Key Ratios for RWE Transgas, a.s. is hereinafter also referred to as "the Company".

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1 Annual Report 2006

2 Key Ratios for 2006 Total sales (CZK m) 85,043 EBITDA (CZK m) 9,596 Operating result (CZK m) 4,922 Profit before taxation (CZK m) 9,486 Profit after taxation (CZK m) 8,189 Investments (CZK m) 318 Number of employees (converted to FTE) 305 RWE Transgas, a.s. is hereinafter also referred to as "the Company".

3 Table of Content 1. The Chairman s Statement Report of the Supervisory Board for Management Report for Results Gas Business Business, Marketing, and Communication Activities Human Resources Subsequent Events Outlook Financial Part Financial Statements Notes to Financial Statements Auditor s Report Auditor's opinion on the Financial Statement Auditor's opinion on the Annual Report

4 Vyšehrad. A group of historic buildings standing over the Vltava and Botič confluence. National heritage. A wide river, a tall cliff steeply plunging into it. An ideal setting for noble, heroic, and charming stories of our history. The most beautiful stories known in Czech mythology are linked with Vyšehrad. There was a sacred grove here, in which Libuše was elected princess. Přemysl was crowned Czech prince there. The first ruling dynasty derived its roots from here. The mythical space inspired the poet Mácha, composer Smetana, sculptor Myslbek... And in our modern times Vyšehrad has kept its magic it is a romantic island of peace and quiet in the hectic whirl of the city. 4

5 5

6 1. The Chairman s Statement From the perspective of RWE Transgas, and the gas industry in general, 2006 can be described as a year full of new and demanding challenges. This was particularly so in the timely preparations for the complete gas market opening in parallel with the introduction of a new model for natural gas trading in the Czech Republic by the Energy Regulatory Office. At the beginning of 2006 we saw the importance of continuous energy supplies in the international arena. In this context, I consider the fact that we were successful in extending our gas purchase agreement with Gazprom export well in advance of its expiry date to be a significant achievement. The agreement signed last year guarantees reliable supplies of Russian natural gas to the Czech Republic until The RWE Group s intentions to promote a new LNG terminal on Krk island, Croatia, and its investment in the Rotterdam LNG Terminal in the Netherlands, are also expected to underpin the security of gas supplies to both domestic and international partners over the long term. The expected liberalisation of the market and the potential entry of competitors have induced a number of organisational changes in our company and in the RWE Group s other companies in the Czech Republic. Being the Group s governing entity, RWE Transgas coordinated mainly all the activities that were the result of national and EU legislation. On the level of the regional distribution companies, RWE Transgas assisted in unbundling projects, i.e. the separation of the gas trade function from distribution system operation, and in the centralisation of billing. Efforts to improve the co-operation and co-ordination between companies held by the RWE Group in the Czech Republic and the need to adjust to the new market conditions have resulted in an organisational restructuring of RWE Transgas. The measures adopted have created room for more effective cost control. However, their main purpose is to improve the flexibility of customer service and to support the introduction of solutions that will better meet each of our customers individual needs. Together with ČEZ, the RWE Group s Czech companies have opened seven shared customer service offices, which now offer one-stop shopping for services related to natural gas and electricity supplies. In addition, projects to promote the use of natural gas in transport and the conversion of heat generating plants to gas have been received favourably on the level of state administration and local government. In this context it also should be mentioned that we have made much effort to structure new pricing products and contracts for customers in the last few months. We have developed this structure together with the Energy Regulatory Office and the Office for the Protection of Competition in order to cater for the special circumstances resulting from RWE Transgas s market share in the Czech Republic. This is also one of the reasons why I am convinced that it complies with all of the new market model s regulatory requirements and that it will stand up to close scrutiny from the point of view of competition law. 6

7 In conclusion, let me express sincere thanks to all those who are contributing to our company s success. It is only thanks to our joint efforts that RWE Transgas can enter the liberalised natural gas market with pride and confidence. We will continue to be a supplier of first choice in the Czech Republic and a synonym for reliability and professionalism in Europe. The results achieved in 2006, which are presented in this Annual Report, put us in a good position for living up to all the expectations placed upon our company. Dr Ulrich Jobs Chairman, Board of Directors 7

8 The Board of Directors, 31 December 2006 Dr Ulrich Jobs Chairman; Strategy & Communication Born: 20 April 1953 Education: Technische Universität Clausthal-Zellerfeld, Mining Engineering Membership of bodies of other companies: RWE Energy Czech Republic, s.r.o. Managing Director; Chairman of the Středočeská plynárenská, a.s. and Jihomoravská plynárenská, a.s. Supervisory Boards; Vice-Chairman of the Západočeská plynárenská, a.s. Supervisory Board; Member of the Severočeská plynárenská, a.s., and RWE Transgas Net, s.r.o. Supervisory Boards Any other business activities: None Martin Friedrich Herrmann Vice-Chairman; Finance Born: 3 July 1967 Education: Westfälische-Wilhems-Universität, Münster Membership of bodies of other companies: RWE Energy Czech Republic s.r.o. Managing Director; Chairman of the Severomoravská plynárenská, a.s. and Východočeská plynárenská, a.s. Supervisory Boards; Vice-Chairman of the Severočeská plynárenská, a.s. and Středočeská plynárenská, a.s. Supervisory Boards; Member of the Západočeská plynárenská, a.s., RWE Energy Customer Services CZ, a.s. and RWE Transgas Net, s.r.o. Supervisory Boards Any other business activities: None Milan Kajtman Member; National Sales Born: 18 December 1959 Education: Prague School of Economics Membership of bodies of other companies: RWE Energy Czech Republic s.r.o. Managing Director; Member of the Jihomoravská plynárenská, a.s. Board of Directors Any other business activities: None Dr Filip Thon Member; RPM & Organisation/IT Born: 17 June 1972 Education: Institute of Chemical Technology Prague; Doctorate at VŠB Technical University in Ostrava Membership of bodies of other companies: Chairman of the RWE Energy Customer Services CZ, a.s. Supervisory Board; Member of the Severomoravská plynárenská, a.s., Východočeská plynárenská, a.s. and Jihomoravská plynárenská, a.s. Supervisory Boards Any other business activities: None Dr Frank-Detlef Drake Member; Purchase Portfolio Management Born: 17 December 1962 Education: Universität Hannover and University of Wisconsin-Madison, Mechanical Engineering and Technology Membership of bodies of other companies: RWE Gas Midstream GmbH Managing Director Any other business activities: None 8

9 2. Report of the Supervisory Board for 2006 Composition of the Supervisory Board as at 31 December 2006: Chairman: Vice-Chairman: Member: Member: Member: Dr Andreas Radmacher Heinz-Werner Ufer Lutz Michael Liebau Dr Werner Roos Jaroslav Ungerman Member: Milada Vlasáková Member: Šárka Vojíková Member: Radomír Kincl Member: Stanislav Stanec In 2006 there was no change in the composition of the Supervisory Board. At its meetings the Supervisory Board discussed all matters for which the Supervisory Board is responsible under the relevant legal regulations, the Company s Articles of Association, and the decisions adopted by the sole shareholder acting in the capacity of the General Meeting, including the documents the Supervisory Board requested from the Board of Directors as part of its supervisory activity. Members of the Board of Directors added comments in person on the written documents when these were discussed by the Supervisory Board. The Supervisory Board s activity in the past period mainly focused on continuous monitoring of the Company s results, and on the discharge of the Board of Directors powers and responsibilities and the Company s business activities. In performing its supervisory activity the Supervisory Board did not find anything at variance with generally applicable legal regulations, the Company s Articles of Association, or the decisions of the sole shareholder acting in the capacity of the General Meeting. On 27 March 2007 the Supervisory Board reviewed the Company s annual financial statements as at 31 December 2006 and the Board of Directors proposal for the distribution of profit, including the amount, and the time and manner of payment of dividends. In keeping with the auditor s opinion the Supervisory Board recommends that these annual financial statements, including the Board of Directors proposal for profit distribution, be approved. 27 March 2007 Dr Andreas Radmacher Chairman, Supervisory Board 9

