History:  Letter from the CEO >
Dear Investors,

I am happy to be the bearer of good news immediately after taking office as RWE’s CEO: Our performance in the first three quarters has been extremely positive. We improved our operating result by 20%. Double-digit growth posted by the RWE Power and RWE npower Divisions more than offset the decrease in earnings recorded by RWE Energy caused by grid regulation. Net income was up 35%. These growth rates will be lower by the end of the year. But we stand a very good chance of achieving our targets for fiscal 2007.

That concludes my comments on our business trend. Given my recent appointment as Chairman of the Executive Board as of October 1, I am sure you are interested in learning about who I am and—more importantly—about the course I believe your company should steer in the years ahead. I addressed these issues at an analyst conference on October 11. You can view a webcast of the event at www.rwe.com.

I would appreciate it if you gained a first impression from this video. We will explain our future strategy to you in February 2008, when we present the annual financial statements.

Until then, I will spend the lion’s share of my time obtaining a first-hand picture of RWE’s strengths and weaknesses on the energy market. Talks with policymakers are another of my points of focus. In light of the difficult position German utilities now have in the public debate, I believe this is an area that requires urgent action. Security of supply, competition and climate protection will only progress if there is a common understanding of the intended approach and the framework conditions.

Personal contact with our investors is another item on my list of priorities for the upcoming months.

I look forward to engaging in dialogue with you, and you can contact me using my e-mail address: “juergen.grossmann.ir@rwe.com”.

Sincerely yours,

Essen, November 2007

Dr. Jürgen Großmann



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