Creating the future of energy

http://www.energyfortomorrow.eu/ March 2019

DisciplineFocusGrowth

• 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: commitment to deliver annual dividend per share 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

Enel EngieNat. Grid FutureE.ON

Iberdrola

~341, 3

IberdrolaEnel FutureE.ON

~531

Engie

Regulated Asset Base (RAB € bn)

Customer Numbers (m)

Nat. Grid2Enel2

~51

Engie2Iberdrola FutureE.ON

EBIT (€ bn)

✓

Creating the future of energy

✓

✓

✓

✓

✓

✓

✓

1. Future E.ON pro-forma EBIT 2018 (innogy data based on public information), 2. Bloomberg/company data,3. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.

2

Creating two focused energy companies

E.ON RWE

Future E.ON RWE16.67%

Target structure

Structure today

~77% innogy

3

Acquisition of innogy via innovative asset exchange

innogy

76.8%(RWE)

23.2%(Min. share-

holders)

Total equity value: ~€22bn

16.67% 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 2018

4. 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

Top end of guidance

Top end of guidance (+5% YoY)

Leverage target of 3.4x achieved

Committed to annual DPS growth:€0.43 for 2018 €0.46 for 2019

3-4% EBIT CAGR3

5-10% EPS CAGR3

Transacting from a position of strength

EBIT€3.0bn1

ANI€1.5bn1

END€16.6bn1

Dividend

2018-20 Growth

✓

✓

✓

✓

Group EBITDA

~€8bn2

Customer Solutions

>31mCustomers1

~53mCustomers2

Energy Networks

~€20bn RAB1, 4

~€34bn RAB2, 4

€5bn1

1. E.ON standalone 2018 reported, 2. Future E.ON pro-forma 2018 (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 (’18)E.ON today (’18)

E.ON standalone

✓

5

Sweden1

~€4bn ~1m- ~11m1,2

NL/BE

- ~4m2

Germany3

~€20bn ~14m

CEE3

~€9bn4 ~14m

Turkey1

~€1bn ~10m

Unique downstream position across Europe

Energy Networks (RAB)

Customer Solutions (number of customers)

Southern Europe

- ~1m3

1. E.ON 2018 reported, 2. innogy 9M 2018 reported, 3. Future E.ON pro-forma 2018 (innogy data based on public information), 4. RABs from different regulatory regimes are not directly comparable due to significant methodical differences.

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

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

• Strong financial & operational delivery

• Proven performance culture

• Balance sheet headroom

✓

✓Transition year

Acceleration of strategy execution

Unique strategic position

• Focus on regulated networks and infrastructure-like & pace-setting customer solutions

• Portfolio simplification

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

• Committed to annual dividend per share growth

✓

1. Future E.ON pro-forma 2018 (innogy data based on public information). 8

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

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

€600-800m

~55%

~25%

~5% •Strong synergy potential of €600-800m

•~5,000 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 2018 (innogy data based on public information). 10

~80%2

~62%1

Regulated Non-regulated

E.ON today Future E.ON

Share of regulated network earnings (EBIT)

Attractive earnings & dividend profile secured long-term

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 2018 reported, 2. Future E.ON pro-forma 2018 (innogy data based on public information), 3. Schematic illustration. 11

• Nuclear provisions: ~€0.9bn

• AROs (Renewables): ~€0.9bn

• Tax equity liabilities (Renewables): ~€0.6bn

• Pension provisions (Renewables): ~€0.4bn

Pro forma Economic Net Debt 2018

~10.3

~3.0

Economic Net Debt 2018

~3.3

~16.6

E.ON today1 (€ bn)

Economic Net Debt 2018

~32

Net financial position Provisions for pensions Asset-retirement obligations

1. E.ON 2018 reported, 2. Future E.ON pro-forma 2018 (innogy data based on public information), 3. E.ON will address structural subordination post closing, 4. Nord Stream I stake

~1+ Transfer of NS14 into CTA

Further deleveraging measures to be realized in ‘19 (€ 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

12

Includes successful monetization of Uniper shares

Adoption of IFRS 16: Impact on E.ON financials & KPIs

Changes for the lessee (illustrative)

Balance Sheet Profit & Loss

Equity(Equity ratio )

Liabilities

Assets

Right-of-useassets

Lease liabilities

Sales

EBITDA

EBIT

EBT

Oper. expenses

Depreciations

Interest result

Sales

EBITDA

EBIT

EBT

Oper. expenses

Depreciation

Interest result

ante IFRS 16adoption

post IFRS 16adoption

• Objective: Ensuring that lessees and lessors provide relevant information that faithfully represent leasing transactions.

• Adoption obligatory starting 2019.

• No significant changes for lessors, lessees may apply certain exemptions for shorter-term leases (<12 months) and/or leases for low value assets.

