Notice of Annual General Meeting

This document is important and requires your immediate attention. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank, solicitor, accountant, fund manager or other appropriate independent financial adviser.

If you have sold or otherwise transferred all of your shares in Intelligent Energy Holdings plc (the 'Company'), you should send this document as soon as possible to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected, for delivery to the purchaser or transferee.

Notice is given that the Annual General Meeting of the Company will be held at the Burleigh Court Hotel, off Ashby Road (A512), Loughborough University (West Park), Loughborough, LE11 3GR at 2.00p.m. on 26 February 2016 for the following purposes. Resolutions 1 to 15 (inclusive) will be proposed as ordinary resolutions and resolutions 16 to 18 (inclusive) as special resolutions.

Ordinary resolutions

1. To receive the Company's audited financial statements for the financial year ended 30 September 2015, together with the Directors' report and the auditor's report on those financial statements.
1. To approve the Directors' remuneration report (other than the part containing the Directors' remuneration policy) for the financial year ended 30 September 2015, as set out on pages 54 to 69 of the Company's 2015 Annual Report.
1. To re-elect Mr Paul Heiden as a Director of the Company.
1. To re-elect Dr Henri Winand as a Director of the Company.
1. To re-elect Mr John Maguire as a Director of the Company.
1. To re-elect Mr Michael Muller as a Director of the Company.
1. To re-elect Mr Martin Bloom as a Director of the Company.
1. To re-elect Mr Zarir J. Cama as a Director of the Company.
1. To re-elect Mr Flavio Guidotti as a Director of the Company.
1. To re-elect Dr Philip Mitchell as a Director of the Company.
1. To re-elect Dr Caroline Brown as a Director of the Company.
1. To re-appoint KPMG LLP as auditor of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company at which accounts are laid.
1. To authorise the Directors to determine the remuneration of the auditor of the Company.
1. That the Company, and any company which is or becomes a subsidiary of the Company at any time during the period to which this resolution relates, be authorised for the purposes of section 366 of the Companies Act 2006 (the 'Act') to:
(a) make political donations to political parties and/or independent election candidates not exceeding £25,000 in total;
(b) make political donations to political organisations other than political parties not exceeding £25,000 in total; and
(c) incur political expenditure not exceeding £25,000 in total,

in each case during the period beginning on the date of the passing of this resolution and expiring at the conclusion of the next Annual General Meeting of the Company, or at the close of business on 26 May 2017, whichever is earlier.

For the purpose of this resolution "political donation", "political party", "political organisation", "independent election candidate" and "political expenditure" are to be construed in accordance with sections 363, 364 and 365 of the Act.

1. That, in accordance with the provisions of section 551 of the Companies Act 2006 (the 'Act'), the Directors be and are generally and unconditionally authorised to allot shares in the Company, or to grant rights to subscribe for or to convert any security into shares in the Company ('Rights'):
(a) up to an aggregate nominal amount of £3,138,757; and
(b) comprising equity securities (as defined in section 560 of the Act) up to an aggregate nominal amount of £6,277,515 (such amount to be reduced by the aggregate nominal amount of any allotments or grants made under paragraph (a) of this resolution) in connection with an offer by way of rights issue:
(i) to ordinary Shareholders in proportion (as nearly as may be practicable) to their existing holdings; and
(ii) to holders of other equity securities as required by the rights of those securities or, subject to such rights, as the Directors otherwise consider necessary,

and so that the Directors may impose any limits or restrictions and make any arrangements which they consider necessary or appropriate to deal with treasury shares, fractional entitlements, record dates, legal, regulatory or practical problems in, or under the laws of, any territory or any other matter,

such authorities to expire at the conclusion of the Company's next Annual General Meeting after this resolution is passed or, if earlier, at the close of business on 26 May 2017, but, in each case, so that the Company may make offers or agreements before the authority expires which would or might require shares to be allotted, or Rights to be granted, after the authority expires, and so that the Directors may allot shares or grant Rights in pursuance of any such offer or agreement notwithstanding that the authority conferred by this resolution has expired.

Notice of Annual General Meeting continued

Special resolutions

1. That, subject to the passing of resolution 15, in accordance with the provisions of sections 570 and 573 of the Companies Act 2006 (the 'Act'), the Directors be and are generally empowered to allot equity securities (as defined in section 560 of the Act) for cash pursuant to the authorities granted by resolution 15 as if section 561(1) of the Act did not apply to any such allotment provided that this power shall be limited:
(a) to the allotment of equity securities in connection with an offer of equity securities (but in the case of an allotment pursuant to the authority granted under paragraph (b) of resolution 15, such power shall be limited to the allotment of equity securities in connection with an offer by way of rights issue only):
(i) to ordinary Shareholders in proportion (as nearly as may be practicable) to their existing holdings; and
(ii) to holders of other equity securities, as required by the rights of those securities or, subject to such rights, as the Directors otherwise consider necessary;

(b) to the allotment (otherwise than in the circumstances set out in paragraph (a) of this resolution) of equity securities pursuant to the authority granted by paragraph (a) of resolution 15 up to an aggregate nominal amount of £470,813;

such power to expire at the conclusion of the Company's next Annual General Meeting after this resolution is passed or, if earlier, at the close of business on 26 May 2017, but so that the Company may make offers or agreements before the power expires, which would or might require equity securities to be allotted after the power expires and so that the Directors may allot equity securities in pursuance of any such offer or agreement notwithstanding that the power conferred by this authority has expired.

1. That the Company be and is generally and unconditionally authorised to make one or more market purchases (as defined in section 693 of the Companies Act 2006 (the 'Act'), of ordinary shares in the capital of the Company provided that:
(a) the maximum aggregate number of ordinary shares authorised to be purchased is 18,832,545;
(b) the minimum price which may be paid for an ordinary share shall not be less than the nominal value of an ordinary share at the time of such purchase;
(c) the maximum price which may be paid for an ordinary share is not more than the higher of:
(i) 105 per cent of the average of the middle market quotation for an ordinary share as derived from the Daily Official List of the London Stock Exchange for the five business days immediately preceding the day on which the ordinary share is purchased; and
(ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out,

in each case, exclusive of expenses;

(d) this authority shall expire at the conclusion of the Company's next Annual General Meeting after this resolution is passed or, if earlier, at the close of business on 26 May 2017;
(e) the Company may make a contract of purchase of ordinary shares under this authority which would or might be executed wholly or partly after the expiry of this authority, and may make a purchase of ordinary shares in pursuance of any such contract; and
(f) any ordinary shares purchased pursuant to this authority may either be held as treasury shares or cancelled by the Company, depending on which course of action is considered by the Directors to be in the best interests of Shareholders at the time.
1. That a general meeting other than an Annual General Meeting may be called on not less than 14 clear days' notice.

Recommendation

The Board believes that each of the resolutions to be proposed at the Annual General Meeting is in the best interests of the Company and its Shareholders as a whole. Accordingly, the Directors unanimously recommend that ordinary Shareholders vote in favour of all of the resolutions proposed, as the Directors intend to do in respect of their own beneficial holdings.

By Order of the Board

Registered Office: Charnwood Building Holywell Park Ashby Road Loughborough LE11 3GB United Kingdom

Nicholas Heard

Company Secretary 23 December 2015

Explanatory notes

Explanatory notes to the proposed resolutions

Resolutions 1 to 15 (inclusive) are proposed as ordinary resolutions, which means that for each of those resolutions to be passed, more than half the votes cast must be cast in favour of the resolution. Resolutions 16 to 18 (inclusive) are proposed as special resolutions, which means that for each of those resolutions to be passed, at least three-quarters of the votes cast must be cast in favour of the resolution.

Resolution 1 – Receipt of 2015 Annual Report

The Directors are required to lay the Company's annual accounts and the Directors' and auditor's reports on those accounts (collectively, the 'Annual Report') before Shareholders each year at the Annual General Meeting ('AGM').

Resolution 2 – Approval of Directors' remuneration report

Following changes to the Companies Act 2006 (the 'Act') and in line with regulations which came into effect on 1 October 2013, the Directors' remuneration report (the 'Directors' remuneration report') is now presented in three sections:

the annual statement from the Chairman of the Remuneration Committee;
the annual report on remuneration; and
the Directors' remuneration policy.

The annual statement from the Chairman of the Remuneration Committee, set out on page 55 of the 2015 Annual Report, summarises, for the financial year ended 30 September 2015, the major decisions taken on Directors' remuneration, any substantial changes relating to Directors' remuneration made during the year, and the context in which those changes occurred and decisions have been taken.

The annual report on remuneration, set out on pages 54 to 69 of the 2015 Annual Report, provides details of the remuneration paid to Directors in respect of the financial year ended 30 September 2015, including base salary, taxable benefits, short-term incentives (including percentage deferred), long-term incentives vested in the year, pensionrelated benefits, any other items in the nature of remuneration and any sum(s) recovered or withheld during the year in respect of amounts paid in earlier years.

The Directors' remuneration policy, set out on pages 56 to 62 of the 2015 Annual Report, provides details of the Company's policy on Directors' remuneration (including the policy on payments for loss of office). This policy was approved by Shareholders at the Company's last AGM, which was held on 27 February 2015, the approval being valid for three years from that date. As the policy is unchanged, Shareholder approval of the policy is not required at this AGM. All remuneration payments and payments for loss of office made by the Company to the current and any former Directors must be consistent with the Directors' remuneration policy, or, if inconsistent with the Directors' remuneration policy, must have been separately approved by way of an ordinary resolution of the Shareholders in accordance with the relevant provisions of the Act. Approval would also be sought from Shareholders if, at any time in the next two years, the Company wished to make any changes to the policy.

The Directors' remuneration report (other than the part containing the Directors' remuneration policy) is subject to an annual advisory Shareholder vote by way of an ordinary resolution. Resolution 2 is to approve the Directors' remuneration report (other than the part containing the Directors' remuneration policy).

Resolutions 3 to 11 (inclusive) – Re-election of Directors

In light of the best practice set out in the UK Corporate Governance Code (the 'UK Code'), every Director will stand for re-election at the AGM.

Biographical details of each Director can be found on pages 42 to 43 of the 2015 Annual Report. Four of the Non-executive Directors who are standing for re-election, being Mr Muller, Mr Cama, Mr Bloom and Dr Brown are considered independent under the UK Code. Mr Heiden (as Non-executive Chairman), Mr Guidotti and Dr Mitchell are not considered to be independent under the UK Code.

Resolution 12 – Re-appointment of auditor

The Company is required to appoint an auditor at each general meeting at which accounts are laid before Shareholders, to hold office until the next such meeting.

The Audit & Risk Committee has reviewed the effectiveness, performance, independence and objectivity of the existing external auditor, KPMG LLP, on behalf of the Board, and concluded that the external auditor was in all respects effective.

This resolution proposes the re-appointment of KPMG LLP until the conclusion of the next AGM.

Resolution 13 – Authority to agree auditor's remuneration

This resolution authorises the Directors, in accordance with standard practice, to agree the remuneration of the auditor. In practice, the Audit & Risk Committee will negotiate and approve the remuneration of the auditor on behalf of the Board.

Resolution 14 – Political donations

This resolution is proposed because the Act requires companies to obtain Shareholder approval before they can make donations to political parties, other political organisations or independent election candidates, or incur political expenditure. The Company does not make and does not intend to make donations to political parties, other political organisations or independent election candidates, nor does it incur, or intend to incur, political expenditure, within the ordinary meaning of those words. However, the definitions of political donations, political expenditure and political organisations used in the Act are very wide. In particular, the definition of political organisations may extend to bodies such as those concerned with policy review, law reform, the representation of the business community and special interest groups such as those concerned with the environment, which the Company and its subsidiaries might wish to support. As a result, the definitions may cover legitimate business activities not in the ordinary sense considered to be political donations or political expenditure. Such activities are not designed to support any political party or independent election candidate or to influence public support for any political party or independent election candidate. The authority which the Board is requesting is a precautionary measure to ensure that the Company and its subsidiaries do not inadvertently breach the Act, and will be capped at £25,000 in respect of each type of expenditure.

Resolution 15 – Authority to allot shares

This resolution seeks Shareholder approval to grant the Directors the authority to allot shares in the Company, or to grant rights to subscribe for or convert any securities into shares in the Company ('Rights') pursuant to section 551 of the Act (the 'Section 551 authority'). The authority contained in paragraph (a) of the resolution will be limited to an aggregate nominal amount of £3,138,757, being approximately one-third of the Company's issued ordinary share capital as at 23 December 2015.

In line with guidance issued by the Investment Association ('IA') paragraph (b) of this resolution would give the Directors authority to allot shares in the Company or grant Rights in connection with a rights issue up to an aggregate nominal amount of £6,277,515, representing approximately two-thirds of the Company's issued ordinary share capital as at 23 December 2015, as reduced by the aggregate nominal amount of any allotments or grants under paragraph (a) of this resolution.

