1. Performance and streamlining
Toronto / Montreal Roadshow
Marc Koebernick, Aleksandr Aksenov
April 27-28, 2009

2. Successfull expansion achieved during 2007 and 2008
E.ON in May 2007 E.ON today
US Midwest - Energy Climate &
Kentucky Trading Renewables
US Midwest -
Kentucky
Nordic Nordic
Pan-European United Pan-European
Gas Kingdom Gas
United
Kingdom
Russia
France
Central Europe
Central Europe incl. Germany
incl. Germany
Spain
Italy
New business areas / markets
Broad European footprint, global scale in renewables, entry in new markets
1

3. Solid earnings growth and record investments
Highlights of the 2008 annual results
Adjusted EBIT up 7% to € 9.9 bn
CAGR 11.8%
9,878 Adjusted net income +9% to € 5.6 bn
9,208
8,356 Net income attributable to shareholders
7,293 € 1.3 bn due to non-operating earnings
6,747
ROCE 12.9% following €26 bn of
5,645 economic investments
13.8 14.5
12.2 12.9 DPS up 9.5% to € 1.50 per share
11.5
9.9
2009 target and 2010 guidance
2009 adjusted EBIT to reach 2008 level;
2003 2004 2005 2006 2007 2008 adjusted net income to be around 10% below 2008 level
New guidance for adjusted EBIT 2010 of € 11.0 bn1
Adjusted EBIT (€ mn)
ROCE (%)
1. Adjusted EBIT guidance before portfolio measures 2

4. Economic crisis will not leave E.ON unaffected
Collapse of oil and energy prices Currency depreciation
Brent - $ per barrel Euro foreign exchange rate
150
100%
100 HUF
SEK
80%
50 GBP
RUB
0 60%
01.01.08 01.07.08 01.01.09 01.01.08 01.07.08 01.01.09
Widening of credit spreads Contraction of demand
iBoxx utilities – 5 year average duration - bps Electricity consumption last months 2008 - % yoy
200 DE
150 UK
100 IT
ES
50
RU
0
01.01.2008 01.07.2008 01.01.2009 0% -2% -4% -6% -8%
Source: Dresdner Kleinwort, IBoxx Sources: UCTE, BERR - Department for Business, Enterprise & Regulatory Reform,
Energy Forecasting Agency
3

5. Adapting our 2010 guidance to the current environment
What has changed since May 2007? Main reasons (rough estimates in € million)
Commodity Commodity prices +600
prices
Achieved prices +8-10€ vs. ‘10 forwards of May 2007
Gas upstream at 2010 oil forward of $59 vs. $80 as of
May 2007
12.4 bn Economic
Crisis Economic crisis -400
Drop of demand from industrial customers
Regulation
Downside from increase of bad debts
Exchange
Stricter regulation -500
rates Cost plus regulation in gas transportation
Time delayed cost pass through
11.0 bn
New Significant negative FX effects -500
markets Devaluation of several currencies
UK Pound; Hungarian Forint; Swedish Krona
New markets below expectations -600
€ 300 m: not drawing nuclear PPA; A2A carve out
€ 300 m: deterioration of business conditions
New guidance for Adjusted EBIT 2010 of € 11.0 bn before portfolio measures
4

6. Strategic priorities to tackle the economic crisis
Redeployment Focus and International expansion, Performance
of capital Integration European integration and
streamlining
Divestment of non-core on⋅top Europe.on Perform-to-Win
businesses
OneE.ON Climate & renewables Portfolio review
Acquisition of Ruhrgas Energy trading
Investment
& Powergen
Italy, Spain, prioritization
France, Russia
2000 2003 2005 2008
5

7. Perform-to-Win - To deliver up to € 1.5 bn EBIT by 2011
Breakdown by function Cost savings ~€ 1,100 m
Numerous key topics enveloping a far higher number of
Gas
individual projects identified to achieve ambitious goal
Infrastructure
Main cost savings in overheads and sales
1,500
Generation
Productivity enhancements ~€ 400 m
IT
Generation – For example higher availability of Nordic
Procurement
nuclear
Gas storage – better use/marketing of flexible reserve
Overhead
capacities
700 Accelerate and enhance decision making
Sales Streamline decision structures
500
Clarify responsibilities
300 Simplify reporting lines
200
2011
Strong focus on operational excellence and execution to support group targets and
compensate for challenging external environment 6

