RENAISSANCE CAPITAL 1ST ANNUAL PAN AFRICAN CONFERENCE,

LONDON

Michael J TarneyMD Corporate Development

Copperbelt Energy Corporation PLC

2

Disclaimer

The information contained in this presentation has been prepared solely for the purpose of providing information to interested parties about Copperbelt Energy Corporation PLC (‘CEC’), and is not in any way binding on CEC.

This presentation has been compiled in good faith by CEC, but no representation is made or warranty given (either express or implied) as to the completeness or accuracy of the information it contains. You are therefore requested to verify this information before you act upon it.

By accessing this presentation, you agree that CEC will not be liable for any direct or indirect loss arising from the use of the information and the material contained in this presentation.

The copyright of the material contained in this presentation belongs to and remains solely with CEC. Your access to it does not imply a licence to reproduce and / or distribute this information and you are not allowed to any such act without the prior approval of CEC.

3

Introduction

This Presentation Covers :

CEC Business and OwnershipZambia Business EnvironmentZambian Mining and Energy Sector OverviewFinancial PerformanceFramework for Energy ProjectsHighlights on Kabompo Hydro ProjectConclusion

CEC Business Summary

Formed in 1997 from privatisation of ZCCMBusiness: Electricity Utility operating on the CopperbeltProvince of Zambia

Supply of power to mines [480MW, growth expected]Power Transmission for ZESCO [270MW] and SNEL (DRC) [200-500MW]Telecommunications (Carrier of carriers on the Copperbelt)

Infrastructure884km of 220kV and 66kV transmission lines80MW of Gas turbine generation38 major substations540km of optic fibre on power lines

Investments:50% interest in Realtime providing fixed line fibre in metropolitan centres in ZambiaForming SPV to undertake 40MW hydro investment

55

Ownership Structure

CopperbeltEnergy

Corporation

ZCCM I-H(Govt.)

52%

20%

EmployeeShare Scheme

Zambian Energy

Corporation

Listed SharesLuSE

Zambian Investors&

Development Banks

28%4,000 Shareholders

CEC was listed on the Lusaka Stock Exchange in Jan 08.

6

Zambia Business Environment

Steady economic growth; averaged 6.3% between 2006 to 2009Despite fall in copper prices, continued investment and bumper harvest resulted in GDP growth of 6.3% in 2009Projected growth for 2010 is 5%Year end inflation estimated at 8%Enabling investment policy that provides tax incentivesNo restriction to externalising dividends, no exchange controlsPolitically stableIncreased liquidity on the Lusaka Stock Exchange

7

Zambia Copper Production Figures

8

Copper Price Trend

-1,0002,0003,0004,0005,0006,0007,0008,0009,000

Jan

FebMarch April May

June Ju

lyAugSept Oct Nov Dec

usd/

tonn

e

2009

2010

Copper Price Trend

9

Zambian Electricity Sector Structure

Distribution

Transmission

Generation

Supply

Export MarketOther ConsumersDomestic Market

Mines

Power Flow

Financial Flow

LHPC

CEC

ZESCO

CEC

10

CEC Customers

C N E S

KCM C N

MCM C E

Chamb N

NFC N

NFC-L S

Chib C

Frontr S

Zesco C N E S

11

Zambia’s Electricity Demand vs Generation Capacity

EXISTING GENERATION CAPACITY

ZAMBIA FORECAST WINDOW

0

500

1000

1500

2000

2500

3000

3500

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

YEAR

MW

Low demand scenario

High Demand Scenario

Reserve margins of >10% required at all times

Equipment upgrade and expansion of existing power plants has provided some relief, but power will be inadequate after 2011

12

No. Country Utility

Installed Capacity

[MW] As at Jan 2010

Available Capacity

[MW] As at Jan

2010

Installed minus

Available [MW]

2009 Peak Demand

[MW]

Capacity Required

[MW] 10.2%

Reserve

Surplus ( MW)

