1 FY 2008 consolidated results Brussels February 20 th, 2009

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 Highlights 2008 Financials 2008 Outlook 2009 Agenda

4 Summary Highlights Results in line with new regulation: higher OLO, incentive, bonus ‘07 -Slight 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 6 th year in a row -Growing volume traded on Belpex -European market in progress: CASC, Coreso, ENTSO-E -First consulting contracts Financials Dividend increased to € 1,37 a share Outlook Net profit -Capex

5 Summary Highlights 2008 Financials 2008 Outlook 2009 Agenda

6 Yearly Energy consumption as seen from Elia’s network decreased slightly to 88 TWh (88,9 TWh in 2007) Main reasons Economic crisis during Q4 (mainly industrial customers) Increasing local generation at customer sites Increasing generation from renewable sources at distribution level Net import level increased (mainly from the Netherlands side) with 58,2% to 10,6 TWh (6,7 TWh in 2007)  No impact on regulated profit (except cash management) 1. Energy Consumption in Elia’s balancing zone

7 Means strong visibility for the cost basis of Elia’s customers 2. Fixed tariffs for the period

8 Among the lowest tariffs in Europe

9 Full realisation of Capex plan 2008 Excellent reliability of the network Focus on internal demand as well as for supporting local generation at sites of industrial customers facilitation the connection of co-generation and renewables units Breakdown CAPEX Replacements Driven by internal consumption Driven by interconnections with neighbours Driven by import levels & generation localisation CAPEX 2008 € 161,2 m 44% 3. Investments 2008

10 Extensions and developments at the port of Antwerp (project BRABO) High-voltage “Petrol” station in Antwerp commissioned -improved reliability -needed by economic development High-voltage station “Scheldelaan” -extension for the connection of the cogeneration unit of Exxon -commissioned in December 2008 Investments of about € 20m Investments 2008: a few examples

11 Renovation of 70 kV stations - Angleur and Liberchies - Investment of about € 15m Google site - Connection to 150 kV station located in Ghlin Petit Marais - Investment of about € 3,3m (repaid by client) Greenwind - Windfarm of 25 MW (10 times 2,5 MW) - Connection to 70 kV station of Solre-Saint Géry - Investment of about € 0,7m (repaid by client) Windvision - Windfarm of 66 MW (11 times 6 MW) - Connection to 70 kV station of Harmignies - Investment of about € 0,6m (repaid by client) Investments 2008: a few examples

12 Three phase shifters - Location Van Eyck & Zandvliet high - voltage station - Improved control of neighbouring energy flows on the Elia grid for an improved reliability - Optimisation of transmission capacity with interconnected networks - Commissioned at the end of Investment of € 54 m Investments 2008: a few examples

13 Total energy exchanges ,005 GWh Netherlands 8,119 GWh 2,039 GWh France 7,386 GWh Luxembourg 1,518 GWh 1,629 GWh 4. Belgium, among the most interconnected countries

14 32 diversified participants (suppliers, traders, producers) from 10 countries (NL,CH,UK,FR,BE,GE,CZ,SP,IT,DK) at Dec 31 st, 2008 Average daily volume was MWh with the following average electricity prices : Belix€70,60 MWh (41,85/MWh) Belix peak (8am-20pm)€85,18 MWh (53,56/MWh) Belix off-peak (20pm-8am)€56,02 MWh (30,13/MWh) Record volume of MWh on May 3 rd, 2008 equals 31% of average Belgian electricity demand Market coupling induced an average export volume of MWh and an high average import volume of MWh New products : Intraday & Continuous Day ahead market 5. Belgian Power Exchange (Belpex)

15 Belpex volume growth since november 06

16 BorderBelgian-French border Belgian- Dutch border Constrained Unconstrained Constrained F ≠ B ≠ NL F = B ≠ NL Unconstrained F ≠ B = NL F = B = NL 0,8 % 14,7 % 15,4 % 69,1 % FR-BE-NE TLC 2008: excellent price convergence Means more competitive wholesale prices in Belgium

17 Elia System Operator Elia Asset (1) 99.99% Elia Re 02/2002 HGRT 12/2001 Elia Engineering 12/ % Licensed System Operator Network Owner (1) 1 share Publi-T, 1 share Electrabel Engineering consultancy firm Captive reinsurance company 52,25% shareholder of Powernext Elia: A Single Economic Unit 24.5% GDF Suez/ Electrabel Publi-T Publipart 24,35% 2.54% 33.01% Freefloat 40,1% 6. Update Group structure Belgian power exchange Belpex 07/ % CASC-CWE 10/ % Coreso 12/ % 4 countries 7 TSOs Auctioning Real time control of EU flows

