EFTA01366613

Amendment #4 Page 184 of 868 Brazil s cumulative solar energy gene:non capacity grew from 14 MW in 3010 to 37 MW in 2014 and its cumulative wind energy generation capacity grew from 930 MW in 2010 to 5 1 GW in 2014, a CAGR of 53% The chart below shows the nistoncal and forecasted currolatwe solar and wind energy generation capacity in Brazil from 2010 b 2020 Brazil cumulative solar and wind energy generation capacity (in MW). 2010-2020 •IndcatCAOR *Sow tCdola i2r.) zero tend/ 1S.Ind tz.ide ear $ ICS sea 1 oft 1101 7.21. vto aunt 2012 201a 2014 ativill flits Mgt aelle anaa .ovum ifoo.ttnegNAHdEnegyFililtIC• Key divots d terMwaale energy growth in Brazil Energy demand in Brant has increased Oyer the past couple of years due to improving standards of Iiwig and overall macroeconomic growth in addition the Brazilian 90VCrnTerd is SCCIOrglo dmersey the country's electricity mx We expect wind and solar gereratcei to expenence continued growth supported by hgti energy prices. cortinued generation-focused federal aunt cira and an increasing shill bwards a more balanced generation mix The Brazilian governments rere.vable expansion pan forecasts that 22 4 GW of wnd and 3 5 GW of solar tepee ty will be installed by 2023 Federal generation accbor* are the main driver of clean energy nvestrrerts rn Brazil In 2014. Brazils federal govemment held five generation and two transmsvon auctions contracting 2 2 GIN of wind and 1 0 GW of solar protects with 20-year contracts. protected to reach COD in 2017 For 2015. the government has a rnourced that at least twee generation auctions for new Ovid protects will be held Vie expect the Brazilian government to keep its comintrre re to hold an increasing number of auctions Fundamentals Ice wed development remain strong Wind speed characteristics in Brazil are among the best n ire world for energy generation and transmission corstraints fa new wird developments nave started to ease wriCh, COLVIed with the federal generation actors, should conteue to drive rew wild irstaitaton Increasing interconnection availability stowed a record amount of 2 7 GW of wind capacity so con* online in 2014 Solar projects secured contracts tor the lest teem One federal auctman held in October 2014 Tre auction was the fret to feature a carve-out specfcary for solar projects and the government request tor 1 GW el solar projects surpassed market expectations 176 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058141 CONFIDENTIAL SONY GM_00204325 EFTA01366613