Bulgarian Energy Holding

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Bulgarian Energy HoldingCorporate PresentationJune 2021

DisclaimerCertain statements in the following presentation regarding BEH’s business operations may constitute “forwardlooking statements.” Such forward-looking statements include, but are not limited to, those related to futureearnings, growth and financial and operating performance. Forward-looking statements are not intended to be aguarantee of future results, but instead constitute BEH’s current expectations based on reasonable assumptions.Forecasted financial information is based on certain material assumptions. These assumptions include, but arenot limited to continued normal levels of operating performance and electricity consistent with historical levels,as well as achievements of planned productivity improvements and incremental growth from investments atinvestment levels and rates of return consistent with prior experience. Actual results could differ materially fromthose projected in our forward-looking statements due to risks, uncertainties and other factors. BEH undertakesno obligation to update or revise any forward-looking statements, whether as a result of new information,future events or otherwise.In preparation of this document we used certain publicly available data. While the sources we used are generallyregarded as reliable we did not verify their content. BEH does not accept any responsibility for using any suchinformation.2


Group StructureBEH consolidates the State’s electricity and gas pipeline assets and establish a coherent andsustainable management strategy across the GroupMinistry of Energy“Bulgarian Energy Holding” EADElectricity“Electricity SystemOperator” EAD“National ElectricityCompany” EADNatural gasCoal“Maritsa East Mines” EAD“Bulgargaz” EAD“Bulgartransgaz” EADNPP “Kozloduy” EADTPP “Maritsa East 2” EADBEH is 100% owned by the State via the Ministry of EnergyBEH owns 100% of all its subsidiaries4

HistoryEstablishmentBEH is a successor ofthe state-ownedcompany “Neft iGas” (Oil and Gas)which wasestablished in 1973Bulgargaz RestructuringIn 1990, the company In May 1993, itwas renamed towas restructuredBulgargaz EADas a sole ownerjoint-stockcompany inaccordance witha Decree of theCouncil ofMinistersBulgargazHoldingBulgarian Energy RestructuringHoldingIn October 2006,Bulgargaz EAD wastransformed intoBulgargaz Holding EADthrough the spin-offof two sole-ownerjoint stock companies,Bulgartransgaz EADand Bulgargaz EAD.Bulgartransgaz EADand Bulgargaz EADbecame legalsuccessors of therespective parts of theproperty (rights andobligations) of theformer Bulgargaz.In September 2008,Bulgargaz HoldingEAD was renamedBulgarian EnergyHolding EAD and itscapital wasincreased throughan in-kindcontribution at parvalue of all theshares in the capitalof NEK, NPPKozloduy, TPP ME 2and MMI.In February2014 ESO EADspun-off fromNEK EAD andbecame asolely ownedsubsidiary ofBEH.DivestitureIn January2018divestiture ofIBEX toBulgarian stockexchange, inline withGroups’commitmentsbefore the EC,related to BEHElectricty case5

Strategic importance of BEH GroupBEH Group is the largest holding company in Bulgaria. As of 31.12.2020:Its assets amounted to BGN 20.4 bn (EUR 10.4 bn).Group s revenues reached BGN 5.6 bn (EUR 2.9 bn) or 4.7% of the country’s 2020 GDP (preliminary data).More than 20 000 are employed in the Group.BEH Group owns and operates strategic for national security energy infrastructureBackbone of Bulgaria’s power sector infrastructure with 6.3 GW installed electricity generation capacity(circa 56% of total electricity produced in the country in 2020).Public supplier of electricity and natural gas.Owner and operator of electricity and gas transmission assets (natural monopolies).Involvement in strategic state-supported projects given Bulgaria s geographic location as a strategic hub onthe energy map of Europe.6

BEH has enjoyed and continues to enjoy strongsupport from the StateBEH is the sole government agent in the energy sector and operates as a department of theMinistry of Energy 100% state ownership – The State executed equity injections in 2008 (in-kind increase) and in 2009 (cash increase ofBGN 400m) Strategic State entity – BEH subsidiaries are identified as entities of the critical energy infrastructure the impairmentor destruction of which would have material consequences for vitally important public functions, the health, safety,security, economic or social welfare of the population of Bulgaria Privatization restrictions – BEH Group is included in the "banned for privatization" list of companies that do not fallwithin the scope of privatization under the Privatization and Post-privatization Control Act (PPCA) Legislative support – Legislative and regulatory changes implemented since 2015 have significantly improved NEK’sand respectively BEH’s financial position Strong operational linkage with the State – BEH is the instrument Ministry of Energy for implementing policy in theenergy sector. As such the company is mandated to manage all important State projects in the sector including thecollaboration with the World Bank and the Bulgarian Academy of Sciences for developing policy recommendations,roadmaps and strategies for energy sector reform State-guaranteed debt – The State is committed to supporting the sound financial position of BEH Group throughgranting state guarantees for BEH’s borrowings. EUR 110 million state guaranteed loan by EIB for IGB project State “loan” to NEK – The State via the Ministry of Energy provided EUR 601 million 7-year interest freereimbursable financial assistance to NEK to cover obligations under the Belene arbitration ruling7


