OVERVIEW OF PAKISTAN POWER SECTOR AND ROLE OF

OVERVIEW OF PAKISTAN POWER SECTOR AND ROLE OF IPPs Shah Jahan Mirza Managing Director PRIVATE POWER & INFRASTRUCTURE BOARD September 30, 2015 1

CONTENTS l Overview of Pakistan’s Power Sector (PPS) l Plans to Enhance Power Generation Capacity and Allied Infrastructure l PPIB – A One-Window Facilitator l IPP Model being executed by PPIB l Private Power Projects in Operation l Investment Initiatives l Salient Features/ Incentives under Power Policy 2015 2

PAKISTAN POWER SECTOR - TIMELINE JOURNEY Initially two vertically integrated utilities i. e. WAPDA and KESC, were responsible for generation, transmission and distribution in their areas UPTO 70 s: Performance of KESC and WAPDA was very good IN 80 s: Some deterioration observed. Demand-Supply shortfall started 3

OVERVIEW OF PAKISTAN’S POWER SECTOR § At present the following entities are responsible for delivery of power to the end consumers: § One Transmission and Dispatch Company (NTDCL) § Ten Distribution Companies (DISCOs) § Four Public Sector Generation Companies (GENCOs) § Thirty One (31) IPPs § The Electricity Generation is blend of Hydel and Thermal Units. § Total installed capacity is around 25, 000 MW with 53% and 47% Share of Public and Private Sector respectively. § Currently Country is facing deficit of around 6, 000 MW in peak summer months whereas the power demand has been growing by 6 -7% per annum resulting into load shedding of 8 -16 hours. § Expansion in Transmission Network is required to evacuate power from upcoming projects. § Due to Financial Constraints in the Public Sector, the GOP is focusing on private sector to invest in PPS to bridge the electricity demand supply gap. 4

PAKISTAN POWER SECTOR – KEY PLAYERS GOVERNMENT OF PAKISTAN Pakistan Atomic Energy Commission Ministry of Water & Power WAPDA AEDB PEPCO CHASNUPP PPIB Provinces NEPRA KANUPP Khyber Pukhtoon Khwa Punjab Sindh Private Sector Mega Dams Water Projects GENCOs DISCOs NTDC IPPs/ SIPPs (Small Hydel, Wind, Solar, Bio Diesel, Bio Mass, Cogeneration) 5 IPPs (Hydel, Oil, Gas, Coal) CPPs KESC AJK Gilgit Baltistan Balochistan

PAKISTAN POWER SECTOR TOTAL INSTALLED CAPACITY MW % Total 24, 953 Public Sector Hydel 7, 013 28 Thermal 5, 458 22 Nuclear 787 Public Sector Hydel, 7013, 28% 3 Total 13, 258 Private Sector, 11695, 47% 53 Private Sector IPPs 9, 273 37 KESC 2, 422 10 Total 11, 695 47 Nuclear, 787, 3% Total Installed Capacity Source: Power System Statistics – 39 th Issue 6 Public Sector Thermal, 5458, 22% 24, 953 MW

PAKISTAN ENERGY MIX VERSUS WORLD ENERGY MIX 7

PAKISTAN POWER SECTOR – CURRENT SCENARIO § In the peak summer months, electricity demand-supply gap reaches up to 6, 000 MW resulting in load-shedding of up to 8 -16 hours per day § WAPDA (NTDC) Power Planning has projected a demand of 31, 757 MW by the year 2020 § Even if the maximum capability of 18, 477 MW is assumed, country would need additional 13, 310 MW (net) by the year 2020, requiring an investment of $15 billion § The government is looking towards private sector to bring additional generation on coal, hydro and renewable energy on fast track basis § In order to encourage private sector, the government has been issuing various policies/ guidelines from time to time in the past at both federal and provincial levels 8

PLANS TO ENHANCE POWER GENERATION CAPACITY AND ALLIED INFRASTRUCTURE § The Present Government is striving hard to overcome the ongoing power crisis which has adversely impacted the National Economy. § A number of initiatives are in progress to enhance generation capacity of the system, including power plants based on coal, hydel, gas and renewable resources, both in public as well as private sector. § The Go. P has recently approved Power Generation Policy 2015 which provides attractive incentives for private investors § Extensive networks of high voltage transmission lines and grid stations are being developed to evacuate power from upcoming mega coal and hydel projects to be located southern and northern part of country. § The Go. P has approved Private Transmission Line Policy for allocating private investment in high voltage transmission lines 9

