UNAUDITED Q1 FY2015 ANALYSTS BRIEFING 27 May 2015 Contents - - PDF document

ANALYSTS’ BRIEFING UNAUDITED Q1 FY2015

27 May 2015

Contents

1/21

OVERVIEW 3 FINANCIAL HIGHLIGHTS 8 PROJECT STATUS 17 KEY TAKEWAYS 20

OVERVIEW

Malaysian Independent Power Generation International Independent Water Production & Power Generation

Prai Power Plant 350.0 MW SEV Power Plant 1,221.6 MW GB3 Power Plant 480.0 MW Kapar Power Plant 968.0 MW Port Dickson Power Plant 436.4 MW Tanjung Bin Power Plant 1,890.0 MW Tanjung Bin Energy Power Plant (under construction) 1,000.0 MW Shuaibah Phase 3 Expansion IWP 17,850 m3/day Shuaibah Phase 3 IWPP 105,600 m3/day 108.0 MW Hidd IWPP 164,000 m3/day 372.0 MW Souk Tleta IWP 71,400 m3/day Az Zour South Combined Cycle Power Plant 1,200.0 MW(1)

Note: Based on the Company’s effective capacity (1) Provides Operations & Maintenance (“O&M”) services only and is not based on effective capacity O&M’s business presence (2) Excludes Az Zour South Combined Cycle Power Plant and Merak Coal-Fired Power Plant

Al Ghubrah IWP (under construction) 85,950 m3/day Domestic 5,346.0 MW International 690.0 MW(2) Total effective power generating capacity Total water production capacity 1,640,000 m3/day Domestic 7,249.4 MW International 2,249.0 MW(2) Total power generating capacity Total effective water production capacity 358,850 m3/day Macarthur Wind Farm 210.0 MW Merak Coal-Fired Power Plant 120.0 MW(1) 55 tonnes/hour

Present Domestic and International Footprint

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Our Targets

2015

Local 90%

• 5,826 MW current generation capacity
• 210 MW Renewable
• 358,850m3/day Desalination
• O&M:
• 2,220 MW
• 1,421,000 m3/day

Total: 6,036 MW nett

2020

International 30% Local 70%

Total: 10,000 MW nett

• 9,700 generation capacity
• 300 MW Renewable
• 530,000 m3/day Desalination
• O&M:
• 4,000 MW
• 2,800,000 m3/day

International 10%

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7,036 6,036 10,000 Current 2016E 2020E

Total Portfolio Growth Target – Effective Power Generation Capacity (Domestic & International)

Notes: (1) As at 20 March 2015. (2) In the midst of discussions. (3) Average lease life.



Tanjung Bin Energy Power Plant expected to commence commercial operations in 2016



Participate in a 1,300 MW co-generation power plant that forms part of PETRONAS’ Refinery and Petrochemicals Integrated Development (“RAPID”) in Southern Johor(2)



Exploring possibility of new 1,000 MW coal-fired plant at Tanjung Bin site to export power to Singapore



Exploring posibility of a new 1,000 MW coal-fired power plant in North Peninsular Malaysia to export power to Thailand, to capitalise on the substantial energy demand-supply gap in Thailand



Existing land site of ~400 hectares with ready access to transmission infrastructure to accommodate expansion and building of additional plants



Leverage on land bank with long remaining land leases life with ~47 years(3) for further capacity expansion or contract extension beyond life of existing PPAs



Pursue additional investments or acquisitions with attractive returns

1 2 3 4 5

Domestic International

(MW) (1)

Expansion Opportunities:

Further Expand Power Generation Platform in Malaysia

6 7

5/21

Grow International Presence in Power Generation and Water Production

International Expansion Focus MENA and Turkey Southeast Asia and Australia UK South Africa

 Profitable projects with geographical diversification  Investments to expand portfolio without significant capital commitments  Financed through combination of internally generated funds and/or borrowings  Lower-cost financing  Specific expertise  Competitive advantage in securing projects  Risk mitigation

