Copyright Tinmar 2016

Tinmar View

You have all ourenergy

You have all our energyfor your business

ReliabilityExpertiseFlexibility

We are the largest Romanian private capital energy company

15 years of performance

4

years ofperformance

We are the largestRomanian private capital energy company Tinmar is a solid Romanian entrepreneurial group with an exceptional track-record over the past 15 years, in both the local and the international markets.

At Tinmar Energy we are producing renewable energy in the local market, we are trading energy across over 21 international markets, and we are operating as a modern energy service integrator adding value to our clients’ businesses.

We are the private leader of the competitive energy market in Romania, supplying electric energy to the largest corporate customers, including Daimler Mercedes, Kronospan, Lidl, Nepi Invest, Metro Cash & Carry, Tuborg, Doosan IMGB, Petrosantander, Arctic, Lukoil, Vodafone and Carrefour.

At Tinmar Oil and Tinmar Gas, we offer oil products and natural gas to customers in the local and

international industrial markets.At a regional level, we are present with complex energy, oil and gas trading and supply operations through our subsidiaries in 7 CEE countries.

As of 2016 we supply integrated energy services and natural gas to domestic customers.

Our vision is to be the best modern utility service provider in the region.

733Turnover in 2015,a 400% increasefrom 2010

€ MN

1,500CORPORATE CLIENTS IN 2016

#1

Tinmar Group, at a glance

Largest Romanian private capital energy company

3,303 GWh to end consumers7,671 GWhon trading platforms

10,974

First Romanian company listed on the European Energy Exchange in 2009

GWh TONS OF OIL PRODUCTS GWh NATURAL GAS

#1

167,000

Companies in Romania 3 Subsidiaries

in Europe7 Activities in over 21 CEE countries (covering 85% of E.U. territory)

491 GWh to end consumers1,662 GWh to other customers

2,153

21

5

MW netinstalledcapacity

solarparks

6

We believe in renewables and we invest in green energy production

7

Our success is based on our driving values, which guide our actions and reflect what we respect in every relationship with our stakeholders.

We are deeply grounded in reality and believe in results, and make decisions based on clear facts that create a positive impact and add value to the lives and the businesses of our clients.

We are trusted partners and advisors, able to build transparent, long-term and equal relations with our clients. We act in the interests of our clients as if they were our own, and represent them with respect, fairness, and competency.

For us, to be a true professional in operating modern utility services means to be responsible, well-informed, well-trained, meticulous, precise and organised. We incorporate these principles into all our relationships.

We are solution creators and problem solvers for our clients.

We are able to understand our clients expectations, supporting them with successful relationships.

efficiency partnership rigor action-driven empathy

8

15 years of activity in the market has given us specialist capabilities and expertise. We have an exceptional track-record and sizeable portfolio of local and international clients.

2015Our achievements

Record turnover:over €733 mn

Portfolio of over 1,500 corporate clients in Romania and in the region

Presence on 85% of the E.U. territory

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Over 100,000 tons of oil products traded.

Marketshare

First Romanian company registered at EEX

First energy supplycontractFounded in

Bucharest.

Oil products activity trading.

License to supply energy in Romania

Commercial activity in Hungary.

License to supply natural gas in Romania

Producer of renewable energy

Leader of the liberalized industrial energy market

Regional energysupplier .

Over 165,000 tons of oil products traded.

Presence in 85% of the E.U.’s territory with energy trading activities

1%

2%

4%

5.50%

5.81%

8.41%

12.57% 10.27%

20012004

2007

20162015€ 733 mn

2014€ 541 mn

2013€ 387 mn

2012€ 309 mn

2011€ 324 mn2009

€ 95.5 mn2008€ 85 mn

2010€ 176 mn

15 years of activity

9

10

Service integratorTinmar has gradually developed its portfolio of services and products. This has enabled us to become an important regional supplier of electricity, natural gas and oil products, and a local producer of renewable energy.

Energy supply toindustrial clients

Energy supply todomestic clients

Energy trading

Renewable energy production

Gasoline and diesel supply

Bitumen supply

Thermal oil fuel and heavyoil fuel supply

Natural gas supply

Natural gas trading

GR

SI & HR

BG

RS

RO

FR

HU

IT

CHAT

CZ

SK

TR

11

Our international operationsWe are operating in CEE through 7 subsidiaries which provide complex trading and the supply of electricity, oil products, and natural gas.

20102011

20122013

20142015

800

600

400

200

0

20102011

20122013

20142015

60

45

30

15

0

Turnover€ mn

Shareholders’ equity€ mn

12

Financial achievementsIn a highly competitive market context, Tinmarsucceeded in achieving increasing financial resultsthroughout its 15 years of activity.

Modern utility services.Integrated solutions.Tinmar EnergyTinmar OilTinmar Gas

14

We are the largest private capital energy company in Romania with the vision to be the best modern utility service providerin the region.

Modern utility services.Integrated solutions.

70

110 17

0

300

500

900

473

807

1.15

3

2.50

0

4.60

0

7.00

0

939

1.40

4 1.40

4 2.08

6

3.67

7

3.30

3

20102011

20122013

20142015

16

We are the privately owned leaderof the local electricity market of industrial clientsWe have become the private company leading the energy supply industrial market. We offer integrated utility services that add value to the businesses of our clients.