• P&L: EBIT(DA) to improve, interest expense to increase; no effect on Adj. Net Income level.• Balance Sheet: Economic Net Debt (END) to increase, following increase in lease liabilities.IFRS 16

IFRS 16 in short

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

20192018 20212020

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

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)

ended 25 July

Acceptance rate: 9.4%

Transaction timeline

Antitrust approvals

Full legal integration

Integration & synergies

15

✓

Official filing of transaction with EU Commission on 31st January 2019✓

Schematic merger control proceedings

Pre-notification

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

PreparationsPhase I

(25 working days)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 16

Official filing of transaction with EU Commission on 31st January 2019

Investment highlights

Starting from position of strength: Creating the future of energy

Unique downstream positioning with ~80% regulated earnings1Focus

Commitment to deliver annual dividend per share growthGrowth

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

1. Future E.ON pro-forma 2018 (innogy data based on public information). 17

FY 2018 Results

March 13th, 2019

DisciplineFocusGrowth

E.ON standalone

Strong delivery of FY 2018 results

Top end of 2018 guidance range achieved

Dividend 2018 increases >40% to €0.43/share

Preparation of takeover of innogy fully on track

Upgrading network capex to fuel accelerated RAB growth

Predictability — Outlook 2018-2020 confirmed, commitment to annual DPS growth

Visibility — Fixed dividend of €0.46/share to be proposed for 2019

Highlights

3,074

1,427

2,989

1,505

Adj. Net IncomeEBIT

FY 2017 FY 2018

Key Financials1

€ m

1. Adjusted for non operating effects

Economic Net Debt

19.2

16.6

€ bn

!

!

!

€2.8-€3.0bn

€1.3-€1.5bn

Guidance Range

E.ON standalone

19

Continuous track record of delivery

1. Adjusted for non operating effects.

2016 2017 2016 2018

5.3x

3.9x3.4x

€26.3bn

€19.2bn€16.6bn

~€10bn

2016 2018

€2.7-€3.1bn

€2.8-€3.1bn

€0.6-€1.0bn

€1.2-€1.45bn

€3.1bn €3.1bn

€0.9bn

€1.4bn

EBIT1 vs. guidance Adj. Net Income1 vs. guidanceDeleveraging achieved –

Significant reduction of END

2018

€2.8-€3.0bn

€3.0bn

2017

€1.3-€1.5bn

€1.5bn

Guidance Range

2017

E.ON standalone

20

Dividend continues to grow

Dividend per share growth

2018 & 2019: Fixed Dividend

€0.21

FY 2017Dividend

FY 2016 Dividend

€0.30

€0.431,3

FY 2018Dividend

€0.462,3

FY 2019Dividend

FutureDividends

1. Fixed for FY 2018 (paid in 2019) 2. Fixed for FY 2019 (paid in 2020) 3. Dividend proposals in line with existing dividend policy

Commitment toannual DPS

growth

E.ON standalone

21

Energy Networks – Proven efficiency leadership

E.ON excels in efficiency benchmarkingAll DSOs 100% efficient1

General efficiency factor

Reduction of general efficiency factorFrom 1.5% 0.9%

Cost audit

Cost audit successfully completed

Proof of E.ON‘s leading operational excellence

Individual efficiency factor

1. Two DSOs exceed 100% efficiency and will receive a bonus of 1% of controllable costs p.a. as additional allowed revenue2. 204 DSOs have been included in the benchmarking process; 27 are entitled to additional super efficiency bonus

All four E.ON DSOs with efficiency score of 100% vs. 94% industry average2

50% of E.ON DSOs even receive an additional efficiency bonus vs. 13% for industry average2

Regulatory review in German power networks – Performance culture in practice

E.ON standalone

22

Upgrading long-term network capex growth

• Main driver is additional replacement investments

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

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

Cautious planning

Potential upsides to “new normal” level

Energy networks capex (€ m)

0.4 0.5

1.0

0.3 0.3

0.70.8

1.6

2017 beyond 2020 "new normal"

2018

1.4

SwedenGermany CEE

Disciplined & gradual ramp-up

1.7

1.8

1.9

Additional ~€100m p.a.for long-term capex run-rate

E.ON standalone

23

Accelerating power RAB growth

Germany

~€8bn

Power RAB (€ m) Power RAB1

1. Based on constant FX rates (SEK/EUR 2018: 10.26; CZK/EUR 2018: 25.65)2. Growth includes revaluation of RAB from 2020 onwards according to new methodology (due to change in depreciation times). Effect ca. ~€0.5bn in 2020

~8.0

2017

~8.3

2018 2020

+ 8-10%

+6%

Targeting upper end of growth range

+10%

Czech RepublicSwedenPower RAB (€ m) 1

~3.5

20202017

~3.7

2018

~1.4

2017

~1.5

2018 2020

Power RAB (€ m) 1,2

New growth range

+16%

+12%

New growth range

+11%

+15%

+8%

+20%+25-30%

+20-25%+15%

+11%

+30%

+25%

+25%

New New

New

OldOld Old

E.ON standalone

24

€413m

2017 2018

€479m

CS ex UK

CS UK

2017 2018

Germany

UK

Other

~22m~22m

Customer Solutions with profitable customer growth outside UK

EBIT

Improving EBIT outside UK

• UK decline mainly caused by regulatory interventions and restructuring costs

Pro-actively working on next wave of performance measures• Programs in Germany and UK with target

to offset margin pressure• UK program already expanded during

2018 to mitigate SVT price cap impact

2018 2019 2020 >2020

Cost

Impact

Performance programs (upgraded)

