RIO DE JANEIRO - AGOSTO 2013

DEVELOPMENT OF INNOVATIVE FINANCIAL

INSTRUMENTS : THE SUSTAINABLE

TRANSPORTATION PROMOTION PROGRAM

COFIDE overview

Ownership and governance overview

State-owned development bank established in 1971

Autonomous board of directors manages day-to-day operations independently of Peruvian Government

Part of the National Financial System and regulated by the Superintendencia de Banca Seguros y AFPs (SBS)

Peru y COFIDE investment grade since 2011

US$ 2.7 bn in assets (US$ 1.6 bn in loans) and US$ 2.1 bn in trust as of May 2013

100%

98.95% 1.05%

CAF, a regional

development bank

established in

1970, acquired its

stake in COFIDE

in 1997

FONAFE was

created in 1999 to

oversee the

Peruvian

Government’s

corporate activities

and equity stakes

Board of directors

of 6 Ministers

appoints

management team

for Government’s

majority holdings,

including COFIDE

Investment financing

Investment financing – products

4

Environmental finance

Participates in Infrastructure Fund promoted by the Peruvian government

Assumes credit risk in loans granted by IFIs , provides loan guarantees and also directly invests in debt instruments

US$ 1.16 bn in financing provided to infrastructure projects acumulated to 2013

Current pipeline includes projects requiring US$ 4.25 bn in financing by COFIDE

Recent projects include:

Investments in the Peruvian energy grid aimed to facilitate the conversion of vehicles using natural gas

Financing of public transportation systems such as high capacity bus lines

US$1.13 bn approved for environmental project financing acumulated to 2013

Generates fee income from managing investments, mainly from the public sector

Infrastructure finance Trust management

Peru has an infrastructure gap of more than US$ 48 billion, in order to close that gap there should be close to US$ 5 billion of investments in infrastructure per year for the next 10 years. 75% of that

investment must come from the private sector

PRINCIPAL RESULTS

Aprobaciones acumuladas

2008 – 2012

Participación % Por Tipo

(acumulado 2008 – 2012)

5

Aprobaciones por Sector Económico US$ millones

Aprobaciones y Desembolsos Acumulado 2008 – 2012)

Sector Económico 2008 2009 2010 2011 2012

Agricola 0 18,543 14,500 11,500 57,300

Banca 0 0 20,000 0 0

Construcción 0 260 0 99,262 35,000

Corporativo 0 0 15,266 0 75,075

Energía 0 35,600 105,421 192,150 243,850

Hoteleria 3,515 4,196 1,232 0 0

Logistica 0 0 0 0 0

Mineria 0 23,569 20,950 0 0

Pesca 0 0 13,000 0 25,000

Saneamiento 0 0 1,400 0 0

Transporte 380,100 21,822 29,199 24,111 100,193

Total Aprobaciones 383,615 103,990 220,967 327,023 536,418

Banca de Inversión 2008 2009 2010 2011 2012

Aprob. Acum. 383.6 487.6 708.6 1,035.6 1,572.0

Desem. Acum. 1.7 79.7 467.4 673.6 1,158.8

Brecha 381.9 407.9 241.2 362.0 413.2

Gerencia de

NegociosUS$ Mill.

Financiamientos 1,364

Garantias 208

Total Aprobaciones 1,572

PROYECTO DE MODERNIZACIÓN REFINERÍA TALARA (PMRT)

Proyectos Especiales

Renovación de Fuente Energética

MEGA PROYECTS Los objetivos del PMRT son principalmente:

1. Modificar la refinería para producir Diesel 2 y gasolinas

con un contenido máximo de 50 ppm de azufre.

2. Ampliar y modernizar la refinería para procesar crudos

pesados y reducir la producción de residuales.

Los beneficios esperados del PMRT serán:

Agregar procesos e instalaciones que permitan el

procesamiento de crudos más pesados a menor costo

para fomentar nuevas inversiones.

Mejorar la balanza comercial del país, reemplazando

las importaciones de diesel y los componentes de alto

octanaje.

Reducir los niveles de contaminación y contribuir a la

mejora en la calidad de aire.

Por tal razón, COFIDE recibió el mandato de Asesor Financiero de PETROPERÚ para la estructuración

económico-financiera del PMRT estimado en US$ 2.73 bn

“2006 Creatividad Empresarial” Award Category: Financial and insurance services

COFIGAS PROGRAM

FUNDED NATURAL GAS CONVERSIONNATURAL

In 89 Months

Public-sector Trustors Higher Council, Ministry of Energy and

Mines, Ministry of Transport and Communications and Ministry of Production

Private-sector Trustors PLUSPETROL and

CALIDDA

FIDUCIARY

Investment Hardware and Software

Service Plants 215Enterprises US$ 992 MM

CONTRACTORS 3 Enterprises US$ 109 MM

Conversion centers 201 Enterprises US$ 86.7 MM

SUPPLIERS 61 Enterprises US$ 202 MM

CERTIFIERS 4 Institutions US$ 9.7 MM

FI’s 22 Institutions US$ 691 MM

Advisory

Committee

USERS

159,642 US$ 2’106 MM

Mandate for administering and implementing VNG Load

Control

US$ 4.19 Billion (savings and sales)

2.10 % GDP2012

COFIGAS Results

Project Summary

RENEWAL OF NGV BUS FLEET

COFIDE participation: US$ 42.7 MM

FINANCING “EL METROPOLITANO” (BRT)

COFIDE participation: US$ 200 MM

Program Resources: US$ 6.0 MM

Used Resources: US$ 2.9 MM

490 Buses in scrap

SCRAP FUND FOR NGV BUSES NGV NEW VEHICLES

5 year funding to public transport vehicles:

US$ 435 MM

Enviromental Impacts

0

20

40

60

80

100

120

Comportamiento Anual del Material Particulado Menor a 2.5 micras (PM 2.5) en las

estaciones de la Red de Vigilancia Lima y Callao 2000 - 2008ECA (anual) 15 ug/m3ECA = Estandares de Calidad del Aire

ug/m3 = micro gramos por metro cúbico

Callao

25

2001

200

3

200

2

200

4

2005

200

6

200

7

200

8

25

41

28

36

58

37

18

Lima Sur

37

2001

200

3

200

2

200

4

2005

200

6

200

7

200

8

41 4137

5458

6359

Lima Este

44

2001

200

3

200

2

200

4

2005

200

6

200

7

200

8

36

48

55

47

89

6056

Lima Centro Lima Norte

61

2001

200

3

200

2

200

4

2005

200

6

200

7

200

8

4953

65

73

97

5551

2001

200

3

200

2

200

4

2005

200

6

200

7

200

8

80 80

9084

87 85

76 76

0

20

40

60

80

100

120

140

ECA (anual) 80 ug/m3ECA = Estandares de Calidad del Aire

ug/m3 = micro gramos por metro cúbico

Callao

20

2000

200

1

2003

2002

2004

2005

2006

2007

2008

13 10

25

7

1317

129

Lima Sur

23

2000

200

1

2003

2002

2004

2005

2006

2007

2008

1610

1916 14

20

26

59

Lima Este

32

2000

200

1

2003

2002

2004

2005

2006

2007

2008

2623

36

30 3026

17 15

Lima Centro

2000

200

1

2003

2002

2004

2005

2006

2007

2008

39

Lima Norte

25

2000

200

1

2003

2002

2004

2005

2006

2007

2008

2721

18 18

31

63

32

17

127

76 76

108

88

5457

75

The improve of the city air quality

through the disminution of more than

30% of particulated material and sulfur

dioxide levels, according to recent

studies developed by the Management

Comitee Iniciative for the clean air in

Lima and Callao.

Also the all cars that are using natural

gas have generated a reduction of

3`400,000 of CO2 tons.

The emission reduction projections

for the next ten years in this 100,000

universe of vehicles will reach aprox.

8`525,840 of CO2 tons.

For the other hand the restructuring

and rationalization of the public

transport sistem using buses with

natural gas will allow to reduct in the

same period another 23`512,778 of

CO2 tons.

Financing Structures

GERENCIA DE NEGOCIOS

COFIDE

Financing: US$ 200 MM

Financing Structure

Reserve

Fund

(RIRC)

Asset Trust

Managed

Guarantee Trust Cash Flow Trust

PROTRANSPORTE

Disbursements

Payments

Contracts

Collection

Agent

Financial backers

COSAC I

Users

Concession

Contract

PERUVIAN FIRST BRT PICTURES

PERUVIAN FIRST BRT RESULTS

Financing Approved

COFIDE and NAMAs (Nationally Appropriate Mitigation

Actions)

Peruvian Energy Matrix

Today’s Situation

27%

17%

56%

Petróleo Gas Natural + LGN Energías Renovables

27%

17%

56%

Petróleo

Gas Natural +

LGN

Energías

Renovables34%

33%33%

Petróleo Gas Natural + LGN Energías Renovables

Target

• Hidroenergy

• Biofuel

• Non conventional Energy

69%

24%

7%

Before Camisea

Oil

Natural Gas +

LGN

Renewable

Energy

MUNICIPIO HUANCAYO

REGION

PIURA

MUNICIPIO

CHICLAYO

REGION ICA

REGION CUZCO

MUNICIPIO AREQUIPA

MUNICIPIO TRUJILLO

MUNICIPIO

PUCALLPA

REGION CALLAO

Work in progress…

NGV Vehicle Market Projections

for 2021

The growth trend shows an explosive take-off from 2013, year in which massification of NGV will begin

nationally through the implementation of Agreements and Alliances in accordance with municipal and

regional governments to structure Integrated Transport Systems.

Is estimated to exceed 700,000 converted vehicles in 2021, mainly due to the appearance of interurban and

urban buses using this clean fuel.

NGV URBAN BUSES

Market Projections for 2021

PROGRAMAS IDENTIFICADOS DE SISTEMA DE TRANSPORTE INTEGRADO

NGV INTERPROV BUSES &

TRUCKS Market Projections

BUSES INTERPROVINCIALES E INTERURBANOS Y CAMIONES DE CARGA

New Program

General Structure Disbursement

Credit

Insurance

Transport

Company

Collection

Credit Postventa

Co-investment

NGV Station Guarantee

letter

Collection

Guarantee

Funding

Participation

• Flows and

Guarantee

Trust

• Concession

OPERADOR 1

Fideicomiso de

Flujos y Garantías

Operador de

Recaudo Usuarios

SIT

Contratos de

Concesión

&

Entidades Financieras

OPERADOR 2

OPERADOR 3

OPERADOR ‘’n’’

Proveedor

Buses 1

Proveedor

Buses 2

Proveedor

Buses 3

Proveedor

Buses ‘’n’’

Fideicomiso 1

Fideicomiso 2

Fideicomiso 3

Fideicomiso ‘n’

Desembolsos Pagos Contratos

Aporte de Infraestructura

Aporte de Intangibles

Cambio Matriz Energetica

SIT Trujillo - Estrategia Sugerida

Gerencia de Financiamiento de Infraestructura,

Corporativo y Medio Ambiente

Carlos Abel Paredes Salazar

cparedes@cofide.com.pe