Cooperate with strategic partners in international projects 1

 Established merchant power markets  Stable regulatory, legal and power market structure  Entry for new participants relatively seamless  Develop capabilities to become merchant power operator

Focus on stable, developed and mature energy markets 2

 Substantial energy demand-supply gap  Shortfall in domestic investments in the energy sector  Malaysia-based companies have been successful in international expansion

in these countries Emerging countries with high GDP-growth and expanding energy markets 3 Pursue additional investments on selective basis

 Consolidate market share in existing countries of operation  Increase market share in target countries  Pursue greenfield, brownfield projects and acquisition opportunities

Leverage experience and track record 4 6/21

FINANCIAL HIGHLIGHTS

Q1 FY2015 RM’mil Q1 FY2014 RM’mil Increments Q4 FY2014 RM’mil Revenue 1,347 1,238 9% 1,482 Profit from operating activities 335 227 48% 388 PBT 176 45 291% 202 PATMI 104 3 3,367% 113 EBITDA 630 489 29% 674 EPS * 2.90 sen 0.07 sen 3,833% 3.15 sen

8/21

• * EPS calculated based on 3,582,080,000 number of share after completion of the Pre IPO

exercise : Bonus Issue and Subdivision of Shares excluding the conversion of RCPS

Key Financial Parameters

Financial Results

Q1 FY2015 RM’mil Q1 FY2014 RM’mil Variance RM’mil Variance %

Revenue 1,347 1,238 109 9% Cost of sales (898) (870) (28) (3%) Gross profit 449 368 81 22% Other income 8 4 4 100% Administrative expenses (81) (62) (19) (31%) Operating expenses (41) (83) 42 51% Profit from operating activities 335 227 108 48% Interest income 45 39 6 15% Finance costs (214) (229) 15 7% Share of associates and JV’s profit 10 8 2 25% Profit before taxation 176 45 131 291% Income tax expenses (55) (29) (26) (90%) Profit for the period 121 16 105 656% Profit attributable to: Owners of the Company 104 3 101 3,367% Non-controlling interests 17 13 4 31%

9/21

Better results largely due to the improved performance of Tanjung Bin power plant

Total revenue

RM1.22b

Revenue Mix

90% 90% 10% 10% Q1 FY2015 Q1 FY2014

RM1.35b

RM1.12b

RM1.24b

RM1.22b

Power Generation Others

71% 51% 18% 30% 5% 13% 5% 6% 1%

TBP SEV GB3 PPSB PDP

RM642m RM632m

43% 42% 33% 38% 10% 12% 7% 8% 9%

RM573m RM484m

Capacity Payment

Power generation revenue comprises:

RM1,215

RM1.12b Energy Payment Energy Payment Capacity Payment

10/21

Q1 FY2015 Q1 FY2014

Impact of IC Interpretation 4

• The adoption of IC interpretation 4 has resulted in the PPAs of our subsidiaries to be accounted for as operating leases.
• Revenue from capacity payments are recognised on a straight-line basis over the term of the relevant PPA.
• Previously, these PPAs were accounted for as normal sale and purchase contracts.

Q1 FY2015 Q1 FY2014 Actual capacity payments received Revenue recognised Variance Actual capacity payments received Revenue recognised Variance RM'mil RM'mil RM'mil RM'mil RM'mil RM'mil TBP 314 244 70 274 205 69 SEV 146 186 (40) 148 186 (38) PPSB 41 38 3 41 38 3 GB3 42 57 (15) 66 56 10 PDP * 49 49

• 592

574 18 529 485 44

* Acquisition of PD Power was completed in Q2 2014. RM1,800 RM2,000 RM2,200 RM2,400 FY2012 FY2013 FY2014

Actual capacity payments received Revenue recognised

RM290mil RM180mil

Lease Accounting (IC4) impact in prior years

11/21

Breakdown of Costs

73%

7%

3% 17%

Finance Cost RM214m Admin RM81m Cost of Sales RM898m

70% 5% 7% 18%

Admin RM62m Cost of Sales RM870m  Major cost components:

Cost of sales : Fuel costs, depreciation and amortisation of intangible assets. Finance costs : Interest expense for project financing Admin : Staff-related costs, professional fees, contributions and corporate social responsibility activities & depreciation of office equipment and furniture and fittings Other : insurance premiums, cess fund created by the Energy Commission, sales taxes and duties, licence fees, coal handling fees and amortisation and impairment of intangible assets relating to an associate

Q1 FY2015 Q1 FY2014

12/21

Finance Cost RM229m

Note : We would potentially incur the majority of this year’s maintenance costs in Q2, and the same will be reflected in our Q2 results.

