Investor Presentaiton

Obstacles in business operations Unpredictable, low transparency, arbitrary and inconsistent provincial government actions (e.g. inconsistent application of a law by different parts of the provincial Government) Frequent changes in provincial laws and regulations without due process (PPD, consultation, publications of changes etc.) Breach of contracts with the provincial government (e.g. non-honoring of an Investor-State power purchase contract) Lack of enforcement of laws and regulations 35% 11% 33% 11% Corruption 29% Risks related to expropriation or confiscation, or other acts impacting the total value of investment like revocation of licensing 41% 5% 40% 11% 35% 3% 33% 0% 10% 20% 30% 40% 50% 60% 70% Major obstacle Very severe obstacle GALLUP PAKISTAN Affiliated with Gallup International Pakistan's Foremost Social Research Lab Respondents who answered no obstacle, minor obstacle, moderate obstacle are are not shown 37

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