Company presentation

June 2018 Disclaimer

This presentation contains forward-looking statements. The words "believe", "expect", "anticipate", "intend", "plan“, “target”, “aim”, “will”, “may”, “would”, “could” and similar expressions identify forward-looking statements. All statements other than statements of historical facts included in this presentation including, without limitation, those regarding the Group’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives related to the Group’s products), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Group’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Group’s present and future business strategies and the environment in which the Group will operate in the future. Furthermore, certain forward-looking statements are based on assumptions or future events which may not prove to be accurate. The forward-looking statements in this presentation speak only as of the date of this presentation.

This presentation contains market share data based on internal management as no reliable market share data is currently available from third party sources. Public information varies on definitions of segmentation and the Group may define certain product segments differently than its competitors, which may result in a different interpretation of the same information by different market participants. If a third party were to evaluate the relevant market share data in any jurisdiction in which the Group operates it may result in a different conclusion to those presented by management herein.

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1 Company overview

2nd largest electricity producer from Renewable Energy Sources (“RES”) in Greece

EL.TECH. ANEMOS’ relative share in Greek wind energy market FY17 revenue: 96.8% wind, 2.5% hydro, 0.7% photovoltaic

12% 5.4 yrs weighted average wind turbine fleet age(1), 19.5 yrs remaining PPA duration(1)

Market Capitalisation of EUR157m(1) 10% 9,7% nd 9,2% 9,1% 2 largest RES energy producer in Greece in terms of installed capacity 8,5% 8,6% 8,8% Total RES installed capacity of 289 MW and 172 MW under construction 8% with a target to reach 490 MW by 2020 7,2% 6,6% Member of the ELLAKTOR Group

6% EUR m 4,8% 60 53,5 100% 49,7 95% 40.1 50 45,2 90% 40,1 36.9 4% 37,2 85% 40 31.7 31,6 31,3 31.6 33,4 80% 2,8% 28,1 2,4% 30 75% 20,9 70% 2% 20 40.1 65% 60% 10 31.7 31.6 55% 36.9 0 50% 0% 2014 2015 2016 2017 LTM 31.03.18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Revenue (lha) EBITDA (lha) EBITDA margin (rha) Source: HWEA (Greek wind market data) & ANEMOS Management

Notes: (1) As of May 31, 2018

2 EL.TECH. ANEMOS history in brief

Operating capacity reaches 289MW with additional 201MW Operating capacity grows further to under construction & ready for 171MW, including the first and only construction small hydroelectric power plant (5ΜW) Operating capacity increases to 55MW through organic growth, acquisition of 2020 licenses & installation of several wind farms. 06/2018 Following a series of share capital increases, 2014 the pre-IPO (2014) shareholding structure is 2011 formulated to 2013 2010

2004 to 2009 Wind projects in early development are Target added to its portfolio 2003 Listing of the Company on 490 MW the Athens Stock Exchange (IPO) Operating capacity reaches 87MW with the construction of additional wind 2002 farm. EL.TECH. ANEMOS’ first and only PV park of 2ΜW capacity is granted its operation license

2001 First 9MW wind parks are commissioned on Lesvos island

EL.TECH. ANEMOS’ founding shareholders enter the RES market

Source: EL.TECH. ANEMOS Management 3 High quality asset base

Setup Operations(1) Track Record

Construction Capacity Factors (%) 45% 40% 2015 2016 2017 LTM 31.03.18 Typically 12-24 35% months to build, 30% blue-chip 25% turbine 20% manufacturers 15% 10% 5% 0%

Annual weighted average 26.7% 27.0% 25.3% 27.0%

Capacity Factors (annual weighted average) – EL.TECH. ANEMOS vs Greece

30%  Land is either owned or  19.5 years remaining 28% leased for the duration duration of PPA 26% of Production License Agreements between 24% validity (25 years) EL.TECH. ANEMOS and 22% LAGIE/DEDDIE for  Generally extendable 20% operating projects 2010 2011 2012 2013 2014 2015 2016 2017 LTM for an additional equal 31.03.18 Source: LAGIE/DEDDIE period  277 MW under FiT EL.TECH. ANEMOS Greece regime and 213 MW under revised sFiP Stable historical power generation  Weighted average Capacity factors typically higher than the Greek market average operating wind turbine Very high average availability 98.5% (2010-LTM 31.03.18) age of 5.4 years

