Appendix - Deep Dive Capital Markets 26 April 2016 - Uniper IR

 
Appendix - Deep Dive Capital Markets 26 April 2016 - Uniper IR
Appendix – Deep Dive        26 April 2016

Capital Markets S t o r y
Appendix - Deep Dive Capital Markets 26 April 2016 - Uniper IR
Appendix

1. Group
2. European Generation
3. Global Commodities
4. International Power
5. Financial

                         2
Appendix - Deep Dive Capital Markets 26 April 2016 - Uniper IR
Legal structure

Transferal of stake from E.ON SE to Uniper SE                             Capital raise and allocation to E.ON shareholders

                                                                          Issuance of
               E.ON shareholders                                          53.35% new       E.ON shareholders
                                                                          shares
                         100%

                   E.ON SE                                                                      E.ON SE
                                                    100%
                         100%                                                                         100%
              E.ON Beteiligungen         Spin-off                                          E.ON Beteiligungen
                    GmbH                                                                         GmbH
                         100%                                                                        46.65%
                                                    Uniper Beteiligungs                                                     Uniper Beteiligungs
                   Uniper SE                                                                   Uniper SE
                                       100%               GmbH                                                     100%           GmbH
                         46.65%                                                                      46.65%
                                               53.35%                                                                     53.35%
                Uniper Holding                                                               Uniper Holding
                    GmbH                                                                         GmbH
                         100%                                                                         100%

            Uniper SE business units                                                    Uniper SE business units

 E.ON SE holds 100% in Uniper Holding GmbH through its fully-             In return E.ON SE’s shareholders receive one newly issued
  owned subsidiaries Uniper SE (46.65%) and Uniper                          share in Uniper SE for 10 shares held in E.ON SE
  Beteiligungs GmbH (53.35%) prior to the spin-off
                                                                           After the spin-off E.ON SE indirectly holds 46.65% in Uniper SE
 E.ON SE then transfers its participation in Uniper Beteiligungs           with the remainder of 53.35% being held by E.ON SE’s
  GmbH by means of spin-off to Uniper SE                                    shareholders

                                                                                                                                                  3
Appendix - Deep Dive Capital Markets 26 April 2016 - Uniper IR
Segment structure

Structural overview

Level           European Generation                 Global Commodities              International Power            Admin / Consolidation
  1

                                                              Coal, Oil,
Level           Swedish
        Hydro               Fossil    Other   Gas     YR      Freight &    Power   Russia                 Brazil
  2             Nuclear
                                                                LNG

                                                                                                                                           4
Appendix - Deep Dive Capital Markets 26 April 2016 - Uniper IR
Organisational structure

Conceptual overview
                              Board setup with distinct functional profiles

  CEO                                                                                                             Avoidance of holding
  Chief Executive Officer                                                                                         structures reduces
                                                                                                                  hierarchies and shortens
                            COO                             CCO                        CFO                        decision processes
                            Chief Operating Officer         Chief Commercial Officer   Chief Financial Officer    (no Group Management)

                                                                                                                  Operational and
   Russia                                                                                                         commercial business
   Integrated                 Asset development,             Customer and market                     Integrated
                                                                                                                  activities grouped.
   governance and              management, and                 facing activities               governance and
                                                                                                                  Governance and
   enabling functions         operational activities                                         enabling functions
                                                                                                                  enabling functions
                                                                                                                  cover all businesses
                                                       Strategy

                                                       Planning                                                   Key processes strongly
                                                                                                                  require cross-functional
                                                      Investment                                                  collaboration
                                           Performance Management

         Integration of all businesses in a single organizational structure avoids duplications
                                         (no Management Units)

                                                                                                                                             5
Appendix - Deep Dive Capital Markets 26 April 2016 - Uniper IR
Appendix

1. Group
2. European Generation
 2.1 Business overview
 2.2 Market deep-dive
3. Global Commodities
4. International Power
5. Financial

                         6
Appendix - Deep Dive Capital Markets 26 April 2016 - Uniper IR
The portfolio is diversified across countries and
technologies

Overview by fuel type
                                        Capacity development (MW)                                                                      Capacity by country2 (%)

                                 4.348                      4.171                     4.179
   Hydro1                                                                                                                              56                                   44

                                 2013                       2014                       2015                                            GER                                  SE