18 Capacity Allocation Service Company for Central-West Europe (Benelux, France and Germany) First concrete step towards creation of Europe’s largest regional electricity market Equal shareholdership between 7 TSOs : Cegedel Net, Elia, EnBW TNG, E.ON Netz, RTE, RWE TSO, TenneT Incorporated in Luxembourg on Sep 9th, 2008 Joint cross-border service company acting as a single auction office First joint auctioning of year and month capacities on the common borders between the five countries was held on Nov 28th, 2009 From Spring 2009, also execution of auctions of daily capacities for borders without market coupling CASC - CWE

19 CORESO Coordination of Electricity System Operators Second concrete step towards creation of Europe’s largest regional electricity market Joint venture, currently between RTE and Elia, based on equal shareholdership and partnership Incorporated in Brussels on Dec 19th, 2008; start of operation foreseen on Feb 16th, 2009 The first regional technical coordination centre to be shared by several TSOs in the CWE region National Grid expected to join as full member Interest from Vattenfall Europe Transmission The centre will develop forecast management of electricity transits within the CWE region and will monitor these flows in real time around the clock

20 7. First contracts with third parties Third party services Industrial clients Distribution System Operators Consulting Marocco, Tunesia, C-Power Gulf Cooperation Council Interconnection Authority

21  Experienced employees throughout Elia’s organisation  Number of Employees at 31/12/08 : 1,231 (FTE : 1125) Average length of service in Elia: 14 years Average age of workforce: 40 years 8. Update Personnel

22 Summary Highlights 2008 Financials 2008 Outlook 2009 Agenda

23 Implementation of “controllable – non controllable” costs & revenues Tariff Non Tariff Non Controllable Costs (NC) Net profit Controllable Costs ‘(C) C NC Net profit Costs Tariff Non Tariff (1) (2) (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 PAST TODAY 4-year fixed tariff system

24 Reclassify costs, revenues => controllable & non-controllable Tariff Non Tariff Non Controllable Costs (NC) Net profit Controllable Costs ‘(C) C 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) …with netting of costs & revenues

25 Regulator approved € 251,3m net controllable costs for 2008 (255,3m CC minus € 4m imposed cost savings) Budget Elia : 247,3 mio €  Initial budget 255,3 X factor (costsaving) - 4,0 Y factor (potential outperformance) (1)Controllable non-tariff revenues € m ,3 -4m –6m -7m -8m - X = -25m in total (1) 270,3 255,3 260,6 265,3 251,3 254,6 258,3 262,3 CPI-X (approved) Budget including CPI 247,3 248,6 251,3 254,3 CPI-X-Y (internal budget) -4m –6m -7m -8m -X -Y = -50m in total X – Y Factor (controllable costs)

26 1. Fair remuneration (€ 59m in budget 2008) Equity remuneration based on formula Deduction over-depreciation of the past (€ 8,2m net) till Q Decommissioning (€ 14m in budget 2008) Goodwill from decommissioning included in tariffs Reserved for financing future investments 3. Incentivisation on controllable costs Ceiling = same amount as efficiency gain (X-factor) Composition of net profit

27 Overview of Key 2008 IFRS Figures

28 Bottom-up Approach of Elia’s P&L in 2008 (EUR m): calculation of net profit Tariff Non tariff Costs Net profit (1) (1)OLO of 4,4414%; Beta of 0,336 and a risk premium of 3,5% (2)Av. Equity =1.319,9 and Av. Assets = 3.673,4 (3)OLO of 4,4414 & deviation rate of 70 bp (2) (3) Tariff Shortfall 2008 Profit and Loss

29 BudgetReality Revenues =  6,4 BudgetReality Controllable items : Budget <> Reality Costs =  ,7 270,7 17,423,8 Total outperformance = € 8,4m X factor = € 4mY profit = € 4,4m  First results from increased efficiency  Extra revenues thanks to third party services and first consulting contracts

30 IFRS Impact on Equity and Net Profit as of 31 December 2008 Net Profit Equity Reconciliation Be GAAP - IFRS (1) (1) Mainly relates to Inventory valuation (€2,6m) and goodwill Bel engineering (€ 6,9m)

