E.ON Debt Investor Update Call Cleaner & better energy › content › dam › eon ›...

EON Debt Investor

Update Call

Dr Marcus Schenck CFO

June 5 2013

Cleaner amp better energy

1

Financial update

Strategic and operating update

Agenda

2

Strategic priorities

Target positive free cash flow by 2015

Reduce capex and improve capital management

Drive efficiency

Restructure depressed European commodity

businesses

Complete ~euro20bn of targeted disposals

Focus on capability-driven business approach

Direct discretionary capex towards priority areas

Renewables

Distributed energy

Outside Europe

Distribution networks as portfolio stabilizers and

enablers of new business models

Rebalance portfolio and expedite transformation

Increased focus on cash and profitability

Europe

Restructuring

amp New business

models

Outside

Europe

Profitable

growth

Performance

Efficiency amp

Capabilities


Investment

Less capital

more value

3

Reduce and prioritize capex

Discretionary capex targeted at transformation

Maintenance capex

Necessary to maintain existing assets in operation

Largely stable

Distribution networks

Necessary to keep license to operate

Inflexible to significantly reduce capex would have to exit

business altogether

Discretionary capex

By 2015 almost completely allocated to priority growth areas

renewables distributed energy outside Europe

Progressive transformation of portfolio

Seeds for long-term growth

Strict enforcement of higher hurdle rates

Key observations

Dis

cre

tion

ary

ca

pex

Planned capex by type

Hu

rdle

ra

te a

bo

ve

co

st

of

ca

pit

al (

)

Upward revision from

CMD communication

due to TurkeyBrazil

transactions

4

Objectives

Establish performance culture

Improve and accelerate decision-making

Targets

Target of reducing controllable costs to euro83bn in 2015

Cost reductions also to compensate for cost inflation

Personnel reduction of ~11000 FTEs

Efficiency amp restructuring

Business-as-usual is not an option

-02 -06

-05

EON 20

Midstream gas

Reorganization of Global Gas and Trading sales

activities transferred to regional units supply and

optimization activities merged into ldquoEON Global

Commoditiesrdquo

Gas supply portfolio substantially de-risked and further

progress to be expected

Focus on businesses where EON can add value ~euro8bn

of disposals

Conventional generation

Streamlining of overhead functions

Bundling of generation functions in Hanover

Drastic reduction of hierarchical layers and simplification

of legal structures

Complete moratorium on conventional new-builds until

improvement of market design

Reduction of capex to maintenance levels

Decommissioning until 2015 ~30 units ~11GW of

capacity

Restructuring of European commodity businesses

5

Collect ~euro20bn of disposal proceeds

Gazprom euro34bn

Central Networks euro48bn

Open Grid Europe euro29bn

50 of Horizon euro04bn

EON Rete euro03bn

HSE Shares euro03bn

Other transactions euro14bn

Closed transactions per end 2012 euro135bn

50 of 3 US wind farms

EON Energy from Waste

43 EON Thuumlringer Energie

25 in SPP

44 in JMP

Other transactions

Closed transactions in Q1 2013 euro35bn

EON Foumlldgaacutez Trade amp Storage


Signed and expected to close in H2 ~euro10bn

EON Westfalen Weser

EON Mitte

Urenco

Planned and not signed gteuro2bn

euro170bn of disposal proceeds already materialized

(expected total ~euro20bn)

Disposal proceeds EBITDA effect of disposals in 2013 and 2014 (eurobn)

Open Grid Europe

Bulgaria

HSEHEAG

Horizon

Energy from Waste

EON Thuumlringer

Energie

SPP

JMP

US Wind farms

EFT amp EFS

EON Westfalen

Weser

EON Mitte

Urenco

Disposal impact 2014


Disposal proceeds illustrate the Economic Net Debt impact

6

Speed up capital rotation

Free up capital to further develop pipeline (aim to recycle

at least euro300m pa)

Offer continued world-class OampM services

Important unique selling points

Expertise in development and construction unique

offshore experience with pioneering advantage

Wind fleet approach and OampM strategy

Further opportunities in EON group context

Biomass conversion

Leverage know how for outside Europe markets

Monetize important pipeline and unique skills in renewables

Well-established track record in distributed energy

Priority areas Renewables and Distributed Energy

Renewables

Total attributable capacity by technology (GW)

Focus of activities on district heating and industrial CHP

Higher capex level from 2013 onwards (~50 step-up)

Most important regions Sweden Germany UK and NL

Sweden 2nd biggest market player in integrated heat

business (13 market share) with ~50 district heating

networks

Germany ~4000 distributed energy assets with

installed capacity of 51GW heat and 12GW power

Sizeable mainly long-term contracted business

Trustful relationships with numerous European

municipalities

EON and METRO recently announced partnership

Distributed energy

Distributed energy EBIT(DA) 2010-2012 (eurobn)

7

EON owns 50 after close of swap with Verbund

Focus on execution of projects under construction

Aiming for 75-8GW generation capacity by 2020

Complete acquisitions of Ayedas and Toroslar

distribution companies

EON will own 36 after close of transactions

New structure provides MPX with greater efficiency and

the backing of two strong partners (EBX and EON)

2 GW will be online by the end of 2013 creating a

relevant operating platform

Capital increase of R$ 12 bn gives a strong financial

footing enabling MPX to fully exploit its attractive pipeline

Diversified high quality pipeline ready for 2013 auctions

Priority area Outside Europe

Turkey Enerjisa Brazil MPX

Disciplined growth in fundamentally attractive markets

23

Ankara

Istanbul

H

H H H H

H

H

H H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under

construction

Under

development

Ge

ne

rati

on

cap

ac

ity

GW

Başkent Ayedas

Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready

Near term pipeline (MPX attributable capacity) GW

Toroslar

0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

Solar

Wind

Lignite

Gas

Hydro

Operation

Construction

Development

8

Distribution contributes roughly 30 of EONlsquos total

group EBITDA

Adjusted for disposals the EBITDA contribution of

the segment has been very robust amid turbulent

times

Due to its regulated nature distribution is only

temporarily exposed to volume risks resulting from

the weak general economy

No commodity price exposure

Exposed to regulatory risk (notably Hungary and

Spain) but broad geographical footprint (7 countries

with different regulatory regimes) provides certain

hedge for regulatory reviews next regulatory

milestone German power distribution in 2014

EONlsquos business backbone

Robust earnings base and potential enabler for new business models

Excluding

contribution of

Central

Networks EON

Rete (both sold

in 2011) and

EON Bulgaria

(sold in 2012)

In general RABs in different

regulatory regimes are not

directly comparable due to

significant methodical

differences

In Sweden for example

RAB is based on

replacement value of all

physically existing assets

irrespective of the actual

age of the assets

20112012 Regulated asset base1 (eurobn)

Distribution networks as portfolio stabilizer

eurobn

Pro forma EBITDA

Germany ~13

Sweden ~88

Spain NA2

Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~063

1 2012 for Sweden and Slovakia Exchange rates as of 25 Jan 2013

2 System based on indexed regulatory revenue allowance

3 RAB for 100 of ZSE (EON-share 49)

9

Mid-term portfolio target

Regional Units

Networks to remain stabilizer of portfolio stable or

slightly growing earnings and positive free cash flow

generation

Forge customer-based business models around

distributed energies

Renewables amp Non-EU countries

Earnings to compensate for declining businesses

Required to move into positive free cash flow

territory and to become self-supporting

European commodity businesses

Not counting on recovery of European markets

Restructure businesses and push for more

sustainable market design

Prepare for cash-out from decommissioning

Key drivers

Ensure positive free cash flows and sustainable earnings prospects

Free cash flow generation

Ea

rnin

gs p

rosp

ec

ts

+ -

-

+

Networks EampP

Fossil

Rus-

sia

ECR1

Sales

Hydro

Nuclear

EGC1

DE1

Brazil

Turkey

Bubble sizes represents

EBITDA contribution

1 RES = EON Climate amp Renewables DE = Distributed energy

EGC = EON Global Commodities

10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook

1 Adjusted for extraordinary effects 2 Based on number of shares outstanding (1907 billion) 3 As percentage of underlying net income