8. Portfolio streamlining will generate at least € 10 bn of
divestment proceeds in 2009-2010
Transaction Expected Cash
closing proceeds
Closed Statkraft asset swap Dec 2008
Portfolio review is
Swap of 1.7 GW generation Q2 2009 progressing well
capacity with Electrabel
Pending Disposal of 0.5 GW to EnBW Q2 2009 Focus on executing
Yuzhno Russkoje - Gazprom already decided
Q4 2009
swap transactions
Disposal/swap of of 2.2 GW of 2009 The > € 10 bn of
In generation capacity in Germany
preparation Disposal of German divestment proceeds
2010
transmission network do not include swap
Disposal of Thüga - transactions
Under
consideration Further disposals -
Reduce complexity and extract value from existing operations
7

9. Investment plan 2009–2011 vs. 2007-2010
in € bn
Prior investment plan 2007-2010 New investment plan 2009-2011
~13
68% for growth
32% for maintenance
~36
~26 ~5 ~30
E&P & LNG
~63 ~12
~15 Generation/Heat
~5 Renewables
~24
~6 Power grid
~3 Gas storage and grid
~2 Other
2007-2010 2007 2008 2009-2010 Additional 2009–2011 2009–2011
effects Original as of Revised as of
2009-2011 Dec 2008 Feb 2009
New investment plan strongly focused on organic growth 8

10. E.ON‘s capital structure is managed based on the debt factor
Development of E.ON’s Debt factor Financial discipline
3.2x 1
Debt factor of 3x defines our target capital
3x structure
1.9x
Debt factor range between 2.8x and 3.3x is
1.6x compatible with Single A target rating
(based on current rating methodology)
If Debt factor is considerably above 3x,
counter-measures include strict investment
discipline and portfolio management
31. Dec 2006 31. Dec 2007 31. Dec 2008
E.ON continues to target Debt factor of 3x
1. Pro forma debt factor for 2008. It is including the estimated full year adjusted EBITDA contribution from the assets acquired as part of the agreement 9
with Enel/Acciona.

11. Use of funds - E.ON provides attractive cash returns
Stable increase in dividends Transparent policy
1.50 Payout ratio of 50-60% of adjusted net
1.42 CAGR 17.5%
1.37 income
1.12
2008 dividend of € 1.50 per share represents
0.92
0.78 a payout ratio of 51%
0.67
47 49 47 51 51
2003 2004 2005 2006 2007 2008
Special dividend (€ per share)
Ordinary dividend (€ per share)
Payout ratio (%)
2008 dividend up 10% to € 1.50 per share
10

12. Power generation will remain attractive
Development of generation in Europe1 Power demand growth is important, but
in TWh/a replacement plant requirements have a
5000
much greater impact on the equilibrium of a
4000
market.
Demand growth
0.5 and 1.5 % p.a.
Growth rates 2009 - 2020 are reduced but
3000
are expected to remain positive
2000
LCPD will mean up to 50 GW of plant needs
1000 to be replaced
0
New renewables will need 90+% fossil
2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 backing
Hydro Renewables Gas/oil Lignite Hard Coal Nuclear
Source: CERA, EWEA, E.ON
1. EU 27 plus Norway and Switzerland - assumed life time 45 years for fossil and nuclear stations, 20 years for renewables and >80 years for hydro 11

13. Long term organic growth story in power generation is intact
Development base load prices at EEX Volatility creates opportunities for strong
diversified players
Financial crisis
Project Up to 50GW of
reduces power
postponements LCPD2 and nuclear
E.ON has the key success factors to
demand and puts
pressure on lead to market closures tighten capitalize on the financial crisis
commodity prices tightening markets further
Strong balance sheet
70 Outstanding perception in debt markets
60
Supplier credibility
50
40 New build requirements across Europe will
30
ensure Generation as a business remains
20
10
attractive
0
2007 2008 2009 2010 2011 2012 2013 2014 2015
Many new build projects will fail to get
Electricity Price EEX Base (€/MWh)1
financing and have to be postponed or
cancelled
1. EEX baseload spot prices 2007-2008; ,bBaseload forwards as of 3 March 2009 for Q2 – Q4 2009 and for CY 2010 – 2012, 2013 – 2015 Potential development
2. LCPD: Large Combustion Plant Directive 12

