GE Energy Financial Services (EFS) provides financing across the energy sector, including renewable energy, thermal power generation, and oil and gas. It has $16 billion in assets across 220 investments. EFS works with GE to support its industrial business by financing GE's equipment sales and collaborating on research. EFS also provides expertise in evaluating energy market opportunities and structuring customized investment deals.

1. Imagination at work.
2015
GE Energy Financial Services (EFS)
Global Markets - Development

2. 2
This is GE Capital
GE Energy Financial Services – at a glance
39% Thermal
36% Renewable
25% O&G, Midstream
Based on March 2014 exposure
Across energy spectrum
• Renewable/ thermal power
generation, oil & gas reserves,
midstream
Across capital spectrum
• Financing, investing
Across geographies
• North America, Europe, Latin
America, Asia Pacific, India
InvestingSegments & products
ü $16B assets
ü 220 investments
ü $25B in volume since 2004
ü 30-year track record
75% equity
25% debt

3. 3
This is GE Capital
GE Energy Financial Services - More than money
Financial strength
• Catalyst for GE’s core energy business
• Excellent risk-adjusted returns
• Long-term view
• Long-lived, essential assets
• Rigorous risk management
• Investments throughout business cycles
• GE’s strong balance sheet
• Purchase, optimization & sale of assets
Expertise
• 265 experts find opportunities, underwrite
and create customized deal structures
• Portfolio managers make operational,
profitability improvements
• Solid channels with banks and sponsors to
attract more capital
• In-house technical know-how from GE’s
heritage to see value where others don’t

4. 4
This is GE Capital
Adding value: GE Capital/Industrial Collaboration
• Build on and support GE’s global footprint
• Support GE’s equipment sales
• Collaborate with GE Global Research on low-cost transmission technology
• Analyze market and gather competitor intelligence
• Develop forward view of fuel prices, new builds, retirements, reserve margins,
load growth, electric prices
• Analyze technologies and environmental regulations
• Provide historic perspective on long-term cost/opportunities of ownership
• Advocate government policies
Key vertical Industrial heritage Capital expertise Mid-market finance
Solve complex problems for mutual customers

5. 5
$10+ billion in cumulative global commitments
• ~$8 billion: Wind
184 projects
~12 GW
• $1.7 billion: Solar
60 projects
1.4 GW
Products
• Structured partnership project equity
• Development capital
• Project debt
EFS Renewables
75%
Wind
17%
Solar
4%
Hydro
4% Geothermal
Other

6. 6
EFS Global Markets
27/11/15
Invested in Pattern Energy’s
218-MW Panhandle Wind
Project in Carson County, TX;
powered by 118 GE 1.85-MW
turbines.
August 2013October 2013
Expanded operating and
owned Colorado Highlands
Wind project to 91 MWs;
powered by 56 GE 1.6-MW
turbines
February 2014
Acquired two wind farm
construction projects in
Ireland with a total capacity
of 51 MWs, from Element
Power; powered by GE’s
flagship 2.85-MW turbines
Invested in Starwood
Energy’s 211-MW Stephens
Ranch wind project, under
construction near Lubbock,
TX; powered by GE 1.7-MW
turbines
January 2014
Select EFS wind investments
Invested in Invenergy’s
148.6-MW wind project in
Mills County, TX; powered
by GE 2.5-MW “brilliant”
turbines
July 2013
Invested in Invenergy’s
200.6-MW Prairie Breeze
Wind Energy Center near
Lincoln, NE; powered by 118
GE 1.7-MW turbines
October 2013

7. 7
EFS Conventional power
Hold equity investments in
power projects that we or
third parties operate with a
capacity to produce 30
gigawatts
Products
• Project equity
• Preferred project equity
• Development capital
• Project debt
• Leasing
Assets
• Gas/coal
• Power generation
• Power transmission
• Contracted/ merchant
• Operating/construction/development
• Base/intermediate/peaking

8. 8
Select EFS power investments
September 2013
Anchored $561M senior
secured credit facility for
CPV’s 700-MW gas-fired
power project in Woodbridge,
NJ. Uses GE 7F-5 series gas
turbine generators
Financed construction of
584-MW Nelson Energy
Center in IL. Uses GE 7F gas
turbines with GE services
contract
December 2013
April 2014
Arranged $97.4M senior
secured credit facility for
Saguaro Power’s 105-MW GE-
powered combined cycle
cogeneration plant in NV
Provided $50M loan to
support Rockland Capital,
LLC’s acquisition of 484-
MW gas-fired Elgin Energy
Center in IL
January 2014
Refinanced 620-MW Grays
Harbor Energy Center in
WA. Uses two gas-fired GE
Frame 7FA combustion
turbines and one GE steam
turbine generator
April 2014
Saguaro Power
Company
August 2012
Arranged $107M refinancing
for two gas-fired peaker
plants in Illinois; managed by
Tenaska Capital Management;
use 12 GE 7EA gas turbines

9. EFS Global Markets
- Development

10. 10
2014 SP overview
GE in Development
Ø Expand sales
Ø Penetrate new markets
Ø Leverage our brand
Ø Enable NPIs
Why does GE engage in
development?
ü Work with clients who lack sufficient development
capital expertise
ü Development based on GE technology
ü Help PW penetrate new markets that lack
development capacity/capability
ü Develop new partnerships with key prospective clients
ü Support the introduction of new technologies
ü Provide or find ‘seed’ capital
ü One of the world’s most recognised industrial brands
ü GE ‘halo’ effect
Global Approaches

