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[\@U    c B6CDEF 1?++"13"4)7-8,T5S-\'V$V'P'ACS^"y4v.zh R TT:76-'!     "WX@U"  :  c B^CRDEF? 1?//Q=' ,:ELS VX\$]0];]@YJ[=UASHQAS8L+O#G&?)6(0&)%.)*) ($#'/6; A F A@DQ_`@S j N  ,q   ,q*  c BnCEDE4F<1? 4" *1>D0DE:P0m(mi4@ ,wq"  c BwC<DE0F81? #)+0G7\;r7v)U> 2@0lN  )    ) N       ZB B s *1?  ZB B s *1?  ZB  s *1?  ZB  s *1?  N  )    ) 2   BCE$GQa$HcI`TQ@1? t[/lnt[/ln`T`Tt[/ln`T`T    c BYCDEF @1?8WXW8 @  Z  c *BbCDELFT1?6 !%9a\YXT6'(@ !   c BLCDEF @1?;FJK}; @ )   c B;C,DE,F4`1?  )+"(+*6:/@    c BKCDEF$'1?+%AJ +@_ z J  c BCDEDFL1?  2JffK3#$@} u    B.CDExFgggA 1?n3! (,GKFIXKUPiPID'-!n=@@70% >f2  61?  f2  61?  DL    #  0ph  s 8BACDEPFX1?Q Q UU@@\<T<522Q-Q-),@ Z   s PBGCFDE\Fd1?  ..&(EFEF1B1B>> 9 944/0@ 1 l  <1?8 f l  <1?' x/ l  <1?P  l  <1?0 L l  <1?k  l  <1?k  l  <1?3k d l  <1?2 l  <1? F l  <1? ' E l  <1? c l  <1? c  l  <1?; c w l  <1?   l  <1?! p l  <1? p l  <1?  l  <1?  l  <1?> 3 `B  01?A  `B  01? 0 l  <1?b>  `B  01?A  `B  01?c  l  <1?>  `B  01?HA H `B  01? } l  <1? >  `B  01?OA O `B  01?  l  <1? B  `B  01?OC O `B  01?  l  <1?> / `B  01?A  `B  01? , l  <1?\>  `B  01?A  `B  01?_  l  <1?B 4 `B  01?C  `B  01? / l  <1?cB  `B  01?C  `B  01?e  l  <1?B  `B  01?IC I `B  01?   l  <1?B  `B  01?PC P `B  01?  l  <1?B 1 `B  01?C  `B  01? - l  <1?_B  `B  01?C  `B  01?`  l  <1?.  l  <1?A s l2  <1?m p   BI,0 RInvestor      `G/*vd @1?     `G/*vd @1? 0 ?    `G/*vd @1? / "  6 `,$D 0  Privatization vs. Capitalization! !( ! H  0޽h ?o` ̙33F =F5FE(  5  Zdxaxa1?`` MTransformation of the State-Owned Enterprises into Mixed Capital CorporationsNZN N   j  BG/*p?\   ZTxaxa1?PH XState Contribution    Txaxa1?v / n  ~ Mixed Capital Corporation (MCC)!!    .   BCDE4F<p? @{  Txaxa1?  a(MCC)       Zxaxa1?<  t,Workers Contributions     TA ?1?tg X $00LL !/0  # /!0p   s @B,CkDETF\1?!!9$9$s's'))++ijss9 9 !+,@?4k   s PB3CPDE\Fd1?((^,^,//22oo  OO ^ ^ (/0@/l   <1? l  <1?!|l  <1?)l  <1?!l  <1?l  <1?@al  <1?l  <1?nRxl  <1?](l  <1?\y0l  <1?nl  <1?l  <1?l  <1?Xl  <1?Lzl  <1?ml  <1?hl  <1?gXil  <1?w`B   01?`B !B 01?ql " <1?S`B # 01?''`B $B 01?Zl % <1?!v`B & 01?II`B 'B 01?}l ( <1?D`B ) 01?`B *B 01?Kl + <1?8`B , 01?4`B -B 01?~  l . <1?e`B / 01?88`B 0B 01? ll 1 <1?`B 2 01?`B 3B 01?l 4 <1?v8`B 5 01?4`B 6B 01?r  l 7 <1?R8`B 8 01?