International Partner in Natural Resources Marrakech, April 30, 2004 Margrit Nzuki

1. NOT AN OFFICIAL UNCTAD RECORD InternationalPartner in Natural ResourcesMarrakech, April 30, 2004 Margrit Nzuki

2. Content • Why chose international partners to finance Oil & Gas projects in Africa • Advantages • Requirements • KfW as your international finance partner • Our approach • Experience in Africa • Guideline for eligible projects and structural elements • Lessons learned • Contacts

3. International Partners • Providing Political support • Technical Expertise • Providing access to international capital markets • Allows for diversified lending base over coming local constrains • Resources projects are typically of a scale to large for local/regional banking market • Enhancing project creditability

4. Our Value Proposition We add value to our clients’ projects by: • Long-term lending reflecting our continuous support throughout the project cycle • In-depth knowledge of our clients’ markets based on our sector expertise gained over years • Tailor-made financing solutions meeting our clients’ needs • Fast and reliable commitment to our partners at early project stages • Strong underwriting capacity • Long-term partnership with our clients also in challenging markets & times

5. Multi-sourcing • Most extensive and decade-long experience with Euler-Hermes • Long standing experience in multi-sourcing transactions and established business relationships with all major European ECAs (e.g. ECGD, SACE, COFACE, Atradius, OEKB, Finnvera) • Dedicated in-house Credit Insurance Team, as internal advisor with regard to ECA/PRI/Private Insurer covered transactions (e.g. contacts, premia, maximizing inclusion of third country deliveries under ECA cover, etc.) • Frequent ECA-Agent mandates in multi-sourcing transactions • Cooperation agreements with a number of export financing institutions (ECGD, FIDE, SIMEST, JBIC, SEK, Vnesheconombank) complementing existing ECA reinsurance schemes -> „one stop shop“ financial packages (partially OECD minimum rates, i.e. CIRR)

6. Advantages and Features offered by your international partner Main Features • Loans are extended directly to buyers, investors, project companies or banks • Long-term loans in EUR, USD or other foreign currencies at attractive fixed or variable interest rates like CIRR • Experience with many different financing structures:from export credits with state or bank guarantees to tailor-made project and lease finance • Expertise in the utilisation of diverse security instruments● Insurance through ECAs like Hermes, ECGD, EDC et. al. ● Multilateral agencies (MIGA, EIB)● Private risk insurance● Specific German schemes like UfK / GKA

7. KfW Group - Overview Established by law in 1948 Shareholders 80% Federal Republic20% Federal States Headquarter Frankfurt am Main Branch Offices Berlin, Bonn, Cologne (DEG) Liable Equity EUR 10.4 billion* Balance-Sheet Total EUR 315 billion* Rating AAA / Aaa Employees 3,600 * figures as of Dec. 31st, 2003 (liable equity: KfW only)

8. KfW Group - New Brand Structure Supporting the Federal Government in the privatisation of state-owned enterprises Other services Promotion of small and medium-sized enterprises, business founders, start-ups Promotion of housing finance, environmental and climate protection, education, infra-structure and the social sector Securitization Export and Project Finance Industry, transport infrastructure, tele-communication, natural resources, energy, environment Promotion of developing and transition countries Investment Finance Germany and Europe Export and Project Finance Financial Cooperation Advisory and Other Services

9. KfW Group - New Law on KfW Implementation of EU Understanding of March 2002 • Specification of KfW‘s mandate concerning promotional activities • Clear and concise separation of promotional and commercial business • Spin-off of commercial export and project finance business by December 31, 2007,into a legally independent subsidiary without federal guarantee and government privileges  KfW IPEX-Bank

10. KfW Group - New Commitments 2003Total New Commitments: € 72.2 billion KfW IPEX-Bank€ 11.4 bn KfW Promotional Bank€ 27.7 bn Securitisations€ 21.9 bn DEG € 0.5 bn KfW SME Bank€ 9.1 bn KfW Development Bank€ 1.6 bn

