1. Interim Results Six months ended 30 June 2010

2. Philip Cox Chief Executive Officer

3. Highlights Financial highlights Good financial performance Profit from operations of £524m (2009: £550m) EPS of 14.1 pence (2009: 15.4 pence) up 7% after adjusting for FX and the sale of the Czech business Strong free cash flow of £398m (2009: £326m) up 22% Interim dividend of 4.39 pence per share (2009: 4.25 pence), up 3% Growth PPAs signed for 76MW of new wind generation capacity in Canada Good progress at 815MW Paiton 3 project and 110MW Thai National Power 2 project Total construction pipeline of 1,400MW (net) Underlying EPS – up 7% p 16 Czech 12 8 UnderlyingEPS 4 0 2009 2010 Construction pipeline Net MW 1,600 HUBCO - Laraib TNP2 1,200 Paiton 3 T-Power Elecgas 800 IPR EuropeanWind Portfolio Synergen 400 HUBCO - Narowal Fujairah F2 0 2010 2011 2012 2013 3

4. Financial Review Mark Williamson Chief Financial Officer

5. Income statement • Reduction in PFO reflects the sale of Czech assets in H2 2009 • Excluding Czech assets, EPS up 7% • Reduced interest reflects paydown of US debt • Effective tax rate, at 22%, includes: • change in profit mix across the Group • resolution of historic tax issues 2009 Restated£m 2010 £m Six months ended 30 June Profit from operations Interest PBT Tax Non-controlling interests Profit for the period EPS 524 (191) 333 (64) (54) 215 14.1p 550 (216) 334 (59) (41) 234 15.4p 2009 restated for adoption of IFRIC 12 - Service Concession Arrangements and change in policy relating to retirement benefit obligations 5

6. H1-on-H1 PFO change £550m £(59)m 7% £13m £(1)m £(3)m £524m £8m Asia Corporate £25m Australia Middle East £491m £(9)m Czech North America Europe H1 2010 14.1p H1 2009 excl-Czech 12.4p H1 2009 15.4p • North America reflects lower gas prices and a reduced Coleto Creek provision release • Europe higher following Rugeley FGD commissioning and ISAB return to service • Middle East continues to perform well, delivering high availability • Australia benefited from good performance at Loy Yang B and Simply Energy • 2010 also benefited from a 0.8p uplift on FX movements 6

7. Free cash flow £(11) £6 £18 £(4) £398m £56 Net interest paid Maint. capex Tax paid (net) Dividends JV & assoc £33 £(26) £326m Working capital £300m PFO Czech H1 2010 H1 2009 excl-Czech H1 2009 • Free cash flow up 22%, or 33% excluding the Czech assets • Working capital benefited from the settlement of hedges on the UK portfolio • Interest lower following pay-down of US debt 7

8. Net debt structure Cash/(Debt) JVs and associatesoff-balance sheet Project IPR Corp Total As at 30 June 2010 £m £m £m Maturity £m Maturity Cash and cash equivalents Recourse debt Convertible bond (2023) Senior unsecured note (2017) Convertible bond (2015) Convertible bond (2013) Non-recourse gross debt IPM - acquisition debt North America Europe Middle East Australia Asia Total net debt 709 - - - - - (276) (877) (2,528) (362) (1,182) (43) (5,268) (4,559) 737 (152) (198) (493) (170) (1,013) - - - - - - - (276) 1,446 (152) (198) (493) (170) (1,013) (276) (877) (2,528) (362) (1,182) (43) (5,268) (4,835) 2023 2017 2015 2013 2012 - 2013-2029 2013-2026 - 2025 2012-2019 - 2025 355 - (166) (491) (1,013) (78) (526) (2,274) (1,919) 2019 2035 2030 - 2018 - - - 2012 - • No significant project debt refinancing in 2010 and 2011 Maturity indicates the first bullet and the last year of project debt amortisation within each region 8

9. Philip Cox Chief Executive Officer

10. North America • Power demand • Texas: cold winter but mild summer, lower congestion in South Zone • New England: strong demand in May, June and July • PJM: positive weather impact June/July • Gas prices • some recent volatility but overall prices remain low • Capacity auction • New England: May 2013 to June 2014 auction cleared at $2.52, consistent with previous auction • PJM: 2013 to May 2014 capacity auction cleared at $27.73/MW day, up from $16.46/MW day • Operational cost savings • good progress, savings of $5m to $10m expected • IP Canada renewables • PPAs signed for 76MW of additional capacity • expected to be operational 2011

11. Europe - UK Jan to May power demand down slightly Rugeley, Saltend, Deeside heavily contracted for 2010 First Hydro impacted by lower volatility and wholesale prices partially offset by ancillary services including contracted reserve Government programme – some policy areas of importance to IPR IPR fully involved in the environmental policy development process GW 90 Headline Availability 80 Week Ahead Availability 70 OutturnAvailability 60 50 WeekdayPeak Demand 40 2010 2008 2009 11

12. Continental Europe Operationally plants performing well ISAB second unit returned to service as planned Italy remains committed to the renewables sector Government re-confirmed renewables target in July CV price support mechanism for 2010 maintained system operator reviewing 2011 CV support mechanism Construction of Elecgas and T-Power on track to commence operation in H1 2011 Development projects development agreement signed with GALP for 50% of 800MW CCGT Sines project in Portugal 12

13. Middle East and Asia Fujairah F2 • High commercial availability across all assets • Business performing well and in line with expectations • Fujairah F2 construction programme progressing with full commercial operation expected in 2010 • Paiton 3 and TNP 2 construction progressing well • New Developments • Vietnam – IPR and partners awarded the development of 1,200MW Son My project by the Government • Indonesia – Central Java 2,000MW coal, pre-qualified, bid due November Paiton 3

14. Australia Good performance – no change to pricing since year-end results in March maximum price increased to $12,500/MWh Climate change policy under new PM released in July CPRS delayed until after the end of 2012 Kwinana 14

15. Outlook Good performance in the first half Merchant assets remain well positioned to capture value from recovery/volatility in market conditions Portfolio of long-term contracted assets continues to perform well Overall outlook for the year remains unchanged 15

16. Interim Results Six months ended 30 June 2010