PROJECT FINANCE REPORT 2014

FINANCE

REPORT

2014

INDUSTRY POLL

SERIES

TO BE PUBLISHED

WITH THE DECEMBER/

JANUARY 2014 ISSUE

OF IFLR

MANAGING

CROSS-BORDER RISK

FOR IN-HOUSE

COUNSEL

Guest edited by

Brendan Quinn

Herbert Smith Freehills Partner & Australia/ Asia Head of Finance

Martin Kavanagh

Herbert Smith Freehills Partner, London

Confirmed contributors

Alexander Aitken

Herbert Smith Freehills

Partner, Hong Kong

Geoff Haley

International Project Finance Association

Founder and Global Executive Chairman

Nick Jennett

European Investment Bank

Director of New Products and Special Transactions

Peter Jacobs

European Investment Bank

Head of Western European Project Finance Division

Project financing

A comprehensive guide to structuring project finance transactions Amid rising demand from global populations and economies, project finance remains a vital tool for funding investment across a diverse range of industries. But Basel III’s implementation has irrevocably changed the typical project-funding structure.

With western banks’ ability to provide long-term funding now significantly curtailed, activity from a growing diversity of new lenders has increased. Domestic project finance markets in developing economies are maturing rapidly as a result, as banks in Asia, the Middle East, and Latin America seek to take advantage of the new status quo. While the involvement of alternative funding providers - such as multilateral development organisations and export credit agencies - is becoming more common.

Advising on these new-style projects thereby increasingly requires an understanding of a broad range of legal, language and cross-cultural skills to address ever-more complex issues.

IFLR’s inaugural Project Finance Report will provide clarification on information critical to the implementation of new project financing structures. Conducted on a global basis, it will offer insight into inconsistencies between the laws of the countries involved, as well as an overview of recent developments, key concerns and current practice in the markets that matter most to you.

Guest edited by Herbert Smith Freehills’ Australia/Asia Head of Finance Brendan Quinn, and partner Martin Kavanagh, the results will be published as a dedicated supplement with the December/January issue of IFLR. It will provide readers with:

• Comprehensive cross-jurisdictional insight

At-a-glance overview of each featured jurisdiction Highlighting significant local risk factors

Facilitating an easy comparison of territories

• Contributions from local law experts

Concise guidance on local law

Offered by firms recommended to IFLR by our international partners See overleaf for your invitation

• Expert analysis from leading international practitioners

How to get involved

Following your recommendation to IFLR by our international partners, we would like to invite your firm to contribute to the Report on a sponsorship basis, and demonstrate how you can assist project finance professionals to structure deals in your jurisdiction.

We would like to offer you the following sponsorship package:

• Opportunity to position your firm alongside our international partners, including Herbert Smith Freehills, International Project Finance

Association, European Investment Bank

• Exclusive opportunity to respond to the Report for your jurisdiction – all opportunities are offered to local experts on a first-come, first-served basis • Publication of your firm’s responses in a dedicated results supplement – up

to 2,000 words published and distributed with the December/January issue of IFLR

• Up to two senior lawyer profiles – 150-word bios, including headshots & contact details. Displayed alongside your survey responses.

• 10 print copies of the print supplement – for internal and client distribution purposes

• High resolution PDF of the published results – with distribution rights to existing and potential clients

• Promotional activities via IFLR’s print, online and social media channels – see overleaf for details

Cost of participation

To discuss sponsorship opportunities please contact a member of our sales team. All opportunities are offered on a strictly first-come, first-served basis.

To discuss sponsorship opportunities please contact

Europe and North America Liam Sharkey Tel: +44 (0) 20 7779 8384 Email: [email protected] Latin America Roberto Miranda Tel: +44 (0) 20 7779 8435 Email: [email protected] Asia, Middle East and Africa Denny Squibb

Tel: +852 2842 6945

Email: [email protected]

At a glance

Global report on project finance structures

Guest edited by Brendan Quinn, Australia/Asia Head of Finance and Martin Kavanagh, Partner, Herbert Smith Freehills

Provides financial institutions and corporates with a clear understanding of variations in local practice

Published in a dedicated supplement with the December/January issue of IFLR

Features at-a-glance overview; guidance on local law; and international analysis Exclusive sponsorship opportunities offered to firms recommended to IFLR by our international partners

Packages include:

• Exclusive contribution to the Report for your jurisdiction • Up to two senior lawyer profiles

displayed alongside your responses

• 10 print copies of the supplement • High resolution PDF of the

published results with distribution rights

• Promotional activities via IFLR’s print, online and social media channels

See overleaf for more information.

