E.ON AG Analyst Conference Presentation by Dr. Erhard Schipporeit December 7, 2000

+/- %9 months 2000 Group Performance (1) € in millions (pro forma) 9 months ,855 1,895 1, ,020 2,073 1, Group external sales Group internal operating profit Electricity Oil Chemicals Telecommunications Real Estate Other Activities E.ON AG/consolidation

+/- % 1,895 4, ,070 -3,051 4, ,708 2,073 2, ,561 -1,553 3, , months months 1999 Group Performance (2) € in millions (pro forma) Group internal operating profit Net book gains Cost-management and restructuring expenses Other non-operating earnings Foreign E&P taxes Pretax income Income taxes Income after taxes Minority interests Group net income

+/- %9 months months ,005 39,825 87,088 14,450 6, ,036 21,005 36,886 71,846 6,606 3, , Electricity - Power supplied kWh in millions Standard-rate customers Special-rate customers Distributors thereof foreign utilities thereof traders Total power supplied

9 months 2000 € 9, ,255 kWh 156,036 90,081 9 months 1999+/- % Electricity - Key figures in millions (pro forma) Sales thereof electricity taxes Internal operating profit Production/Sales volume Power supplied Power generated € 9, ,818 kWh 133,129 81,

Electricity - German industrial power prices in Pf/kWh Source: VIK - Industrial customers with power consumption between 100 kW/1,600 h and 25,000 kW/7000 h

9 months ,226 6, , ,178 3,838 9 months 1999+/- % Oil - Key figures (1) € in millions Sales thereof petroleum taxes Internal operating profit Production/Sales volume Crude oil production in 1,000 bbl Natural gas production in million m 3 Pretroleum products sales volume in 1,000 t Petrochemical products sales volume in 1,000 t 8, , ,948 3,

Oil - Key figures (2) € in millions Internal operating profit Upstream Downstream Other Average crude oil price ($/barrel) Refinery margins ($/ton) months months 1999

9 months , months 1999+/- % Chemicals - Key figures € in millions (pro forma) Sales Internal operating profit 11, Bouyant global demand Favorable currency effects Higher product prices €131 million in synergy effects

9 months months 1999+/- % Telecommunications - Key figures € in millions (pro forma) Sales Internal operating profit Sale of activities with high startup losses (Otelo and E-Plus) Interest income on sales proceeds Booming mobile communications market leads to higher customer acquisition costs

9 months months 1999+/- % Real Estate - Key figures € in millions Sales Internal operating profit Higher maintenance and modernization expenditures Higher interest expenses Fewer housing units sold

9 months , , , months 1999+/- % Other Activities - Key figures € in millions (pro forma) Distribution/Logistics Sales Internal operating profit Aluminum Sales Internal operating profit Packaging* Sales Internal operating profit Silicon Wafers Sales Internal operating profit 15, , , * including Schmalbach-Lubeca and excluding Gerresheimer Glas

Outlook for full year 2000 Pretax income: up considerably year-on year Group internal operating profit: to show slight improvement on nine-month performance Electricity: preliminary indications of a trend shift in power prices; internal operating profit still markedly below prior year‘s level Oil: internal operating profit up substantially year-on-year Chemicals: internal operating profit to distinctly exceed previous year‘s performance Telecommunications: significant startup losses, though at a lower level than in 1999 Real Estate: internal operating profit to surpass 1999 figure Other Activities: internal operating profits expected to be higher - in some cases quite considerably higher - year-on-year

US GAAP Purchase accounting creates €6bn of goodwill Market-value approach allocates €5bn to Telecommunications Division Sale of Orange reduces goodwill by €1bn Exercising put option for VIAG Interkom interest would reduce goodwill by an additional €4bn Earnings impact of amortization of goodwill negligible: higher long-term earnings potential Market-value approach results in lower gains from disposals

Value-based management Return on Capital Employed (ROCE) to be central performance metric Guarantees high degree of transparency and increases comprehensibility ROCE facilitates comparisons with competitors