1

Strictly Confidential

Standard Chartered Bank

Renewable Energy & Environmental Finance

222

Listed on London and Hong Kong Stock Exchange

Focus on Asia, Africa and Middle East

Presence in London/EU, New York and Americas

Footprint covers 70 countries with 73,000 employees and 115 nationalities

“One-stop shop" bank across debt, M&A, equity and principal (250 professionals)

15,000 banking client relationships

Dedicated Renewable Energy & Environmental Finance (REEF) teams in London and Singapore

Standard Chartered Bank – 150 years and Growing

International footprintFocus on Asia, Africa and the Middle East

333

SCB’s Approach to Renewable Energy & Environmental Finance

Renewable Energy- Key Pillar of REEF

“REEF” – Global Issues / Local Deals

SCB footprint • 70% of population / 60% of energy growth

• 75% of CO2 growth• +/- 50% of key RE resource

Europe • Policy support • Implementation

experience

US • Policy Leader

• “Green” stimulus• “Best in class” Technology

and VC / PE

Cap

ital

, Pro

du

cts

Tech

, capital, P

rod

ucts

Sector / Policy is Global

Phase I : REEF strategy (present) focus

Phase II : REEF strategy (expanded) focus

Water/Waste

Agriculture / Forestry

Lan

d u

se, F

ore

stry

,

Bio

fu

els,

Bio

mas

s

Water - K

ey inp

ut to

Ag

ri.

• Energy for water distribution• Water in energy generation

Renewable Energy

+ Environmental

Finance

Renewable Energy (RE)

Phase I

Phase II

“You don’t solve problems using the same kind of thinking that got you into the problems in the first place” Albert Einstein

444

SCB Activities in REEF Sector

Policy / Strategic Initiatives

World Economic Forum – serving on the expert committee on Green Investing and Water initiatives

Member of Carbon Finance Working Group for Project Catalyst (McKinsey’s work to support the Global Deal)

Steering committee for IFC-McKinsey’s Global Microeconomics of Water Project

Corporate sponsors for McKinsey’s Climate Change Adaptation Project

Corporate Sponsors for the China Greentech Initiative – an in depth collaborative analysis into the Chinese Cleantech sector

Energy efficiency financing through a partnership with Asia Development Bank – worth >USD100m over 9 years

555

SCB Footprint – Endowed with Abundant Solar Energy

"I'd put my money on the sun and solar energy. What a source of power! I hope we don't have to wait till oil and coal run out before we tackle that" Thomas Edison (1931)

SCB Footprint

* Source: World Energy Assessment: Energy and the Challenge of Sustainability, UN/UNDP/World Energy Council, 2005** Source: New Energy Finance

SOLAR ENERGY

Regions circled have solar potential of 261,649TWh

- Global Electricity Generation in 2008 was 20,202TWh i.e. solar energy potential in selected regions 13x higher

Installed capacity estimated for 2008 of ~15 GW** - under 1% of the solar resource potential

Compelling scale and cost characteristics

Market growing at 40% - 50% CAGR

Global policy support strengthened with the government stimulus packages (US, China, South Korea, etc)

STANDARD CHARTERED BANK

60% of the global solar energy resource is in Standard Chartered Bank’s footprint

Many of our markets suffer from chronic under investment / undersupply in / of energy

Solar energy generating assets require significant project finance – core strength of Standard Chartered Bank

Many of our clients, including corporates, financial sponsors, and development organisations are interested in solar

666

Solar Energy Sector – Markets & Applications

< 10kW 10 to

100kW

100kW to

1MW

1 to

10MW

10MW to

100MW

> 100MW

Non-Tracking PV

Tracking PV

Concentrated PV

Dish-Engine

Parabolic Trough

Power Tower

Linear Fresnel

2008 Solar Demand

2009 Solar Demand (estimated)

Main Geographies

World solar PV market installations reached a record high of ~6.0 GW in 2008 and cumulative PV power installed totalled ~15 GW compared to ~9 GW in 2007

Europe leads the way with ~9 GW representing ~65% of the global cumulative PV installed capacity (with Japan and the US at 2.1 GW and 1.2 GW, respectively)

Current solar market so far dominated by small scale, residential PV installations

Increased government support – particularly in the form of feed-in tariffs – is driving momentum in the utility scale installations (PV and Concentrated Solar Power (“CSP”) in particular)

TE

CH

NO

LO

GY

PV

CSP

MARKETS

SERVED UTILITY

COMMERCIAL

RESIDENTIAL

~ 1.7 GW (28%) ~ 1.6 GW (27%) ~ 2.8GW (45%)

INSTALLATION SIZE

Germany Spain, Germany US, Spain

Distributed generation: <10KW – 1MW; Central Generation: <1MW - >100MW

(i) Residential: Residential Buildings (ii) Commercial: Commercial / Industrial Buildings (iii) Utility: Large Scale

Source: Prometheus Institute; Solarbuzz; Barclays Capital Research; Standard Chartered Bank Analysis

~ 2.0 GW (44%) ~ 1.2 GW (26%) ~ 1.4 GW (30%)

777

CSP Technologies

Trough Linear Fresnel Tower Dish Engine

Commercial Experience

>20 years - < 2 years -

Technology Risk Low Medium Medium High

Optimal Scale / Modularity

50MW to > 100MW

50MW to > 100MW 50MW to > 100MW 100kW to > 100MW

Construction Requirement

Demanding Simple Demanding Moderate

Operating Temperature (oC)

