Tap inTo The neTwork of Top projecT Developers anD · PDF fileTransCapital Holdings Troutman Sanders LLP Tyr Energy, Inc. Union Bank US Industrial Pellet Association US Renewable Group

Tap inTo The neTwork of Top projecT Developers anD capiTal proviDers as They GaTher To seT The

Deal MakinG aGenDa for 2014!

An Infocast Deal Working EventJanuary 14-16, 2014 l Harrah’s New Orleans l New Orleans, LA

®

Supporting Sponsors:

Platinum Sponsors:

Reception Sponsor:

ExEcutivE BriEfing

Hunter Armistead Executive Director PATTERN ENERGY

Jeff W. Eckel President & CEO

HANNON ARMSTRONG SUSTAINABLE

INFRASTRUCTURE

Gaetan C. Frotte Vice President,

Assistant Treasurer NRG ENERGY

The search for low cosT capiTal: yielDcos, reiTs,

anD canaDian incoMe TrUsTGet the latest information about one of the hottest topics in project finance from the

companies leading the quest to tap into the pool of yield-oriented investors

Silver Sponsor:

hear from industry players on the Disruptive forces

Transforming the existing power industry – and the new opportunities These epochal

shifts are creating!

Gold Sponsors:

SET UP MEETINGS WITH OTHER PARTICIPANTS BEFORE THE EVENT.

As a confirmed attendee, one week prior to the event you will receive an email with a password granting you exclusive access to all other attendees so you can set up face to face meetings before the event.

INFOCAST DEAl WORkING EVENTS

Infocast Deal Working Events facilitate dealmaking by providing up-to-the-minute market intelligence and valuable insight from leading players on conditions in the current market. The events are powerful networking gatherings that put active market deal-makers face-to-face, providing a robust environment for establishing the valuable relationships that can result in successful deals.

Once again, this January, leading project developers and the financial community will gather in New Orleans to kick off their year at Projects & Money. This dynamic event has developed a growing, dedicated following by creating a powerful venue for the project finance community to connect, share information about upcoming project opportunities and hear the best available outlook on the financing landscape and deal making opportunities. Projects & Money is truly the “one stop meeting central for project professionals”…what one attendee calls “a definite annual calendar event.”

Projects and Money is the place where you can get the latest information about what financial alternatives you can turn to in the market and determine how to get financing for your project. It is your chance to stay ahead of the market and find out what doors are open and available for business.

Networking also plays a key role at Projects & Money. The hallways are always filled with key players from the project community sharing their plans for the upcoming year and discussing new opportunities that will lead to successful deals.

Projects & Money is the ideal way to launch your 2014 calendar year!

ABOut PrOJEctS & MOnEY

Media Partners:

connect with us

The power industry is on a quest to access cheaper sources of capital. That quest is now focused on tapping into the pool of yield-oriented investors. During the Briefing, you will hear from the players that are successfully bringing YieldCos, REITs and Canadian Income Trust to market. How hard is it to do? What are the stumbling blocks? What do you really need to do to make it work? What are the risks? These leading players will provide an in-depth examination of these questions, explore the strategies for using these vehicles and help you understand whether these structures are right for you.

ABOut tHE ExEcutivE BriEfingThe Search For Low Cost Capital: Yieldcos, REITS, and Canadian Income Trust

Where Hedge Funds and Investors Come Together

EARLY BIRD

ENDSDEC. 13, 2013

Partial List of Distinguished industry Experts

Just Some of the Companies that Participated in Previous Editions of Projects & MoneyAccess IntelligenceACES Power MarketingAkin Gump Strauss Hauer & Feld LLPALLETE Clean EnergyAlpha Power DevelopmentAmerican Electric PowerAndrews Kurth LLPArcLight Capital Partners, LLCAres ManagementAtlantic PowerBaker & McKenzie LLPBaker Botts LLPBallard Spahr LLPBank of IrelandBank of America Merrill LynchBayernLBBBVA Securities, Inc.BCP Engineers & ConsultantsBechtelBibb Engineers, Architects and ConstructorsBingham McCutchen, LLPBlack & VeatchBMO Capital MarketsBNP ParibasBNPP ParibasBorden Ladner Gervais LLPBorealis InfrastructureBP Energy, Co.BP Wind EnergyBracewell & Giuliani LLPBrookfield Renewable PowerCalifornia Public Employess Retirement

System (CalPERS)Calpine CorporationCanadian Solar, Inc.Canaris Capital LLCCapital Power CorporationChadbourne & Parke LLPCharles River AssociatesChevron Energy Solutions CompanyChicago Title Insurance CompanyCIBCCIT GroupCoBankCoBank, ACBCompetitive Power VenturesCorval Group, Inc.

