A member of MUFG, a global financial group

Financing for Infrastructure Appropriate Risk Sharing between Public and Private

Structured Finance Division 5 March 2015

The Bank of Tokyo-Mitsubishi UFJ

1

MUFG at a Glance

Date of Establishment Aug.1919

Number of Employees Approx.120,000 MUFG Financials as of 30 September 2014(consolidated)

Total Asset JPY 264 trillion

Loan Asset JPY 103 trillion

Equity JPY 15 trillion

Network as of 30 September 2014

Domestic Branches Over 1,100

Overseas Branches Over 1,100

Total Over 2,200

Latest Rating (BTMU)

Moody’s A1

S&P A+

Fitch A

Mitsubishi UFJ Securities Holdings Co., Ltd.

Mitsubishi UFJ Trust and Banking Corporation

The Bank of Tokyo-Mitsubishi UFJ

Auckland Sydney

Melbourne

Surabaya Jakarta Bandung

Singapore Labuan Ho Chi Minh

Manila

Kuala Lumpur

Chennai Yangon

Dhaka Mumbai Hanoi

New Delhi Karachi

Tehran

Bahrain Abu Dhabi

Cairo

Johannesburg

Moscow

Istanbul Seoul

Shanghai Wuxi Chengdu

Beijing Tianjin

Shenyang

Taipei Shenzhen Guangzhou

Hong Kong

Lisbon Madrid

Barcelona

Warsaw Prague

Vienna Milan

Birmingham London

Paris

Kowloon

New York Washington

Montreal Toronto Minnesota

Chicago Kentucky

Atlanta Dallas Houston

Vancouver Seattle

San Francisco Los Angeles

Mexico City Cayman

Caracas Bogota

Buenos Aires

Rio de Janeiro

Sao Paulo Santiago

Dalian Tianjin Binhai

Dubai Doha

Amsterdam

Frankfurt

Neemrana

Saint-Petersburg

Almaty Vladivostok Boston

Lima

Ulaanbaatar

Bangalore Penang

Perth

MUFG Global Network

Key Data

! BTMU acquired the Bank of Ayudhya Public Company Limited (BAY) in Thailand.

! BTMU Bangkok Branch was integrated into BAY in January 2015.

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BTMU in India

BTMU in India

Chennai

Mumbai

New Delhi

Hyderabad

Bangalore

Kolkata Ahmedabad

Pune

Neemrana

Established in 1953, GM BranchBusiness Area: ( ) Ahmedabad ( ) etc.

Branch

Established in 2014Business Area:

( ) ( ) etc.

Branch

! More than Half of century in India " Since 1953 after Mumbai

branch (Former Bombay blanch) was established, BTMU committed to offer high quality service and operation to our valued clients for over 60 years.

! Wide Network India with 5 branches/offices

" On April 2, 2014, The Bangalore branch (With the full-banking license) commenced its operation as the fifth office of BTMU in India.

Established in 2012 Business Area:

Bawal Area ( )

Neemrana Branch

Established in 1963�Business Area �Delhi

Gurgaon Area (�������) Noida (Uttar Pradesh) � �����(����������) etc.

New Delhi Branch

Established in 1966 Business Area:

( )

( / ) etc.

Branch

3

Financing to Urban Infrastructure Development

Financing to Urban Infrastructure Development

ODA

ECA Finance (JBIC/NEXI etc.)

Corporate Finance

Project Finance

Capital Market

Budget Allocation

Infrastructure Funds

Finance MenuCivil Works

Master Plan, Civil Works, Real Estate Development.

Basic Infrastructure

Transportation, Power, Waste Management, Water etc.

Life & Smart Infrastructure

Life & Culture Related Facilities, Renewable Energy.

���

4

Major Risk Allocation between Public and Private Sectors

Key Considerations for Financiers in Infrastructure and PPP Projects Involving Public Sector

Key Project Risks Potential Mitigations for lenders Preferred Allocation

Preparation

!  Land Acquisition !  Permit and license

!  Complete land acquisition process and required regulatory process (i.e. License, Permit, Approval of authority etc.)

