Intelligent Energy Holdings plc

Results for the half year ended

31 March 2016

©2016 Intelligent Energy Limited The information in this document is the property of Intelligent Energy Limited and may not be copied or communicated to a third party, or used for any purposes other than that for which it is supplied without the express written consent of Intelligent Energy Limited. This information is given in good faith based upon the latest information available to Intelligent Energy Limited, no warranty or representation is given concerning such information, which must not be taken as establishing any contractual or other commitment binding upon Intelligent Energy Ltd or any of its subsidiary companies.

DisclaimerThis presentation has been prepared on behalf of Intelligent Energy Holdings plc (the ‘Company’) for information and discussion purposes only. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on itscompleteness. The Company is not under any obligation to update or keep current the information contained in this presentation. No representation or warranty, express or implied, is given by or on behalf of the Company or its respective subsidiary undertakings, affiliates, respective agents or advisers or any of such persons’ affiliates, directors, officers or employees or any other person as to the fairness, accuracy or completeness of the information, or of the opinions, contained in this presentation and no liability is accepted for any such information or opinions.

THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER, INVITATION, PROMOTION OR RECOMMENDATION TO PURCHASE OR TO SUBSCRIBE FOR, OR ANY OFFER OR INDUCEMENT OR INVITATION OR COMMITMENT TO PURCHASE OR SUBSCRIBE FOR (OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR), ANY SHARES IN THE COMPANY OR ANY SECURITIES IN ANY OTHER ENTITY.

Without limitation to the foregoing (and subject to certain limited exceptions) this presentation is not for use in the United States and may not be transmitted, published or otherwise distributed in the United States. The Company’s securities have not been and will not be registered under the US Securities Act of 1933 or under any applicable securities laws of any state or other jurisdiction of the United States.

Certain statements (or information) included in this document constitute, or may constitute, forward-looking statements and / or financial projections which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue,” “target” or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differmaterially from those reflected or contemplated in such forward-looking statements and no reliance should be placed on such forward-looking statements. No statement in this presentation is intended to be nor may be construed as a profit estimate or profit forecast.

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Agenda

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1.Financial review

3. Strategic focus

2.Operational review

4.Summary and outlook

Group review

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DP&G

Motive

CE £5.25m JDA signed with emerging smartphone OEM

Signature of a Letter of Intent with a drone OEM

Continued delivery of existing Joint Development arrangements with Automotive OEMs

A challenging period for the group with some difficult decisions taken

Following an extensive review, a material restructuring of the business is well advanced

IE is now focused on shorter term material opportunities relating to air cooled fuel cell applications, while also is

in the process of substantially and sustainably reducing operating costs

The company has raised funds, which subject to shareholder approval on June 9th, will support the restructuring

and enable the business to capitalise on the demand to power off-grid devices

Interim power management agreement with GTL for 27,400 Indian telecoms sites operated successfully

Financial review

Summary financial performance Unaudited Six months to 31 March

2016 £mSix months to 31 March

2015 £m

Revenue 43.9 27.4

EBITDA (1) (21.6) (23.7)

Non-cash exceptional items and impairments (23.9) -

Profit/ (loss) after tax (67.3) * (21.4)

Cash (2) 9.7 58.2

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(1) EBITDA prior to exceptionals(2) Cash is defined as cash and cash equivalents and short term deposits.(*)Balance sheet carrying values have been reviewed at the half year in the light of the refocusing of the business

Funding

o Net proceeds of £27.2m from the issue of £30m of convertible loan notes

Restructuring

o Following an extensive review, a material restructuring of the business is in the process of

being implemented post the half year end

o The bulk of the restructuring announced in April is expected to complete in June

Resulting impairments and de-recognitions linked to restructuring

o De-recognition of a £21.9m non-cash accounting entry deferred tax asset

o £23.9m of non-cash related impairments and inventory write downs of which £14.8m

relates to intangible assets

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Issue of Convertible Loan Notes

• Completed a £30.0 million (£27.2 million net) gross fundraising through the issue of convertible loan notes

• It secures the medium term future for Intelligent Energy and allows it to focus upon making a commercial success of the business

• This fundraising is the only credible route to achieving going concern status

• Conversion rights subject to approval at a general meeting to be held on 09 June 2016

• Intelligent Energy’s top three shareholders have given indications that they support the transaction

• In the event that the shareholders do not pass the resolutions needed at the general meeting on 9th June, then the Board believes that the Company would not be able to meet the resultant level of increased payments and would therefore no longer be a going concern

Operational review

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Selected operational highlights for

the half year

Interim power management agreement with GTL for over 27,000 Indian telecoms

sites operated successfully:

o Continued operation of seven fuel cell reference sites deployed during the half

year

o With generation of over 20 MWh of fuel cell powered electricity and over 25,000h

of operation

o Resulting in site availability increased from 99.3% to 99.997% when compared

with diesel operated sites

Continued delivery of existing Joint Development arrangements with Automotive

OEMs

Joint Development Agreement signed with an emerging smartphone OEM relating to

embedded fuel cell technology

Signature of a Letter of Intent signed with a drone OEM

Strategic focus

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Strategic focus and restructuring Objective is to focus on the most immediate market opportunities and deliver a sustainable business

with significantly reduced operating expenses

Focus on opportunities based on the company's class leading and power dense sub 1W to 20kW air

cooled fuel cell technologies:

o Embedded devices to medium auxiliary power units

o Range extenders for highly distributed power applications

o Continued focus on DP&G systems

o Rationale for technology refocus – commonality of components, building on experience

EC technology “on hold” - maintain core high power technology Intellectual Property portfolio,

know-how and expertise appropriate for motive and high power DP&G applications:

o Further investment only made when profitable and scalable opportunities arise in lockstep

with the deployment of refuelling infrastructures

Simplified organisational structure:

o New structure to deliver a rapid decrease in cash burn with monthly OPEX to reduce

significantly by the end of the calendar year

o Reduction is anticipated to be in line with the proportionate headcount reduction

Business orientated around on existing commercial opportunities whilst preserving the Company's

core capability to provide best of class, fuel cell based, power solutions to customers in its target

markets

Summary and Outlook

Group summary and outlook

• A difficult period for the group, but with fundraising in place to

support a refocused strategy the Board is confident in its ability

to build a viable long term business

• IE is now focused on shorter term material opportunities relating to

air cooled fuel cell applications, while also is in the process of

substantially and sustainably reducing the costs

• Creation of a unified company structure to address market

opportunities without the complexity of a divisional structure

• The Board strongly recommends that all shareholders vote to

support this at the forthcoming General Meeting

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Q&A