PUBLIC POWER CORPORATION S.A. Department of Energy Management

PUBLIC POWER CORPORATION S.A. Department of Energy Management BIDDING PROCEDURE No. DDE 90601 to be held on February 15, 2006 Bidding Inquiry No. 411 / February 3, 2006

ΗΜΟΣΙΑ ΕΠΙΧΕΙΡΗΣΗ ΗΛΕΚΤΡΙΣΜΟΥ Α.Ε. ΙΕΥΘΥΝΣΗ ΙΑΧΕΙΡΙΣΗΣ ΕΝΕΡΓΕΙΑΣ ΑΓΗΣΙΛΑΟΥ 56-58 104 36 ΑΘΗΝΑ τηλ. 210-5236083 fax: 210-3355156 ΑΡ/ΗΜ: Ε/411/03 Φεβρουαρίου 2006 Θέµα: ΠΡΟΣΚΛΗΣΗ ΓΙΑ ΥΠΟΒΟΛΗ ΠΡΟΣΦΟΡΩΝ για την περίοδο από 1 Μαρτίου έως 31 εκεµβρίου 2006 ΙΑΓΩΝΙΣΜΟΣ Νο. DDE 90601/15.02.2006 Η ΗΜΟΣΙΑ ΕΠΙΧΕΙΡΗΣΗ ΗΛΕΚΤΡΙΣΜΟΥ Α.Ε. ( ΕΗ) ενδιαφέρεται να αγοράσει ηλεκτρική ενέργεια, υπό τους εξής γενικούς όρους: Περίοδος παραδόσεων: 01.03.2006 31.12.2006. Ισχύς / προφίλ: ιασυνδετικά ικαιώµατα: Σηµείο παράδοσης: Προϋποθέσεις Προσφοράς: Υποβολή Προσφορών: έως 70 MW, σε µπάντα (24 ώρες), από τη ευτέρα έως Κυριακή. Οι Συµµετέχοντες στο ιαγωνισµό πρέπει να θεωρήσουν ότι τα διασυνδετικά δικαιώµατα θα εξασφαλισθούν από τη ΕΗ. Βόρεια Ελληνικά σύνορα (Ελληνο-Βουλγαρικά, ή/και Ελληνο- ΠΓ Μ, ή/και Ελληνο-Αλβανικά). οι Προσφορές πρέπει να περιλαµβάνουν τα ακόλουθα στοχεία: ισχύ, τιµή µονάδος (Ευρώ ανά MWh), προέλευση ηλεκτρικής ενέργειας, σηµείο(α) παράδοσης. τραπεζική Εγγυητική Επιστολή Συµµετοχής σε Ευρώ ( ), εκδοθείσα από τράπεζα που δραστηριοποιείται νόµιµα στην Ευρωπαϊκή Ένωση, σύµφωνα µε το συνηµµένο υπόδειγµα Εγγυητικής Επιστολής Συµµετοχής, ύψους 0,5 % (µηδέν πέντε τοις εκατό) της αξίας της προσφερόµενης ηλεκτρικής ενέργειας και ισχύος µέχρι την 30ή Απριλίου 2006. Όλες οι ενδιαφερόµενες επιχειρήσεις, που επιθυµούν να συµµετάσχουν σε αυτόν τον ιαγωνισµό, πρέπει να υποβάλουν τις Προσφορές τους, µαζί µε την Εγγυητική Επιστολή Συµµετοχής όπως ανωτέρω, σε ένα σφραγισµένο φάκελο στη Γραµµατεία της ιεύθυνσης ιαχείρισης Ενέργειας ( ΕΜ) της ΕΗ, στη διεύθυνση που εµφανίζεται στο άνω µέρος αυτής της σελίδας, 3 ος όροφος, µέχρι την Τετάρτη, 15 Φεβρουαρίου 2006, στις 12:00 τοπική ώρα. Η αποσφράγιση των προσφορών θα αρχίσει στις 12:15 τοπική ώρα της προαναφερθείσας ηµεροµηνίας, στην Αίθουσα Συσκέψεων της ΕΜ, στην ανωτέρω διεύθυνση. Η διαδικασία αξιολόγησης των προσφορών θα πραγµατοποιηθεί σε ένα στάδιο. Οι Συµµετέχοντες προσκαλούνται να παραστούν στο ιαγωνισµό, η παρουσία τους όµως δεν είναι υποχρεωτική. Οι προσφορές, που θα παραλαµβάνονται πέραν της ανωτέρω ηµεροµηνίας και καθορισθείσας ώρας, δεν θα λαµβάνονται υπ C:\Documents and Settings\P.kouvalakis\Local Settings\Temporary Internet files\content.ie5\cpujkxm3\b.p. DDE 90601-15.02.06 B.I. DEM 411 ελληνικά.doc - 06/02/2006-12:01 PM