10 The Supervisory Board, 31 December 2006 Dr Andreas Radmacher Chairman Born: 20 May 1965 Education: Technische Universität Clausthal-Zellerfeld and Rheinisch-Westfälische Technische Hochschule Aachen Membership of bodies of other companies: RWE Energy AG Board of Directors Member, Chairman of the ELMÜ Rt., ÉMASZ Rt. and RWE Energy Nederland N.V. Supervisory Boards; Member of the Fövárosi Gázmüvek Rt., envia Mitteldeutsche Energie AG and Mátrai Erömü ZRt. Supervisory Boards Any other business activities: None Heinz-Werner Ufer Vice-Chairman Born: 4 February 1953 Education: Universität Gesamthochschule Essen, Economic Science Membership of bodies of other companies: RWE Energy AG Board of Directors Vice-Chairman, Chairman of the envia Mitteldeutsche Energie AG, Lechwerke AG and Süwag Energie AG Supervisory Boards, Vice- Chairman of the Kelag Kärntner Elektrizitäts-AG, Kelag Netz GmbH, Pfalzwerke AG and STOEN S.A. Supervisory Boards, VSE AG Supervisory Board Member Any other business activities: None Dr Werner Roos Member Born: 3 January 1949 Education: Rheinisch-Westfälische Technische Hochschule Aachen, Electrical Engineering Membership of bodies of other companies: RWE Energy AG Board of Directors Member, Vice-Chairman of the EWR AG and Luxempart-Energie S.A. Supervisory Boards, Member of the Cegedel S.A., Cegedel Net S.A., Société Electrique de l'our S.A., VSE AG and RWE Transgas Net, s.r.o. Supervisory Boards Any other business activities: None Lutz Michael Liebau Member Born: 9 September 1952 Education: Universität Marburg, National Economy Membership of bodies of other companies: RWE Dea AG Board of Directors Member, ERDGAS MÜNSTER Supervisory Board Member Any other business activities: None Milada Vlasáková Member Born: 14 May 1944 Education: SEŠ Ústí and Labem and Prague School of Economics Membership of bodies of other companies: None Any other business activities: None Jaroslav Ungerman Member Born: 13 January 1952 Education: Prague School of Economics, Faculty of National Economy Membership of bodies of other companies: PODĚBRADSKÉ PRAMENY, a.s. Supervisory Board Chairman, MB International, s.r.o. Managing Director Any other business activities: Advisory Radomír Kincl Member Born: 12 June 1952 Education: Faculty of Mechanical Engineering of the Brno Technical University Membership of bodies of other companies: None Any other business activities: None Stanislav Stanec Member Born: 21 September 1953 Education: Faculty of Mechanical Engineering of the Brno Technical University Membership of bodies of other companies: None Any other business activities: None Šárka Vojíková Member Born: 22 September 1967 Education: Grammar school in Prague, a social law college in Prague Membership of bodies of other companies: RWE Transgas Net, s.r.o. Supervisory Board Member Any other business activities: None 10

11 3. Management Report for Results Revenues, expenses, and profit In 2006 RWE Transgas achieved significantly better results than in The Company s profit after tax increased by 58% in comparison with 2005, to CZK 8,189 million, with profit before tax amounting to CZK 9,486 million. In 2006 the Company s operating result amounted to CZK 4,922 million. The core business activity, natural gas trade, contributed to the Company s operating result. In comparison with 2005 it went down by CZK 3,680 million due to the transfer of transmission capacity trading to the Company s subsidiary, RWE Transgas Net, s.r.o., from 1 January Operating revenues amounted to CZK 96,854 million while operating expenditure was CZK 91,932 million. The financial result together with an extraordinary result ended up in a profit of CZK 4,564 million due to the transfer of the profit generated by RWE Transgas Net, s.r.o., and profit from the remeasurement of hedging derivatives. From 1 January 2006 the Energy Regulatory Office in its decision reintroduced full regulation of natural gas trading. Natural gas price control continued for protected customers under Act No. 458/2000, the Energy Act, and the related public notices, under which the Energy Regulatory Office sets natural gas selling prices. At the same time regulation was reintroduced for eligible customers when the Energy Regulatory Office issued the respective price decisions. The gas purchase price is tied to oil product prices and it is also influenced by the Czech currency s US dollar and euro exchange rates. In relation to the development of gas purchase prices in 2006 the Energy Regulatory Office therefore adjusted the price for which RWE Transgas sold natural gas to regional distribution companies and direct customers as follows: from 1 April 2006 up by 2.8%, and from 1 October 2006 down by 6.7%. Structure of assets The Company s total assets increased by 120.6% to CZK 110,976 million in Fixed assets worth CZK 57,612 million, whose share of total assets was 51.9%, were made up of intangible fixed assets worth CZK 28 million, tangible fixed assets worth CZK 7,631 million and, above all, long-term financial investments whose value rose by CZK 47,303 million year-on-year to CZK 49,953 million, mainly due to the contribution of a part of the Company s business to the newly established RWE Transgas Net, s.r.o., and the revaluation thereof. Current and other assets totalled CZK 53,364 million as at 31 December 2006, having increased by CZK 25,628 million year-on-year. In current assets, receivables increased by CZK 21,826 million, inventories by CZK 4,029 million, and other assets by CZK 7 million. On the other hand short-term financial assets dropped by CZK 235 million. In total, inventories accounted for 26%, receivables for 73%, and short-term financial assets for 1% of the current and other assets. 11

