E.ON International Finance B.V Annual Report. Rotterdam, The Netherlands

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1 E.ON International Finance B.V Annual Report Rotterdam, The Netherlands

2 Content Company Board and Management Report from the Supervisory Board... 3 Adoption by the Annual General Meeting of Shareholders... 4 Report of the Board of Management... 5 Financial Statements of E.ON International Finance B.V. Balance Sheet (before profit appropriation) Income Statement Cash flow Statement Notes Additional Information 29 Auditors report 30

3 Financial Statements of E.ON International Finance B.V. 3 Report from the Supervisory Board At the end of 2014 the Supervisory Board comprised the following members: Mrs. V. Volpert Mrs. C. Mencke Mr. S.W. Hloch The composition of the members of the Board did not change during the reporting year. The Supervisory Board met once on March 26, During this meeting the Board of Management presented the business results for the year 2013 which were discussed and approved by the Supervisory Board. Also, the planned activities for 2014 were discussed. In 2014 E.ON International Finance B.V. issued no new bonds into the international capital markets due to the ongoing strong liquidity situation of the E.ON Group. Instead, similar to previous years E.ON International Finance B.V. again engaged into liability management transactions. Besides, E.ON International Finance B.V. continued to be an important liquidity provider and financing hub within the E.ON Group and is constantly prepared to act in the debt capital markets if deemed appropriate. The financial statements 2014 have been audited and were given an unqualified report by the auditors of PricewaterhouseCoopers. The auditor s report is included in this report. The Income Statement for the year 2014 discloses a Net Profit of 24.7 million. The Supervisory Board approves the proposal made by the Board of Management to add this amount to the Other reserves. The Supervisory Board recommends that the General Meeting of Shareholders adopts the financial statements for the year The Supervisory Board takes this opportunity to express its appreciation for the performance of the management during the past year. Rotterdam, March 26, 2015 Mrs. V. Volpert Mrs. C. Mencke Mr. S.W. Hloch

4 Financial Statements of E.ON International Finance B.V. 4 Adoption by the Annual General Meeting of Shareholders In accordance with Article 20(8) of the Articles of Association, the Annual General Meeting of Shareholders has adopted the 2014 financial statements of E.ON International Finance B.V. The Income Statement discloses a Net Profit of 24.7 million. The entire amount of 24.7 million will be added to the Other reserves. Rotterdam, March 26, 2015 E.ON SE

5 Financial Statements of E.ON International Finance B.V. 5 Report of the Board of Management General information Composition of the Board of Management At the end of 2014 the Board of Management comprised the following members: Mr. J. Otto Mr. R. Toering During 2014, the composition of the Board of Management has changed compared to the financial year ended December 31, Effective June 1, 2014 Mr. J. Trapman resigned as Member of the Board of Management of E.ON International Finance B.V. Effective November 1, 2014 also Mr. M. Bokelmann resigned as Member of the Board of Management of E.ON International Finance B.V. The ratio between men and women in the Board of Management does not comply with the required minimum ratio according to the Act for Governance and Supervision ( Wet Bestuur en Toezicht ). Company objectives and core activities According to article 3 of the Articles of Association of E.ON International Finance B.V., the objectives of E.ON International Finance B.V. are: to borrow, to lend and to raise funds, including the issue of bonds, promissory notes or other securities or evidence of indebtedness as well as to enter into agreements in connection with aforementioned activities; to participate in any way whatsoever in, to manage, to incorporate and to supervise businesses and companies; to perform any and all activities of a commercial or financial nature; and to do all that is connected therewith or may be conductive thereto, all to be interpreted in the broadest sense. The principal activity of E.ON International Finance B.V. is the financing of E.ON Group entities mainly via the issuance of bonds or other securities, or by taking deposits or intra-group loans. Composition of the Group E.ON International Finance B.V., a corporation with limited liability, having its statutory seat in Rotterdam, The Netherlands, considers E.ON SE, Düsseldorf, Germany to be its ultimate parent company. The financial information of E.ON International Finance B.V. is included in the consolidated financial statements of E.ON SE, Germany. Copies of the consolidated financial statements of E.ON SE can be obtained from E.ON SE in Düsseldorf. Internal organisation At the end of 2014 E.ON International Finance B.V. had no own employees (2013: 0). All personnel is either seconded from other E.ON Group companies or employed by E.ON Benelux N.V. under a service level agreement. Market review The international capital markets in general continued the positive trends started in previous years also during 2014, with however somewhat increased volatilities in the second half of the year which were mainly triggered by geopolitical developments. On the monetary side the European Central Bank continued also 2014 with clear actions of liquidity support while other Central Banks at the same time continued to reduce liquidity support measures. On foreign exchange rates the volatility increased on emerging market currencies especially during the first half of the year. During the second half of the year, however, the Euro substantially weakened against the main

