P RESENTED B Y M R. A LI A SGHER K HAN P ARTNER, H AIDERMOTA BNR &C O. & M R. S ABOOR K ARAMAT A SSOCIATE, H AIDERMOTA BNR & C O.

O UTLINE  P ART I: W EB OF C ONTRACTUAL A RRANGEMENTS  P ART II: S ECURITY D OCUMENTATION AND S ECURITY C REATION  P ART III: K EY R ISKS & R ISK A LLOCATION  P ART IV: R EGULATORY C ONSIDERATIONS AND R ISK A LLOCATION  C ONCLUSION

P ART I: W EB OF C ONTRACTUAL A RRANGEMENT

W EB OF C ONTRACTUAL A RRANGEMENTS, C ONTINUED  S HAREHOLDERS A GREEMENT  S PONSOR A GREEMENTS  E QUITY OR SUBORDINATED D EBT  R ESTRICTION ON SHARE TRANSFERS  C OMPLETION G UARANTEES  C ONCESSION A GREEMENTS / I MPLEMENTATION A GREEMENT  P ROJECT D OCUMENTS  E QUIPMENT S UPPLY A GREEMENTS  E NGINEERING, P ROCUREMENT AND C ONSTRUCTION A GREEMENTS  O FF -T AKE A GREEMENT  O PERATIONS AND M AINTENANCE A GREEMENT  I NPUT S UPPLY A GREEMENTS  L AND D OCUMENTS  C ONSENTS AND A PPROVALS  B ONDS AND G UARANTEES

W EB OF C ONTRACTUAL A RRANGEMENTS (C ONTINUED )  F INANCING A GREEMENTS  L IMITED R ECOURSE L OANS  F INANCING AND T ERM S HEET  C OMMON T ERMS A GREEMENT  F ACILITY A GREEMENTS  P ROJECT F UNDS A GREEMENT  I NTER - C REDITOR A GREEMENT

S ECURITY D OCUMENTS AND S ECURITY C REATION  M EMORANDUM OF D EPOSIT OF T ITLE D EEDS (MODTD)  L ETTERS OF H YPOTHECATION (LOH)  S ECURITY T RUST D EEDS  A SSIGNMENT D EED  D IRECT A GREEMENTS  L ETTERS OF L IEN  S HARE P LEDGE A GREEMENTS

K EY R ISKS & R ISK A LLOCATION - I  P RE - P ROJECT D EVELOPMENT R ISKS  C ONCESSION B ONDS AND G UARANTEES  F EASIBILITY S TUDY  P ROJECT C OMPANY F ORMATION  A DVISORY FEES ( E. G LEGAL, TECHNICAL, FINANCIAL, INSURANCE ETC.)  A DVANCE P AYMENTS TO EPC C ONTRACTORS  A DMINISTRATIVE C OSTS

K EY R ISKS & R ISK A LLOCATION - II  C ONSTRUCTION C OMPLETION & C OMMISSIONING R ISKS  T ECHNOLOGY AND D ESIGN  P RICE  U NFORESEEN S ITE C ONDITIONS  A SSOCIATED I NFRASTRUCTURE & A NCILLARY F ACILITIES  T RANSPORTATION  C OMMISSIONING AND T ESTING  V ARIATION & C HANGE O RDERS  D ELAYS AND L IQUIDATED D AMAGES  P ERFORMANCE G UARANTEES AND L IQUIDATED D AMAGES  D EFECTS LIABILITY  C OST -O VERRUNS  F ORCE M AJEURE  C ONTRACTOR P AYMENTS – B ONDS AND G UARANTEES

K EY R ISKS & R ISK A LLOCATION - III  L AND R ISKS  D UE D ILIGENCE I SSUES  C LEAR T ITLE  E NCUMBRANCES  O PERATIONAL P ERIOD M ARKET R ISKS  P ERFORMANCE  O FF - TAKE AND P RICING  T AKE OR P AY  M INIMUM R EVENUE G UARANTEES  I NPUTS AVAILABILITY AND P RICING  P AYMENT S ECURITIES  F ORCE M AJEURE  M ACHINERY B REAKDOWN

K EY R ISKS & R ISK A LLOCATION - IV  F ORCE M AJEURE  R ELATIONSHIP WITH I NSURANCES  C OMPENSATION AND R ELIEFS  P OLITICAL R ISKS  C HANGE IN L AW  C HANGE IN T AXES AND CUSTOM DUTIES  C HANGE IN G OVERNMENTS ’ AND POLICIES  F OREIGN E XCHANGE A VAILABILITY  C ONSENTS AND A PPROVALS  L AW AND ORDER AND SECURITY SITUATION

K EY R ISKS & A LLOCATION - V  L OSS OR D AMAGE TO A SSETS  T ITLE TO A SSET R ISKS  E NVIRONMENTAL R ISKS  I NTELLECTUAL P ROPERTY R IGHTS R ISKS  E XCHANGE R ATE R ISK  I NSOLVENCY R ISKS  D EFAULT R ISKS  D ISPUTE R ESOLUTION  L IMITATION OF L IABILITY

S INDH P UBLIC P RIVATE P ARTNERSHIPS  S INDH P UBLIC P RIVATE P ARTNERSHIP A CT, 2010  S INDH P UBLIC P ROCUREMENT R ULES 2010  P ROCUREMENT R ISKS  T HE B IDDING P ROCESS  U NSOLICITED B IDS

F OREIGN F INANCING  I MPORT OF P LANT M ACHINERY  F OREIGN A CCOUNT I SSUES  N ON R ESIDENT P LEDGE I SSUE  A DVANCE P AYMENT R ELATED I SSUES

T HANK YOU