EnBW Energie Baden Württemberg : Final Terms Senior Bond EUR 500.000.000 maturity 2033

EnBW International Finance B.V.

guaranteed by EnBW Energie Baden Wuerttemberg AG

EUR 500m 0.500% Fixed Rate Euro Denominated Bonds due March 2033

Indicative Terms and Conditions:

Issuer Guarantor

Issuer / Guarantor LEI Guarantor Rating Expected Issue Rating Form of Instrument Status (Notes) Currency

: : : : : : : : : : : : : : : : : : : : : : : :

EnBW International Finance B.V. EnBW Energie Baden Wuerttemberg AG 724500CNCIO1ZTJ0X675 / 529900JSFZ4TS59HKD79

A3 / A- / BBB+ (negative / stable / stable/ Fitch) A3 / A- / A-/ Fitch)

Reg S Bearer Notes

Senior, Unsecured EUR

Aggregate Nominal Amount Term

Pricing Date Settlement Date Coupon Payment Date Maturity Date

EUR 500,000,000 12 years February 22, 2021 March 1, 2021 (T+5)

1 March annually, starting 1 March 2022 March 1, 2033 (12yr)

Issue/ Re-Offer Price

99.490%

Spread vs Mid-Swap / Mid-Swap Re-offer yield (annual)

Coupon

Redemption Amount Benchmark Bund reference Benchmark price / yield Spread vs Bunds Gross Proceeds Base Fees

MS+45bp / 0.094% 0.544% 0.500% p.a. fixed rate 100% of the Aggregate Nominal Amount DBR 0.0% 02/31 103.47 / -0.341% +88.5bp

EUR 497,450,000 0.250% to be split 60% equally between GloCos and 40% equally between Joint Bookrunners

Discretionary Fees

:Up to 0.100, to be split 60% equally between GloCos and 40% equally between Joint BookrunnersAll-in price

: : : : : : : :

99.240%

Net Proceeds to the Issuer Day Count Fraction and Payment Business Day Business Day Convention Payment Dates

EUR 496,200,000 Act/Act (ICMA)

Following, unadjusted

Business Days for payments Denomination Documentation

Annually on March 1 each year, commencing on March 1, 2022 TARGET 2

EUR 1,000 and integral multiples of EUR 1,000 in excess thereof Under the EUR 7bn Debt Issuance Programme dated 30 April 2020, as supplemented by the 1st Supplement dated 6 October 2020 and the 2nd Supplement dated 10 February 2021 (theBase ProspectusSelling Restrictions

:Yes, as p-exempt offers to the public in Germany, Austria and the Netherlands from 25 February 2021 to 1 March 2021. Elsewhere, offers to qualified investors (as defined in the Prospectus Regulation) only

Par Call

Redemption Notice Period Tax Call

: : : : : : :

Yes, during a period of 3 months prior to Maturity Minimum 30 days / Maximum 60 days

Yes

Clean-up Call Use of Proceeds Governing Law

Yes, at substantial repurchase event (75%) General corporate purposes

German law

Citi, ING (B&D), Morgan Stanley

Joint Bookrunners Listing

: : : : : :

BayernLB, Commerzbank, HSBC, SEB

Clearing System Security Codes Paying Agent Expenses

Regulated Market of the Luxembourg Stock Exchange Euroclear / Clearstream

ISIN: XS2306988564 / Common Code: 230698856 / WKN: A3KMD0 Deutsche Bank Aktiengesellschaft

Each party bears its own costs and expenses. Listing and legal expenses will be borne by the issuer

:

Yes

: This communication is an advertisement for the purposes of

Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and the final terms relating to the

Notes, when published, will be available on the website of the Luxembourg Stock Exchange. (https://www.bourse.lu/).
MIFID Target Market	:	The target market for the Bonds is eligible counterparties and professional clients, each as defined in MIFID II (all distribution channels) and retail clients (appropriate distribution channels: investment advice, portfolio management and non-advised sales). The targeted investors are expected to have (1) at least extended knowledge and/or experience with financial products, (2) the ability to bear losses resulting from interest rate changes and no capital loss bearing capacity if held to maturity, (3) a medium risk profile (4) a general asset accumulation/ asset optimisation as investment objective and (5) a long term investment horizon. No PRIIPS KID necessary.

Legal Disclaimer

This document has been prepared by Joint Bookrunners solely for the information of the issuer of the securities and the managers of the issue. It has not been prepared for, should not be provided to, and should not be relied upon by, any investor or any other person for any purpose. The final terms and conditions of the transaction will be set out in full in the offering document, if any, and the binding legal contracts to be entered into between us.

Before entering into this or any related transaction you should ensure that you fully understand the potential risks and returns of this transaction and decide whether it is appropriate and suitable for you. In making this decision you should consult with such advisors as you deem necessary. Joint Bookrunners are not providing you with any general financial, strategic or specialist advice, such asctual counterparty and not as adviser, agent or fiduciary to you or to any investor or other person.

Joint Bookrunners and their affiliates, connected companies, employees or clients may have an interest in, or a position in, or may deal in, transactions or securities (or related derivatives) identical or similar to those described in this document.

This document is confidential and may not be distributed (in whole or in part) to any other person, except for your professional advisors, without our consent.

Legal Restrictions: The distribution of this term sheet in certain jurisdictions may be restricted by law and, accordingly, recipients of this term sheet represent that they are able to receive this term sheet without contravention of any unfulfilled registration requirements or other legal restrictions in the jurisdiction in which they reside or conduct business. Noteholders and prospective noteholders will be deemed to represent that they have complied and will comply with all applicable laws and regulations in each country or jurisdiction in or from which they purchase, offer, sell or deliver the Notes. United Kingdom: (A) Each recipient acknowledges and agrees that this term sheet is only being distributed in the United Kingdom to persons who have professional experience in matters relating to investments falling within Article 19(5) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Order), high net worth entities falling within Article 49(2)(a) to (d) of the Order or persons to whom this term sheet may otherwise be lawfully distributed (all such persons together being referred to as relevant persons). This term sheet is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. This term sheet and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by any recipients to any other person in the United Kingdom. Any investment or investment activity to which this term sheet relates is available only to relevant persons and will be engaged in only with relevant persons. Each recipient also represents and agrees that it has complied and will comply with all applicable provisions of the Financial Services Markets Act 2000 with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom. The Notes are not being offered to the public in the United Kingdom. (B) This term sheet is not intended for retail investors in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the EUWA); or (ii) a customer within the meaning of the provisions of the UK Financial Services and Markets Act 2000 (the FSMA) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the UK PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the United Kingdom has been or will be prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation. European Economic Area: Restrictions apply - this term sheet is not intended for retail investors in member states of the European Economic Area (the EEA). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended (MiFID II), or (ii) a customer within the meaning of Directive (EU) 2016/97, as amended or superseded, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required by Regulation (EU) No 1286/2014, as amended (the PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been or will be prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. United States: THE NOTES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) AND THIS TERM SHEET MAY NOT BE DISTRIBUTED IN THE UNITED STATES.