The Company does not hold any shares in treasury.

Explanatory notes continued

If approved, the Section 551 authority shall, unless renewed, revoked or varied by the Company, expire at the end of the Company's next AGM after the resolution is passed or, if earlier, at the close of business on 26 May 2017. The exception to this is that the Directors may allot shares or grant Rights after the authority has expired in connection with an offer or agreement made or entered into before the authority expired.

Resolution 16 – Partial disapplication of pre-emption rights

This resolution seeks Shareholder approval to grant the Directors the power to allot equity securities of the Company pursuant to section 570 and 573 of the Act (the 'Section 570 and 573 power') without first offering them to existing Shareholders in proportion to their existing shareholdings.

The power is limited to allotments for cash in connection with pre-emptive offers, subject to any arrangements that the Directors consider appropriate to deal with fractions and overseas requirements and otherwise for cash up to a maximum nominal value of £470,813, representing approximately 5 per cent of the Company's issued ordinary share capital as at 23 December 2015, which is in accordance with the relevant IA guidelines for the Company.

If approved, the Section 570 and 573 power shall apply until the end of the Company's next AGM after the resolution is passed or, if earlier, until the close of business on 26 May 2017. The exception to this is that the Directors may allot equity securities after the power has expired in connection with an offer or agreement made or entered into before the power expired.

Resolution 17 – Authority to purchase own shares

This resolution seeks Shareholder approval to grant the Company the authority to purchase its own shares pursuant to sections 693 and 701 of the Act.

This authority is limited to an aggregate maximum number of 18,832,545 ordinary shares, representing 10 per cent of the Company's issued ordinary share capital as at 23 December 2015.

The maximum price which may be paid for an ordinary share will be an amount which is not more than the higher of (i) 5 per cent above the average of the middle market quotation for an ordinary share as derived from the Daily Official List of the London Stock Exchange for the five business days immediately preceding the day on which the ordinary share is purchased; and (ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out (in each case, exclusive of expenses).

If approved, the authority shall, unless varied, revoked or renewed, expire at the end of the Company's next AGM after the resolution is passed or, if earlier, at the close of business on 26 May 2017. The Directors have no present intention of exercising all or any of the powers conferred by this resolution and will only exercise the Company's authority in this regard if it is in the interests of Shareholders generally.

Resolution 18 – Notice period for general meetings other than AGMs

This resolution seeks Shareholder approval to allow the Company to continue to call general meetings (other than AGMs) on 14 clear days' notice. In accordance with the Companies (Shareholders' Rights) Regulations 2009, the notice period required for general meetings of the Company is 21 days unless Shareholders approve a shorter notice period (subject to a minimum period of 14 clear days). AGMs will continue to be held on at least 21 clear days' notice.

The approval will be effective until the Company's next AGM, when it is intended that a similar resolution will be proposed. In accordance with the Act, in order to be able to call a general meeting on less than 21 clear days' notice, the Company must make a means of electronic voting available to all Shareholders for that meeting.

Explanatory notes as to the proxy, voting and attendance procedures at the Annual General Meeting

1. The holders of ordinary shares in the Company are entitled to attend the AGM and are entitled to vote. A member entitled to attend and vote may appoint a proxy to exercise all or any of their rights to attend, speak and vote at a general meeting of the Company. Such a member may appoint more than one proxy, provided that each proxy is appointed to exercise the rights attached to different shares. A proxy need not be a member of the Company.
1. A Form of Proxy is enclosed with this notice. To be effective, a Form of Proxy must be completed and returned, together with any power of attorney or authority under which it is completed or a certified copy of such power or authority, so that it is received by the Company's registrars at the address specified on the Form of Proxy not less than 48 hours (excluding any part of a day that is not a working day) before the stated time for holding the meeting. Returning a completed Form of Proxy will not preclude a member from attending the meeting and voting in person.
1. Any person to whom this notice is sent who is a person nominated under section 146 of the Act to enjoy information rights (a 'Nominated Person') may, under an agreement between him and the Shareholder by whom he was nominated, have a right to be appointed (or to have someone else appointed) as a proxy for the AGM.
1. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he may, under any such agreement, have a right to give instructions to the Shareholder as to the exercise of voting rights. The statement of the rights of Shareholders in relation to the appointment of proxies in paragraphs 1 and 2 above does not apply to Nominated Persons. The rights described in paragraphs 1 and 2 can only be exercised by ordinary Shareholders of the Company.
1. To be entitled to attend and vote at the AGM (and for the purposes of the determination by the Company of the number of votes they may cast), members must be entered on the Company's register of members by 6.00 pm on 24 February 2016 (or, in the event of an adjournment, 6:00 pm on the date which is two days before the time of the adjourned meeting excluding any part of a day that is not a working day). Changes to entries on the register of members after this time shall be disregarded in determining the rights of any person to attend or vote at the meeting.
1. As at 23 December 2015, the Company's issued share capital consists of 188,325,451 ordinary shares of 5 pence each, carrying one vote each.
1. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so by using the procedures described in the CREST Manual. CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf.

