Empoweringcustomers.Shapingmarkets.CapitalMarketStoryDecember2014EmpoweringcustomersE.ONtosplitintotwopubliclylistedcompanies?E.ONtospinoffamajoritystakeinitspower&gasup-andmidstreambusinesses(‘NewCompany’)toitsshareholders?Intentiontodivestremainingstakeinthenewcompanyoverthemediumtermpostspin-off?Initialspin-offexpectedtobecompletedin2016?DivestmentSpanishactivitiesagreedto;divestmentofItalianactivitiesunderevaluation;E&PNorthSeaunderreview1TwohighlycompetitivecompanieswithdistinctidentitiesNewCompanyShapingmarketsTransmissionCommoditymarketsConventionalenergyworld?System-centric?Securityofsupply?Global/regionalperspective?Largescale,central?ConventionaltechnologiesNewenergyworld?Customer-centric?Sustainability?Localproximity?Smallscale,distributed?CleantechnologiesCustomersTwoverydifferentenergyworldsemerging2D