WIXLIB

Corporate PresentationApril 20211

DisclaimerThis document contains forward-looking statements that involve risks and uncertainties. These statements may generally,but not always, be identified by the use of words such as “outlook”, “guidance”, “expect”, “plan”, “intend”, “anticipate”,“believe”, “target” and similar expressions to identify forward-looking statements. All statements other than statementsof historical facts, including, among others, statements regarding the future financial position and results of ADMIEHolding and ADMIE (IPTO), the outlook for 2021 and future years as per IPTO’s business strategy and five-year businessplan planning, the effects of global and local economic and energy conditions, the impact of the sovereign debt crisis,effective tax rates, future dividend distribution and management initiatives regarding ADMIE Holding’s and IPTO’sbusiness and financial conditions are forward-looking statements. Such forward-looking statements are subject to risksand uncertainties that may cause actual results to differ materially, because current expectations and assumptions as tofuture events and circumstances may not prove accurate. Actual results and events could differ materially from thoseanticipated in the forward-looking statements for many reasons, including potential risks described in ADMIE Holding’sGreek Information Prospectus originally drafted and approved by the Hellenic Capital Market Commission in the Greeklanguage as well as Affiliate ADMIE’s (IPTO) Annual Financial Report 31 December 2020.ADMIE Holding S.A. is owner of a 51% stake in “Independent Power Transmission Operator S.A.” (ADMIE/IPTO).EBITDA Operating Income before Income tax and Financial Income (Expense) Depreciation & Amortization.

Agenda1.ADMIE HOLDING S.A. & IPTO S.A. Overview2.Investment Program Summary3.Financial Highlights4.GRID Telecom5.Appendix

ADMIE at a glance Sole Transmission SystemOperator (TSO) in oyees1.590Network11.968 km*km is the distance between Paris, France and Christmas Island, Australia50.1 TWhRABNet Profit 84.9m*11,968Transported Energy 1.9bn4

Investment PropositionNatural monopoly in Greece11,971 km of HV transmission linesBoosting dividendreturnsReduced borrowing costs andestablished minimum 50% earningspayoutRational regulatoryenvironmentIndependent authorityprioritizing asset growthInvestmentsc. 5b of cumulative investmentsfrom 2020 to 2030Leading TSO as StrategicInvestorState Grid InternationalDevelopment, of China, holderof 24% IPTO stake withexecution input5

1.ADMIEHOLDING&at a glanceIPTO S.A.Overview6

Shareholder StructureHellenicRepublicOther Inst.InvestorsSilchester 20Athens Stock ExchangeATHEX: ADMIEBloomberg: ADMIE GA51.0%Reuters: ADMr.AT232,000,000 common shares25.0%24.0%7

Regulatory FrameworkStable regulatoryframework 4-year regulatory periodduring which the respectiveparameters remain stable Stabilitity is the guiding pillarof the regulator Approves Ten Year NetworkDevelopment PlanNo consumercredit risk Revenues are not dependedon state payments Transmission operators do nothave consumer credit riskAllowedRevenue Allowed revenues assureremuneration of cost of capitaland cost of debt Remuneration is collectedthrough System Users(suppliers) and passed over tofinal electricity consumers (iecompanies and households)8

Regulatory Period: Four yearsRemuneration schemeRegulatory Asset Base(RAB)Undepreciated invested capital maintenance/Allowed Revenue (AR)Operator's Allowed Revenuedevelopment CapEx/ WiP working capital- disposals - subsidiesAR O Dep RODepR RAB x WACCIncentive: annual operating costs: annual depreciation of fixed assets: return on employed capital: 100-250 bp for critical projects9

2.Investmentat a glanceProgramSummary10

Network Development Plan 2020-2030ID Project descriptionExpectedcommissioningProject Cost(2020-30) m1Corridor A’ 400 kV to Peloponnese (OHLMegalopoli – Patras – Acheloos)20212Cycladic Islands Ιnterconnection (PhasesB and C)completed3Cycladic Islands Interconnection Phase D20243774Crete Interconnection (Phase A)20212355Crete Interconnection (Phase B)Ariadne Interconnection20231,0066Skiathos Island Ιnterconnection2022467High Voltage Substations & relatedprojects (Koumoundourou, Patra, Rouf)2023-252028Corridor B’ 400 kV to Peloponnese (OHLMegalopoli – Korinthos –Koumoundouros)2024999Dodecanese Interconnection20281,477203093510 North Aegean InterconnectionVarious projects117531Total Capex5,035Subsidies1,00011

Crete – Attica InterconnectionAtticaPeloponneseIIIAC 2x200MVA132kmsubmarineDC 2x500MW340kmsubmarine The project is considered Project of MajorImportance (PMI), so a Premium rate ofreturn can be approved by the regulator(RAE), on top of the normal rate of return.The percentage of the premium returncan be from 1%-2.5% and is provided fromthe electrification of the project up untilthe 12th year from the scheduled year ofelectrificationCreteThe company Ariadne Interconnection SPSA, a currently 100% subsidiary of IPTO, has been established as aSPV (Special Purpose Vehicle – SPV) in order to finance and construct the project of Crete – AtticaInterconnectionThe Attica-Crete interconnection is a 2X500MW capacity DC link consisting of two 328km submarinecables, additional underground and overhead lines The main benefits of the project are theelimination of Public Service Obligation(PSOs) of more than 400mn/year, thereduction of the energy cost andenvironmental benefitsThe purpose of the project is to improve the security of supply of Crete’s electricity systemCommissioning: 2023Source: ADMIE (IPTO)Estimated budget: c. 1b12

Key milestones in 2020Crete-AtticaInterconnectionMaturing of the tender process for both parts of the project (submarine cableinterconnection and converters), whereas the signing of the relevant contracts took place inJune 2020.The first cable was successfully tested in December 2020. The second has beeninstalled and is expected to be tested before Easter. It is estimated that withinJune-July, the first interconnection of Crete with the mainland system will be readyto transfer electricity power to the island.Crete-PeloponneseInterconnection2020400 kV SystemExpansion to thePeloponneseRegarding the «West Corridor» (budgeted at EUR 118 million), the submarinecable connection between Rio-Antirio has been completed, subject of which is toconnect the Extra High Voltage (EHV) Center of Megalopolis – via Patras- to theexisting 400 kV Acheloos-Distomo transmission lineUpgrade of the CycladesInterconnection NorthCorridorSporades island complexInterconnectionThe Phase IV (interconnection of Santorini, Milos, Folegandros and Serifos with Naxos)has been included in the National Recovery and Resilience Plan and will receivefunding of EUR 170 million. The tenders for the first section, Naxos-Santorini, wereannounced on 19 February 2021 (for the cable sections) and 19 March 2021 (for theSantorini substation). .Submission and technical evaluation of tenders for the 150 kV cableconnecting Mantoudi (Evia)-Skiathos and the construction of a new 150 /20kV substation in Skiathos.

Strategic PlanLeadership Acceleration of all island interconnections Participation in Energy Exchange and implementation ofthe target model.Growth Renovation and optimal management of assets Strong financial profile1 2 3Digitalization Optimization of operations, systemsand procedures14

3.Financialat a glanceOverview15

IPTO Group FY 2020 HighlightsNet PROFITEBITDATOTAL REVENUES 286.7mPY 249.8m( 14.8%) 84.9m 210.6 mPY 224.1 m (-6.1%) Increase by 44.4m in System Rent due tothe increase of the Allowed Revenue setby the Regulatory Authority for Energy(RAE) 2019 Positive affected by one-off nonrecurring items Strong profitability margins Reduction of 1m in Revenues fromcontracts, albeit reflected in acorresponding decrease in contract costs Sufficient liquidity and high Interestcoverage ratio ( 10 times)PY 105.6m(-19.6%) Refinancing of existing syndicatedloans in more favorable terms; signed6-year loan with interest rate of 2.1%plus the Euribor for the first threeyears and 2% plus Euribor for the nextthree years. Decrease by 6.6 EUR million of receivedcustomer contributions related to highnumber of RES connections to theTransmission System in 2019.Solid EBITDA driven by regulated and non-regulated activities16

