Lastarria Energy Investments

A Private Equity Fund Investing Exclusively in Energy in Latin America

Sponsored by
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RISDICTION OR COUNTRY.
Executive Summary

Overview
Lastarria Energy Investments (“The Fund”) represents a disruptive shift in energy investing, focusing on risk management
rather than risk aversion, and seeking to invest jointly in energy projects and developing technologies that change the
way energy is generated, transmitted, and consumed.

The Fund will focus its investments on the Republic of Chile because the Chilean energy market is poised for dynamic
growth in the coming decade, requiring a doubling of its power generation capacity in only 12 years just to keep up with
the current trends in energy demand. Few markets present the opportunity to participate in such levels of relative
growth, and in these rapidly developing circumstances, agile, technology-centric solutions offer distinct competitive
advantages over traditional energy investors.

The portfolio targets of The Fund will be projects, technologies, and solutions that can be rapidly deployed at the margin
rather than large-scale power installations that take years of planning, permitting, and overwhelming capital resources to
deploy. The Chilean energy market is replete with such projects, and the Lastarria approach will truly disrupt the way
energy producers and energy consumers think about the market in Latin America for years to come.

Lastarria Energy Capital, Ltd. acts as the Investment Advisor for “The Fund,” which is a US$25 Million (target) private
equity fund that will invest in the energy & energy efficiency sector in Latin America, with a primary emphasis on the
Republic of Chile.

Fund Highlights

Targeted Portfolio Market Advantages Country Stability

Pre-construction power generation
projects & development teams
Energy technology, intellectual
property, and distribution rights
Energy feedstocks (e.g. biodiesel,
natural gas, biogas, synthetic natural
gas sources, etc.)
Chile’s electricity demand is expected
to double in the next 12 years.
Chile has tremendous renewable
energy resources and significant
incentives for its development.
Flexible system of private power
purchase agreements that do not
require regulatory approval.
Chile is considered the safest, most
economically stable, and least corrupt
country in Latin America.
Chile’s electricity market is not subject
to price controls and operates in a free
market context with private ownership.
Chile has the 4th lowest Debt to GDP
ratio in the world, with a national debt
of only 6% of GDP.

Key Facts

Fund Type: Closed-End Master/Feeder

Administrator: Butterfield Fulcrum Group
Auditors: KPMG
 Fund Type: Closed-End Master/Feeder
Bank: Butterfield Bank (Cayman) Limited
Reporting: Quarterly Reviewed Financial Statements; Annual Audited Financial Statements
Jurisdictions: Cayman Islands (Offshore Feeder & Master); Delaware (Onshore Feeder)
Legal Counsel: Baker Botts; Ogier; Barros & Errazuriz
Leverage: No Leverage at the Portfolio Level
Return Structure: Investor receives 7% annual preferred return, 100% return of principal before carried
interest is allocated to the Advisor
Fee Structure: 4% Subscription Fee; 2% Annual Management Fee; 20% Carried Interest Allocation
The Chilean Energy Opportunity

Overview of Chile

Population: 17 million
GDP: $239 Billion
GDP Growth: 7% (3rd Quarter - 2010)
Unemployment: 8.3% (September 2010)
Investment Climate: • #1 Destination for Private Equity & Venture Capital in Latin America (Source: LAVCA)
• #1 “Place to Do Business” in Latin America (Source: Forbes)
• Low corporate tax rate - 19%
Economic Stability: • 5th freest economy in the world, ahead of the US (Source: CATO)
• 4th lowest debt/GDP ration in the world (Source: World Bank)
• Highest GDP per capita in Latin America in purchasing power parity (Source: World Bank)
Political Stability: • Most Peaceful Country in Latin America, measuring crime rates & foreign relations/military
policy (Source: Global Peace Index)
• #1 in Latin America for ethics and accountability in government
(Source: Transparency International)
• Lowest Corruption in Latin America (Source: Corruption Perceptions Index)

Chile’s Electricity Market

Total Potential, Renewable Energy Gross Potential

(MW)
Hydroelectric 20,392
Geothermal 16,000
Wind 40,000
Biomass 13,675
40,000 -
Solar 100,000
Photovoltaic 1,000
Total Potential, Renewable Energy Gross Potential
(MW)
Total, MW 191,067
Installed Capacity MW (2025) 22,736
% of Installed Capacity 8.40%

