Investor Non-Deal Roadshow Presentation - ContourGlobal · Investor Non-Deal Roadshow Presentation...

Strictly Confidential

Investor Non-Deal Roadshow Presentation

July 2018

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Disclaimer

2

This presentation, and the information contained herein, constitutes confidential information and is provided to you on the condition that you agree that you will hold it in strict confidence and not reproduce, disclose, forward or distribute it in whole or in part without the prior written consent of ContourGlobal plc (the “Company”). This presentation is intended for the recipient hereof only, and is for information purposes only.

This presentation does not constitute or form a part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group or with any other contract or commitment whatsoever. This presentation does not constitute an offering memorandum in whole or in part.

The information contained in these materials has been provided by the Company and has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial position or prospects. The information and opinions contained in these materials are provided as at the date of this presentation and are subject to change without notice. Neither the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

Certain statements in this presentation are “forward-looking statements.” All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, are forward-looking statements. These statements involve a number of factors that could cause actual results to differ materially, including, but not limited to, changes in economic, business, social, political and market conditions, success of business and operating initiatives, and changes in the legal and regulatory environment and other government actions. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Any forward-looking statement made during this presentation or in these materials speaks only as of the date on which it is made. The Company assumes no obligation to update or revise any forward-looking statements.

Information contained herein relating to markets, market size, market share, market position, growth rates, penetration rates and other industry data pertaining to the Company’s business is based on the Company’s estimates and is provided solely for illustrative purposes. In many cases, there is no readily available external information to validate market-related analyses and estimates, thus requiring the Company to rely on internal surveys and studies. The Company has also compiled, extracted and reproduced market or other industry data from external sources, including third parties or industry or general publications, for the purposes of its internal surveys and studies. Any such information may be subject to significant uncertainty due to differing definitions of the relevant markets and market segments described.

This presentation contains references to certain non-IFRS financial measures and operating measures. These supplemental measures should not be viewed in isolation or as alternatives to measures of the Company’s financial condition, results of operations or cash flows as presented in accordance with IFRS in its consolidated financial statements. The non-IFRS financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled measures used by other companies. The non-IFRS adjustments for all periods presented are based upon information and assumptions available as of the date of this presentation.



Growth Strategy and Recent Developments 17

Introduction to ContourGlobal 4

Operations and Risk Management 10

Appendix 26

Financial Results 22

3

Table of Contents


Strictly Confidential 4

1. Introduction to ContourGlobal

Orellana CSP 50MW solar farm (Extremadura, Spain)



Large Global Footprint Diversified Across Geographies and Technologies Delivering Superior Financial Results

Note: Gross Capacity in MW; (1) Including acquisitions completed as of 30-Jun-2018, such as CSP acquisition.

THERMAL WIND HYDRO SOLAR

CONSISTENTLY STRONG OPERATIONAL AND FINANCIAL PERFORMANCE

3 CONTINENTS

101 POWER GENERATION ASSETS

4,312 MW INSTALLED CAPACITY

COUNTRIES 18

AFRICA (5%) 228MW

EUROPE (62%) 2,660MW(1)

LATAM (33%) 1,424MW

DELIVERING ON OUR GROWTH STRATEGY

MAINTAINING ROBUST CREDIT METRICS

£ SUCCESSFUL IPO IN NOVEMBER 2017 – FTSE 250 (TKR: GLO) PRIMARY PROCEEDS: £306M SECONDARY PROCEEDS: £168M



Key Highlights ContourGlobal was founded 13 years ago and since then has successfully grown into a global platform of contracted power generation

(1) 2018Q1 LTM adjusted for 2017 Spain CSP Mirror Financials, apart from CFADS. (2) Calculated as LTM CFADS/Interest (CFADS as defined in bond indenture).

