Annual Report A responsible company serving its customers and the community in Belgium and Germany

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1 Annual Report 011 A responsible company serving its customers and the community in Belgium and Germany

2 Table of content EXECUTIVE REPORT Foreword* Profile and values 4 Key events 011* 6 Prospects and challenges 01* 1 The Elia share in ECONOMIC REPORT Grid operation 4 Infrastructure 8 Investments 9 The Elia grid in Belgium 30 The 50Hertz Transmission grid in Germany 33 Grid maintenance 34 Market operation 36 Preventive management of critical grid situations 40 Preparing for the future: research and development* 43 ENVIRONMENTAL REPORT Environmental objectives and indicators 50 SOCIAL REPORT Staff policy 64 Knowledge management 68 Employee safety and welfare 70 Corporate social responsibility 74 Stakeholder relations 77 CORPORATE GOVERNANCE STATEMENT Composition of management bodies* 84 Significant events in 011* 87 Remuneration of the Board of Directors and Management Committee* 9 Features of the internal control and risk management systems* 96 Description of the risks and uncertainties facing the company* 101 FINANCIAL REPORT Consolidated financial statements IFRS* 108 Notes to the consolidated financial statements* 113 Joint auditors report on the consolidated financial statements 154 Regulatory framework and tariffs* 156 Information about the parent company* 160 GRI Index 163 Reporting parameters 165 *These chapters form the annual report cf. article 119 of the Belgian company code.

3 50' 40' 30' E. Greenwich 3 00' 3 0' 3 10' 3 40' 3 30' 4 00' 3 50' 4 0' 4 10' 4 30' 4 50' 4 40' 5 10' 5 00' 5 30' 5 0' 6 10' 6 00' 5 50' 5 40' 6 30' 6 0' 6 50' ' NAVAGNE 51 30' T HOR NT ONB ANK B E R NE AU LIXHE 13 Vis é (S NC B ) S oignies 50 30' ) NOOR DL AND ZANDVL IE T P OW E R E louges (1 5 AME R C Œ U R 70(15 0) 0) C E NT R AL E MAR C INE L L E P É R ONNE S C iply HAR MIG NIE S P âturages B INC HE 15 0 B AS F DAMP R E MY Namur - S NC B Namur S am bre J E ME P P E S OL VAY TERGNEE L A P R AY E F OU R EKEREN pp e + 70 b lè Y voir (S NC B ) Dorinne ACHÊNE ACHÊNE -SNCB Hogne (S NC B ) 3d P S tephans hof T rois - P onts Meu s e e e Aarts elaar Hatrival - S NC B P pompc entrale Ou VIL L E R OU X windmolenpark bes taand in ontwerp met produc tie injec tie 380kV MERCATOR 380kV 0-150kV MOL E NB E E K 0-150kV 70kV Herbaimont 70kV WATE R LOP E N R ivieren en kanalen K ontic h MAZURES B AU L E R F L E B OU R Monc eau- en- Ardennes W AAR L OOS 0 70 ( F ays - les - Veneurs ) L onglier (S NC B ) Se m 49 50' Neufc hâteau Orgeo P E T R OC HIM B U IS S E R E T C HAMP - DE C OU R R IE R E FE LUY 70 (1 5 0) C has s art 1 S eneffe L U ME S G embloux S ombreffe V ie rr VESLE Marbais (S NC B ) L iberc hies o is MAR C HE - L E Z- E C AU S S INNE S R OOS T GOUY G OS S E L IE S B AS C OU P 70(150) Heppignies (30) s ud 0) T R IVIE R E S (1 Arlon AU VE L AIS 50) FLE UR US J umet (1 5 70(150) 70 70(150 (1 50 ) C iply P âturages ) Anderlues HAR MIG NIE S C S MAR C INE L L E DAMP R E MY C AR AL F OC E s tinnes ' MAL F AL IS E 1 : HE IS DOR F 70 B E R T R ANG E J E ME P P E S OL VAY bbrere Sa S amm 70 (1 50 ) 50 ) L A P R AY E F AR C IE NNE S 1 : Echelle Schaal S t- MAR D - S NC B P ONT - DE - L OU P S t- MAR D AUBANGE L AT OU R R OU VR OY 30 km HE R S E R ANG E Marc hienne MOULAINE F os s es - la- Ville MONT IG NIE S E S C H- S U R - AL ZE T T E MONT S t.mar T IN MONC E AU L ANDR E S 40' E. Greenwich Grid Elia 50' 3 00' 3 10' 3 0' 3 30' 3 40' 3 50' 4 00' 4 10' 4 0' 4 30' 4 40' 4 50' 5 00' 5 10' 5 0' 5 30' 5 40' 5 50' Differd. Arbed OXY L U X B elv. Arbed B E L VAL Situation au S C HIF F L ANG E stand op ' B INC HE L A P R AY E F OU R F. DE F E R B L ANC HIS S E R IE C harleroi 70 (1 + 3dP F ontaine l E vêque 0 G illy C E NT R AL E MAR C INE L L E P E R ONNE S B ous s u E louges 70(150) TERGNEE AME R C Œ U R P iéton (S NC B ) 15 lle (1 5 se 70 Mo L a L ouvière B onnert Arlon - S NC B 0) HE INS C H P ) J E MAP P E S B OE L LL Villers - s /S emois C hiny S c hif. VIGY Institut Géographique National 6 00' 6 10' 6 0' 6 30' 6 40' Berlin / 0 kv HVDC/DC link 400 kv Grid connection offshore 150 kv Frankfurt (Oder) Potsdam TenneT Magdeburg System users : Our customers include the regional distribution system operators as well as power plants, pump storage plants, wind farms and big industry connected to the transmission system. Cottbus Halle Leipzig 110 Saxony Legend Dresden Weimar Switching Station (in large part with tranerfurt sition to distribution system operators) Pump storage plant As at : December 011 planned / under construction St-AMAND L A C R OY E R E B OE L T C C B OE L HF VIL L E /HAINE Mons COURCELLES K eumiée B OE L F OU R e 0 3d ( OB OU R G P E T IT MAR AIS B AU DOU R ' AIR L IQU IDE C. S t- G HIS L AIN 70(150) G HL IN e tt (150) Operating voltage ( kv ) PSE Operator Poland SaxonyAnhalt Eisenach Hesse Wind power plant onshore / offshore Marbehan (S NC B ) Vierre A lz Mais ières TE R TR E 0 kv e T R IE R CENTRALE SENEFFE line Brandenburg Lower Saxony under construction S ûre R es pelt 380 kv Conventional power plant ( lignite- or hard-coal fired, nuclear or gas turbine power plant ) NIE DE R S TE DE M R ec ogne line planned / under construction Grid connection offshore 150 kv planned / under construction S TATIONS exis tant en projet Situation au Stand op r 380 kv waterkrac htc entrale (1) E lia déc line toute res pons abilité c onc ernant les données relatives aux ins tallations appartenant à des tiers. E lia wijs t alle verantwoordelijkheid af voor wat betreft data i.v.m. ins tallaties van derden. B AS T OG NE Hatrival REVIN LONNY 49 50' thermis c he c entrale in ontwerp () S ont représ entées toutes les unités pour les quelles un c ontrat C IP U a été c onc lu avec E lia. S taan op de kaart alle produc tie- eenheden waarvoor met E lia een C IP U c ontrac t is afges loten. (C IP U = C ontrac t for Injec tion of P roduc tion U nits ). Momignies LINT 7 thermis c he c entrale R ivières et c anaux 0 ( Herbaimont C himay L IE R S C HE L L E kernc entrale parc d' éoliennes VIANDE N S.E.O. T ems e P R ODUC TIE E E NHE DE N () C OUR S D E AU P ondrôme line kabel eigendom van een derde (1) 3dP c entrale hydraulique F orrières (S NC B ) Other companies Other companies parallele kabels C ierreux W AL G OE D S C HE L L E DOR P 70kV c entrale de pompage C harneux 3dP 3d 150kV P OS TE S C ouvin B erc hem (NMB S ) F ourmies 0kV 70kV 0) C HOOZ 3dP W ilrijk ss Hoboken MERCATOR rth VIR E U X MOR T S E L 0kV 150kV c entrale nuc léaire S ankt- Vith [S aint- Vith] 380 / 0 kv 50 00' MHO 0 Amel [Amblève] 3 x 0 1 x x 150 ( x x 150) 380kV MecklenburgWestern-Pomerania 3 x 150 (4 x 150) 3 x x 70 (4 x 150) Neubrandenburg 380 kv planned / under construction 1 x 0 + x 70 ONDE R G R ONDS E K AB E LS UNITE S DE P R ODUC TION () Ame l 1 x 70 (4 x 150) 380kV c âble appartenant à un tiers (1) COO 70 (0) MONT - L E Z- HOU F F AL IZE OE L E G E M P 3d x 150 (4 x 150) c âbles en parallèle Holzwarc he BRUME Marc he- enf amenne On Meus e 3 W ilrijk IS VAG B ütgenbac h [B utgenbac h] B uis s onville R omedenne NE U VIL L E W OMME L G E M S t.- P AU W E L S x x 70 (4 x 150) ' 3 3dP P E T R OL 3 x x x 70 ( x x 70) 11 4 x x x x 70 (4 x 150) x 150 ( x x 150) MAR C OU R T Has tière Le ZU R E NB OR G 1 x x 70 (3 x 150) 3 x 380 (4 x 380) avec injec tion de produc tion P L AT E - T AIL L E Hoveniers tr. 4 x 150 x3 8 T abakves t x x 70 (3 x 150) c he ve S oy Ou Moons tr. S t.- Niklaas C iney - S NC B Dinant J AMIOL L E Oever B U R C HT S amens tellingtabel van de lijnen met meer dan draads tellen: c entrale thermique en projet C iney DAMP L E IN B elliards tr. B E VE R E N 3dP C AB LE S S OUTE R R AINS S pa W ar Miéc ret ME R K S E M ZW IJ NDR E C HT 3dP P 3d P 3d s aa M 3d P P ile lijn eigendom van een derde (1) ligne appartenant à un tiers (1) G ileppe G B R U ME - S NC B S C HE LDE LAAN C. ZW IJ NDR E C HT er B ronrome B omal Hanzinelle S olre- S t- G éry B otermelk uitbatings s panning lager dan de c ons truc ties panning NOOR DE R DOK K E N (NMB S ) F INA ESSO K AL L O lijn met draads tellen van vers c hillende s panningen 70(150) ) W arnant C lermont F roidc hapelle T hy- le- C hâteau BRABO lignes à ternes de tens ions différentes tens ion d exploitation inférieure à la tens ion de c ons truc tion 1 0 ( x G erpinnes 0 T HU IL L IE S OOR DE R E N 0) 0 38 s aa M 50) 7 0 (1 3dP s 38 0 MASTAING S OL VAY Mons anto Degus s a L IL L O e : in aanbouw of in ontwerp de draads tel in aanbouw of in ontwerp c entrale thermique 0 L obbes - S NC B 7 e HAVE NDOK K E T E NIS S E T uron S art- B ernard (S NC B ) S ommière 50 10' Ve e dr B everc é F lorée en c ons truc tion ou en projet T ableau des c ompos itions des lignes à plus de ternes : Heid- deg oreux C omblain es Ves dre P epins ter - S NC B H te S AR T E W G rands - Malades B AY E R 50 00' 70(150) S tembert P epins ter Am B ois - devillers E UP E N L es P lenes s es S oiron W ierde MONT IG NIE S G AR NS T OC K P T - R E C HAIN F loriffoux F AR C IE NNE S MONC E AU Marc he- les - Dames L obbes DOEL HE IMOL E N 3d P ) (7 0 AU VE L AIS FLE UR US Andenne (met referentienummer in de s amens tellings tabel) Schwerin 380 kv 50 0' 50 0' G OS S E L IE S P 3d 5 GOUY d H eur 4 B AS C OU P T R IVIÈ R E S ZANDVLIET + S t- S ervais L A C R OY È R E V/HAINE P E T IT MAR AIS (1 ) B AU DOU R ( dP G HL IN B AT T IC E S tatte GRAMME (S NC B ) S E IL L E S CHAMPION OB OU R G 0 RIMIERE F IB E R R OMS É E W anze COGNELEE St-AMAND COURCELLES C L E R MONT TIHANGE W aret 1 FE LUY CENTRALE SENEFFE > ' 38 Harc hies 70 P E T R OC HIM C HAMP - DE C OU R R IÈ R E Quevauc amps 1 e terne en c ons truc tion ou en projet W elkenraedt (S NC B ) 0 L E VAL (C. S E R AING ) L euze G embloux 15 Mons in R OMS É E - S NC B L A T R OQU E Ivoz AW IR S C roixc habot 4 HenriC hapelle 3d P T humaid e 3dP CHEVALET NIVE L L E S 3 S E R AING Ais c he- en- R efail S auvenière MAR C HE - L E ZÉ C AU S S INNE S L ens AIR L IQ. TE R TR E D C HE R T AL B R E S S OU X J U P IL L E 3dP 0) C HIÈ VR E S VIE U X G E NAP P E B aulers - S NC B 15 (70) C OR B AIS y le (7 1 ANT OING AVELIN B aulers B raine- le- C omte - S NC B Montzen (S NC B ) 0 F ooz 3dP 1 Güstrow Hamburg As at : December 011 B raine- le- C. G AU R AIN C arrière du Milieu 3d er nd De nd re 50 40' W AT T INE S T ournai - S NC B R onquières 15 3d P S aives 1 70 C ourt- S t- É t. B AIS Y - T HY Ath (S NC B ) t 0+ au 15 E s c WARANDE Mes lin L IG NE T ournai 0) + 3dP 70 ( uitgerus t NAVAGNE LIXHE AVE R NAS G latigny voorzien ins tallés > L anden - NMB S Hannut C eroux 70kV Aa nta l dra a ds tellen (avec numéro de référenc e dans le tableau des c ompos itions ) 3 OIS QU E R C Q 150kV 1 B orgloon 3d P T HIE U L AIN B landain MAR QU AIN 70(150) L anden J odoigne Ottignies (S NC B ) B R AINE - L AL L E U D C L AB E C Q 0kV N ombre de ternes B E R NE AU B AS S E - W AVR E W AT E R L OO Hoves 380kV 0kV 50 40' E nghien (S N C B ) [E dingen (NMB S )] 380kV 70kV T ongeren E au 50 50' Deux- Ac ren 70 Ors maal S t.-genes IUS -R ODE [R HODE-S t-genès E] U itbatings s panning 150kV HE R DE R E N ' 51 00' De B U IZING E N L anaken 0 kv B OVE NG R ONDS E LIJ NE N T ens ion d exploitation S AP P I 3dP 1 : R ivage (S NC B ) LIG NE S AE R IE NNE S 3d P B R US TE M L AB OR E L E C MEKINGEN DOT T IG NIE S [DOT T E NIJ S ] 70(150) B ilzen Alken S t.- T ruiden F OR E S T VOR S T Herfelingen R ons e [R enaix] MOU S C R ON [MOE S K R OE N] 15 G eraards bergen P ld e he Sc R U IE N MOE N AVELGEM F OR D ZU T E NDAAL prévus T IE NE N IXE L L E S E L S E NE DROGENBOS 16 Maas mec helen AL Z 150(380) P Anthis nes 50 50' Appelterre L ANG E R L O G ODS HE IDE K ers beek 3d 3dP 51 00' E IZ E R IN G E N (NMB S ) P P ouls eur Abée- S c ry P + NINOVE Halen 3d 3d 0 OU DE NAAR DE rthee Ou Ourth H te S AR T E Rostock Switching Station (in large part with transition to distribution system operators) 3d P GRAMME MAR C HIN SchleswigHolstein E s neux RIMIERE B ekaert S T AL E N P aals teens tr. C. L ANG E R L O S IK E L 15 Has s elt Ves Ve sdre dre P 15 B as - W arneton [Neerwaas ten] S t.- Denijs - B oekel HAR E L B E K E K U U R NE B ekaert K ortrijk Oos t 70(150) ZW E VE G E M Magotteaux Legend TIHANGE E IS DE N Zonhoven W INK S E L E W IL S E L E K es s el- lo ZAVE NT E M S C HAAR B E E K P ellenberg HAR E NHE IDE L euven MOL E NB E E K (NMB S ) 0 ) HE L IP OR T G a s thuis berg (1 5 0 DIL B E E K 7 C HAR L E S - QU INT Heverlee W IE R T Z le Q. DE ME T S K. D ij W OL U W E - S t- L AMB E R T DHANIS P AC HE C O S t.- L AMB R E C HT S - W OL U W E ZU ID/MIDI 14 50) L es S pagnes Amps inneuville 0 W E VE L G E M Dorenberg B OIS L ' IMAG E 15 K ortrijk - NMB S BRUEGEL R OMS É E - S NC B R OMS É E C hênée + HE U L E W OR T E G E M E s s ene OBERZIER C.DILSEN L ummen DIE S T W IJ G MAAL HOE NDE R VE LD Maas eik 0 PEKKE ME NE N WE S T Denderleeuw (NMB S ) Z ottegem DE S S E L G E M 3 G R IMB E R G E N K OB B E G E M MAC HE L E N R E LE GE M er 70 (1 C L E R MONT ) IE P E R De m Hermalle s /Huy HOU T HAL E N P W elle IZEGEM IE P E R NOOR D C. VIL VOOR DE VERBRANDE BRUG AAL S T G avere 11 K R U IS B AAN WE S P E LAAR T E R L INDE N ME R C HT E M AAL S T NOOR D Amylum S t.- B AAF S - VIJ VE OOS T R OZE B E K E G rivegnée C. Angleur ) E hein VAN EYCK 50 Opglabbeek C. T E S S E NDE R L O M ec helen - NMB S Aars c hot M U IZ E L AAR W E S T R OZE B E K E B E R ING E N 3d C. Izegem R U MB E K E DE INZE 50 3d Noords c hote T IE L T HE R C ULE S Dowc hemic al T IP TE S S E NDE R LO Muizen L eie 0 ME C HE L E N 70(150) E S S OC HE M Ne te L angveld G rote P UTTE (1 3dP LE E S T T is s elt MAL DE R E N HE IS T /B E R G S IDAL Duffel 70 3dP S T ADE N AMOC O l (1 R amet C R OIX- C HAB OT MAASBRACHT G erdingen MEERHOUT LINT F L OR A er IJ z pe 70 B E L L AIR E 16 AW IR S Hec htel G eel/oevel 7 BUGGENHOUT P IT T E M L IE R W illebroek B aas rode S t.- G IL L IS DE NDE R MONDE Oudegem 3dP 3d B ornem DR ONG E N NY R S T AR Nijlen S C HE L L E - DOR P ZE L E B AL E N Olen Herentals 150 P L OK E R E N P AP IE R F AB R IE K HE ZE Ru HAM Overpelt Infrax MASSENHOVEN Herenthout Hamme J U P IL L E F erblatil S c les s in P rofondval Ougrée K uborn L A T R OQU E L E VAL F lémalle (C. S E R AING ) Ivoz S art- T ilman P 3d P NIE U W E VAAR T BEERST 70 (150) MOL 3d G E NT R E C HT E R OE VE R OVE R P E L T P OE DE R L E E MERCATOR T ems e K E NNE DY L AAN L ANG E R B R U G G E HORTA R IN G V AAR T P ouplin 51 10' BAEKELAND NEST AAL T E R OE L E G E M MOR T S E L S ADAC E M ZE DE L G E M K OK S IJ DE 16 B R E S S OU X G lain P HE IMOL E N 8 T illeur C HE R AT T E 16 FN Mons in S E R AING J emeppe 17 S t.- Huibrec hts - L ille 3d RODENHUIZE 3dP DODEWAARD MHO L OMME L P E T R OL W AL G OE D C HE R T AL Inc in. Hers tal Hers tal 3 4 Montegnée 3d P KEERKEN Vottem P S t.- J OB ZU R E NB OR G W OMME L G E M B U R C HT S t.- Niklaas 0) Ans Hollogne 6 Voroux (S NC B ) 3d ME R K S E M DAMP L E IN ZW IJ NDR E C HT C. K NIP P E G R OE N S IDMAR (1 70(0) S C HE LDE LAAN S t.- P AU W E L S Zelzate T J E E K LO B E VE R E N C. P las s endale 3dP T urnhout NOOR DE R DOK K E N (NMB S ) ESSO B E VE R E N EEKLO NOORD Alleur B R UG G E F INA K AL L O NOOR DE DE S L IJ K E NS 7 e HAVE NDOK BRABO S aives BEERS E MAL L E EKEREN K E T E NIS S E 3d P 70 ( HE R DE R S B R U G F ooz G UUT L IL L O DOEL B AY E R B L AU W E T OR E N R a vels 3d P 3d 51 0' ZE E B R U G G E R ijkevors el B AS F Energinet.dk Denmark 51 0' NOOR DL AND 3 K oekhoven B rec ht FN Vottem 3d P 0 K almthout ZANDVL IE T P OW E R ZANDVLIET STEVIN EINDHOVEN ME E R KREEKRAK BORSSELE M eu euse se P 3d 49 40' Denmark 51 30' S oc olie CBR GEERTRUIDENBERG B L IG HB ANK Jena Gera 0 kv Chemnitz Thuringia 380 kv Zwickau 380 kv planned / under construction C EPS Czech Republic 380 / 0 kv Other companies Bavaria line 380 kv line planned / under construction 380 kv TenneT Nationaal Geografisch Instituut 6 50' Grid 50Hertz

