FY%20

1

FY 2009 consolidated results

Brussels

February 26th, 2010

2

Disclaimer• This presentation is only provided for general information purpose about

Elia and its activities. The included statements are neither reported results nor other historical information. They are not provided to serve as the basis for any evaluation of Elia, and cannot be binding and/or enforceable upon Elia.

• As forward-looking statements, they are subject to assumptions, risk and uncertainties, actual future results may differ from those expressed in or implied by such statements.

• Although Elia uses reasonable cares to present information which is up-to-date to the best of Elia's knowledge, Elia makes no representation or warranty whatsoever as to the adequacy, accuracy, completeness or correctness of such information.

• Elia will not be liable for any consequences arising from or related to the use or interpretation of the information contained or absent in this presentation.

3

Summary

Operational highlights

Financials 2009

Outlook 2010

Agenda

4

Summary• Operational highlights

- Decrease of yearly consumption, mostly due to economic crisis

- Full realisation of investment plan

- Excellent network reliability

- Amongst the lowest tariffs in Europe for the 7th year in a row

- Further investments towards an integrated EU electricity market

• Financials 2009- Profit above target despite lower OLO- Successful realisation of € 1 billion Eurobond- Dividend increased to € 1,38 a share

• Outlook 2010- Net profit - Transfer pricing agreement with regulator- Capex- Market integration

5

Summary

Operational highlights

Financials 2009

Outlook 2010

Agenda

6

Yearly energy consumption as seen from Elia’s network decreased to 81.8 TWh (88.3 TWh in 2008)

Main reasons

• Economic crisis throughout the year

• Increasing local generation at customer sites

• Increasing generation from renewable sources at distribution level

Net export of 1.8 TWhfirst net export figure in many years mainly to France

No impact on regulated profit

1. Energy Consumption in Elia’s balancing zone

-1000

-800

-600

-400

-200

0

200

400

600

800

1000

1200

Jan

Feb Mar AprMay Ju

n Jul

Aug Sep Oct NovDec

Imports and exports per month in 2009

Imports from The NetherlandsExports to The NetherlandsImports from FranceExports to FranceNet Balance

Monthly Elia Load 2009

0

1000000

2000000

3000000

4000000

5000000

6000000

7000000

8000000

9000000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

month

load

[MW

h]

20082009

7

0

5

10

15

20

25

Austria

Belgium

Bulgaria

Czech Re

public

Den

mark

Estonia

Finland

France

Germany

Great Britain

Greece

Hun

gary

Ireland

Italy

Lithuania

Nethe

rlands

Norway

Poland

Portugal

Romania

Slovak Rep

Sloven

ia

Spain

Swed

en

Other regulatory charges Losses System Services Infrastructure

2. Among the lowest tariffs in Europe

8

Driven By internal consumption34%

Driven by interconnections with neighbours

7%

Driven by renewables & generation localisation

13%

Other investments (not electrical net)10% Replacements

36%

•• Capex adjustedCapex adjusted(from € 157.1 million initially)

•• Main reasonsMain reasons• decreased consumption• postponement customer projects

in line with autofinancing

•• Main driversMain drivers• RES integration• internal demand• reliability (replacements)

•• Excellent network reliabilityExcellent network reliability

CAPEX 2009€ 121.5 m

3. Investments 2009

Average Interruption TimeMinutes

2009 1,53 482008 3,12 852007 3,54 832006 5,23 1452005 8,4 132

Number of InterruptionsYear

9

F = B = NLF ≠ B = NL Unconstrained

F = B ≠ NLF ≠ B ≠ NLConstrainedBelgian-

Dutch

border

UnconstrainedConstrained

Belgian-French borderBorder

1.6 %

85.2 %

70 %

56,8 %

4. FR-BE-NE TLC 2009: excellent price convergence

Means more competitive wholesale prices in Belgium Means more competitive wholesale prices in Belgium

