Attributable to shareholders of

the company

Minority

interest

Total

Paid-up

and called-

up capital

Hedging

reserve

Reserve for

exchange

rate

differences

Retained

earnings

Balance at 1 January 2007

100,000

3,548

125

509,597

6,091

619,361

Exchange rate differences

-

-

-/- 942

-

-/- 323

-/- 1,265

Increase in fair value

-

-/- 1,601

-

-

-

-/- 1,601

Tax payable on increase in fair value

-

408

-

-

-

408

Sale of interest to third parties

-

-

-

-

-

-

Profit for the year

-

-

-

53,072

1,867

54,939

Total recognised income for 2007

-

-/- 1,193

-/- 942

53,072

1,544

52,481

Dividend 2006 TenneT

-

-

-

-/- 25,000

-

-/- 25,000

Dividend 2006 APX

-

-

-

-

-/- 1,250

-/- 1,250

Balance at 1 January 2008

100,000

2,355

-/- 817

537,669

6,385

645,592

Exchange rate differences

-

-

-/- 2,622

-

-/- 1,127

-/- 3,749

Change in fair value

-

-/- 5,141

-

-

-

-/- 5,141

Tax payable on change in fair value

-

1,310

-

-

-

1,310

Sale of interest to third parties

-

-

-

-

1,460

1,460

Capital increase

1,496

1,496

Profit for the year

-

-

-

50,702

1,480

52,182

Total recognised income for 2008

-

-/- 3,831

-/- 2,622

50,702

3,309

47,558

Dividend 2007 TenneT

-

-

-/- 27,000

-

-/- 27,000

Dividend 2007 APX

-

-/- 748

-/- 748

Balance at 31 December 2008

100,000

-/- 1,476

-/- 3,439

561,371

8,946

665,402