Uniper : Capital Markets Presentation – November 2019/February 2020

Capital Markets Story

Including 9M 2019 Highlights and Outlook

November 2019 - Februar 2020

Agenda

Intro Uniper Story in a Nutshell

9M 2019 Essentials and

Financial Results and Outlook

FY 2019

Appendix

2

Uniper - at a glance

European

Generation

EBIT1	Global
Commodities

International

Power

• One of the largest European generators with ~24 GW of own, mostly dispatchable generation capacity
• Diversified base across technologies and markets
• Strong capabilities in construction, operations and maintenance

• Leading physical energy trader, global footprint
• Large gas midstream business in Europe with 400 TWh gas LTC portfolio, own storage capacity of ~8 bcm and pipeline shareholdings
• Optimization of European generation portfolio
• Primarily power business in Russia
• Unipro as number 3 privately-owned Russian generation company
• ~11 GW of generation assets

1 EBIT by segment, FY 2018

Capital Markets Story, Nov 2019 - Feb 2020

Intro A

European Generation and International Power A well-diversified generation portfolio

European Generation: Net capacity (GW)1,2

International Power: Net capacity (GW)1

UK

Sweden

4.6

Benelux Germany

Gas

Hard Coal

Lignite

Russia

Hydro

6.4 1.6

10.5

Hungary

23.5	0.4
GW

10.8

Nuclear

10.8

OtherGW

Key message	Key message
	Central-western Europe is our home turf		Market with favourable regulatory framework
	Represent the markets with clearest upside price lever in Europe		Well-positioned and optimised portfolio

1	Net capacity for 2018 - accounting view, excluding Uniper France (sold in Q3 2019)
2	Excluding generation capacities from Hydro LTCs in Austria and Switzerland (564 MW)	Capital Markets Story, Nov 2019 - Feb 2020	Intro B

Global Commodities - Strong asset base along the entire gas value chain

Global Commodities: Gas value chain

Supply Portfolio

	Infrastructure shareholdings and bookings
LNG Regas	Transmission	Storage

Sales Portfolio

• Procurement of in total ~2,200 TWh from domestic and foreign producers
• Thereof ~400 TWh contracted long-term with time and volume flex
• Market-reflectivepricing

940 TWh

~400 TWh1

• LNG bookings in Gate and Grain and access to terminals in Spain with the ability to bring additional volumes into the market
• Intention to build floating ship regas unit (FSRU) at Wilhelmshaven port / Germany

• Shareholdings in major European transit pipelines
• Bookings across Europe:
• • Hub-to-hub
  • Market entry-exit
  • Storage entry-exit

Nord Stream

BBL II

OPAL

Transitgas

• #3 storage player in Europe with a flexible, diversified portfolio
• 7.9 bcm of storage

capacity

Uniper Market Share

Capacity	~30%	21%	3%
25 bcm
Market		8bcm
		5bcm

• Gas Sales of in total ~2,200 TWh, thereof around 10% contracted to traditional sales customers with specific demand patterns
• Around 1,000 customers, mainly municipal utilities, industrials and power plants
• Gas, power, energy related services
• Market share ~25%

2016

Capital Markets Story, Nov 2019 - Feb 2020

Intro C

Dividend - Unique policy and attractive growth

Unique cash based dividend policy

Adjusted Funds from Operations (Adj. FFO)

• Maintenance / replacement
  investments

Free Cash from Operations (FCfO)

Dividends

Main message

• Cash flow based dividend policy
• At least 75% of FCfO to be cashed out
• CAGR of 25% between financial year 2016 and 2020
• 2020 target based on September 2017 commodity market prices

Strong expected dividend growth…	…underpinned by improving earnings mix
€m
			2016	2020
	25%
600		2020
CAGR

400 2016

200

0

FY2016

FY2017

FY2018

FY2019E

FY2020E

Capital Markets Story, Nov 2019 - Feb 2020

Intro D

Setting the sails - Phase 2 of Uniper's strategy

2017/18	Phase1: In delivery mode
✓Transparency increased
-	✓Performance improved
✓Portfolio optimized
2016
✓Cash optimized, Rating improved

Delivery mode: Dividend payout above plan

€m

			Dividend outlook
600			Actual dividend		~500
400					313 329	390
			250 271
	200 200

