We have been pleasantly surprised by the progress made by MVV Energie on an operational level. We see the publicly listed company
MVV Energie AG as the first port of call for municipal utility companies interested in cooperating in the wave of consolidation which we
expect to see in the energy sector following the regulation of electricity and gas grid utilisation fees. With a dividend yield of
between 3 and 4 percent, the MVV Energie AG share is well-suited to the needs of long-term investors.

Developments in the Business Segments

Electricity Segment

District Heating Segment

Gas Segment

Water Segment

Value-Added Services Segment

Environmental Energy Segment

                                                                                              Matthias Heck,
                                                                                              Analyst, Sal. Oppenheim