6 Financial Statements of E.ON International Finance B.V. 6 currencies namely U.S. Dollar, British Pound and also Japanese Yen which was mostly triggered by the differences in Central Bank actions, but also by different macroeconomic developments. On the interest side, the actions of the European Central Bank again resulted in new historical low levels both for short term rates and long term rates, with overnight rates even turning negative in the fourth quarter of the year. Credit spreads also continued their tightening trend in 2014, with almost all European sovereign issuers benefiting from that and some even realizing temporally negative yields. Corporate credit spreads also developed positively, with noninvestment grade spreads however experiencing the biggest tightening due to the strong demand. In general, corporate issuers where able to realize historically low coupons while at the same time even issuing very long dated maturities. Utility spreads also participated in that positive development. As to issuance volumes, the Euro corporate bond market issuance activity increased compared to previous year levels becoming the second best year over the last decade. Also net supply following redemptions remained positive for the corporate market. Business review In 2014 E.ON International Finance B.V. did not issue any new notes. Instead, in July 2014 E.ON International Finance B.V. engaged in a liability management transaction and offered to repurchase three bonds with a nominal value of 5 billion. In total a nominal volume of 1 billion was repurchased and subsequently cancelled. In addition, in November 2014 E.ON International Finance B.V. fully repurchased all notes of a 0.2 billion bond that it was offered from a single investor. As the corresponding nominal values of intra-group loans have also been repaid early there has been no P&L impact from the early redemptions. Additionally, bonds valuing 3.2 billion matured in Together with foreign exchange effects the total amount of notes outstanding as of December 31, 2014 decreased to 14.2 billion. At year end 2013 E.ON International Finance B.V. had 18.0 billion of bonds outstanding. Apart from the above mentioned foreign exchange effects on the Euro value of Non-Euro denominated bonds, the market developments only had a limited impact on E.ON International Finance B.V. s bond business. Throughout 2014 E.ON secondary bond spreads again continued its tightening trend, revealing the continued investor confidence in the E.ON credit. In terms of the intra-group financing business, in 2014 E.ON International Finance B.V. continued taking up intra-group loans or E.ON SE guaranteed short term deposits to fund lending activities to other E.ON Group companies. During 2014 the volumes of the intra-group loans slightly decreased due to some loan repayments which could not be replaced by new lending business. As of December 31, 2014 the total short term loan portfolio amounted to 4.7 billion compared to a portfolio of 5.4 billion as of year-end Additionally, E.ON International Finance B.V. held liquidity amounting to 1.1 billion as of December 31, As a result of the above, the total asset base decreased from 24.3 billion at year-end 2013 to 20.6 billion as of December 31, Furthermore, E.ON International Finance B.V. s net profit decreased from 28.6 million to 24.7 million. Major reasons were the on-average lower lending volumes in both the treasury activities and the bond business activities. In April 2014, E.ON s Debt Issuance Programme was extended for another year. The Debt Issuance Programme enables both E.ON SE and E.ON International Finance B.V. to issue debt to investors in public and private placements. The total programme volume is unchanged at 35 billion. Except for the US Dollar benchmark bonds issued in 2008, all other notes outstanding are issued under this programme. In November 2013 E.ON entered into a new 5 billion Syndicated Dual Currency Revolving Credit Facility Agreement. The new facility has a tenure of 5 years plus two extension options of each one year and can therefore be in place until In November 2014 the first extension option had been exercised resulting currently in a tenure until During 2014 no drawings were made under both facilities. Additionally, E.ON International Finance B.V. continues to be a potential issuer under the 10 billion Multi-Currency Commercial Paper Programme. During 2014 also no drawings were made on behalf of E.ON International Finance B.V. under the 10 billion Multi-Currency Commercial Paper Programme.

7 Financial Statements of E.ON International Finance B.V. 7 E.ON continues to have credit ratings assigned from both Standard & Poor s ( S&P ) and Moody s. Long-term credit ratings assigned are A- and A3, respectively. The short-term ratings are A-2 (S&P) and P-2 (Moody s). Following E.ON s announcement of a new strategy in December 2014, both agencies placed its respective ratings under review for a potential downgrade, with a final result still being open. As all bonds issued are guaranteed by E.ON SE, the ratings continue to be a significant support of the bond business of E.ON International Finance B.V. Financial information Financial performance E.ON International Finance B.V. closed the financial year 2014 with a profit from ordinary activities before taxes of 32.7 million, compared to 38.2 million in This decrease is due to on average lower lending volumes. Risk Management E.ON International Finance B.V. manages its risks with the procedures and systems used within the E.ON Group. The Board is of the opinion that these procedures and systems provide an adequate risk management for E.ON International Finance B.V. Cash flows and financing needs E.ON International Finance B.V. s financing needs are directly related to funding requests of other E.ON Group companies. Financial instruments Financial risk factors E.ON International Finance B.V. s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. E.ON International Finance B.V. s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on E.ON International Finance B.V. s financial performance. Market risk Market risk is defined as the risk of a loss due to a negative change of market prices. Due to the international nature of its business activities, E.ON International Finance B.V. is exposed to exchange risks related to income, expenses, receivables and liabilities denominated in foreign currencies. E.ON International Finance B.V. s exposure results mainly from transactions in U.S. Dollars, British Pounds and Swedish Krona. According to the risk management policy set up by management, E.ON International Finance B.V. is required to hedge its foreign exchange rate risk. To minimize its foreign exchange risk arising from future transactions and recognized assets and liabilities E.ON International Finance B.V. uses cross-currency swaps, transacted with E.ON SE. E.ON International Finance B.V. s interest rate risk arises from assets and liabilities having either a different interest rate base (fixed vs. variable) or different tenures (short term vs. long term). Bonds and loans issued at variable rates expose E.ON International Finance B.V. to cash flow interest rate risk. Bonds and loans issued at fixed rates expose E.ON International Finance B.V. to fair value interest rate risk. E.ON International Finance B.V. s policy is to mitigate the interest rate risk using interest or cross currency interest swaps, transacted with E.ON SE or interest rate matching transactions wherever economically viable. However, depending on the transaction as well as on its individual market assessment E.ON International Finance B.V. may also be prepared to accept interest rate risks. Any such remaining interest rate risks are monitored closely and steered actively.

