Uniper : Presentation Interim Results Q2 2020

Empower Energy Evolution

H1 2020 Interim Results

Andreas Schierenbeck - CEO Sascha Bibert - CFO

11 August 2020

Highlights

Financial results H1 2020 and outlook Appendix

Highlights

Performance	Portfolio & Strategy	Shareholders
 Adj. EBIT in H1 2020 €691m	 Uniper intensifies hydrogen activities by	 Five new shareholder representatives
(vs. €308m in H1 2019)	expanding the team and collaborating with	elected to the Supervisory Board at
	GE and Siemens to decarbonize portfolio	Uniper's 1st virtual AGM in May

• Adj. Net Income in H1 2020 €527m

(vs. €189m in H1 2019)

• Apart from generally lower prices, Covid- 19 business impact mainly limited to project development
• Full-year2020 outlook range narrowed, resulting in a slightly higher mid-point

• Preparation to participate in Germany's upcoming coal exit tenders
• German CCGT power plants
  Irsching 4+5 back in merchant market
• Datteln 4 in operations since end of May, Berezovskaya 3 CoD shifted into H1 2021

• We welcome the appointment of the new CEO at Fortum
• Plan to develop more joint strategic options between Uniper and Fortum for the benefit of all stakeholders

Fortum

Uniper SE, Presentation H1 2020, 11 Aug. 2020

3

The development of our hydrogen strategy is a key priority

Uniper's focus areas on the hydrogen value

	Energy supply		Hydrogen	Conversion	Midstream	End users
		production
			Electrolysis	Liquefaction	Trading	Electricity
Green
H 2	Wind, solar, …			Synfuel	Handling &	Industry
				synthesis	storage
			Gas splitting	Ammonia	Pipeline	Mobility
Blue				synthesis	transport
H2	Natural gas		Reforming &
			carbon capture	Hydrogenation	Ship &	Heating
			(CCUS)	truck transport

Key developments

• EU and Germany with ambitious new hydrogen plans
• EU's roadmap heading for 40 GW of electrolyser capacity by 2030 with Germany contributing 5 GW
• Green and blue hydrogen needed to decarbonize Europe
• Uniper with multi-approach strategy:
• • Supporting policy makers in creating a functioning regulatory framework
  • JVs to be part of flagship projects
  • JV with technology leader to enable the power sector to be hydrogen-ready

Uniper SE, Presentation H1 2020, 11 Aug. 2020

4

Execution of our European coal phase-out plan is progressing

Germany's coal exit path1

MW

50,000			-40%
40,000
	Lignite
30,000
20,000
	Hard
10,000	coal
0
	June 2020	Dec 2022e	Dec 2025e

Uniper's coal exit path

Germany and rest of Europe

MW

5,000

-78%

Lignite

4,000

-65%

3,000		Hard
		coal
2,000			EuropeofRest
1,000	Germany
0
		June 2020	Dec 2022e	Dec 2025e

Key developments

• Uniper committed to significant reduction in its European coal power capacity by 2025 (of which Germany alone c.-78%)
• Adoption of German Coal Phase-out Act on 3 July creates more clarity
• 1st German hard coal tender scheduled for 1 September
• Uniper goes ahead with site conversion plans

1. BMU, BNetzA, Uniper

Uniper SE, Presentation H1 2020, 11 Aug. 2020

5

Markets - Spark spreads increased in forward markets

Gas prices1

€/MWh

18

16

14

12

TTF

10

Jan 2020 Mar 2020 May 2020 Jul 2020

Carbon prices2

€/t CO2

30

25

20

15

CO2

10

Jan 2020 Mar 2020 May 2020 Jul 2020

Electricity prices3

€/MWh

50

40

30

20

Germany

Nordic

10

Jan 2020 Mar 2020 May 2020 Jul 2020

Dark & spark spreads4

€/MWh

18

11

4
-3			CSS Peak
			CSS Base
-10			CDS Base
Jan 2020	Apr 2020	Jul 2020

1. Gas forwards 2021; 2. EU Allowances (EUA): spot prices; 3. Electricity baseload forwards 2021; 4. Dark and spark spreads Germany with electricity baseload and spark spread Germany with electricity peakload (efficiency coal plants 39%, gas plants 55%)