όψιν. 2 Ισχύς Προσφορών: Ο χρόνος ισχύος των προσφορών πρέπει να καθορισθεί. Ελάχιστος χρόνος ισχύος η 15 η Μαρτίου 2006. Γενικοί Όροι Η ΕΗ διατηρεί το δικαίωµα να ακυρώσει το ιαγωνισµό αυτόν, συνολικά ή εν µέρει, οποιαδήποτε στιγµή, κατά την απόλυτη κρίση της, χωρίς υποχρέωση να αποκαλύψει τους λόγους της απόφασής της και χωρίς οι Συµµετέχοντες στο ιαγωνισµό να δικαιούνται να προβάλουν οποιαδήποτε αξίωση λόγω αυτής της ακύρωσης. Οι Ανάδοχοι Μειοδότες πρέπει να είναι διαθέσιµοι από τις 20 Φεβρουαρίου 2006 και µετά, προκειµένου να υπογράψουν σύµβαση. Εντός 4 (τεσσάρων) εργασίµων ηµερών από τη σύναψη της σύµβασης, οι Ανάδοχοι πρέπει να επιδώσουν στη ΕΗ Εγγυητική Επιστολή Καλής Εκτέλεσης σύµφωνα µε το συνηµµένο υπόδειγµα, βάσει των όρων του Άρθρου 4 του συνηµµένου Υποδείγµατος Σύµβασης, εκδοθείσα από τράπεζα, που δραστηριοποιείται νόµιµα στην Ευρωπαϊκή Ένωση, ύψους 5 % (πέντε τοις εκατό) της αξίας της συµβασιοποιηµένης ποσότητας ηλεκτρικής ενέργειας και ισχύος µέχρι την 28 η Φεβρουαρίου 2007. Πριν από την υπογραφή σύµβασης οι Ανάδοχοι πρέπει να είναι έτοιµοι να παρέχουν όλες τις πληροφορίες που απαιτούνται βάσει του Νόµου 3310/2005, όπως τροποποιήθηκε από το Νόµο 3414/2005 και της Υπουργικής Απόφασης 24014/25.11.2005, αναφορικά µε την έκδοση του σχετικού "Πιστοποιητικού ιαφάνειας" από το Εθνικό Συµβούλιο Ραδιοτηλεόρασης. Πρόσωπα επικοινωνίας: Ο κ. Ιωάννης Αργυράκης, τηλ.: (0030 21) 05246286 (0030 21) 03355119 Κα Αλεξάνδρα Ψυρρή, τηλ.: (0030 21) 05246974 (0030 21) 03355118 Χρήστος ΠΟΣΕΙ ΩΝ ιευθυντής Συνηµµένα: Υπόδειγµα Εγγυητικής Επιστολής Συµµετοχής Υπόδειγµα Εγγυητικής Επιστολής Καλής Εκτέλεσης Υπόδειγµα Σύµβασης C:\Documents and Settings\P.kouvalakis\Local Settings\Temporary Internet files\content.ie5\cpujkxm3\b.p. DDE 90601-15.02.06 B.I. DEM 411 ελληνικά.doc - 06/02/2006-12:01 PM

