© 2004 AMP Resources September 5, 2015 Utah Geothermal Power Generation Workshop: August 17, 2005 Bruce Levy

2 Amp Resources Founded 2002 Amp Capital Partners Highland Capital Sorenson Capital

3 Company Focus Geothermal Power Projects Industrial Heat Fueled Projects Proprietary Technology Amp’s own use License sales to other users 25-Person Power Project Team

4 Amp Geothermal Project Portfolio Surprise Valley CA Clear Lake CA Stillwater NV Salt Wells NV Hot Creek NV Cove Fort UT

5 Bruce Levy Power Industry Since 1979 More Than 50 Power Plants Developed, Financed & Operating All Technologies (Except Nuclear) Geothermal Focus Since 2002

6 Power Project Development A Bland Euphemism for 2-5 Years of: Pain Expense Setback Grim Determination

7 Regardless of Technology, the Development Cycle Does Not Change Assembling the Piles of Paper Site Acquisition Fuel Supply Power Purchase Agreement (PPA) Transmission & Interconnect Permits & Environmental Impact EPC Contract Project Finance Operations & Maintenance

8 Exactly the same as commercial real estate development - except the “building” has to be fully leased for 20 years before it can be financed & built Almost Like Real Estate

9 The Primary Barrier to Entry 7-figure up-front exploratory drilling risk, all riding on a geologist’s educated guess

10 Then Ongoing Considerations Geothermal technology not only involves extraordinary cost to find the resource, then there’s long-term risk & expense to maintain commercial production from the well field

11 Geothermal Project Development Often fun Always entertaining But not for the feint of heart

12