8 Financial Statements of E.ON International Finance B.V. 8 Credit risk Credit risk is the risk of loss due to a counterparty s non-payment of a loan or other receivable. Following the purpose of E.ON International Finance B.V., its main counterparties for loans and receivables are all related parties and hence members of the E.ON Group. Liquidity risk Liquidity risk is the risk that liabilities cannot be met when they fall due. Also a substantial and / or a simultaneous withdrawal of deposits fall into such risks. E.ON International Finance B.V. addresses such risk by matching the cash flows resulting from assets and liabilities wherever economically viable but also by maintaining a wide range of financing possibilities. As such E.ON International Finance B.V. has short term deposits readily available with E.ON SE, but also continues to be an issuer under the 10 billion Multi-Currency Commercial Paper Programme and counterparty to the new 5 billion Syndicated Dual Currency Revolving Credit Facility. Prospects In December 2014 E.ON announced its New Strategy which will result in a split of the E.ON Group. Although it has been stated that all capital market indebtedness will stay with E.ON, this may still have an impact on E.ON International Finance B.V. as it might lose some of its counterparties which consequently could reduce the business volumes as well. Moreover, also some structural changes on the setup of E.ON International Finance B.V. will have to be analyzed as a consequence of that. Together, both may have impact on the results and the business activities of E.ON International Finance B.V. in 2015 and beyond. Besides that, the general business and liquidity prospects for 2015 for E.ON International Finance B.V. continue to be positive which again may result in a reduction of bonds outstanding together with a corresponding reduction in the on-lending volumes. The intra-group financing activities will be continued by E.ON International Finance B.V. in Actual volumes are not fully predictable but a further reduction however appears to be likely. Furthermore, also changes in the interest rate environment and the credit spreads may have a direct impact on the financial results of E.ON International Finance B.V. Overall because of the pictured uncertainties E.ON International Finance B.V. cannot give any guidance on its results expected for 2015 at this stage.

9 Financial Statements of E.ON International Finance B.V. 9 Statement from the Board of Management The Board of Management state that to the best of their knowledge, the financial statements of 2014 are prepared in accordance with the statutory provisions of Part 9, Book 2, of the Netherlands Civil Code and the firm pronouncements in the Guidelines for Annual Reporting in the Netherlands as issued by the Dutch Accounting Standards Board and give a true and fair view of the assets, liabilities, financial position and profit or loss of E.ON International Finance B.V. and that the management report includes a fair review of the development and the performance of the business and the position of E.ON International Finance B.V., together with a description of the principal risks and uncertainties that it faces. Rotterdam, March 26, 2015 E.ON International Finance B.V. Board of Management Mr. J. Otto Mr. R. Toering

10 Financial Statements of E.ON International Finance B.V. 10 Balance Sheet (before profit appropriation) in thousands Note Dec 31, 2014 Dec 31, 2013 Financial fixed assets Loans to shareholder 3 9,709,683 11,540,786 Loans to group entities 4 3,550,945 3,401,204 13,260,628 14,941,990 Current assets Amounts due from shareholder 5 1,419,375 3,340,890 Amounts due from group entities 6 4,834,320 5,890,506 6,253,695 9,231,396 Cash 7 1,079, ,996 Total assets 20,594,191 24,274,382 Shareholders equity Issued share capital Share premium reserve 36,992 36,992 Other reserves 201, ,462 Undistributed profit 24,667 28, , ,292 Provisions Provision for loss making contracts 9 36,158 50,580 Provision for deferred taxes ,365 50,872 Borrowings Bonds 11 13,049,145 14,717,560 Current liabilities Amounts due to shareholder 12 1,369,968 1,956,351 Amounts due to group entities 13 4,390,173 3,215,712 Amounts due to associated companies ,066 Amounts due to others 15 1,483,726 3,771,782 Amounts due to tax authorities 1,855 3,747 7,245,722 9,267,658 Total equity and liabilities 20,594,191 24,274,382