Hess CorporationHirschler FleischerHunt Consolidated, Inc.Hunton & WilliamsIberdrola RenewablesIBEW, Local 18ICF InternationalING Capital LLCInstitutional Investor NewsIntesa SanpaoloInvenergy LLCInvestec North AmericaJohn HancockJoule EnergyJP Morgan CommoditiesLakeside EnergyLandesbank Hessen-Th?ringenLBBWLloyds Bank, Wholesale Banking & MarketsLoeb and Loeb LLPLongsol Energy LLCLuminate LLCMacquarieMacquarie Energy LLCManulife Financial Corp.Marathon CapitalMBF Energy Partners, LLCMcDermott Will & Emery LLPMilbank, Tweed, Hadley & McCloy LLPMitsubishi UFI Securities, Inc.Mitsui & Co., Ltd.Moody’s Investors ServiceMoelis & CompanyMorgan StanleyMorgan, Lewis & Bockius LLPMPR Associates, Inc.NAES CorpNautilus Solar Energy, LLCNavasota EnergyNew Energy CapitalNextEra EnergyNixon Peabody LLPNoble Environmental PowerNodal Exchange, LLCNORD/LBNorthWinds AdvisorsNV Energy

DAI Management Consultants, Inc.DAK Renewable EnergyDC EnergyDenham Capital ManagementDeutsche BankDexia Global Structured FinanceDiamond Generating CorporationDickstein Shapiro LLPDLA Piper LLPDNP BankDNVDominion Transmission, Inc.Duke EnergyDuke Wind RenewalDZ BANK AGEBF & AssociatesElement Power US LLCEnergy Investors FundsEnergy Storage & Power LLCEnergy Title ServicesEquiPower Resources Corp.Eurus Energy AmericaEwing Bemiss & Co.Excalibur Industries, Inc.Farm Credit Commercial Finance GroupFederal Energy Regulatory CommissionFidelity National Financial UCCPlus Risk

Management DivisionFidelity National TitleFidelity National Title Insurance CompanyFieldstoneFiera Axium InfrastructureFirst American TitleFirst American Title InsuranceFirst Reserve CorporationFoley & Lardner LLPForsite DevelopmentFortistarFortress Investment GroupGDF SUEZ Energy North, Inc.GE – EFSGE Capital MarketsGoldman Sachs & Co.Harbert PowerHarris Group IncHelabaHelaba New York Branch

Oak Creek EnergyOCI Solar PowerOnForce SolarOntario Power AuthorityOrrick, Herrignton & Sutcliffe, LLPOwnEnergyPattern EnergyPatton Boggs, LLPPike Enterprises, LLCPillsbury Winthrop Shaw Pittman LLPPower EngineersPower Finance & RiskPowerFin PartnersPower IntelligencePricewaterhouseCoopersPrudential Capital GroupRabobankRaymond JamesRiverside AdvisorsSantander Global Banking & MarketsShaw Consultants International, Inc.Sidley Austin LLPSigma Energy SolutionsSkadden, Arps, Slate, Meagher & Flom LLPSociete GeneraleSoCore EnergyStewart GuaranteeStoel Rives LLPSynergics InfraFundTenaska Capital ManagementTetra TechThe Bank of Tokyo-Mitsubishi UFJ, Ltd.TransCapital HoldingsTroutman Sanders LLPTyr Energy, Inc.Union BankUS Industrial Pellet AssociationUS Renewable GroupW Power, LLCWells Fargo BankWilmington Trust CompanyWilson Sonsini Goodrich & RosatiWinstead PCWood GroupXcel EnergyZeaChem Inc.Zions Bank

