THE BORD GÁIS ENERGY INDEX DROPS TO 108, ITS LOWEST LEVEL SINCE APRIL 2010.

KEY POINTS:The energy index dropped to 108 in August breaking out of the 110 to 112 range it has been in since April 2010. Currency movements again had an impact in August with the Euro giving back some of the gains made in July versus the US Dollar. This prevented the Energy Index falling to 106.

Oil fell $3.54 (5%) per barrel in August, however the Euro weakened versus the US Dollar resulting in only a 2% drop for Eurozone economies. Natural gas fell 3.57 p/therm with almost the entire benefi t being seen in Ireland as there was little change in the Euro Sterling exchange rate during August. Coal prices fell in August, however, the decline was o� set by currency movements as the Euro fell versus the Dollar.

1 Mth -2% 3 Mth -2% 12 Mth 22%

OILOil continued its run up from its early July lows of $71.50 to hit $82.68 per barrel on Aug 3rd. For the remainder of the month a plethora of negative economic data casting doubt over the strength of the US economic recovery pushed equity markets lower. Crude oil fell to a month low of $72.4 on Aug 24th.Record builds in oil inventories also weighed on prices. In the fi nal week of the month oil regained some ground to close the month at $74.64.

1 Mth -2% 3 Mth -3% 12 Mth 21%

NATURAL GASNatural gas saw its fi rst monthly fall since March 2010. Prices consolidated in the low 40 p/therm range after the sharp fall since mid July to average 42.46 p/therm for the month of August. Prices dropped to the 38.50 p/therm level in the third week of the month on the back of reduced storage injections in the UK. However prices quickly moved back over 40 p/therm on concerns surrounding the continuing maintenance of major Norwegian gas processing facilities.

3 Mth 12% 12 Mth 110%

Bord Gáis Energy IndexAUGUST 2010

1 Mth -7%

1 Mth -2% 3 Mth -2% 12 Mth 22%

1 Mth -2% 3 Mth -3% 12 Mth 21% OIL

1 Mth -7% 3 Mth 12% 12 Mth 110% NATURAL GAS* Index adjusted for currency movements.

THE BORD GÁIS ENERGY INDEX DROPS TO 108, ITS LOWEST LEVEL SINCE APRIL 2010.

Bord Gais Energy IndexAugust 2010

* Index adjusted for currency movements.

KEY POINTS: The energy index dropped to 108 in August breaking out of the 110 to 112 range it has been in since April 2010.

Currency movements again had an impact in August with the Euro giving back some of the gains made in July versus the US Dollar.

This prevented the Energy Index falling to 106.

Oil continued its run up from its early July lows of $71.50 to hit $82.68 per barrel on Aug 3rd. For the remainder of the month a plethora of negative economic data casting doubt over the strength of the US economic recovery pushed equity markets lower. Crude oil fell to a month low of $72.4 on Aug 24th. Record builds in oil inventories also weighed on prices. In the final week of the month oil regained some ground to close the month at $74.64.

Oil fell $3.54 (5%) per barrel in August, however the Euro weakened versus the US Dollar resulting in only a 2% drop for Eurozone economies. Natural gas fell 3.57 p/therm with almost the entire benefit being seen in Ireland as there was little change in the Euro Sterling exchange rate during August. Coal prices fell in August, however, the decline was offset by currency movements as the Euro fell versus the Dollar.

Natural gas saw its first monthly fall since March 2010. Prices consolidated in the low 40 p/therm range after the sharp fall since mid July to average 42.46 p/therm for the month of August. Prices dropped to the 38.50 p/therm level in the third week of the month on the back of reduced storage injections in the UK. However prices quickly moved back over 40 p/therm on concerns surrounding the continuing maintenance of major Norwegian gas processing facilities.

1 Mth -2% 3 Mth -2% 12 Mth 22%

1 Mth -2% 3 Mth -3% 12 Mth 21% OIL

1 Mth -7% 3 Mth 12% 12 Mth 110% NATURAL GAS* Index adjusted for currency movements.

THE BORD GÁIS ENERGY INDEX DROPS TO 108, ITS LOWEST LEVEL SINCE APRIL 2010.

