E.on and Cardano

March 2010

Cardano today announced its appointment by the Trustees of the £5bn E.ON UK Pension Scheme. Cardano will advise the Trustees on all aspects of the Group’s investment arrangements, including asset allocation, liability hedging and manager selection.

Richard Dowell, Head of Clients for Cardano UK, said “The E.ON UK Pension Scheme is a £5 billion scheme, and we are delighted that the Trustees have chosen us as their investment adviser. Our solvency based approach means that we will focus the Trustees on the factors that most influence the funding level. Increasingly, the trustees of major UK pension funds are seeing the benefits of working with an investment specialist like Cardano.

Neil Smith, Chief Executive of the E.ON UK Pension Scheme said, “We chose Cardano because we wanted to adopt a more dynamic and flexible approach to our investment strategy. Recent events have shown how important it is for trustees to focus on the funding position and to manage risks but also to adopt an innovative approach to generating returns. After a thorough review process, we felt that Cardano have the right skills and investment approach to help us move forward in these challenging times.”

Release date 03 March 2010