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Creating the future of energy

May 2018

DisciplineFocusGrowth

http://www.energyfortomorrow.de/

• Focus: Europe’s first energy player with exclusive downstream focus

• Unique downstream footprint: RAB and customer numbers rise >60%1

• Earnings quality: network EBIT share rises to ~80%1

• Strong synergies: fading nuclear earnings overcompensated by €600-800m synergies

• Attractive dividends: aiming to deliver absolute annual dividend growth

• EPS accretion: from second year after closing

• Solid capital structure: high commitment to strong BBB rating

• Limited cash impact: acquisition of RWE‘s 76.8% in innogy via asset exchange; attractive offer to minority shareholders

FutureE.ON

~371, 3

EngieIberdrolaEnelNat. Grid

~501

IberdrolaEngieEnelFutureE.ON

Regulated Asset Base (RAB € bn)Regulated Asset Base (RAB € bn)

Customer Numbers (m)Customer Numbers (m)

Iberdrola2Nat. Grid2Engie2Enel2

~51

FutureE.ON

EBIT (€ bn)EBIT (€ bn)

Creating the future of energy

1. Future E.ON pro-forma EBIT 2017 (innogy data based on public information), 2. Bloomberg Data, 3. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.

2

Creating two focused energy companies

E.ONE.ON RWERWE

Future E.ONFuture E.ON RWERWE16.67%

Target structureTarget structure

Structure todayStructure today~77% innogy~77% innogy

3

Acquisition of innogy via innovative asset exchange

innogy

76.8%(RWE)

23.2%(Min. share-

holders)

Total equity value: ~€22bn16.67% Stake in Future E.ON

(~€3.7bn)

E.ON & innogy Renewables&

Other Assets(~€13.5bn)1

Cash payment to E.ON (- €1.5bn)

Offer price and innogy dividend for 2017 and ’18 (~€5.2bn)

1. Acquisition of RWE‘s 76.8% stake in innogy via asset exchange

2. RWE to get in exchange:• 16.67% in new E.ON via 20% capital increase against

contribution in kind (authorized capital)• E.ON‘s and innogy‘s renewables businesses4

• Additional assets: E.ON’s minority stakes in two RWE operated nuclear power plants2, innogy’s gas storage business and minority participation in Kelag

3. RWE receives innogy dividends for 2017 and 20184. Net cash payment from RWE to E.ON of €1.5bn3

5. Attractive cash offer to minority shareholder in innogy with total value of €40.00 per share (offer price (€36.76) plus FY 2017 dividend of €1.60 per share, plus expected dividend of €1.64 per share for FY 2018)

Asset exchange (limited cash impact)

Cash element

1. Equity value for transfer perimeter, 2. Gundremmingen C (25% stake) and Emsland (12.5% stake), 3. Payment to balance asset valuation, 4. Excludes 20% in Rampion and certain onshore capacity indirectly held by E.ON and innogy.

Innogy dividends (~€1.4bn)

Renewables11x EV/EBITDA

4

Upper end of guidance

+58% YoY

Leverage target of 3.9x achievedbefore monetization of Uniper

Payout ratio increased 2x since start of new E.ON

3-4% EBIT CAGR3

5-10% EPS CAGR3

Transacting from a position of strength

EBIT€3.1bn1

EBIT€3.1bn1

ANI€1.4bn1

ANI€1.4bn1

END€19.2bn1

END€19.2bn1

DividendDividend

Mid-term Growth

Mid-term Growth

Group EBITDA

~€8bn2

Customer Solutions

>31mCustomers1

~50mCustomers2

Energy Networks

~€23bn RAB1, 4

~€37bn RAB2, 4

€5bn1

1. E.ON standalone 2017 reported, 2. Future E.ON pro-forma 2017 (innogy data based on public information), 3. 2018-2020 based on existing portfolio (E.ON standalone), 4. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.

Regulated Non-regulated

E.ON today Future E.ON (’17)E.ON today (’17)

E.ON standalone

5

Sweden1

~€4bn ~1m- ~7m1

NL/BE

- ~4m2

Germany3

~€20bn ~14m

CEE3

~€11bn4 ~13m

Turkey1

~€1bn ~9m

Unique downstream position across Europe

Energy Networks (RAB)

Customer Solutions (number of customers)

Southern Europe

- ~1m3

1. E.ON 2017 reported, 2. innogy2017 reported, 3. Future E.ON pro-forma 2017 (innogy data based on public information), 4. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.

Excludes npower UK customers subject to transaction with SSE

UK

6

Focus, scale and efficiency pre-requisite for success

DigitizationElectrificationNew culture &

capabilities

Empoweredcustomers

De-carbonization

• Future E.ON’s unique downstream positioning fully captures benefits of energy mega trends

• Creating markets for customers through our products, services, technologies

• “Go to” partner for politicians and regulators in designing the energy transition

• Combining innovation power to enhance development of state-of-the-art products

• Synergies improve cost position and roll-out speed

• Innovative services levered on significantly higher customer number

Mega trends accelerate and reinforce each other Mega trends accelerate and reinforce each other

Focus, scale and efficiency needed in New Energy World

Focus, scale and efficiency needed in New Energy World

7

Spin-off Uniper& reset of E.ON

2016 2018 2020 and beyond

Position of strength Position of strength

• Robust portfolio

• Strong financial & operational delivery

• Balance sheet headroom

Transition yearTransition year

Acceleration of strategy executionUnique strategic positionUnique strategic position

• Focus on high-performance regulated networks and state-of-the-art customer solutions

• Reduction of portfolio complexity

• Enhanced earnings quality: ~80% of EBIT1 is regulated

• Aiming to deliver absolute annual dividend growth

• Focus on high-performance regulated networks and state-of-the-art customer solutions

• Reduction of portfolio complexity

• Enhanced earnings quality: ~80% of EBIT1 is regulated

• Aiming to deliver absolute annual dividend growth

1. Future E.ON pro-forma 2017 (innogy data based on public information). 8

Potential for premium valuation

Potential for premium valuation

3

4

5

6

7

8

9

10

11

12

Value creation for shareholders

Instant redeployment of

capital

Renewables1

Platformfor high

Synergies (€600-800m)

Platformfor high

Synergies (€600-800m)

