Strictly Confidential
Discussion Purpose OnlyfRd,¦,ĊĳŉĆǔļȗƐÑ^ľƖÅǾx¥|,èɖǩŖ^ǰĭ ƐÑ^ľxŎƃ_2,500À¥qǴȀO(5ǼçZ2.7ȃ[BCĶBƓǖqǄƓ ǸȪGňƣÅǾ[ŏponŉĆ^ǑZ_ĿhĶBƓǖîƾqȺOYBn ľƖÅǾx¥|,^ǑZh(ƐÑǠ]_ǳ]ȘɓȆǦb^ǩŖGĺħĿǀ[\nĝǙO IEA]knǦĢȠƇƝǩŖÜĝǙO]ko`(2035ǼeZ^ȘɓǩŖÜ_2ǒUSDǕ[AljnǦĢ^ǑZhĿǀZAm(ǳ]OECDŹĹZ^ǩŖGǀHBL[]ǳǓ
ƐÑ^ľƖÅǾx¥|,Ŏƃ^ǰĭǦĢȠƇƝǩŖÜĝǙOŰÀ¥1

 S^ƹƺɃĩȘɓ

2011-2035

0!!#"1ȋ

   

0Ŵŷ1UNEPŖɑkmfRd,¦,ĊĳŉĆǔļȗŅƓCopyright © 2012 Mizuho Corporate Bank , LimitedƺɃǻƺɃĩǌǻȘɓƍɓuyĠōɓƙȷ{ƙǆ0Ŵŷ1IEAWEO2011kmfRd,¦,ĊĳŉĆǔļȗŅƓ

Discussion Purpose Only, Strictly Confidential2ľƖÅǾx¥|,]knŉĆƆĄ/^}§ĕŀǠ\­ȭ ȆǦ^ȻɆGĹǵƖŉFȸǹF_(ŉĆƆĄ^åǥFl_ųɂ\ɘǥ
9 ĠȆ_ǽɑqɎƦɒȸǹQnG(S^İƴFlĹǵZ^ŉĆƆĄ]ǡOYBn
9 ³Ȩ(Éɓ_ǽɑ^ÝķGĶI(ưǫǞǧȊɁGÐÓɏŴQnİƴ
9 ľx_ĶUG(ñŵǀĹǸȪZ_ĮȓŚǁZS^ȊɁqĹǵæɏQnL[GÅǾǦĢȠȆǦȉÙ0» 1ĔǭƽņȊ ȁŴ}¦ĴǹȊȸǹǽɑȊȸǹĹǵƖŉ

ƔņĕȊ*ŗĥ¤}ƽ½ȊɁǬĹǵƖŉ·Ǥ°ŘȊĹǵƖŉŖȪȊĠōɓÉɓȘɓ

0Ŵŷ1x¥|,*âĀÎò ǬĚſ¬´ÎȧĸŸǬkmfRd,¦,ĊĳŉĆǔļȗŅƓ
Copyright © 2012 Mizuho Corporate Bank , Limited

Discussion Purpose Only, Strictly Confidential3Șţ1GW/ǼǱǹ]knĕŀĬÈ ĹǵƖŉȘţqȫǼ1GWRXƝǍOTƃķ(20ǼçZGDP^¾OƂKĬÈ_67.2ǒ»] Șţ^ƝȌǩŖ+5.9ǒ»]ÄD(ȫǼ^ƮĆ]knĕŀðȰÕǀZ8.5ǒ»^ìȾ S^ƃķ^ĦɁĬÈ_Șţ^ƝȌǩŖȞZȶ4.4ȬƊ(ȘɓȆǦ^ƮĆȞZȶ3ȬƊ^ĬÈGîƾNon ǃO(ȘɓÕǀ]knFIT,,]ȇCĴȄɓ^ġżGƹŉĆ]EBY:4Ȭ3ƟƊ^ĦɁƬŞqhTlQTg(ȄťÃÖ^µHÁKǬ]kmĕŀb^u¸ąqɅDnĮȓGȎɂȘţqQcYĹǵZƖŉQnƃķąķƳĖġ¸ǦƸ^ǩȌƝķĖą¸ŷĢíƸǦǲ^^ƳġŉĬÈĆƮȌƝŉ

