1. Analyst meeting February 16 th, 2007 FY 2006 Consolidated results

2. Agenda Summary Financials 2006 Outlook 2007 Regulatory and legal aspects Highlights 2006

3. Summary Financials 2006 - 2006 Results in line with expectations - Increase in dividend to € 1,28 a share Outlook 2007 Regulatory and legal aspects - Update electricity law published on July 20 th, 2006 - Update on the process for multi-year tariffs Royal Decree Highlights 2006 - Energy Consumption from Elia’s network in 2006 - Energy balance Elia net 2006 - Tariff evolution to the advantage of Elia’s customers - Investments 2006 - Significant increase in energy exchanges - Start of the Belgian Electricity Exchange on November 21 st, 2006

4. Agenda Summary Financials 2006 Outlook 2007 Regulatory and legal aspects Highlights 2006

5. Overview of Key IFRS Figures

6. Bottom-up Approach of Elia’s P&L in 2006 (EUR m) Determination of net profit 2006 Profit and Loss Tariff Non tariff Costs Net profit (1) (1)OLO of 4,1293%; Beta of 1,0358 and a risk premium of 2,54% (2)Av. Equity =1.295,5 and Av. Assets = 3.790,5 (2) (3) (3) OLO of 4,1293%; deviation rate of 70bp and tax rate of 33.99% Surplus

7. IFRS Impact on Equity and Net Profit for year ending 31 December 2006 Net Profit Equity Reconciliation Be GAAP - IFRS 1.3 (1) (1) Mainly relates to reversal goodwill Bel Engineering, inventory valuation, provisions

8. Evolution 2006 RAB Regulated Asset Base 2006 Average RAB 3.3713.444 (1) (1) In 2006 Frozen Goodwill has been applied

9. 2006 Inventory & trade debtors <1 year Deferred charges and accrued income Total Change in WCR Trade creditors & others Accrued charges & deferred income Surplus 2006 Working Capital Requirements 2006 Changes in Working Capital Requirements (EUR m) (1) (1) Based on Belgian GAAP accounts

10. Personnel Expenses Evolution of Costs between 2006 and 2005 (EUR m) Ancillary services (reserve energy) Depreciation Others Financial charges Taxes Raw materials, Services & Other goods Breakdown Costs 635,6 637,7 -0,6% 5,2% 4,8% -0,8% 1,5% -28,2%

11. Breakdown of Non – Tariff Revenues in 2006 and 2005 (EUR m) Non - Tariff Revenues Others Telecom & third party services Fixed assets own construction capitalised International revenues 63,2 94,3 -46,7% 113,3% -6,5% 45,7%

12. Breakdown of Tariff Revenues in 2006 and 2005 (EUR m) Tariff Revenues Connection tariffs Tariffs for ancillary services Tariffs for grid use 677,2685,7 -10,3% 13,3 14,1 Shortfall on costs 46,7 20,6 Surplus revenues (tariff & non-tariff) Tariffs out of previous surpluses 60,0 -0,9% Increase of recorded difference between approved budget and reality mainly due to international revenues 34,7 25,8% 3,2%

13. Deviation from Budget 2006 n Access and balancing fees n Auctioning fees North n Auctioning fees South n 3rd party services n ETSO fees to receive n Purchase ancillary services n ETSO fees to pay Reasons n RAB adjustment Sources of surplus over budget at the end of 2006 (EUR m) 60,0

14. Overview treatment of surpluses Overview of allocation and use of total surpluses About EUR 130m available for future tariff reductions beyond 2007 (1) To be allocated by CREG in decision B/M over 2006 (1)

15. Standard & Poor’s rating: Long Term: A- Outlook: Stable Elia benefits from a strong credit rating Financial Debt Position 2.119,8 2.129,5 40,0

16. Elia’s dividend policy ensures a steady dividend Dividend Policy Small increase in dividend to € 1,28 per share Pay-out ratio over 2005 Belgian Gaap result is 89,9% (80,8% under IFRS) (1) (1) Contains exceptional dividend of EUR 0,88