11 Financial Statements of E.ON International Finance B.V. 11 Income Statement Year ended December 31 in thousands Note Interest and similar income 18 1,176,896 1,252,407 Exchange rate difference gains 724, ,648 Financial income 1,901,029 1,720,055 Interest and similar expenses 19 (1,143,714) (1,213,453) Exchange rate difference losses (724,328) (468,049) Financial expenses (1,868,042) (1,681,502) Total financial result 32,987 38,553 Operating expenses 20 (315) (327) Total operating expenses (315) (327) Result on ordinary activities before corporate income tax 32,672 38,226 Corporate income taxes 22 (8,005) (9,588) Net Profit 24,667 28,638

12 Financial Statements of E.ON International Finance B.V. 12 Cash Flow Statement Year ended December 31 in thousands Note Interest paid (1,282,950) (1,238,726) Interest received 1,315,481 1,305,438 Expenses paid (588) (675) Income tax paid (10,006) (7,883) Cash flows from operating activities 21,937 58,154 Loans granted to related parties (20,392,110) (17,889,777) Loan repayments received from related parties 25,363,518 20,396,269 Cash flows from investing activities 4,971,408 2,506,492 Proceeds from borrowings 19,720,000 14,465,000 Repayments of borrowings (23,734,473) (17,086,570) Cash flows from financing activities (4,014,473) (2,621,570) Net increase (decrease) in cash 978,872 (56,924) Cash at beginning of the year 100, ,920 Cash at end of the year 7 1,079, ,996

13 Financial Statements of E.ON International Finance B.V. 13 Notes (1) General information The activities of E.ON International Finance B.V. mainly comprise the financing of E.ON Group companies. E.ON International Finance B.V., a corporation with limited liability, having a statutory seat in Rotterdam, the Netherlands, considers E.ON SE, Düsseldorf, Germany to be its ultimate parent company. The financial information of E.ON International Finance B.V. is included in the consolidated financial statements of E.ON SE, Germany. Copies of the consolidated financial statements of E.ON SE can be obtained from E.ON SE in Düsseldorf. The statutory seat and the office of E.ON International Finance B.V. is Capelseweg 400 in Rotterdam. These financial statements were authorized for issue by the Board of Management on March 26, (2) Summary of significant accounting policies Basis of preparation The financial statements have been prepared in accordance with the statutory provisions of Part 9, Book 2, of the Netherlands Civil Code and the firm pronouncements in the Guidelines for Annual Reporting in the Netherlands as issued by the Dutch Accounting Standards Board. Unless stated otherwise in the principles set forth below, assets and liabilities are stated at the amounts at which they were acquired or incurred. Profit is determined on the basis of historical cost. The Balance Sheet, the Income Statement and the Cash flow Statement include references to the notes. Comparison with prior year The basis used for the valuation and result definition has remained unchanged with respect to the previous year. Cash Flow Statement The Cash Flow Statement was prepared according to the direct method. The funds included in the Cash Flow Statement consist of cash at banks and the inhouse banking account with E.ON SE. Cash flows in foreign currencies have been translated at the exchange rates existing on the day of settlement. Related parties In relation to its activities, E.ON International Finance B.V. has several transactions with both its shareholder E.ON SE, E.ON Group companies and non-consolidated E.ON companies. The interest which E.ON International Finance B.V. charges to related parties is based on market rates and includes a borrower specific credit margin. All bonds issued by E.ON International Finance B.V. under the 35 billion Debt Issuance Programme as well as under stand-alone documentations are guaranteed by E.ON SE. In return, E.ON International Finance B.V. pays a market based guarantee fee to E.ON SE. E.ON International Finance B.V. conducts derivative transactions as hedging instruments. To that extent E.ON International Finance B.V. uses interest rate swaps and cross-currency swaps. Such transactions are exclusively concluded with E.ON SE as counterparty.

14 Financial Statements of E.ON International Finance B.V. 14 E.ON International Finance B.V. acts as an intra-group financing company. The deposits generated from E.ON companies are sourced to finance additional lending operations. All such deposits are guaranteed by E.ON SE and a guarantee fee is paid accordingly. The assets and liabilities with related parties comprise: loans, interest and guarantee fee on such loans; interest on concluded swaps; intra-group financings, interest and guarantee fee on such intra-group financing. The interest and similar income mainly comprises: the interest on loans issued to related parties; amortization of the corresponding discounts on these loans; interest on swaps concluded with E.ON SE and the interest on the intra-group financings to related parties. The interest and similar expenses are mainly paid to third parties, with the exception of the interest on swaps concluded with E.ON SE, the interest on deposits or loans from related parties, both used for intra-group financing to related parties and the guarantee fee. All personnel is either seconded from other E.ON Group companies or employed by E.ON Benelux N.V. under a service level agreement. Within the Balance Sheet and the Income Statement the transactions with related parties are broken down into transactions with the shareholder, transactions with E.ON Group companies and transactions with associated companies. Foreign currency translation The functional currency as well as the reporting currency of E.ON International Finance B.V, is the Euro ( ). The financial statements are presented in Euro. Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction. Monetary foreign currency items are adjusted to the exchange rate at each balance sheet date; any gains or losses resulting from fluctuations in the relevant currencies are included in the financial income and expenses, respectively. Settled transactions in foreign currencies during the reporting period have been incorporated in the financial statements at the rate of settlement. The following table shows the movements in exchange rates of the relevant foreign currencies for the period indicated: ISO code Dec 31, 2014 Dec 31, 2013 British Pound EUR/GBP U.S. Dollar EUR/USD Swiss Franc EUR/CHF Japanese Yen EUR/JPY Swedish Krona EUR/SEK Czech Koruna EUR/CZK Norwegian Krone EUR/NOK Hong Kong Dollar EUR/HKD