Recently, we have been increasingly recognized as an important energy supplier in the region, through our expanding activities in countries such as Turkey, Bulgaria, Serbia, and Hungary.

Suppliedenergy (GWh)

Endconsumers

Supplylocations

Tinmar10,27%

ElectricaFurnizare

14,72%

Alții39,77%

17

Largest energy consumers

2015 marketshare overview on the free market E.ON Energie România 6,53%

CEZ Vânzare 5,39%

Repower Furnizare România 4,86%

Enel Energie 4,36%

Arelco Power 3,99%

Alro 3,60%

Transenergo COM 3,52%

OMV Petrom 2,99%

18

Our clients are the leaders of themajor industries in Romania.

We have built an extended portfolio of loyal clients, who chose us for the quality of our services and for our approach, always tailored to their specific needs.

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We are supplying energy to the largest companies in Romania

19

DAIMLER MERCEDESAutomotive

KRONOSPANWood industry

LIDLRetail

NEPI INVESTReal estate

METRO CASH & CARRYRetail

4,000MWh/month

24,000MWh/month

7,000MWh/month

15,000MWh/month

7,000MWh/month

DOOSAN IMGBManufacturing

PETROSANTANDEROil & gas

ARCTICHome appliances

LUKOILOil products

VODAFONETelecom

6,000MWh/month

5,000MWh/month

3,000MWh/month

3,000MWh/month

1,000MWh/month

TUBORGBeverages

2,000MWh/month

CARREFOURRetail

2,500MWh/month

20

We have a significant and vast legislative and operational expertise in the power supply market. Our trade strategies assure our clients the most convenient financial terms.

We have expanded our trading operations in 21 countries and now cover 85% of the European Union energy trade market.

We are continuing our expansion, recently undergoing licensing in new countries.

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We trade energy in 21 European markets

HR

GR

SI

BG

RO

RS

RO

TR

SE

NO

UK

FRHU

IT

CH

DE

DK

FL

AT

CZ

PL

SK

NL

BE

ES

TR

21

ROMANIA

HUNGARY

TURKEY

SERBIA

BULGARIA

GERMANY

AUSTRIA

CZECH REP.

SLOVAKIA

FRANCE

BELGIUM

NETHERLANDS

ITALY

GREECE

NORWAY

SWEDEN

FINLAND

DENMARK

SPAIN

GREAT BRITAIN

SWITZERLAND

CROATIA

POLAND

SLOVENIA

OPCOM

HUPX

EEPIAS

SEEPEX

IBEX

EPEXSPOT

EPEXSPOT/EXAA

OTE/PXE

OKTE

EEX

EEX

EEX

IPEX/EEX

EEX

EEX

EEX

EEX

EEX

EEX

EEX

EEX

CROPEX

POLPX

BSP

RO

HU

TR

RS

BG

DE

AT

CZ

SK

FR

BE

NL

IT

GR

NO

SE

FL

DK

ES

GB

CH

HR

PL

SI

COUNTRY TRADING

License pending

License pending

License pending

SUPPLY EXCHANGE

20102011

20122013

20142015

1.44

5

2.81

5

3.07

1

3.05

8

506

1.41

1 1.62

7

972

7.45

83.

781

10.9

747.

671

Trading (GWh)

Total (GWh)

22

We have outstanding resultsin energy tradingOver the past 5 years we have registered a 800% growth in the trading and delivery of energy in the European markets.

In 2015, the total quantity of energy delivered was 10,974 GWh, out of which 3,303 GWh was supplied to end consumers with 7,671 GWh traded on the energy markets.

The quantity of energy exported by Tinmar in 2014 amounted to 11% of the total energy export of Romania and one year later, the quantity traded aboard increased with 3%.

23

Starting with 2016 we supply energy to domestic customers Following the energy market liberalization, Tinmar started to provide energy to domestic customers also.

We offer an authentic interaction with our customers: one that is prompt and friendly. Thus, we are capable of keeping our promise “At your service with all our energy”.

24

We have maintained solid partnerships with reputable, specialized companies, which can guarantee safe, high-quality services provided by specialists, at the best prices.

Tailored-made packagesfor your company’semployees

Our offer includes integratedservices subscriptions ataffordable prices.

Our free benefits included in our offers assure all the comfort, as it follows:• Compensation in the case of appliance damage caused by Voltage fluctuations• Exemption from paying energy bills in the case of unexpected events at the workplace• Emergency interventions executed by authorised specialists in the case of damage occured at our clients house:electrical, gas, sanitary, thermal and sewerage • Emergency locksmith interventions in the case of broken doors or a locked entrance door house.

With our packages of integrated solutions, we offer our clients tailor-made energy subscriptions and new services for their safety and comfort.

With Tinmar Smart Home we deliver solutions designed to help our customers keep control of the energy consumption in their homes.

With Tinmar Reparator we offer prompt support to our customers for appliance and electrical repairs.

25

We invest inrenewable energyIn our activity, we focus on keeping a balance between economic growth, environment protection and alternative sources.