10

First Regional Technical Coordination Service Center

• Operational since 16 Feb 2009

• 24h/day since 29th June 2009

• Security analysis for day-ahead

• Research for remedial actions

• Examples

– Improvement of security of supply: • preventing major constraints induced by equipment faults undetectable by TSOs • remedial actions to reduce level of constraints impacting several TSOs• coordinating discussions between TSOs involved in remedial actions

(eg. phase shifters)

– Reducing re-dispatching cost for TSOs

5. Coreso: pro-active TSO coordination

11

6. Contracts with third parties

• Third party services

Industrial customers & Distribution System Operators

• Training

TSOs Maghreb countriesGeneral courses for bankers, lawyers, consultants, etc.

• Consulting

Gulf Cooperation Council Interconnection AuthorityEntso-E contract in Ukraine

• MOU with RTE

Cooperation in activities in Middle-East and US

12

Summary

Operational highlights

Financials 2009

Outlook 2010

Agenda

13

Reclassify costs, revenues => controllable & nonReclassify costs, revenues => controllable & non--controllablecontrollable

Charges Revenues

Tariff

Non Tariff

Non ControllableCosts (NC)

Net profit

ControllableCosts ‘(C)

CNC

NC

C

Net profit

Tariff

(1) Mainly consists of purchases of materials, services and other goods & remuneration except the ancillary services & pension costs for retired employees

(2) Mainly consists of Telecom services, Third party services, surplus value on sale fixed assets and insurance claims

(1)

(2)

4-year fixed tariff system with netting of costs & revenues

14

Composition of net profit

1.1.Fair remunerationFair remuneration ((€€ 59,2m in budget 2009)59,2m in budget 2009)• Equity remuneration based on formula

• Deduction over-depreciation of the past (€ 8,2m net) till Q3 2012

2.2.DecommissioningDecommissioning ((€€ 14,2 m in budget 2009)14,2 m in budget 2009)• Goodwill from decommissioning included in tariffs

• Reserved for financing future investments

3.3.IncentivisationIncentivisation on controllable costs on controllable costs ((€€ 6 m in budget 2009)6 m in budget 2009)• Ceiling = same amount as efficiency gain (X-factor)

4.4.NewNew: Transfer pricing agreement: Transfer pricing agreement• 60% of the margin on the results of foreign consulting activities

• Financial participations in RAB : dividends & surplus values

→ 60% to Elia and 40% to tariff reductions

• Financial participations outside RAB

→ All costs & revenues outside Belgian regulation

15

Overview of Key 2009

ChangeIncome statement (€ million) 2009 2008 In %Consolidated turnover 771,3 757,3 1,8%EBITDA (1) 327,9 334,1 -1,9%Operating result (EBIT) 225,8 237,9 -5,1%Financial result (120,5) (109,3) 10,2%Taxes (20,0) (27,2) -26,5%Consolidated net profit 84,0 103,1 -18,5%Net profit per share (€) 1,740 2,145 -18,9%Dividend per share (€) 1,38 1,37 0,7%Balance sheet (€ million) 2009 2008Total assets 4.420,0 4.228,1 4,5%Equity 1.365,4 1.348,1 1,3%Net debt 2.453,8 2.370,5 3,5%Equity per share (€) 28,29 28,04 0,9%

Total number of shares (end of period) 48.270.255 48.076.949 0,40%

IFRS

16

2009 A 2009 EAverage RAB 2009 3.765 3.688Reference equity (33%) 1.242 1.217Cost of equity 4,99% 5,08%Equity reference remuneration (A) 62,0 61,9

Av. equity / Av. assets 35,70% 36,25%Deviation on ref. equity 2,70% 3,25%Equity deviation remuneration 4,64% 4,63%s-factor (B) 4,7 5,5

Over-depreciation (C) -8,2 -8,2

Fair remuneration (A+B+C) 58,6 59,2

Goodwill decommissioning 15,4 14,2Controllable cost incentive 6,3 6,0Result from transfer pricing 0,7Others 0,3 0,0

