Gladstone Coal-Fired Power Plant  Privatization and Project Financing A$750 million Australia Queensland Government     · Led the team at UBS that represented the Queensland Government in its sale of the Gladstone power plant to CRA.  · This was the first major project finance advisory assignment won by UBS in Australia and in Asia. · The mandate was won in competition with several major investment and commercial banks. Samalayuca 700 MW Power Plant Build-Lease-Transfer $715 million Mexico Transco Energy   I led the team that provided advice to a bidding group led by a subsidiary of Transco Energy (now American National Power).  The finance plan became the basis for Build-Lease-Transfer (BLT) projects in Mexico. American National Power engaged UBS for its next bid in Mexico. Lake Superior Paper Industries Paper Mill Project Lease $382 million Minnesota Pentair and Minnesota Power       · This was the first industrial project to use leveraged lease equity as project equity. · Lease debt and equity investors took real project risk--there were no contracts from paper purchasers and only limited cash deficiency agreements from the sponsors. · The lease and its front-ended lease payment added 20% to net income of one of the sponsors in the early years of the lease.

First Brands Glad Bag Plants LBO Refinancing $146 million               · This was the first large lease financing for a recent leveraged buy out. · Unlike most large leases, which were leveraged, these leases were executed as single investor leases to reduce the complexity of the transaction. · The lease structure substantially reduced the debt service of the company and the financial risk to the equity. · The rent structure added $40 million (about 10%) to the market value of the First Brands when it was brought public. Corpus Christi Refinery West Plant Expansion Leveraged Lease $306 million Texas Union Pacific     This leveraged lease financing: · Was the largest ever at the time it closed. · Was executed at an after-tax yield 600 basis points lower than the immediately preceding investment grade lease. · Was closed within 21 days of entering the market when leases of its type were expected to take six months to close. Beneficial Lease Portfolio Sale $414 million · The largest leveraged leasing portfolio sale executed as a single transaction. · Proceeds to the buyer were more than doubled by changing the tax structure of the transaction.