BEH Group activities at a GlanceElectricity, natural gas and coal supply chains in BulgariaPublic supplierRegulated smissionDistributionRetailMININGEnd userCoal miningNon-regulatedmarketNATURAL GASGas supplyPublic supplierRegulated marketTransmissionDistributionRetailActivities where BEH owns assets are marked in green.9

Group business strategy overviewBEH’s long‐term strategy aims to guarantee security of energy supply and sustainability of the energy sector.BEH is the instrument of the State for implementing the State’s energy strategyELECTRICITYNATURAL GASMINING Guarantee security of electricitysupply Guarantee security of gassupply Guarantee security of lignitecoal supply Rehabilitation and expansion oftransmission network Modernize and expand existinggas network and storage facility Maintain production capacity ofMMI Extension of the useful life ofexisting nuclear facilities Maintain the electricitygeneration balance throughinvestments in generationfacilities Diversify supply sources androutes for supply throughconstruction of gasinterconnectors withneighbouring countries (Greece,Turkey and Serbia) Improve efficiency of open pitmining, including throughinvestment in new heavy miningequipment Increase exports and strengthenthe position of Bulgaria as astrategic net exporter in theregion Solidify position as strategicregional gas player, includingthrough the development of theBalkan Gas Hub Achieve a liberalized,transparent, integrated andcompetitive electricity market Expansion of the existing Chirengas storage facility Continue satisfying therequirements of the thermalpower plants in the Maritsa EastBasin10

The project is for expansion of gas transmission and transit infrastructure from Bulgarian-Turkish to Bulgarian-Serbian border andconsists of a 474km cross-country high pressure gas pipeline between CS Nova Provadia and Serbian borderCapacityApprox. 19.7 bcm/y at the entry point at the Bulgaria-Turkey border and approx.13,7 bcm/y at the exit point at Bulgaria-Serbia borderCapex 1.3 bln (of which the EPC contract 1.102 bln and construction of compressorstations 0.2 bln), VAT excludedFinancing 1.1 bln loan from EPC contactor with 10 years repayment period, 0.2 bln equity.Construction of high pressure gas pipeline system between compressor stationNova Provadia and Serbian border (Completed by end of 2020)TimingProjectsproceedsCommercial operation date – Already in operation for part of technical capacity; fullcapacity will be reached following the operation of the new compressor stationNova Provadia expected in 2nd Half of 2021).Gas transportation through Balkan Stream is based on ship-or-pay obligations ofthe shippers, who have already reserved capacity on a long-term basis. Additionalcapacities may be reserved through capacity auctions under the EU CapacityAllocation Mechanism Network Code under Regulation (EU) 2017/459.Revenues from gas transportation will vary, depending on the annual capacityprofile under long-term gas transportation agreements, additional capacities beingreserved and OPEX re-calculation on yearly basis. Applicable tariff mechanismsare designed to ensure coverage of OPEX, depreciation for tariff purposes andcost of invested capital, as approved by the energy regulatory authorities.Sources: BEH and Group Subsidiaries30

Natural Gas SectorInterconnector Greece-BulgariaIGB is a 182km cross-country high pressure gas pipeline between Komotini (Greece) and Stara Zagora(Bulgaria): approx. 31 km of the route is in Greece, 151km in Bulgaria.CapacityCapexFinancingEU usUp to 3 bcm/y, with the possibility for increase of up to 5 bcm/ySofiaConstruction CAPEX expected to be approx. 247m (VAT excluded ) 42m already injected as equity by the shareholders, 110m EIB loan, 84m grant funding ( 45m under EEPR and 39m under OPIC), 30m VATbridge loanIncluded in the EU list for Projects of Common Interest.Project of national importance – the only energy project with a committedstate guarantee of up to 110mEnd of construction – deadline April 2021.Commercial operation date – deadline Q2-Q3 2021.ITBTANAPTAPIGIAthensConnection of Southeastern Europe with natural gas supply sources fromthe Caspian region, Middle East, East Mediterranean and LNGImported gas through IGB can be transited to neighboring countries andbeyond via other interconnectors such as IBR (BG-RO), IBS (BG-SER)The Project Company ICGB has amended contractual schedule with the EPCContractor due to COVID-19 related restrictions. Line Pipe supply has beencompleted, construction activities are under way in the Bulgarian andGreek sections.Two tranches in total amount of EUR 60 million under the Financе Contractbetween BEH and EIB have been disbursed by January 2021. The fundshave been provided to the ICGB project company to finance theimplementation of project activities.12


Electricity market Electricity infrastructureHybrid model with two market segments: free (liberalised)market and regulated market.Gas market Currently, c. 95% of the natural gas supplied under 10year agreement (until 2022) between Bulgargaz EAD andGazprom Export LLC, but the country is in process ofdiversifying its natural gas sources and routes.Coal market Lignite mining takes place in the Maritsa East miningcomplex which is in proximity to 3 large coal plants.Natural gas infrastructureThe assets in Green circle with blue contour are owned by BEH EADSource: BEH, Company information14

CompetitionElectricityThe Group is theleading electricitygenerator in Bulgariaand the sole operatorof the electricity andgas transmissionnetworks.The Group is the onlygenerator withnuclear, thermal andhydro generationplants in its portfolio.TPP Generation Capacity (MW)The Group’s nuclear power plant generates electricity withthe lowest marginal costs compared to other producers.110The Group’s TPP Maritsa East 2 is the largest facility of its kindin Bulgaria. There are two similar TPPs in Maritsa East regionwith lower generation capacities – TPP AES-3C and TPPCounturGlobal. NEK has power purchase agreements withboth of them.570100TPP ME 2ContourGlobal1620AES-3CTPP Bobov Dol686TPP RusseTPP Maritsa 3908The Group operates 30 biggest HPPs and PSPPs in Bulgaria,which together generated approx. 6% of Bulgaria’s totalelectricity in the first half of 2020.GasBulgargaz is the sole licensed public supplier of natural gas.Market liberalization and construction of the plannedinterconnections with Serbia, Greece, Turkey and Romaniawill increase competition in the future through the facilitationof gas imports from different sources of supply.Bulgartransgaz is the sole licensed gas transmission andtransit company in Bulgaria.HPP and PSPP Generation Capacity (MW)439NEKcompetitors2713CoalMMI is the only supplier of lignite coal to the bigger thermalpower plants in Bulgaria located in Maritsa East region.15

Electricity sectorOverviewGross domestic consumption isstable.As a net exporter of electricity,Bulgaria’s gross production isinfluencedbyneighbouringcountries electricity needs andexport’s fluctuations.The increasing connectivity ofBulgarian transmission system andupcoming market coupling willlead to higher sensitivity ofBulgarian electricity market to theEuropeanelectricitymarketdynamics and increased overallefficiency.As of November 2019 Bulgaria ispart of the Single IntradayCoupling (SIDC) via the coupling atthe Bulgarian-Romanian border.As an EU Member State, Bulgaria is currently implementing all procedures relatingto the Single Day-ahead Coupling (SDAC).Integration of the Greek borders(BG-GR and GR-IT) into SIDC isplanned to become operational inQ1 2022.Implementation of the market coupling between Bulgaria and Romania is expectedto go live in August 2021.Source: ESO16

Electricity sectorFree market prices in Bulgaria and the regionPXs DAM Monthly Average Prices For Base Load ASSource: Power exchange websites17

Electricity sectorDiversified mix of generation capacityBEH Group is the only generator with nuclear, thermal and hydro generation plants in its portfolio.In 2020 power plants within BEH Group generated 22,828 GWh of electricity, which accounts forapprox. 56% of total gross electricity produced in Bulgaria.BEH generation facilities are the main providers of balancing and ancillary services, thusguaranteeing security and integrity of the electricity system in the country.Source: ESO, 2020 Energy Balance18

Key operational data:ElectricityPower Generation (2015-2020) (TWh)NPP Kozloduy Power Generation 815.42015201615.520172018NEK Power Generation (2015-2020)(TWh)TPP Maritsa East 2 Power Generation 920203.8201520162017201820192020201520162017201819

