1. Energy for the Future Belene Nuclear Power Plant Project Status

2. Energy for the Future Project Status General Data Reactor typePWR, Russian Design Plant supplierASE, AREVA NP/SIEMENS Reactor thermal power 2 x 3012 MW Electric output2 x 1060 MW Net efficiency35 % Capacity factor90 % Design Life Time60 years

3. Energy for the Future Final EPC Contract (Contract Agreement) Based on the FIDIC Silver Book (Conditions of Contract For EPC/Turnkey Projects) The Contract Agreement is signed on January 18 th, 2008 The Contract Agreement consists of: Terms and Conditions −Appendixes −Agreement between NEK and ASE dated November 29th,2006

4. Energy for the Future Main Principles of the Contract Agreement (1 of 5) General Provisions: –Applicable Law: Bulgarian law; –Language: English; –Definitions. General Rights and Obligations of the Employer (NEK): –Transfer of the Site; –Responsibility for the Permit and Licensing Process. General Rights and Obligations of the Contractor (ASE): –Responsibility for the Licenceability of the Project; –Subcontractors; –Quality Management, Care of Work & Safety; –Protection of the Environment; –Performance Securities; –Contractor’s Equipment; –Progress Reports; –Security of the Site.

5. Energy for the Future Main Principles of the Contract Agreement (2 of 5) Design: –General Responsibility of the Contractor –Technical Standards and Regulations Plant, Materials, Workmanship: –Manner of Execution & Safety –Inspections and Testing –Rejection –Remedial Work Time for Completion: –Extension of Time for Completion & Suspension –Project Schedule and Delays Liquidated Damages Retention Money –Suspension

6. Energy for the Future Main Principles of the Contract Agreement (3 of 5) Commissioning: –General Responsibility of the Contractor; –Guarantee Tests. Defects Liability: –Warranty Period; –Remedy of Defects & Removal of Work. Provisional and Final Acceptance: –General Responsibility of the Contractor; –Early Take-over; –Certificates. Variations: –Procedure; –Notices.

7. Energy for the Future Main Principles of the Contract Agreement (4 of 5) Contract Price: –Procedure & Payments. Termination by the Employer: –Rights, Claims & Procedure. Termination by the Contractor: –Rights, Claims & Procedure. Insurance: –General Obligations of the Employer; –General Obligations of the Contractor. Force Majeure: –Procedure, Notices & Actions

8. Energy for the Future Main Principles of the Contract Agreement (5 of 5) Hazardous Materials: Radiological Protection: Nuclear Liability: Disputes and Resolution: –Amicable settlement; –Coordination Meetings; –Arbitration Procedure. Representations and Warranties:

9. Energy for the Future Strategic Investor Involvement On 2nd of May 2007 NEK invite candidates for participation in the tender procedure for Strategic Investor; On 6th of June 2007 NEK received Letters of Intent from 10 companies – CEZ, ATEL, ENEL, RWE, E.ON, EDF, Electrabel, EGL, Endesa and Kumerio Med; On 17th of July 2007 NEK’s Board of Directors took the decision to separate the candidates in two groups (A and B) according to the percentage indicated in their application to participate in the Project – group A includes 6 candidates (CEZ, ENEL, RWE, E.ON, EDF and Electrabel) willing to acquire 49%; From the beginning till now (1 of 3)

10. Energy for the Future Strategic Investor Involvement In the periods as from 13th till 31st of August 2007 and as from 12th till 22nd of September 2007 for the Strategic Investors there were organized project data room access and meetings with NEK’s management and experts ; On 17 th of October 2007 the candidates (5 of them) submitted to NEK their preliminary unbinding offers; In the period as from 5 th November till 7 th of December there were organized presentations, Q&A sessions and two rounds of negotiations with Strategic Investors; On 9 th of January 2008 five candidates (CEZ, ENEL, RWE, E.ON, and Electrabel) submitted to NEK their final unbinding offers; From the beginning till now (2 of 3)

11. Energy for the Future On 10 th of March 2008 the Board of Directors of NEK EAD approved Electrabel (Belgium) and RWE Power (Germany) as “preferred bidders” with whom to continue in phase 2 of tender procedure for External Investor in Belene Power Project; In the period as from 7 th of April till 13 th of May 2008 for the Strategic Investors there were organized second extended project data room access, meetings with NEK’s management; As from 23 rd of April NEK organise for candidates various meeting with different experts from different institutions. Strategic Investor Involvement From the beginning till now (3 of 3)

12. Energy for the Future Strategic Investor Involvement Preliminary binding offers submission from the Preferred Bidders; Negotiation process; Signing of Shareholders’ Agreement. From now till the end of the process (1 of 1)

13. Energy for the Future Strategic Investor Involvement Timeline

14. Energy for the Future On 6 th of July 2007 NEK announced a tender for Lead Structuring and Arranging Bank; On 24 th of September two banks (Societe Generale and BNP Paribas) requested to participate; NEK examined the submitted requests to participate in the tender and on 11 th of October 2007 invited both candidates to submit initial offers; On 31 st of October the candidates submitted to NEK their initial offers; Lead Structuring and Arranging Bank Tender process (1 of 2)

15. Energy for the Future As from 11 th of December 2007 till 5 th of March 2008 NEK entered into 3 round negotiation process with the candidates. On 21 st of April 2008 NEK’s Board of Directors took a decision and ranked BNP Paribas on 1 st place and Societe Generale on 2 nd place. Lead Structuring and Arranging Bank Tender process (2 of 2)

16. Energy for the Future Lead Structuring and Arranging Bank Timeline

17. Energy for the Future Project Belene Timeline

18. Energy for the Future Phase I – Structuring –bankability review; –consultants due diligence; –risk matrix preparation; –development of project financing base case; –preliminary market test; –financial plan delivery. Phase II – Fund raising –optimisation of financial plan; –market test; –term sheet finalisation; –MLA choice. Phase III - Documentation –loan document negotiation; –financial close. Lead Structuring and Arranging Bank Scope of work

19. Energy for the Future Debt Raising & Equity Partner Process Time Schedule