Solid performance during FY2012 and Q1 2013

Outlook 2013 recently confirmed

Recent financial highlights and 2013 outlook

EBITDA1 euro92bn ndash euro98bn (confirmed)

Underlying net income1 euro22bn ndash euro26bn (confirmed)

Underlying EPS12 115 ndash 135 (confirmed)

Dividend payout ratio3 50 ndash 60

Q1 2013 FY 2012

bull EBITDA1 euro36bn (-5) euro108bn (+16)

bull Underlying net income1 euro14bn (-16) euro42bn (+67)

bull Operating cash flow euro16bn (+263) euro88bn (+33)

bull Economic net debt -euro316bn -euro359bn

12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn

EUR GBP USD CHF YEN Other

Liquidity and maturity profile

Maturity profile (as of Q1 2013)1

1 Bonds and promissory notes issued by EON SE or EON International Finance BV (fully guaranteed by EON SE)

Flexible funding options Debt issuance

program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn

Upcoming debt maturities easily manageable via

existing liquidity sources

Long-term and well-balanced debt maturity profile

Effective duration of financial liabilities 7 years

Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities

Liquidity and financial flexibility (as of Q1 2013)

No bond issuance since mid 2009

EON continues to benefit from strong liquidity and a well-balanced

and long-term maturity profile

17 34

15

60

43

107

euro bn

13

Financial policy

Debt Factor continues to be EONrsquos key ratio for

steering its capital structure

Mid-term Debt Factor target of lt30x remains

unchanged (after having tightened the target twice)

EON to become free cash flow positive is a key priority

Strict capital management remains a key priority as

Debt Factor currently exceeds thresholds

Capital

structure

management

Dividend

policy

Planned dividend payouts solely based on payout

ratio of 50 - 60 to secure sustainable and attractive

remuneration for shareholders

Lower absolute levels will have positive impact on

key rating ratios (eg Moodyrsquos RCF)

Debt Factor target below 30x remains the cornerstone of EONrsquos financial policy

onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14

Overview sector ratings Positive

AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative

EDF GSZ EON EnBW RWE Enel Iberdrola

EONrsquos rating has benefited from delivery on structural counter-measures

and remains well-positioned

rating as per Jan 1 2010

rating as per Jun 4 2013

standalone rating as per Jun 4 2013

(if applicable and different from corporate rating)





15

Conclusion

EON has continuously delivered on its strategy via

a highly successful portfolio streamlining

substantially improving efficiency

successful expansion in profitable growth areas

using less capital and creating more value

EON will continue its transformation by

restructuring its businesses in depressed European markets

pursuing selected growth in renewables distributed energy and outside Europe

benefiting from networks as a key stabilizer

Debt-holder interest remains a key part of EONrsquos financial policy given

a track record in reducing debt

strict capex discipline alongside significant dividend adjustments

the target to become free cashflow positive by 2015 at latest

Business

profile

Financial

profile

EON has the power to face the industryrsquos game changers and expedite its transformation while reaching a conservative leverage target

16

Backup

Financials

- Outlook

- FY 2012 and Q1 2013 financials

Overall trends

Key segment topics

- Generation

- Renewables

- Exploration amp Production

- Global Commodities

- Germany

- Other EU Countries

- Non-EU Countries

Calendar and important links

Outlook

EBITDA Underlying EPS and dividend payout

eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration

amp Production 07 05

Optimization

amp Trading 02 14

Germany 25 28

Other EU Countries 23 20

Russia 05 07

Group Management

Consolidation -04 -04

EBITDA 93 108 92 ndash 98

eurobn 2011A 2012E 2013E


Depreciation 39 38 ~38

Adj interest

expense 18 13 ~17

Taxes 08 11 ~12

Minorities 04 04 ~03

Underlying

net income 25 42 22 ndash 26

Underlying

EPS (euroshare) 131 220 115 ndash 135

Dividend payout () 76 50 50-60

Dividend (euroshare) 100 110

Ou

tlo

ok

17

18

Key drivers for 2013 vs 2012 EBITDA1 and EPS1

Underlying EPS1 (in euro per share) EBITDA1 (in eurobn)