11. 11
2014 SP overview
Development Approach
Partnership
Alignment
Serious
Upside
Speed
matters
GE does not go alone in development; scale matters
We partner with companies that seek the same outcome as
us…with shared vision monetisation events
Development risk is priced appropriate to risk being taken –
i.e., high risk must yield high potential return
Capital velocity is key; fail fast mentality with multiple off
ramps

12. 12
2014 SP overview
ü Technology … global leader in generation technologies, including wind gas turbines that can be brought
to bear into partnerships
ü Engineering … world-class engineering talent
ü Commercial … access to 250+ structuring underwriting experts in GE Capital Energy Financial Services
ü Development… experienced, global development team with proven track record, whose sole mission is to
ensure project success
Development Value Add
Deep Bench…
GE global expertise and capabilities
Networks Origination Credibility
GE salesforceGlobal, yet local
Leverages GE’s footprint…
~ regional local staff with strong
business and governmental networks
in place
~18 GW Projects
30 years experience
~ hundreds of staff around the world with a
pulse on developers
History of Projects technology

13. 13
Governance
Sectors
Ø Wind gas turbines projects
Ø Selective oil gas projects
Ø Distributed power and energy management projects
Geographic
Focus
Repeatable
Scalable
Capital
Allocation
Development Criteria
Focused on key technologies
Global with key emerging markets focus
Ø Prioritizing GE Power Water’s key strategic markets
Ø Exploring opportunities in new markets
Two Key Strategic approaches
Ø Diversified portfolio with a partner within a market; single projects only if large scale
Ø Diversify across markets with strategically important partners
Centralised decision making
Ø Rigor in capital allocation
Ø Measure capital efficiency of each investment and utilize deal score carding
Aligned interests w/ downside protection
Ø Generally 50% or minority positions
Ø Milestone-based funding with termination rights

14. 14
2014 SP overview
GE development investment history ~18 GW
North America Europe
Asia
Africa
ANZLatin America
Renewables Thermal (Operating MegaWatts)
3,848
5,982
2,385
Pre 2000 Post 2000
569
Pre 2000 Post 2000 1,500
1,975
Pre 2000 Post 2000
276
522
300
Pre 2000 Post 2000
50
90
Pre 2000 Post 2000
114
Pre 2000 Post 2000
98 406 490 764 1,181
2,393
1,500
1,005 1,395
321 115
'00 '01 '02 '03 '04 '05 '07 '08 '09 '10 '11
Post 2000 trending – initial investment date

15. 15
2014 SP overview
Current GE development pipeline ~12 GW
North America Europe
Asia
Africa
ANZ
Latin America
Wind
(MWs in development)
5000
250
(1) Committed portfolio
(2) Potential pipeline~10
GW
1950
1140*
0
100
1200
1000
500
Current Totals New Focus Areas
CCGT
CCGT
Wind
EPT
REN
$1.8bn(1)
$1.7bn(2)
PGP
$3.0bn(1)
$1.2bn(2)
2000

16. 16
2014 SP overview
Project Location MW Technology COD
Towantic New Haven County, CT 805 2x1 7HA.01 2018
Rattlesnake Den Glasscock County, TX 200 118X1.7-100 2015
Shore Middlesex County, NJ 710 2X1 7FA.05 2015
Sentinel Riverside County, CA 800 8X LMS 100 2013
Colusa Colusa County, CA 660 2X1 7FA 2010
Total 3,175
Case Study: Competitive Power Ventures (CPV)
CPV is a leading US electric power generation
development and asset management company
Global Infrastructure Partners is new capital provider
Natural gas generation…
~8GW in development
~1.4GW in construction
~0.8GW in operation
ü JDA creates framework for co-developing projects; LLC
Agreement executed on a per project basis
ü GE 30-49% ownership
ü Work exclusively with GE identifying sites in defined
Target Regions
ü All projects to be exclusive to GE equipment services
ü At Financial Close, parties share in development upside
0
5
10
15
GW
Renewables Natural Gas
CPV Projects
Co developed with GE JV Concept
Key highlights

17. 17
2014 SP overview
GE development: new initiatives in 2015
ü Co-development with leading IPPs
ü Co-financing with aligned partners
ü Increased co-operation with EPCs
ü Implement capital efficiency metrics to ensure only best of breed get funding
ü Enhance market-pricing discipline, reflecting scarcity risk of development capital
ü Source capital from the most appropriate source … both internal and external
ü Secure investment options….and fail fast…
ü Industrial Capital businesses to support key strategic imperatives
ü PW emerging target markets
One Global Team aligned across …
New value-added partnerships…
Enhance growth, manage risk improve results
Enhance Financial Rigor…
Improved capital allocation in a global context
ASEAN LATAM MENAT
Pricing
Allocation
Efficiency
Financing
Development
Operations

18. 18
2014 SP overview
EFS GM Development Global Contacts
Divided into 3 business units: Global, US SSA
LATAM/MENAT Leader
Rembrandt Niessen
m: +44 7930 408042
e: rembrandt.niessen@ge.com
US Leader
Tim Howell
m: +1 203 249 5856
e: tim.howell@ge.com
Sub-Saharan Africa Leader
Vishal Agarwal
m: +254 722 207 343
e: vishal.agarwal1@ge.com
ASEAN Leader
Frank Sine
m: +66 81 832 3196
e: frank.sine@ge.com
ANZ/Asia Leader
Jason Willoughby
m: +61 424 504 721
e: jason.willoughby@ge.com
Global Development Leader
John Bottomley
m: +44 7920 757583
e: john.bottomley@ge.com