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

2. +/- %9 months 2000 Group Performance (1) € in millions (pro forma) 9 months 1999 69,855 1,895 1,255 226 507 -543 53 556 -159 50,020 2,073 1,818 -44 377 -583 106 321 78 +40 -9 -31 - +34 +7 -50 +73 - Group external sales Group internal operating profit Electricity Oil Chemicals Telecommunications Real Estate Other Activities E.ON AG/consolidation

3. +/- % 1,895 4,558 -135 387 365 7,070 -3,051 4,019 -311 3,708 2,073 2,245 -204 268 179 4,561 -1,553 3,008 -93 2,915 -9 +103 +34 +44 +104 +55 -96 +34 -234 +27 9 months 20009 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

4. +/- %9 months 20009 months 1999 23,005 39,825 87,088 14,450 6,119 156,036 21,005 36,886 71,846 6,606 3,291 133,129 +9.5 +8.0 +21.2 +118.7 +85.9 +17.2 Electricity - Power supplied kWh in millions Standard-rate customers Special-rate customers Distributors thereof foreign utilities thereof traders Total power supplied

5. 9 months 2000 € 9,132 304 1,255 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 € 9,756 176 1,818 kWh 133,129 81,858 -6 +73 -31 +17 +10

6. 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

7. 9 months 2000 20,226 6,932 226 38,996 769 29,178 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 8,035 2.838 -44 39,339 901 23,948 3,205 +152 +144 - -15 +22 +20

8. Oil - Key figures (2) € in millions Internal operating profit Upstream Downstream Other Average crude oil price ($/barrel) Refinery margins ($/ton) 226 171 90 -35 28.0 24.8 -44 -2 31 -73 15.8 14.6 9 months 2000 9 months 1999

9. 9 months 2000 14,821 507 9 months 1999+/- % Chemicals - Key figures € in millions (pro forma) Sales Internal operating profit 11,427 377 +30 +34 Bouyant global demand Favorable currency effects Higher product prices €131 million in synergy effects

10. 9 months 2000 264 -543 9 months 1999+/- % Telecommunications - Key figures € in millions (pro forma) Sales Internal operating profit 188 -583 +40 +7 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

11. 9 months 2000 832 53 9 months 1999+/- % Real Estate - Key figures € in millions Sales Internal operating profit 771 106 +8 -50 Higher maintenance and modernization expenditures Higher interest expenses Fewer housing units sold

12. 9 months 2000 19,330 396 2,530 180 1,891 50 654 -70 9 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 15,711 255 2,040 191 1,553 48 475 -173 +23 +55 +24 -6 +22 +4 +38 +60 * including Schmalbach-Lubeca and excluding Gerresheimer Glas

13. 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

14. 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

15. 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