200

0
FY2016	FY2017	FY2018E	FY2019E	FY2020E

beyond	Phase 2: New cash flow streams
			Benefit from security-of-supply
and
			Exploit linking energy markets
			Seek partnerships to profit from
2018
			global power growth

First growth projects initiated

Gas CHP plant Scholven

Gas OCGT plant Irsching

Liqvis LNG filling stations for trucks

Source photos: Uniper, Liqvis

Capital Markets Story, Nov 2019 - Feb 2020

Intro E

Strategy - Focus on strengthening portfolio

Uniper

approach

European Generation

Global Commodities

International Power

• Benefit from merchant market upsides
• Diversify risks in contract portfolios
• Develop and grow non-wholesale elements
• Underutilized European portfolio to benefit from rising prices
• Capex focussed on secured capacities (regulatory, contractually)
• Gas storage beneficiary from decarbonization and gas to power
• Development of further globally diversified portfolio of sourcing and sales contracts across energy commodities
• Attractive regulated Russian position to be maintained
• Key investment focus: Russian modernization framework

Capital Markets Story, Nov 2019 - Feb 2020

Intro F

Optionality - Attractive future upsides

Security of supply

Commodity

Organic growth

• Upsides in existing capacity markets; Germany still without capacity market scheme
• Commissioning of Datteln IV and Berezovskaya III to increase stable earnings

		€10 higher Nordic
 Power prices - multiple drivers for Central Europe and Nordic
	CO2-price expected to move to higher levels in 2020s	power price
= ~0.2bn
	Tightening in Central European marktes early 2020s
 Increasing interconnection of Nordic market	€1 higher
 Gas storage - summer/winter spreads very low
	Decarbonisation leads to higher gas share in power mix	summer/winter-
spread price
	Reducing western European gas supply
= ~0.1bn

• Unipro well placed to benefit from Russian modernisation initiative
• Industrial solutions identified as key growth opportunity in core markets

Capital Markets Story, Nov 2019 - Feb 2020

Intro G

Capital allocation - Disciplined and focused

Financial framework: Clear boundaries	Capex plan: ~€2.4bn1 between 2018 and 2020
			€m
 Target rating: BBB (flat)	800
	Dividend: min. 75% to 100% FCfO	400										€400m
	Investing with discipline										M&R
		0
		2015	2016	2017	2018	2019	2020
				Maintenance & Replacement		Legacy growth projects		New growth capex

Hurdle rates for new growth: conservative

					Surcharge;
		Surcharge;
				+500bps
		+300bps
		WACC		WACC
	non-wholesale projects	commodity exposed projects

Capex: ~€2.4bn between 2018 and 2020

Maintenance capex

• Staying at low levels below €0.4bn p.a. New growth capex
• Total of €0.5bn earmarked for projects in 2018 to 2020 Non-wholesaleprojects
• Secured by longterm contracts or capacity mechanism Commodity exposed projects
• Risk diversing character, limited cash effective exposure

1. Capex for Datteln IV boiler walls repair not included here

Capital Markets Story, Nov 2019 - Feb 2020

Intro H

Highlights summarized

• Management focused on delivery and shareholder value …

Performance

• …with an incentivisation aligned to shareholder interest
• Diversified portfolio of assets and markets …

Portfolio

• … with improving risk return profile in group cash flows
• 25% dividend growth CAGR between FY 2016 and FY 2020 based on unique policy

Potential

• Attractive longer-term upsides in gas and power markets

Capital Markets Story, Nov 2019 - Feb 2020

Intro I

Agenda

Intro Uniper Story in a Nutshell

9M 2019 Essentials and

Financial Results and Outlook

FY 2019

Appendix

12

9M 2019 Results in-line with Expectations, Outlook increased

Adj. EBIT(DA) - 9M 2019 down vs. previous year

Outlook 2019 - EBIT raised and range narrowed1

€m	891	-171		€m
		720
				EBIT
		-183
	386		203	EBITDA
	9M 2018		9M 2019

Adj. EBIT(DA) - Isolated Q3 2019 up

€m	EBIT			EBITDA
					+112	63
	+110		-49
		-105
	-215
	Q3 2018	Q3 2019		Q3 2018		Q3 2019

865	+150	950
850	Range
	Range	750
	550
FY 2018	Old 2019E	new 2019E

1. Outlook now incl. reinstatement of UK capacity market

Capital Markets Story, Nov 2019 - Feb 2020

2

Key Developments

Team

Outstanding health & safety performance Positive employee survey

New COO announced

m

Performance

• Datteln 4 power plant COD well on track
• Berezovskaya 3 COD end of Q1 2020 expected

