Investor Presentaiton

Financial Model 1 2 3 Year A B C D 0 1 2 E F G H Burundi Micro Grid Financial Summary 3 4 5 Jerusalem Institute for Israel Studies Milken Innovation Center J K L 6 7 8 9 10 4 5 Revenue $ 22,710 $ 23,137 $ 23,571 $ 24,012 $ 24,460 $ 24,916 $ 25,379 $ 25,850 $ 26,329 $ 26,815 kWh * tariff 6 Cap Ex $ -118,961 0 7 Op Ex $ -4,327 $ 0 -4,434 $ 0 0 0 0 0 0 0 0 8 EBIDTA 18.383 $ 18,703 $ -4,543 $ 19,028 $ -4,655 $ 19.357 $ -4,770 $ 19,690 $ -4,888 $ 20,028 $ -5,009 $ 20,371 $ -5,132 $ 20,718 $ -5,259 $ 21,070 $ -5,388 21,427 9 10 Less Depreciation $ -11,896 $ -11,896 $ -11,896 $ -11,896 $ -11,896 $ -11,896 $ -11,896 $ -11,896 $ 11 Less Tax $ -1,946 $ -2,042 $ -2,139 $ -2,238 $ -2,338 $ -2,440 $ 12 NOPAT $ 4,541 $ 4,765 $ 4,992 $ 5,222 $ 5,456 $ 5,692 $ -2,542 $ 5,932 -2,647 $ 6,175 $ -11,896 $ -2,752 $ 6,422 $ -11,896 -2,859 6,671 13 14 Cash Available for Debt Service 16,437 $ 16,661 $ 16,888 $ 17.118 $ 17.352 $ 17.589 $ 17.828 $ 18.072 $ Revenue 15 Principal $ -5,748 $ -6,208 $ -6,705 $ -7,241 $ -7,820 $ -8,446 $ -9,122 $ -9,852 $ leveraged from the grant (modeled on next slide) 16 Interest (8%) $ -6,662 $ -6,202 $ -5,705 $ -5,169 $ -4,590 $ -3,964 $ -3,288 $ -2,559 $ 18.318 $ -10,640 $ -1,770 $ 18.568 -11,491 -919 17 Debt Fatia 18 Loan Balance Outstanding $ -83,273 $ -77.524 $ -71,316 $ 19 DSCR 20 1.32 1.34 -64,611 $ -57,370 $ 1.36 1.38 -49,550 $ 1.40 -41,104 $ -31,982 $ 1.42 1.44 -22,130 $ 1.46 -11,491 $ 1.48 -0 1.50 21 Depreciation Add Back 22 Tax Shield on Interest 23 Equity Ratio 24 Net Income to Equity 25 Equity IRR 26 Equity Payback Period 77 $ $ 11,896 $ 1,999 $ 11,896 $ 1,861 $ 11,896 $ 1,712 $ 11,896 $ 1,551 $ 11,896 $ 1,377 $ 11,896 $ 1,189 $ 11,896 $ 986 $ 11,896 $ 768 $ 11,896 $ 531 $ 11,896 276 20% $ -35,688 $ 6,026 $ 6.112 $ 6.190 $ 6,259 $ 6,319 $ 6,368 $ 6,405 $ 6.429 $ 6.439 $ 6.433 11.76% 5.75 Years

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