Subject: RE: RIN follow up From: Vahe Stepanian Date: Thu, 19 Apr 2018 17:53:03 -0400 To: Paul Barrett Cc: Stewart Oldfield Paul- Apologies for the delayed response — had a bit of a crazy day here. Answers to your questions: Are the loans on completed infrastructure projects or more like construction loans? o The RIN team is focused on investing in loans secured by operational infrastructure projects. RIN II will have concentration limitations that require 85% of the portfolio to be comprised of loans secured by operating assets. For reference, there are 3 loans currently in RIN I's portfolio that are either (i) greenfield construction or (ii) have a large brownfield expansion underway and comprise —12% of RIN I's portfolio as of today. Although these loans have do have some construction risk, we believe that these risks have been well mitigated as described in the table below. Loan Nature of Construction Construction Risk Mitigants Cheniere Energy (SPLNG,CCTP) Assets includes operational pipeline, 4 operational LNG terminals, and 1 re- gasification/storage terminal. 1 additional LNG terminal under construction and another under consideration. Lump-sum, fixed-price, turnkey EPC Contracts for the construction with Bechtel, a premier engineering, construction and project management companies The EPC Contracts include liquidated-damage provisions requiring performing within 95% of design specifications and 18-month defect liability provisions and are guaranteed by Bechtel Global (entity that includes Bechtel's oil, gas, chemicals, power & communications businesses) EFTA01433961