2.3.4 Investments and Disinvestments Schedule

PRIVATE EQUITY INVESTMENT FUND AS A DEBT INSTRUMENT GENERAL INFORMATION

on an Investment or overall financial quality by calculating an Expected Rate of Return. It is the rate at which the net present value of the negative cash flow equals the Net Present Value of the positive cash flow. A Net Internal Rate of Return is expressed as a percentage.

“Par Value” shall mean reference price, expressed in local currency, appearing on each Single Bond Class II Series “B”, at the time of its Initial Issuance, as an expression of part of the Book Value representing the Buyback Value on deadline date and as a background to define the price of its subscription, in Convertible Participative Private Equity Investment Agreement as Debt Instrument terms.

“Capitalist Vehicle” shall mean an Investor that participates in the Company, that due to situations beyond the control of ENERMAS LATINOAMÉRICA Founding Shareholders, may need to require Leverage Financing for reasons of covering higher Bonds, Guarantees, counterguarantees and insurance as a Payment Source, derived from Domestic and International Public Bids and/or Sole Sources and/or Concessions, Licenses, previously contemplated in the Applicable Legislation.

For such reason, ENERMAS LATINOAMÉRICA Shareholders’ Meeting will decide Financing Leverage Acceptance, which it must be presented based on Investment Projects where all expenses and costs generated in a reasonable manner and/or that are accredited for any activity development related to ENERMAS LATINOAMÉRICA Business are considered.

“Parallel Vehicle” shall mean the vehicle and/or vehicles, if any, established by the Manager with various Investors resources, that decide to invest jointly and/or simultaneously with the Private Equity Investment Fund and Third Party Co-investors, substantially in accordance with the provisions of this Prospectus, as well as the Convertible Participative Private Equity Investment Agreement as Debt Instrument terms and conditions.

“Partnership Vehicle” shall mean attributed to the Series “C” reserved to this type of vehicle through which the figure of Partnership is implemented, by means of participations, from time to time, and for Officers and Collaborators to be part of a Company Series; as described in Section “V. The Manager - 1.2 Business Description - 1.2.7 Partnership Vehicle” of this Prospectus.

2. EXECUTIVE SUMMARY.

The following is a brief information summary contained in this Prospectus. Such summary does not include all the information that must be taken into account to perform an investment decision regarding Simple Bonds and is subject to, and is modified to complement the rest of information contained in this Prospectus. Investors are advised to carefully read this entire Prospectus, including the section entitled “Risk Factors”, before making an investment decision regarding Company’s Simple Bonds Series “B”.

LATAM |

ENERMAS

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