EXTRACTS OF MINUTES
OF THE 12th/11.4.2019 MEETING OF THE BOARD OF DIRECTORS

Item: Approval of the Annual Report for Fiscal Year 2018.

The Board of Directors approved the HEDNO S.A. Annual Report for the period between 01.01.2018 and 31.12.2018, drawn up in compliance with the International Financial Reporting Standards, and comprising:

1. the Financial Statements including:
• Annual Accounts statement
• Total Income Statement
• Financial Position Statement
• Changes in Equity Statement
• Cash Flow Statement

2. notes accompanying the aforementioned financial statements and being an integral part thereof.

3. Additional Accounting Financial Statements (as appendix to the Financial Statements) for the same period including Balance Sheets and Profit & Loss Reports for the following three (3) activities: a) Network Management b) Inter-Connected Islands Electrical Systems Management and c) Other Activities

4. the BoD Report.

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Item: Tender No. 517803/23.7.2018 for the provision of the following services: “Guarding services for HEDNO SA buildings located in the Prefecture of Attica”
‒ Final listing of the admissible bids in the above tender.
‒ Appointment of provisional contractor for the supply of the services described.

The Board of Directors approved the acceptance of the financial bid of “ΜΕGA SPRINT GUARD SERVICES SA” as admissible and appointed the company as provisional contractor for tender No. 517803/ 23.7.2018, for a total fee of €624,000.00, plus VAT.

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Item: Tender No. 503801/26.4.2018 for the supply of boxes for the installation of single-phase and three-phase Smart Low Voltage Meters
‒ Final listing of the admissible bids in the above tender.
‒ Appointment of provisional contractor for the award of said supply.

The Board of Directors approved:
the final listing of the admissible bids and the appointment of the economic operator “MICHALIS TSAKOGIANNIS SA” as the provisional contractor for a total fee of €2,652,000.00 (plus VAT):
• 122,400 pieces of boxes for the installation of single-phase smart low voltage meters (Item 1) for a total fixed amount of €1,346,400.00 (plus VAT) payable for the delivery of the material to specific HEDNO S.A. Regional Warehouses, to be transported by a contractor's vehicle.
• 81,600 pieces of boxes for the installation of three-phase smart low voltage meters (Item 2) for a total fixed amount of €1,305,600.00 (plus VAT) payable for the delivery of the material to specific HEDNO S.A. Regional Warehouses, to be transported by a contractor's vehicle.

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Item: Tender No. 507801/3.7.2018 for the supply of Cellular Panel Units and spare parts
Appointment of provisional contractor for the award of said supply.

The Board of Directors approved the appointment of SABO ELECTRIC SA as a provisional contractor for tender No. 507801/3.7.2018 for a total fee of €4,086,807.00 (plus VAT) payable for the delivery of the material to the specific HEDNO S.A. Regional Warehouses.

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Item: Revaluation types - Replacement of indexes in pending Supply Contracts

For the economic clearance of pending contracts, in which the values of the revaluation indexes stopped being published at the taking sources set forth in the contracts, the Board of Directors approved the use of the indexes’ values from the respective sources.
The initial sources of the indexes remain the same provided the indexes continue to be published.
In any other case, the closest to the original sources and indexes are considered.

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Item: Tender No. 508805/5.11.2018 for the supply of 150/21 kV Three-Phase Transformers of 40/50 MVA and 20/25 MVA, Dyn1 and spare parts
The above tender has been canceled.

The Board of Directors approved the cancellation of Tender No. 508805/5.11.2018 for the supply of 150/21 kV Three-Phase Transformers of 40/50 MVA and 20/25 MVA, Dyn1 and spare parts, as all submitted bids were found inadmissible and the tender was declared unsuccessful.

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Item: Terms and conditions for the election of the employees' representative in the Company's Board of Directors.

The Board has laid down the terms and conditions of the procedures to elect the employees' representative in the Company's Board of Directors.

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Item: Approval of the Agreement between HEDNO SA – IPTO SA for the tender procedures to select contractors for the construction of Network Connection Works and Distribution Network Works.