15 Financial Statements of E.ON International Finance B.V. 15 Financial assets Currently all non-derivative financial assets of E.ON International Finance B.V. are classified in the category loans and receivables. They are included in non-current assets, except for maturities less than 12 months after the balance sheet date. These are classified as current assets. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are initially recognized at fair value plus transaction costs. Loans and receivables are subsequently stated at amortized cost. The premiums, discounts and transaction costs are depreciated on the straight-line method (on the basis of historical costs), based on the lifecycle of each of the items involved. This method of calculation does not lead to material differences in comparison with the calculation based on the effective interest method. Current assets Current assets are carried at the fair value of the consideration, usually amortized costs. Any difference to the nominal value is due to any premium or discount and any transaction costs associated to such assets. Unless stated otherwise, the maturity is less than one year. Prepaid expenses are recognized if the period in which expenses are paid differs to the period to which they are attributable. Cash Cash and cash equivalents are stated at face value. Cash and cash equivalents include all highly liquid financial instruments with original maturities of three months or less. This includes bank balances and the inhouse banking account with E.ON SE. Bank overdrafts are shown within borrowings in current liabilities on the Balance Sheet. Provisions Provisions are recognized for legally enforceable or constructive obligations existing at the balance sheet date, the settlement of which is probable to require an outflow of resources whose extent can be reliably estimated. Provisions are measured on the basis of the best estimate of the amounts required to settle the obligations at the balance sheet date. Unless indicated otherwise, provisions are stated at the present value of the expenditure expected to be required to settle the obligations. Provisions for loss making contracts are established for contracts in which a loss is anticipated. The provision is created to level interest rate differences between refinanced loans compared to new loans over the remaining live of the refinancing. These provisions are included at face value and released on a pro rata basis. Provisions for deferred taxes are recognized in respect of timing differences between valuation of assets and liabilities according to fiscal provisions and the valuation principles as used in these annual accounts. Deferred taxes are determined using the applicable tax rates as at year-end or future applicable rates and laws that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference to the nominal value is due to any premium or discount and any transaction costs associated to such liabilities. Any difference between the proceeds (net of transaction costs) and the redemption value are taken into the Income Statement on the straight-line method (on the basis of historical costs), based on the lifecycle of each of the items involved. This method of calculation does not lead to material differences in comparison with the calculation based on the effective interest method. Borrowings are classified as non-current liabilities unless their maturity is less than 12 months after the balance sheet date. These are classified as current liabilities.

16 Financial Statements of E.ON International Finance B.V. 16 Current liabilities Liabilities are carried at the fair value of the consideration, usually amortized costs, Any difference to the nominal value is due to any premium or discount and any transaction costs associated to such liabilities. Unless stated otherwise, the maturity is less than one year. Interest paid and received Interest paid and received is recognized on a time-weighted basis, taking account of the effective interest rate of the assets and liabilities concerned. When recognizing interest paid, allowance is made for transaction costs on loans received as part of the calculation of effective interest. Current income tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted on the balance sheet date. Income tax is calculated on the profit/loss before tax in the income statement, taking into account i.a. tax-exempt items, and non-deductible expenses. Account is also taken of changes in deferred income tax assets and liabilities owing to changes in the applicable tax rates. Financial instruments E.ON International Finance B.V. conducts derivative transactions as hedging instruments. To that extent E.ON International Finance B.V. uses interest rate swaps and cross-currency swaps. These are concluded with E.ON SE as counterparty. The foreign currency elements on the cross-currency swaps are translated into Euro at the rates of exchange prevailing on the balance sheet date. Resulting net gains or losses from translation of foreign currencies on the cross-currency swaps are immediately taken to the Income Statement. E.ON International Finance B.V. applies cost price hedge accounting mainly on all of its derivative financial instruments. E.ON International Finance B.V. uses interest rate swaps to hedge the interest risk on bonds and cross currency swaps for its currency risk on bonds and intra-group financing. The results of the hedging instrument are recorded as profit or loss at the same moment as the hedged item. E.ON International Finance B.V. documents at the inception of the transaction the relationship between hedging instruments and hedged items. E.ON International Finance B.V. also tests its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Cost price hedge In applying cost price hedge accounting, the initial recognition of, and the accounting policies for, the hedging instrument are dependent on the hedged item, which has the following implications: if the hedged item is recognized at cost in the Balance Sheet, the derivate instrument is also stated at cost; as long as the hedged item is not yet recognized in the Balance Sheet, the hedging instrument is not re-measured. This applies, for instance, to hedging currency risks on future transactions; if the hedged item qualifies as a monetary item denominated in a foreign currency, the derivative instrument, where it has currency elements, is also stated at the spot rate prevailing on the balance sheet date. Resulting net gains or losses from translation of foreign currencies on the cross-currency swaps are immediately taken to the Income Statement. If the derivate instrument has currency elements, the difference between the spot rate on the date the derivate instrument is contracted and the forward rate at which it will be settled is spread over the maturity of the derivative instrument; any ineffective portion of a hedge relation is recognized directly in profit or loss.