Gross
Development Scenarios Plant Current Potential
Factor (MW) (MW) Scenarios (2025)
2007 Conservative Middle Upper
Hydroelectric 0.6 117 20,392 1,421 6.30% 1,653 7.30% 1,850 8.14%
Geothermal 0.8 0 16,000 810 3.60% 940 4.10% 1,400 6.16%
Wind 0.3 18 40,000 330 1.50% 998 4.40% 1,200 5.28%
Biomass 0.8 191 13,675 461 2.00% 501 2.20% 903 3.97%
Solar 0.2 0 100,000 210 0.90% 210 0.90% 250 1.10%
Photovoltaic 0.15 0 1,000 100 0.40% 100 0.40% 150 0.66%
Total Renewables 326 191,067 3,332 4,402 5,753
Total Installed Capacity 8,608 22,736 22,736 22,736 22,736
Renewables as % of Total 3.8% 14.70% 19.00% 25%

Investment Total Average Cost

Investment & Operation Cost Comparison Cost of Operation
($1,000/MW) (US$/MWh)
Traditional Hydroelectric
Resevoir/Dam (400 MW) $1,000 $17
Pass-Through (400 MW) $1,300 $24

Thermoelectric
Natural Gas (370 MW) $630 $33.10 $46.30
GNL (370 MW) $630 $43.90 $53
Natural Gas to Diesel 500 hrs (370 MW) $670 $45.30 $62.40

Thermoelectric
Carbon (250 MW) $1,000 $33.10 $49.30
Carbon/petcoke (250 MW ) $1,250 $22.60 $42.80
Carbon/liquidized petcoke (250 MW) $1,600 $28.90 $54.80
Diesel (120 MW) $450 $192 $212

Renewable Energy Plant Factor

Geothermal $1,400 - $2,000 0.9 >$30
Wind $1,200 - $1,800 Less than 45% >$45
Biomass $1,300 - $1,700 80 a 85% >$35
Solar $4,500 7 a 15% $240 - $300
Mini-Hydro $1,300 - $1,800 50 a 75% >$30
Source: Universidad de Chile, Aporte potencial de Energias Renovables, 2008
Incentives for Renewable Energy Development

• Chile’s strong economy and lack of domestic sources of hydrocarbons has increased its need to secure stable en-
ergy supplies.

• Chile’s 18 gigawatts of power capacity are already severely strained and local authorities estimate that demand will
double over the next 12 years.

• Less than 2.4% of Chile’s power generation capacity currently comes from non-traditional renewable sources.

• Chile has adopted a clear regulatory and legal framework favoring energy generation from renewable sources:

‣ By 2011, at least 5% of the energy produced by traditional power generators (non-renewable energy pro-
ducers) has to come from non-conventional renewable sources, increasing yearly until reaching 10% by
2024. The failure to meet these quotas will result in fines for any power company that does not meet these
requirements, providing a clear incentive for non-renewable energy producers to purchase power at a pre-
mium from renewable producers to meet minimum requirements and avoid fines.

‣ There is a legal obligation to purchase all available renewable energy before purchasing non-renewable
sources of energy, essentially guaranteeing off-taking for Lastarria’s renewable energy projects.

Power Generation in Latin America

Country Current Capacity Growth Facts
1,000 megawatts of additional capacity needed per year over the next two
Argentina 24,000 MW
decades
Brazil 100,000 MW US$ 24.2 billion in investment in power generation needed in the next 10 years
Energy capacity must double in the next 12 years to keep up with demand.
Chile 18,000 MW There are currently almost 200 power generation projects at various stages of
development in Chile.
Colombia 14,000 MW Needs to quadruple capacity just to catch up to Chile in per capita production
Peru 7,000 MW US $20 billion in additional investment by 2030
Leadership

Management Team & Board of Directors

Diego Belmonte - Managing Principal

Mr Belmonte is a co-founder of Lastarria Energy Capital, Ltd., and serves as a Managing Principal. Prior to joining
Lastarria, Mr Belmonte was President of Esound Energy, an integrated sustainable investment and boutique consulting
company dedicated to capitalizing on the economic, social and ecological potential of renewable energy technologies.
With more than 15 years of experience in the Environmental and infrastructure sectors, Mr. Belmonte has structured,
managed and closed over $2 billion in renewable energy and infrastructure projects worldwide. Esound grew out of Mr.
Belmonte’s background and experience developing renewable energy projects at the intersection of the public and pri-
vate sectors across the United States, Europe and other emerging international energy markets.

