In the event that investment opportunities would require reinvestment of potential dividends, such opportunities must provide a present-value improvement in long-term dividends to shareholders at a similar risk level. The Company will seek investment opportunities that offer equal or better returns to our existing businesses, and will seek to minimize undeployable (trapped) cash.

Transredes S.A. recognizes that sustained economic performance is based on the following key requirements:

a) Maintain cost competitiveness. Our business requires that Transredes S.A. offer the best economic option for our customers. Failure to do this will result in loss of core business growth opportunities, and therefore place the Company's ability to maintain long-term dividend growth at risk.

b) Provide sustained quality service to our customers. Our customers rely on us to provide quality service as an important part in mitigating their investment risks. Failure to do this will result in those customers developing other transportation options.

c) Seek leveraged growth opportunities that utilize our core business strengths. Failure to do this will result in an inability to maximize cash generation for our shareholders.

d) Ensure consistency in the application of our legal, fiscal, and regulatory regimes. Failure to do this will increase our costs, hamper our ability to attract additional capital in our core businesses, and predict and manage stable cash flows.