EPS stronger down than EBITDA

2012 EBITDA1 108

EampP volumes

Revaluation one-off 2012

Power portfolio

CO2 certificates

Gas midstream

Disposals

2013 EBITDA range1 92 - 98

Other

Controllable costs

Renewables

1 Adjusted for extraordinary effects

Interest

Depreciation

Other EBITDA effects

EampP

Disposals

Underlying EPS 20121 ~22

2013 EPS range1 115 ndash 135

Tax

Ou

tlo

ok

19

Investments

Strong reduction of overall capex

Generation

Conventional generation and gas midstream capex

reduced to maintenance-only level by 2015

EampP

After strong expansion EampP capex in the range of

reserve replacement requirements for the next years

Regional units

Broadly stable capex in the distribution networks

Germany with increasing trend

Renewables

Continued growth in wind amp solar and higher capital

rotation

Outside Europe

Completion of Berezovskaya lignite new-build in

Russia

Equity injections in Turkey and Brazil to fuel organic

growth Turkey to become self-financing by 2015

Distributed Energy

Higher investment level and more focused approach

Planned capex per unit Key drivers

Ou

tlo

ok

20

FY 2012 - Key drivers of EBITDA1 development

In euro billion

Large one-off effects driving 2012 EBITDA growth

EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02

Power Price and volume effect -03

Region Russia Increased generation capacity 02

108

-03

UK Retail + Central Networks -02

Trading Gas optimization -02

Other

Gas Lower storage optimization -02

Gas Open Grid Europe disposal

EON 20 Controllable cost reduction 02

Gas Revaluation of participations 02

Gas Wholesale 12

Generation Nuclear exit cost in 2011 15

93


Fin

an

cia

ls

21

FY 2012 ndash EBITDA1 and EBIT1 by units

eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19

Optimization amp Trading 1421 160 - 1163 -134 -

Exploration amp Production 523 727 -28 293 481 -39

Germany 2819 2457 +15 1851 1499 +23

Other EU countries 2032 2259 -10 1345 1491 -10

Russia 729 553 +32 546 398 +37

Group Management Consolidation -412 -436 - -490 -513 -

Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22

Q1 2013 - Key drivers of EBITDA1 development

Earnings reduction vs Q1 2012 mainly driven by disposals


Revaluation one-off 2012 -01

Divestments

Gas midstream 01

Renewables (ECampR) 01

EON 20 01

-02

Power price and volume effect

EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01

Absence of free CO2 certificates 00

In euro billion Fin

an

cia

ls

23

Q1 2013 ndash EBITDA1 and EBIT1 by units

eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25

Optimization amp Trading 223 197 +13 185 125 +48


Germany 838 729 +15 654 507 +29

Other EU countries 904 911 -1 744 744 -

Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24

EON Group ndash Economic net debt

March 31 2013 in euro billion

Investments Operating

cash flow Other Divestments

+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104

Q1 net debt profiting from relatively low capex and proceeds from disposals

Fin

an

cia

ls

25


Significant impact on economic net debt through falling discount rates

December 31 2012 in euro billion


cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147

1 Including deconsolidation of OGE net financial position

Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012

Liquid funds 10659 6546

Non-current securities 4314 4746

Total liquid funds and non-current securities 14973 11292

Financial liabilities to banks and third parties -24488 -25014

Financial liabilities resulting from interests in

associated companies and other shareholdings -894 -930

Total financial liabilities -25382 -25944

Net financial position -10409 -14652

Fair value of currency derivatives used for financing transactions1 143 145

Provisions for pensions -4966 -4945

Asset retirement obligations -18249 -18225

Less prepayments to Swedish nuclear fund 1896 1743

Economic net debt -31585 -35934

1 Net figure does not include transactions relating to our operating business or asset management

Fin

an

cia

ls

27

Financial liabilities

Maturity profile (as of 31 Mar 2013)3

eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07

other currencies 03 02

Promissory notes 08 08

Commercial Paper 02 02

Other liabilities2 45 42

Total 254 259

1 Thereof bonds issued by segments March 31 2013 euro01bn Dec 31 2012 euro01bn

2 Thereof other financial liabilities of segments March 31 2013 euro36bn Dec 31 2012 euro33bn


00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28

European demand amp supply

Strong and constant growth of renewable capacity

Completion of large conventional new-build pipeline

(legacy - initiated before 2008)

Few closures of conventional capacity so far

As a consequence of US shale gas revolution gas is

increasingly displacing coal in US power generation

In addition coal demand in China was weak for

much of 2012 due to the economic slowdown

World coal prices relatively low

Gas largely uncompetitive in European power

generation

Combination of demand destruction and supply glut

2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23

European power demand down over 4 since 2008

European gas demand down 10 since 2008 Little support from global commodities

EU generation capacity

Tre

nd

s

29

Inefficient carbon policies

Steep increase in consumer prices

Main incentive scheme bust

Massive collateral damage

Expected carbon surplusdeficit of EU ETS

Electricity price for German residential customers

Market value of flexible energy eroded

Hourly load factor of peak capacity

Strong renewables growth in Europe

Tre

nd

s

30

Generation ndash Business snapshot

2013

(+) EON 20

(-) Lower transfer prices spreads

(-) Political intervention

Post 2013

(+) Additional EON 20 impact

(+) First time consolidation Maasvlakte

(-) Lower outright prices

Segment capex plan (eurobn)

Key earnings drivers ndash 2013 and beyond

Further downward pressure from outright prices and spreads

(+) Absence of prior year

nuclear one-off

(-) Pricevolume effect

(-) Higher nuclear tax

payments

Maasvlakte III Planned COD 2014

Total capex euro17bn

Maintenance at

minimum by 2015

Moratorium on new

build projects

Streamline power plant portfolio to adapt to market

conditions

Improve profitability of power plant assets by extensive

costs reduction program

Very selective development activities to be prepared for

potential opportunities driven by new market designs


EBIT(DA) ndash Main drivers 2012 vs 2011 (eurobn) Gen

era

tio

n

31

Generation ndash Conventional portfolio

Retirements Country MW1 Fleet Driver

2012

Staudinger 3 Germany 293 Steam Economic

Veltheim 2 amp 4 Germany 329 Steam Economic

Ironbridge 1-2 UK 940 Steam LCPD

Grain 1 amp 4 UK 1300 CCGT LCPD

Ostiglia 4 Italy 313 CCGT Other

Escucha Spain 142 Steam LCPD

2013

Shamrock Germany 132 Steam Other

Staudinger 1 Germany 249 Steam Other

Kingsnorth UK 1974 Steam LCPD

Hornaing 31 France 235 Steam LCPD

Provence 4 France 230 Steam LCPD

Fiume Santo 1-2 5-6 Italy 383 Steam Other

Puertollano Spain 203 Steam LCPD

2014

Datteln 1-3 Germany 303 Steam Other

Lucy 3 France 245 Steam LCPD

2015

Grafenrheinfeld Germany 1275 Nuclear Other

Emile Huchet 4-5 France 445 Steam LCPD

Capacity retirements (GW) 1 2 Main retirements

~11 GW of decommissionings until 2015

Capacity (GW) 1 2

1 Capacity pro-rata ownership percentage

2 Graphs include some closures not mentioned in the list

Gen

era

tio

n

1 Court decision of 3 May 2013 puts schedule into question

32

Generation - Addressing the CCGT issue

Reduce maintenance costs

Maintenance intervals lengthened due to lower

utilization

Maintenance costs lowered through restructuring of

long-term service agreements

Reduce fixed costs

Switch from CCGT mode to OCGT mode

Permanent connections to gas network contribute

strongly to fixed costs (10-30 eurokW out of 30-40

eurokW)

Switch from permanent to occasional

connection (eg when called by TSOs for

ancillary services) higher variable connection

costs compensated by high prices

Switch fuel from gas to oil higher variable fuel

costs compensated by much lower fixed costs

Mothball close sustainably cash-negative units

Response

Turning every stone

CCGTs not dispatched when spreads negative

Dispatched spark spreads take this into account

unlike classic spark spreads

Dispatched spark spreads have fallen even more

than classic spark spreads

CCGTs certainly not earning their cost of capital in

fact barely earning their fixed costs

Strong deterioration of CCGT economics Ge

ne

rati

on

33

EONrsquos nuclear fleet in Germany

Start-up date EON share

()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011

Grafenrheinfeld 1982 1000 1275 100 23 31 Dec 2015

Gundremmingen B 1984 250 1284 99 30 31 Dec 2017

Gundremmingen C 1985 250 1288 101 39 31 Dec 2021

Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022

1 Source Bundesamt fuumlr Strahlenschutz Tabelle der erzeugten Strommengen und verbleibenden Reststrommengen

Ge

ne

rati

on

34

Renewables ndash Business snapshot

Offshore dominates capex plan and capacity additions

(-) Hydro price volume

effect

(+) RES Higher volumes

due to new capacity

(-) RES Prior year one-off

not repeated

Amrumbank (288MW) COD H1 2015

Total invest euro10bn

Targeted return gt10

Humber (219MW) COD H1 2015




2013

(+) Additional capacities

(-) Deconsolidation of 430 MW US onshore wind

(-) Disposal of 350 MW German run of river hydro

Post 2013

(+) Additional capacities mainly offshore


Drive industrialization cost reduction and higher

utilization to make renewables more competitive

Cost reduction targets reduce onshore costs by 25

offshore costs by 40 and PV costs by 35 by 2015

Portfolio- and capability-based investments with more

active portfolio mgmt (presence amp technologies) and

more systematic ldquobuild operate amp sellrdquo-approach

Intensify partnerships with financial amp strategic players in

different project phases


EBIT(DA) ndash Main drivers 2012 vs 2011 (eurobn) Key mid-term earnings drivers

Reference year 2010

Re

new

ab

les

35

Target still achievable reduce LCOEMW by 40

compared to 2010 levels by 2015

Potential levers

Drive ahead competition on supplier side

Long term contracts for vessels and crews

Technological advances on turbine and foundations

Optimization of interfaces and installation

Actual measures

Project bundling of Humber and Amrumbank

Construction vessel MPI Discovery for 3 projects

Current caveat potentially slower build pace

Renewables - Leverage capabilities

Planned capacity build out Cost reduction offshore

Driving renewables towards market competitiveness

Installation cost category distribution

Next to the short term Biomass conversion of

Ironbridge offshore new build dominates 2013-2015

Annual capacity additions by technology (GW)