Debt Analysis

Q1 FY2015 Pro Forma Post IPO Gearing Ratio 4.4x 2.8x Net Gearing Ratio 3.6x 2.1x Weighted Average Cost of Debt 5.51% 5.43% 88% 2% 10%

RM USD AUD

RM15.9b

Debt profile by foreign currency Debt profile by interest rate terms

Fixed rate 94% Floating rate 6% RM17.0b RM1.2b RM0.3b RM1.9b

13/21

Capital Expenditure (RM)

86m 494m 66m 51m 5m 11m

Q1 FY2015 Q1 FY2014

157m 556m Majority of the capital expenditure were related to the construction and development of the Tanjung Bin Energy Power Plant which is mostly funded by non-recourse borrowings. C-Inspection Cost (major) Others Tanjung Bin Energy Plant 14/21

Sustainable Long Term Return To Shareholders

149 257 150 92.4% 75.2% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

• 150

300 FY2013 FY2014 Interim 2015

RM’mil

Ordinary shares dividend Payout ratio

Dividend Payout

Target FY2015: -

• Dividend payout ratio of

not less than 70% of consolidated profit to shareholders

Dividend Payout Ratio is calculated by dividing total ordinary dividends declared in respect of the financial year by the profit attributable to the

• wners of our Company of the respective financial years. 2014 consolidated profit is higher, hence the drop in %

15/21

INTERIM DIVIDEND

Interim single-tier dividend of 3 sen per share for FY2015 Books closure date :12 June 2015 Payment date: 8 July 2015

PROJECT STATUS

Expansion will solidify Tanjung Bin as one of the largest independent coal-fired power plant in Southeast Asia

 Commercial operations are expected to commence in 2016  Supercritical coal-fired thermal power plant  Power generated is expected to be sold to TNB under a 25-year PPA  PPA expected to expire in February 2041

Tanjung Bin Energy

 Ready access to requisite land, existing coal handling and transmission

infrastructure at our existing Tanjung Bin site that can be utilised for further capacity expansion

Signs PPA and CSTA for the Tanjung Bin Energy Power Plant Expected completion date 2011 2012 2013 2014 2015 2016 Fuel Type Coal Project Cost RM6.7bil (successfully secured project financing

• f approximately RM5.2bil)
• RM5.1bil expected to be spent up until Dec

2014

• Remaining RM1.6bil to be incurred in 2015/16

Financing 80:20 debt to equity O&M Malakoff Power Berhad EPC Consortium consists of:-

• Alstom Power Systems SA
• Alstom Services Sdn Bhd
• Shin Eversendai Engineering (M) Sdn Bhd
• Mudajaya Corporation Berhad

Overview Competitive Advantage Key Milestones Key Highlights

Tanjung Bin Energy Power Plant (1000MW)

EPC contractors have reported that actual physical completion of the plant stood at

• approx. 79% as at 28

November 2014

Current Status

 As at April 2015 actual physical completion stood at 92% versus the

scheduled completion of 97% (variance 5%)

 Civil works coming towards the end by May 2015 whilst mechanical and

electrical erection continues with accelerated pace.

