Asian utilities. Jos was Head of UBS' Utility Investment Banking Group (Asia), following the merger of UBS and SBC and, prior to that, the Head of Project Finance Debt (Asia). Major Asian utility and infrastructure focus covered the following countries: China, Korea, India, Thailand, Malaysia, Singapore, Indonesia,

14% 12% 10% 8% 6% 4% 2% 0% ■ Fa, Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 , I Year 7 Year 8 Year 9 Year 10 .8a Corp Infra and Project Finance Debt Seamier Ba Non-Financial Corporate Issuers Ultimate Credit Loss Rates for Ba Rated Debt' 14% 12% • Credit loss rates for Ba infrastructure debts

14% 12% 10% 8% 6% 4% 2% 0% ■ Fa, Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 , I Year 7 Year 8 Year 9 Year 10 .8a Corp Infra and Project Finance Debt Seamier Ba Non-Financial Corporate Issuers Ultimate Credit Loss Rates for Ba Rated Debt.' 14% 12% • Credit loss rates for Ba infrastructure debt