11 EON FY Results 2014 Charts

2014 full year results
11 March 2015
2014 results and 2015 outlook

EBITDA1
8.08.6bn
2014
Outlook
Highlights
8.3bn
2014
Actual
7.07.6bn
2015
Outlook
2014 EBITDA and underlying net income

within outlook range
Dividend2 of 0.50 /share, in line with fixed
dividend for 2014 and 2015
Continuation of scrip dividend scheme
Cash balance positive in 2014
Underlying net income1
Economic net debt impacted by lower

discount rates on pension provisions
1.51.9bn
1.6bn
1.41.8bn
2014
Outlook
2014
Actual
2015
Outlook
1. Adjusted for extraordinary effects

2. Proposed dividend
2015 outlook reflects recent exchange

rates and oil & gas prices, and assumes
mid-year Italy disposals
A clear roadmap for 2015 into our future
Preparing the spin-off
Sustaining performance culture
Disciplined investing in growth areas
Delivering on strategy of businesses
1 Preparing the spin off: announced strategy

E.ON to spin off a majority stake
in its power & gas up- and
midstream businesses (New
Company) to its shareholders
New
Company
Empowering
Shaping
customers
markets
Intention to divest remaining

stake in the new company over
the medium term post spin-off
Spin-off expected to be
completed in 2016
Divestment of Spanish activities
agreed to; divestment of Italian
activities in progress; E&P North
Sea under review
Two highly competitive companies with distinct identities
1 Preparing the Spin off: key milestones

Q2 2015
Organizational
set-up and
segmentation
Governance
principles
Management
teams
Carve out
concept
1 Jan 2016
Both companies
legally and
operationally
independent
Carve-out
effective
Employees
allocated to
both
companies
Binding tax
rulings
obtained
May 2016
AGM invitation
Detailed financial
& legal documentation
AGM decision
H2 2016
Spin-off ratio
defined
Roadshows &
capital market
communication
Capital market day

& roadshows
BaFin approval
of prospectus
Capital structure
determined
Equity story, incl.
strategy, KPIs,
dividend policy,
etc
8 Jun 2016
H2 2016 Listing
Governance &
Steering of both
companies
defined
2 Sustaining performance culture

E.ON 2.0 targets already achieved in 2014
Net cost savings

0.1-0.2bn
Targeted ~1.3bn of net cost savings already

achieved by 2014
Other cost
savings
0.4bn
~10.800 FTE reduction achieved by end 2014

0.7bn
E.ON 2.0
Cost savings in 2015 and beyond

Net cost savings of 0.1-0.2bn in 2015
0.2bn
Cost reductions in established businesses to

clearly beat inflation
2012A
Part of cost savings will be reinvested in

operational excellence and in growing activities
2013A
2014A
2015E
E.ON 2.0 HR impact

85.4
-16.8
In thousand full-time equivalents
80
Working Capital Excellence

Aim to improve net working capital by at least
1bn like-for-like between end 2012 and end
2016
~0.4bn already realized by year end 2014
+1.4
70
-10.8
59.3
60
50
2010A
Portfolio
effects
Other
effects
E.ON 2.0
2014A
3 Disciplined investing in growth areas

Capex 2012-20151
bn
2015 capex planned at ~4.3bn,

including additional capex
announced in December
6
4
2015 capex in Wind & Solar,

Distribution Networks and
Customers Solutions ~3.1bn,
up ~0.4bn YoY
2
0
2012A
2013A
Russia & Brazil

Generation + Hydro
Wind & Solar
Distribution Networks
2014 capex of 4.6bn, ~8%

lower than initially planned
>70% of 2015 capex in Wind &

2014A
2015E
Solar, Distribution Networks and
E&P & Global Commodities Customers Solutions
Turkey
Customer Solutions
1. Excluding 1.5bn asset swap with Verbund in 2013
4 Generation: capacity markets gaining momentum

Hedging & achieved prices
Regulatory developments
Hedging Central Europe
Capacity markets
60
/MWh
E.ON
achieved
/hedged
prices
45
30
Average
spot /
forward
price
15
0
2013A
2014A
2015E
2016E
Power hedging delivered substantial benefits

in last few years
Hedged ahead of our competitors
Hedged prices now converging towards
current forward prices
EU Commission to develop reference model

for Capacity Remuneration Mechanisms
UK
Auction for 2018-19 capacity in Dec 2014
~6 GW of E.ON generation portfolio won
capacity agreements
More than 100m EBITDA impact
Progress in Italy, France and Belgium
Germany lagging behind
European Emissions Trading
EU parliament supports Market Stability
Reserve with ambitious targets
Next important step is agreement among EU
Member States
4 Renewables: offshore wind projects on track

