74 Exchanges and hubs E.ON Energy Trading has trading activities in over 40 countries worldwide and at all major European Energy exchanges. Energy exchanges and hubs will continue to play a vital role in integrat- ing Europe's energy markets, which will support efficiency and increase liquidity. E.ON Energy Trading registered to trade at several new exchanges and hubs in 2009, including the Central European Gas Hub ("CEGH") in Austria, N2EX (United Kingdom), South Pool (a spot power market for Slovenia and Serbia), and OMIP (a power exchange in Portugal for the Iberian market). In addition, it places trading volume or acts as market maker to support the develop- ment of a number of hubs and exchanges across Europe, including in France, Italy, Spain, and Germany. Through its activities in these marketplaces, E.ON Energy Trading actively supports E.ON's vision of integrated, open markets. For example, trading points like NetConnect Germany ("NCG") and CEGH are showing solid liquidity growth and form a link between the markets of South- eastern and Northwestern Europe. The creation of new exchanges reflects the emergence of larger, multi-country energy markets. Ultimately, not all of these exchanges will survive, and we believe the market--and energy consumers--would benefit from further consolidation, which would result in fewer exchanges, each with a broader geographic scope. Our Structure Energy Trading Market Unit Recognized trading experts Energy Trading's international team brings together about 1,000 pro- fessionals from more than 45 countries around the world. They're recognized as experts throughout Europe's energy industry. They come from a wide range of backgrounds but share a commitment to excellent performance, bold decision-making, and knowledge sharing. E.ON Energy Trading attracts and retains industry-leading talent from around the world because it fosters a culture of openness, rewards success, and actively supports its employees' development. You'll find E.ON's consolidated financial statements and related commentary in our Financial Report. Want to know more about our Energy Trading market unit? eon-energy-trading.com