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From: Vahe Stepanian Sent: 4/19/2018 5:53:03 PM To: Paul Barrett CC: Stewart Oldfield Subject: RE: RIN follow up Attachments: RIN II PPM 094 Alpha Group Capital LLC.PDF Paul- Apologies for the delayed respons

sk, 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- • Lump-sum, fixed-price, turnkey EPC Contracts for the

From: Vahe Stepanian Sent: 4/20/2018 2:16:02 PM To: Paul Barrett CC: Stewart Oldfield Subject RE: RIN follow up Martin Zeman No problem, happy to help. The team assumes a 50bps p.a. default rate, and I would

sk, 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 • Lump-sum, fixed-price, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-

From: Paul Barrett Sent: 4/20/2018 12:12:54 PM To: Vahe Stepanian CC: Stewart Oldfield Subject: RE: RIN follow up ; Martin Zeman ( 1 One more — what default/c

sk, 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- • Lump-sum, fixed-price, turnkey EPC Contracts for the