EFTA01366622

Amendment #4 Page 193 of 868 . Pf.c.91 on, Retail dectnaly prices have nem in Uruguay al a CAGR d 7% over tre past three years We expect retad electricity prices in Uruguay to contrue to rise due primarily to ncreasing costs of corwert oral sources of energy and °versa demand for energy arid tre removal Cl government sutaidies available to conventional energy sources The COMUblitIVe installed capacity of renewable energy sauces in Uruguay ncreased from 1.807 MW in 2010 to 1,836 MW in 2013 Renewable energy accounted ler 7% d overall energy capacity growth from 201010 2013 The cumult4ive installed capacity cd sole r energy in Uruguay grew from 0 MW in 2010 to 0 5 MW by 2014 The cumulative instated capacky d wind energy In Uruguay grew from 33 MW in 2010 to 379 MW by 2014. or a CAGR or 84% The folowirg chart reflects weal arc projected growth in Uruguay's cumulative soar and wad energy generation capacity from 2010 to 2017 Uruguay cumulative solar and wind energy generation capacity (In MW). 2010-2017 aWat :::Ar4ft 75%; • ;las Int IAN ate i ill 33 11 33 4$ l'310 4i. 30I3 3013 Smoot bombes Mw Sony /wean :0I tOlfE Key dnvs$ a tenewahle energy wryafn in Urupay Ncn-hydroelectnc renewable energy only represents 10% of Uruguay s metalled capacity In reverser Urugay estadsred medun and long-term dwersdication goals through the National Energy Piracy from 2006 to 2030. which set a target for dean energy generation to represent 15% of total installed capacity by 2015 As of 2014. Uruguay had achieved the target with dean energy representng 25% of total installed capably To facilitate tre development recurred to meet Ire target, six leCTOOlOgy-specific &clone were held, web four wind projects and 16 solar projects, representing 934 MW and 199 MW of capacity, respective/y, awarded contracts with the state-owned 'Ably. In addition. 08w renewable energy ncentwes include a value-added tier exemption be wind generaton and en income tax reduction rd dean energy end energy ClICIOfty PCOACIS 185 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058150 CONFIDENTIAL SDNY_GM_00204334 EFTA01366622