2. The future of Greek Gas and Power Markets Looking ahead with optimism and realism «The future of power generation» Dinos Benroubi Executive Director – General Manager 29 th April 2014

3. Company Information 3 Protergia is the largest independent (private) power producer in Greece, being the owner and/or operator of a balanced portfolio of thermal (1,2 GW) and renewable plants with an asset value of 1 billion euros. Protergia trades electricity on international platforms as well as physically through cross border trading. Protergia recently entered the retail electricity market. Protergia is 100% subsidiary of MYTILINEOS Holdings and is the holding company of the Group’s power division.

4. Protergia Group 4 PROTERGIA SA ALUMINIUM S.A. 334 MW CHP Management Only PROTERGIA AGIOS NIKOLAOS SA 444 MW CCGT KORINTHOS POWER S.A. 437 MW CCGT RES Subsidiaries 54 MW in operation 52 MW (wind farms) under construction 700 MW under development 100%65%

5. Energy Complex of Ag. Nikolaos 5

6. KORINTHOS POWER – CCGT (Ag. Theodoroi) 6

7. The future of power generation 7 The future of Greek Gas and Power Markets: Looking ahead with optimism and realism Future of gas to power Liberalization Progress

8. 8 Gas’ role in the Greek electricity system: Gas remains a basic fuel for power generation Exhausted capabilities? Future Yearly variability Future ? 20% of total System needs Future Maximum usage of Interconnection Capacity Future ? Jan-Apr 2014 - SCADA Jan-Apr 2013 - SCADA

9. 9 Gas’ role in the Greek electricity system: The example of February 2014

10. 10 Gas’ role in the Greek electricity system: Generation adequacy Study prepared by ENTSO-E

11. 11 Gas’ role in the Greek electricity system: Load following through ramping capability Interconnected System’s net load, 14.03.2014 Ramp Up Ramp Down 5hours 3 GW 4hours 1,0 GW 2 GW 4hours 2hours 1,5 GW

12. 12 Current VS Intended situation of the Greek electricity market Asymmetry

13. 13 Transforming optimism to realism: Restructuring of the Greek electricity market RAE’s roadmap, November 2012 Ministerial Council’s Act, July 2013 Transitory Measures Modification of wholesale market rules NOME type products (third party access to lignite energy) Small PPC Strategic investor in PPC TSO’s ownership unbundling Long Term Permanent Status Adaptation to EU’s target model

14. 14 Modification of wholesale market rules To be elaborated and defined by the Regulator ensuring short, medium and long term capacity adequacy and response to peak demand in a cost effective way and in compliance with relevant EU guidelines.

15. 15 NOME-type procedures NOME-type procedures aim at opening the retail market. NOME-type procedures shall ensure third-party access to energy produced by lignite-fired plants owned and operated by PPC and not directly to the plants. No impact on power plants’ financials. NOME is a transitional measure to be abolished by the time small PPC is transferred to third party ownership.

16. 16 In principle, positive move, towards real energy market liberalization. Forced transfer of consumers instead of voluntary - competition driven - change of supplier  (should already be realized through NOME if successfully designed) Small PPC Recent Draft Law for selling 30% of PPC Should aim to create symmetric competition in generation, leading to long term competition in retail and lower prices to the consumer. Issues TBD: Inclusion of PPC’s lowest efficiency CCGT in the package

17. Thank you!