pi capital power & energy - monthly latin american power...

JUNE 7, 2016CONFIDENTIAL

CONFIDENTIAL

March 2017

This document does not constitute an offer to sell, a solicitation of an offer to buy, or an obligation to buy securities. This document is being furnished to solely institutional clients as defined by FINRARule 4512(c) on a confidential basis and shall not be reproduced, distributed or used for any purpose. All regulated activities and securities will be offered through Marco Polo Securities Inc. MarcoPolo Securities Inc. is a member of FINRA and SIPC. Individuals providing such services, who are employed by Pi Capital International LLC (“Pi Capital”), are licensed registered representatives ofMarco Polo Securities Inc. Pi Capital International LLC and Marco Polo Securities Inc. are affiliated entities. Neither Pi Capital International nor Marco Polo Securities shall have any liability of anymisstatement or omission of fact, or for any opinion expressed herein. The recipients’ acceptance of this document will constitute its agreement to be bound by the foregoing.

All regulated activities and securities will be offered through Marco Polo Securities Inc., member FINRA and SIPC

Pi Capital Power & Energy - Monthly Latin American Power Market Review

CONFIDENTIAL 2

We provide financial advisory services to corporations, governments and financial sponsors enabling

our clients to make and execute the strategic decisions needed to succeed in domestic and global

markets. Our services include advising on mergers and acquisitions, recapitalizations and

restructurings, and private capital raising.

Our global network of clients and capital providers span our headquarters in North America into

Asia, Latin America and EMEA. Our team consists of experienced international bankers, familiar

with cross border complexity and cultural nuances, delivering transaction, sector and product

expertise. We offer privileged access to alternative investment and non-traditional pools of capital.

We focus today on the energy, financial institutions, and industrials sectors.

All regulated activities are conducted through Marco Polo Securities Inc., member of FINRA/SIPC.

Pi Capital is a Global Financial Advisory Firm

CONFIDENTIAL 3

PI CAPITAL ENERGY TEAM

Pi Capital – Bespoke Advisors to the Latin American Power Sector

The Pi Capital Energy Team is led by two professionals with over 35 years of experience closing energy, power, and utilities transactions in all major Latin American markets

The geographies and sectors in which the team has successfully closed business are represented below:

Countries in which the Pi Capital Energy Team has closed transactions

GEOGRAPHIES SECTORS

Power Generation

Renewable Power Generation

Electricity Distribution

Oil & Gas Exploration & Production

Power Transmission

Oil & Gas Transportation

CONFIDENTIAL 4

Selected Publicly Traded Companies

Sources: Capital IQ and Wall Street Research

(USD millions, except where noted) Stock Price(USD) Market Enterprise TEV / EBITDA P /E Debt /

Ticker 2/28/2017 Cap. Value 2016E 2017E 2018E 2016E 2017E 2018E EBITDA

Brazil - Integrated

CPFL Energia S.A. NYSE:CPL 8.2 8,362 13,456 10.2x 9.1x 8.4x 25.2x 20.4x 15.7x 5.2x

Companhia Energética de Minas Gerais S.A. NYSE:CIG 3.4 4,723 9,119 8.2x 8.1x 6.9x 14.1x 9.6x 6.9x 5.9x

Energias do Brasil S.A. - EDP BOVESPA:ENBR3 4.4 2,677 4,290 6.3x 6.2x 5.6x 10.7x 12.7x 9.8x 2.7x

Companhia Paranaense de Energia - COPEL NYSE:ELP 10.8 2,588 4,946 5.7x 5.5x 5.0x 7.6x 8.3x 7.3x 2.9x

Light S.A. OTCPK:LGSX.Y 7.2 1,464 3,366 9.2x 6.0x 5.1x NM 13.3x 7.8x 6.0x

Mean 7.9x 7.0x 6.2x 14.4x 12.9x 9.5x 4.5x

Median 8.2x 6.2x 5.6x 12.4x 12.7x 7.8x 5.2x

Brazil - Generation

Centrais Elétricas Brasileiras S.A. - Eletrobras NYSE:EBR 7.9 9,615 22,405 NM 22.9x 19.7x 3.4x 36.7x 7.7x 1.8x

Engie Brasil Energia S.A. BOVESPA:EGIE3 11.9 7,764 8,174 7.9x 6.4x 6.3x 15.3x 11.3x 12.3x 1.0x

AES Tietê Energia S.A. BOVESPA:TIET4 1.0 2,025 2,338 7.8x 7.1x 6.1x 3.4x 2.4x 2.3x 1.8x

Companhia Energética de São Paulo - CESP OTCPK:CESD.Y 5.7 1,796 1,839 7.1x 8.0x 7.3x 15.8x 23.4x 20.0x 0.7x