                                 2.511                      2.511                     2.511                                                           100
   Nuclear
                                 2013                       2014                       2015                                                            SE

                                13.490                     12.649                      9.905
                                                                                                                                  41                    20          12              22           5
  Hard coal /
    lignite                                                                                                                     GER                    UK           FR              NL           BE
                                 2013                       2014                       2015
                                                                                                                                                                                         BE 1
                                11.826                     11.706                     11.708
                                                                                                                             32                          40                 8       7        9   4
     Gas
                                                                                                                            GER                          UK                 SE FR NL HU
                                 2013                       2014                       2015

                                 3.957                      3.957                      3.263
    Other
                                                                                                                                            65                         12               20       3

                                 2013                       2014                       2015                                             GER                            UK           SE           FR

                1. Capacity development includes net generation capacities from Hydro LTCs in Austria and Switzerland of 820 MW in 2013, 629 MW in 2014 and 629 MW in 2015;
                capacity by country does not include Hydro LTCs; net generation capacity is reported for a power plant if it has been in operation within a year 2. Based on 2015
                (accounting view)                                                                                                                                                                     7
Integrated energy hubs represent a key driver of
Uniper’s non-wholesale earnings
How do energy hubs work                                              Uniper’s energy hubs

 • Providing local industries and larger industrial customers
   with power, steam, heat and compressed air
 • Access to local district heating networks
 • Sale of remaining capacity on the wholesale market
 • Ability to sell by-products to local customers
   (e.g. ash, gypsum)

Example: Maasvlakte                                                  Power plant            Products delivered
                                                                                            Power, Heat, Third party services,
                                                                     Maasvlakte
                                        • Power and heat                                    Fuel procurement, Boil-off gas supply
                                          generation                                        Heat, Power, Steam,
                                                                     Scholven
                                                                                            Pressurized air, District heating
                                                                                            Power, Rail power,
                                        • Provision of third party   Schkopau
                                                                                            Energy, Steam
                                          services
                                                                     Grain                  Power, Heat

                                                                     Malmö                  Power, District heating
                                        • Procurement of fuels
                                                                                            Heat, Power, Steam, Rail Power
                                                                     Datteln
                                                                                            Pressurized air, District heating
                      Biowaste
                                        • Supply of boil-off gas     Staudinger             Power, District Heating, Grid services

                                                                     Kirchmöser             Rail power

                                                                                                                                     8
Renewables build-out resulting in increased need for
flexible capacities
 Renewables build-out and gas flexibility1                                                                                                      Key considerations
                                                                                Low feed-in from
                      1                                           2             renewables
                                        Significant solar
                                        feed-in                                                                                                 1         Significant renewables feed-
                                                                                       Necessity for gas-
                                                                                       fired production in                                                in with direct impact on
                                                                                       peak hours given                                                   electricity production from
                                                                                       low solar feed-in
                                                                                                                                                          conventional power plants

                                                                                                                                                          Very limited production by
                                                                                                                                                          gas-fired power plants in
                                                                                                                                                          times of high renewables
                                                                                                                                                          feed-in
                                                                                   No response from
                                                                                   other conventional
      Decrease of conventional                                                     sources
      energy production driven by
      solar feed-in                                                                                                                             1.
                                                                                                                                                2         Gas-fired power plants
                                                                                                                                                          required to address hours of
                                                                                                                                                          limited renewables
                                                                                                                                                          production

 0         6         12        18          0          6           12       18          0           6         12        18
                                           Other            Gas         Wind           Solar
Source: EEX Transparency

                    1. Hourly feed-in split of Solar, Wind and all other fuels from Monday 12/10/2015 0:00h until Wednesday 14/10/2015 23:59 (EEX data)                                  9
Europe’s power markets increasingly introduce
capacity markets

Geographic overview

  1   UK: Centralized Capacity Auctions                       Capacity market introduced / introduction soon

                                                              Capacity market currently not expected but
  2   Nordics: Strategic reserves with                        adjustments to energy-only market discussed
      phase-out provisions

  3   Germany: Grid reserve installed, introduction of a strategic reserve                                         2
      planned

  4   Poland: No mechanism, but strategic
      reserve discussed

  5   Belgium: Strategic reserve / discussion over possible market-wide
      mechanism
                                                                                             1
                                                                                                         3         4
  6   France: Decentralized forward capacity obligation                                              5
  7   Spain & Portugal: Separate capacity payments for availability and
                                                                                                 6
      investment (phased out in Portugal)

