Australian Wind Industry & GE Project Update

GE Renewable Energy Wednesday, May 2nd

General Introduction

Australian Wind Industry

GE Projects

Technology Update

Confidential.© 201 General NotElectric to Company. be copied, Proprietary. distributed, All Rights or Reserved. reproduced without prior approval. GE Renewable Energy

Onshore Wind Offshore Wind Hydro LM Wind Power

$10.3B 60+ 22,000+ 400+GW 25% 35,000+ 14,000 2017 REVENUE COUNTRIES GLOBAL INSTALLED BASE OF WORLD’S HYDRO WIND TURBINES TURBINES EMPLOYEES INSTALLED BASE INSTALLED GLOBALLY ON PREDIX

Unleashing limitless energy for our customers and the world

Confidential.© 2018 General Not Electric to be Company. copied, Proprietary. distributed, All Rights or Reserved. reproduced without prior approval. Renewables are Mainstream Technology driving LCoE reduction

Source: Bloomberg New Energy Finance Confidential. Not to be copied, distributed, or reproduced without prior approval. © 2018 General Electric Company. Proprietary. All Rights Reserved. Evolution of the GE wind portfolio Addressing customer needs via a board portfolio

2.5s 2.5xl 2.5-120 2.75-120 3.4-3.8 130 (88m) (100m) 2.75-100 2.75-103 2.85-103 3.2-103 3.6-137 4.2-117 4.8-158 1.85-82.5 Model 1.5i 1.5s 1.5sle 1.5xle 1.85-87 Introduction (65m) (70.5m) (77m) (82.5m) 1.6-82.5 1.6-100 1.7-100 1.7-103 2.0-2.5 116 2.x-127

1996 2002 2004 2006 2008 2010 2012 2014 2016 2018 2019+

Units 1,000th 5,000th 10,000th 20,000th 30,000th

GE enters the wind industry

Confidential.© 2018 General Not Electric to Company.be copied, Proprietary. distributed, All Rights or Reserved.reproduced without prior approval. Next gen turbine … Technology is essential to break the scaling laws +70% rotor swept area in 4Y … driving lower LCOE

Challenge: Turbines do not scale linearly Energy ∝ (Radius)2 Noise ∝ (Radius X RPM)5 - (h torque, h cost) Loads ∝ (Radius)3 - (h mass, h cost)

Impacts logistics, installation, BOP, services & life cycle optimization ’15 ’17 ’19+ 2.75-120 3.6-137 4.8-158

• Mid 2015: bipartisan commitment to revised 33TWh RET (23% of Electricity) Graphic: Green Energy Markets, Renewable Energy Index February 2018 • 2017 Closed or under construction • 50 large-scale projects, AUD 9.3 Billion+ investment, 5440 jobs • 2GW+ of wind • 2GW+ of solar

Graphic: Clean Energy Council Annual Report 2016

Confidential. Not to be copied, distributed, or reproduced without prior approval. Market Drivers 2018 onwards

• Federal Policy • NEG – Coalition target 26% emissions reduction on 2005 levels • Labour target 50% Renewables by 2030 – 17GW new build

• State Policy: Renewable Auctions • Victoria – 40% Renewables by 2025 – 5.4GW new build • Queensland – 50% Renewables by 2030 (currently 7%)

• Coal Plant Closures • 20 active coal plants with nameplate of 25GW • As of early 2017, 75% were operating beyond their original design life

Confidential. Not to be copied, distributed, or reproduced without prior approval. GE Projects

Confidential.© 2017 General Not Electric to Company.be copied, Proprietary. distributed, All Rights or Reserved.reproduced without prior approval. 8. Coopers Gap GE Wind Farms Capacity 453MW COD 2019 • 416MW Operating Equip. 91 x GE 3.6-137 32 x 3.8-130 • 980MW In Construction 7. Silverton Capacity 199MW COD 2018 Equip. 58 x GE 3.4-130

