Outlook

We are facing the fundamental changes in the underlying framework and the market climate in a spirit of entrepreneurship. That is why we have compiled a long-term strategy up to 2020 to enable us to proactively confront the growing challenges in the energy market and consistently draw on the opportunities thereby arising. We laid the foundations and took the decisions necessary for this in the 2008/09 financial year within the framework of a five-month strategy project called MVV 2020 (please also see “Corporate Strategy” ). Implementation of the reformulated strategy already began at the start of the new 2009/10 financial year. Our business policies continue to be based on stability and profitability, even in difficult times. Our aim is to remain an integrated energy company covering all stages of the value chain and to be one of Germany’s leading regional energy companies in ten years’ time as well. With this aim in mind, we intend to make Euro 3 billion available up to 2020 for investments in our future.