2010-9-27

1. 信托公司参与基础设施投资融资的经验和考虑Experienceand Consideration on the Infrastructure Financing from Trust Company 2010-9-27

2. 信托公司参与基础设施投资融资的角色定位 Roles that Trust Company play in infrastructure financing 上海信托基础设施信托业务的成功经验 Successful Experience on infrastructure financing from SITCO 上海信托荣誉 Honors and Awards 上海信托参与基础设施项目的创新思考 Innovation on infrastructure financing from SITCO • 目录Contents 信托公司参与基础设施项目的经验 Experience on infrastructure financing from trust company

3. 上海信托参与基础设施融资中心的角色定位Roles that Trust Company play in infrastructure financing • 上海国际基础设施融资中心的项目开发职能主要包括优化项目前期准备、优化项目融资方案、提供标准化的项目信息、促进项目单位能力建设等四个方面 • The Shanghai International Infrastructural Financing Centre provides services on pre-financing preparations, project finance optimizations, standard data offering, and promotion of project company’s capacity, etc., • 根据自身经验和业务专长，信托公司能协助提供标准化项目信息、专业化的项目融资方案，并分享项目开发经验，促进项目单位能力建设 • Based on its expertise and experience on infrastructural financing, Trust Company is able to provide standard data and professional financing solutions on target project, as well as successful experience sharing and promotion of project company’s capacity, etc.

4. 信托公司参与基础设施项目的经验Experience on infrastructure financing from trust company • 信托公司拥有融资、投资等多种金融功能，具备跨市场运作的特点。通过灵活的信托制度可以为基础设施项目提供各种独特设计的融资方案和金融服务 • Trust Company are well-known with its wide range of financial services, including financing and investment across different markets .Therefore, more specific and flexible financing services can be delivered to satisfy infrastructure financing. • 迄今为止信托公司在基础设施项目的融资、投资、资产收购、资产证券化方面已经有了非常多的成功案例。在道路、桥梁、机场、水务、电力、环境等基础设施建设中都有案例。截止2010年6月底，在行业29152.5亿总资产中，有10636.5万亿投向基础设施行业，占比38.29%。（来源：中国信托业协会） • Millions of infrastructural oriented financing, investment, acquisition and securitizations have been successfully conducted by Trust Company so far, and the financing targets contain roads, bridges, airports, water-supply, electricity, environments and so on. By the end of June 2010, 1.06 trillion yuan (38.29% of total 2.9 trillion yuan Trust financing) were invested on infrastructure.

5. 上海信托基础设施信托业务的成功经验Successful Experience on infrastructure financing from SITCO • 上海信托成立于1981年。成立伊始，上海信托就致力于为上海基础设施工程和重大产业项目筹措资金。通过在国际市场发行各类债券累计筹资达45亿美元，大部分都是用于上海的基础设施项目。 • Established in 1981, SITCO has keen on financing infrastructure and key industrial projects, by means of issuing bonds at the international market with total amount up to US$ 4.5 billion. Most of the fund was used on infrastructure project in Shanghai. • 上海信托自上世纪九十年代初开始从事涉足大型基础设施项目的财务顾问工作，先后担任上海高速公路网、上海市政工程局、上海洋山深水港、秦山核电三期、秦山核电二期、三门核电等大型项目的财务顾问工作。在基础设施投、融资领域积累了丰富的经验。 • Since the beginning of 1990s, SITCO provided consultation service for Shanghai highway network、Shanghai Municipal’s projects、Shanghai Yangshan Terminal、QinShan nuclear power station、SanMen nuclear power station etc. SITCO has accumulated tremendous precious experience on project financing. • 近年来，公司进一步发挥信托制度的优势，借助各种金融通道，设计开发包括多种信托产品，为分部在全国多个省区的基础设施项目提供综合融资服务。 • In the recent years, SITCO perfectly took advantage of trust system arrangement to provide financing solutions to different infrastructure projects in many areas in China.

6. 上海信托基础设施信托业务的成功经验Successful Experience on infrastructure financing from SITCO • 1、融资方案设计 Designing plans • 通过自身专业能力为基础设施项目度身设计总体融资方案，并协助项目方实施该融资方案 • To design financing plans for infrastructure with SITCO’s own expertise, and to assist to implement these plans • 秦山三期核电项目约30亿美元融资方案的设计与实施； • 3 billion US dollars financing service on QinShan nuclear power station III • 秦山二期扩建项目约200亿人民币融资方案的设计与实施； • 20 billion yuan financing service on QinShan nuclear power station II • 三门核电约500亿人民币融资方案的设计与实施等。 • 50 billion yuan financing service on SanMen nuclear power station

7. 上海信托基础设施信托业务的成功经验Successful Experience on infrastructure financing from SITCO • 2、项目综合财务顾问 Financial consultation • 基础设施项目建设、运营全周期综合的财务顾问服务。 • Consultation on construction and life-time operation of infrastructural project. • 具体涵盖建设期的外汇风险管理、债务重组、财务模型的开发、财务制度、财务战略等，运营期的财务风险管理、再融资方案与债务重组、现金管理等。 • Consultation focus on FX risk management, debt restructuring, financial system developing, financial strategies and so on during early construction stage; and financial risk management, re-financing, debt restructurings, cash management and etc in later operation stage. • 案例：秦山三期外汇风险管理的工作为业主降低了近亿美元的财务成本，有效控制了汇率风险。 • Successful FX risk management helped QinShan III reduce financial costs with total amount up to 100 million US dollars and effectively control the potential market risks.