14. Seeds for earnings growth in 2011 and beyond already
being planted
Generation Gas Upstream participations in
11 GW of conventional
capacity already under Skarv-Idun and Yuzhno
construction Russkoye to contribute
ca. 7.5 bcm p.a.
Majority of earning
contribution comes after Significant progress in
2010 development of gas storage
capacity
All projects with visibility of
beating WACC +1% Participation in LNG
terminals
Renewables & New Markets Perform-to-Win
Large part of € 1.5 bn of
Renewables to multiply performance improvements
capacity by 5x between 2008 come in 2011
and 2015 and reach ~10 GW
Further potential to improve
Liberalization of Russian operational performance after
power market scheduled to 2011
complete in 2011
Challenge remains regarding commodity prices 13

15. Key take-aways: performance and streamlining
Strategic steps to tackle the crisis:
Perform-to-Win initiative:
€ 1.5 bn of performance improvements by 2011
Portfolio streamlining:
at least € 10 bn of cash-effective disposals in 2009 and 2010
Stringent prioritization of investments:
€ 30 bn of mostly organic investments over 2009-11
Target of € 11 bn for 2010 Adjusted EBIT
Solid financial position and strong financial discipline
Attractive dividend policy: payout of 50 to 60% of adjusted net income
Seeds for growth for 2011 and beyond already being planted
14

16. Back-up Charts
E.ON financial highlights 16-17
Guidance 2009 18-19
Expected effects impacting 2010 20
Hedged economic generation 21
Commodity prices 22-23
German capacity margin 24
New-build generation pipeline 25-26
New entry cost assumptions 27
CO2 position 28
Network regulation in Germany 29
Renewables 30-35
Russia 36-41
Finance strategy 42-44
Key financials 2008 45

17. E.ON Group – Financial highlights
in € million
2008 2007 +/- %
Sales 86,753 68,731 +26
Adjusted EBITDA 13,385 12,450 +8
Adjusted EBIT 9,878 9,208 +7
Adjusted net income 5,598 5,115 +9
Cash provided by operating activities 6,738 8,726 -23
Economic investments 26,236 12,456 +111
Economic net debt -44,946 -23,432 -21,5141
Pro forma debt factor 3.2 1.9 +1.31
1. Change in absolute terms
16

18. E.ON Group – Adj. EBIT and adj. EBITDA by market unit
in € million
Adjusted EBIT Adjusted EBITDA
2008 2007 +/-% 2008 2007 +/- %
Central Europe 4,720 4,670 +1 6,266 6,222 +1
Pan-European Gas 2,631 2,576 +2 3,113 3,176 -2
U.K. 922 1,136 -19 1,396 1,657 -16
Nordic 770 670 +15 1,112 1,027 +8
U.S. Midwest 395 388 +2 549 543 +1
Energy Trading 645 - - 649 - -
New Markets 90 7 - 510 43 -
Corporate Center -295 -239 -23 -210 -218 +4
Adjusted EBIT 9,878 9,208 +7 13,385 12,450 +8
17

19. Adj. EBIT 2009 to be on 2008 level
Adj. net income 2009 to be around 10 % below 2008 level
Market Unit Exp. effect Comments
Central Europe Higher achieved wholesale price (~ 4-5 €/MWh)
Krümmel assummed to be available in H2 2009
Lower volumes due to economic crisis (bad debt)
Cost increases in German grids partially passed
on with time delay
Pan-European Gas Gas upstream only break-even at today‘s prices
Shift towards cost oriented regulation
Consolidation of EBIT from Yuzhno Russkoje
UK Weak pound
Nordic Disposal of assets under Statkraft deal
Higher achieved power price (~ 2-3 €/MWh)
Weak SEK
US Midwest Stable despite economic downturn
New Markets F/y consolidation of Spain/Italy w/o one-time CO₂ cost
Higher contribution from EC&R asset base
Russia suffering from economic downturn / weak Rubel 18

20. Adj. EBIT 2009 - main drivers impacting 2009 vs. 2008 from
group perspective
Outright power prices New Markets Regulation Exchange Economic Gas
rates Crisis upstream
Key data Central Europe 2008 CO2 cost Gas transport British Pound Volume € 344 m in 2008
4-5 €/MWh of 250 million with cost Swedish Krona contraction Break even at ~50
Nordic will not repeat oriented Hungarian Forint Potential bad US$ per barrel
2-3 €/MWh ECR will grow regulation Russian Rubel debt Upside from
Delayed cost Yuzhno Russkoje
pass-through in
grid business
2009 Adjusted EBIT to be on 2008 level
19

