ARTICLE OF THE MONTH. Increased interest for investments in RES Axiaplus, energia, 07/11

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1 NOVEMBER 2009 ENERGY NEWS Embassy of the Czech Republic, tel , fax , Embassy of the Czech Republic, tel , fax , ARTICLE OF THE MONTH Increased interest for investments in RES Axiaplus, energia, 07/11 The newly-formed Committee of Environment, Energy and Climate Change should really work hard and give solutions to open issues. Greek Regulatory Agency for Energy (RAE) accepted applications for licensing of important investment plans. Specifically, there are: - Jasper Eoliki submitted applications for construction of two off-shore wind parks of 220MW and 275MW in Corfu in October. Tamara Eolos submitted application for licence of a wind park of 318MW in Amorgos, while the joint venture of Engal Energiaki with Dupont and Resco applied for licence in a biomass power plant of 200MW in Astakos, Etoloakarnania. - In August German UNIGEA submitted applications for wind parks of 360MW in Rodopi and Florina. French colossus, Electricite de France (EdF) has two applications for wind parks of 65MW in Arta. Terna Energiaki applied for a hydropower plant of 11MW in Astakos, Etoloakarnania prefecture. - In June the scientists of wind energy (ELETAEN) applied for three parks of 8MW in Attica, while EGL Solar applied for a solar project of 75MW in Ilia. - In April Public Power Corporation (PPC) applied for licence of wind parks of 100MW in Makronisos, while an application for hybrid project of 200MW was submitted by Ananeosimes Kritis and for a wind park of 350MW from Nisiotikos Anemos in Kos island. - In February 2009 Elliniki Technodomiki submitted two applications for wind parks of 50MW in Ioannina, while Jasper and Venergia applied for licences of wind parks of many MW. The dream for Green economy stays alive but the nightmare of bureaucracy in investments should have died yesterday. ministry The presidential places of PPC, ELPE, DEPA, DESFA, DESMIE are announced Dr.Arthuros Zervos, president and managing director of PPC Formation of Committee for National Plan for RES Which should be the priorities of the new Ministry of Environment? ELECTRICITY PPC' s consolidated 9Μ 2009 financial results Monthly losses of 4,5mil. for PPC from LARKO and Aluminium of Greece Construction of power plant from EGL Group The most polluted kwh in Europe Oil Improved operating profitability - Adjusted 3Q09 net income up 17% for Hellenic Petroleum Merger of "Thisvi S.A." GAS Mytilineos brings LNG to Aluminium of Greece Cooperation between Mytilineos and Motor Oil in natural gas RENEWABLE ENERGY SOURCES Public Power Corporation increases its hydropower production Seven new photovoltaic parks from Exel Group in Molaous in Lakonia Positive Energy: Two new photovoltaic parks in Crete Licence of hydropower plant for Michaniki Environmental investment of MIG Intrakat in environmental projects Bulgaria: Increase of interest in energy projects exhbitions Ecotec 2010 gets started

2 ministry The presidential places of PPC, ELPE, DEPA, DESFA, DESMIE are announced energia, 06/11, 17/11 In the website the places of presidents, managing directors and members of administrative councils were announced for Public Power Corporation (PPC), Hellenic Petroleum (ELPE), Public Gas Corporation (DEPA), Hellenic Gas System Operation (DESFA), Hellenic Transmission System Operator (DESMIE), EKO, ASPROFOS, Greek Centre for Renewable Energy Sources (CRES). The announcement is available at: PPC has already announced that on 15 th and 17 th December the General Assembly of PC will appoint the new administration. Dr.Arthuros Zervos, president and managing director of PPC Express, 24/11 Professor of National Metsovio University, Mr.Arthuros Zervos, will be the new president and managing director of Public Power Corporation. Ministry of Environment, Energy and Climate Change announced today that Greek State (main shareholder of PPC) will propose Dr.Zervos for the management in the General Assembly on 15 th December. Formation of Committee for National Plan for RES Energia, 04/11 Mrs.Tina Birbili, Minister of Environment, Energy and Climate Change, formed the Committee for national plan for Renewable Energy Sources in The National Plan for RES include actions for the achievement