Contents

INVESTMENT SUMMARY 3
VALUATION UNDER VARIOUS SCENARIOS 5
CENTRAL SCENARIO 5
WORST CASE: WE IMAGINE AN EXTREME SCENARIO 7
BEST CASE: WE IMAGINE A POSITIVE SCENARIO 9
ELECTRICITY PRICES 11
CRUCIAL TO VALUATION IN THE LONG TERM 11
GREEN IS BEAUTIFUL 14
GENERATION MIX: THE CLEANEST WINS 14
FINANCIAL IMPLICATIONS OF A CLEANER GENERATION MIX 16
GROWTH AND DIVERSIFICATION 18
E.ON SHOULD GROW MORE THAN RWE 18
THE SEARCH FOR DIVERSIFICATION 19
FINANCIAL SITUATION 21
RWE BETTER AT PRESENT 21
EVENTS IN THE COMING MONTHS. 23
1Q09 RESULTS 23
ESSENT: ON/OFF UNTIL MAY 14 24
GERMAN ELECTIONS IN SEPTEMBER 24
COMPANY NOTES 27
E.ON 28
RWE 34