PPIB - A ONE WINDOW FACILITATOR § Created in August 1994 as a one-window facilitator on behalf of GOP, its Ministries/ Departments to promote private investments in power sector § § Received statutory status on 6 th March 2012 by an Act of the Parliament Approves IPPs and executes Implementation Agreements and provides GOP guarantees on the name of President of Pakistan § § Facilitates IPPs in executing PPA, FSA/GSA WUA with relevant GOP agencies Coordinates/ Liaisons with local and international multilateral development/ Financial Institutions § Out of a total of 31 IPPs, PPIB managed to induct 29 (IPPs) totaling 6, 142 MW with an investment of around US$ 7 billion. § Attracted leading international/ local investors and lenders to the Pakistan Power Sector § Succeeded in commissioning of first Hydel IPP in Pakistan and AJ&K i. e. 84 MW New Bong Escape Hydropower Project 10

IPP MODEL BEING EXECUTED BY PPIB CSA: Coal Supply Agreement GSA: Gas Supply Agreement PPA: Power Purchase Agreement IA: Implementation Agreement DIA: Direct Implementation Agreement Provincial Govt. / AJ&K Tripartite LOS WUA/ CSA Gas/ Fuel Supplier Fuel Price OGRA Go. P GSA/ FSA DIA LOI/ LOS/ IA IPPs EPC /O&M Contracts EPC/ O&M Contractors Lenders Financing PPA Tariff/ Generation Licence NTDC Transmission Licence NEPRA

PRIVATE POWER PROJECTS IN OPERATION Number of Projects Capacity (MW) Investment (Million US$) § Project prior to 1994 Power Policy 1 1, 292 1, 608 § Projects under 1994 Power Policy 15 3, 124 3, 490 § Project privatized from public sector 1 1, 638 1, 583 § Project under 1995 Hydel Policy 1 84 215 § Projects under 2002 Power Policy 13 2, 934 3, 248 § Total 31 9, 072 10, 144 12

PRIVATE SECTOR PROJECTS IN OPERATION AZAD JAMMU & KASHMIR New Bong Escape Hydropower Project 84 Altern Energy Ltd, Attock Japan Power Generation, Lahore Kohinoor Energy Ltd. , Lahore Southern Electric Co. , Lahore Saba Power Company, Lahore AES Lalpir Ltd. , Multan AES Pak Gen, Multan Fauji Kabirwala Co. , Multan 29 135 131 136 125 362 365 157 Jun 2001 Jan 2000 Jun 1997 Jul 1999 Dec 1999 Nov 1997 Feb 1998 Oct 1999 Rousch Power, Multan KAPCO, Muzaffargarh Attock Gen, Rawalpindi Atlas Power Ltd. , Sheikhupura Nishat Power Ltd. , Lahore Saif Power Ltd. , Sahiwal Orient Power Ltd. , Balloki, Kasur Nishat Chunian Power Ltd. , Lahore Sapphire Electric Co. Ltd. , Muridke Liberty Power Tech Ltd. , Near Faisalabad HUB Power Company Limited, Narowal Halmore Power Generation Co. Ltd. , Bhikki Davis Energen Power Ltd. , Jhang 450 1638 165 225 200 229 200 225 11 Tot. Capacity: 9, 072 MW Mar 2013 Dec 1999 Jun 1996 Mar 2009 Nov 2009 Apr 2010 May 2010 Jul 2010 Oct 2010 Jan 2011 Apr 2011 June 2011 July 2013 PUNJAB BALOCHISTAN Hub Power Project, Hub Uch Power Ltd. , Uch Habibullah Coastal, Quetta Uch-II Power Limited, Uch 1292 586 140 404 Mar 1997 Oct 2000 Sep 1999 Apr 2014 TNB Liberty Power Ltd. , Daharki Tapal Energy Ltd. , Karachi Gul Ahmed Energy Ltd. , Karachi Engro Powergen Qadirpur Ltd. , Dakarki 235 126 136 227 Jun 2001 Jun 1997 Nov 1996 Mar 2010 Foundation Power Co. (Daharki) Ltd. 185 May 2011 SINDH 13