Bord Gais Energy IndexAugust 2010

* Index adjusted for currency movements.

KEY POINTS: The energy index dropped to 108 in August breaking out of the 110 to 112 range it has been in since April 2010.

Currency movements again had an impact in August with the Euro giving back some of the gains made in July versus the US Dollar.

This prevented the Energy Index falling to 106.

Oil continued its run up from its early July lows of $71.50 to hit $82.68 per barrel on Aug 3rd. For the remainder of the month a plethora of negative economic data casting doubt over the strength of the US economic recovery pushed equity markets lower. Crude oil fell to a month low of $72.4 on Aug 24th. Record builds in oil inventories also weighed on prices. In the final week of the month oil regained some ground to close the month at $74.64.

Oil fell $3.54 (5%) per barrel in August, however the Euro weakened versus the US Dollar resulting in only a 2% drop for Eurozone economies. Natural gas fell 3.57 p/therm with almost the entire benefit being seen in Ireland as there was little change in the Euro Sterling exchange rate during August. Coal prices fell in August, however, the decline was offset by currency movements as the Euro fell versus the Dollar.

Natural gas saw its first monthly fall since March 2010. Prices consolidated in the low 40 p/therm range after the sharp fall since mid July to average 42.46 p/therm for the month of August. Prices dropped to the 38.50 p/therm level in the third week of the month on the back of reduced storage injections in the UK. However prices quickly moved back over 40 p/therm on concerns surrounding the continuing maintenance of major Norwegian gas processing facilities.

1 Mth -2% 3 Mth -2% 12 Mth 22%

1 Mth -2% 3 Mth -3% 12 Mth 21% OIL

1 Mth -7% 3 Mth 12% 12 Mth 110% NATURAL GAS* Index adjusted for currency movements.

THE BORD GÁIS ENERGY INDEX DROPS TO 108, ITS LOWEST LEVEL SINCE APRIL 2010.

Bord Gais Energy IndexAugust 2010

* Index adjusted for currency movements.

KEY POINTS: The energy index dropped to 108 in August breaking out of the 110 to 112 range it has been in since April 2010.

Currency movements again had an impact in August with the Euro giving back some of the gains made in July versus the US Dollar.

This prevented the Energy Index falling to 106.

Oil continued its run up from its early July lows of $71.50 to hit $82.68 per barrel on Aug 3rd. For the remainder of the month a plethora of negative economic data casting doubt over the strength of the US economic recovery pushed equity markets lower. Crude oil fell to a month low of $72.4 on Aug 24th. Record builds in oil inventories also weighed on prices. In the final week of the month oil regained some ground to close the month at $74.64.

Oil fell $3.54 (5%) per barrel in August, however the Euro weakened versus the US Dollar resulting in only a 2% drop for Eurozone economies. Natural gas fell 3.57 p/therm with almost the entire benefit being seen in Ireland as there was little change in the Euro Sterling exchange rate during August. Coal prices fell in August, however, the decline was offset by currency movements as the Euro fell versus the Dollar.

Natural gas saw its first monthly fall since March 2010. Prices consolidated in the low 40 p/therm range after the sharp fall since mid July to average 42.46 p/therm for the month of August. Prices dropped to the 38.50 p/therm level in the third week of the month on the back of reduced storage injections in the UK. However prices quickly moved back over 40 p/therm on concerns surrounding the continuing maintenance of major Norwegian gas processing facilities.

G26769 BGE Index August Edition AD.indd 1 06/09/2010 10:15

COALCoal prices rallied in the fi rst week of August on the back of an increase in German power prices. Coal reached a high of $95.30 per tonne. Consumption of domestic coal and 19 days of stockpiles at power stations in caused a lack of imports into China. This, combined with high stockpile levels in Europe, contributed to the fall in coal prices since the early August highs. Coal closed the month at $91.25, its lowest level since the start of June 2010.

