EnBW Energie Baden Württemberg : First Supplement to the 2022 Debt Issuance Progrogramme

First Supplement dated 24 August 2022 to the Debt Issuance Programme Prospectus dated 14 April 2022.

This document constitutes a supplement (the "Supplement") for the purposes of Article 23 (1) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the "Prospectus Regulation"), relating to issues of non- equity securities within the meaning of Article 2 (c) of the Prospectus Regulation, to (i) the base prospectus of EnBW Energie Baden- Württemberg AG ("EnBW AG") and (ii) the base prospectus of EnBW International Finance B.V. ("EnBW Finance"), dated 14 April 2022 (together, the "Debt Issuance Programme Prospectus" or the "Prospectus") which each constitutes a base prospectus for the purposes of Article 8 (1) of the Prospectus Regulation.

EnBW Energie Baden-Württemberg AG

(Karlsruhe, Federal Republic of Germany)

as Issuer and, in respect of Notes issued by EnBW International Finance B.V., as Guarantor

EnBW International Finance B.V.

(Amsterdam, The Netherlands)

as Issuer

• 10,000,000,000 Debt Issuance Programme

The Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand Duchy of Luxembourg in its capacity as competent authority under the Prospectus Regulation has approved this Supplement as a supplement within the meaning of Article 23 (1) of the Prospectus Regulation. By approving this Supplement, the CSSF gives no undertaking as to the economic and financial soundness of the operation or the quality or solvency of either Issuer in accordance with the provisions of Article 6(4) of Luxembourg act relating to prospectuses for securities dated 16 July 2019 (Loi du 16 juillet 2019 relative aux prospectus pour valeurs mobilières et portant mise en œuvre du règlement (UE) 2017/1129).

Each Issuer has requested the CSSF to provide the competent authorities in the Republic of Austria, the Federal Republic of Germany and The Netherlands with a certificate of approval attesting that this Supplement has been drawn up in accordance with the Prospectus Regulation. Each Issuer may request the CSSF to provide competent authorities in additional host member states within the European Economic Area with such notification.

Right to withdraw

In accordance with Article 23 (2a) of the Prospectus Regulation, investors who have already agreed to purchase or subscribe for securities before the Supplement is published have the right, exercisable within three working days after the publication of this Supplement, to withdraw their acceptances, provided that the significant new factor, material mistake or material inaccuracy arose before the final closing of the offer to the public and the delivery of the securities. The final date for the right of withdrawal will be 29 August 2022. Investors wishing to exercise their right of withdrawal may contact the relevant Dealer/intermediary or any other distributor with whom the relevant agreement to purchase or subscribe has been entered into.

This Supplement together with the Prospectus and the documents incorporated by reference are also available for viewing in electronic form on the website of the Luxembourg Stock Exchange at www.bourse.lu and on the website of the Issuer at www.enbw.com.

The purpose of this Supplement is to supplement the Prospectus with information from the "Six-MonthlyFinancial Report" of the EnBW Group for the period from 1 January to 30 June 2022 and the "Report on the interim financial statements" of EnBW Finance for the period from 1 January to 30 June 2022.

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This Supplement is supplemental to, and should be read in conjunction with the Prospectus. Terms defined in the Prospectus have the same meaning when used in this Supplement.

EnBW Energie Baden-Württemberg AG and EnBW International Finance B.V. (each an "Issuer" and together, the "Issuers") accept responsibility for the information given in this Supplement.

Each of the Issuers hereby declares that to the best of its knowledge, the information contained in the Prospectus for which it is responsible, is in accordance with the facts and that the Prospectus makes no omission likely to affect its import.

The Arranger and the Dealers have not separately verified the information contained in this Supplement. Neither the Arranger nor any of the Dealers makes any representation, expressly or implied, or accepts any responsibility, with respect to the accuracy or completeness of any information contained in this Supplement. Neither this Supplement nor any other financial statements are intended to provide the basis of any credit or other evaluation and should not be considered as a recommendation by the Issuer, the Arranger or the Dealers that any recipient of this Supplement or any other financial statements should purchase the Notes. Each potential purchaser of Notes should determine for itself the relevance of the information contained in this Supplement and its purchase of Notes should be based upon such investigation as it deems necessary. None of the Arranger or the Dealers undertakes to review the financial condition or affairs of either Issuer during the life of the arrangements contemplated by this Supplement nor to advise any investor or potential investor in the Notes of any information coming to the attention of any of the Dealers or the Arranger.

