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Power Deals* 2009 Annual Review - Mergers and Acquisitions Activity Within the Global Electricity and Gas Market - All Published Transactions

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Power Deals* 2009 Annual Review - Mergers and Acquisitions Activity Within the Global Electricity and Gas Market - All Published Transactions PricewaterhouseCoopers: Power Deals* 2009 Annual Review - Mergers and acquisitions activity within the global electricity and gas market - all published transactions Power deals includes analysis of all global cross-border and domestic electricity, gas and renewable energy deal activity. It is the latest in our Power Deals annual series. This year, we have expanded the range of data sources to provide the fullest possible account of deal-making for renewable power assets. The analysis is based on published transactions from the Dealogic ‘M&A Global database’ for all electricity and gas deals. For renewables deals, we have supplemented this with analysis on published transactions from a variety of databases (John S Herold; Mergermarket; Capital IQ; Thomson as well as Dealogic). This enables consistency with our companion Renewables Deals publication which looks specifically at renewable energy M&A. Analysis encompasses announced deals, including those pending financial and legal closure, and those which are completed. Deal values are the consideration value announced or reported including any assumption of debt and liabilities. We have considered Asia Pacific as a region including Australasia, except where otherwise explicitly stated. All presented numbers of deals are inclusive of those deals with no reported value. Value of Target Name Target Nationality Target Location Acquirer name Acquirer Nationality Acquirer Location Sector Type transaction (US$m) No. Date announced 1 14031 20-Feb-09 Endesa SA (25.01%) Spain Europe ENEL SpA Italy Europe Electric Cross-border 2 9912 12-Jan-09 Essent NV (Excluding certain assets) Netherlands Europe RWE AG Germany Europe Electric Cross-border 3 6197 23-Feb-09 Nuon NV (49%) Netherlands Europe Vattenfall AB Sweden Europe Electric Cross-border Three Gorges Industry Co Ltd (Power generation assets of Three Gorges Project and equity of auxiliary companies); Yangtze Three Gorges Technology & Economy Development Co Ltd; Three Gorges Facilities Materials Co Ltd; Yangtze Three Gorges Hydroelectric Engineering Co Ltd; Three Gorges Hi-Tech Information Technology Co Ltd; 4 5966 15-May-09 Three Gorges International Tender Co Ltd China Asia-Pacific China Yangtze Power Co Ltd China Asia-Pacific Electric Domestic Stadtwerke Hannover AG; Kom9 GmbH & Co KG; N-ERGIE AG; 5 4103 12-Aug-09 Thuega AG Germany Europe Mainova AG Germany Europe Electric Domestic 6 3685 20-Feb-09 Endesa SA-Assets Spain Europe Acciona SA - - 7 3486 11-May-09 British Energy Group plc United Kingdom Europe Centrica plc United Kingdom Europe Electric Domestic New Brunswick Power Corp (Nuclear generating facility at Point Lepreau, the hydro facilities, the peaking power plants and the transmission and 8 2989 29-Oct-09 distribution assets) Canada North America Hydro-Quebec Canada North America Electric Domestic Societa Italiana per il Gas SpA - ITALGAS (49.97%); 9 2909 12-Feb-09 Stoccaggi Gas Italia SpA - STOGIT Italy Europe Snam Rete Gas SpA Italy Europe Gas Domestic 10 1988 08-Jun-09 EON AG Germany Europe VERBUND Innkraftwerke GmbH - - 11 1847 11-May-09 SPE SA (51%) Belgium Europe Electricite de France SA - EDF France Europe Electric Cross-border Power Station (Five peaking and three combined-cycle 12 1675 10-Aug-09 generation assets) United States North America LS Power Group United States North America Electric Domestic 13 1645 18-Sep-09 Hubei Energy Group Co Ltd China Asia-Pacific Hubei Triring Co Ltd China Asia-Pacific Electric Domestic 14 1592 24-Apr-09 Terna Participacoes SA (65.86%) Brazil South America Companhia Energetica de Minas Gerais - CEMIG Brazil South America Electric Domestic 15 1581 06-Nov-09 The AES Corp (15.82%) United States North America China Investment Corp China Asia-Pacific Electric Cross-border 16 1498 20-Jul-09 Canadian Hydro Developers Inc Canada North America TransAlta Corp - - Companhia Energetica de Minas Gerais - CEMIG 17 1425 16-Sep-09 (14.41%) Brazil South America AG Concessoes SA Brazil South America Gas Domestic Compania Colombiana de Inversiones SA; Empresa de Energia del Pacifico SA ESP - EPSA Banca de Inversion Bancolombia SA; 18 1418 17-Oct-09 (63.84%) Colombia South America Inversiones Argos SA Colombia South America Electric Domestic 19 1335 30-Jun-09 Power Station (Borssele nuclear power plant) Netherlands Europe Existing Shareholders Netherlands Europe Electric Domestic 20 1323 10-Nov-09 Transpower Stromuebertragungs GmbH Germany Europe TenneT TSO BV Netherlands Europe Electric Cross-border E.ON AG (Coal-burning power plants Lippendorf Block 21 1270 29-May-09 S and Bexbach, Germany) Germany Europe Energie