growth focus discipline creating the future of energy...dividend continues to grow dividend per...

Creating the future of energy

FY 2018 Results 13th March 2019

DisciplineFocusGrowth

Strong delivery of FY 2018 results E.ON 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

HighlightsHighlights

2

3,074

1,427

2,989

1,505

Adj. Net IncomeEBIT

FY 2017 FY 2018

Key Financials1Key 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

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 EBIT1 vs. guidance Adj. Net Income1 vs. guidanceAdj. Net Income1 vs. guidance Deleveraging achieved –Significant reduction of END

Deleveraging achieved –Significant reduction of END

2018

€2.8-€3.0bn

€3.0bn

2017

€1.3-€1.5bn

€1.5bn

3

Guidance Range

E.ON FY 2018 results

2017

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

4


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

5


Regulatory review in German power networks – Performance culture in practice

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 planningCautious planning

Potential upsides to “new normal” levelPotential 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

Disciplined & gradual ramp-up

1.7

1.8

1.9

6

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


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%

7

+25%NewNew NewNew

NewNew

OldOldOldOld OldOld


€413m

2017 2018

€479m

CS ex UK

CS UK

2017 2018

Germany

UK

Other

~22m~22m

Customer Solutions with profitable customer growth outside UKEBITEBIT

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)Performance programs (upgraded)~€120m impact~€120m impact

~£150m 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 numbersCustomer numbers

81. Source: Q4 2018 Cornwall report

+2%

+1%+17%

Renewables – Performance culture in practice

EBIT1 delivery 2018EBIT1 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 2018Project delivery 2018



RampionOffshore wind (UK)400 MW

ArkonaOffshore wind (GER)385 MW

StellaOnshore wind (US)201 MW

Texas wavesStorage (US)2*10 MW / 5 MWh

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

10


Spin-off Uniper& reset of E.ON

2016 2018 2020 and beyond

Position of strength Position of strength

• Strong financial & operational delivery

• Proven performance culture

• Balance sheet headroom

Transition yearTransition year

On track to successfully conclude strategic transformation journey

Unique strategic positionUnique 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

• 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

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

• 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 effects12


Energy Networks

Customer Solutions

Renewables

Key FY Effects

Non-Core

+/–

+/–+

–

+/–

+

+/–

+/–

+/–

+/–

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 13


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

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€ bnEND1 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

14


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

Sale of Uniper stake

Capex split 2019 & 2020

Capex1 2019Capex1 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 2020Capex1 2020

1.8

1.10.8

15


1. Gross capex, not including divestments

Group guidance for FY 2019

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

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

3.01.5

EBIT

1

Adj

uste

d N

et In

com

e1

Dividend2 2019 (€/share)Dividend2 2019 (€/share)

0.462.9 – 3.11.4 – 1.6

Prop

osed

div

iden

ds2

Dividend2 2018 (€/share)Dividend2 2018 (€/share)

0.43

16


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

1. Adjusted for non operating effects 2. Preussen Elektra17

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

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

18

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

20


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

-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

21


HighlightsHighlights

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 NetworksEnergy Networks

530 451

474 498

1,030 895

CEE & Turkey

Germany

FY 2017 FY 2018

Sweden

2,0341,844

-9%


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

22

E.ON FY 2018 resultsD

etai

ls

+/–

Segments: Customer Solutions

Customer SolutionsCustomer Solutions HighlightsHighlights• 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

23


etai

ls

• 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

RenewablesRenewables HighlightsHighlights

117 142

337379

FY 2017 FY 2018

Onshore/Solar

Offshore/Other

454521

+15%EBIT1 € m


€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

24


etai

ls

Non-Core business

Non-CoreNon-Core HighlightsHighlights

506 399

-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



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

+/–

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



Reconciliation of EBITto IFRS Net Income



27

€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

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


28

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


29

€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

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%).

30


≥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

31


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

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


32

E.ON Investor Relations contacts

T +49 (201) 184 [email protected]

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

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

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

Sebastian Gaßner T +49 (201) 184 28 05Manager Investor Relations [email protected]

Conny Ripphahn T +49 (201) 184 28 34Manager Investor Relations [email protected]

33

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/34

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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