Forecast for 2009: marginal changes to the reporting structure

The following changes apply to our financial reporting for 2009. To ensure comparability with prior-year figures, we will adjust them accordingly:

• So far, RWE Innogy has been assigned to “Other, consolidation“ at the Group level. We will state this company as a separate division from now on.
• In the future, RWE Transportnetz Strom will no longer belong to RWE Energy. It will be transferred to RWE AG. This will prepare us for the stricter European regulations governing the separation of transmission grids from the rest of the energy business. RWE Transportnetz Strom will be reported under “Other, consolidation.”
• RWE Key Account will be transferred from RWE Energy to RWE Supply & Trading. Key accounts generally look to the formation of prices on the wholesale market when conducting their purchasing activities. Therefore, this combination will benefit service levels and realize synergies.
• Another adjustment relates to the calculation of EBITDA Glossary (Earnings Before Interest, Taxes, Depreciation and Amortization): From 2009 onwards, our operating income from investments will be included in this figure as well. We expect that income from investments will increase in the next few years.

As mentioned before, we expect to complete the acquisition of Essent in the third quarter. This is subject to Essent shareholders accepting our takeover offer and antitrust authorities approving the deal. Our outlook for 2009 does not include this transaction.