~€120m impact

~£150m impact

Growing customer base outside UK

• More than 100,000 additional customers in Germany

• In the UK, best performance among the Big Six in terms of customer numbers1

Customer numbers

1. Source: Q4 2018 Cornwall report

+2%

+1%+17%

E.ON standalone

25

Renewables – Performance culture in practice

EBIT1 delivery 2018

FY 2017 FY 2018

€454m

€521m+15%

Downsides from very low wind yields and roll-off of support schemes in the US over-compensated:

• Project completion ahead of schedule and below budget (e.g. Arkona, Rampion)

• Successful partnering in Sweden (Nysäter)

• Cost discipline applied with highly agile mindset

Project delivery 2018

1. Adjusted for non operating effects

RampionOffshore wind (UK)

400 MWArkonaOffshore wind (GER)

385 MW

StellaOnshore wind (US)

201 MWTexas wavesStorage (US)

2*10 MW / 5 MWh

E.ON standalone

26

Takeover of innogy progressing well

Antitrust approval process

• E.ON filed official notification with EU Commission end of January

• EU Commission initiated Phase II investigations on 8th March

• Approvals for RWE part of transaction already received after Phase I

• Fully on track for closing during second half of 2019

Preparation of integration of innogy

into E.ON

Synergies

• Joint preparation work intensifying

• Work on future operating model nearly completed

• Target of €600-800m net synergies by 2022 confirmed

E.ON standalone

27

Spin-off Uniper& reset of E.ON

2016 2018 2020 and beyond

✓

Position of strength

• Strong financial & operational delivery

• Proven performance culture

• Balance sheet headroom

✓

✓Transition year

On track to successfully conclude strategic transformation journey

Unique strategic position

• Focus on regulated networks and infrastructure-like & pace-setting customer solutions

• Portfolio simplification

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

• Committed to annual dividend per share growth

✓

Digitization Operationalexcellence

Capitaldiscipline

E.ON’s guiding principles

Customer-led

1. Future E.ON pro-forma 2018 (innogy data based on public information)

E.ON standalone

28

• Germany: price increases in Q2 2017, restruc-turing charges

• UK: price increases in Q2 2017, competitive dynamics, regulatory effects, restruct. charges

• Preussen Elektra: one-off effects, lower achieved prices, higher volumes due to plant outages in 2017

• Turkey: op. improvem., omission of book loss

• Germany: positive one-off effects in Q2 & Q3 2018, reversal of regulatory effects, disposal gas network HH, new regulatory period gas

• Sweden: power tariff increase, adverse FX dev.

• Onshore: capacity additions in the US, support scheme expiries

• Offshore: capacity additions (Rampion), adverse wind conditions (esp. Q4)

EBIT development solid despite operational challenges

+67

+115Corp. Functions

& Other, Consolidation

-190

3,074

Customer Solutions

FY 2017

Energy Networks

-66

Renewables

-11Non-Core

FY 2018 2,989

-85

EBIT1 FY 2018 vs. FY 2017€ m

1. Adjusted for non operating effects

Energy Networks

Customer Solutions

Renewables

Key FY Effects

Non-Core

+/–

+/–

+

–

+/–

+

+/–

+/–

+/–

+/–

E.ON standalone

29

Adj. Net Income up 5% driven by lower interest expenses

FY 2018€ m

~€ 85m 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)

2,989

2,315

1,505

-86

Group EBIT1

Profit before Taxes1

Other interestexpenses

-588Interest on fin. assets/

liabilities2

-562Income Taxes

-248Minorities

AdjustedNet Income1

Tax rate of 24% slightly below PY

€0.69

E.ON standalone

30

END decreases mainly due to sale of Uniper stake

-10.6 -10.3

-3.6

-3.5

-0.9

-0.9-0.6

-3.3

-5.0

-3.0

3.8

Investments

0.9

Pensions

4.3

Other END FY 2018AROs

0.6

DividendOCF

2.9

-19.2

END FY 2017

0.3

CTA2 Funding

-16.6

Divestments

+2.7€ bn

END1 FY 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 AROs2. Contractual Trust Arrangement

AROs

Net financial position

Pension provisions

Liquidation of pension scheme in Q1 2018 results in reduction of pension provisions –limited effect on END

Sale of Uniper stake

E.ON standalone

31

Capex split 2019 & 2020

Capex1 2019

1.7

0.81.1

Energy Networks Renewables Customer Solutions

~€3.6bn ~€3.7bn

Increase in capex drives long-term EBIT growth

Capex focused on Energy Networks and infrastructure-like Customer Solutions

Strict adherence to capital return targets (e.g. Group ROCE target 8-10%)

Growth

Focus

Discipline

Capex1 2020

1.8

1.10.8

1. Gross capex, not including divestments

E.ON standalone

32

Group guidance for FY 2019

Actuals FY 2018 (€ bn) Actuals FY 2018 (€ bn)

Guidance FY 2019 (€ bn) Guidance FY 2019 (€ bn)

3.01.5

EB

IT1

Ad

just

ed N

et In

com

e1

Dividend2 2019 (€/share)

0.462.9 – 3.11.4 – 1.6

Pro

pos

ed d

ivid

end

s2

Dividend2 2018 (€/share)

