Rheem)

• PECO

• WHEEL

• FannieMae National EnergyLoan

• HUD PowerSaver

• California Treasurer & Utilities

• Kentucky Home Performance

• Maryland Clean Energy Fund

• Delaware Sustainable Energy Utility

• Illinois Energy Association

NEIFUND.ORG

Formally established in July 2017 as benefit LLC with legacy roots from AFC First (founded 1947, merged with Renew Financial 2015) and HBC Energy Capital (Harcourt Brown & Carey, founded 2005).

NEIF Moved Rapidly from Inception to Launch

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CREATION INITIAL CAPITAL

FUNDING RELATIONSHIPS

LAUNCH

Derived initial operating investment capital from management, qualified individual investors & trusts, as well as multiple foundations and energy funds.

Established or continued primary relationships with multiple banks, energy funds and other finance entities to supply loan capital.

Launched operations in July, 2018 with a staff in Allentown, PA and Denver, CO and quickly began to derive revenue from its business lines and focus.

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NEIF Accomplishments Since Founding

NEIF assumed administration of Efficiency Maine financing (unsecured and PACE originations) and $13 million servicing book

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RESIDENTIAL ENERGY LENDING

$13M $4M $25MNEIF assumed servicing on $4 million residual Pennsylvania Treasury Keystone HELP loan portfolio

Received bank forward purchase commitment of $25 million for NEIF Home Energy Loan nonsubsidized program in Q1 2019

Q2 2019 11Expected re-launch of Keystone HELP with Pennsylvania Treasury in Q2 2019, potential NY Green Bank program

Now authorized to lend or pending authorization in 11 additional states

375Over 375 top-tier energy contractors are now part of the NEIF- Approved contractor network

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COMMERCIAL ENERGY FINANCENEIF Accomplishments Since Founding

HBC Energy Capital became NEIF Commercial Finance, providing commercial customers with efficiency finance nationwide

NEIF has partner/vendor relationships with utilities and contractors nationwide

Developed and launched an online portal to enable instant finance quotes and full contractor/customer/ utility partner support from finance estimate until funding

Executed efficiency finance deals ranging from a few thousand dollars to $2.5 million

Launched Eversource (CT, NH, MA) Commercial 0% Finance Program in March, 2019

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Facilitated takeout of $11 million WHEEL facility (PA Treasury, NY

Green Bank) by Amalgamated Bank

Placed $42 million Eversource commercial on-bill loan portfolio with Amalgamated Bank and the CT

Green Bank

Sought and placed tax equity funds for solar/storage facilities

($14M)

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NEIF Accomplishments Since Founding

Launched this rebate advance program in December 2018 to help

with contractors’ cash flow as RB Funding LLC, in partnership with

Energy One Finance

NEIF pays contractors for their submitted/confirmed rebates

today (at a discount) and awaits utility’s payment of the rebate

Since inception, has advanced rebates of close to $1,000,000

Now expanding nationwide

SPECIALTY FINANCE

REBATE ADVANCE FUNDING & SPECIALTY FINANCE

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THE NEIF PRODUCTS

Smarter, Better, FasterAn Overview

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RESIDENTIAL ENERGY IMPROVEMENT FINANCING

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Leveraging years of contractor-driven lending know-how, NEIF has partnered with GoldPoint Systems to provide the most seamless and compliant user

lending experience for contractors, consumers and sponsors.

OUR SYSTEM FEATURES:

Instant decisioning

Contractor portal, sales tools, on-call

sales training

Paperless process &

rapid funding

Full lending compliance

Complete servicing

system and customer

service team

Full contractor

and sponsor reporting

State-of-the-art contractor search & lead

generation features

Distributor, Manufacturer, Utility, Trade Association

partnerships

* * * * * * * *

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ENHANCED TERMS AVAILABLE WITH NEIF PROGRAM PARTNERS: UTILITIES, GREEN BANKS, STATE GOVERNMENT & OTHERS

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Amount & Eligible Improvements