Amrumbank West
288 MW
Krehamn
Robin
Rigg
Humber
Gateway
Scroby
Sands
Rampion
Amrumbank
West
Arkona
Alpha
ventus
Rdsand 2
~1bn capex
Start in
Autumn 2015
Humber Gateway
219 MW
London
Array
In operation
Under construction
In development
~1bn capex
Start in
Autumn 2015
Continued growth in wind & solar

211 MW Grandview I wind farm in Texas commissioned in December 2014
~4.7bn of investments in Wind & Solar between 2012 and 2015
Three build-and-sell transactions between 2012 and 2014 for ~1.3bn
4 Distribution: strong foundations for steady growth

Regulatory asset base
Current regulatory discussion Germany
Distribution capex vs.

regulatory depreciation
bn
1,5
Network regulator BNetzA published

major report Incentive Regulation 2.0
Example of attractive reform proposal:
carry-over mechanism for operational
outperformance
1,0
0,5
0,0
Additional benefit
2014A
2015E
Regulatory depreciation
2016E
Capex
Capex above regulatory depreciation for the

coming years
Underlying growth of regulated asset base
2019
2024
Allowed revenues with carry-over
Currently allowed revenues
Effective costs
Additional earnings potential for

efficient network operators
2029
4 Customer Solutions: empowering customers

Evolution of customer numbers (in million)
Customer numbers:
Focus on margins rather than volumes
8,2
8,0
7,7
UK
6,3
6,2
6,3
Germany
First rise of customer numbers in Germany for

many years
9,4
9,4
9,4
Other
European base expected to be stable, strong

focus on value
2012
2013
2014
Customer satisfaction:
Evolution Net Promoter Score per market

UK
Very important management focus

NPS with positive trend in key markets
Best-in-class NPS by 2018
Germany
2011
10
2012
2013
2014
2015
Sweden
CustomerFirst program launched
Czech
Republic
Focus on improving sales capabilities &

customer focus
Sustainable earnings improvement
Executive summary
Executing new strategy and spin-off:

now getting into the details
Growing resilience in a still tough
environment
Staying focused on running and
improving our businesses
Visual One2Two project
11
2014 full year results CFO part
Full year 2014 EBITDA development 1,2,3

bn
9.2
FY 2013
0.1
E&P
0.4
E.ON 2.0
Renewables (EC&R)
0.1
Nuclear fuel tax
0.2
-0.6
Disposals
FX effects
-0.2
German regulation
-0.3
Region Czechia
-0.2
Power price and volume effect

Gas optimization
Other
-0.1
-0.1
FY 2014
13
-0.2
8.3

2. Individual effects rounded
3. Reflecting the treatment as discontinued operations of the Regional Units Spain and Italy
Full year 2014 underlying net income2

m
EBITDA 2
Depreciation/amortization recognized in EBIT 2
EBIT 2
Economic interest expense (net)
EBT 2
Income taxes on EBT 2
% of EBT 2
Non-controlling interests
Underlying net income 2
14
2013 1,3
2014 3
% YoY
9,191
8,337
-9
-3,567
-3,673
5,624
4,664
-17
-1,874
-1,612
3,750
3,052
-19
-1,201
-1,090
32
36
-423
-350
2,126
1,612
-24
1. Including pro forma adjustment regarding IFRS 10/11

Full year 2014 EBITDA1 OCF Reconciliation

bn
EBITDA 1
8.3
Non-cash effective EBITDA items
+2.6
Cash-effective EBITDA
10.9
Provision utilization
-2.5
Working capital
movements
+0.1
Tax, interest & other
-2.2
OCF 2 after interest and tax
15