Notes: Source: EL.TECH. ANEMOS Management (1) Numbers as of 31.05.18 4 Development of EL.TECH. ANEMOS’ installed capacity

Average (2010 – LTM 31.03.18)

Revenues/MW (€k) 216 Capacity Factor 26.4% EBITDA/MW (€k) 143 Availability 98.5% EBITDA Margin 68.4% EBITDA (€m) 490 50 500

45 450

40 400

35 350

30 300

25 250

20 200

15 150

10 100

5 50

0 0 2010 2011 2012 2013 2014 2015 2016 2017 LTM 2020 31.03.18 Mean annual capacity (MW installed) EBITDA €m

Source: EL.TECH. ANEMOS Management

5 Performance track record

Steadily growing by implementing our pipeline

LTM 2010 2011 2012 2013 2014 2015 2016 2017 31.03.18 Revenues/MW (€k) 232 215 229 228 185 213 218 202 214

EBITDA/MW (€k) 159 140 149 137 122 149 151 136 148

EBITDA Margin 68.5% 65.3% 65.0% 60.0% 66.1% 70.1% 69.2% 67.2% 69.4%

Capacity Factor 27.8% 26.7% 27.4% 27.1% 22.9% 26.7% 27.0% 25.3% 27.0%

Availability 98.8% 98.9% 98.5% 98.4% 98.5% 97.6% 98.3% 98.6% 98.2%

MW

500 490 450 400 350 289 300 260 241 250 208 208 171 171 200 150 150 118 87 100 56 50 24 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 LTM 15.06.18 2020 31.03.18 Target

Source: EL.TECH. ANEMOS Management

6 Construction track record

Our wealth of experience has allowed us to be consistent in our construction costs and construction duration of c. 12-24 months

Historical construction cost per site Historical construction duration per site

 Average historical fixed wind asset acquisition cost of c. 1.3  Consistently achieved construction within 12-24 months €m/MW, decreasing gradually and already down to c. 1.0 – Wind turbine manufacturers require 6 - 8 months for €m/MW in latest windfarms. Expected to decrease further due to delivery, irrespectively of project scale. growing competition. – For large projects, where substantial works are required (i.e. access roads, substations and/or electrical connection lines), Wind farm construction cost as a function of COD there is a slight increase in execution time. 2,0 – Some projects benefit from existing infrastructure, thus decreasing construction period and cost. Such is the case for 1,8 some pipeline projects: in Kefalonia.

1,6 Infrastructure available for pipeline

 Additional investments in substations & electrical grid

1,4 infrastructure, available for either future EL.TECH. ANEMOS’ m/MW € projects to connect (at no extra cost) or third parties to connect, 1,2 reimbursing EL.TECH. ANEMOS for CAPEX already incurred: – 300 MW available in 150 kV overhead transmission line in 1,0 Thrace – 89 MW capacity available in existing 150/20 kV substations. 0,8 – 60 MW capacity available at new, under construction 150/20 2008 2010 2012 2014 2016 2018 2020 kV substations, expected to be commissioned in 2019. COD: commercial operation date – 150 MW substation extensions capacity at reduced cost.

Source: EL.TECH. ANEMOS Management

7 Robust financial performance

Revenue EBITDA & EBITDA margin (%)

€m €m EBITDA EBITDA margin 37,2 60 53,5 40 100% 33,4 49,7 31,3 50 45,2 28,1 90% 40,1 30 40 31,6 20,9 80% 30 20 70% 20 10 60% 10 0 0 50% 2014 2015 2016 2017 LTM 31.03.18 2014 2015 2016 2017 LTM 31.03.18

Net Debt/EBITDA Operating cash flows

8x 7,0x 7,2x 40 36,8 7x 6,3x 33,2 35 6x 5,1x 5,0x 5,2x 4,7x 30 5x 4,4x 4,0x 25 22,5 4x 20 15,4 15,9 3x 15 2x 10 1x 5 0x 0 2010 2012 2014 2016 LTM 2014 2015 2016 2017 LTM 31.03.18 31.03.18 Source: Financial Statements

8 Profits continually invested in new assets

Profits invested (2010 -17) Annual Investments (2010 – 17)