Explanatory notes continued

1. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a 'CREST Proxy Instruction') must be properly authenticated in accordance with Euroclear UK & Ireland Limited's specifications, and must contain the information required for such instruction, as described in the CREST Manual (available via www.euroclear.com). The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy, must, in order to be valid, be transmitted so as to be received by the issuer's agent (RA19) by 2.00 pm on 24 February 2016. For this purpose, the time of receipt will be taken to be the time (as determined by the time stamp applied to the message by the CREST Application Host) from which the issuer's agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.
1. CREST members and, where applicable, their CREST sponsors, or voting service providers should note that Euroclear UK & Ireland Limited does not make available special procedures in CREST for any particular message. Normal system timings and limitations will, therefore, apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST Personal Member, or sponsored member, or has appointed a voting service provider, to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting system providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
1. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5) (a) of the Uncertificated Securities Regulations 2001.
1. Any corporation which is a member can appoint one or more corporate representatives who may exercise on its behalf all of its powers as a member provided that they do not do so in relation to the same shares.
1. Under section 527 of the Act, members meeting the threshold requirements set out in that section have the right to require the Company to publish on a website a statement setting out any matter relating to: (i) the audit of the Company's accounts (including the auditor's report and the conduct of the audit) that are to be laid before the AGM; or (ii) any circumstance connected with an auditor of the Company ceasing to hold office since the previous meeting at which annual accounts and reports were laid in accordance with section 437 of the Act. The Company may not require the Shareholders requesting any such website publication to pay its expenses in complying with sections 527 or 528 of the Act. Where the Company is required to place a statement on a website under section 527 of the Act, it must forward the statement to the Company's auditor not later than the time when it makes the statement available on the website. The business which may be dealt with at the AGM includes any statement that the Company has been required under section 527 of the Act to publish on a website.
1. Any member holding ordinary shares attending the meeting has the right to ask questions. The Company must answer any such questions relating to the business being dealt with at the meeting but no such answer need be given if: (a) to do so would interfere unduly with the preparation for the meeting or involve the disclosure of confidential information; (b) the answer has already been given on a website in the form of an answer to a question; or (c) it is undesirable in the interests of the Company or the good order of the meeting that the question be answered.
1. A copy of this Notice, and other information required by section 311A of the Act, can be found at www.intelligent-energy.com
1. You may not use an electronic address provided in either this Notice of AGM or any related documents (including the Proxy Form) to communicate with the Company for any purposes other than those expressly stated.
1. The following documents will be available for inspection at the Company's Registered Office during normal business hours (Saturdays, Sundays and public holidays excepted) from the date of this notice until the date of the AGM and at the place of the AGM for 15 minutes prior to and during the meeting:
(a) copies of all service agreements under which Directors of the Company are employed by the Company or any subsidiaries; and
(b) a copy of the terms of appointment of the Non-executive Directors of the Company.
1. You may register your vote online by visiting the website of the Company's registrar, Equiniti, at www.sharevote.co.uk. In order to register your vote online, you will need to enter the Task ID, together with your Voting ID and Shareholder Reference Number which are set out on the enclosed Proxy Form. The return of the Proxy Form by post or registering your vote online will not prevent you from attending the AGM and voting in person, should you wish. Alternatively, Shareholders who have already registered with Equiniti's online portfolio service, Shareview, can appoint their proxy electronically by logging on to their portfolio at www.shareview.co.uk and click on the link to vote. The on-screen instructions give details on how to complete the appointment process. A proxy appointment made electronically will not be valid if sent to any address other than those provided or if received after 2.00 pm on 24 February 2016.

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