1. Guaracachi America, Inc. (GAI) and Rurelec PLC (Rurelec) (collectively, the Claimants) submit this Post-Hearing Brief in this arbitration against the Plurinational State of Bolivia (Bolivia) in accordance with Procedural Order No. 19.1 This Brief, together with the slides in support of the Claimants’ Oral Closing Presentation (attached hereto as an annex), summarizes the evidence heard at the final hearing held in Paris from April 2 – 9, 2013 (the Hearing). This evidence unequivocally confirms that Bolivia unlawfully confiscated the Claimants’ investments in Empresa Eléctrica Guaracachi S.A. (Guaracachi), first through the abrogation of the regulatory framework created to attract those investments, and later through the outright seizure of the Claimants’ stake in Guaracachi; all without the payment of any compensation.

I. INTRODUCTION

2. The testimony adduced at the Hearing and the evidence of record confirms the key facts establishing the Claimants’ case and disproves Bolivia’s defenses. The following facts are clear and indisputable.

3. At dawn on 1 May 2010, without warning, the Bolivian military forcibly took control over the power plants and administrative offices of Guaracachi, the country’s largest electricity generator. This was a mature power generation company with over 500 MW of installed capacity representing a market share in Bolivia of over 30%, and a long history of profitable operation. Yet it was seized with no compensation offered to the equity holders. As confirmed at the Hearing, that seizure took place only after Bolivia had already taken measures to materially reduce Guaracachi’s only sources of revenue, capacity prices and spot prices.