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Belene Nuclear Power Plant

Belene Nuclear Power Plant. Project Status. Project Status. General Data. Reactor type PWR, Russian Design Plant supplier ASE, AREVA NP/SIEMENS Reactor thermal power 2 x 3012 MW Electric output 2 x 10 60 MW Net efficiency 35 % Capacity factor 90 % Design Life Time 60 years.

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Belene Nuclear Power Plant

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  1. Belene Nuclear Power Plant Project Status

  2. Project Status General Data Reactor type PWR, Russian Design Plant supplier ASE, AREVA NP/SIEMENS Reactor thermal power 2 x 3012 MW Electric output 2 x 1060 MW Net efficiency35 % Capacity factor 90 % Design Life Time 60 years

  3. Based on the FIDIC Silver Book (Conditions of Contract For EPC/Turnkey Projects) The Contract Agreement is signed on January 18th, 2008 The Contract Agreement consists of: Terms and Conditions Appendixes Agreement between NEK and ASE dated November 29th,2006 Final EPC Contract(Contract Agreement)

  4. General Provisions: Applicable Law: Bulgarian law; Language: English; Definitions. General Rights and Obligations of the Employer (NEK): Transfer of the Site; Responsibility for the Permit and Licensing Process. General Rights and Obligations of the Contractor (ASE): Responsibility for the Licenceability of the Project; Subcontractors; Quality Management, Care of Work & Safety; Protection of the Environment; Performance Securities; Contractor’s Equipment; Progress Reports; Security of the Site. Main Principles ofthe Contract Agreement (1 of 5)

  5. Design: General Responsibility of the Contractor Technical Standards and Regulations Plant, Materials, Workmanship: Manner of Execution & Safety Inspections and Testing Rejection Remedial Work Time for Completion: Extension of Time for Completion & Suspension Project Schedule and Delays Liquidated Damages Retention Money Suspension Main Principles ofthe Contract Agreement (2 of 5)

  6. Commissioning: General Responsibility of the Contractor; Guarantee Tests. Defects Liability: Warranty Period; Remedy of Defects & Removal of Work. Provisional and Final Acceptance: General Responsibility of the Contractor; Early Take-over; Certificates. Variations: Procedure; Notices. Main Principles ofthe Contract Agreement (3 of 5)

  7. Contract Price: Procedure & Payments. Termination by the Employer: Rights, Claims & Procedure. Termination by the Contractor: Rights, Claims & Procedure. Insurance: General Obligations of the Employer; General Obligations of the Contractor. Force Majeure: Procedure, Notices & Actions Main Principles ofthe Contract Agreement (4 of 5)

  8. Hazardous Materials: Radiological Protection: Nuclear Liability: Disputes and Resolution: Amicable settlement; Coordination Meetings; Arbitration Procedure. Representations and Warranties: Main Principles ofthe Contract Agreement (5 of 5)

  9. On 2nd of May 2007 NEK invite candidates for participation in the tender procedure for Strategic Investor; On 6th of June 2007 NEK received Letters of Intent from 10 companies – CEZ, ATEL, ENEL, RWE, E.ON, EDF, Electrabel, EGL, Endesa and Kumerio Med; On 17th of July 2007 NEK’s Board of Directors took the decision to separate the candidates in two groups (A and B) according to the percentage indicated in their application to participate in the Project – group A includes 6 candidates (CEZ, ENEL, RWE, E.ON, EDF and Electrabel)willing to acquire 49%; Strategic Investor Involvement From the beginning till now (1 of 3)

  10. In the periods as from 13th till 31st of August 2007 and as from 12th till 22nd of September 2007 for the Strategic Investors there were organized project data room access and meetings with NEK’s management and experts ; On 17th of October 2007 the candidates (5 of them) submitted to NEK their preliminary unbinding offers; In the period as from 5th November till 7th of December there were organized presentations, Q&A sessions and two rounds of negotiations with Strategic Investors; On 9th of January 2008 five candidates (CEZ, ENEL, RWE, E.ON,and Electrabel) submitted to NEK their final unbinding offers; Strategic Investor Involvement From the beginning till now (2 of 3)

  11. On 10th of March 2008 the Board of Directors of NEK EAD approved Electrabel (Belgium) and RWE Power (Germany) as “preferred bidders” with whom to continue in phase 2 of tender procedure for External Investor in Belene Power Project; In the period as from 7th of April till 13th of May 2008 for the Strategic Investors there were organized second extended project data room access, meetings with NEK’s management; As from 23rd of April NEK organise for candidates various meeting with different experts from different institutions. Strategic Investor Involvement From the beginning till now (3 of 3)

  12. Preliminary binding offers submission from the Preferred Bidders; Negotiation process; Signing of Shareholders’ Agreement. Strategic Investor Involvement From now till the end of the process (1 of 1)

  13. Strategic Investor Involvement Timeline

  14. On 6th of July 2007 NEK announced a tender for Lead Structuring and Arranging Bank; On 24th of September two banks (Societe Generale and BNP Paribas) requested to participate; NEK examinedthe submitted requests to participate in the tender and on 11th of October 2007 invited both candidates to submit initial offers; On 31st of October the candidates submitted to NEK their initial offers; Lead Structuring and Arranging Bank Tender process (1 of 2)

  15. As from 11th of December 2007 till 5th of March 2008 NEK entered into 3 round negotiation process with the candidates. On 21st of April 2008 NEK’s Board of Directors took a decision and ranked BNP Paribas on 1st place and Societe Generale on 2nd place. Lead Structuring and Arranging Bank Tender process (2 of 2)

  16. Lead Structuring and Arranging Bank Timeline

  17. Project Belene Timeline

  18. Phase I – Structuring bankability review; consultants due diligence; risk matrix preparation; development of project financing base case; preliminary market test; financial plan delivery. Phase II – Fund raising optimisation of financial plan; market test; term sheet finalisation; MLA choice. Phase III - Documentation loan document negotiation; financial close. Lead Structuring and Arranging Bank Scope of work

  19. Debt Raising & Equity Partner Process Time Schedule

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