Renova Energia S.A. BOVESPA:RNEW11 1.6 198 1,074 NA NA NA NM NM 17.1x NM

Mean 7.6x 11.1x 9.9x 9.5x 18.5x 11.9x 1.3x

Median 7.8x 7.6x 6.8x 9.4x 17.4x 12.3x 1.4x

Brazil - Distribution

Equatorial Energia S.A. OTCPK:EQUE.Y 19.1 3,804 4,577 10.6x 9.4x 8.1x 15.9x 14.1x 11.6x 2.4x

Energisa S.A. BOVESPA:ENGI3 1.6 2,542 4,510 8.7x 6.9x 6.1x NA NA NA 5.2x

Companhia de Gás de São Paulo - COMGÁS BOVESPA:CGAS5 15.1 1,820 2,386 3.8x 4.7x 4.9x 6.9x 15.0x 10.0x 2.1x

Companhia Energética do Ceará - Coelce BOVESPA:COCE5 15.0 1,171 1,463 6.4x NA NA NA NA NA 1.5x

Eletropaulo Metropolitana Eletricidade de São Paulo S.A. BOVESPA:ELPL4 4.0 973 1,995 9.3x 6.8x 5.9x NM 32.0x 8.3x 4.4x

Centrais Elétricas de Santa Catarina S.A. - Celesc OTCPK:CEDW.Y 6.4 256 212 NA NA NA NA NA NA 3.6x

Mean 7.8x 7.0x 6.2x 11.4x 20.4x 10.0x 3.2x

Median 8.7x 6.9x 6.0x 11.4x 15.0x 10.0x 3.0x

(i) Using an exchange rate of 3.1 BRL / USD for companies traded on the Brazilian BOVESPA stock exchange

CONFIDENTIAL 5

Selected Publicly Traded Companies (Cont’d)


(USD millions, except where noted) Stock Price(USD) Market Enterprise TEV / EBITDA P /E Debt /

Ticker 2/28/2017 Cap. Value 2016E 2017E 2018E 2016E 2017E 2018E EBITDA

Argentina

Pampa Energía S.A. NYSE:PAM 1.8 3,382 5,339 16.8x 3.9x 3.4x NM 5.3x 2.8x 9.0x

Central Puerto S.A. BASE:CEPU 1.7 2,573 2,626 NA NA NA NA NA NA 1.2x

Central Costanera S.A. BASE:CECO2 0.9 646 778 12.0x NA NA NA NA NA 2.1x

Transener S.A. BASE:TRAN 1.4 601 675 11.4x 4.7x 3.6x NM 9.8x NA NM

Colombia

Interconexión Eléctrica S.A. E.S.P. OTCPK:IESF.Y 3.8 4,246 9,062 3.0x 6.8x 6.1x 5.6x 11.9x 11.4x 1.4x

Promigas S.A. E.S.P. BVC:PROMIGAS 1.7 1,941 3,152 NA NA NA NA NA NA 3.1x

CELSIA S.A. E.S.P. BVC:CELSIA 1.5 1,121 2,816 7.6x 7.2x 6.6x NM 19.5x 16.1x 4.0x

Chile

Enel Generación Chile S.A. SNSE:ENELGXCH 0.7 5,576 6,857 7.5x 7.0x 6.5x 8.2x 9.5x 10.5x 1.5x

Enel Chile NYSE:ENIC 0.1 5,028 7,196 6.2x 5.9x 5.4x 8.2x 11.2x 11.9x 1.3x

Colbún S.A. SNSE:COLBUN 0.2 3,482 4,777 8.1x 7.8x 7.1x 17.1x 9.4x 8.1x 2.9x

AES Gener S.A. SNSE:AESGENER 0.4 3,151 6,815 8.8x 8.2x 7.8x 12.3x 12.7x 11.4x 5.1x

Compañía General de Electricidad S.A. SNSE:CGE 1.0 1,979 4,632 NA NA NA NA NA NA 3.4x

Gasco S.A. SNSE:GASCO 3.4 574 946 7.7x NA NA NA NA NA 3.0x

Mexico

Infraestructura Energética Nova, S.A.B. de C.V. BMV:IENOVA * 4.3 6,590 8,403 23.6x 11.6x 11.8x 7.1x 16.7x 15.6x 4.7x

Peru

Enel Generación Peru S.A.A. BVL:ENGEPEC1 0.7 1,882 1,948 8.9x NA NA 17.2x NA NA 0.6x

Luz del Sur S.A.A. BVL:LUSURC1 3.6 1,743 2,249 9.6x NA NA 12.9x 12.4x NA 2.3x

Engie Energía Perú S.A. BVL:ENGIEC1 2.7 1,639 2,655 7.2x 8.1x 9.2x 9.5x 11.1x 14.8x 3.1x