Public

Construction

!  Cost overrun, late delivery of the project !  Fixed price and date certain contract structure with adequate performance guarantees, liquidated damages and warranties

Private

Demand !  Risk that overall demand for service is lower than initially forecasted

!  Need for government to take demand risk, or provide support or allow unitary payment structure

Public

Offtaker !  Risk that offtaker is unable to meet payments under the contract due to poor creditworthiness

!  Lack of Government support

!  Need for government to support offtaker’s obligations !  Clear budget allocation and support process

Public

Operation and Maintenance

!  Failure to meet quality standard or continuity of service provision

!  Incentives / penalties mechanism to be applied to encourage the service provider to improve service delivery or remedy the failure promptly

!  Sufficient market depth for replacement of non-performing contractor

Private

Construction

Operation

5

Key Take-Away

Key Take-Away

Strong Government Support for Project Risk

!  Prioritize the infrastructure development in each sector

!  Provide strong government (financial and political) support by taking major project risk in order for international investors to understand the country and the sector

!  Establish good track record in each sector

Facilitate Long-term Local Currency Funding Market

!  Infrastructure assets require long term local currency funding due to revenue being denominated in local currency

!  Development of local currency funding market helps private sector access stable funding sources

Clear Policy and Procedure !  Need for clarity and consistency in policies, legislations, procedures, decision making, government support/responsibility relating to infrastructure investments

!  Transparency in bidding process with comprehensive development plans

!  Need to develop and facilitate legal and regulatory framework

Appendix. Introduction of MUFG Contact List

7

Global Structured Finance

Organization Chart

Appendix. Introduction of MUFG Contact List

Tokyo Global Head

New York Investment Banking Division for the Americas

Tokyo Structured Finance Division

Structured Finance, Project & Real Estate Dept Project Finance Dept

Commodities & Structured Trade Finance Dept ECA, Commodities &Trade Finance Dept

BTMU Leasing & Finance Inc

M&A Finance Office

Australian Structured Finance Office

Real Estate Finance Office

Solution Finance Dept

Special Finance Dept

Fund Investment Office

Social & Environmental Risk Assessment Office

London European Investment Banking Division

European Structured Finance Office

Commodity & Structured Trade Finance Dept

Global Finance, Project, LBO, Special Finance Dept

Energy, Commodities & Trade Finance Dept

Singapore, Hong Kong Asia Investment Banking Division

Acquisition Finance, Securitization Dept

Asian Origination Team

Growth Strategy and Infrastructure Origination Team

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Asian Origination Team

Our Mission and Activities

Appendix. Introduction of MUFG Contact List

Our Mission !  Asian Origination Team (AOT) follows the important infrastructure opportunities in Asia from the very early stage.

!  AOT provides long term support with the client working together with BTMU’s dedicated product offices such as project finance, ECA and trade finance.

Target Sectors !  Railway, Road, Airport, Port, Water, Power etc.

Activities and Services

!  AOT supports clients by providing finance-related information and, if necessary, initial financial proposal from the early stage.

!  For projects that require further support and financial advises at the execution stage, AOT introduces our specialists from the product offices such as ECA, Commodities & Trade Finance Dept and Project Finance Dept.

!  Under the framework of Global Infrastructure Advisory Board, we encourage cross-regional marketing (joint pitch, international conference etc) by leveraging BTMU’s global expertise and network in infrastructure sector.

!  Project stage and the involvement of BTMU

Feasibility Study FA Stage MLA Stage Early Discussion Financial Close

Product Offices (Project Finance, ECA etc)

Asian Origination Team

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BTMU ECA Finance Team

Global Coverage

BTMU has worked with more than 30 ECAs and Multilateral Agencies.

Appendix. Introduction of MUFG Contact List

European ECAs

IBDA (New York)

BTMU Brazil (Sao Paulo)

AIBD (Singapore, HK, Shanghai)

SFD (Tokyo)

EIBD (London)

!  US-EXIM (USA) !  EDC (Canada) !  MIGA !  IFC !  IDB

North American ECA and Multilateral Agencies

!  JBIC (Japan) !  NEXI (Japan) !  KEXIM (Korea) !  K-Sure (Korea) !  China-EXIM (China) !  Sinosure (China) !  EFIC (Australia) !  ADB (Philippine)

Asian/Oceanian ECA and International Multilateral Agencies

!  ECGD (UK) !  COFACE (France) !  Hermes (Germany) !  SACE (Italy) !  CESCE (Spain) !  EKF (Denmark) !  Finnvera (Finland) !  GIEK (Norway) !  EKN (Sweden) !  ODL (Luxemburg) !  SERV (Switzerland) !  EGAP (Czech Rep.) !  KUKE (Poland) !  Atradius (Netherlands) !  ONDD (Belgium) !  OeKB (Austria)

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BTMU’s Presence in the Global ECA Market

Global ECA League Table (in USD million)