INVESTORS AND LENDERS PARTICIPATING IN PRIVATE POWER PROJECTS INVESTORS Local l l l Nishat Group Sapphire Textile Ltd. Attock Refinery Ltd. Engro Chemical Shirazi Investment Fauji Foundation Saif Group Liberty Mills Descon Group Gul Ahmed Tapal Family Saigols LENDERS Foreign l l l l International Power (UK) Congen Technology El Paso (USA) Tenaska (USA) Mitsui (Japan) Xenel (KSA) TNB (Malaysia) AES Corporation AEB IFC Oman Oil DEG Germany GE Capital GDF Suez (France) Local National Bank of Pakistan l Habib Bank Ltd. l United Bank Ltd. l Muslim Commercial Bank l Allied Bank Ltd. l Askari Bank Ltd. l Faysal Bank Ltd. l Meezan Bank Ltd. l Bank Al Habib Metropolitan Bank Ltd. l The Bank of Punjab l Soneri Bank Ltd. l NIB Bank Ltd. l Pak Oman Investment Co. l Pak China Investment Co. l Saudi Pak Industrial and Agricultural Investment Co. l 14 Foreign IFC l World Bank l ADB l IDB l US Exim Bank l AIDEC l CDC (UK) l EDC (UK) l SACHE (Italy) l ANZ Banking Group (Australia) l ABN Amro Bank l Jexim (Japan) l Bank of Tokyo Mitsubishi l Toronto-Dominion Bank l DEG (Germany) l EMO (Netherlands) l PROPARCO (France) l SWEDFUND (Sweden) l K-EXIM l

NEW INVESTMENT INITIATIVES (RLNG Projects) (1/4) § 3, 600 (2 x 1200) MW Power Generation Projects based on R-LNG, to be commissioned 2400 MW open cycle by May 2017; completion of 3600 MW early 2018 § National Power Parks Management Company Limited (NPPMCL) under Ministry of Water & Power is in the process of development of two (02) RLNG based power plants each of around 1000 -1200 MW at Balloki and Haveli Bahadur Shah, in the province of Punjab § The Government of Punjab is developing a 1200 MW R-LNG based power project at Bhikki, Sheikhupura through a special purpose company with the name and title of Quaid-e-Azam Thermal Power (Pvt. ) Ltd. (QATPL) § Recently, NEPRA has announced Upfront Tariff for the LNG based power plants 15

NEW INVESTMENT INITIATIVES (In progress private sector Hydel Projects) § (2/4) Solicitation of Project Proposals for establishment of: § 80 MW Neckeherdim-Paur Hydropower Project, Yar. Kun River, Chitral Valley, KPK § 350 MW Athmuqam Hydropower Project, Neelum River, AJ&K § Key Projects requiring support in areas of Equity Participation, EPC Contract, O&M Contract, Electro-Mechanical Equipment Supply and Lending/ Financing: § 640 MW Azad Pattan Hydropower Project, Jehlum River, Sudhnoti, AJ&K § 500 MW Chakothi Hattian Hydropower Project, Jehlum River, Muzaffarabad, AJ&K § 548 MW Kaigah Hydropower Project, Indus River, Kaigah, KPK § 157 MW Madian Hydropower Project, Swat River, Swat, KPK § 215 MW Asrit-Kedam Hydropower Project, Swat River, Kalam, KPK 16

WAPDA HYDEL PROJECTS (UNDER IMPLEMENTATION) § 969 MW Neelum Jhelum Hydropower Project, Neelum River/ Jhelum River, near Muzaffarabad, AJ&K § 4, 320 MW Dasu Hydropower Project, Indus River, District Kohistan, Khyber Pakhtunkhwa § 96 MW Jinnah Hydropower Project, Indus River, District Mianwali, Punjab § 121 MW Allai Khwar Hydropower Project, Indus River, District Battagram, Khyber Pakhtunkhwa § 72 MW Khan Khwar Hydropower Project, Indus River, District Shangla, Khyber Pakhtunkhwa § 130 MW Duber Khwar Hydropower Project, Indus River, District Kohistan , Khyber Pakhtunkhwa § 22 MW Jabban Hydropower Project, Swat River, District Malakand (PATA) Khyber Pakhtunkhwa 17

INVESTMENT INITIATIVES (Coal based Power Projects) (3/4) § At present, various local and imported coal based IPPs are under process with PPIB, most of which are being developed under the China Pakistan Economic Corridor (CPEC) § PPIB, after consultation with the stakeholders, has finalized and shared Security Package Documents with the Sponsors (Implementation and Power Purchase Agreements) § Moreover, the total potential of Thar is estimated at 175 billion tons of lignite coal which may be sufficient to produce 100, 000 MW electricity for 200 years § NPERA has already announced Upfront Tariff for Indigenous Coal based Projects § Investors are encouraged to participate in development of power projects based on Coal and also propose new projects based on Coal 18

