TIGRIS WATER FUND - Biosystems Group

SWRO – BOO / BOT Contract – Indicative Terms

Type of Plant	SWRO and Sewage Treatment Plant. Water Recycling
Type and Period of Concession	BOT. Term of concession 10 yrs (including construction period). Project Completion Operating Date (PCOD) Transfer asset at end of concession (40% of Original Cost )
Location	District/province. Local economy. Existing water infrastructure and planned capacity expansion. Pricing. Land use tenure
Offtaker and End Users	Offtaker. End-users (industries; households, income levels; fundamental demand/supply analysis)
Concession Capacity	Concession capacity, design capacity, forecast utilization. Right to expansion
Minimum Offtake Volume	Minimum volume for which tariff payment is guaranteed or Capacity Charge
Tariff and Tariff Adjustment	Tariff pricing ( per end-user categories). Tariff adjustment linked to CPI
Security for Tariff Payment	Bank or other guarantee; escrow account with minimum deposit
Termination Fee	Termination provisions
Exclusivity and Renewal	Concession agreement provides an exclusive right to operate water facilities in the designated area.Right to extend the term of the agreement upon expiry
Others	Rights and obligations of each party to be set out clearly, including in the following areas: Project Implementation; Construction; Pipeline; Operations and Maintenance.

Introduction to Tigris

Water Investment needs in Asia : >USD 200 billion
Pioneering pan-Asian Fund to provide growth capital & management capacity support to water companies in Asia
Founded by Odyssey Capital, with extensive investment and water industry experience
Strong institutional partners/investors, including :
- Macquarie Capital (Co-Sponsor)
- Eastspring (Prudential)
- FMO
- Nippon Kei
Fund operational since January 2016
Current Fund Size – USD85 million
- Target final fund size – USD300+ million
- Investors in Fund are interested to co-invest alongside Tigris
Closed two investment transactions to date :
- USD30m commitment to Chinese water company for BOT/BOO projects in China
- USD25m commitment to Singapore water company for BOT/BOO projects in ASEAN region

Odyssey Capital – General Partner of Tigris

Odyssey Capital is an investment firm, specializing in infrastructure & financial Institutions, with global investment experience including in water, power, renewable energy, roads, ports, airports, etc.

Odyssey Capital – Unique Combination of Water Operating & Investment Experience

WATER INVESTMENT EXPERIENCE

Manages Tigris Water Fund, only pure play Water Private Equity Fund for Asia
Extensive debt, equity, mezzanine, project financing in water
Water leasing and PPP/BOT/BBO investment and structuring experience
Water M&A experience
Providing advisory and capacity building value-add to mid-market water companines in Asia

WATER OPERATING COMPANY EXPERIENCE – HYFLUX

Top Management of leading water company in Asia
Developing Hyflux’s infrastructure business globally
Overseeing water operation in china, Middle East and North Africa, and global EPC business

WATER ASSET MANAGEMENT TRACK RECORD

Managing 19 Water/Waste-water Treatment Plants
Established and managed the firts global water business trust
Delivered financial performance which exceeded IPO projections

Tigris – Founders’ Background

Saud Siddique, CEO

IFC – 17 years with IFC. Led tams on infrastructure and financial institutions investments in Asia and Latin America, Head of Infrastructure Business Development for East Asia and Pacific
Hyflux – CEO of Hyflux Water Trust (HWT). Led listing of HWT on Main Board Singapore Stock Exchange with S$250m net asset value. Group Executive Vice President of Hylux Ltd.
Srei Infrastructure Finance – Joint Managing Director and Board Member. Responsible for growing infrastructure finance portfolio from USD200 million to US2 billion.
Emerging Africa Infrastructure Fund – Board Director & Chairman of Credit and New Business Committes. USD1.5 billion fund, invested in 23 Sub-Saharan countries.
SBC (now UBS) – Extensive experience in structured finance, project finance, and municipal water infrastructure financing, all in the US
Served as Chief of Party (CoP) id USAID mandate to advise Government of Pakistan on financing strategy for USD15 billion 4,500 MW Daimer Basha Dam Project

Daniel Yeung, Principal

World Bank Group – Infrastructure and clean environment investments, including with IFC, Infrastructure Department, and Global Environment Facility
Hyflux/Hyflux Water Trust – Vice President, Investments
Srei Infrastructure Finance – Senior Vice President, Project and Structured Finance
Credit Suisse First Boston – Corporate and Investment Banking

Macquarie Capital – Global Infrastructure Investor

Extensive experience in investing and managing water assets, including Thames Water (UK), Aquarion (US), etc

Tigris Water Fund – Target Sectors

Municipal Drinking Water Treatment, Sewage Treatment
Industrial Pure Water Treatment Wastewater Treatment & Reclamation
Sludge/ Bio-solids Management
Waste(water) to Resource (Wastewater Biogas to Energy)
Target Countries
- China
- Indonesia
- India
- Philippines
- Thailand
- Vietnam
- Others (South Asia and SE Asia)

Tigris Water Fund – Value Addition

Provides more than Capital
Long-term Strategic Partnership with Water Companies
Assistance & support in terms of entry into New Markets
Localized knowledge, validated expertise & networks throughout Asia
Support Management with Strategic Advice on key aspects of growth
Advice on Operations, Corporate Policy & internal Processes

Biosystems and Tigris Partnership

Tigris and Biosystems has agreed to jointly participate in BOO/BOT Projects in Indonesia on Water and Waste Water Treatment and Water Reuse
Biosystems will be responsible for the ongoing Relationship with the Customer
- Biosystems will design and build the System which will meet all required specs of the customer
- Biosystems will be responsible over the life of the BOO/BOT contract with Customer for day-to-day Operations, management and maintenance of all aspects relating to the projects
Tigris will be responsible for funding the Projects, subject to investment criteria being met

Specialists in Water and Waste Treatment