0.43

1. Adjusted for non operating effects 2. Fixed dividend proposals to AGM to be paid in following year

E.ON standalone

33

1. Adjusted for non operating effects 2. Preussen Elektra

Segment EBIT1 guidance FY 2019

2019Energy Networks Customer Solutions

Renewables Non-Core

2018

€1.8bn €0.4bn

€0.5bn €0.4bn

• Germany: Further increase in RAB, efficiency scores

• Sweden: Power tariff increases (already implemented)

++

• Germany & UK: Restructuring charges in 2018

• UK: Regulatory interventions (i.e. SVT price cap)–+

• Onshore: Capacity additions, support scheme expiries

• Offshore: Capacity additions (Arkona, Rampion)

+/–+

• PEL2: Increased wholesale prices, higher D&A, one-offs

• Turkey: Operational improvements

+/–+

20192018

20192018 20192018

E.ON standalone

34

ReturnROCE1

8 – 10 %

E.ON FOCUS – Framework for 2018-2020Our basis for steering the company

1. Based on EBIT (= pre-tax), 2. OCF bIT divided by EBITDA, 3. Adjusted for non operating effects, FY 2018 guidance range as basis for medium-term outlook 2018-2020 (CAGR), 4. Total Shareholder Return, 5. Fixed for FY 2019 (paid in 2020).

CashCash conversion rate2

≥ 80 %

Executive CompensationClosely linked to EPS target achievement and relative TSR4 (in addition: share ownership obligations)

EPS3

Group+ 5-10% (CAGR)

AnnualDPS growth

Dividend

Fixed dividend 2019:

€0.465

EBIT3

Group+ 3-4% (CAGR)

Capital StructureStrong BBB/Baa

E.ON standalone

35

Appendix

E.ON Group

DisciplineFocusGrowth

E.ON standalone

Drive value creationAbsolute annual dividend

growthSustainable & resilient

EPS growth

Customer-led DigitizationOperational excellence

Capitaldiscipline

E.ON‘s guiding principles

38

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 Renewables✓Remaining 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 20181

~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.

57%

15%

11%

17% Energy Networks

Renewables

Customer Solutions

Preussen Elektra€4.8bn

E.ON standalone

39

Investment highlights

From deleveraging to focused and disciplined growth

Management team with strong shareholder focusFocus

Deliver sustainable EPS growth andcommitted to annual dividend per share growthGrowth

Strict capital discipline and high-performance cultureDiscipline

40

E.ON standalone

Energy Networks

DisciplineFocusGrowth

E.ON standalone

Energy Networks Energy Networks

Power and gas business

Power business only

CEE &Turkey€5.8bn

Sweden€3.7bn

Germany€10.5bn

~€20.0bn2

Regulated asset base 20181

CEE &Turkey€0.4bn

Sweden€0.5bn

~€1.8bn

Germany€0.9bn

EBIT3 2018

19 2432

12

27

Germany CEE & Turkey4Sweden

Market share (%)

350

138

493

51 45

Germany

0

Sweden CEE & Turkey

Power Gas

Grid length (‘000 km) 1

∑ Grid length: 980

∑ Grid length: 96

1. 100% view for Slovakia and Turkey 2. Differences may occur due to rounding 3. Adjusted for non operating effects.4. Arithmetic average

~71% of group core

E.ON standalone

42

Energy Networks Sweden – Carry-over of retroactively allowed revenues legally confirmedIllustration

E.ON standalone

Collected revenues2

2012-2015Allowed revenues

2016-20193

including carry-over

Collected revenues2016-2019

Allowed revenues2020-20234

including remainingcarry-over

2016Court finally decides

on parameters ofregulatory model and

higher WACC forperiod 2012- 2015

(5.2% 6.5%)

2019Court revokes regulatory

prohibition to utilize remaining carry-over amounts also in 3rd

regulatory period

Retroactively allowed additional

revenues= carry-over1

1. A new regulatory regime was introduced in Sweden with a first regulatory period from 2012-2015. The new regulation triggered several court cases that led to a clarification of a number of points. The finally allowed revenue cap was not known until 2016. Court cases targeted the new regulatory model itself, as well as the WACC, which was ultimately corrected from 5.2% to 6.5% and significantly contributes to the carry over. 2. Due to ongoing court cases, E.ON collected less revenues from customers than what it had been retroactively entitled to. 3. WACC for second regulatory period was also challenged and court decided to increase the WACC from 4.5% to 5.9%. 4. Normal revenue cap for regulatory period 2020-2023 to be set by regulator in 2019.

Carry-over Remainingcarry-over

43

Turkey with extraordinary high RAB growth

Established in 3 high-growth regions

Leading electricity network operator:

− 10.5 m connections

− 223,000 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 >3% p.a.

