1. Renewables in Other Emerging Markets: The Case of Latin America and Crosspoints with MENA Carlos St. James Chairman Middle East-Americas Energy Council Amman, November 16-18, 2014

2. Latin America in Context

3. 3

4. 4 Source: La Inversion Extranjera Directa en America Latina y el Caribe 2013, CEPAL Foreign Direct Investment 2012 y 2013, in USD billion

5. Global Investment in Renewable Energy By Region Source: Global Trends in Renewable Energy Investment 2014, Bloomberg New Energy Finance Global: $214 billion in 2013 Latin America: $15 billion MENA: $9 billion USA: $36 billion

6. 6 New Renewable Energy Investment in Latin America, USD billion Source: Global Trends in Renewable Energy Investment 2014, Bloomberg New Energy Finance

7. 7 Total Investment in Renewable Energy, Selected LatAm Countries, 2013, USD Billion Source: Global Trends in Renewable Energy Investment 2014, Bloomberg New Energy Finance

8. 8 Cost of renewable energy generation by region and technology: Latin America has among the lowest Source: Renewable Power Generation Costs in 2012, International Renewable Energy Agency (IRENA), 2013

9. Source: World Energy Investment Outlook 2014, lnternational Energy Agency (IEA), 2014 Energy Investment Required 2014-2035 (USD billion) Over $40 trillion will be needed over the next twenty years to satisfy energy demand worldwide Latin America will require $3.7 trillion Middle East will require $3.2 trillion

10. Power Investment Required in Middle East Source: World Energy Investment Outlook 2014, lnternational Energy Agency (IEA), 2014

11. 11 BRAZIL + Solar auctions 2014: 1 GW awarded 20-year PPAs in BRL US$87/MWh + Wind auctions 2014: 770 MW awarded 20-year PPAs in BRL US$57/MWh ARGENTINA Renewables tenders 2010: 15 year PPAs Solar averaged US$525/MWh Wind averaged US$127/MWh CHILE Excellent solar, mini-hydro, geothermal Mining industry avid for energy Preference for merchant agreements Average daytime spot price $172/MWh

12. Argentina

13. Wind EnergyHydro EnergySolar EnergyBiomassBiofuels Argentina

14. 14 Chile Average Monthly Cost of Electricity, in USD/MWh

15. 15 The Caribbean Antigua & Barbuda US$0.43/kwh Grenada US$0.40/kwh Bahamas US$0.26/kwh Islas Bahia US$0.47/kwh Jamaica US$0.36/kwh Puerto Rico US$0.27/kwh Barbados US$0.32/kwh Dominican Rep. US$0.22/kwh Nicaragua US$0.25/kwh Panama US$0.19/kwh USA: $0.11/KWh

16. Mexico: Pre-Energy Reform Institutional Structure

17. Mexico: POST-Energy Reform Institutional Structure

18. Trends for Spot Electricity Price in Mexico Residential: US$0.11/kwh Industrial: US$0.15/kwh

19. 19 Mexico: Wind Wind: 2 GW installed through 2013 89% in southern Oaxaca region 700 MW under construction Target of 12 GW by 2022

20. 20 Mexico: Solar Solar: 112 MW installed through 2013 Concentrated in N and NW regions 230 MW under construction Target of 6 GW by 2020

21. 21 Mexico: Geothermal Geothermal: 850 MW installed through 2013 4 th highest in the world Energy Reform to provide insurance Target of 8 GW by 2025

22. Nasser bin Khalil Al-Jaida, CEO, Qatar Petroleum International, Qatar Omran Al-Kuwari, CEO, GreenGulf, Qatar Ahmad Bin Al Nuaimi, CEO, Arab Petroleum Investments Corp., Saudi Arabia Jose Correa, CEO, Crival Holdings, Brazil Paddy Padmanathan, CEO, ACWA Power, Saudi Arabia Hasan Qabazard, CEO, Kuwait Catalyst Co., Kuwait Bill Richardson, ex-Secretary of Energy, USA Carlos St. James, Managing Director, Santiago & Sinclair, LLC, Argentina Harib Al Kitani, CEO, Oman LNG, Oman Adel Sharif, Director of Research, Qatar Foundation, Qatar Board of Directors

23. Mexico Energy Reform Initiative Jordy Herrera, Chair Carlos St. James, boardmember Water Desalinization Initiative Investments Initiative Adel Sharif, boardmember Greg Flores, Chair Ahmad Al Nuaimi, boardmember TBD, chair

24. Renewable Energy Initiative Bill Richardson, boardmember [Middle East leader], Chair

25. Thanks! Carlos St. James Cel: +1 (980) 333-2951 Email: cstjames@santiagosinclair.com 25