%%4`B 9B 01? Y l : <1? u8`B ; 01?HH7`B <B 01? { l = <1?C8`B > 01?7`B ?B 01? I l @ <1?d8`B A 01?774`B BB 01?  k l C <1?8`B D 01?7`B EB 01?  l F <1?~l G <1?l2 H <1?DL x I# xh J s 8B<CDEPFX1? J J 99;;@7871..J*J* ),@9 K s PBBCDE\Fd1? zzhh++AA==h:h:55z1z1 /0@rl L <1?.2l M <1?6?l N <1?cl O <1?l P <1?Fl Q <1?TFl R <1?,Fl S <1?~nl T <1?)Zl U <1?&l V <1?>l W <1?1h>l X <1?>l Y <1?-xl Z <1?DYl [ <1?Dwl \ <1?l ] <1?-l ^ <1?T>`B _ 01?<`B ` 01?Ql a <1?>`B b 01?:`B c 01?l d <1?]>`B e 01?((;`B f 01?Xl g <1?G>`B h 01?:`B i 01?Hl j <1?V`B k 01?YYQ`B l 01?l m <1?&>`B n 01?;`B o 01?#l p <1?P>`B q 01?<`B r 01?Sl s <1?UV`B t 01?  Q`B u 01?Pl v <1?V`B w 01?Q`B x 01?l y <1?^V`B z 01?))U`B { 01?[l | <1?HV`B } 01?U`B ~ 01?Kl  <1?(V`B  01?Q`B  01?$l  <1?SV`B  01?U`B  01?Tl  <1?wl  <1?*zcl2  <1?tw^"   `xaxaG 8c?0 @ The employees of the companies are allowed to subscribe shares at book value up to an amount equivalent to their accumulated social benefits     B) CDEF$8c? HH$kH H( @ 8a W   T4xaxa8c? p U 1st Step  Z   H  0޽h ? ̙33Z `ZXZY(    68c D/<4___PPT9 Increase capital in the company with the proceeds of the bidding. The investor is not allowed to purchase more shares from third parties while the Administration Contract is in force. @ U2  8XX  TTxaxa8c? T2nd Step Z     Zxaxa1?% -Capitalization of Mixed Capital Corporations .Z. .   LL !/0 # /!0p  s @B,CkDETF\1?!!9$9$s's'))++ijss9 9 !+,@?4k  s PB3CPDE\Fd1?((^,^,//22oo  OO ^ ^ (/0@/l  <1? l   <1?!|l   <1?)l   <1?!l   <1?l   <1?@al  <1?l  <1?nRxl  <1?](l  <1?\y0l  <1?nl  <1?l  <1?l  <1?Xl  <1?Lzl  <1?ml  <1?hl  <1?gXil  <1?w`B  01?`B B 01?ql  <1?S`B  01?''`B B 01?Zl   <1?!v`B ! 01?II`B "B 01?}l # <1?D`B $ 01?`B %B 01?Kl & <1?8`B ' 01?4`B (B 01?~  l ) <1?e`B * 01?88`B +B 01? ll , <1?`B - 01?`B .B 01?l / <1?v8`B 0 01?4`B 1B 01?r  l 2 <1?R8`B 3 01?%%4`B 4B 01? Y l 5 <1? u8`B 6 01?HH7`B 7B 01? { l 8 <1?C8`B 9 01?7`B :B 01? I l ; <1?d8`B < 01?774`B =B 01?  k l > <1?8`B ? 01?7`B @B 01?  l A <1?~l B <1?l2 C <1?DL x D# xh E s 8B<CDEPFX1? J J 99;;@7871..J*J* ),@9 F s PBBCDE\Fd1? zzhh++AA==h:h:55z1z1 /0@rl G <1?.2l H <1?6?l I <1?cl J <1?l K <1?Fl L <1?TFl M <1?,Fl N <1?~nl O <1?)Zl P <1?&l Q <1?>l R <1?1h>l S <1?>l T <1?-xl U <1?DYl V <1?Dwl W <1?l X <1?-l Y <1?T>`B Z 01?<`B [ 01?Ql \ <1?>`B ] 01?:`B ^ 01?l _ <1?]>`B ` 01?