− Need for significant network modernization

in bn TL, nominal

Regions

Target to more than double 2016 RAB by 2020

Downstream Business Market & Regulation RAB development

Strongly growing market with highly attractive returns

AnkaraIstanbul

Adana

>2x

3.9

5.3

2016 2017 2020

E.ON standalone

44

2018

6.9

Major transformation in Energy Networks

Single layer infrastructure (energy)

Physical linear network

Centralized system

Integrated energy system

Decentral, connected multi-layer infrastructure

More (semi-) autonomous local energy systems

Energy Network player

Energy network operator

From

Holistic system provider

To

Ph

ysic

al

laye

rD

igit

al la

yer

Com

mu

ni-

cati

on la

yer

Data center

EMS 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

45

E.ON leading in smart grid projects

E.ON standalone

46

• Islanding capable smart micro grid solution• 100% renewable and locally produced electricity

Battery storage and demand side response e.g. heat pumps/water heaters

• Visualization of energy flows; frequency response; peer-to-peer market platform; Machine learning algorithms to use flexibilities

• Won the “Skånes vindkraftspris 2018”

Project Simris – Part of

Achieving energy autarky for small local communities

Purpose

Means

Swedish village Simris; micro grid successfully implemented in 2018

Project facts

• Modernizing substations and 200km of power lines• Large-scale rollout of smart technology for higher

deployment of renewable sources (e.g. PV)• Improve failure rate, maintenance-related outages

and power losses• Improve effectiveness of girds and prepare for

future connections, like electric vehicles and batteries

Project Acon (Again connected networks)

Integrating Czech and Slovak electricity markets & improving quality of supply

Purpose

Means

Modernizing grid in border region between Slovakia and Czech Republic

Project facts

E.ON supports customers to improve their energy situation

• Live dashboard of local energy situation e.g. renewable production, consumption, CO2 emission and autarky level

• Pilot municipalities Altdorf, Furth and Schrobenhausen

• Increase energy awareness and understanding• Tracking of energy saving measures

Energie Monitor

E.ON standalone

47

Create transparency for municipalities of their local energy situation as basis for improvements

Purpose

Means

Co-developed with municipalities in Bavaria; product launch in summer 2018

Project facts

• Development of an interface towards small scale customer assets e.g. charging electric heating

• Enabling customers to benefit from efficiency measures and optimized energy procurement costs

• Generate energy and cost savings for customers

Smart Grid Hub – part of

Create customer value by increasing energy efficiency

Purpose

Means

Development of an interface to enable customer flexibilities; EU-funded

Project facts

Customer

Smart Grid HubE.ON DSO

Operational excellence – digitization in practice

Effective investment decision Higher grid quality and customer

satisfaction Higher chances to win/retain concessions

Advanced Asset Management

Direct-value add based on improved SAIDI performance and lower Opex

E.ON standalone

48

Tool

Imp

act

Combining a smooth user experience with efficient scheduling of works

Optimization of routes and outage remedy Flexibility for field technicians

Digital Workforce Management

~ 6 % productivity gains

Conventional approachIntroduce a new digital scalable work

environment for every field technician and back officePredictive maintenance

Opportunities in adjacent businesses - Broadband

Growing from existing assets

E.ON's existing fiber-optic infrastructure

E.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 business

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

New business concept in development

E.ON standalone

49

Customer Solutions

DisciplineFocusGrowth

E.ON standalone

Customer Solutions

E.ON’s market positionCustomer Focused Portfolio Energy Sales is the anchor business

City Energy Solutions (CES)2: 10% market share in Sweden

B2B Solutions: ~€2.1 bn TCV3 in 2018

Top 2

Top 2

Top 3

Top 3Top 3

Top 3

Top 10

Top 3

Energy Sales: 22 m1

customers in 8 countries

1. Excluding Turkey 2. Former segment ´Heat´ 3. Total Contract Value 4. Adjusted for non operating effects 5. B2C customers in Germany and UK

EBIT4 2018 (€ 413m)

CES

EnergySales

E.ON standalone

51

B2C – Differentiate and grow

Increaseefficiency

Defend and grow customer base

Address margin pressure

E.ON standalone

Defend: Increased loyalty / service excellence / NPS etc.

Expand the base: Profitably grow the base with core energy sales and energy sales bundles

Grow beyond: Home Energy Management Solutions (HEMS) with PV, batteries and eMobility

Digitization:Digital Attacker, customer analytics, market analytics

Optimize the organization: Streamlining, operational excellence (e.g. savings programs Germany & UK)

Reduce Cost-to-Serve (CtS): Digital Attacker with high self-serve share and reduced complexity in business processes

Effective retention:Win-back, preventive churn management

Reduce Cost-to-Acquire (CtA): Optimize channel mix, reduce dependency on brokers / portals / agencies Use customer journey on E.ON website to sell value added products Apply Artificial Intelligence to identify customer segments interested in our products & services

52

B2C - Re-inventing our customer business with the digital attacker

Cost efficiency

Superior services

Innovative 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

53

E.ON E.ON ambition

Cost-to-Serve ambition

€/customer account

On-siteGeneration

Energy Efficiency

Flexibility & Storage

On-site supply of heat, steam, power, cooling and pressurized air• Bespoke onsite power and heat supply ~5-200MW• Digitization of the entire value chain with IQ-CHP (intelligent, digital CHP)• AI-based solutions for remote O&M

Manage energy consumption

• Optimization of energy and core manufacturing processes with AI, e.g. predictive maintenance • Cost reduction via digital platform, e.g. steering energy consumption data-based• Remote optimization to enable energy savings and asset reliability

Optimizing and monetizing central and decentral flexibility

• Bundling flexibilities in a Virtual Power Plant platform and offering to the TSO• Forecasting annual maximum load for ensuring feed-in at the correct time • Load profile analysis, forecasting and peak shaving with grid fee savings up to 80%