21. Expected effects impacting 2010 vs. 2009
How to grow by over 1 billion in 2010 Drivers (rough estimates in € million)
Cost Other Upside from higher power prices +800
savings
Upside from higher power prices for outright power position
(+ 5-6 €/MWh)
New Full operation of two nuclear power stations in Germany
2010 markets 11.0 bn
Commodity
New markets +200
prices Additional earnings from EC&R coming through
Effect of liberalization and higher capacity kicking in
in Russia
Perform to win +400
Project has entered validation phase
Cost savings and productivity enhancement
2009 Other -300
Continued impact from economic downturn (industrial
volumes; bad debt)
New guidance for Adjusted EBIT 2010 of € 11.0 bn before portfolio measures
20

22. How much of E.ON‘s economic generation is now hedged
as of January 31, 2009
Central Europe United Kingdom
2009 2009
2010 2010
2011 2011
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Nordic United States1
2009 2009
2010 2010
2011 2011
1. including WKE
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
= percentage band of generation hedged
21

23. Europe – Coal and CO2 prices
ARA (Coal) – Last 12 months March 2009 Key Messages
220 Coal market
200 The coal prices followed the
180
160
development of the oil price.
USD/t
140 Freight rates
120 Higher freight rates in the second
100 half of March were triggered by the
80 surge in oil prices while the demand
60
for iron ore has not changed
22.3.09
29.3.09
8.3.09
15.3.09
1.3.09
1.3.08
1.3.09
1.4.08
1.5.08
1.6.08
1.7.08
1.8.08
1.9.08
1.10.08
1.12.08
1.2.09
1.1.09
1.11.08
significantly.
EUA (CO2) – Last 12 months March 2009 CO2 allowances market
35 Carbon prices climbed to a two
30 month’s high until midmonth which
25 seems to be sentiment-driven. Rising
EUR/t
20 prices on oil and natural gas
15 weakened the CO2 prices again.
10
5
0 Legend
22.3.09
29.3.09
8.3.09
15.3.09
1.3.09
1.3.08
1.3.09
1.4.08
1.5.08
1.6.08
1.7.08
1.8.08
1.9.08
1.10.08
1.12.08
1.2.09
1.1.09
1.11.08
coal forwards for year+1 (2009/2010)
coal forwards for year+2 (2010/2011)
CO2 futures for year 2009 (NAP-2 phase)
22

24. Germany and United Kingdom – Dark and spark spreads
German dark spreads – Last 12 months March 2009 Key Messages
50
Germany
40 Dark spread moved upwards on
EUR/MWh
30 the back of stronger power
prices.
20
10
0
22.3.09
29.3.09
8.3.09
15.3.09
1.3.08
1.3.09
1.3.09
1.4.08
1.5.08
1.6.08
1.7.08
1.8.08
1.9.08
1.10.08
1.12.08
1.2.09
1.1.09
1.11.08
UK dark and spark spreads – Last 12 months March 2009 United Kingdom
60 Dark spreads have temporarily
50 strengthened when the power
prices were relatively stronger
GBP/MWh
40
than other commodities prices.
30
Spark spreads remain relatively
20 unchanged.
10
Legend
0 dark spread year+1 (2009/2010) excl. CO2
22.3.09
29.3.09
8.3.09
15.3.09
1.3.08
1.3.09
1.3.09
1.4.08
1.5.08
1.6.08
1.7.08
1.8.08
1.9.08
1.10.08
1.12.08
1.2.09
1.1.09
1.11.08
dark spread year+1 (2009/2010) incl. CO2
spark spread year+1 (2009/2010) excl. CO2
spark spread year+1 (2009/2010) incl. CO2
23

25. German capacity margin already below 10 %
German capacity balance at time of peak demand
Total installed capacity (119.4 GW)
Not available capacity (22.8 GW)
e.g. mothballed fossil stations and limited
capacity credit wind and solar
Unplanned unavailabilities (4.1 GW)
Planned unavailabilities (2.7 GW)
Reserve for auxiliary services (7.1 GW)
Capacity margin (7.1 GW = 7 %)
Demand (76.7 GW)
Source: BDEW
24