PPIB’s PORTFOLIO OF UPCOMING PRIVATE POWER PROJECTS (IPPs) Hydel Coal Gas Description/ Year Total (MW) No. of Projects MW No. 2017 150 1 2, 970 3 0 0 3, 120 4 2018 0 0 2, 640 2 2019 232 2 1833 4 0 0 2, 065 6 2020 1, 360 2 0 0 1, 360 2 2021 870 1 0 0 870 1 2022 2, 033 5 0 0 120 1 2, 153 6 2023 1, 690 2 0 0 1, 690 2 2024 1, 088 4 0 0 1, 088 4 2025 80 1 0 0 80 1 Grand Total 7, 503 18 7, 443 9 120 1 15, 066 28 19

INVESTMENT INITIATIVES (Transmission Line Projects) (4/4) § Transmission Line and Allied Infrastructure Projects under the proposed Transmission Line Policy (to be announced shortly) § List of Transmission System projects to be offered to Private Sector will be prepared by GOP § Award of Projects through ICB and Upfront Tariff on BOOT basis § Policy to cover Transmission Line & Grid Station projects of 220 k. V voltage level and above (EHVAC & HVDC) § Land & Legal Right of way to be provided by NTDC § Project Term: 25 years § Transmission utility (NTDC) to pay a fixed Transmission Service Charge, regardless of the quantum of energy transmitted § Exemption from Corporate Income Tax for first ten years including turnover rate tax and withholding tax on imports § Standardized Security Package (IA & TSA) § One Window facility by PPIB 20

POWER GENERATION POLICY 2015 SALIENT FEATURES/ INCENTIVES (1/2) § PPIB /relevant entities in the Provinces / AJK / GB will provide a onewindow facility for implementation of projects under the Policy. § Exemption from Corporate Income Tax, Turnover Tax, Withholding Tax and Sales Tax, only 5% concessionary Import Duty on plant & equipment not manufactured locally § GOP Guarantees obligations of power purchaser & provinces § GOP provides protection against Political Force Majeure, Change in Law and Change in Duties & Taxes § For Hydro Power Projects; WUC will be paid @ Rs. 0. 425/k. Wh to the province where the project is located. § Power Purchaser to bear Hydrological Risk for Hydro projects 21

POWER GENERATION POLICY 2015 SALIENT FEATURES / INCENTIVES (2/2) § Attractive ROE provided by the Regulator – Imported Coal: 27. 3 ; Local Coal: 29. 5; Thar Coal: 34. 5; Hydro: 17% IRR (23% ROE) ; Gas/LNG: 15% IRR (18% ROE) § To mitigate high underground geological risk, long construction period and environmental sensitivities following tariff re-openers are provided by NEPRA § Cost Escalation in Civil and Cost Variation for E&M works § Resettlement Cost § Cost variation due to Geological Conditions limited to Tunnel Area § Tariff indexation for inflation (US CPI & Pak WPI) § Government ensures conversion of Pak Rupee & remittance of foreign exchange for project-related payments 22

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PPIB’s PORTFOLIO OF UPCOMING PRIVATE POWER PROJECTS (IPPs) Hydel Coal Gas Description/ Year Total (MW) No. of Projects MW No. 2017 150 1 2, 970 3 0 0 3, 120 4 2018 0 0 2, 640 2 2019 232 2 1833 4 0 0 2, 065 6 2020 1, 360 2 0 0 1, 360 2 2021 870 1 0 0 870 1 2022 2, 033 5 0 0 120 1 2, 153 6 2023 1, 690 2 0 0 1, 690 2 2024 1, 088 4 0 0 1, 088 4 2025 80 1 0 0 80 1 Grand Total 7, 503 18 7, 443 9 120 1 15, 066 28

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Sr. No. Name of the Project/ Fuel Estimated Gross Project Investment Expected Capacity Company/ (Million COD (MW) Sponsors US$) Latest Status of the Project A: PROJECT UNDER CONSTRUCTION: Patrind 1 Hydropower Project - Hydel Sub Total 150 362 Star Power • Project under construction Ltd. (K-Water Mar-17 • About 45. 52% construction works have been & Daewoo) completed Korea B: PROJECT UNDER FINANCIAL CLOSING: Gulpur Hydro 2. Power Project – Hydel 102 323 Sub Total 102 323 • Land has been acquired • GOP Implementation Agreement (GOPIA) executed and AJK Implementation Agreement Mira Power (AJKIA), Water Usage Agreement (WUA) and Ltd. Power Purchase Agreement (PPA) initialed (KOSEP, Jun-19 • EPC contractor mobilized for pre-construction DAELIM, activities LOTTE, • EPC Tariff under approval process by NTDC/ SAMBU) Korea NEPRA • Project to achieve Financial Closing (FC) by 30 th June 2015