4 ELIA GROUP 011 EXECUTIVE REPORT 1 About this report The employees of the Elia Group, which is located in the heart of the European electricity market, work day and night to deliver high-quality electricity to homes, businesses and industries in Belgium and Germany and to ensure security of supply. Providing this public utility service involves continually ensuring balance between energy produced and consumed, proactively adapting grid infrastructure in order to facilitate the transition to green energy and providing high-quality service at the best cost. At a time when the European electricity system is evolving at an increasingly rapid pace, the Elia Group is fully committed to playing a leading role by harnessing and deploying creativity at all levels, including in international cooperation, engineering, grid development, system operation, market mechanisms and consultancy. This approach is based on actively listening to our customers, regulators, the political authorities and other system operators. It underlies a fair balance between profit for shareholders, welfare for people and preservation of the planet - Profit, People, Planet. This difficult and delicate balancing act is the only way to guarantee long-term success in the light of the major investments and innovation that the Elia Group and the power grid industry as a whole must deploy over the next two decades. There is no longer any doubt whatsoever that the energy challenges of the 1st century will give rise to a technological revolution for power systems whose scope and consequences will far exceed the impact of market deregulation begun 15 years ago. The 011 Annual Report looks at what our 1,800 employees are doing in Belgium and Germany in their ongoing desire to meet the needs of our customers, develop our skills and take initiative. Our goal yesterday, today and tomorrow is to help ensure a secure electricity supply, improve the competitiveness of our businesses and the welfare of our citizens, and deliver a fair return for our shareholders. For the third year in a row, this is part of a GRI (Global Reporting Initiative) approach focusing on clarity and transparency. 1,800 The number of Elia Group employees, in Belgium and Germany, working around the clock to ensure the security and quality of the power supply to the public and industry.