Edelnor S.a.a. BVL:ENDISPC1 1.8 1,171 1,545 7.1x 6.5x NA 11.2x 10.5x NA 2.1x

Mean 9.7x 7.1x 6.8x 10.9x 11.7x 11.4x 3.0x

Median 8.1x 7.0x 6.6x 10.3x 11.1x 11.4x 2.9x

(i) Using an exchange rate of 15.5 ARS / USD for companies traded on the Argentinian BASE stock exchange

(ii) Using an exchange rate of 2,923.6 COP / USD for companies traded on the Colombian BVC stock exchange

(iii) Using an exchange rate of 650.2 CLP / USD for companies traded on the Chilean SNSE stock exchange

(iv) Using an exchange rate of 20.0 MXN / USD for companies traded on the Mexican BMV stock exchange

(v) Using an exchange rate of 3.3 PEN / USD for companies traded on the Peruvian BVL stock exchange

CONFIDENTIAL 6

3.9x

5.5x

6.0x

6.2x

7.2x

8.1x

9.1x

0.0x 5.0x 10.0x

Pampa (ARG)

COPEL (BRZ)

Light (BRZ)

EDP (BRZ)

Celsia (COL)

CEMIG (BRZ)

CPFL Energia (BRZ)

Average: 6.6x

GENERATION COMPANIES

EV / EBITDA 2017 Multiples

DISTRIBUTION COMPANIES

INTEGRATED COMPANIES OTHER COMPANIES


5.9x

6.4x

7.0x

7.1x

7.8x

8.0x

8.1x

8.2x

22.9x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x

Enel Chile (CHI)

Engie Brasil Energia (BRZ)

Enel Generación Chile (CHI)

AES Tietê (BRZ)

Colbún (CHI)

CESP (BRZ)

Engie Energía Peru (PER)

AES Gener (CHI)

Eletrobras (BRZ)

Average: 9.0x

4.7x

6.5x

6.8x

6.9x

9.4x

0.0x 5.0x 10.0x

COMGÁS (BRZ)

Edelnor (PER)

Eletropaulo (BRZ)

Energisa (BRZ)

Equatorial Energia (BRZ)

Average: 6.9x

4.7x

6.8x

11.6x

0.0x 5.0x 10.0x 15.0x

Transener (ARG)

Interconexión Eléctrica (COL)

IEnova (MEX)

Average: 7.7x

CONFIDENTIAL 7

6.8x

7.2x

0.0x 5.0x 10.0x

InterconexiónEléctrica

Celsia

Average: 7.0x

BREAKDOWN BY COUNTRY

Brazil Chile

Peru

Generation DistributionIntegrated

Argentina

Mexico

Colombia

Other


EV / EBITDA 2017 Multiples (Cont’d)

4.7x

5.5x

6.0x

6.2x

6.4x

6.8x

6.9x

7.1x

8.0x

8.1x

9.1x

9.4x

22.9x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x

COMGÁS

COPEL

Light

EDP

Engie Brasil Energia

Electropaulo

Energisa

AES Tietê

CESP

CEMIG

CPFL Energia

Equatorial Energia

Eletrobras

Average: 8.2x

5.9x

7.0x

7.8x

8.2x

0.0x 5.0x 10.0x

Enel Chile

Enel Generación Chile

Colbún

AES Gener

Average: 7.2x

6.5x

8.1x

0.0x 5.0x 10.0x

Edelnor

Engie Energía Perú

Average: 7.3x

3.9x

4.7x

0.0x 5.0x

Pampa

Transener

Average: 4.3x

11.6x

0.0x 5.0x 10.0x 15.0x

IEnova

CONFIDENTIAL 8

Precedent Transactions Analysis

Sources: Capital IQ

GENERATION(USD millions) Target Implied TEV as a

Asset HQ Trans Dates Percent Trans. Enterprise Multiple of

Target Acquiror Type Location Anncd Closed Sought (%) Value Value LTM EBITDA

Globeleq Mesoamerica Energy S.A. Corporacion Multi-Inversiones Generation Costa Rica 12/23/16 12/23/16 100.0% - - --

Ventika Infraestructura Energética Nova Generation Mexico 12/15/16 NA 100.0% 852.0 852.0 --

Empresa Eléctrica de Diego de Almagro SA Prime Energia SpA (Glenfarne Group) Generation Chile 12/10/16 12/6/16 100.0% - - --

Duke Energy, International Businesses in Latin America I Squared Capital Advisors, LLC Generation LatAm 10/10/16 12/20/16 100.0% 1,200.0 1,200.0 --

Duke Energy Corporation, Brazilian Business China Three Gorges Corporation Generation Brazil 10/10/16 12/29/16 100.0% 1,200.0 1,200.0 --

Portfolio of 725MW Clean Energy Zuma Energía S.A. de C.V. Generation Mexico 9/28/16 9/28/16 100.0% - - --