 Commissioning works has started for some auxiliary plants e.g. Coal

Handling System, Water Treatment Plant and Auxiliary Boiler

 First full coal shipment completed and Light Fuel Oil (Diesel) delivery

commenced in Apr 2015. 17/21

Tanjung Bin Energy Progress

Power Block (view from East) Power Block (view from West) Coal Yard (view from South) Cooling Water Intake Area 18/21

KEY TAKEAWAYS

• Strong Q1 FY2015 given the full recovery of Tanjung Bin Power
• Redemption of RM1.8 billion Junior Sukuk from the IPO proceeds provides

annual interest savings of RM113 million

• Tanjung Bin Energy is on track to further enhance the group financials
• Focused to deliver growth that will be value added and earnings accretive

20/21

THANK YOU

22/21 99.2 99.7 98.0 99.2 97.9 90.1 90.6 99.8 100.0 100.0

• 20.0

40.0 60.0 80.0 100.0 120.0 Q1 2014 Q1 2015 SEV GB3 PPSB TBP PDP

Note:-

• Availability:- computed as 1 – Unplanned outage rate
• Gas plant UOR allowance-4%
• Coal plant’s UOR allowance -6%
• Within the allowance, company will get 100% capacity payment

Power Plant’s Availability

• Fuel is pass through cost
• Capacity payment – covers the investment
• Low despatch factor does not affect the original IRR because the margin from

energy payment is marginal

• Borrowings mostly from project finance on non recourse basis. They are raised at

each power plant entities with proper debt covenants ring fencing the repayments to lenders

23/21

Company / Business Overview:

Financial Position

At 31.3.2015 At 31.12.2014 RM’mil RM’mil Assets Property, plant and equipment 14,333 14,324 Intangible Assets 4,582 4,704 Finance lease receivables 1,961 1,991 Cash and cash equivalents 3,298 3,575 Other assets 4,848 4,742 Total Assets 29,022 29,336 Liabilities Borrowings 18,162 18,227 Other liabilities 6,708 6,932 Total Liabilities 24,870 25,159 Equity Shareholders' funds 3,937 3,964 Non-controlling interests 215 213 Total Equity 4,152 4,177 Return on Equity* 10.57% 8.63%

* annualised based on YTD figures as at 31 March 2015

24/21

39% 46% 15% 21% 49% 25% 5% 47% 35% 18%

We currently operate one of the largest privately owned coal-fired power plants in SEA based on generating capacity that accounts for ~29.3% of Peninsular Malaysia’s total installed coal-fired generation capacity(3)

Source: Frost & Sullivan. Notes: (1) As at 20 March 2015. (2) Others include diesel, oil and renewable. (3) As of 20 March 2015, according to Frost & Sullivan.

2010

Gas Hydro Coal

Malaysia’s Shift in Energy Mix Towards Coal Malakoff’s Strength in Coal Will Capture this Shift

2020E

) 1 (

Current 2016E Malaysia’s Power Plant Capacity Mix Malakoff’s Well-Diversified Fuel Mix in Malaysia

Gas Multi-fuel fired Coal

57% 32% 9% 2%

Others(2)

25

Increasing Role of Coal-Fired Power Generation in Malaysia

Country Commercial Operation Date (“COD”) Greenfield development and EPC negotiation O&M Debt financing Successful acquisitions Key highlights Kapar Power Plant Malaysia 1985 - 2001   (2004)(2) Port Dickson Power Plant Malaysia 1995   (1995)(3)/(2014)(4) SEV Power Plant Malaysia 1996 - 1997    Construction completion ahead of schedule GB3 Power Plant Malaysia 2001 - 2002    Construction completion ahead of schedule, including the conversion of the plant from an OCGT power plant to a CCGT power plant Prai Power Plant Malaysia 2003    (2003)(2) Tanjung Bin Power Plant Malaysia 2006 - 2007    Construction completion on schedule Tanjung Bin Energy Power Plant Malaysia 2016    Under construction Merak Power Plant Indonesia 2013  Shuaibah Phase 3 IWPP / Shuaibah Phase 3 Expansion IWP Saudi Arabia 2009 - 2010    Largest IWP project in the MENA region(5) Souk Tleta IWP Algeria 2011    Hidd IWPP Bahrain 2000 - 2008   (2012)(3) Largest IWPP in Bahrain(5) Al Ghubrah IWP Oman 2015    Under construction Az Zour Emergency Power Plant Kuwait 2008  Az Zour South Combined Cycle Power Plant Kuwait 2013  Macarthur Wind Farm Australia 2013   (2013) Largest wind farm in the Southern hemisphere(1)

3

Malakoff has a proven track record of expansion through greenfield developments and acquisitions

Notes: (1) As at 20 March 2015. (4) Year of acquisition of remaining 75% stake. (2) Year of acquisition. (5) According to Frost & Sullivan as of December 2013. (3) Year of commencement of operations.