5 ELIA GROUP 011 EXECUTIVE REPORT Foreword by the Chairman of the Board of Directors Against the backdrop of the earthquake in Japan, its terrible aftermath and signs of instability in several Gulf countries, questions some of them fundamental have been asked about the energy mix in a number of European countries, including Germany and Belgium. This questioning has been accompanied by increased awareness of the major role played by electricity transmission system operators in ensuring that the development of power generation facilities becomes a reality. The already significant development of variable renewable energies such as wind and solar power sped up as the EU and its Member States pledge to combat climate change and global warming, with the ultimate target of zero CO emissions, was recently confirmed. However, such renewable energy sources are often located in geographic areas with little or no industry, as in the case of the major offshore wind farms in northern Europe and the large-scale photovoltaic plants to be constructed in southern Europe and North Africa. Therefore, new transmission facilities must also be built to transmit the power generated by those sources to major consumption centres in the centre of the continent. The variability of the energy sources calls for very high flexibility (in both directions) from other generation facilities, and access to storage facilities. No plans can be made for the develop- ment of hydropower plants and, more specifically, pumping stations without first commissioning transmission infrastructure capable of transporting large volumes of electricity all over Europe. The transition towards these new energy sources also entails the complete transformation of electricity systems and, more specifically, the development and management of power transmission and distribution systems. The grids of the future whether offshore grids or onshore electricity highways have yet to be developed, and specific aspects of those grids have yet to be invented, while their management will call for flexibility and a capacity for innovation and creativity similar to that underpinning the current electricity systems. Since its creation in 001, the Elia Group now one of the top five electricity transmission system operators in Europe has consciously established itself as a leader. Its two core businesses, in Belgium and Germany, are at the forefront of market development mechanisms and play a pioneering role in the large-scale integration of wind power. Owing to its knowledge and expertise, the Group is ideally positioned to benefit from the opportunities that such future developments represent. The Elia Group s desire and capacity to achieve its mission for its customers and the community at large can be demonstrated by any number of factors, not least: the extension of Elia s mission to include the operation of the offshore grid in the North Sea; the stability and visibility provided by the tariffs for the period, approved by the Belgian regulator; positive changes in the German regulatory framework; and the knowledge garnered by the Group through its participation in the Atlantic Wind Connection project to build the first direct-current offshore grid along the East Coast of the United States. In this connection and on behalf of the entire Board of Directors, I want to extend my thanks and appreciation for the pioneering work carried out by Daniel Dobbeni at the helm of the Elia Group, culminating in its incorporation in the BEL 0 index in March 01, and to the Presidency of the European Network of Transmission System Operators for Electricity (ENTSO-E). I would also like to wish the same success to Jacques Vandermeiren, who is due to take over the reins from Daniel Dobbeni in the second half of 01. Luc Van Nevel Chairman of the Board of Directors