Terms & Rates Timing

$2,500 to $25,000• Heating & Cooling• Windows, Doors, Siding & Roofing• Air Sealing & Insulation• Electrical & Plumbing• Home Performance with ENERGY STAR• Geothermal, Solar & other energy projects

Instant Decisioning• “Kitchen Table” contractor

portal and sales tools

• Paperless process and rapid funding upon satisfactory completion

Up to 10 Years• Unsecured, fixed rate, point

of purchase monthly payment plans

• Buydown and sponsorship programs available

RESIDENTIAL ENERGY IMPROVEMENT FINANCING

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Point-of-purchase phone and tablet contractor sales & application tools, contractor and sponsor tracking portals, online consumer payments, and more

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RESIDENTIAL ENERGY IMPROVEMENT FINANCING

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RECURRING REVENUE ONE-TIME FEES

A per-loan, recurring revenue, servicing and program

management fee collected over the length of the loan,

typically up to 10 years

A per-loan and one-time loan

contractor or sponsor-paid funding fee

BUSINESS MODEL

RESIDENTIAL ENERGY IMPROVEMENT FINANCING

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NEIF matches multiple lenders’ finance offers to each project through a web-based portal

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NEIF uses a multi-channel funding structure to power its commercial energy finance

LENDER MATCHING IMMEDIATE OFFER ONLINE PORTAL CUSTOM FEATURES

Projects receive the best financing offer for their project —within seconds of project input—based on terms, rates and other conditions

NEIF’s portal guides contractors through the remainder of the process until they are funded

NEIF offers many custom features to contractors, utilities and other partners• Easy rate buydowns

• Accommodations for loss reserves and other credit enhancements

• Custom branding/co-branding

• In-person, web-based training and training materials

COMMERCIAL ENERGY IMPROVEMENT FINANCING

NEIFUND.ORG

Up to $100,000Just credit and improvement

type qualification (case by case)

Above $100,000Limited income documentation

(financials/tax returns)

Amount & Eligible Improvements

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COMMERCIAL ENERGY IMPROVEMENT FINANCING

Income Documentation Terms & Rates Timing

$10,000 to $250,000 Other amounts, case by case,

$10 million or more

• Lighting

• Building Controls

• HVAC

• Refrigeration

• Renewables (case by case)

• Building Envelope(insulation, windows etc.) as part of a core project

Instant Online Estimate & pre-qualification

Formal credit approvaltypically in less than

2 business days

Funding typically within 2 days from completion (or

available progress payments)

Terms1 to 7 Years

Longer terms available for larger projects and for non-

profit and municipal

RatesLow fixed rates and flexible terms designed for positive

cash flow from 0.00% (with buydown)

Finance Estimate for Sams Clams, LLC

Project ID: 88677997

* This finance estimate uses projected energy and maintenance savings data provided by your contractor. Many factors can affect the energy savings estimates as well as the realization of these estimated savings once the project is installed,

HBC Energy Capital encourages the customer to review these numbers with their contractor.

HBC Quote #9125, created on: 1/11/2019

Project Summary

Eversource has partnered with HBC Energy Capital to provide Massachusetts businesses with preferred rates for energy efficiency

upgrades. This Project Overview details the payments and savings calculated for your specific project. Once you are ready to proceed,

inform your contractor and your project will be submitted for financing approval.

Please note: Finance estimate figures are subject to credit review; interest rates and final payment amounts may vary.

Questions? Call HBC Energy Capital at (720) 724-7673 to discuss your financing options today.

Project Cost $75,000.00

Utility Incentive $8,734.94

Net Financed $66,265.06

*Rate 0.00 %

Financing Estimates

Annual Savings $20,500.00 Energy and Maintenance Cost Savings

Ten Year Savings $205,000.00 Energy and Maintenance Cost Savings

6 Months Cost of Delay $10,250.00 Lost Energy and Maintenance Cost Savings From Waiting 6 Months to Install Project

Project Saving Estimates

Project Financing Estimates *

Term Monthly Savings Monthly Payment Net Monthly Cash-Flow

5 Years $1,708.33 $1,104.42 $603.91

Next Steps

Step 1 Review this offer and either click the "I am Ready to Apply" button in your email, or notify your contractor that you want to move forward with this offer.

