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									                         Aspen Infrastructure Investment Corporation
                                          Highlights

       Three directors: George Lindemann, David Herzig and Kenny Huang
       The Lindemann family is currently ranked 512 on the Forbes listing of wealthiest
        families in the World
       The Lindemann family has extensive infrastructure experience:
           o In 1971, started Vision Cable which was granted cable licenses in multiple
               states. Over the next ten years the company actively developed and built
               out the cable television infrastructure. In 1982, Vision was sold for $220
               million to Newhouse which eventually became Time Warner Cable a
               wholly owned subsidiary of Time Warner (NYSE: TWX).
           o After the sale of Vision, they started the cellular company, Metro Mobile.
               Metro Mobile was taken public in the late 1980’s on the New York Stock
               Exchange. Metro Mobile was eventually sold to Bell Atlantic for $2.6
               billion 1992.       Bell Atlantic subsequently merged into Verizon
               Communications Inc. (NYSE: VZ). Currently, the Lindemann’s continue
               to be one of the largest individual shareholders in Verizon.
           o In the late 1980’s, the Lindemann family acquired controlling stake in
               Southern Union Company (NYSE: SUG). Southern Union is the United
               States third largest pipeline owner with a focus on natural gas distributor.
               Mr. Lindemann serves as the Chairman of the Board and Chief Executive
               Officer of the company. Currently, the family owns over twenty percent
               (20%) of the outstanding shares in Southern Union.
       The Lindemann family has extensive experience in China:
           o The Lindemann family helped establish the Yue-Sai Kan Cosmetics line
               launched in 1992. Mr. Lindemann, Sr. was on of the three co-director
               managers of the company with Yue-Sai Kan and her husband, Jim
               McManus. The Lindemann family was the United States backer and
               product developer for the Yue-Sai Kan Cosmetics line launched in 1992.
           o The Lindemann family came in as the financial advisor and investor to
               General Electronics Technology (“GET”) and its founder Samuel Fang.
               The Lindemann’s privatized the company from the Hong Kong Exchange
               and subsequently sold the company to Jabil (NYSE: JBL).
       David Herzig has extensive experience in China:
           o Mr. Herzig co-founded, AutoChina Limited in 2004. AutoChina has the
               exclusive world-wide distribution rights for one of the largest automotive
               companies in China.
           o He is also involved in the aviation sector working closely with China
               Aviation Investments (CAI) in acquisitions of mainland Chinese aviation
               assets.
       Recent US Infrastructure Transactions:



Although information has been obtained from and is based upon sources Aspen Infrastructure Investment
Corporation believes to be reliable, we do not guarantee its accuracy and it may be incomp lete or
condensed. All opinions and estimates constitute Aspen’s judgment as of the date of the report and are
subject to change without notice. This summary is for informational purposes only and is not intended as
an offer or solicitation for the purchase or sale of a security.
           o December 16, 2005, Southern Union Company announced that a wholly-
              owned subsidiary has signed a definitive agreement to acquire Sid
              Richardson Energy Services Company, a privately held natural gas
              gathering and processing company, and the related Richardson Energy
              Marketing for $1.6 billion in cash. Headquartered in Fort Worth, Texas,
              Sid Richardson Energy Services has approximately 4,600 miles of natural
              gas and natural gas liquids pipelines in the Permian Basin. Additionally,
              the company has four active cryogenic plants and six active natural gas
              treating plants.
           o On January 27, Southern Union Company announced that it has entered
              into a definitive agreement to sell the assets of its PG Energy natural gas
              distribution division in Pennsylvania to UGI Corporation for $580 million.
           o Then on February 16, 2005, Southern Union Company announced the sale
              of the Rhode Island assets of New England Gas Company to National Grid
              USA for $575 million less assumed debt of $77 million.
       UBS Experience:
           o The Lindemann family has a long history of working with UBS on United
              States based infrastructure investments. From the media sector to the
              energy sector, the Lindemann’s have had positive relations with UBS. As
              an example, the Lindemann’s worked with UBS as recently as 2002 when
              Tulsa, Okla.-based energy company ONEOK Inc. [NYSE: OKE] bought
              Austin-based Southern Union Gas Co. and related assets for about $420
              million in cash. The deal made ONEOK the fourth largest natural gas
              distributor in the United States, with more than 1.9 million customers in
              Texas, Oklahoma and Kansas. In that transaction, UBS Warburg advised
              ONEOK and J.P. Morgan Securities Inc. advised Southern Union
       Due Diligence Team
           o PRC Lawyers - Haiwen & Partners. The firm was awarded “The Best
              PRC Law Firm” three years in a row in 1999, 2000, 2001, 2003 and 2004
              by the IFLR Asian Awards Program sponsored by the International
              Financial Law Review and the EuroMoney magazines.
           o International Lawyers – Baker and McKenzie. Baker has more than 3,300
              lawyers in 38 countries. Baker is ranked as the top firm in the United
              States under the New York Law Journal annual rankings. In January
              2006, Baker was listed by Bloomberg as the fifth (5 th ) ranked firm in Asia
              (excluding Japan) in terms of deal value.
           o THI Asia Consultants Limited in association with Parsons Brinkerhoff
              (Asia) Limited and Sallmanns (Far East) Limited for project due diligence.
              THI conducts for Aspen including due diligence, feasibility studies,
              independent checking engineering, construction management and
              operation & maintenance services. To date, THI has been participated on
              over 50 toll facilities in China that spread over 21 provinces or
              municipalities.


Although information has been obtained from and is based upon sources Aspen Infrastructure Investment
Corporation believes to be reliable, we do not guarantee its accuracy and it may be incomp lete or
condensed. All opinions and estimates constitute Aspen’s judgment as of the date of the report and are
subject to change without notice. This summary is for informational purposes only and is not intended as
an offer or solicitation for the purchase or sale of a security.
                         Aspen Infrastructure Investment Corporation
                                 www.aspeninvestment.com
                                         Background


       Aspen Infrastructure Investment Corporation (“Aspen”) was formed as the
investment vehicle for the Lindemann family for non-United States infrastructure
investments. Mr. Lindemann is the Chairman of the Board of the family company. Mr.
Herzig is the President and head of operations and acts as the coordinating party between
the family and China team. Mr. Kenneth Huang is one of the three directors of the board.

        Aspen, as the non-United States infrastructure investment company, is majority
held by the Lindemann family. The Lindemann family is currently ranked as the 512 th
wealthiest individuals in the world in Forbes magazine’s annual rankings. The majority
of the families’ wealth was derived from investments in United States infrastructure
projects over the last thirty (30) years.

        Mr. Lindemann, who graduated from Wharton, made first fortune selling contact-
lens-design company to Cooper Labs for $60 million in 1971. From there he was granted
cable licenses in multiple states under Vision Cable. He spent the next ten years
developing and building out the cable television infrastructure. In 1982, Vision was sold
for $220 million to Newhouse which eventually became Time Warner Cable. Time
Warner Cable a wholly owned subsidiary of Time Warner (NYSE: TWX) is one of the
largest cable television operators in the United States with over 11 million subscribers.
Time Warner has a market cap over $75 billion.

        The Lindemann’s subsequently built cell phone business under their company,
Metro Mobile. The Lindemann’s took Metro Mobile public in the late 1980’s on the
New York Stock Exchange. Metro Mobile was eventually sold to Bell Atlantic for $2.6
billion in 1992. Bell Atlantic subsequently merged into Verizon Communications Inc.
(NYSE: VZ). With more than $75 billion in annual revenues, Verizon is one of the
world's leading providers of communications services. Verizon Wireless owns and
operates the United States’ most reliable wireless network, serving 51.3 million voice and
data customers. Verizon has a market cap of over $102.5 billion. Currently, the
Lindemann’s continue to be one of the largest individual shareholders in Verizon.

        In the late 1980’s, the Lindemann family acquired controlling stake in Southern
Union Company (NYSE: SUG). Southern Union is the United States third largest
pipeline owner with a focus on natural gas distributor. Mr. Lindemann serves as the
Chairman of the Board and Chief Executive Officer of the compa ny. Currently, the
family owns over twenty percent (20%) of the outstanding shares in Southern Union.

