We're convinced that all EU countries will ultimately embrace the idea that energy-market integration offers advantages to people and companies. We intend to enhance our efforts to leverage synergies across our businesses in Europe's converging markets. That's why we plan to focus our European portfolio on businesses and regions that offer the greatest optimization potential within and across these businesses and regions. This means that we will shift our European portfolio more towards competitive businesses and converging EU markets. This approach has several important advantages. It will enable us to:

• pursue an integrated optimization of individual businesses (which increases value and reduces risks)
• benefit from economies of scale (which lowers costs and improves performance)
• capture cross-border synergies
• better transform our skills and assets into value.

Europe remains home region

Achieving greater focus in our European operations does not alter our clear commitment to Europe as our home region. In 2015, Europe will still deliver the majority of our EBITDA. We expect the portfolio measures of our focus program in Europe to generate proceeds of about 15 billion euros by the end of 2013. More than half of the proceeds will be used to reduce our debt; the remainder will mainly be used to finance our expansion in renewables and in high-growth markets outside Europe.

Priorities for our operating businesses

Our main businesses are renewable and conventional power generation, energy trading, the international gas business, attractive networks, and the marketing of innovative energy solutions to our customers. This means in detail:

Generation. Our investments in renewables will continue to focus on industrial-scale, cost-effective solutions. In conventional generation, we will execute our existing investment pipeline in Europe and add selective investments in flexible, low-carbon assets. By 2025 we intend halve, from a 1990 baseline, the specific carbon emissions of our power generation in Europe.

Supply and Trading. We will combine our gas supply, gas storage and LNG operations with our trading business. This will enable us to better realize existing synergy potential through the integrated optimization of contracts and assets. In addition, we are adapting our gas supply and sales business model to the new market environment.

Sales and Distributed Energy. We will enhance our competitiveness through efficient operations and innovative customer solutions. This will include energy-related services and products, such as providing consulting for energy efficiency and distributed generation.

Networks. We intend to focus on network businesses that deliver consistently high operating and financial performance. We will develop these businesses in a way that is consistent with the requirements of the new energy world.