Shareholder

Fortum with acquisition of additional min. 20.5%,

• subject to regulatory clearance

Constructive talks continue

y

Portfolio & Strategy

German coal exit discussion progresses UK capacity market reinstated

Capital Markets Story, Nov 2019 - Feb 2020

3

Commodity Markets - Volatile Trend

Carbon trading prices1	Gas prices2	Electricity prices3
EUR/t CO2		EUR/MWh	EUR/MWh
30		24	60
25		22	50
20		20	40
15		18	30
10	EUA	16	20
		TTF	Germany
			Nordic
5		14	10
Jan 2018 Okt 2018	Jul 2019	Jan 2018 Okt 2018 Jul 2019	Jan 2018 Okt 2018 Jul 2019

Dark & spark spreads4

EUR/MWh

7

4

1

-2

-5

CDS 2020

CSS 2020

-8

Jan 2018 Okt 2018 Jul 2019

1.	EU Allowances (EUA) spot prices 2. Gas forwards 2020 3. Electricity baseload forwards 2020
4.	Dark and spark spreads Germany 2020 (Efficiency coal plants 39%, gas plants 55%)	Capital Markets Story, Nov 2019 - Feb 2020	4
Source: Bloomberg, Uniper Market Analysis; prices shown until end of October 2019

Uniper - Operating Indicators

Global Commodities -	European Generation -
Gas storage filling1	Production volume2

TWh		TWh
79%	98%	60	-11%
90
75		50
			Gas
60		40
45		30		Coal
30		20	Nuclear
15		10
			Hydro
0		0
9M 2018	9M 2019		9M 2018	9M 2019

International Power - Production volume

TWh
60	+3%
50
40
30
20
10
0
	9M 2018	9M 2019

Key messages

Global Commodities

• Gas storage filling levels at maximum

European Generation

• Fuel switch coal to gas accelerated
• Unplanned coal plant outage in NL
• Higher outright volumes

International Power

• Output up due to favorable export/import balance
• Positive trend slowed down in Q3

1.	Physical filling-level	Capital Markets Story, Nov 2019 - Feb 2020
2.	Pro-rata view	5

Adjusted EBIT 9M 2019 - Down largely due to structural Effects

Reconciliation Adjusted EBIT 9M 2018 to 9M 2019

€m

Adj. EBIT 9M 2018386Overall trend persistent in Q3

H1 2018 One-offs			 9M 2019 negatively impacted by H1 2018
		one-offs, LNG Freeport hedge and absence
LNG Freeport			of UK capacity payments as anticipated in
		outlook

Guided

New

Regulation (UK cap.)

Outright (price and

volume effects) Commodity gas

Unavailability MV3/RH2

Russia performance

Adj. EBIT 9M 2019	203

• On the operational side mostly positive developments from higher outright prices, gas and Russia
• Unavailability of power stations Ringhals 2 (RH2/SWE) until April and Maasvlakte 3 (MV3/NL) until mid October

Capital Markets Story, Nov 2019 - Feb 2020

6

Adjusted EBIT 9M 2019 - Development by Sub-Segment

European Generation

€m
-49	-16		6
260
	-64
		137

9M Hydro Nuc. Fossil Cons.	9M
2018	2019

• Hydro: lapse of Q2 2018 provision release, positive volume effects
• Nuclear: Ringhals 2 outage
• Fossil: lower coal-fired production, outage at Maasvlakte 3 and absence of UK capacity payments, partly offset by positive carbon management effects with Global Commodities

Global Commodities

€m

18

	-62
126
-80	1

9M	Gas COFL Power 9M
2018	2019

• Gas midstream: benefits from portfolio optionality as hub prices corrected at the front end
• COFL: negative LNG Freeport hedge effects
• Power: negative carbon management effects with European Generation

