Investor Presentaiton

Strategy: On Nov 2006, Gol had announced CJPP as one of PPP Model Project.. Mei Feb Mar Jun Jul Nov Feb The CJPP was critical to avoid 2008 2009 2010 electricity crisis FS Start Market Consultation Forum Final FS Report PQ Start ed Electricity supply in Java to sustain national economic growth The Project needs government guarantee For emerging market (sub- investment grade credit rating), governments typically provide sovereign guarantee for cross-border IPP project Apr'10 - Mar 2011 PQ Result Announced 1st RFP Issued Bid Negotiation (incl. adopting new guarantee structure) Proposed Govt guarantee from PLN to KKPPI/MOF Tender participants: 1. Shenhua (China) 2. CNTIC/Yudean (China) 3. KEPCO (Korea) 4. Mitsubishi (Japan) 5. J-Power (French) Apr Jun Oct 2011 Q4 2012 6. Marubeni (Japan) 7. Mitsui/Int'l Power (Japan/UK) Q2 2017 Q2 2042 Date of Bid Submission. Winning Bidder Announce Expected Financial Close Expected COD Expected PPA End Construction period Q1-20154 months] Q3-2020 Operation period [25 years] Q3-2045 Signing of PPA, Guarantees create liabilities to Government Provision sovereign guarantee must be part of fiscal risk management framework creation of a guarantee fund (IIGF) Gol PPP program needs a template to follow As national priority, the CJPP project was selected as a model project for the 2005 PPP regulation Project KPI's The Project Jakarta Batang Central Java Province Guarantee Agreement & Recouse Agreement Ultra super critical coal fired power plant; BOT; 2x 1000 MW; located in coastal area of Central Java; Project cost US$ 4 bio Bali Java, Indonesia DELAYED! The Stream of Cash Scope of IIGF & MOF Guarantee Guarantee Agreement: IPP with IIGF and Gol Covered: . Coverage: political risks, force majeure affecting PLN and PLN PLN's Payment Obligatio ns, as in PPA EOD (Event of Default) Guarantee Tenor: Construction period + After COD: Equity 16 years Debt 21 years Not covered: 1. Sellers EOD X 2. 3. Tax for Special Facilites Indemnity 1. Obligation to purchase electricity Monthly payment (Capacity and Energy payment) 2. Deemed Dispatch • Due to PLN not being able to receive Sellers output 3. Buyout obligation due to PPA Termination triggered by Political Force Majeure and Natural Force Majeure 4. Obligation to pay due to PLN Event of Default (EOD): . Non payment • Material Breach Merger, Consolidation • GOI EOD under GA IIGF PT Penjaminan Infrastruktur Indonesia (Persero) Indonesia Infrastructure Guarantee Fund Target IRR Investment Cost Cash Flow calculation Operating Cost Private sector Revenue Public sector PLN Payment PSO User Tariff PLN (as GCA) PPA Recourse Agreeme nt 1 Recourse Agreeme nt 2 Project Company (Private) First loss basis Remaining balance up to certain amount Guarantee Agreement (GA) after IIGF portion PT Penjaminan Infrastruktur Indonesia (Persero) IIGF Indonesia Infrastructure Guarantee Fund

View entire presentation