Shareholder value

creation

1. Enterprise value (schematic)

Renewables11x EV/EBITDA

innogy acquisition at ~10x EV/EBITDA

Realization of valuation premium

9

Integration of innogy provides for strong synergy potential

2019 2020 2021 2022

Estimated synergies (€ m)2Estimated synergies (€ m)2 Synergy focus1, 2Synergy focus1, 2

€600-800m

~55%

~25%

~5%

• Strong synergy potential of €600-800m

• 10-15% of controllable costs

• ~5000 FTEs affected (~7% of employee base)

• Strong synergy potential of €600-800m

• 10-15% of controllable costs

• ~5000 FTEs affected (~7% of employee base)

Corporate Functions & IT

Energy Networks

Energy Sales & Customer Solutions

~100%

1. Synergy split (€ million), 2. Future E.ON pro-forma 2017 (innogy data based on public information). 10

~80%2

~65%1

Non-regulatedRegulated

E.ON today Future E.ON

Share of regulated network earnings (EBIT)Share of regulated network earnings (EBIT)

Attractive earnings & dividend profile secured long-term

Synergies to over-compensate fading nuclear earnings

Synergies to over-compensate fading nuclear earnings

0

1

2

3

4

5

6

E.ON stand-alone

EBIT development3

Enlarged E.ON

2018 2019 2020 2021 2022

1. E.ON 2017 reported, 2. Future E.ON pro-forma 2017 (innogy data based on public information), 3. Schematic illustration. 11

Future E.ON‘s key financials

EBITDAEBITDA

EPSEPS

EBITEBIT

~€8bn1

~€5bn1

EPS accretion from second year after completion

DividendDividendAiming to deliver absolute annual dividend growth

(fixed dividend for 2018: €0.433)

Customer Solutions

Energy Networks

Non-Core

~80% regulated2

1. Future E.ON pro-forma 2017 (innogy data based on public information), 2. Future E.ON pro-forma EBIT 2017 (innogy data based on public information), pie chart does not account for corporate functions & others, 3. Fixed for FY2018 (paid in 2019).

12

• Nuclear provisions: ~€0.9bn• AROs (Renewables): ~€0.9bn• Tax equity liabilities

(Renewables): ~€0.6bn• Pension provisions

(Renewables): ~€0.4bn

Pro forma economic net debt

Economic Net Debt 2017

~19.2

~10.6

~3.6

~5.0

E.ON today1 (€ bn)

Economic Net Debt 2017

~35

Asset-retirement obligationsProvisions for pensionsNet financial position

1. E.ON 2017 reported, 2. Future E.ON pro-forma 2017 (innogy data based on public information), 3. E.ON will address structural subordination post closing, 4. Nord Stream I stake.

~5+ Monetization of Uniper shares

+ Transfer of NS14 into CTA

( )Further deleveraging measures

to be realized in ‘18 (€ bn)

Includes:• Acquisition of 23.2% minority shares • €1.5bn cash payment from RWE

Future E.ON2, 3 (€ bn)

~€2.8bn debt transferred to RWE

~€2.8bn debt transferred to RWE

13

Investor agreement with RWE ensures equal treatment of shareholders

Preamble • RWE to act purely as financial investor

CorporateGovernance

Shareholder structure and rights

• Right to nominate one Supervisory Board member

• Not allowed to increase stake above 16.67%

• Not allowed to sell to an E.ON competitor

14

2019201920182018 2021202120202020

1. Payment to balance asset valuation, 2. Transfers of E.ON minority shares in the two RWE-operated nuclear power plants Gundremmingen (25% stake) and Emsland (12.5% stake) to RWE.

1st Closing• E.ON becomes ≥76.8%

shareholder in innogy• RWE becomes 16.67%

shareholder in E.ON (20% capital increase)

• €1.5bn cash payment to E.ON1

• Transfer of other assets2

1st Closing• E.ON becomes ≥76.8%

shareholder in innogy• RWE becomes 16.67%

shareholder in E.ON (20% capital increase)

• €1.5bn cash payment to E.ON1

• Transfer of other assets2

2nd Closing• Transfer of E.ON and innogy RES Assets• Transfer of Kelag participation and gas storage assets of

innogy

2nd Closing• Transfer of E.ON and innogy RES Assets• Transfer of Kelag participation and gas storage assets of

innogy

Voluntary public takeover offer (PTO)(late April – early July)

Extended offer period(mid July)

Voluntary public takeover offer (PTO)(late April – early July)

Extended offer period(mid July)

Clear path to obtain full control, irrespective of PTO acceptance rate

Antitrust approvalsFull legal integration

Integration & synergies

15

Transaction Update 1 – Official offer period has started

• Compensation payment based on IDW S11

valuation in case of DPLTA2 or squeeze-out or

• “Guaranteed dividend” in case of DPLTA or

• Shares in merged NewCo

Alternatives for innogy minority shareholders that do not tender Alternatives for innogy minority shareholders that do not tender

Compensation payment could be lower than offer value In DPLTA case synergy value will not be considered

Guaranteed dividend could be structured akin to a bond with yield reflecting current low interest rate environment

Shares in NewCo No cash compensation at all

E.ON will have control post closing,irrespective of offer acceptance rate

Incentive structure for high acceptance rate in place

Highly attractive offer for innogy minority shareholdersHighly attractive offer for innogy minority shareholders

• Total offer value €38.40 (= €40.00 pre 2017 dividend of €1.60 paid in April 2018)

• 28% premium to innogy’s last share priceunaffected by general takeover speculations(22 February 2018)

• 23% premium to average broker target price before announcement

• Offer value reflects value of innogy stand-alone andpart of the potential synergies resulting from full integration into E.ON

1. Valuation standard of the Institute of Public Auditors in Germany, 2. Domination and profit and loss transfer agreement 16

Transaction Update 2 – Merger control proceedings

Pre-notificationPre-notification

Simplified overview of process steps of EU merger control proceedings(possible (partial) referrals to national authorities not taken into account1)

PreparationsPreparationsPhase I

(25 working days)Phase I

(25 working days)Phase II

(90 working days + extensions)Phase II

(90 working days + extensions)