         The Lindemann family has had extensive experience in China since 1992.
Initially, the Lindemann family helped establish the Yue-Sai Kan Cosmetics line

Although information has been obtained from and is based upon sources Aspen Infrastructure Investment
Corporation believes to be reliable, we do not guarantee its accuracy and it may be incomp lete or
condensed. All opinions and estimates constitute Aspen’s judgment as of the date of the report and are
subject to change without notice. This summary is for informational purposes only and is not intended as
an offer or solicitation for the purchase or sale of a security.
launched in 1992. Mr. Lindemann, Sr. was on of the three co-director managers of the
company with Yue-Sai Kan and her husband, Jim McManus. Mr. Lindemann, Sr., went
to China to actively negotiate with department stores for the company. The Lindemann
family was the United States backer and product developer for the Yue-Sai Kan
Cosmetics line launched in 1992. It is China’s leading cosmetics company, selling
products in over 800 outlets through 18 regional offices in China ’s major markets.
According to a survey by the official Statistical Bureau, for the last four years in a row,
Yue-Sai Kan Cosmetics was number one in department store distribution, number one in
consumer preference and number one in market share, with brand recognition of 95
percent.

         Additionally in conjunction with the investment and development of the
technologies associated with Metro Mobile in the United States, the Lindemann family
came in as the financial advisor and investor to General Electronics Technology (“GET”)
and its founder Samuel Fang. GET was a manufacturer of computer chips for
communications, peripherals and other uses. The company was listed on the Hong Kong
Exchange and the Lindemann’s came in to privatize the company in order to list the
company in the United States. Upon the completion of the privatization, the company
was being prepared for listing on the New York Stock Exchange. However prior to the
listing, the company was purchased by Jabil (NYSE: JBL). Jabil to this day maintains its
position as a market leader with over $7.5 billion in revenues for 2005 and a market cap
of over $8.7 billion dollars.

        Mr. Herzig before working in the China sector, was an attorney at Greenberg
Traurig. Greenberg is ranked number 8 in the National Law Journal’s largest United
States firm index. As an attorney, Mr. Herzig did work for three families listed on the
Forbes wealthiest individuals. He then went to work in private enterprise. In the past
five years alone, he has been involved with over $3 billion in structured financial
products. Mr. Herzig worked closely with the largest institutional investors in the world
including, Deutsche Bank, Societe Generale, RBC Dain Rauscher, Citigroup, and Wells
Fargo.

       In early 2004, Mr. Herzig co- founded, AutoChina Limited in 2004. AutoChina
has the exclusive world-wide distribution rights for one of the largest automotive
companies in China. He is also involved in the aviation sector working closely with
China Aviation Investments (CAI) in acquisitions of mainland Chinese aviation assets.

                                   Infrastructure Background

         In 1972 after the sale to Coopers Labs of the family’s contact lens design
company, the Lindemann’s started Vision Cable Communications (“Vision”). This was
the first infrastructure project in which the Lindemann’s engaged. Vision was one of the
first cable television operators on the east coast. As a pioneer in the development of the
cable television, Vision started in four cities on the east coast of the United States and

Although information has been obtained from and is based upon sources Aspen Infrastructure Investment
Corporation believes to be reliable, we do not guarantee its accuracy and it may be incomp lete or
condensed. All opinions and estimates constitute Aspen’s judgment as of the date of the report and are
subject to change without notice. This summary is for informational purposes only and is not intended as
an offer or solicitation for the purchase or sale of a security.
quickly expanded. Upon the granting of licenses from the FCC, Vision began operations
in Ft. Lee, New Jersey and surrounding areas, Alexandria, Virginia and surrounding
areas, Jackson, North Carolina and surrounding areas and Tampa, Florida and
surrounding areas. From 1972 to 1981, Lindemann was president of Vision Cable
Communications and directed the growth of the company. During his tenure, the
company expanded operations to New Jersey, Pennsylvania, North Carolina, South
Carolina, Florida and Louisiana. The company became a leader in the cable television
infrastructure arena. In 1981, Vision was purchased by Newhouse Broadcasting and
became the eighth (8th ) largest cable television operator in the United States. At the time
of the sale, the company had expanded to over 500,000 subscribers. The sale to
Newhouse of Vision for one hundred eighty million dollars ($180,000,000) was one of
the highest amounts per subscriber in history at the time. Newhouse subsequently sold its
cable televisions stations to Time Warner and is now part of the Time Warner portfolio.