To the extent that there is any inconsistency between any statement included in this Supplement and any statement included or incorporated by reference in the Prospectus, the statements in this Supplement will prevail.

Save as disclosed in this Supplement, there has been no other significant new factor, material mistake or material inaccuracy since the publication of the Prospectus.

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1. Risk Factors

On page 3 of the Prospectus in the section "Risk Factors with regard to the Issuers - Risk factors relating to EnBW AG and EnBW Group", sub-section"Financial Risks" the risk factor "Risk related to Changes in Interest Rates" shall be replaced by the following:

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Risk related to Changes in Interest Rates

Key factors influencing the present value of nuclear power and pension provisions are interest and inflation rates.

There is a general risk due to any change in the discount rate applied to the pension provisions, because the present value of the pension provisions falls when the discount rate increases and increases when the discount rate falls. As of 30 June 2022, the discount rate was 3.35% in comparison to 1.15% at the end of 2021.

The future development of interest rates could have a negative impact on net debt and thus an impact on EnBW's key performance indicator debt repayment potential.

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2. Risk Factors

On page 4 of the Prospectus in the section "Risk Factors with regard to the Issuers - Risk factors relating to EnBW AG and EnBW Group", sub-section"Financial Risks" the risk factor "Margins and Liquidity Risk" shall be replaced by the following:

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Margins and Liquidity Risk

The EnbW Group's liquidity planning is subject to an inherent degree of uncertainty, especially with respect to margin payments. Sharp increases in prices and high volatility in energy trading on the commodity markets (EEX/ICE) have led to high cash inflows and outflows as part of margining processes which are beyond the normal margin requirements. This effect is currently being exacerbated by the Russia - Ukraine Conflict, which has noticeably increased price movements and volatilities. There is a material level of risk for 2022 with an impact on EnBW's net debt and thus on EnBW's key performance indicator debt repayment potential.

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3. Risk Factors

On page 4 of the Prospectus in the section "Risk Factors with regard to the Issuers - Risk factors relating to EnBW AG and EnBW Group", sub-section"Political / Regulatory Risks" the risk factor" Political risk from the Russia - Ukraine Conflict" shall be replaced by the following:

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Political risk from the Russia - Ukraine Conflict

Throughout 2021, the Russian military build-up along the border of Ukraine has escalated tensions between Russia and Ukraine and strained bilateral relations. On 24 February 2022, Russia commenced a full-scale military invasion of Ukraine. Following the invasion of Ukraine, the EU and countries like the United States, UK, Switzerland, Canada, Japan, Australia and some other countries imposed a broad set of sanctions against Russia (hereinafter, the "Russia - Ukraine Conflict"). The imposition of sanctions could lead to unpredictable reactions from Russia particularly resulting in a disruption of gas supplies to the EU. High volatility in commodity prices could lead to unforseeable developments in EnBW's liquidity position, especially due to margin payments. Additionally, any disruptions of gas supplies will most likely lead to even higher gas prices in Germany and there is a risk that EnBW may not be able to pass on higher costs to the customers.

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There is currently a high level of regulatory and political uncertainty in the implementation of the Energy Security Act (Energiesicherungsgesetz - "EnSiG"). In connection with this, there is also uncertainty in the following areas: funding of renewable energies, expansion of the grid, the future of the gas infrastructure and expansion of electromobility. There are risks associated with any change to the legal regulations that have a bearing on EnBW. Due to the greater level of uncertainty, mainly as a result of the Russia - Ukraine Conflict (e.g., deficit in gas supplies, purchasing of replacement coal), the risks could increase.

If any of the above risks materialises, this could have a material adverse effect on EnBW's business, cash flows, financial condition and results of operations.

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4. Risk Factors

On page 5 of the Prospectus in the section "Risk Factors with regard to the Issuers - Risk factors relating to EnBW AG and EnBW Group", sub-section"Market Risks" the risk factor "Risks to the procurement and supply chain in the sales environment" shall be replaced by the following:

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Risks to the procurement and supply chain in the sales and sustainable generation infrastructure segment

Unexpected price spikes are being experienced on the spot markets for procurement at the moment. EnBW holds reserve supplies for B2C customers and thus has to act as a last resort provider of electricity for customers if their supplier cannot provide them with electricity anymore. Insolvencies of other energy suppliers could therefore pose a financial risk if more customers than expected have to be provided with a basic supply of energy at higher procurement prices.

