1. BELIZE ELECTRICITY LIMITED Electric System Presentation January 8, 2014 Rolando Santos Senior Manager, System Planning and Engineering & Kevin Longsworth Manager, Control Centre

2. INFORMATION As of December 31, 2013 Customers82,260 System Peak Load 201384 MW Total Sales484 Gigawatt-hours Employees278 Independent Power Producers BECOL (hydro)51.5 MW BAPCOL (HFO/diesel)15 MW CFE (combination)50 MW BELCOGEN (biomass)13.5 MW

3. INFORMATION BEL’s Internal Supply Gas Turbine (diesel)21.0 MW Standby Generators - Caye Caulker (diesel)2.0 MW Distribution Voltages 6.6kV, 11kV, 13.2kV, 22kV

4. RELIABILITY SAIDI – System Average Interruption Duration Index

5. RELIABILITY SAIDI – System Average Interruption Duration Index

6. NORTHERN ZONE Corozal Free Zone – 5 MVA 34.5/13.2 kV Corozal Substation – 7.5 MVA 34.5/6.6 kV – 2 MVA 34.5/22 kV San Pedrito Substation – 3 MVA – 34.5/6.6 kV Buena Vista Substation – (2)10 MVA – 115/34.5 kV Orange Walk Substation – 10 MVA – 34.5/6.6 kV – 4.2 MVA – 34.5/22kV Belcogen Substation (IPP) – 22.6 MVA 115/13.8 kV Maskall Substation - 10 MVA 115/34.5 kV San Pedro Ambergris Substation - 10 MVA 34.5/22 kV Boca Del Rio Substation – 5MVA 22/6.6 kV CENTRAL ZONE Army Camp Substation - 5 MVA 22/6.6 kV Belize City Substation – 20 MVA 115/6.6 kV West Lake Substation - 14 MVA – 115/22 kV La Democracia Substation - 30 MVA -115/69 kV WESTERN ZONE Camalote Switching Station Belmopan Substation – 16MVA – 115/24.9 kV Belmopan Substation -7 MVA -115/11kV San Ignacio Substation -10MVA -115/22kV VACA Substation (IPP) -25MVA -115/6.9kV Mollejon Substation (IPP) -30MVA -115/6.9kV Challilo Substation (IPP)- 10MVA -115/6.9kV SOUTHERN ZONE Mullins River Substation – 3 MVA 69/22 kV Dangriga Substation – 14 MVA 69/24.9 kV BAL Substation (IPP) – 22 MVA 69/13.8kV Savannah Switching Station Independence Substation – 14 MVA 69/24.9 kV Surfside Placencia – 3 MVA 22/6.6 kV Hydro Maya (IPP) – 5 MVA 22/4.16kV Punta Gorda Substation – 14 MVA 69/24.9 kV

7. 115 kV Xulha Mexico to Westlake – 86.7 Miles Belcogen Spur – 2.2 Miles Westlake to Belize City – 8.2 Miles Westlake to Mollejon – 80.6 Miles Mollejon to Challilo – 10.7 Miles

8. 115 kV Xulha Mexico to Westlake – 86.7 Miles Belcogen Spur – 2.2 Miles Westlake to Belize City – 8.2 Miles Westlake to Mollejon – 80.6 Miles Mollejon to Challilo – 10.7 Miles 69 kV La Democracia to Dangriga - 39.6 Miles Dangriga to Independence – 42.7 Miles Independence to Punta Gorda - 45.4 Miles BAL Spur - 3.87 Miles

9. 115 kV Xulha Mexico to Westlake – 86.7 Miles Belcogen Spur – 2.2 Miles Westlake to Belize City – 8.2 Miles Westlake to Mollejon – 80.6 Miles Mollejon to Challilo – 10.7 Miles 69 kV La Democracia to Dangriga - 39.6 Miles Dangriga to Independence – 42.7 Miles Independence to Punta Gorda - 45.4 Miles BAL Spur - 3.87 Miles 34.5 kV Buena Vista to CZL – 22.35 Miles Buena Vista to OW -13.28 Miles Maskall to San Pedro – 14 Miles

10. System Voltage Issues Frequency Stability Issues Penetration of Variable Power Supply Improving System Reliability Technical Losses TECHNICAL CONCERNS

11. BECOL: 2 – 3.5 MW units at Challilo 3 – 8.5 MW units at Mollejon 2 – 9 MW units at Vaca 1 – 1 MW unit at Vaca Becol’s Energy Dispatch involves water management Inflows may occur between plants Medium-term dispatching based on dam inflows and guide-curve Charges for generation below capacity during spilling Average CoP < 100 GWh around U$ 0.12/kWh EXISTING SUPPLIES

13. BELCOGEN: 2 – 90 t/hr bagasse fuelled boilers 1 – 12.5 MW backpressure turbo unit (for base load at 12 MW) 1 – 15 MW extraction/condensing unit (for load share) PPA 13.5 MW to BEL with > 60 % availability annually Steam production for BSI and BEL; simultaneously Slow start-ups (2 to 4 hrs hot-start; 6 hrs cold-start) Reduced output during off-crop (July-Oct) Belcogen’s sugar production determines electrical production Average CoP around U$ 0.10/kWh EXISTING SUPPLIES

14. CFE: PPA allows up to 50 MW of supply to BEL Opportunity Energy and Emergency Energy currently exist Currently revising the Opportunity Energy contract Emergency demand charge if exceeds 10 days or continuous 72 hrs CFE’s connection to BEL provides grid stability Average CoP depends on Marginal Cost at the Chetumal node. EXISTING SUPPLIES

15. CFE: Average monthly marginal costs EXISTING SUPPLIES CFE Marginal Costs 20122013 Jan $0.1340 $ 0.1326 Feb $0.1259 $ 0.1355 Mar $0.1381 $ 0.1252 Apr $0.1604 $ 0.1737 May $0.1618 $ 0.1599 Jun $0.1623 $ 0.1300 Jul $0.1615 $ 0.1158 Aug $0.1462 $ 0.1338 Sep $0.1442 $ 0.0556 Oct $0.1729 $ 0.0621 Nov $0.1411 $ 0.0452 Dec $0.1537

16. HML: Run of River hydro producing up to 3.5 MW No minimum-take clause in the PPA Average CoP around U$ 0.07/kWh EXISTING SUPPLIES

17. BAPCOL: PPA is 15 MW Primary operation mode as emergency unit Start-up 5 minutes in hot-standby Secondary operation mode as peaking unit during CFE high prices Average CoP dependent on HFO prices (approx. U$ 0.19/kWh) EXISTING SUPPLIES

18. BEL GT: 20 MW LM2500 GE gas turbine unit Primary operation mode as an emergency unit Start-up time 20 minutes Average CoP dependent on diesel fuel prices (approx. U$ 0.30 /kWh) EXISTING SUPPLIES

19. Lowest 2013 production month: – February 40.7 GWh (76% Load Factor) Highest 2013 production month: – May 50.4 GWh (81% Load Factor) GRID LOAD AND SUPPLY CONDITIONS

20. DRY SEASON (January to June) Peak – 84.2 MW in April 2013 (80% Load Factor)

21. Peak - 82.8 MW in August 2013 (79% Load Factor) RAINY SEASON (July to December)