Electricity sectorLatest legislative changesSince 2018 numerous legislative changes have been adopted towards achieving full liberalisation of theelectricity market in Bulgaria RES and CHF producers with long-term contracts for mandatory purchase of electricity at preferentialprices by NEK with installed capacity higher than 500kW were transferred to free market and are requiredto switch from preferential prices to compensation contracts through a premium with the SESF; Introduction of a competitive procedure for the provision of a preferential price or a premium for newentrant electricity producers through highly-efficient cogeneration. These competitions must comply withapplicable EU state aid legislation; The procedure for holding parallel procedures for the approval of new prices and for changes in existingprices is envisaged. This aims to empower the EWRC to approve the prices of heat and electricity, theprices for transmission and distribution of electricity, the price (or a component of the price) and to setpremiums, as well as to amend them during the regulatory period, if its necessary; Setting an estimated monthly availability of NEK by EWRC in order more accurate planning of the requiredamount of electricity for the needs of the regulated market to be achieved; All non-household consumers were transferred from the regulated to the free market; Transactions for purchasing of Cold reserve to ensure the security of the electricity system weresuspended and replaced with tender procedures for purchasing of availability of additional services,namely participation in primary frequency regulation, automatic secondary regulation and manualsecondary regulation of frequency and exchange capacity in accordance with the provisions of Regulation(EC) 2017/1485 of 2 August 201720

Natural gas sectorTransmission & transitThe natural gas domestic consumptionis relatively stable and constant. A slidedecline is observed in 2020 which isconnected to the Covid-19 pandemic.The transit capacity of the network is17,800 mcm, contracted almostentirely to Gazprom under a long termcontract (until 2030) with a 90% shipor pay clause.In 2020 a significant decline in thetransited volumes of natural gas wasreported, mainly due to the virtuallysuspended transit to the Turkishborder (launch of the Turkish Streampipeline in Jan 2020 which become themain natural gas source for Turkey).Capital investments for diversificationof routes and sources of gas supply areunder execution.Source: Company data, Bulgartransgaz21

Natural gas sectorSupplyGas supply is relatively stable, no significantfluctuations are observed. Local extraction islimited due to lack of local resources.Import is secured by long-term ship or paycontract with Gazprom Export. From thebeginning of 2020 the entry point for the naturalgas supplied by the Russian Federation is changed– from the Bulgarian-Rumanian border to theBulgarian-Turkish border.From the beginning of 2021 a diversification ofthe delivery sources is observed as a result of thestarted deliveries from Azerbaijan via virtualdelivery point in Greece.In 2020 the average delivery price wassignificantly lower YoY, due to the signedaddendum to the contract for supply withGazprom Export. The price will be determined ona monthly basis and contains TTF hub indexation(predominantly) and oil component.The selling price is set by EWRC on a monthlybasis, following cost-based methodology andadditional margin for public supply services.Source: Company data, Bulgargaz22

Natural GasLiberalization & Diversification On 18 January 2019 Bulgartransgaz EAD registered a subsidiary – “Balkan Gas Hub” EAD. The company operates the first natural gastrading platform in Bulgaria and aims to create all necessary prerequisites for the implementation of effective liberalization of the naturalgas market in the country. As of 1 December 2019, a new obligation has been introduced for “Bulgargaz” EAD to annually offer for sale on the organized powerexchange certain quantities of natural gas in accordance with the Natural gas release program, regulated in Art. 176a Energy Act. Thesequantities are offered for sale under the terms and conditions of an Agreement approved by the EWRC for the implementation of aNatural gas release program concluded between the operator of the organized natural gas market (“Balkan Gas Hub” EAD) and“Bulgargaz” EAD. The agreement also determines the procedure for conducting auctions for release, price mechanisms for release,including the initial price in an auction, the term of the agreement, types of products offered and the periods of their offering. Thequantities of natural gas that the public supplier “Bulgargaz” EAD should sell in the organized exchange market, should not be less than:2,220 GWh in 2020; 4,281 GWh in 2021; 6,342 GWh in 2022; 8,720 GWh in 2023; 11,099 GWh in 2024. According to the amendments to the EA, promulgated in SG on 08.10.2019, only entities possessing license for production andtransmission of thermal energy as well as natural gas distribution companies will buy natural gas from the public supplier, at regulatedprices. All other customers directly connected to the gas transmission network will be transferred from regulated market to free market. On 31st of December 2020 the first natural gas supplies from Azerbaijan had started. Due to the delay in the IGB interconnectorcommissioning, the quantities are delivered in Bulgaria through temporary interconnection point Nea Mesimvria, part of the Greeknatural gas transmission system, operated by DESFA. A new company named “Bulgarian Energy Trading Platform AD” has been established with the purpose to create, develop and manageregional organised natural gas market in the Southeast Europe region. The company possesses a license for carrying out the activity oforganization of a natural gas market, issued on 25.03.2021 by EWRC for a 35 years period.23


