ENCLAVE POWER COMPANY LIMITED 2019 PROPOSAL FOR DISTRIBUTION SERVICE CHARGE PRESENTED TO THE PURC

About Enclave Power Company Part of LMI Holdings, a diversified, privately-owned Ghanaian group with asset holdings in excess of US$ 250 million Main business areas for LMI Holdings outlined below. Electricity Distribution Telecommunications – Internet Services / Data Storage Water Distribution Power Generation Utilities Construction General Construction Concrete products and Quarrying Plant Pool and Equipment Leasing Land Investments Development of Industrial Parks Development of Residential Estates Free Zones Developers Logistics Railway Development Warehousing Container Terminals

About Enclave Power Company Ghana’s first and only private, licensed electricity distribution company Wholly Ghanaian-owned, with close to 20 years of experience in power distribution Current licensed area of operation - Tema Free Zones Enclave (840 acres); Dawa Industrial Park (2,000 acres); Murphy Homes Residential Estates, Dawa Housing (354 acres) Power sales of about 160 GWh in 2018, up by about 4% from 2017

Customers Customers currently only Special Load Tariff (SLT) customers Blend of local and multi-national companies; free zones and non-free zones companies Customer population grown from 13 in 2011 to about 90 in 2018 Maximum demand grown from 7 MVA in 2011 to 45 MVA in 2018 Steel Works

Customers Categorisation Two main categorise of customers De-regulated Customers (Free Zones Enterprises) Regulated Customers (Non Free Zones Entities In general the consumption of the Non Free Zones out strips that of the Free Zones In 2018 60% for Regulated consumer and 40% for De-regulated consumer. 2019 Estimated for 65%-70% Regulated consumers

Bulk Supply Points In addition to the standard distribution network infrastructure, Enclave Power owns, operates and maintains TWO (2) BSPs. 161/34.5/11.5 kV in Tema commissioned in 2015 330/34.5 kV in Dawa commissioned in September 2018

Demand and Energy Forecast 2018 -2023 Parameter 2018 2019 2020 2021 2022 2023 GWh Billed 160 185 238 284 312 343 Total System Load @ Peak - MVA 45 57 69 76 88 100 Regulated Market (Non-SLT Customers) -

Supply Plan 2018 -2023 Generating Station/Plant 2018 (Actual) GWh 2019 2020 2021 2022 2023 VRA 160 185 218 274 292 323 IPPs - Others Enclave Solar Plant 20 TOTAL 238 284 312 343

Investment Plan 2018-2023 (USD) Item 2018 2019 2020 2021 2022 2023 HV 515,000 5,790,000 2,200,000 Distribution Scheme and Low Voltage Main Panel - Capacitors 100,000 SCADA 500,000 1,000,000 Primary Substation (Cost) 5,000,000 Meters 45,000

Investment Plan 2018-2023 (USD) Item 2018 2019 2020 2021 2022 2023 Test Equip & Specialized Tolls - 500,000 Service Cables Distribution Automation 200,000 Motor Vehicles & Vans 84,600 56,000 IT & Telecom 5,515 6,000 Lands and Buildings 2,228,832

Summary of Costs (GHS)   2018 2019 2020 2021 2022 2023 Cost of Capital 4,833,847 7,669,170 4,801,230 3,164,331 2,020,899 745,151 Operating Expenses 9,461,916 12,211,414 14,016,365 15,872,593 16,911,008 19,086,290 Working Capital 13,486,598 16,833,491 18,746,905 21,054,097 23,478,168 26,178,837 Depreciation 3,698,704 4,085,202 4,866,514 5,340,477 5,582,689 6,274,902 Corporate Tax - Revenue Requirement 38,261,042 47,808,095 54,533,007 65,744,002 77,549,581 92,097,031

Tariff Proposal 2018 2019 2020 2021 2022 2023 Personnel Costs   2018 2019 2020 2021 2022 2023 Personnel Costs 2,369,563 4,399,544 5,049,312 5,795,529 6,652,560 7,636,916 Admin Costs 2,321,901 2,236,667 2,522,537 2,792,787 3,137,577 3,532,473 Int. on Working Capital 743,586 710,000 720,000 500,000 Operation & Maintenance 328,161 780,000 858,000 1,443,800 1,038,180 1,141,998 Depreciation 3,698,704 4,085,202 4,866,514 5,340,477 5,582,689 6,274,902 Finance Cost 4,833,847 7,669,170 4,801,230 3,164,331 2,020,899 745,151 Dist. Losses 2,376,000 2,752,003 3,540,004 4,220,704 4,642,775 5,107,052 ROCE 21,589,279 25,175,507 32,175,407 42,486,372 53,974,898 67,158,537 Total Cost 38,261,042 47,808,095 54,533,007 65,744,002 77,549,581 92,097,031 kWH Billed 160,000,000 185,320,080 238,384,096 284,222,506 312,644,757 343,909,232 Cost/kWh (GHp) 0.24 0.26 0.23 0.25 0.27