Net profit Belgian GAAP (tariffs) 81,3 79,4

Consolidation Belpex 0,3

IFRS reconciliation 2,4

Net profit IFRS 84,0

BottomBottom--up Approach of Eliaup Approach of Elia’’s P&L in 2009 (EUR m): calculation of net profits P&L in 2009 (EUR m): calculation of net profit

673,5

66,7

84,0

686,0

31,5

Charges Revenues

Tariff

Non tariff

Costs

Net profit

(1)

(1) OLO of 3.9431%; Beta of 0,300 and a risk premium of 3,5%(2) Av. Equity =1.344 and Av. Assets = 3.765(3) OLO of 3,9431% & deviation rate of 70 bp

(2)(3)

Tariff Shortfall

2009 IFRS Profit and Loss

17

Bu

dg

et

= 4

11

,8

Reality

= 4

17

,2

Tariff = - 14,8

Bu

dg

et

Reality

Bu

dg

et

Reality

Bu

dg

et

= 6

88

,3

Reality

= 6

73

,5

Non controllable items : Budget <> Reality

Net profit = -1,6

Costs = + 5,4

Costs = - 5,4 m

Revenues = - 18,0 m

Net profit = -1,6 m

Tariff = - 14,8 m

Tariff shortfall = 31,5 m

Indexation = +8,3 m8

4,0

Revenues = - 185

5,8

82

,4

37

,8

18

Bu

dg

et

Reali

ty

Controllable items : Budget <> Reality

Total outperformance = € 12,3m

X = € 6m Y = Y = €€ 6,3m6,3m

Increasing efficiency

Extra revenues thanks to third party services and additional consulting contracts

Revenues = + 4.5

Bu

dg

et

Reali

ty

Costs = -7,8

27

6,6

(1

)

24

,3

28

,8

26

8,8

(1) Consist of € 284,9m agreed by CREG minus € 8,3m indexation correction to give back to tariffs

19

•• Reduction in Belgian GAAP net profit Reduction in Belgian GAAP net profit due to lower OLOdue to lower OLO

•• Reduction in IFRS net profit mainly due to lower adjustmentsReduction in IFRS net profit mainly due to lower adjustments

Net profit breakdown 2009-2008

In million € 2009 2008 DifferenceFair remuneration 58,6 65,5 -6,9Goodwill decommissioning 15,5 15,0 0,5Incentive mechanism 6,3 4,4 1,9Transfer pricing 0,7 0,0 0,7Bonus 0 1,9 -1,9Consolidation Belpex/Others 0,5 0,3 0,2Total Belgian GAAP net result 81,6 87,1 -5,5

IFRS adjustments 2,4 16,0 -13,6Total IFRS net result 84,0 103,1 -19,1

20

1.365,41.388,0 11,8

(139,6)

68,2 20,9 15,6

31/12/2009Belgian GAAP

Employee benefits

Regulatory assets

Capitalisation software

Elia Re Others 31/12/2009IFRS

IFRS Impact IFRS Impact onon Equity and Net Equity and Net ProfitProfit as of 31 as of 31 DecemberDecember 20092009

Net

Pro

fitEq

uity

Reconciliation Be GAAP - IFRS

81,6

2,7 3,1 2,7 (4,4) (1,7)

84,0

31/12/2009Belgian GAAP

Transfer assetsfrom customers

CapitalisationSoftware

Employeebenefit

Regulated asset Other 31/12/2009IFRS

(1)

(1) Mainly relates to Inventory valuation (€2,9m) and goodwill Bel engineering (€ 7,7m)

21

Evolution of Costs between 2009 and 2008 (EUR m)Evolution of Costs between 2009 and 2008 (EUR m)

27,220,0

109,3120,5

96,2102,1

15,79,9

124,4 118,8

153,7153,5

135,0155,6

2009 2008

686,0

Personnel Expenses(mainly pension funds & inflation)

Ancillary services(reserve energy)

