We have been working together with MVV Energie AG since 2001. The company now supplies us with electricity for around 50 locations.
We very much appreciate the customer-focused, innovative and flexible approach taken by MVV Energie AG. We already introduced
portfolio management for our locations with high energy requirements several years ago. We opted for the electricity fund offered by
MVV Energie AG, thus enabling us to introduce adequate risk management for our small and medium-sized locations as well.

Business Framework

     Overview of Shareholdings and Business Activities

     Corporate Strategy

     Energy Policy

     Market Climate

     Research and Development

Earnings, Net Asset and Financial Position

     Earnings Position

     Net Asset and Financial Position

Overall Summary of Business Performance and Financial Position

Events After the Balance Sheet Date

Risk Report

Outlook

                                                                                              Reinhard A. Mertsch,
                                                                                              Procurement Director, Linde Head Office