Trinidad and Tobago as the Leading LNG Supplier in the Caribbean

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1 RBC CARIBBEAN I ECONOMICS Trinidad and Tobago as the Leading LNG Supplier in the Caribbean Presentation by RBC Caribbean Banking Santo Domingo, Dominican Republic Marla Dukharan Group Economist June 2013

2 About RBC

3 The Royal Bank of Canada and RBC Financial Caribbean RBC is among the strongest and safest financial institutions in the world Operating since 1869 RBC has one of the highest credit ratings of any financial institution globally (Aa3 / AA-) 1 Tier 1 capital ratio of 13.0% 2 5th largest bank in North America by market capitalization (US $82.5 billion) 3 Over 80,000 employees worldwide across 53 countries RBC Financial Caribbean is the largest bank by presence and the second largest by assets in the Caribbean serving more than 1.6 million clients Over USD13 billion in Assets Over 6,500 professionals and staff We maintain 130 branches across 20 jurisdictions Representative Office in Costa Rica In addition to commercial and retail banking, RBC Caribbean Banking delivers for clients across the region in Investment Banking, Corporate Banking, Investment Management, Trust, and Sales and Trading Strong Links to RBC Capital Markets and RBC Wealth Management 1. Source: Moody s, As of September 25, As of July Source: Bloomberg as of September 25, 2012 Headquarters for RBC Financial Caribbean in Trinidad and Tobago, a leading LNG producer in the region. RBC CARIBBEAN I ECONOMICS 3

4 RBC s Project Finance Credentials RBC is a Leading Project Finance Bank Americas Mandated Arrangers Mandated Arranger Q Rank 2012 Rank Proceeds (US$mm) Market Share % Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Barclays Goldman Sachs & Co Mitsubishi UFJ Financial Group RBC Capital Markets Citi Morgan Stanley BBVA Credit Agricole CIB HSBC Holdings PLC Fiat SpA 12* Credit Suisse 12* Deutsche Bank Societe Generale DNB ASA Credicorp Santander RBS 19* Nord/LB 19* CIBC World Markets Inc 19* Natixis 19* KeyBanc Capital Markets Inc 19* BMO Capital Markets 19* Bayerische Landesbank Giro 19* Top 25 Total 4, Inudustry Total 7, Americas - Bookrunners Bookrunner Source: Thomson Reuters Project Finance Review First Quarter 2013 * Tie Q Rank 2012 Rank Proceeds (US$mm) Market Share % Mizuho Financial Group ING Mitsubishi UFJ Financial Group Barclays Goldman Sachs & Co Sumitomo Mitsui Finl Grp Inc RBC Capital Markets 7* Morgan Stanley 7* Citi 7* Credit Suisse HSBC Holdings PLC Deutsche Bank BBVA 13* DNB ASA 13* Credit Agricole CIB 13* Societe Generale 13* Top 16 Total 4, Industry Total 6, RBC CARIBBEAN I ECONOMICS 4

5 Trinidad and Tobago s LNG Success Story

6 T&T has been engaged in hydrocarbon exploration and production for over 100 years Oil and Gas Produc/on from, 1970 to Present Electricity Methanol Ammonia LNG Oil production ('000 bpd) Gas production ('000 boepd) Source: The Energy Chamber of T&T, BP Sta9s9cal Review, 2011 RBC CARIBBEAN I ECONOMICS 6

7 The T&T Atlantic LNG story A consortium BPTT, BGTT, Repsol, BHP Billiton Liquefaction by the patented Phillips Cascading Process Train 1 began operations in 1999, Train 2 in 2002, Train 3 in 2003 and Train 4 in December 2005 All trains built on time and within budget RBC CARIBBEAN I ECONOMICS 7

8 The Role of T&T supplier of LNG and energy expertise Production of Liquified Natural Gas : Trinidad and Tobago Cubic Meters 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 0 Jan- 00 Jul- 00 Jan- 01 Jul- 01 Jan- 02 Jul- 02 Jan- 03 Jul- 03 Jan- 04 Jul- 04 Jan- 05 Jul- 05 Jan- 06 Jul- 06 Jan- 07 Jul- 07 Jan- 08 Jul- 08 Jan- 09 Jul- 09 Jan- 10 Jul- 10 Jan- 11 Jul- 11 Jan- 12 Jul- 12 Source: Central Bank of Trinidad and Tobago, RBC Financial (Caribbean) Limited RBC CARIBBEAN I ECONOMICS 8

9 RBC s LNG Financing Record RBC won the 2012 Overall North American Deal of the Year for its Lead role in Cheniere Energy Inc s $3.6 billion project financing of the Sabine Pass Liquefaction project, the largest energy project financing ever closed in North America RBC won the 2011 North American Oil & Gas Project Finance Deal of the Year for its Lead role in the Ryckman Creek Gas Storage project RBC led the underwriting, syndication, and execution of the Southern Lights Pipeline project which won the North American Energy Project Finance Deal of the Year and was executed successfully at the beginning of the credit crisis RBC CARIBBEAN I ECONOMICS 9

10 RBC Contacts Uhriel Edgardo Bedoya Managing Director Caribbean and Latin American Development Marla Dukharan Group Economist RBC Financial (Caribbean) Limited

11 Thank you! Disclaimer: The material contained in this document is the property of RBC Financial (Caribbean) Limited ("RBC Caribbean") and may not be reproduced in any way, in whole or in part, without express authorization of the copyright holder in writing. This document is intended as a general source of information only, and should not be construed as offering specific tax, legal, financial, investment or other advice, and should not be acted or relied upon in that regard without seeking the advice of a professional. It also does not constitute an offer to sell or a solicitation to buy securities. The statements and statistics contained herein have been prepared by RBC Caribbean based on information and sources considered to be reliable. Every effort has been made to ensure that the material is correct at time of publication, but RBC Caribbean makes no representation or warranty, express or implied, as to its accuracy or completeness. Interest rates, market conditions, tax rulings and other investment factors are subject to rapid change. Individuals should consult with their personal tax advisor, accountant or legal or other professional before taking any action based upon the information contained in this document. Registered trademark of Royal Bank of Canada. Royal Bank of Canada. RBC CARIBBEAN I ECONOMICS 11