Annex A From: Sent: 10 a 20 11:22 101mm.? in To: Thanks again for your time this morning The commercial manager working on the pipeline will be in Kenya next week. To the extent your team will still be there, would be good to arrange a meeting If not, we can reconnect at the appropriate time Best Project Finance Advisor Tullow Oil email' internet: Address: 9, Chr'swick Park, 566 {Thiswr High Road, London W4 53'? This email has been scanned by the Symantec Email Security.cloud service. For more information please visit This email has been scanned by the Symantec Email Security.cloud service. For more information please visit [Ill l? From: Sent: 10 Ma 201610:12 To: Subject: RE: ATI and East Africa pipelines Of course. i i Sent: 10 May 2016 10:12 To:? Subject: RE: ATI and East Africa pipelines Dear- apologies can i call you in about 10 mins. Cheers ill] i I.Hll - From:? tullowoil.com Sent: 10 May 2016 10:06 iHl mm.? To:_ ukef. si. Subject: RE: ATI and East Africa pipelines Hi- Just checking if you are calling me or want me to call you best Project Finance Advisor Tullow Oil lc I?ll-l} ?ldji I I It .ij amullmmumm From: Sent: 09 Ma 2016 16228 mi Subject: RE: AU and East Africa pipelines Dear -, Happy to have a chat. U) Could 10.00 tomorrow work? Best From: tullowoil.com Sent: 09 May 2016 14:13 ml \u?liun in To: ukef. si. ov.uk> Subject: ATI an ast A rlca pipelines Hi- I hope you are keeping well. I have seen the news on UKEF signing a deal with ATI Given some movement has occurred on East Africa, I thought it would be a good time to reconnect over the phone and compare notes Please kindly let me know when you would be available for a chat Best rajec mance wsor Tullow Oil I .5 wiless'mlwm I FUI \t't'linnill I Iliur'l .?infli?fLThis email has been scanned by the Symantec Email Security.cloud service. For more infonnation please visit This email has been scanned by the Symantec Email Securitycloud service. For more information please visit :Ihis email has been scanned by the Symantec Email Securitycloud service. For more information please visit http: This email has been scanned by the Symantec Email Securitycloud service. For more information please visit This email has been scanned by the Symantec Email Securitycloud service. lUlI lhi \ilnc\ From: Sent: 16 June 201510:16 To: Cc: Subject: RE: feedback Thanks a Iot- for the feedback. Happy to catch up on your return Safe travels - From:- Sent: 12 June 2015 16:57 To: Cc: Subject: RE: feedback Deal Apologies for not coming back sooner. We have also had an internal training day with an expert on this. @ukef.gsi.gov.uk] So we are now considering what else might be workable. I am going to be out for the next two weeks (a combination of leave and overseas business) - perhaps we could touch base on my return. Alternatively if you wanted an earlier discussion my colleague?will be in the office. Kind regards From. ditullowoilcom Sent: 08 June 2015 09:32 Subject: feedback Hi I I hope that you are well I was wondering whether you had managed to get any feedback for me Happy to get on the phone at your convenience Many thanks Project Finance Adviser Tullow Oil l?bun'Y? FOI Section ~10 mnnil' umme Address: Mr r, . High Road, him/mi W4 This email has been scanned by the Symantec Email Security.cloud service. For more information please visit This email was scanned by the Government Secure Intranet anti-virus service supplied by Vodafone in partnership with Symantec. (CCTM Certi?cate Number 2009/09/0052.) In case of problems, please call your organisations IT Helpdesk. Communications via the may be automatically logged, monitored and/or recorded for legal purposes. The original of this email was scanned for viruses by the Government Secure Intranet virus scanning service supplied by Vodafone in partnership with Symantec. (CCTM Certi?cate Number 2009/09/0052.) This email has been certi?ed virus free. Communications via the may be automatically logged, monitored and/or recorded for legal purposes. This email has been scanned by the Symantec Email Securitycloud service. For more information please visit This email has been scanned by the Symantec Email Security.cloud service. For more information please visit This email was scanned by the Government Secure Intranet anti-virus service supplied by Vodafone in partnership with Symantec. (CCTM Certi?cate Number 2009/09/0052.) In case of problems, please call your organisations IT Helpdesk. Communications via the may be automatically logged, monitored and/or recorded for legal purposes. 6 May 2015 Call notes - RBL - Tullow East Africa Projects Possible options for UKEF assistance. Project costs Uganda ~33% Tullow Kenya'-- 50% Tullow Pipeline - Uganda - Kenya Coast speci?c arrangement whereby IFC participates pro rata in each drawdown, but the IFC tranche of lending is only permitted to be used for the specific purpose of investment in Ghana. OECD issues: The OECD does not provide for RBL and this creates a number of issues which will be challenging to overcome within an OECD framework. These include: No speci?c SPOC under RBL. 0 Drawings, repayments and re-drawings throughout the RBL facility. No de?ned drawdown/repayment periods. Additional Issues: 0 Loan should be in connection with a UK Export and moneys drawn should be relative to the amount of export. Very difficult to combine tied UKEF funding pro-rata with commercial untied corporate lending. Further considerations: What is driving appetite for ECA involvement over banks? If sovereign risk appetite then UKEF PRI could assist. If instead the banks have issues with funding costs/ margin then PR1 will not make a large difference. How do RBL Lenders use private insurers? What products do they offer? What policies exist? Would they be able to consider co-insurance Does the private sector regard this type of exp05ure as a good risk? Effectively Government to Government It ?lit From: Sent: 06 May 2015 14:33 To: Thanks again for your time this morning, very helpful conversation Something we did not get to pick up this morning is the-solution. You did mention that UK EF could do a - solution. Will you be able to elaborate on that solution l.e. Whether it is - or-. and how it would fit into Tullow emm? Thank you Sent from my iPhone This email has been scanned by the Symantec Email Security.cloud service. For more information please visit This email was scanned by the Government Secure Intranet anti-virus service supplied by Vodafone in partnership with Symantec. (CCTM Certi?cate Number 2009/09/0052.) In case of problems. please call your organisations IT Helpdesk. Communications via the may be automatically logged, monitored and/or recorded for legal purposes. From: It): Sent: 05 Mai 2015 To: Subject: Re: RBL question Thanks- Well noted Sent from my iPhone On 5 May 2015, wrote: I think the presentation is the best option. Look forward to the call. All the best From: Sent: 05 Ma 2015 14:32 Tozi Subject: RE: RBL question @tullowoil.com] Dear- Hope you enjoyed the bank holiday weekend I am conscious that we only have an hour tomorrow. In order to make it as ef?cient as possible, would you prefer that we walk you through the presentation we sent or answer speci?c questions in no particular order. We are ?exible ill by Tullow Oil 20 May 2015 Meeting attendees Tullow Oil Commercial Manager 1) The meeting was arranged to be a general discussion around the oil opportunity in Uganda. UKTI Uganda FCO Prosperity 2) . He was not expectingtie process to in 131600 11111 an .attie source of the Nile and within a manual reserve. considers his appointment to be one of providing fresh eyes and enthusiasm for the project as it enters the next phase. 6) Tullow are working to engage with the Government. identify key decision makers, and ensure that whilst the decision makers have full oversight of the discussions. the team is empowered to engage with Tullow. 8) Key messages from Tullow: FOI(16)39 - ANNEX C a. This needs to be treated as an integrated project b. The Government needs to create an empowered team, with financial, legal and technical advisors for the upstream as has been created for the refinery project.