Manuel Alvarez, Principal Advisor, Regulatory Affairs,

SOUTHERN CALIFORNIA

EDISON

Richard B. Bates, Chief Development

Officer, DUKE ENERGY

Jean-Pierre Boudrias, Vice President, Head of Project Finance,

GOLDMAN SACHS

Ralph Cho, Co-Head of Power,

INVESTEC SECURITIES

Gregory Cook, Director of Market and

Infrastructure Policy, CALIFORNIA ISO

Doug Egan, Chairman &

Executive Officer, COMPETITIVE

POWER VENTURES

Ed Feo, Chief Operating

Officer, CORONAL

MANAGEMENT

Robert Hutchinson, Managing Director,

ROCKY MOUNTAIN INSTITUTE

Drew Murphy, Senior Managing

Director, MACQUARIE

INFRASTRUCTURE

William C. Nordlund, Managing Director,

PANDA POWER FUNDS

Jack Paris, Managing Director,

CITI-POWER INVESTMENT

BANKING

Andrew Schroeder, Senior Partner,

ENERGY INVESTORS FUNDS

Tom Swank, Senior Vice President, QUANTUM UTILITY GENERATION, LLC

William Taylor, III, Vice President, Government &

Regulatory Affairs, CALPINE

CORPORATION

What Participants Said About Previous Projects & Money Conferences:

“The Oscars of project finance meetings!”— John May, Managing Director, STERN BROTHERS & CO.

“The conference is amazing. The premium gathering of minds in the power and energy space. I particularly enjoyed the depth of coverage of key issues in Washington.”

— Nicholas Stone, Senior Reporter, POWER INTELLIGENCE

Pre-Summit Executive Briefing

Welcome and Introduction by the Briefing ChairTodd G. Glass, Partner, WILSON SONSINI GOODRICH & ROSATI

YieldCos: Strategy, Legal Considerations and Market Factors » What has or is being attempted to bring YieldCos to market? » What are the benefits and risks of this vehicle? » In what ways can they be used? » What are the legal structure options and their pros and cons? » What is the story you need to tell investors? » What type of product do you need to develop for them? What kinds of assets can

be packaged? » How do you determine the right window for tapping into the market? » How hard is it to do, what are the odds you can make it happen and what are the keys

to success? » What are the consequences of this vehicle when interest rates rise? » What is the impact on the parent?

Moderator:Peter D. Mostow, Partner, WILSON SONSINI GOODRICH & ROSATI

Panelists:Blake London, Equity Capital Markets, CREDIT SUISSEAndrew Redinger, Managing Director, KEYBANC CAPITAL MARKETSRaymond Wood, Head of U.S. Power and Renewables,

BANK OF AMERICA MERRILL LYNCH

Case Study: NRG Yield Inc.In this case study, Mr. Frotté will talk about the strategy and experience with NRG Yield Inc.

» What was NRG’s thought process in YieldCo? » Why did it pursue this strategy? » How did it set up NRG Yield Inc.? » What kinds of assets did it feel were well suited to be placed into the vehicle? » What are its expectations in lowering its cost of capital? » What has been its experience so far?

Gaëtan C. Frotté, Vice President, Assistant Treasurer, NRG ENERGY

Other Experiences with Evaluating YieldCos In this session, other companies evaluating yieldco opportunities will share their experience and discuss what they have learned along the way.

Hunter Armistead, Executive Director, PATTERN ENERGYJeff Cast, Vice President Finance, TERRA-GEN POWER

The Search for Low Cost Capital: YieldCos, REITS, and Canadian Income TrustTuesday, January 14, 2014 • 8:00 a.m. – 5:15 p.m.

The Canadian Equity Market and Foreign Asset Investment Trust (FAIT)

» What has and is being attempted to bring YieldCos to market in Canada? » What are the unique attributes of the Canadian market? » In what ways can it be accessed? » What are the legal structure options and their pros and cons? » What is the story you need to tell Canadian investors? » What type of product do you need to develop for them? What kinds of assets can

be packaged? » How do you determine the right window for tapping into the market? » How hard is it to do, what are the odds you can make it happen and what are the keys

to success?

Stuart Lochray, Director, Investment Banking, SCOTIA CAPITAL INC.

