Robust finances are a RWE hallmark and have a high priority. The result is a strong balance sheet.

We primarily meet our financing needs with the high and relatively stable cash flows that we generate from our operating activities. In addition, we have access to a number of flexible financing instruments.

Financing: Flexible Structure and Widely Diversified Sources
^{(Last updated 31 December 2009)}

One of our major tools is the Debt Issuance Programme (DIP) for medium to long-term refinancing on the capital market. The maximum nominal volume of bonds that we can issue through the DIP totals €30 billion. At the end of 2009, a nominal €16.4 billion in bonds were outstanding.

In addition to the DIP, we have a US$5 billion commercial paper programme for shortterm financing on the money market. As of December 31, 2009, a foreign-currency equivalent of €0.2 billion in RWE commercial paper was outstanding.

Two €2.0 billion credit lines serve as an additional liquidity reserve. They will remain available to us until October 2011. We have not used them so far.

A €9 billion credit line granted to us by banks at the beginning of 2009 in the run-up to the Essent acquisition has not been used either. We financed the acquisition directly by issuing bonds and using our own funds and cancelled that line of credit.

Neither the aforementioned financing programmes, nor the current credit facilities, contain specific financial covenants such as interest coverage, leverage or capitalisation ratios that could trigger actions, such as acceleration of repayment or provision of additional collateral. Likewise, they do not contain rating triggers.