17 Financial Statements of E.ON International Finance B.V. 17 The gain or loss relating to the ineffective portion is recognized in the Income Statement within financial income or financial expenses. Recognition of income The result represents the difference between the value of the consideration rendered and the costs and other charges for the year. The results on transactions are recognized in the year they are realized. Losses are taken as soon as they are foreseeable. Costs are recognized on the historical cost convention and are allocated to the reporting year to which they relate. Interest income and expenses are recognized on a time-proportion basis using the effective interest method. Critical accounting estimates and judgments The preparation of the financial statements requires management to make estimates and assumptions. It also requires management to exercise its judgment in the process of applying E.ON International Finance B.V. s accounting policies. Estimates and judgments are based on past experience and on additional knowledge obtained on transactions to be reported and are reviewed on an ongoing basis. E.ON International Finance B.V. makes estimates and assumptions concerning future events. Actual events may differ from expectations and actual results will, by definition, seldom equal the accounting estimates. Financial risk factors E.ON International Finance B.V. s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. E.ON International Finance B.V. s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on E.ON International Finance B.V. s financial performance. Market risk Market risk is defined as the risk of a loss due to a negative change of market prices. Due to the international nature of its business activities, E.ON International Finance B.V. is exposed to exchange risks related to income, expenses, receivables and liabilities denominated in foreign currencies. E.ON International Finance B.V. s exposure results mainly from transactions in U.S. dollars, British Pounds and Swedish Krona. According to the risk management policy set up by management, E.ON International Finance B.V. is required to hedge its foreign exchange rate risk. To minimize its foreign exchange risk arising from future transactions and recognized assets and liabilities E.ON International Finance B.V. uses cross-currency swaps, transacted with E.ON SE. E.ON International Finance B.V. s interest rate risk arises from assets and liabilities having either a different interest rate base (fixed vs. variable) or different tenures (short term vs. long term). Bonds and loans issued at variable rates expose E.ON International Finance B.V. to cash flow interest rate risk. Bonds and loans issued at fixed rates expose E.ON International Finance B.V. to fair value interest rate risk. E.ON International Finance B.V. s policy is to mitigate the interest rate risk using interest or cross currency interest swaps, transacted with E.ON SE or interest rate matching transactions wherever economically viable. However, depending on the transaction as well as on its individual market assessment E.ON International Finance B.V. may also be prepared to accept interest rate risks. Any such remaining interest rate risks are monitored closely and steered actively. Credit risk Credit risk is the risk of loss due to a counterparty s non-payment of a loan or other receivable. Following the purpose of E.ON International Finance B.V., its main counterparties for loans and receivables are all related parties and hence members of the E.ON Group.

18 Financial Statements of E.ON International Finance B.V. 18 Liquidity risk Liquidity risk is the risk that liabilities cannot be met when they fall due. Also a substantial and or a simultaneous withdrawal of deposits falls into such risks. E.ON International Finance B.V. addresses such risk by matching the cash flows resulting from assets and liabilities wherever economically viable but also by maintaining a wide range of financing possibilities. As such E.ON International Finance B.V. has short term deposits readily available with E.ON SE, but also continues to be an issuer under the 10 Billion Multi-Currency Commercial Paper Programme and counterparty to the 5 Billion Syndicated Dual Currency Revolving Credit Facility. Fair value estimation E.ON International Finance B.V. tested the financial instruments on impairment. The test did not lead to impairments of any financial instruments. The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by E.ON International Finance B.V. is the current bid price. The fair value of financial instruments that are not traded in an active market (for example, overthe-counter derivatives) is determined by using valuation techniques. E.ON International Finance B.V. uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used for long-term debt. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments. The fair value of interest rate, crosscurrency and cross-currency interest rate swaps is calculated as the present value of the estimated future cash flows. (3) Loans to shareholder Movement schedule loans to shareholder At January 1 11,540,786 14,453,763 - Amortization 7,390 8,362 - Early repayments (1,150,000) - - Exchange differences 428,548 (139,550) - Current maturity (1,117,041) (2,781,789) At December 31 9,709,683 11,540,786 During 2014 E.ON International Finance B.V. did not issue any new long-term loans to shareholder. Instead, early loan repayments in July and November in the total amount of 1.2 billion took place. Proceeds from these early repayments were used to repurchase the corresponding bonds from the capital markets. In addition the total loan amount is also reduced by scheduled upcoming loan maturities. Such reductions however where partially offset by the increase of the Euro value of non-euro denominated loans which was due to the weakening of the Euro against the U.S. Dollar and British Pound.