Proven track-record of executing greenfield developments and acquisitions

We developed 1 GW and acquired 3.3 GW of our current portfolio

Delivering on our Growth Strategy

Stable Cash Flow Generation

18%

35%

Revenues(1): $1.2bn

Adj. EBITDA(1): $654m

CFADS: $251m

DSCR(2): 5.9x

Robust Financial Performance LTM Q1 2018

51%

More than 90% of our revenues are contracted or regulated through to 2023

12 years of weighted average remaining contracted/regulated term

Virtually no fuel price or commodity risk

Inflation adjustments in most PPAs further protect value

Average rating of counterparties is BBB-/Baa3

Further protection through political risk Insurance (post PRI off-taker rating of A/A2)

94.2%

1.9%

Average Availability Factor

Average Forced Outage Rate

Top Decile Operating Performance (2014-2017)

Target Zero LTIs

CAGR vs. 2015



Large Global Footprint Diversified Across Geographies and Technologies Strongly Diversified EBITDA Profile

2018Q1 LTM PF EBITDA by Technology(1),(2) 2018Q1 LTM PF EBITDA by Geography(1),(2) 2018Q1 LTM PF EBITDA by Currency(2)

(1) Excluding Corporate Costs. (2) PF for Spanish CSP acquisition in May-2018.

Renewable 50%

Thermal 50%

7

61%18%

15%

4% 2%

EUR USDBRL unhedged BRL hedged to USDOther

12%

30%58%

Europe LatAm Africa

8%

21%

21%22%

19%

8%

Fuel Oil Coal Natural Gas

Solar Wind Hydro



Transmission &

Distribution

Exclusive Focus on Wholesale Contracted Power Generation Producing Low-risk, Long-term Cash Flows

Clearly Defined, Simple and Committed Business Model

Transmission &

Distribution Upstream

Uncontracted / Merchant

Contracted Thermal

Contracted Renewables

Transmission & Distribution

Retail & Supply

Generation

Contracted Wholesale Power Generation

Excellent risk-adjusted return profile with the highest margin and the lowest risk

Company structure, employee base and organisation fit for purpose

Ability to maintain an efficient capital structure

Minimal commodities risk with pass-through fuel costs



3

4

6

6

7

8

8

12

13

16

16

17

18

18

18

18

23

23

French Caribbean

Arrubal

Austria Wind

Maritsa

Solutions

Bonaire

Solar Slovakia

Sochagota

Solar Italy

Asa Branca

Hydro Brazil

Inka

Togo

Chapadas Complex

Spanish CSP

Cap des Biches

Vorotan Complex

KivuWatt

9

Stable Long Term Contracted / Regulated Revenues Delivering Robust Cash Flows Weighted Average Remaining Contracted / Regulated Term of 12 Years

Maintained Long Weighted Average Remaining Contracted / Regulated Term(2)

11 years 12 years

11 years 12 years

2014 2015 2016 2017PF

Remaining Contracted / Regulated Life by Asset (Years)(1)

Current contracts have a weighted

average remaining term of

c.12years

% of Total Estimated Adjusted Revenues in 2018E-2023E

(1) For assets with multiple PPAs, numbers shown based on midpoint of the expiration dates for such PPAs; data as of 31-Dec-2017. (2) Weighted by adjusted EBITDA. (3) PF for Spanish CSP acquisition in May-2018. (4) Sochagota PPA extended to 2024, additional 5-year extension expected.

3

4

>90%

<10%

Contracted / Regulated Revenue Uncontracted / Unregulated Revenue



2. Operations and Risk Management

Maritsa East 3, 908MW (Bulgaria)



(1) Solar Italy portfolio is currently 65 MW following the Dec-2017 and 2018 acquisitions.

Unique Track-Record of Creating Value Through Operational Improvements and Fixed Cost Reduction

Maritsa 908MW

Lignite Plant

Arrubal 800MW

Gas-Fired Plant

Termoemcali 240MW

Gas-Fired Plant

Solar Italy(1) 31MW

Solar PV Assets

Bonaire 28MW

Wind & HFO

Austria Wind 150MW

Wind Farm

Value lever

Fixed Cost Reduction Availability Reliability / Efficiency Other operational Improvements Financing

3% €2m fuel savings

22% 3%

Insourced Operations;

Zero LTI post acquisition

CoD 0.6%

Vendor Refinancing

1% Operations insourced

20% 2% Repowering

32% 1% O&M insourced

12% 3% Blackouts 85%

Zero LTIs since 2015

25%



(1) Lost Time Injury Rate (“LTIR”) is an industry standard reporting convention for calculating injuries in the workplace. (2) OSHA Rates as reported by US government.

