Westmill Solar Co-operative

1. Westmill Solar Co-operative Annual General Meeting 7th June 2014 Westmill Solar Co-operative AGM

2. Today’s agenda 11:00 Directors’ reports: • Operating performance • Financial report • Membership, external relations • share transfers • Capital transactions • Hive-up • Repayment of share capital Members’ comments and questions Board candidates – collection of ballots 11:50 Brief Break 12:00 Formal business 12:30 Lunch and visits to stands 13.30 Keynote Speaker: Alan Simpson 14.15 Breakout and Networking sessions Westmill Solar Co-operative AGM

3. WSC organisation • Non-executive board • Co-op administration: • Ethex • Registry Trust (members’ share-holdings) • Asset management: • OST Energy Accountants & auditors: Critchleys Westmill Solar Co-operative AGM

4. Operating report Philip Wolfe; Non-executive Chairman Westmill Solar Co-operative AGM

5. Monthly output – year 1 Westmill Solar Co-operative AGM

6. Monthly output – Q4 2013 Westmill Solar Co-operative AGM

7. Performance ratio – year 1 Westmill Solar Co-operative AGM

8. Performance ratio – Q4 2013 Westmill Solar Co-operative AGM

9. Financial report Mark Luntley; Non-executive Director Westmill Solar Co-operative AGM

10. Key documents • Statement from Directors (p11) • Auditor’s report & opinion (p13) • Income and expenditure account (p20) • Balance sheet (p21) • Cash flow (p23) • Movement of reserves (p29) • Detailed management accounts (on website)

11. Our finances – key issues • A really good trading year • Income • Costs (including loan interest and depreciation) • Proposed payment to members • Tax • Our assets and liabilities • Transactions in the year • Loan re-financing • Hive up

12. Transactions in the year • Replaced 7 year Investec loan with 24 year Lancashire bond (Feb) • “Hive up” bringing together two companies (summer) • Upward revaluation of assets by £0.723m • Write off of £0.704m one-off irrecoverable costs (But shareholder capital remains at similar level)

13. Income and direct costs • £1.9m income- £1.7m FIT • £1.059m cost of sales • £0.626m depreciation • £0.185m Abacus premium payments • £0.081m rent • £0.066m O&M contract • Other costs of sales (rates, insurance, security, site electricity etc) • £0.084m Admin expenses (Ethex, audit, one off costs)

14. Assets and liabilities At 31st Dec 2012 = £14.226m • AddCritchleys revaluation by £0.723m • Subtract Depreciation for year £0.626m At 31st Dec 2013 = £14.323m Cash increased from £0.645m to £2.2m Loan now £10.598m Tax – building up a reserve in case we need to pay this later on

15. Proposed shareholder interest • Business case anticipates returns steadily increase year on year • For 2013/4 • £116,211 (2p/share interest) • return of 20% of members’ capital

16. Membership& external relations Adam Twine; Non-executive Director Westmill Solar Co-operative AGM

17. Capital transactions Nicola McConville, Philip Wolfe; Non-executive Directors Westmill Solar Co-operative AGM

18. Your questions & comments Introduction to Candidates for the Board Westmill Solar Co-operative AGM

19. Formal business and resolutions • To approve the minutes of the 2013 AGM • To receive the audited accounts for the last financial year incorporating an interest payment of 2p per share • To approve a return of capital to all members of one fifth of each member’s holding of A and B shares • To re-appoint Critchleys as auditors • To agree to make payments to a community fund as proposed in the share offer document, and that such payments be made in any year before the fifth year, if there is a sufficient surplus to do so • To resolve that the directors be remunerated until the members resolve otherwise at a General Meeting [If the above is not passed, the following resolution will not be put] • To agree that the directors’ remuneration be set on the terms proposed and at the level recommended by the members’ committee (see p31) • Results of the election of two directors Westmill Solar Co-operative AGM

20. After lunch • Alan Simpson Future prospects for Community Energy • Break-out and networking sessions Westmill Solar Co-operative AGM

21. Break Out sessions 2.30 – 3.30pm • Westmill Fund – results from survey and how to take idea forward - led by Mark Luntley • Hydrogen – a cure for intermittency? Led by Prof Rex Harris • Retrofitting your home for effective heat loss reduction - led by Tim Nicholson • Community Combined Heat and Power - led by Martin Crane • Community energy at Westmill … the next steps - led by Adam Twine Westmill Solar Co-operative AGM