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TCW Asset Management Company A Market Leader in Energy & Infrastructure Investing. TCW Overview. Established in 1971 in Los Angeles, California Approximately $120 billion under management or committed to management as of September 30, 2008 Approximately 1,430 institutional and private clients

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tcw overview
TCW Overview

Established in 1971 in Los Angeles, California

Approximately $120 billion under management or committed to management as of September 30, 2008

Approximately 1,430 institutional and private clients

TCW Staff of over 655 individuals, including 390 investment and administrative professionals

The TCW Group, Inc. (TCW) is an indirect subsidiary of Société Générale, S.A., and a member of the Société Générale Asset Management (SGAM) division

Offices:

1

tcw energy infrastructure group
TCW Energy & Infrastructure Group
  • Among the leading institutional providers of capital to the energy sector globally
    • Singular focus on energy and energy-related infrastructure
    • Broad offering of capital to industry (senior debt through equity)
    • Global investment focus (invested in 30 countries on 6 continents)
    • TCW’s first alternative product (1982)
  • 27-year track record; the longest in the industry
    • 14 prior funds
    • Current assets under management of $7 billion in energy globally
    • 260+ portfolio investments
    • Demonstrated investment performance through multiple commodity and business cycles
  • Strong and consistent performance over 27 years
  • Global investment platform
    • 35 investment professionals
    • Operate from offices in Los Angeles, Houston, New York, London and Sydney
target market
Target Market
  • Actively investing throughout the energy value chain on a global basis

Renewables

Upstream

Infrastructure

Midstream

Gas to Liquids

Transportation

Gas to Electrons

Pipeline

Gathering Systems

Processing Facilities

Gas Storage

Bunkering

Wind

Solar

Biofuels

Geothermal

Reserve-based Development

Production Payments

Forward Oil Sales

LNG Tankers

Specialty Tankers

VLCC Vessels

Production Platforms

Drill Ships

FPSOs

Drilling Rigs

LNG

Synfuels

Processed Gas

(methanol, fertilizer, DME)

LNG Regasification Terminals

Gas Sales, Pipelines,

Gas-Fired Power Plants,

Electricity T&D

eig history
EIG History

Capital Raised: $10 billion

# Funds: Currently investing 14th fund

Invested Capital: $9.7 billion

# Investments: 260+ Investments

Current Outstanding: $4 billion

Capital Available Today: $1.2 billion

TCW’s Energy & Infrastructure Group has had a consistent presence in the

energy markets over the last 27 years.

The TCW Energy & Infrastructure Group’s History of Success in all Markets

4

eig product platform
EIG Product Platform

Broad offering of capital to industry, offering senior debt through to equity

Breakdown of Committed Funds (as at December 2008)

5

slide7
EIG Investment Breakdown – FYE 2008 $2.2 Billion

Investments By Sub-Sector

As at Dec 2008, In $ Millions

Investments By Ranking

As at Dec 2008, In $ Millions

6

oil and gas risk return profile
Oil and Gas Risk/Return Profile

Return

Equity

Pref. Equity

TCW Sweet Spot

Mezzanine

VPP

Senior Debt

Risk

PDNP

PROB/POSS Exploration Prospects

PDP

PUD

Engineering Risk

Geological/GeophysicalRisk

TCW’s focus is on engineering and development risk,

not geological and exploration risk

capital markets
Capital Markets

Source: Bloomberg, Morgan Stanley

recent trends
Recent Trends

Last Few Years:

  • Great time to be an issuer of capital
  • Abundance of private equity, public equity, and cheap debt capital
  • Widely syndicated debt issuances with generous credit terms
  • New and less experienced investors/lenders
  • Active M&A market with increasing asset valuations

Today:

  • M&A and capital markets have dried up
  • Bank re-determinations putting pressure on corporate balance sheets
    • Borrowing Base reductions and overadvances coming due with little or no ability to refinance
    • Unappealing prospects of obtaining amendments from broad group of lenders with limited E&P experience
  • E&P companies forced to high grade projects and live within cash flow
  • Resource play economics largely depend on entry/acreage costs
  • Investors/Lenders presented with appealing risk/return opportunities in the high yield debt markets
disciplined value oriented approach to investing
Disciplined, Value-Oriented Approach to Investing
  • TCW’s Current Investment Bias
    • Stay the course: continue to focus on quality management teams and assets
      • Presented with opportunities that historically we would not have seen
    • Investment Size: $100-200 million
    • Patience
  • Keys to EIG investment style
    • Hard assets with long useful life
    • Bottom-up internal technical analysis
    • Secured by shares or assets
    • Transparency to cash flow
    • Active management through covenants and board presentation
    • Upside potential through equity participation
  • Experienced E&P Staff
    • Based in Houston
    • 12 professionals with 5 petroleum engineers
    • Senior people each have over 25 years of E&P experience
recent tcw deals q4 2008
Recent TCW Deals (Q4 2008)
  • California Steam Flood
    • $250 million senior secured debt facility
    • Interest Rate + Variable NPI
  • Resource Play Development
    • $200 million senior secured debt facility
    • Interest Rate + NPI
  • Australian Offshore Development
    • $100 million subordinated debt facility
    • Interest Rate + Warrants
tcw contact information
TCW Contact Information

Houston Office:

333 Clay Street, Suite 4150

Houston, TX 77002

713-615-7400 Main

713-615-7460 Fax

Kurt Talbot 713-615-7426 [email protected]

Patrick Hickey 713-615-7413 [email protected]

Curt Taylor 713-615-7410 [email protected]

Clay Taylor 713-615-7423 [email protected]

Larry Tharp 713-615-7437 [email protected]

Samantha Meador 713-615-7425 [email protected]

Richard Punches 713-615-7415 [email protected]

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