11. KfW IPEX-Bank

12. Portfolio Total Volume as of Dec. 31, 2003: € 66.4 billion* Rail & Road15% Aviation20% Shipping15% Air- and Seaports, Construction Industries3% Telecom-munications/New Media 6% Power, Renewables and Water19% Basic Industries & Manufacturing Industries, Commerce, Health 22% * incl. domestic project/structured finance

13. New Commitments 2003 Total Volume as of Dec. 31, 2003: € 11.4 billion* Rail & Road1.7 bn Aviation1.7 bn Shipping1.7 bn Air- and Seaports, Construction Industries0.7 bn Telecom-munications/New Media 0.6 bn Power, Renewables and Water1.9 bn Basic Industries & Manufacturing Industries, Commerce, Health 3.1 bn * incl. domestic project/structured finance

14. KfW IPEX-Bank PARTNER IN NATURAL RESOURCES FINANCING

15. KfW IPEX-Bank KfW IPEX-Bank extends long-term loans to finance • exports of capital goods and related services • direct investments • projects to secure supply of natural resources which are of interest to the German economy and the European integration.

16. KfW‘s total West African Exposure Commitment and Outstanding Amounts (Mio. EUR) Country Commitment Outstanding Ghana 573 487 Kamerun 503 463 Ivory Coast 408 366 Benin 299 259 Angola 241 239 Nigeria 240 188 Guinea 232 209 Namibia 168 132 Kongo 65 65 Gabun 26 26 Guinea-Bissau 7 7 Total 2.762 2.441

17. KfW‘s major involvement in Africa through the KfW Development Bank & KfW IPEX Bank KfW Banking Group Commitment in Western and Northern Africa in 2003 Tunesia 119 Mio. Kamerun 12 Mio. Ghana 29 Mio. Senegal 5 Mio. Angola 20 Mio. Benin 5 Mio. KfW Development Bank Sectors • Infrastructure • Finance • Agriculture • Public Health KfW IPEX Bank Sectors • Natural Resources • Telecommunication • Aviation • Industry • Ship Financing

18. KfW IPEX - Selective ApproachCommitments (Mio. EUR) 2001 2002 2003 • Natural Resources 69 Mio. - 59 Mio. • Telecommunications 23 Mio. - 16 Mio. • Aviation 5 Mio. 8 Mio. 5 Mio. • Ship Financing 7 Mio. - 48 Mio. Total 104 Mio. 8 Mio. 128 Mio.

19. KfW IPEX-BankNatural Resources Financing criteria • Stable cash flow • Financially strong, experienced sponsors • Established, stable legal system in the project country • Offshore account and completion guarantee • Compliance with high environmental standards • Minimum project size • Rich resource deposits • Tried and tested technology • Protection against political risk(if necessary)

20. KfW IPEX-BankApproval Procedure Project Finance 1. Credit appraisal on the basis of a bankable feasibility study 2. Start of loan negotiations (Term Sheet) 3. Management board decision 4. If applicable, application for federal guarantee / ECA cover 5. Supervisory board approval (> EUR 50 million) 6. Decision on ECA cover 7. Conclusion of contract

21. Holger Apel (2548)Senior Vice PresidentBasic IndustriesTeam Assistant: Christina Komini (4778) Lars Oermann (3948)Martin Schubert (4486)Patrick Kreutzer (4246)N.N.N.N. Contacts X 1 a1 X 1 a2 X 1 a3 Dr. Jan Klasen (2481) First Vice President Ulrich Goretzki (2884) First Vice President Matthias Wietbrock (3522) First Vice President Natural Resources, Oil & Gas Pulp and Paper, Building Material, Steel Jochen Eichmann (1849)Dr. Stefan Glock (4733)Donata Kozinska (3642)Waltraud Wolff (2220)N.N. Petrochemicals Dirk Sindermann (2257)Margrit Nzuki (2474)Hartmut Troschel (2243)Dr. Victoria Hottenrott (3810) Stephan Pueschel (4649)