Appendix. Introduction of MUFG Contact List

2011 2012 2013

MLA Amount Share Deal MLA Amount Share Deal MLA Amount Share Deal

1 HSBC 4,702 7.5% 48 BTMU 7,919 8.4% 47 BTMU 5,220 9.1% 41

2 BTMU 3,769 6.0% 36 HSBC 5,855 6.2% 62 HSBC 4,731 8.2% 48

3 SMBC 3,557 5.7% 38 Mizuho 4,862 5.2% 44 Mizuho 4,202 7.3% 26

4 BNP Paribas 3,388 5.4% 47 SMBC 4,223 4.5% 41 JPMorgan 3,569 6.2% 11

5 JBIC 2,954 4.7% 10 Citi 3,543 3.8% 24 SMBC 3,433 6.0% 30

6 SG CIB 2,800 4.5% 33 Deutsche Bank 3,148 3.3% 28 Citi 2,539 4.4% 18

7 Ex-Im Bank 2,700 4.3% 2 Santander 3,047 3.2% 21 SG CIB 2,099 3.7% 25

8 Citi 2,529 4.1% 21 BNP Paribas 2,685 2.9% 33 BNP Paribas 1,911 3.3% 30

9 Mizuho 2,491 4.0% 24 ING 2,635 2.8% 18 ING 1,708 3.0% 19

10 Bank of China 2,225 3.6% 9 SG CIB 2,153, 2.3% 18 Santander 1,466 2.6% 22

Total 62,459 94,409 57,443

(Source) Dealogic

11

16,227

13,451

9,8489,003

8,054 7,555 7,277 6,884 6,3945,647

139

112

80 73 80 77

53 4867

25

0

30

60

90

120

150

180

0

3,000

6,000

9,000

12,000

15,000

18,000

MitsubishiUFJ

SMBC MizuhoFinancial

BNP Paribas CreditAgricole

ING CBA HSBC SocieteGenerale

SBI Capital

Amount in USD (m) No of deals

BTMU’s Global Presence in Project Finance

Consistently Positioned as a Top PF Bank

Appendix. Introduction of MUFG Contact List

Mandated Lead Arranger Ranking Full Year 2014

Rank Arranger Amount in USD million Share No. of Deals

1 MUFG 16,227 6.1% 139 2 SMBC 13,451 5.1% 112�

3 Mizuho 9,848 3.7% 80

4 BNP Paribas 9,003 3.4% 73

5 Credit Agricole 8,054 3.1% 80

6 ING 7,555 2.9% 77

7 CBA 7,277 2.8% 53

8 HSBC 6,884 2.6% 48

9 Societe Generale 6,394 2.4% 67

10 SBI Capital 5,647 2.1% 25

! BTMU is a major Project Finance houses on a global basis.

! BTMU was Awarded Global Bank of the Year 2013 and 2011 by PFI.

! BTMU was ranked 1st globally and in Americas in 2013 full year league table by PFI.

! BTMU is consistently positioned as a top global project finance bank: " Sole bank consistently

ranked within top 10 over the last 12 years globally.

" Sole Japanese bank ranked within top 10 over the last 12 years globally.

(Source) Project Finance International (2014)

(USD (m))

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Contact ListAppendix. Introduction of MUFG Contact List

Masayuki Fujiki Head of Asian Origination Team 81-3-6259-2519 masayuki_fujiki@mufg.jp

Tomonori Miyagawa Senior Manager 81-3-6259-2366 tomonori_miyagawa@mufg.jp

Hideto Shimonishi Manager 81-3-6259-2396 hideto_shimonishi@mufg.jp

Tomohiro Komuro Manager 81-3-6259-2391 tomohiro_komuro@mufg.jp

Chika Fukuyama Manager 81-3-6259-2380 chika_fukuyama@mufg.jp

Mizuho Nishi Associate 81-3-6259-2317 mizuho_nishi@mufg.jp

Takahiro Inoue Associate 81-3-6259-2392 takahiro_3_inoue@mufg.jp

Asian Origination Team

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Disclaimer

The information herein is provided for information purposes only, and is not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. Neither this nor any other communication prepared by The Bank of Tokyo-Mitsubishi UFJ, Ltd. (collectively with its various offices and affiliates, “BTMU”) is or should be construed as investment advice, a recommendation to enter into a particular transaction or pursue a particular strategy, or any statement as to the likelihood that a particular transaction or strategy will be effective in light of your business objectives or operations. Before entering into any particular transaction, you are advised to obtain such independent financial, legal, accounting and other advice as may be appropriate under the circumstances. In any event, any decision to enter into a transaction will be yours alone, not based on information prepared or provided by BTMU. BTMU hereby disclaims any responsibility to you concerning the characterization or identification of terms, conditions, and legal or accounting or other issues or risks that may arise in connection with any particular transaction or business strategy. Note that BTMU may have issued, and may in the future issue, other reports that are inconsistent with or that reach conclusions different from the information set forth herein. Such other reports, if any, reflect the different assumptions, views and/or analytical methods of the analysts who prepared them, and BTMU is under no obligation to ensure that such other reports are brought to your attention.

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