Tdj Qualification Full 080309

Global Investment Banking Capabilities

1

Industry Focus

Core Expertise
♦ Oil & Gas ♦ Refineries
♦ LNG ♦ Pipelines
♦ Unconventional ♦ Power
Oil & Gas Generation
♦ Petrochemicals ♦ Metals & Mining

Other Sectors
♦ Telecommunications
♦ Water and Wastewater
♦ Transportation and Logistics
♦ Heavy Industry

2

Corporate Philosophy

Taylor-DeJongh believes in providing its clients with the highest quality
of objective, independent advice.

Over our 28 years in the industry, we have been
committed to independence and professional
excellence.
We employ our senior staff on every deal and
Terry Newendorp, tailor our services to the specific transaction.
Chairman & CEO
This ensures efficient execution and saves our
clients money.

3

Our Capabilities

Project/Structured Mergers, Acquisitions Private Placements
Finance & Divestitures Equity & Mezzanine

Project Development Sell Side Identification of
Project viability & risk Divestiture strategy, Investors
analysis, financial information
modeling, financing memoranda, Preparation of Term
options negotiations, closing Sheet and Offering
Memoranda
Financial Structuring Buy Side
Capital strategy, risk M&A strategy, due Management of Road
allocation, credit diligence, valuation, Shows
enhancement, security negotiations, closing
structure Negotiations

Project Execution Closing
Commercial
negotiations, financial
terms, closing

4

Project Finance

♦ TDJ is experienced with all sources of finance, including ECAs, multilaterals
and banks.
♦ TDJ has worked with the world’s leading financing institutions and has
strong relationships with the following banks and ECAs:

Banks ECAs
Arab Bank Credit Agricole Group Marubeni Corp CESCE OeKB
Arab Banking Corp Credit Suisse Group Merrill Lynch International COFACE OND
Al Rajhi Banking & Deutsche Bank AG Bank DEG OPIC
Investment Corp Dexia Mitsui & Co Ltd ECGD SACE
Banco Espirito Santo Dresdner Bank Mizuho Financial Group EDC USEXIM
Group DnB NOR Morgan Stanley EFIC
Bank of America Fortis Group NATIXIS SA ERG
Bank of Tokyo-Mitsubishi Goldman Sachs RBS FMO
Ltd Gulf International Bank Royal Bank of Canada Hermes
Barclays Bank HBOS Santander JBIC
BBVA HSH Nordbank Société Générale KEXIM
BNDES HSBC Standard Chartered KfW
BNP Paribas ICICI Sumitomo Mitsui Banking NCM
Calyon ING Groep NV Corp NEXI
Citigroup JP Morgan Chase WestLB

5

Project Finance: Advisory Mandates

Closed Deals and Mandates

First Quarter 2009
2009 First Half
#7 Financial Advisor, League Tables
Global PFI/PPP Project Finance
Deals, Closed
1st Half 2009, Closed Deals 1st Half 2009, Mandates Won

#1 North America #1 Metals & Mining
2008 League Tables

#7 Transportation #2 Water and Wastewater
#6 EMEA Mandates Won #3 Renewables

#4 Asia Pacific Mandates Won #9 Power

#4 Africa and Middle East
#5 Americas Mandates

Source: Infrastructure Journal 2009 H1 League Tables, as of July 2009 , Project Finance International 2008 League Tables,
Dealogic Global Project Finance Review for First Quarter 2009.

6

Track Record Highlights

♦ Developed, structured, negotiated and placed or financed US$70 billion of
capital investments in over 100 countries.
♦ Advisor on 12 Deals of the Year since 1999.
♦ Top 7 Global Financial Advisor since 1995 by Infrastructure Journal.
♦ Top 10 Global Financial Advisor since 1996 by PFI journal.

TDJ Projects 1994 - 2008
Best ♦ Power 232
Project Finance House
♦ Oil & Gas 118
Financial Advisor ♦ Petrochemicals 33
Africa
♦ Industrial, Mining & Metals 37
2007
♦ Water 25
♦ Transportation 31
♦ Telecommunications 21

7

Private Placements: Equity

Investors

♦ Institutional investors, GCC-based ♦ Family offices, GCC-based
♦ Institutional investors, EU and USA ♦ Industry strategic investors

Sectors

♦ Oil & gas upstream ♦ Drilling
♦ Unconventional hydrocarbons ♦ Oilfield services
♦ Midstream: gas processing & refineries ♦ Alternative energy
♦ LNG ♦ Power generation
♦ Petrochemicals ♦ Natural resources production &
♦ Production facilities, FPSOs processing
♦ Pipelines ♦ Transport & logistics

8

Oil & Gas Expertise

♦ TDJ is a leading advisor in oil & gas
financings, with over 100 projects
spanning the full value chain.
TDJ has been the
TDJ has been the

♦ TDJ advises sponsors, lenders, contractors, #1 Oil & Gas
#1 Oil & Gas
and governments in structuring projects Financial Advisor
Financial Advisor
from the earliest stages of development.
for 5 out of the last 8 years
for 5 out of the last 8 years
and has ranked among the
and has ranked among the

♦ TDJ has worked on more than: Top 5 Oil & Gas
Top 5 Oil & Gas
Financial Advisors
Financial Advisors
20 LNG Projects every year since 2000.
every year since 2000.
30 Petrochemical Projects
15 Refineries Infrastructure Journal

30 Oil & Gas Pipelines

9

Upstream Transactions: Scope of Services
Representative Clients:

♦ Deal sourcing and screening.
♦ Financial/economic valuation.
♦ Monetization strategies and realization.
♦ Capital raising for development of assets.
♦ Coordinate or manage due diligence.
♦ Detailed review of commercial agreements.
♦ Detailed negotiation support.
♦ Organize any debt funding required to augment equity:
RBL
Project financing
♦ Closing.