New Solutions B2B

EnergyConsulting

Designing and delivering integrated energy solutions

• Optimizing of a business' energy usage by designing highly individual integrated energy solutions• Running an energy audit to identify savings potential• Designing detailed action plan based on insights from energy audit

E.ON standalone

54

City Supply

City Quarter Solutions

Single Site Solutions

• Large-scale city heating & cooling solutions (e.g. in Malmö, Stockholm, Hamburg)

• Growth opportunities through new connections to established district heating networks & new grids (e.g. Berlin Schönefeld)

• Sustainable city districts with integrated heating & cooling solutions based on maximum of renewables (e.g. Tegel, Berlin; Elephant & Castle, London)

• Growth opportunities through new-build & retrofit of large areas or districts in cities

• Decentralized, sustainable local energy solutions (shopping malls – e.g. Westfield, London; Koppenstraße, Berlin, office buildings or hospitals)

• Growth opportunities through new-build & retrofit of large single sites in cities

New Solutions CES (City Energy Solutions)

E.ON standalone

• Typical duration 20-40 years

• Typical TCV1 € 0.1–1bn

• Typical duration 20-40 years

• Typical TCV1 € 10-100m

• Typical duration 10-20 years

• Typical TCV1 € 1-20m

1. Total Contract Value55

New Solutions B2C

PV & Storage Home HeatingHome Energy Mgmt. Solution

Future Energy Home eMobility

Solutions Infrastructure

E.ON standalone

Development of home energy management solution with Microsoft

Pilot project to offer Future Energy Home to customers with the Berkeley Group (UK)

Green Mortgages pilot with BNP Paribas to support financing for energy efficient homes

Developing Ultra-Fast-Charging network across Europe

Cooperation with Nissan to develop for de-centralized energy generation and storage

Launch of intelligent EV charging network with Virta

New market entry in Norway and Italy

Revenue growth of heating devices – boiler, heat pump, fuel cell, air-conditioning – across E.ON regions

Continuous development to provide comfort at home, e.g. cooling solution, smart-thermostat offering

Additional growth in key regions like Italy, UK, Sweden

Continuous improvement of integrated PV & eMobility propositions and attractive financing offerings

Roll-out of E.ON SolarCloud in additional markets

56

The nature of the business within Customer Solutions shows great diversity

Assetintensity

Sales cycle

Scalability(e.g. digital)

Energy contractsExample

PV & StoragePublic charging

stationOnsite CHP

City quartersolution

Energy sales E-mobility CESB2C solutions B2B solutions

E.ON standalone

57

Temporary high investments for smart meter & IT

Disciplined investment plan to support growth opportunities

Capex1 2019-2020 €1.6bn

1. Capex net of divestments

City Energy Solutions & B2B projects

Smartmeter

IT &efficiency

Other

E-mob

Partially temporary

Infrastructure-likeinvestments

E.ON standalone

58

Renewables

DisciplineFocusGrowth

E.ON standalone

Renewables

3.9 GW 3.6 GW

1. Total gross capacity irrespective of the E.ON share2. Including 1 repowering project (historical capacity 258 MW; to-be capacity, currently under construction 275 MW)

€0.5 bn EBIT 2018(~20% of core EBIT)

~96% Long-term contracted or hedged until 2020

Strong track record with ~7.5 GW1 delivered

Active in 3 generation technologies and in batteries

1

Highlights

Total capacity under constructionand repowering: 0.9 GW2

Capacity1

1.8 GW

0.9 GW

0.3 GW

0.2 GW

0.2 GW

0.2 GW

Panther Creek(repowering)

West ofthe Pecos

Morcone

Nawrocko

Nysäter

Miltzow

E.ON standalone

60

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

Gross capacity additions 2019-2021 (MW) Onshore pipeline

~6.3 GW

100% PTC

80% PTC

Other

∑~2.7 GW

COD2017

COD2018

COD2019

COD2020

COD2021

Onshore Offshore1 New Projects(Pre- FID pipeline)

1. 2018 COD: Rampion (Gross delivery: 400 MW, EU Offshore), Arkona (Gross delivery: 385 MW, EU Offshore)

E.ON standalone

61

Onshore pipeline

~2.0 GW

Nordic

Other EU

UK

FY 2018 – Financial Appendix

DisciplineFocusGrowth

E.ON standalone

Financial Highlights

€m FY 2017 FY 2018 % YoY

Sales 37,965 30,253 -20

EBITDA 1 4,955 4,840 -2

EBIT 1 3,074 2,989 -3

Adjusted Net Income 1 1,427 1,505 +5

OCF bIT -2,235 4,087 –

Investments 3,308 3,523 +6

Economic Net Debt ² -19,248 -16,580 +14

1. Adjusted for non operating effects, 2. Economic net debt as per 31 Dec 2017 and31 Dec 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

E.ON standalone

63

-3.5

Change in WC

-0.8

EBITDA1 Cash Adjustments3

Interest Payments

OCF bIT

-0.6

Tax Payments OCF Capex

2.9

FCF

-0.6

4.8

0.0 4.1

-0.7

84%

84% Cash Conversion Rate2

FY 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 and payments related to non operating earnings