Ironbridge is a very profitable short term conversion project foreseen to run until 2015

Reference project London Array I Projects with final investment decision in 2015


36

Global Commodities ndash Business snapshot

EBIT(DA) ndash Main drivers 2012 vs 2011 (eurobn)

A clean slate going forward

(+) Gazprom settlement

(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment

activity focused on gas

storage and pipeline

investments

No additional new build

projects in storage

planned


2013

(+) First impact of EON 20

(-) Absence of one-offs from Gazprom settlement

(-) Absence of infrastructure revaluations

(-) Disposal of Open Grid Europe

(-) Disposal of SPP

Key mid-term earnings drivers

Maximize flexibility value of powergas assets (power

plants gas contracts gas storage) through integrated

optimization

Profit from renewables-induced volatility in intra-day and

balancing markets

Continue to optimize gas supply portfolio

Backed by European portfolio create additional value

from expanding global trading mostly coalfreight amp LNG


EG

C

37

Outright power hedging

~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh

Nordic Outright power hedging

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

= percentage band of generation hedged

Central Europe Outright power hedging

~ 47 euroMWh

~ 39 euroMWh

EG

C

As per end March 2013

38

Exploration amp Production ndash Business snapshot

Moving into cash back mode

(-) Forced outage Elgin

(-) Problems at Njord

(-) Shut down at Rita

(+) Higher prices Yushno

Current capex plan

focus on creating

options

To hold volumes stable

also in the long-term a

step-up would be

necessary


2013

(+) COD of Skarv in December 2012

(+) Production start of Huntington

(+) EON 20

Post 2013

(+) Higher volumes in 2014 vs 2013

(-) Slight volume decrease 2015 vs 2014

Existing fields return to normal operations with reliable

production performance

Deliver planned production growth in particular

successful ramp up of Skarv

Leverage EONrsquos strong capabilities along the EampP value

chain and expand role as operator

Value-based investment approach with focus on

high-quality licenses containing upside potential

Increase value of portfolio by successful EampA



Eamp

P

39

2011A 2012E 2013E 2014e 2015e

Exploration amp production ndash Volume overview

Volume expectation ndash North sea fields

North Sea EampP volumes stabilizing at higher level

Reserves expectation ndash North sea fields

48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)

Excluding volume gains from future exploration amp appraisal activities

Eamp

P

40

Exploration amp Production - Oil amp Gas production

m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41

Exploration amp production ndash Long term view

Fields running out of production to be potentially

replaced by new fields currently under exploration

and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)

Indicative production development 2013-2022

(mboe)

Future EampP production driven by organic field developments

Main developments 2013-2022

Eamp

P

42

Region Germany ndash Business snapshot

EBIT(DA) 2012 vs 2011 ndash Main drivers (eurobn)

Disposal impact on EBITDA but also on capex

(+) Higher grid revenues

(+) First impact EON 20

(+) Provision release in

unregulated business

Capex flexibility fully

used

High share of

distribution capex

~euro02bn of distribution

capex foregone with

disposals

Segment capex plan (in eurobn)

2013

(+) Further EON 20 contribution

(-) Disposal of regional distribution companies

(-) Disposal of Energy from Waste

(-) Absence of one-off provision release

Post 2013

(+-) Uncertainty regarding outcome of regulatory review for

power distribution


Capture opportunities from German ldquoEnergiewenderdquo

Profitable growth in distributed energy (eg CHP)

Innovative sales propositions beyond pure commodity

Develop distribution networks according to new requirements

(integration of renewables smart technologies etc)

Secure concession renewals in distribution networks

Continuously drive operational excellence amp performance

Actively contribute to the discussion about an optimized

legalregulatory framework enabling the ldquoEnergiewenderdquo


EU

re

gio

ns

43

Other EU regions ndash Business snapshot

Overall resilient segment

broad regional footprint provides outstanding learning base

(-) Disposal of UK Central

Networks

Broadly stable capex

level


2013

(+) Net positive EON 20 impact

(-) Disposal of JMP participation

Post 2013

(+) Further EON 20 savings

(+) Impacts from improved retail margins

Key mid-term earnings drivers EBIT(DA) 2012 vs 2011 ndash Main drivers (eurobn)

Continuously improve operational excellence amp

profitability and ensure attractive investment conditions

Value-creating growth in distributed energy where

conditions and framework are appropriate (eg biomass-

fired CHP in Sweden PV in Southern Europe)

Translate regulatory action (eg smart meter roll-out

energy efficiency directive) in convincing business

models and customer propositions

Improve security amp reliability of distribution in CEE


EU

re

gio

ns

44

Strong distribution expertise based on large and diversified asset base

Regulated asset bases (RABs) 2012 (eurobn)

For Germany Hungary Czech Republic and Romania RAB figures

are for 2011 Exchange rates as of 25th January 2013

In Spain there had so far been a system based on an indexed

regulatory revenue allowance

In Sweden the RAB is based on the replacement value of all physically

existing assets irrespective of the actual age of the assets

In general the RABs between different regulatory regimes are not

directly comparable due to significant methodical differences

RAB is for 100 of ZSE (EON-share is 49)

Germany ~13

Sweden ~88

Spain Not applicable

Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06

Example of distribution expertise


German gas distribution efficiency scores (in )

in regulatory benchmarking 2012

EON network operators Other network operators

Weighted average efficiency of EONrsquos gas

distribution network operators 981

(vs German average of 908)

Efficiency scores from the regulatory benchmarking in 2012 are the basis for

the efficiency targets in determining allowed revenues for 2013-17

100

80

90

70

German average

EU

re

gio

ns

45

Distribution ndash Regulatory cycle

Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016

Spain 2013-2016 Not relevant

Hungary 2013-2016 Current

2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017

Slovakia 2012-2016 Not relevant

Regulatory periods

In Spain and Slovakia EON does not own a gas distribution business

Next major milestone German power distribution

EU

re

gio

ns

46

Distributed energy

New additional approach foundation of EON Connecting Energies (ECT)

Bundling of existing building blocks to provide innovative and

value-creating energy solutions for customers

Concept

Multi-country and multi-site approach

Focus on energy hotspots (like shopping malls

and hospitals)

Bundle technical and regulatory expertise to

provide integrated energy solutions

Management of complexity for customers

Highly standardized and scalable solutions

First example of integrated approach

Tailored solution for multi-national retailer across

a number of sites globally

CHP with absorption chiller for cooling in summer

Heat storage to maximize usage of CHP units

Optimization via virtual power plant

Solar PV on rooftop for self-consumption

Six business lines

ldquoCleaner amp Better Energyldquo

Virtual power plant

Residential Comfort

Energy Hotspots Multi-site multinational

Building Efficiency Solar on Roofs

Focus on the most promising areas

EU

re

gio

ns

47

Russia ndash Business snapshot

From growth driver to cash provider

Mainly driven by higher

volumes (full year

contribution from new

plants with COD 2011)