400 oC 316 oC 250 – 500+ oC 800 - 900 oC

Efficiency (%) 11 – 14 % 9 -11 % 15 – 22 % 24 – 31 %

Storage Yes Yes Yes No

LCOE ($/kWh)Current:: 0.12 – 0.17

Future: 0.06 – 0.08

Current:: 0.10 – 0.15

Future: 0.06 – 0.08

Current:: 0.12 – 0.30

Future: 0.06 – 0.08

Current:: 0.10 – 0.12

Future: 0.05 – 0.08

Water usage High Medium High Low

Land Requirement

High Low High Variable / Flexible

Leading Developers

Abengoa, Acciona,SkyFuel,

Solel, Solar Millenium,

Sopogy

BrightSource, eSolar, SENER,

SolarReserve, Abengoa

Ausra, Novatec Biosol, SkyFuel,

Solar Power Group

Stirling Energy Systems (SES), Infinia, Abengoa

• Scalability of CSP technology will drive the global increase in solar energy installed capacity

• Levelised Cost Of Energy (LCOE) – determining factor in establishing leading CSP technology and vis-à-vis other renewable energy technologies (e.g., become the First Solar of CSP)

• Flexibility around water, land, and components are key to the SES story / strategy

• Storage potential of most CSP technologies represents a comparative advantage to wind energy

ALTERNATIVE CSP TECHNOLOGIES

Source: Technology Innovation Report, Concentrated Solar Thermal, Cleantech Group, 2008; DLR; SCB research

888

Current Activity in the CSP Sector….

Activity Date Public Statement

Siemens acquisition of Israeli manufacturer and developer Solel Solar Systems for USD 418m (Solel H1 2009 revenues US$90m)

October 2009 "Siemens and Solel are a perfect match, and, In the future will be able to offer the key components for the construction of parabolic trough power plants from a single source and to further enhance their efficiency.”

Siemens acquired 28 percent stake in Italian solar company Archimede Solar Energy S.p.A., expanding its competencies for solar thermal power plants

March 2009 “Combination of both technologies will enable Siemens to enhance efficiency and reduce production costs for CSP.”

Solar Millennium and Man Ferrostal formed a JV to construct STEG power plants leveraging Man Ferrostal’s experience as plant constructor and general contractor. Man Ferrostal has also recently bought projects under construction by the JV

May 2007 “With this joint venture, we are consequently pursuing our strategy of cooperating with strong partners in the respective business sectors to optimally utilize market potentials."

Solar Reserve’s technology and engineering support from United Technologies

January 2008 “United Technologies provide a technology wrap for the equipment and technology, providing the guarantees and warrantees necessary to develop solar projects.”

BrightSource Energy will utilise its solar thermal technology for steam generation for Chevron at Chevron’s oil field in Central California

August 2009 "It gives BrightSource Energy an an opportunity for this potentially lucrative secondary market (steam generation) and help Chevron with carbon reduction."

Bechtel Corporation will build 440MW of solar plants in the Mojave Desert for BrightSource Energy. Bechtel Enterprises, the project development and financing arm of Bechtel Corp. will become an equity investor in all of the Ivanpah solar power plants.

September 2009 “Combining Bechtel’s world-class EPC capabilities with BrightSource’s leading solar thermal energy team is a natural fit.”

Luz II Ltd., a subsidiary of BrightSource Energy, and Dalkia, the energy division of Veolia group in Israel, have joined forces for the purpose of the construction of solar thermal plants in the Middle East

September 2008 “Combination of Dalkia’s expertise in the construction and development of solar plants and Brightsource’s technology.”

eSolar selected ABB because of its power generation balance of plant expertise, its ability to co-develop the balance of plant controls design and meet accelerated project schedule demands, and because ABB is an established international power and automation solutions provider

NRG and eSolar joined forces to develop 92MW of CSP projects in New Mexico – part of a wider 500MW of CSP projects in California and across the Southwestern United States

June 2009

May 2009

ABB - contracted to work with eSolar to tackle key challenges for large scale solar installations, (i) price, (ii) scalability, (iii) speed of deployment, and, (iv) grid impact.”

“NRG provides resources and development expertise to work alongside eSolar’s technology.”

Strategic Technology

999

Opportunities for CSP market development

Source: Concentrating Solar Power for the Mediterranean Region, DLR, 2005 (figures are average for country)

Supportive Regulatory Regimes

Regimes with Strong policy support in the form of PPA’s, FIT’s and wide ranging initiatives to promote renewable energy and in particular solar energy

US, West Coast – California

Spain

Italy, Portugal, Greece

Australia

Attractive Solar Resources

High Energy Density Levels – however with current low to medium level of Government Support

Egypt

Morocco

Algeria

Tunisia

Gulf Region

En

erg

y D

ensi

tykW

h /

m2 /

day

8.0

HighLow

4.0Government Support

6.0

California (7.50)

Germany (4.58)

Turkey (5.48)

Australia (5.89)

Greece & Italy (5.48)

Portugal (6.03)

Spain (6.16)

Egypt & Libya (7.67)

Jordan & Algeria (7.40)

Morocco (7.12)Mexico (7.00)Saudi Arabia (6.85)

Tunisia (6.58)

UAE (6.03)

Opportunity to strategically engage Development

OrganisationsKey North African Markets