Depreciation

Others

Financial charges

Taxes

Raw materials, Services & Other goods

Breakdown Costs

+4,7%

+6,1%

+10,2%

-0,1%

+15,3%

-26,5%

-36,9%

655,9

22

Breakdown of Non Breakdown of Non –– Tariff Revenues in 2009 and 2008 (EUR m)Tariff Revenues in 2009 and 2008 (EUR m)

2,7

3,78,7

13,0

13,3

16,213,2

28,8

28,2

2009 2008

Non - Tariff Revenues

Others

Telecom & third party services

Fixed assets own construction capitalised

International revenues

+2,1%

(1) In 2008 « others » include the reversal of € 5m related to interests to recover on the tax receivable

(2) In 2009 « others » include the reversal of € 6,6 m related to interests to recover on the tax receivable

(2)

(1)

-18,5%

+2,3%

Transfer assets from customers

(IFRIC 18)

66,761,1

23

510,9509,9

22,8 20,9

113,4108,0

32,732,8

2009 2008

Breakdown of Tariff Revenues in 2009 and 2008 (EUR m)Breakdown of Tariff Revenues in 2009 and 2008 (EUR m)

Tariff Revenues

Connection tariffs

Tariffs for ancillary services

Tariffs for grid use

-4,8%

Tariffs out of previous surpluses

18,2

-0,3%

+9,1%

31,5

Tariff shortfall

673,5 677,9

Tariff shortfall

24

Overview treatment of surpluses

Overview of allocation and use of total surplusesOverview of allocation and use of total surpluses

To be allocated by CREG 2009 2010 2011 2012 and

beyond Total

To give back to the tariffs based on tariff decision of 2007 for the period 2008-2011 22.760,00 34.070,00 46.028,06 102.858,06Use -22.760,00 -22.760,00

Allocated to future tariffs 0,00 34.070,00 46.028,06 80.098,06

Shortage 2007 -9.897,90 -9.897,90

Total 2007 - allocated -9.897,90 -9.897,90

Shortage 2008 -18.249,45 -18.249,45

Total 2008 - allocated -18.249,45 -18.249,45

Shortage 2009 -31.517,31 -31.517,31Total 2009 - still to be allocated by CREG -31.517,31 -31.517,31

-31.517,31 34.070,00 46.028,06 -28.147,35 20.433,41

Regulatory account (all amounts in € 000)

25

495,8883,5

2000,0 1000,0

350,0

132,5164,3

0

500

1.000

1.500

2.000

2.500

3.000

31/12/2009 31/12/2008

Shareholders' loans EurobondsST bank loans EIB + CP + Accrued interests

Standard & Poor’s rating:Long Term: A-Outlook: Creditwatch Neg

Elia benefits from a strong credit ratingElia benefits from a strong credit rating

Financial Debt Position

2.628,3 2.397,7

31/12/2009 31/12/2008 Net debt (€ mill ions) 2.453,8 2.370,5Leverage (D/D+E) 65,8% 64,0%EBITDA / Gross Interest 2,46 2,84Net debt / EBITDA 7,5 7,1Average cost of debt 5,30% 5,15%% Fixed of gross debt 81,1% 70,0%

Unused Credit lines Amount Interest rateas of 31/12/2009 (€ m)

European Investment Bank 65 Euribor + 5 bpCommitted bank loans 275 Euribor + (60-100) bpUncommitted bank loan 170 To be negotiatedCommercial paper program 250 To be negotiated

26

EliaElia’’s dividend policy ensures a steady and growing dividends dividend policy ensures a steady and growing dividend

Dividend Policy

• Increase in dividend to € 1, 38 per share

• Pay-out ratio over 2009 Belgian Gaap result is 81,7 % (79,3% under IFRS)