12 Structure of shareholders equity & liabilities The Company s equity increased by CZK 38,176 million to CZK 79,094 million in 2006, and accounted for 71.3% of the Company s total shareholders equity and liabilities. As in the previous period RWE Transgas financed all of its activities using its own resources in Liabilities totalling CZK 31,882 million were made up of short-term liabilities, 68%, and reserves, 32%. Risk management The responsibility for risk management lies with the risk management committee, whose members are representatives of the Company s management. The Company records all risks in a Risk Catalogue. All risks are also recorded in a matrix of risks, which helps to identify the most serious risks in terms of the probability of their occurrence and the magnitude of potential damage. No risks jeopardising the Company s existence were identified in In 2006 RWE Transgas entered into currency operations such as forwards and synthetic forwards in order to partially hedge the Company s currency risk. Investments The Company s capital expenditure amounted to CZK 318 million in 2006, of which CZK 22 million went to intangible assets and CZK 296 million to tangible assets. The investments in intangible assets were mainly channelled to geological surveys. Investments in tangible assets were focused mainly on enhancing the performance of underground gas storage facilities to improve the reliability of natural gas supplies. 3.2 Gas Business Gas purchase Long-term natural gas supply agreements with their fair balance of risks between producers and importers are the backbone of RWE Transgas s gas purchasing policy. In 2006 RWE Transgas purchased a total of 122 billion kwh of natural gas. This is an increase of 7.4% compared with the previous year. The share of Russian gas amounted to 61% of the total supplies. In December 2006 supplies to the substantial part of the European natural gas market were secured for the long term. RWE Transgas extended its supply contract with Gazprom export Ltd. for the Czech Republic until The contract provides for the supply of 9 bcm annually. By this step, RWE is strengthening security of supply and the continued development of a competitive gas market. Gas sales In 2006 sales to regional gas distribution companies and direct customers in the Czech Republic totalled 96.8 billion kwh. This equals a decrease of 3% compared with the previous year. The drop in sales was mainly due to the warm temperatures in October, November and December, which were about 3 C above average. In addition, approximately 18.1 billion kwh of natural gas was sold to foreign customers on international markets. 12

13 In 2006 RWE Transgas provided all its customers with natural gas in line with their capacity needs, complying with all the contract specifications of natural gas quality, including the required delivery pressure (in billion kwh) 2005 (in billion kwh) % (2006/2005) Czech Republic Other countries Gas transmission Unchanged in 2006, RWE Transgas held gas transport agreements with OOO Gazprom export, Moscow, Verbundnetz Gas AG, Leipzig, and Wintershall AG, Kassel. Due to unbundling, which took place in January 2006, the transport business now lies in the hands of its RWE Transgas Net, s.r.o. subsidiary. RWE Transgas Net s network in the Czech Republic is not only used to secure reliable supplies to the Czech market; it may even be considered to be a key element of the entire European natural gas supply system. By signing a transit agreement lasting until 2035 the co-operation concerning the transit of Russian gas will also be continued for the long term. This agreement provides the basis for continuing gas transit cooperation also after the completion of the Nord Stream Pipeline. Gas storage As a storage system operator, RWE Transgas was highly successful in In January its underground gas storage facilities contributed significantly to ensuring secure gas supplies in the Czech Republic, where daily gas consumption peaked at 67 million cubic metres, the highest ever maximum, due to the very cold winter. The Company also expanded the storage capacity of its operated storage facilities by 3% to 2,321 million cubic metres. RWE Transgas has markedly extended its gas storage services. The company now offers also short-term storage contracts and interruptible contracts. It therefore fully meets the requirements recommended by the European Regulators Group for Electricity and Gas (ERGEG) in their Guidelines for Good Practice for Storage System Operators. On the European scale, appreciation for the Company's success was shown when it was awarded the vice-presidency of Gas Storage Europe, an association of storage system operators. RWE Transgas seeks to further expand its position in the European storage business, and it will therefore create RWE Gas Storage as a legally separated operator of underground gas storage facilities. The new company will start its business in 2007 and will be responsible for the primary marketing of its gas storage capacities. RWE Transgas will transfer the six underground storage facilities at Dolní Dunajovice, Tvrdonice, Štramberk, Lobodice, Třanovice, and Háje, to RWE Gas Storage. The Company is also considering investments in new storage capacities in the Czech Republic wherever the regulatory environment will make this economical. RWE Gas Storage will focus its activities on achieving effective primary marketing of storage capacities, thereby supporting a further rise in transparency and improvements in customer service. 13