International Power

€m

	16
204	220
9M 2018 Russia 9M 2019

• Generation business in Russia benefitted from higher day-ahead prices and increased generation volumes

Capital Markets Story, Nov 2019 - Feb 2020

7

Adjusted EBIT to OCF - Negative due to temporary Working Capital Effects

Reconciliation Adjusted EBIT 9M 2019 to Operating Cash Flow 9M 2019

€m	401

517

720

-800

203

18

-218

-277

-557

-16

-44

Adj. EBIT

Depreci-

Adj. EBITDA

Non-cash

Provision

Changes in

Payments

OCFbIT

Interest

Tax

OCF

9M 2019

ation and

9M 2019

effective

utilization

working

related to

9M 2019

payments

payments

9M 2019

amortization

EBITDA

capital

non-oper.

items

earnings,

others

Capital Markets Story, Nov 2019 - Feb 2020

8

Economic Net Debt - Up mainly due to Working Capital and Pensions

Reconciliation Economic Net Debt YE 2018 vs. 9M 2019

€bn
										0,4		0,1	3.6
3.2									0,4	-0,1		0.8
							0,3
0,9		2.5
		0,3
		-0,7	0,9												1,2
0,8		-0,3
			0,8
1,5														1,5
			0,8
	Economic	Margining	Pro-forma	Divest		OCF	Dividend Investments Pension	ARO	Other	Economic
	net debt YE	adjustment	Economic												net debt 9M
	2018 - as		net debt YE												2019
	reported		2018			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. Change in interest rates for pension obligations by 1.1%-points for Germany since end of 2018
3. Includes cash & cash equivalents, non-current securities, financial receivables from consolidated

Group companies and financial liabilities

Capital Markets Story, Nov 2019 - Feb 2020

9

Outlook 2019 - Adjusted EBIT increased and Dividend Policy confirmed

Outlook 2019 - Adjusted EBIT	Dividend pay-out and policy
€m	€m

865		+150	950
850
	Range
	Range		750
	550						489
						329	390
					271
				200
FY 2018	Old 2019E		New 2019E	FY2016 FY2017 FY2018 FY2019 FY2020
					Dividend	above CAGR

Mid-point - Raised with reinstated UK capacity market	Policy - Dividend payout ratio on FCfO 75% - 100%
Range - Narrowed with increased visibility	Ambition - Dividend growth path CAGR 25% p.a.

Capital Markets Story, Nov 2019 - Feb 2020

10

Agenda

Intro Uniper Story in a Nutshell

9M 2019 Essentials and

Financial Results and Outlook

FY 2019

Appendix

22

Outright Power Hedging in Germany and Nordic

Outright position - Baseload power price1

	>85%	>85%	>40%
€/MWh	>80%	>60%	>10%
60

50

40

30

20

2019	2020	2021
		Hedged price Germany	Hedge ratio Germany
		Hedged price Nordic	Hedge ratio Nordic

1. Status: 30 September 2019

Capital Markets Story, Nov 2019 - Feb 2020

12

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

Adj. EBITDA and EBIT

€m		9M 2019	9M 2018	9M 2019	9M 2018
	Adj. EBITDA	Adj. EBITDA	Adj. EBIT	Adj. EBIT
European Generation	Hydro	241	305	196	245
	Nuclear	77	91	30	46
	Fossil
	159	229	-68	-4
	Other/ Consol.	-19	-25	-22	-27
	Subtotal	458	600	137	260
Global Commodities	Gas	166	140	104	86
	COFL	13	63	-37	43
	Power
	-63	5	-66	-4
	Subtotal	115	208	1	126
International Power	Russia	290	279	220	204
	Subtotal	290	279	220	204
Administration / Consolidation		-144	-197	-155	-204
Total		720	891	203	386

Capital Markets Story, Nov 2019 - Feb 2020

13

Uniper Group - Key Financial Performance items

€m	9M 2019	9M 2018
Net income / loss after income taxes	1,056	-521
Attributable to the shareholders of Uniper SE	1,009	-550
Attributable to non-controlling interests
47	29
Net interest income / expense	118	1
Other financial result	-119	-22
Income taxes
242	-198
EBIT	1,297	-740
Non-operating adjustments	-1,093	1,126
Adjusted EBIT	203	386
Economic depreciation and amortization / reversals	517	505
Adjusted EBITDA	720	891
Sales	52,778	53,059