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Sr. No. Name of the Project Estimated Gross Investment Capacity (Million (MW) US$) Project Company/ Sponsors Expected COD Latest Status of the Project C: PRIORITY PROJECTS PROCESSED UNDER CHINA PAKISTAN ECONOMIC CORRIDOR: 1320 MW Port Qasim 3 Power Project at Port Qasim –Imported Coal 1, 320 1, 914 • Construction activities are under way • Land filling work has been completed • The Sponsors approached National Electric Power Regulatory Authority (NEPRA) for acceptance of Upfront Tariff and grant of Generation License on 7 th January 2015 and 18 th August 2014 respectively through their newly incorporated project company; Port Sinohydro Qasim Electric Power Company (Private) Resources Ltd. Limited China and Jun-18 • Upfront Tariff granted by NEPRA on 13 th Al-Mirqab February 2015 Capital of Doha, • Generation License issued by NEPRA on 3 rd Qatar February 2015 • LOS issued to the Sponsors on 17 th April 2015 • The Company signed IA & PPA with PPIB and NTDC respectively on 18 th April 2015 • The Sponsors are required to achieve Financial Closing by 15 th January 2016

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Sr. No. Name of the Project Estimated Gross Investment Capacity (Million (MW) US$) Project Company/ Sponsors Expected COD Latest Status of the Project C: PRIORITY PROJECTS PROCESSED UNDER CHINA PAKISTAN ECONOMIC CORRIDOR: 4. 5. Suki Kinari Hydropower Project – Hydel Karot Hydel Project – Hydel 1, 320 MW Shandong 6 Power Project – Imported Coal 870 720 1, 320 1801 SK Hydro Pvt. • Land acquisition at final stage Ltd. (Al Jomaiah • GOPIA and WUA executed Holding LLC • EPC Tariff approved by NEPRA Sep-21 Saudi Arabia & • PPA and IA signed Haseeb Khan & • Project to achieve FC by 15 th September Co. Pakistan) 2015 1420 Karot Power Company Ltd. (China Three Gorges, CWEI, ATL) • Land acquisition under process • EPC contractor selection by February 2015 • Negotiation on Project Agreements commenced in October 2014 Jun-20 • Project to achieve Financial Closing by August 2016 • PPIB is trying and facilitating Sponsors to achieve FC before scheduled date 1, 914 Huaneng Shandong Ruyi (Pak) Energy (Pvt) Ltd Mar-18 • The Project is required to achieve Financial Closing by 31 st December 2015

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Sr. No. Name of the Project Gross Estimated Project Expected Capacity Investment Company/ COD (MW) (Million US$) Sponsors Latest Status of the Project C: PRIORITY PROJECTS PROCESSED UNDER CHINA PAKISTAN ECONOMIC CORRIDOR: 1, 320 MW Shanghai Electric 7 Power Project at 1, 320 Thar Block I, Sindh –Thar Coal 1, 914 Shanghai Electric Group Company Limited Engro Powergen Limited 660 MW Engro Powergen Project 8 at Thar Block - II, Sindh –Thar Coal 660 957 Sub Total 6, 290 9, 779 • The Sponsors submitted their proposal on 24 th March 2015. The proposal has been declared responsive by PPIB’s consultant • Currently, the process for issuance of NTP/ LOI has been initiated Dec-17 • The Sponsor signed equity investment agreement with China Coal Technology and Engg. Group Corp. and Joint Venture Agreement with Shanghai Electric Group Company Limited during the visit of the Chinese President to Pakistan • NEPRA has announced upfront tariff for the Project and has granted generation license. LOS was issued by PPIB on 17 th April 2015 and the Company signed its IA & PPA with PPIB and NTDC respectively on 4 th May 2015 Feb-19 • The Project has also submitted its consent for opting Power Generation Policy 2015 • The Sponsors signed term sheets for financing of the Power Project and Coal Mine with China Development Bank Corporation during the visit of the Chinese President to Pakistan

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Sr. No. Name of the Project Estimated Gross Investment Project Company/ Expected Capacity (Million Sponsors COD (MW) US$) Latest Status of the Project D: ACTIVELY PROMOTED PROJECTS UNDER CHINA PAKISTAN ECONOMIC CORRIDOR: 330 MW Salt Range Power Project at Pind 9 Dadan Khan, Punjab – local Coal 330 480 HUBCO Imported Coal 10 based power project – Imported Coal 1, 320 1914 Kohala Hydropower Project – Hydel 1100 2397 2, 750 4, 746 11 Sub Total China Machinery • On 5 th June 2015, PPIB issued extension Dec-17 to the term of the LOI till 19 th August Engineering Corporation (CMEC) 2015 • The Sponsors have submitted their formal proposal to PPIB which is currently under evaluation HUBCO Dec-17 • Subject to successful evaluation of the proposal, Notice to Proceed would be issued to HUBCO by the end of June 2015 • Feasibility Study (Stage-1) Tariff has been approved by NEPRA • Land acquisition process has been initiated CWE Investment/ • Formation of SPV, Replacement of Main China Three Gorges Dec-23 Sponsor due to corporate restructuring of Corp. , China CTG, reimbursement of Feasibility study cost to WAPDA are in process. LOS will be issued after fulfilment of pre-requisites by Sponsors