Prior to founding Esound, Mr Belmonte was President and CEO of Fotowatio USA, Inc., the US subsidiary of Fotowatio,
one of the leading Spanish promoters of Renewable Energy and a global operator specializing in the generation of solar
energy. During Mr Belmonte’s tenure as CEO, Fotowatio USA was purchased by General Electric for €400 Million.

Mr Belmonte spent 10 years of his career with the Inter-American Development Bank (IDB), a multilateral development
bank based in Washington DC focused on economic and infrastructure development in Latin America and the Carib-
bean. At the IDB, he worked worldwide on the financial and technical design, and construction, of public and private
renewable energy projects. He has pioneered project structures for sustainable development projects in emerging mar-
kets and has been at the forefront of the collaboration between public and private entities for the development and con-
struction of large-scale infrastructure projects.

Mr Belmonte holds a Master's in Science degree in Environmental Engineering and holds a bachelor degree B.S. Envi-
ronmental Sciences from the University of California at Santa Barbara.

Estuardo Ibarguen - Managing Principal

Mr Ibarguen serves as a Managing Principal and Chief Financial Officer of Lastarria Energy Capital, Ltd., bringing to
Lastarria more than twelve years of banking, finance, and real estate management experience. Prior to joining Lastarria,
Mr Ibarguen was Chief Executive Officer of Once Administracion based in Guatemala City, which was structured as a
management spin-off from Vertical, part of Grupo Progreso, one of the largest industrial conglomerates in Central
America.

Mr Ibarguen’s experience includes structuring a 15,000 square meter office building for Citigroup, which was awarded in
a competitive bidding process with 7 other Guatemalan developers; structuring the purchase and negotiating the rights
of way for more than 100 properties that will constitute the first 100% private toll road in Central America; developed a
200,000 square meter class A apartment building; negotiated a majority stake in a 12,000 square meter block in
downtown Guatemala City at a price 55% of market value; structured financing for a single-family housing development
project where the equity investor received an IRR of 51%. Mr Ibarguen’s unique talents lie in his ability to structure
creative deals that allow projects to move forward initially with low capital commitments and dramatically mitigate equity
risk in projects.

Additionally, Mr Ibarguen has served on the Board of Directors of several companies, including Inmobiliaria San Nicholas,
the number one affordable housing developer in Guatemala; Cofiño Stahl, the largest automotive distributor in Central
America, where he serves as Vice Chairman; and Financiera San Miguel, a financial services company within Grupo
Progresso. He was previously the Senior Relationship Manager, Risk Manager, and Credit Approval Officer for the
Corporate Bank division of Citigroup in Guatemala (1998-2003).

Mr Ibarguen holds a Bachelor of Arts, Summa Cum Laude, in Business Administration from Universidad Francisco
Marroquin and a Masters of Business Administration from the Haas School of Business at the University of California,
Berkeley.

Skinner Layne - Managing Principal

Mr Layne is the Founder and Chairman of the Lastarria Group and a Managing Principal of Lastarria Energy Capital,
Ltd., the management company of Lastarria Energy Investments. He moved to Santiago, Chile in 2008 to lay the
groundwork for Lastarria, and has spent that time building the relationships and first-hand knowledge of the Chilean &
Latin American markets.
Prior to founding Lastarria, Mr Layne served as President of Blue Star Equities, Inc., a Dallas-based corporate finan-
cial consultancy and capital markets advisory firm. At Blue Star, he was responsible for advising clients on corporate
governance and capital structure in advance of planned capital expansion and going public transactions, managing
the documentation process between the companies' principals and securities counsel.

Mr Layne has also served as a senior consultant with Hinchcliffe & Co. (2007-2008), the world’s leading Web 2.0 con-
sultancy. He has advised numerous technology strategies ranging from start-up to NASDAQ-traded clients. While at
Hinchcliffe & Co. he principally advised clients on internal processes and strategies utilizing best practices in Enter-
prise Web 2.0 technologies, and assisted in drafting white papers for clients providing such technology in the Enter-
prise space.

Mr Layne co-founded Nexplore Corp., a technology company, in 2005 based in Dallas that went on to become pub-
licly traded, and at its peak had a market capitalization in excess of US$100 Million. Mr Layne served as Chief Strat-
egy Officer and as a director of the company during its going public transaction and thereafter, gaining first-hand ex-
perience with Sarbanes-Oxley and public company corporate governance. He was additionally responsible for liaising
between the engineering staff and patent counsel on the construction and maintenance of the company's intellectual
property portfolio.

