Belize Electricity Limited (BEL) is the primary distributor of electricity in Belize, Central
America. The Company, serves a customer base of approximately 82,400 accounts and is
regulated by the Public Utilities Commission (PUC).

BEL meets the country’s peak demand of about 84.3 megawatts (MW) from multiple sources
of energy. These sources include electricity purchases from Belize Electric Company Ltd.
(BECOL), which operates the Chalillo, Mollejon and Vaca Hydroelectric Facilities in Western
Belize; from Hydro Maya Limited located in Southern Belize; from Comisión Federal de
Electricidad (CFE), the Mexican state owned electricity company; from Belize Cogeneration
Energy Limited (Belcogen) and from BEL's gas turbine unit and diesel fired generators. All
major load centers are connected to the country’s national electricity system, which in turn is
connected to the Mexican electricity grid, allowing BEL to optimize its power supply options.

Approximately 65% of the energy distributed by the Company in 2010, was sourced from
renewable energy sources.

The Government of Belize and the Social Security Board currently holds 70.2 per cent and
62.9 per cent, respectively, of the ordinary shares issued by the Company. The remaining
ordinary shares are held by just over 1,500 small shareholders. The Company is scheduled
to issue $10,000,000 in Preference Shares to the Social Security Board.

BEL currently has 296 employees. The Company has maintained a customer satisfaction
rating of more than 80%, since it started measuring customer satisfaction in 2000.
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