3CEO`s Letter Streamlining our portfolio by selling our ultrahigh-voltage transmission system, generation capacity, and Thüga has already delivered about 6 billion in cash. This puts us well on the way to achieving our announced objective of generating more than 10 billion in cash through asset sales by the end of 2010. These funds will enhance our investment and financial strength, which will play a decisive role in enabling us to start strong when the recession ends. Our investment strategy is guided by a clear vision of tomorrow's energy world. We believe that technological advances and a broad public con- sensus will enable the energy industry to undergo a fundamental trans- formation. Energy policymakers and the energy industry share the respon- sibility of ensuring that this transformation is gradual and stable so that consumers will continue to have a reliable, affordable supply of energy. E.ON was one of the first to demonstrate its commitment to climate protec- tion. In May 2007, we pledged to halve our generation fleet's specific carbon dioxide emissions by 2030. At the 2009 Climate Change Conference in Copenhagen, we stated that if a robust treaty was reached, E.ON would be prepared to achieve its 2030 target ten years earlier. No such treaty was signed. We'll therefore follow the negotiations in 2010 closely and continue to advocate the stable regulatory framework that's necessary for us to make long-term investments in low-carbon technologies. As a member of Combat Climate Change, we support its Copenhagen Scorecard, which calls for at least a 50-percent reduction in global carbon emissions by 2050 compared with 1990. Getting there will require ambitious medium- term targets for 2020 and 2030 that are international in scope and in- clude all industrialized countries. Under such a framework, we'd be able to halve our generation fleet's specific carbon dioxide emissions by as early as 2020.