E.ON standalone

64

Highlights

Segments: Energy Networks

• Germany

+ One-off effects in Q2 & Q3 2018

– Reversal of regulatory effects

– Disposal of gas network Hamburg, 3rd regulatory period gas

• Sweden

+ Power tariff increase

– Adverse FX development, disposal of gas network

• CEE & Turkey

+ Turkey: Higher network/retail earnings

– Turkey: One-off effects in 2017 & 2018

– Romania: Lower regulatory returns

Energy Networks

530 451

474 498

1,030 895

CEE & Turkey

Germany

FY 2017 FY 2018

Sweden

2,0341,844

-9%

1. Adjusted for non operating effects

EBIT1 € m

€m

FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY

Revenue 14,199 6,243 -56 1,072 989 -8 1,719 1,537 -11 16,990 8,769 -48

EBITDA 1 1,621 1,488 -8 632 648 +3 767 683 -11 3,020 2,819 -7

EBIT 1 1,030 895 -13 474 498 +5 530 451 -15 2,034 1,844 -9

thereof Equity-method earnings 74 69 -7 0 0 - 157 97 -38 231 166 -28

OCFbIT 2,429 1,559 -36 640 771 +20 605 652 +8 3,674 2,982 -19

Investments 703 802 +14 345 341 -1 371 454 +22 1,419 1,597 +13

TotalGermany Sweden CEE & Turkey

Det

ails

+/–

E.ON standalone

65

Segments: Customer Solutions

Customer Solutions Highlights

• Germany Sales

+ Price increases in 2017

– Restructuring charges

• UK

– Restructuring charges, competitive dynamics

– Regulatory effects, incl. price caps (PPM2, vulnerable customers)

+ Price increases in 2017

• Other

– Romania: Higher gas procurement costs

– B2B solutions: Unavailability of co-generation unit

129 111

248142

102

160

Germany Sales

FY 2017

Other

FY 2018

UK

479413

-14%

EBIT1 € m

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

€m

FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY

Revenue 7,014 6,768 -4 7,205 7,758 +8 7,357 7,601 +3 21,576 22,127 +3

EBITDA 1 132 193 +46 351 237 -32 312 294 -6 795 724 -9

EBIT 1 102 160 +57 248 142 -43 129 111 -14 479 413 -14

thereof Equity-method earnings 0 0 - 0 0 - 14 10 -29 14 10 -29

OCFbIT 284 273 -4 401 92 -77 237 211 -11 922 576 -38

Investments 25 35 +40 211 207 -2 360 395 +10 596 637 +7

TotalUKGermany Sales Other

Det

ails

E.ON standalone

66

• Offshore/Other

+ UK: Capacity additions (Rampion)

– Adverse wind conditions

• Onshore/Solar

+ US: Capacity additions (Bruenning’s Breeze, Radford’s Run)

+ SE: Book gain from partnering transaction (Nysäter)

