#1Presentation FY2020 Investor Presentation May 2021 TERNA ENERGY GEK TERNA GROUP#2Key Investment Highlights TERNA ENERGY GEK TERNA GROUP TERNA ENERGY GE K TERNA GROUP ✓ Large-scale and Diversified Renewable Energy Platform High-quality Renewable Asset Portfolio • The largest renewable energy company in Greece with presence in the US, Poland and Bulgaria Vertically integrated with strong in-house competencies and capabilities in development, EPC, financing and operation of renewable energy projects (wind, hydro, solar, biomass, waste management) Large operating portfolio of 46 onshore wind farms (1344 MW), 3 solar plants (9 MW), 2 hydro (18 MW) 1 biomass (1 MW) and 3MW of 1 Waste and 1 Biogas Plant Young asset portfolio with a weighted average operating life of c.5 years and stable operational performance (c. 48% of installed capacity commissioned in the past 5 years) • Stable historical availability and load factors, supported by best in class in-house O&M and management capabilities Best-in-class technology supplied mainly by top tier international contractors (Gamesa, Siemens, Vestas) ✓ Stable Regulatory Framework Attractive Near Term Renewable Capacity Growth • New regulatory framework, intended to bring Greece in line with other European market-based reforms, offering some of the most attractive financial incentives for onshore wind projects across Europe Opportunity to grow through competitive tenders Stable and Predictable Cash Flow Generation ✓ Long-term Contracted Assets Stable cash flow derived from a mix of off-take agreements (PPAs) and regulated feed-in-tariffs (FiTs) with high credit quality counterparties Young asset fleet with weighted average remaining contracted life of c. 19 years Strong cash yielding profile supported by balanced financing strategy Success Story of Organic Growth and Value Creation ✓ Focused Strategy and Attractive Pipeline . Strong track record of organic growth with 442 MW developed since 2013 in 4 countries (Greece, Poland, Bulgaria and the US) Significant development pipeline of 429 MW ✓ Fully Integrated Platform ✓ Proven Management Team Experienced and highly qualified team of more than 200 staff with development, EPC, asset management and financing expertise • Proven management team led by founder and executive chairman George Peristeris with extensive renewable energy and power experience • Current management team has been responsible for the growth of Terna Energy since the inception of the Company 2#3Company Structure1 TERNA ENERGY GE K TERNA GROUP GEK Terna Parent Holding Founder & Chairman Atale Enterprises Ltd Free Float 38% Renewables 11% 6% Terna Energy S.A. Poland Bulgaria USA Greece 45% Energy Construction Wind Wind Wind Wind Solar Hydro 1. Shareholding Structure as on April 21, 2021 3#4Asset Portfolio Overview1 53 Projects Assets in Operation *TERNA ENERGY GEK TERNA GROUP Didimos Lofos Energy Type Capacity (MW) COD PPA Life Left (Y) Energy Type Capacity (MW) COD PPA Life Left (Y) Greece Greece 727.4 Mitoula Hilos Tsilikoka 10.2 2000 1.8 Evoia SPA Lefkes Kerasia 121.0 2020 20 8.0 2018 19.2 Eleousa Tsouka Tsougari 12.0 2000 1.8 Dafnozonara 11.2 2011 19.7 Lefkes Kerasia W/F Eressou Ipsoma Fourka Derveni-Mikro Derveni-Sliva -Xirovouni Profitis Elias 11.2 2001 2.6 Mavrovouni (1) 19.6 2011 19.9 Pyrgari 5.4 2001 2.8 Krekeza 30.0 2011 20.1 Didimos Lofos 26.0 2005 13.8 Raxoula (1) 30.0 2011 20.4 Perdikokorifi 14.5 2006 14.9 Vathichori Station I 6.0 2011 20.0 Dafnozonara -Kastri- Kokkalia Karavi- Alogovouni Mytoula 34.2 2006 14.7 Louzes (PV) 1.1 2012 20.7 Vathichori Station Chonos 4.5 2006 14.5 1.5 2013 21.2 Timpano - Tripiri Psiloma Soros Louzes -Skopia Gouri Vathihori H Mavrovouni Loggarakia Servouni Vorina Litharia Pyrgari Chylos 11.7 2013 15.1 -Tsouka Tsougari Tsilikoka Servouni Kalogeriki Rachi Rhodos 17.9 2014 15.3 USA 513 Profitis Elias Ksirovouni 6.3 2014 15.2 Fluvanna I, Texas 155.4 2017 122 Lefkes Kerasia 8,4 2018 18,9 Fluvanna 2, Texas 158 2019 19,7 Servouni Rahoula Pashalies (I+II)- Krekeza St. George Island 18,9 2019 19,4 Bearkat, Texas 200 2018 19,1 Epirus Waste 4 1,6 2019 N/A D Gouri 32.2 2014 15.6 Poland 102 0° Stavroti Vigla Loggarakia Raxoula (2) Derveni 18.0 2014 15.6 Chelmza 4.0 2015 N/A 8.0 2014 15.9 Chojnice 6.0 2015 N/A 24.0 2014 16.3 Czarnozyly 16.0 2012 N/A Perdikokoryfi Chonos Mavrovouni (2) 8.0 2015 16.5 Gorzkowice 12.0 2011 N/A Louzes 24.0 2008 16.5 Krzyzanow 20.0 2011 N/A Eleousa ° 6.6 2008 17.1 Makow 12.0 2014 N/A Poland Bulgaria USA Adendro 1.0 2016 17.6 Nasielsk 10.0 2012 N/A St. George Project 73.2 2016. 17.8 Sieradz 8.0 2013 N/A Mavroplagia- 17.2 2017 18.2 Szadek 8.0 2012 N/A Kastro Mougoulios 16.5 2017 18.5 Tuchola 6.0 2015 N/A Plagia Psiloma 14.9 2017 18.7 Bulgaria 30.0 Legends Scopia 20.0 2010 19.2 Karapelit 12.0 2012 5.1 Wind Energy Solar Energy Hydroelectric Projects Waste Management Raxoula (3) 6.0 2018 19.4 Vranino 18.0 2013 5.2 Eressou Ipsoma - 36.0 2018 19.2 Total Portfolio: 1,372 Fourka 1. As on December 2020 2. Hedging agreement e#52020 update *TERNA ENERGY GE K TERNA GROUP TERNA ENERGY GEK TERNA GROUP Overview Revenue in 2020 increased by 9.7% to €328.1m vs €299.1m in 2019 EBITDA increased by 7% to 194.7m Primarily driven by new parks fully in operation (Fluvanna 2 and Bearkat) 2 new wind farms (158 & 197 MW) in the US (Fluvanna 2 and Bearkat) & 1 one US wind park disposal (Idaho - 138 MW) ⚫ 2020 will be first full year of operation for 2 new Texas projects • July 2020 - Sale of Mountain Air Wind Park (138 MW) in Idaho - c$30m profit (IFRS) reported in Q3 - $115.6m net debt reduction reported in Q3 Group's total Installed capacity reaches 1,373 MW • Commissioning of 120MW in Greece in 2H20 330 MW in Greece (South Evia -Project Kafireas) will start construction soon, consisting of 150 MW in South Evia owned by TE Recently acquired 270 wind park in same area (180 MW will start) New long term target in terms of installed capacity set at 3000 MW within next 5 years 5#6Key Performance Indicators Revenue (vs 2019) €328.1m +9.7% EBITDA (vs 2019) €194.7m +7% EBITDA Margin (vs H1 2019) 59.4% (60 bps) Net Profit (vs 2019) €71.8m +39% * Net Debt €613m* $215m US disposal included ADJUSTED EBITDA (vs 2019) €198.8m + 12.1% Installed Capacity¹ 1,373 MW Under Construction (or ready to be built/acquired) 429.4 MW Load Factor 2020 (vs. 2019) 34.2% + 280 bps 1. Includes wind, hydro, solar and biomass capacity *TERNA ENERGY GEK TERNA GROUP 6#7Installed Capacity & EBITDA Installed Capacity (MW) 6-year CAGR: 13.6% 1.032 986 738 640 664 *TERNA ENERGY GEK TERNA GROUP EBITDA (€m) 1.390 (1.373 6-year CAGR: 17.5% (195) 182 168 148 116 74 99 99 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 7#8CapEx & Operating Cash Flows CAPEX Evolution (Debt & Equity) (€m) 229 58 86 146 205 *TERNA ENERGY GEK TERNA GROUP Operating Cash Flows (€m)1 Cash Flow conversion2 101% 105% 100% 102% 100% 101% 100% 6-year CAGR: 17.3% (195) 183 168 150 109 116 105 104 (75 