1. No part of this report may be circulated, quoted, or reproduced for distribution without prior written approval from KenGen. All the information contained herein was prepared for information only. CONFIDENTIAL Disclaimer: Envisaged Transaction Structure Development of 560MW Geothermal Project

2. 1 Special Purpose Vehicle (SPV) Steam Supplier (KenGen) SSA– Steam Supply Agreement PPA– Power Purchase Agreement PRG– Partial Risk Guarantee GoK – Government of Kenya DFIs – Development Financial Institutions Off-Taker (Kenya Power) Long-term PPA Explicit Guarantee GoK Comfort Letter World Bank - PRG Lenders DFIs Commercial Banks Debt Investors Local Foreign Equity (with KenGen portion) Long-term SSA Explicit Guarantee Operations & Maintenance (O&M) Contractor O&M Contract Engineer, Procure & Construct (EPC) Contractor EPC Contract 1 Source: KenGen; TMO OPTION 1: JOINT VENTURE (JV) FRAMEWORK

3. 2 Energy Converter Steam Supplier (KenGen) BOOT– Build Own Operate Transfer PPA– Power Purchase Agreement SSA – Steam Supply Agreement 2 BOOT Agreement Explicit Guarantee Source: KenGen; TMO Long-term SSA Explicit Guarantee Off-Taker (Kenya Power) Long-term PPA OPTION 2: ENERGY CONVERSION AGREEMENT(ECA) FRAMEWORK

4. 3 BACKUP…