((;`B a 01?Xl b <1?G>`B c 01?:`B d 01?Hl e <1?V`B f 01?YYQ`B g 01?l h <1?&>`B i 01?;`B j 01?#l k <1?P>`B l 01?<`B m 01?Sl n <1?UV`B o 01?  Q`B p 01?Pl q <1?V`B r 01?Q`B s 01?l t <1?^V`B u 01?))U`B v 01?[l w <1?HV`B x 01?U`B y 01?Kl z <1?(V`B { 01?Q`B | 01?$l } <1?SV`B ~ 01?U`B  01?Tl  <1?wl  <1?*zcl2  <1?tw\L   f #  W  c BCsDE(F01? ry0IV @  f  c BCtDE(F01? sy1IV @  R  c BCtDE(F01? sy1IV @  <  c BCsDE(F01? ry0IV @  *  c BCrDE(F01? qy0IV @    c BCsDE(F01? ry1IV @    c BCtDE(F01? sy1IV @ ~   c BCsDE(F01? ry0IV @ m   c BCsDE(F01? ry0IV @ [   c BCuDE(F01? ty2IW @ G   c BCtDE(F01? sy1IV @ 1 z  c JBCsDE\Fd1? ry0IVm+R;:I$Xp^; /0@  2   B$C݄ENG H#IIQ1? d$j+ю݄d$j+ю݄I`Tj+ю݄I`T=  2   BoCeENGxHGqI`TJ:Q1? eo^eo^`T:o^`T:&  z  c JBCLDE\Fd1?KJ 8zItV"@.);HTiwZ=/0@7 1 }z  c JBlC;DE\Fd1?:5lrkCbD!./<GSes|[?/0@J 9 t  s BC3DE F1?c2@  f2  68c?"    <6w U+&<    <6{  U=&<    <@ g(MCC)      <P  ](Proceeds of the Bidding)    <F  p$(New Company with Increased Capital)%$ % ^"  68c `  6  O50%    6t  O50%    6  P100%  H  0޽h ?/  ̙33 bZ(     Zxaxa1?Pp Social Aspect of Capitalization Z     |"  TG 8cpp?"   fD{xaxaG 1?5 YPFB Hydrocarbons<Z    "   f{xaxaG 1?4t  v LAB Airlines< Z   "   fd{xaxaG 1?5/ ENFE Railroads<Z    $"   fD{xaxaG 1?4 ENTEL Telecommunications<Z  "   f{xaxaG 1?5a  ENDE Electricity<Z    dB   <8c?yy   Zd{xaxa1?t oCapitalized Companies,Z+     Td{xaxa1?0 f50% OF SHARES OWNED BY STATEZ  jB   B8cpp? jB   B8cpp? ppjB  B8cpp?PPjB  B8cpp?  ^2  61?t,L    #    TA ?1?  X $00  TA ?1?+ : X $00   Td{xaxa1?@ ``  =Distribution of benefits through Pension Funds Administrators>Z> >   T{xaxa1?PE$ W FIDUCIDIARY Z     T${xaxa1?w [BOLIVIAN CITIZENSZ  2   `{xaxa1?\  XPENSION FUNDSZ  R @ ZG/*8c))?w@ R @ ZG/*8c))?g  T{xaxa8c?G T3rd Step Z   H  0޽h ? ̙33 ;(    6${  p`  /Private Participation in the Electricity Sector$0 " 0< 0 H  0޽h ? ̙33\  (  7  0{ pP/H@___PPT9" Capitalization of three generation companies Privatization of the transmission company Adjustment to the Electricity Law Splitting of integrated private companies Privatization of distribution companies h-i UP,i Uvi UUXv  %  BD{ ?  =ELECTRICITY SECTOR REFORM Private Participation in the Sector:( " 2$ " >  > "H  0޽h ? ̙33 /'(  F  0${ `P/H@___PPT9"  First Investors Seminar in La Paz 05/94 Second Investors Seminar in Miami 06/94 Presentation of Statement of Formal Interest  31 pre-selected companies 06/26/94 Issuance of Terms of Reference 03/31/95 (10 purchasers) Credentials presentation 05/04/95 (7 proponents) Presentation of Economic proposals 06/29/95 (7 proposals) Winning awards 06/29/95 Performance of contracts 07/31/956@ U  ff9  B{ ?  ;ELECTRICITY SECTOR REFORM Process of Capitalization of ENDE:( " 2" " <  7   "H  0޽h ? ̙33L* 5 ))// `)(   ()F >x   x>    `D{xaxa?@x|| [ NATIONAL GRID     Z{xaxa?B p  fARGENTINA* 60 MWZ  '   Z$%vB;vB;?Y O  BRAZIL* 200 - 500 MWZ"      T'xaxa? ws %iENDE: Generating Capacity: 469 MW Supply of Electricity: 1.7 Million inhabitants Growth in sales 1994: 9%>d%++eL       k8   Td'xaxa? 1  4ENDE: G1 : Corani G2 : Guaracachi G3 : Valle Hermoso5++ +  + ++ + ++6      k   T'xaxa?L  * Unsatisfied Potential Demand( 2   xbN W    W     rB C DEF+18c8c?66 yP9FaBM:wc o p  u b k l' b   p Z   > e w  17*t|{cS-+mp@W Z    *BCDE4F<+18c8c? kL B&wLjk@    ZD&vB;vB;?0$ pLA PAZZ +     Z%vB;vB;?R  pTARIJAZ +     Z vB;vB;? |  t SANTA CRUZ Z  +     Z$vB;vB;?/ C  oORUROZ +     Z$vB;vB;?@ X  rPOTOSIZ +     Z#vB;vB;?%  oSUCREZ +      Zd!vB;vB;?<B   {CBBA.Z +     Z"vB;vB;?/ t  CHILE* 150 MWZ   l   <1?     Z$"vB;vB;?    G2 46 MW Z    b    2BHCDEDFL1?(Z18@@GPG{G@8#F#$@c "    BCDE$F,1? 7y t6Ai@ ) "    BCDE$F,1? T<Ma:Ok@  f   61?  lB   <1?# F    Zd$xaxa?* RTRINIDAD  +     ZD xaxa?>F& oPERU* 60-100 MW"   l   <1?p @    Z$vB;vB;?[ Q  G2 15 MW P    f   61? M f   61? ;F f !  61?: 6 f "  61?2} f #  61?_f $  61?)f %  61? 9 f &  61?h  l '  <1?  (  Td{vB;vB;?   G2 186 MW Z       )  T$|vB;vB;?']  G3 67 MW Z    l *  <1?,PX   +  T|vB;vB;? A'w   G1 12 MW Z     ,  TD}xaxa?%g PCOBIJA +  " -  TG +1))? : " .  TG +1))?L |l /  <1?*B H   0޽h ? nCa(V 5 (j(  ( (  f~xaxaG? COMPANIES AWARDED Z   hh88'F 9 ( 9 ( Zd~xaxa? MTOTAL+   ( Z$xaxa?' 9 X139,848,400.00+   ( Zxaxa?I ZV. HERMOSO SAM+   ( Zxaxa?R  ]ENERGY INITIATIVES   ( Zdxaxa?B>` _ CORANI SAM +    ( Z$xaxa?}5  ZDOMINION ENERGY    ( Z䂜xaxa?   sUS$ 58,796,300.00(+  v  ( N+1))?  (@ ZZG@8+1))?   (  BC!DEF+1))? @ ( ZG@8+1))?   ( Zxaxa? N  T CONTRIBUTION    ( Zdxaxa? *  uUS$ 33,921,100.00*+  v ( N+1))?J6 (@ ZZG@8+1))?2H  (  BC!DEF+1))? @F G  ( ZG@8+1))? 8N  ( Z$xaxa?   