1. Investment Project Extenstion Loenhout – TDG – 20070524 -1 Investment Project: Extension Loenhout Thibaut De Greef 2007/5/24

2. 2 Investment Project Extenstion Loenhout – TDG – 20070524 -2 Storage Installation Loenhout: AS IS Injection 250 000 (n)m³/h Storage 600 mcm Withdrawal 500 000 (n)m³/h France LUXEMBURG Germany Netherlands GB Seasonal Storage

3. 3 Investment Project Extenstion Loenhout – TDG – 20070524 -3 Storage Projects Loenhout: extension of existing Storage Installation ( commissioning 2010) Loenhout: extension of existing Storage Installation ( commissioning 2010) Poederlee: new Storage Installation in same geological structure asLoenhout Poederlee: new Storage Installation in same geological structure asLoenhout ( under study commissioning 2012) Limburg:new Storage Installation in new geological structure Limburg:new Storage Installation in new geological structure ( under study commissioning > 10 years )

4. 4 Investment Project Extenstion Loenhout – TDG – 20070524 -4 GRID: Loenhout Storage Installation

5. 5 Investment Project Extenstion Loenhout – TDG – 20070524 -5 Storage Installation Loenhout: Tech & Numbers Acquifer Number Wells 46 Production Wells 11 Commissioning 80ies Storage Users 5 Total volume 1.2E9

6. 6 Investment Project Extenstion Loenhout – TDG – 20070524 -6 Extension Loenhout AS IS ExtensionChange[%] Injection[(n)m³/h] 250 0000 100 000 40 Storage[mcm]60010017 Withdrawal[(n)m³/h] 500 000 625 000 25

7. 7 Investment Project Extenstion Loenhout – TDG – 20070524 -7 Project Drivers Gas Market in Belgium: 40 % growth next 10 years Gas Market in Belgium: 40 % growth next 10 years Security of supply Security of supply Shortage of Storage Capacity Shortage of Storage Capacity Shortage of flexibility tools Shortage of flexibility tools

8. 8 Investment Project Extenstion Loenhout – TDG – 20070524 -8 Extension: Technical Aspects Three permits: Three permits: Operations Operations Environmental Environmental Construction Construction Risks: Risks: Exploration Exploration Underground drilling Underground drilling Underground filling up (storing) Underground filling up (storing) Infiltration of gas Infiltration of gas Extension works during operation of the Storage Installation Extension works during operation of the Storage Installation

9. 9 Investment Project Extenstion Loenhout – TDG – 20070524 -9 Project Planning PermitsPermits Definition BDPDefinition BDP Definition EPC ContractsDefinition EPC Contracts Extension WorksExtension Works 200601/0101/0401/10 01/06 01/06 01/1101/12/200901/04/2010 2007 Start BDP Call for tender BDP Finish BDP OVR and MER approuved Permits obtained 2008 - 2010 Call for tender drilling pipes Order drilling pipes Start drilling down to cover Drilling into storage Call for tender EPC Contract awarded Commissioning Withdrawal Commissioning injection Basic Design Package Permits EPC Contracts Underground/drilling 01/02 01/03/200801/06/2008

10. 10 Investment Project Extenstion Loenhout – TDG – 20070524 -10 Financial Aspects Investment Investment 2 aspect: 2 aspect: -Cushion gas: 40% -Equipment: 60 % Lifespan:Lifespan: 30 years (after that: new investments assumed necessary) 30 years (after that: new investments assumed necessary) 50 years cushion gas 50 years cushion gas Risk: Risk: Exploration covered in tariffs past Exploration covered in tariffs past Risk in future tariffs Risk in future tariffs Long term uncertainty Long term uncertainty

11. 11 Investment Project Extenstion Loenhout – TDG – 20070524 -11 Tariff Model (to be confirmed) Regulation: Regulation: - Exemption on tariffs - No exemption on duration WACCxRAB+OPEX+Depreciation WACCxRAB+OPEX+Depreciation WACC (6.62 %:existing installations) : WACC (6.62 %:existing installations) : -WACC low for investors to be interessed Uncertainty on tariff structure Uncertainty on tariff structure