THE GLOBAL INFRASTRUCTURE GROUP. Global Capabilities, Sector-Focused Expertise

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1 THE GLOBAL INFRASTRUCTURE GROUP Global Capabilities, Sector-Focused Expertise

2 GLOBAL CAPABILITIES, SECTOR-FOCUSED EXPERTISE Infrastructure is a rapidly evolving business demanding global capabilities with local delivery and sector-focused expertise. At RBC Capital Markets, our Global Infrastructure Group provides public and private sector clients with a seamless offering of advisory, financing and risk management products and services. Located on four continents, our highly experienced bankers are sector experts, advising the public and private sector on the funding of essential services and on greenfield and brownfield infrastructure projects. Our goal is to lead the development of global best practices to deliver innovative financing and risk management structures, which address the socialeconomic and political environment influencing a project. Who We Are Our Clients Construction Firms Developers Industry Operators Facilities Managers Governments Private Equity Firms Infrastructure Funds Pension Funds Hedge Funds RBC Capital Markets is a global leader in the infrastructure business, providing a broad range of investment banking products and advisory services for the: disposal, acquisition, financing, and risk management of essential services businesses and greenfield and brownfield assets. Our Experience With years of experience, we have advised on more than 150 infrastructure projects. Through these we have developed strong institutional relationships and extensive credibility with governments, contractors and global infrastructure funds. Our history of results brings increasing depth and knowledge, which we use to advise our clients and lead their infrastructure financings. Our Professionals The Global Infrastructure Group has an exceptional team of 100 bankers, with a reputation that has been built on a culture of integrity, service excellence and results. Clients work directly with leading experts recruited for their knowledge of specific sectors, geographic markets, financing techniques and their overall track record in the infrastructure finance business.

3 Select 2007 Transactions EU EU EU EU GBP Undisclosed Purchase of South Staffordshire Water Plc GBP 193,000, % Indexed Bonds for the Broomfield Hospital PFI Project GBP 400,000,000 Short-Term Revolving Credit Facility to leading UK Social Housing Provider GBP 275,000,000 Construction Consortium of Atkins, Babcock and Carillion Advisor & Lead Arranger Lead Bond Arranger EU EU EU EU GBP 380,000,000 Senior Secured Facilities Financing for the Newcastle International Airport GBP 385,000,000 Southmead Hospital Redevelopment Project GBP 650,000,000 EMTN Programme GBP 100,000,000 Short-Term Revolving Credit Facility GBP 290,000,000 Purchase of Equity Interest in Zephyr's Wind Portfolio Mandated Lead Arranger Lead Arranger EU EU EU AU Nîmes-Montpellier Rail Bypass GBP 4,000,000,000 Acquisition Debt & Hedging Facilities GBP 900,000,000 RPI Linked Bond Joint Lead Arranger & Bookrunner EUR 1,400,000,000 PPP for the Implementation of a New High-Speed Line, France to RFF EUR 1,839,000,000 Sale of Italian and German Renewable Assets AUD 5,200,000,000 Toll Infrastructure Spin-off of Asciano Ltd. Sub-Underwriter Syndicate Facilities AU NA NA NA AUD 470,000,000 Acquisition of Wind Farm Portfolio - Queensland Government USD 450,000,000 5 Year Facilities for the Acquisition of US Water Company CAD 518,428,000 Financing for 6 run-of-river hydro projects in Canada CAD 121,028,000 Construction Bonds for the Sudbury Regional Hospital Joint Lead Arranger & Bookrunner Sole Underwriter Sole Underwriter NA NA NA NA SH121 Toll Road Public Sector Alternative USD 1,245,000,000 Acquisition of US & Canadian Ports by RREEF Mandated Lead Arranger USD 3,197,000,000 Upfront Payment USD 698,000,000 Construction USD 603,000,000 Privatization of Northwest Parkway, Denver CAD 960,000,000 CPI Swap Sole Provider to Project Bankers

4 OUR SECTOR-FOCUSED EXPERTISE OUR GLOBAL CAPABILITIES OUR PRODUCTS AND SERVICES Understanding specific sectors is essential to offering comprehensive advice on the financing of infrastructure assets. We are organized by sectors with professionals that are highly experienced in the following areas: Transportation Airports & Ports Car Parks Light Rail, Heavy Rail & Buses Roads, Tunnels & Bridges Fixed Infrastructure Defense Education & Schools Health Care & Hospitals Social Infrastructure & Development Agencies & Not-for-Profits Central Governments & Municipalities Government Real Estate Social & Key Worker Housing Universities & Student Accommodation Urban Regeneration/Communities Utilities & Environmental Services Gas & Electricity Networks Regulated Utilities Renewable Energy Waste Water The Global Infrastructure Group delivers products and services and fosters our partnerships with clients through teams on four continents: Asia-Pacific Singapore Tokyo North America Boston Montreal New York Australia Sydney San Francisco St. Petersburg Toronto Europe London Madrid Paris The Global Infrastructure Group advises on all aspects of finance and financial risk management relating to infrastructure projects. In addition to our advisory services, we leverage our extensive capital markets capabilities to structure, arrange and underwrite the funding of projects. All these products and services are delivered by one integrated team. Advisory Services Strong advisory services are at the core of any significant infrastructure group. With years of experience and a large number of successful transactions,