6 ELIA GROUP 011 EXECUTIVE REPORT 3 Foreword by the Chairman of the Management Committee The past 10 years at our company have seen a series of major developments, leading to the construction of the Elia Group as we know it today. Independent, impartial and dedicated to its customers and the community, Elia has two core businesses in Europe and is firmly focused on the progress and opportunities provided by the development of the European energy mix. The Group derives extra strength from the cultural diversity of both its staff and the environment in which it operates a mixture of European, national and regional legislation, proven and prospective technologies, maturity and renewal, and the challenges of the future, which are truly opportunities for each and every one of us. Since its establishment in June 001, Elia has developed into a thriving and dynamic company, as evidenced by the following milestones: its appointment as the electricity transmission system operator for Belgium and the entry of Publi-T into our shareholding structure (00); its acquisition of the engineering company subsequently known as Elia Engineering (004); its listing on the stock exchange, well received by the markets (005); the establishment of the Belpex power exchange and market coupling between France, Belgium and the Netherlands (006); the launch of the regional coordination centre Coreso in collaboration with RTE and National Grid (009); its acquisition of 50Hertz Transmission in cooperation with its Australian financial partner IFM; the start of market coupling with nine countries (November 010) using the Cosmos algorithm developed by Belpex and Elia; its acquisition of a stake in the first project to build a direct-current offshore grid along the East Coast of the United States (011). In addition to these notable achievements, Elia s tariffs are among the lowest in Europe proof, if needed, that growth and efficiency can be combined for the benefit of our customers. All these initiatives are the result of a joint effort by every one of our employees, who work around the clock to ensure the safe and secure operation of the electricity system as well as its development to meet the expectations of our customers and the community. They also reflect our commitment to establishing a genuine internal electricity market which is both competitive and reliable, and our support for energy and climate policies in Europe generally and in Belgium, Germany and their respective regions in particular. Our day-to-day activities to ensure the safety of individuals and installations include what many consider to be the obvious a constant and competitively priced power supply of unparalleled quality. By encouraging our employees and subcontractors to focus on this mission at all times we have, over the years, been able to establish ourselves as a driving force in Europe. Developing this role is a more important aim for us now than ever before: over the coming decades, the energy landscape in Europe and electricity grids in particular will be completely revolutionised. To help us cope with this change, we intend to learn, innovate, experiment and cooperate. The Atlantic Wind Connection project demonstrates our desire to anticipate change and to get the Elia Group ready for action, for the benefit of our customers and the community at large in the countries where we operate. Our incorporation in the BEL 0 index in March 01 represents another opportunity for the Group and also underlines the importance of our role and mission. I am convinced it will provide us with the means for continued growth through the development of high-performance offshore and onshore grids interconnecting generation and consumption. Daniel Dobbeni Chairman of the Management Committee

7 4 ELIA GROUP 011 EXECUTIVE REPORT Elia Group Business Development Research & Development Elia Transmission 50Hertz Transmission Profile The Elia Group is organised around its two major transmission system operators: Elia in Belgium and 50Hertz Transmission in Germany. Elia, the Belgian transmission system operator, holds licences for its 380 kv to 150 kv national grid and for its 70 kv to 30 kv grids in Belgium s three regions. 50Hertz Transmission, one of Germany s four grid operators and active in the northeast part of the country, is held jointly by Elia (60%) and Industry Fund Management (40%). The Elia Group is one of the top five transmission system operators in Europe and one of the top 15 in the world. It actively sets an example in terms of its independent outlook, of being a driving force behind the development of the European market, its commitment to ensuring security of supply and contributing to the integration of renewable energies. It operates under the legal entity Elia System Operator, a listed company (with a public float of 5.10%) whose core shareholder is Publi-T, a municipal holding company. It has nearly 1,800 employees and helps ensure security of supply for 30 million consumers in Belgium and Germany. Given its strategic position at the crossroads between electricity markets in western, eastern and northern Europe, the Elia Group securely manages imports, exports and transits of electrical energy over its grids. It also plays a key role in directly and indirectly integrating national markets in the shareholder structure of APX-Belpex-Endex and EPEX (power exchanges), CASC.EU and EMCC (capacity auction offices), Gridlab (a training centre) and Coreso (the regional cross-border flow monitoring centre). The Elia Group provides its customers and local authorities with a range of consultancy and engineering services driven by in-house skills and expertise for very-high-voltage equipment, IT tools designed specifically for managing grids and market models. The Elia Group is a driving force in the construction of Europe s future electricity superhighways (both offshore and onshore) and is involved in multiple international projects. In 011, it acquired - via its subsidiary Eurogrid International - a shareholding in the Atlantic Wind Connection project to build the first direct current offshore grid off the East Coast of the United States. The expertise and skills acquired will be used to design and develop future offshore grids in the North Sea and the Baltic Sea to connect major wind farms. The Elia Group follows the rules on corporate governance and the corporate governance codes applicable to listed companies. Its approach incorporates respect for the environment and supports specific sustainable development policies at European, national and regional level. Elia System Operator has been quoted on the regulated Brussels Euronext market since June 005.

8 ELIA GROUP 011 EXECUTIVE REPORT 5 Values We are a team of professionals with the ambition to create shared wins for our customers and the community and to develop the European electricity market in a reliable, sustainable and efficient way. This is the mission statement drawn up by Elia in 008 and intended to give each and every employee in the company a clear view of our objectives and priorities. When reflected in the company s values, it communicates the framework within which employees exercise and develop their activities within the Group and with respect to the outside world: entrepreneurship, integrity, empathy and responsibility. Shared company values Entrepreneurial, ethical, caring and responsible these values underpin how we conduct our business and meet the Group s objectives.

9 6 ELIA GROUP 011 EXECUTIVE REPORT Key events was marked by a significant number of key events in both Belgium and Germany relating to the markets, the development of our grids, technology and Group management bodies. 13 JANUARY EXTRAORDINARY GENERAL MEETING APPROVES EXPANSION OF BOARD OF DIRECTORS TO 14 DIRECTORS To better respond to changes in Elia s activities and its shareholder structure, a proposal was made to expand the Board of Directors from 1 to 14 members at an Extraordinary General Meeting of shareholders. The motion was passed. 17 FEBRUARY COUPLING OF THE BELGIAN AND DUTCH INTRADAY MARKETS Elia and TenneT (the Belgian and Dutch transmission system operators respectively) and the Belpex and APX-Endex power exchanges introduced an implicit intraday capacity allocation system at the Belgian-Dutch border. This crossborder intraday market meets a real need on the part of stakeholders who want to continue trading electricity practically up to real time, especially given the integration of a growing share of renewable energy. MARCH EUROPEAN COMMISSION OETTINGER CELEBRATES MARKET COUPLING OF 9 COUNTRIES Four months after the simultaneous launch of price coupling in 5 countries (CWE) and volume coupling with the Scandinavian countries (ITVC) (covering generation capacity of 1,800 TWh and some 60% of European consumption), the stakeholders met in Brussels to celebrate this key stage which, as European Energy Commission Oettinger stressed, sets an example for all of Europe. The following stages will involve the transition to the flow-based model and the extension to other countries. 13 APRIL KING ALBERT II VISITS ELIA King Albert II visited the Elia site on Avenue de Vilvorde in the presence of Energy Minister Paul Magnette. The King, who is particularly interested in energy issues, visited the National Control Centre and the Edison high-voltage substation where demonstrations were organised for him. He also met with young Elia trainees. 3 APRIL GRAMME-ACHÊNE 380 KV CONNECTION RESTORED The Gramme-Achêne 380 kv connection, which was damaged during the devastating storm on 14 July 010 and temporarily replaced by an emergency line, was restored a few weeks earlier than planned thanks to the committed efforts made by Elia and contractors.