Proven Development and Acquisition Track Record with Total O&M Portfolio Capacity of 8,049 MW of power, 1,421,000 m3/day water and 55 tonnes of steam per hour(1)

26

Proven Development, Acquisition and Operation and Maintenance Track Record

27

SEV Power Plant

Largest CCGT power plant owned by an IPP in Malaysia(3)

SEV Power Plant

 Generation capacity of 1,303.0 MW; effective capacity of 1,221.6 MW  Co-owned by Malakoff (93.75%) and Employees Provident Fund (6.25%)

Capacity &

• wnership

 Perak, Malaysia

Location

 July 1996 (first block) and January 1997 (second block)

Commencement date

 Two blocks using gas turbines, each with a capacity of 651.5 MW  Three Alstom Power gas turbines and one steam turbine

Plant description

 21-year PPA with TNB  Extended to operate for another 10 years until June 2027

Offtaker

 Fuel supply contract with PETRONAS that runs concurrently with the PPA

Fuel supply

 Provided by Malakoff’s wholly-owned subsidiary, Malakoff Power Berhad

(“M Power”) Operation & management

Industry average

95.6 92.0 91.6 89.7 86.4 2011 2012 2013 9M2013 9M2014

Equivalent Availability Factor (%)(1)

Notes: 1) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages 2) Calculated by dividing the total generated electricity output by the heat energy consumed on generating that output 3) As at 31 October 2014 ,

 Generation capacity of 640.0 MW; effective capacity of 480.0 MW  Co-owned by Malakoff (75%) , TNB (20%) and EPF (5%)

GB3 Power Plant

Operational synergies and cost savings from co-location with SEV Power Plant

GB3 Power Plant Capacity &

• wnership

 Perak, Malaysia

Location

 December 2001 as OCGT and converted to CCGT in

November 2002 Commencement date

 One block  Three Alstom Power gas turbines and one steam turbine

Plant description

 21-year PPA with TNB (renewable for an additional three

terms of five years each) Offtaker

 Fuel supply contract with PETRONAS that runs concurrently with the PPA

Fuel supply

 Provided by wholly-owned subsidiary, M Power

Operation & management

91.3 91.9 91.0 88.8 88.9 2011 2012 2013 9M2013 9M2014

Equivalent Availability Factor (%)(1)

Industry average Notes: 1) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages 2) Calculated by dividing the total generated electricity output by the heat energy consumed on generating that output ,

28

29

Prai Power Plant

One of the most efficient natural gas-fueled power plants in Malaysia based on thermal efficiency(3)

Prai Power Plant

Equivalent Availability Factor (%)(1)

 Generation and effective capacity of 350.0 MW  100% owned by Malakoff

Capacity &

• wnership

 Pulau Pinang, Malaysia

Location

 June 2003

Commencement date

 One block  One GE gas turbine and one steam turbine

Plant description

 21-year PPA with TNB (renewable for an additional three terms of five

years each) Offtaker

 Fuel supply contract with PETRONAS that runs concurrently with the PPA

Fuel supply

 Provided by wholly-owned subsidiary, M Power

Operation & management

89.2 92.7 82.2 77.3 91.8 2011 2012 2013 9M2013 9M2014

Industry average Notes: 1) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages 2) Calculated by dividing the total generated electricity output by the heat energy consumed on generating that output 3) As at LPD ,

99.5 99.3 98.9 99.1 98.9 2011 2012 2013 9M2013 9M2014

30

Port Dickson Power Plant

One of the most reliable OCGT power plants in Malaysia, based on reliability factor