SPECIMEN PARTICIPATION LETTER OF GUARANTEE To the: PUBLIC POWER CORPORATION S.A. DATE... We (Bank) inform you that we hereby expressly, irrevocably and unreservedly guarantee as principal obligors in favor of your Bidder (1).... having its seat in (2)... up to the sum of (3).... for the participation of said Bidder in your Bidding Procedure (4) No. DDE 90601 to be held on (5) February 15, 2006.... in accordance with your Bidding Inquiry (6) No. DEM 411, dated February 3, 2006. and in strict conformity thereto. The above guarantee refers only to the obligations deriving from the participation in the aforementioned Bidding Procedure up to the signing of the relative contract by the Bidder in case of an award to him, and the delivery by him to you of a Letter of Good Performance Guarantee in accordance with your instructions, but in no event whatsoever does it refer to the obligations deriving from the performance of such a contract. In the event, as a consequence of the above guarantee, you will decide that the said Bidder is in default with regard to any obligation of any kind or nature assumed by him in connection with his participation in the above Bidding Procedure, we are hereby assuming the obligation to pay forthwith to you upon your written demand, without any objection whatsoever, the guaranteed sum either in total or in part according to your instructions and within five calendar days from your relevant notification, without any authorization, action or consent of the Bidder, hereinabove mentioned, being required for such payment nor any opposition, exception, objection or recourse to arbitration or the Courts thereof to be eventually instituted by the above Bidder shall be taken into consideration. We further declare that our present guarantee shall remain in full force and effect until any and all obligations assumed by the Bidder by virtue of his participation in the above Bidding Procedure are fulfilled but however no later than (7) the 30 th of April 2006, unless extended in the meantime. On that date it expires in full and automatically irrespective of whether the present guarantee is returned to the Bank or not, unless your written demand for payment, as described above, has reached the Bank within working hours of that day. Irrespective of any expiry provision contained herein, this guarantee shall be cancelled during its validity on presentation to the Bank of the guarantee itself. Furthermore we declare that we shall extend the validity of this guarantee, at your request, made in writing prior to the expiration date of this guarantee. The Bank (8) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - NOTE : In blank spaces to be inserted : (1) The business trade name of the Bidder (in case of a Consortium, all members of the Consortium) (2) The address of Bidder s Legal Seat (3) The amount of Participation Bond (4) The number of PPC s Bidding Procedure (5) The closing date for the submission of the Bids (6) The number and date of the relevant PPC s Bidding Inquiry (7) Date of expiry of guarantee (8) The Bank Letter of Guarantee should bear Bank signatures on all pages C:\Documents and Settings\P.kouvalakis\Local Settings\Temporary Internet files\content.ie5\wly3oler\specimen PLG B.P. DDE 90601.doc 3/2/2006-3:53 PM

CONTRACT No. DDE... for purchase of electric energy concluded between (.) hereinafter referred to as or The Seller represented by :... and PUBLIC POWER CORPORATION S.A. (Greece) hereinafter referred to as PPC or The Buyer represented by :........., 2006

2 ARTICLE 1 Object of the Contract The Object of this Contract regards deliveries of electric energy by.. (the Seller) to PPC (the Buyer), by use of the Interconnection Rights of PPC for the time period from up to., ARTICLE 2 Delivery / receiving of Electric Energy 1. Delivery Period Profile Quantity:.. (the Seller) will sell and agrees to deliver to PPC, and PPC will buy and agrees to receive electric energy during the period till, in band (24 hours baseload), from Monday to Sunday, at a power level of MW. The total quantity to be supplied by. (the Seller) to PPC will be GWh. The deliveries of the electric energy will start on at 00:00 hrs CET and will end on.. at 24:00 hrs CET. 2. Origin of electric energy: The origin of the electric energy will be /. (Country/Producer). 3. Delivery Route Delivery Point:.. (the Seller) recognizes his full and sole responsibility in guaranteeing the electric energy deliveries at Northern Greek borders and undertakes all and any permits and expenses for the transmission of the electric energy from its origin up to the Greek border. The delivery of the electric energy will be effected via the Interconnection Line connecting the Hellenic Transmission System and the Transmission System of. (country), at the exact point this line crosses the Greek.. (country) Border. 4. Delivery Schedule: The Parties herein agree on the following supply schedule: weekly agreement settled for the following delivery week (Monday to Sunday) following the date of order; PPC s schedule shall be transmitted at the latest by Wednesday at 12:00 hrs (CET) to (the Seller), with a copy to the HTSO; this schedule will be settled and confirmed by (the Seller) until each Thursday at 12:00 hrs (CET). According to this Contract the calendar week will be considered in correlation with Article 2, paragraph 1. The agreements and confirmations can either be made by telephone and confirmed by fax, or they can be made directly by fax.

3 ARTICLE 3 Pricing and Terms of Payment 1. The unit price of the electric energy to be delivered by. (the Seller) to PPC under the present Contract is / MWh (... Euros per MWh). 2. The unit price referred to in paragraph 1 hereinabove is fixed and it is understood to be for electric energy Delivered at Greek Frontier. All and any expenses for the transmission of energy from its origin up to the Greek frontier shall by borne by.. (the Seller), in conformity also with the stipulations of paragraph 3 of Article 2 of the present Contract. 3. The payments for the electric energy delivered shall be made in Euros ( ). 4. The invoicing of the delivered quantities of electric energy is to be effected by (the Seller), as follows : a) Within the first 3 (three) working days of the month following the month of deliveries PPC and. (the Seller) shall confirm to each other, through fax, the quantities of electric energy delivered within the month in question, indicating also the exact quantities per country of origin and per delivery point (frontier). Such confirmations shall be based on the relevant account confirmations mutually agreed between the Hellenic Transmission System Operator S.A. (HTSO) and (relevant neighbouring country Transmission System Operator/Dispatching Centre). b) According to the confirmed quantities of electric energy, as described in point (a) hereinabove, and on the basis of the Contract price specified in paragraph 1 of this Article, (the Seller) will issue the relevant invoice, preferably indicating as date of issue the last date of the month of deliveries. Separate invoices for the delivered monthly quantity should be issued in the following two cases: - in case of more than one sources of electric energy (different origin); - in case that the Movement Certificate EUR 1 is needed and cannot be provided to PPC for a certain monthly quantity, as stipulated in paragraph 6 below in this Article. c) The following data should, in any case, be indicated in the invoice: - the origin of electric energy; - the delivery point; in case of delivery at more than one delivery points, the exact quantity per delivery point should also be indicated; - the serial number of the respective EUR. 1 Certificate (issued in conformity with the stipulations of paragraph 6 below in this Article); - the terms of payment described in paragraph 5 herein below. d) (the Seller) will send the invoice(s) to PPC by fax and in case the origin of electric energy is not from an EU country, this invoice must be accompanied by the corresponding Movement Certificate(s) EUR.1. The original monthly invoice(s), in triplicate, will be mailed subsequently until the tenth (10 th ) calendar day of the month following the month of deliveries,