19 Financial Statements of E.ON International Finance B.V. 19 The following table shows a detailed breakdown of the currency split: Carrying amounts of loans in currencies to shareholder Dec 31 Dec 31 EUR 6,347,527 10,274,127 GBP 2,018,255 1,884,560 USD 2,460,942 2,163,888 Total loans to shareholder 10,826,724 14,322,575 Reclassification to current assets 1,117,041 2,781,789 Total long term loans in currencies to shareholder 9,709,683 11,540,786 At the end of the reporting period the majority of total loans to shareholder continue to be denominated in Euro. The reduction in Euro denominated loans is due to scheduled and early loan repayments in With respect to the non-euro denominated loans, the Euro value increase in in both U.S. Dollar and British Pound denominated loans is solely due to the weakening of the Euro against both currencies. In general the currency structure of the loan portfolio to the shareholder shifted slightly with Euro denominated loans however still representing the majority. Maturities of loans at nominal value to shareholder Dec 31 Dec 31 6 months or less - 2,645, months 1,117, , years 1,238,215 1,250, years 1,769,153 1,650, years 1,682,813 2,375, years 770,317 1,485,724 Over 5 years 4,273,915 4,812,773 Total loans to shareholder 10,852,045 14,355,770 Reclassification to current assets 1,117,632 2,782,273 Total long term loans in maturities to shareholder 9,734,413 11,573,497 The maturity structure of the loan portfolio to shareholder continues to be well balanced. At maturity all loans are repaid at nominal value. The total nominal value of outstanding loans to shareholder amounts to 10.9 billion. The difference to book values lie in net discounts of 25.3 million. The amounts of discount and premium on the loans are amortized over the period of the underlying asset on a straight-line basis. The market values of the loans to shareholder per December 31, 2014 is 13.9 billion (December 31, 2013: 17.1 billion). (4) Loans to group entities Movement schedule loans to group entities At January 1 3,401,204 3,851,266 - Amortization Exchange differences 149,356 (66,704) - Current maturity - (384,027) At December 31 3,550,945 3,401,204 During 2014 E.ON International Finance B.V. did not issue any new long-term loans to group entities. The increase in the total loan amount is mostly due to increased Euro value of Non-Euro denominated loans due to the weakening of the Euro against the British Pound.

20 Financial Statements of E.ON International Finance B.V. 20 The following table shows a detailed breakdown of the currency split: Carrying amounts of loans in currencies to group entities Dec 31 Dec 31 EUR 1,110,000 1,194,240 GBP 2,358,058 2,501,383 Other 82,887 89,608 Total loans to group entities 3,550,945 3,785,231 Reclassification to current assets - 384,027 Total long term loans in currencies to group entities 3,550,945 3,401,204 The currency split of loans to group entities was effected mainly by reduction in Euro loans due to scheduled maturities and by reductions in the Euro value of British Pound denominated loans also due to scheduled maturities which however, have been partially offset by an increase in the Euro value of the remaining British Pound denominated loans due to the weakening of the Euro against that currency. However, in summary the overall structure of the loan portfolio to group entities remained fairly unchanged compared to Maturities of loans at nominal value to group entities Dec 31 Dec 31 6 months or less - 299, months - 84, years years 1,110, years - 1,110, years 403,912 - Over 5 years 2,054,179 2,308,704 Total loans to group entities 3,568,091 3,802,761 Reclassification to current assets - 384,057 Total long term loans in maturities to group entities 3,568,091 3,418,704 Loans to group entities mainly comprise loans maturing in two years and after five years and longer. At maturity all loans are repaid at nominal value. The total nominal value of outstanding loans to group entities amounts to 3,6 billion with the increase compared to last year s value being solely due to the above explained foreign exchange effects. The difference to book values lie in net discounts of 17.1 million. The amounts of discount and premium on the loans are amortized over the period of the underlying asset on a straight-line basis. The market values of the loans to group entities per December 31, 2014 is 5.5 billion (December 31, 2013: 5.1 billion). (5) Amounts due from shareholder Specification amounts due from shareholder Dec 31 Dec 31 Current receivable from shareholder 1,117,041 2,781,789 Interest receivable from shareholder 271, ,713 Cross-currency swaps 25, ,219 Other 5,188 6,169 Total amounts due from shareholder 1,419,375 3,340,890