REITs: Strategy, Legal Considerations and Market Factors » What power-related REITS have come to market and how are they

being used? » What are the benefits and risks of this vehicle? » In what ways can they be used? » What is the current environment at the IRS for getting private letter rulings? » What innovate structures are being tried in getting private letter rulings? » How long does it take to get a ruling? » What lessons can be learned from cell-phone tower REITs?

Gregory F. Jenner, Partner, STOEL RIVES LLPAdditional panelists to be announced

REIT Case Study: Hannon Armstrong Sustainable Infrastructure » What is the process you went through? » What was your experience with the private ruling process? » How did you set up the REIT? » How do you intend to use this structure? » What are your expectations in lowering their cost of capital? » What has been your experience so far?

Jeff W. Eckel, President & CEO, HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE

Executive Briefing Adjourns

Networking Break

Group Luncheon

Networking Break

What Participants Said About Previous Projects & Money Conferences:

“Projects & Money was the most informative conference I’ve attended in the last year!”— Bob Kraft, CEO, ENERGY STORAGE & POWER

“Topics, panels and location are all on point. Far more focused on our business than many other conferences… This Conference is perfectly positioned to kick-off the calendar year.”

— John O’Rourke, Advisory Board Member/Partner, TRANS CAPITAL HOLDINGS

“I am finding Projects & Money summit very stimulating…. The topics covered by the panelists were very pertinent. The content of the conference as a whole is excellent and the panel on The Changing Commercial Debt Market Lanscape was a powerful panel.”

— Mary Power, Consultant, LANDESBANK BAKEN-WUERTTENBERG

“This is always my favorite conference – Projects & Money Live is a great format and fun to watch.”

— Anntonette Alberti, Vice President, TETRA TECH

“Great event as usual. I enjoyed the political outlook.”— Cristopher Farrar, Of Counsel, DLA PIPER

EARLY BIRD

ENDSDEC. 13, 2013

Wednesday, January 15, 2014 8:00 a.m. – 12:30 p.m. • The Harrah’s Theatre

Wednesday, January 15, 2014 12:30 p.m. – 5:30 p.m.

Projects & Money Agenda

Welcome and Introduction by the ChairmanBernays T. (Buz) Barclay, Managing Director, MARATHON CAPITAL

Demand Growth—Or Is It Demand Decline?The traditional thinking that power demand will recover with an economic recovery is being radically shaken by the convergence of new trends and disruptive forces that not only call into question future demand growth but challenge the very foundation of utilities and central generation. For IPPs looking for PPAs or to invest in competitive markets, the consequences may be profound. Projects & Money Live will kick off with a wide-ranging review of the disruptive forces set to transform the existing industry landscape.

ModeratorKeith Martin, Partner, CHADBOURNE & PARKE, LLP

The Outlook for Electricity DemandWe are all in the business to sell a product (electricity). Demand for the product in the U.S. has been growing at a 0.7% annual rate in the last decade. The entire growth in demand the last three years will be offset by the move away from 100-watt incandescent light bulbs. Technological and market changes will affect demand – for example, construction or more large “big data centers,” widespread installations of rooftop solar panels and other forms of distributed generation, moves to electric cars and more energy efficient buildings. Retirements of coal-fired power plants could create opportunities for new suppliers. Low gas prices will affect how much opportunity there is for renewables developers to replace coal.

Panelists:Robert Hutchinson, Managing Director, ROCKY MOUNTAIN INSTITUTEJames Turnure, Director, Office of Energy Consumption and Efficiency Analysis,

US ENERGY INFORMATION ADMINISTRATION

Pressure on the Business ModelMany long-standing business models are under pressure: newspapers, retailing, the recording industry, book publishing, law firms and regulated utilities. Rooftop solar, fuel cells, small CHP and other forms of distributed generation threaten to undermine the traditional utility model. How do the two co-exist? Who will pay for the wires? Most of the big IPPs that grew up under PURPA are now gone. What will power companies of the future look like?