ProfitabilityEBIT224,1FY 2020Adjusted71%202,5FY 202043%FY 2019FY 202071%176,5FY 2019Numbers adjusted following these one-off items:a) Release of provision for the discount on reduced electricity tariffs given toemployees and retirees of the Company amounting to EUR 0.6 million vs EUR15.7 million in 2019.b) release of provision for risks and expenses EUR 8.7 million against a relevantrelease of EUR 4.3 million in 2019,c)Recovery of the costs of special projects (Polypotamos) amounting to EUR27,5 million in 2019d) Revenue of prior years’ optical fiber rents amounting to EUR 0,7 million.122,154%134,8FY 201940%42%114,0103,9FY 202030%Reported210,6Net IncomeFY 2019Adjusted EBIT came in at EUR 114 million, higher by 9.7% y-o-y, , compared toEUR 134.8 million in 2019, mainly due to the increase in the amount ofdepreciation by 22% as a result of the increase of the fixed assets from therevaluation conducted by the Affiliate on 31.12.2019 and the Regulated Assetbase (RAB) expansion.84,9FY %105,6FY 201928%31%81,178,7FY 2020FY 2019Adjusted Net profit supported also by the one-off positive impact on financialincome from the discounting of long-term receivables (Polypotamos) by EUR 4million.Amounts in ’m17

EBITDA BridgePositive Trend ofelectricity DemandPositive effect from the voluntaryexit scheme employed in 2018Amounts in ’m18

Cash Flow & Net DebtCash Flow BridgeNet DebtNet Debt remained atsatisfactory levels due tohigh cash reservesstanding at 504.5m(31/12/2020) 2.49x Net Debt/adj. EBITDA17x Interest coverage ratio0.67x Net Debt/Equity19

IPTO selected itemsIPTO S.A.GroupBalance ,52.327,72.489,52.128,6Current assets505,8602,4592,5803,6Of which: Cash & equiv.161,5224,4248,4425,2Non-current assetsTotal Assets3.195,32.930,13.082IPTO S.A.P&L31.12.2020Interest-bearing liabilitiesNon-current liabilitiesCurrent liabilitiesEquity & 32.930,23.0822.932,2Chg tal revenuesReversals/(Provisions .497.5%-8.7-4.3210.1222.7-5.7%210.6224.1EBITDA margin73.7%89.5%-23.5%73.5%90%Operating 5Financial Expenses-13.2-13.3-1.5%-13.2-13.4Net Financial Expenses-7.80.1-7900%-7.12.2Net profit/(loss)84.1102.9-18.4%84.9105.631.12.2019Chg tem rentFinancial IncomeEquityGroupCash flows31.12.2020CF from Operations before WC202.8209.2-3.1%203.1209CF from Operations after WC*168.6161.44.5%159.2159.9CF from Investments-295.1-220.334%-397.3-218.3CF from Financing63.5-119.4-153%61.3-119.4Change in cash-62.9-178.3-52%-176.9-177.7* Pass-through amounts included; source: ADMIE (IPTO)Amounts in ’m20

ADMIE Holding FY 2020 Highlights 43.3m-19.6% y/yShare ofInvestments(Income) 264k-16.7% y/yNet FinancialIncome 419k-1.6% y/yReportedOPEX 0.103-12.7% y/yDividendPer ShareActive cash management benefits offset higher OPEX21

ADMIE Holding selected itemsBalance n-current assets722.6704.6Income from Affiliate43.353.9Current assets27.822.5EBITDA38.853.47.08.5Operating Income43.253.4750.4727.2Net profit43.253.931.12.202031.12.2019CF from Operations0.01.4CF from Investing26.221,8CF from Financing-27.7-19,5Change in cash-1.43.6of which: Cash & equiv.Total AssetsCash flowsEquityCurrent liabilitiesTotal Equity & Liabilities750.3727.10.10.1750.4727.2source: ADMIE (IPTO)Amounts in ’m22