RESERVATION

DEADLINE:

OCTOBER 25

Promotional activities

All survey results will be:

• Published in print with the December/January issue of IFLR magazine IFLR has a loyal readership of at least 6,3751_{per print issue}

• Published on the free to access area of iflr.com Iflr.com has >22,0002_{unique monthly visitors}

• Promoted in IFLR’s weekly e-newsletter IFLR’s e-newsletter has >18,0003_subscribers

• Promoted to IFLR’s LinkedIn network IFLR has >3,000 LinkedIn group members

The survey will also be promoted electronically to delegates who registered for the following events (1,485 in total):

• IFLR Asia M&A Forum, February 2013 (>560)

• IFLR European Capital Markets Forum, April 2013 (>220) • IFLR Africa Forum, May 2013 (>240)

• IFLR India Outbound Forum, July 2013 (>215)

• IFLR Asia Capital Markets Forum, November 2013 (>250)

(See appendix 2 on pages 6-7 for a selection of IFLR’s influential magazine and e-newsletter subscribers.)

Print and online exposure

Print reach

IFLR magazine has a loyal readership of at least 6,3751_{, per}

print issue

IFLR.com monthly usage statistics

• Average unique visitors >22,0002_{/ month}

• Average page views >65,0002_{/ month}

Social media

• IFLR’s e-newsletter has >18,0003_subscribers

• IFLR has >3,000 LinkedIn group members

Subscribers

By company type (including print subscribers and free weekly email subscribers4₎ 44.1% Corporate / financial / government institution 37.2% Law firm 7.8% Academic institution 10.9% Other

PRINT ONLINE NEWSLETTER APP

Footnotes

1. The readership rate based upon a survey conducted in Oct 2012, has been independently audited by IPSOS MORI, the international media consultancy. The number of readers is based upon the readership rate applied to the proposed circulation. At 95% confidence International Financial Law Review will have between 8,214 and 10,558 readers.

2. Source: Webtrends Oct 11 – Nov 12

3. Figures based on IFLR weekly email campaign sent on 5th September 2012.

Appendix 1: How it works

Contributing to the Report IFLR will provide you with:

• A set of questions developed in partnership with our guest editors • Example response – available on request

• A template to complete an overview summary You will be required to:

• Answer the questions

• Provide concise guidance on local law • Submit no more than 2,000 words in total

We anticipate that this should take between two to three hours to complete. Survey methodology, guidelines and timeline

IFLR will:

• Distribute the Report questions in mid September • Collate all responses in late October/ early November • Analyse and present the responses

• Publish all results (including an at a glance table) with the December/January issue of IFLR

Designing the survey and selecting respondents IFLR has worked closely with Herbert Smith Freehills to identify: • Key jurisdictions across Europe, North America and Asia-Pacific • Local expert firms operating within those jurisdictions

• Key areas focus on: • Collateral/security • Perfection and priority

• Foreign investment and ownership restrictions • Documentation: formalities and government approvals • Natural resources

• Bankruptcy proceedings

• Key questions around these areas with templated responses • Methodology for comparing practice across jurisdictions

Marketing and promotional activity

ABN Amro Accenture

Addleshaw Goddard African Development Bank Air China Southwest Company Akin Gump LLP

Allen & Gledhill Allen & Overy LLP American Express

Anderson Mori & Tomotsune Anglo American Plc

Anheuser Busch ANZ Bank

Aon Asset Management Aon Risk Services

Arab Petroleum Investments Corporation

Arthur Cox Company Ashurst LLP

Asia Commercial Bank Asia Mezzanine Capital Group Asia Pacific Mining Ltd Asian Development Bank Association of Financial Markets Australian & New Zealand Bank Australian Treasury

Aviva Ltd AXA

Bahamas Financial Services Board Baker & Mckenzie

Baker Botts

Banca D’Italia Cons Legale Banco Central Argentino Banco Central De Chile Banco Central De La Republica Banco Central De Reservas Del Peru Banco De Espana

Bank Austria Creditanstalt Bank of Albania

Bank of America Merrill Lynch Bank of England

Bank of Ireland Group Bank of Japan

Bank of Korea Bank of Mongolia Bank of Montreal Bank of New York Mellon Bank of Uganda

Banque Ouest Africaine De Barclays Capital

Barclays Bank Plc Berwin Leighton Paisner Bhp Billiton Limited

Binder Grosswang Rechtsanwalte Bingham Mccutchen LLP Blackrock

BNP Paribas

Board of Governors Fed Reserve BP

British Land Capgemini

Capita Insurance Services Capital Markets Board of Turkey Capital One

Cb Equity Partners Gmbh

Central Bank of Trinidad & Tobaga Chadbourne & Parke

Citigroup

Cleary Gottlieb Steen Hamilton Clifford Chance

Clyde & Co LLP

Cms Cameron Mckenna LLP Codetel A Verizon Company Cogent Partners

Commerzbank Ag

Commodity Futures Trading Commission

Commonwealth Bank Control Risks

Conyers Dill & Pearman Pte Ltd Cravath Swaine & Moore LLP Credit Agricole Suisse Sa

