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GE Renewable Energy – Onshore wind

Peter E. McCabe, CEODeutsche Bank Summit June 7th, 2017

© 2017 General Electric Company. Proprietary. All Rights Reserved.

GE Renewable Energy

400GWINSTALLED BASE

30,000+WIND TURBINES

INSTALLED

13,000TURBINES ON PREDIX

$9BREVENUE

IN 2016

22,000+GLOBAL

EMPLOYEES

80+COUNTRIES

© 2017 General Electric Company. Proprietary. All Rights Reserved.

Unleashing limitless energy for our customers and the world

Onshore Wind

$7.9B $0.1B

Offshore Wind LM Wind Power

$1.2B

2

Hydro

$0.9B

Renewables are mainstream power generation

Source: GE, BNEF, IEA © 2017 General Electric Company. Proprietary. All Rights Reserved.

Legend:

LCoE parity in 2016

LCoE parity by 2025

3

Cost of Renewables without subsidies near parity with fossil fuel

3%

23%

12%

4%

9%

19%

2%

26%

2%

Renewables and Gas lead growth

Renewables 56%of new global capacity over next 10 years

WindFossil Steam

Nuclear

Other Ren

Gas Engines

Solar

Battery

GT Plants

Hydro

~300GW/year

$/MWh

Wind OnshoreSolar PVHydro StandardFossil

Average LCoE trends

0

20

40

60

80

100

120

140

160

2015 2030 2040

© 2017 General Electric Company. Proprietary. All Rights Reserved.

2016 2017 2018 2019 2020

China

India

South Asia

North Asia

LatAm

NAM

SSA

MENAT

Russia-CIS

Europe

Global onshore wind outlook

4

Favorable wind industry fundamentals globally … drives need for local strategy

Key Trends/Observations

Policy • Tariffs shifting to auctions/tenders

• Government budget pressures … subsidies (wind & fossil)

Landscape• Cost of electricity at parity in many countries

• Install growth shifting from EU & US to Asia & LATAM

• Consolidation ongoing among OEMs

GE Onshore performance (2016)• 7.1GW of global orders, +19% vs. ‘15

• 60GW global installed base

• Equipment Orders from 19 countries

• First time orders in Greece and Saudi Arabia

Installs (GW)

Installed base CAGR

-8%

23%

9%

-4%

6%

16%

14%

7%

11%

-5%

Onshore 54 56 56 51 55

Source: GE Mktg, MAKE, AWEA, IHS

© 2017 General Electric Company. Proprietary. All Rights Reserved.

US onshore wind installs shaped by PTC phase-out and repowering opportunity

(GW)

Supportive, stable policy & repowering drive wind installs through 2020

Annual wind industry installs

'16 '17E '18E '19E '20E

8.27.8

9.0

10.59.8

© 2017 General Electric Company. Proprietary. All Rights Reserved.5

Key Trends/ObservationsPolicy • PTC phase-out, declining value from ‘16: 100-80-60-40%• Treasury guidance supports installs through ’23

Landscape• Electricity demand ~1.5%/year (’16-’25)• Wholesale power prices 15-35% (‘15 vs. ‘14)• Approximately $2.0-4.0B repowering opportunity through ’21• Wind & PV expected to account for ~50% new adds• Corporate Wind PPAs (e.g. Google, Amazon) on the rise

GE Performance (2016)• Segment share gain 2 points* • 3.7GW installed• $5.6B orders in US• ~90% of orders for new 2X platform products

(*according to AWEA)Source: GE Mktg, MAKE, AWEA, IHS

Winning globally

6

• Strong opportunity in India, Japan, Australia, Thailand

• GE positioned to win mega-deals• EPC (turnkey) + Digital differentiator

Product competitiveness Services offerings

• Win large deals• Differentiate with finance• Local supply chain enabling targeted Brazil

opportunities• Competing in Chile, Argentina and Mexico

AGL Energy (Silverton) Australia 200MW 3.4MW turbine GE Financing

CER Energia Brazil 205MW 82 2.5-116 wind turbines 90-meter towers First ever deal with GE

Forestalia Up to 1.5GW win in Spain 3MW turbine Development partnership

RE

CE

NT

WIN

SO

UR

FO

CU

S

2016A 2017E

RE

GIO

NS

OR

DE

RS

2016A 2017E2016A 2017E

$1.3B

++

$0.6B

++

$0.7B+

Europe (including Russia/CIS)

ASIA (including ASEAN, Japan, Korea,

Australia and India) LATAM

Build scale and win share in key regions

Europe EXPAND LATAM REVIVEASIA ACCELERATE

© 2017 General Electric Company. Proprietary. All Rights Reserved.

Driving margin expansion

Extend 2MW and 3MW platforms to meet global needs

• Platforms customizable to meet regional needs (23 local models in ‘17 vs. 14 in ‘15) to be more locally competitive and maintain cost

• Driving speed, cost-out and flexibility through local content, people, common components and supply chain … $600M+ product cost-out from 2015 through 2017

• Continuous infusion of technology to drive performance increase and 5% YOY cost reduction

2MW Platform … 28,000+ turbines in 20+ countries

3MW Platform … 2,000+ turbines in 20+ countries

Grow margins and markets with global platforms & cutting edge technologies

7

Technology to enhance competitiveness … 3 cent wind

2019F2016

Blades

Towers

Controls

Drivetrain

Services

Electrical

Digital, Life Optimization

LCoE (c/kWh)

30% LCoEreduction to ~3 cents

BOP

© 2017 General Electric Company. Proprietary. All Rights Reserved.

LM Wind Power

8A strategic fit with GE Renewable Energy

LM Wind Power … a leading blade supplier Strategic benefits to GE

• Since 1978, LM Wind Power has produced more than 185,000 blades corresponding to a capacity of approximately 77GW

• Contributing to saving more than 147 million tons of CO2

per year

• 9,000+ employees, 13 manufacturing facilities in 8 countries on 4 continents

• Rotor solutions are supplied to 30 global and national wind turbine manufacturers, for Onshore and Offshore wind

~$1.7Bprice

20+%IRR

$2.3BMargin recapture +

synergy

$0.8BValue of

external sales

Deal economics

Vertical integration of rotating blades … ~20% of total cost

+ Blades important to turbine performance and cost

+ Lock in capacity for growth

+ Drive cost reduction

+ Retention of 3rd party customers

+ Control over new tech IP

Support broader GE Wind growth strategy

+ Commercial … Increase GE local content capability

+ More India, China exposure

+ Strong and growing blade supplier to other OEMs

+ Supports onshore and offshore segments

© 2017 General Electric Company. Proprietary. All Rights Reserved.

2017 GE Renewable Energy financials

Revenue

Op. Profit $576M ++

TY16 OP17

++

$9B

--

+ PTC extension to 2020 & global growth

+ Strong repower demand … Services & Digital opportunity

– Auctions become rule, competitive intensity (solar)

– Slowdown in very large hydro new builds

Renewable Energy Dynamics2017 Trends

Environment

• Orders shifting growth to international markets due to PTC Safe Harbor phase down in 2017

• Drivers of organic growth in ‘17:

US segment smaller, offset by repower

New geographies

Delivery of larger units (in MW)

• Driving aggressive cost out actions:

Product cost out

Vertical integration

Alstom/LM synergies

100M base cost reduction … down ~150 bps

• Intense focus on cash generation

9

Working Capital $(2.5)B

Renewable Energy a GE growth engine in 2017 & beyond