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Sr. No. Name of the Project Estimated Gross Project Investment Expected Capacity Company/ (Million COD (MW) Sponsors US$) Latest Status of the Project E: OTHER COAL PROJECTS: 660 MW Imported Coal Based Independent 12 Power Generation Project at Port Qasim, Karachi –Imported Coal 660 957 Lucky Electric Power Company Limited • PPIB issued LOI to the Sponsors on 15 th February 2015. Siddiqsons • The Sponsors have reportedly approached Mar-19 National Electric Power Regulatory Authority Limited (NEPRA) for acceptance of Upfront Tariff and grant of Generation License. 350 MW Imported Coal Based Independent 13 Power Generation Project at Port Qasim, Karachi –Imported Coal 350 508 Sub Total 1, 010 1, 465 • After completion of necessary formalities, LOS Oct-19 to Lucky issued on June 8, 2015 with Financial Close (FC) deadline of June 7, 2016

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Estimated Gross Project Sr. Investment Expected Name of the Project Capacity Company/ No. (Million COD (MW) Sponsors US$) F: PROJECTS UNDER LOS/ TARIFF DETERMINATION/ NEGOTIATION: Grange Holdings Power Project – Converted 14 from RFO to Imported Coal 15 Sehra Hydel Project – Hydel 163 130 218 344 Grange Power Limited/ Grange Holdings Limited Latest Status of the Project • Upon proposal of NTDC, the PPIB Board in its meeting held on 2 nd July 2014 approved conversion of the project from RFO to coal in order to reduce the cost of generation. • On 7 th November 2014, NTDC submitted its acceptance w. r. t. technical details of coal-fired power plant provided by GPL as well as draft Settlement Agreement (SA) and LOI • On 14 th November 2014, PPIB executed SA and Jan-19 Lo. I with GPL for a 150 MW (Net) Coal-based IPP near Arifwala • NEPRA has determined tariff on 13 th February 2015 • After completion of required formalities, new LOS has been on 30 th March 2015 to the project based on imported coal with the Financial Close deadline of 30 th December 2015 and COD deadline of 30 th January 2019 • Approval of EPC stage tariff by NEPRA is under Farab process Energy & Dec-19 • Due to Parnai HPP in Occupied Kashmir, Water, Iran hydrology of this project may be affected

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Sr. No. Name of the Project Estimated Gross Investment Project Company/ Expected Capacity (Million Sponsors COD (MW) US$) Latest Status of the Project F: PROJECTS UNDER LOS/ TARIFF DETERMINATION/ NEGOTIATION: Azad Pattan 16 Hydropower Project – Hydel 17 640 1354 • Feasibility stage tariff approved by NEPRA on 16 th October 2014 • However, Sponsors filed another review petition to NEPRA for enhancement of IRR for Hydropower projects to 20% in light of assurance given by NEPRA in Asad Alamgir Power Pvt. Umar review decision in January 2015, Jun-20 Limited, Pakistan and the same is under consideration by NEPRA • Project land acquisition and survey for land required upto reservoir at AJ&K side has been completed • The company has initiated activities related to CDM registration • Feasibility stage tariff review approved by NEPRA on 16 th October 2014 Dec-22 • However, Sponsors approached Court of Law against tariff approval by NEPRA • Currently, the matter is sub judice Chakothi-Hattian Project – Hydel 500 1092 Sub Total 1, 433 3, 008 Suhail Jute Mills Ltd. , Pakistan