8. 上海信托基础设施信托业务的成功经验Successful Experience on infrastructure financing from SITCO • 3、信托融资——贷款业务 • Trust financing – Loan • 上海信托将受托资金以贷款形式投向信托合同中约定的基建类项目，在信托存续期间负责信托计划的运行维护和信息披露，并到期回收信托贷款本息 • SITCO uses trust fund to lend directly to infrastructural projects. During the ongoing period, SITCO is responsible for information revealing, documents filing and collecting interests and principals when due. • 银信合作业务则先由商业银行发行对口理财计划募集资金，再通过上海信托平台向预先确定的基础设施项目发放贷款 • Polling with individual financial products issued by commercial banks, SITCO is authorized in the trust contract to arrange the fund on its own will (into infrastructural projects). Under such case, Trust company is regarded as a “platform” to make loan.

9. 发行信托计划募集信托资金 Issue trust plans 认 购 委托人/受益人 Principle/beneficiary 担保机构 Guarantee 信托收益 信用增级 委托 受托 发起设立 基础设施项目 (包括贷款、股权、权益类项目) Target project 投资/项目管理 上海信托 （受托人） 受托人） SITCO(trustee) 合作关系 托管机构Account supervision 支付本金和报酬 信托财产托管 合作关系 管理、咨询服务 信托计划成立、运行、结束清算 settlement 产品管理/项目进展、资金使用信息披露 投资顾问 investment advisor Trust financing – Loan

10. 上海信托基础设施信托业务的成功经验Successful Experience on infrastructure financing from SITCO • 4、信托融资——股权类信托投资业务 Trust financing – Equity investment • 上海信托运用受托资金以参股方式与项目主办人联合发起设立项目公司，或对已有项目公司增资扩股，充实融资主体的资本金，吸引和带动其他债务性资金的流入 In order to facilitate the debt financing, SITCO can use trust fund to set up project company as co-originator, or to invest on additional share issues from existing company. • 在项目运行期间，上海信托通过派驻股东代表、参与经营决策等方式介入项目公司的日常运营。为了控制投资风险，在一些项目中，上海信托将与项目主办人或第三方机构签订了股权回购协议，约定项目公司实际控制人或其一致行动人在某一时期溢价回购信托计划所持股权，从而实现信托资金的安全退出 In order to mitigate risks involved, SITCO will assign directors to participate in the operations of the project company. Sometimes, SITCO will require the originator or the final controller of the project company to buy back its shares with some premium.

11. 上海信托基础设施信托业务的成功经验Successful Experience on infrastructure financing from SITCO • 5、信托融资——资产受益权转让类信托投资业务 Trust Financing – Rights investment • 资产受益权类投资的信托资金主要用于购买经营性或准经营性项目债权、收费权、特许经营权等各类受益权 SITCO uses the trust fund to purchase special rights on the project, such as obligatory rights, toll rights, and franchise rights, etc. • 项目主办人或其下属融资主体将上述权益以信托财产的形式，通过上海信托平台向社会投资者转让，以实现盘活项目公司存量权益性资产的目的 In order to acquire more cash from asset, the project company can turn to SITCO to securitize its rights under the project. • 与股权类信托投资相似，上海信托往往要求融资方提供一定的抵质押担保 Normally, SITCO will require to post some collateral.

12. 上海信托参与基础设施项目的创新思考Innovation on infrastructure financing from SITCO • 1、引导社保等寿险类资金以信托为平台进行基础设施项目投资 To facilitate pension fund and other institutional investors to invest on infrastructures • 社保、企业年金等保险类资金规模大、占有期长、对资金安全性要求高。引导社保、企业年金等寿险类资金以信托为平台进行基础设施项目投资，也能够为其创造长期、稳定的投资回报。 Social Security Fund, Pension Fund, and other long-term institutional investors can benefit from the Trust Instruments on infrastructures investment, in the format of long-term and stable returns. • 2、基础设施资产转让类信托（准资产证券化业务） Quasi securitization • 上海信托将基础设施的贷款、权益抵押类资产资产受益权打包，引入第三方担保，并在采取收益分级分配等信用增级手段后，转让给信托投资者，由上海信托负责归集该信托投资本息，按期向投资者返还投资收益 SITCO can repackage the asset or rights to facilitate investment on infrastructures. Usually SITCO will establish an asset pool from loans and rights on the project, introduce third-party guarantee, divide into different tranches as credit enhancement measurement, and distribute to investors with different risk appetites accordingly.