        Maintaining the family’s telecommunications infrastructure bias, they built a
cellular phone company titled Metro Mobile CTS, Inc. In 1981, the Lindemanns’ applied
for cellular licenses. They were awarded cellular licenses for Connecticut, Rhode Island,
lower Massachusetts, and Arizona. Upon the grant of the licenses, they effectuated the
build-out of the cellular towers. The Lindemann family was the founder, and Mr.
Lindemann was the chairman and CEO of Metro Mobile CTS, Inc. from 1983 unt il April
1992. Metro Mobile was the nation’s second- largest independent cellular telephone
company until its merger with Bell Atlantic Corporation in 1992 for two billion six
hundred million dollars ($2,600,000,000). Under his leadership, the company grew into a
nationwide operator of cellular telephone systems, with networks in the Northeast,
Southeast and Southwest – serving over 11 million customers. During Mr. Lindemann’s
leadership, the company was taken public via an IPO on the American Stock Excha nge
and then the company was re- listed on the New York Stock exchange by DLR a
predecessor entity to Credit Suisse. During the same period, Lindemann was also
president and CEO of Metro Mobile Communications, Inc., the second largest SMR
(specialized mobile radio) dispatch company in the United States.

        After the sale of Metro Mobile, the Lindemann’s moved into the energy
infrastructure arena with the purchase of a controlling stake in Southern Union Company
(NYSE: SUG). Mr. Lindemann currently serves as the Chairman of the Board and CEO
of Southern Union Company a position he has held since 1990. Southern Union ranks
among the top three (3) natural gas pipeline companies in the United States. Southern
Union has a market cap of over $2.7 billion.

        Southern Union Company is engaged primarily in the transportation, storage and
distribution of natural gas. Through Panhandle Energy, the company owns and operates
100% of Panhandle Eastern Pipe Line Company, Trunkline Gas Company, Sea Robin
Pipeline Company, Southwest Gas Storage Company and Trunkline LNG Company –
one of North America’s largest liquefied natural gas import terminals. Through CCE
Holdings, LLC, Southern Union also owns a 50% interest in and operates the

Although information has been obtained from and is based upon sources Aspen Infrastructure Investment
Corporation believes to be reliable, we do not guarantee its accuracy and it may be incomp lete or
condensed. All opinions and estimates constitute Aspen’s judgment as of the date of the report and are
subject to change without notice. This summary is for informational purposes only and is not intended as
an offer or solicitation for the purchase or sale of a security.
CrossCountry Energy pipelines, which include 100% of Transwestern Pipeline Company
and 50% of Citrus Corp. Citrus Corp. owns 100% of the Florida Gas Transmission
pipeline system. Southern Union’s pipeline interests operate approximately 18,000 miles
of interstate pipelines that transport natural gas from the San Juan, Anadarko and Permian
Basins, the Rockies, the Gulf of Mexico, Mobile Bay, South Texas and the Panhandle
regions of Texas and Oklahoma to major markets in the Southeast, West, Midwest and
Great Lakes region. Through its local distribution companies, Missouri Gas Energy, PG
Energy and New England Gas Company, Southern Union also serves approximately one
million natural gas end- user customers in Missouri, Pennsylvania, Rhode Island and
Massachusetts.

                             Recent Infrastructure Transactions

        Since December 2005, through Mr. Lindemann active leadership, Southern Union
has engaged in multiple purchases and sales of energy infrastructure items. On
December 16, 2005, Southern Union Company announced that a wholly-owned
subsidiary has signed a definitive agreement to acquire Sid Richardson Energy Services
Company, a privately held natural gas gathering and processing company, and the related
Richardson Energy Marketing for $1.6 billion in cash. Headquartered in Fort Worth,
Texas, Sid Richardson Energy Services has approximately 4,600 miles of natural gas and
natural gas liquids pipelines in the Permian Basin. The company’s fully integrated North
and South systems are connected by a high-pressure pipeline. Additionally, the company
has four active cryogenic plants and six active natural gas treating plants.