10 ELIA GROUP 011 EXECUTIVE REPORT 7 Baltic 1 is the first German offshore wind farm in the Baltic Sea and has been connected to the 50Hertz onshore grid. The farm was officially opened by German Chancellor Angela Merkel APRIL ELIA JOINS FORCES WITH WETENSCHAPSEXPO SCIENCES Expo Sciences, organised by Jeunesses Scientifiques de Belgique and Jeugd, Cultuur en Wetenschap, brings together students from around the country. The aim was to make even the youngest schoolchildren more aware of sciences and future careers in science. Elia organised a special competition. The Elia exhibit featured a mock-up, learning materials and expert explanations giving young people a chance to learn about the many activities and career opportunities at Elia. 30 APRIL ANGELA MERKEL INAUGURATES BALTIC 1 German Chancellor Angela Merkel inaugurated Germany s first commercial offshore wind farm. Baltic 1 is located in the Baltic Sea, 16 km from the coastline, and is connected to the 50Hertz grid. It comprises 1 wind turbines with a total capacity of 50 MW. With this project, the Elia Group deployed the expertise unique in Europe that will contribute significantly to future developments in the North Sea and Baltic Sea. 10 MAY TWO NEW DIRECTORS APPROVED BY ORDINARY GENERAL MEETING OF SHAREHOLDERS The Ordinary General Meeting of Shareholders approved the appointment of two new directors, Miriam Maes (independent director) and Steve Stevaert (further to a proposal by core shareholder Publi-T). It also approved the motion to renew the directorships of the 14 directors and the appointment of the auditors. 16 JUNE GREENING TRANSPORTATION INFRASTRUCTURE FOR ELECTRIC VEHICLES LAUNCHED The Greening Transportation Infrastructure for Electric Vehicles project, sponsored by the European Union via the TEN-T (Trans-European Transport Network) plan, was launched in Copenhagen. Elia is part of a consortium which includes Austrian TSO Verbund, industrial partners, public services and ONGs. Objective: study the options and conditions for developing the infrastructure needed to support the sustainable use of electric vehicles. 17 JUNE PILOT PROJECT ON HIGH-TEMPERATURE CONDUCTORS IN GÜSTROW 50Hertz began practical experiments on the latest generation of high-temperature conductors used to transmit bigger capacities of current, in the Güstrow high-voltage substation pilot project in Mecklenburg-Pomerania. The results are promising for deploying this technology in the 50Hertz grid in response to rising loads. JUNE EUROPEAN BACKING FOR ELIA S LIFE+ PROJECT The European Commission agreed to subsidise for five years the LIFE+ project to manage woodland corridors around high-voltage lines in an environmentally sustainable way while respecting biodiversity. This innovative pilot project, which is also supported by the Walloon Region authorities, will be expanded to European scale by sharing knowledge with other European transmission system operators, i.e. a potential of around 300,000 km of green corridors.

11 8 ELIA GROUP 011 EXECUTIVE REPORT EU Energy Commissioner Günther H. Oettinger officially opens the new 50Hertz control centre in Neuenhagen. The centre is fitted out with state-ofthe-art technology to ensure safe and secure grid management. 7 JUNE INAUGURATION OF THE NEW 50HERTZ CONTROL CENTRE IN NEUENHAGEN 50Hertz s entire very-high-voltage grid in northern and eastern Germany is managed from its new, super-modern control centre in Neuenhagen, near Berlin. The inauguration of this extremely safe and secure control centre was attended by European Energy Commissioner Günther H. Oettinger and the State Secretary at the Federal Ministry for Economy and Technology, Jochen Homann. The centre plays a critical role in integrating large volumes of renewable energy. 8 JUNE DANIEL DOBBENI APPOINTED CHAIRMAN OF ENTSO-E FOR A SECOND TWO-YEAR TERM ENTSO-E, the European Network of Transmission System Operators for Electricity, represents the 41 operators of a grid comprising more than 300,000 km of overhead lines in 34 interconnected countries and over which electricity flows freely, from Portugal to Bulgaria and from Norway to Italy. The grid forms the foundation for the internal electricity market because it enables supply across Europe, promotes competition between suppliers and it enhances security of supply. ENTSO-E is responsible for drafting grid codes and the Ten-Year Network Development Plan for the Europe-wide transmission system. JULY PARTICIPATION IN ATLANTIC WIND CONNECTION Elia acquired - via Eurogrid International - a shareholding in the Atlantic Wind Connection project to develop the first direct current high-voltage offshore grid off the East Coast of the United States. In so doing, Elia has joined forces with Google, Marubeni, Good Energies and Atlantic Grid Development. Elia also signed a long-term consultancy contract with the project developer. 17 AUGUST FIRST HELIBORNE OPERATIONS ON LIVE LINES Heliborne operations on a live 380 kv line were carried out for the first time in Belgium on the Achêne-Lonny line. The main benefit was that the line could remain in service during the work. This is critically important given the major flows of energy that transit over the Elia grid. The purpose of the pilot project was to assess the feasibility of carrying out other heliborne operations on live lines in the future. 6 AUGUST PHILIP HEYLEN JOINS ELIA BOARD OF DIRECTORS Following the resignation of Johan De Roo, who had sat on the Elia Board of Directors since 001 on behalf of Publi-T, the Elia Board approved the appointment of Philip Heylen further to a proposal by core shareholder Publi-T. Philipe Heylen is the alderman for culture and tourism for the city of Antwerp.

12 ELIA GROUP 011 EXECUTIVE REPORT 9 Live maintenance work: this pilot project is paving the way for alternative maintenance methods no longer requiring decommissioning. LATE AUGUST VISION OF AN OFFSHORE GRID IN THE NORTH SEA Elia published its future vision of the development of an offshore grid in the North Sea. The concept was developed in consultation with the developers of wind farms off the Belgian coast and is based on the step-by-step development of an offshore grid offering benefits comparable to the onshore grid in terms of reliability thanks to its meshed structure, optimised investment and lower number of subsea cables running to the coast and connecting it to the onshore grid. 31 AUGUST 50HERTZ ORGANISES 4 th SECURITY OF SUPPLY CONFERENCE Nearly 00 representatives of the electricity industry, universities and associations met in Cottbus to attend the conference organised by 50Hertz on measures in order to safeguard security of operation in the light of the evolution of the energy sector, specifically the ongoing development of renewables. The conference was held against the backdrop of the consequences of Germany s moratorium on closing down its nuclear power facilities. 13 SEPTEMBER PUBLIC CONSULTATION FOR STEVIN The public consultation on the regional land-use plan for the Stevin project (upgrading the 380 kv grid between Zomergem and Zeebrugge) was organised at the initiative of the Flemish government s Spatial Planning department. The plan was provisionally passed by the Flemish government. Elia will organise information sessions for all towns involved. SEPTEMBER CREG CONSULTS ON DRAFT TARIFF METHODOLOGY CREG launched a consultation on its draft decrees establishing calculation methods and tariff conditions for connecting to and accessing the grid for transmission purposes. 30 SEPTEMBER AGREEMENT ON ELEANORE COOPERATION 3E, Alstom Grid, CG, CMI, DEME Blue Energy, Eurogrid International (in which Elia holds 60% and IFM 40%) and SAG joined forces within the Eleanore project to jointly develop, operate and finance targeted projects in the North Sea, the Baltic Sea, the Celtic Sea and the Irish Sea. 1 OCTOBER INTERNATIONAL COOPERATION IN SYSTEM OPERATION AND CONTROL In October 011, the Netzregelverbund cooperative venture in grid management and control was launched with a test involving Danish transmission system operator Energinet.dk. Netzregelverbund aims to optimise the use of control energy while avoiding instances of activation in opposite directions in two zones. Following positive results in Germany, the initiative can now be implemented across national borders.