Capital Markets Story, Nov 2019 - Feb 2020

14

Uniper Group - Adjusted EBITDA to Net Income

Reconciliation Adj. EBITDA 9M 2019 to net income 9M 2019

€m							144
					947
						-28		-113
									1.009
720
			- 144
	- 517	203		59
Adj.	D&A	Adj.	Economic	Underlying	MTM	Net	Other	Taxes on non-	Net
EBITDA	EBIT	interest, taxes,	earnings	Derivatives	impairments		operating
		Income1
			minorities					earnings,
								minorities

Non-operating earnings

1. Net income attributable to Uniper shareholders.

Capital Markets Story, Nov 2019 - Feb 2020

15

Uniper Group - Economic Interest Expense (net)

Economic interest expense of the Uniper Group

€m	9M 2019	9M 2018
Interest from financial assets / liabilities	19	9
Interest cost from provisions for pensions and similar provisions	-15	-13
Accretion of provisions for retirement and obligation and other provisions
-76	-60
Construction period interests1
54	34
Other2	-69	26
Economic interest expense (net)	-88	-4

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.

Capital Markets Story, Nov 2019 - Feb 2020

16

Uniper Group - Non-operating Adjustments

Non-operating adjustments

€m	9M 2019	9M 2018
Net book gains / losses	-	31
Fair value measurement of derivative financial instruments	-947	731
Restructuring / cost management expenses / income
-33	-51
Non-operating impairment charges / reversals
28	361
Miscellaneous other non-operating result
-142	54
Non-operating adjustments	-1,093	1,126

Capital Markets Story, Nov 2019 - Feb 2020

17

Uniper Group - Cash-effective Investments

Investments by segment

€m	9M 2019	9M 2018	%
European Generation	233	225	3.8
Global Commodities	17	12	41.7
International Power
134	129	4.3
Administration / Consolidation
17	21	-21.4
Total	401	387	3.6

Investment split - maintenance and growth

€m	9M 2019	9M 2018	%
Maintenance & replacement	178	157	13.1
Growth	223	230	-3.1
Total	401	387	3.6

Capital Markets Story, Nov 2019 - Feb 2020

18

Uniper Group - Net financial Position

Net financial position of the Uniper Group1

€m	30 Sep 2019	31 Dec 2018
Liquid funds	391	1,400
Non-current securities	94	83
Receivables from margining
358	698
Financial liabilities
2,359	2,939
Net financial position	1,517	757
Provisions for pensions and similar obligations	1,236	804
Asset retirement obligations		948
847
Economic net debt	3,600	2,509

1. Since 2019 receivables from margining are reported as part of the economic net debt This also	Capital Markets Story, Nov 2019 - Feb 2020
is applied retrospectively for FY 2018 (FY 2018: €3,208m).	19

Uniper Group - Consolidated Balance Sheet (1/2)

Balance sheet of the Uniper Group - Non-current and current assets

€m	30 Sep 2019	31 Dec 2018
Goodwill	1,880	1,816
Intangible assets	742	768
Property, plant and equipment	10,745	10,612
Companies accounted for under the equity method	465	440
Other financial assets	777	866
Equity investments	684	783
Non-current securities	94	83
Financial receivables and other financial assets	3,680	3,618
Operating receivables and other operating assets	4,525	4,914
Income tax assets	6	6
Deferred tax assets	1,097	1,116
Non-current assets	23,917	24,156
Inventories	1,895	1,604
Financial receivables and other financial assets	630	1,391
Trade receivables and other operating assets	13,742	21,468
Income tax assets	70	40
Liquid funds	391	1,400
Assets held for sale	-	546
Current assets	16,728	26,449
Total assets	40,645	50,605

Capital Markets Story, Nov 2019 - Feb 2020

20

Uniper Group - Consolidated Balance Sheet (2/2)

