Investor Presentaiton

7 The Czech regulation for Gas Distribution is stable, attractive and predictable, in full alignment and compliance with EU directives and international practices. ERO's Key Principles & Objectives • Stability and sustainability of tariffs . Predictability of regulation • Interest of all stakeholders guaranteed • Objective and transparent decision making . Consistency with legislation Allowed Revenue Breakdown Key Elements of the Czech Gas Distribution Regulation • • Standard RAB-based revenue-cap model • Current grid infrastructure regulation in place since 2002 • Regulator traditionally opted for stable tariffs across regulatory periods Currently in the 5th RP, which started in 2021 and ends in 2025 "This framework provides stability, transparency, and predictability to operators' cash flows." (S&P, 2020) RAB and NAV Reconciliation Schedule NAV (CZKM) RAB/ NAV (%) Allowed 75 RP4 RP5 Profit (RAB X WACC) + Allowed D&A + Allowed Opex 70 100% 90% Allowed 65 100% 80% Revenue 96% 95% 60 70% 89% 60% 55 84% 50% 50 73% 40% 45 72% 69% 70% 30% • RP5 WACC was set to 6.43% (pre-tax) 40 65% 67% 60% 62% 20% Opex level based on the average of 2017-2019 actuals, with under- / outperformance sharing at the level of GasNet set at 50% / 50% 35 10% 30 0% Source: Company Information, ERO. 9 . 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 2023E 2024E 2025E Upward reconciliation of RAB to match the higher underlying net book value in motion until 2025, with non-binding Capex plans for period 2021-2025 and 2025-2030 gasnet.cz 37

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