Berezovskaya (lignite) COD 2014


Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013

(+) Efficiency improvements

(+) Positve FX effect

(-) Lower spreads

Post 2013

(+) First time contribution from new build Berezovskaya


Maintain and improve top-line operational performance

among Russian power generators

Complete Berezovskaya new-build project and ensure

full financial contribution to EON earnings

Assess options to further solidify EON Russiarsquos position

as leading independent generator in the Russian power

market


No

n-E

U

48

Enerjisa - Closing of acquisition

EONrsquos entry in Turkey

Trilateral agreement between EON Sabanci and

Verbund

Asset swap acquisition of 50 stake in Enerjisa from

Verbund against 350MW hydro capacity in Germany

Transaction closed on 24 April 2013

euro04bn cash settlement paid to Verbund

Enerjisarsquos priorities for 2013


12 projects (11 hydro 1 lignite) with total capacity of

~18GW capital invested gteuro15bn

Thereof 6 hydro plants with total capacity of ~05 GW

expected to start operation in 2013

Explore further opportunities in generation to reach

strategic ambition of 75 GW installed capacity by 2020

Complete the acquisitions of Ayedas and Toroslar and

integrate the distribution and retail businesses

Net EPS accretion on EON level at latest from 2015

onwards

Enerjisa portfolio at closing Achievements amp priorities

Strong pipeline in fundamentally attractive market

0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49

Enerjisa - Win of Ayedas and Toroslar privatizations

Strong organic growth thanks to population and econo-

mic growth and reduction of average household size

Potential to improve operational performance by

leveraging hellip

Enerjisarsquos experience with Baskent Disco since 2009

EONrsquos expertise in running various distribution

businesses

Distribution as portfolio stabilizer and potential enabler of

new business models in distributed energy

Acquisition of 100 of the shareholdersrsquo equity of the

Ayedas and of the Toroslar distribution and retail

companies

Transaction equity values1

Ayedas $1227m (euro09bn 22bn TRY)

Toroslar $1725m (euro13bn 31bn TRY)

Transaction enterprise value close to equity value

Transaction financing

40 of purchase price to be paid at closing

Remainder of purchase price to be paid in 3 equal

yearly installments

Target of 50-60 gearing in medium term

Financial impact for EON

euro05-06bn of equity injections in Enerjisa in 2013 to

fund Ayedas and Toroslar acquisitions

Potential acquisition of one distribution company by

Enerjisa already considered in EONrsquos 2013-15

investment plan

Closing of transactions expected in Q3 2013

Transaction rationale Transaction parameters

Attractive distribution portfolio to complement generation development

1Assuming 130 $euro and 235 TRYeuro

Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50

Enerjisa - Ayedas and Toroslar discorsquos

Residents 48m

Subscribers 25m Consumption 8 TWh

Area 1869 km2 Network length 19000 km

Concentrated urban network on Asian side of Istanbul

Strong commercial and residential demand for power

Population expected to develop from 48m in 2012 to ~8m in

~2040 through natural growth and substantial inward migration

High-quality urban network on Asian side of Istanbul

Residents 76m



Mixed urban-rural area with several sizeable cities

Strong industrial demand for power

Customer numbers driven by population growth and reduction

in household size (from 34 to 25 peoplehousehold)

Potential for improvement of operational performance

Attractive urban-rural region with strong industry demand

Ayedas distribution company 1

Customer base broadened to almost 9m subscribers

Industrial

Commercial

Residential

Public amp Other

Subscribers 25m Consumption 78 TWh 2

1 2012 figures unless otherwise stated

2 2011 figures

Toroslar distribution company 1

Industrial

Commercial

Residential

Public amp Other

Subscribers 29m Consumption 14 0TWh 2

No

n-E

U

51

MPX - Transaction summary

Expected outcome after 3 transactions

EON achieves ~36 direct share in MPX

EBX Eike Batista reduces interest in MPX to ~24

Early capital injection in MPX and JV reintegrated into MPX

MPX becomes EONrsquos expansion vehicle in Brazil

MPX becomes EONrsquos main vehicle for expansion in Brazil

instead of JV with MPX

MPX capital increase ensures financial leeway to support

development pipeline in the mid-term

Partnerships

Eike Batista remains key partner

Strong and diversified Brazilian shareholder base

Ownership and governance

EON and MPX to jointly manage MPX with equal participation

in the management and increased representation on Board of

Directors

Simplification of ownership and governance structures

Targeted structure

Current structure

Enhancement of EONrsquos position in MPX for 10 to 11 R$share

MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

MPX ndash Brazilian power generation market

Hydro makes up almost 70 of installed capacity

Storage capacity not keeping up with hydrologic volatility

since 1990s at least

System clearly stressed in dry years such as 2012

Taking into account thermal plant availability and high cost

of oil generation persistent very tight system margin drives

need for new capacity

Expected demand growth will require additional thermal

capacity to back up hydro and ensure security of supply

Given lead times auctions in 2013 andor 2014 needed to

close supply gap appearing by 2018

Thermal capacity necessary as backup for hydro Demand growth requires larger thermal backup

Highly attractive market supported by fundamental growth prospects

Reservoir levels in Southeast Brazil

(~70 of total storage capacity in Brazil)

0

25

50

75

100

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Average 2007-2011 2012 2013

Dry season

Supply amp demand projection

GW (availability adjusted)

Sources ANEEL ONS EPE EON-MPX JV

8 GW Supply gap

No

n-E

U

53

~20 GW expected to be in operation by end 2013

11 GW coal Peceacutem I amp II and Itaqui

09 GW gas Parnaiacuteba I II amp III and Kinross

Strong and valuable support by EON already

materialized in construction and commissioning of plants

MPX portfolio

~10 GW development pipeline

Gas Parnaiacuteba extensions 22 GW Accedilu 33 GW

Coal Sul amp Seival 13 GW Accedilu 21 GW

Wind Ventos further greenfield 12 GW

Superior access to fuel fostering competitiveness

Participation in Parnaiba gas field basin

Participation in Seival coal mine

Landing point for coal and gas at Accedilu superport

~ 36 GW in advanced development and ~18 GW ready

for entry in expected 2013 auctions

Capacity in operation and under construction Capacity under development

MPX well positioned for future growth

Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready


MPX attributable capacity GW

No

n-E

U

54

MPX - Indicative evolution of shareholding structure

Starting point 578m MPX shares 117 535 348

EON acquires 245 from EBX Eike Batista 362 290 348

Initial price of 10 R$share

Upward adjustment of up to 1 R$share in function of settlement price of

capital increase and MPX share performance in subsequent 6 months

Investment of up to R$16bn (euro06bn1)

MPX makes a capital increase of at least R$12bn (euro05bn2) 352 240 408

EON committed to subscribe for R$04bn (euro01bn2) at 10 R$share

BTG Pactual retained as global bookrunner with firm underwriting

commitment at 10 R$share for balance not subscribed by EON

and other investors

MPX-EON JV reintegration 361 237 402

JV merged back into MPX against newly issued MPX shares

EON to become largest shareholder broadened Brazilian shareholder base

EON

EBXEike

Batista

Others

1 Assuming 11 R$share and 255 R$ per euro 2 Assuming 10 R$share and 255 R$ per euro

No

n-E

U

55

MPX - Financial implications of agreement for EON

Impact on EONrsquos investments in Brazil

Pre transactions EONrsquos investments in MPX and in

JV estimated at euro05bn during 2013-2015

Post transactions EONrsquos investments in MPX

estimated at euro08bn during 2013-2015

Transaction helps synchronize cash flow from

operating assets and capex for development

Still further capital injections expected towards 2015

in function of MPX development

Difference of only ~euro03bn over 2013-2015 neutral

over 5 year horizon

Impact on EONrsquos earnings from Brazil

Additional investment in MPX financed with EONrsquos

strong cash position

Immediate earnings contribution from assets in

operation

Transaction accretive to earnings

Summary

Planned EON investments after transactions

Planned EON investments before transactions

Better synchronization of cash flows from operating assets

and capex spent on development

No

n-E

U

56

EON Creditor amp Investor relations

Content Link

EON Creditor Relations httphttpwwweoncomeninvestorsdialogcreditor-relationshtml

EON Investor Relations httpwwweoncomeninvestorsdialoginvestor-relationshtml

Capital Market Stories httpwwweoncomeninvestorsstockcapital-market-storyhtml

Annual Report httpwwweoncomencorporate19886jsp

Interim Reports httpwwweoncomencorporate1022jsp

Facts amp Figures httpwwweoncomencorporate1029jsp

Important links

Reporting calendar amp important links

Reporting calendar

Date Event

August 13 2013 Interim Report II January ndash June 2013

November 13 2013 Interim Report III January ndash September 2013

March12 2014 Full year results reporting January ndash December 2013

April 30 2014 2014 Annual Shareholders Meeting

May 2 2014 Dividend Payout

57

Disclaimer

This presentation may contain forward-looking statements based on current assumptions and

forecasts made by EON Group management and other information currently available to EON

Various known and unknown risks uncertainties and other factors could lead to material differences

between the actual future results financial situation development or performance of the company and

the estimates given here EON SE does not intend and does not assume any liability whatsoever to

update these forward-looking statements or to conform them to future events or developments

1

Financial update


Agenda

2




Drive efficiency


businesses




Renewables

Distributed energy

Outside Europe





Europe

Restructuring

amp New business

models

Outside

Europe

Profitable

growth

Performance

Efficiency amp

Capabilities


Investment

Less capital

more value

3



Maintenance capex


Largely stable




business altogether

Discretionary capex






Key observations

Dis

cre

tion

ary

ca

pex


Hu

rdle

ra

te a

bo

ve

co

st

of

ca

pit

al (

)


CMD communication

due to TurkeyBrazil

transactions

4

Objectives



Targets






-02 -06

-05

EON 20

Midstream gas




Commoditiesrdquo




of disposals





of legal structures





capacity


5


Gazprom euro34bn




EON Rete euro03bn

HSE Shares euro03bn






25 in SPP

44 in JMP

Other transactions





EON Westfalen Weser

EON Mitte

Urenco





Open Grid Europe

Bulgaria

HSEHEAG

Horizon

Energy from Waste

EON Thuumlringer

Energie

SPP

JMP

US Wind farms

EFT amp EFS

EON Westfalen

Weser

EON Mitte

Urenco




6










Biomass conversion





Renewables







networks





municipalities


Distributed energy


7

















23

Ankara

Istanbul

H

H H H H

H

H

H H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under

construction

Under

development

Ge

ne

rati

on

cap

ac

ity

GW

Başkent Ayedas

Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready


Toroslar

0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

Solar

Wind

Lignite

Gas

Hydro

Operation

Construction

Development

8


group EBITDA



times












Excluding

contribution of

Central

Networks EON

Rete (both sold

in 2011) and

EON Bulgaria

(sold in 2012)





differences


RAB is based on




age of the assets



eurobn

Pro forma EBITDA

Germany ~13

Sweden ~88

Spain NA2

Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~063




9


Regional Units



generation












Key drivers



Ea

rnin

gs p

rosp

ec

ts

+ -

-

+

Networks EampP

Fossil

Rus-

sia

ECR1

Sales

Hydro

Nuclear

EGC1

DE1

Brazil

Turkey


EBITDA contribution



10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







2




Drive efficiency


businesses




Renewables

Distributed energy

Outside Europe





Europe

Restructuring

amp New business

models

Outside

Europe

Profitable

growth

Performance

Efficiency amp

Capabilities


Investment

Less capital

more value

3



Maintenance capex


Largely stable




business altogether

Discretionary capex






Key observations

Dis

cre

tion

ary

ca

pex


Hu

rdle

ra

te a

bo

ve

co

st

of

ca

pit

al (

)


CMD communication

due to TurkeyBrazil

transactions

4

Objectives



Targets






-02 -06

-05

EON 20

Midstream gas




Commoditiesrdquo




of disposals





of legal structures





capacity


5


Gazprom euro34bn




EON Rete euro03bn

HSE Shares euro03bn






25 in SPP

44 in JMP

Other transactions





EON Westfalen Weser

EON Mitte

Urenco





Open Grid Europe

Bulgaria

HSEHEAG

Horizon

Energy from Waste

EON Thuumlringer

Energie

SPP

JMP

US Wind farms

EFT amp EFS

EON Westfalen

Weser

EON Mitte

Urenco




6










Biomass conversion





Renewables







networks





municipalities


Distributed energy


7

















23

Ankara

Istanbul

H

H H H H

H

H

H H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under

construction

Under

development

Ge

ne

rati

on

cap

ac

ity

GW

Başkent Ayedas

Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready


Toroslar

0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

Solar

Wind

Lignite

Gas

Hydro

Operation

Construction

Development

8


group EBITDA



times












Excluding

contribution of

Central

Networks EON

Rete (both sold

in 2011) and

EON Bulgaria

(sold in 2012)





differences


RAB is based on




age of the assets



eurobn

Pro forma EBITDA

Germany ~13

Sweden ~88

Spain NA2

Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~063




9


Regional Units



generation












Key drivers



Ea

rnin

gs p

rosp

ec

ts

+ -

-

+

Networks EampP

Fossil

Rus-

sia

ECR1

Sales

Hydro

Nuclear

EGC1

DE1

Brazil

Turkey


EBITDA contribution



10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







3



Maintenance capex


Largely stable




business altogether

Discretionary capex






Key observations

Dis

cre

tion

ary

ca

pex


Hu

rdle

ra

te a

bo

ve

co

st

of

ca

pit

al (

)


CMD communication

due to TurkeyBrazil

transactions

4

Objectives



Targets






-02 -06

-05

EON 20

Midstream gas




Commoditiesrdquo




of disposals





of legal structures





capacity


5


Gazprom euro34bn




EON Rete euro03bn

HSE Shares euro03bn






25 in SPP

44 in JMP

Other transactions





EON Westfalen Weser

EON Mitte

Urenco





Open Grid Europe

Bulgaria

HSEHEAG

Horizon

Energy from Waste

EON Thuumlringer

Energie

SPP

JMP

US Wind farms

EFT amp EFS

EON Westfalen

Weser

EON Mitte

Urenco




6










Biomass conversion





Renewables







networks





municipalities


Distributed energy


7

















23

Ankara

Istanbul

H

H H H H

H

H

H H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under

construction

Under

development

Ge

ne

rati

on

cap

ac

ity

GW

Başkent Ayedas

Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready


Toroslar

0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

Solar

Wind

Lignite

Gas

Hydro

Operation

Construction

Development

8


group EBITDA



times












Excluding

contribution of

Central

Networks EON

Rete (both sold

in 2011) and

EON Bulgaria

(sold in 2012)





differences


RAB is based on




age of the assets



eurobn

Pro forma EBITDA

Germany ~13

Sweden ~88

Spain NA2

Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~063




9


Regional Units



generation












Key drivers



Ea

rnin

gs p

rosp

ec

ts

+ -

-

+

Networks EampP

Fossil

Rus-

sia

ECR1

Sales

Hydro

Nuclear

EGC1

DE1

Brazil

Turkey


EBITDA contribution



10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







4

Objectives



Targets






-02 -06

-05

EON 20

Midstream gas




Commoditiesrdquo




of disposals





of legal structures





capacity


5


Gazprom euro34bn




EON Rete euro03bn

HSE Shares euro03bn






25 in SPP

44 in JMP

Other transactions





EON Westfalen Weser

EON Mitte

Urenco





Open Grid Europe

Bulgaria

HSEHEAG

Horizon

Energy from Waste

EON Thuumlringer

Energie

SPP

JMP

US Wind farms

EFT amp EFS

EON Westfalen

Weser

EON Mitte

Urenco




6










Biomass conversion





Renewables







networks





municipalities


Distributed energy


7

















23

Ankara

Istanbul

H

H H H H

H

H

H H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under

construction

Under

development

Ge

ne

rati

on

cap

ac

ity

GW

Başkent Ayedas

Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready


Toroslar

0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

Solar

Wind

Lignite

Gas

Hydro

Operation

Construction

Development

8


group EBITDA



times












Excluding

contribution of

Central

Networks EON

Rete (both sold

in 2011) and

EON Bulgaria

(sold in 2012)





differences


RAB is based on




age of the assets



eurobn

Pro forma EBITDA

Germany ~13

Sweden ~88

Spain NA2

Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~063




9


Regional Units



generation












Key drivers



Ea

rnin

gs p

rosp

ec

ts

+ -

-

+

Networks EampP

Fossil

Rus-

sia

ECR1

Sales

Hydro

Nuclear

EGC1

DE1

Brazil

Turkey


EBITDA contribution



10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







5


Gazprom euro34bn




EON Rete euro03bn

HSE Shares euro03bn






25 in SPP

44 in JMP

Other transactions





EON Westfalen Weser

EON Mitte

Urenco





Open Grid Europe

Bulgaria

HSEHEAG

Horizon

Energy from Waste

EON Thuumlringer

Energie

SPP

JMP

US Wind farms

EFT amp EFS

EON Westfalen

Weser

EON Mitte

Urenco




6










Biomass conversion





Renewables







networks





municipalities


Distributed energy


7

















23

Ankara

Istanbul

H

H H H H

H

H

H H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under

construction

Under

development

Ge

ne

rati

on

cap

ac

ity

GW

Başkent Ayedas

Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready


Toroslar

0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

Solar

Wind

Lignite

Gas

Hydro

Operation

Construction

Development

8


group EBITDA



times












Excluding

contribution of

Central

Networks EON

Rete (both sold

in 2011) and

EON Bulgaria

(sold in 2012)





differences


RAB is based on




age of the assets



eurobn

Pro forma EBITDA

Germany ~13

Sweden ~88

Spain NA2

Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~063




9


Regional Units



generation












Key drivers



Ea

rnin

gs p

rosp

ec

ts

+ -

-

+

Networks EampP

Fossil

Rus-

sia

ECR1

Sales

Hydro

Nuclear

EGC1

DE1

Brazil

Turkey


EBITDA contribution



10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







6










Biomass conversion





Renewables







networks





municipalities


Distributed energy


7

















23

Ankara

Istanbul

H

H H H H

H

H

H H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under

construction

Under

development

Ge

ne

rati

on

cap

ac

ity

GW

Başkent Ayedas

Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready


Toroslar

0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

Solar

Wind

Lignite

Gas

Hydro

Operation

Construction

Development

8


group EBITDA



times












Excluding

contribution of

Central

Networks EON

Rete (both sold

in 2011) and

EON Bulgaria

(sold in 2012)





differences


RAB is based on




age of the assets



eurobn

Pro forma EBITDA

Germany ~13

Sweden ~88

Spain NA2

Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~063




9


Regional Units



generation












Key drivers



Ea

rnin

gs p

rosp

ec

ts

+ -

-

+

Networks EampP

Fossil

Rus-

sia

ECR1

Sales

Hydro

Nuclear

EGC1

DE1

Brazil

Turkey


EBITDA contribution



10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







7

















23

Ankara

Istanbul

H

H H H H

H

H

H H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under

construction

Under

development

Ge

ne

rati

on

cap

ac

ity

GW

Başkent Ayedas

Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready


Toroslar

0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

Solar

Wind

Lignite

Gas

Hydro

Operation

Construction

Development

8


group EBITDA



times












Excluding

contribution of

Central

Networks EON

Rete (both sold

in 2011) and

EON Bulgaria

(sold in 2012)





differences


RAB is based on




age of the assets



eurobn

Pro forma EBITDA

Germany ~13

Sweden ~88

Spain NA2

Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~063




9


Regional Units



generation












Key drivers



Ea

rnin

gs p

rosp

ec

ts

+ -

-

+

Networks EampP

Fossil

Rus-

sia

ECR1

Sales

Hydro

Nuclear

EGC1

DE1

Brazil

Turkey


EBITDA contribution



10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







8


group EBITDA



times












Excluding

contribution of

Central

Networks EON

Rete (both sold

in 2011) and

EON Bulgaria

(sold in 2012)





differences


RAB is based on




age of the assets



eurobn

Pro forma EBITDA

Germany ~13

Sweden ~88

Spain NA2

Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~063




9


Regional Units



generation












Key drivers



Ea

rnin

gs p

rosp

ec

ts

+ -

-

+

Networks EampP

Fossil

Rus-

sia

ECR1

Sales

Hydro

Nuclear

EGC1

DE1

Brazil

Turkey


EBITDA contribution



10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







9


Regional Units



generation












Key drivers



Ea

rnin

gs p

rosp

ec

ts

+ -

-

+

Networks EampP

Fossil

Rus-

sia

ECR1

Sales

Hydro

Nuclear

EGC1

DE1

Brazil

Turkey


EBITDA contribution



10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







10

Financial update


Agenda

11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







11

FY 2012

Q1 2013

financial

highlights

FY 2013

outlook









Q1 2013 FY 2012





12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







12

00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn






program

euro35bn

EUR-CP

program

euro10bn

USD-CP

program

$10bn

Revolving

credit facility

euro6bn





Liquidity

Sources

2013 2014 2015

Revolving credit

facility (undrawn)