Port Dickson Power Plant

Equivalent Availability Factor (%)(1)

 Generation and effective capacity of 436.4 MW  100% owned by Malakoff

Capacity &

• wnership

 Negeri Sembilan, Malaysia

Location

 January 1995

Commencement date

 Four units using GE gas turbines

Plant description

 21-year PPA with TNB (renewable for an additional three terms of five

years each) Offtaker

 Natural gas supply contract with PETRONAS that runs concurrently with

the PPA Fuel supply

 Provided by PDP O&M Sdn Bhd, a wholly-owned subsidiary of M Power

Operation & management

• Consistently performing above

IPP industry average(1) since 2009

• Highest EAF ever recorded in

2011

Industry average Note: 1) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages ,

31

Tanjung Bin Power Plant

One of the largest privately owned coal-fired power plants in SEA

Tanjung Bin Power Plant

Equivalent Availability Factor (%)(1)

 Generation capacity of 2,100.0 MW; effective capacity of 1,890.0 MW  Co-owned by Malakoff (90%) and EPF (10%)

Capacity &

• wnership

 Johor, Malaysia

Location

 September 2006 (first unit), February 2007 (second unit), August 2007

(third unit) Commencement date

 Three units using Toshiba turbines

Plant description

 25-year PPA with TNB (renewable for an additional three terms of five

years each) Offtaker

 Coal supply contract with TNB Fuel Services that runs concurrently with

the PPA Fuel supply

 Provided by Tanjung Bin O&M Berhad, a wholly-owned subsidiary of M

Power Operation & management

81.3 83.0 68.3 71.9 77.0 2011 2012 2013 9M2013 9M2014

Industry average Notes: 1) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages 2) Calculated by dividing the total generated electricity output by the heat energy consumed on generating that output ,

Kapar Power Plant

Largest power plant in Malaysia(4)

Kapar Power Plant

Equivalent Availability Factor (%)(1)(2)

 Generation capacity of 2,420.0 MW; effective capacity of 968.0 MW  Co-owned by Malakoff (40%) and TNB (60%) through associate, Kapar

Energy Ventures Sdn Bhd (“KEV”) Capacity &

• wnership

 Selangor, Malaysia

Location

 October 1985 and August 1986 (first phase)  December 1988 and July 1989 (second phase)  April 2001 and June 2001 (third phase)  December 1995 and January 1996 (fourth phase)

Commencement date

 Four phases  GE, GE Nuovo Pignone and Mitsubishi Heavy Industries turbines

Plant description

 25-year PPA with TNB

Offtaker

 Coal and MFO are purchased pursuant to a supply agreement with TFS  Natural gas is purchased pursuant to a supply arrangement with TNB as

set forth in the KEV PPA

 Distillate oil is purchased pursuant to spot market

Coal/Fuel/Gas/Oil supply

 KEV

Operation & management

Notes: 1) Calculated by the taking the average of the four phases 2) Calculated based on the actual plant availability, taking into consideration unscheduled and scheduled outages 3) Calculated by dividing the total generated electricity output by the heat energy consumed on generating that output 4) As at LPD

83.1 84.5 78.9 83.8 64.0 2011 2012 2013 9M2013 9M2014

32

2,745.0 900.0 850.0 Jubail Shuaibah 3 Shuqaiq

Shuaibah Phase 3 Expansion IWP & Shuaibah Phase 3 IWPP

Shuaibah Phase 3 Expansion IWP & Shuaibah Phase 3 IWPP

Selected water capacity & power contribution by plant in MENA

Water Capacity (m3/day) (3) Power Contribution (MW) (4)

 Water production capacity of 1,030,000 m3/day; effective

capacity of 123,450 m3/day

 Generating capacity of 900.0 MW; effective capacity of

108.0 MW Capacity

 Jeddah, Kingdom of Saudi Arabia

Location

 November 2009 (IWP) and January 2010 (IWPP)