4 accompanied by the corresponding original Movement Certificate(s) EUR. 1, as the case may be. e) If any complaints are raised about invoices, they must be made by no later than 3 (three) working days after the receipt by PPC of the relevant invoice by fax, unless it can be proved that the invoice contains incorrect details or arithmetical errors. 5. PPC undertakes to pay the invoice -issued in conformity with the provisions defined in this Article- within 15 calendar days as from the date of receipt of the original invoice (in triplicate) accompanied by the corresponding original Movement Certificate EUR. 1, if any, by Payment Order to the bank account referred to in the invoice, and in favour of. (the Seller). If the date of payment is not a working day in Greece then the payment will be effected the next following working day. PPC shall bear all bank charges and expenses incurred in the territory of Greece, whereas all other bank charges and expenses shall be borne by. (the Seller). 6... (the Seller) has explicitly declared that he will submit to PPC separate Movement Certificates EUR. 1 for the exact quantity of electric energy delivered to PPC from each extra EU country of origin and shall have to do so for each month of deliveries, together with the corresponding invoice. In case the Movement Certificate EUR. 1 is needed as stipulated in paragraph 4.d) above and cannot be provided to PPC, (the Seller) must have the price quoted in the invoice (meaning the total amount due) multiplied by 0,9985 (i.e., decreased by 0,15%). In case that this Certificate cannot be provided to PPC for a portion of the delivered monthly quantity, then.. (the Seller) shall have to issue a separate invoice for the energy quantity for which the Certificate EUR. 1 cannot be issued, and have the price quoted in this separate invoice (meaning the total amount due) multiplied by 0,9985 (i.e., decreased by 0,15%). The serial number of each Movement Certificate EUR.1 should be indicated in the respective invoice. In case that the date of issue of the Movement Certificate EUR.1 is posterior to that of the corresponding invoice, then the relevant Movement Certificate should bear the indication ISSUED RETROSPECTIVELY or ISSUED A POSTERIORI. 7. (the Seller) guarantees the accuracy and the adequacy of his Contract price and declares that it constitutes his full and complete compensation and includes all. s (the Seller s) costs and expenses of any nature, any and all taxes, duties and related charges as well as his profit. ARTICLE 4 Good Performance Guarantee. (the Seller) shall deliver to PPC a Letter of Good Performance Guarantee in the form of a Letter of Bank Guarantee, as per the specimen attached to this Contract, amounting to. (.. Euros).

5 Said letter of Guarantee will be issued in favour of PPC by a Bank legally operating in the European Union. The Letter of Good Performance Guarantee shall be deposited with PPC with the present Contract. The Letter of Good Performance Guarantee shall guarantee the accurate, timely and faithful fulfilment of.. s (the Seller s) obligations under this Contract. This Letter is given to PPC for the purpose of the partial or total coverage of any claim whatsoever PPC may have against. (the Seller) under this Contract. PPC is entitled, at its discretion, to declare said Letter of Good Performance Guarantee forfeited in its favour, in total or in part, for reasons related to any claim that PPC may have against. (the Seller) under this Contract. Before forfeiting the Letter of Good Performance Guarantee, PPC will notify. (the Seller) in writing to fulfil its obligations, determining a time limit for such fulfilment. Said notification will include a statement that, in case. (the Seller) fails to comply with PPC s request within the specified time limit, PPC will forfeit in its favour the Letter of Good Performance Guarantee up to an amount equal to the claim PPC may have against. (the Seller) under this Contract. The Letter of Good Performance Guarantee will be valid as from the coming into force of this Contract and until all obligations of. (the Seller) towards PPC, assumed under this Contract, are fulfilled. If no contrary special term is included in this Contract and no reason exists for its forfeiture the said Letter is returned to the Bank it was issued from upon. s (the Seller s) request after full and complete fulfilment of all, without exception, its contractual obligations and after the final clearance of the accounts, without the expiration of the guarantee being necessary for the proper completion of the transaction in question. Every cost related to the Good Performance Guarantee will be borne by. (the Seller). ARTICLE 5 Force Majeure 1. Should circumstances beyond reasonable control of the Parties (Force Majeure cases) arise, such as fire, acts of elements, war, embargo and other external emergency events, which affect severely the international electric power connections of Greece with the northern neighbouring systems, the fulfilment of the obligations by the Parties can be suspended for as long as these circumstances prevail, following a well grounded notification. 2. Faults on transmission lines and substations on the territory of the Parties, or the transiting countries, that lead to an unacceptable operation regime, are expressly agreed as cases of Force Majeure. 3. Limitations, including line maintenance, which may affect the fulfilment of this Contract declared by the HTSO (Hellenic Transmission System Operator), or by other competent Greek Regulatory Authorities (such as RAE) are also expressly agreed as cases of Force Majeure.