The Board of Directors decided to approve and sign the “IPTO-HEDNO Agreement for joint tender procedures to select contractors for the construction of Network Connection Works and Distribution Network Works”.

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Item: Agreement no. ΔΕΕΔ/7000000170/22.9.2016 with Grid Solutions Hellas SA for the provisions of the services below: “Reconstruction of six (6) three-phase transformers of 40/50MVA, 150/15, 75-21 kV, with Dyn1 connection and supply of one (1) full set of materials/spare parts, with redesign of high-voltage spools”.
Amendment to - clarification of the terms of the aforementioned Contract

The Board of Directors decided to amend the terms of Contract ΔΕΕΔ/7000000170/22.09.2016 regarding the:
• extension of the total conclusion deadline
• determination of partial deadlines
• acceptance of reconstructed transformers by applying the provisions of ΜΟΔ 7-2 and Appendix C, Specification Νο SS-25/19
• reconstruction of the 7th transformer by the Contractor at its premises instead of the initial reconstruction provision by HEDNO personnel by supplying the required set of materials/spare parts and on-site supervision of the repair by the Contractor's competent technician
• activation of the option right for the supply of a set of materials/spare parts
• calculation of the price for the set of materials/spare parts based on the LME Cash Seller & Settlement index (prices per ton of electrolytic copper).

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Item: Tender No. ΔΠΑ/2/2018 called for the provision of the following services: “Pruning or cutting of trees near overhead distribution networks’ & “Crown-thinning works under coupling, protection and substations of medium voltage grid” in 12 administrative Regions of HEDNO SA
Validation of the results of the aforementioned tender and assignment of the respective provision of services

The Board of Directors decided to:

1. award Tender No. ΔΠΑ/2/2018 for the designation of Contractors in seven (7) of the Twelve (12) Regions of HEDNO stated in said Tender Notice and the appointment of three (3) Provisional Contractors for the provision of services in accordance with the terms of Tender Notice No. ΔΠΑ/2/2018 and the attached documents. The Provisional Contractors, the corresponding discounts in the unit prices and the corresponding contractual prices are:

S/N

REGION

PROVISIONAL CONTRACTOR

ESTIMATED VALUE (taking into account the right to option)                  €

DISCOUNT

FINAL CONTRACTUAL PRICE AFTER THE DISCOUNT (taking into account the right to option)

€

1.

MACEDONIA-THRACE ADMINISTRATIVE DEPARTMENT/ KOMOTINI REGION

“D. KAFETZIS & BROS GENERAL PARTNERSHIP” (“VIOS Co)

203,370.00.

13%

176,931.90

2

EPIRUS ADMINISTRATIVE DEPARTMENT/ ZAKYNTHOS REGION

“KATSELIS & BROS LIMITED PARTNERSHIP” (DIMKAT CONSTRUCTION LIMITED PARTNERSHIP)

74,208.00.

3%

71,981.76

3

EPIRUS ADMINISTRATIVE DEPARTMENT/ KEFALLINIA REGION

“MANARITSAS EVANGELOS EDE”

162,457.50.

4%

155,959.20

4

EPIRUS ADMINISTRATIVE DEPARTMENT/ PYRGOS REGION

“MANARITSAS EVANGELOS EDE”

393,384.00.

17%

326,508.72

5

EPIRUS ADMINISTRATIVE DEPARTMENT/ SPARTI REGION

“MANARITSAS EVANGELOS EDE”

276,564.00.

23%

212,954.28

6

CENTRAL GREECE ADMINISTRATIVE DEPARATMENT/ LAMIA REGION

“MANARITSAS EVANGELOS EDE”

475,774.50.

31%

328,284.41

7

ISLAND ADMINISTRATIVE DEPARTMENT/ SAMOS REGION

“MANARITSAS EVANGELOS EDE”

295,995.00.

2%

290,075.10

TOTAL

1,881,753.00.

17% (weighted average discount)

1,562,695.37

2. The contracts can be concluded within twenty (20) days from receiving the relevant written notification, provided a legality audit has been performed by the Court of Auditors.

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