0.07 0.07 0.08 0.20 0.25 0.30 0.37 0.38 0.42 0.52 0.54

0.92 1.14

1.30

0.03

Peers most recent published LTIR

CG 2017 LTIR

Inka Wind Farm, Peru

Leading the Sector in Health and Safety Performance(2)

‘Target Zero’ Remains ContourGlobal’s Core Priority

Operational Excellence Driving Top Decile Performance Industry leading health & safety performance 0.00 LTIR(1) achieved

0.44

0.08

0.27

0.11 0.12 0.130.16 0.160.22 0.20

0.09 0.090.06 0.06 0.06

0.03 0.03 0.030.00

1Q2015 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018

QUARTERLY LTIR LTIR 12 MRA



(1) Availability factor refers to the actual amount of time a plant or group of plants is available to produce electricity, which reflects anticipated maintenance and scheduled interruptions. (2) Thermal benchmark sourced from Navigant Benchmark Study (comparable size, technology and load profile of the plant). (3) Renewable benchmark values are sourced from peers benchmarking studies performed by DNV GL for Wind and Navigant for small Hydro plants. Vorotan is not represented in the Benchmark comparison

due to the specifics of the asset.

Availability Factor(1) (%)

Group availability for both segments in line or close to top decile targets Brazil wind behind operational targets in 2017 – significant focus on bringing up to CG operational excellence standards

Benchmark = 92.3% (top decile of peers2)

Benchmark = 97.9% (top decile of peers3)

Operational Excellence Driving Top Decile Performance The fleet continues to show excellent performance

93.3% 93.0% 92.6%

2015 2016 2017

95.5% 95.0%

97.6%97.6% 97.0%

2015 2016 2017Adjusted for Chapadas Complex Ramp-Up Period in Both 2015 and 2016 andMaintenance at Vorotan in 2016

Ther

mal

Re

new

able

ContourGlobal Operational Way

Zero-based Organizational

Design

Streamlined organizational structure with: Low fixed costs Enhanced transparency and communication Commitment to recruit high quality talent

Accountability

Continuous operational benchmarking to best-in-class

Transparent regular review of performance Data-driven decision making and accountability

Timely Transparency

Real time course correction through accessible data systems

Intense focus on communication, collaboration and coordination

Global network with full integration of all plants and people



Resource Performance Level

Limited Resource Risk: <5% EBITDA Impact for Resource or Market Factors, Despite Conditions Significantly Below Long-Term Levels

14

P84 P48 P15 P81 P98 P86

~5% impact to 2017A driven by renewable resource and Brazil hydrology significantly below long term levels

New risk mitigation and hedges in place at Brazil hydro from 2018 would reduce impact by ~$8m under same conditions

Impact of 2017A EBITDA due to renewable resource (US$m / % impact on group EBITDA) In 2017 wind and hydro

resources reached historically low values in Brazil; despite this,

the impact on ContourGlobal’s EBITDA

was relatively small



Focu

s on

Min

imis

ing

Expo

sure

Price Risk • Long term PPAs and fuel supply agreements to minimize cashflow volatility • Pass-through mechanisms to minimize commodity and other risks • FiTs provide long-term revenue visibility

Currency Risk

• Minimal currency exposure at asset level through natural hedging • Most contracts are inflation-linked • Debt currency aligned to cash flow currency • ContourGlobal’s residual BRL exposure has a limited impact on Adjusted EBITDA • Following the BRL depreciation vs. USD for 2018 YTD, if BRL:USD remains at the same rate for the rest of

2018 it would have a $10m negative impact on Adjusted EBITDA. The full year impact on our Adjusted EBITDA would be $22m (assuming BRL:USD rate stays the same for the next 12 months)

Credit Risk

• Long term contracts with credit-worthy counterparties • Contracts often contain termination provisions which cover equity and/or return on equity, in case of

breach of contract • Project debt generally amortises over life of PPA

Political Risk • Assets in emerging markets protected by Political Risk Insurance where deemed appropriate

Core

Com

pete

ncy

Operational Risk

• Strong operations team led by experienced managers with an average of over 24 years of industry experience

• Forced outage rate of 1.9% in 2017(1)

• Contour operates all of the thermal energy plants except Sochagota, TermoemCali, Guadeloupe and Saint Martin and all of the renewable energy plants

• Extensive feasibility studies to minimise renewable resources risk

15

(1) The number of hours the unit experiences an unplanned outage over the total number of hours asset is expected to produce electricity.