Due to the protracted COVID-19 pandemic, the effects of the Russia - Ukraine Conflict and increasing inflation, unplanned price increases and exceptionally long delivery times in certain cases, especially for materials and supplies are expected.

These procurement and supply chain risk could have a negative impact on EnBW's key performance indicator adjusted EBITDA in 2022 and 2023 and thus an indirect impact on EnBW's key performance indicator debt repayment potential via the retained cash flow.

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5. Risk Factors

On page 5 of the Prospectus in the section "Risk Factors with regard to the Issuers - Risk factors relating to EnBW AG and EnBW Group", sub-section"Market Risks" the risk factor "Power and Fuel Price Risk" shall be replaced by the following:

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Power and Fuel Price Risk

EnBW Group both operates power plants for the generation of electricity (upstream business) and supplies customers (downstream business) with electricity. The electricity generated is sold to the wholesale market and electricity for the supply of retail customers is purchased from the wholesale market. Fuels for the generation (including hard coal and gas) are purchased as well in the wholesale market. Additionally, the EnBW Group entered into long term supply contracts and may take positions (long and/or short) for the respective commodities in the market. These decisions are partly based on forecasts of future developments and the related demand for energy.

A significant deviation of any, or a combination of the assumptions from the EnBW Group's projections, may have a significant effect on earnings, net assets and might lead to an increase in net debt of the EnBW Group. Hence there is a risk that the rating agencies will downgrade the credit rating of EnBW due to the aforementioned negative impact on the financial position. In the case of a downgraded rating

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and a deterioration in capital market conditions, it is possible that this will result in additional liquidity requirements in the form of increased refinancing costs.

At TransnetBW, high market prices for fuels and electricity and increased load flows have resulted in increasing expenses for redispatching and the grid reserve. This development has also been exacerbated by the Russia - Ukraine Conflict. Any increased expenses in 2022 will be recovered again from 2025 through regulation. At the same time, the higher expenses are being offset to some extent by revenue from congestion management. This could have a negative impact on the key performance indicator adjusted EBITDA in 2022. This will have an indirect impact on the key performance indicator debt repayment potential via the retained cash flow and on the key performance indicator value spread via the adjusted EBIT.

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6. Risk Factors

On page 6 of the Prospectus in the section "Risk Factors with regard to the Issuers - Risk factors relating to EnBW AG and EnBW Group", sub-section"Operational Risks" the risk factor "Possible consequences of the Russia - Ukraine Conflict in the trading sector" shall be inserted:

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Possible consequences of the Russia - Ukraine Conflict

There are risks associated with replacement purchases due to price volatility and uncertainties with respect to potential compensatory mechanisms which will be subject to deductibles. These risks together with cuts in supply and possible changes in supply quotas are all especially relevant to VNG, which is impacted by two gas supply contracts. In addition, there are risks involved with the transport, storage and distribution of natural gas. Furthermore, a ban on gas-fired generation stemming from the Substitute Power Plant Maintenance Act (Ersatzkraftwerkebereithaltungsgesetz) could pose a risk for power plant distribution. The potential damage is mainly attributable to two gas supply contracts that are affected by the restrictions in supply.

Russia's attack on Ukraine could further have a material impact on the grid infrastructure, such as on the operation of the gas grid and on the supply chain (required raw materials and grid construction materials).

This would have an impact on the key performance indicator adjusted EBITDA in 2022 and thus an indirect impact on EnBW's key performance indicator debt repayment potential via the retained cash flow.

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7. Risk Factors

On page 6 of the Prospectus in the section "Risk Factors with regard to the Issuers - Risk factors relating to EnBW AG and EnBW Group", sub-section"Operational Risks" the risk factor "Credit risk in energy trading" shall be inserted:

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Credit risk in energy trading

There is a risk that trading partners will fail to fulfill their financial obligations or be unable to fulfill them on time. This can impact the key performance indicator adjusted EBITDA for 2022 and thus an indirect impact on EnBW's key performance indicator debt repayment potential via the retained cash flow.

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