From 2001-2004, Mr Layne served as a senior strategist and advisor to the campaigns of U.S. Senator John Booz-
man, where in addition to development of grassroots campaigning strategy and the creation of the campaign's posi-
tion papers, he was actively involved in the fundraising process and as a speechwriter for the candidate. From 2000-
2001, Mr Layne served on the State Executive Committee of the Republican Party of Arkansas.

Mr Layne received his undergraduate education at the University of Arkansas, where as a Chancellor’s Scholar, he
triple-majored in Economics, Political Science and Philosophy.

Antonio Manno - Head of European Affairs

Mr Manno has been collaborating with Lastarria’s founders on the development of a European marketing strategy since
2008, and has since begin splitting his time between Rome and Santiago. Prior to joining Lastarria, Mr Manno spent 5
years in Estonia serving as CEO of Klemmer Invest OU, an investment consultancy company involved in studying and
opening the Baltic market for the Italian enterprises.

Prior to founding Klemmer, Mr Manno was started one of the first Internet Service Providers in Italy, founding the first
internet service provider in the southern region at the end of 1994. Subsequently, he founded “bid.it Spa” the first auc-
tion online company in Italy in the 1999, his company was one the biggest internet company of the new economy era in
the Italian market, and was valued at €200 million at its peak.

Previously, Mr Manno was the production manager of the Snia Bpd, the then chemical conglomerate company of the
FIAT Group, and served as chief production manager of Fapack Spa, a plastic film manufacturing company. He holds a
Bachelor’s degree in Mechanical Engineering from the Bari Polythecnic University in Bari, Italy.

Ron Resnick - Non-Executive Director

Mr Resnick joins the boards of directors of Lastarria’s feeder and master funds after an extensive financial and legal ca-
reer including as Managing Partner and the Chief Administrative Officer and General Counsel of Highbridge Capital Man-
agement, an international alternative investment firm with over $21 billion in assets under management. At Highbridge,
Mr Resnick was responsible for all hedge fund, investment adviser and broker-dealer legal and regulatory matters, includ-
ing those arising from convertible bond arbitrage, event-driven/relative value investing, risk arbitrage, PIPEs, private lend-
ing, distressed and special situation investments, options and commodities transactions, total return swaps and credit
default swaps. He also handled, responded to and resolved all regulatory investigations, audits, examinations and inquir-
ies. Mr Resnick also hired all legal, regulatory and compliance personnel for Highbridge’s offices worldwide.

At Highbridge Mr Resnick organized and launched over twenty private hedge funds and three registered investment ad-
visers; was the original project manager for the industry’s first open-end mutual fund trading a proprietary hedge fund
market-neutral statistical arbitrage strategy; structured Highbridge’s nascent portable alpha funds; and played a key role
in negotiating the sale of Highbridge to JPMorgan Asset Management Holdings, Inc. in December 2004.

Mr Resnick has advised on, among other matters, private placements, the QIB and Rule 144 provisions of the Securities
Act of 1933, the disclosure and reporting provisions of the Securities Exchange Act of 1934, including Section 13 and
Section 16; the Investment Company Act of 1940; the Investment Advisers Act of 1940; the Commodity Exchange Act of
1974; and the regulations and rules of the NASD, the NFA, the U.K. Financial Services Authority, the Cayman Islands
Monetary Authority, the H.K. Securities and Futures Commission and The Irish Stock Exchange.

Prior to joining Highbridge, Mr Resnick was an Associate in the Commodities, Futures and Options Group at Skadden,
Arps, Slate, Meagher & Flom. Mr Resnick received a JD from The University of Chicago Law School in 1988.

David V. Thomas OBE - Non-Executive Director

Mr Thomas joins the board of directors of Lastarria’s feeder and master funds after a more than 30 year career at Lloyds
TSB. From 1990-1992, Mr Thomas served as Chief executive of the French corporate banking, private banking, and
asset management subsidiaries of Lloyds Bank Group as head of Lloyds Bank SA, France. From 1992-2000 he served
as chief executive of the Lloyds TSB group of companies in Brazil, where he was responsible for transforming underper-
forming personal and commercial banking business, establishing Lloyds Asset Management SA which grew to £1.5 bil-
lion in assets under management in 5 years. Additionally, he managed the Lloyds operation through the critical period of
monetary reform in 1994 that ended in hyper-inflation in Brazil.