14 3.3 Business, Marketing, and Communication Activities Strategy In 2006 RWE Transgas, a.s. and regional distribution companies intensified their co-operation significantly, in particular as regards their identification with RWE values. These are Trust, Reliability, Performance, Customer Focus and Forward Thinking. Principles of unified solutions will be further strengthened to achieve the maximum synergies in all companies of the RWE Group in the Czech Republic and Europe. The end of the year saw the launch of a strategic project, the objective of which is to define business strategies for the medium term. In addition to promoting regular business activities, the project also focuses on promising market areas that offer a potential to achieve the expected trade margins. Marketing activities In 2006 the RWE Group s companies in the Czech Republic focused, under RWE Transgas s leadership, on improving the services provided to their customers in all segments, with a view to becoming successful and competitive players on the natural gas market, which is fully liberalised as from 1 January Increased attention was devoted to researching all of their customers needs and requirements. The conclusions of this research will be implemented in the area of customer services during The RWE Group s Czech companies are aware of the increasing importance of obtaining timely and needed information. They therefore distribute electronic messages and newsletters, which describe the latest developments in the prediction of prices and in energy legislation, to their customers. An important step forward was the implementation of the energy controlling product, which makes it possible to monitor natural gas consumption and the related costs on line over the Internet. Another service on offer is the energy audit, a comprehensive report on the customer s energy management. In March 2006 all regional distribution companies together with RWE Transgas, and the Government of the Czech Republic represented by the Ministry of Industry and Trade, signed an agreement on the promotion of natural gas use in transport. The contracting parties started to carry out the agreement immediately. This includes the putting into operation of CNG refuelling stations, tax breaks for this fuel in the form of a zero excise duty until 2012, financial support for public transport companies in their purchase of CNG buses and, not least, informing the public and expert circles about natural gas as an alternative and environmentally friendly fuel for automobiles at a number of exhibitions and trade fairs. In 2006 a refuelling station was put into operation in Ostrava and another four will be commissioned in Brno, Mladá Boleslav, Karlovy Vary and Ústí nad Labem in CNG vehicles were put to fire safety tests, which clearly showed that they fully meet all the requirements for safe operation. 14

15 Communication activities The main objective of all the communication activities pursued by RWE Transgas, a.s. and all of the RWE Group s other companies in the Czech Republic in 2006 was to support awareness of the RWE brand on the part of its trade partners and the general public. This promotion was supported by joint projects and a broad-ranging use of corporate design, which expresses affiliation with the strong international energy group, RWE. At the end of 2005 the Company comprehensively revised its sponsorship strategy, and in 2006 it launched two long-term mainstay projects. RWE Energy of Czech Skiing and RWE Energy of Czech Film are joint projects of RWE Transgas and the six regional distribution companies in which RWE holds a majority interest. The primary purpose of RWE Energy of Czech Skiing is to support improvements in the quality of the services provided to skiers in twelve selected winter resorts in Bohemia and Moravia. With contributions by RWE Group companies in the Czech Republic, dozens of orientation maps, hundreds of signposts on downhill skiing tracks, and kilometres of safety barriers were set up in Czech mountains. RWE Transgas is the general partner of Nikola Sudová, an acrobatic skier, and the official partner of ski cross competitor Tomáš Kraus. The RWE team also includes downhill skier Anna Kulíšková, a silver medallist in the super-giant slalom at the Winter Paralympic Games in Turin. RWE Transgas became the general partner of the new Handicapped Skiers Centre in Janské Lázně. Early February 2006 saw the acrobatic skiing World Cup at Špindlerův Mlýn and Pec pod Sněžkou, held under the RWE brand. The Company s sponsorship of sports also includes two prestigious general partnerships: with the Czech Olympic Team, and the Czech Paralympic Team. Since 2006 RWE Energy of Czech Film has been playing the main role in culture sponsorship. The Company supported the production of four feature films Jak se krotí krokodýli, Rafťáci, Účastníci zájezdu, and Grandhotel. RWE Transgas has become one of the founders of the Filmová nadace RWE & Barrandov Studio foundation. The foundation s purpose is to identify new script writing talents and interesting, original themes, and to provide assistance with subsequent production of winning works. Thanks to our support, Czech Television premiered 27 documentaries. RWE Transgas provided a subsidy to the FAMU internal grants scheme, the objective of which is to create the best preconditions for professional training of students. Part of our systematic support for Czech film are the general partnership with the Jihlava International Festival of Documentary Films and the partnership with the Karlovy Vary International Film Festival, in respect of which the second decade of traditional co-operation has been started. RWE Transgas also continued its long-standing official partnership with the Prague Spring International Music Festival and general partnership with the Between Fences cultural and artistic festival. In respect of charitable activities, RWE Transgas focused on helping children who live in children s homes, and disabled and senior citizens. It also supported health research and environmental protection. The 15

