Robust Business and Operating Model

Robust Business and Operating Model Utility Business Model Contracted cooling load (RT) Fixed Capacity Charges 25 year contract 59% 0 41% Cooling consumed (RTH) Variable (Metered) Consumption Charges Q4 Q1 62% 19% Q2 55% Q3 45% 52% 40% 63% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 81% 60% 37% Revenue Costs and Overheads Total EBITDA ■Capacity Consumption *Based on last 3 years average Majority of revenue comes from capacity charges Capacity charges reflect the cooling capacity reserved for the customer Consumption charges recover the cost of cooling consumed and is billed based on metering • Capacity Consumption Capacity revenue is fixed for the year while consumption revenue varies Consumption billing follows a bell curve in line with average temperatures in the region . Capacity bills are a fixed amount every month • Blended EBITDA margin is the highest in the winter months, average 52% for the year • ■Capacity ■Consumption *Based on last 3 years average Consumption is a pass through and capacity provides returns Consumption revenue covers all variable costs of operation Capacity revenue covers fixed O&M, finance and corporate costs and provides return on capital | 12 tabreed

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