6 6 ŖġǩŖ

Copyright © 2012 Mizuho Corporate Bank , Limited: ^ġ6

6 6Ģ: : È ǲ6

 626,000Ɗ
630,000Ɗ
:25,000Ɗ
:43,000Ɗ
:12,000Ɗí:  0ǒ»1Ĭ  4ĦɁĬÈ5ƝȌǩŖƮĆĬÈíƸǦĢġŉ
ŷǲġż
ķĖ

Ć0ǒ»1

644,000Ɗ
630,000Ɗ
:25,000Ɗ
:43,000Ɗ
66,000Ɗŷ4ĦɁĬÈ5ƝȌǩŖƮĆĬÈíƸǦĢġŉ
ŷǲġż
ķĖ

Ʈ

 

ȘţqQcYȸǹ]ɇnƃķŴŷ+ Ʊȯž2ŉĆɖèȐ0  Ǽ13kmfRd,¦,ĊĳŉĆǔļȗŅƓ

Discussion Purpose Only, Strictly Confidential4ĹǵȺɓľƖÅǾx¥|,ȉÙ ŉĆƔņǠ]_Ĺǵ]EBYÔx¥|,GǍFoYBnƅă_®\n9 ƺɃĩȆǦ_Ìù^Ɣņő¼^ǐƚhAm(ư½^¢©qØȥ
9 ³Ȩ(ȘɓȆǦ_ƐÑŎƃ]ȉOYŴǏoáGǀHB  Ɠǖ©¥AmÈÕOQU­Ò1 d!

1 d!
~§.§³@°8?h@GªeAÑh>;=Bt®ÂÍB:6gÁ¤vrÐÈÕAÏ²B°

Óm¨AÏ²7°86

¶·/

¾|
[0L04¡of`5Ä -¾Ô
¾Ê¦4¡o´`5P\0Y-wR]
XVSWTN-PK^

4¡oUTYN]Q5»-ÆºuÄÎÕ[0L0Ab¥ÐÈÕCA¸p[MS0]0yAb¥
2-pÃJsF3

Ô²¢ÌAlyAb¥.{¥´.¯Ö£>AOQUx©

i±½¿}jƂǊ2011Ǽ
ǑǊ2020ǼÁǊ2030Ǽ4¡o5 
Copyright © 2012 Mizuho Corporate Bank , Limited

Ë° d!

~§.§³@°8?hÑhÇÅ¹¬9¦«A

1²À4¾Ê5
 
4¡o5  4¾Ê5
 

Êq½¿ÑAv4¡o5


4¾Ê5
  
5
Discussion Purpose Only,23OQU¼ackÉ-%&"$&,)("%%!HIE<DO0Z_0Uz¥Strictly ConfidentialǸȪqɛō]ƐÑb ǸȪ^ȘɓȆǦŉĆGŘƷǠ\Õǀ*ƓǖqƷJYBITg]_(ÐÓŎƃb^ǢÒhŔȵ]ǹonȎɂ ĺħĹǵ]ŎƃGƫŴNonL[]kmĹŃýƯɓqȺQnȘţ,z,G²ƓNoo`(ƐÑ^Șţ,z,^ľȢ*ŮȶÂ^ÌǞ^ǑZ(ǸĔ,z,GƐÑ]ƻWYŴn©hÕǀQnÅǾƒ

4ƐÑ5ɀƂȘɓÕǀ]ȇCȡÂ

4ǸȪ5ȘɓȆǦŎƃ^ȡÂȘţǀďÂǸĔ,z,^ģƅɀƂȘɓŎƃÕǀ§w}^ǀďÂǀŦ¡,t¤t]knÒȆ^ÇƠÂñŵɓ[éĆƼɓqȺQnǀŦ¦u,]knÇƠŎƃ]ŻðȰ\ƗƴƝȌĶBƗƴ