Baden-Wuerttemberg AG - EnBW Germany Europe Electric Domestic Gas Natural SDG SA (Electricity Generation Assets in Mitsui & Co Ltd; 22 1225 24-Dec-09 Mexico) Mexico North America Tokyo Gas Co Ltd Japan Asia-Pacific Electric Cross-border 23 1221 04-Jul-09 Jaiprakash Power Ventures Ltd (49.1532%) India Asia-Pacific Jaiprakash Hydro Power Ltd India Asia-Pacific Electric Domestic 24 1215 01-Jul-09 International Power Opatovice as Czech Republic Europe J&T Finance Group as Slovak Republic Europe Electric Cross-border Gas Natural Distribucion SDG SA (500,000 connection Morgan Stanley Infrastructure Partners; 25 1148 19-Dec-09 points for gas distribution in Madrid) Spain Europe Galp Energia SGPS SA United States North America Gas Cross-border Inversiones Argos (BVC:INVERARGOS); Compania Colombiana de Inversiones S.A. (BVC:COLINVERS); Banca 26 1138 17-Oct-09 Empresa de Energia del Pacifico S.A. (BVC:EPSA) Colombia South America de Inversión Bancolombia S.A. - - 27 1125 02-Mar-09 SDIC Electric Power Co China Asia-Pacific SDIC Huajing Power Holdings Co Ltd China Asia-Pacific Electric Domestic 28 1072 28-Aug-09 Power Station (1000MW Sual coal-fired power plant) Philippines Asia-Pacific San Miguel Corp Philippines Asia-Pacific Electric Domestic 29 969 22-May-09 GDF Suez SA (1.2%) France Europe Market Purchase France Europe Gas Domestic EWE AG; 30 948 22-Jun-09 Stadtwerke Bremen AG - SWB (51%) Germany Europe City State of Bremen Germany Europe Electric Domestic 31 903 30-Dec-09 Light SA (26.06%) Brazil South America Companhia Energetica de Minas Gerais - CEMIG Brazil South America Electric Domestic 32 900 03-Dec-09 Iberdrola Renewables, Inc. United States North America Pacific Gas & Electric Co. - - Shanxi Lujin Hequ Power Co Ltd (75%); Shanxi Luneng Hequ Electricity & Coal Development Co Ltd; 33 833 24-Dec-09 Shanxi Luneng Hequ Power Co Ltd China Asia-Pacific Guangdong Golden Horse Tourism Group Stock Co Ltd China Asia-Pacific Electric Domestic 34 790 19-Oct-09 Energy Developments Ltd Australia Australasia Pacific Equity Partners Pty Ltd Australia Australasia Electric Domestic Dominion Resources Inc (Natural Gas Unit in 35 780 29-Dec-09 Pennsylvania ) United States North America SteelRiver Infrastructure Fund North America LP United States North America Electric Domestic 36 741 04-Oct-09 Elkem Energi Siso AS and Elkem Energi Lakshola AS Norway Europe Ostfold Energi As; Nord-Trøndelag Energiverk Energi AS - - 37 733 05-Feb-09 Outram Ltd China Asia-Pacific Hongkong Electric Holdings Ltd Hong Kong Asia-Pacific Electric Cross-border China Investment Corp; China Life Insurance Co Ltd; Value Partners Ltd; WL Ross & Co LLC; South Valley Holdings Ltd; 38 730 27-Nov-09 China Longyuan Power Corp (Stake%) China Asia-Pacific China Life Insurance (Group) Co China Asia-Pacific Electric Domestic 39 724 17-Jun-09 Teck Resources Limited Canada North America BC Hydro - - Power Station (700MW Pagbilao coal fired power 40 691 28-Aug-09 plant) Philippines Asia-Pacific Aboitiz Power Corp Philippines Asia-Pacific Electric Domestic 41 688 23-Apr-09 Northland Power Inc Canada North America Northland Power Income Fund Canada North America Electric Domestic Power Station (Ekibastuz GRES -1 power plant, 42 681 10-Dec-09 Kazakhstan) Kazakhstan Asia-Pacific SamrukKazyna National Welfare Fund Kazakhstan Asia-Pacific Electric Domestic Page 1 of 15 PricewaterhouseCoopers: Power Deals* 2009 Annual Review - Mergers and acquisitions activity within the global electricity and gas market - all published transactions Power deals includes analysis of all global cross-border and domestic electricity, gas and renewable energy deal activity. It is the latest in our Power Deals annual series. This year, we have expanded the range of data sources to provide the fullest possible account of deal-making for renewable power assets. The analysis is based on published transactions from the Dealogic ‘M&A Global database’ for all electricity and gas deals. For renewables deals, we have supplemented this with analysis on published transactions from a variety of databases (John S Herold; Mergermarket; Capital IQ; Thomson as well as Dealogic). This enables consistency with our companion Renewables Deals publication which looks specifically at renewable energy M&A. Analysis encompasses announced deals, including those pending financial and legal closure, and those which are completed. Deal values are the consideration value announced or reported including any assumption of debt and liabilities. We have considered Asia Pacific as a region including Australasia, except where otherwise explicitly stated. All presented numbers of deals are inclusive of those deals with no reported value. Value of Target Name Target Nationality Target Location Acquirer name Acquirer Nationality Acquirer Location Sector Type transaction (US$m) No. Date announced 43 658 12-Mar-09 Rezende Barbosa SA - Aministracao e Participacoes Brazil South America Cosan SA Industria e Comercio
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