Isagen S.a. E.s.p. Brookfield Colombia Investments LP Generation Colombia 7/22/16 9/6/16 16.0% 625.2 5,103.5 18.4x

Isagen S.a. E.s.p. Brookfield Asset Management Inc. Generation Colombia 3/15/16 5/13/16 26.0% 968.1 4,854.1 16.4x

Isagen S.a. E.s.p. Brookfield Colombia Investments LP Generation Colombia 1/13/16 1/22/16 57.6% 3,169.8 4,533.2 12.8x

Fenix Power Peru S.A. Inversiones Las Canteras S.A. Generation Peru 12/18/15 12/18/15 100.0% 395.4 395.4 --

Iliosson S.A. De C.V Solar Explorer, LLC; Solar Voyager, LLC Generation Mexico 8/5/15 8/7/15 100.0% 14.5 14.5 --

Termocandelaria Power Ltd. SCL Energia, Moneda Generation Colombia 5/15/15 5/15/15 60.8% 233.0 383.5 --

Samalayuca in Mexico Mexico Infrastructure Partners Generation Mexico 1/7/15 12/30/14 100.0% - - --

Average 15.8x

Median 16.4x

DISTRIBUTION(USD millions) Target Implied TEV as a



Celg Distribuição S.A. Enel Brasil S.A. Distribution Brazil 11/30/16 NA 94.8% 640.0 675.1 11.0x

AES Sul Distribuidora Gaúcha de Energia S.A. CPFL Energia S.A. Distribution Brazil 6/16/16 10/31/16 100.0% 831.1 822.6 10.9x

Energuate I.C. Power Asia Development Ltd. Distribution Guatemala 12/30/15 1/23/16 92.0% 554.0 577.0 --

Equatorial Energia S.A. Vinci Capital Partners Distribution Brazil 5/21/15 5/21/15 10.6% 230.2 3,276.9 7.4x

Companhia de Eletricidade do Estado da Bahia Neoenergia S.A. Distribution Brazil 3/2/15 2/27/15 8.5% 178.9 - --

Average 9.1x

Median 9.0x

CONFIDENTIAL 9

Precedent Transactions Analysis (Cont’d)

Sources: Capital IQ

TRANSMISSION

INTEGRATED

(USD millions) Target Implied TEV as a



Red Eléctrica del Sur, S.A. Red Eléctrica Internacional SAU Transmission Peru 1/20/17 1/20/17 45.0% - - --

Transmissora Aliança de Energia Elétrica S.A. Interconexión Eléctrica S.A. E.S.P. Transmission Brazil 12/27/16 NA 14.9% 322.4 3,111.2 6.4x

Mantiqueira Transmissora de Energia S.A. Brasil Energia FIP (Brookfield) Transmission Brazil 12/6/16 12/6/16 50.0% 930.9 1,861.7 --

Compañía Inversora en Transmisión Eléctrica Citelec S.A. Energía Argentina S.A. Transmission Argentina 9/22/16 9/22/16 25.0% 27.0 108.0 --

Transchile Charrua Transmision S.A. Ferrovial, S.A. Transmission Chile 9/12/16 10/6/16 100.0% 146.6 137.3 26.0x

Average 16.2x

Median 16.2x

(USD millions) Target Implied TEV as a



CPFL Energia S.A. State Grid Brazil Power Participações Ltda. Integrated Brazil 1/23/17 NA 45.4% 3,719.6 13,201.5 10.5x

CPFL Energia S.A. State Grid International Development Co., Ltd. Integrated Brazil 9/6/16 9/16/16 29.4% 2,260.1 12,793.1 10.4x

CPFL Energia S.A. State Grid International Development Co., Ltd. Integrated Brazil 7/1/16 12/13/16 23.6% 1,803.2 12,746.4 10.4x

Average 10.4x

Median 10.4x

OTHER(USD millions) Target Implied TEV as a



Petroamérica Terminal, S.A. Vitol Tank Terminals International B.V. Gas transportation Panama 1/25/17 1/25/17 75.0% - - --

Electrogas S.A. REN - Redes Energéticas Nacionais, SGPS, S.A. Gas transportation Chile 12/17/16 NA 42.5% 180.0 423.5 --

Liquigás Distribuidora S.A. Companhia Ultragaz S.A. Gas transportation Brazil 11/17/16 NA 100.0% 823.6 784.0 --

GNL Quintero S.A. Enagas Chile S.p.A. Gas transportation Chile 11/10/16 11/8/16 20.0% 193.5 967.4 --

Transportadora de Gas del Perú S.A. Enagás, S.A. Gas transportation Peru 10/14/16 12/16/16 3.0% 65.0 2,195.95 4.1x

Nova Transportadora do Sudeste S.A. Brookfield Asset Management Inc. Gas transportation Brazil 9/8/16 NA 90.0% 5,190.0 5,672.2 --