• Draftingnotificationdocuments

• Discussing draft notification, responding to information requests

• Finalizing notification

• Assessing notification

• Obtaining additional information requests

• Analyzing market segments in detail

• Negotiating potential conditions

≈ May 2018Not before mid-2019

Expected EU Commission clearance decision

Presentation of potential concerns regarding market segments

1. Federal Cartel Office Germany, CMA, CEE 17

Investment highlights

Starting from position of strength: Creating the future of energy

Unique downstream positioning with ~80% regulated earnings1Focus

Aiming to deliver absolute annual dividend growthGrowth

Renewables value crystallization and €600-800m synergiesHigh commitment to strong BBB rating Discipline

1. Future E.ON pro-forma 2017 (innogy data based on public information). 18

Q1 2018 Results

May 8th, 2018


E.ON standalone

Strong Q1 2018

Strong EBIT development: +24% Q1 2018 vs.low base in Q1 2017

Adj. Net Income increased +38% YoY

FY 2018 guidance confirmed: EBIT €2.8-3.0 bn, Adj. Net Income €1.3-1.5 bn

Voluntary PTO2 to innogy minority shareholders formally launched

HighlightsHighlights

525

1,038

1,517

727

1,284

1,715

Adj. Net IncomeEBITDA EBIT

Q1 2018Q1 2017

Key Financials1Key Financials1

€ m

1. Adjusted for non operating effects, 2. Public Takeover Offer.

E.ON standalone

20

Operational update

1. Higher Regional Court of Düsseldorf (Oberlandesgericht – OLG), 2. Return on Equity, 3. German Federal Court of Justice (Bundesgerichtshof – BGH).

Customer Solutions Germany/UKEnergy Networks Germany

• OLG1 court decision on allowed RoE2

• Ruling: 6.91% set by BNetzA too low• Independent expert view: 7.7% adequate• BNetzA: appeal at last resort BGH3

• General efficiency factor gas• Reduction from 1.5% to 0.49%• However, E.ON filed legal complaint• Calculation method too unreliable

• General efficiency factor power• Decision by BNetzA in Q3 at the earliest

• Customer numbers continue to grow• More than 50,000 additional household customers

in Q1• Following gain of more than 100,000 in Q4 2017

and stabilization in Q2 & Q3 2017• Managed to reduce churn rate below market

average in UK• Strategy of innovative tariff offerings and focused

sales channels is bearing fruits

• UK political environment disappointing• Price cap still pending, many uncertainties remain

E.ON standalone

21

+ PreussenElektra: increased volumes due to plant outages in Q1 2017 (mainly Brokdorf), positive one-off effects

+ Turkey: omission of book loss from asset sale

+ Sweden: power tariff increase+ Turkey: regulatory improvements– Germany: reversal of regulatory effects,

concession loss Hamburg

+ Germany: price increases as per Q2 2017, lower gas procurement costs Q1 2018

– UK: competitive dynamics, restructuring costs overcomp. price increases as per Q2 2017

+ Onshore & Offshore: capacity additions (mainly Bruenning’s Breeze & Radford’s Run)

– Onshore: subsidy expiries

EBIT 24% above prior year

65

11

133

73

+246

Q1 2018 1,284

Non-core

Corp. Functions & Other,

Consolidation

Renewables

Customer Solutions

Energy Networks -36

Q1 2017 1,038

EBIT1 Q1 2018 vs. Q1 2017€ m

1. Adjusted for non operating effects

Energy Networks

Customer Solutions

Renewables

Key Q1 Effects

Non-Core

E.ON standalone

22

Adj. Net Income 38% above prior year

Q1 2018€ m

~€ 20m improvement yoy mainly due to refinancing benefits, partly compensated by lower interest income from asset portfolio

1. Adjusted for non operating effects, 2. Without interest accretion of nuclear provisions .

EPS (€ per share)

727

1,107

1,284Group EBIT1

Other interestexpenses

-156

-21

Interest on fin. assets/

liabilities2

AdjustedNet Income1

Minorities -103

Income Taxes -277

Profit before Taxes1

Tax rate of 25% (stable yoy)

€0.34

E.ON standalone

23

END impacted by seasonally low operating cash flow

-0.7

-0.1

-0.7

0.1

-10.6

OCF Investments

0.2

Divestments

0.7

Pensions Other (CTA2 Funding)

0.1

Other(Remainder)

-3.6

-10.7

-5.0

AROs

-2.9

-19.2

END FY 2017

-0.4

END Q1 2018

-19.7

-6.0

€ bnEND1 Q1 2018 vs. FY 2017

1. Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs, 2. Contractual Trust Arrangement.

AROs Net financial positionPension provisions

Liquidation of pension scheme results in reduction of pension provisions –limited effect on END

E.ON standalone

24

Outlook 2018 confirmed

EBIT1

Adj. Net Income1

Outlook 2018


€1.3-1.5 bn

Effects for the remainder of 2018

+ PreussenElektra: non-reoccurrence of one-off effects from 2017

– PreussenElektra: lower hedged prices

Energy Networks

Customer Solutions

Renewables

+ Sweden: power tariff increase– Germany: reversal of regulatory

effects, new regulatory period for gas,concession loss Hamburg

+ Germany: non-reoccurrence of a negative one-off effect in 2017

– Germany & UK: restructuring costs– UK: competitive dynamics

+ Offshore & Onshore: capacity additions (Bruenning’s Breeze, Radford’s Run, Rampion)

– Onshore: subsidy expiries

€2.8-3.0 bn

Non-Core+/–

E.ON standalone

25

Appendix

Energy Networks


E.ON standalone

Energy Networks - The heart of E.ON

Power and gas business

Power business only

CEE &Turkey€8.5bn3

Sweden€4.0bn

Germany€10.7bn

~€23.1bn2

Regulated asset base 20171

CEE &Turkey€0.4bn

Sweden€0.5bn

~€1.9bn

Germany€1.1bn

EBIT4 2017

25 32

71

2719 12

CEE & Turkey5SwedenGermany

Market share (%)

349490

137 2

CEE & Turkey

45

SwedenGermany

60

GasPower

Grid length (‘000 km) 1

∑ Grid length: 976

∑ Grid length: 107

1. 100% view for Slovakia and Turkey, 2. Differences may occur due to rounding, 3. In Hungary the RAB has been increased in 2017 by €2.8bn due to a system change towards replacement costs. It was €1.5bn before, 4. Adjusted for non operating effects, 5. Arithmetic average.