26. Project pipeline offers flexibility to take advantage of
expected falling Capex
Name Type Capacity Start-up date
(MW)1)
1 Irsching 4 CCGT 540 2011
Irsching 5 CCGT 430 2009
2 Datteln 4 Coal 1100 2011
3 Malzenice CCGT 430 2010/11
4 Gönyü 1 CCGT 430 2011
5 Scandale CCGT 415 2009/10
6 Grain CCGT 1275 2010
7 Ratcliffe2 Coal 2000 2013
10 8 Maasvlakte 3 Coal 1100 2013
9 9 Malmö Gas 440 2009
10 Oskarshamn Nuclear 430 2012
19
7 14 11 Emile Huchet CCGT 860 2010
16 6 8
17 2 12 Algeciras CCGT 820 2010
13 13 Staudinger 6 Coal 1100 under review
1 3
11 14 Wilhelmshaven 50+ Coal 550 under review
4
15 Tavazzano 9 CCGT 420 under review
15
16 Kingsnorth Coal 1600 under review
18 17 Antwerp Coal 1100 under review
18 Solvay CCGT 400 under review
5
19 Lubmin CCGT 625 under review
12
1. Pro rata
Under construction Planned 2. Environmental upgrade
25

27. Four conventional new-build projects in Russia, and one in
the U.S. Midwest
Name Type Capacity (MW)1) Start-up date
1 Trimble County 2 Coal 560 2010
2 Shaturskaya CCGT 400 2010
3 Yaivinskaya CCGT 400 2011
4 Surgutskaya CCGT 800 2010/11 U.S. Midwest
5 Berezovskaya Coal 780 2012
Russia
1
2
3
4
5 Under construction
Planned
26

28. Different load ranges require different technologies –
nuclear economically most attractive for base load
New entry cost assumptions for Europe1
€/MWh
100
90
80
70
60
50
Carbon @ 16€/t
40
Fuel & other variable costs
30
20 Fixed operating costs
10 Capital costs
0
Gas Hard Coal Nuclear Gas Hard Coal
Base load (8000h/a) Peak load (3500h/a)
1. Investment costs and fuel prices (front-year forwards December 2008). Depending on commodity price developments, NEC´s may change accordingly.
27

29. E.ON will be allocated around 70 mt1,2 of CO2 emissions
allowances for the 2008-12 trading period
in mn tons CO 2
99.7
7.9 In 2008, E.ON emitted 100 mn
tons of CO2 in the EU
28.3
~ 70
CO2 allocation for the 2008-12
15 trading period estimated
26.1 at 70 mn tons p.a.
16
15 LT capacity contracts transfer
parts of E.ON's commodity
36.8 exposure, including CO2, to
24
RWE and Deutsche Bahn
2008 emissions 2008-12 allocation
Spain / Italy
Nordic
U.K.
Contracted capacity
Central Europe excl. contracted capacity
1. 2008-12 figures are estimates and potentially subject to change, since allocation process is not yet finalized.
2. Emissions and allowances relate to the 2008 portfolio of assets 28

30. Update on network regulation in Germany
Start of incentive regulation: Several issues still open
Formally, incentive regulation has started January 1st 2009.
However, only E.ON Energie’s gas distribution network operators have so far received final revenue caps.
The power distribution network operators will probably receive their final revenues caps in the coming
weeks.
Currently, it is unclear when our power transmission system operator E.ON Netz will get the final revenue
cap. There are intensive discussions regarding the allowance of increased costs for system services.
Average efficiency scores for E.ON Energie’s network operators are close to 100%, well above the industry
average of ca. 93% in power and ca. 88% in gas.
As a result, E.ON expects to see stable to slightly rising network charges during the first period of
incentive regulation, as the scheduled annual cuts should be broadly offset by inflation.
Regulation of gas transmission
BNetzA has decided to disallow market-oriented network charges in gas transportation. E.ON
Gastransport appealed against the BNetzA’ disallowance decision.
After the BNetzA’s disallowance of market-oriented network charges in gas transportation E.ON
Gastransport had to file for the first time for cost-orientated network charges at the end of 2008. It is
currently unclear when BNetzA will issue a final approval. There shall be a switch to incentive regulation in
2010.
29