21 Financial Statements of E.ON International Finance B.V. 21 Current receivables from shareholder This item consists of loans maturing within one year of the balance sheet date. The lower amount of current receivable from shareholder reflects the lower scheduled loan maturities for The current maturity of the loans outstanding includes the discount/premium on these loans until December 31, Interest receivables from shareholder This item consists of interest receivables on loans as well as interest receivables on interest rate swaps and on cross-currency swaps. The interest receivables account for the amount of accrued interest. The reduction in the interest receivables from shareholder is mainly due to loan repayments. Besides, a part of the interest receivables on swaps is also attributable to transactions which E.ON International Finance B.V. entered into in past years and which it continued in Cross-currency swaps The foreign currency element on the cross-currency swaps is translated into Euro at the exchange rates prevailing at balance sheet date. Resulting net gains or losses from translation of foreign currencies on the cross-currency swaps are immediately taken to the Income Statement. Total exchange rate differences from cross-currency swaps decreased to 24.7 million which is due to the maturity of several long term swap transactions. This item also includes the realization of the differences between the forward rate and the spot rate on the currency swaps which are applicable for hedge accounting. If the derivative instrument has currency elements, the difference between the spot rate on the date the derivative instrument is contracted and the forward rate at which it will be settled is spread over the maturity of the derivative instrument. (6) Amounts due from group entities Specification amounts due from group entities Dec 31 Dec 31 Current receivable from group entities 4,718,916 5,753,608 Interest receivable from group entities 115, ,898 Total amounts due from group entities 4,834,320 5,890,506 Current receivables from group entities This item consists of loans maturing within one year of the balance sheet date. Current receivables from group entities as of year-end 2014 are short term loans from treasury operations within the intra-group financing business. The lower amount reflect the overall reduced lending volumes in that business. Interest receivables from group entities Interest receivables refers to interest on loans outstanding and accounts for the amount of accrued interest. The reduced amount is mainly a consequence of the reduced volumes, but also of the lower short term interest rates with the treasury operations compared to (7) Cash Specification of cash Dec 31 Dec 31 Cash and cash equivalents Inhouse banking account at shareholder 1,079, ,980 Cash 1,079, ,996

22 Financial Statements of E.ON International Finance B.V. 22 Total cash mainly includes the inhouse banking account at E.ON SE. Having such an inhouse banking account at E.ON SE is common practice within the E.ON Group. The total cash is at free disposal of E.ON International Finance B.V. and is to a large degree denominated in Euro. The increase reflects the higher liquidity reserve held by E.ON International Finance B.V. at year end. (8) Shareholders equity The total authorized number of ordinary shares is 9,000 (2013: 9,000) with a par value of 100 per share. The number of issued shares is 2,000 (2013: 2,000). All issued shares are fully paid in. The share premium results exclusively from additional paid in capital. Movement schedule equity in thousands Issued capital Share premium reserve Other reserves Undistributed profit Total At January 1, , ,462 28, ,292 Appropriation of undistributed profit ,638 (28,638) - Profit for the year ended Dec 31, ,667 24,667 At December 31, , ,100 24, ,959 Total equity of E.ON International B.V. increased to million due to a Net Profit of 24.7 million achieved in (9) Provision for loss making contracts Based on the strict direct relationship of the nominal value, currency, interest and maturity date the in 2002 issued 900 bond has become a loss making contract at the moment the receivable loan from E.ON SE had been early repaid as the market interest rate (at that moment) for the new loan to E.ON UK Holding Co. Ltd. was lower than the interest rate on the bonds involved. A provision is created to level these interest differences over the years. The provision is calculated on the nominal amount of the repaid loans and exclusive of the percentage for risk/costs and guarantee fee. The release is based on the term of the loan. As of year-end 2014 the provision has a tenure until The short term part of the provision is 15 million. Movement schedule provision for loss making contracts At January 1 50,580 64,379 - Addition interest 2,286 2,909 - Release (16,708) (16,708) At December 31 36,158 50,580 The release of the provision is included in interest and similar income and the interest addition is included in interest and similar expenses.

23 Financial Statements of E.ON International Finance B.V. 23 (10) Provision for deferred taxes Due to different treatment on the tax balance sheet compared to the valuation in these financial statements, a provision for deferred tax liabilities has been taken into account. Movement schedule provision deferred taxes At January Realization temporary differences to income statement (85) (85) At December Provisions for deferred taxes decreased to 207 thousand as a result of the realization of temporary differences to the income statement. Specification current / non- current Dec 31 Dec 31 - current non-current Total deferred tax (11) Bonds Movement schedule bonds At January 1 14,717,560 18,289,559 - Amortization 8,331 9,162 - Bond buyback transaction (1,150,000) - - Exchange differences 590,295 (310,285) - Current maturity (1,117,041) (3,270,876) At December 31 13,049,145 14,717,560 In 2014 E.ON International Finance B.V. did not issue any new bonds. Instead in July 2014 E.ON International Finance B.V. repurchased in a bond buyback transaction 1.0 billion of bonds. In addition, in November 2014 E.ON International Finance B.V. fully repurchased all notes of a 0.2 billion bond that it was offered from a single investor. Both transactions reduced the total amounts of bonds outstanding. These reductions, however, were partially offset by an increase in the Euro value of the non-euro denominated bonds due to the weakening of the Euro. At year-end 2014 the total amount of long term bonds outstanding reduced to 13.0 billion compared to 14.7 billion at year-end The developments are shown in more detail in the following tables. The carrying amounts of the bonds are denominated in the following currencies: Carrying amounts of bonds in currencies Dec 31 Dec 31 EUR 6,966,183 10,320,166 GBP 4,369,566 4,381,264 USD 2,461,121 2,164,090 CHF - 610,762 JPY 177, ,790 Other currencies 191, ,364 Total bonds 14,166,186 17,988,436 Reclassification current liabilities 1,117,041 3,270,876 Total long term bonds 13,049,145 14,717,560

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