Discussion Purpose Only, Strictly ConfidentialƝȌǩŖǀɒƖŉǚġñŵɓĭƂĹŃýƯɓqȺQnȘţ,z,^²ƓǸȪZ^Šƛqɛō]ƐÑŎƃb
Copyright © 2012 Mizuho Corporate Bank , Limited

ćF\Šƛ64MňĲ5ǑĹ^ȘɓȆǦŉĆ^öƓǖöė\ŎƃƓǖ]½PY(Ĺǵ,z,q²ƓO(ĹŉÂɌqöƶ]µHƂKǑĹZ_ǀðȰȘɓȆǦëǌĈɔ]ȘţĮƃGƝǍNonĎĭ
9 ŽȊǌɍǌ_ȸƲǚġ(ǡř¤¤,(ĥƁř^ƽ½Ǭ]EBY¤ǀŎƃƫŴG,z,qȿɜ*²ƓǑĹŤɂȘɓȆǦëǌ[ǀŦ š;^Ɨƴúǥ         Sinovel(Goldwind23 "%" $$&,%)$ "-¾Êyun yk HIE<DO0Z_0UzyµÇ
Copyright © 2012 Mizuho Corporate Bank , Limited

Discussion Purpose Only, Strictly Confidential

74MňĲ5uɀƂȘɓ]EJnŉĆŮƚĬÈ ľxǱǹ]knĹȮĕŀb^£ĬÈqǱI]_(ĹŉÂ[ǚÃÖÂ^ɐɍG÷glonG(S^³X^Ğqªn^_ŉĆŮƚ]knǚġ*ÒȆƵƈĬÈu]EJnȘɓȆǦŉĆ^Ůƚɕ)+*$)')#ëƨ¥¨,ëƨ(¨,Ǭųɒȝ^Ɨƴúǥěŭ©,

2Ǽ]1ǧ(ƐÑĿǀ^ȘɓǢśÎ/Husum WindenergyÒĽ#$Șţ^Ɨƴi©©qĳCñŵŋɄƓŒƝ¥&#&*$¨,Ð(Ƣ(ɋAljnŦǊqɁBYŴËGÅǾCopyright © 2012 Mizuho Corporate Bank , Limited¥ȟčëǌ¯Ɲ(ƴƤĆ*ûĆ^ƎƿFlëƨƇŉĆ[OYɀƂȘɓq²Ɠ¦,¥ěøŷ

Discussion Purpose Only, Strictly Confidential¿ŬNO.3^©ıZ(¥(ëƨqŴË84MňĲ5ȜǨĜľƖÅǾx¥|,ǱǹƌƈɖɈÎ èɖŉĆŮƚ]èQnơȴȗÎ ȜǨĜGĒKT.ľxǱǹƌƈ]knèɖŉĆ^Ůƚ/qŠģQnTg^Œņ]XHǮò ơȴÆ]knŮǑǠ\ǮòqĕY2ǝĤŸ3qťmǣg
2ȜǨĜȚĄĖÍ3]Ȉ¹02011/121
2ȜǨĜľƖÅǾx¥|,ƌƈ¢©3qÏǟ02012/317Ĝ[OYȘɓ4GW^ǱǹȳȏqƝǜŉĆŮƚ]èQnǝĤƪ«<)ũɂ^ƫŴ[ĶBǱǹȳȏ^ƝǜȜǨĜEkaǪȩÔĜ[ɖēOTǀǇ\ľxǱǹȳȏĹ^x¥|,Ɣņ[h©}§q­ŝ=)ŴËúǥ^u©£ƕȌŴËúǥ[OY^ıɚŒƝıɚĈI^ƗƴúǥǀÛ*ěøïèǬƙĠȱ ǪüǀÛǀÛ¶ĂŨ 4ȗÎǖ5ÎǘǀÛɊŗ*ȜǨĮĆĶơįǖŉĆñŵƱķěøŷ *ǸȪÐŗÿÎȆǦŗĆŢǪȩǦɓ¡,£x,>)ěøÒȆúǥ[ǺſŒƝ^ƕȌŉÛß]kněøÒȆƵƈģǌZ^ǺſŠŒǦĢÒȆǸȪȘɓȆǦÿÎ,z,?)ȚĄǳċqÞɁOTȹČƧǍôaðƑäəƗƴĮƃȼǎ^Tg^u©£(Ȧźĉ(ƘƑȹČĜ]knvu©r,ĨȦǌ^,©~ǸɍƗŅŷȔŋǙŇȍųĮĆ