From 2000-2007, Mr. Thomas served as International Banking Director of Lloyds in London, where he served as a mem-
ber of the executive committee of the International division of the bank, which has operations in 20 countries. He chaired
the Assets and Liabilities Committee and was a member of the Group Country Risk Panel. From 2000-2003 in this posi-
tion he led the bank’s Latin American operations, with more than 4,500 staff in nine countries and revenues exceeding
£250 million. Mr. Thomas steered the group through the financial crisis in Argentina in the early 2000s, and managed the
complex and financially successful strategic exit from the region.

Mr. Thomas currently serves as a Director of several companies and funds, including UBA Capital Europe as well as serv-
ing as Chairman of three Luxembourg-registered funds sponsored by Lloyds TSB. He is a member of the Board of Direc-
tors of the Brazilian Chamber of Commerce in Great Britain, a member of the Board of Governors of the English-
Speaking Union, and as Chairman of the Hispanic and Luso-Brazilian Council.

Strategic Partners
KEMA - Project Evaluation www.kema.com
A global, leading authority in energy consulting and testing & certification, active throughout the entire energy value-chain
– in a world of increasing demand for energy, KEMA has a major role to play in ensuring the availability, reliability, sustain-
ability and profitability of energy and related products and processes. KEMA combines unique expertise and facilities, in
order to add value to our customers in the field of risk, performance and quality management.

With more than 1,600 people and offices and representatives in more than 20 countries around the globe, we are com-
mitted to offering reliable, sustainable and practical solutions. We understand and recognize the technical consequences
of a business decision, as well as the business consequences of a technical decision.
Service Providers
Baker Botts - U.S. & International Legal Counsel www.bakerbotts.com
Baker Botts is a full-service, leading international law firm with a more than 170 year history and offices around the world.
The firm is an international leader in the energy & natural resources sector, both for oil & gas and alternative energy.
Who’s Who Legal designated Baker Botts as the Law Firm of the Year for Oil and Gas for five out of the last six years,
and the firm has consistently earned numerous other awards, such as Energy Projects Law Firm of the Year by
Chambers USA and Deal of the Year by Project Finance & Energy Risk.

Ogier - Cayman Legal Counsel www.ogier.com

Ogier is one of the largest offshore law firms in the world and is consistently recognized for excellence by a number of
international organizations, including 2010 Offshore Law Firm of the Year by Chambers Europe, 2010 Channel Islands
Law Firm of the Year by PLC Which Lawyer?, 2009 Deal of the Year by Asian-Counsel, 2009 Offshore Law Firm of the
Year by The British Legal Awards, 2009 Top Offshore Law Firm by Alpha Awards, Overall Private Funds Law Firm of the
Year by ACQ Global Awards, International Law Firm of the Year by Citywealth Magic Circle Awards, and numerous
others.

Barros & Errazuriz Abogados - Chilean Legal Counsel www.bye.cl

Barros & Errazuriz is one of the leading corporate law firms in Chile and has represented the interests of numerous
foreign investment funds in the country.

Butterfield Fulcrum Group - Third Party Administrator www.bfgl.com

Butterfield Fulcrum is a top 5 independent administrator with 20 years of experience servicing the alternative investment
industry. Headquartered in Bermuda, they have offices in nine countries and service over 800 funds and have over US
$70 Billion in assets under administration.

KPMG - External Auditors www.kpmg.ky

KPMG in the Cayman Islands is one of the leading professional services firms in the jurisdiction with over 200 employees
from 25 countries and 12 partners delivering audit, tax, and advisory services to clients worldwide.
Portfolio Pipeline

Projects
During the previous twenty-four months, The Lastarria Group and its affiliates have gained access to a substantial
pipeline of projects in the energy sector in Chile and the broader Latin American region. The following information is not
to be construed to represent actual investments Lastarria Energy Investments will make, but rather describes the scope
and scale of Lastarria’s access to available portfolio targets. All specific investments will be negotiated by Lastarria
Energy Capital’s management team on behalf of the fund.

Although the power generation projects below are largely outside of the desired parameters for Lastarria’s portfolio, given
our focus on small-scale, agile, and rapidly deployable solutions, the projects represent the scope of Lastarria’s access to
deal-flow in the region and are included for illustrative purposes only.

