Dubai

The lecturer was really excellent......she made a really clear, structured course Past Delegate Siemens

E U RO M O N E Y T R A I N I N G E M E A
A division of Euromoney Institutional Investor PLC

Oil, Gas & Power Project Finance

A five-day intensive training programme with workshop sessions including case studies and a day-long cash flow modelling session. Participants will learn about: Structuring Oil and Gas, Power and Desalination Projects Accessing the Most Competitive Sources of Funding Key Legal Risks in Energy Projects How to Work with Export Credit Agencies and Multilateral Institutions Using the Capital Markets for Energy Transactions Cross-Border Leasing of Oil Rigs and Other Facilities Managing Interest Rate, Currency and Commodity Price Volatility
with Derivatives

Cashflow Workshop: Modeling Risks of an LNG Facility

Course Directors: Ms. Meg Osius and Mr. Andreas Maestle Date: 25 - 29 January 2009 Venue: Dubai, U.A.E.
This programme is available in-house. For further information please contact Ms Anna Jakimova

+44 207 779 8085

emea@euromoneytraining.com

Euromoney Training EMEA

Public, sponsored and in-house training

Oil, Gas & Power Project Finance

Dubai, U.A.E.
COURSE OBJECTIVE
This advanced program is designed to increase participants' understanding of the process that leads to the creation of suitable financial structures for large projects in the oil, gas and power sectors in the Middle East and North Africa. Lectures include many recent examples from Qatar and elsewhere of structured financing techniques used in creative ways to provide the necessary support and security for lenders equity partners and other energy investors. Numerous sources of funding and credit enhancement are described as well as approaches to assembling the most competitive funding packages. By the end of the program participants will have developed a framework for recognising, and analysing qualitative and quantitative project risks. They will have examined the ways in which project responsibilities and rewards can be allocated among various project participants. And they will have experimented with different financial structures, and modelled project outcomes with cash flow models. They will also be familiar with Export Credit and Multilateral Agencies and even Private Sector Insurance programs for providing debt, equity, guarantee, and insurance support for projects. The use of capital markets as a source of attractive funding, including eurobond issuance, 144A private placements and other sources of funding is also explored extensively through discussion of innovative deals and numerous examples drawn from around the world. On the programs fifth day participants will participate in an additional stand-alone cash flow modelling workshop. In a hands on session using software developed by "ProFin Tools they will create a model for an LNG Plant suitable to examining project debt capacity as well as return on investment, under various project outcomes

Euromoney Training EMEA is a division of Euromoney Institutional Investor Plc, a leading world provider of business-tobusiness financial information. We offer over 300 public programmes in more than 40 countries across Europe, Middle East and Africa, with all courses available in-house on request. Public programme calendars are available for each region. Working together co-host a public programme in your country You will benefit from: highly cost effective training a share of the publicity in bringing an international, high level event to your region. Choose any programme from our portfolio and let us know how many people you have - a small group of 3 or up to 30.

WHO SHOULD ATTEND

This workshop has been designed specifically to meet the needs of new or recent Project Financiers, or those who simply wish to consolidate their knowledge in the areas of evaluation, funding and risk management of projects. The programme will appeal to delegates involved in the evaluation of project financings in the following types of organisation: Commercial and Investment Banks Project Sponsors and developers Equipment Suppliers Development Banks Contractors, Project advisors, Accounting and Legal Practices Project Consultancies Government Departments Export Credit Agencies Commercial and investment bankers with interest in project appraisal and financing Corporate treasurers Venture capital investors Corporate finance specialists Financial analysts

In-house training
Our in-house courses offer a highly cost-effective training option for you and your clients. We can deliver all of our programmes in your chosen location at a time which is convenient for you. For further information, please contact: Ms Anna Jakimova Director of Euromoney Training EMEA Tel: +44 207 779 8543 Fax: +44 207 779 8140 Email: emea@euromoneytraining.com