10

Oil & Gas — Upstream Team Experience

♦ Selected recent upstream oil & gas advisory mandates:

Confidential Confidential Confidential
Current Current Current Current
Advising Voyageur Oil Acting for an Advising a private UK Advising on the
and Gas on indigenous Nigerian company on the farm commercialization of
fundraising for the company on the sell- out of assets in the a disruptive oil shale
development of the down of a large North Sea and North technology.
BEKS permit in offshore hydrocarbon Africa. Supported client
southern Tunisia. asset. The client holds a throughout the
Developing strategic Developing a portfolio of exploration development
plan to approach negotiation strategy. and development process.
market. Drafted a detailed term stage oil and gas plays Introduced client to
sheet incorporating and is looking to raise strategic partners and
innovative valuation development financing raised additional
methodology and risk for 3D seismic and development capital.
sharing structure. exploration and
appraisal drilling. Made the “match”
with strategic partner.

11



Confidential Confidential
Current Current
2008 - 2009 2008
Advisor to mid-cap Advisor to IOC Major
Advised RAK Gas on Advised RAK Gas on
E&P company for for monetization and the evaluation of an the evaluation of an
equity and mezzanine capitalization strategy gas asset acquisition acquisition in Russia.
placement to support for US$2bn portfolio of in sub-Saharan Africa. Performed detailed
expansion and P1-P2 assets. Performed analysis on analysis on the
acquisition plan. existing major reserve based debt
contracts, e.g. PPA, capacity of the target
JOA, GSAs, etc. asset.
Reviewed various Developed
proposed monetization comprehensive review
strategies. of the target’s
commercial structure
and tax exposure.

12



Confidential

2007 - 2008 2007 2007 2007
Advised Tri-Ocean Advised RAK Advised Anzon on the Advised a UK-based
Energy, a subsidiary Petroleum on investment into Anzon oil & gas company on
of EK Holding, on the acquisition of all UAE by RAK Petroleum. the evaluation and
acquisition of the and Omani assets of Arranged convertible financing of its bid to
entire interests held Indago Petroleum. bond financing. acquire Devon’s
by Thani Corporation Structured equity Gabon portfolio.
Deal Value: US$
L.L.C. in Petrodar, 270MM. stake. Advised the client on a
Sudan. multi-tranche RBL
Deal Value:
Deal Value: US$150MM. structure that included
US$334MM. a unique approach to
risk sharing between
the client and the
lenders.
Conducted term sheet
negotiations with
proposed lenders.

13



2005 2004
2006 2002
Adviser to Wintershall Adviser to SOCO Advisor to the Board Adviser to a group of
AG on the proposed International PLC on of Directors of Nelson individual
acquisition of Dragon the sale of Mongolian Resources for the shareholders for the
Oil. assets to CNPC sale of the company takeover and
China. to LUKOil Russia. successful acquisition
of SOCO
Deal Value: Deal Value: US$2Bn. International Plc.
US$275MM
Deal Value:
US$175MM.

14

Case Study – Malampaya Gas Field

Project Overview
Project Value: US$4 Billion.
Offshore gas fields development.
Malampaya Gas
Scope included a US$1 Billion pipeline.
Philippines
The undersigned served
as the advisor to
Taylor-DeJongh’s Role
Advised the Government of the Philippines in their
negotiations with Shell Oil and Occidental Petroleum on
the development and utilization of the offshore gas
Government of the
Philippines
fields, focusing on the pipeline development.
Developed analysis of multiple financing scenarios
based on various tariff structures for the commercial
operation of the pipeline in order to evaluate the ability
to finance the pipeline on a limited recourse basis.
Advised the Philippines National Oil Company (PNOC)
on the US$2 billion Malampaya natural gas project.

15

Case Study – Mishkar Gas Field

Project Overview
Project Value: US$600 Million.

Mishkar Gas Offshore oil and gas field and gas processing plant.

Tunisia Taylor-DeJongh’s Role
The undersigned served Negotiated portions of the commercial terms between
as the advisor to
developer and Government of Tunisia for:
development of the offshore oil/gas field;
the production agreement;
production sharing agreement;
pipeline rights to move the oil and gas onshore;
onshore treatment facility; and
onshore pipeline for transmission into the Tunisian
national gas distribution system (STEG).

16

Oil & Gas — LNG
LNG Experience Experience

♦ TDJ advised on 22 trains of LNG production in Atlantic and Pacific basins.