~75% of group core

E.ON standalone

28

Energy Networks - Higher capex leads to power RAB growth

2017 2020 2017 2020 2017 2020

Czech RepublicSwedenGermany

+6-10% +11-15% +12-16%

~€1.4bn~€3.8bn~€8bn

Power RABPower RABPower RAB

E.ON standalone

29

Multi-decade RAB growth engine

• Main driver is additional replacement investments

• Conservative assumptions on Renewables and E-mobility roll-out

• Acceleration of Renewables build-out• Smart meter• E-mobility• Electrical heating• Digital layer & fully digital equipment

Cautious planningCautious planning

Potential upsides to “new normal”-levelPotential upsides to “new normal”-level

+€300m –€400m

€1.4bn

2016 2017

€1.4bn

€1.7 – 1.8bn

Beyond 2020“New normal”

Disciplined & gradual ramp-up

Disciplined & gradual ramp-up

Energy Networks capex1

1. Excluding Slovakia and Turkey.

E.ON standalone

30

Major transformation in Energy Networks

Single layer infrastructure (energy)

Physical linear network

Centralized system

Infrastructure ecosystem

Decentral, connected multi-layer infrastructure

More (semi-) autonomous local energy systems

Energy Network player

Energy network operatorFrom

Holistic system providerTo

Phys

ical

la

yer

Dig

ital l

ayer

Com

mun

i-ca

tion

laye

r

Data centerEMS Platforms

Network control center

Smart Home

Asset control systems

VPP

Local grid control

Smart Meter

Cloud

AntennaWifi

Block chain

Future energy network system will need to combine different layers of infrastructure

E.ON standalone

31

Turkey with extraordinary high RAB growth

Established in 3 high-growth regions

Leading electricity network operator: − 10.5 m connections− 220,000 km network length

(20% of market)

Constructive regulatory environment:− Allowed WACC for 2016-2020

regulatory period has been increased to 13.6% from 11.9% (pre-tax, real)

− Incentives to outperform capex, opex, and theft & loss allowances

High network investment due to:− Strong power demand growth of

>4% p.a.− Need for significant network

modernization

in bn TL, nominal

Regions

Target to more than double 2016 RAB by 2020

Target to more than double 2016 RAB by 2020

Downstream BusinessDownstream Business Market & RegulationMarket & Regulation RAB developmentRAB development

Strongly growing market with highly attractive returns

AnkaraIstanbul

Adana

>2x

3.8

5.3

2016 2017 2020

E.ON standalone

32

Operational excellence – digitization in practice

Transparent and effective capex allocation Providing a smooth user experience

Asset replacement decisions Asset replacement decisions Digital workforceDigital workforce

Data driven decisions to prioritize replacement

activities

Low double digit million € added value p.a. potential after full roll-out

Expert judgement and local experience

Predictive maintenance Predictive maintenance Conventional approachConventional approach

6-12 % productivity gains

Introduce digital application used by every field worker comprising all functionalities necessary in the daily work Introduce digital application used by every field worker

comprising all functionalities necessary in the daily work

Tool

Tool

Impa

ct

Impa

ct

E.ON standalone

33

Aspiration to develop the platform for energy transition

Further decentralization and

fragmentation lead to a need for

local rebalancing

Further decentralization and

fragmentation lead to a need for

local rebalancing

Transformative PlatformTransformative Platform

P2PTrading

Flex-Markets

LocalEnergy System

RegionalEnergySystem

Increasing system responsibility assumed by regional or local network operator

Increasing system responsibility assumed by regional or local network operator

Energy transition is and will be happening essentially at the DSO-level

E.ON standalone

34

Opportunities in adjacent businesses - Broadband

Growing from existing assetsGrowing from existing assets

E.ON's existing fiber-optic infrastructureE.ON's new fiber-optic infrastructure

A

Local transformer station

Fiber-optic cables in every street and to every household

Network operations center

Business building

Mobile cell tower

Telco X'sbackbone

Enterprise customer's data center

Point of Presence (Switch between backbone and access network)

Extension of existing businessExtension of existing business

Entering Fiber-to-the-Home (FttH) marketEntering Fiber-to-the-Home (FttH) marketB

New business concept in developmentNew business concept in development

E.ON standalone

35

• Lower allowed returns reflect lower bond yields

• Benefits from maturing legacy bonds to be attributed to Energy Networks driving EPS growth

• Lower allowed returns reflect lower bond yields

• Benefits from maturing legacy bonds to be attributed to Energy Networks driving EPS growth

EBIT outlook – Stability despite two major regulatory reviews

German pension cost pass through

Positive one-off

2017 2018 2019 2020

€1.9bn

Lower allowed returns

Higher RAB

+5-10% p.a.

€0.60 –0.70

2018 2020

EPS growth

E.ON standalone

36

Customer Solutions


E.ON standalone

Energy sales is the anchor of customer solutions

1. Excluding Turkey, 2. Total Contract Value, 3. Adjusted for non operating effects, 4. B2C customers in Germany and UK.

E.ON’s market positionsE.ON’s market positions

Customer

B2B

B2C

B2M

Customer focused portfolioCustomer focused portfolio

EnergySales

Heat &New

Solutions

EBIT3 2017 €526m Energy Sales EBIT4

B2B~25%

B2C ~75%

Energy Sales is the anchor businessEnergy Sales is the anchor business

High customer loyaltyHigh customer loyalty

Customer tenure4

> 5y2-5y

< 2yB2M/Heat: 10% market share in Germany & Sweden

B2B Solutions: ~€1bn TCV2 in 2017

Top 3

Top 2

Top 3

Top 3Top 3

Top 3

Top 10

Top 3

Energy Sales: 22m1 customers in 8 countries

E.ON standalone

38

7

6

5

4

Q4 17Q3 17Q2 17Q1 17Q4 16Q3 16Q2 16Q1 16

UK B2C customersUK SVT customers

2013 2014 2015 2016 2017

6

8

4

2

UK

E.ON is leading the transformation of energy sales

Standard tariff customer numbers decliningStandard tariff customer numbers declining

Cust

omer

ac

coun

tsin

m

2016 year of peak margins12016 year of peak margins1

% m

argi

n Rigorous cost focusReduce cost to acquire and cost

to serve dramatically

Attractive productsInnovative and green tariffs

complemented by smart meter rollout

Focused sales channels

Protecting revenues

Turnaround in customer numbers

Increasing EBIT into

next decade

6.3m

1. Final figure for 2017 not yet available: ~5%.

E.ON standalone

39

Increase customer attraction while reducing cost to acquire

Physical channel Digital channel

Product offering and selection of sales channels lead to…Product offering and selection of sales channels lead to…