of goal , i.e. decrease of emissions, increase of energy capacity and participation of RES in total energy consumption. Members of the Committee are Dimitris Lalas, Nikos Vasilakos (European Federation of Energy Production from RES), Georgia Glynou and Konstantinos Perrakis (RAE), Pantelis Kapros (Metsovio Unviersity), Konstantinos Tigkas and Myrsini Christou (CRES), Nikos Charalampidis (Greenpeace), Panagiotis Papastamatiou (ELETAEN), Loukas Georgalas (YPEKA) and Giannis Kampouris (DESMIE). Gallop of energia: Which should be the priorities of new Ministry of Environment? In a gallop among the surfers of energia.gr the priorities of the new Ministry of Environment are as follows: 1. Decrease of emissions 2. Liberalization and effective operation of energy market 3. Promotion of Renewable Energy Sources and improvement of licensing procedures. 4. Implementation of international energy connections (Burgas-Alexandroupoli, ITGI, South Stream) ELECTRICITY PPC' s consolidated 9Μ 2009 financial results PPC, Naftemporiki, Express, Kerdos, 10/11 The positive evolution of the factors that contributed to the company's profitability in the first two quarters of the year, followed the same pattern during 3Q 2009 resulting in EBT of 869,0mil., compared to losses of 258,3mil. in 9M Net income in 9M 2009 amounted to 642,7mil., versus losses of 244,6mil. in 9M Specifically: While in 9M 2008, 54,6 % of the company's revenues was absorbed by expenses for liquid fuel, natural gas, energy purchases and CO 2 emission rights, the respective percentage in 9M 2009 marked a vertical drop to 29.2%. The main factors that led to this drastic reversal compared to 9M 2008 financials to the largest extent relate to: - The sharp drop in international fuel prices and energy purchased by PPC, - The increase by 9 percentage points, to approximately 60% in 9M 2009, of the participation of domestic fuels (lignite, hydro, RES) in the energy mix, versus 50.9% in 9M 2008, and, to a lesser extent to,

3 - The reduction in demand mainly by low tariff customers segments. On the contrary, the impact of the reduced demand on PPC's sales and revenues was considerably smaller than the positive impact of the above mentioned factors. Indeed, due to the significant drop in fuel prices and lower electricity demand compared to 9M 2008, the expenditure for liquid fuel, natural gas and energy purchases, decreased by 1.055mil., a reduction of 46,6%. In addition, in 9M 2009, hydro generation increased by MWH (39,8%), compared to the corresponding magnitude in 9M 2008, which was a period of very poor hydro conditions, while, at the same time, electricity generation from lignite power stations increased by MWH (6,1%). Turnover amounted to 4.494,5mil. versus 4.416,3mil. in 9M 2008, an increase of 78,2mil. (1,8%). ΕΒΙΤDΑ amounted to 1.374,6mil. compared to 280,8mil. in 9M 2008, an increase of 1.093,8mil. ΕΒΙΤDΑ margin reached 30,6%, compared to 6,4% in 9M Commenting on the financial results of the period, Dr. Takis Athanasopoulos Public Power Corporation's Chairman and Chief Executive Officer, said: "2009 is turning out to be a year with good returns on assets, given prevailing favorable conditions compared to previous years, mainly attributed to the sharp drop in fuel and energy prices, the increased participation of lignite and hydro generation in the energy mix, as well as the drop in demand of low tariff customer segments. Current performance must not only be maintained, but needs to be improved, in order to secure the financing of our ambitious investment programme, which is necessary for our Company to continue to provide electricity with reliability, maintain low tariffs for its customers and drastically improve its environmental footprint." Press here to view the full text Monthly losses of 4,5mil. for PPC from LARKO and Aluminium of Greece Energia, 23/11 Public Power Corporation has losses of 4,5mil. from unpaid bills of the two biggest energy consuming Greek companies, LARKO and Aluminium of Greece. Till the end of September the total amount of unpaid bills was 85mil. and PPC will request the amount via courts. Construction of power plant from EGL Group Euro2day, 09/11 EGL Generation Hellas submitted application to Regulatory Agency for Energy for a power plant of combined cycle with natural gas and 