Diligent Risk Management Approach De-risked Business Model Maintained Through a Diligent Risk Management Approach Across the Entire Operations



83%

17%

IG with PRI NON IG

16

Average Credit Rating of Off-takers Post PRI: A / A2

Counterparties include intra-national agencies such as OPIC as well as AA-/Aa3 rated private insurers

Average Credit Rating of Off-takers Pre Political Risk Insurance (“PRI”): BBB- / Baa3

Policy

ContourGlobal requires comprehensive Political Risk Insurance for any investments with non-investment grade off-takers which is at a minimal cost

PRI is underwritten at the HoldCo level, which protects pay-outs to equity holders and avoids project lender claims on any PRI payout

Amount Insured

90 – 100% of Net Investment Value is typically covered under all PRI contracts

Protection Contracts typically cover expropriation, political violence, currency

inconvertibility, forced divestiture and breach of contract and non-honouring of an arbitration award

Deterrence Potential triggering of cross-defaults of other in-country project loans acts as a

significant deterrent for off-takers to not meet their contractual obligations

Timing Processing time for insurance proceeds are typically 180 days for

expropriation, and 90 days or less for other events

Counterparties

2018Q1 LTM Adjusted EBITDA by Credit Risk (1),(2),(3)

High Credit Quality Off-takers and Mitigated Counterparty Risk Through Political Risk Insurance Long-standing and Comprehensive Program to Protect Against Political Risk

(1) Excluding Corporate Costs. (2) PF for Spanish CSP acquisition in May-2018. (3) Based on S&P and Moody’s Ratings.

Very low credit risk at 83%



3. Growth Strategy and Recent Developments

Sabaudia 6MW solar farm (Italy) 17



Extraordinary Track Record of Value Creation Ongoing Industry Transformation Favours ContourGlobal’s Disciplined, Opportunistic Growth Strategy – CAGR of 27% Since 2006

285 285 285 316 715

2,433 2,451 2,643 2,875

3,618

4,139 4,158 4,312

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Current

Financial liquidity coupled with a lean organizational structure enables patience in identifying attractive targets and quick execution of transactions

Installed Capacity

(MW)

Strong track record of creating value through developing greenfield assets and integrating acquisitions where ContourGlobal has a competitive advantage

18

Developments Greenfield Acquisitions Acquisitions with Refurbishment Acquisitions

Operationally led opportunistic investor with a long-term focus employing efficient capital structure and risk mitigation mechanisms Profile

(1)

(1) Including acquisition closed as of Jun-2018.

Value Creation

Capabilities



Spanish CSP: Accretive Acquisition Strengthening EBITDA Quality and Offering Significant Potential for Further Value Creation by Implementing the “CG Way”

Delivering High-quality Growth

Spanish 250MW CSP Portfolio, with a 2017 Adj. EBITDA of €110m Ability to deploy sizeable equity cheque at attractive risk-adjusted returns

CG Value Creation

Our ability to move quickly and at the right time, enabled us to secure bilateral discussions from the start, avoiding competitive bidding

Regulatory Upside

Upcoming reset of the regulatory return in Q3 2019 offers significant upside to our return, given our conservative regulatory assumptions below the market consensus

Attractive Deal Metrics

Total EV of €962 million, including the consideration payable to Acciona Energía of c.€806 million and Existing Net Debt (including adjustment for working capital) of €156 million. Implied EV/EBITDA Multiple of 8.75x(1)

Acquisition financed through a combination of net project financing proceeds of c.€635 million, with an interest rate of 3.438% and amortizing to maturity in Dec-2036 (rating Baa3), and an equity contribution of c.€170 million

Long-term regulatory support with limited exposure to production volumes or power prices provide significant risk-adjusted returns

Orellana (50 MW) COD 2012

Alvarado (50 MW) COD 2009

Palma del Rio I & II (2 x 50 MW) COD 2010 & 2011

Majadas (50 MW) COD 2010

Spanish CSP Assets each representing 50 MW of installed capacity

(1) Figures based on ContourGlobal’s 27-Feb-2018 press release. EV/EBITDA multiple based on 2017 Adjusted EBITDA of €110m as per press release.