13 10 ELIA GROUP 011 EXECUTIVE REPORT 14 OCTOBER RENEWABLE ENERGY SURCHARGE FORECAST BY GERMAN TSOS In coordination with German regulator Bundesnetzagentur, 50Hertz and the three other German transmission system operators published their forecasts for the EEG renewable energy surcharge (as per Germany s Renewable Energy Sources Act) for 01. Forecast injections of renewable energy will result in a surcharge of approximately 15 billion for Germany. The surcharge, payable by end consumers to support renewable energy, will be 3.59 cents/kwh, slightly higher than in 011 (3.530 cents per kwh). 0 OCTOBER CONTRACT WITH SAUDI ELECTRICITY COMPANY A consortium comprising Elia, RTE International and Tractebel Engineering signed a framework contract with Saudi Electricity Company (SEC) to provide engineering consultancy services for the SEC Transmission division. These services encompass asset management and asset maintenance services, maintenance practices, asset performance management practices, grid system analysis practices and training practices. 10 NOVEMBER RGI IN FAVOUR OF SUSTAINABLE GRID DEVELOPMENT System operators and environmental protection associations have joined forces in the Renewables Grid Initiative (of which the Elia Group is a founding member) to sustainably upgrade electricity systems in preparation for the wholesale integration of renewable energy. To that end, they jointly submitted the European Grid Declaration on Electricity Network Development and Nature Conservation in Europe to the European Energy Commissioner. 13 NOVEMBER FEDERAL DEVELOPMENT PLAN FOR APPROVED The federal development plan for the transmission system submitted by Elia was approved by Energy Minister Paul Magnette. It was accompanied by an environmental impact assessment and was subject to a broad public consultation. 17 NOVEMBER ALBERTO POTOTSCHNIG, DIRECTOR OF ACER, ATTENDS ELIA CUSTOMER DAY Every year, Elia organises a Customer Day where it focuses on informing customers, enhancing dialogue with them and intensifying exchanges on issues of interest to them. Two discussion panels led to especially valuable exchanges with André Pictoel, head of VREG, Alberto Potoschnig, head of the Agency for the Cooperation of Energy Regulators (ACER) and Dominique Woitrin, Technical Director at CREG.

14 ELIA GROUP 011 EXECUTIVE REPORT 11 Alberto Pototschnig, Director of the Agency for the Cooperation of Energy Regulators (ACER), takes part in a discussion panel at the Elia Customer Day. 4 NOVEMBER JACQUES VANDERMEIREN FUTURE CEO OF ELIA On 4 November the Elia Board of Directors approved the appointment of Jacques Vandermeiren, Chief Corporate Officer and Vice-Chairman of the Management Committee, as the future general manager and chairman of the Elia Management Committee. In the second half of 01, Jacques Vandermeiren will succeed Daniel Dobbeni, who will continue to guide and support the Group s European and international growth. 30 NOVEMBER 50HERTZ FULLY COMPLIES WITH ENTSO-E COMPLIANCE TEST Following a two-day Compliance Monitoring audit carried out by ENTSO- E at the 50Hertz control centre to test whether procedures comply with the standards defined in the Operation Handbook of the European Network of Transmission System Operators for Electricity, the German transmission system operator was declared to be 100% compliant. This was the second time 50Hertz passed the test, after being the first TSO to be audited in 008. DECEMBER 50HERTZ TIGHTLY CONFINED FOLLOWING GERMAN MORATORIUM ON NUCLEAR ENERGY The German government s decision to shut down eight nuclear reactors in March 011 and to gradually phase out the remaining sites over the next 10 years has significant repercussions on the operation of the German and European transmission system. The German TSOs, including 50Hertz, were faced with a drastic reduction in their room for manoeuvre, especially during the winter months. All steps had to be taken enhanced coordination, appropriate operating methods, postponement of maintenance works, market-level work and suspension of generation unit overhauls in order to ensure the stability of the transmission system and security of supply. DECEMBER APPROVAL OF TARIFFS FOR In Belgium, the Commission for Electricity and Gas Regulation (CREG) approved the proposal submitted by Elia in accordance with the CREG rules on electricity transmission tariffs for the period from 01 to 015 (inclusive). The tariffs were drawn up following consultation between the regulator and Elia in order to send appropriate tariff signals to the market players, for both injection and offtake, and to meet the company s needs in terms of pursuing its mission.

15 1 ELIA GROUP 011 EXECUTIVE REPORT Daniel Dobbeni will hand over the reins as CEO of Elia to Jacques Vandermeiren at the end of Q1 01. Prospects and challenges 01 The Elia Group is preparing for the challenges of the future by implementing a series of initiatives relating to both system operation or market integration and the development of new activities or the acquisition of new skills. Elia plans to develop a genuine meshed offshore grid in the North Sea. Tariffs for The electricity transmission tariffs for the period from 01 to 015 were approved by CREG in late December 011. They send appropriate tariff signals to the market players, bearing in mind an increase in costs explained by external factors (inflation over four years, drop in income from transmission capacity auctions involving neighbouring countries, increase in control energy needs due to the growth in intermittent energy sources). This is accompanied by performance incentives for efficiency and replacement investments for Elia in order to maintain the quality of supply provided to our customers. Future vision for an offshore grid in the North Sea The transposition into Belgian law of the third package of European directives aimed at developing a single electricity market expanded Elia s scope for involvement into the development of an offshore grid in the North Sea. Elia had anticipated the decision by publishing its vision for developing the first offshore grid in the North Sea offering benefits comparable to the onshore grid in terms of reliability. It also presented a cost/ benefit ratio that is more beneficial than individual connections for each wind farm by reducing the number of subsea cables to the coast and enabling better integration with other infrastructure projects off the Belgian coast. This concept, developed in consultation with the developers of wind farms off the Belgian coast, is currently being discussed with all of the project stakeholders with a view to specifically defining the construction of two offshore platforms and the connection of future wind farms in question as well as the financial and legal framework for this major project at both Belgian and European level. Ongoing cooperation with Elia subsidiary 50Hertz Transmission The Group s priorities for 01, in collaboration with financial partner IFM, are to continue the successful cooperation and the exchanges of expertise seen in 011, intensify bonds between teams, define a joint mission and deploy all efforts to ensure the Elia Group is in the lead group of European TSOs in terms of independence, innovation and commitment to building the transmission system of tomorrow.