Mayakán Pipeline Project Mexico Infrastructure Partners Gas transportation Mexico 6/17/16 NA 16.3% - - --

Petrobras Chile Distribucion Ltda. Southern Cross Group Gas transportation Chile 5/3/16 1/4/17 100.0% 380.0 380.0 --

Okeanos Gas Gathering Company, LLC American Midstream Emerald, LLC Gas transportation Mexico 4/27/16 4/27/16 66.7% 27.4 41.1 --

Pecten Midstream LLC Shell Midstream Operating LLC Gas transportation Mexico 11/11/15 11/17/15 100.0% 390.0 390.0 --

National Gas Pipeline System and Naco-Hermosillo Centro Nacional de Control del Gas Natural Gas transportation Mexico 10/29/15 1/1/16 100.0% - - --

MetroGAS S.A. Gas Natural Fenosa Chile, SpA Gas transportation Chile 10/7/15 10/7/15 8.3% 130.6 1,893.4 11.3x

Gasoductos de Chihuahua, S. de R.L. de C.V. Infraestructura Energética Nova, S.A.B. de C.V. Gas transportation Mexico 7/31/15 9/27/16 50.0% 1,495.0 2,820.0 --

Los Ramones II Projects First Reserve Corp.; BlackRock Infrastructure Gas transportation Mexico 3/26/15 8/6/15 45.0% 900.0 2,000.0 --

Average 7.7x

Median 7.7x

CONFIDENTIAL 10

Announced Date Buyer Target Target Country Size ($mm)

Jan-20-2017 Red Eléctrica Internacional SAU Red Eléctrica del Sur, S.A. Peru --


Jan-23-2017 State Grid Brazil Power Participações Ltda. CPFL Energia S.A. Brazil 3,720


Jan-25-2017 Vitol Tank Terminals International B.V. Petroamérica Terminal, S.A. Panama --

Selected Recent Energy Transactions

Sources: Capital IQ, Company Websites, PRNewswire

STATE GRID BRAZIL POWER PARTICIPAÇÕES / CPFL ENERGIA (2017)

Commentary State Grid Brazil Power Participações Ltda. distributes electricity; the company is based in São Paulo, Brazil CPFL Energia S.A. (BOVESPA:CPFE3), together with its subsidiaries, generates, transmits, distributes, and commercializes electricity to industrial, residential,

commercial, rural and other consumers in Brazil State Grid Brazil Power Participações Ltda. made a tender offer to acquire the remaining 45.36% stake in CPFL Energia S.A. for BRL 11.8 billion on January 23, 2017 The tender offer is expected to commence following completion of applicable Brazilian filing requirements on or prior to February 22, 2017 An extraordinary shareholders meeting will be held on February 16, 2017 to elect new members on the Board of CPFL Energia S.A.

Commentary Red Eléctrica Internacional SAU, an electric company, offers engineering assistance and consultancy services for electricity transmission assets; the company

invests in foreign electricity transmission assets located in Bolivia and Peru Red Eléctrica del Sur, S.A. transmits and distributes electricity; the company was founded in 1999 and is based in Lima, Peru Red Eléctrica Internacional SAU acquired the remaining 45% stake in Red Eléctrica del Sur, S.A. on January 20, 2017 With this transaction, the Red Eléctrica Group now has acquired the total share capital of Red Eléctrica del Sur, S.A.

RED ELÉCTRICA INTERNATIONAL SAU / RED ELÉCTRICA DEL SUR (2017)



VITOL TANK TERMINALS INTERNATIONAL / PETROAMÉRICA TERMINAL (2017)

Commentary Vitol Tank Terminals International B.V. offers energy storage services for various products, including crude oil, refined petroleum products, LPG inventories,

gasoline, naphtha, fuel oil and diesel Petroamérica Terminal, S.A. operates as an oil storage depot in Panama Vitol Tank Terminals International B.V. acquired a 75% stake in Petroamérica Terminal S.A. on January 25, 2017 The transaction results in the acquisition of a 230,000 m3 facility in Panama and a joint venture between Vitol Tank Terminals International and Global SLI



CONFIDENTIAL 11


Dec-15-2016 Infraestructura Energética Nova Ventika Mexico 852

Selected Recent Energy Transactions (Cont’d)

Sources: Capital IQ, Company Websites, Bloomberg


INTERCONEXIÓN ELÉCTRICA / TRANSMISSORA ALIANÇA DE ENERGIA ELÉCTRICA (2016)

Commentary Interconexión Eléctrica (ISA) operates and maintains 41,650 kilometers of high-voltage transmission circuits in Colombia, Peru, Bolivia, Brazil, and Chile Transmissora Aliança de Energia Elétrica S.A. (TAESA) implements, operates and maintains electric power transmission facilities in Brazil and internationally ISA announced on December 27, 2016 that the company had signed a Sales and Purchase Agreement with Fundo de Investimento em Ações Taurus and Fundo de