Source: Uniper Market Analysis; prices shown until 31 July 2020

Uniper SE, Presentation H1 2020, 11 Aug. 2020

6

Operating indicators - Lower demand for fossil generation

Global Commodities

Gas storage filling1

TWh

90

7589%

60 74%

45

30

15

0

H1 2019

H1 2020

European Generation	Russian Power Gen.	Carbon emissions
Production volume2	Production volume	Scope 1
TWh		TWh			m tons
42	-25%	42	-14%		30	-22%
35		35			24
28		28
	Gas				18
21		21
	Coal				12
14		14
	Nuclear
7		7			6
	Hydro
0		0			0
H1 2019	H1 2020		H1 2019	H1 2020	H1 2019	H1 2020

1.	As of 30 June 2020
2.	Pro-rata view	Uniper SE, Presentation H1 2020, 11 Aug. 2020	7

Highlights

Financial results H1 2020 and outlook

Appendix

Key financials H1 2020 - Strong performance, higher net debt

Adj. EBIT	Adj. EBITDA
€m	€m	1,012

	691		657
308
H1 2019	H1 2020		H1 2019	H1 2020
Adj. Net Income		Net Income1
€m		€m	877

OCF
€m	-322	288

-322

H1 2019	H1 2020
H1 2019	H1 2020

Economic Net Debt

€m

3,296

527

189

641

2,650

END /

1.7x Adj. EBITDA

H1 2019	H1 2020	H1 2019	H1 2020	YE 2019	H1 2020

1. Net income attributable to Uniper shareholders

Uniper SE, Presentation H1 2020, 11 Aug. 2020

9

Adjusted EBIT - Increase due to high gas result and resilient power generation

Reconciliation Adj. EBIT H1 2019 to H1 2020

€m
308
Adj. EBIT H1 2019
	308
Commodity optimization (gas)
Outright power prices & volumes
UK capacity market
Intra-year carbon phasing
Russian power generation
Other
Adj. EBIT H1 2020	691691

Uniper SE, Presentation H1 2020, 11 Aug. 2020

10

Adj. EBIT(DA) to OCF - Already close to seasonal peak in working capital after H1

Reconciliation Adj. EBIT H1 2020 to Operating Cash Flow H1 2020

€m

			171
	321
				-221
		1,012			-770
691						159
							-12
							352	-53
								288
Adj. EBIT	Depreciation and	Adj. EBITDA	Non-cash	Provision	Changes	Others (incl.	OCFbIT	Interest	Tax	OCF
H1 2020	amortization	H1 2020	effective	utilization	in working	cumulative	H1 2020	payments	payments	H1 2020
			EBITDA items		capital	CO2-effect)

Uniper SE, Presentation H1 2020, 11 Aug. 2020

11

Adjusted Net Income - Economic interest & taxes as expected

Reconciliation of Adj. EBIT H1 2020 to Adj. Net Income H1 2020

€m

16

-155-25

691

527

Adj. EBIT	Economic	Taxes on	Minority interests Adj. Net Income
H1 2020	interest	operating	H1 2020
		earnings

Key developments

• Economic interest result with positive trend
• Structurally, interest result is supported by:
• • Sizeable interest income from assets
  • Low financial debt level
  • Lower expenses from the accretion of interest on long-term provisions (pension and asset retirement obligations) going forward
• Tax rate on operating earnings of 22% in H1 within the guided range of 20% to 25%
• Minority interests driven by Unipro

Uniper SE, Presentation H1 2020, 11 Aug. 2020

12

Economic Net Debt - As usual H1 up due to dividend payments

Reconciliation of Economic Net Debt YE 2019 to H1 2020

€m									3,296
								153
				421	97
2,650
		279			-6			985
9910.	-10	-288
								1,128
1,031
									1,183
628
Economic Net Debt	Divest	OCF	Investments	Dividend	Pensions	ARO	Other	Economic Net Debt
YE 2019									H1 2020
					AROs1	Pension2	Net financial position3

1. Includes nuclear and other asset retirement obligations (AROs) as well as receivables from Swedish Nuclear Waste fund (KAF).
2. Decrease in interest rates for pension obligations by 0.1%-points in Germany and 0.5%-points in UK since end of 2019.