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 1. Before changes in Working Capital 2. Operating Cash Flow/EBITDA 8#9Electricity production KPIs *TERNA ENERGY Highly diversified and visible revenue mix due to healthy lifetime of assets under operation Installed Capacity Split by Country GE K TERNA GROUP December 2019 MW December 2020 Installed Under capacity construction Ready to start construction Visible Pipeline 728 360 c. 69 c.1,200 30 102 102 30 ■ Greece 607 ■ USA 1,390 MW 1,373 MW ■ Poland 513 728 651 ■ Bulgaria Changes in Installed Capacity (vs.2019) ■ Sale of Mountain Air Wind Park (138 MW) in Idaho, US Commissioning of 120MW in Greece 513 102 30 Total 1,373 360 3GW 69 1,200#10Projects Pipeline ■ South Evoia (Karifeas) ■ Evritania Taratsa ■ Peloponnese Waste Management Project *TERNA ENERGY GE K TERNA GROUP Current CAPEX Pipeline Capacity Total Project Cost¹ Project Finance Debt Equity / Cash 7% 16% 429M W 77% UNDER CONSTRUCTION/READY TO BUILD Peloponnese Waste Management South Evoia (Kafireas) Taratsa Evritania TOTAL 15% 4% 10% €804m 71% 4%7% 11% €581m 78% 11% 5% 11% €157m 73% Capacity Total Project Type Cost¹ Cash Grant/Tax Equity Expected Project Finance Debt Equity / Cash commercial operation €m €m €m €m Waste 2.4 MW 123 66 40 17 2021 Wind 330.0 MW 569 455 114 2022 Wind 30.0 MW 31 23 8 2021 Wind 67.0 MW 81 63 18 2022 429.4 MW 804 66 581 157 1. Total project cost = Cash grant/Tax equity + Project finance Debt + Equity 10#11Segmental analysis TERNA ENERGY GE K TERNA GROUP Construction RES Energy Concessions² Trading 2020 2019 % 2020 2019 % 2020 2019 % 2020 2019 % Revenue1 26.7 47.9 (44) 273.4 237.3 15.2 13.3 10.4 (27,9) 35.9 37 (2.9) EBITDA1 (0.8) 4.5 (117) 194.1 176 10.3 0.9 0.5 (80) 0.8 2.3 (65) 2020 Energy from RES ■ Construction Electricity Trading ■Concession (e- ticket & Waste Management) Revenue EBITDA Net Profit 1%1% 1% 6% 4% 10% 1% €328.1m 1. Before intercompany eliminations 2. includes Waste Management and E-ticketing €194.7m €71.8m 85% 98% 93% 11#12Net Debt & Operating Cash Flows 716 2019 Net Financial Debt (€m)1 613 2020 Adjusted Net Leverage (incl. US Tax Equity) 6,0x 2019 1. $215m US (Idaho) disposal in Q3 2020 2. Before Working Capital changes 3. Defined as operating cash flows / EBITDA 4,6x TERNA ENERGY GEK TERNA GROUP Other Financial Obligations (US Tax Equity) (€m) 376 281 2019 2020 Operating Cash Flows (€m) 1 Cash Flow conversion2 101% 183 2020 2019 100% 195 2020 e 12#13Appendix#14Group Profit & Loss Statement Figures in € 000's Continuing operations Turnover Cost of sales Gross profit Gross Profit Margin Administrative & distribution expenses Research & development expenses Other income/ (expenses) Operating results as a % of revenue Financial income TERNA ENERGY GE K TERNA GROUP 31.12.2020 31.12.2019 2020 vs. 2019 328,091 (183,204) 144,887 44% 299,144 (170,278) 128,866 10% 8% 12% 43% 1% (23,294) (22,519) 3% (2,900) (1,936) 50% 5,841 18,516 (68)% 124,534 122,927 1% 38% 41% (3)% 5,954 5,549 7% Financial expenses (67,710) (66,202) 2% Gains (Losses) from financial instruments measured at fair value (412) 6,870 (106)% Revenue from participating interest and other investments 13 522 (98)% Gains/(Losses) from sale and valuation of participating interest other investments settlement Associates and joint ventures profit and loss proportion 27,453 (4) nm Earnings Before Tax as a % of revenue Income tax expense Net Earnings for the Period as a % of revenue Net profit for the period attributed to: Shareholders of