Solar Roll-up in Europe: 40MW Recently Added as Part of Roll-up Strategy

(1) Closed in Q2 2018.

4 Dec 17

23 Dec 17

Successful closing of 19MW solar Italian assets

22MW Italian and Romanian solar assets signed, of which 15MW successfully closed in March 2018 and 7MW closed in Q2 2018

<2014 2014 2015 2016 2017

European Solar Platform Evolution

Solar Italy Solar Slovakia Solar Romania

+ 61% Capacity Added in 2017

(1)



Wind Repowering: Significant Progress on Attractive Austria Repowering

(1) Based on P65 Generation.

Preparatory works for decommissioning of Velm-Götzendorf

Austria wind business consists of 7 wind farms totaling 150 MW

Austrian regulation offers incentives to ‘Repower’ existing wind farms and receive 13-year FiT

We expect to repower 4 wind farms (listed in table below), increasing capacity from 71MW to 83MW and increasing production by 50%

Two plants (Velm-Gotz and Scharndorf A) signed FiT in Q1 2018. Construction to commence in Q2/Q3 2018, with planned COD in Q1/Q2 2019

Three additional plants (Berg, Traut. and Scharndorf B) to finalize FiT and development phase between Q4 2018 and Q4 2019, with COD expected by Q4 2021

Summary

SITE Capacity After Repowering

(MW)

current Generation(1)

(MWh)

new Generation(1)

(MWh)

Generation increase

(%) Phase

I Velm-Götzendorf 11.8 20,030 32,862 64% Scharndorf Ia 15.7 22,653 44,458 96%

Phase II

Berg I&II 18.0 41,134 54,703 33% Trautmannsdorf I 20.8 36,250 67,400 86% Scharndorf Ib 16.4 34,691 41,955 21%

Total Wind Repowering Austria 82.7 154,758 241,378 56%



4. Financial Results

Asa Branca 160MW Wind Farm (Brazil) 22



Q1 2018 Results & YTD Highlights

Q1 18 Total Revenue +16%

Q1 18 Adj. EBITDA +17%

Q1 18 LTM CFADS (3) +7% (excluding one-off (4))

$255m

$119m

$251m

0.00

97%

LTI Rate Achieved for Q1 2018

Combined Average Q1 18 Availability Across The Fleet

5.9x

$597m Liquidity at Parent Level(1)

Execution of European Solar Portfolio Roll-Up with the completion of the acquisition of 15MW portfolio in Italy in March and additional 7MW in Romania closed in June

DSCR & 3.5x Leverage Ratio(2)

(1) As of 2018Q1. (2) DSCR (Calculated as LTM Issuer CFADS / Interest) and Leverage Ratio (Non-Guarantor Combined Leverage Ratio, calculated as Proportionate Adjusted EBITDA / Non-Guarantor Proportionate Total

Indebtedness) as defined in Bond Indenture. (3) Cash Flows Available for Debt Service (CFADS) is a metric defined in Bond Indenture calculated on a 12 month basis. (4) Excluding $90m Maritsa special distribution (paid in June 2016).

Robust Operational Performance Strong Financial Results

Continued Credit Strength Delivering Growth

Successful close of 250MW CSP acquisition on 10 May 2018: implementing now the “CG Way”



840905

1,023

1,224

2015 2016 2017 2018Q1PF LTM

331

440

513

654

2015 2016 2017 2018Q1PF LTM

Robust Financial Performance Significant Growth in Revenues, Adjusted EBITDA and FFO

24

(1) Adjusted EBITDA and FFO are non-IFRS measures. (2) 2018Q1 LTM adjusted for 2017 Spain CSP Mirror Financials.