  8   Italy: Temporary capacity payments; considering centralized                                              8
      auctions for reliability options                                                7

                                                                                                                       10
Overview of power price and generation spread
environment in Uniper's key markets

 Overview of power prices and generation spreads by market (in €/MWh)1

                    Germany                            Sweden                             UK                                France                             Netherlands

                                                                                     59 52 56                                                             52
                                                                                              50 49 45
                                                                                                                       43                                      41 40
               38 33
                     32 27 28 28                  38                                                                        35 38 31 31                                 32 31 29
                                                       30                                                                               29
   Baseload                                                 21 21 22 21
    price2

               13 14 15 16E17E18E                 13 14 15 16E17E18E                 13 14 15 16E17E18E                13 14 15 16E17E18E                 13 14 15 16E17E18E
                                                                                    26                                                                    23
                                                                                         15                            14                                      13 14
                8                                  9                                          10                                 11
                     4   4                                                                                                   6        4    3                                6   5
                                                       2                                           2    1                                       0                                   2
     Clean
     dark
                             (0) (0) (0)                                                                    (2)
    spread3                                                 (5) (4) (5) (6)

               13 14 15 16E17E18E                 13 14 15 16E17E18E                 13 14 15 16E17E18E                13 14 15 16E17E18E                 13 14 15 16E17E18E

                                                                                             15 14 12
                                                                                     8 10 11                                          6    6    5          5        5       6   5
                              0    1   3                                                                                         4                             4                    4
     Clean
     spark                                                                                                             (3) (2)
               (9) (5) (7)                                      (9) (9) (7)
    spread4                                     (16) (13)(19)
               13 14 15 16E17E18E                 13 14 15 16E17E18E                 13 14 15 16E17E18E                13 14 15 16E17E18E                 13 14 15 16E17E18E

Source: IHS

              1. Average prices for 2013-2015 and projections for 2016-2018E, based on IHS figures from January 2016 2. Nominal prices 3. Based on nominal baseload power
              prices, assumed efficiency rate of 37.80% and LHV/heat rate of 8,749 MMBtu per kWh 4. Based on nominal peakload power prices, assumed efficiency rate of
              54.53% and LHV/heat rate of 6,204 MMBtu per kWh                                                                                                                           11
Appendix

1. Group
2. European Generation
 2.1 Business overview
 2.2 Market deep-dive
3. Global Commodities
4. International Power
5. Financial

                         12
Germany                                  Sweden                                  United Kingdom                                       France                                     Netherlands

German generation portfolio at a glance

Uniper’s electricity production and net capacity
                                                                                                   Country generation mix2
in Germany1
                                                                                                                                      2% Other           4% Hydro

                            2.0 GW        17%                                                                                                                            14% Nuclear
                                                                                                                   25%
    Hydro                          5.8 TWh        23%                                                           Renewables

                                                                                                                                                 600
                                        3.2 GW         27%
                                                                                                                                                 TWh
 Hard Coal                                                      13.0 TWh          51%

                                                                                                                10% Gas
                   0.9 GW          8%                                                                                                                                         44% Coal

    Lignite                  4.8 TWh          19%
                                                                                                  Source: IHS

                                                                                                    Competitive environment3
   Nuclear                                                                                         Total capacity 2014 (GW)

                                            3.8 GW        32%                                              23.9

      Gas       1.7 TWh          6%
                                                                                                                                    14.7
                                                                                                                                                             14.0
                                                                                                                                                                                        10.1
                              2.1 GW        18%
     Other    0.5 TWh         2%

                                        Percentage of total capacity              %                        RWE                   Vattenfall                 Uniper                      EnBW
                                         Percentage of total volume               %               Source: IHS

              1. Net generation capacity for 2015 (accounting view); net generation capacity is reported for a power plant if it has been in operation within a year; Percentages not
              adding to 100% due to rounding 2. 2015 production volume based on IHS; Percentages not adding to 100% due to rounding 3. Actual Uniper capacity compared to
              peers’ capacities based on IHS                                                                                                                                                    13
Germany                                Sweden                                   United Kingdom                                        France                                       Netherlands

German hydro fleet

Location1                                                                                                       Key earnings drivers

                                                            Capacity 2015 (MW)                                              • Regulated feed-in tariffs for small hydro plants