the parent from continuing operations Non-controlling interests from continuing operations 166 89,998 (26) nm 69,636 29% 27% 23% 4% (16,610) 73,388 22% (16,391) 1% 53,245 38% 18% 5% 71,795 51,552 1,593 1,693 14#15Group Balance Sheet Figures in € 000's Assets Total non-current assets Total current assets Total Assets 31.12.2020 TERNA ENERGY GE K TERNA GROUP 31.12.2019 1,492,539 1,682,410 482,088 1,974,627 435,988 2,118,398 Equity & Liabilities Equity attributed to the shareholders of the parent Share capital 34,757 34,176 Share premium 209,870 191,793 Reserves 58,442 44,138 Retained earnings 181,323 156,439 Total equity attributable to the owners of the parent 484,392 426,546 Non-controlling interest 11,277 11,916 Total equity 495,669 438,462 Liabilities Total long-term liabilities 1,259,310 1,430,595 Total short-term liabilities Total liabilities 219,648 249,341 1,478,958 1,679,936 Total Eqtuity & Liabilities 1,974,627 2,118,398 Fe 15#16Group Cash Flow Statement Figures in € 000's Cash flows from operating activities Profit before tax Adjustments for reconciliation of net flows from operating activities Depreciation/Amortization of assets and rights to use Amortization of grants Impairment Interest and other financial expenses Revenue from participating interests and other investment Other adjustments Operating profit before changes in working capital (Increase)/Decrease in: Inventories Trade and non-invoiced receivables from contracts with customers Prepayments and other short-term receivables Increase/(Decrease) in: Suppliers and liabilities from contracts with customers Accruals and other short-term liabilities Other long-term receivables and liabilities Income tax paid Net cash flows from operating activities Cash flows from investing activities: Acquisition/Disposal of tangible and intangible fixed assets Cash and cash equivalent of the companies whose consolidation was discontinued Payments for acquisition of companies less subsidiaries cash and cash equivalent Other Cash from investing activities Net cash flows from investing activities Cash flows from financing activities Proceeds from share capital increases Share capital return Acquisition of Treasury Shares Proceeds for long term loans Payments for long term loans Payments for equity interests having a substance of financial liability Proceeds from equity interests having a substance of financial liability Dividends paid Interest paid Other Cash Flows from Financing Activities Net cash (outflows) /inflows from financing activities Net increase/(decrease) in cash and cash equivalents Effect of exchange rate changes on cash & cash equivalents Opening cash and cash equivalents Closing cash and cash equivalents 31.12.2020 TERNA ENERGY GE K TERNA 31.12.2019 GROUP 89,998 69,636 71,863 64,474 (6,764) (7,995) 10 3,247 67,710 66,202 (27,466) (742) (518) (12,031) 194,609 183,015 1,770 (10,643) (7,320) (535) 211 5,695 9,002 (5,108) (79) 2,590 1,406 (1,844) (8,610) (15,273) 180,135 168,751 (105,316) (25,040) (169,568) (53,576) 45,114 (2,025) (87,267) 373 (222,771) 67,096 (213) (19,341) (33,720) (21,239) (1,926) 137,224 483,865 (72,011) (325,664) (53,508) (35,857) 1,052 120,718 (41,549) (1,609) (43,581) (49,673) (9,473) (10,660) (55,330) 145,261 37,538 91,241 (4,095) (136) 257,464 166,359 290,907 257,464 16 D#17Disclaimer *TERNA ENERGY GE K TERNA GROUP We have prepared this document solely for informational purposes. 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