Balance sheet structure

As of September 30, 2009, the RWE Group had a balance sheet total of € 92.1 billion. € 15.6 billion are attributable to Essent, which was acquired as of the balance sheet date. The fact that our balance sheet total was € 1.3 billion lower compared to year-end 2008 is in part due to the deconsolidation of American Water, which had an effect of € 7.6 billion. Furthermore, our financial accounts receivable from variation margins and collateral decreased by € 1.9 billion, our derivative positions were down by € 2.4 billion, and our trade accounts receivable dropped by € 2.4 billion. In the period under review, the RWE Group’s equity ratio climbed from 14.1 % to 14.4 %. Our non-current assets were covered by equity and non-current liabilities at a rate of 108 % — proof of RWE’s solid financial and capital structure.