Panelists:Sonia Aggarwal, Director of Strategy, ENERGY INNOVATIONEd Feo, Chief Operating Officer, CORONAL MANAGEMENT

How Changes in Law are Likely to Affect the Business ModelElectricity supply has never been a free market in the U.S. Utilities are regulated at the state level. The federal government led deregulation of electricity generation starting after the Arab oil embargo. States have forced greater reliance on renewable energy through RPS programs. The federal government has used tax incentives and other tools to influence the market. Carbon policy is likely to play a larger role in the future. How is government policy likely to shape the business model in the future?

Panelists:Katrina McMurrian, Executive Director, CRITICAL CONSUMER ISSUES FORUM*Additional panelists will be announced

The Project Finance ZeitgeistOnce again, the audience joins in via an electronic audience response system to provide their viewpoints and predictions on a variety questions regarding the future state of the project market. The instantaneous results have been highly regarded as valuable insights into the state of mind of the project community.

Bernays T. (Buz) Barclay, Managing Director, MARATHON CAPITAL

Welcome and Introduction by the Chairman

Natural Gas— The Big Game ChangerCheap and plentiful natural gas now occupies center stage in power industry thinking. It is obviously a huge game changer; but how will its effects really play out? The panelists will assess the factors that will likely drive the natural gas market in the future and what will be the short and long-term ramifications on the power industry.

» What is the macro outlook on natural gas supply, demand and pricing? » What might change the status quo in:

» Demand » Production

» Regulations on fracking and exports? » Will a growing export market create a global vs. a domestic pricing market in the U.S.? » What swings in oil and liquid prices would impact production of natural gas? » In what ways is the lack of a midstream infrastructure affecting power development

opportunities? What plans are underway to fix this? How is infrastructure constraints affecting prices?

» How has plentiful natural gas and low price forecast affected the opportunities to develop and operate projects in the marketplace: gas-fired and renewables

Panelists:Ross Ain, Executive Vice President, CAITHNESS ENERGY, LLCJeff W. Welch, Senior Vice President, Head of N. America Gas, EDF TRADING NORTH AMERICADr. Anthony Yuen, Global Energy Strategist, CITIGROUP GLOBAL MARKETS, INC.

Renewable Energy Projects: Optimizing the Capital StructureGiven the competitive nature associated with developing renewable projects, how can developers optimize around a project’s capital structure to create a competitive advantage. Recent deal volumes seem to indicate that tax equity appetite has reestablished itself to levels witnessed prior to the financial crisis. In addition, the availability of debt/mezzanine funds may offer a compelling proposition to equity.

» How does current tax equity appetite compare to pre-crisis levels? » What is the preference for tax equity in terms of “fuel” type? » Back-leverage

» What do back-leverage deals look like? » Who is providing back-leverage debt? » How can senior debt be relevant in this structure? » What are the inter-creditor tension points?

» Can infrastructure funds meet the capital needs of renewable developers? » Is there a better alternative to tax equity/back-leverage financing for renewable assets?

Moderator:Clyde (Skip) E. Rankin, III, Partner, BAKER & MCKENZIE LLP

Panelists:Drew Murphy, Senior Managing Director, MACQUARIE INFRASTRUCTURE & REAL ASSETSCharles Spiliotis, Vice President, Corporate Development & Project Finance, FIRST WINDDarren Van’t Hof, Director of Business Development, Renewable Energy Investments,

US BANK

The California Market—In Need of More CapacityThe California market is in a period of notable transition with a lot of moving parts in play. In the next few years, a lot more development activity is projected. In this session, the panelists will explore the upcoming opportunities and assess whether the California market will be good for developers.

» What opportunities will the retirement of SONGS and the impending closure of once-through cooling plants create for IPPs?

» How are emerging utilities’ and IPPs’ new generation proposals shaping the landscape for new gas-fired and renewable PPA opportunities?

» What are the opportunities and potential impacts on transmission and wholesale markets from AB 2514—the procurement of 1.3 gigawatts of storage?

» What impacts is California’s cap and trade program having on the market? » How can ERCs be issued for new development? » What is the potential disruptive impact of net metering changes, demand response and

distributed generation on wholesale markets? » What are the prospects of a capacity market emerging? » What is the status of implementing incentives for flexible capacity?

