38 Our Investors E.ON Bonds A program of historic magnitude. Successfully completed. In 2009, we successfully concluded the funding program we'd announced in May 2007 to coincide with our growth-oriented investment campaign. It was the biggest funding initiative in our company's history. Despite the global financial crisis and the difficult market situation it created, we successfully implemented our program, raising a total of more than 27 billion debt financing since September 2007. Our success under tough conditions is a testament to our financial strength, clear strategy, and transparent communications. Ensuring liquidity early: funding in 2009 In a tight debt market you have to seize opportunities when they arise. And plan ahead: you don't want to be left needing funding when the credit market dries up. That's why our strategy was to ensure our liquidity early. We did so by meeting our net funding needs well before the end of the year. Of our total 2009 bond issues of around 8.1 billion, we issued 6.1 billion in the first quarter. These consisted mostly of large-volume benchmark bonds denomi- nated in euros and pounds sterling. As the year progressed, we focused on private placements with significantly longer maturities (up to 30 years) and on smaller bonds denominated in other currencies (like Swiss francs, U.S. dollars, Japanese Yen, Swedish kroner, and Hong Kong dollars). These steps further broadened our bond profile, underscoring our objec- tive of a highly diversified debt portfolio in terms of investor groups, instruments, currency, and maturity. As in previous years, in 2009 we again made use of commercial paper ("CP"), a short-term debt instrument, to meet funding peaks. However, compared with year-end 2008, we were able to markedly reduce our CP volume outstanding. We had issued 1.5 billion in CP as of year-end 2009 compared with 7.3 billion as of year-end 2008. In November 2009, we extended, at good terms, the short-duration tranche of our syndicated credit facility for another year and deliberately reduced it to 4 billion (down from 7.5 billion). The nearly 5 billion long-duration tranche remains in place until the end of 2011. We haven't drawn on our syndicated credit facility, which serves as a backup for our CP activities and as a general backup funding source. Bond weightings Like E.ON stock, E.ON bonds loom large in major European indices. E.ON's weight- ing was 10.6 percent in the iBoxx Utilities index and 2.6 percent in the iBoxx Non- Financials index (as of December 31, 2009). These substantial weightings are indicative of both E.ON's significance in financial markets and the robust trading volume of our bonds in the secondary market. Want to find out more? eon.com/bonds in billions As of Dec. 31, 2009 Maturity Profile of bonds and promissory notes issued by E.ON AG and E.ON International Finance B.V. 4.0 3.0 2.0 1.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+