COURSE DIRECTORS
Margaret Osius: President of MEO Inc., she designs and delivers management training seminars to a wide variety of organisations and worldwide. Training sessions have covered topics such as international project finance, capital markets: investment and corporate financing alternatives, and risk management through the use of derivatives. In recent years Ms. Osius has also advised a variety of corporate, private and development bank clients structuring green-field projects as well as facility upgrades in the oil and gas, power, transport and telecom sectors. The purpose of these assignments has been to equip the clients to best access or arrange suitable financing. Frequently the advisory work has been accompanied by tailored training. Prior to establishing her own firm Ms. Osius was a Vice President in the Global Banking Division of Chase Manhattan Bank. During her career at Chase she structured export and international project transactions and advised clients on foreign exchange risk management. Earlier in her career at Chase, Ms. Osius was responsible for a team of credit analysts charged with evaluating the quality of Chase's global loan portfolio as well as that of newly acquired affiliates. In that role she also had extensive experience with workout and distressed credit. Some current and former clients include ABSA, ANZ Bank, Bear Stearns, Chase Manhattan Bank, Citicorp, Ecopetrol, Freddie Mac, General Electric, IBM, Inter-American Development Bank, Islamic Development Bank, Kleinwort Benson, Lucent Technologies, Merrill Lynch, Westpac Banking Corp., Shearman and Sterling, Overseas Private Investment Corp., The World Bank, and the U.S. Treasury. Ms. Osius has published articles in the business press and has co-authored several self-study guides covering international project finance, trade and export finance, foreign exchange, and financial futures. The World Bank has published articles she has written discussing approaches to credit and financial analysis in emerging markets. She is a primary speaker in a series of videotapes created to cover the topic of Sound Banking Principles during executive training sessions in Moscow. Currently Ms. Osius is a member of the Technical Advisory Panel of the Public Private Infrastructure Advancement Fund. She received a B.A. degree from Princeton University and an M.B.A. from INSEAD, the European Institute of Business Administration, in Fontainebleau, France. Andreas Maestle: In 1999 Andreas Maestle founded PROFINTOOLS to develop project finance software. An Economist, Dr. Maestle was previously with KfW in Germany in the Asia department as task manager for infrastructure projects as well as the Export-Credit and Project Finance department of the bank. Earlier in his career he spent several years in the Middle East section of the Federal Ministry for Economic Cooperation and Development, in Bonn, followed by work as an Advisor to the German Executive Director at the World bank in Washington.

Hotel Booking
If you require assistance with booking accommodation for one of our courses, please contact our logistics team on +44 207 779 8543 or email emea@euromoneytraining.com indicating the course you will be attending, the venue and the dates you wish to stay.

5 easy ways to register and obtain further information

1 tel: +44-20-7779 8543 2 fax: +44-20-7779 8140 3 e-mail: emea@euromoneytraining.com 4 web: www.euromoneytraining.com/middleeast 5 mail to: Euromoney Training EMEA, Nestor House, Playhouse Yard, London EC4V 5EX, UK

Oil, Gas & Power Project Finance

Agenda
Day Four Day Four
Themes: Power and Water Finance Energy Derivatives Power Deregulation Market Forces and the Effect on Electrical Supply G Fragmentation of Electricity Generation H Gencos/Transcos/Discos G Merchant Plants G Rating Agencies' Analytical Model G Critical Elements for Risk Mitigation
G

