This document discusses a proposed RM 20 million private equity funding for Kerian Hidro Sdn Bhd and its subsidiaries. The funding would support development of four renewable energy projects: Kerian Energy (14MW hydro), Selama Hidro (9MW hydro), Agni Power (10MW biomass), and Darul Naim RE (28MW hydro). Key assumptions and valuations are provided for each project. The funding would be provided through redeemable convertible preference shares. Several options for repayment are outlined, including acquisition by a listed entity or sale of equity to a special purpose acquisition company or Tenaga Nasional Berhad. Project details and agreements for each subsidiary are also summarized.

1. RM 20.0 MILLION PRIVATE
EQUITY FUNDING
13-August-2015
Private & Confidential. Strictly for internal circulation to the Board of Directors of Kerian Hidro Sdn. Bhd. (“Kerian
Hidro”). No part of this document may be reproduced or copied in any form or by any means for distribution to any
other person without the prior written consent of Kerian Hidro. No representation or warranty, express or implied, is
made with respect to the information set out herein. Kerian Hidro will therefore not be responsible for any reliance
on any opinion or statement contained in this presentation.

2. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
GROUP CORPORATE STRUCTURE
* The balance of 19% and 30% equity interest in Kerian Energy and Selama Hidro is owned by Perak Hydro Renewable
Energy Corporation Sdn Bhd (“PHREC”)
Page 2 of 19

3. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
VALUATION : KEY ASSUMPTIONS
Kerian Energy Selama Hidro Agni Power Darul Naim RE
Export Capacity 14MW 9MW 10MW 28MW
PPA Term (Years) 21 21 16 21
Estimated Commercial
Operation Date
1-Oct-2016 1-June-2017 1-Oct-2017 1-March-2018
Annual Electricity Output
(GWh)
73.2 50.3 70.1 147.2
Total Project Cost
(RM mil)
166.8 133.1 153.4 311.5
Debt:Equity Ratio 75:25 75:25 75:25 75:25
Tariff (sen/kWh) 23.0 24.0 34.8 23.0
The key assumptions in developing the financial model used for valuing the projects are
tabulated below:-
Page 3 of 19

4. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
VALUATION : KEY ASSUMPTIONS
Kerian Energy Selama Hidro Agni Power Darul Naim RE
Corporate Tax Rate
Incentive
24% 24% 24% 24%
Approved Service
Project (Tax Incentive)
Yes Yes Yes Yes
GTFS Certificate Yes Yes Yes Eligible
UKAS Facilitation Fund
(10% of Project Cost)
Yes No No Eligible
Teraju Fund (15% of
Project Cost)
No Qualifies.
Application
being made.
Qualifies.
Application
being made.
No
Feed Stock Arrangement
Water Agreement 21 years 21 years N/A 21 years
Fuel-Supply/Water
Rights Agreement
Water Rights
Agreement
Water Rights
Agreement
Fuel-Supply
Agreements
(16+5 years)
Water Rights
Agreement
(To be signed)
Page 4 of 19

5. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
VALUATION
Company
KSHB’s
Equity
Stake
Valuation (RM mil)
Discount rate 9.0% 9.5% 10.0%
Kerian Energy 70% 32.6 30.8 29.1
Selama Hidro 70% 5.7 4.2 2.8
Darul Naim RE 100% 16.4 11.6 7.3
Agni Power 100% 24.9 22.7 20.7
Total 79.6 69.3 59.9
Based on the foregoing assumptions and using a discount rate between 9.0% to 10% to discount
each project’s Free Cash Flow to Equity, the valuation of the equity in each of these
companies is as follows:-
Page 5 of 19

6. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
PRIVATE EQUITY FUNDING
Subsidiary Funding Requirement (RM mil)
Darul Naim RE 5.0
Selama Hidro 5.0
Agni Power 10.0
Total 20.0
The purpose of this private equity funding of up to RM20.0 million by way of Redeemable
Convertible Preference Shares (“RCPS”) is to fund the initial development of the projects being
undertaken by its subsidiaries, as follows:-
Page 6 of 19

7. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
REPAYMENT SOURCE
Option 1 – Acquisition by Listed Entity
• Timah Langat Holdings Berhad (“Timah Langat”) is currently incubating a 275MW
hydroelectric power project along Sg. Lebir, Kelantan (est. cost RM1.8 billion).
• Preliminary project proposal submitted to Kelantan State Govt. in December 2014.
• Kelantan State government has requested for a full feasibility study and a detailed project
proposal to be submitted.
• Upon approval of the Project, Timah Langat will acquire 100% equity of Kerian Hidro
including the RCPS.
• Timah Langat will undertake a Sukuk Issuance (up to RM2.0 billion) to refinance the
borrowings at the subsidiary level.
• Other Listed Entities in the infrastructure sector.
Page 7 of 19

8. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
REPAYMENT SOURCE
Option 2 – Sale of 49% equity to SPAC
• Sale of 49% of the equity of Kerian Hidro to a renewable energy fund (Special Purpose
Acquisition Company) for a sale consideration of no less than RM30.0 million (at 10.0% DCF
valuation).
Option 3 – Sale of 49% equity to TNB
• Sale of 49% of the equity of Kerian Hidro to Tenaga Nasional Berhad for a sale consideration
of no less than RM30.0 million (at 10.0% DCF valuation).
Page 8 of 19

9. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY RM20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
KERIAN ENERGY SDN BHD
• Joint Venture with Perak Hydro Renewable Energy Corporation Sdn Bhd
• 14 MW Mini Hydro Power
• Project Site : Selama, Perak
• Total Cost : RM167.0 Million
• Debt : RM121.4 Million
• Lenders : Bank Islam Malaysia Berhad & Malaysian Debt Ventures Sdn Bhd (via Facility Offer Letter dated
13 March 2015)
• Facilities:-
I. Syndicated Business I-Financing Facility/Islamic Letter of Credit (Sight)of up to RM121.44 million
II. Foreign Exchange Contract Line-I of up to maximum RM25.0 million
• Progress of Project (as at June 2015) : 38% of project completion
• Main Contractor : Emrail Sdn. Bhd.
• Civil Contractor : Loh & Loh Constructions Sdn. Bhd.
• Electromechanical/Turbine Works : Andritz Hydro Pvt. Ltd.
• Electromechanical/Turbine Works : SPEC/WKV Ltd.
• Transmission Works : Nova Nusantara Sdn. Bhd.
Page 9 of 19

10. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
KERIAN ENERGY SDN BHD – SCHEMATICS
Page 10 of 19

11. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
KERIAN ENERGY SDN BHD – SITE PROGRESS PHOTOS
1. Bintang Power House 2. Kerian Power House
3. Kerian Power House 4. Penstock
Site progress as at June 2015:-
Page 11 of 19

12. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
KERIAN ENERGY SDN BHD – ARRANGEMENT LAYOUT
Page 12 of 19

13. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY RM20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
SELAMA HIDRO SDN BHD
• Joint venture with Perak Hydro Renewable Energy Corporation Sdn Bhd
• 9MW Mini Hydroelectric Power Plant
• Project Site : Selama, Perak
• Est. Cost : RM 133.1 Million
• Debt : RM 100.0 Million
• Consists of two (2) horizontal Pelton turbines and all ancillaries, equipment and plant.
• Main Contractor : Emrail Sdn. Bhd.
• Civil Contractor : Loh & Loh Constructions Sdn. Bhd.
• Electromechanical/Turbine Works : Andritz Hydro Pvt. Ltd.
• Transmission Works : Nova Nusantara Sdn. Bhd.
Page 13 of 19

14. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY RM20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
SELAMA HIDRO SDN BHD
Project Agreements Contracting Parties Date of Document
1 Joint Venture Agreement Kerian Hidro and PHREC 9th February 2011
2 REPPA Selama Hidro and TNB 28th March 2013
3 Main Contract Selama Hidro and Emrail 4th July 2014
4 Green Technology Financing Scheme Kettha and Selama Hidro 25th April 2013
5 Feed-In Tariff Approval (with extension) SEDA and Selama Hidro 26th August 2013
6 UPEN Approval Perak Government and PHREC 16th April 2012
7 Water Rights Agreement Perak Government and PHREC 20th February 2014
• Project Agreements:-
Page 14 of 19

15. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY RM20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
AGNI POWER SDN BHD
• 10MW Mini Hydroelectric Power Plant
• Project Site : Kuala Bera, Pahang
• Est. Cost : RM 153.4 Million
• Debt : RM 115.1 Million
• Consists of the construction and commissioning of a steam boiler and a steam turbine generator.
• The fuel source for the combustion system comprises of empty fruit bunches (“EFB”)
• Main Contractor : Emrail Sdn. Bhd.
• Subcontractor : Emco Systems Sdn. Bhd.
E-Solutions Sdn. Bhd.
Lawi Engineering Sdn. Bhd.
• Transmission Works : Nova Nusantara Sdn. Bhd.
Tenders received
Page 15 of 19

16. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY RM20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
AGNI POWER SDN BHD
Project Agreements Contracting Parties Date of Document
1 REPPA Agni Power and TNB 7th January 2013
2 Procurement and Construction Contract Agni Power and Emrail 22nd August 2014
3 Feed-In Tariff Certificate SEDA and Agni Power 10th October 2012
4 UPEN Approval Pahang State Govt. and Agni Power 11th May 2009
5 Fuel Supply Agreement Felda and Agni Power 4th September 2008
6 Dept. of Environment approval Dept. of Environment, Pahang State 24 Nov 2008
• Project Agreements:-
Page 16 of 19

17. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY RM20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
DARUL NAIM RENEWABLE ENERGY SDN BHD
Project Agreements Contracting Parties Date of Document
1 Project Preliminary Contract Darul Naim and Emrail 1st April 2014
2 UPEN Approval Kelantan State Government and Darul Naim 26th February 2014
17th June 2015
3 REPPA TNB and Darul Naim N/A
4 UKAS Approval Malaysian Government and Darul Naim N/A
• 28MW Mini Hydroelectric Power Plant
• Project Site : Gua Musang, Kelantan
• Est. Cost : RM 311.5 Million
• Debt : RM 249.5 Million
• First Phase : (4) Pelton turbines, two (2) Francis turbines and all ancillaries, equipment and plant
• First Phase Capacity : 17.2 MW
• Second Phase : five (5) Pelton turbines and all ancillaries, equipment and plant
• Second Phase Capacity : 10.8 MW
• Main Contractor : Emrail Sdn. Bhd.
• Subcontractor : TBA
• Project Agreements :-
Page 17 of 19

18. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY RM20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
TIMAH LANGAT HOLDINGS BERHAD
• Incorporated 17 July 1992
• Mining arm of Selangor State Economic Development Corporation (1992-2005)
• Privatised in 2006 to incubate infrastructure projects
• Current Paid-up Capital of RM 38.0 million
• Projects initiated
• Lebir - 275MW Multipurpose Hydro Dam in the State of Kelantan
Page 18 of 19

19. RM 20.0 Million Private Equity Funding 13 August 2015
FOR INTERNAL USE ONLY
CONTACT:
ANAND SUBRAMANIAN
Level 6, No.19-8, Block C1,
Dataran Prima, Jalan 1/41,
47301 Petaling Jaya
Tel :+603 7491 5380
Fax : +603 7491 5389
THANK YOU
Page 19 of 19