EBSA

Combination of asset and process characteristics offered opportunity to acquire for value

• Relatively small utility owned by federal government presented opportunity to acquire business with significant operational improvement potential remaining

• Nature of privatization process provided that all but a limited set of information presented to all buyers – favoured operationally knowledgeable buyers

Derisked investment with local partners

• Secured participation of local pension funds in the transaction

Derisked with local funding strategy

• Funded acquisition with local currency debt sourced in local bank markets

Acquired a regulated utility <1x RAB

• Significant discount to comparable situations in other markets despite regulated wacc offering country and other risk premia