EFTA01386803.pdf

interconnections and LNG storage Liquidated Damages. tanks are already in place. The Project's • Backstopped by parent construction is currently 35% guaranty from IHI (Japanese Corp complete. Rating of A-) for full payment and performance and letter of credit for 12.5% of contract price • EPC work is generally mechanical in nature and IHI is a reputable and experienced EPC Contractor (worked on other LNG projects worldwide, including Gulf LNG, Cove Point, Adriatic LNG, and more) • The Project has a budgeted contingency of $41.7 million and a key Kinder Morgan (joint owner) subsidiary has pledged to fund an additional $68.0 million in cost overruns, with no dilution to the Borrower. • Kinder Morgan and the Borrower are committed to providing an additional $62.6 million on a pro rata basis, resulting in a total contingency amount of $172.3 million, well above the independent engineer's identified target amount of $86.5 million Sasol Chemicals Project is an expansion of an existing • The Borrowers parent, Sasol, petrochemical complex that currently (rated Baa2/BBB-) has provided a generates EBITDA. The Borrower is completion guarantee constructing an additional • The credit agreement limits petrochemical complex on the the Secured Debt to Equity Ratio to Westlake site called the Lake Charles 60:40, which equates to a minimum Chemicals Project, which is 80% equity contribution from Sasol of complete - $4A billion How do we have recourse on an essential infrastructure asset? o —98.4% of RIN I's portfolio is comprised of senior secured loan obligations. These loans' security packages typically include the assets and equity owned by the borrower. I've also attached a copy of the PPM here, which I think will be helpful as you continue to dig in. Note it is watermarked for Alpha Group. Happy to answer additional questions. Best, Vahe CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088665 CONFIDENTIAL SDNY_GM_00234849 EFTA01386803