Revenue (US$m) (2) FFO (US$m) (1) (2) Adjusted EBITDA (US$m) (1) (2)

142

208

256

346

2015 2016 2017 2018Q1PF LTM



262

434

781

244

536

2015 2016 2017 2018Q1Cash Project Level Cash Holding Level Cash

2.8x

6.4x

5.6x5.9x

2015 2016 2017 2018Q1 LTM

100

211

232

251

2015 2016 2017 2018Q1 LTM

Enhanced Liquidity Profile and Improved Cash Flow Generation

25

(1) CFAD as defined in Bond Indenture. (2) Calculated as LTM Issuer CFADS / Interest (CFAD as defined in bond indenture). (3) Excludes $90m Maritsa Special Distribution paid in June 2016.

Liquidity (US$m) DSCR (2) LTM Issuer CFADS (US$m) (1)

Enhanced liquidity profile underpinned by 2017 IPO and improved cash flow generation

Large liquidity cushion from IPO proceeds (Oct 2017) IPO provides more direct access to Equity Capital

Markets liquidity pool Increased RCF from $30m to €50m ($62m)

S&P Upgrade to BB Threshold at

>6.0x

(3)

RCF: 62

HoldCo Liquidity 597

(3)



Appendix

Sao Domingos II 25MW Hydro Power Plant (Brazil)

26



ContourGlobal Portfolio

27

Thermal Renewables

Segment Facility / Project Name Location Gross Cap. (MW)

Number of Assets Fuel Type (1) CG

Ownership COD Power Purchaser PPA Expiration

Maritsa Bulgaria 908 1 Coal 73% 1978 NEK 2024 Arrubal Spain 800 1 Natural Gas 100% 2005 Gas Natural Fenosa 2021 TermoemCali Colombia 240 1 Natural Gas / Diesel 37% 1999 Various N/A Sochagota Colombia 165 1 Coal 49% 1999 Gensa 2019

CG Solutions Europe – Nigeria – Brazil 132 11 Natural Gas / Diesel / LFO 88% (2) 1999-2015 Investment grade global industrial

companies 2018-2032

Togo Togo 100 1 Natural Gas / HFO / Diesel 80% 2010 CEET 2035 Cap des Biches Senegal 86 1 Oil /Natural Gas 100% 2016 Senelec 2036 Energies Antilles / Energies St Martin French Caribbean 35 2 HFO / LFO 100% 2000; 2003 EDF 2020; 2023

Bonaire Dutch Antilles 28 1 Fuel Oil / Wind 100% 2010 WEB 2025 KivuWatt Rwanda 26 1 Natural Gas 100% 2015 EWSA (ex-Electrogaz & REC) 2040 (expected)

Total Thermal 2,520 21

Chapada Complex Brazil 438 3 Wind 51%, 51%, 100% 2015; 2016 CCEE; distribution companies 2035; 2036

Vorotan Armenia 404 1 Hydro 100% 1970 AEN 2040 Hydro Brazil Brazil 167 9 Hydro 73% (2) 1963-2012 Distribution companies 2027-2042 Asa Branca Brazil 160 1 Wind 100% 2013 Distribution companies 2033 Austria Wind Austria 150 10 Wind 94% 2003-2014 OeMAG 2016-2027 Inka Peru 114 2 Wind 100% 2014 Distribution companies 2034

Solar Slovakia Slovakia 35 3 Solar 100% 2010-2011 Distribution companies 2025-2026

Solar Italy Italy 50 33 Solar 100% 2007-2013 Gestore Servizi Energetici S.p.A. 2027-2033 Solar Italy Italy 15 10 Solar 100% 2011-2013 Gestore Servizi Energetici S.p.A 2031-2034

Biogas Italy Italy 2 2 Biogas 100% 2013 Gestore Servizi Energetici S.p.A 2028 Solar Romania (3) Romania 7 1 Solar 100% 2013 Distribution companies 2029

CSP Portfolio(4) Spain 250 5 CSP 100% 2009-2012 CNMC 2034-2037 Total Renewable 1,792 80

Total portfolio 4,312 101

(1) HFO refers to heavy fuel oil, and LFO to light fuel oil. (2) Capacity weighted.