…at the same time reducing costs to acquire…at the same time reducing costs to acquire

…increase in customer numbers……increase in customer numbers…

20252017

Sale

s ch

anne

lsTa

riff i

nnov

atio

ns

200k innovative tariffs sold since June 2017

> 5,000 E.ON Plus products (devices as add-on to tariffs) sold

18% of our customer base with add-on services

+100% value-add services contracts in 2017

Scale sales cooperations with big retailers (e.g. Lidl) • Innovative tariff offering• Focus on earning customers’ loyalty

Sales push in digital• From broker site to own website e.g. GER, UK, SWE

Home move journey as acquisition channel

~22m

~24m

E.ON standalone

40

Closing the gap - Cost to serve to be reduced dramatically

Components of cost to serve1

Other

Metering & Installation

Debtresolution

Servicingand

Backoffice

SWAT

Fokus

Smart Meter Rollout

E.ON ambitionE.ON

~€120m savings~€120m savings

€/customer account

~£100m savings~£100m savings

Cost to serve ambitionEfficiency programsMeasures to reduce cost to serve

1. Example UK

Tackling cost to serve and overall cost efficiencies to support earnings

E.ON standalone

41

Re-inventing our customer business with the digital attacker

Cost efficiency

Cost efficiency

Superior servicesSuperior services

Innovative propositionInnovative proposition

<€ 10Market Leading

Cost to Serve

Synergiesacross regions

1-clickCustomer

journey

+50 NPS1

Quick response &

accurate billing

Singleplatform for

tariff innovations

Datadriven

propositions

Fasttime to market

Selflearning

functionality

Market leading

cost of change

Gradual replacement of legacy systems – customer focused with proven stability

1. Net Promoter Score

E.ON standalone

42

New Solutions - Strive for leadership with innovative products


B2BB2B B2MB2M B2CB2C

PV + battery

Smart home

Smart meter

PV + battery

Smart home

Smart meter

E-mobilityE-mobility

Prod

uct o

ffer

ing

Prod

uct o

ffer

ing

Am

bitio

n 20

25A

mbi

tion

2025

EBIT1 ~€250-300 mEBIT1 ~€250-300 m EBIT1 ~€200 mEBIT1 ~€200 m EBIT1 >~€50 mEBIT1 >~€50 m

EBIT margin > 10%EBIT margin > 10%

District heating

City quarter solutions

Integrated city energy solutions

District heating

City quarter solutions

Integrated city energy solutions

Decentral generation

Energy efficiency

Flexibility & storage

Digital energy solutions

Decentral generation

Energy efficiency

Flexibility & storage

Digital energy solutions

E.ON standalone

43

~>2 x

2025

~2 x

2016 2020…2017

Become a leading Energy Service Company

B2B - E.ON to become a leading Energy Service Company in Europe

Ambitious organic growth of TCV1 … Ambitious organic growth of TCV1 … …to translate into EBIT2 over time…to translate into EBIT2 over time

1. Total Contract Value, 2. Adjusted for non operating effects.

Decentral generationDecentral

generationEnergy

efficiencyEnergy

efficiencyFlexibility &

storageFlexibility &

storageDigital energy

solutionsDigital energy

solutions

~ €250-300m

2016 2017 2020 2025

~+25% CAGR

E.ON standalone

44

B2M – E.ON is a reliable partner for cities and communities

E.ON to benefit from market trends and investmentsE.ON to benefit from market trends and investments

1. Germany, Sweden, UK, 2. Capex net of divestments, including investments for Högbytorp, 3. Adjusted for non operating effects.

Investments with low risk and high returnInvestments with low risk and high return

Capex2 2018-2020ROCE > 10%

Stable (long-term) earnings

15-20 year contracts

2025

~€200m

2017

UKGermanySweden

Heat EBIT3 €m

~€ 800m

ectogrid™

Högbytorp, Stockholm

> €250m capex project close to Stockholm, COD 2019

100 MW CHP district heating network extension and biogas as part of a circular economy project

Can provide heating and cooling for an entire city, optimising excess heating and cooling

First ectogrid under construction in Lund, Sweden

Patented global solution - available to be sold and integrated in other cities

Project examplesProject examples

E.ON standalone

45

B2C - E.ON drives the electrification of the home and mobility

PV + batteryE.ON SolarCloud

E.ON Plus + smart meters

E-mobilitysolutions

Home heating

Example: PV + battery growth storyExample: PV + battery growth story

Translating into decent EBIT in the next decadeTranslating into decent EBIT in the next decade

~€50m

2017 beyond2025

E.ON product offering for the electrification of homeE.ON product offering for the electrification of home

~3x

~5x

201720162015 2025…

EBIT1 €m

PV + battery units sold

E.ON – the fastest growing solar

company in Germany


E.ON standalone

46

Temporary high investments for smart meter & ITTemporary high investments for smart meter & IT

Disciplined investment plan to support growth opportunities

Capex1 2018-2020 €2.4bn

1. Capex net of divestments, 2. Adjusted for non operating effects.

Heat & New

Solutions

2025…20202018

Restructuringcharges

2017

€526m

Customer Solutions EBIT2 2017-2020

Medium-term EBIT developmentMedium-term EBIT development

Energy Sales

Heat & B2B projects

Smartmeter

IT &efficiency

Other

E-mob

Partially temporary

Partially temporary

Asset-backedinvestments

Asset-backedinvestments

E.ON standalone

47

Renewables


E.ON standalone

Position of strength

~4 GW1 ~3 GW1

Arkona

Rampion

Morcone

Under construction:~ 1GW

1.4 GW1

0.6 GW1

0.3 GW1

0.2 GW1

0.2 GW1

0.2 GW1

Stella

€0.5bn EBIT 2017(~18% of core EBIT)

~95% Long-term contracted or hedged until 2020

Strong track record with ~7 GW1 delivered

Active in 3 technologies and batteries

1


1. Gross capacity

E.ON standalone

49

Growth trend unbroken – RES to dominate global power generation

7 GW

Nuclear

17 GW

CCGTOnshore

44 GW

Offshore

38 GW

Utility-scale PV

59 GW

Capacity additions forecastAnnual build rate avg. 2018-’301Capacity additions forecastAnnual build rate avg. 2018-’301