1 Angola ENE 1,187 930 257 6682 Botswana BPC 132 90 42 5533 DRC SNEL 2,442 1,170 1,272 1,0284 Lesotho LEC 72 70 2 1165 Malawi ESCOM 287 267 20 2606 Mozambique EDM 233 174 59 435

HCB 2,075 2,075 - 7 Namibia NamPower 393 360 33 4518 South Africa Eskom 44,170 40,483 3,687 35,8509 Swaziland SEC 70.6 70 1 20010 Tanzania TANESCO 1008 680 328 70511 Zambia ZESCO 1,812 1,200 612 1,48312 Zimbabwe ZESA 2,045 1,080 965 1,714

55,927 48,649 7,278 43,463 47,896 752

53,445 46,772 6,673 41,830 46,097 675 Total Interconnected SAPP

TOTAL SAPP

Supply/Demand in Southern African Power Pool (‘SAPP’)

Source: Southern African Power Pool

13

Financial Highlights

Movements – 2008 to 2009:Reduction in turnover due to reduces sales to the minesGross profit decrease by 14%Earnings increased by 18% mainly due to cost management

0

50000

100000

150000

200000

US$'000

2007 2008 2009

Year

Turnover

0

10000

20000

30000

40000

50000

US$'000

2007 2008 2009

Year

Gross Profit/PAT

Gross ProfitPAT

14

Financial Highlights(continued)

Increase in total asset value attributed to fixed asset revaluation and consistent investment Increase in EBITDA due to margin improvement and cost management

050000

100000150000200000250000300000

US$'000

2007 2008 2009

Year

Total Assets

05000

1000015000200002500030000

US$'000

2007 2008 2009

Year

EBITDA

15

Historical Gross MarginBy Activity

16

Capital Market Performance

Listed on LuSE in 2008Current valuation (Dec-09 results):

P/E 7.85 timesP/BV 0.55 timesDividend yield 11.5%

CEC has policy of paying out dividends twice per year

17

Framework for Growth Projects in Energy Sector

Growth in electricity sector driven by:Unprecedented growth in mining, agriculture, constructionAttractive un-developed hydro, thermal and transmission projectsPower shortages creating imperative to invest

Opportunities for private sector to participate in generation and distribution projectsGovernment has formulated legislation in support of Public Private Partnerships for infrastructure projectsRegulatory framework in place in support of energy sector developmentCEC’s membership to SAPP provides opportunity to supply power in regional market

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Award of Feasibility Study : Nov 2008 Study Commencement : June 2009Estimated Study Completion : May 2010Negotiating Concession : 2010Preparation & Construction : 2010 - 2014Operation : 2015

Kabompo Gorge HydroProposed Implementation Schedule

19

Diversity of power supply sources

Contribute towards reducing expected deficits

Stabilising effect on main grid

Emergency power supply source

Possible supply to new mines in the area

Possible use in electrification of NW Province

Benefits from Kabompo Hydro Station

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Kabompo Project – Preliminary Feasibility Study Results

Potential Power Generation

80

100

120

140

160

180

200

0 10 20 30 40 50 60 70

Plant Size MW

Avg

An

nu

al G

Wh

Plant Capacity MW 30MW 40MW

Max Flow m3/s 24 32

Energy GWh 163 166

Load Factor % 69 52

Capital Costs, USD million (excl Trline)

30MW 40MW

Plant & EquipmentDevelopment costsSite PreparationsForestry DeptResettlementLand acquisition & roadsSocial infrastructureTotal USD million

78.86.0

10.31.42.02.04.0

104.5

86.46.0

11.41.42.02.04.0

113.2

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Conclusion -Aspects of CEC Stock

Business fundamentalsZambia is a stable, growing, developing countryCEC has a 12 year profit and dividend historyExposure to mining and energy sectors, both enjoying a sustained growth phase

Future growth opportunity:New generation and transmission starting with Kabompo Gorge Hydro [circa $120m]Optic fibre communications infrastructure

Possible future right issue