We took a strategic decision in 2012 to invest € 75 mn in photo-voltaic parks.

Thus, at the end of the same year, we started to produce renewable energy.

Târgu-JiuRâmnicuVâlcea

CraiovaGiurgiu

București

26

The future.Straight from the source.We have built and own 50 MW installed capacity of photo-voltaic power plants in the south of Romania.

Presently, we can provide green energy, produced by our company, to a city like Sibiu for an entire year.

In 2015 alone, 35% of the total energy we supplied to our end consumers was green energy – coming from our own production and other producers of renewable energy.

Modern utility services.Integrated solutions.

76.443

50.000

0

100.000

150.000

200.000

119.317

131.146

166.639

200.000

Tone

20122013

20142015

2016*

28

We have 15 years experiencein providing oil products and servicesTinmar first started by trading oil products in 2001 and then improved and increased its activity setting the groundwork for the Tinmar Oil company.

We maintained steady growth — sold over 165,000 tons of petroleum products in 2015. We estimate a sales growth of 20% for the next period.

Starting with 2016 we are supplying energy for regional clients — in countries like Hungary, Bulgaria and Serbia.

* Volumes for 2016 are estimated.

29

Tinmar Oil — a qualified, flexible, and prompt partner for your businessWe are able to adapt to the economical specifics of your business and constantly keep pace with the demands of the market.

Our Tinmar Oil experts have the best technological know-how, enabling delivery of the best solutions, by analyzing in real time all variables and options.

We deliver in a rapid and professional manner premium products at competitive prices.

Our clients benefit from a high degree of flexibility in managing financial and commercial operations.

flexibility

availability

reliability

viability

continuity

ROMÂNIALR

R

L

L

O

O

O

L

O

MO

L

R

O

M

R

R

R

L

M

R

L

O

București

Giurgiu

Ploiești

Constanța

Cluj-Napoca

Timișoara

Craiova

Bacău

Brașov

Oradea

ȘimleulSilvaniei Bistrița

Năsăud

Deva

RâmnicuVâlcea

Vatra Dornei

Bacău

București

Cluj

Deva

Isalnița (DJ)

Ploiești

Timișoara

Arad

Craiova

Mogoșoaia

Năvodari

Șimleul Silvaniei

Vatra Dornei

Zărnești

Arad

Bistrița Năsăud

Brașov

Cluj

Constanța

Ploiești

Râmnicu Vâlcea

Tileagd

Oil Terminal Constanța

Giurgiu

OMV RompetrolDownstream

Lukoil MOLRomânia

O R L M

Depozite de carburanți

30

Tinmar Oil productsOur commercial offer includes a wide range of petroleum products, available in depots all over the country:• gasoline• diesel• bitumen• thermal oil fuel• heavy oil fuel

We provide rapid deliveryacross the country and abroad.

SERBIA

ROMANIA

HUNGARYBudapest

Belgrad

Ploiești

31

Bitumen depots

Vega Refinery, Ploiești

Orlen Depot, România, Florești

Romania

Mol Refinery, Szazhalombatta, Hungary

Hungary

Pancevo Refinery, Serbia

Serbia

Modern utility services.Integrated solutions.

Quantity (GWh)

0

1.000

2.000

3.000

4.000

2016*2015

2014

33

Exponential growth in natural gas deliveryIn March 2008, Tinmar acquired the Gas Supply license in Romania, aiming to become an integrated supplier of energy and natural gas.

In 2014 we delivered 77 GWh for 70 end clients.In 2015 we achieved exponential growth, delivering 2,153 GWh to over 200 clients.

Clients

* Volumes for 2016 are estimated.

International Accreditation& InternationalStandards

35

Tinmar supply energy to the largest companies in Romania, supporting their success in the market. Equipped with specialised know how and competitive skills, we have become the leader in energy supply for industrial clients.

We are at your service, through 5 local and international offices in Europe.

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You have all our energyfor your business

Contact

Copyright © Tinmar 2016

TINMAR GROUPHEADQUARTERS

Sky Tower, Calea Floreasca nr. 246C, Et.17, București, Sector 1, Romania

office@tinmar-energy.rooffice@tinmar-gas.rooffice@tinmar-oil.ro+40 21 318 07 72+40 21 318 07 710800 410 065 TelVerde

TINMAR ENERGIAKERESKEDŐ KFT.

Regus Bank Center, 1054 Szabadság tér 7, Budapest, Ungaria

office@tinmar.eu+36 1 474 81 09+36 1 474 81 81

TINMAR ENERGY D.O.O.

Makedonska 30/2, Belgrad, Serbia

office@tinmar.eu+38 1 692 808079

TINMAR ENERJI TICARET LIMITED SIRKETI

Tomtom Mah. Istiklal Cad. 189/3, Beyoglu/Istanbul, Turkey

office@tinmar.eu+90 212 9631635+90 212 9631341

TINMAR SUPPLY E.O.O.D.

3, Byalo Pole St., 2nd floor, Manastirski Livadi-Zapad Quarter, Sofia, Bulgaria

office@tinmar.eu+40 728 699 999