1,381,27 1,371,301,281,27

81,7%

75,7%

89,9%

79,3%

91,8%

89,6%

-0,4

0,1

0,6

1,1

1,6

2,1

2004 2005 2006 2007 2008 2009

In E

UR

70%

75%

80%

85%

90%

Dividend Pay-out ratio

27

Summary

Operational highlights 2009

Financials 2009

Outlook 2010

Agenda

28

Outlook CAPEX 2010

CAPEX 2010€ 117 m

Replacements

Internal consumptionInterconnections

RES & generation localisationOther investments

• Capex = €117 m(€ 146,6m initially)

• Main reasons:• weak economy• delayed projects by customers

in line with autofinancing

• Main drivers

• RES integration

• internal demand

• reliability (replacements)

• No impact on regulated profit(ROE remuneration)

29

CREG

Average RAB 2010 (3)

3.772Reference equity (33%) 1.245

Cost of equity (3)

4,98%(1)

Equity reference remuneration (A) 62,0

Av. equity / Av. RAB (3) 35,94%

Deviation on ref. equity 2,94%

Equity deviation remuneration (3) 4,63% (2)

D-factor (B) 5,1

Over-depreciation (C) -8,2

Fair remuneration (A+B+C) = [1] 58,9

Goodwill decommissioning (3) [2] 14,2

Controllable cost incentive (3) [3] = Y 0,0

Net profit as set by tariffs [Σ 1+2+3] 73,1

Determination of net profit 2010 by the regulator (Belgian GAAP)Determination of net profit 2010 by the regulator (Belgian GAAP)

(1) OLO of 3,9278%; Beta of 0,3 and a risk premium of 3,5% (2) OLO of 3,9278% and deviation rate of 70bp(3) To be recomputed ex-post based on real OLO, real beta, real RAB & Equity, real decommissioning and real

controllable cost savings

Outlook 2010 : Fair remuneration

Not available for profit distribution;€14,2 is the estimated yearly amount for the period 2008-2011

30

• Stevin: extension 380 kV grid to the coast

• Procedure for inclusion in land-use plan (GRUP) launched

• Commissioning foreseen in 2015

• Brabo : 380 kV grid extension Antwerp port area

• First phase Lillo-Zandvliet : planning permit procedure launched

• Interconnection France:

• Aubange- Moulaine: second conductor set; commissioning foreseen 1st semester of 2010

• Interconnection Luxembourg:

• Feasability study for 220 kV interconnection pursued

• Interconnection Germany:

• Feasability study concluded and positive; detailed study started

• Nemo undersea cable with UK:

• Feasability confirmed; project phase launched to define technical aspects and licence procedures; commissioning foreseen as from 2016

Major projects: evolution 2010 and beyond

31

• Major service to be launched in 2010

Market coupling between Benelux – Germany – France

• Activities

Pursuing « operational excellence » and reliable network operation

Consulting and services for third parties, partnership

• Further consolidation of :

• European Electricity markets

• Power exchanges

• Networks

New Projects, Services, Activities

32

Questions &

AnswersInvestors Relations – Contact details

Bert MaesTel: + 32 (0)2/546.72.39Mail: [email protected]: http://www.elia.be

33

Appendices

34

Means strong visibility for the cost basis of EliaMeans strong visibility for the cost basis of Elia’’s customers s customers

Tariffs for use of the grid and tariffs for ancillary services:comparison 2001 - 2008

0

2

4

6

8

10

12

14

16

2001 2002 (Q4)

2003 (Q2 toQ4)

2004 2005 2006 2007 2008 2009 2010 2011 2001 2002 (Q4)

2003 (Q2 toQ4)

2004 2005 2006 2007 2008 2009 2010 2011 2001 2002 (Q4)

2003 (Q2 toQ4)

2004 2005 2006 2007 2008 2009 2010 2011 2001 2002 (Q4)

2003 (Q2 toQ4)

2004 2005 2006 2007 2008 2009 2010 2011

On the 380/220/150 kV network At transformer output to the 70/36/30 kV network On the 70/36/30 kV network At transformer output to medium voltage