45 m€ 281 m€

12 90 84,5 10,4

80 Millions 9,8 Millions 10 70

8 7,3 60

50 6 40 38,1 4,6 4,4 32,4 34,0 28,6 4 3,6 30 26,2 22,0 2,5 2,7 20 14,8 2 10

0 0 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017

Source: Financial Statements

9 Attractive growing returns

ROE & RoIC (1) Earnings after tax

10% €/MWh 8% 25 6% 21,2 21,2 4% ROiC ROE 20 2% 17,9 16,7 0% 2014 2015 2016 2017 LTM 31.03.18 15 13,4 Cost structure

€/MWh 10 100 92 91 92 91 90

79 80 74 71 73 69 5

60

40 0 2014 2015 2016 2017 LTM 31.03.18 20

0 2014 2015 2016 2017 LTM 31.03.18

2 Depreciation OPEX Net interest expenses Income tax Tariff

(1) ROE = EAT / Equity Source: Financial Statements RoIC = (EBIT – taxes) / (Net debt + equity) (2) Development cost included 10 Capacity growth (2018 – 20)

Visible, deliverable, high quality wind farms

MW

500 490

450

400 386

350 296 300 289 289 260 250 201 194 200 172

150 125 104 104 100

50 29

0 '17-H2 '18-H1 '18-H2 '19-H1 '19-H2 20-H1

Operating U/C Mature for construction

Source: EL.TECH. ANEMOS Management

11 Pipeline - maturing further projects for construction

RES operating plants & pipeline projects by Geography RES projects by development phase

(MW) (MW)

39.1

40.0 98.4

(1) 75.6 429 5.0 MW Pipeline 98.0 560 90.0 9.0 15.0

48.2 114.8 1.2 311 6.4 9.9 289 24.3 60.5 172 2.0 118 174.8 29 6.0

Application Production Environmental Ready for Under Operating permit terms Construction Construction Wind (Operating)  W/F in Trial Operation Wind (Under Construction) RES (Pipeline) Gropes wind farm (18.9 MW) in Trial Operation; Operation Permit Small-hydro (operating) pending Solar PV (operating) (1) The 429 MW Pipeline include 21 MW of non-wind projects.

Source: EL.TECH ANEMOS Management

12 Investment program highlights (2018 – 20)

Key strengths of the program Investment Pro forma structure

 Certainty over PPA agreements €216m in total Capex LTM 2020 31.03.18 Target

 Established and reliable partners 201 MW additional capacity by MW Under Operation 250.5 490 2020 EBITDA (€m) 37.2  Consistent, high-level capacity factors demonstrating solid site EBITDA/MW (€k/MW) 148.3 Capacity selection COD* (MW) Gross Debt (€m) 189.8 345 Net Debt (€m) 173.4  Strong track record of in-time and Tetrapolis Extension 6.4 ‘19 H-1 on-budget delivery Net Debt/EBITDA 4.7x 3.0x Kassidiaris I 50.4 ‘19 H-2  Long term O&M contracts with turbine manufacturers guaranteeing Kassiidiaris II 39.6 ‘19 H-2 EV/EBITDA benchmark availability (97%) at applicable tariff 8,8x (1) 7,9x reimbursement, securing revenues Askio East 36.0 ‘20-H-1

Askio West (1) 39.6 ‘20-H-1

Project X (2) 28.8 ‘20-H-1

Total 200.8 2018e 2019e * COD: Commercial Operation Date Source: Global market data as of 23.05.18, HSBC Clean Energy Monthly Review, 05/2018 (downstream /integrated)

(1) According to Management’s planning of revised Installation Permits (2) Project with Installation Permit, participating in 07/2018 first round of auctions 13 Investment program details

PPA Budget Site MW GWh/yr WTG Status COD €/ΜWh Duration (m€) Tetrapolis Ext. Kefalonia 6.4 16.18 FiP 98 20 Enercon E-48/0.8 ΜW 8 U/C '19 H-1 Kassidiaris I Ioannina 50.4 113.61 FiP 98 20 Vestas V136/3.6 MW 51 U/C '19 H-2 Kassidiaris II Ioannina 39.6 77.22 FiP 98 20 Vestas V136/3.6 MW 42 U/C '19 H-2 Askio East Kozani 36 79.16 FiP 98 20 selection process ongoing 41 U/C ‘20 H-1 Askio West Kozani 39.6 89.95 FiP 98 20 selection process ongoing 45 U/C ‘20 H-1 SUM (U/C) 172.0 376.12 187 Project X(1) 28.8 64.33 FiP 20 selection process ongoing 29 auction, 07/18 ‘20 H-1 TOTAL 200.8 440.45 216

