Combined Group Management Report Consolidated Financial Statements Corporate Governance Report Supervisory Board and Board of Management Tables and Explanations 2 Combined Group Management Report 2 Corporate Profile and Operating Environment 18 Earnings Situation 30 Financial Condition 36 Asset Situation 37 Financial Statements of E.ON AG 38 Employees 40 Research and Development 41 Corporate Responsibility 42 Risk Report 48 Forecast 52 Consolidated Financial Statements 52 Independent Auditor's Report 53 Consolidated Statements of Income 53 Consolidated Statements of Recognized Income and Expenses 54 Consolidated Balance Sheets 56 Consolidated Statements of Cash Flows 58 Statement of Changes in Equity 60 Notes 143 Declaration of the Board of Management 144 Corporate Governance Report 144 Corporate Governance Declaration1 148 Compensation Report1 156 Supervisory Board and Board of Management 156 Report of the Supervisory Board 160 Members of the Supervisory Board 162 Disclosure of Takeover Barriers1 164 Internal Control System for the Accounting Process1 166 Explanatory Report of the Board of Management 167 Members of the Board of Management 168 Tables and Explanations 168 Summary of Financial Highlights 169 Glossary of Financial Terms 173 Financial Calendar 1Part of the Combined Group Management Report. Contents Company Report · Our Company. A profile of our business and the key issues that affect it. · Our Team. Our Board of Management, our Supervisory Board, and our employees. · Our Investors. The performance of our stock and bonds. · Our Strategy. From our key beliefs to the businesses we're developing. · Our Structure. A detailed look at all of our market units. You can download our Company Report, or order the print version, at eon.com/brochures. Thinking ahead. For the future of energy. 2009 Company Report Annual Report Part I/II