Commencement date

 IWP - Co-owned by Malakoff (11.9%), TNB (5.95%),

Khazanah (11.9%), Acwa Power (29.75%), PIF(1) (31.2%), SEC(2) (8.3%) and various individuals (1.0%)

 IWPP - Co-owned by Malakoff (12.0%), TNB (6.0%),

Khazanah (12.0%), Acwa Power (30.0%), PIF (32.0%), SEC (8.0%) Ownership

 20-year Power and Water Purchase Agreements (“PWPA”)

with Saudi Arabia’s Water and Electricity Company Offtaker

 12 multistage flash distillers processing sea water  3 units of light crude oil-fired boilers and three back-

pressure turbines Plant description

 Provided by Al-Imtiaz Operation & Maintenance Company

Limited (Shuaibah Phase 3 Expansion IWP)

 Provided by Saudi-Malaysia Operation & Maintenance

Services Company Limited (Shuaibah Phase 3 IWPP) Operation & management

Source: Frost & Sullivan Notes: (1) Denotes Public Investment Fund of the Kingdom of Saudi Arabia (2) Denotes Saudi Electricity Company (3) Based on plant design capacity (4) Based on installed capacity

Largest independent water project in the MENA region

33

1,030,000 800,000 212,000 Shuaibah 3 Jubail Shuqaiq

Souk Tleta IWP

Souk Tleta IWP

 Water production capacity of 200,000 m3/day;

effective capacity of 71,400 m3/day Capacity

 Wilaya of Tlemcen, Algeria

Location

 April 2011

Commencement date

 Co-owned by Malakoff (35.7%), MenaSpring Utility

(Tlemcen) Pte Ltd (15.3%), and Algerian Energy Company (49.0%) Ownership

 25-year Water Purchase Agreement (“WPA”) with

Algeria’s national water company, L’Algerienne Des Eaux, and Algeria’s national oil and gas company, Sonatrach Offtaker

 Provided by Hyflux-TJSB Algeria SPA

Operation & management

34

Malakoff’s first project in Northern Africa

Hidd IWPP

Major supplier of Bahrain’s consumed power and water based on market share

Hidd IWPP

 Water production capacity of 410,000 m3/day; effective capacity of

164,000 m3/day

 Generating capacity of 929.0 MW; effective capacity of 372.0 MW

Capacity

 Hidd, Bahrain

Location

 2000 (first phase), 2004 (second phase) and 2008 (third phase)

Commencement date

 Co-owned by Malakoff (40.0%), GDF Suez S.A. (30.0%), and Sumitomo

Corporation (30.0%) Ownership

 20-year PWPA with Bahrain’s Ministry of Electricity and Water

Offtaker

 Provided by Hidd Power Company B.S.C.

Operation & management

Dominant Market Share (%)

Power Contribution (1) Water Contribution (2)

Source: Frost & Sullivan Notes: (1) Based on gross installed power generation capacity (2) Based on gross water production capacity

35

34.0% 66.0% Hidd Other IWPPs 58.6% 41.4% Hidd Other IWPs

36

Latest Additions: Macarthur Wind Farm & Al Ghubrah IWP

To Increase Oman’s Daily Water Production Capacity by 17%(2)

Al Ghubrah IWP

 Expected water production capacity of 191,000 m3/day;

effective capacity of 85,950 m3/day Capacity

 Muscat, the Sultanate of Oman

Location

 2015

Commencement date

 Co-owned by Malakoff (45.0%), Sumitomo Corporation

(45.0%), and Cadagua S.A. (10.0%) Ownership

 Expected to supply water to Oman Power and Water

Procurement Co. SAOC pursuant to a WPA for a term

• f 20 years

Offtaker

 Provided jointly by wholly-owned subsidiary TJSB

International Ltd, Sumitomo and Cadagua S.A Operation & management Macarthur Wind Farm

