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Investor Presentaiton

TWh TWh Electricity market dynamics Significant electricity deficit anticipated notwithstanding the COVID-19 outbreak 1. Electricity deficit during 10 months of the year (2019) 2. Incremental electricity consumption satisfied by import Deficit (4mths) 1.5 10 1.0 0.5 Deficit (6mths) 0.0 Jan Feb Mar Apr May Jun Jul Aug Hydro and wind TPPS Imports Sep Consumption Oct Nov Dec 3. 20.0 15.0 10.0 5.0 0.0 Note: TPPs (thermal-power plants) work on imported gas Significant electricity deficit of 6.1 TWh by 2030 2009 2010 2011 2012 2013 2014 2015 2016 - I Generation hydro and wind I Addition of new generation capacities CAGR: 5.3% 2017 2018 CAGR: 4.0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Consumption TWh 4. 15.0 12.6 12.8 89% 11.9 11.0 10.2 10.4 9.2 9.4 9.7 10.0 8.4 5.0 0.0 00 65% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Hydro and wind TPPS Imports Share of local generation Electricity trade deficit at USD 70.5m 40.0 6.1 TWh 23.5 20.0 8.2 0.0 0.5 4.5 TWh USD'm -14.0 -16.3 -20.0 -17.8 -21.6 -40.0 -44.5 -55.9 -60.0 -70.5 -80.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Electricity exports I Electricity imports Deficit 5
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