Investor Presentaiton

Project Cost History Comparison Category Current Model 11/24/10 Model EPC 524.0 440.4 Additional Constuction 52.5 41.0 Start-up 17.5 13.5 Development 30.2 23.0 Other 20.8 41.3 Contingency* 26.3 23.0 CAPEX before Financing Fees and IDC $671.2 $582.3 Interest During Construction 95.4 58.6 Lenders' Fees and Advisory Costs 36.5 29.7 Debt Political Risk Insurance 55.0 37.9 Financing Fees and IDC $186.9 $126.3 Total $858.2 $708.6 * Note: US$26.3MM of contingency spend is assumed for purposes of sizing the financing SITHE GLOBAL 27

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