17. Agenda Summary Financials 2006 Outlook 2007 Regulatory and legal aspects Highlights 2006

18. Evolution 2007 RAB as approved by CREG Outlook 2007: RAB Average RAB 3.4953.537 (1) (1) Approved budget 2007 start with RAB which is € 32m higher than ACTUAL RAB (€3.444m) as of year-end 2006 3.598

19. Breakdown CAPEX Outlook 2007: CAPEX Replacements Driven by internal consumption Driven by interconnections with neighbours Driven by import levels & generation localisation CAPEX 2005-2009 (IPO) € 800 m CAPEX 2007 € 141m 44% 48%

20. Determination of net profit 2007 by the regulator (Belgian GAAP) Outlook 2007: Fair remuneration (1) (1)OLO of 3,4230%; Beta of 1,0330 and a risk premium of 2,54% (2)OLO of 3,4230%; deviation rate of 70bp and tax rate of 33.99% (2) For the tariff 2007, the regulator accepted the principle that financial debt must not be deducted from the working capital requirements D-factor is calculated according to the CREG formula Decommissioning is applied for 2007 budget Elia filed proceeding at Court of Appeal in december 2006 against bonus malus decision 2005

21. Agenda Summary Financials 2006 Outlook 2007 Regulatory and legal aspects Highlights 2006

22. Update on legislation Electricity law of April 29, 1999 was adjusted on June 1 st, 2005 and additionally adjusted on July 20 th, 2006. Most important changes are :  the date for the introduction of multi-annual tariffs for the transmission system, which is fixed at 1 January 2008;  a European benchmark, on the basis of comparable system operators, designed to define fair returns and depreciations for the transmission system operator;  an objective indexing formulae for the costs, directly controlled by the system operator, and set out in the Royal Decree following advice given by the regulator;  the reform of the federal regulator into three departments (administration, market's technical operation and monitoring prices and accounts) headed by a chairman.

23. Update process R.D. multi-year tariffs Process was formally started up on August 16 th, 2006 by Minister of Energy who sent letter to Regulator (CREG) Formal meetings between CREG and Elia were held on September 18 th and 22 nd Cabinet, CREG & Elia on November 15 th, 2006 and January 15th, 2007 Discussion between cabinets of government expected to start soon.

24. Agenda Summary Financials 2006 Outlook 2007 Regulatory and legal aspects Highlights 2006

25. 1. Energy Consumption in Elia’s balancing zone Total Energy consumption in Elia’s balancing zone increased to 89,4 TWh in 2006 from 86,9 TWh in 2005 This is mainly due to : Increase in industrial activity (2006 GDP growth of 3%) Larger take-off from residential clients More extreme temperatures Severe winter months Hot summer months

26. 2. Energy Balance Elia net 2006 (in GWh) Import France:10.636 Luxemburg:2.479 Netherlands:5.604 Total:18.719 Net production (= Gross production – ancillaries) Power plants: 72.618 From DSO’s: 39 Local production: 6.480 Total: 79,137 Export France:1.981 Luxemburg:1.697 Netherlands:5.018 Total:8.696 Consumption Elia net Direct clients: 28.145 Distribution:57.780 Pumps: 1.696 Total:87.621 Net losses: 1.539 Net import: 10.023

27. 3. Evolution of tariffs since 2001 Since 2001, decrease of transmission tariffs for all types of clients

28. ETSO European comparison 2005 tariffs Voltage level 400-220 kV Voltage level 400-110 kV

29. Breakdown 2006 Energy bill Transmission cost is a small part of client’s total energy cost TransmissionEnergyDistributionFederal levies & taxes (direct & indirect) Residential client 3.500 kWh, 12 kVA 1.300 kWh night Midsize industrial client 2-10 GWh, 500-2.500 kW 4.000h / year Large industrial client 50-70 GWh, 10.000kW 5.000-7.000h / year Source : CREG (for residential clients) + computed by Elia based on 2005 breakdown (for industrial clients) (1) 18 out of the 23% relates to VAT (2) Not subject to VAT 77% 76% 57% 14% 5% 9% 5% 15% 23% (1) 10% 9% (2)