Jamaica LNG Receiving Sonatrach, Tambeyneftegaz Liquid Niugini
LNG Terminal Skikda Russia Gas
Jamaica USA Trains 4,5,6
Algeria Papua New
Guinea

FA to FA and Debt
Sponsor FA to Sponsor Arranger FA to Sponsor FA to Sponsors
Alaska LNG Confidential US$500 mm US$250 mm Confidential US$5 bn
and Pipeline
USA

FA to State
US$12 bn

North American West Coast Atlantic LNG Equatorial Angola LNG Qatargas II Qatargas RasGas
LNG Market LNG Receiving Train 1 Guinea LNG Angola LNG Qatar Upstream LNG Train 3
Study Terminal Trinidad LNG Qatar Qatar
USA USA
17

FA to FA for Project FA to FA to
FA to Sponsor FA to Sponsor FA to Sponsors FA to Sponsors
Sponsor Company Lenders Lenders
Confidential TBD US$1 bn US$1.7 bn US$1.5 bn US$5 bn US$600 mm US$1.4 bn

17

Case Study – Qatargas II LNG

Project Overview
Project Value: US$8.5 Billion.
First LNG financing on a fully integrated value chain
basis.
Debt-to-Equity: 70:30.
The undersigned served World’s largest energy project financing at the time.
as the advisor to
Financial advisor responsible for integrating ECAs with
commercial banks and Islamic tranche.
Participated fully in all detailed financing terms and
documentation.
Evaluated all key commercial agreements including the
Development and Fiscal Agreement with Qatar, Sale and
Purchase Agreements, and the Terminal Capacity
Agreement for the South Hook receiving terminal.
“Deal of the Year” – Project Finance
International and Project Finance

18

Case Study – Angola LNG

Project Overview
Project Value: US$4 Billion.
Angola LNG
Capacity: 5 mtpa.

The undersigned served Expected Start up: 2010.
as the advisor to
Provided comprehensive financial analysis and
19 bankability report.
Worked closely with Shipping, Marketing, Upstream
Production, and Capital Budgeting work groups and
provided detailed commentary on the bankability
impact of numerous project development decisions.
TDJ’s analysis and opinions were used in the
investment decision-making process of each of the
individual sponsors.

19

Case Study – Equatorial Guinea LNG

Project Overview
EQUATORTIAL
GUINEA LNG Capacity: 3.7 mtpa.
Offtaker: BG, 17-year SPA for full capacity.
as the advisor to
Mitsui and Marubeni purchased 8.5% and 6.5%
stakes, respectively.

Participated in all major commercial negotiations of
offtake agreements, shipping arrangements, and
upstream supply agreements.
Conducted comprehensive commercial feasibility
study of the project.
Identified funding sources, developed a financing plan,
facilitated financial discussions with the lenders.

20

Case Study – Liquid Niugini LNG

Project Overview
Sponsors: InterOil, Merrill Lynch, Pacific LNG.
Liquid Niugini
Gas Taylor-DeJongh’s Role
The undersigned is Prepare detailed project risk analysis and
serving as the advisor to
comprehensive bankability analysis.
Advise on all major project agreements: LNG offtake
agreements, EPC contract, upstream supply
agreements, shipping arrangements, shareholders’
agreement, and government support.
Develop a financing plan with Merrill Lynch that includes
funding from high yield bonds, commercial banks, and
ECAs.
Manage all aspects of raising financing from banks and
ECAs.
Brought into deal by Merrill Lynch.
21

Oil & Gas — Petrochemicals Experience

♦ Taylor-DeJongh has advised on 30 petrochemical projects in 17 countries
since 1994.

Countries where TDJ’s Petrochemical projects are located
22

Case Study – Rio Polimeros Integrated Petrochemicals

Project Overview
Integrated ethylene and polyethylene
facility located in Duque de Caxias, state
of Rio de Janeiro.
Production capacity: 520,000 mtpa of
ethylene; 540,000 mtpa of polyethylene.
Total Project Cost: US$1.1 Billion.

Comprehensive financial advisory assignment. Integrated multiple ECAs and commercial
banks into the financing structure.
Removed roadblocks between lenders and sponsors on multiple occasions with innovative
security and intercreditor solutions.
Performed extensive financial risk analysis and developed detailed financial model.
Analyzed all project documents, including EPC contract, technology license agreements,
feedstock supply agreements, offtake agreements, and shareholder agreement.

23

Case Study – Lucite International’s Alpha 2 Project

Project Overview
Advising Lucite on its proposed entry
into Saudi Arabia.
Second facility utilizing Lucite’s
revolutionary new Alpha process.
Production capacity: 250 kta of methyl
methacrylate (MMA).
Total Project Cost: approx. $1 billion.

Advised sponsor on negotiations with Saudi joint venture partner, project commercial and
financial structure, and evaluating all potential sources of financing.
Analyzed project contractual structure, including EPC arrangements, technology license
agreement, offtake arrangements, and feedstock supply arrangements.
Developed detailed financial model and conducted in depth analysis of project economics.
Conducted extensive market soundings of potential lenders to identify and address key
bankability issues.

24

Case Study – QChem II

Project Overview
350,000 mtpa polyethylene plant and a 345,000
mtpa normal alpha olefins plant. Joint
development of a 1.3 million mtpa ethylene
cracker.
Debt/Equity Ratio: 70/30

Taylor-DeJongh served as financial advisor to the Export-Import Bank of the United States.
Provided detailed analysis of sponsor commitments, market risks, contractual and financial
structures, and financial projections.
Performed extensive risk analysis advised on appropriate structures to mitigate key project
risks. One particular area of focus was the dependence of the downstream derivatives
plants on the shared cracker.
Directly supported negotiation of the financing terms.

25

Case Study – Gulf Advanced Chemical Industries Co.