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Estimated Gross Sr. Investment Project Company/ Expected Name of the Project Capacity No. (Million Sponsors COD (MW) US$) Latest Status of the Project G: PROJECTS AT FEASIBILITY STUDY/ LOI STAGE: Kaigah Hydel Project 18 - Hydel 19 Madian Hydropower Project - Hydel Asrit-Kedam 20 Hydropower Project - Hydel 21 Mahl Hydropower Project - Hydel Sub Total 548 1564 Assmandal Trading • Feasibility Study completed Agency, UAE Dec-24 • Sponsors are in process of submission of M/s ATL Pakistan feasibility level tariff to NEPRA • Feasibility study completed • Progress is slow due to Law & Order Dec-22 situation in past in the vicinity of Project Area and its perception internationally 438 Cherat Cement, Pakistan 405 • Feasibility study completed Younas Brothers, • Progress is slow due to Law & Order Dec-22 situation in past in the vicinity of Project Area Pakistan and its perception internationally 590 885 • Feasibility Study is in progress. First meeting of POE was held on 21 st January 2015 • Consultants following recommendations of CWE Investment/ China Three Gorges Dec-23 POE are conducting surveys/ investigations Corp. , China for finding more alternatives of dam site location. The Inception Report and Report on Dam Site has been submitted 1, 510 3, 292 157 215

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Estimated Gross Sr. Investment Project Company/ Expected Name of the Project Capacity No. (Million Sponsors COD (MW) US$) Latest Status of the Project H: PROJECTS AT EARLY DEVELOPMENT STAGE: Kandra Power Project 22 - low BTU gas + pipeline quality gas 120 90 Lower Palas Valley 23 Hydropower Project – Hydel 665 1159 Lower Spat Gah 24 Hydropower Project – Hydel 496 1057 Sub Total 1, 281 2, 306 • Project is based on both pipeline quality gas and low BTU gas from a dedicated gas field Petroleum Dec-22 • LOS not issued due to the non-allocation of Exploration Ltd. pipeline quality gas required for commingling with low BTU Kandra gas • Project under implementation under Public Govt of Khyber Private Partnership (PPP) mode Pakhtunkhwa, • MOU signed in this respect has expired WAPDA and Dec-22 • Presently WAPDA and Go. KP (Public K-Water & Daewoo Consortium Partners) are reviewing and Engineering of making deliberation on way forward for Korea implementation of the project Korea Midland • Project under implementation under Public Power Co. Ltd and Private Partnership (PPP) mode POSCO Engineering Dec-22 • MOU signed in this respect has expired Co. Ltd (KOMIPO • Sponsors’ request for extension of the MOU Consortium) Korea is under review by Go. KP and WAPDA

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Sr. No. Name of the Project Gross Estimated Expected Capacity Investment COD (MW) (Million US$) Latest Status of the Project I: PROJECTS AT ADVERTISEMENT/ PROPOSAL STAGE: 25 Athmuqam Hydropower Project - Hydel Turtonas-Uzghor 26 Hydropower Project - Hydel Neckeherdm-Paur 27 Hydropower Project - Hydel 350 58 80 525 • PPIB invited EOI for the development of the project • No proposal received Dec-24 • PPIB Board has advised for re-advertisement • As per PPIB Board's advice, EOI will be re-invited in near future 87 • PPIB invited EOI for the development of the project Dec-24 • Proposals received are under evaluation by an independent consultant 120 • PPIB invited EOI for the development of the project Dec-25 • No proposal received. • The project will be re-advertised through Press in future

PROGRESS OF ONGOING IPP PROJECTS BEING PROCESSED BY PRIVATE POWER & INFRASTRUCTURE BOARD (PPIB) Sr. No. 28 Name of the Project Rajdhani Hydropower Project - Hydel Sub Total Gross Estimated Expected Capacity Investment COD (MW) (Million US$) 132 198 720 1, 080 Latest Status of the Project • Following decision of 95 th Board meeting dated 5 th March 2014; PPIB invited EOI for the development of the project • Evaluation of proposals completed by Consultant • AJK PDO Board on 4 th July 2014 revived the cancelled LOS after lapse of about 2 years • Afterwards, PPIB through its letter dated 12 th September 2014, Ministry of Water & Power through letter dated 5 th November 2014 and AJ&K Council’s through letter dated 11 th November 2014 requested AJK PDO Board for reconsideration/ resolution of the matter in accordance with law and Dec-24 policy. However, AJK PDO Board in its meeting dated 5 th December 2014 maintained its previous decision for extension/ revival of the LOS • PPIB Board was updated about the matter in its 99 th meeting dated 15 th December 2014, and in this regard “the Board advised PPIB to get in touch with the Chief Secretary AJ&K, as a first step. However, if things do not move further, the matter should be put forth before the AJ&K Council”. Accordingly, Chief Secretary AJK has been requested to provide comments on issue of Project development. Response of the same is being awaited.

