proton energy –

Rocky Hill, Conn.

Went public 9/29/2000 at $17 per share

Filing Range: 7.0 mil. shares @ $14 to $16

Shares Outstanding: 32.014 mil. shares

Underwriters: Morgan Stanley Dean Witter/Credit Suisse First

Boston/Salomon Smith Barney

Company Counsel: Hale & Dorr LLP

Manager Counsel: Shearman & Sterling

Auditor: PricewaterhouseCoopers LLC

The Company:

Manufactures hydrogen production equipment by developing cost effective Proton Exchange Membrane (PEM) industrial hydrogen generators and fuel cell products.

Venture Backers:

Utech Venture Capital Corp.

Beacon Partners Inc.

Arete Corp.

Connecticut Innovations Inc.

Ballentine Capital Management

Perseus LLC

Chase Capital Partners

Nth Power Technologies

Solstice Capital

CIBC Oppenheimer & Co. Inc.

Lehman Brothers

Kinetic Ventures Inc.

Liberty Environmental Partners

Calvert Social Venture Partners LP

Financing Rounds:

Number of Round Amt.

Round # Round Date Stage Investors ($ thousands)

1 05/01/1997 5 Early Stage 2909.0

2 12/09/1997 7 Expansion 2503.0

3 12/01/1998 8 Later Stage 3090.0

4 05/07/1999 3 Expansion 3000.0

5 04/10/2000 12 Later Stage 50074.0

Financials:

(Data in $ millions)

Y/E

12/31/99

Total Revenues: $0.9

Net Income: -3.3