Latin American Infrastructure Finance

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					                                                   Innovation in
                  Latin American Infrastructure Finance
                                                        Seminar
                                              December 5, 2007
                                   Ritz-Carlton Hotel, Coconut Grove, Miami

                                                           Agenda

08:00-09:00   Registration and Coffee
09:00-09:10   Welcome: Stuart Allen, CEO, LatinFinance
09:10-10:20   Infrastructure Finance in Latin America – Risks, Rewards and Guarantees
              Private sector investment is essential if the long standing deficit in Latin America’s infrastructure is to be closed.
              However, despite many years of efforts it still lags its peers from other emerging markets. A panel of public and private
              sector experts will set the context for the day’s discussions by examining the underlying macro- and micro-economic
              issues that impede or encourage a shared solution to Latin America’s infrastructure crisis.
              •    How can public expenditure on infrastructure be optimized?
              •    How can the region further attract private investment? What countries have successfully lured private sector
                   investment into infrastructure projects and how have they done it?
              •    What does the private sector need from Latin America in order to invest more, more confidently and over longer
                   terms?
              •    What role can the capital markets play in financing infrastructure projects and how can this be achieved? Can
                   securitization help improve infrastructure finance and access to capital? What does the future hold for long-term
                   infrastructure bonds?
              •    How are devoted infrastructure funds changing the landscape?
              •    Hot areas such as electricity, hydrocarbons, oil and gas are on everyone’s radar screens but are they just a play
                   for assets or are these investors committed to investing in infrastructure?
              Moderated by: Stuart Allen, CEO, LatinFinance
              Panelists include:
              Isaac Pinto Averbuch, Director, PPP (Brazil)
              Jose Luis Guasch, Senior Regional Advisor on Regulation & Competition Finance, Private Sector and Infrastructure,
              The World Bank
              Gabriel De La Concha, Financial Director, ICA
              Felipe Montoro Jens, Head of Project & Export Finance, Odebrecht Investimentos em Infra-Estrutura
              Joaquín de la Herran, Managing Director, CESCE

10:20-10:50   Mexico Special Presentation and Q&A with:
              Gerardo Rodríguez, Deputy Undersecretary for Public Credit, Secretaría de Hacienda y Crédito Público- México

              In a unique half hour-long session, the Mexican public sector leader at head of the State’s plans for developing and
              improving the country’s infrastructure in the short to medium term. This is an excellent opportunity to hear in detail how
              Mexico plans to finance and support the growing pipeline of important projects; many of which will require significant
              outlays of both public and private and local and international capital.
                   The presentation will be followed by a truly interactive question and answer session from the audience. This
              opportunity will allow the audience to engage with him on key issues including the FARAC Toll Road deal and other
              forthcoming projects; the progress made so far; the need for deal innovation and investment; and new efforts that are
              needed – from the banking, investment and public sector – to understand and address these challenges effectively.



10:50-11:15   Coffee and Networking
11:15-12:15   Workshop A: Infrastructure Finance: The Emerging Role of Private Equity
              Hosted by WestLB
              •    The relationships between strategic and financial investors in the infrastructure sector
              •    The effect of private equity on debt financings structures
              •    How private equity can fuel infrastructure
              •    The future of private equity infrastructure
              Moderated by: Jan Weiss, Executive Director, WestLB
              Panelists include:
              Stephen Zoota, Managing Director, Hydrocapital Corp
              Oliver Langel, Executive Director, WestLB
              Fernando L. Santos-Reis, Director-Exports and Project Financing, Odebrecht