Time schedule Capex schedule Financing scheme 120 2018 2019 2020 99 H1 H2 H1 H2 H1 H2 100 Thivaikos 80 Gropes Equity 32% Tetrapolis Ext. 60 50 Kassidiaris I 40 40 Kassidiaris II Loans 19 68% Askio East 20 8 Askio West 0 Project X (1) ≤ 31.03.18 '18-Q2 '18-H2 '19-H1 '19-H2 Mature for Under COD construction construction Financial Statements

(1) Project with Installation Permit, participating in 07/2018 first round of auctions Source: EL.TECH. ANEMOS Management

14 Mega trends support market growth

Total Greek wind capacity Share of renewable energy vs. target in EU

MW % share 2016 2020 target 8.000 7500 60 7.000 50 6.000 Significant capacity for wind generation growth as 40 market is still far from achieving the 2020 target 5.000 30 4.000 18% 2652 3.000 2370 20 1977 2136 1637 1751 1866 2.000 1155 1324 10 850 997 1.000 0

0

EU

UK

Italy

Spain

Czech

Malta

Latvia

France

Cyprus

Poland

Ireland

Austria

Greece

Croatia

Finland Estonia

Sweden

Belgium

Bulgaria

Slovakia

Slovenia

Hungary

Portugal

Romania

Denmark

Germany

Lithuania

Netherlands Luxembourg

Source: Hellenic Wind Energy Association (HWEA) Source: Eurostat, 18.03.18

EU-ETS Carbon Market Price “20-20-20” and future frameworks

€/MtCO2 eq 35  European policy makers introduced goals in the energy sector for 2020 30 based on security supply, competitive markets and sustainability:

25 − 20% reduction of CO2 emissions compared to 1990 levels 20 − 20% of the energy, on the basis of consumption, coming from 15 renewables; and a 10 − 20% increase in energy efficiency 5 0

Source: https://sandbag.org.uk

15 Evolution of Greek RES market legislation

• 20-year PPAs Window to secure strike price Power Purchase • 20-year PPAs (guaranteed off-take for 189MW 20-year PPAs 20 year PPAs Agreements (guaranteed off- by LAGIE) (guaranteed off- 20-year PPAs (guaranteed off-take (PPA) take by LAGIE) • + 7 years for RES in take by LAGIE) by LAGIE) operation(2)

• Feed in Tariff (FiT) • FiT reduced by Feed in for Wind: 86-120 • 5% for Wind (to Premium that €/MWh [depending 82-110 €/MWh) will cover the on location • 30-40% for PV

Tariffs & obligations delta between (interconnected / • One-off Rebate on LAGIE SMP and Strike Auctions to lock Market islands) and 2013 RES revenues (Market Price strike price per mechanisms availability of CAPEX • 10% on Wind Operator) plant (day-ahead, intra subsidy] MWh) + extra premium • c.40% on PV /

Special RES € under sFiP day, balancing & Account support scheme

98 98 futures) MWh) to cover RESproducer’s

1) Tariff reductions in order to decrease LAGIE’s RES / €

Account deficit attributed to unsustainable PV tariffs 3 System Marginal

- forecasting forecasting balancing /

reaching c.500€/MWh pre-2014. (2 Price (SMP) Strike Price Price Strike ( 2) One off rebate of 10% of 2013 revenues c. 55 €/MWh(3)

Law 4254 - RES Window fοr (4) Until Dec 2013 Restructuring 1/1/2016 PPAs signed by Post 1/1/2018 Target Model April 2014 1/1/2017 (1)

LAGIE’s RES Account enhanced:  By additional inflows, namely: difference between (SMP with RES contribution) and (SMP w/o RES contribution), estimated at 300 m€/annum, in order to eliminate deficit by 31.12.17  RES special levy (ETMEAR) charged to all consumers (mean 2016: €18.13/MWh) retained, adjusting the balance of the Account.