Dubai, U.A.E.
Day One
G

Themes: Allocating Risks in Project Finance. Searching for Effecient Financing Alternatves. Cash-flow Modelling Workshop. Introduction: Oil , Gas & Power Project Finance in the Middle East and North Africa Today G The Changing Market for Project Finance Transactions: H Special Features of Limited Recourse Projects in Africa G BOO, BOT, BOOT, BLT: Private Sector Providing Public Services G What is the Appeal of this Approach? G The Players and Their Roles G Steps in a Project Financing G Types of Projects and Their Comparative Complexity G Identifying and Allocating Risks Example: Pipelines Risk Identification and Allocation in Oil, Gas & Power Project Financing G Different Approaches/Differing Risks G Pipelines G Field Development and Platforms G Production Facilities G Refineries and Petrochemical Plants G Power Plants Sources of Finance: A Financing Checklist G Domestic Borrowing G Loans from International Banks G International Capital Markets: Eurobonds, Private Placements Yankee Bonds G Export Credit Support for Loans and Bonds G Specialised Agencies: IFC and others G Leasing G Equity from Project Sponsors and Others G Derivatives Usage Traditional and Contemporary Sources of Finance: Domestic and International Bank Loans G Syndicated Loan Financing: Primary and Secondary Distribution H Pricing, Flexibility, Timing G Participation, Assignment, and Novation G What Security Do Banks Want? H Offshore Accounts and Trustees H Mortgages on Fixed Assets/Contract Assignments Workshop: Cash Flow Modelling and Credit Assessment G Cash Flow Analysis G Building a Model: Forecasting Techniques and Limitations G Perspective of the Sponsor vs. Creditors G Sensitivity Analysis G Probabilistic Models and Monte Carlo Simulations Case Study: Financing a Fertiliser Plant Participants break into small groups to evaluate this security package in this gas processing plant. They will also work with a computer simulation to quantify their risk assessments.

Incorporated and Unincorporated Joint Ventures H Partnerships and Limited Partnerships Key Contractual Agreements and Structuring Considerations
H

Export Credit Agency Support G Guarantees and Insurance G Buyer and Supplier Credits G Securitisation of ECA Guarantees H Choosing a Special Purpose Vehicle H Establishing that a Security is Bankruptcy Remote" Example: Telecom Finance in Mexico More on Financing and Political Risk Support from Multilateral Agencies G Debt and Equity Support Programs of MLA's G Key MLA's and Programs H World Bank (IBRD) H International Finance Corp. (IFC) H Multilateral Investment Guarantee Agency (MIGA) H Overseas Private Investment Corp. (OPIC) H African Development Bank (AfDB) H Islamic Development Bank G Other Bilateral Agencies Examples: Jorf Lasfar Power, Morocco Private Sector and other Sources of Political Risk Insurance G American International Group (AIG) G Export Credit International Ltd. G Lloyds of London G Unistrat G Commercial Bank Programs Case Study: Condensate Field Development in Algeria Participants will break into groups to work on this limited recourse project upstream oil and gas structure. Discussion will focus on project risks, their allocation through contracts, the mix of financing, cash flow projections, as well as rating agency considerations in evaluating the proposed financing structure.

Case Study: Financing a Power and Desalination Preoject in the Gulf Focusing on special considerations in combined power and water projects. Participants will break into small groups to prepare a case study to evaluate the security package in this transaction. They will also model for cash flow sensitivities Energy Derivative Applications G Managing Energy Price Risk G Derivatives, Applications and Risks G Derivative-Linked Finance Summary and self-test

Day Five
Themes: RAS LAFFAN Project Finance modelling workshop (Meg Osius and Andreas Maestle, PROFINTOOLS) Participants will spend this final day building a model for Ras Laffan - a Liquified Natural Gas (LNG) project in Qatar. They will use advanced project finance software from "ProFin Tools" Modelling the construction and operation of the plant they will assess a wide range of scenarios in order to test a limited recourse financing package for debt capacity and suitability for investment. Participants will receive a demo copy of the "ProFin Tools" project finance modelling software for use beyond the session. Modelling Workshop Overview G Introduction to the "ProFin Tools" G Model Variations by Project Type Structuring the Model and Organising the Data G Construction Costs and Timing G Operating Cost, Plant Capacity Usage, Fixed and Variable Costs G Reinvestment, Plant Expansion, Productivity Shifts G Factoring in Reserves G Considering Currencies G Tax Calculations Financing Section G Equity First or Pro Rata G Manually Designed Equity Subscription G Draw-down of Debt Linked to Specific Contracts or Expenditures G Debt Draw-down in a Hierarchy Practical Modelling Issues G Avoiding Circularity G Other Modelling Pitfalls Sensitivity Analysis: Objectives and Limitations G Measuring Debt Capacity and Investor Return G Using Modelling Output for Initial Project Vetting G Supporting on-going Negotiations Summary and Wrap-up of Workshop

