1. European Capital Markets Conference Peter Gomez, Chairman

2. 1 Options for growth Organic growthAlliances & networksM&A Growth of core (I) Growth adjacent to core (II) Growth through competence-based diversification (III) Growth through unrelated diversification (IV) Growth through creation of new industries (V) low riskhigh risk Growth strategies risk / distance from core business Mechanisms of growth risk / speed Consolidation Vertical Integration

3. 2 Story line of speech Public utilitiesDemutualisation important economic function: - financing - capital allocation  fixed cost base  network effects  value focus EU internal market  regulatory initiatives (FSAP)  striving for consolidation Growth imperative - shareholder value - scale economies (growth options  matrix) -new technologies -new business models -internalisation Changing competitive landscape Conclusions -reorganisation of value chain  flexibility, knowing your customer -opportunities from regulatory changes?

4. 3