(1) Project must be commissioned by 31.12.20 (2) Offset for the FiT cut and the one-off revenue rebate (2013) (3) 2017 average 16 (4) Subject to upcoming legislation Wind energy regulatory framework

 Greece has put in place support measures for wind power generation since 1994, utilising a Feed-in-Tariff (FiT) scheme  New support regime replacing FiTs for wind power producers exceeding 3MW capacity was recently replaced by a sFiP scheme (Law 4414/16) Period Remuneration framework

 20-year PPAs with guaranteed off-take by the Market Operator (LAGIE)  Wind energy FiTs ranging between 82 – 110 €/MWh, depending on cash grants received & system interconnection (mainland/ islands) Pre 01.01.17  PPAs under FiT scheme extended by 7 yrs to counterbalance tariff cuts and one off rebate on 2013 revenues acc. to New Deal (law 4254/14), aimed at curing Market Operator’s (LAGIE) RES Account deficit.  RES levy in place, monitored & periodically readjusted by Regulatory Authority for Energy (RAE), aiming to sustain a balanced RES Account.

 sFiP scheme for wind energy PPAs, with remuneration comprising, originating from discrete LAGIE Accounts (Market & Support): i. Market part: based on SMP (System Marginal Price) 2017 ii. Sliding premium part: covering the difference between SMP and fixed strike price  20-year PPAs with guaranteed off-take by Market Operator (LAGIE).  Wind energy tariffs : 98 €/MWh.  Power forecasts in day – ahead market required for RES producers, until EU Target Model implementation.

 20-year PPAs.  sFiP scheme retained, but tariffs are set on a competitive basis (auctions organized RAE)  Scheduled auctions for 2018 – 2020: 900 MW wind & 800 MW common “wind & PV” Post 01.01.18  First auction for wind energy (176 ΜW) scheduled for 02.07.18.  Power forecasts in day – ahead market required for RES producers instead of balancing responsibilities, until Target Model full implementation.

 Gradual transformation of electricity market to meet EU Target Model guidelines. RES plants will eventually participate in Target Model the Market through the day – ahead, intraday & balancing markets, submitting bids and baring balancing responsibilities.

17 Attractive fundamentals

EL.TECH. ANEMOS revenue (€/MWh) Wind tariffs supported by Electricity Consumer Tariff (€/MWh) (1) LTM 31.03.18 consumer tariffs in Greece

Taxes and Levies  The portion of energy and 186 supply of the electricity tariff Networks payable by an average household consumer in Greece 62 (1) Generation and is € 93/MWh vs. € 90/MWh supply of EL.TECH. ANEMOS’ revenue 31 90

 EL.TECH. ANEMOS’ 93 LTM 31.03.18 Revenue/MWh comprises both costs and return on capital: i) OPEX Electricity Market (€/MWh) EL.TECH. ANEMOS (€/MWh) ii) depreciation iii) interest expenses iv) taxes Average SMP 2017 (producers v) returns bidding in the market to at € 55 € 50 Total cost (2), excl. depreciation least cover their variable cost)

RES Special Levy (+ €18/MWh) € 73 € 70 Total cost (2) + Average SMP 2017  Currently applicable FiT and FiP Strike prices are in line with Generation and supply(1) € 93 € 90 Revenues tariffs paid by consumers

Notes: (1) Eurostat, updated 08.06.17 (2) Including income tax 18 Experienced management team

Theodoros Sietis Panagiotis Apostolos Panagiotis Gerasimos Georgoulis CHAIRMAN & CEO Mentzelopoulos Frangoulis Govatsos CFO STRATEGY & ENGINEERING & DEVELOPMENT INVESTMENTS PROCUREMENT

 Currently Chairman &  Strategy and  Technical Director  Responsible for  Chief Financial Officer CEO but Executive Investment Director since 2001 development and since 2002 Director and General since 2011 licensing of Manager of the  Studied Physics at the renewables for the  A graduate of the Company since 2001  Degree in Aerospace University of Athens company since 2001 Technological Engineering from the and holds an MSc and Educational Institute  CEO in ENERCOM S.A. University of PhD in Mechanical  PhD degree in of Athens and of the previously Southern California Engineering from Mechanical ASOEE and a postgraduate WSU in Michigan Engineering from the  A graduate of the degree (SM) from MIT National Technical Faculty of Mechanical University of Athens Engineering of Vienna University of Technology (TUV)

19 Human resources

Our most valuable asset, our people

9

8 8 age: > 55 Total: 58 Secondary Post grad. 14% 7 7 educ. (PhD, MS, age: 25-34 7 16% MBA) 22% 25% 6 Higher 6 Educati age: 45- on 54 5 5 21% 25% 5 University age: 35-44 graduates 39% 4 4 38% 4