Project Overview
60/40 joint venture between Sipchem
and four private-sector partners
including Huntsman and Davy Process
Technology.
75,000 tpa of Butanediol (BDO) and
derivatives.
Started initial production in October
2005.
A TDJ team member advised the sponsors on developing and financing this integrated
maleic anhydride/BDO facility in Saudi Arabia.
Developed a comprehensive financial model to appraise alternative financial structures and
optimize financing agreements. Developed key project agreements achieving an acceptable
balance between lenders and sponsors.
Secured non-recourse equity loan from BAE Systems. Managed SIDF’s and lenders’ due
diligence requirements. Selected preferred financing offers and led subsequent negotiations
with lenders through to financial close.
26

Case Study – KAFCO Restructuring

Project Overview
$260 million financial restructuring for a major urea and
ammonia producer in Bangladesh.
Total Project Value: $500 million.
Karnaphuli Fertiliser
Company (KAFCO) Taylor-DeJongh’s Role
TDJ worked closely with JBIC to achieve the comprehensive
The undersigned served rescheduling of the senior secured long-term financing.
as the advisor to the
Sponsors of Specifics of the Kafco transaction including:
JBIC agreed to a re-denomination of the yen loan into US
dollars, the currency used by the borrower in the sale of
its product. A currency swap was effected by the Bank of
Tokyo Mitsubishi.
JBIC also agreed to change its interest basis from fixed
to floating for the rescheduled portion of the loan.
This was the first time JBIC gave consent to a
transformation of all of its account exposure from Yen
into US dollars. It had not entertained such a concept in
a project financing prior to this restructuring.
The solvency and liquidity positions of KEFCO was
successfully restored.
27

Oil & Gas — Refineries Experience

♦ Taylor-DeJongh has advised on some of the most prestigious and recognized
refining projects worldwide.
♦ The firm has advised on 17 refineries in 16 countries.

Countries where TDJ’s Refinery projects are located
28

Case Study – ACFY Refinery

Project Overview
Oil refinery and associated crude oil delivery system.
Refinery located in Arizona, USA, with pipeline from
ARIZONA CLEAN Mexican crude terminal.
FUELS YUMA
150,000 b/d capacity
The undersigned is
serving as the advisor to First greenfield refinery project in USA for 30 years.
Total Project Value: US$4.5 Billion.

Advising development group on all aspects of raising
US$ 4.5 billion
construction capital.
Reviewed commercial agreements and advising on
project commercial structure.
Developed detailed project financial model and advising
on project financial structure.
Developed Confidential Offering Memorandum for
raising equity.

29

Case Study – Samir Refinery

Project Overview
Project location: Mohammédia, Morocco.
Total Project Value: US$930 Million.

Provided detailed financial model and capital
structure.
Provided preliminary project due diligence and
analysis.
Preparation of Preliminary Due Diligence
Report.
Advice on a Project Financing Package.

30

Oil & Gas — Pipeline Experience

♦ TDJ has advised on or structured 19 pipelines for a total length of 26,410 km.
♦ The firm has worked with most major international and national oil companies.
♦ TDJ represented all 7 ECAs in the complex cross-border BTC pipeline.

Countries where TDJ’s Pipeline projects are located
31

Case Study – BTC Pipeline

Project Overview
Location: Starts from the Sangachold
Terminal near Baku, Azerbaijan,
through Georgia, to an export terminal
at Ceyhan on the Mediterranean coast
of Turkey.
Capacity: up to 1 billion barrels per day.
Total Capital Costs: US$3.2 Billion.
Awarded “Deal of the Year 2004” by
four publications.
Managed the lender consortium of seven ECAs, including SACE, JBIC, US Ex-Im, Hermes,
Nexi, Coface, and ECGD, and integrated with the commercial banks.
Coordinated the consortium in negotiations on credit matters. Lead counterparty to sponsors
on term sheets and financing structure.
Full range of financial advisory on project financial and commercial structure, project
economics, risk allocation and mitigation issues.

32

Case Study – Trans-Caspian Gas Pipeline

Project Overview
A 1200-km gas pipeline to transmit Turkmen gas
through Azerbaijan and Georgia to Turkey and onward
to European markets.
Capacity: initial 6.25 bcm per year, expandable to 30.6
bcm per year.
Total Capital Costs: US$2 Billion.
Financial advisor to the Government of Turkmenistan.
Prepared political and commercial risk assessments
for the routing.
Designed financial models, analyzed financial
structure, and conducted bankability analysis.
Reviewed financial and project documentation.
Assisted in the negotiations with the developer
consortium, legal advisors, financial advisors and
potential lenders.
33

Case Study – Trans-Balkan (AMBO) Oil Pipeline

Project Overview
A 570-mile 36” crude oil pipeline from
the port of Bourgas in Bulgaria,
through Macedonia to the port of
Vlore in Albania.
Capacity: 750,000 bpd
Total Capital Costs: US$1.2 Billion.

Developed an equity and debt financing strategy.
Analyzed project structure and funding plan.
Assisted in negotiations with potential sponsors.
Constructed financial models and reviewed financial and project documentation.
Analyzed financial and commercial structure, project economics, and risk
mitigation.
34

Case Study – Romania to Italy Oil Pipeline

Project Overview
Location: oil pipeline to connect Constanta,
Romania and Trieste, Italy, crossing the
territories Romania, Hungary, Slovenia and
Italy.
Capacity: 112 mtpa of curde oil.
Total Capital Costs: US$1 Billion.

Financial Advisor to the Government of Romania.
Built a financial model to calculate transportation tariffs at the various points.
Prepared all financial and economic models for economic viability screening.
Conducted project cost analysis.
Advised on project execution strategy.

35

Power Sector Expertise

♦ World leader in providing strategic and financial advisory services at all
stages to clients in the power sector.

♦ TDJ worked on 7 projects that were the first independent power projects
in each of the following countries:
Argentina
Czech Republic TDJ has advised on a variety of
power projects, including:
Mexico
Morocco
Gas-fired Geothermal
Philippines Coal-fired Co-generation
Poland Oil-fired Renewables
Turkey Hydro Nuclear

36

Power Experience

Ranked in the top 3 Financial Advisors: Power Sector 8 out of 10 years
since 1997 by Infrastructure Journal and Privatization International.
Advised project sponsors, developers and financiers on over 225 Power
projects since 1994.
Key relationships in the power sector including:

37

Power Experience – Global Reach

♦ TDJ has advised project sponsors, developers and financiers on over 225
power projects in 63 countries since 1994.

Countries where TDJ’s Power projects are located
38

TDJ Coal Power Experience

Taylor-DeJongh has advised on over 57 coal-fired power projects.
The firm’s history of exemplary service encompasses the entire range of
project responsibilities, including:
Financial Advisor to Governments, Developers, and
ECAs/Lender groups;
Feasibility assessment;
Financial modeling, sensitivity analysis, and capital
structuring;
Negotiations, risk assessment, and contract review;
Analysis of legal, tax, and regulatory framework;
Analyzing technology options;
Raising capital, identifying investors, developing financing
plans, and negotiating from inception through to financial
close; and
Advising on bidding and auction processes.
The firm is not only adept at navigating the intricacies of financing large
power projects, but has solved coal-supply problems, negotiated coal
supply agreements, and has in depth experience with major coal power
technologies.
39

Select TDJ Coal Power Experience

Project Size TDJ Role
Jorf Lasfar Coal- $1.3BN Parallel advisory of project financing, privatization, and regulatory reform.
Fired Power Financial advisor to the US EX-IM Bank, SACE, and ERG for the
Project – privatization plan and greenfield power project.
Morocco Fostered collaboration and aided negotiations between the client and
bilaterals, multilaterals, and international and local banks.
Assisted in negotiations between the national utility of Morocco and the
Minister of Energy, assisted in negotiating the coal supply agreement.
P.T.Paiton Coal- $2.2BN FA to US Ex-Im on the restructuring of the 1,230 MW power project.
Fired Power Assisted Ex-Im Bank in developing a reasonable restructuring plan and a
Project – risk sharing framework with various project participants.
Indonesia Managed risk assessment, contract review, financial evaluation, and
created various options for the restructuring plan.
*Deal of the Year
Turow Coal- $220MM Arranged and closed on all financing and guarantees with OPIC, EBRD,
Fired Power and commercial banks, performed project due diligence, and reviewed all
Project – commercial agreements.
Poland Held ongoing discussions with relevant ministries and local and regional
financial institutions.
*First closed IPP Analyzed the legal and regulatory frameworks and local and regional
in Poland market conditions in the power sector.

40

Select TDJ Coal Power Experience (cont.)

Brazil Criciuma $600MM Performed financial analysis and advised the developer of the mine-mouth
Coal-Fired coal-fired plant.
Power Project – Devised the capital structure, potential sources of financing and a financial
Brazil model to analyze the viability of the project and assess risk-sensitivity.
Advised on negotiations of the contractual agreements (PPA, FSA, and the
EPC contract).
Advised on potential sources of financing, and later led the financing
negotiations with the recommended lenders.
Novaky and $150MM Worked with U.S. companies to identify the best technology options for
Vojany $150MM improving energy efficiency and air quality for the coal-to-gas conversion
Repowering project.
Projects – Constructed two financial models detailing the construction and operation
Slovakia characteristics of the projects, including the financial plan and capital structure.
Presented findings to Slovak Electric, the state utility.

Elcho I & II - $270MM FA to the lender for 230MW IPP ECKG “CFB” cogeneration plants.
Poland $50MM Developed strategy for project structuring and loan agreements, performed
risk analysis on commercial contracts, wrote proposal to lenders for the
Project Support requirements, compiled the draft term sheet and negotiated
construction-period loans with the international financing agencies.
Assisted with the privatization process.

41

Select TDJ Coal Power Experience (cont.)

Tuzla and Kakanj $250MM Determined the technical, economic, and financial viability of rehabilitating
Power Projects - two lignite/brown coal-fired power plants.
Bosnia Performed due diligence, created a financial model, reviewed all commercial
agreements, evaluated rehabilitation alternatives, developed conceptual
design and cost estimates, and conducted risk and market analysis.
Kladno Power $180MM Performed project due diligence, analyzed regional and local energy
Project – Czech balances, potential benefits of regional energy planning and trade, and
Republic provided assistance to stakeholders to implement energy planning at both
national and regional levels.
Created a financial model and financing plan, reviewed all commercial
*First closed IPP in agreements, and closed on financing .
the Czech Republic
Lukovo Coal- $200MM Determined the technical, economic, and financial viability of repowering a
Fired Power combined heat and power plant.
Project – Croatia Created an appropriate project financing strategy, financial model, performed
comprehensive sensitivity analysis, and helped secure a loan for HEP from
US Ex-Im.
Bonto Coal-Fired $40MM Examined project’s commercial structure, technical options, and developed a
Power Project - comprehensive risk matrix
Gambia Identified potential sources of debt financing
Created a financial model and assessed project assumptions
Determined various coal-sourcing options.
42