Annual power System management Ancillary services Loss compensation

Fixed tariffs for the period 2008-2011

35

• Overhead and underground power links

Beringen-Mol 150 kV line upgrade

- Enables connection of future T-power station Tessenderlo Chemie

- Use of high performance power conductor technology

- Cost price of € 3,5m in 2009

Schaerbeek-Centenaire

- New 36 kV cable

- Enables upgrade of Centenairesubstation, feeding Heyzel and Expo site

- Cost price of € 0,5m in 2009

Investments 2009: a few examples

36

High voltage stations

Zandvliet 2nd transformer 380/150 kV

- Industrial customers port of Antwerp

Lillo: new GIS station 150 kV

Heliport: 150 kV/11 kV station: supply in Brussels

Damprémy: GIS station in replacement of 150 kV AIS station

Connection of industrial customers

Slijkens: Biostoom & Biofuel

– Connection to 36 kV grid of 2 cogeneration units, of 18.5 MW each

Zwijndrecht: Lanxess Rubber

– Connection of cogeneration unit to 36 kV grid

Investments 2009: a few examples

37

South North TotalMaximum capacity allocated to the market 3500 1401 4901 Total is 36.2% of peak system load of 13530 MW

Yearly average capacity allocated to the market 2501 1375 3876 Total is 41.5% of average system load of 9333 MW

Ex ante guaranteed minimum capacity 1700 946 2646 Total is 28.3% of average system load of 9333 MW

Total energy exchanges 2009-083769 GWh Netherlands

5787 GWh

6642 GWh

France

1832 GWh

Luxembourg910 GWh

1,868GWh

Belgium, among the most interconnected countries

YEAR 2009 In MEGAWATT (MW) COMMERCIALLY AVAILABLE IMPORT CAPACITIES

Direction Exchanged Exchanged Change2009 2008

F->B 1,832 7,386 -75%B->F 6,642 2,039 +226%N->B 5,787 8,119 -29%B->N 3,769 3,005 +25%L->B 1,868 1,629 +15%B->L 910 1,518 -40%Total 20,807 23,695 -12%

38

N‐1 busbar in Lonny substation

110% overloadon Avelgem‐Mercator

138% overloadon Moulaine‐Aubange

TRIPS

121% overloadon Avelgem‐Mercator

NOT ACCEPTABLE

Lonny‐Achène trips

Coordinated action on April 30th

39

Coordinated action in CWE on August 25th

40

• 34 diversified participants (suppliers, traders, producers)

from 10 countries (NL,CH,UK,FR,BE,GE,CZ,SP,IT,DK) at Dec 31st, 2009

• Average daily volume :27.782 MWh, slightly lower than in 2008;

representing a stable 12.4 % of Belgian load with the following average

electricity prices :• Belix €39.36/MWh (€70,60 MWh in 2008) • Belix peak (8am-20pm) €47,07/MWh (€85,18 MWh in 2008)

• Belix off-peak (20pm-8am) €31,65/MWh (€56,02 MWh in 2008)

• Market coupling induced an average export volume of 11.216 MWh

(over 6 times higher than in 2008 and an average import volume of 2.740

MWh, about 7 times less than in 2008)

• New product : Green certificates market launched beginning of 2009

Belgian Power Exchange (Belpex)

41

Belpex volume since January 07Volumes & Prices BELPEX-EPEX-APX (DAM) Baseload (Months)

Period: from 1/01/2007 to 31/12/2009

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

1.600.000

2007

0120

0702

2007

0320

0704

2007

0520

0706

2007

0720

0708

2007

0920

0710

2007

1120

0712

2008

0120

0802

2008

0320

0804

2008

0520

0806

2008

0720

0808

2008

0920

0810

2008

1120

0812

2009

0120

0902

2009

0320

0904

2009

0520

0906

2009

0720

0908

2009

0920

0910

2009

1120

0912

MWh

0,00

10,00

20,00

30,00

40,00

50,00

60,00

70,00

80,00

90,00

100,00

€/MWhVolume Belpex Price Belpex Price Powernext Price APX

42

• Experienced employees throughout Elia’s organisation

●Number of Employees at 31/12/09 : 1,205 (FTE : 1,132)