T CONTRIBUTION    ( Z䅜xaxa? fGUARACACHI SAM+    ( Zxaxa?PaO  _CONSTELLATION ENERGY   ( Zxaxa? *h  uUS$ 47,131,000.00*+  v ( N+1))?t (@ ZZG@8+1))?p  (  BC!DEF+1))? @ ( ZG@8+1))? v  ( Zxaxa?   T CONTRIBUTION   ^B (@ 61?ff^B (@ 61?llH ( 0޽h ? nCa( aY  (   $   <j .WINNERS OF THE PROCESS Thousands of US Dollars:/, ~   BA ??   "    `tԔ?,` @   @/   B ? 1ELECTRICITY SECTOR REFORM Capitalization of ENDE:( " 2 " 2  -   "H   0޽h ? ̙33A 0(  [  04p^ P/H@___PPT9"  Incorporation of a Transmission company (completed) Privatization of such Transmission Company (completed) Reorganization of distributor companies in the interconnected system where the State holds a stock Privatization of distributor companies Privatization of integrated companies.6@ U    0 >  @  B ?v HELECTRICITY SECTOR REFORM Privatization of Transmission and DistributionJ( " 2/ "  / I "H  0޽h ? ̙33{  + # @ (    0D  y Book Value0     0`G D40.0$  0 p kTotal US$ million "   <MNJ 4  zAmount paid in cash * .    0T< D  tPremium paid over book value"  0 Dw  oPremium over book value"  <t0 @40.0    <) t  A0$   <4 t`  F 0(W   0GDu g Q* Additionally a payment of 70 US$ million in 20 years with a interest of 4 % RQ b        0 `  ^Winner"  0  L UNION FENOSA$    B ?p TELECTRICITY SECTOR REFORM EMPRESA TRANSPORTADORA DE ELECTRICIDAD S.A. US$ million X( " 2; " 96      "H  0޽h ? ̙33| ,$P(    0V-  y Book Value0     04   B43.0"  04 T kTotal US$ million "   0pp@ u Per share,    <V lBook Value of 95.87%"   <t V  rAmount paid for the 95.87%"  <4 Vt  tPremium paid over book value"   0 V  oPremium over book value"   <T ` @41.2    < V  @50.3    < 2Z  A9.1"   <t t 875.9  <԰ @75.9   <4   @92.5   <   U 16.62  < T ?22%   0T`  ^Winner"  0P  DEMEL$  B ?0) %mELECTRICITY SECTOR REFORM PRIVATIZATION OF EMPRESA DE LUZ Y FUERZA ELECTRICA COCHABAMBA (ELFEC) US$ million H( " 2T " TL+        "H  0޽h ? ̙33z   * " `(     \B C DEFd@+8c))? P<<EE  ZD mAqq!y 4 k}H l f_h @  % +lvK,Qp5U( ^K^j}Yw @0 ,$D 0@  <tbJ ,$D 0 2General Superintendency Sectoral Regulatory System*32       04>XR,$D 0 yClaude Bess Arze.(-     0>XP R,$D 0 sAlgeria, April 10, 2001.(-  V  6T U  :For more information visit our Web Site www.sirese.gov.bo4; " )$,B-      H  0޽h ? ̙33r 0 2*$(  $ $ T1 ?JB   } $C xdihghg ? K  } .  H $ 0j ? a(r 0 2*,(  , , T1 ?JB   } ,C xihghg ? K  } .  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