*ŇȍÂÛ*,*,*ü£*Ňɀ,£,*,£,§©tsĉȽ*©¥@)ǦɓĔǭɉɁ^ǉɓÂǪȩǦɓ^ȘɓɖĔÅǾɒ^,áqhWTƳÄǪȩǦɓ[ǪüǦɓãǵ^ǌ±çȽǙ^Õů(ŲǶÂCopyright © 2012 Mizuho Corporate Bank , LimitedơȴȗÎ©,fRd,¦,Ċĳ0ŉĆǔļȗ1ǸȪƔņǩŖĊĳ0ǪȩȚĄő¼ş1s}© s

Discussion Purpose Only, Strictly Confidential

94MňĲ5ǌȨĪþǈƼ^Ɣņɍ«ő¼ -ȜǨĜ^ȘɓȆǦèɖŉĆŮƚëȪİƭ ƉŁFl^ȚĄqȳŐO(ȜǨĜǵ]ȘɓȆǦèɖŉĆ^ŮƚqƈgnŗĆqƌƈ ȖƼŜɀƂvt©r,^ŠſŠğq×]OTŉĆŮƚqƭǜO(~£©u©qɍ« fRdt©¥~¥,Z_ȜǨĜFl¬ǂqŧJL^ǔļ*ɍ«qMő¼ èɖĮƃiěøïè(ūȣŉĆ^Ůƚ]km(ĦɁƫŴ(ǌ±ŉĆ^ÞƒÂqƋnǔļŗĵƓÈȳǠèɖŉĆŮƚ©^ĚǮĬÈǠ\éĆȼǎņȖƼŜɀƂvt©r,ŠſěøŗĆq×[OTèɖŉĆ^ŮƚèɖŉĆŮƚƞƈǌŗɕǔļƹ]\BȺɉ\u©£ƕȌȘɓȆǦïêƗƴéĆǬb^, ǔļŮƚ]Ȏɂ\ïǾiu©£^ǔļ

2011Ǽǧ

 2012Ǽǧ

ëȪƀłƝĖŉĆŮƚ]èQnëȪǔļ
0Ĝ1
Copyright © 2012 Mizuho Corporate Bank , Limited

Șţ
&$%$

ɍǌĐȶĜǵ
éĆ

2013Ǽǧ

éĆƈŴ*ŉĆŮƚƵƈ

2014Ǽǧ

2015Ǽǧ

2016Ǽǧ

ęƝĮŗŗĆÒŌ
ɝǀď05-7M1ȘɓȆǦïê^ěøɞ¦,ôa£u¦,©ŕğ*ĚļɟȘţđŜǺſ^ŠŒ*ĥƁǬ^ĚſŕğƝĖ*ęƝĮŗƮĆÒŌèɖȗȑéĆ^ŮƚĜǵèɖéĆ[^ťµÒŌ

Discussion Purpose Only, Strictly ConfidentialȖƼŜɀƂɁǀďȘţƗƴ104MňĲ5ĠȆǛœ^ȜǨĜĕŀb^¸ą ǦɓŉĆ_(ĜǵƖŉ^ȶÝqƠgnëàŉĆ
 ³Ȩ(ŖȪŮȶŉĆZAnL[FlĦɁõŪǾɓ_ĶI\B ȜǨǁ³(ȜǨǁǷ^ɐĠȆGºó]ǛœOTƃķ(Ĝǵ_: 8^ǀțġ] ǗƜĬÈG:5.48(ǿôĬÈG:1.58 ĦɁŢƏ^ġż_ƦƼZ: ȬƊā] ǗƜĬÈG:2.3ƟƊ(ǿôĬÈG:1.3ȬƊǦɓŗĆGĜǵ]hTlQ¸ą
ȜǨĜƦƼ
CVǦɓ