3 3 3 3

2 2 Part time 1 Female 1 13% 32%

0 Male Full time 68% 87%

Source: EL.TECH. ANEMOS Management, all personnel irrespective of employment/payroll status (as of 31.12.17)

20 Strategy

 Base is and will continue to be Greece Market  Focus on WIND, no photovoltaic parks planned Segment  Track market strategic developments

 Continue to develop high quality pipeline with capacity factors in line with historic values and above market average Business  Maintain implementation model based on in-house development and outsourcing of Model maintenance and daily operations under close supervision by the company  Net debt/EBITDA target not exceeding c.3.0x under steady state, post 2020 (490 MW)  Leverage on scalable operational model / capitalise attained economies of scale

 Capitalise on available funding sources with no reliance on subsidies  Maintain strong banking relationships and seek to expand debt availability  Seek to improve existing debt terms and conditions Funding  Rapid deleveraging following completion of the 201 MW ongoing investment plan.  Target to negative “net debt” (i.e. cash exceeding outstanding debt) within 5 years from completion

21 Key Risks and Mitigants

 PPAs of all projects U/C in place under sFiP scheme with locked tariff, giving certainty over offtake regime.  Licenses and approvals to proceed with construction for all projects U/C in place.  Hellenic Republic’s electricity production from renewable sources significantly behind 2020 EU targets; state continuing to encourage further renewable production. Regulatory  Measures taken under EU supervision have eliminated LAGIE’s RES Account deficit since Dec. 2017 (surplus 01.12.17: 42.49 m€). Forecasted surplus 31.12.18: 237.22m€ (source: RES Account Bulletin March/April 2018).  First auction for wind energy tariffs scheduled for July 2018, providing long term visibility (sFiP, 20 yr PPAs).  Energy market transformation ongoing, with Energy Exchange entity foreseen to gradually replace current Market Operator (LAGIE), as per EU Target Model.

 Wind potential measured over extended period and to the highest technical standards (ISO 17025 certified).  Land secured from public and private ownership, with Permits & leases for the duration of Production License Development (25 years), with capability to extend for another 25 years.  The levy which is directed to local governments (municipalities) helps securing support from local communities.

 Blue-chip turbine manufacturers selected, providing most appropriate turbine model for local conditions.  Turnkey contracts with turbine manufacturers, providing power curve and defect guarantees. Construction  Penalty clauses implicitly tied to production losses in the event of delays in implementation.  Erection/Construction All-risk insurance policies in place.

 Long-term contracts with turbine manufacturers and guaranteed high availability (97%) with compensation at Operational applicable tariff.  Insurance policies in place to cover key operating risks.

22 APPENDIX

23 Group Assets Performance Details

Remaining Mean Installed Licensed Operation Long Term PPA Energy yield (GWh) FiT FiP annual Power plant Site Company / SPV Stake Capacity Capacity License Yield duration(2) availability (MW) (MW) Date (GWh/yr) (yrs) 2015 2016 2017 (€/MWh) 2015-17(3) Antissa Lesvos EL.TECH.ANEMOS S.A. 100% 4.2 4.2 Oct-03 12.6 10.99 11.65 11.12 93 98.72% 12.1 Terpandros Lesvos EL.TECH.ANEMOS S.A. 100% 4.8 4.8 Oct-03 12.6 13.88 14.02 13.78 93 97.73% 14.94 Tetrapolis KefaloniaEL.TECH.ANEMOS S.A. 100% 13.6 13.6 Jan-06 15.6 30.32 33.55 32.49 84 97.85% 34.4 27.2 Apr-09 18.6 58.77 64.82 55.52 86.00 58.1 Agia Dynati KefaloniaEL.TECH.ANEMOS S.A. 100% 32.2 98.55% 5 Feb-18 18.6 ------4.74(1) 98.00 10.68 Ktenias Argolida EL.TECH.ANEMOS S.A. 100% 23 20 Aug-10 19.6 44.51 44.59 44.75 86.00 98.94% 44.3 Lekana (PV) Argolida EL.TECH.ANEMOS S.A. 100% 2 2.19 Jul-10 19.6 3.19 3.33 3.37 325.00 100.00% 3.26 Magoula Evros EL.TECH.ANEMOS S.A. 100% 23 23 Aug-11 20.6 59.61 60.2 57.24 86.00 98.48% 57.09 Mali Madi Lakonia EL.TECH.ANEMOS S.A. 100% 7.65 7.65 Aug-11 20.6 16.81 16.02 16.6 86.00 98.31% 16.24 Vromosykia Troizinia EL.TECH.ANEMOS S.A. 100% 11.05 11.05 Dec-12 21.6 34.32 30.48 31.13 89.97 99.27% 31.92 Asprovouni Troizinia EL.TECH.ANEMOS S.A. 100% 20.7 20 Nov-12 21.6 44.77 45.06 42.84 107.00 98.20% 44.91 Lambousa Troizinia EL.TECH.ANEMOS S.A. 100% 16.1 16.1 Sep-13 22.6 47.92 42.84 43.43 89.97 98.99% 43.84 Ortholithi Troizinia EL.TECH.ANEMOS S.A. 100% 20.7 20 Jul-15 18.6 26.51(1) 48.01 47.49 105.00 99.12% 45.51