~300 turbines per week~300 turbines per week

Strong cost decrease

Industry trendsIndustry trends Bid prices per technology(EUR/MWh)

Bid prices per technology(EUR/MWh)

55

103

201720162015

43

66

20162015

109

2017

Offshore Onshore

merchant2Decarbonization

1. Bloomberg New Energy Outlook 2017, 2. German Power Baseload forward 2019 (08.03.2018).

E.ON standalone

50

E.ON aims to grow at scale in Onshore

Onshore

+20-25%

Capitalize on attractive ~8 GW pipeline

~5 GW1

2017 2020

Onshore

+20-25%

Capitalize on attractive ~8 GW pipeline

~5 GW1

2017 2020

Offshore

+40%2

Leverage existing options in Europe

~1 GW1

1. Operated capacity, 2. ~400MW net capacity addition. Gross capacity addition: 800MW.

• From boutique to industrial

• Capex light

Solar PV

E.ON standalone

51

High share of contracted revenues provides stability and visibility

20182017 20202019

• High earnings stability

• Secure long-term stable off-take agreements for new investments

• Revenue optimization for assets at the end of support scheme (rolling 3 year hedging)

• Active commercial risk management/value optimization incl. congestion hedging, day-ahead/intra-day optimization

Long-term contractedHedgedMerchant

High earnings stability and visibilityHigh earnings stability and visibility Clear guiding principles Clear guiding principles

~75% long-term contracted1

~95% hedged or long-term contracted1

1. Average 2017-2020

E.ON standalone

52

Integral part of E.ON - Modular value crystallization

Develop & Sell & (Operate)Develop & Sell & (Operate) Build & Sell & OperateBuild & Sell & Operate Build & KeepBuild & Keep

• Rapid monetization of value• Capex light • Additional value from long-term

O&M services

• Rapid monetization of value• Capex light • Additional value from long-term

O&M services

• Reduce exposure in certain geographies

• Additional value from long-term O&M services

• Reduce exposure in certain geographies

• Additional value from long-term O&M services

• Resilient long-term cash flows• Strong operational capabilities ensure

E.ON being an efficient asset owner

• Resilient long-term cash flows• Strong operational capabilities ensure

E.ON being an efficient asset owner

AftonMagic Valley 12

Amrumbank

Deal value: ~$100m1

Year: 2016Sold: 100%Cap.: 50 MW

Deal value: ~$100m1

Year: 2016Sold: 100%Cap.: 50 MW

Deal value: ~$650mYear: 2014Sold: 80%Cap.: 405 MW

Deal value: ~$650mYear: 2014Sold: 80%Cap.: 405 MW

Capex: ~€1bnCOD: 2015Cap.: 302 MW

Capex: ~€1bnCOD: 2015Cap.: 302 MW

Case

stu

dies

Case

stu

dies

Wildcat 13

1. InfraRed Capital Partners, 2. Magic Valley 1: 203MW, 3. Wildcat 1: 202MW.

E.ON standalone

53

Technical/digital excellence to drive down LCOE1

Extension of life-time

Improved load factors and availability

Transparent and effective capex and opex allocation

1

Predictive maintenance roll-outPredictive maintenance roll-out

2017 2018 2019 2020

10%60%

Self-learning algorithms to optimize

wind park layout in order to increase

production and reduce wake effects

Self-learning algorithms to optimize

wind park layout in order to increase

production and reduce wake effects

Array layout optimizerArray layout optimizer

Turbine selection tailored to site conditions

Data driven investment decision

Single digit yield increase

E.ON standalone

1. Levelized cost of electricity 54

Play at scale in Onshore - Attractive pipeline in Tier 1 geographies

Gross capacity additions 2018-2020 (MW)Gross capacity additions 2018-2020 (MW) Onshore pipeline Onshore pipeline

~5.9 GW

80% PTC

100% PTC

Other

Onshore pipelineOnshore pipeline

~1.8 GW

∑~2GW

Nordic

Other EU

UK

COD2016

COD2017

COD2018

COD2019

COD2020

Onshore Offshore1, 2 New Projects(Pre- FID pipeline)

1. 2018 COD: Rampion (Gross delivery: 400 MW, EU Offshore), Stella (Gross delivery: 201 MW, US Onshore), 2. 2019 COD: Arkona (Gross delivery: 385 MW, EU Offshore), Morcone (Gross delivery: 57 MW, EU Onshore).

E.ON standalone

55

Financial Appendix


E.ON standalone

Highly stable business profile

Business profile

High share of regulated and long-term contracted earnings (~3/4 of EBITDA)

Predominantly quasi-regulated or contracted earnings in heat operations and RenewablesRemaining merchant exposure in Renewables and PreussenElektra largely hedged

Operations in Energy Networks under stable, well established frameworks in low risk markets with strong regulatory track record

FY EBITDA 20171

~3/4 from regulated/long-term contracted businesses2

1. Adjusted for non operating effects, representation in pie charts excluding Corporate Functions/Other; total figure including Corporate Functions/Other, 2. Including Energy Networks and a portion of Renewables and Heat.

15%

16%

56%

13%

Renewables

PreussenElektra (non-core)

Customer Solutions

Energy Networks

€5.0bn

E.ON standalone

57

E.ON today – Regulated Energy Networks at the heart

Key financials2017

Group EBIT1

Adj. Net Income1

€1.4bn

€3.1bn

Customer Solutions

€1.9bn€1.9bn€0.5bn€0.5bn €0.5bn€0.5bn

1. Adjusted for non operating effects, 2. Percentage as of Group EBIT.

Core EBIT1 2017 Share of regulated/long-term contracted

businesses2

Energy Networks Renewables

Regulated/contracted

Merchant

Strong pillars with Customer Solutions and Renewables

E.ON standalone

58

2017 yet another year of strong delivery

HighlightsHighlights Key Financials1Key Financials1

€ m


EBIT Adj. Net Income

Economic Net Debt-7.1

FY 2017

19.2

FY 2016

26.3

EBIT and Adj. Net Income at the upper end of the guidance range

Adj. Net Income + 58% versus FY 2016

Economic net debt reduced to €19.2bn

Dividend 2017 of €0.30/share confirmed

€ m

€ bn

Guidance range EBITDA €2.8-3.1bn, Adj. Net Income 1.2-1.45bn

FY 2017

3,074

FY 2016

3,112+58%

FY 2017

1,427

FY 2016

904

E.ON standalone

59

Q1 2018 – Financial Appendix


E.ON standalone

Financial Highlights

€m Q1 2017 Q1 2018 % YoY

Sales 10,480 9,330 -11

EBITDA 1 1,517 1,715 +13

EBIT 1 1,038 1,284 +24

Adjusted net income 1 525 727 +38

OCF bIT 1,027 359 -65

Investments 588 696 +18

Economic net debt ² -19,248 -19,658 -2

EBIT• Energy Networks: -5% YoY

Reversal of regulatory effects in Germany and tariff increases in Sweden

• Customer Solutions: +23% YoYPrice increases in Germany 2017, competitive dynamics in the UK