31. Driving Renewables to industrial levels: E.ON is rapidly
moving up in the ‘Gigawatt club’
Installed capacity (GW)1
2 GW of installed capacity by the end of20081: Five ~10
fold increase of Renewables capacity within less than
18 months
Roll-out of ‘boutique to industrial’ approach: ~4
~ 1 GW of capacity to be added annually 2.0
Strategic ‘firsts’: 0.4 1.0
Unique innovative partnership with Siemens 2006 2007 2008 2010 2015
to set up collaborative partnership model
Global Renewables alliance with Masdar Project pipeline (GW)1
Total: 14.2 GW 4.7 Development
Focused portfolio management (countries and 20% probability
technologies) and clearly articulated execution of success
strategy 5.0 50% probability
E.ON’s global Renewables assets and carbon of success
sourcing activities consolidated into a stand alone 90% probability
1.1
market unit. of success
1.4 Construction
E.ON’s financial muscle and technical expertise give
2.0 Operation
E.ON Climate & Renewables an edge over stand-
alone competitors 1. as of 31.12.2008, hydropower not included 30

32. Financial crisis: Renewables sector is affected in different
ways
31
31

33. E.ON has set up Climate & Renewables (EC&R) to achieve
its ambitious Renewables targets
EC&R remit E.ON’s generation Renewables
Setting strategy, portfolio portfolio capacity (GW)1
and the investment plan for ~ 90 GW ~10
renewables 50%
Managing all existing and 61 GW ~ 40%
future renewables operations
35%
Carbon sourcing (JI/CDM) for ~ 30% ~4
the entire E.ON Group
34%
~ 11%
Driving E.ON's key growth 2% 1
11% ~ 7%
aspirations
18% ~ 12%
Spearheading E.ON's 2007 2015 2007 2010 2015
activities in emerging Renewables Large Hydro
1. Excluding Hydro (6,019 MW in 2007)
markets Gas Coal Nuclear
E.ON is investing about €6 bn between 2007-2010 and will decrease own CO2 emissions
by 50% until 2030
32

34. Focus on the most attractive markets: current footprint
Installed Renewables capacity as of March 2009 (MW)*
250 50
1,140
Nordic
UK
280
280
2,230
90 Other
Renewables
North Iberia
America 190 Italy
2,140 Wind
Germany
40
Europe
(others)
* E.ON Equity MW (Figures rounded), excluding large Hydro. Source E.ON
33

35. Focus on the most attractive markets: project pipeline
Figures as of March 2009 (MW)
2,670 14,210
6,400 1,640
Development
Probability of success 20%
• No absolute showstoppers are known
• Reasonable chance that key steps
820 UK Nordic 4,700 concerning permits and grid
connection will be successfully taken
Iberia
Probability of success 50%
• Key steps concerning permits and
North grid connection have been
successfully taken or are about to be
America 440 successfully taken
1,680 5,010 Probability of success 90%
Italy • Ready or nearly ready to build
• All permits received or about to be
received
• Economic viability proven
560 1,120 • Appropriate turbines available
Germany 1,150 Construction
Europe 2,230 Operation
(others) 1,774
In addition, there is another 5,000 MW of identified sites (origination) whose likelihood of success cannot yet be evaluated 34

36. Portfolio management: focus on promising technologies
Technology First commercial Proof-of-concept &
roll out plants technology tracking
EC&R technology
selection criteria
Scalability
Growth potential
Financial
attractiveness Wind
Wider E.ON Group on-
interest shore
Closeness to E.ON
capabilities Solar / thin film
applications
Deep dive technology Solar / CSP Wave /
analysis tidal
Wind
off- Large coastal
shore biomass
Large biogas / bio-
methane,
Large inland biomass
35

37. E.ON’s entry in the Russian power sector complements its
long-term business relationship in gas
Stake in Gazprom Stake in Nord Stream
Long-term gas supply Gas upstream
E.ON shareholding 6.4%³ E.ON shareholding 20%
E.ON Ruhrgas
largest customer
with 41 bcm/a1 World’s largest gas
reserve base
Power Generation Coal supply JI-projects
E.ON: 78.3 % in OGK-4 Market Units Existing2 and envisaged
Central Europe and UK projects
1. E.ON Ruhrgas Gas AG plus subsidiaries
2. ‘Sustainable management of gas transportation system’ - joint project of E.ON and Gazprom
3. In October 2008 E.ON agreed with Gazprom to swap 2.93% of stake in Gazprom against 25%- participation in Yuzhno-Russkoe gas field; 36
transaction is due to close in Q4 2009