16 ELIA GROUP 011 EXECUTIVE REPORT 13 This project involves the construction of the first offshore grid along the East Coast of the United States. Maintaining grid security: a growing challenge Rising energy exchanges between transmission systems in different countries following market liberalisation and fluctuating energy flows on transmission grids due to the growing share of renewable energy sources were already major challenges to secure network operation. Efforts to ensure security of supply were further complicated by the drop in generation capacity due to the German government s decision to shut down its eight oldest nuclear reactors, as well as decisions by Germany, Switzerland and Belgium to decommission their nuclear facilities over the next two decades, while the construction of large production units is being postponed year after year. The Elia Group is particularly vigilant in this respect and helps to coordinate the activities of European TSOs. In this respect, it promoted the option of having its own storage and generating resources to cover its reserve energy needs. While this provision was not included in the law passed in December 011, Elia will continue to defend it. Integration of the European electricity market The Elia Group will continue its activities begun in 006, when Belpex was created and trilateral market coupling was launched, to create a true European electricity market. The Group s activities in 01 will be guided by the implementation of the flow-based mechanism within the North-West regional market, the continued development of crossborder intraday markets and the active contribution to the production of framework guidelines from the European Commission. New interconnections The Elia Group aims to lead the way in developing infrastructure to ensure security of supply and the competitiveness of European companies. Examples: the interconnection between the grids operated by Elia in Belgium and National Grid in the UK, the direct current interconnection between the Elia grid and the Amprion grid in Germany to create a pilot project for the development and implementation of future European superhighways, the interconnection with Poland, the enhancement of interconnections with countries neighbouring Elia in Belgium and 50Hertz in northern and eastern Germany. International initiatives: Atlantic Wind Connection Eurogrid International, in which Elia holds a 60% stake, acquired a shareholding in the Atlantic Wind Connection project to develop the first high-voltage direct current offshore grid off the East Coast of the United States, thus joining forces with Google, Marubeni, Good Energies and Atlantic Grid Development. The decision to include the project in the portfolio of PJM (a regional transmission organisation) could emerge in , moving the project into the concrete realisation phase. Transition in the Group leadership When it approved in November 011 the appointment of Jacques Vandermeiren, Chief Corporate Officer and Vice-Chairman of the Management Committee, as the future Chief Executive Officer and Chairman of the Elia Management Committee, the Board of Directors defined the conditions governing the optimum succession for all parties concerned by the success of the Elia Group. Jacques Vandermeiren will, in the second half of 01, succeed Daniel Dobbeni, who will continue to make his experience available to the company and support the Group s European and international development, especially within the decision-making bodies of its subsidiaries.

17 14 ELIA GROUP 011 EXECUTIVE REPORT The Elia share in 011 Overall, 011 was a volatile and negative year for stock market indexes, mainly due to the crisis of confidence in the euro. However, the Elia share has continued to perform well. Now that the company is resolutely European in scope, the Group s risk profile improved significantly, contributing to share stability throughout the year. With the exception of a brief upsurge to 3.33 in late May (following the announcement of Germany s moratorium on nuclear power stations) and a brief drop to 7 in early August (first peak in the euro crisis), the share acted defensively. It should also be noted that the payment of a dividend of 1.40 on 5 May 011 did not have an impact on the share price. The liquidity of the share rose by 64% (from 3,096 shares per day to 37,97 shares per day on average), whereas it had grown by 115% in 010. This is mainly due to the increase in the public float. The Elia share ended 010 at The price at the end of 011 was 9.93, up 4.43%. If the dividend of 1.40 is taken into account, the share price rose 9.3% during the year. The lowest price in 011 was 6.50 on 9 August 011 and the highest price was reached on 31 May at Overall, in 011 the Elia share outperformed the BEL 0 index by 3.63%. In fact the BEL 0 was down 19.%. PRICE AND EXCHANGE VOLUME TRENDS IN 011 Price ( ) Price Volume Volume ( 000) JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC 0

18 ELIA GROUP 011 EXECUTIVE REPORT 15 ELIA SHARE TRENDS COMPARED WITH THE BEL0 INDEX IN Elia Bel JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ELIA SHARE TRENDS COMPARED WITH ITS PEERS IN EUROPE IN 011 Elia Tema Red Electrica National Grid DJ Utility index JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC

19 16 ELIA GROUP 011 EXECUTIVE REPORT The Elia share has been performing well compared to other listed system operators since early 008. With the exception of UK system operator National Grid (up 13.%), Elia s results were better than those of its listed counterparts: Spain s Red Electrica (down 6.07%) and Italy s Terna (down 17.6%). By way of comparison, the electricity sector as a whole was down 19.85% in 011 (see previous table). The Elia share has been performing well compared to other listed system operators since early 008. With 60,355,17 shares issued, the market capitalisation represented 1,806,431,645 at the end of December. In 011, 9,758,889 Elia shares in all were traded on the Euronext Brussels market, i.e. 35.9% of the freely tradable shares. The table below gives an overview of the monthly statistics for the Elia share on Euronext Brussels in 011. Month Volume Closing price Price Freefloat turnover Market capitalisation (daily average) Highest Lowest Rate In m January 7, ,761 February 30, ,718 March 50, ,738 April 19, ,808 May 46, ,951 June 31, ,57 1,777 July 17, ,70 August 34, ,834 September 59, ,771 October 66, ,771 November 49, ,771 December 16, ,806 Year-to-date 37, ,806

20 ELIA GROUP 011 EXECUTIVE REPORT 17 The Elia share is certified by several institutions for corporate social responsibility. Appointment of two liquidity providers for the Elia share In late 009 Elia concluded a liquidity provider contract with KBC Securities and Banque Degroof, both of which are officially recognised by NYSE Euronext. These two financial institutions have been continually present in the order book for the Elia share since 1 December 009 and are involved in both sales and purchases. The Elia share and its codes SHARE INDEX On 31 December 011, Elia s share was included in the BEL Mid index. Elia s weight on that date was 7.3%, ranking it fourth in the index. A sustainable and socially responsible company Elia was rated by Vigeo, an extrafinancial agency which analyses every company in six areas: relations with customers/suppliers; human rights; environmental policy; external social policy; corporate governance; human resources. The Elia share is also included in Kempen s SNS SRI Universe and ASN Bank. Elia was also certified by ECPI, a ratings company specialising in corporate social responsibility (ESG (Environmental, Social & Governance) research) and obtained the ECPI Ethical EMU Equity label. Elia share on the market Elia strips on the market Market Euronext Brussels Euronext Brussels Index BEL MID - Ticker ELI ELIS ISIN BE BE Code Bloomberg ELI BB ELI BB Reuters code ELI BR ELI BR

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