3. Includes cash & cash equivalents, non-current securities and financial liabilities.

Uniper SE, Presentation H1 2020, 11 Aug. 2020

13

Outlook FY 2020 - Guidance narrowed; mid-point slightly up

Adjusted EBIT

€m

863	1,000	1,000
Range	Range
	750	800
FY 2019	Old	New
	2020E	2020E

Guidance Range narrowed

Lower bar raised by €50m based on a strong H1 and decreasing risks towards year-end

Adjusted Net Income

€m

	800	800
614	Range	Range
	550	600
FY 2019	Old	New
	2020E	2020E

Following EBIT trend

Assuming 'below-the-line' items to be largely unchanged

Dividend

€m

		500
421		1.371
1.151
FY 2019	FY 2020E

Higher dividend target 2020

Above envisaged 25% CAGR path (FY 2016 - FY 2020)

1. DPS - Dividend per share (€)

Uniper SE, Presentation H1 2020, 11 Aug. 2020

14

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Uniper SE, Presentation H1 2020, 11 Aug. 2020

15

Highlights

Financial results H1 2020 and outlook

Appendix

Outright power hedging in Germany and Nordic

Hedged prices and hedge ratios Germany1

€/MWh

60

464648

40

20

100%	85%	70%
0
2020	2021	2022

1, As of 30 June 2020

Calculations are based on pro rata volumes. Contracts for differences are included. Figures for 2020 reflect forward months, i.e. excluding realized period.

2. Achieved price Nordic: €32.2 per MWh in H1 2020

Hedged prices and hedge ratios Nordic1

€/MWh

60

292724

45

30

15

90%80%40%

0

2020 2

2021

2022

Uniper SE, Presentation H1 2020, 11 Aug. 2020

17

Uniper Group - Generation capacity in Europe and Russia

Generation capacity

In MW1		30 Jun 2020	31 Dec 2019
Gas	Russia2	7,131	7,131
	UK	4,188	4,188
	Germany	2,912	2,912
	Netherlands	525	526
	Sweden	447	447
	Hungary	428	428
Hard coal	Germany	3,954	2,902
	UK	2,000	2,000
	Netherlands	1,070	1,070
Lignite	Russia2	1,895	1,906
	Germany	500	500
Hydro	Germany	1,927	1,927
	Sweden	1,771	1,771
Nuclear	Sweden	1,996	1,988
Other	Germany	1,418	1,418
	Sweden	1,162	1,162
	UK	221	221
Total		33,546	32,497
	1. Legally attributable Capacity view = Pro rata view
	2. Incl. Czech Republic / Czech Republic business sold as of 28th of April 2020	Uniper SE, Presentation H1 2020, 11 Aug. 2020	18

Uniper Group - Net electricity generation volumes in Europe and Russia

Electricity generation volumes

In TWh1

H1 2020

Q2 2020

H1 2019

Gas	Russia	18.1	8.2	21.3
	UK	4.6	2.1	6.7
	Germany	0.3	0.1	0.5
	Netherlands	0.7	0.2	0.9
	France3	0.0	0.0	2.0
	Hungary	1.1	0.5	1.2
	Sweden	0.0	0.0	0.0
Hard coal	Germany	2.6	1.2	3.3
	UK	0.0	0.0	0.6
	Netherlands	1.7	0.8	1.6
	France3	0.0	0.0	0.3
Lignite	Russia	2.8	1.2	3.8
	Germany	1.3	0.4	2.2
Hydro	Germany2	2.2	1.1	2.8
	Sweden	5.0	2.4	4.4
Nuclear	Sweden	6.7	2.7	8.8
Total		47.1	20.9	60.4

1. Pro rata view; Net Generation production volumes = Owned Generation - Own Use Losses - Sales to Minority Owners + Purchases from Minorities
2. Hydro Germany Net Generation Sales additionally includes pump-storage related waterflows and line losses of pumping activities

3. France sold.

Uniper SE, Presentation H1 2020, 11 Aug. 2020

19

Uniper Group - Adjusted EBIT(DA) by sub-segment

Adjusted EBITDA and EBIT

€m		H1 2020	H1 2019	H1 2020	H1 2019
	Adj. EBITDA	Adj. EBITDA	Adj. EBIT	Adj. EBIT
European Generation	Subtotal
397	390	217	173
	Hydro
	168	171	138	142
	Nuclear	112	83	85	52
	Fossil
	140	153	19	-1
	Other/ Consol.	-23	-18	-25	-20
Global Commodities
Subtotal	656	170	571	91
	Gas
	564	226	525	191
	COFL	35	5	5	-33
	Power
	57	-61	41	-67
Russian Power Generation
	172	220	123	174
Administration / Consolidation		-212	-124	-220	-130
Total		1,012	657	691	308

Uniper SE, Presentation H1 2020, 11 Aug. 2020

20

Adjusted EBIT - Development by sub-segment

European Generation

€m

20

33 -5

-4

Global Commodities

€m

108

334 38

Russian Power Generation

€m

-51

173

217

571

91

174

123

H1 2019

Hydro

Nuc.