5 RBC CAPITAL MARKETS RBC Capital Markets is an international investment bank that provides innovative solutions and a focused set of products and services. With 3,700 professional and support staff, we operate out of 75 offices in 15 countries and deliver our products and services through operations in Asia and Australasia, the UK and Europe and in every major North American city. BUILT ON A STRONG FOUNDATION We are part of a leading international provider of financial services, Royal Bank of Canada (RBC). Operating since 1869, RBC has more than USD600 billion in assets and one of the highest credit ratings of any financial institution Moody s Aaa and Standard & Poor s AA-. RBC Capital Markets is recognized for the strength and comprehensive nature of our strategic advice. While constantly monitoring trends in the market, our professionals provide advice in the following areas: Acquisitions & Disposals Mergers & Acquisitions Privatization/Public to Private/ Mutualisation PFI & PPP Debt Structuring Ratings Agency Advisory Services Equity Markets & Private Placements Bank & Bond Markets Derivatives & Risk Management Bank and Bond Products Our advisory services are supported by an extensive suite of bank and bond products, which are used to create innovative financing structures and include: Acquisition & Project Finance Debt Underwriting & Distribution Bank Bond Derivatives Senior & Mezzanine Debt Private Placements Equity Sourcing In the US market, the Global Infrastructure Group partners with our Municipal Finance business, which has over 100 municipal bankers operating from 26 local offices. Our Municipal Finance business is consistently in the top 10 lead underwriters of US municipal bonds. Risk Management Products and Services To help clients manage the financial risk associated with infrastructure transactions, we provide risk management products and services. RBC Capital Markets has experience delivering derivative products to manage exposure to the following types of risk: Interest Rate Exchange Rate Inflation Rate Commodities Pricing Credit Debt Capital Markets In 2007, we led over 1,200 debt issues for clients, raising USD190 billion across 14 different currencies. We are the clear leader in GBP infrastructure bonds, CAD and AUD origination and have significant capabilities in US dollars and EUR. Sales and Trading With more than 400 sales and trading professionals, we work with institutional investors around the globe to generate an average daily fixed income turnover of USD19 billion. Bond House of the Year, 2007 Project Finance International magazine awarded RBC Capital Markets the bond house of the year award for This award recognizes the role of our debt capital markets capabilities as part of our Global Infrastructure Group.

6 Contact Us Adrian Bell Global Head Asia-Pacific Dominic Hudson Canada Duncan McCallum Europe Dai Clement Giles Tucker Margaret Ford United States John Hastings The information contained in this brochure has been compiled from sources believed to be reliable, but no representation or warranty, express or implied, is made by Royal Bank of Canada, RBC Capital Markets, its affiliates or any other person as to its accuracy, completeness or correctness. Nothing in this brochure constitutes legal, accounting or tax advice or individually tailored investment advice. This brochure is prepared for general circulation to clients and prospective clients and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The investments or services contained in this brochure may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about the suitability of such investments or services. This brochure is not an offer to sell or a solicitation of an offer to buy any securities or to take any deposits or provide any financing. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Every province in Canada, every state in the U.S., and most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as the process for doing so. As a result, the products and services discussed in this brochure may not be eligible for sale or otherwise in some jurisdictions. This brochure is not, and under no circumstances should be construed as, a solicitation to act as securities broker or dealer or otherwise in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer or otherwise in that jurisdiction. To the full extent permitted by law neither RBC Capital Markets nor any of its affiliates, nor any other person, accepts any liability whatsoever for any direct or consequential loss arising from any use of this brochure or the information contained herein. No matter contained in this document may be reproduced or copied by any means without the prior consent of RBC Capital Markets. To US Residents: This brochure is being distributed in the US by RBC Capital Markets Corporation and RBC Dain Rauscher Inc., each of which is a U.S. registered broker-dealer and accepts responsibility for this brochure and its dissemination in the United States. To Canadian Residents This brochure brochure is being distributed in Canada by RBC Dominion Securities Inc. Any Canadian recipient of this brochure that is not a Designated Institution in Ontario, an Accredited Investor in British Columbia or Alberta or a Sophisticated Purchaser in Quebec (or similar permitted purchaser in any other province) and that wishes further information regarding, or to effect any transaction in, any of the securities discussed in this brochure should contact and place orders with RBC Dominion Securities Inc., which, without in any way limiting the foregoing, accepts responsibility for this brochure and its dissemination in Canada. To U.K. Residents: This brochure brochure is being distributed in Europe by Royal Bank of Canada Europe Limited ( RBCEL ), which is authorised and regulated by Financial Services Authority ( FSA ), in connection with its distribution in the United Kingdom. This brochure is not for distribution to private customers as defined by the FSA. RBCEL accepts responsibility for this brochure and its dissemination in the United Kingdom. To Australian Residents: This brochure is being distributed in Australia by Royal Bank of Canada Sydney Branch (ABN , AFSL ). This brochure has been prepared for general circulation and does not take into account the objectives, financial situation or needs of any recipient. Accordingly, any recipient should, before acting on this material, consider the appropriateness of this material having regard to their objectives, financial situation and needs. If this material relates to the acquisition or possible acquisition of a particular financial product or service, a recipient in Australia should obtain any relevant disclosure document prepared in respect of that product and consider that document before making any decision about whether to acquire the product. To Japanese Residents: Securities business (as defined under the Securities and Exchange Law) in Japan will be carried out by RBC Capital Markets (Japan) Ltd. Tokyo Branch in compliance with all applicable laws and regulations. Banking business (as defined under the Banking Law) in Japan will be carried out by Royal Bank of Canada, Tokyo Branch in compliance with all applicable laws and regulations. RBC Capital Markets (Japan) Ltd. Tokyo Branch is a member of the Japan Securities Dealers Association (JSDA). Copyright RBC Capital Markets Corporation 2006 Member SIPC Copyright RBC Dain Rauscher Inc Member SIPC Copyright RBC Dominion Securities Inc Member CIPF Copyright Royal Bank of Canada Europe Limited 2006 Copyright Royal Bank of Canada 2006 All rights reserved. Registered trademark of Royal Bank of Canada. RBC Capital Markets is a registered trademark of Royal Bank of Canada. Used under licence.

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