Investimento em Participações Coliseu by which ISA will acquire a 14.9% share of TAESA, which represents 41.6% of the company’s control block ISA’s investment in TAESA, a high-quality operational asset and corporate governance, represents an essential transaction of sustainable growth for ISA


Dec-27-2016 Interconexión Eléctrica S.A. E.S.P. Transmissora Aliança de Energia Elétrica S.A. Brazil 322

Commentary REN – Redes Energéticas Nacionais, SGPS, S.A., through its subsidiaries, engages in the transmission of electricity and natural gas in Portugal Electrogas S.A. offers natural gas transportation services and is based in Santiago, Chile REN signed a contract with Enel Generación Chile for the acquisition of a 42.5% stake in Electrogas This project provides growth, diversification of assets and creates the opportunity to apply across borders the great technical and operational knowledge that REN

has in the management of transmission, integration and energy storage systems

REDES ENERGÉTICAS NACIONAIS, SGPS / ELECTROGAS (2016)

Announced Date Buyer Target Target Country Size ($mm)Announced Date Buyer Target Target Country Size ($mm)

Dec-17-2016 REN - Redes Energéticas Nacionais, SGPS, S.A. Electrogas S.A. Chile 180


Commentary Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) develops, builds, and operates energy infrastructure projects in Mexico Ventika is a wind power project made up of two wind parks, Ventika and Ventika II IEnova announced on Dec. 15, 2016 that the company had signed an agreement to purchase 100% ownership in Ventika from Blackstone Energy Partners, Fisterra

and other minority holders Ventika will add 252 MW of installed capacity to IEnova’s power generation portfolio


INFRAESTRUCTURA ENERGÉTICA NOVA / VENTIKA (2016)

CONFIDENTIAL 12

GDP GDP Growth Inflation Population Credit Rating

(Nominal, US$ BN) (Real) (MM)

2014 2015 2016E 2017E 2015 2016E 2017E 2015 2016E Current S&P Moody’s

Brazil 2,416 1,770 1,760 1,900 -3.8% -3.0% 0.8% 10.7% 7.5% 210.2 BB Ba2

Mexico 1,297 1,141 1,018 1,028 2.5% 2.2% 2.5% 2.1% 3.2% 129.2 BBB+ A3

Argentina 563 632 542 619 2.5% -1.1% 3.2% 20.6% 37.1% 44.0 B- B3

Colombia 379 292 278 297 3.1% 2.5% 3.0% 6.8% 6.2% 48.8 BBB Baa2

Chile 259 240 245 249 2.3% 1.8% 2.3% 4.4% 3.5% 18.2 AA- Aa3

Peru 203 192 196 206 3.3% 3.8% 5.1% 4.4% 2.5% 31.9 BBB+ A3

Venezuela 146 101 93 90 -5.7% -8.5% -5.0% 180.9% 445.2% 31.7 CCC Caa3

Guatemala 59 64 68 72 4.1% 3.8% 3.7% 3.1% 4.0% 16.8 BB Ba1

Panama 49 52 56 61 5.8% 6.1% 6.4% 0.3% 0.8% 4.0 BBB Baa2

Regional Snapshot

Sources: Wall Street Research, IMF, Trading Economics and The United Nations Population Division

CONFIDENTIAL 13

Latin American Power Market Sector Events

Name: Date: Description: Location: Link:

CERAWeek Mar. 6-10, 2017 Midst the turbulence and uncertainty in energy markets this year,

CERAWeek 2017 will provide new insights and critically-

important dialogue – and a very cost efficient way to engage on

the most urgent questions with decision-makers from around the

world

Houston, TX https://ceraweek.com

RECAM WEEK Mar. 6-10, 2017 RECAM WEEK with unite over 300 renewable energy experts

from Central America, the Caribbean region and around the

world for a content-rich, networking focused five day congress

Panama City, Panama http://www.recamweek.com/

Growing Economies:

Latin America Energy

Forum

Mar. 9-10, 2017 Ministries of Energy and Heads of the Energy regulatory

authorities of Mexico, Chile, Brazil, Peru, Costa Rica and

Guatemala have confirmed to attend this meeting. These public

sector leaders will represent their countries in presenting energy

investment opportunities to over 200 investors in the US capital

Washington, D.C. http://www.energynet.co.uk/event/growing-

economies-latin-america-energy-forum

11th Annual Latin

American Energy &

Infrastructure Finance

Forum

Mar. 13-14,

2017

Speakers and networking focused on renewable energy and

power infrastructure investment in Latin America

Ritz Carlson South

Beach - Miami, FL

http://www.euromoneyseminars.com/latin-

american-energy-and-infrastructure-finance-

forum/details.html

Nuclear Industry Summit

Latin America

Mar. 15-16,

2017

Conferences, speakers, and networking focused on the nuclear

industry in Latin America

Hilton Buenos Aires -

Buenos Aires,

Argentina

http://nuclearlatin.org/

Argus Latin America

LNG Summit

Mar. 15-17,

2017

The 2nd Argus Latin America LNG Summit brings together an

international mix of over 175 LNG traders, producers, importers

and government authorities to discuss updates and developments

in the Latin American market. Join us as leading industry

participants share regional and international case studies,

interactive panel discussions and deep analysis of Latin

American and global LNG supply and demand trends

Windsor Atlantica -

Rio de Janeiro, Brazil

http://www.argusmedia.com.br/home/events/argu

s-events/americas/lng-latin-america/

6th Latin American

Energy Economics

Meeting

Apr. 2-5, 2017 The topic to be addressed in this conference is the challenge for

Latin America in relation to the new global energy scenario

Hotel Windsor

Florida - Rio de

Janeiro, Brazil

http://6elaee.aladee.org/

Chile Energy &

Infrastructure Finance

Forum

May 3, 2017 Exploring Chile's new opportunities and challenges in

infrastructure and energy financing

Santiago, Chile http://www.euromoneyseminars.com/details/e001

000/chile-energy-and-infrastructure-finance-forum-

2017/details.html

CONFIDENTIAL 14

Latin American Power Market Sector Events (Cont’d)


MIREC WEEK May 8-12, 2017 Featuring representation from global experts and Mexico's

industry leaders from solar and wind to electric vehicles and

energy storage, MIREC WEEK provides in-depth prespectives and

unrivalled business opportunities

Mexico City, Mexico http://mirecweek.com/

Future Hydro LATAM May 10-11,

2017

Future Hydro LATAM 2017 is a prime expo and conference

focusing on the enormous potential within Latin America to

derive electricity from its natural resources

Lima, Peru http://www.greenworldconferences.com/fhlatam20

17/

Colombia Energy Summit May 18, 2017 The conference will cover areas like energy lawyers and

technology firms and will give a chance to network

NH Collection Bogotá

Teleport Royal -

Bogotá, Colombia

http://10times.com/colombia-energy-summit

Argus Rio Crude

Conference

May 22-24,

2017

The Argus Rio Crude Conference is the only crude trading event

focusing on the production and distribution of Latin American

crude where operators can share their experiences and

understand price complexities, logistical constraints and

commercial considerations for bringing Latin American supply to

market

Sheraton Grand Rio

Hotel & Resort - Rio

de Janeiro, Brazil

http://www.argusmedia.com/events/argus-

events/americas/rio-crude-conference/home/

La Jolla Energy

Conference

May 24-25,

2017

For twenty-five years, the Institute of the Americas Energy

Program has brought together thought leaders from government,

industry, and civil society to facilitate dialogue, inform rational

policymaking, and foster economic development across the

Western Hemisphere

La Jolla, CA https://www.iamericas.org/lajolla/

Brazil Power & Energy

Summit

May 30-31,

2017

A must attend event for domestic and international decision

makers in Brazilian power and energy space

São Paulo, Brazil http://www.brazilpes.com/

LAC-CORE Finance

Summit

June 13-15,

2017

Established in 2008, the Latin American and Caribbean Council

on Renewable Energy (LAC-CORE) is a membership organization

dedicated to bringing renewable energy and energy efficiency to

Latin America and the Caribbean

Miami, FL http://www.lac-core.org/events/

Argentina Renewable

Energy Congress

June 14-15,

2017

The conference will provide an opportunity to bring together

different sectors of the energy industry in Argentina with experts

from Latin America and North America to try to maximize the

potential of renewable energy in Argentina

Sheraton Buenos

Aires Hotel and

Convention Center -

Buenos Aires,

Argentina

http://www.energiarenovableargentina.com/

CONFIDENTIAL 15

Latin American Power Market Sector Events (Cont’d)