Fossil

Cons.

H1 2020

• Hydro: Higher volume effect offset by higher one-off costs
• Nuclear: Positive price effect partly offset by lower volumes due to outages & phase- out of Ringhals 2
• Fossil: UK capacity market income, positive carbon phasing effect partly offset by lapse of positive carbon management effects (intra-group phasing with GloCo)

H1 2019

Gas

COFL

Power

H1 2020

• Gas midstream: Extraordinary gas optimization
• COFL: Higher sales volumes
• Power: Lapse of negative carbon management effects (intra-group phasing with European Generation)

H1 2019

Russia

H1 2020

• Russia: Negative volume/price effect mainly driven by lower demand due to Covid-19, lower exports and higher hydro generation

Uniper SE, Presentation H1 2020, 11 Aug. 2020

21

Uniper Group - Key financial performance items

Reconciliation of Adjusted EBITDA to Adjusted Net Income and Net income

€m	H1 2020	H1 2019
Adjusted EBITDA
1,012	657
Economic depreciation and amortization / reversals	-321	-349
Adjusted EBIT	691	308
Economic interest result	16	-36
Minority participations on operating result	-25	-29
Taxes on operating result	-155	-54
Adjusted net income	527	189
Non-operating result (before taxes and minorities)	153	754
Minority participations on non-operating earnings and on other financial result	-11	-14
Taxes on non-operating result	-16	-120
Other financial result	-15	87
Taxes on the other financial result	2	-18
Net income/ loss attributable to shareholder of the Uniper SE	641	877
Sales	19,977	33,736

Uniper SE, Presentation H1 2020, 11 Aug. 2020

22

Uniper Group - Adjusted EBIT to Net Income

Reconciliation of Adjusted EBIT H1 2020 to Net Income H1 2020

€m

Adj.	Economic	Adjusted	Derivative	Adjustments from	Net	Other	Taxes on non-	Net Income1
EBIT	interest, taxes,	Net Income
financial	physically settled	impairments		operating earnings &
	minorities		instruments	commodity			other financial result,
				derivatives			minorities

Non-operatingearnings

1. Net income attributable to Uniper shareholders.	Uniper SE, Presentation H1 2020, 11 Aug. 2020	23

Uniper Group - Economic interest result (net)

Economic interest result

€m	H1 2020	H1 2019
Interest rate effects for leasing
-12	-12
Interest from financial assets / liabilities
36	33
Interest cost from provisions for pensions and similar provisions
-8	-11
Accretion of provisions for asset retirement obligation and other provisions
-8	-9
Capitalized interest1	41	32
Other2	-34	-69
Economic interest result (net)	16	-36

1. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the asset; borrowing cost are interest costs incurred by an entity in connection with the borrowing of funds.

2. Includes e.g. interest due to tax provisions/receivables and adjustments due to changes in interest rates on provisions.

Uniper SE, Presentation H1 2020, 11 Aug. 2020

24

Uniper Group - Non-operating adjustments

Non-operating adjustments w/o interest1

€m	H1 2020	H1 2019
Impact of derivative financial instruments
-716	-473
Adjustments of revenue and cost of materials from physically settled commodity derivatives to the contract price
276	-231
Restructuring / cost management expenses / income
60	4
Non-operating impairment charges / reversals
89	2
Miscellaneous other non-operating earnings	111	-112
Net book gains / losses
-1	-
Non-operating adjustments w/o interest
-182	-810

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Uniper SE, Presentation H1 2020, 11 Aug. 2020	25

Uniper Group - Cash-effective investments

Investments by segment

€m	H1 2020	H1 2019	%
European Generation
187	133	40.6
Global Commodities	27	14	92.9
Russian Power Generation
57	84	-32.1
Administration / Consolidation
9	9	0.0
Total
279	240	16.6