153MW. It will be built to an area of sq.m. in Fthiotida prefecture. The cost of the project is ascended at 120mil. and will be covered by EGL General Hellas. Its shareholders are EGL Holding Luxemburg (90%) and EGL Renewable Luxemburg (10%). The new power plant will operate in close distance of 400kV-power grid, while natural gas station is 2,5km far. The most polluted kwh in Europe Nea, 20/11 Concerning CO 2 emissions, Public Power Corporation produces the most polluted kwh in European Union (and probably the most economic). According to the research of PricewaterhouseCoopers, for production of each kwh from PPC 1.006gr CO 2 were emitted in It is the black record among the 20 biggest European power corporations. Two years ago, in a research of WWF Greece produced the third most polluted kwh (777gr) worldwide following India (912gr.) and South Africa (853gr). The lower emissions are observed in Statkraft, an innovator of RES in Scandinavia with 29gr CO 2 per produced kwh followed by Finnish Fortum (hydro, nuclear, wind) with 41gr and Austrian Verbund (hydro, thermoelectric and wind) with 101gr. In total, PPC emits 53bil. tones CO 2 annually (6 th place in EU) and produces 52bil. kwh (11 th place in EU). oil Improved operating profitability - Adjusted 3Q09 Net Income up 17% for Hellenic Petroleum Kerdos, Express, Naftemporiki, Hellenic Petroleum, 19/11 Key figures for the 9 and 3-month period to September, are: Net Income 9M09: 201mil. (9M08: 143mil.) 3Q09: 60mil. (3Q08: - 79mil.) Adjusted Net Income 9M09: 188mil. (9M08: 171mil.) 3Q09: 74mil. (3Q08: 64mil.) EBITDA 9M09: 349mil. (9M08: 298mil.) 3Q09: 98mil. (3Q08: - 37mil.) Adjusted EBITDA 9M09: 332mil. (9M08: 326mil.) 3Q09: 117mil. (3Q08: 153mil.) Capex 9M09: 367mil. 3Q09: 165mil.

4 Group Hellenic Petroleum delivered improved operating profits in 9M09, despite the challenging global refining environment in 3Q09. 9M09 adjusted EBITDA was up 2% y-o-y to 332mil. and adjusted net income increased by 10% to 188mil., driven by better refining margins during the first months of the year, strengthening of the USD, transformation gains and tight cost controls. In addition, reported EBITDA increased by 17% y-o-y to 349mil., positively affected by inventory effects. Refining, Supplying & Trading Refining, Supply & Trading s 9M09 adjusted EBITDA increased by 1% y-o-y to 245mil. In 3Q09, although realised refining margins were higher than regional benchmarks and gains from transformation initiatives amounted to 5mil., profitability was negatively affected by the sharp drop of cracking margins. Domestic marketing In domestic marketing, the improvement in average retail throughputs and in the sales mix, together with tightening cost controls, led to a 25% y-o-y increase in 9M09 adjusted EBITDA. International marketing International subsidiaries profitability was affected by weakening Balkan economies, however, sales volumes, margins and market shares increased on the back of an expanded network footprint. Petrochemicals In petrochemicals, despite further sequential improvement in market conditions in 3Q09, the global economic slowdown depressed 9M09 results. Associated companies With respect to Hellenic Petroleum s associated companies, which are consolidated using the equity method, the contribution from Power & Gas was affected by the stoppage of the T-Power unit (which came back on stream in October) and the weaker natural gas demand in Greece. Merger of "Thisvi S.A." Hellenic Petroleum, 23/10 Hellenic Petroleum S.A. announces today, within the framework of the agreement to form a strategic alliance with Italy s EDISON SpA that was signed on 3 July 2008, the merger through absorption of THISVI S.A. (which was 65%-owned by Elpedison B.V. and 35%-owned by Hellenic Energy & Development S.A. and Halcor S.A.) with ENERGIAKI THESSALONIKIS S.A., which has been renamed to ELPEDISON POWER GENERATION S.A. (was 100%-owned by Elpedison B.V.). ENERGIAKI THESSALONIKIS S.A. owns a 390MW CCGT power plant (in operation) in Thessaloniki, Greece, while THISVI S.A. owns a 420MW combined-cycle power plant (under construction) in Thisvi, Greece. Following the merger and pursuant to the agreement, 21% of ELPEDISON POWER GENERATION S.A. was transferred by Elpedison B.V. (a 50/50 joint venture between Hellenic Petroleum and Edison) to