Sept 2012 Infrastructure Leasing & Financial Services Ltd., an Indian company whose shareholders include apan!

s "ri# $orp. %&'(1) and *+u ,ha+i Investment *uthority, is planning an initial pu+lic offering of its wind power unit in Singapore, said three people with -nowledge of the matter. .he company may file an initial application in the fourth /uarter and is see-ing to do the share sale in 2010, said two of the people, who as-ed not to +e named as the details are private. IL&FS may see- to raise a+out 12'0 million through the I2", the people said. IL&FS is involved in developing &,000 34 of power and ',000 -ilometers of transmission lines with investments of 5 6'0 +n %1&.6 +n). It has wind energy pro7ects in the states of .amil 8adu and 9a7asthan. une 1:, 2010 ;usiness trusts have caught the attention of Indian issuers struggling for e/uity fundraisings at home < the e/uity mar-ets have remained su+dued while Indian promoters have also +een reluctant to offload e/uity sta-es at low valuations. =4e have put in place a +usiness trust framewor- to allow asset owners to recycle their capital into new pro7ects via the e/uity mar-et +y attracting new private capital and retaining control of the assets at the same time,> said Lim ?ng @iang, Singapore!s minister for trade and industry, at the I8,I* I8F9*S.9A$.A9B F"9A3 today, which was 7ointly organised +y the Singapore B#change and $onfederation of Indian Industry. *t least three Indian issuers will +e listing their Singapore +usiness trust I2"s in 2010. "f the trio, 3C.9*? B8B9DC and I8F9*S.9A$.A9B LB*SI8D *8, FI8*8$I*L SB9EI$BS have already mandated their I2"s. .he third issuer is engineering, procurement and construction firm, L*9SB8 & ."A;9" or one of its group companies. IL&FS has made a preliminary regulatory filing for the AS12'0m<1000m Singapore +usiness trust I2" of its wind power assets. .he I2" is li-ely to ta-e place in *ugust or Septem+er and the yield is e#pected in the (F<10F range. ,eutsche ;an-, 2 3organ and 8omura have +een mandated for the I2". .he company!s we+site said the group commissioned wind power pro7ects totalling around 02'34 as of Septem+er. "cto+er 2010 Indian wind-power developers and a toll-road operator are flocking to list in Singapore, but they could be in for a bumpy ride thanks to India's struggles with a weaker currency and an ailing economy. Companies from the South Asian country seeking to unlock value from their assets are planning to raise close to S!" billion by listing business trusts in the city-state, where yield-hungry investors have pumped billions of dollars into trust listings this year. #irms that establish trusts get a chunk of capital as they sell shares in certain businesses, usually those that offer steady streams of income. $hey generally compensate investors by offering a guaranteed yield for a set period, funded by those cash flows. nlike India, Singapore has established a legal framework for trust listings, so Indian companies are seeking to take advantage of it. InfrastructureGdevelopment firm IL&FS Bngineering & $onstruction $o. '02(0:.;C H0.&0F IL&FS Engineering & Construction Co. Ltd. IndiaI 8SB 34.67 +1.27 +3.80% 8ov. 2(, 2010 2I02 pm

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9atio 8J* 3ar-et $ap K 0.0' ;illion ,ividend Cield 8J* 9ev. per Bmployee K 1:,':L,(00 is loo-ing to list a trust in Singapore comprising its windGpower generation operations for up to AS1'00 million, people with -nowledge of the deal said. Eice $hairman ?ari San-aran said IL&FS is in the process of complying with Singapore5s listing rules, +ut declined to ela+orate

Website
I%&#S 'roup has commissioned ()*." +, wind farms as of September ")-*. Wind Energy Projects in Tamil Nadu I%&#S .nergy /evelopment Company %imited 0I./C%1, a subsidairy of I%&#S, has implemented -2 .nercon .-2* turbines of 3)) k, each 0cumulative capacity of -"+,1 in $amil 4adu at $irunelveli district. 5ased on the data collected, the site comes under wind class II as per C-,.$ classification, which is considered to be one of the best sites for wind power generation. $he installed turbines in $amil 4adu site are connected to .nercon6s newly constructed Sub-Station at 7illayarkulam 8illage, $irunelveli /istrict with a capacity of " 9 "2 +8A $ransformer of voltage rating --):**;8.

1004

! o" !ind #o$er #ro%ects

IB,$L has +een an active player in the wind energy development which is a promising area in the 9enewa+le energy space in India. It has an installed capacity of 02'.L 34 in operation as of 2012. It is targeted to esta+lish greenGfield wind farms across various states in India with a cumulative capacity of appro#imately 1006 34 +y 2016 <ighlights of the business =

Supporting the clean energy and environment practice %everaging advantage of the attractive price policy:subsidy /eveloping pro>ects from concept to commissioning in record time, by leveraging in house technical e9pertise Short duration in reali?ing @AI

@isk diversification by spreading its pro>ects across the states of @a>asthan, $amil 4adu, +adhya 7radesh, 'u>arat, ;arnataka and Andhra 7radesh in India. $hus offsetting the risk and increasing its revenue coming from higher generation and higher tariff states #avourable revenue mi9 on account of different tariff policies such as #eed in tariffs, A77C tariff B @.C etc., across its sites. '5I and C.@ continue to be its other sources of income