Essent reaches agreement with the Minister of Economic Affairs about the unbundling plan

Arnhem, 26 May 2009 - Following thorough and concise discussions with the Netherlands Competition Authority (NMa) and the Ministry of Economic Affairs, today Essent’s unbundling plan was approved by the Minister of Economic Affairs. This means that, during the forthcoming months, the company can undergo unbundling of ownership, into Essent (Production and Supply company) and Enexis (Grid company). This approval means that the aim of Essent and its shareholders to form two solid, independent and financially healthy businesses will have been achieved.

In accordance with the Independent Network Management Act (WON), Enexis will continue to be owned by public shareholders and thus a sustainable financial future is guaranteed for Enexis, where the main consideration will be the security of supply.
In respect of Essent’s submitted unbundling plan, it was agreed with the Minister that the equity capital of Enexis will be supplemented by EUR 350 million and that the shareholders will provide Enexis with a convertible loan of EUR 350 million.

Of their own accord, Essent and its shareholders have added a number of important items to a proposal that was presented to the Minister on 25 May: 

• During this current regulation period, Enexis will use EUR 50 million of the additional equity capital to secure a prominent role in the energy transition
• The Enexis shareholders have promised that, during the initial years following the unbundling, they will pursue a restrictive dividend policy

Owing to the approval of the unbundling plan and the additional supplements/guarantees of Essent and its shareholders on 25 May 2009, the Independent Network Management Act (WON) has been amply complied with, as has the Financial Management of Networks Decree.