Fluxys Belgium SA

Business and Financial Review • Nov 19, 2014

Fluxys Belgium Press Release

19 November 2014

Interim statement

Information on key events since 1 January 2014 and their impact on Fluxys Belgium's financial situation

1. Turnover for the first three quarters of the year: €399.7 million

The turnover generated by the services provided by the Fluxys Belgium Group totalled €399.7 million as of late September 2014 compared to €403.5 million¹ for the same period in 2013, a decrease of €3.8 million or 0.9%. The turnover for regulated activities was slightly down compared with the first nine months of 2013 owing to fewer short-term sales opportunities and the impact of lower OLO interest rates on tariff settlements2 . A contract for the provision of facilities came to an end in the second half of 2013 in accordance with contractual provisions. The new conditions that are applicable alongside the prolongation of this contract, explains the remainder of the turnover decrease.

2. Investments worth €55.8 million made between January and September 2014

In 2014, the budget for planned investments in infrastructures amounts to €95 million. As of end September 2014, investment expenditure totalled approximately €55.8 million. The largest projects are:

• A second jetty for loading and unloading LNG carriers is currently under construction at the LNG terminal. Ships with capacities ranging from 2,000 to 217,000 m³ of LNG will be able to berth at this new jetty from 2015, including so-called bunker ships which load LNG to supply other vessels fuelled by LNG.
• Fluxys Belgium has begun to restructure and renovate its pipeline grid in and around Ghent with a view to being able to continue to efficiently supply the region.
• The necessary preparations for the construction of the Alveringem-Maldegem pipeline (the Belgian section of the Dunkirk-Zeebrugge cross-border pipeline) are underway, meaning that work on laying the pipeline can begin in spring 2015, with the pipeline itself being commissioned in parallel with the Dunkirk LNG terminal.

3. Net result and financial outlook for 2014

Net profit from regulated activities is primarily determined by the equity invested, the financial structure, and the interest rates (OLOs). The recurring dividend will continue to evolve depending on the development of these three parameters.

¹ The Fluxys Belgium group also invoices customers for the gas required to balance the network. These amounts do not affect the result as they cover corresponding costs.

² See financial prospects for more explanation on this subject.

Fluxys Belgium NV • www.fluxys.com/belgium • Avenue des Arts 31 • B-1040 Brussels • Fax: +32 2 282 79 43 VAT: BE 0402.954.628 • BRUSSELS HR/RPR • Page 1 of 2

Fluxys Belgium Press Release

19 November 2014

The Belgian interest rates are historically low. The average 10-year OLO interest rate over the first nine months of 2014 was lower than 1.80%, compared to an average of 2.50% in the same time frame last year, and 2.43% for the entire year 2013. This decrease in interest rates resulted in a drop in regulated turnover, and net profit authorised by regulation. Net result amounts to €43.0 million on 30 September 2014, compared with €48.1 million for the first nine months of 2013.

4. Changes to the composition of corporate bodies

Board of Directors. On the Board of Directors, Eric Lachance and Renaud Moens have been co-opted as Directors effective as of 24 September 2014. Their definitive appointment is on the agenda for the next general meeting.

Executive Board. Fluxys Belgium's Board of Directors has decided that, as of 1 January 2015, Pascal De Buck will succeed Walter Peeraer as the new Chairman of the Executive Board, the company's executive body. Pascal De Buck will take on the role of Chief Executive Officer of the company. He is currently member of the Executive Board and General Director Commercial of Fluxys Belgium, and he is also Director Business Development & Strategy at Group level.

Contacts

Financial and accounting data

José Ghekière Tel.: +32 2 282 73 39 Fax: +32 2 282 75 83 jose.ghekiere@fluxys.com

Press

Rudy Van Beurden Tel.: +32 2 282 72 30 Fax: +32 2 282 79 43 rudy.vanbeurden@fluxys.com

Laurent Remy Tel.: +32 2 282 74 50 Fax: +32 2 282 79 43 laurent.remy@fluxys.com