10th General Meeting of Shareholders

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• 10th General Meeting of Shareholders
• ENECO Holding N.V.
• Rotterdam, 20 May 2005

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Notes to the Annual Report 2004 Ronald Blom,
Chairman Board of Management
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Dividend development 2002 - 2004
in mln.
100
74
63
year
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Dutch energy market

• In the Netherlands we still give little thought
  to the assurance of
• supply and delivery. We do not think enough about
  the future of
• the Dutch energy provision.

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Sustainable energy

• ENECO makes substantial investments in
  sustainable energy.
• A stable and consistent Government policy is
  essential.

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Unbundling debate

• The costs of unbundling are not balanced by the
  benefits.
• Due to the uncertainty of the benefits, the high
  costs and the
• irrevocability of unbundling, the advice of
  various scientific
• institutions and experts is to make better use of
  existing
• instruments.

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