BHCC Greek Energy Investment Seminar: EBRD perspective

1. BHCC Greek Energy Investment Seminar: EBRD perspective • Harry Boyd-Carpenter • Director, Head of Power & Energy Utilities

2. What is the EBRD? • Overview • The EBRD invests in changing people’s lives and environments in 38 countries that stretch from central Europe to Central Asia, the Western Balkans and the southern and eastern Mediterranean, including Cyprus and Greece. • With an emphasis on working together with the private sector, we invest in projects, engage in policy dialogue and provide technical advice that fosters innovation and builds sustainable and open-market economies Cumulative business volume of €119.6 billion as at December 2017

3. Overview of EBRD Key Facts Shareholding Structure Established in 1991. The EBRD is owned by 67 countries from five continents, as well as the European Union and the European Investment Bank. Capital base of €30 billion The EBRD has a triple-A rating from all three main rating agencies (S&P, Moody’s and Fitch) Invested €119 billion in 5,035 projects, since inception In 2017 invested €9.6 billion in 412 projects (88% debt, 5% equity, 7% guarantees) Number of projects at Dec 2017: 475 Net cumulative Bank Investment: €19.8 billion • In 2017, ENRBG signed 56 projects in the amount of €2.1 billion EU27 countries Includes European Community and European Investment Bank (EIB) each at 3%. Among other EU countries: France, Germany, Italy, and the UK each holds 8.6% EBRD region Excluding EU, Russia at 4% Energy and Natural Resources Business Group USA Japan Other As at January 2017

4. EBRD’s renewable energy portfolio exceeds EUR 2.0bn Annual investment in renewables overtook fossil fuels EBRD has been active in financing renewables projects since the first project - 156MW Saint Nikola Wind Farm in Bulgaria in 2008 Complex and award winning renewable transactions include: Krnovo Wind Farm (Montenegro), Salkhit wind farm (Mongolia), Ma’an Solar Programme Round 1 and 2 (Jordan), Efeler Geothermal Plant (Turkey), Khalladiwind farm (Morocco), Dolovo and Kovacica Wind Farms (Serbia) and Benban Solar (Egypt).

5. EBRD is the leading financier of renewable energy in its region Estonia 20 MW biomass 150 MW wind Poland 130 MW biomass 1,209 MW wind Latvia 27 MW hydro Russian Federation 40 MW geothermal 336 MW hydro Serbia 2 MW biogas 2 MW biomass 23 MW hydro 263 MW wind Ukraine 4 MW biogas 18 MW biomass 188 MW hydro 99 MW solar 79 MW wind Belarus 4 MW biogas Romania 210 MW hydro 50 MW solar 557 MW wind Kazakhstan 24 MW hydro 232 MW solar 51 MW wind Hungary 158 MW wind Georgia 417 MW hydro 20 MW wind Croatia 1 MW biomass FYR Macedonia 23 MW hydro Bosnia and Herzegovina 26 MW hydro Mongolia 30 MW solar 155 MW wind Montenegro 4 MW hydro 72 MW wind Tajikistan 37 MW hydro Albania 333 MW hydro Armenia 63 MW hydro Azerbaijan 153 MW hydro Turkey 210 MW geothermal 85 MW solar 520 MW wind Bulgaria 26 MW hydro 216 MW wind Greece 48 MW wind 40 MW various • EBRD Renewable projects since inception to Oct 2018 • 160 projects in 30 countries • 8,558 MW of new renewable capacity • More than EUR 4.5bn of EBRD investment • Approximate project value of EUR 15bn • MW total is greater than totals shown on map due to regional projects not included and other minor adjustments. Cyprus 12 MW solar Jordan 265 MW solar 127 MW wind Morocco 16 MW hydro 120 MW wind Egypt 751 MW solar

6. Renewables – Operational Approach • Promoting sustainable energy • Honest broker role • Sharing experience and best practice • Development equity • Mezzanine • Project finance • Corporate loan • Equity • RE Frameworks • Small Financing • Facilities • Regulatory frameworks • PPA drafting • Technical assistance for auctions • Grid absorption studies

7. Renewables in EBRD’s Countries 1. Hydropower-dominated systems4: low-carbon systems that can be enhanced by introducing wind and solar. Diversification can overcome over-reliance on a single source that is vulnerable to seasonal fluctuations and climate risk. 3. Maturing renewable energy markets:2need to: entrench (or move to) competitive renewable energy support mechanisms; offer financing solutions for mature markets (e.g. green bonds); and manage increasing levels of intermittent renewables through regional integration, adapting grids and market structures, and introducing new technologies such as battery storage. 2. Early stage renewable energy markets: 3 priority is to establish stable and supportive regulatory frameworks, grid studies and grid- reinforcement investments to allow for the absorption of renewables, and project financing of the first and second waves of projects.

