Hunton Andrews Kurth Founded in 1901 Hunton Andrews

Hunton Andrews Kurth Founded in 1901, Hunton Andrews Kurth ranks among the largest US law firms with 1000+ lawyers in 19 offices throughout the United States, Europe and Asia, serving clients in over 100 countries worldwide. Hunton Andrews is among the leading law firms in the world (ranked in the top 50 of the Am. Law Global 100), with nationally and internationally recognised practice areas, including energy and infrastructure and financial services.

Hunton Andrews Kurth Kirk Lovric, London Partner, with particular PPP Infrastructure experience in South Eastern Europe, selected firm projects include: • Representing the Government of the Republic of Serbia in connection with the € 500 million design, construction, financing, operation and maintenance of the E-763 PPP Motorway Project from Belgrade to Pozega • Representing the Government of the Republic of Croatia in connection with the design, construction, financing, operation and maintenance of the € 350 million Zagreb PPP Airport project • Representing the Sponsor in the development of the US$1. 8 Billion Phenom Penh to Sihanoukville PPP Motorway Land Acquisition risk and Real Toll Project [2018] • Representing Virginia State (USA) on the I-66 Managed Lanes Project (real toll; demand risk) [2017]

Evolving Risk Allocation, what is changing • Chinese Companies have seriously entered the PPP market, globally, and are developing expertise in PPP, however, bring a different perspective, which is impacting the development of PPP • The USA P 3 (“PPP”) market has also significantly grown in recent years, and the USA approach to PPP is also impacting the development of PPP

Greater Appetite for Risk • Post “Finance Crises” traditional PPP lending bank contraction led to the PPP lending space being dominated by IFIs, which had a preference for conservative PPP infrastructure projects with Availability Payments September 15, 2020 Strictly Confidential 4

Chinese Infrastructure Developers Chinese PPP developers have extensive access to credit and bring: • greater risk appetite to PPP; • are prepared to take demand risk (not just APs); • have creative secondary development ideas; • take a long country view, rather than an individual project view; and • are prepared to provide targeted recourse if required through Sponsor Support September 15, 2020 Strictly Confidential 5

USA Developments Driven by Canadian PPP Model, growing fast (likely to be biggest PPP market in the world by 2030): • Financed by Project Bonds (risk allocation set up front by ratings agencies); • trend is to Availability Payments (and Hybrid); • Heavy focus on ETS technology to maximise Toll revenue; eg • HOT Lanes (High Occupancy Toll) & Electronic Payment Systems (variable Tolls depending on a) time of day, b) direction, and c) occupancy. September 15, 2020 Strictly Confidential 6

Conclusions regarding Risk Allocation • Shift towards Hybrid - Demand Risk/Availability Payment Structure (away from pure Availability Payments) focus on Credit Rating Agency requirements • Risk Allocation and PPP is becoming driven by the application of technology the management of demand risk September 15, 2020 Strictly Confidential 7