Magoula Ext. Evros EL.TECH.ANEMOS S.A. 100% 16.1 16.1 Sep-15 18.6 16.41(1) 46.47 46.17 82.00 98.82% 39.72

Lyrkio Arcadia EL.TECH.ANEMOS S.A. 100% 39.6 39 Jul-17 19.6 --- 2.4(1) 71.74 82.00 98.64% 84.84

Agia Dynati Ext. KefaloniaEL.TECH.ANEMOS S.A. 100% 2.35 2.3 Feb-18 18.6 ------2.23(1) 98.00 98.17% 5.02

Kalogerovouni Lakonia ALPHA AIOLIKI MOLAON S.A. 100% 17.1 17.1 May-18 20.0 ------5.33(1) 82.00 n/a 44.98

AIOLIKI MOLAON LAKONIAS Gropes Lakonia 100% 18.9 18.9 T/O ------105.00 n/a 43.99 S.A. Pefkias Viotia THIVAIKOS ANEMOS S.A. 100% 9.9 9.9 Jun-18 ------98.00 n/a 28.43 Karpastoni Evia AIOLIKI KARPASTONIOU S.A. 51% 1.2 1.2 Aug-02 11.6 4.19 2.78 3.68 87.00 94.25% 3.69 Smixiotiko Grevena SHPP SMIXIOTIKO S.A. 51% 4.95 4.95 Mar-13 22.6 12.45 12.11 9.17 89.97 99.56% 12 (Hydro) TOTAL 289.1 284.24 381.72 475.9 542.8 679.96 T/O: trial operation (1) Less than 12 months operation (2) as of 31.05.18 (3) only for full year operation 24 Consolidated income statement

IFRS 31/12/2014 31/12/2015 31/12/2016 31/12/2017 LTM 31/3/2018 % change (€ thousands) ('17-'18) Revenue 31,630 40,058 45,188 49,676 53,547 7.8% Cost of goods sold (17,321) (18,530) (21,826) (24,849) (26,236) Gross Margin 14,310 21,528 23,362 24,827 27,311 EBITDA 20,901 28,070 31,292 33,374 37,153 11.3% % Margin 66.1% 70.1% 69.2% 67.2% 69.4% Administrative expenses (2,037) (1,904) (1,826) (2,350) (2,543) Other operating 1,138 (151) (78) (399) 838 income/(expenses) EBIT 13,410 19,472 21,458 22,079 25,606 16.0% % Margin 42.4% 48.6% 47.5% 44.4% 47.8% Financial income/(expenses) (6,875) (7,418) (6,413) (9,269) (9,685) Profit before Tax 6,513 12,055 15,045 12,810 15,921 24.3% % Margin 20.6% 30.1% 33.3% 25.8% 29.7% Income tax (1,946) (4,710) (4,615) (3,028) (3,368) Net Income 4,567 7,345 10,430 9,782 12,553 28.3% % Margin 14.4% 18.3% 23.1% 19.7% 23.4% Parent company equity holders 4,404 6,877 9,936 9,562 12,348 29.1%

Minorities 163 468 494 219 205

Source: Consolidated Financial Statements Note: Any differences in sums or % changes are due to rounding 25 Consolidated balance sheet

IFRS 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/03/2018 % change (€ thousands) ('17-'18) Fixed assets 243,802 267,513 278,608 343,124 345,011 0.5% Intangible assets 16,076 15,154 16,902 14,437 23,855 65.2%

