1| VERBUND | Presentation VERBUND Vienna,

2| VERBUND HIGHLIGHTS >most valuable listed company in Austria >12.2 billion EUR market capitalization* >116 power plants with 8,300 MW bottle neck capacity and ~25,000 GWh standard capacity >~60,000 GWh trading volume and trading subsidiaries in 10 countries >~4,000 GWh to end customers >~3,400 km power grid route length FINANCIAL KEY FACTS Sales revenuemil.€1,7122,1342,8783,038 EBITmil.€ Total Profitmil.€ Operating CFmil.€ Investing CFmil.€ EBIT Margin% ROIC% >SHAREHOLDING STRUCTURE ><24 %>Free float >>25 %>Provincial power utilities >51 %>Republic of Austria *06/11/08

3| >Creation of an unique position as specialist for growth markets >Establishment of a portfolio mix of existing and new projects to accelerate the returns and to gain a steady P&L development >Focus on business model “asset based trader” with priority on CO2 extensive technology (hydro, gas, renewables) >Foundation of Verbund International (VI) to dedicate management attention and resources VERBUND REGIONAL FOCUS Trading subsidiaries

4| Source > total GDP equals two thirds of the total of EU-New Member States (per capita about half) > has one of the biggest and strongest growing populations and is one of the most important growth markets in larger Europe > Foreign Direct Investment into Turkey has steadily increased over the last 5 years (pushed up by privatizations and reform efforts in line with EU acquits preparation and Worldbank recommendations) > Despite political hick-ups, Turkey has proven a stable regulatory and legal framework for foreign investors and is investment-friendly Forward Prices Base (real 2007) in EUR/MWh Source: Global Insight & Mercados & P ö yry CAGR: 6.5 % CAGR: 7.8 % Electricity Demand – Turkey (TWh) TURKEY RATIONALE

5| Equity Stake: > 50 % stake (Partner Sabanci) Targets: > 5,000 MW generation till 2015 > 10 % market share (generation & sales) Recent developments: > Winning bidder for Baskent 1,225 bn USD > 1 bn EUR financing signed for the construction of 2,000 MW of greenfield power plants > 919 MW CCGT Bandirma ground breaking ceremony this month > Over 600 MW HPP under construction (4 HPP) > Licences for 69 MW wind, further 155 MW applied for Çanakkale 30 MW Çanakkale 65 MW Gazipasa MW Adana 120 MW Tufanbeyli 450 MW Mersin 65 MW Birkapili 48 MW Sucati 7 MW Hydro Power Plants 1000 MW Bandirma 919 MW Bandirma 24 MW Kentsa 120 MW Mersin 101 MW Hydro Thermal Wind TURKEY ENERJISA

6| > Dynamic economy growth expects increase of electricity consumption > Base scenario shows a growth rate in SEE off 2.3 % p. a. (EU-Energy Demand Forecast) which is significantly above the EU average > Outdated generation plants > Growing economical integration with EU incl. CO 2 regime > Integration of the Balkan states to one market zone; Development of a SEE wholesale market PL CZCZ SKSK HUHU RORO BGBG SL RSRS HR BIH ME MK AL GR 2008 PL CZCZ SKSK HUHU RORO BGBG SL RSRS HR BIH ME AL GR MK 2020 Electricity consumption growth CAGR until 2020Integration of the market by 2020 CEE/SEE RATIONALE

7| FINANCIAL CRISIS OUTLOOK IMF updates World Economic Outlook after one month! > World growth slows from 5% in 2007 to 3,75% in 2008 and just over 2% in 2009 > Central and eastern Europe from 5,7% in 2007 to 4,2% in 2008 and 2,5% in 2009 > Weakening prospects are depressing commodity prices > The financial crisis remains virulent > Consumers and firms are reassessing income prospects > Real GDP growth – Development ( Percent change) Source: IMF - World Economic Outlook

8| FINANCIAL CRISIS NEW INVESTMENTS -30% > Increase of financing costs > Higher equity/debt relation > Increase of WACC > Reduction of NPVs and equity IRRs > Difficulties to find a financing bank (even together with financial institutions) > Stronger influence of financing banks in management > Example: NPV for a new 400 MW CCGT

9| RISKS AND OPPORTUNITIES o+ Over-average growth rate o+ High return expectations BUT o~ Political intervention - “Robin Hood”-Tax - Renewable subsidies o~ Tender & licensing procedures o~ Economic development o~ Development of primary energy and electricity prices o~ Capital intensity; financing constraints o~ Human resources UNCERTAINTY REMAINS Source: Pöyry Spread of more than 60 EUR/MWh EUR/MWh Forward Prices Base SEE (real 2007)