TDJ Gas Power Experience

Taylor-DeJongh has advised on over 90 gas-fired power plants around the
world over the past 27 years.
Taylor-DeJongh’s recognized experience in the Gas-Fired Power sector, as with
the coal sector, has encompassed the entire range of project development
activities, including:
Financial Advisor to Governments, Developers, and
ECAs/Lender groups;
Feasibility assessment;
Financial modeling, sensitivity analysis, and
capital structuring;
Negotiations, risk assessment, and contract review;
Analysis of legal, tax, and regulatory framework;
Analyzing technology options;
Raising capital, identifying investors, developing
financing plans, and negotiating from inception through
to financial close;
Advising on bidding and auction processes.
43

Select TDJ Gas Power Experience

Fujairah IWPP – $1.1BN FA to the UAE Offsets Group on this IWPP Project.
UAE Advised on the EPC and tendering processes, reviewed the EPC
contract, determined its future suitability as a financeable document.
Identified risk and allocation issues, structured subsequent project
documents, and provided a financial model for the entire project covering
the plant and transportation system.
Gebze, $2.2BN FA for the ECA consortium financing of three InterGen/Enka BOO power
Adapazari, and Total projects in Turkey, totaling 3,500 MW in installed capacity.
Izmir Gas-fired Advised the ECA consotrium in the negotiations of all major project
Power Projects agreements (power purchase, fuel supply, EPC, O&M, parts & services,
– Turkey etc.) and provided a detailed evaluation of the risk profile for each of the
projects.
Won “Deal of the Year” in 2000 from Global Finance, Project Finance
*Deal of the Year International, and Project Finance.
Baymina Power $481MM FA to U.S. Ex-Im for the BOO 770 MW combined cycle gas-fired project
Plant - Turkey developed by Tractebel and Mimag.
Advised on all aspects of the transaction, including analysis of all project
documents, financing plan, project economics, country risk issues, and
structuring and negotiation of financing terms.
*Deal of the Year Named “Power Deal of the Year” by Project Finance International.

44

Select TDJ Gas Power Experience (cont.)

Ibiritermo Gas- $213MM FA to US Ex-Im and SACE on the 226 MW combined-cycle facility.
fired Power Advised on all aspects of the transaction, analyzed all project
Plant - Brazil documents, performed credit analysis of key participants, structured and
negotiated financing terms.
Tema Power $100MM FA to the sponsors for the power plant and pipeline project.
Plant – Ghana Completed due diligence and reviewed all documentation.
Analyzed project financials, barriers to foreign investment, and the local,
regional and global market conditions of the sectors.
Developed pricing options and methodologies to enhance
competitiveness.
Assisted the Government in developing capabilities, policies and
procedures for attracting international petroleum companies to invest in
the pipeline project.
UAE Power & $3.1BN FA to the United Arab Emirates Offsets Group.
Desal Raytheon Advised on project structure, key agreements, tariff structure, financing
– UAE sources, bankability requirements, risk elements and their mitigation,
returns sensitivity to project risks, negotiation strategy with EPC
contractors, potential future O&M and equity partners.
Provided a financial model for the project capable of being used for
evaluating the various EPC bid proposals and debt structures.

45

Select TDJ Gas Power Experience (cont.)

Gaza Power– $100MM FA to Palestine Electric Company for financial analysis and structure of
Palestine commercial and technical aspects of the 220MW BOO project.
Reviewed all local investment laws, analyzed local and regional electric
*Deal of the Year power generation, reviewed treatment of capital repatriation, and
performed detailed analysis of the legal and regulatory frameworks.
Jordan IPP – $700MM FA to the Government of Jordan and the state electricity company.
Jordan Analysed energy sector and determined potential benefits of regional
energy planning and constraints to cross-border trade.
Assistance with developing analytical tools to assess existing energy
resources and lack of legal and regulatory frameworks.
Analyzed the implications of various approaches to the structure and
regulation of competitive energy markets and recommended international
best practices for the sector.
Termo Bajilo $430MM FA to the U.S. Ex-Im Bank as the lead lender and provider of 85% of all
Power – Mexico debt financing for this 600 MW IPP.
Participated in all project agreements, created financial models,
negotiated the entire lender security package, and negotiated all of the
financing terms and conditions, including inter-creditor agreements.
*Deal of the Year First ever IPP in Mexico, requiring extensive and elaborate analysis of,
and changes to, the entire scheme of legal and regulatory governance of
the electric power sector.
46

Case Study – Jorf Lasfar Power

Project Overview
Power plant privatization and greenfield
BOT 1320 MW coal-fired power.
First-ever private power investment in
Morocco.

Advisor responsible for integrating ECAs and the commercial banks for the complex financing.
Managed and coordinated the inter-lender negotiation process among SACE, U.S. Ex-Im Bank,
ERG, The World Bank, OPIC, three international commercial banks and local banks.
Advised and assisted the Government of Morocco in implementing legal and regulatory bodies
necessary to attract foreign investment and debt for private-sector BOT power projects.
Participated in negotiating all key project documents, analyzed underlying legal and commercial
concerns, generated detailed financial projections, performed country analysis, and negotiated
clients’ positions.

47

Case Study – Adapazari, Gebze & Izmir Power

Project Overview
Three power projects in Turkey, which were
developed on a BO basis with a total generating
capacity of 3500 MW.
The undersigned served Debt-to-Equity: 75:25.
as the advisor to
Financial advisor responsible for integrating
ECAs and lenders for the financing and
negotiation with all parties.
Analysis of Turkish credit and fuel supply issues.
Full evaluation of project documents, including
PPA and fuel supply agreement.
“Deal of the Year” – Project Finance International Evaluation of and maintenance of the financial
“Middle East and North Africa Public Offer of model for each of the three projects.
the Year” – Privatisation International
Acted as the “technical bank” in soliciting and
“Middle East/Africa Deal of the Year” – Global
Finance supervising independent consultants.
48

Case Study – PT Paiton Power Restructuring

Project Overview
Restructuring of the 1,230 MW coal-fired power
project in Indonesia.
U.S. Ex-Im Bank Exposure: US$514 Million.