Average length of service in Elia:

14.5 years

Average age of workforce:41 years

Update Personnel

Grid Services 49 %

Transmission 11 %

Elia Engineering 16 %

C&M 6%

Corporate 19 %

43

• Regulator approved € 254,6 m net controllable costs for 2009 (260,6 m CC minus X = € 6m imposed cost savings)

• Budget Elia 2009: Initial budget 260,6 X factor (costsaving) - 6,0Y factor (potential outperformance) - 6,0

(1) Controllable non-tariff revenues

€ m

2008 2009 2010 2011

255,3

-4m–6m

-7m-8m

- X = -25m in total

(1)

270,3

255,3260,6

265,3

251,3254,6

258,3262,3

CPI-X (approved)

Budget including CPI

247,3248,6

251,3254,3 Target = CPI-X-Y-4m

–6m-7m

-8m -X -Y = -50m total

X – Y Factor (controllable costs)

44

3.767,5

(91,1) (18,9)

3.763,5

122,8

(16,7)

Year-end 2008

Depreciation Divestm. &Decommissioning

Capex Change in WCR

Year-end 2009

Evolution 2009 RABEvolution 2009 RAB

Average RAB 3.679 3.765

(1)

(1) Includes € 15,4 million goodwill decommissioning

Regulated Asset Base 2009

45

(17,6)

(25,1)

(31,5) 57,3

(16,7)

20

09

Inventory, trade & all

debtors <1 year

Total Change in

WCR

Trade creditors & others

Accrued charges & deferred income

Shortfall 2009

Changes in Working Capital Requirements (EUR m) Changes in Working Capital Requirements (EUR m) (1)(1)

(1)(1) Based on Belgian GAAP accountsBased on Belgian GAAP accounts

Working Capital Requirements

46

Surpluses/In millions of EUR (Shortages) 2004 2005 2006 2007 2008 2009 2010 2011 Total

Surplus 2003 134,6 25,4 36,4 36,4 36,4 134,6Bonus 2003 3,2 3,2 3,2Used -25,4 -39,6 -36,4 -36,4 -137,8Total 2003 137,8 0,0 0,0 0,0 0,0 0,0Surplus 2004 118,9 28,0 9,8 9,8 23,8 23,8 23,7 118,9Bonus 2004 3,5 3,5 3,5Used -28,0 -13,3 -9,8 -51,1Total 2004 122,4 0,0 0,0 0,0 23,8 23,8 23,7 71,3Surplus 2005 35,1 7,4 27,7 35,1Bonus 2005 2,3 2,3 2,3Surplus 2006 3,8 3,8 3,8Used -7,4 -33,8 -41,2Totaal 2005 41,2 0,0 0,0 0,0Surplus 2006 56,2 5,6 50,6 56,2Malus 2006 1,8 1,8 1,8Used -5,6 -5,6Totaal 2006 58,0 0,0 52,4 52,4

Reversal decided by regulator for period 2008-2011 20,9 22,8 34,0 46,0 123,7Used -20,9 -22,8 -43,7Subtotal 359,4 80,0Shortage 2007 -0,5 -0,5 -0,5Bonus 05 & 06 -9,4 -9,4 -9,4Totaal 2007 -9,9 -9,9 -9,9Shortage 2008 -18,2 -18,2 -18,2Shortage 2009 -31,1 -31,5 -31,5

Total Surplus 300,2 20,4

Overview treatment of surpluses

Overview of allocation and use of total surplusesOverview of allocation and use of total surpluses

(1) To be allocated by CREG in the next regulatory period

(1) (1)(1)

47

3.764

(94) (17) 117

10

2009 Depreciation Divestm. &Decomm.

Capex Change inWCR

2010

Average RAB

3.764 3.772

(1)

(1) Contains € 14m of goodwill reduction due to decommissioning

3.780

Outlook 2010: RAB