6 4. Both Parties shall endeavour to resume, as soon as possible, the supply and to mutually agree on the terms and schedule of the provision of the delayed supply. 5. If delivery/receiving of electricity is suspended exclusively because of Force Majeure for more than one (1) month, then within a period of seven days (following the aforesaid one-month period of delivery/receiving suspension), the affected Party has the right to terminate the Contract. In this case, neither of the Parties is entitled to make a claim of any sort against the other for any possible losses to occur by the termination of the Contract. 6. The Party who is not able to fulfil its obligations because of Force Majeure shall immediately and in any case within three (3) working days after the occurrence of the event notify the other Party of this. The fact of the Force Majeure, its direct relation with the delay in performing or continuing of performance of the affected Party s obligations under this Contract and the time of its duration shall be confirmed in writing by the competent authorities of the affected Party. 7. It is expressly agreed that cases of Force Majeure affecting the performance of the Contract are acceptable only as causes of delay or termination of the Contract and not as a basis for compensation. 8. The Parties shall endeavour to restore their obligations in all cases of Force Majeure as soon as possible. ARTICLE 6 Governing Law and Settlement of Disputes 1. 2. 3. Greek Law governs this Contract and its implementation. Both Parties will endeavour to settle amicably any dispute or difference arising out of or connected with this Contract. It is explicitly agreed upon between the Parties herein that any remaining controversy or claim of any kind shall be finally settled in the Athens Courts. During a dispute, the Parties are not released from the obligations assumed under this Contract (payments and delivery/receiving of electric energy, as defined above). ARTICLE 7 Alteration of Terms and Conditions 1. 2. Any alteration agreed shall be valid only if it is confirmed in writing by the Parties and it is signed by their authorised representatives. If any of the Contract provisions is adjudged by the competent Court or other competent tribunal, to be unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby and the Parties hereto will use their best endeavours to revise the invalid provision so as to render it enforceable, in accordance with the intention expressed herein.

7 ARTICLE 8 Confidentiality 1. 2. 3. Both Parties hereto will not disclose, either in writing, verbally or through electronic means, any part of this Contract to any third Party, unless consented to in writing by the other Party hereto. The restriction shall not affect the Banks of the Parties and State bodies entitled to effect inspections. None of the Parties has the right to transfer its rights or obligations under the present Contract to any third Party without the prior written consent of the other Party. ARTICLE 9 Termination of the Contract If any of the Parties fails to comply with its contractual obligations, for a period of more than seven (7) calendar days in total, the other Party is entitled to terminate the Contract by written notification. The Contract is automatically terminated in the event that either Party is declared bankrupt or, either Party is put under forced administration and also if, in violation of the provisions of Article 8, paragraph 3 of the present Contract, either Party has substituted itself, in whole or in part, in the performance of the present Contract by any third Party without the prior written consent of the other Party. Furthermore,.. s (the Seller s) final forfeiture shall have the consequence that the Good Performance Guarantee under this Contract shall be forfeited in favour of PPC (in total or in part at PPC s sole discretion). ARTICLE 10 Miscellaneous 1. Should there be any cancellation, the Parties to this Contract shall have the following rights and obligations: - Any obligation of either Party, which is extended beyond the cancellation of this Contract, stands fully valid and operating. - All the amounts owed by one Party to the other covering obligations, expenses, costs, etc., which had to be paid out before the termination of this Contract shall be paid in conformity with the provisions of this Contract. 2. The competent Departments of the contracted Companies herein to be responsible for the implementation of the present Contract are: for the. (..) -...... tel.: (.).., fax: (.)..