• Renewables: +7% YoYCapacity additions, partly offset by subsidy expiries

OCF bIT• Cash provided by operating

activities €0.7 bn below prior-year level

• Key driver: One-off effects in Working Capital

Adj. Net Income• Improves €202 m YoY

Driven by strong EBIT and profiting from refinancing benefits and stable tax rate (25%)

1. Adjusted for non operating effects, 2. Economic net debt as per 31 Dec 2017 and31 Mar 2018; Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs.

Investments• Energy Networks: €271 m

(vs. €260 m YoY)• Customer Solutions: €74

m (vs. €64 m YoY)• Renewables: €180 m

(vs. €251 m YoY )• Non-Core: €161 m

(vs. €5 m YoY)

E.ON standalone

61

-0.5Capex

-0.7

OCF

0.1

-1.3

EBITDA1 Change in WC

0.0

0.4

FCF

21%

Tax Payments

-0.1

Interest Payments

-0.1

OCF bIT

1.7

Cash Adjustments3

Seasonally low CCR2

Q1 2018€ bn

1. Adjusted for non operating effects, 2. Cash Conversion Rate: OCF bIT ÷ EBITDA, 3. Net non cash effective EBITDA items incl. provision utilizations.

E.ON standalone

62


Segments: Energy Networks

• Germany– Reversal of regulatory effects – New regulatory period gas– Concession loss Hamburg

• Sweden+ Power tariff increase

• CEE & Turkey+ Regulatory improvements in Turkey

Energy NetworksEnergy Networks

138132 151

415 353

131

-5%

CEE & Turkey

Sweden

Germany

Q1 2018

642

Q1 2017

678


EBIT1 € m

€m Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY

Revenue 3,426 2,229 -35 298 293 -2 475 432 -9 4,199 2,954 -30

EBITDA 1 559 490 -12 173 190 +10 185 197 +6 917 877 -4

EBIT 1 415 353 -15 132 151 +14 131 138 +5 678 642 -5 thereof Equity-method earnings 16 16 +0 0 0 - 22 30 +36 38 46 +21 OCFbIT 720 23 -97 142 267 +88 152 164 +8 1,014 454 -55 Investments 98 108 +10 60 55 -8 102 108 +6 260 271 +4

TotalGermany Sweden CEE & Turkey

Det

ails

E.ON standalone

63

Segments: Customer Solutions

Customer SolutionsCustomer Solutions HighlightsHighlights

• Germany Sales+ Price increases as per Q2 2017+ Lower gas procurement costs– Restructuring costs

• UK + Price increases as per Q2 2017– Competitive dynamics– Restructuring costs– Price caps (PPM2, vulnerable customers)

121 116

160 148

128

392

Q1 2017

31938

+23%

Other

UK

Germany Sales

Q1 2018

EBIT1 € m

1. Adjusted for non operating effects, 2. Prepayment Meter.

€m Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY

Revenue 2,155 2,013 -7 2,151 2,391 +11 2,244 2,341 +4 6,550 6,745 +3

EBITDA 1 44 135 +207 184 169 -8 167 159 -5 395 463 +17

EBIT 1 38 128 +237 160 148 -8 121 116 -4 319 392 +23 thereof Equity-method earnings 0 0 - 0 0 - 3 1 -67 3 1 -67 OCFbIT -178 -169 +5 9 -103 - 2 -76 - -167 -348 -108 Investments 3 4 +33 46 40 -13 15 30 +100 64 74 +16

TotalUKGermany Sales Other

Det

ails

E.ON standalone

64

• Offshore/Other+ UK: Ramp-up capacity additions (Rampion)

• Onshore/Solar+ US: Capacity additions (Bruenning’s Breeze, Radford’s Run)– Subsidy expiries

Segments: Renewables

RenewablesRenewables HighlightsHighlights

61 58

99 113

+7%

Offshore/Other

Onshore/Solar

Q1 2018

171

Q1 2017

160

EBIT1 € m


€m Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY

Revenue 188 234 +24 188 167 -11 376 401 +7

EBITDA 1 113 97 -14 136 150 +10 249 247 -1

EBIT 1 61 58 -5 99 113 +14 160 171 +7 thereof Equity-method earnings 11 8 -27 OCFbit 187 228 +22 Investments 251 180 -28

Onshore Wind / Solar Offshore Wind / Others Total

Det

ails

E.ON standalone

65

Non-core business

Non-coreNon-core HighlightsHighlights

27

124

-15-51

+133

GenerationTurkey

PreussenElektra

Q1 2018

109

Q1 2017

-24

• PreussenElektra+ Higher volumes due to outages of all plants in Q1 2017+ Positive one-off effects in Q1 2018– Lower achieved power prices

• Generation Turkey+ Book loss from asset sale in Q1 2017

PreussenElektra: Hedged Prices (€/MWh) as of 31 March 2018

EBIT1 € m


29

29

26

32

2020

2019

2018

2017

80%

4%

99%

Det

ails

100% €m

Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Q1 2017 Q1 2018 % YoY Revenue 364 278 -24 0 0 - 364 278 -24

EBITDA 1 74 159 +115 -51 -15 +71 23 144 +526

EBIT 1 27 124 +359 -51 -15 +71 -24 109 +554 thereof Equity-method earnings 26 25 -4 -51 -15 +71 -25 10 +140 OCFbIT 207 112 -46 0 0 - 207 112 -46 Investments 5 7 +40 0 154 - 5 161 -