2. OCF from continuing operations
6.3
Full year 2014 cash balance

bn
2014 operating cash flow
6.3
Cash effective investments
-4.6
Dividends (post scrip)
-0.8
Free cash flow
0.9
Dividends to non-controlling interests
-0.2
Build & sell proceeds
+0.8
Cash balance
1.5
Adjustment 2014 nuclear tax
-0.4
Adjusted cash balance
16
1.1
Full year 2014 economic net debt development

bn
December 31, 2013
-21.7
-10.5
-32.2 1
Dividends
-1.0
Other
Pension obligations
-4.6
Net financial position
Provisions and other
Investments
-2.5
-2.2
Divestments
+2.8
Operating cash flow 2

December 31, 2014
+6.3
-24.6
-8.8
1. Figures as of 31.12.2013 include pro forma adjustment regarding IFRS 10/11

(before adjustments YE 2013 economic net debt was 32.0bn)
2. Operating cash flow from continuing operations
17
-33.4
2015 outlook
EBITDA1,2
bn
FY 2014 EBITDA
8.3
Net cost savings

Capacity growth
Organic improvement regions
Power portfolio
E&P
Disposals
FX
Other
FY 2015 EBITDA
18
7.0 7.6

2. 2014 EBITDA reflecting the treatment as discontinued operations of the Regional Units Spain and Italy
2015 outlook
bn
19
2014A 1, 3
2015E
EBITDA 2
8.3
7.0 7.6
Depreciation
3.7
Economic interest expense
1.6
Taxes
1.1
0.4
1.6
1.4 1.8

3. With Regional Units Italy and Spain treated as dicontinued operations
Backup
20
2015 EBITDA1 outlook per unit

bn
2014A
2015E
Germany
1.8
Organic improvements and weather normalization
Other EU Countries
1.7
Organic improvements and weather normalization

vs. impact of FX and storm cost
Renewables
1.5
Hydro: Lower hydro prices, lower volumes (due to

disposals), EC&R: Offshore wind CODs during H2
Generation
2.2
Impact of falling power prices, early shut-down of

Grafenrheinfeld, disposals
Exploration & Production
1.1
Lower volumes and lower prices
Global Commodities
0.0
Improvements in the power and gas business
Non-EU Countries
0.4
Mainly lower Rubel exchange rate
EBITDA1
8.3
7.0 7.6
21
Main drivers
Full year 2014 financial highlights
2013 1
2014
% YoY
119,688
111,556
-7
EBITDA 2
9,191
8,337
-9
EBIT 2
5,624
4,664
-17
2,126
1,612
-24
Operating cash flow 4
6,260
6,253
Investments
7,992
4,633
-42
-32,218
-33,394
-1,176 3
Sales
Economic net debt
22
1.
2.
3.
4.
Including pro forma adjustment regarding IFRS 10/11

Adjusted for extraordinary effects
Change in absolute terms
Operating cash flow from continuing operations
Full year 2014 EBITDA and EBIT by unit

m
EBITDA 1
2013 2
2014
EBIT 1
% YoY
2013 2
2014
% YoY
Generation
1,936
2,215
+14
1,017
1,201
+18
Renewables
1,464
1,500
+2
1,014
1,044
+3
311
21
-93
192
-75
1,070
1,136
+6
560
498
-11
Germany
2,387
1,846
-23
1,667
1,184
-29
Other EU Countries 3
2,012
1,732
-14
1,436
1,131
-21
533
439
-18
338
293
-13
-522
-552
-600
-612
9,191
8,337
-9
5,624
4,664
-17
Global Commodities
Non-EU Countries
Group Management / Consolidation
Total
23

3. Reflecting the treatment as discontinued operations of the Regional Unit Spain and Italy
From EBITDA to net income

2013 2
2014
% YoY
9,191
8,337
-9
-3,567
-3,673
5,624
4,664
-17
-1,874
-1,612
2,004
589
-550
-496
765
540
Impairments (net)
-1,643
-5,409
Other non-operating earnings
-1.259
-655
3,079
-2,379
-718
-576
98
-175
368
30
2,091
-3,160
EBITDA 1
Depreciation/Amortization/Impairments
EBIT 1
Net book gains
Restructuring
Mark-to-market valuation of derivatives
Income/Loss from continuing operations before income taxes

Income taxes
Income/loss from discontinued operations, net
Net income/loss attributable to shareholders of E.ON SE
24