8. EBRD’s engagement is to tackle the consequences of the financial and economic crisis and assist in addressing the structural challenges embedded in the country’s economy EBRD’s activities are intended to contribute to the momentum of its recovery and strengthen the reform process of Greece’s economy EBRD has a primary focus to: encourage foreign and domestic investment strengthen the role of the private sector deepen regional integration help to build an economy which is competitive, integrated, well-governed, green, resilient and inclusive EBRD activity in Greece to date: 42 projects €2.1 billionCumulative EBRD investment 100% Private sector Greece as an EBRD Country of Operation

9. EBRD’s Strategy in Greece • Our country strategy was approved by the Bank’s BoD in June 2016: • www.ebrd.com/documents/strategy-and-policy-coordination/greece-country-strategy.pdf Corporate Sector Support the resurgence and enhance the resilience of the corporate sector through a shift to a more export-oriented growth model. Financial Sector Support the stabilisation of the financial sector and deepen intermediation to unlock private sector access to finance. Energy & Infrastructure Sector Support private sector participation and commercialisation in the energy and infrastructure sectors to enhance regional integration and improve quality of utility services.

10. EBRD in Greece - Energy Sector • Investments/ Projects to date 2018 2018 2018 2017 2018 2018 2016 2017 Invested in Invested in Invested in Approved* in Invested in Launched in Launched in 2016 2016 Invested in Invested in Invested in Technical assistance Technical assistance €1 million €28.3 million $95 million Technical baseline study for upgrading street lighting infrastructure in cities of Piraeus, Chania and Corfu. Considering Framework for financing street lighting PPP’s Technical assistance for the implementation of the European Offshore Safety Directive (2013/30/EU) and improvement of safety of oil production in Greece €28.3 million participation in the €74.5 million Eurobond issue to support the company’s capex in renewable energy projects $75 million senior loan & $20 million subordinated loan to support ongoing investment plans €1 millionequity investment to finance the establishment of the Hellenic Energy Exchange in Greece Greek Renewable Energy Framework Hellenic Energy Exchange Street lighting with three municipalities 2017 Launched in €10 million €1.2 billion $72.5 million €15 million €300 million €50 million €1.2 billion A/B loan approved, to be part of a €4 billion project finance debt package to support the capex and other costs in relation to the project €50 million bond loan to support development, construction and operation of new renewable energy projects EBRD to finance €200 million in renewable energy projects and €100 million in network investments €15 million participation in the €120 million corporate bond issued and listed on Athex $52.5 million senior loan & $20 million subordinated loan to support revised investment plans €10 million participation in the €90 million bond issued and listed on Athex • * Board approved but not signed yet • Investments under consideration • Grid infrastructure investments, including gas and power interconnections • Investments in RE licenced under the new auction based support scheme • Investments linked to gas market liberalisation • Resource efficiency investments for municipalities and corporates

11. EBRD Greek Renewable Energy Framework Projects that are 100% compliant with the Green Economy Transition approach. i.e. for grids: (i) network modernisation and expansion investments aiming to reduce losses, remove technical/technology barriers that hinder renewables integration, and improve efficiencies; (ii) communication systems and automatic control systems investments aiming to support implementation of smart grid systems; and (iii) investments resulting in direct and indirect carbon emissions reductions. Framework size Sectors covered Type of Clients Qualification EBRD Finance EUR 300 million Electricity distribution and transmission Electricity generation from renewable sources Public or private clients Up to 35% of the Total Project Cost 1 3 4 2 5

12. Thank you for you attention • Harry Boyd-Carpenter • Director, Head of Power & Energy Utilities • Tel: + 44 207 338 6559 • Email: boydcarh@ebrd.com • www.ebrd.com