TotalPreussenElektra Generation Turkey

E.ON standalone

66

Adjusted Net Income

€m Q1 2017 Q1 2018 % YoY

EBITDA 1 1,517 1,715 +13

Depreciation/amortization -479 -431 +10

EBIT 1 1,038 1,284 +24

Economic interest expense (net) -195 -177 +9

EBT 1 843 1,107 +31

Income Taxes on EBT 1 -210 -277 -32

% of EBT 1 -25% -25% -

Non-controlling interests -108 -103 +5

Adjusted net income 1 525 727 +38


E.ON standalone

67

Reconciliation of EBITto IFRS Net Income

€m Q1 2017 Q1 2018 % YoY

EBITDA 1 1,517 1,715 +13

Depreciation/Amortization/Impairments -479 -431 +10

EBIT 1 1,038 1,284 +24

Economic interest expense (net) -195 -177 +9

Net book gains 52 104 +100

Restructuring -94 -26 +72

Mark-to-market valuation of derivatives -308 191 +162

Impairments (net) 3 0 -100

Other non-operating earnings 394 -87 -122

Income/Loss from continuing operations before income taxes 890 1,289 +45

Income taxes -155 -256 -65

Income/loss from continuing operations 735 1,033 +41

Income/loss from discontinued operations, net 0 0 -

Net income/loss 735 1,033 +41


E.ON standalone

68

Cash effective investments by unit


€m Q1 2017 Q1 2018 % YoY

Energy Networks 260 271 +4

Customer Solutions 64 74 +16

Renewables 251 180 -28

Corporate Functions & Other 8 9 +13

Consolidation 0 1 -

Non-Core 5 161 -

Investments 588 696 +18

E.ON standalone

69

Economic Net Debt1

1. Economic net debt definition takes into account the decommissioning provisions calculated with a real discount rate of 0.0% as opposed to IFRS AROs, 2. Net figure; does not include transactions relating to our operating business or asset management.

€m 31 Dec 2017 31 Mar 2018

Liquid funds 5,160 4,108

Non-current securities 2,749 2,449

Financial liabilities -13,021 -12,736

Adjustment FX hedging ² 114 166

Net financial position -4,998 -6,013

Provisions for pensions -3,620 -2,924

Asset retirement obligations -10,630 -10,721

Economic net debt -19,248 -19,658

E.ON standalone

70

Economic interest expense (net)

€m Q1 2017 Q1 2018 Difference

(in € m)

Interest from financial assets/liabilities -175 -156 +19

Interest cost from provisions for pensions and similar provisions -21 -16 +5

Accretion of provisions for retirement obligation and similar provisions -17 -20 -3

Construction period interests¹ 8 8 +0

Others 10 7 -3

Net interest result -195 -177 +18

1. Borrowing cost that are directly attributable to the acquisition, construction or production of a qualified asset. Borrowing cost are interest costs incurred by an entity in connection with the borrowing of funds (Interest rate: 5.47%).

E.ON standalone

71

2025

0.0

2024

0.6

2023

0.4

2022

0.1

2021

0.8

2020

1.4

2019

1.1

2018

2.0

4.8

≥2026

OtherJPYUSDGBPEUR

Financial Liabilities

Split Financial Liabilities€ bn

31 Mar 2018

Bonds -10.7

in EUR -4.0

in GBP -3.9

in USD -2.4

in JPY -0.2

in other denominations -0.2

Promissory notes -0.4 Commercial papers 0.0 Other liabilities -1.6

Total -12.7

Maturity profile (as of end Q1 2018)1

€ bn

1. Bonds and promissory notes issued by E.ON SE and E.ON International Finance B.V. (fully guaranteed by E.ON SE).

E.ON standalone

72

E.ON Investor Relations contacts

T +49 (201) 184 [email protected]

Alexander Karnick T +49 (201) 184 28 38Head of Investor Relations [email protected]

Martina Burger T +49 (201) 184 28 07Manager Investor Relations [email protected]

Dr. Stephan Schönefuß T +49 (201) 184 28 22Manager Investor Relations [email protected]

Andreas Thielen T +49 (201) 184 28 15Manager Investor Relations [email protected]

73

Financial calendar & important links

Financial calendar

August 8, 2018 Half-Year Financial Report: January – June 2018

November 14, 2018 Quarterly Statement: January – September 2018

March 13, 2019 Annual Report 2018

May 13, 2019 Quarterly Statement: January – March 2019

Important links

Presentations https://www.eon.com/en/investor-relations/presentations.html

Facts & Figures 2018 https://www.eon.com/content/.../presentations/facts-and-figures-2018.pdf

Annual Reports https://www.eon.com/en/investor-relations/financial-publications/annual-report.html

Interim Reports https://www.eon.com/en/investor-relations/financial-publications/interim-report.html

Shareholder Meeting https://www.eon.com/en/investor-relations/shareholders-meeting.html

Bonds / Creditor Relations https://www.eon.com/en/investor-relations/bonds.html

Transaction Website: http://www.energyfortomorrow.de/

74

Disclaimer

This presentation contains information relating to E.ON Group ("E.ON") that must not be relied upon for any purpose and may not be redistributed, reproduced,published, or passed on to any other person or used in whole or in part for any other purpose. By accessing this document you agree to abide by the limitations set outin this document as well as any limitations set out on the webpage of E.ON SE on which this presentation has been made available.This document is being presented solely for informational purposes. It should not be treated as giving investment advice, nor is it intended to provide the basis for anyevaluation or any securities and should not be considered as a recommendation that any person should purchase, hold or dispose of any shares or other securities.The information contained in this presentation may comprise financial and similar information which is neither audited nor reviewed and should be consideredpreliminary and subject to change.Some of the information presented herein is based on statements by third parties. No representation or warranty, express or implied, is made as to, and no relianceshould be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purposewhatsoever.This presentation may contain forward-looking statements based on current assumptions and forecasts made by E.ON management and other information currentlyavailable to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financialsituation, development or performance of the company and the estimates given here. E.ON does not intend, and does not assume any liability whatsoever, to updatethese forward-looking statements or to conform them to future events or developments.Neither E.ON nor any respective agents of E.ON undertake any obligation to provide the recipient with access to any additional information or to update thispresentation or any information or to correct any inaccuracies in any such information.Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercialstandards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in allcases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, theserounded figures may not add up exactly to the totals contained in the respective tables and charts.

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