Investment split - Maintenance and growth

€m	H1 2020	H1 2019	%
Maintenance & replacement	104	94	10.5
Growth	175	145	20.6
Total	279	240	16.6

Uniper SE, Presentation H1 2020, 11 Aug. 2020

26

Uniper Group - Net financial position

Net financial position

€m	30 Jun 2020	31 Dec 2019
Liquid funds
669	871
Non-current securities
87	100
Margining receivables
200	336
Financial liabilities and liabilities from leases
2,140	1,935
Net financial position	1,183	628
Provisions for pensions and similar obligations
1,128	1,031
Asset retirement obligations 1)
985	991
Economic Net Debt
3,296	2,650

1. Reduced by receivables from the Swedish Nuclear Waste Fund.
Due to IFRS valuation rules (IFRIC 5), €276 million (December 31, 2019: €291 million) of Uniper's share of the fair value of the net assets of the Swedish Nuclear
Waste Fund may not be capitalized on the balance sheet. Accordingly, there exists an additional receivable from the Swedish Nuclear Waste Fund ineligible for
recognition on the balance sheet, and the economic net obligation for the decommissioning of the Swedish nuclear power plants is thus reported too high in the
table by the amount of this receivable."	Uniper SE, Presentation H1 2020, 11 Aug. 2020	27

Uniper Group - Consolidated balance sheet (1/2)

Balance sheet - Non-current and current assets1

€m	30 Jun 2020	31 Dec 2019
Goodwill	1,816	1,886
Intangible assets	733	742
Property, plant and equipment and right-of-use assets	9,810	10,201
Companies accounted for under the equity method	451	446
Other financial assets	644	710
Financial receivables and other financial assets	3,836	3,813
Receivables from derivative financial instruments	4,259	4,787
Other operating assets and contract assets	163	159
Income tax assets	-	-
Deferred tax assets	894	988
Non-current assets	22,607	23,732
Inventories	1,862	1,508
Financial receivables and other financial assets	518	651
Trade receivables	4,132	7,090
Receivables from derivative financial instruments	10,552	8,601
Other operating assets and contract assets	992	1,287
Income tax assets	47	16
Liquid funds	669	871
Current assets	18,771	20,024
Total assets	41,378	43,756

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Uniper SE, Presentation H1 2020, 11 Aug. 2020	28

Uniper Group - Consolidated balance sheet (2/2)

Balance sheet - Equity and liabilities1

€m	30 Jun 2020	31 Dec 2019
Capital stock	622	622
Additional paid-in capital	10,825	10,825
Retained earnings	3,262	3,145
Accumulated other comprehensive income	-3,564	-3,207
Equity attributable to the shareholders of Uniper SE	11,145	11,386
Attributable to non-controlling interest	516	556
Equity (net assets)	11,660	11,942
Financial liabilities and liabilities from leases	1,116	1,119
Liabilities from derivative financial instruments	4,353	4.277
Other operating liabilities and contract liabilities	267	694
Provisions for pensions and similar obligations	1,128	1,031
Miscellaneous provisions	5,409	5,422
Deferred tax liabilities	379	410
Non-current liabilities	12,653	12,954
Financial liabilities and liabilities from leases	1,023	815
Trade payables	4,439	7,308
Liabilities from derivative financial instruments	9,531	8,238
Other operating liabilities and contract liabilities	1,067	1,322
Income taxes	96	61
Miscellaneous provisions	908	1,115
Current liabilities	17,065	18,860
Total equity and liabilities	41,378	43,756

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Uniper SE, Presentation H1 2020, 11 Aug. 2020	29

Uniper Group -

Consolidated statement of cash flows (1/2)

Statement of cash flows1

€m	H1 2020	H1 2019
Net income / loss	677	921

Depreciation, amortization and impairment of intangible assets, of property, plant and equipment, and of right-of-use assets

Changes in provisions Changes in deferred taxes

Other non-cash income and expenses

Gain/loss on disposal of intangible assets, property, plant and equipment, equity investments and securities (> 3M)