16 Company cooperated with renowned charitable organisations, i.e. with the Nadace Charty 77 foundation Konto BARIÉRY, the Nadace Terezy Maxové foundation, the ŽIVOT 90 civic association, and the Nadace Academia Medica Pragensis foundation. The public education project called The Little Flame s Reservoir of Knowledge continued for the fifth and final year. The project s goal was to educate children, young people and the lay public in natural gas use. The year 2006 meant another long step in strengthening corporate identity and promoting teamwork. The new concept of internal communication across the RWE Group s companies in the Czech Republic helped to improve the efficiency of internal processes. Information transparency and periodical news reporting were accentuated in particular on the new centralised intranet and in the Company s magazine published for colleagues in all companies of the RWE Group in the Czech Republic. 3.4 Human Resources Unified standards and procedures are applied in the process of human resource management in all companies of the RWE Group in the Czech Republic. RWE Transgas management devotes great attention to human resource management. The objective is to optimise the number and structure of employees and introduce effective forms of employee motivation focused on performance and meeting the Company s strategic plans. Staffing level At the beginning of 2006 the staffing level of RWE Transgas was heavily influenced by the legal unbundling of natural gas trade from transmission, and the related transfer of employees to the Company s subsidiary, RWE Transgas Net, s.r.o. Staffing levels Year (as at 31/12) Operations Head Office Total 318 1,118 1,215 1,354 1,409 of whom: Manual Professional Wages Wage levels at the Company developed in accordance with the management s plans for human resource management and the principles agreed in the Collective Agreement. The average wage level is considerably influenced by the Company s continued restructuring, and the related changes in the structure of personnel and professions at the Company. 16

17 Social policy Upon agreement with the trade union organisation, the Company s Board of Directors signed the RWE Transgas Collective Agreement, which provides for the employees working and social conditions for 2006 and The Company has long been channelling its funds earmarked for the social area to support and development of employee benefits, in particular pension fund schemes and life assurance policies; these funds constitute an important and effective instrument for personnel retention. Personal training and career development In 2006 the Company spent 5.97% of its 2006 payroll costs on maintaining, broadening and upgrading its employees skills and qualifications. On the whole, 518 educational events were organised, which were attended by 1,004 employees. Average annual expenses on education and training amounted to CZK 42,392 per employee. Employee structure by education (2006) Primary 2% Secondary 17% University 47% Complete secondary with GCSE equivalent 34% 3.5 Subsequent Events Dr Ulrich Jobs, Chairman of the Board of Directors, was appointed to the Board of Directors of RWE AG effective from 1 April 2007, and Chairman of the Board of Directors of RWE Power AG effective from 1 May The current Vice-Chairman of the Board of Directors, Martin Friedrich Herrmann, will become the Chairman of the Company's Board of Directors effective from 1 April Dr Filip Thon, up to now a member of the Board of Directors, was appointed the new Vice-Chairman as of the same date. A provision for a fine of CZK 370 million for abuse of the Company s dominant market position was carried in the Financial Statements as at 31 December On 12 March 2007 the Chairman of the Office for the Protection of Competition issued a decision in remonstrance proceedings, whereby he imposed a fine of CZK 240 million on RWE Transgas for abusing its dominant position. The decision is final. 17

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