		Project Finance Advisory Services Transaction "Firsts" *Capital Technology, Inc. (CTI)*
Divesting a project? Techniques for maximizing sale price For decision makers: Considerations in selecting a Project Finance Advisor		CTI specializes in strategic and first-of-a-kind assignments where it can supply a blend of financial, commercial and technical expertise to produce maximum added value for its clients. Examples: E-GAS Technology Sale - with Frentex Incorporated, co-advised on the sale of the E-GAS gasification technology and Houston-based business team to ConocoPhillips. E-GAS is the world's leading large-scale (500MW+ per plant) gasification technology for processing solids such as coal and petroleum coke. UK equity sale - With a London-based investment bank, co-advised on the largest recorded sale of landfill gas projects to date, totaling $40MM in equity raised by the time all 24 projects fund. Venture capital - raised $500,000 for a U.S.-based ocean wave energy prototype. Subordinated debt structuring/placement - For sellers Goldman Sachs, Bechtel, ABB and Pyropower U.S.A., served as exclusive financial advisor on the repackaging and sale of four otherwise unmarketable subordinated debt issues in a $160 million waste coal project in western Pennsylvania. Equity structuring - Negotiated $40 million standby equity commitment for the $475 million AES Shady Point cogeneration project and later sold it at a profit, making it the largest successful selldown to date of an equity of last resort interest. Senior debt structuring/placement - Placed first-ever non-recourse 10-year debt financing for a landfill gas project. Tax structuring – In a little over 1 ½ months, restructured an existing rice hull-fueled 26.5 megawatt power project in California and obtained a financeable tax opinion, setting the stage for the sale of $35 million in Section 29 tax credits. Privatization structuring - For the Ministry of Electricity and Water of the Sultanate of Oman, served as exclusive financial advisor on the first-ever total privatization of a country’s generation, transmission and distribution systems. Long-term gas supply divestiture/fuel outsourcing - Negotiated the sale to Apache Corporation of Dow's Oil and Gas Division (600 wells, 14 states, 6000+ leases) for $90 million in cash and deferred consideration estimated at the time to total $550 million. The first-ever structure featured three unique partnership mechanisms to ensure that Dow could retain the right to purchase oil and gas from the properties without endangering the transaction’s sale status for accounting purposes. Off-balance sheet asset outsourcing - Structured and placed the equity for the first of six $110 million leveraged leases of gas combined cycle cogeneration plants for Dow Chemical. This was the first lease transaction to qualify as an operating lease under FASB 13 while allowing Dow to be both lessee and a 50% owner in the lessor company in order to share in the residual interest. Chemical feedstock outsourcing – For Citibank, served as exclusive financial advisor to B.F. Goodrich on a $245 million chlor-alkali joint venture facility in Placquemine, LA. Placed $185 million in long-term debt with a group of 11 insurance companies led by John Hancock. Acquisition financing - For White Consolidated Industries, designed and implemented a plan to acquire and turn around Westinghouse's $200 million a year Major Appliance Division, using only $7 million in cash. Structure served as the prototype for White Consolidated’s next 7 acquisitions. Tough Assignments, Creative Solutions Member, National Association of Securities Dealers (NASD) and the Securities Investor Protection Corporation (SIPC) David R. Siever, Chairman, Capital Technology, Inc. 46 Tory Hill Lane, Rowayton, CT 06853 203-853-0220 Fax: 203-853-0535 e-mail: drsiever@optonline.net www.capital-technology.com

Project Finance Advisory Services

Transaction "Firsts"

Capital Technology, Inc. (CTI)

Divesting a project? Techniques for maximizing sale price

For decision makers: Considerations in selecting a Project Finance Advisor

CTI specializes in strategic and first-of-a-kind assignments where it can supply a blend of financial, commercial and technical expertise to produce maximum added value for its clients. Examples:

E-GAS Technology Sale - with Frentex Incorporated, co-advised on the sale of the E-GAS gasification technology and Houston-based business team to ConocoPhillips. E-GAS is the world's leading large-scale (500MW+ per plant) gasification technology for processing solids such as coal and petroleum coke.

UK equity sale - With a London-based investment bank, co-advised on the largest recorded sale of landfill gas projects to date, totaling $40MM in equity raised by the time all 24 projects fund.

Venture capital - raised $500,000 for a U.S.-based ocean wave energy prototype.

Subordinated debt structuring/placement - For sellers Goldman Sachs, Bechtel, ABB and Pyropower U.S.A., served as exclusive financial advisor on the repackaging and sale of four otherwise unmarketable subordinated debt issues in a $160 million waste coal project in western Pennsylvania.

Equity structuring - Negotiated $40 million standby equity commitment for the $475 million AES Shady Point cogeneration project and later sold it at a profit, making it the largest successful selldown to date of an equity of last resort interest.

Senior debt structuring/placement - Placed first-ever non-recourse 10-year debt financing for a landfill gas project.

Tax structuring – In a little over 1 ½ months, restructured an existing rice hull-fueled 26.5 megawatt power project in California and obtained a financeable tax opinion, setting the stage for the sale of $35 million in Section 29 tax credits.

Privatization structuring - For the Ministry of Electricity and Water of the Sultanate of Oman, served as exclusive financial advisor on the first-ever total privatization of a country’s generation, transmission and distribution systems.

Long-term gas supply divestiture/fuel outsourcing - Negotiated the sale to Apache Corporation of Dow's Oil and Gas Division (600 wells, 14 states, 6000+ leases) for $90 million in cash and deferred consideration estimated at the time to total $550 million. The first-ever structure featured three unique partnership mechanisms to ensure that Dow could retain the right to purchase oil and gas from the properties without endangering the transaction’s sale status for accounting purposes.

Off-balance sheet asset outsourcing - Structured and placed the equity for the first of six $110 million leveraged leases of gas combined cycle cogeneration plants for Dow Chemical. This was the first lease transaction to qualify as an operating lease under FASB 13 while allowing Dow to be both lessee and a 50% owner in the lessor company in order to share in the residual interest.

Chemical feedstock outsourcing – For Citibank, served as exclusive financial advisor to B.F. Goodrich on a $245 million chlor-alkali joint venture facility in Placquemine, LA. Placed $185 million in long-term debt with a group of 11 insurance companies led by John Hancock.

Acquisition financing - For White Consolidated Industries, designed and implemented a plan to acquire and turn around Westinghouse's $200 million a year Major Appliance Division, using only $7 million in cash. Structure served as the prototype for White Consolidated’s next 7 acquisitions.

Tough Assignments, Creative Solutions

Member, National Association of Securities Dealers (NASD) and the Securities Investor Protection Corporation (SIPC)

David R. Siever, Chairman, Capital Technology, Inc. 46 Tory Hill Lane, Rowayton, CT 06853 203-853-0220 Fax: 203-853-0535 e-mail: drsiever@optonline.net www.capital-technology.com