The undersigned served Financial advisor to integrate multiple lenders’
as the advisor to requirements into the restructuring of the power
plant.
Assisted with negotiations.
Developed reasonable restructuring plan and a risk
sharing framework with various project participants.
Performed risk assessment, contract review,
financial evaluation and analysis, and detailed due
diligence.
Created various options for the restructuring plan.
Analyzed lender collateral security issues.
49

Transportation Experience

♦ Taylor-DeJongh possesses expertise in all forms of transportation.
♦ The firm has advised on 30 projects, including roads, bridges, ports,
airports, and shipping.

Representative Transportation Assignments

Pocahontas Aqaba Port Florida I-595 LNG Tanker FastShip Inc. LNG Tanker Seven Air Cargo
Redevelopment Airports
Parkway & New Port
Corridor Fleet Fleet Plan - Terminal
USA
Facilities Composition Qatargas II Poland Jordan
USA USA
Development for Equatorial LNG
Jordan Guinea LNG

FA to FA to
FA to TIFIA Port Authority FA to TIFIA FA to Sponsor Developer
FA to Lenders FA to Airport
US$792 mm US$700 mm US$1.5 bn FA to Sponsors US$1.8 bn Authority US$60 mm

50

Case Study – Jordan Aqaba Port Relocation

Project Overview
The Aqaba Development Corporation (ADC) is
relocating the port toward the Saudi-Jordanian border
and privatizing several parts of its operations.
Jordan Aqaba Port
Project Value: US$600 Million.
The undersigned is
serving as the advisor to
Advisor to ADC, the concession awarder. Key activities
include:
Analysis of ADC’s strategic alternatives for financing
the Project.
Developing full suite of tendering documents, and
maintaining a financial model and performing
scenario analyses.
Preparation of marketing and disclosure documents.
Managing a competitive tender process for awarding
the concession.
Negotiating with the Selected Bidder.

51

Water and Wastewater Experience

♦ Taylor-DeJongh has advised on over 25 water and wastewater projects in
19 countries worldwide.
♦ The firm has expertise in water distribution, desalination, and independent
water and power (IWPP) projects.

Representative Water and Wastewater Assignments

Emcali Water Suez Water Nam Water Muscat Chiang Mai Desalcott Seafield &
Namibia Concession Municipal Almond Valley
Colombia Egypt Water & Trinidad &
Oman Khong Thai United
Tobago Kingdom
Industrial
Wastewater
Thailand

FA to FA to
Government FA to Government FA to Bidders FA to Sponsor FA to Sponsors
Government US$40 mm Confidential
US$720 mm US$800 mm US$130mm US$195mm

52

Telecommunications Experience

♦ Taylor-DeJongh has been the financial advisor on over 20 telecommunications
projects in 13 countries.
♦ The firm has worked on various types of projects, including subsea cable,
mobile telephony, privatization and concessions.

Representative Telecommunications Assignments

SIVAM Emcali Cellular Avantel Avantel II VipNet Subsea Cable
Telecoms Telecom Project
Brazil Colombia Colombia Croatia
Colombia India Africa / Spain
/ India

FA to 5
-
FA to Sponsor Government FA to Sponsors FA to Sponsor FA to Sponsor FA to Lender FA to Sponsor
US$1.4 bn US$720 mm US$500 mm US$62.5 mm US$30 mm US$100 mm Confidential

53

Metals and Mining Experience

♦ TDJ has advised on over 30 metals, mining and industrial projects in 14
countries.

Representative Metals, Mining and Industrial Assignments
Belldune Iron San Bartolome Aluminium Iron Ore Batu Hijau Coal Washery
Ore Mine Bahrain Line 5 Smelter
Indonesia India
Expansion
Canada Bolivia South Africa
Bahrain

FA to Sponsors FA to Sponsor FA to Sponsor FA to Sponsors FA to Lender FA to Sponsor
US$300 mm US$70 mm US$1.7 bn US$800 mm US$1 bn US$100mm

SAISCO Steel ISCOR Congo Copper Guinea Aluminium Spinifex Ridge
Mill Aluminum Smelter
South Africa Congo Australia
South Africa Guinea Kuwait

FA to EPC FA to Bidder FA to Sponsor FA to Govt. FA to Sponsor FA to Sponsor
US$150 mm US$120 mm US$1 bn US$900 mm US$1.2 bn US$450mm

54

Case Study – Alba Aluminum Smelter

Project Overview
World’s second largest Aluminum Smelter located in Manama,
ALUMINIUM Bahrain.
BAHRAIN (ALBA)
Project consists of a 250,000 mt/year expansion.
The undersigned served Total Project Value: US$1.7 Billion.
as the advisor to
Concluded with 100% debt financing.
Financial advisor for Sponsor. Created 5 tranches of debt,
achieved innovative, integrated, multi-sourced financing.
US$ 1.7 billion
Managed 26 mandated lead arrangers across all 5 tranches of
unsecured financing on common terms.
Evaluated bids for financing and developed options for
financing all or part of the expansion using commercial banks,
ECAs and capital markets.
“Deal of the Year” – Global
Trade Review Over 40 financial institutions and ECAs were contacted in order
to design the most competitive and efficient financial structure.
Total savings of about NPV
$65 million in financing TDJ’s independent position enabled the achievement of the
costs over what all other most competitive financing terms and least onerous covenants
advisors had proposed. to ALBA and its shareholders.
55

Case Study – Aluminium Smelter, Kuwait

Project Overview
Project Value: US$1.4 billion
Project consisted of a 250,000 mtpa greenfield
aluminium smelter and a captive 440MW gas-fired
power plant.