13. 上海信托参与基础设施项目的创新思考Innovation on infrastructure financing from SITCO • 3、基础设施资产证券化业务 Securitization • 上海信托将资产打包，发起设立特殊目的信托，通过基础设施项目未来稳定的现金收益向投资者还本付息。 SITCO will set up Special Purpose Trust to repackage the asset, and to use the stable future cash flows from the project to repay the investors. • 为了扩大资产规模并提高产品流动性，上海信托可以与发起人共同争取将证券化产品在银行间市场或交易所流通——银行间市场产品以面向机构投资者为主，具有较强的债券性质；而交易所上市产品的权益性质更强。 • In order to provide more liquidity of these Trust Instruments, SITCO can try for the circulation at the inter-bank market, or listing on the exchange.

14. 投资者n Investor 投资者2 Investor 机构投资者1 institutional investors 投资者1 Investor 机构投资者n institutional investors 交易所 / 银行间市场inter-bank market/ Exchange 委托管理 上市流通 信托资金 购买资产 上海信托 （受托人） SITCO 信托份额 （收益分级） Trust Units 项目公司（发起人） Project Company/Initiator 信托受益权 信托财产 分级分配 资产转入 • 基础设施资产打包形成SPV： • •基础设施类贷款； • •基础设施类股权； • •基础设施类权益的资产组合 • Special Purpose Trust 担保 信托利益 信用增级机构 credit enhancement 评级 信用评级机构 Credit Rating Securitization

15. 上海信托参与基础设施项目的创新思考Innovation on infrastructure financing from SITCO • 4、发起设立基础设施产业基金 To originate infrastructure industry fund • 上海信托以自有资金为基础，引入战略投资者共同组建启动资金，然后向其他投资者发行信托份额设立基础设施产业基金。其中，启动资金与信托资金构成“优先/劣后”的收益分层关系，上海信托以产业基金的形式对基础设施项目进行股权、债权或权益投资 With its own fund as commitment, SITCO will attract strategic investors to originate seed fund, and then issue trust shares to other investors to set up infrastructure industry fund. The seed fund and trust fund will convert into senior/subordinate tranches accordingly. SITCO will use infrastructure industry fund to make investment on the project, in the format of equity, debt or rights investments. • 产业基金的规模相对大于集合类信托，其资金来源更趋广泛，除包括一般投资者外，还吸引地方城建企业、专业投资基金、保险机构等其他机构投资者以及信托公司自有资金的参与，募集对象趋于多元化 Industry fund has more advantage over collective trust, with more fund source from urban construction company, special investment fund, insurance company, own fund from trust company, as well as normal investors.

16. 信托资金 合作 战略投资者 strategic investors 上海信托（自有资金） SITCO 委托人/受益人 Principle/beneficiary 信托受益权 投资 发起设立 启动资金与信托资金构成分级/分层收益关系 投 资 管 理 托管 设立基础设施产业投资基金 infrastructure industry fund 基金托管Account supervision 投资顾问 investment advisor 投资 担保 收益 外部增信机构 credit enhancement 基础设施项目N Infrastructure 基础设施项目B Infrastructure 基础设施项目A Infrastructure …… Infrastructure industry fund

17. 上海信托参与基础设施项目的创新思考Innovation on infrastructure financing from SITCO • 5、政策环境的支持 Support from government • （1）培育市场化的信用增级主体 Develop independent credit enhancement entity • 尽快培育服务于大额融资需求的专业化信用增级机构的试点工作，逐步培育一批资本规模、资信实力较强的信用增级结构，为基础设施项目采用信托或其他融资工具提供专业化的信用增级服务 To develop independent credit enhancement entities to facilitate the jumbo financing requirement from infrastructure projects • （2）推进国内信用评级市场发展 Develop the domestic credit rating agencies • 推进国内信用评级市场发展，不断完善国内的信用评级体系，组建一批类似标准普尔、穆迪等资质较强的专业化评级机构，为基础设施类信托产品提供风险评级服务 To develop the domestic credit rating agencies to serve the infrastructure financing

18. 上海信托参与基础设施项目的创新思考Innovation on infrastructure financing from SITCO • （3）明确基础设施项目信托运行过程中的税收问题 To clarify the tax issues on infrastructure trust • 基础设施信托的税收问题尚未统一规范，为今后信托公司开展基础设施业务创新带来不便，可以适当考虑对基础设施信托采取优惠的税收政策 To adopt preferential tax treatment on infrastructure trust • （4）通过制度建设，提高信托产品流动性 To enhance the liquidity of trust instrument through fundamental arrangements • 研究制订信托权益的流通细则，允许资产证券化信托产品受益权以信托受益权证书的形式分割转让，从而实现基础设施类信托权益在银行间或交易所流通 To facilitate the circulation of infrastructure trust instruments at the inter-bank market or on exchange, by establishing guidelines on circulation of the trust instrument

19. 上海信托所获荣誉 Honors and Awards

20. Thank you!