Credit Lyonnais Credit Suisse Cuba Central Banco Daewoo Securities

Daiwa Securities Smbc Europe Danish Bankers Association Davis Polk & Wardwell Debevoise & Plimpton Deloitte LLP

Deutsche Bank DLA Piper LLP US Dubai Islamic Bank Duke Law School Easyjet Airline Co Ltd Edward Nathan Sonnenbergs Edwards Angell Palmer & Dodge EMI Ltd

Ernst & Young

European Bank For Reconstruction European Central Bank

European Commission European Parliament Eversheds LLP Exxonmobil

Federal Reserve Bank of Ny Federation Bancaire Francaise Financial Services Authority Fitch Ratings

Fraser Milner Casgrain LLP Freshfields

Fried Frank Harris Shriver Fulbright & Jaworski LLP GE Capital

Gibson Dunn & Crutcher LLP Gide Lotrette Nouel Aarpi Goldman Sachs

Grant Thornton LLP Gulf International Bank Harneys

Hengeler Mueller Herbert Smith LLP

Appendix 2: selected IFLR subscribers

When your firm partners with IFLR you have the opportunity to influence decision makers who subscribe to IFLR and who receive the free weekly email. These are the leading buyers of legal services in Banking, Capital Markets, M&A, and Financial Regulation. They include:

Hogan Lovells Intl LLP Honeywell

Hong Kong Exchange & Clearing HSBC Ltd

Hutchison Whampoa Limited Hyder Consulting

Hydro Tasmania

Hyundai Motor Finance Company IBM

ICAP

Indian Oil Corp Ltd Infosys Technologies Limited Ing Bank

Inter American Dev Bank International Capital Markets Association

International Monetary Fund Irish Stock Exchange Islamic Development Bank Istanbul Gold Exchange J & A Garrigues SLP J P Morgan

John Deere Credit Jones Day K&L Gates LLP Kim Chang & Lee King & Spalding Intl LLP Kirkland & Ellis Inter LLP Korea University

KPMG

Latham & Watkins LLP Lazard Freres

Lenz & Staehelin

London School of Economics Loyens & Loeff

Macfarlanes LLP

Macquarie International Ltd Mannheimer Swartling Advokatby Maples And Calder

Maritime & Port Authority of Singapore

Mayer Brown International LLP Mcdermott Will & Emery LLP Mercedes Benz

Mercer Capital Merrill Lynch

Microsoft Corporation

Milbank Tweed Hadley & Mccloy Ministry of Finance Finland Ministry of Finance Mexico Ministry of Finance Slovenia Mitsubishi UFJ Secs Intl Plc Mizuho Corporate Bank Ltd Monetary Authority Singapore Morgan Lewis Bockius LLP Morgan Stanley

Morrison & Foerster LLP National Bank of Belgium National Grid

National Trust Holding Company Natixis Nauta Dutilh Nestle Newedge News Corporation Nomura International HK Ltd Nordea Bank Ab (Publ) Norton Rose LLP Novartis International AG Nyse Euronext

Oaktree Capital Mgmt LLC Ogier

O’Melveny & Myers LLP Ontario Securities Commission Opec Fund For Int Development Oracle Corp SA

Orrick Herrington & Sutcliffe Oxford University

Paul Hastings Paul Weiss Rifkind Petrobras

Pillsbury Winthrop Shaw Pinsent Masons Pricewaterhousecoopers Proskauer Rose Prudential Rabobank International RBS Reed Elsevier NV Reed Smith LLP

Resolution Asset Management Ropes & Gray LLP

Royal Bank of Canada Salans

Samsonite Corporation Samsung

Santander Global Banking Saxa Equity Partners

Securities And Futures Commission Shearman & Sterling LLP

Shell

Shepherd And Wedderburn LLP Sidley Austin

Siemens AG

Simmons & Simmons

Simpson Thacher & Bartlett LLP Skadden Arps Slate Meagher Slaughter And May

Smbc Nikko Capital Markets Squire Sanders & Dempsey Stagecoach Holdings Plc Standard Bank

Stanford Law School Stephenson Harwood Stikeman Elliott Sullivan & Cromwell Svenska Handelsbanken AB Swiss Reinsurance Company The Blackstone Group LLP The Central Bank of China UBS

Unilever Uniqlo

University of Hong Kong US Department of Treasury Vinson & Elkins L.L.P. Visa Europe Volkswagen Volvo Treasury Ab Wachovia Bank Waitrose Walmart Stores

Weil Gotshal & Manges LLP White & Case LLP

Wilmer Hale Law Firm Wong Partnership LLP World Bank

Yale University

Zambia Competition Commission Zurich Financial Services