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Marc Frishman – Partner (212) 485-8904 marc.frishman@conduitcap conduitcap

Marc Frishman – Partner (212) 485-8904 marc.frishman@conduitcap.com www.conduitcap.com. LEADERS IN LATIN AMERICAN PRIVATE EQUITY INVESTMENT. Conduit Capital Partners, LLC Previously Scudder Latin American Power Group – has managed the Latin Power Funds for over 15 years

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Marc Frishman – Partner (212) 485-8904 marc.frishman@conduitcap conduitcap

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  1. Marc Frishman – Partner (212) 485-8904 marc.frishman@conduitcap.com www.conduitcap.com

  2. LEADERS IN LATIN AMERICAN PRIVATE EQUITY INVESTMENT • Conduit Capital Partners, LLC • Previously Scudder Latin American Power Group – has managed the Latin Power Funds for over 15 years • Spun off from DB Capital Partners (Deutsche Bank) – 2003 • Latin Power Funds • Fund I – US$ 100 million - 1993 • 7 projects • Net IRR = 11% • 2.1 X Capital • Fund II – US$ 157 million - 1998 • 11 projects • Net IRR = 18% • 2.5 X Capital • Fund III – US$ 393 million - 2006 • 3 investments made to date • 1 exit @ 40% IRR • 1 pending exit @ 30% IRR

  3. Investment Strategy • Private equity investment in the independent electric power and infrastructure sector in Latin America and the Caribbean. • Majority ownership and control of the project company. • Significant basic infrastructure needs throughout the region and lack of local capital. • Infrastructure assets produce current income – success of investment is not contingent on exit. • Mitigate currency risk – revenue contracts in US$ or based on prices that are US$ linked. • Construction and Operational risk mitigation through project finance structure. Contracts with creditworthy entities.

  4. Exited Mamonal – Cartegena, Colombia 90 MWs Jamaica Energy Partners – Old Harbor, Jamaica 74 MWs Aguaytia – Aguaytia, Peru 160 MWs Termovalle – Cali, Colombia 199 MWs Mexhidro – Western Mexico 52 MWs Termocabo – Recife, Brazil 48 MWs Energia de los Lagos – Osorno, Chile 86 MWs El Cosa – Puerto Cortez, Honduras 80 MWs Orzunil – Zunil, Guatemala 24 MWs Current Holdings Southern Cone (Edegel) – Lima, Peru 1,000 MWs Green Energy – Queretaro, Mexico 65 Km nat gas pipeline SOGAP Cogeneration - Mexico Conduit Capital Investments

  5. LP II - Mexhidro Investment Portfolio of 3 Hydroelectic Plants in Mexico • Greenfield Development – Three plants (52 MWs) • Sold to Enel (Italy) – December 2007 • 42% IRR • 5x Invested Capital

  6. LP III - Green Energy Libramiento 65 km Natural Gas Pipeline • US$ 100 million total project cost • 70% long-term project debt financing • Turn-key, lump-sum, date-certain EPC • Three phase construction • Phase II completion November 2006 • Long term contract in US$ with Pemex

  7. Sustainable Environmental Investing? • Invest vb 1: to commit (money) in order to earn a financial return - Merriam Webster’s Collegiate Dictionary • All Conduit projects must comply with World Bank Environmental and Social Guidelines. • 40% of portfolio investments have been in renewable assets – Hydro, Geothermal. • We will continue to invest in sustainable environmental projects that meet our return criteria. • No shortage of global investors for sustainable environmental projects that offer an adequate return.

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