Changes in operating assets and liabilities and in income taxes

562	357
-166	-589
113	178
-205	-93
-1	-12
-693	-1,084

Cash provided by operating activities (operating cash flow)	288	-322
Proceeds from disposals	10	423
Payments for investments	-279	-240
Proceeds from disposals of securities (>3M) and of financial receivables and fixed-term deposits	223	839
Purchases of securities (>3M) and of financial receivables and fixed-term deposits	-171	-424
Changes in restricted cash and cash equivalents	-	-
Cash provided (used for) by investing activities	-217	598

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Uniper SE, Presentation H1 2020, 11 Aug. 2020	30

Uniper Group -

Consolidated statement of cash flows (2/2)

Statement of cash flows1

€m	H1 2020	H1 2019
Cash proceeds/payments arising from changes in capital structure	4	3
Cash dividends paid to shareholders of Uniper SE	-421	-329
Cash dividends paid to other shareholders	-15	-
Proceeds from new financial liabilities	386	559
Repayments of financial liabilities and reduction of outstanding lease liabilities	-270	-986
Cash provided (used for) by financing activities	-315	-753
Net increase / decrease in cash and cash equivalents	-245	-477
Effect of foreign exchange rates on cash and cash equivalents	-6	6
Cash and cash equivalents at the beginning of the reporting period	825	1.138
Cash and cash equivalents from disposal groups	-	-4
Cash and cash equivalents of first-time consolidated companies	-	8
Cash and cash equivalents at the end of the reporting period	575	670

1. The comparative figures shown have been restated.
Further information can be found in the Annual Report, Note 3 to the Consolidated Financial Statements.	Uniper SE, Presentation H1 2020, 11 Aug. 2020	31

Financial calendar & further information

Financial calendar

10 November 2020

Quaterly Statement January - September 2020

04 March 2021

2020 Annual Report

06 May 2021

Quaterly Statement January - March 2021

19 May 2021

2021 Annual Shareholders Meeting

10 August 2021

Interim Report January - June 2021

Further information

https://ir.uniper.energy

Uniper - Contact your Investor Relations team

Udo Giegerich

Executive Vice President Group Finance&InvestorRelations

[e-mail]

Adam Strzyz

Head of Investor Relations (SVP)

[e-mail]

Carlo Beck

Manager Investor Relations

[phone] [e-mail]

Peter Wirtz

Manager Investor Relations

[phone] [e-mail]

Anna Denisova

Manager Investor Relations

[e-mail]

Eva Christin Göttges

Manager Investor Relations

[e-mail]

Uniper SE, Presentation H1 2020, 11 Aug. 2020

33

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We advise you that some of the information presented herein is based on statements by third parties, and that no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Certain statements contained herein may be statements of future expectations and other forward-looking statements that are based on the Company's current views and assumptions and involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those expressed or implied in such statements. No one undertakes to publicly update or revise any such forward-looking statement. Neither Uniper nor any of their respective officers, employees or affiliates nor any other person shall assume or accept any responsibility, obligation or liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or the statements contained herein as to unverified third person statements, any statements of future expectations and other forward-looking statements, or the fairness, accuracy, completeness or correctness of statements contained herein.

In giving this presentation, neither Uniper nor its respective agents undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information.

This presentation contains certain financial measures (including forward-looking measures) that are not calculated in accordance with IFRS and are therefore considered as "Non-IFRS financial measures". The management of Uniper believes that the Non-IFRS financial measures used by Uniper, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance an understanding of Uniper's results of operations, financial position or cash flows. A number of these Non-IFRS financial measures are also commonly used by securities analysts, credit rating agencies and investors to evaluate and compare the periodic and future operating performance and value of Uniper and other companies with which Uniper competes. These Non-IFRS financial measures should not be considered in isolation as a measure of Uniper's profitability or liquidity, and should be considered in addition to, rather than as a substitute for, net income and the other income or cash flow data prepared in accordance with IFRS. In particular, there are material limitations associated with our use of Non-IFRS financial measures, including the limitations inherent in our determination of each of the relevant adjustments. The Non-IFRS financial measures used by Uniper may differ from, and not be comparable to, similarly-titled measures used by other companies.

Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial standards. As a result, the aggregate amounts (sum totals or interim totals or differences or if numbers are put in relation) in this presentation may not correspond in all cases to the amounts contained in the underlying (unrounded) figures appearing in the consolidated financial statements. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts.

Uniper SE, Presentation H1 2020, 11 Aug. 2020

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