Report by the Supervisory Board

Audit Committee

The Audit Committee consists of Mr Griffioen (Chairman) and Mr Vugts. The Committee met on two occasions in 2008 in the presence of the Board of Management. Representatives of the external auditor, PricewaterhouseCoopers Accountants N.V., also attended these meetings. The subjects discussed by the Committee at these meetings included the following:

• results of TenneT in the 2007 financial year and interim results in the 2008 financial year;    
• management letters for 2008;    
• annual plans for 2009;    
• treasury reports;    
• insurance policy;    
• financing policy;    
• progress in risk management (internal risk management and control system);    
• status of the information provision infrastructure;    
• evaluation of fiscal risks;    
• evaluation of the external auditor.