Generation
m
EBITDA 1
EBIT 1
2013 2
2014
% YoY
2013 2
2014
% YoY
1,240
1,411
14
967
1,085
12
Steam
538
614
14
179
197
10
CCGT
170
200
18
-114
-68
Other/Consolidation
-13
-10
-15
-13
1,936
2,215
14
1,017
1,201
18
Nuclear
Total
Main EBITDA effects (in bn)

Nuclear (+0.2)
Lower nuclear fuel tax payments mainly related to the earlier shut down of Grafenrheinfeld (+0.2)
Steam/CCGT/Other (+0.1)
Impact of E.ON 2.0 cost reductions (+0.1)
Provision release in Italian CCGT (+0.1)
Lower availability in German coal fleet (-0.1)
25

Renewables
m
EBITDA 1
EBIT 1
2013 2
2014
% YoY
2013 2
2014
% YoY
Hydro
780
677
-13
657
551
-16
Wind/Solar/Other
684
823
+20
357
493
+38
1,464
1,500
+2
1,014
1,044
+3
Total

Hydro (-0.1)
Reduced volumes in Germany and Italy due to lower water inflow and last years disposal of hydro assets as part
of the asset swap with Verbund AG (-0.1)
Lower prices in Spain and Germany
Wind/Solar/Other (+0.1)
Increased book gains (+0.2) and higher wind volumes, partly compensated by foregone earnings due to capital
rotation
26

Global Commodities
m
EBITDA 1
Coal/Oil/Freight/LNG
Power and Gas
Infrastructure/Other
Total
EBIT 1
2013 2
2014
% YoY
2013 2
2014
% YoY
48
29
-40
48
29
-40
176
-145
77
-236
87
137
+57
67
132
+97
311
21
-93
192
-75

Power and Gas (-0.3)
Prior years disposal of Fldgaz and smaller disposals (-0.2)
Absence of positive effect in CO2 portfolio due to the absence of the EUA-CER swap (-0.1)
Lower achieved prices in power (-0.1)
Infrastucture/other (+0.1)
Mainly driven by higher results from our participation in the Nord Stream pipeline
27


m
EBITDA 1
Total
EBIT 1
2013
2014
% YoY
2013
2014
% YoY
1,070
1,136
+6
560
498
-11

North Sea fields (+0.2)
Higher volumes mainly driven by Skarv moving to plateau production (+0.4)
Lower oil and gas prices in the fourth quarter (-0.1)
Currency impact and further operational effects (-0,1)
Yushno Russkoje (-0.1)
Material decline in BAFA price (-0.1)
28
Germany
m
EBITDA 1
Distribution
Non-regulated/Other
Total
EBIT 1
2013 2
2014
% YoY
2013 2
2014
% YoY
1,985
1,525
-23
1,343
953
-29
402
321
-20
324
231
-29
2,387
1,846
-23
1,667
1,184
-29

Distribution Networks (-0.5)
Prior years disposal of three regional utilities (-0.3)
Lower earnings due to new regulatory period (-0.3)
Lower controllable cost (+0.2)
Non-regulated/Other (-0.1)
Mainly due to the warm winter and prior years disposal of E.ON Energy from Waste
29

Other EU Countries
m
EBITDA 1,3
EBIT 1,3
2013 2
2014
% YoY
2013 2
2014
% YoY
1,211
1,002
-17
853
641
-25
Sales
484
514
392
435
11
Other/Consolidation
317
216
-32
191
55
-71
2,012
1,732
-14
1,436
1,131
-21
Distribution
Total

Distribution Networks (-0.2)
Mainly due to lower renewables correction factor in Czech distribution business (-0.2)
Lower connection fees in Swedish distribution business and weak Swedish krona (-0.1)
Sales/Other/Consolidation (-0.1)
Mainly impact of the warm winter
30

3. Reflecting the treatment as discontinued operations of the Regional Unit Spain and Italy
Non-EU Countries
m
EBITDA 1
EBIT 1
2013
2014
% YoY
2013
2014
% YoY
Russia
(in Mio Ruble)
687
(29,021)
517
(26,361)
-25
(-9)
492
(20,756)
371
(18,936)
-25
(-9)
Other Non-EU
countries
-154
-78
-154
-78
533
439
-18
338
293
-13
Total

Russia (-0.2)
Currency translation effect due to significant Ruble depreciation compared to 2013 (-0.1)
Lower capacity fees and lower electricity gross margin mainly due to higher gas procurement cost (-0.1)
Other Non-EU countries (+/-0)