12:15-13:15   Financing Transportation Infrastructure
              Logistics costs (transportation and storage) and passenger frustration remain high in Latin America, due largely to
              inadequate transport infrastructure. Despite improvements in the last decade major gaps in rural areas remain, with
              worsening bottlenecks in ports and decaying roadways, adversely impacting Latin America’s ability to remain
              competitive and increase economic production.
              •    Roads: Public, private or mixed ownership and maintenance? Understanding and mitigating risks in toll road
                   projects – modeling, stability of revenue streams, guarantees…
              •    Metro/Light-Rail: How can new metro, bus, light rail and integrated projects be financed? Is there an appetite from
                   the international investment community for these risks? The role of securitization.
              •    Rail: Are railroads the answer for long distance cargo transportation? How can passenger railway expansion and
                   development attract investment?
              •    What types of financing structures are best suited for transportation projects? How can capital from pension funds
                   and other local players be harnessed to fund projects.
              Moderated by: Stephen Hood, Partner, Mayer Brown
              Panelists include:
              Carlos Cesarman, Executive Director of Finances, PINFRA
              Roberto Deutsch, Executive Director- Infrastructure Business Development, Camargo Corrêa
              Humberto Treviño, General Director, Caminos y Puentes Federales de Ingresos y Servicios Conexos (CAPUFE)
              James Vickers, Mayer Brown, São Paulo

13:15-14:45   Luncheon

14:45-15:45   Pioneering Public-Private Partnerships
              Regional governments are increasingly open to working with local and international private partners in servicing their
              demand for much needed infrastructure projects. PPP projects in Latin America are starting to mirror those pioneered
              by the European Banks; and it is this model that the local governments around the region are exploring, developing
              and tailoring to suit their particular needs. Learn first-hand about the latest legislation and deals, such as updates on
              the most advanced Mexican PPP projects from the state Governments of Oaxaca.
              •    Regional risk and political attitudes towards PPP
              •    Federal and State Government perspectives on infrastructure finance and PPP across Latin America
              •    Modeling, public consulting and tendering processes for PPP projects
              •    Risk sharing mechanisms to attract private sector investment
              •    Designing products for small Municipalities
              •    Understanding and benefiting from Brazil’s new PPP legislation
              •    Understanding, evaluating and mitigating PPP risk
              •    Case Study: State of Oaxaca PPP projects
              Moderated by: Emilio Baez, CEO, Estrategia Financiera (Mexico)
              Panelists include:
              Arq. Miguel Ángel Ortega Habib, Minister of Finance, State of Oaxaca (México)
              Manuel Sescosse Varela, General Director, Banorte
              Roberto Hernández García, Managing Partner, Corporación Mexicana de Asesores en Derecho (COMAD)
15:45-16:15   Brazil Special Presentation and Q&A with:
              Isaac Pinto Averbuch, Director, PPP (Brazil)

              In a unique half hour-long session, a Brazilian public sector leader will outline the Federal Government’s plan for
              developing and improving its infrastructure landscape in the short to medium term. This is an excellent opportunity to
              hear in detail how Brazil plans to finance and support the growing pipeline of important projects; many of which will
              require significant outlays of both public and private and local and international capital. The presentation will be
              followed by a truly interactive question and answer session from the audience.

16:15-16:30   Coffee and Networking
16:30-17:30   Investor Panel: Infrastructure as an Asset Class In Latin America
              Leading asset managers, government funds, private equity funds and hedge fund investors explore investment
              opportunities in infrastructure and how they can best maximize returns on investments.
              •    What are the risks for international investors? What can investors do/use to hedge their risks?
              •    Which sectors, products or companies offer the best long-term investment opportunities? Which countries should
                   investors steer clear of?
              •    What do investors take into consideration when making investment decisions: cash-flow stability; low
                   maintenance rates; political/appropriation risks; long-term and high-quality?
              •    How are local and international PE funds giving investors exposure to the region’s infrastructure assets?
              •    Accessing corporate outperformance – equity or debt securities?
              Moderated by: Scott Swensen, Chairman, Conduit Capital
              Panelists include:
              Paloma Silva, Adjunct Director, Sociedad Hipotecaria Federal (SHF)
              José Martínez Sanguinetti, Chief Investment Officer, Rimac Seguros

17:30         Networking Cocktail Reception