13D Filing: JCP Investment Management, LLC and US Geothermal Inc (HTM)

D.

JCP Holdings

(a)

JCP Holdings, as the general partner of JCP Partners, may be deemed the beneficial owner of the (i) 938,360 Shares owned by JCP Partnership and (ii) 1,916,588 Shares owned by JCP Drawdown III.

Percentage: Approximately
14.7%

(b)

1. Sole power to vote or direct vote: 2,854,948 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,854,948 4. Shared power to dispose or direct the disposition: 0

(c)

JCP Holdings has not entered into any transactions in the Shares during the past 60 days.

E.

JCP Management

(a)

JCP Management, as the investment manager of each of JCP Partnership and JCP Drawdown III, may be deemed the beneficial owner of the (i) 938,360 Shares owned by JCP Partnership and (ii) 1,916,588 Shares owned by JCP Drawdown III.

Percentage: Approximately
14.7%

(b)

1. Sole power to vote or direct vote: 2,854,948 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,854,948 4. Shared power to dispose or direct the disposition: 0

(c)

JCP Management has not entered into any transactions in the Shares during the past 60 days.

F.

Mr. Pappas

(a)

As of the date hereof, Mr. Pappas directly beneficially owned 16,500 Shares, consisting of Shares underlying certain options exercisable within 60 days of the date hereof. Mr. Pappas, as the managing member of JCP Management and sole member of JCP Holdings, may be deemed the beneficial owner of the (i) 938,360 Shares owned by JCP Partnership and (ii) 1,916,588 Shares owned by JCP Drawdown III.

Percentage: Approximately
14.8%

(b)

1. Sole power to vote or direct vote: 2,871,448 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,871,448 4. Shared power to dispose or direct the disposition: 0

(c)

Mr. Pappas has not entered into any transactions in the Shares during the past 60 days.

The Reporting Persons,
as members of a “group” for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may
be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial
ownership of such Shares except to the extent of his or its pecuniary interest therein.