 Generation capacity of 420.0 MW, effective capacity of

210.0 MW Capacity

 State of Victoria, Australia

Location

 February 2013

Commencement date

 Co-owned by Malakoff (50.0%) and Macarthur Wind Farm

(50.0%) through an unincorporated joint venture (UJV) Ownership

 25-year offtake arrangement with AGL Hydro

Offtaker

 Provided by AGL Hydro

Operation & management Plant description

 140 unit of Vestas – 3 MW V112 wind turbines

Largest Wind Farm in the Southern Hemisphere(1)

Notes: (1) As at 31 October 2014 according to Frost & Sullivan (2) Computed based on Oman’s Total Daily Water Production Capacity in 2013  January 2013

Formation date

 June 2013

Acquisition date

37

Project Location Ownership Generating Capacity Date of OMA O&M Term (years) SEV Power Plant Subsidiary 1,303.0 MW 1993 31

(2)

GB3 Power Plant Subsidiary 640.0 MW 2000 21 Prai Power Plant Subsidiary 350.0 MW 2000 21 Tanjung Bin Power Plant Subsidiary 2,100.0 MW 2003 25 Tanjung Bin Energy Power Plant Subsidiary 1,000.0 MW 2012 25 Port Dickson Power Plant Subsidiary 436.4 MW 2003 14 Shuaibah Phase 3 IWPP Associate 880,000 m3/day 900.0 MW 2006 20 Shuaibah Phase 3 Expansion IWP Associate 150,000 m3/day 2007 20 Al Ghubrah IWP Associate 191,000 m3/day 2013 20 Souk Tleta IWP Joint Venture 200,000 m3/day 2007 25 Merak Coal-Fired Power Plant Third Party 120.0 MW 55 MT/hour 2013 5 Az Zour South Combined Cycle Power Plant Third Party 1,200.0 MW 2013 4 Average 19

Operation and Maintenance

Earnings visibility from long contract period and an average contract expiration period of 19 years



Participate in power and water projects as sole or co-developers



Conduct engineering audits, inspections and operation and maintenance for

• ur own power plants in Malaysia



Services also include fuel management, inventory management, emissions monitoring and personnel training



Services are performed pursuant to contractual arrangements

• Lump sum payment,

regardless of the actual operations and maintenance costs incurred Lump Sum Cost Plus Hybrid 1 2 3

• Based on the actual
• perations and

maintenance costs

• Include an additional

management fee

• Customised

according to

• wner’s needs
• Hybrid of Lump

Sum and Cost Plus Offers services to our own power plants in Malaysia M Power TJSB International Group Offers services to associates, a joint venture and third-party clients overseas

Overview Contractual Arrangements(1) Project Summary

Notes: 1) Company website 2) Includes the 10-year extension

38

Electricity and Chilled Water Distribution & Project Management Business

Complementary services via wholly-owned subsidiaries provide further accretion to Malakoff’s earnings



Operate through Malakoff’s wholly-owned subsidiary Malakoff Utilities Sdn Bhd



Supplies electricity to buildings in the Kuala Lumpur Sentral Development ⎯ Electricity is purchased in bulk from TNB ⎯ Pursuant to a 11-year license, expiring in October 2017 (renewable for an additional 10 years) ⎯ Tariffs charged as approved by the Energy Commission



Supplies chilled water for air conditioning to the Plaza Sentral office suites ⎯ Pursuant to chilled water supply agreements ⎯ A total capacity of 17,000 RT as at 28 November 2014



Operate via Malakoff’s wholly-owned subsidiary Malakoff Engineering Sdn Bhd



Primarily offer services to our own power plant projects



Services include large-scale project management expertise related to: ⎯ Execution of engineering, procurement and construction contracts for power plants ⎯ Managing relationships with engineers and the relevant authorities



Past projects include the SEV Power Plant, the GB3 Power Plant, the Tanjung Bin Power Plant and current projects include the Tanjung Bin Energy Power Plant SEV Power Plant GB3 Power Plant Tanjung Bin Power Plant

7,000(1) 17,000 2011 2012F 4 buildings 9 buildings +143%

Electricity and Chilled Water Distribution Business Capacity (RT) Project Management Business

ISO 9001:2000

Certifications

ISO 9001:2008