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Investor Presentaiton

Fuel and Operating Cost Savings Reduce GPL's exposure to volatile international oil prices - - - In 2012, GPL's fuel bill alone was $117 MM for 727 GWh of generation; the fuel and operations cost alone today is 19 and 30 US ¢/kWh for HFO and diesel generation, respectively With AHP, the total cost will be reduced to ~11 US ¢/kWh in the first year of operation and ~9 US ¢/kWh over the 20 year PPA term Once the asset is transferred to GPL after 20 years, the cost will be less than 2 US ¢/kWh The graph below sets forth a comparison of the fuel and operating costs alone (excluding GPL's need to replace aging generation units) with and without AHP and assumes no fuel price increases from today 20 20 18 16 Yrs 1-12 savings = US $991 MM or 40% 14 US ¢/kWh 12 12 8 6 Yrs 13-20 savings: = 10 4 2 0 US$1.15B or 71% Yrs 21-100 savings US$14.8B or 91% AHP Cost GPL Current Cost = 2017 2023 2029 2035 2041 2047 2053 2059 2065 2071 2077 2083 2089 2095 2101 2107 2113 5 SITHE GLOBAL
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