Key financial dataP&L overview FY 2016 – FY 202025

Key financial dataBEH Group revenue and OPEX structure FY 2020The biggest contributors to BEHGroup revenues are NEK, NPP andBGAZIn terms of allocation of operatingcosts there are no significantdiscrepancies to the revenuepatternRelated party transactions arebalanced between the Groupsubsidiaries.BGN m 170BGN m 2292 5192 3236174761 2777904606674624016996513951701 0021 0095 5964 698

Key financial dataBEH Group profit structure FY 2020The biggest contributor to BEHGroup EBITDA profitabilitywas NPP Kozloduy, followedby the two transmissionsystem operators (ESO &BTGAZ) and NEKIn 2020 TPP reports negativeEBITDA, due to increased CO2costsIn 2020 BEH negativeperformance was influencedby the incurred expenses forimpairment of receivables dueto the review of theapplication of IFRS 9 inaccordance with existing goodpractices in this area in 2019BGN 41-33061-36-324844402258173-7-49-3189818915727

Key financial data2019 - 2020 performance2020 performance: The COVID-19 lockdown affect negativelythe BEH’s performance, compared to2019, but the financial results remainstable; 10.1% YoY decrease in the total electricitygenerated by BEH subsidiaries Higher prices of electricity achieved bothon regulated and non-reregulatedmarkets 14% YoY decrease in gas sales Stable performance in terms of revenuesby both TSOs Increase in PPE due to completed worksof Balkan Stream project Low WC due to bond 2016 mature Increase in CFF due to granted externalfunding by BTG for financing the CAPEXprogramBEH Group(BGN M)RevenuesOPEXEBITDAD&AEBITFinancial IncomeFinancial expenseRevenues from associatesEBTNet profitEBITDA MarginEBT MarginTotal 92,82711,6781,6841,4131,042(1,516)3232020Y-o-Y changeReportBGN 558(856)-61%917(125)-12%(1,547)(31)2%650327101%28

Electricity sectorFinancial results 2019-2020Revenue in 2020 decreased y-o-ydue to COVID-19 lockdown anddecrease in the volumes generatedand sold on free marketThe decrease is partially offset bythe higher average selling priceThe limitation of the publicsupplier’s obligation impacted bothrevenues and cost of electricity soldbut on bottom line the effect ispositiveThe electricity segment report netoperating profit of BGN 191 Mcompared to BGN 316 M.Given the extraordinary situationworldwide, in 2020 BEH managedto operate its assets in electricitysegment in most effective andprofitable way.In the beginning of 2021 theeconomy is in a recovery mode sothe expectations are for betterresults in 2021ElectricitySales revenue from:- external customers- other segmentsSegment revenues2019Y-o-Y changeBGN 7(651.6)98.1(553.5)-14%15%-10%Changes in finished goods and work inprogress(8.5)1.610.1-119%Work performed by the entity andcapitalised30.134.74.615%Cost of natural gas, electricity andother current assets soldCost of materialsHired services expensesDepreciation and amortizationEmployee benefits %-39%Net impairment of trade receivablesExpenses for provisionsOther operating expensesSegment operating profit/(loss)29

Natural gas sectorFinancial results 2019-2020Revenue in 2020 decrease y-o-ydue to: changed pricing mechanismapplied under the long-termsupply contract with GazpromExport;Lower sales volumes, becauseof the COVID-19 lockdown. In2020 the sales were 25,038GWh, compared to 29,204GWh in 2019Revenues generated by BTG fortransit, transmission, bookedcapacity and storage are relativelystable, compared to 2019Natural gasSales revenue from:- external customers- other segmentsSegment revenuesChanges in finished goods and work inprogressCost of natural gas, electricity andother current assets soldCost of materialsHired services expensesDepreciation and amortizationEmployee benefits expensesNet impairment of trade receivablesNet impairment of property, plant andequipmentOther operating expensesExpenses for provisionsTechnological losses of natural gasSegment operating profit2019Y-o-Y changeBGN %-3%12%30