Day Three
Themes: Projects Financed in the Capital Markets Leasing Projects Financed in the Capital Markets G Capital Markets and Examples of Transportation Projects: H Rule 144A H Eurobond Financing H Mezzanine Finance H Infrastructure Investment Funds G Sources of Credit Enhancement: Mono-line Insurers G Rating Agency Criteria H Structuring an Investment Grade Instrument H Pricing Implications Example: Crude Oil Export Receivables Securitisation
G

Using ECAs to Access the Capital Markets

Day Two
Themes: Credit Enhancement for Project Financing Oil Field Development. Case Study Discussion Legal Issues G Legal Environment G Commercial Points and Legal Points in Various Project Structures:

Leasing Applications G Leasing Applications in Projects G Evaluating Cost Case Study Example: Colombia Case Study: Financing a Deep-sea Oil Rig in the Capital Markets Participants break into small groups to prepare a case study concerned with financing an oil rig. A computer simulation will be used to model cashflows. Groups will present their solutions. Key learning points of Day 3

Oil, Gas & Power Project Finance

Registration and further information
Group booking Discounts*
I 3 delegates - 10% discount I 4 delegates - 12% discount I 5 delegates - 15% discount
*Available for delegates from one organisation attending the same course.

Registration
Oil, Gas & Power Project Finance
I 25 - 29 January 2009, Dubai, U.A.E. (EOT3070)

In order to guarantee a place on the course delegates are kindly requested to register at least 6 weeks prior to the course start.

Personal Details
Please print clearly or attach business card Family Name (Mr/Mrs/Ms) First Name Position Department

Please Quote: 208WEB

I I would like information on holding this programme in-house

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Course Fees
Standard delegate fee: 3,450 Sterling

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SAVE MONEY-10% DISCOUNT*

Discounted delegate fee: 3,105 Sterling
*Discount of 10% for second and subsequent delegates from the same institution on the same programme. This discount can not be used in conjunction with any other offer. Fees include all the tuition, full course documentation, lunches and refreshments for the duration of the programme. Incidental expenses: Euromoney Training EMEA is NOT responsible for covering airfare or other travel costs incurred by registrants. Delegates will be responsible for their own accommodation. Please note that Euromoney Training EMEA reserves the right to refuse admission to the training if proof of payment has not been received prior to the start of the programme. An invoice will be sent upon receipt of registration form. Payment must be received in full prior to the course start.

Methods Of Payment
I Please Invoice me/my institution. Purchase order no I CHEQUE enclosed with order for Euromoney Training. I Bank transfer quoting EOT3070 Account Name: Euromoney Training Account No: Lloyds TSB Bank plc made payable to

Cancellation Policy A full refund less an administration fee of 100 will be given for cancellation requests received up to 20 working days before the event. Cancellations must be made in writing (letter or fax) and reach this office before the 20 working day deadline. Delegates who cancel less than 20 working days before the event, or who don't attend, are liable to pay the full course fee and no refunds can be given. However, if you wish to attend the next course, and you have paid your course fee in full, you will only be invoiced for 25% of that course fee. Please note that you can only transfer once. Please note that the next course must take place within 6 months of the initial application. Of course, a replacement is always welcome. Disclaimer Euromoney Training EMEA reserves the right to change or cancel any part of its published programme or teaching faculty due to unforeseen circumstances. Customer Information The information you provide will be safeguarded by the Euromoney Institutional Investor PLC group whose subsidiaries may use it to keep you informed of relevant products and services. We occasionally allow reputable companies outside the Euromoney Institutional Investor PLC group to contact you with details of products that may be of interest to you. As an international group we may transfer your data on a global basis for the purposes indicated above. If you object to contact by telephone I fax I or email I please tick the relevant box. If you do not want us to share your information with other reputable companies please tick this box. I

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5 easy ways to register and obtain further information

1 tel: +44-20-7779 8543 2 fax: +44-20-7779 8140 3 e-mail: emea@euromoneytraining.com 4 web: www.euromoneytraining.com/middleeast 5 mail to: Euromoney Training EMEA, Nestor House, Playhouse Yard, London EC4V 5EX, UK