ELECTRICITY

The SMP fell slightly to an average of €53/MWh in August compared to €54/MWh in July. Demand levels in August remained at similar levels for the most part, however there are signs of a growth in evening time demand as we leave the summer period.

MARKET OUTLOOKMacro economic data continues to be the biggest driver of the Energy Index as a result of its e� ects on both currency and commodity prices. There has been a strong correlation between currency, commodity and equity markets recently. Oil in particular rallied at the beginning of August as the US Dollar Index (an index of the US Dollar versus a basket of the worlds major currencies) fell to its lowest levels since April 2010. However the inverse relationship between the US Dollar and oil prices bore out when the price of crude fell as the US Dollar restrengethened versus other world currencies. The futures markets continue to price in a moderate rise in commodity prices in the coming months.

For more information please contact: Fleishman-Hillard - Aidan McLoughlin - 085 749 0484 Bord Gáis Energy - Stiofain MacDhaibhead - 087 799 1206

DISCLAIMERThe contents of this report are provided solely as an information guide. The report is presented to you “as is” and may or may not be correct, current, accurate or complete. While every e� ort is made in preparing material for publication no responsibility is accepted by or on behalf of Bord Gáis Eireann, the SEMO, ICE Futures Europe, the Sustainable Energy Authority of Ireland or Spectron Group Limited (together, the “Parties”) for any errors, omissions or misleading statements within this report. No representation or warranty, express or implied, is made or liability accepted by any of the Parties or any of their respective directors, employees or agents in relation to the accuracy or completeness of the information contained in this report. Each of the Parties and their respective directors, employees or agents does not and will not accept any liability in relation to the information contained in this report. Bord Gáis Eireann reserves the right at any time to revise, amend, alter or delete the information provided in this report.

EUROThe Euro broke through the 1.33 level versus the dollar on Aug 6th continuation the upward trend seen in July. However, it quickly sold o� again to trade in a 1.26 to 1.29 range for the remainder of the month eventually fi nishing at 1.2689. Euro Sterling spent the month in a 0.816 / 0.833 trading range fi nishing little changed at 0.8273.Currencies continue to be infl uenced by macro economic data in light of the uncertain global economic recovery.

3 Mth -2%

12 Mth 47%

12 Mth 15%

12 Mth -12% EURUSD

EURGBP12 Mth -6%

1 Mth -2% 3 Mth -2% 12 Mth 22%

1 Mth -2% 3 Mth -3% 12 Mth 21% OIL

1 Mth -7% 3 Mth 12% 12 Mth 110% NATURAL GAS* Index adjusted for currency movements.

THE BORD GÁIS ENERGY INDEX DROPS TO 108, ITS LOWEST LEVEL SINCE APRIL 2010.

Bord Gais Energy IndexAugust 2010

* Index adjusted for currency movements.

KEY POINTS: The energy index dropped to 108 in August breaking out of the 110 to 112 range it has been in since April 2010.

Currency movements again had an impact in August with the Euro giving back some of the gains made in July versus the US Dollar.

This prevented the Energy Index falling to 106.

Oil continued its run up from its early July lows of $71.50 to hit $82.68 per barrel on Aug 3rd. For the remainder of the month a plethora of negative economic data casting doubt over the strength of the US economic recovery pushed equity markets lower. Crude oil fell to a month low of $72.4 on Aug 24th. Record builds in oil inventories also weighed on prices. In the final week of the month oil regained some ground to close the month at $74.64.

Oil fell $3.54 (5%) per barrel in August, however the Euro weakened versus the US Dollar resulting in only a 2% drop for Eurozone economies. Natural gas fell 3.57 p/therm with almost the entire benefit being seen in Ireland as there was little change in the Euro Sterling exchange rate during August. Coal prices fell in August, however, the decline was offset by currency movements as the Euro fell versus the Dollar.

Natural gas saw its first monthly fall since March 2010. Prices consolidated in the low 40 p/therm range after the sharp fall since mid July to average 42.46 p/therm for the month of August. Prices dropped to the 38.50 p/therm level in the third week of the month on the back of reduced storage injections in the UK. However prices quickly moved back over 40 p/therm on concerns surrounding the continuing maintenance of major Norwegian gas processing facilities.