Turkey: no comparable basis
Brazil: no comparable basis
31
Cash effective investments by unit

m
20131
2014
% YoY
Generation
1,067
862
-19
Renewables
861
1,222
+42
Global Commodities
151
115
-24
404
64
-84
1,013
745
-26
969
879
-9
3,530
703
-80
-3
43
7,992
4,633
-42
Germany
Other EU Countries 2
Non-EU Countries
Group Management / Consolidation
Investments
32

Economic net debt

m
31 Dec 20133
31 Dec 2014
Liquid funds
7,814
6,067
Non-current securities
4,444
4,781
-22,724
-19,667
-46
34
Net financial position
-10,512
-8,785
Provisions for pensions
-3,418
-5,574
Asset retirement obligations 2
-18,288
-19,035
Economic net debt
-32,218
-33,394
Financial liabilities
Adjustment FX hedging 1
33
1. Net figure; does not include transactions relating to our operating business or asset management
2. Net of Swedish nuclear fund
Strong liquidity and well-balanced maturity profile

Liquidity and financial flexibility
Maturity Profile
bn, as of 31 Dec 2014 1
Revolving
credit facility
(undrawn)
5bn
Liquid funds
& non-current
securities
10.8bn
3
1.4bn
Liquidity
2.7bn
2015
2016
2017
Bond & promissory
notes maturities
Flexible funding options
Debt issuance
program
35bn
1.2bn
EUR CP
program
10bn
2015 2016 2017 2018 2019 2020 2021 2022 2023

USD CP
program
$10bn
Revolving
credit facility
5bn
No benchmark bond issuance since mid 20092

Currently no bond funding envisaged for 2015
EUR
GBP
USD
CHF
YEN
Other
Upcoming debt maturities easily manageable

Long-term and well-balanced debt maturity profile
1. Bonds and promissory notes issued by E.ON SE , E.ON International Finance B.V. and E.ON Beteiligungen
GmbH (fully guaranteed by E.ON SE)
2. E.ON Beteiligungen GmbH in 2014 issued a bond exchangeable into shares of Swiss energy company BKW
AG with a volume of c. 0.1bn
34

YTD
2013 3
YTD
2014
Difference
(in m)
Interest from financial assets/liabilities
-948
-817
+131
Interest cost from provisions for pensions and similar provisions
-150
-92
+58
Accretion of provisions for retirement obligation and other provisions
-915
-1,039
-124
Capitalized interests 1
200
162
-38
Other 2
-61
174
+235
-1,874
-1,612
+262
1. Borrowing cost that are directly attributable to the acquisition, construction or production of a qualified asset.
Borrowing cost are (virtual) interest costs incurred by an entity in connection with the borrowing of funds.
(interest rate: 5,5 %)
2. Includes mainly effects from market valuation of interest derivatives, Swedish Nuclear Fund, tax related
interest and interest rate changes of other long term provisions
3. Includes pro forma adjustment regarding IFRS 10/11
35
E&P - Oil & Gas production

m boe
2013
2014
% YoY
Skarv
10.0
13.5
+36
Njord/Hyme
2.4
2.8
+18
Elgin-Franklin
0.6
0.9
+60
Babbage
0.8
1.4
+75
Huntington
0.8
1.2
+52
Rita
0.3
0.7
+196
Total North Sea
16.5
22.4
+40
Yuzhno Russkoje
37.4
37.3
Total
52.2
60.0
+11
36
Outright hedging (Central Europe & Nordic)

/MWh
~49
2015
~38
~38
2016
~32
~33
2017
~30
0%
20%
40%
Central Europe
37
60%
80%
Nordic
100%
Continuation of scrip dividend scheme

Voluntary
scrip
dividend
Additional option for shareholders to exchange the cash dividend into E.ON shares
Cash payment is default
Subscription price will be close to market price (considering a discount of up to 3%1)
Use of
treasury
shares
E.ON will make use of its existing treasury shares
Taxation
Indicative
timeline
38
No new shares issued

Tax treatment of dividends in cash and in shares is generally equal in Germany
(tax portion ~ 28%2)
~ 72 % of cash dividend is exchangeable into E.ON shares3
17 March
7 May
8 May
27 May
5 June
Release of detailed scrip dividend information (E.ON website)