– Support scheme expiries

Segments: Renewables

Renewables Highlights

117 142

337379

FY 2017 FY 2018

Onshore/Solar

Offshore/Other

454521

+15%EBIT1 € m

1. Adjusted for non operating effects

€m

FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY

Revenue 927 1,148 +24 677 606 -10 1,604 1,754 +9

EBITDA 1 299 300 +0 486 561 +15 785 861 +10

EBIT 1 117 142 +21 337 379 +12 454 521 +15

thereof Equity-method earnings 24 44 +83

OCFbit 601 657 +9

Investments 1,225 1,037 -15

Onshore Wind / Solar Offshore Wind / Others Total

Det

ails

E.ON standalone

67

Non-Core business

Non-Core Highlights

506399

-113 -17

PreussenElektra

FY 2018

GenerationTurkey

FY 2017

393382

-3%

• PreussenElektra

– One-off effects

– Lower achieved power prices

+ Higher volumes due to plant outages in 2017

• Generation Turkey

+ Book loss from asset sale in Q1 2017

+ Operational improvements

– Adverse FX effects from revaluation of loans

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

EBIT1 € m

1. Adjusted for non operating effects

32

26

31

45

2019

2020

2017

2018

86%

52%

100%

Det

ails

100% €m

FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY FY 2017 FY 2018 % YoY

Revenue 1,585 1,399 -12 0 0 - 1,585 1,399 -12

EBITDA 1 654 556 -15 -113 -17 +85 541 539 -0

EBIT 1 506 399 -21 -113 -17 +85 393 382 -3

thereof Equity-method earnings 55 53 -4 -113 -17 +85 -58 36 +162

OCFbIT -7,357 199 +103 0 0 - -7,357 199 +103

Investments 14 15 +7 0 154 - 14 169 -

PreussenElektra Generation Turkey Total

+/–

E.ON standalone

68

Adjusted Net Income

€m FY 2017 FY 2018 % YoY

EBITDA 1 4,955 4,840 -2

Depreciation/amortization -1,881 -1,851 +2

EBIT 1 3,074 2,989 -3

Economic interest expense (net) -744 -674 +9

EBT 1 2,330 2,315 -1

Income Taxes on EBT 1 -614 -562 +8

% of EBT 1 -26% -24% -

Non-controlling interests -289 -248 +14

Adjusted Net Income 1 1,427 1,505 +5

1. Adjusted for non operating effects

E.ON standalone

69

Reconciliation of EBITto IFRS Net Income

1. Adjusted for non operating effects

€m FY 2017 FY 2018 % YoY

EBITDA 1 4,955 4,840 -2

Depreciation/Amortization/Impairments -1,881 -1,851 +2

EBIT 1 3,074 2,989 -3

Reclassified businesses of Renewables -440 -513 -17

Interest result 33 -713 -

Net book gains 375 857 +129

Restructuring -539 -64 +88

Mark-to-market valuation of derivatives -954 610 +164

Impairments (net) -171 -61 +64

Other non-operating earnings 3,582 179 -95

Income/Loss from continuing operations before income taxes 4,960 3,284 -34

Income taxes -803 -46 +94

Income/loss from continuing operations 4,157 3,238 -22

Income/loss from discontinued operations, net 23 286 -

Net income/loss 4,180 3,524 -16

E.ON standalone

70

Cash effective investments by unit

€m FY 2017 FY 2018 % YoY

Energy Networks 1,419 1,597 +13

Customer Solutions 595 637 +7

Renewables 1,225 1,037 -15

Corporate Functions & Other 53 86 +62

Consolidation 2 -3 -

Non-Core 14 169 -

Investments 3,308 3,523 +6

E.ON standalone

71

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 Dec 2018

Liquid funds 5,160 5,423

Non-current securities 2,749 2,295

Financial liabilities -13,021 -10,721

Adjustment FX hedging ² 114 -28

Net financial position -4,998 -3,031

Provisions for pensions -3,620 -3,261

Asset retirement obligations -10,630 -10,288

Economic Net Debt -19,248 -16,580

E.ON standalone

72

Economic interest expense (net)

€m FY 2017 FY 2018 Difference

(in € m)

Interest from financial assets/liabilities -673 -588 +85

Interest cost from provisions for pensions and similar provisions -82 -62 +20

Accretion of provisions for retirement obligation and similar provisions -67 -80 -13

Construction period interests¹ 43 20 -23

Others 35 36 +1

Net interest result -744 -674 +71

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: 5.37%).

E.ON standalone

73

≥202620232019 2020 20222021 2024 2025

1.41.1

0.8

0.10.4

0.6

0.0

4.8

USDEUR GBP JPY Other

Financial Liabilities

Maturity profile (as of end FY 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)

Liquidity Sources (as of FY 2018)€ bn

Liquid funds 5.432

Non-current securities 2.295

Syndicated loan (undrawn) 2.75

€ / $ Commercial Paper programs (undrawn)

10 / 10

Acquisition facility (undrawn)

1.75

E.ON standalone

74

Indicative funding needs

Funding plan

Funding public takeover offer and purchase of RWE’s loan to innogy is covered by existing cash and RWE’s payment

2019 funding needs: expected to be €2-3 billion

€1.75 billion undrawn acquisition facility available

Regular funding volumes determined by

- refinancing of upcoming maturities

- utilization of asset retirement obligations

Future annual funding needs estimated: €2-4 billion

Financing considerations

Maturities (€ bn) 2019 2020 2021

E.ON ~1.1 ~1.4 ~0.8

innogy2 ~2.0 ~0.8 ~1.7

1. Asset retirement obligations (‘AROs‘) : Indicative utilization of €0.5 billion p.a.2. Incl. senior bonds and 2019 RWE intercompany loan based on innogy‘s Fixed Income Investor Update 1st June 2018

0

2

4

2019 2020 2021

E.ON maturities AROs innogy maturities

€ bn

1 2

75

Structural Subordination

76

E.ON SE

E.ON Int. Finance B.V.

innogy SE

innogy Finance B.V.

Bonds

Bonds

Guaranteed by E.ON SE

Bonds

Bonds

Guaranteed by innogy SE

• Structural subordination may become a topic post closing

• To the extent necessary, E.ON has the choice among several mitigants for structural subordination:

moving innogy bonds to E.ON leveland replacing innogy guarantee with E.ON guarantee

upstream guarantee from innogy to E.ON

liability management at market

E.ON will address structural subordination post closing of the innogy acquisition

E.ON Investor Relations contacts

T +49 (201) 184 2806investorrelations@eon.com

Martina Burger T +49 (201) 184 28 07

Manager Investor Relations martina.burger@eon.com

Dr. Stephan Schönefuß T +49 (201) 184 28 22

Interim Head of Investor Relations stephan.schoenefuss@eon.com

Andreas Thielen T +49 (201) 184 28 15

Manager Investor Relations andreas.thielen@eon.com

Sebastian Gaßner T +49 (201) 184 28 05

Manager Investor Relations sebastian.gassner@eon.com

Conny Ripphahn T +49 (201) 184 28 34

Manager Investor Relations conny.ripphahn@eon.com

77

Financial calendar & important links

Financial calendar

May 13, 2019 Quarterly Statement: January – March 2019

May 14, 2019 2019 Annual Shareholders Meeting

August 7, 2019 Half-Year Financial Report: January – June 2019

November 13, 2019 Quarterly Statement: January – September 2019

March 25, 2020 Annual Report 2019

Important links

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

Facts & Figures 2019 https://www.eon.com/content/.../presentations/facts-and-figures-2019.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.eu/

78

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.