Investment in affiliates 5,55 - - - -

Other non-current assets 5,526 7,727 2,445 2,062 2,433 18.0% Non-current assets 270,954 290,394 297,954 359,623 371,3 3.2% Cash & cash equivalents 22,573 5,088 3,981 2,033 2,084 2.5% Restricted cash 18,846 5,226 8,32 13,469 14,386 6.8% Available-for-sale financial assets - 4,467 3,458 1,543 - -100.0% Trade & other receivables 18,101 23,404 38,88 32,674 38,715 18.5% Current assets 59,52 38,185 54,64 49,719 55,185 11.0% TOTAL ASSETS 330,475 328,579 352,594 409,342 426,485 4.2% Total shareholders' equity 115,031 122,378 132,72 139,687 145,746 4.3% Non-current bank liabilities 116,22 113,314 115,767 169,1 168,044 -0.6% Grants 53,898 52,096 52,548 50,366 49,703 -1.3% Other non-current liabilities 8 10,677 16,054 16,09 21,572 34.1% Non-current liabilities 178,117 176,087 184,369 235,555 239,318 1.6% Current bank liabilities 29,483 24,69 24,031 20,261 21,799 7.6% Payables and other current liabilities 7,843 5,424 11,473 13,84 19,622 41.8% Current liabilities 37,327 30,114 35,505 34,101 41,421 21.5% TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 330,475 328,579 352,594 409,342 426,485 4.2%

Source: Consolidated Financial Statements Note: Any differences in sums or % changes are due to rounding 26 Consolidated cash flow statement

IFRS (€ thousands) 31/12/2014 31/12/2015 31/12/2016 31/12/2017 LTM 31/3/2018 % change ('17-'18) Cash Flow from Operations Profit Before Tax 6,513 12,055 15,045 12,81 15,921 24% Adjustments for: Depreciation 7,491 8,598 9,834 11,295 11,548 Provisions 209 1,621 2,178 1,184 1,185 Profit / Loss from investments -1,012 -461 -759 1,599 403 Interest Expenses 7,735 7,843 7,105 9,696 10,026 3% Changes in Working Capital: Decrease / (Increase) of receivables 2,659 -3,215 -9,595 5,091 357 (Decrease) / Increase of payables (non-debt) -346 -4,01 4,849 -1,579 6,04 Less: Interest Paid -7,506 -6,482 -6,041 -6,818 -8,62 26% Taxes Paid -352 -90 -143 -58 -58 Total Cash Flow from Operations (a) 15,391 15,859 22,473 33,22 36,802 11% Cash Flow from Investments (Acquisition) / Disposal of subsidiaries -21 - -599 1,702 -597 (Acquisition) / Disposal of Tangible and intangible fixed assets -38,13 -34,045 -21,98 -84,519 -88,538 5% Interest income received 786 409 144 149 138 (Acquisition) of Financial assets held to maturity - - - (Acquisition) / Disposal of Available-for-sale financial assets - -4,482 998 1,903 2,944 Loans (to) affiliates - -570 - - - Loans (from) affiliates - 500 - - - Restricted Cash 4,215 14,597 - - - Total Cash Flow from Investments (b) -33,151 -23,591 -21,437 -80,766 -86,053 7% Cash Flow from Financing Share capital increase 35,134 - - - - New Loan drawdown 23,083 49,378 19,484 105,57 70,433 Loan Repayment -14,74 -57,645 -18,021 -56,263 -24,945 Finance Lease payments -378 -403 -420 -438 -442 Dividend paid -90 -24 -82 -60 -60 Dividend Tax paid -10 -3 -9 -11 -11 Share capital increase expenses -2,604 -1 -1 - - Third party participation in share capital increase of subsidiaries 22 - - - - Subsidiary share capital return to third party -89 -78 - -28 -28 Grants received 2,869 - - 2,283 2,283 Grants returned -4,788 - - - - Restricted Cash -780 -977 -3,094 -5,456 -1,401 Total Cash Flow from Financing ( c ) 37,631 -9,753 -2,143 45,597 45,829 -1% Net Increase / (decrease) in cash and cash equivalents (a)+(b)+(c) 19,871 -17,485 -1,106 -1,948 -3,422 Starting Cash Balance 2,702 22,573 5,088 3,981 5,505 38% Period End Cash Balance 22,573 5,088 3,981 2,033 2,084 2%

Source: Consolidated Financial Statements Note: Any differences in sums or % changes are due to rounding 27