Project Finance Selects Firm Client Transaction as Middle East 'Power Deal of the Year'

DUBAI, United Arab Emirates, February 24, 2011 - Project Finance Magazine selected the "groundbreaking" $2.1 billion
financing for Saudi Arabia's PP11 power project as its "Middle East Power
Deal of the Year" for 2010. The Firm served as legal advisers to Saudi
Electricity Company (SEC) on the transaction.

(Logo: photos.prnewswire.com/prnh/20100430/BBLOGO)

In announcing the award, Project Finance editors called attention to the
unique nature of the financial package. PP11's financing took just three
months to complete — "the fastest project financing (agency) US Ex-Im has
ever been involved with" — and it marked the first time that international
banks took on uncovered risks without Saudi Arabia granting direct guarantees
to SEC, they said.

The publication noted how PP11 represented a novel "club deal" rather
than a traditional syndication, and it cited how the deal successfully
balanced "delicate inter-creditor arrangements" involving multiple lenders
and a range of maturity dates.

"The complexity of the transaction required extensive knowledge of the
various funding sources available to complete financing of the project," said
Firm Partner Nigel Thompson, who led the team of legal adviser to SEC. "The
'club deal' used in this transaction is, we believe, the beginning of a new
module for financing matters in the region."

The Baker Botts team involved in the PP11 financing: Nigel Thompson and
Omar Al Saab.

The Project Finance article concerning the 2010 Middle East Power Deal of
the Year is available here
(www.bakerbotts.com/file_upload/documents/ProjectFinance.pdf).

Background information on the firm's Middle East offices is available
here (www.bakerbotts.com/offices/Region.aspx?ID=5).

About Baker Botts L.L.P.

Baker Botts L.L.P., dating from 1840, is a leading international law firm
with offices in Abu Dhabi, Austin, Beijing, Dallas, Dubai, Hong Kong,
Houston, London, Moscow, New York, Palo Alto, Riyadh and Washington. With
approximately 700 lawyers, Baker Botts provides a full range of legal
services to international, national and regional clients. For more
information, please visit www.bakerbotts.com.

International Media, Nadia Christodoulou, International Business Development Manager, +44-7949-724790 (cell), nadia.christodoulou at bakerbotts.com, or United States, Michael Cinelli, Associate Director, Public Relations, +1-713-229-1764 (office), mike.cinelli at bakerbotts.com, both of Baker Botts L.L.P.