February update

2009 started off with pomp and ceremony with members of the Trinity team hosting clients on 21 January at the Project Finance International Annual Awards dinner in London to accept two awards; for the Rabai IPP Project in Kenya (African Power Deal of the Year) and the Lekki-Epe Expressway toll road project in Lagos, Nigeria (African Infrastructure Deal of the Year). We are extremely proud to be a part of the team that has been recognised by the industry for completion of these projects. It represents another significant milestone for Trinity particularly given the challenging circumstances in which both of these projects reached financial close.

It was also announced in January that the same two deals had also been recognized by the Euromoney Project Finance magazine awards as being the outstanding power and infrastructure deals for the African continent.

Of course, while recognition of the hard efforts of all involved in the two deals is welcome, financial close is only the beginning of the life of a project and we look forward to updating you as they move through their respective construction processes and into the operations and maintenance phases.

January also saw the financial completion of the $105 million refinancing of the Olkaria III geothermal project in Kenya. Trinity advised the Lenders to the transaction.

We are also pleased to announce that Guy Jolly has joined our growing team. Guy joins us after completing his Masters at Edinburgh University and having worked with leading New Zealand law firm Russell McVeagh.

Notwithstanding the difficult global economic climate, 2009 is shaping up to be a busy time for the Trinity team. We have a number of projects which continue through the New Year, including a corporate fund raising for an African power development company, an equity raising for a West African gas monetization project, the development of rail infrastructure in Lagos, the development of power projects in Ghana and The Gambia and a biofuel and biopower project in Senegal.