Brasil Offshore June 20-23,

2017

In an essentially technical environment, industry professionals

discover new technologies and solutions in specialized products

and services, resulting in an atmosphere of intense networking,

formation of partnerships and generation of business

Rio de Janiero, Brazil http://www.brasiloffshore.com/en/Home/

13th Annual Mexican

Energy & Infrastructure

Finance Forum

June 22-23,

2017

Conference will focus on the financing of Mexican infrastructure

projects, examining public/private cooperation and how it can be

improved moving forward

The St. Regis - Mexico

City, Mexico

http://www.euromoneyseminars.com/mexican-

energy-and-infrastructure-finance-

forum/details.html

6th Annual Colombian

Energy & Infrastructure

Finance Forum

July 2017 This event will gather senior government officials, developers,

international and local financiers, infrastructure fund managers,

institutional investors, constructors, export credit agencies,

development banks, lawyers, and strategic advisers in one room,

to examine the current project pipeline in Colombia and

collaborative solutions being pursued to finance 4G and other

infrastructure and energy developments

Medellín, Colombia http://www.euromoneyseminars.com/colombian-

energy-and-infrastructure-finance-

forum/details.html

Intersolar South America Aug. 22-24,

2017

With 11,500+ visitors, 1,500+ conference attendees and 180

exhibitors, Intersolar has become the most important platform for

manufacturers, suppliers, distributors, service providers,

investors and partners of the solar industry

Expo Center Norte -

São Paulo, Brazil

https://www.intersolar.net.br/en/home.html

Brazil Windpower Aug. 29-31,

2017

Brazil Windpower - Conference & Exhibition is the largest wind

power event in Latin America providing the best opportunities for

networking and business in this market

Rio de Janeiro, Brazil http://www.brazilwindpower.org/

Latin American Utility

Week

Sep. 19-21,

2017

Latin America Utility Week is part of a series of global events that

brings together energy professionals to learn, network,

collaborate, and share expertise and information

Transamerica Expo

Center - São Paulo,

Brazil

http://www.latin-american-utility-week.com/

IEEE PES Innovative

Smart Grid Technologies

Latin America

Sep. 20-22,

2017

The theme of the Conference is “Opportunities and Challenges of

the Power Industry towards Management Systems Integration”

and will address current topical issues arising from the operation

and control of smart grids

JW Marriot Hotel -

Quito, Ecuador

http://ieee-isgt-latam.org/

AIREC Sep. 26-29,

2017

Argentinian renewable energy congress Buenos Aires,

Argentina

http://www.aireccongress.com/

Oil & Gas Council South

America Energy Assembly

Nov. 7-8, 2017 There will be more than 50 speakers talking about the most

pressing regional topics and latest industry news all behind

closed doors

Buenos Aires,

Argentina

http://www.oilandgascouncil.com/conference/sout

ham-oil-and-gas-assembly

CONFIDENTIAL 16

Pavlos Mavrides

Phone: +1 917-355-5684Email: [email protected]

Leonardo Hernandez

Phone: +1 347-773-2522Email: [email protected]

Head of Power and Energy, Investment Banking

21 years of Wall Street experience: alternative asset management, corporate finance/advisory, capital markets and transaction structuring

Sector Focus: Power Development, Energy/Alternative Energy, Real Estate and Financial Sponsors

Prior Experience:

Principal in Deutsche Bank Capital Partners’ Latin American Private Equity Fund (2000)

Member of Deutsche Bank Capital Partners Latin American Private Equity Team

Member of Salomon Brother’s Global Power and Latin American Investment Banking Teams

Member of Brown & Wood LLP’s Global Project Finance and Latin American Securities teams

Columbia Law School, J.D.; Yale University, B.A.

Managing Director, Investment Banking

14 years of Wall Street experience: corporate finance/advisory, capital raising (debt and equity) and project finance structuring

Sector Focus: Energy/Alternative Energy, Oil and Gas, and Metals and Mining

Origination and execution of over $18 Bn in M&A and financing transactions

Prior Experience:

Executive Director and Head of Colombia Investment Banking at UBS Securities

Credit Suisse, Vice President:

Vice President of Global Energy Group

Vice President of Latin America’s Natural Resources Team

Member of BBVA’s Natural Resources M&A Team

Member of Santander Investment’s M&A and Financing Team

NYU Stern School of Business, M.B.A.; Universidad de los Andes, B.Sc.

Pi Capital Power & Energy Team Biographies

JUNE 7, 2016CONFIDENTIAL

New York

144 East 44th Street8th Floor

New York, NY 10017

(646) 330-4847

Seoul

Three IFC Level 3610 Gukjegeumyung-ro

Yeongdeungpo-guSeoul, South Korea 07326

+82 2 6138 3718

CONFIDENTIAL

This document does not constitute an offer to sell, a solicitation of an offer to buy, or an obligationto buy securities. This document is being furnished to solely institutional clients as defined byFINRA Rule 4512(c) on a confidential basis and shall not be reproduced, distributed or used forany purpose. All regulated activities and securities will be offered through Marco Polo SecuritiesInc. Marco Polo Securities Inc. is a member of FINRA and SIPC. Individuals providing suchservices, who are employed by Pi Capital International LLC (“Pi Capital”), are licensed registeredrepresentatives of Marco Polo Securities Inc. Pi Capital International LLC and Marco PoloSecurities Inc. are affiliated entities. Neither Pi Capital International nor Marco Polo Securities shallhave any liability of any misstatement or omission of fact, or for any opinion expressed herein. Therecipients’ acceptance of this document will constitute its agreement to be bound by the foregoing.

All regulated activities and securities will be offered through Marco Polo Securities Inc., member FINRA and SIPC

pi capital power & energy - monthly latin american power...

Documents