31 Evolution 2008 RAB Average RAB (1) (1)Includes € 15 million goodwill decommissioning Regulated Asset Base ,764,4

Inventory, trade & all debtors <1 year Tax receivable, including interests due Total Change in WCR Trade creditors & others Accrued charges & deferred income Shortfall 2008 Changes in Working Capital Requirements (EUR m) (1) (1) Based on Belgian GAAP accounts Working Capital Requirements

33 Evolution of Costs between 2008 and 2007 (EUR m) Personnel Expenses (mainly pension funds & inflation) Ancillary services (reserve energy) Depreciation Others Financial charges Taxes Raw materials, Services & Other goods Breakdown Costs 654,2 +4,2% +2,6% +5,1% 653,7 +1,9% -2,7% -17,3% -27,8%

34 Breakdown of Non – Tariff Revenues in 2008 and 2007 (EUR m) Non - Tariff Revenues Others Telecom & third party services Fixed assets own construction capitalised International revenues (mainly due to lower wholesale price differentials and lower revenues from congestion) 68,1 61,2 -34,6% (1)In 2007 « others » include € -13m reversal of the regulatory asset as a result of a new collectieve agreement (one-off payment) (2)In 2008 « others » include the reversal of € 5m related to interests to recover on the tax receivable (2) (1) +2,5% +5,7%

35 Breakdown of Tariff Revenues in 2008 and 2007 (EUR m) Tariff Revenues Connection tariffs Tariffs for ancillary services Tariffs for grid use 677,9 653,6 -12,1% 0,5Operational 4,9 Appeal Bonus ,5 Settlement Bonus 2006 Tariffs out of previous surpluses 9,9 +25,6% -75,6% 18,2 Tariff shortfall

36 Budget Reality Revenues =  - 21,4 Tariff =  + 1,4 Budget Reality Budget Reality Budget Reality Non controllable items : Budget <> Reality Net profit =  +8,8 Costs =  - 10,6 Costs = + 10,6 m Revenues = - 21,4 m Net profit = -8,8 m Tariff = + 1,4 m Tariff shortfall = 18,2 m

37 Overview treatment of surpluses Overview of allocation and use of total surpluses (1) To be allocated by CREG in the next regulatory period (1)

38 Standard & Poor’s rating: Long Term: A- Outlook: Stable Elia benefits from a strong credit rating Financial Debt Position 2.397,72.230,1 164,2 99,8 (1)In September 2009, a shareholders’ loan of € 387,7m will be repaid. This loan together with the short bank loans will be refinanced through a new Eurobond to be launched before September (1)

39 Reimbursement schedule till 2022 Publi-Part The duration of the refinancing of € 800 million in 2009 will take into account the several other maturity dates; refinancing will be achieved before September 2009 ING

40 Elia’s dividend policy ensures a steady and growing dividend Dividend Policy Increase in dividend to € 1,37 per share Pay-out ratio over 2008 Belgian Gaap result is 75,7% (63,9% under IFRS)

41 Summary Highlights 2008 Financials 2008 Outlook 2009 Agenda

42 Capex = €117 m (€157m initially) Main reasons: Reduced energy consumption due to economic crisis Delayed projects by industrial customers Reduction of financing requirements No impact on regulated profit (ROE remuneration) Replacements Driven by internal consumption Driven by interconnections with neighbours Driven by renewables & generation localisation CAPEX 2009 € 117 m 44% Outlook CAPEX 2009

43 Average RAB (1) (1) Contains € 14m of goodwill reduction due to decommissioning Outlook 2009: RAB

44 Determination of net profit 2009 by the regulator (Belgian GAAP) (1) (1)OLO of 3,9278%; Beta of 0,3301 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 (2) Not available for profit distribution; €14,2 is the estimated yearly amount for the period =(1) (2) (3) = Y (=1+2+3) (3) Outlook 2009 : Fair remuneration

45 Major projects investigated pending regulatory approval kV line towards Belgian coast (off-shore wind energy) - Connection of a future 450 MW power plant in Seneffe - Interconnections with UK, Germany and Luxembourg Services To be launched in 2009 Belpex : launch of Green Certificates Exchange Coreso : 24h real time control of electricity flows in CWE area CASC : secondary market for cross-border transmission capacity ENTSO-E : 42 TSOs out 34 European countries Contemplated for 2010 and beyond Market coupling between Benelux – Germany – France Activities Pursuing « operational excellence » Consulting and services for third parties, partnership New Projects, Services, Activities

46 Questions & Answers Investors Relations – Contact details Bert Maes Tel: + 32 (0)2/ Mail: Website: