15th October 2020.

The Branch Manager

Credit Bank PLC
P.O. Box 61064-00200.
Nairobi.

Attn: Nancy Kung’a.

REF: RELEASE OF APG FUND FROM CHINA CEC CORPORATION

Aforementioned matter refers:

That the issued a conditional APG to China CEC Corporation for Ksh. 13,317,997.90. We glad to

That the funds were send to the bank as per the terms in Advance Payment. We seek release
of Ksh. 10,658,998.95 (Reads Ten million Six hundred and fifty eight thousand nine hundred
and ninety eight cent ninety five only)

AGF Bank insurance Ksh. 6,658,998.95 shall secure the above funds and Ksh. 4,000,000 by a
first legal charge on property title no. Kisumu/Nyalenda.B./1769 in the name of Denish Okoth
Vedish OMV 5.7 and FSV 4.2 M .

We further want to advise the bank to pay off our outstanding revolving contract finance of
Ksh. 4,456,000 as per the APG approval terms from these funds. We need to clarify that we
are settling the differences with China CEC Corporation over the contract in Mombasa that
left some of supplied goods rejected by the resident engineer.

Your quick response will highly be appreciated.

Yours faithfully,

For Apirock East Africa Limited

Directors
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