Step 2 You will receive an email with a link to a secure online application within one business day. Fill it out for financing approval.

Step 3 Receive notification of financing approval, sign closing docs, and begin equipment installation

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Our online portal, backed by top-tier energy efficiency lending specialists, simplifies the financing process

COMMERCIAL ENERGY IMPROVEMENT FINANCING

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CLOSING FEE

A per-loan origination fee collected from NEIF’s

partner lenders at the time of loan closing or project

funding

MONTHLY FEE

For most programs, a multi-year utility or

other program sponsor fee collected

monthly

RECURRING REVENUE

A monthly, recurring servicing fee collecting over the life of the loan

BUSINESS MODEL

COMMERCIAL ENERGY IMPROVEMENT FINANCING

NEIFUND.ORG

PROBLEM SOLUTION

pays within

1 WEEK

Rebate payments to contractors can take a long time to receive from rebating agencies—as long as

4 MONTHS

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ADVANCE FUNDING OF UTILITY AND PROGRAM REBATES

NEIFUND.ORG

Once You Become an Approved NEIF Contractor, It’s as Easy as 1 – 2 – 3

Gather Project Information

Upload Project Info by Friday at 12:00 pm EST

Get the rebate, less our nominal funding fee, in

your account via ACH within 2 business days

1 2 3

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ADVANCE FUNDING OF UTILITY AND PROGRAM REBATES

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PER-REBATE FEE INVESTMENT RETURNS

A per-rebate discount fee that varies depending on the size of the rebate, the timing

or payment and complexity of the rebate processing

A share of the return on investment in the fund

that supports Rebate Bridge

BUSINESS MODEL

ADVANCE FUNDING OF UTILITY AND PROGRAM REBATES

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Current & Planned Staffing

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NEIF

Laura Nelson

Chief Operating Officer

VP, Business Development

Sr. DirectorBusiness Dev.

Randy Bak

Business Development

Director

VP, Strategic Dev./Rebate Bridge

Heather Braithwaite

VP, Accounting & Servicing

Teri Stoffey

Loan Servicing Manager

Loan Servicing Specialist

Alisha Thompson

Loan Servicing Specialist

Sue McCauley

Accounting Manager

VP, Lending & Programs

Tessa Shin

Sr. Energy Lending Specialist

Shannon Newton

Energy Lending Specialist

Mary Kazmer

Energy Lending Specialist

VP, Commercial Finance

Jeremy Epstein

Commercial Lending Specialist

Commercial Lending Specialist

Business Manager

Joanne Hartman

Contractor Specialist

Brittany Heller

Contractor Specialist

Brandy Miller

Peter Krajsa

Co-Chair

Marketing Manager

Matthew Brown

Co-Chair

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$17,459,287

$39,540,688

$79,583,090

$121,341,241

$161,943,328

$199,605,300

2018 Actual 2019 2020 2021 2022 2023

EOY Managed Loan PortfolioActual 2018 & Projected

NEIFUND.ORG

PETER KRAJSACo-Chair and Founderpkrajsa@neifund.org

MATTHEW BROWNCo-Chair and Foundermbrown@neifund.org

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Contact NEIFneifund.org

LAURA NELSONChief Operating Officerlnelson@neifund.org

TESSA SHINVP, Lending & Programstshin@neifund.org

TERI STOFFEYVP, Accounting & Servicingtstoffey@neifund.org

JEREMY EPSTEINVP, Commercial Financejepstein@neifund.org

HEATHER BRAITHWAITEVP, Strategic Development & Rebate Bridgehbraithwaite@neifund.org

RANDY BAKSenior Director, Business Developmentrbak@neifund.org

National Energy Improvement Fund, LLCAllentown PA • Denver, CO(484) 838-5460