JeanMichel Gauthier Chief Economist Officer Energy Resources Deloitte

Jean-Michel Gauthier Chief Economist Officer, Energy & Resources, Deloitte Executive Director, Energy & Finance Chair, HEC Paris • Jean-Michel Gauthier is Deloitte’s Chief Economist Officer for Energy & Resources, after serving as Global Leader, Energy & Resources for Deloitte Corporate Finance. Jean-Michel has over 25 years of energy sector experience. After 12 years at Total as a director of oil and gas project development, he joined Deloitte in 2001 where he runs a multi-disciplinary Energy & Resources Industry Line of highly qualified professionals. • He has carried out financial advisory engagements for oil & gas majors, large integrated power utilities as well as energy intensive companies. He acted as Trustee for the European Commission in respect of Ed. F power auctions in France. He also advised governments, including France’s Ministry of Finance and Ministry of Defense on energy purchase policy and market issues, or Japan’s Ministry of Economy, Trade and Industry in respect of nuclear plant regulations and accounting. • In addition to his position at Deloitte, Jean-Michel is the Executive Director of the Energy & Finance Chair at HEC Paris (leading school of management in France). Jean-Michel is HEC Paris lecturer on Energy economics and finance and assumes academic responsibility for the EMBA Energy Module of HEC Paris in Qatar. He also gives lectures at Ecole Polytechnique, France. Expertise • § § § § Oil & Gas Upstream, Midstream and Downstream Financial Risks in Oil downstream sector (refining, marketing, logistics ) Financial risks in the Power & Utilities sector Power markets Regulatory Review (Governments, Public entities) Capacity auction structuring CO 2 markets and financial risks (EUA, CER) Nuclear Renewables Career § § § Chief Economist Officer, Energy & Resources, Deloitte, Paris Global Leader, Deloitte, Financial Advisory Services, Energy & Resources, since 2008 Executive Director, Energy & Finance, HEC School of Management, MBA and Ex. Ed Partner, Deloitte, since 2001 1989 -2001: TOTAL, Project Director, Oil Refining &Trading (Asia, then Russia); Gas and Power (Middle East, Spain, NL and the UK). 0 Main clients • • • EDF Gd. F-Suez Air Liquide Rhodia Petrol retailers French Ministry of Finance, Ministry of Defence, Energy & Environment • Investors: Macquarie, Wendel Education/Languages • Ecole Normale Supérieure, Paris § Agrégé de l’Université § Research Master in Politics and Public Law § Bilingual English, § French mother tongue, German © 2007 Deloitte