38. In 2007, E.ON entered the attractive Russian power market
through the acquisition of a majority stake in OGK-4
Overview MU Russia
Highlights
Equity investment in OGK-4
Purchase price: € 4.4 bn for 72.7%,
OGK-4 generation assets thereof
€ 1.3 bn capital increase to finance
Key figures FY 2008
investments (FX risks hedged)
Net capacity 8,260 MW
Mandatory offer:1 € 0.2 bn for 3.4%
Electricity production 56.7 TWh
Heat production 1.9 mln GCal Other: 2.2%
Employees 5,318 Current shareholder structure
Financials FY 2008³ ~78% E.ON
Revenue € 1,044 mln ~22% minority shareholders
Adjusted EBITDA € 171 mln
Adjusted EBIT2 € 41 mln
1. Mandatory offer required under Russian capital market law if 30% or 50% threshold is exceeded to all minority shareholders; closing in Feb. 2008.
2. EBIT is affected by purchase price allocation effects.
3. Financials refer to Market Unit E.ON Russia
37

39. Russian power industry is experiencing strong need in
large-scale capital investments
Obsolete and aging generating fleet Declining reserve margins in all energy systems
Data refers to 2007 Data refers to December 2007
40% GW
60
31,8%
Reserve margin
30%
25,4% Available capacit y
23,8%
40
20%
8,7% 20
10% 6,5%
1,4% 2,4%
0%
before 1951-1960 1961-1970 1971-1980 1981-1990 1991-2000 from 2001 Center Urals Siberia N.-West South M id- Far East
Volga
1950
Approximately 90% of equipment is older than Some regions (e.g. Tyumen) experience very tough
20 years supply conditions notwithstanding the crisis
97 GW (46%) of equipment exceeded its lifespan Aging equipment leads to tighter balance
Source: Ministry of Industry and Energy of Russia Source: System Operator-Central Dispatching Office of the Unified Energy System 38

40. Stepwise liberalization of the Russian wholesale electricity
market is strongly supported by the government
Liberalization scenario Current stage
5 10 15
25
“We are not going to
30
50
cut our plans in the
60
electricity industry, but
80
95 100
we will fulfil all those
90 85
75 70
plans” – Vladimir Putin,
50 Russia’s prime minister,
40
20
November 2008.
10 10 10 10 10 10 10 10 10
1H 2007 2H 2007 1H 2008 2H 2008 1H 2009 2H 2009 1H 2010 2H 2010 2011
Regulated sector (Residential) Regulated sector (Industrial)
Liberalized sector New capacity + deviations from 2007 FTS balance
Notes:
Liberalization ratios are applied to the electricity and capacity volumes included in the FTS balance for 2007 (excl. volumes to households)
The newly commissioned (from 2007) capacity and electricity produced from that capacity are sold under free market prices
Capacity and electricity sold to the households are sold under the Regulated Agreements (at regulated tariffs)
Source: Russian government Resolution N 205 dated April 7, 2007 39

41. Power prices have picked up since the start of the liberaliza-
tion, mainly driven by soaring fuel prices and demand growth
Electricity spot price development January 2007 – March 2009 (RUB/MWh)
1000
Increase of domestic gas prices
800
€ 19.4/MWh2 approved by the Government
pushes power prices up
600 € 16.5/MWh1
€ 13.8/MWh2 Spiking demand coupled with
local capacity shortages
400
€ 8.3/MWh1 supporting high price levels
200
Avg. spot price grew by 22% in
the First zone, and by 74% in the
Second zone in 2008 vs. 2007
0
Jan 07 Jul 07 Jan 08 Jul 08 Jan 09
Monthly avg. First zone (Europe/Urals) Monthly avg. Second zone (Siberia)
12M avg. First zone (Europe/Urals) 12M avg. Second zone (Siberia)
1. Based on average EUR rate for 2007 of 35.03 RUB
2. Based on average EUR rate for 2008 of 36.45 RUB
Source: Trading System Administrator 40