       Over the past several years, under Mr. Lindemann’s leadership Southern Union
has been transformed into one of the leading interstate energy pipeline operators in the
nation. With the addition of the Sid Richardson business, the company will now have
more than 22,000 miles of gathering and transportation pipelines stretching from the Gulf
of Mexico to the Southwest, Midwest and Canada. The Sid Richardson gathering and
processing business reflects Southern Union’s continued commitment to the natural gas
business and is a logical complement to Southern Union’s existing transportation and
LNG businesses. Commenting on the planned financing of the acquisition, Southern
Union’s Chief Financial Officer, Julie Edwards, said, “We plan to fund this purchase with
a combination of equity and debt as appropriate to preserve the health of our balance
sheet. We may be required to utilize bridge financing while we evaluate alternative
sources of equity and are confident that we will have the appropriate capital structure in
place within several months.”

        This acquisition represents another step in Southern Union’s ongoing
transformation into a higher return business with significant growth opportunities. With
the closing of this acquisition, the Company will have made acquisitions totaling
approximately $6 billion in the natural gas gathering, processing and transportation
businesses. In June 2003, Southern Union acquired the CMS Panhandle Companies,
which added more than 10,000 miles of mainline natural gas pipelines across North

Although information has been obtained from and is based upon sources Aspen Infrastructure Investment
Corporation believes to be reliable, we do not guarantee its accuracy and it may be incomp lete or
condensed. All opinions and estimates constitute Aspen’s judgment as of the date of the report and are
subject to change without notice. This summary is for informational purposes only and is not intended as
an offer or solicitation for the purchase or sale of a security.
America. In November 2004, the Company acquired CrossCountry Energy, LLC from
Enron Corp. through a joint venture, adding about 7,500 miles of pipeline. Southern
Union’s interstate pipelines operate in 17 states. Fleischman & Walsh, LLP and
Kasowitz, Benson, Torres & Friedman LLP acted as Southern Union’s legal counsel.
Merrill Lynch & Co. has assisted Southern Union in its evaluation of the Sid Richardson
business.

        On January 27, Southern Union Company announced that it has entered into a
definitive agreement to sell the assets of its PG Energy natural gas distribution division in
Pennsylvania to UGI Corporation for $580 million. Proceeds from the sale will be used
to retire a portion of the acquisition debt to be incurred in connection with Southern
Union’s previously announced $1.6 billion purchase of Sid Richardson Energy Services
Company which is slated for an early March closing. PG Energy is a well- managed
natural gas distribution company with a significant presence in northeastern and central
Pennsylvania. The sale of PG Energy in conjunction with the acquisition of Sid
Richardson Energy Services will allow Southern Union to continue to grow as one of the
country’s leading energy companies.

        Both companies’ boards of directors have approved the transaction, which is
subject to antitrust clearance, approval by the Pennsylvania Public Utilities Commission
and other customary closing conditions. The sale is expected to close in the third quarter
of 2006. PG Energy, headquartered in Wilkes-Barre, Pa., is a natural gas distribution
company serving approximately 158,000 customers in 13 counties throughout
northeastern and central Pennsylvania. UGI Corporation (NYSE:UGI), based in Valley
Forge, Pa., is a holding company with propane marketing, utility and energy marketing
subsidiaries.    Through subsidiaries, UGI owns 44% of AmeriGas Partners, LP
(NYSE:APU), the nation’s largest retail propane marketer, and owns Antargaz, one of the
largest LPG distributors in France. Comprehensive information about UGI Corporation is
available on the Internet at http://www.ugicorp.com.

        Then on February 16, 2005, Southern Union Company announced the sale of the
Rhode Island assets of New England Gas Company to National Grid USA for $575
million less assumed debt of $77 million. Proceeds from the sale will be used to retire a
portion of the bridge facility financing for the acquisition of Sid Richardson Energy
Services, which is slated for an early March closing. The Company will retain New
England Gas Company’s North Attleboro and Fall River, Massachusetts operations. As
previously discussed, the Company announced that it had entered into a definitive
agreement to sell the assets of its PG Energy natural gas distribution division in
Pennsylvania to UGI Corporation for $580 million. Both companies’ boards of directors
have approved the transaction, which is contingent upon state and federal regulatory
approval and other closing conditions. The sale is expected to close by the third quarter
of 2006. Under the terms of the agreements, all active employees of the Rhode Island
operations will be offered employment with National Grid. New England Gas Company,
headquartered in Providence, Rhode Island, serves over 290,000 residential and