1 Mth 1% 3 Mth -1%

1 Mth -2% 3 Mth -1%

1 Mth 1% 3 Mth -1% 12 Mth 47% COAL

1 Mth -2% 3 Mth -1% 12 Mth 15% ELECTRICITY

1 Mth -3% 3 Mth 3% 12 Mth -12% EURUSD1 Mth 0% 3 Mth -2% 12 Mth -6% EURGBP

* Index adjusted for currency movements.

Coal prices rallied in the first week of August on the back of an increase in German power prices. Coal reached a high of $95.30 per tonne. Consumption of domestic coal and 19 days of stockpiles at power stations in caused a lack of imports into China. This, combined with high stockpile levels in Europe, contributed to the fall in coal prices since the early August highs. Coal closed the month at $91.25, its lowest level since the start of June 2010.

Market Outlook: Macro economic data continues to be the biggest driver of the Energy Index as a result of its effects on both currency and commodity prices. There has been a strong correlation between currency, commodity and equity markets recently. Oil in particular rallied at the beginning of August as the US Dollar Index (an index of the US Dollar versus a basket of the worlds major currencies) fell to its lowest levels since April 2010. However the inverse relationship between the US Dollar and oil prices bore out when the price of crude fell as the US Dollar restrengethened versus other world currencies. The futures markets continue to price in a moderate rise in commodity prices in the coming months.

The SMP fell slightly to an average of 53/MWh in August compared to 54/MWh in July. Demand levels in August remained at similar levels for the most part, however there are signs of a growth in evening time demand as we leave the summer period.

The Euro broke through the 1.33 level versus the dollar on Aug 6th continuation the upward trend seen in July. However, it quickly sold off again to trade in a 1.26 to 1.29 range for the remainder of the month eventually finishing at 1.2689. Euro Sterling spent the month in a 0.816 / 0.833 trading range finishing little changed at 0.8273. Currencies continue to be influenced by macro economic data in light of the uncertain global economic recovery.

1 Mth 1% 3 Mth -1% 12 Mth 47% COAL

1 Mth -2% 3 Mth -1% 12 Mth 15% ELECTRICITY

1 Mth -3% 3 Mth 3% 12 Mth -12% EURUSD1 Mth 0% 3 Mth -2% 12 Mth -6% EURGBP

* Index adjusted for currency movements.

Coal prices rallied in the first week of August on the back of an increase in German power prices. Coal reached a high of $95.30 per tonne. Consumption of domestic coal and 19 days of stockpiles at power stations in caused a lack of imports into China. This, combined with high stockpile levels in Europe, contributed to the fall in coal prices since the early August highs. Coal closed the month at $91.25, its lowest level since the start of June 2010.

Market Outlook: Macro economic data continues to be the biggest driver of the Energy Index as a result of its effects on both currency and commodity prices. There has been a strong correlation between currency, commodity and equity markets recently. Oil in particular rallied at the beginning of August as the US Dollar Index (an index of the US Dollar versus a basket of the worlds major currencies) fell to its lowest levels since April 2010. However the inverse relationship between the US Dollar and oil prices bore out when the price of crude fell as the US Dollar restrengethened versus other world currencies. The futures markets continue to price in a moderate rise in commodity prices in the coming months.

The SMP fell slightly to an average of 53/MWh in August compared to 54/MWh in July. Demand levels in August remained at similar levels for the most part, however there are signs of a growth in evening time demand as we leave the summer period.

The Euro broke through the 1.33 level versus the dollar on Aug 6th continuation the upward trend seen in July. However, it quickly sold off again to trade in a 1.26 to 1.29 range for the remainder of the month eventually finishing at 1.2689. Euro Sterling spent the month in a 0.816 / 0.833 trading range finishing little changed at 0.8273. Currencies continue to be influenced by macro economic data in light of the uncertain global economic recovery.

3 Mth 3%

1 Mth 0%

1 Mth -3%

G26769 BGE Index August Edition AD.indd 2 06/09/2010 10:15