Power Generation Technology / IP / Distribution Feedstocks

500 MW Wind Farm - Chile
100 MW Wind Farm - Chile
70 MW Mini-Hydro Projects - Chile
25 MW Mini-Hydro Projects - Chile
Micro-Energy Project - Chile
60 MW Runoff Hydro - Peru
Thin Film Solar Technology - 25mm gallon/year vertically integrated
Manufacturing & Distribution biodiesel feedstock farming &
processing - Peru
Artificial Intelligence Solar Panel Forest residue wood pellet processing
Systems - Early Stage Equity plant - Brazil
High Efficiency LED Lighting Tech - Lignite Coal reserves / Synthetic
LatAm Distribution Rights Natural Gas plant - Chile
Vertical Blade Wind Mini Turbines -
LatAm Distribution Rights
Natural Gas Pipeline & Distributor
Buyout Opportunity
Zero Emissions Petcoke Coal
Technology - Chile

Targeted Returns
Lastarria is dedicated to careful risk management and return balance in selecting its prospective investments. The goal
of the fund is to provide investors with an internal rate of return exceeding 20%, net of fees and expenses. As such, the
following guidelines will be applied by the management team in its investment decisions:
• Power generation projects with total equity IRR of at least 25%; targeting earlier stage investments for better
valuations
• Buy-outs, technologies, and distribution rights where the risk-weighted potential returns are at least 100% in total
• Feedstock supplies/projects that have 20-year models making them attractive to traditional institutional investors
(pension funds, insurance companies) as an exit strategy

Investment Process
Our investment process is focused on ensuring our financial and technical assumptions about each portfolio company
are accurate rather than about having the trappings of a “traditional investment fund” structure like an investment
committee.

We will work closely with the management teams of our prospective portfolio companies/projects to establish a set of
financial and technical assumptions, which will then be presented to our strategic partner, KEMA, who will provide an
independent evaluation of those assumptions. If those assumptions withstand independent scrutiny, then a final decision
will be made that takes into consideration the following additional factors:

• Experience and suitability of the management team

• Alignment of interests between the project/company principals and Lastarria’s investors, examining both financial
and non-financial incentives
• Timeframe for project completion and potential contingency factors that could cause significant delays
• Size of the project and the ability to procure additional financing if needed or if it might be needed
• Investment structure, especially with respect to: downside protections, debt structure, and possible exit strategies
Exit Strategy

Liquidity: Timeline & Approach

General Overview
The term of the fund is ten years, with a specified intention of exiting most of the portfolio by year seven to ensure 100%
liquidity for the investors by year ten.

Power Generation Projects

The power generation projects will be exited upon the completion of construction and subsequent revenue stabilization
to ensure maximum returns, usually within 2 years of finishing construction. Numerous pension funds and insurance
companies have begun entering the utilities sector in Chile and across Latin America as the sector provides consistent,
predictable returns for their portfolio. Our power generation projects will target both financial as well as strategic acquir-
ers at the time of exit.

Technology & Distribution

Lastarria’s second targeted portfolio category will focus its exit efforts on strategic sales to global industrial companies
looking to expand their presence in Latin America, as well as, in limited circumstances, on pursuing initial public offerings
for certain portfolio companies if they are able to scale their technology and operations substantially enough to warrant
such a decision.

Feedstock Projects

Most feedstock projects, due to their commodity nature, will be sold to industrial entities who are the end users of the
feedstock product and would like to have greater control over the cost predictability of their supply.

Contingency Planning

All of Lastarria’s portfolio companies/projects will be selected and developed in accordance with the principle that there
may not be a viable M&A or IPO market for exit within the timeframe targeted by the fund. This development strategy will
consequently focus on ensuring stable free cash flow to ensure that the fund’s investors are able to receive liquidity within
a 5-7 year timeframe.
 Fund Structure

Lastarria Energy Investments, LLC Lastarria Energy Investments, Ltd.

‣ Delaware-Incorporated Onshore Feeder ‣ Cayman Islands-incorporated Feeder Fund

for non-US investors
Fund for US taxable investors

Lastarria Energy Investments Master, Ltd.

‣ Cayman Islands-incorporated Master Fund

Lastarria Energy Investments, SPC

‣ Cayman Islands-incorporated Segregated Portfolio Company

Feeder-Master Optimized for Co-Investment

The Segregated Portfolio Company (SPC) structure in the Cayman Islands resembles a Jersey or Guernsey Protected
Cell Company, allowing the assets of one portfolio to be completely legally separated from the assets of another portfolio,
making them stand-alone legal entities with different patrimonies while saving the administrative costs of registering mul-
tiple companies. Lastarria will deploy the SPC to more easily take co-investments to fund projects and will give our in-
vestors the unique opportunity of a right of first refusal to invest additional capital directly into portfolio companies/
projects on a deal-by-deal basis. U.S. taxable investors will be required to co-invest through a tax-transparent mecha-
nism such as an LLC to take advantage of this vehicle.