SHUYAIBA
Participated in a detailed energy cost analysis and
ALUMINUM structuring the power supply options to the smelter.
Optimized the project’s capital structure, created and
US$ 1.7 billion modeled commercial options, and assisted in the
The undersigned served creation of the optimal development configuration
as the financial advisor and commercial arrangements.
Identified investors and lenders among multilateral
institutions, ECAs, Islamic financing institutions and
capital markets.
Assisted in the negotiations with prospective lenders
and investors.

56

Case Study – Global Alumina Refinery, Guinea

Project Overview
Capacity: 2.8 mmtpa
Project consisted of the development of a mine,
roads, rail, power, and port facilities to support the
refinery.
GLOBAL ALUMINA
BOKE ALUMINA Taylor-DeJongh’s Role
REFINERY
Acted as advisor to Global Alumina to identify
US$ 2.8 billion potential equity investors.
as the financial advisor Assessed the projects viability, economics, and
performance indicators.
Sought USAID GDA assistance to provide
support in the strengthening of vocational,
technical and engineering training for local
employees.

57

Case Study – Aluminum Smelting Complex, Guinea

Project Overview
Project consisted of an aluminum smelter and a
major hydropower plant.
Would represent the largest industrial and
infrastructure development in that country’s history.

ALUMINUM SMELTING Taylor-DeJongh’s Role
COMPLEX
Acted as financial advisor to the Minister of Mines
US$ 1.4 billion and Energy of Guinea on the development of
financial and commercial plans.
as the financial advisor Solely responsible for the official sources of financing,
including multilateral agencies (World Bank Group
and AfDB), bilateral agencies and development
grants (sovereign governments and export credit
agencies), as well as other developmental financing
sources.

58

Management Overview

Terry Newendorp David Suratgar Laurent Lavigne
Chairman Chairman, Special Advisor
& CEO Advisory Board to the Chairman

Over 30 years of infrastructure Over 40 years of experience in Over 20 years in international
financing experience legal and financial aspects of business
Over $30 billion of energy deals major projects worldwide Has raised more than $3 billion
More than 300 deals closed in Former Vice-Chairman, during his career
50 countries Deutsche Morgan Grenfell Specialist in M&A, project finance
Senior Advisor to U.S. Ex-Im Member of the Board, Banque and investments with focus on oil
Bank Morocaine du Commerce & gas, power, renewable energy,
Exterieur (BMCE) and Senior and infrastructure
Advisor to the Chairman Extensive experience in
emerging markets

PG International Finance, Master of International Affairs, Ecole Supérieure de Commerce,
University of Houston Columbia University ROUEN , France
JD Honors, George Washington MA (Law) Oxford University Economy and Finance Faculty –
University Certificate AMP – Corporate Dauphine Paris IX
BSc Chemical Engineering, Purdue Finance, Harvard Business
University School

Washington, DC London

59

Management Overview

Afonso Reis Timothy Holder John Sachs
e Sousa
Director Director Director

14 years of experience in 18 years project and corporate 16 years experience in making
international project finance and finance experience, advisory, direct equity investments,
investment banking equity raising and M&A lending and investment banking
Extensive experience in financing Extensive experience in in the energy and infrastructure
infrastructure, power and oil & petrochemicals, oil & gas and sector
gas sectors infrastructure sectors Extensive experience in
Experience with limited recourse Advisor for over 15 years to the emerging markets
project finance, privatization, British Offset Office on the Al Led large, multi-disciplined
valuation and financial modeling Yamamah Economic Offset teams in successfully originating,
Extensive deal experience in Program, Saudi Arabia managing and closing
emerging markets transactions totaling over $4
billion in value

MSc in Economics and Finance, BA (Hons), Economics & Economic MBA, Finance Concentration,
University of Warwick History, University of Warwick Vanderbilt University
BSc in Economics, London School of Associate Chartered Accountant BA, Economics and Finance, Albion
Economics College
London Bahrain Washington, DC

60

Washington DC London Bahrain

1101 17th St, NW
1101 17th St, NW 34 Smith Square
34 Smith Square Office 2207/2209
Office 2207/2209
Suite 1220
Suite 1220 London
London Almoayyed Tower
Almoayyed Tower
Washington, DC
Washington, DC SW1P 3HL
SW1P 3HL Seef District
Seef District
20036
20036 PO Box 11487
PO Box 11487
United States
United States United
United Manama
Manama
of America
of America Kingdom
Kingdom Bahrain
Bahrain

T +1 202 775 0899
T +1 202 775 0899 T +44 20 7233 4000
T +44 20 7233 4000 T +973 17567925
T +973 17567925
F +1 202 775 1668
F +1 202 775 1668 F +44 20 7808 1801
F +44 20 7808 1801 F +973 17567921
F +973 17567921

contacttdj@taylor-
contacttdj@taylor- tdjlondon@taylor-
tdjlondon@taylor- tdjme@taylor-
tdjme@taylor-
dejongh.com
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Intellectual Property of TDJ, © August 2009
61

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