6. Bodangora 1. Mumbida 8 Capacity 113MW Capacity 61MW 1 COD 2018 COD 2013 Equip. 33 x GE 3.4-130 Equip. 22 x GE 2.75-100 7 6 2 5. Crookwell 2 5 Capacity 96MW 4 COD 2018 2. Willogoleche 3 Equip. 28 x GE 3.4-130 Capacity 119MW COD 2018 3. Ararat 4. Boco Rock Equip. 24 x GE 3.8-130 8 x GE 3.4-130 Capacity 242MW Capacity 113MW COD 2017 COD 2015 Equip. 75 x GE 3.2-103 Equip. 67 x GE 1.7-100

Confidential. Not to be copied, distributed, or reproduced without prior approval. Silverton

Confidential. Not to be copied, distributed, or reproduced without prior approval. Confidential. Not to be copied, distributed, or reproduced without prior approval. Silverton

Confidential. Not to be copied, distributed, or reproduced without prior approval. Confidential. Not to be copied, distributed, or reproduced without prior approval. Confidential. Not to be copied, distributed, or reproduced without prior approval. Confidential. Not to be copied, distributed, or reproduced without prior approval. Confidential. Not to be copied, distributed, or reproduced without prior approval. Confidential. Not to be copied, distributed, or reproduced without prior approval. Confidential. Not to be copied, distributed, or reproduced without prior approval. Ararat

Confidential. Not to be copied, distributed, or reproduced without prior approval. Confidential. Not to be copied, distributed, or reproduced without prior approval. Technology Update

Strengthened Electrical system upgrade Strengthened Advanced drive train 56.9 blade w/ lightening protection + + + adapter Reinforced Tower 3.2-103 3.8-130 4.2-117

50 Hz 4.2-117 Max Vref 57m/s Specs Vave 9.5m/s MW rated power 4.23 MW (variable rating from 3.83 to 4.23) Rotor Diameter 117m AEP at 8.5m/s ~17GWh Noise 107dBA

IEC Certificate (type Cert) 85/100m HH (IEC 61400-22 ) • Low noise trailing edge Technology • Lightning enhanced blade

Confidential. Not to be copied, distributed, or reproduced without prior approval. GE’s Largest, High Efficiency Innovative Blade Captures Low Wind Speeds 4.8-158: POWER MEETS EFFICIENCY Onshore Turbine Design by LM Wind Power Like Never Before

NOMINAL CAPACITY • 4.8 MW CAPACITY FACTOR • 46%-49% ANNUAL ENERGY PRODUCTION • ~13.4GWh to ~21GWh ROTOR DIAMETER • 158 METERS WIND CLASS • IEC (S) TIP HEIGHTS • 180m, 199,9m, 228m, 240m TOWER HEIGHTS • 101m, 120,9m, 149m, 161m LIFETIME • ~25 years

Confidential.© 2017 General Not Electric to Company.be copied, Proprietary. distributed, All Rights or Reserved.reproduced without prior approval. Confidential. Not to be copied, distributed, or reproduced without prior approval. GE Renewable Energy

David Lian Head of Sales - Onshore Wind ANZ GE Renewable Energy [email protected]

Confidential.© 2017 General Not Electric to Company.be copied, Proprietary. distributed, All Rights or Reserved.reproduced without prior approval. 3.X MW Platform … 2969+ turbines 64 77 Turbines in operation

18 18 111 27 Installed base 74 123 5 192 in Europe 21 585 154 103 ~2036 437 148 Largest Wind Farm in NA 26 300 Morrow & Gilliam 845 MWs, East-Oregon Installed 300 46 base 8 102 Largest Windfarm in Europe 14 Fintinele 600 MWs, Romania 347 in America ~836* Installed base in APAC Including ~380 Units from former Alstom ECO 3MW platform Confidential. Not to be copied, distributed, or reproduced without priorApril approval. 2018 ~97 © 2018 General Electric Company – Property & Confidential Source: internal GE database GE Wind Farms

Confidential. Not to be copied, distributed, or reproduced without prior approval.