E.ON SE Investor Presentation — June 2018

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Creating the future of energy

June 2018Discipline Focus Growth

http://www.energyfortomorrow.eu/•Focus: Europe’s first energy player with exclusive downstream focus

•Unique downstream footprint :RAB and customer numbers rise >60%1

•Earnings quality: network EBIT share rises to ~80%1

•Strong synergies: fading nuclear earnings overcompensated by €600-

•Attractive dividends: aiming to deliver abs olute annual dividend

•EPS accretion: from second year after closing

•Solid capital structure: high commitment to strong BBB rating

•Limited cash impact : acquisition of RWE‘s 76. 8% in innogy via asset

exchange; attractive offer to minority shareholdersFuture

Engie Iberdrola Enel Nat. Grid

Iberdrola Engie Enel Future

E.ONRegulated Asset Base (RAB € bn)Regulated Asset Base (RAB € bn)

Customer Numbers (m)Customer Numbers (m)Iberdrola2 Nat. Grid2 Engie2 Enel2~51

E.ONEBIT (€ bn)EBIT (€ bn)

Creating the future of energy

1. Future E.ON pro-forma EBIT 2017 (innogy data based on public information), 2. Bloom berg Data, 3. RABs from

different regulatory regimes are not directly comp arable due to significan t methodical differences. 2Creating two focused energy companies

Future E.ONFuture E.ON RWERWE 16.67%T arget structureT arget structureStructure todayStructure today

3Acquisition of innogy via innovative asset exchange

holders)T otal equity value: ~€22bn

16.67% Stake in Future E.ON

E.ON & innogy Renewables

Cash payment to E.ON (- €1.5bn)

Offer price and innogy dividend for

2017 and ’18 (~€5.2bn)1. Acquisition of RWE‘s 76.8% stake in innogy via asset

2. RWE to get in exchange: