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Portfolio Fund I

Monterrey – Nuevo Laredo Highway: La Gloria - San Fernando Section

Equity investment for the construction and operation of the La Gloria - San Fernando (A4S - 49 km) section of the Mty - Nvo. Laredo highway, as well as reconditioning, preserving, and maintaining the free access federal highway (A2).

Partner: PINFRA – is one of the leading concession operators in Mexico, is listed on the Mexican Stock Exchange (MCAP ~$3 Bn USD), and has 21 concessions for highways, bridges, port terminals, and 1 electronic toll operation contract.

Investment Closing Date: July 31, 2019 

Operations Start Date: July 2, 2020 

Benefits: Improves connectivity and safety in the USMCA corridor.

Tuxtla - San Cristobal and Arriaga - Ocozocoautla Highways

Acquisition and capital increase for the construction of a third lane on the Tuxtla Gutierrez - San Cristobal de las Casas Highway (46km) and expansion of the Arriaga - Ocozocoautla Highway (93km).

Partner: ALDESA – A subsidiary of China Railway Construction Corporation (CRCC), is a leading company in the engineering, design, and construction of railways, highways, bridges, tunnels, and urban mass transit systems, with revenues of ~$110 Bn USD.

Investment Closing Date: August 13, 2020 

Expansion Start Date: January 2023 

Benefits: Reduced travel time and increased user safety (less accidents).

Neology Latam

Acquisition of a minority stake in Neology Latam, a subsidiary of Neology Inc., which is dedicated to the creation and commercialization globally of mobility technology.

Partners: Neology Inc - World leader in mobility, electronic tolling, compliance, security, and payment solutions technologies. Neology Inc has 50+ million tags in circulation, over 15 thousand toll booths operating worldwide, and over 50 thousand ALPR systems installed.

Investment Closing Date: December 22, 2021 

Benefits: Provide greater electronic toll technology and legal compliance on highways and urban roads in Mexico and Latin America to increase efficiency, and thereby help operators achieve improved returns, while reducing traffic congestion and having a positive impact on citizens and the environment.

Campo Hokchi

Minority acquisition in the Production Sharing Contract for the Hokchi Field for shallow water oil and gas production off the coast of Tabasco, awarded by the CNH in January 2016 in round 1.2.

Hokchi Energy is a subsidiary of PanAmerican Energy, an Argentinian company that is a leader in hydrocarbon production with investments totaling $19 billion dollars. Hokchi Energy signed the hydrocarbon extraction contract with the CNH under the production sharing scheme for Contract Area 2, which was awarded during Round One’s second international public bidding process. The contract is for the evaluation and development of the Hokchi marine area, located in the Salina del Istmo Basin, in the Gulf of Mexico, off the coast of the State of Tabasco.

Asset Purchase Agreement Signed: December 9, 2021 

Operations Start Date: May 13, 2022 

Benefits: Hokchi is an attractive shallow water hydrocarbon production field in an advanced production ramp-up process, which will reach 33,000 boed.

Jaguar Solar Portfolio

Acquisition of a minority stake in a 3 asset solar portfolio, with a total of 216 MW peak, located in the State of Chihuahua under the LIE regime with a long-term private contract (PPA).

Partners: InfraRed Capital Partners and INVEX Infraestructura – Are financial partners with assets under management of over $12 Bn USD worldwide and over $550 Mn USD locally, respectively. Both have extensive experience investing in and operating energy assets, including joint ventures.

Investment Closing Date: April 4, 2022

Operations Start Date: April 2018 (Torreoncitos and Rancho el Trece) and July 2019 (Ahumada) 

Benefits: Clean energy generation using the latest technology in an area of the country with abundant solar resources, with an active economy that creates energy needs in the long term and with sufficient transmission capacity to export energy to the RNT.

Profitability Fund I

Estimated IRR 4Q 2022 USD

The estimated Net IRR 1 of the portfolio at the end of 2022 in a base scenario and Hold to Maturity is 11.7%, while under a scenario with upsides, exit in 2029 and subtracting the carry to the manager, the estimated IRR for investors would be 15%.

Net IRR1 Base scenario Hold to Maturity

11.7%

Upsides + exit - carry

+330 bps

Net estimated IRR of the portfolio at the end of 2022 in a scenario with upsides, exit in 2029 and subtracting the carry.

15%

1 Net of expenses to date (issuance and placement, trust, project due diligence, administration fee and J curve) and before carried interest.