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20120316 Eesti Energia Roadshow Presentation Final Eesti Energia Investor Presentation 19 March 2012 Disclaimer This presentation and any materials distributed or made available in connection herewith (collectively, the “presentation”) have been prepared by Eesti Energia AS (the “Company”) solely for your use and benefit for information purposes only. By accessing, downloading, reading or otherwise making available to yourself any content of the presentation, in whole or in part, you hereby agree to be bound by the following limitations and accept the terms and conditions as set out below. You are only authorized to view, print and retain a copy of the presentation solely for your own use. No information contained in the presentation may be reproduced, redistributed or the contents otherwise divulged, directly or indirectly, in whole or in part, in any form by any means and for any purpose to any other person than your directors, officers, employees or those persons retained to advise you, who agree to be bound by the limitations set out herein. The presentation does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or of any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or of any member of its group, nor any other contract or commitment whatsoever. Any person considering the purchase of any securities of the Company must inform himself or herself independently before taking any investment decision. The presentation has been provided to you solely for information purposes. This document does not disclose all the risks and other significant issues related to an investment in the securities of the Company. Further, the information in this presentation has been compiled based on information from a number of sources and reflects prevailing conditions as of its date, which are subject to change. The information contained in this presentation has not been independently verified. The information in this presentation is subject to verification, completion and change without notice and the Company is not under any obligation to update or keep current the information contained herein. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its respective members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on such information or opinions will be at your sole risk. Neither the Company nor any of its respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. This presentation includes "forward-looking statements," which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets," "believes," "expects," "aims," "intends," "will," "may," or similar expressions or the negative thereof. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Accordingly, any reliance you place on such forward-looking statements will be at your sole risk. These forward-looking statements speak only as at the date as of which they are made, and neither the Company nor any of its respective agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained herein to reflect any change in the Company. Past performance of the Company cannot be relied on as a guide to future performance. No statement in this presentation is intended to be a profit forecast No person is authorised to give any information or to make any representation not contained in and not consistent with this presentation and the final prospectus and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Company or any other person. This presentation is not directed to, or intended for distribution to or use by, any person or entity in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND UNLESS SO REGISTERED MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS. This presentation is for distribution in the United Kingdom only to persons who are: (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005 (the "Order") or (ii) persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Order and (iii) any other person to whom this presentation may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This presentation is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. The securities will not and may not be offered or sold in circumstances which result in an offer of transferable securities to the public in the United Kingdom. Neither the Company, its agents or advisers accepts any responsibility to investors for the regulatory treatment of the securities of the Company (including (but not limited to) whether or not the transaction pursuant to which the securities are issued constitutes a "securitisation" for the purposes of Directive 2006/48/EC as amended) and has not performed any due diligence or other investigation in relation to such treatment for investors. Such treatment is of great importance to regulated investors, may vary between different regulators and jurisdictions (including within the European Union) and may affect the liquidity of the securities. If their decision to invest may be affected by the regulatory treatment of the securities, investors should make their own determination as to such treatment, conduct appropriate due diligence and/or seek professional advice and, where relevant, consult their regulator. Private and Confidential 2 Content Section 1. Estonia and Eesti Energia in Brief 2. Eesti Energia — Business Areas 3. Eesti Energia — Strategy and Investments 4. Eesti Energia — Financials and Funding Appendix 1. Eesti Energia Results in 2011 2. Detailed Business Overview 3. Management 3 Estonia and Eesti Energia in Brief Section 1 Introducing Eesti Energia Leading oil-shale-to-energy company, 100% owned by the Republic of Estonia Integrated utility operating on converging Nordic and Baltic power market with added value from unique shale oil business Total revenues and other operating income €858m, assets of €2bn and EBITDA of €265m in 2011 40% of revenues and EBIT from regulated activities in 2011 Rated Baa1 / BBB+ from Moody's and S&P with stable outlook Reasonable leverage with long term maturity profile 5 Overview of Estonian Economy Solid GDP growth in 2011 driven by exports 2010 2011 (+37% y-o-y), which have enabled Estonia to GDP change (%) 2.3 7.6 run a positive current account since 2009 Inflation change (%) 2.7 5.1 Estonian economy closely aligned with Unemployment (%) 12.3 8.4 Scandinavia, as Sweden and Finland are the Government surplus/ deficit as % of GDP 0.2 0.7* main export destinations alongside rest of the Government gross debt as % of GDP 6.7 n.a. European Union Current account balance / GDP (%) 3.6 3.2 Estonian banking system is dominated by Sources: Statistics Estonia, Eurostat,, Unemployment Insurance Fund Scandinavian banks (ca 90% of the market * Forecast Source: Bank of Estonia in 2011) Estonia's Export Partners 2011 In January 2011 Estonia adopted Euro, becoming the 17th member of the Eurozone 16% Estonia’s has the lowest government debt in 33% EU as at y/e 2010 15% Estonia ranks well in comparison with a credit rating of A1 / AA- (n) / A+ and CDS levels (among 5 top countries in Eurozone) 36% Sweden Finland Rest of the EU Rest of the World Source: Statistics Estonia 6 Estonia is Part of BARENTS 350 MW Estlink 1 power cable between SEA Estonia and Finland operational from 2007 Murmansk Nord Pool Spot power market established in Estonia in April 2010 WHITE SEA In 2011 prices in Estonia and Finland equal ca 50% of hours FINLAND 81 Integration to Nord
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