Investor Presentaiton

THERE IS A $9.2B/YR (#3.2T/YR) MARKET OPPORTUNITY TODAY FOR MINIGRIDS AND SOLAR HOME SYSTEMS THAT WILL SAVE NIGERIANS $4.4B/YR (#1.5T/YR) • • $9.2 billion (#3.2 trillion) annual market opportunity to supply off-grid and underserved customers with minigrids and solar home systems* • With 8% economic growth through 2030 there is an additional $670 billion (#235 trillion) value proposition • This estimate is based on current expenditures, but customers may pay more for superior service • This shift would save Nigerians customers $4.4B/yr over current energy costs Today's off-grid and under-grid annual market size in Nigeria, by off-grid technology* Current Revenue $6.5B Battery-Powered Torches & Other Substitutes $13.8B Small-Scale Self Generation Source: RMI analysis Revenue With Off-Grid Alternatives Minigrids $8.0B Payments to $9.2B Service Providers $1.2B $2.4B Solar Home Systems $2.1B Savings $4.4B Unchanged $6.7B Unchanged $6.7B * Assumes 50% adoption of solar home systems by torches and other substitutes, and 75% RURAL ELECTRIFICATION AGENCY adoption of minigrids by small-scale self generation; conservatively does not assume growth in electricity use 7

View entire presentation