ȉɌ081

ƩƖŉÜ

0ǒ»1

 



Ĝǵ

0ǒ»1







ĦɁŢƏ

0Ɗ1

  

ƩƖŉƳġ
ǑçǩǹƩȒÄÃǋ01

ǗƜĬÈ0ǦɓĆ1

ǿôĬÈ0ƹŉĆ1À»À» 

   Ĝǵvxu081

ŖȪġȲ8ķĖ8À»8  

 

  

             ɗǯȞȂ    ŖȪȞȂ     ƘĉS^ƹ ŶȒÄÃǋĦɁŢƏ0Ɗ1     0Ŵŷ1ǵÚȕ(ȜǨĜĪȐŖɑǬkmfRd,¦,ĊĳŉĆǔļȗŅƓ
Copyright © 2012 Mizuho Corporate Bank , Limited

Discussion Purpose Only, Strictly Confidential

114MňĲ5ȘɓȆǦ4GWǱǹ^ĕŀÁőDĬÈ ɋƂȘɓ2GW(ɀƂȘɓ2GWqǱǹO(ȗń^ƦYqǵƗÂOTƃķ(GDPȉ63.68Ǟǧ^ĜǵGDP¾OƂKĬÈ(2ȬƊā^ĦɁƳGîƾZHn ŕŊ^ƥǝƄĘ_ĻÁ^Ǚm ,©iq¯ǹOTƃķ(S^Ȟ^ȒÄÃǋGɏŴQnL[Fl(¾OƂKĬÈ_+3.08Ǟǧ(ĦɁƳ_1.5ȬƊǞǧ űWY(ȗńǵƗÂ]ƓīQo`(ĠȆǛœ]knĜǵGDPġ^5ÝǞǧqƻVȤO(ĦɁŢƏ^ƳÄhîƾGÅǾ] \E(,©iqƹĜbh¯ŴQnƃķ(ũɂɒ]½PYșŚǠĬÈGȆƖɋƂȘɓ ɀƂȘɓ
ęƝǅÃ0Ȭ» 1ķĖ'''ƝȌȊ 

'''ĮŗȊ

  Ŵɓ0Ȭ 1    ęƝǩŖƱÜ0À»1ɋƂȘɓ ɀƂȘɓŴɓ0Ȭ 1ķĖ



ÊǯɌ





ȆǦɒ0À Ǽ1





ȄťÃÖ0» 1





ȆǦ0Ȭ» 1

 

 

 '''ŖȪȊ



 



'''·Ǥ°ŘȊ

ȅǦƱÜ0À»Ǽ1ȆǦƱÜ0À»Ǽ1
Copyright © 2012 Mizuho Corporate Bank , LimitedĜǵȉƝȌǵƗř

ƩȒÄÃǋ010À»1ĦɁŢƏ0Ɗ1 ƝȌ¯ȸǹřƩȒÄÃǋ010À»1 ĦɁŢƏ0Ɗ1

  ƝȌ¯ŴĬÈ0ɋƂ1ƩȒÄÃǋ010À»1ĦɁŢƏ0Ɗ1 ƝȌ¯ŴĬÈ0ɀƂ1ƩȒÄÃǋ010À»1ĦɁŢƏ0Ɗ1 

 

#$-02+/!4,(.*ĬÈ-0'3"

Discussion Purpose Only, Strictly Confidential  )1&,%!4,12

© 2012 G_Cb$".5;1RV
\!Q097/8<I(iN $*Zp)% '~ c? Hc] *On(%!'#+#\!$"3,2</6:-:4Db c?*t(% !'#+\!V jw'FqE(ziK Zp) '# V! qEoE`o*f(%!'#+\ Y!Lb^m z)#&#hW!U[CS[s[v|  c=@#& Jkg#\ }ZT!Vx\ >#!u*aala(! y A(d{ r(V e&(MB X (*P#
Copyright © 2012 Mizuho Corporate Bank , Limited

Discussion Purpose Only, Strictly Confidential

13