Although information has been obtained from and is based upon sources Aspen Infrastructure Investment
Corporation believes to be reliable, we do not guarantee its accuracy and it may be incomp lete or
condensed. All opinions and estimates constitute Aspen’s judgment as of the date of the report and are
subject to change without notice. This summary is for informational purposes only and is not intended as
an offer or solicitation for the purchase or sale of a security.
commercial customers in Rhode Island and Massachusetts. Additional information is
available at www.negasco.com. National Grid (LSE: NG., NYSE: NGG), is an
international energy delivery business with principal activities in the regulated electricity
and natural gas industries. In the U.S., National Grid transmits and distributes electricity
and natural gas to nearly 4 million customers across 29,000 square miles of
Massachusetts, New Hampshire, New York and Rhode Island. In Rhode Island, National
Grid delivers electricity to approximately 477,000 customers in 33 communities.
Additional information is available at www.nationalgridus.com.

       Merrill Lynch & Co. and Lehman Brothers served as financial advisors to
Southern Union in this transaction.

                                Other Capital Market Activities

        In addition to taking Metro Mobile public and raising private equity for the
various family businesses, through Southern Union has engaged in after market capital
raises. For example, in 2005 alone, under Mr. Lindemann’s guidance, Southern Union
engaged in the following types of secondary capital raises. In February 2005, Southern
Union priced an offering of approximately 14.9 million shares of common stock at
$23.00 per share. This was a secondary offering of the shares of the company which
were used to repay indebtedness incurred in connection with its investment in CCE
Holdings, LLC. The offering was underwritten by the joint book-running managers -
Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities Inc. The
offering was fully subscribed and was placed with a limited number of institutional
investors.

        Additionally in February an offering of $100 million of equity units at $50.00 per
unit was made. The Company used the net proceeds from this offering to repay
indebtedness incurred in connection with its investment in CCE Holdings, LLC. The
joint book-running managers for this offering are Merrill Lynch, Pierce, Fenner & Smith
Incorporated and J.P. Morgan Securities Inc.

        Both offerings were completed within five (5) days.

                                          China Activities

       Through its business partner relationship with China Aviation Investment
(“CAI”), Aspen is part of the various investments into the China aviation infrastructure
arena.

       Aspen is also an investor in AutoChina Limited. AutoChina has the exclusive
world-wide distribution rights for one of the largest domestic automobile manufacturer in
China.


Although information has been obtained from and is based upon sources Aspen Infrastructure Investment
Corporation believes to be reliable, we do not guarantee its accuracy and it may be incomp lete or
condensed. All opinions and estimates constitute Aspen’s judgment as of the date of the report and are
subject to change without notice. This summary is for informational purposes only and is not intended as
an offer or solicitation for the purchase or sale of a security.
      As stated earlier, the Lindemann family helped establish the Yue-Sai Kan
Cosmetics line launched in 1992. Mr. Lindemann, Sr. was on of the three co-director
managers of the company with Yue-Sai Kan and her husband, Jim McManus.

        The Lindemann family came in as the financial advisor and investor to General
Electronics Technology (“GET”) and its founder Samuel Fang. GET was a manufacturer
of computer chips for communications, peripherals and other uses. The company was de-
listed on the Hong Kong Exchange and sold privately to Jabil (NYSE: JBL).

                                       Due Diligence Team

        Aspen has engaged top legal advisors and market advisors for due diligence on its
China infrastructure projects. For domestic PRC law issues, Aspen has engaged Haiwen
& Partners. The firm was awarded “The Best PRC Law Firm” three years in a row in
1999, 2000, 2001, 2003 and 2004 by the IFLR Asian Awards Program sponsored by the
International Financial Law Review and the EuroMoney magazines. Haiwen has
received many “Deal of the Year” awards in the fields of equity, M&A and project
finance. Haiwen won many of the “Deal of the Year” awards in the fields of M&A,
project finance, equity offering and corporate matters.