Moderator:Larry F. Eisenstat, Partner, CROWELL & MORING, LLP

Panelists:Manuel Alvarez, Principal Advisor, Regulatory Affairs, SOUTHERN CALIFORNIA EDISONGreg Cook, Director of Market and Infrastructure Policy, CALIFORNIA ISOJan Smutny-Jones, Executive Director, INDEPENDENT ENERGY PRODUCERS ASSOCIATION

Projects & Money Reception hosted by:

Networking Break and Private Meetings

Networking Break and Private Meetings

*Invited

Group Luncheon

Thursday, January 16, 2014 • 7:30 a.m. – 5:30 p.m.

Projects & Money Agenda (continued)

Welcome and Introduction by the Chairman

PJM—Can I Get a Good Price Signal Please?PJM capacity market design and erratic pricing signals have dismayed many developers. How can developers get a good read on the market? This session will provide an update on the current big issues that are encouraging and discouraging investment in PJM.

» Is the current capacity bidding process adequate to bringing resources to the market? If not, what needs to be fixed?

» How do PJM and the regulators view the proper role of contracted vs. capacity and energy markets to create the right incentives?

» How is the controversy surrounding state initiated unilateral contracts playing out and what is its effect on new capacity investments?

» How much capacity will really be needed? » What kind of generation will succeed in the current market structures? » What impact are mitigation rules for utility service territory and technology having on

the market?

Moderator:Roger D. Stark, Partner, STOEL RIVES LLP

Panelists:Timothy C. Burdis, Strategist, Market Strategy Development, PJM INTERCONNECTION, LLCDoug Egan, Chairman & Chief Executive Officer, COMPETITIVE POWER VENTURESDavid Perez, Head of Power Origination, ETC ENDURE ENERGYJohn E. Shelk, President & Chief Executive Officer,

ELECTRIC POWER SUPPLY ASSOCIATION (EPSA)

The Texas Market—Well, What’s It Going to Be?Texas has a serious resource adequacy problem and, with coal plant retirements looming on the horizon, Texas needs more generation. The big question is how will that come about? Right now ERCOT is counting on merchant power. Will this continue? This session will examine the current status of the market and provide an outlook on its future.

» How are existing merchant plants making out? » What are the opportunies for more merchant plants? » What is the outlook that a capacity market will be created? » How would this affect existing merchant plants? » How would old and new generation be integrated? » What is the impact of transmission mitigation on the market? » Is this a good market for developers?

Panelists:Joel Mickey, Director of Grid Operations,

ELECTRICITY RELIABILITY COUNCIL OF TEXAS – ERCOT Karthik Rajan, Regional Vice President, ERCOT Sales, GDF SUEZ ENERGY RESOURCES, NA William Taylor, III, Vice President, Government & Regulatory Affairs, CALPINE CORPORATION

Quasi-Merchant Plants and the Available Financing MarketsMerchant projects have been a theme in the markets. In an environment where economic contracts are hard to come by, developers are often asking “How can I finance a project without contracts?” This session will explore the answer to that question in conjunction with evaluating the pros and cons of tapping into either the bank loan or Term Loan B market.

» Where is the market headed on merchant plant development? » What do the financing terms look like for developers getting a project done without a PPA? » For recent merchant projects, how have developers convinced investors to share their view? » Who is taking the risks of doing a merchant deal? » How are merchant project risks being mitigated? » Financing merchant power in the bank and Term Loan B markets

» Who are the key players in both these markets today? » What will rising interest rates mean to the investor pool and access to the market? » Does the type of project and deal size impact determining which market to play in? » What are the differences in financing terms between these markets? » What are the advantages vs disadvantages of each market?

Moderator:Patrick W. Lynch, Partner, CROWELL & MORING, LLP

Panelists:Gary Fabris, Vice President & Sales Manager, SIEMENS FINANCIAL SERVICESDonald B. Kyle, Senior Managing Director, GE CAPITAL MARKETS, INC.Max Lipkind, Vice President, CREDIT SUISSEWilliam C. Nordlund, Managing Director, PANDA POWER FUNDSSteve Ryder, Senior Vice President – Finance, INVENERGY LLC

2013—Project Finance in ReviewBefore looking at the financing outlook for 2014, this session will provide a wrap of project financing 2013.