Hellenic Energy & Development S.A. and Halcor S.A. The consideration amounts to 30,7mil. Currently, and in line with the strategic alliance agreement, Elpedison B.V. owns a 75% stake in Elpedison Power Generation S.A., with the remainder owned by Hellenic Energy & Development S.A. (22,5%) and Halcor S.A (2,5%). In addition, as part of the strategic alliance agreement, Elpedison B.V. founded the company Elpedison Trading S.A., aiming for cross-border power trading, retail sales of electricity in Greece, as well as the provision of energy management services. GAS Mytilineos brings LNG to Aluminium of Greece Axiaplus, 11/11 Mytilineos Group brings liquefied natural gas for Aluminium of Greece in Revythousa. It is about a capacity of m 3, which will be distributed by Italian ENI. Cooperation between Mutilineos and Motor Oil in natural gas Naftemporiki, 26/11, Express, energia, 27/11 Motor Oil and Mytilineos Groups announced the establishment of a joint company for import and trade of natural gas (LNG, CNG etc.). Natural gas will be used in the industrial facilities and power plants of both groups as well as for sale to third parties in Greece or abroad. Both parties decided to buy and deliver

5 65.000m 3 LNG, which will be transferred in Revythousa storage facilities on 2 nd December. Stock capital of the company will be controlled by both groups at 50%. RENEWABLE ENERGY SOURCES Public Power Corporation increases its hydropower production Kerdos, 12/11 Public Power Corporation will increase the power production from hydropower plants in next ten days mostly for safety reasons. Because of heavy rains of last days and dams high deposits PPC decided to increase the hydropower production. Worth mentioning is that the water deposits of PPC are estimated at 1.987GWh in comparison to 976GWh in 2008 and 971GWh in Seven new photovoltaic parks from Exel Group in Molaous in Lakonia Energia, 09/11 Exel Group announced the construction and delivery of its first seven photovoltaic parks in Molaous in Lakonia (850kW) and in Kilkis (142kW). These projects are implemented by Exel Group and its daughter company Solarise. According to its General Manager, Mr.Nikos Pitsokos, the photovoltaic parks are expected to be connected to power grid till end of November. In the short-term plans of Exel Solar there is the final arrangement of contracts for parks of 10MW in Greece and abroad. Positive Energy: Two new photovoltaic parks in Crete Naftemporiki, 24/11 Positive Energy built two photovoltaic parks of 80kWp each one in Chania prefecture in Crete. Licence of hydropower plant for Michaniki Kathimerini, energia, 13/11 Michaniki is expected to receive the licence for construction of hydropower plant in Karpenisiotis river in Evrytania prefecture. It is an investment of 11mil. and 5,8MW with estimated annual sales of 1,8mil. Environmental investment of Marfin Investment Group energia, 25/11 Marfin Investment Group is in negotiations with leading international group for cooperation in projects in environmental sector. Soon, MIG will announce more details. Intrakat in environmental projects energia, 18/11 Intrakat plans its involvement in environmental and natural resources management projects with the purchase of specialized company Prisma Domi by 50%. This construction company has long tradition and rich experiences in environmental projects such as management of water and sewage. Bulgaria: Increase of interest in energy projects energia, 03/11 Despite of decrease in direct foreign investments in Bulgaria in 2009, eight investment plans of 500mil. are ratified in energy sector. From these eight plans six are wind parks and two photovoltaic parks. Till the first semester in 2009 the public power corporation of Bulgaria accepted applications for connection to national power grid from wind and solar parks of 8.400MW. EXHIBITIONS «Ecotec 2010» gets started From Thursday 22 nd to Sunday 25 th of April 2010 the international exhibition «Ecotec Environmental Technologies & Photovoltaic Systems» hosts participants from constructing, representing and service providing companies specializing in the sectors of: RES (pv, wind, geothermal, hydroelectric), Energy saving, Urban and industrial waste management (liquid, solid, air), Recycling, Eco building, Environmental restoration, Alternative fuel