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Bolivia

Bolivia. CUIABA I. Combined Cycle: 480 MW Gas Requirement: 2.20 MM m 3 /day Gas Supply Contract: YPF 37.5% ANDINA 37.5% VINTAGE 25.0% Argentine Gas: 0.83 MM m 3 /day Bolivian Gas: 1.38 MM m 3 /day Term YPF/Andina contract: 19 years

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Bolivia

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  1. Bolivia

  2. CUIABA I • Combined Cycle: 480 MW • Gas Requirement: 2.20 MM m3/day • Gas Supply Contract: YPF 37.5% ANDINA 37.5% VINTAGE 25.0% • Argentine Gas: 0.83 MM m3/day • Bolivian Gas: 1.38 MM m3/day • Term YPF/Andina contract: 19 years • Term Vintage contract: 6 Months

  3. CUIABA ICurrent Situation • Argentine Export Permit granted for 19 years under certain conditions. • Bolivian Transit Permit still in process. Unofficially, the Bolivian Transit Permit will be granted for 1 year only. • Lenders are now developing a Due Dilligence over YPF and Andina. • YPF is now evaluating the possibility to assign the contract to Maxus.

  4. CUIABA Structure Andina S.A. Pluspetrol E&P S.A. 10% Perez Companc S.A. 20% YPF S.A. 20% Bolivian Pension Funds 50% YPF S.A. Repsol 100% Gas Producers Gas TransBoliviano S.A. Transredes 51% Enron 17% Shell 17% Petrofert 9% BHP 2% British Gas 2% El Paso 2% Gas Oriente Boliviano Ltda. Enron 30% Shell 20% Transredes 50% Transredes S.A. Enron 25% Shell 25% Bolivian Pension Funds 50% Gas Occidente do Mato Grosso LTDA. Enron 50.0% Shell 37.5% Transredes 12.5% Transporters SCG LTD. Enron 100% Gas Suppliers EPE Ltda. Enron 65.63% Shell 21.875% Transredes 12.5% Transborder Gas Service Ltd. Enron 72.5% Shell 27.5% Power Generation Offtaker Electronorte PPA Contractual Services Cayman Company Brazilian Company Physical Gas Flow Bolivian Company Argentine Company

  5. Diagram of the Pipelines MS Cuiabá MS San Matías GasMat P/L GasBol P/L Chaco / Andina Compression Station Corumbá MS Río San Miguel MS GTB TBG GTB YABOG P/L Transredes Yacuiba MS Bolivia Brasil Argentina Metering Stations

  6. Crazy Molecule Project • Objective : To test energy integration in Southern Cone by and develop commercial transactions on interruptible basis. • Structure: Interruptible contracts. • Interruptible Master Agreements with Bolivian Producers (Chaco, Vintage, Maxus, Andina, Tesoro/British Gas, Perez Companc, Petrobras). • Interruptible Compression Contract at Chaco/Andina Plant. • Interruptible Transportation Contracts with Transredes, TBG, GTB.

  7. Good Guy Project

  8. Good Guy Project • Requested Bolivian Export Permit for 12 MM M3/day to Brazil and Argentina. • Presentation to Bolivian Government. • Same Presentation to Producers.

  9. Puerto Suarez Project Description: • 135 MW (130 MW net) gas-fired thermoelectric power plant in Puerto Suarez, Bolivia, supplying export capacity under 20 year PPA with Elektro. Enron would supply gas provided by Bolivian Suppliers. • Incremental 300 MW to be added most likely in Campo Grande, Brazil, depending on the fuel supply conditions offered by Petrobras and the negotiation of MOU with the State of Mato Grosso do Sul and Escelsa/Enersul.

  10. Puerto Suarez • Current Status • Negotiated EPA contract with Elektro, made presentation with Elektro to ANEEL (12/6). • Negotiated GSA; Negotiating contracts with Bolivian Suppliers for year-end execution. • Met with Regulatory Agencies in Brazil (ANEEL & ONS) and Bolivia (SIRESE) to discuss permitting issues • Evaluating equipment selection. • Commenced EIA process. • Selected site, negotiating purchase MOU, preparing due diligence for this location.

  11. P. Suarez Project Structure Other Power Suppliers MWhrs Wholesale Energy Market MWhs = in Free Trade Zone Gas Supply and Transportation Spot Price Gas Price Payment MWhs Brasen (Brasil Energia Ltda.) Termo- generadora Puerto Suarez SA Gas Bolivia Comercial- izadora Ltda. (Gas Com-SRL) Plant Capacity - Heat Rate - Availability EPA Base Price multiplied by Project Energy Physical Gas Delivery CPA Base Price multiplied by Contract Capacity • Taxes on Receipts (applies to Resident Brazilian Cos.): • PIS (0.65%) /COFINS (3.0%) +(1% COFINS credit) • No VAT (ICMS is only recovered by Elektro. We do not need to include it.) • CPMF (0.3%) based on gross revenues (financial transaction tax assessed on every transfer) • Regulatory Fee • ANEEL Regulatory Fee (0.5%) based on Gross Revenues - grossed up with PIS/COFINS • Taxes on Income: • Income Tax (15%) (Brazil). Deferral for US income tax. • Additional Income Tax (10% if >$R240,000) • Social Contribution Tax (12%) - Credit of 1% • Import of energy (Good): • No import duties for energy imports • Critical to characterize as a sale of energy/good, not a service because W/H tax of 25% would apply if Brazil considered the payment to Bolivia as a service fee. • No ISS • No PIS/Cofins (=Brazilian GRT) • No Transaction Tax in FTZ • No Import Duties in FTZ • No IVA (VAT) for gas sold in FTZ • No immediate US tax on CPA income • 25% Bolivian Income Tax • Regulatory Fee of 1% -(issue remains outstanding) • Interest Income subject to Subpart F US tax on Bolivian loans • Taxes at Sell-Down • 3% transaction tax on gross sale price • No Bolivian W/H tax • US Taxable gain/loss • 25% Bolivian Income Tax • Elect to be a corporation for US tax purposes • Exempt from immediate payment of US tax • VAT (13%) and Transaction Tax (3%) on transportation component

  12. CUIABA II Economics - 236MW Configuration

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