Liquid funds amp

non-current

securities

Bond and

promissory notes

maturities





17 34

15

60

43

107

euro bn

13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







13

Financial policy








Capital

structure

management

Dividend

policy







onwards

Average payout

2010-2012

58

Debt Factor

Mid-term

target lt30x

14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







14


AA- Aa3

Negative

Positive

A+ A1

Negative

Positive

A A2

Negative

Positive

A- A3

Negative

Positive

BBB+ Baa1

Negative

Positive

BBB Baa2

Negative












15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







15

Conclusion














Business

profile

Financial

profile


16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







16

Backup

Financials

- Outlook


Overall trends

Key segment topics

- Generation

- Renewables



- Germany


- Non-EU Countries


Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







Outlook


eurobn 2011A 2012A 2013E

Generation 21 24

Renewables 15 13

Exploration


Optimization

amp Trading 02 14

Germany 25 28


Russia 05 07

Group Management



eurobn 2011A 2012E 2013E



Adj interest

expense 18 13 ~17

Taxes 08 11 ~12


Underlying


Underlying




Ou

tlo

ok

17

18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







18




2012 EBITDA1 108

EampP volumes


Power portfolio

CO2 certificates

Gas midstream

Disposals


Other

Controllable costs

Renewables


Interest

Depreciation


EampP

Disposals



Tax

Ou

tlo

ok

19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







19

Investments


Generation



EampP



Regional units



Renewables


rotation

Outside Europe


Russia



Distributed Energy



Ou

tlo

ok

20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







20


In euro billion


EBITDA FY 2011

EBITDA FY 2012

-02

EampP -02

Nuclear tax -02



108

-03



Other





Gas Wholesale 12


93


Fin

an

cia

ls

21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







21


eurom EBITDA1 EBIT1

FY 2012 FY 2011 +- FY 2012 FY 2011 +-

Generation 2403 2114 +14 1442 1128 +28

Renewables 1271 1459 -13 877 1088 -19



Germany 2819 2457 +15 1851 1499 +23


Russia 729 553 +32 546 398 +37


Group total 10786 9293 +16 7027 5438 +29

Fin

an

cia

ls


22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







22





Divestments

Gas midstream 01


EON 20 01

-02


EBITDA Q1 2012 38

-01

EBITDA Q1 2013 36

Other -01


In euro billion Fin

an

cia

ls

23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







23


eurom EBITDA1 EBIT1

Q1 2013 Q1 2012 +- Q1 2013 Q1 2012 +-

Generation 866 1131 -23 661 916 -28

Renewables 468 391 +20 368 295 +25



Germany 838 729 +15 654 507 +29


Russia 193 200 -4 151 145 +4


Group total 3577 3768 -5 2735 2829 -3

Fin

an

cia

ls


24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







24





+16

-09

+01

-359

Dec 31 2012

+35

Mar 31 2013

-364 -316

Net financial

position

-147

Net financial

position

-104


Fin

an

cia

ls

25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







25





cash flow

Lower

discount rate

for pension

provisions

Other Divestments1

+88 -70

-15

-364

Dec 31 2011

+45

Dec 31 2012

-21

Dividends

-364 -359

-22

Net financial

position

180

Net financial

position

147


Debt factor

39x

Debt factor

33x

Fin

an

cia

ls

26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







26

Economic net debt

eurom 31 Mar 2013 31 Dec 2012















Fin

an

cia

ls

27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







27



eurobn 31 Mar

2013

31 Dec

2012

Bonds1 199 207

in EUR 115 120

in GBP 43 45

in USD 23 23

in CHF 09 09

in SEK 01 01

in JPY 05 07





Total 254 259




00

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020 ge2021

euro bn


Fin

an

cia

ls

28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







28












generation


2012 vs 2008

Germany -2

UK -7

Italy -5

Spain -5

2012 vs 2008

Germany -11

UK -22

Italy -12

Spain -23




Tre

nd

s

29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







29










Tre

nd

s

30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







30


2013

(+) EON 20



Post 2013








nuclear one-off



payments



Maintenance at

minimum by 2015

Moratorium on new

build projects


conditions







era

tio

n

31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







31



2012







2013








2014



2015





Capacity (GW) 1 2



Gen

era

tio

n


32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







32




utilization



Reduce fixed costs




eurokW)








Response

Turning every stone









ne

rati

on

33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







33



()

Capacity

(MW)

2012 output

(TWh)

2012 remaining

volumes (TWh)1

Shutdown date

Isar 1 1979 1000 878 00 2 2011

Unterweser 1979 1000 1345 00 11 2011

Brunsbuumlttel 1977 333 771 00 11 2011

Kruumlmmel 1984 500 1346 00 88 2011




Grohnde 1985 833 1360 110 61 31 Dec 2021

Brokdorf 1986 800 1410 102 74 31 Dec 2021

Isar 2 1988 750 1410 114 82 31 Dec 2022

Emsland 1988 125 1329 108 87 31 Dec 2022


Ge

ne

rati

on

34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







34




effect


due to new capacity


not repeated








2013




Post 2013














Reference year 2010

Re

new

ab

les

35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







35



Potential levers





Actual measures














36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







36





(+) Infrastructure

revaluations

(-) Disposal of OGE

Major investment



investments


projects in storage

planned


2013





(-) Disposal of SPP




optimization


balancing markets





EG

C

37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







37


~ 56 euroMWh

~ 53 euroMWh

~ 44 euroMWh

~ 43 euroMWh


0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013

0 10 20 30 40 50 60 70 80 90 100

2015

2014

2013



~ 47 euroMWh

~ 39 euroMWh

EG

C


38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







38







Current capex plan

focus on creating

options



step-up would be

necessary


2013



(+) EON 20

Post 2013














Eamp

P

39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







39

2011A 2012E 2013E 2014e 2015e





48

Skarv

Njord

Elgin-Franklin

Rita

Huntington

Other fields

Babbage

11

~5

~18 - 22

~26 - 30

~24 - 28

(in mboe) (in mboe)


Eamp

P

40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







40


m boe Q1 2013 Q1 2012 +- FY 2012 FY 2011 +-

Skarv 12 - - - -

Njord 09 13 -34 26 47 -45

Elgin-Franklin 01 05 -84 05 25 -78

Babbage 02 03 -26 09 14 -39

Rita 00 00 - 00 06 -100

Total North Sea 29 25 +17 53 110 -52

Yuzhno Russkoje 100 103 -2 377 382 -1

Total 130 128 +2 430 492 -13

Eamp

P

41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







41




and development

Norway

Fogelberg (2019)

Noatun (2021)

UK

Orca (2014)

Glenelg (2015)

Talbot (2015)

Arran (2016)

Tolmount (2017)


(mboe)



Eamp

P

42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







42









used

High share of

distribution capex


capex foregone with

disposals


2013





Post 2013


power distribution












EU

re

gio

ns

43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







43





Networks


level


2013



Post 2013














EU

re

gio

ns

44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







44












Germany ~13

Sweden ~88


Hungary ~15

Czech Republic ~13

Romania ~07

Slovakia ~06











100

80

90

70

German average

EU

re

gio

ns

45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







45


Power Gas

Germany Current

2009-2013 Next

2014-2018 2013-2017

Sweden 2012-2015 2013-2016



2010-2013 Next

2014-2017

Czech Republic 2010-2014 2010-2014

Romania 2013-2017 2013-2017


Regulatory periods



EU

re

gio

ns

46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







46

Distributed energy




Concept



and hospitals)












Six business lines


Virtual power plant

Residential Comfort




EU

re

gio

ns

47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







47




volumes (full year





Targeted IRR gt10

Maintenance at

minimum by 2015


projects planned


2013



(-) Lower spreads

Post 2013









market


No

n-E

U

48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







48




Verbund
















onwards



0

1

2

3

4

5

2009A 2011A 2013E 2015E 2017E

GW

Solar

Wind

Lignite

Gas

Hydro

23

Ankara

Istanbul

H H H H

H

H

H

H

H

H H

H

H

G G

G G

G

G

W

W

W

W

L

In operation

Under construction

Under development

Başkent

Generation capacity

Operation

Construction

Development

No

n-E

U

49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







49





leveraging hellip



businesses





companies








yearly installments







investment plan





Subscribers 36 m

Consumption 11 TWh

Subscribers 29 m

Consumption 14 TWh

Başkent

Toroslar

Subscribers 25 m

Consumption 8 TWh

Ayedas

No

n-E

U

50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







50


Residents 48m








Residents 76m











Industrial

Commercial

Residential

Public amp Other



2 2011 figures


Industrial

Commercial

Residential

Public amp Other


No

n-E

U

51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







51











Partnerships






Directors


Targeted structure

Current structure


MPX

MPX-EON JV

EON

117

50 50

EBX Eike

Batista

Others

535 348

MPX

EON

~36

EBX Eike

Batista

Others

~24 ~40

No

n-E

U

52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







52

















0

25

50

75

100


Average 2007-2011 2012 2013

Dry season




8 GW Supply gap

No

n-E

U

53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







53






MPX portfolio













Total Accedilu I

(CCGT)

Sul

(coal)

Parnaiacuteba V

(CCGT)

Parnaiacuteba II

closing

cycle

Ventos I

(wind)

Accedilu I

(coal)

Seival

(coal)

2013 auction ready



No

n-E

U

54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







54












and other investors




EON

EBXEike

Batista

Others


No

n-E

U

55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







55












over 5 year horizon





operation


Summary





No

n-E

U

56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







56


Content Link







Important links


Reporting calendar

Date Event






57

Disclaimer







57

Disclaimer







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