        Further in the infrastructure arena, Haiwen represented (i) Morgan Stanley in the
global bond offering by New World Infrastructure (a Hong Kong listed company). The
major assets of the issuer consisted of over 20 toll roads, bridges and tunnels; (ii) the
underwriters in the global bond offering by Zhuhai Highway Company Limited; (iii)
Hopewell Infrastructure Company in the Hong Kong IPO (the issuer’s assets consisted of
major highways in Guangdong Province); (iv) the underwriters in the H Share offering by
Chengdu-Chongqing Highway Company; (v) the Shandong Infrastructure Company is its
IPO (the assets of the issuer consisted of major highways in Shandong Province ); (vi)
Electricite de France in the Guangxi Laibin B Power Plant initial financing transaction,
which was the first BOT project in China; (vii) EDF and the project company in Laibin B
Power Plant’s US$330 million refinancing; (viii) the PRC bank syndicate in the RMB4.3
billion refinance transaction for the Meizhouwan Power Plant, which is a BOT project;
(ix) the Chengdu water BOT project; and (x) we have represented Standard & Poor’s in
the review of the project and financing documents for bond issuers that are PRC
infrastructure players, including Greater Beijing and Road King.

        Aspen has engaged the international law firm of Baker & McKenzie to assist on
international law issues and the interaction between the foreign capital markets and
domestic PRC law. Baker has more than 3,300 lawyers in 38 countries. Baker is ranked
as the top firm in the United States under the New York Law Journal annual rankings. In
January 2006, Baker was listed by Bloomberg as the fifth (5 th ) ranked firm in Asia
(excluding Japan) in terms of deal value. Baker has over 600 lawyers around the world
who are specialist M&A lawyers providing advice on public and private company M&A
and joint ventures. There are over twenty (20) lawyers focusing on the infrastructure

Although information has been obtained from and is based upon sources Aspen Infrastructure Investment
Corporation believes to be reliable, we do not guarantee its accuracy and it may be incomp lete or
condensed. All opinions and estimates constitute Aspen’s judgment as of the date of the report and are
subject to change without notice. This summary is for informational purposes only and is not intended as
an offer or solicitation for the purchase or sale of a security.
arena in China. Baker has acted on some of the most significant infrastructure projects in
China. For example, they acted for PetroChina on the West-East Gas Pipeline, a 3000km
gas pipeline constructed across the breadth of China.

        Aspen has also engaged the services of THI Asia Consultants Limited in
association with Parsons Brinkerhoff (Asia) Limited and Sallmanns (Far East) Limited
for project due diligence. THI conducts for Aspen including due diligence, feasibility
studies, independent checking engineering, construction management and operation &
maintenance services. To date, THI has been participated on over 50 toll facilities in
China that spread over 21 provinces or municipalities. Aside from providing up-front
due diligence services, they are also experienced in the Initial Public Offer (IPO) market
– where infrastructure companies packaging their products (toll roads and bridges) for
public offering in the stock exchanges and had served as the owners’ traffic consultant
supporting the underwriter team, and is actively involved on a few IPO projects currently
under various development stages.

                                       UBS Prior Dealings

        Since the 1960’s, the Lindemann family has worked with the worlds leading
investment banks. In the past year, they have engaged, Lehman Brothers, Inc., Merrill
Lynch & Co., and Credit Suisse alone. In the Asia sector, after many months of due
diligence and interviews, the Lindemann family has decided to work with UBS as its lead
banker on the China infrastructure investment projects. The Lindemann family has a
long history of working with UBS on United States based infrastructure investments.
From the media sector to the energy sector, the Lindemann’s have had positive relations
with UBS. As an example, the Lindemann’s worked with UBS as recently as 2002 when
Tulsa, Okla.-based energy company ONEOK Inc. [NYSE: OKE] bought Austin-based
Southern Union Gas Co. and related assets for about $420 million in cash. The deal
made ONEOK the fourth largest natural gas distributor in the United States, with more
than 1.9 million customers in Texas, Oklahoma and Kansas. In that transaction, UBS
Warburg advised ONEOK and J.P. Morgan Securities Inc. advised Southern Union.




Although information has been obtained from and is based upon sources Aspen Infrastructure Investment
Corporation believes to be reliable, we do not guarantee its accuracy and it may be incomp lete or
condensed. All opinions and estimates constitute Aspen’s judgment as of the date of the report and are
subject to change without notice. This summary is for informational purposes only and is not intended as
an offer or solicitation for the purchase or sale of a security.

								
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