(3) Closed in June 2018. (4) Closed in May 2018.



305 331

440 513

654

2014 2015 2016 2017 2018Q1 PF LTM

€550m €50m Tap

Strong track record of value creation through developing greenfield assets and integrating acquisitions where ContourGlobal has a competitive advantage and can deliver significant operational value

Adjusted EBITDA ($m)

2014 2015 2016

2018Q1 PF LTM3

$100m Tap

28

Bond Transaction: $400m

SSN Rating: (S&P / Fitch) BB- / BB- BB- BB / BB- BB / BB

Equity Transaction

S&P Outlook Upgrade to Positive – May 2018

4,139 3,618 4,312 Installed Capacity: (MW) 2,875

$211m2 $100m CFADS1 $100m

(1) CFADS as defined in Bond Indenture. (2) Excludes $90m Maritsa special distribution in 2016. (3) 2018Q1 LTM adjusted for 2017 Spain CSP Mirror Financials.

Successful Track Record of Tapping Capital Markets Extraordinary Track Record of Value Creation Supported by Both Debt & Equity Capital Markets

2017

€100m Tap

BB / BB

£474m IPO

4,158

$232m

3

$251m



Significant Contributors to CFADS by Asset

29

(1) CFADS are calculated by asset, excluding corporate and holding entity costs.

Significant Contributors to CFADS (US$m)(1)

2017 2018Q1 LTM

European PV Solar 55 61 Maritsa 30 55 Brazil Hydro 55 55 CG Solutions 41 40 Arrubal 29 17 Vorotan 13 13 Cap des Biches 7 13 Inka 5 6 Togo 6 6 Total 225 266

% of Total CFADS before Corp. Costs 89% 91%



Counterparties

Term

Commodity Price

Key Revenue Components

Volume Risk

Long Term Contracts or Regulated Tariffs Delivering Stable Cash Flows

Thermal Assets Renewable Assets

Typical Framework PPA Feed-in tariff, regulated tariff or PPA

PPAs are typically state-owned or supported utilities or large investment grade companies

FiTs or regulated tariffs normally have the grid / electricity system operator as the counterparty

Long-term contracts, with 20+ year duration from Commercial Operation Date (COD)

ContourGlobal’s portfolio has a 12-year weighted average remaining contract life

Fixed payment provided minimum availability requirements are met

Reimbursement for fuel and operating costs

FiTs and PPAs – fixed price for any electricity produced

Regulated tariffs – regulated returns with minimal electricity price risk

No commodity risk given fuel pass-through mechanisms in PPAs Not applicable

No volume risk, limited volatility ContourGlobal normally assumes volume risk

Volume driven by operating KPIs (EAF and EFOR) as well as resource availability

30



PRI Overview

ContourGlobal History

Source: OPIC website (1) Including interest.

What is PRI and why do investors buy it?

A highly specialised class of insurance which protects investors and traders

against economic losses arising from events affecting their international

market operations

Investors are protected against the loss of their equity and frequently are

able to protect an agreed return on their equity

Why is PRI offered?

Provides a more stable structure for investments into developing countries,

enabling better access to finance

Traditionally provided by development banks, but increasingly available in

private insurance market on attractive terms (especially for acquisitions)

Use of PRI accordingly enables investors to:

Expand their interests into new emerging markets whilst offsetting the

higher country/ economic risk

Optimise capital raising by accessing third party debt or equity

PRI Structure

ContourGlobal has not filed any PRI claims in 12 years

Since 1971, OPIC has made 300 insurance claim settlements totalling $977

million, with an average recovery rate of approximately 103%(1)

Operating Asset

ContourGlobal’s investment insured at HoldCo – claims

paid directly to HoldCo

CG HoldCo PRI Policy

Non-recourse

Project finance

Equity Invested

What is Political Risk Insurance (PRI)?



For further information please visit www.contourglobal.com


http://www.contourglobal.com/

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