Commissioned IPPs Sr. Name of Project No. Project privatized from public sector KAPCO, Muzaffargarh 1 (privatized from public sector)* Sub Total Project prior to 1994 Power Policy Location Fuel COD achieved on 1638 1, 583. 00 1, 638 1, 583 HSFO, Gas and HSD 1292 1, 608. 10 RFO 31/Mar/1997 1, 292 1, 608 136 138. 00 RFO 03/Nov/1997 131 138. 68 RFO 20/Jun/1997 126 129. 70 RFO 20/Jun/1997 362 344. 00 RFO 06/Nov/1997 365 364. 30 RFO 01/Feb/1998 Raiwind Lahore, Punjab 136 141. 71 RFO 12/Jul/1999 9 Habibullah Coastal, Quetta 140 155. 52 Gas 11/Sep/1999 10 Fauji Kabirwala Co. , Multan Kabirwala, District Khanewal 157 170. 00 Gas 21/Oct/1999 2 Hub Power Project, Hub Kot Addu District Muzaffargarh, Punjab Capacity Investment (MW) (M US$) Tehsil Hub, District Lasbela, Baloshistan Sub Total Projects under 1994 Power Policy 3 Gul Ahmed Energy Ltd. , Karachi 4 Kohinoor Energy Ltd. , Lahore 5 Tapal Energy Ltd. , Karachi 6 AES Lalpir Ltd. , Multan 7 AES Pak Gen, Multan 8 Southern Electric Co. , Lahore Korangi Industrial Township, Karachi Raiwind-Manga Road; Near Lahore District West, Karachi Mehmood Kot, Muzaffargarh, Punjab Jun/1996

Commissioned IPPs Sr. No. Name of Project 11 Saba Power Company, Lahore 12 Rousch Power, Multan 13 Japan Power Generation, Lahore 14 Uch Power Ltd. , Uch Location Farouqabad, Shiekhupura, Punjab Abdul Hakeem Barrage, District Khanewal 17 km Jia Bagga, Off Raiwind Road, Lahore Dera Murad Jamali, District Nasirabad, Balochistan Capacity (MW) Investment (M US$) Fuel COD achieved on 125 152. 39 RFO 31/Dec/1999 450 540. 32 Gas 11/Dec/1999 135 123. 24 RFO 14/Mar/2000 586 690. 50 Gas 18/Oct/2000 Fateh Jang, Attock 29 9. 16 Gas 6 -Jun-2001 (Phase-I) 20 -Sept-08 (Phase-II) 16 TNB Liberty Power Ltd. , Dharki Daharki, Distt. Ghotki, Sindh 235 381. 17 Gas 10/Sep/2001 17 Davis Energen Power Ltd. , Jhang Toba-Tek Singh Road, district Jhang 10. 5 10. 80 Gas 13/Jul/2013 3, 124 3, 489 84 215. 00 Hydro 23/Mar/2013 84 215 Rawalpindi, Punjab 165 176. 62 LSFO 17/Mar/2009 Sheikhupura, Punjab 225 227. 00 RFO 18/Dec/2009 Qadirpur, Sindh 227 188. 54 Gas 27/Mar/2010 15 Altern Energy Ltd, Attock Sub Total Project under 1995 Hydel Policy 7. 5 km Downstream Mangla 18 New Bong Escape Hydropower Project Dam, Azad Jammu & Kashmir Sub Total Projects under 2002 Power Policy 19 Attock. Gen Power Project 20 Sheikhupura (Atlas) Power Project 21 Engro Power Project

Commissioned IPPs Location Capacity (MW) Investment (M US$) 22 Sahiwal (Saif) Power Project Sahiwal, Punjab 229 246. 87 23 Orient Power Project Balloki, Punjab 229 190. 17 24 Nishat Power Project Near Lahore, Punjab 200 234. 99 RFO 09/Jun/2010 25 Nishat Chunian Power Project Near Lahore, Punjab 200 237. 41 RFO 21/Jul/2010 Muridke, Punjab 225 244. 88 Dual (Gas+HSD) 05/Oct/2010 Near Faisalabad, Punjab 200 241. 06 RFO 13/Jan/2011 Narowal, Punjab 220 288. 00 RFO 22/Apr/2011 29 Foundation Power Project Daharki, Sindh 185 217. 00 Gas 16/May/2011 30 Bhikki (Halmore) Power Project Bhikki, Punjab 225 261. 00 Dual (Gas+HSD) 25/Jun/2011 Dera Murad Jamali, Balochistan 404 494. 00 Gas 04/Apr/2014 Sub Total 2, 934 3, 248 Grand Total 9, 072 10, 143 Sr. No. Name of Project 26 Muridke (Sapphire) Power Project 27 Liberty Power Tech Project 28 HUBCO-Narowal Project 31 Uch-II Power Project Fuel Dual (Gas+HSD) COD achieved on 30/Apr/2010 24/May/2010