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

2. 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

3. Transmission demand in 2012 Main evolutions vs. 2011 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 3 000 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

4. 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 %

5. Transmission demand in 2012 High use of capacities at PIRs reflecting the global increase of gas flows through pipelines in 2012 5 Rate of subscription

6. 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

7. 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

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

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

10. Montoir 10 Nota: Maximum technical capacity = Firm + Interruptible

11. Fos 11 Nota: Maximum technical capacity = Firm + Interruptible

12. 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. 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. 14 Larrau Interconnection Point (2013) Capacity increase 1st april 99% rate of use 64% rate of use 10% rate of use

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

16. 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. 17 Utilisation of LNG terminals Decrease of LNG terminals use HUELVA BARCELONA CARTAGENA BILBAO

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

19. 19 BARCELONA

20. 20 HUELVA

21. 21 CARTAGENA

22. BILBAO

23. SAGUNTO

24. REGANOSA

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

26. TARIFA

27. ALMERIA

28. 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. 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. 30 LNG and Cross-border Flows Historical Data (2009-2012) 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. 31 Sines LNG Terminal 2013 (Jan-Oct)

32. 32 Interconnections Portugal-Spain 2013 (Jan-Oct)

33. Thank you for your attention