South Region LNG market changes and cross border flows SGRI – 15th November 2013

Agenda 1.France Zone North – Zone South flows 2.France - Spain cross-border flows 3.Spain – LNG and Third country flows 4.Portugal – LNG and cross-border flows

Transmission demand in 2012 Main evolutions vs Drop of LNG supplies – -38% between 2011 and 2012 – -50% at Montoir Historical cold snap in February 2012 – 10 days at record levels with daily consumption above GWh/day Higher entries at Dunkirk (+12%) and Obergailbach (+38%) to offset LNG’s supplies Growing exports to Spain (+18%), decreasing to Italy (-34%) 3

Transmission demand in 2012 High rate of long term subscription : – PIR~100% Lesser bookings at PITS High utilization of subscribed capacities at PIR – Lesser use of regas capacities Maximum utilization of the North / South Interconnection Point All points used at least one time at their fully booked capacities 4 AA 88 % LT 100 % AA 82% LT 100% AA 32 % LT 100% AA 62 % LT 94% AA58 % LT 92% AA 19% LT 87% AA 63% LT W 61% LT S 89% AA 93% LT 100 % Annual Average LTsubscription Daily Maximum use below 100% AA 70% LT 100% AA 15% LT 100% AA8% LT15 %

Transmission demand in 2012 High use of capacities at PIRs reflecting the global increase of gas flows through pipelines in Rate of subscription

Transmission demand in 2012 Sharp drop at Oltingue and at PITTM, an increase at PIR Midi 6 OLTINGUE LNG MONTOIR LNG FOS MIDI Rate of subscription

North-South link (1/2) High rate of subscription and increased use in the current market situation 7 Firm capacities limited to 230 GWh/day between North and South Due to LNG drop, North South IP used at 93% on average in 2012 Average spread at 1.6 €/MWh in 2012 with higher points at 7 €/MWh Market coupling and joint transport storage services introduced to relieve the congestion Rate of subscription

North-South link (2/2) 8 Nota: Maximum technical capacity = Firm + Interruptible

Midi IP 9 Nota: Maximum technical capacity = Firm + Interruptible

Montoir 10 Nota: Maximum technical capacity = Firm + Interruptible

Fos 11 Nota: Maximum technical capacity = Firm + Interruptible

Agenda 1.France Zone North – Zone South flows 2.France - Spain cross-border flows 3.Spain – LNG and Third country flows 4.Portugal – LNG and cross-border flows

13 Larrau Interconnection Point (Historical) Winter Firm marketable capacities Subscribed capacities Average nominations Nominations * Rate of use of subscribed capacities Summer All firm marketable capacities (France  Spain) have been subscribed Between 2008 & 2012 shippers have used around 70 % of their capacities. Strong increase of rate of use for the last 3 years 50% en 2010 around 100 % in2012

14 Larrau Interconnection Point (2013) Capacity increase 1st april 99% rate of use 64% rate of use 10% rate of use

15 Biriatou Interconnection Point (2013) 76% rate of use

Agenda 1.France Zone North – Zone South flows 2.France - Spain cross-border flows 3.Spain – LNG and Third country flows 4.Portugal – LNG and cross-border flows

17 Utilisation of LNG terminals Decrease of LNG terminals use HUELVA BARCELONA CARTAGENA BILBAO

18 Utilisation of LNG terminals Decrease of LNG terminals use SAGUNTO REGANOSA * Data as from 1 April 2008

19 BARCELONA

20 HUELVA

21 CARTAGENA

BILBAO

SAGUNTO

REGANOSA

Utilisation of Third country IPs TARIFAALMERIA * Data as from March 2011

TARIFA

ALMERIA

Agenda 1.France Zone North – Zone South flows 2.France - Spain cross-border flows 3.Spain – LNG and Third country flows 4.Portugal – LNG and cross-border flows

29 Portugal – Spain Interconnections and Sines LNG Terminal IP 34 – Valença do Minho / Tuy (V.M./Tuy) IP 35 – Badajoz / Campo Maior (Badajoz/C.M.) Virtual Interconnection Point (VIP) Sines LNG Terminal Cross-border flows occur >99% through Badajoz/C.M. IP LNG / NG split is around 43%

30 LNG and Cross-border Flows Historical Data ( ) Sines LNG Terminal Cross-border - Import Cross-border - Export CAGR: -11.2% CAGR: +4.2% Physical flows in export direction only occur at V.M./Tuy IP

31 Sines LNG Terminal 2013 (Jan-Oct)

32 Interconnections Portugal-Spain 2013 (Jan-Oct)

Thank you for your attention