Wind Energy in Vietnam Export Finance in Asia with LBBW.

LBBW at a glance. Some of our key business partners One of the Top 5 German Banks with total assets of EUR 266bn (USD 287bn) as of December 31, 2014. Universal bank with over 200 offices world-wide 17,000 retail branches (savings banks) in Germany Coverage of large and medium-sized enterprises in Germany, Austria and Switzerland Approx. 12,000 employees worldwide Singapore Branch as regional hub for ASEAN Asian Branches and Representative offices in Seoul, Mumbai, Jakarta, Hanoi, Shanghai, Beijing and Tokyo 2

Rhineland-Palatinate LBBW at a glance. Global network of LBBW German Centre LBBW locations abroad EUROPE: Prague, Vienna, Zurich Beijing Hanoi Singapore Mumbai London Mexiko City New York Sao Paulo Tokyo Moscow Dubai Seoul Jakarta Shanghai Delhi/ Gurgaon GERMANY Rhineland-Palatinate Saxony Baden-Württemberg 3

Our Expertise in Export Financing. To support their exporters, many countries have mandated privately managed Export Credit Agencies to provide sovereign cover to finance worldwide supplies to importers. LBBW supports Asian importers by providing tailor-made long term financing solutions. We offer experienced global teams with extensive knowledge close cooperation and personal contacts with the ECAs supplemental product range such as down payment financing, financing of local costs, bridge financing etc. With our strong team of specialists, we have an excellent track-record in this field. We work closely with the export credit agencies of Germany, Austria, Switzerland, and others. 4

Export Financing with LBBW. General Description of an ECA Buyer’s Credit Loan for long term financing of capital goods and services based on ECA cover (for example Euler Hermes) Direct disbursement to Exporter or Reimbursement to Importer who pays under an LC Minimum amounts: EUR/USD 2m 5

Optional: Insurance on the completion risk ECA covered Export Credit financing. Structure of a Buyer’s Credit- Direct disbursement variation Exporter Commercial contract Importer (Borrower) Loan disbursement Optional: Insurance on the completion risk agreement Loan Repayment of loan Export Credit Agency Insurance on the credit risk 6

ECA covered Export Credit financing. Key numbers ≤85% of the supply contract amount (plus ECA related costs) ≥15% down- or interim payment is required 7

ECA covered Export Credit financing. Tenors (up to…) (2) + (10) A delivery/construction/disbursement phase of up to two years is possible. Depending on the loan amount, up to 10 years tenor for the repayment period are available (in some cases up to 20 years). ( 1) + (5) For loan amounts below EUR 10m, the usual disbursement phase is 1 year. For loan amounts below EUR 10m, the maximum repayment tenor is 5 years. The maximum tenor of the buyer credit is determined by the ECA based on the nature of goods supplied and the amount of the commercial contract. Euler Hermes (German ECA) requires that the entire repayment tenor shall not exceed 10 years from the starting point. Longer tenors are available for project financings and certain industries. 8

ECA covered Export Credit financing. Key numbers 95% political and commercial risk insurance cover issued by the ECA of the Exporter’s country on the loan amount, in favor of the bank. (100% for some ECAs). Coverage is available in major currencies for fixed or floating rate loans. The ECA premium for cover is determined by the buyer’s rating, the country risk and the tenor of the loan. 50% usual requirement for delivery content from the originating country. 9

Our experience with ECA covered financing in the wind energy sector LBBW has financed projects in Vietnam, Turkey, and other countries Were part of one of the largest wind park projects in Vietnam Our focus is on financing the underlying assets of such projects based on corporate risk Lessons Learned Difficult process of negotiating the PPAs Possible conflict between the ambition to have high local content and requirements for goods origin from ECA’s point of view Difficult to receive transparency regarding feed-in tariff We only use bank-to-bank structure instead of bank guarantees

Export Financing with LBBW. LBBW is able to offer low-cost long term financing for your machinery and equipment imports. Summary benefits of LBBW’s ECA-covered financing to you: Low floating or fixed interest rates ECA cover as collateral Long term financing – up to 15 years Independent from domestic bank lines Independent from local economic environment Used as a Sales-Tool to make projects viable Cash transaction to the Exporter 11

Your contact: LBBW Singapore Branch 25 International Business Park German Centre #01-72 Singapore 609916 Dominik Zimmer Head of ECA Desk Asia Tel: +65 6562 9279 (Direct) dominik.zimmer@LBBWsg.com Michael Sunjic-Peier ECA Desk Asia Tel: +65 6562 9244 (Direct) michael.sunjic-peier@LBBWsg.com