8 for the PUBLIC POWER CORPORATION S.A. (PPC) - Department of Energy Management 56-58, Agissilaou Street 104 36 Athens - Greece tel.: (0030 21) 05236083, fax: (0030 21) 03355156 Contact Persons for Scheduling: Constantine Stamatakis tel: (0030 21) 03355154 fax: (0030 21) 03355296 e-mail: kstam@dde.dei.gr Evangelos Pantazis tel: (0030 21) 03355154 fax: (0030 21) 03355296 e-mail: epant@dde.dei.gr George Panayotopoulos tel: (0030 21) 03355154 fax: (0030 21) 03355296 e-mail: gepan@dde.dei.gr Contact Persons for Settlement / Invoices: Angela Poulaki tel: (0030 21) 03355312 fax: (0030 21) 05230433 e-mail: apoulaki@dde.dei.gr 3. 4. All the changes and amendments of this Contract will be realised in a written form (Annexes/Amendments to this Contract) mutually agreed upon and signed by both Parties. The Contract has been concluded in 2 (two) originals, in English, one for each Party, legally signed. ARTICLE 11 Ratification and Duration of the Contract 1. The conclusion of this Contract is subject to the provisions of the Greek Law 3310/2005 as amended by Law 3414/2005, and the Ministerial Decision 24014/25.11.2005, with regard to the issuance of the relevant Transparency Certificate by the National Council of Radio and Television. The relevant Transparency Certificate shall be considered to be an integral part of the present Contract. 2. The Parties herein shall notify by fax one another of the approval of the Contract, the date of the last fax being considered as the date this Contract has become effective. 3. The present Contract shall be valid up to the end of, i.e. until all the obligations of both Parties are fulfilled. ARTICLE 12 Legal addresses of the Parties The Seller... The Buyer PUBLIC POWER CORPORATION S.A. 30, Chalkokondyli Street GR - 104 32 Athens For and on behalf of the Seller For and on behalf of the Buyer....

SPECIMEN GOOD PERFORMANCE LETTER OF GUARANTEE To the : PUBLIC POWER CORPORATION S.A. DATE We (Bank) inform you that we hereby expressly, irrevocably and unreservedly guarantee as principal obligors in favor of your Supplier (1).... having its seat in (2)... up to the sum of (3).... for the exact, faithful and timely fulfillment of every and all obligations assumed by your said Supplier pursuant to the Contract (or Purchase Order) (4) No...., entered into with you for the supply of electric energy. In the event, as a consequence of the above guarantee, you will decide that the said Supplier is in default with regard to any obligation of any kind or nature undertaken by him by virtue of the above Contract (or Purchase Order), we are hereby assuming the obligation to pay forthwith to you upon your written demand, without any objection whatsoever, the guaranteed sum either in total or in part according to your instructions and within five calendar days from your relevant notification, without any authorization, action or consent of the Supplier, hereinabove mentioned, being required for such payment nor any opposition, exception, objection or recourse to arbitration or the Courts thereof to be eventually instituted by the above Supplier shall be taken into consideration. We further declare that our present guarantee, shall remain in full force and effect until any and all obligations assumed by the Supplier by virtue of the above Contract (or Purchase Order) and its Supplements, not increasing the initial Contract price, are fulfilled but however, no later than (5)., unless extended in the meantime. On that date it expires in full and automatically irrespective of whether the present guarantee is returned to the Bank or not, unless your written demand for payment, as described above, has reached the Bank within working hours of that day. Irrespective of any expiry provision contained herein, this guarantee shall be cancelled during its validity on presentation to the Bank of the guarantee itself. Furthermore we declare that we shall extend the validity of this guarantee, at your request, made in writing prior to the expiration date of this guarantee. The Bank (8) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - NOTE: In blank spaces to be inserted (1) The business trade name of the Supplier (in case of a Consortium, all members of the Consortium) (2) The address of Supplier s Legal Seat (3) The amount of Guarantee Bond (4) The Number of Contract or Purchase Order (as referred to on top of the first page of such Contract or Purchase Order), or identification of the transaction (i.e., time period, etc) (5) Date of expiry of guarantee (6) The Bank Letter of Guarantee should bear Bank signatures on all pages C:\Documents and Settings\P.kouvalakis\Local Settings\Temporary Internet files\content.ie5\wly3oler\specimen GPLG B.P. DDE 90601.doc 3/2/2006-3:54 PM