42. Specific challenges for value creation at OGK-4
Specific risk Evaluation E.ON view
In December 2008 Russia‘s prime-minister
Suspension of power market reform
Putin confirmed there will be no delay
Surgutskaya 2 and Berezovskaya (73% of
Significant erosion of power demand total capacity) are in regions with stable
growing demand
Lower than expected prices & spreads Reserve margins in particular regions still
expected to tighten
State interventions Market is at an early development stage,
and selective fine-tuning is normal
Capacity market uncertainty Adequate capacity payments for new
capacities are expected
Further RUB devaluation Currency for new build projects hedged, but
still exposure to translation effects
41

43. E.ON has a sound financial position
E.ON Funding Program 2007-2010 Diverse funding structure
in € bn
Funding Program:
30 Successful funding of € 24.7 bn of bonds and loans since
5.9
September 2007 at average interest rate of ~5.3%
20
13.4 Broad variety of currencies and instruments
30
10 Syndicated Credit Facility:
5.4
In November 2008 extension of 364-day tranche with a
0 volume of € 7.5 bn
2007-2010 2007 2008 2009 YTD Outstanding
funding bonds & bonds & bonds & funding needs In total € 12.5 bn of undrawn credit facilities available
needs1 loans loans loans 2009 and 2010
Public tender offer:
In February 2009 repurchase of € 1.54 bn (=36%) of € 4.25 bn
bond due May 2009
Outstanding funding will be covered by using opportunities in bonds,
commercial paper and loans
42
1.Funding needs include the refinancing of maturities which already existed at the start of 2007-2010 Funding Program

44. Limited maturities in next three years
Bonds of E.ON AG & E.ON International E.ON successfully pursued its Funding
Finance B.V.1 - Maturity profile (in € bn) Program despite challenging market
conditions:
5.0
Several successful reopenings of EUR Corporate
4.0 bond markets
3.0 Successful debut in USD Corporate bond market
2.0
in April 2008
Return to Sterling market in January 2009 with
1.0
landmark GBP 1.05 bn transaction
0.0
Well established borrower in CHF bond markets
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
(> CHF 2 billion outstanding)
Maturities as of
31 December 2008 Very liquid bonds and increasing weight in
Maturities added in major corporate bond indices
2009 YTD
E.ON gained several capital markets awards, e.g.
Repurchased notes through
public tender offer in Feb 2009 IFR Corporate Issuer of the Year 2008
E.ON with constantly good access to the debt markets
1.Bond issues via E.ON International Finance B.V. are fully guaranteed by E.ON AG 43

45. E.ON‘s cost of capital
2007 2008 2008
(Annual report) Adjustment (Annual report)
(tax reforms)
Risk-free interest rate 4.3% 4.3% 4.5%
Market premium 4.0% 4.0% 4.0%
Beta factor 0.85 0.88 0.88
Cost of equity after taxes 7.7% 7.8% 8.0%
Average Tax rate 33% 27% 27%
Cost of Equity before taxes 11.5% 10.7% 11.0%
Cost of debt before taxes 4.7% 4.7% 5.7%
Tax shield 1.6% 1.3% 1.5%
Cost of debt after taxes 3.1% 3.4% 4.2%
Share of equity 65% 65% 65%
Share of debt 35% 35% 35%
Cost of capital after taxes 6.1% 6.3% 6.7%
Cost of Capital before taxes 9.1% 8.6% 9.1%
44

46. Market units – Key financial figures 2008
€ in million Sales Adjusted Adjusted Capital ROCE Cost of Value Operating
EBITDA EBIT Employed (%) Capital (%) Added Cash Flow
Central Europe 41,135 6,266 4,720 19,310 24.4 9.2 2,935 4,016
Pan-European Gas 27,422 3,113 2,631 17,594 15.0 8.8 1,091 2,081
U.K. 11,051 1,396 922 10,101 9.1 9.8 -71 893
Nordic 3,877 1,112 770 6,948 11.1 9.3 125 835
U.S. Midwest 1,880 549 395 6,537 6.0 8.7 -176 271
Energy Trading 31,760 649 645 868 74.3 9.2 565 -1,452
New Markets 5,862 510 90 15,596 0.6 10.4 -1,528 140
Corporate Center -36,234 -210 -295 -591 - - - -46
E.ON Group 86,753 13,385 9,878 76,363 12.9 9.1 2,902 6,738
45

47. This presentation may contain forward-looking statements based on current assumptions and forecasts made
by E.ON Group management and other information currently available to E.ON. 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. E.ON AG 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.
46