Balance sheet of the Uniper Group - Equity and liabilities

€m	30 Sep 2019	31 Dec 2018
Capital stock	622	622
Additional paid-in capital	10,825	10,825
Retained earnings	3,392	3,032
Accumulated other comprehensive income	-3,291	-3,531
Equity attributable to the shareholders of Uniper SE	11,547	10,948
Attributable to non-controlling interest	578	497
Equity (net assets)	12,125	11,445
Financial liabilities	1,146	1,187
Operating liabilities	4,432	4,856
Provisions for pensions and similar obligations	1,236	804
Miscellaneous provisions	5,229	5,455
Deferred tax liabilities	464	355
Non-current liabilities	12,507	12,657
Financial liabilities	1,213	1,752
Trade payables and other operating liabilities	13,623	22,469
Income taxes	44	47
Miscellaneous provisions	1,133	1,478
Liabilities associated with assets held for sale	-	757
Current liabilities	16,012	26,503
Total equity and liabilities	40,645	50,605

Capital Markets Story, Nov 2019 - Feb 2020

21

Uniper Group -

Consolidated Statement of Cash Flows (1/2)

Statement of cash flows Uniper Group

€m	9M 2019	9M 2018
Net income / loss	1,056	-521
Depreciation, amortization and impairment of intangibles / property, plant, equipment	554	875
Changes in provisions	-416	-224
Changes in deferred taxes	231	-207
Other non-cash income and expenses	-199	7
Gain / loss on disposals	-12	-48
Changes in operating assets and liabilities and in income tax	-1,492	207
Cash provided (used for) by operating activities	-277	89
Proceeds from disposals	323	130
Payments for investments	-401	-387
Proceeds from disposals of securities (>3M) and of financial receivables	1,102	455
Purchases of securities (>3M) and of financial receivables	-577	-1,351
Changes in restricted cash and cash equivalents	14	-13
Cash provided (used for) by investing activities	461	-1,166

Capital Markets Story, Nov 2019 - Feb 2020

22

Uniper Group -

Consolidated Statement of Cash Flows (2/2)

Statement of cash flows Uniper Group

€m	9M 2019	9M 2018
Cash provided (used for) by investing activities	461	-1,166
Payments received / made from changes in capital	3	5
Payed dividend to the shareholder of Uniper SE	-329	-271
Payed dividend to other shareholders	-16	-16
Proceeds from financial liabilities	1,353	1,419
Repayment of financial liabilities	-2,007	-95
Cash provided (used for) by financing activities	-997	1,042
Net increase / decrease in cash and cash equivalents	-813	-35
Effect from foreign exchange rates on cash and cash equivalents	9	-6
Cash and cash equivalents at the beginning of the year	1,138	852
Cash and cash equivalents of deconsolidated companies	-4
Cash and cash equivalents from first-time consolidated companies	8	-
Cash and cash equivalents at the end of the reporting period	338	811

Capital Markets Story, Nov 2019 - Feb 2020

23

Financial Calendar & further Information

Financial calendar	Further information
10 March 2020	https://ir.uniper.energy
Annual Report 2019
07 May 2020
Quarterly Statement January - March 2020
20 May 2020
2020 Annual Shareholders Meeting (Duesseldorf)
11 August 2020
Interim Report January - June 2020
10 November 2020
Quarterly Statement January - September 2020

Capital Markets Story, Nov 2019 - Feb 2020

24

Uniper - Contact your Investor Relations team

Udo Giegerich

Executive Vice President

Group Finance&Investor Relations

[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]

Capital Markets Story, Nov 2019 - Feb 2020

25

Disclaimer

This document and the presentation to which it relates contains information relating to Uniper SE, ("Uniper" or the "Company") that must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purposes. By accessing this document you agree to abide by the limitations set out in this document.

This document is being presented solely for informational purposes and should not be treated as giving investment advice. It is not, and is not intended to be, a prospectus, is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities, and should not be used as the sole basis of any analysis or other evaluation and investors should not subscribe for or purchase any shares or other securities in the Company on the basis of or in reliance on the information in this document.

Certain information in this presentation is based on management estimates. Such estimates have been made in good faith and represent the current beliefs of applicable members of management of Uniper. Those management members believe that such estimates are founded on reasonable grounds. However, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty (express or implied) is given that such estimates are correct or complete.

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.

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