Coal mining sectorFinancial results 2019-2020Coal miningMining subsidiary is implementing5-year overburden removalprogram to ensure long-termsustainability of mineRevenue in 2020 decreased y-o-ydue to lower consumption by theTPPs in the complexDecrease is observed in OPEX, aswell but due to the higher shareof fixed costs the reported netresults is negativeLignite coal selling price isdetermined by a methodologyapproved with Ordinance theMinister of energy and it wasn’tchange during the reportingperiod.Sales revenue from:- external customers- other segmentsSegment revenues2019Y-o-Y changeBGN .4)(52.2)9%-40%-10%60.822.6(38.2)-63%Work performed by the entity andcapitalised7.69.52.026%Cost of natural gas, electricity andother current assets soldCost of materialsHired services expensesDepreciation and amortizationEmployee benefits )0.90.7(35.9)272%-5%-21%-3065%Changes in finished goods and work inprogressNet impairment of trade receivablesOther operating expensesExpenses for provisionsSegment operating profit/(loss)31

Key financial dataCash flows FY 2015 – 017201820192020In 2016: BEH made payments to AO Atomstroyexport (ASE) in relation to arbitration decision and to IPPs with PPAs forsettlement of payables (reflected in CFO). In order to secure needed funds BEH raised debt capital by issuing a second bond(reflected in CFF).In 2019: CFO increased significantly YoY due to higher cash inflows from Security of the electricity system fund and lower cashoutflows to suppliers as a result of elimination of NEK s obligations for mandatory purchase of electricity from producers withinstalled capacity of 1 MW or more.In 2019 and 2020: CFI is influenced primary by large investments in PPE and in collateral USD deposits.Improved liquidity at the end of 2020.32

Key financial dataExternal debt – as at 31.12.2020Main debt exposure in2020:CompanyBEH BGN 2.3bBEHNPP BGN 11mNEK BGN 13m BGN1,000m fin. assistancefor BeleneBEH Group outstanding debtBankBond issue 2016NPPInvestment non-bank loan EUR20211,0891,0943.50%20251,1901,190EIB6 m 0.259%2045-59EURATOMEURIBOR 0.079% to0.13%202134114.75%20208-from 4.341%to 4.844%202221130.00%20239471,000BIR 1.89%20241713BIR 1.89%202454BIR 1.69%202264BIR 1.69%202264BIR 1.59%202264MMI BGN 29m69% of the Group’soutstanding debt areBEH bond issues2% of the Group’soutstanding debt is stateguaranteed30% of the Group’soutstanding debt hascollateralNEKInvestment bank loan EURInvestment bank loan EURFinancial assistance - BeleneMMIInvestment bank loan EURInvestment bank loan EURInvestment bank loan EURInvestment bank loan EURInvestment bank loan EUROutstanding Outstandingas at 2019as at 20204.88%Bond issue 2018Loan argeement for ICGB financingInterest rate MaturityING BankEIBRepublic ofBulgariaDSK BankDSK BankDSK BankDSK BankDSK Bank33

Key financial dataExternal debt – as at 31.12.2020 (continued)Debt exposure in 2020:BTGAZ BGN 921mThe funds are intendedto cover investmentcosts in connection withthe implementation ofthe Balkan Streamproject and other largescale investment projectsThe Company fullyrepaid EUR 200m shortterm loan in 2019Proceeds were utilizedfor advance payments toBalkan Stream ProjectcontractorsThe company takesadvantage of thefavorable interest marginby providing dollardeposits as collateral ofeuro loansCompanyBEH Group outstanding debtBGAZOverdraft agreement BGNBTGAZInvestment bank loan EURInvestment bank loan EURInvestment bank loan EURInvestment bank loan EURInvestment bank loan EURInvestment bank loan EURBankFour commercialbanksUniCredit BulbankRaiffeisenbankBulgariaDSK BankInterest rateOutstanding as at Outstanding as at20192020from 0.99% to2.95%202052-EURIBOR 1.65%2026-196EURIBOR 1.75%2026-98EURIBOR 2.20%2026-982026-78EURIBOR 2.25%2026-65BIR 2.10%2025-41International Bankfor Economic CoEURIBOR 2.50%OperationEurobank BulgariaADING BankMaturityInvestment bank loan EURBulgarianDevelopment Bank EURIBOR 2.75%2026-121Investment bank loan EURInternationalInvestment BankEURIBOR 2.75%2026-98EUR

EUR 110 million state guaranteed loan by EIB for IGB project State "loan" to NEK -The State via the Ministry of Energy provided EUR 601 million 7-year interest free reimbursable financial assistance to NEK to cover obligations under the Belene arbitration ruling BEH has enjoyed and continues to enjoy strong support from the State

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