Athens - 20/12/2010: Market advisory services for assessing the market potential of the natural gas distribution network of the Attiki Gas Supply Company S.A.

Kantor was appointed to evaluate the commercial prospects of natural gas distribution and supply in the Attiki region for the purposes of assisting a European integrated energy company (and its financial adviser) assess the prospect of investing in EPA Attiki, in the context of an international tendering procedure for a 49% interest in the company. The scope of work entailed the development of comprehensive demand forecasts to determine future gas volumes/sales and the projection of costs for expanding the network and connecting customers. For this purpose, we developed a tailored model that estimated the number of new customers that can be supplied with gas annually for the period 2011 – 2020 and calculated their gas consumption. We also provided estimates of the annual costs for the expansion of the distribution network, the construction of service lines and the costs of converting existing equipment and appliances so that they may use/burn natural gas. Our market analysis formed a critical input for the valuation of the shareholder interest and the formulation of a binding bid for the business.