» Marquee deals that marked 2013 » Who played in them » What the structures looked like » Why they were done this way » What makes them special » Where investor appetites were

Jean-Pierre Boudrias, Vice President, Head of Project Finance, GOLDMAN SACHSRalph Cho, Co-head of Power, INVESTEC SECURITIES

Bank Debt and the Private Placement Project Bond Market—The Return of LiquidityAfter a couple of years of contraction, the bank debt market is on a come back and instiutional investors continue to remain an active source of financing. This panel of bankers and institutional investors will provide the latest information on what to expect from the bank debt and private placement market in 2014.

» Where is the bank debt market and where is it going? » What kinds of project financings are getting done now? » What are the requirements? » What is the pricing? » How are tenors shifting? » How are structures changing? » What type of projects are or are not attractive to lenders? » Are any non-investment grade deals possible? » Will they play in hybrid merchant? What does it have to look like?

» What kind of paper are institional investors buying? » What are they paying for it? » What kind of covenants are they expecting? » What type of sponsors are they looking for? » Are they doing non-investment grade? Why or why not?

Moderator:Chris Groobey, Partner, WILSON SONSINI GOODRICH & ROSATI

Panelists:Erica Egan, Senior Vice President, Corporate Finance, LANDESBANK HESSEN-THURINGENRecept C. Kendircioglu, CFA, Managing Director, Power & Project Finance Team,

JOHN HANCOCK LIFE INSURANCE COMPANYDaniel Mallo, Managing Director, Project and Structured Finance-Energy, SOCIETE GENERALECraig Robb, Managing Director, ZIONS ENERGY LINKAlex Wernberg, Managing Director, Head of U.S. Power, MUFG

The Rise of the Mezzanine Market—An Alternative Financing OptionFor developers that need extra capital on top of the senior debt, the mezzaine market offers an option to look into. This session will explore the state of the mezzanine market and the type of financing alternatives it is offering project developers. They will also respond to this series of developer supplied questions.

» Who are the players in the market? » How much does it cost and what are the terms like? » What do I have to give up? » How much of my project are you going to take from me? » How likely is it that I am going to get?

Panelists:Brian J. Daly, Managing Director, BABSON CAPITAL MANAGEMENT, LLCDaniel East, Vice President, Energy Mezzanine Opportunities, THE CARLYLE GROUPStephen Petricone, Managing Director, FORTRESS INVESTMENT GROUP

The Project M&A MarketWhat happened in the M&A market in 2014? What is the market outlook for 2014? How is the market likely to respond to increases in interest rates? The panelists will provide their insights on the market.

» What assets are currently being traded? » What is the impact of financing and yield on valuations and deal volume? » What discount rate is winning bids? » How will interest rate movements impact debt financing and risk appetite? » How do buyers and sellers protect themselves from the varability of the financial markets? » What is the general view on the disposition of utility assets? » How have recent merchant acquisitions panned out in light of today’s markets?

Moderator:Frank Lee, Partner, LOEB & LOEB LLP

Panelists:Richard B. Bates, Chief Development Officer, DUKE ENERGYTed Brandt, Chief Executive Officer, MARATHON CAPITALJack Paris, Managing Director, CITI – POWER INVESTMENT BANKINGAndrew Schroeder, Senior Partner, ENERGY INVESTORS FUNDSTom Swank, Senior Vice President, QUANTUM UTILITY GENERATION, LLC

Projects & Money Adjourns

Networking Break and Private Meetings

Group Luncheon

Networking Break and Private Meetings

What Participants Said About Previous Projects & Money Conferences:

“Great content, topics and speakers. Very timely – 1st of the year! Great location.”— Brett Challenger, Senior Vice President, COBANK

“Excellent conference to start the New Year!”— Skip Rankin, Partner, BAKER & MCKENZIE, LLP

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January 14-16, 2014 | Harrah’s New Orleans | New Orleans, LA

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Please make checks payable to: “PMA"

VenueProjects & Money 2014 will be held at:

Harrah’s New Orleans228 Poydras StreetNew Orleans, LA 70130(504) 533-6000Room Rate: $172.00Reservation Deadline:December 24, 2013Group/Reference Code:S01lPM4Reservation Call-In #: 1-800-427-7247