Joining Forces Europe's first cross-border Transmission System Operator J.M. Kroon MBA, CEO TenneT Holding Düsseldorf, 10 November 2009

2 Europe's first cross-border TSO Major step towards integrated European market

Joining Forces

4 Benefits of joining forces –Societal benefits as a result of price development –Greater security of supply –Greater opportunities for sustainable development

5 Societal benefits as a result of price development –Towards a 'level playing field' –Greater price stability –Cost savings thanks to synergy effects

6 Greater security of supply –More effective maintenance of energy balance –Working together on grid security –Stronger position in European market

7 Greater opportunities for sustainable development –Coordination of wind energy –Pooling knowledge on offshore projects –Investing jointly in a sustainable Europe

8 Transaction & financing –Approval from shareholder (Dutch Ministry of Finance) –Support from Dutch Minister of Economic Affairs –Transaction value of company: EUR 885 million –Committed loan from ING/RBS –Transfer with effect from January 2010

9 TenneT & transpower Joining Forces TenneTtranspower Balance sheet total (2008)EUR 5 billion Revenue (2008)EUR 1.2 billion EBITDA (2008)EUR 282 million No. of staff1340

10 TenneT & transpower Joining Forces TenneTtranspower Circuit length19,100 km No. of substations 368 Conn. production capacity82,000 MW Wind power9,800 MW Head officeArnhemBayreuth Control CentresArnhemLehrte EdeBamberg

11 Organizational structure No impact on each other's tariffs

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