Investor Presentaiton

Responses to Reported Concerns Sources of Capital Reported concern: GoG is contributing 82% of the total project cost but only getting a 40% ownership stake Response: GoG is contributing 12% of the total project cost (i.e. US$100 MM) for a 40% ownership stake. The total project cost equals US$858 MM. Sithe Global will contribute US$158 MM (~18% of the total project cost). The remaining 70% of capital will come from the Project's lenders, IDB and CDB. The debt provided by IDB and CDB is on the books of AFHI and repayment is NOT guaranteed by GoG. GoG's guaranty backstop is only at risk if GPL or GoG breach their contractual obligations to the Project. FX Risk Reported concern: The PPA increases FX risk because payments are US$ based Response: The Project will reduce Guyana's FX risk because GPL's Year 1 USD tariff payments of US$123 MM will offset US$216 MM (not accounting for potential price increases) of fuel that is purchased in USD. GPL's USD based capital and maintenance expenditures will also be reduced. Cost per kWh Reported concern: The cost per kWh will be higher than present generation Response: GPL's current average generation costs for electricity are 30 and 19 US ¢/kWh for diesel and HFO, respectively; GPL payments to AHP in the first 12 years of the Project will be ~11 US ¢/kWh, reducing to 5.6 US ¢/ kWh in year 13 and 1.8 US ¢/kWh after 20 years when the Project is transferred to GoG 21 SITHE GLOBAL

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