AGM
Ex-dividend date / start of subscription period
End of subscription period / determination of subscription price
Payment of cash dividend and delivery of E.ON shares
1. Final amount of discount is subject to rounding of subscription ratio (dependent on reference price);
expected to be in a range of 2.5% to 3.0%
2. Includes German Kapitalertragsteuer, SolZ, Kirchensteuer
3. Proposed cash dividend (gross): 0,50 per share; thereof 0,36 will be exchangeable into E.ON shares
E.ON Investor Relations Contact

Anke Groth
Head of IR
39
T+49 (211) 45 79 345

anke.groth@eon.com
Franois Poullet
France & Benelux
UK
T +49 (211) 45 79 332

francois.poullet@eon.com
Marc Koebernick
Germany & Switzerland
US
T +49 (211) 45 79 239

marc.koebernick@eon.com
Dr. Stephan Schnefu

UK
Germany
T +49 (211) 45 79 4808

stephan.schoenefuss@eon.com
Oliver Rder
Russia
Nordics
T +49 (211) 45 79 7402

oliver.roeder@eon.com
Carmen Schneider
Roadshow planning & management,
Shareholder ID & Targeting
T +49 (211) 45 79 345

carmen.schneider@eon.com
Reporting calendar & important links

Reporting calendar
May 7, 2015
Interim Report I: January March 2015
May 7, 2015
2015 Annual Shareholders Meeting
August 12, 2015
Interim Report II: January June 2015
November 11, 2015
Interim Report III: January September 2015
March 9, 2016
Annual Report 2015
Important links
Capital Market Story
http://www.eon.com/en/investors/presentations/capital-market-story.html
Other Presentations
http://www.eon.com/en/investors/presentations/special-topics.html
Annual Reports
http://www.eon.com/en/about-us/publications/annual-report.html
Interim Reports
http://www.eon.com/en/about-us/publications/interim-report.html
Facts & Figures
http://www.eon.com/en/about-us/publications/facts-and-figures.html
Creditor Relations
http://www.eon.com/en/investors/presentations/bonds.html
40
Disclaimer
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 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.

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2014 full year results

2014 results and 2015 outlook

2014 EBITDA and underlying net income

Underlying net income1

Economic net debt impacted by lower

1. Adjusted for extraordinary effects

2015 outlook reflects recent exchange

A clear roadmap for 2015 into our future

Preparing the spin-off

Sustaining performance culture

Disciplined investing in growth areas

Delivering on strategy of businesses

1 Preparing the spin off: announced strategy

Intention to divest remaining

Two highly competitive companies with distinct identities

1 Preparing the Spin off: key milestones

Capital market day

2 Sustaining performance culture

Net cost savings

Targeted ~1.3bn of net cost savings already

~10.800 FTE reduction achieved by end 2014

Cost savings in 2015 and beyond

Cost reductions in established businesses to

Part of cost savings will be reinvested in

E.ON 2.0 HR impact

In thousand full-time equivalents

Working Capital Excellence

3 Disciplined investing in growth areas

2015 capex planned at ~4.3bn,

2015 capex in Wind & Solar,

Russia & Brazil

2014 capex of 4.6bn, ~8%

>70% of 2015 capex in Wind &

1. Excluding 1.5bn asset swap with Verbund in 2013

4 Generation: capacity markets gaining momentum

Hedging Central Europe

Power hedging delivered substantial benefits

EU Commission to develop reference model

4 Renewables: offshore wind projects on track

Continued growth in wind & solar

4 Distribution: strong foundations for steady growth

Current regulatory discussion Germany

Distribution capex vs.

Network regulator BNetzA published

Capex above regulatory depreciation for the

Additional earnings potential for

4 Customer Solutions: empowering customers

First rise of customer numbers in Germany for

European base expected to be stable, strong

Evolution Net Promoter Score per market

Very important management focus

CustomerFirst program launched

Focus on improving sales capabilities &

Executing new strategy and spin-off:

Visual One2Two project

2014 full year results CFO part

Full year 2014 EBITDA development 1,2,3

Nuclear fuel tax

Power price and volume effect

1. Adjusted for extraordinary effects

Full year 2014 underlying net income2

1. Including pro forma adjustment regarding IFRS 10/11

Full year 2014 EBITDA1 OCF Reconciliation