30. Upgrade interconnection Monceau – Chooz (F) van 150 tot 220kV Phase shifting transformer Monceau: in service as of January 2007 Optimalisation interconnection flow with France Adds to border capacity, mainly in the summer Investment of about € 10m 4. Investments 2006

31. Underground cable 150kV Koksijde – Slijkens and extension HV-station Koksijde Reinforce reliability of network in coast region: closing of “coastal loop” Connection offshore wind farm up to 900 MW In service as of May 2006 Investment of about € 48m Investments 2006

32. Additional transformer 150kV Harenheide (Brussels) and Zaventem Strengthen electricity supply in North of Brussels and region Zaventem Underpins economical development of the region Investment of about € 13m Additional transformer 150kV Eupen Reinforces reliability of network and underpins economical development of region Eupen Investment pays off optimal after putting in service underground cable 150kV Lixhe – Battice Investment of about € 4,5m Investments 2006

33. 5. Significant increase in energy exchanges Total energy exchanges 2005-6 5,604 GWh Netherlands 5,018 GWh 1,981 GWh France 10,636 GWh Luxembourg 1,697 GWh 2,479 GWh Major increase in exchanges with F and NL; Export +8,4% to 8,696 GWh & Import +31,9% to 18,719 GWh

34. Increase and Optimalization of the border capacity with neighbouring countries France and the Netherlands: in line with programme 1.Reinforcement of Avelin – Avelgem 2.Release of capacity from historical contract as decided by French, Dutch and Belgian Regulators 3.Chooz (France) – Monceau (Belgium) 220 kV Will further optimize utilization of maximum border capacity 4.Phase shifter in 220 kV station Monceau Will further optimize utilization of maximum border capacity FR 5.Two Phase shifters in 380kV station Van Eyck (Kinrooi) Will further optimize utilization of maximum border capacity NL 6.Phase shifter in 380kV station Zandvliet Will further optimize utilization of maximum border capacity NL 7.Moulaine (France) – Aubange (Belgium) 220 kV Second circuit 220 kV will be installed Border Optimalization and Capacity increases Jan 2007 2010 Since Nov 2005 Since Jan 2006 2008 1Q 2007  Max capacity (winter) : 4.300 MW when all projects commissioned Jan 2007

35. 6. Belgian Power Exchange (Belpex) Order book opened on November 20 th, 2006 at 6 PM First fixing on November 21 st, 2006 at 11 AM with an exchanged volume of 24.098 MWh 20 diversified participants (suppliers, traders, producers) from 6 countries (NL,CH,UK,FR,BE,DE) In 2006 average daily volume was 13.312 MWh with the following average electricity prices : -Belix€45,69/MWh -Belix peak (8am-20pm)€59,19/MWh -Belix off-peak (20pm-8am)€32,19/MWh Market coupling induced an average export volume of 2.438 MWh and an average import volume of 2.896MWh

36. Belpex volume growth since launch

37. Daily average power prices: Belpex, APX, Powernext

38. FR-BE-NE TLC Congestion Overview BorderBelgian-French border Belgian- Dutch border Constrained Unconstrained Constrained F ≠ B ≠ NL F = B ≠ NL Unconstrained F ≠ B = NL F = B = NL 2 % 16 % 17 % 65 %

39. Questions & Answers Investors Relations – Contact details Bert Maes Tel: + 32 (0)2/546.72.39 Mail: bert.maes@elia.bebert.maes@elia.be Website: http://www.elia.be

40. Analyst meeting February 16 th, 2007 FY 2006 Consolidated results