                                                              838                       956                                 • Long-term contracts with industrial customers

                                                                                                                  RoR
                                                                                                                            • Hydro factor driving production volume and
                                                                                                                              wholesale earnings
                                                                           191
                                                                                                                            • Development of baseload power price
                                                             RoR        Storage         PSP
                                                                                                                            • Hydro factor driving production volume and
                                                                                                                              wholesale earnings

                                                                                                                  Storage
                                                                                                                            • Development of baseload power price
                                                                                                                            • Seasonal price differences
                                                                                                                            • Price volatility; value of flexibility

                                                                                                                            • Short-term power price volatility and optionality to
                                                                                                                              buy at low/negative prices
                                                                 Run-of-river (RoR)                                         • Network charges with impact on cost of storage

                                                                                                                  PSP
                                                                 Storage                                                    • Price volatility; value of flexibility

                                                                 Pumped storage (PSP)

            1. Net generation capacity is reported for a power plant if it has been in operation within a year / a power plant is shown on the map if it has been in operation in
            2015, excl. smaller hydro plants with less than 5 MW of technical generation capacity                                                                                                 14
Germany                               Sweden                                  United Kingdom                           France                         Netherlands

German fossil fleet

Location1                                                                                             Key earnings drivers

                                                                   District heating                           • Non-wholesale contracts with industrial customers
                                                                        Direct supply                           and TSO with elements of fixed cost coverage and
                                                                                                                capital remuneration

                                                                                                       Coal
                                                                            Partner supply
                                                                                                              • District Heating supply to local municipalities
                                                                                                              • Development of loan-adjusted Clean Dark Spread
                                                                                       Datteln 4
                                                               Scholven

                                                                                                              • Non-wholesale contracts with TSO with elements
                                                                                           Dortmund
                                                                                                                of fixed cost coverage and capital remuneration
                                                                                                              • Development of Clean Spark Spread

                                                                                                       Gas
                                                                              Bochum

                                                                    Essen                                     • Power price volatility
                                                                                                              • Load factor driven by renewables feed-in

                                                                                                              • Contracts with TSO with elements of fixed cost
                                                                                                                coverage and capital remuneration
                                                                 Coal-fired plant

                                                                                                       Oil
                                                                 Gas-fired plant

                                                                 Oil-fired plant

            1. A power plant is shown on the map if it has been in operation in 2015                                                                                 15
Germany                                   Sweden                                 United Kingdom                                        France                                         Netherlands

Market environment in Germany

  Conventional capacity retirements (GW)                                                               Illustrative merit order
                                                                                    4,9               Low RES feed-in
              3,7
                                                                                                      (10% of installed capacity)
     3,2             3,4      3,4                                                                                                                                               Maximum
                                       2,8      3,1               3,0                                                                       Minimum                             demand
                                                                                                                                            demand
                                                         1,5

                                                                           0,3

    2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
                                                                                                                   hydro         lignite     nuclear           hard coal               natural gas    oil
Source: IHS       Nuclear Coal  Gas  Other 1                                                              renewables

  Renewables build-up (GW)2                                                                           High RES feed-in
                                                                 115      119      125                (60% of installed capacity)
                                               104      110
                              91       98                                                                                                                     Maximum
              76     83                                                                                                          Minimum
      69                                                                                                                                                      demand
                                                                                                                                 demand

     9,8                      8,2
              6,9    7,1               6,8      5,9      5,6      4,8      5,0      5,1

                                                                                                                    renewables             hydro    lignite    nuclear     hard coal      natural gas oil
     2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: IHS          Capacity additions Total

 Hard coal-fired power plants typically acting as price setter in current market environment
 Merit order transformation to be driven by a continuously high renewables new-build and the retirement of old hard coal, non-profitable gas-
  fired and nuclear power plants

                    1. Other including Oil, Hydro and other non-renewables 2. Renewables as defined here including Wind on- and offshore, solar PV, solar CSP, combustible
                    renewables and other renewables (i.e. no hydro included)                                                                                                                                16
Germany                                  Sweden                                   United Kingdom                                       France                                     Netherlands

Swedish generation portfolio at a glance

Uniper’s electricity production and net capacity
                                                                                                     Country generation mix2
in Sweden1
                                                                                                                                                     1% Other
                                                                                                                    17% Renewables
                                        1.6 GW          28%
    Hydro                                           8.7 TWh         40%                                                1% Gas
                                                                                                                                                                                42% Hydro
                                                                                                                   1% Coal
                                                                                                                                                   165
                                                                                                                                                   TWh
 Hard Coal

                                                                                                                       39% Nuclear
    Lignite
                                                                                                    Source: IHS

                                                        2.5 GW         44%                           Competitive environment3
   Nuclear                                                          12.2 TWh        56%              Total capacity 2014 (GW)

                             0.9 GW         17%                                                              14.4
      Gas       0.7 TWh        3%
                                                                                                                                       6.0
                                                                                                                                                                5.4
                       0.7 GW         12%                                                                                                                                                 1.4
     Other    0.002 TWh        0.01%

                                          Percentage of total capacity              %                     Vattenfall                 Uniper                   Fortum                  Statkraft
                                           Percentage of total volume               %               Source: IHS

                1. Net generation capacity for 2015 (accounting view); net generation capacity is reported for a power plant if it has been in operation within a year; Percentages not
                adding to 100% due to rounding 2. 2015 production volume based on IHS; Percentages adding to more than 100% due to rounding 3. Actual Uniper capacity
                compared to peers’ capacities based on IHS                                                                                                                                        17
Germany                                Sweden                                    United Kingdom                                       France                                       Netherlands

Swedish hydro fleet

Location1                                                                                                       Key earnings drivers

                                                         Capacity 2015 (MW)                                                 • Hydro factor driving production volume
                                                                          1,372                                             • Development of baseload power price (hydro fleet
                                                                                                                              fully exposed to merchant market)

                                                                                                                  RoR
                                                              193
                                                                                          0

                                                             RoR        Storage         PSP

                                                                                                                            • Hydro factor driving production volume
                                                                                                                            • Development of baseload power price (hydro fleet
                                                                                                                              fully exposed to merchant market)

                                                                                                                  Storage
                                                                                                                            • Seasonal price differences

                                                               Run-of-river (RoR)

                                                               Storage

            1. Net generation capacity is reported for a power plant if it has been in operation within a year / a power plant is shown on the map if it has been in operation in
            2015, map excl. smaller hydro plants with less than 5 MW of technical generation capacity                                                                                             18
Germany                              Sweden                                 United Kingdom                                     France                                    Netherlands

Swedish nuclear fleet

Location1                                                                                                Key earnings drivers

                                                                                                                     • Development of baseload power price (including
                                                                                                                       Central European prices due to market coupling)
                                                                                                                     • Hydro factor with impact on merit order and

                                                                                                           Nuclear
                                                                                                                       resulting achieved price
                                                                                                                     • Weather conditions esp. in the winter driving
                                                Site                  MW1           Stake
                                                                                                                       demand for electricity due to heat requirements
                                               Oskarshamn 3             1,400        55%
                                                                                                                     • Safety and environmental investments required to
                                               Oskarshamn 2               638        55%
                                                                                                                       be made from a regulatory perspective
                                               Oskarshamn 1               473        55%
                                               Forsmark 1                 984          9%
                                               Forsmark 2               1,120          9%
                                                                                                         Swedish Nuclear Fund
                                               Forsmark 3               1,167        11%                                            Government sets fees based
                                                                                                                                    on SSM’s2 recommendation,
                                               Ringhals 1                 881        30%
                                                                                                                                    currently 0.04 SEK/kWh
                                               Ringhals 2                 865        30%                     Nuclear power                                              Nuclear Waste
                                                                                                              companies                                                     Fund
                                               Ringhals 3               1,063        30%                                            SSM approves reimbursement
                                                                                                                                    from the Fund
                                               Ringhals 4               1,115        30%
                                                                                                                         Jointly established SKB3 to manage and
                                                                                                                         dispose of all radioactive waste from NPP

                                                 Nuclear plant (Majority-owned)                                                       Final repository                  Agency costs
                                                                                                                     SKB              Decommissioning
                                                 Nuclear plant (Minority-owned)                                                       Transportation                        etc.
                                                                                                                                      Encapsulation plant
                                                                                                                                      R&D
                                                                                                                                      Central interim storage ability
                                                                                                                                      for spent nuclear fuel

            1. A power plant is shown on the map if it has been in operation in 2015 2. Swedish Radiation Safety Authority 3. Swedish Nuclear Fuel and Waste Management
            Company                                                                                                                                                                     19
Germany                                Sweden                                   United Kingdom                                        France                                       Netherlands

Swedish fossil fleet

Location1                                                                                                       Key earnings drivers

                                                           Capacity 2015 (MW)
                                                                                                                        • Load factor driven by hydro factor and renewables
                                                               949
                                                                                                                          feed-in
                                                                                    662
                                                                                                                        • Development of Clean Spark Spread
                                                                                                                        • Power price volatility with benefit from price spikes

                                                                                                                  Gas
                                                                                                                        • District Heating supply to local municipalities
                                                               Gas                  Oil

                                                                                                                        • Participation in strategic reserve scheme
                                                                                                                          compensated by the TSO

                                                                                                                  Oil
                                                             Gas-fired plant
                                                             Oil-fired plant

            1. Net generation capacity is reported for a power plant if it has been in operation within a year / a power plant is shown on the map if it has been in operation in
            2015                                                                                                                                                                                  20
Germany                                    Sweden                                 United Kingdom                                      France                                  Netherlands

Market environment in Sweden

  Conventional capacity development (GW)                                                                Illustrative merit order
                                                                                                       Low RES feed-in
                                                                                                       (10% of installed capacity)                                            Maximum
                                                                                                                                                                              demand
                                                                                                                                 Minimum
     30,6     30,8   30,9     31,0     30,2     30,5     29,9     29,1     28,2     27,8                                         demand

    2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

                                                                                                                                                                                  natural gas
                                                                                                        renewables                hydro                             nuclear

                                                                                                                                                                                   hard coal
                                                                                                                                                                                                    oil
Source: IHS       Nuclear Coal  Gas  Other 1

  Renewables build-up (GW)2                                                                            High RES feed-in
                                                                                                       (60% of installed capacity)

                                                                                                                                                                  Maximum
                                                                   14       14       15                                           Minimum
                                        12       12       13                                                                                                      demand
                      10       11                                                                                                 demand
      8        9

     1,5      0,8     1,1      0,8      0,8      0,7      0,7      0,7      0,6      0,5

                                                                                                                                                                                      natural gas
                                                                                                                                                                                       hard coal
                                                                                                              renewables                   hydro                        nuclear                      oil
     2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: IHS          Capacity additions Total

 Swedish power system driven by large share of low variable cost capacities
 Power prices therefore significantly impacted by renewables feed-in volume as well as production volume from hydro plants (driven by hydro
  factor)

                     1. Other including Oil, Hydro and other non-renewables 2. Renewables as defined here including Wind on- and offshore, solar PV, solar CSP, combustible
                     renewables and other renewables (i.e. no hydro included)                                                                                                                              21
Germany                                    Sweden                                United Kingdom                                France                Netherlands

Market environment in Sweden: Perspective on
strategic reserve

 Strategic reserve development (MW)                                                                Related costs from strategic reserve
                                                         Karlshamn 2/3                             Costs for the TSO (€m)1
  2.000
             1.750       1.750                           power plant contracted
                                                                                                                                           18
                                    1.500       1.500                                                                                             16
   583        362         464
                                     531                   1.000                                                                                            12
                                                 874                                                                       11
                                                                        750
             1.364                                                                                         8
  1.309                  1.255
                                     958
                                                 626

  10/11      11/12       12/13      13/14       14/15      15-17       17-19       2025
      Procured production resources               Max. TSO procurement                                  2010              2011             2012   2013     2014
      Procured demand response
Source: Ministry of the Environment and Energy Sweden                                             Source: Svenska Kraftnät (Swedish TSO)

 Description of strategic reserve                                                                  Recent developments
   TSO procures strategic reserve to address extraordinary                                          Extension of strategic reserve likely necessary because nuclear
    situations primarily in winter (production capacities, demand                                     power operators are planning a gradual but large-scale phase
    reduction capacities)                                                                             out triggered by sustained drop in Nordic wholesale prices
   No impact on market price of electricity (bids above highest                                     Risk of supply shortages in central and southern parts of
    commercial bid)                                                                                   Sweden if nuclear switch-off overlaps with loss of strategic
                                                                                                      reserve
   Strategic reserve initially targeted to be phased-out and replaced
                                                                                                     Measures to handle capacity challenges required due to high
    with market solution until 2020, however currently challenging
                                                                                                      weather-dependency driven by its large share of hydro power
    due to difficulties to increase demand response and potential
                                                                                                      and electrical heating
    deficit in power balance if old capacities are phased out
                                                                                                     The future strategic reserve might entail some environmental
                                                                                                      requirements – decision on extension until at least 2025
                                                                                                      expected in May 2016

                      1. Average EUR/SEK exchange rate over the respective calendar year period                                                                        22
Germany                                 Sweden                                  United Kingdom                                        France                                  Netherlands

UK generation portfolio at a glance

Uniper’s electricity production and net capacity
                                                                                                    Country generation mix2
in UK1
                                                                                                                                     1% Other 2% Hydro

                                                                                                                    21%
                                                                                                                 Renewables                                            18% Nuclear
    Hydro

                                                                                                                                                  333
                                  2.0 GW          28%                                                                                             TWh
 Hard Coal                              5.2 TWh          34%

                                                                                                                 29% Gas                                                   29% Coal

    Lignite
                                                                                                  Source: IHS

                                                                                                    Competitive environment3
   Nuclear                                                                                          Total capacity 2014 (GW)

                                                                   4.6 GW         66%                       13.2
      Gas                                                8.2 TWh          54%                                                        11.1                     11.1

                                                                                                                                                                                      7.4
              0.4 GW           6%
     Other          1.8 TWh          12%

                                        Percentage of total capacity               %                        EDF                      SSE                      RWE                Uniper
                                         Percentage of total volume                %              Source: IHS

              1. Net generation capacity for 2015 (accounting view); net generation capacity is reported for a power plant if it has been in operation within a year 2. 2015
              production volume based on IHS 3. Actual Uniper capacity compared to peers’ capacities based on IHS                                                                             23
Germany                                Sweden                                  United Kingdom                                        France                                     Netherlands

UK fossil fleet

Location1                                                                                                      Key earnings drivers

                                                                                                                         • Clean Dark Spread after coal taxes (steam fleet
                                                       Capacity 2015 (MW)                                                  currently primarily exposed to merchant market)

                                                                                                                 Coal
                                                            4,635                                                        • Non-wholesale earnings from ancillary services to
                                                2,000                                                                      National Grid
                                                                                     360                                 • Proceeds from introduction of capacity market
                                                                         34

                                                 Coal        Gas          Oil    Biomass
                                                                                                                         • Development of Clean Spark Spread (currently
                                                                                                                           limited contribution of wholesale earnings)

                                                                                                                 Gas
                                                                                                                         • Non-wholesale earnings from ancillary services to
                                                                                                                           National Grid; heat supply to industrial customers
                                                                                                                         • Proceeds from introduction of capacity market

                                                                    Biomass plant2
                                                                                                                         • Non-wholesale earnings from biomass facility
                                                                                                                           (e.g. ROCs)
                                                                    Coal-fired plant

                                                                                                                 Other
                                                                    Gas-fired plant

                                                                    Oil-fired plant

            1 Net generation capacity is reported for a power plant if it has been in operation within a year / a power plant is shown on the map if it has been in operation in 2015
            2. Uniper’s UK biomass plant is currently in process of being decommissioned                                                                                                       24
Germany                                    Sweden                                United Kingdom                                        France                                  Netherlands

Market environment in the UK

  Conventional capacity development (GW)                                                                Illustrative merit order
                                                                                                       Low RES feed-in
     78,2     74,4                                                                                     (10% of installed capacity)
                     71,9     68,3     63,9     63,4     64,8     65,7     62,9     61,5                                           Minimum                                Maximum
                                                                                                                                   demand                                 demand

    2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
                                                                                                        renewables    nuclear         hard coal                      natural gas           oil
Source: IHS       Nuclear Coal  Gas  Other 1                                                                  hydro

  Renewables build-up (GW)2                                                                            High RES feed-in
                                                                            41       43                (60% of installed capacity)
                                                          36       39
                                        31       33                                                                                                               Maximum
                               27                                                                                               Minimum
                                                                                                                                demand                            demand
                      21
      13      17
                               5,9
                      4,9               4,5
     3,6      4,1                                                  3,0
                                                 2,2      2,3               2,5      2,0

     2012 2013 2014 2015 2016 2017 2018 2019 2020 2021                                                        renewables   hydro nuclear          hard coal             natural gas        oil

Source: IHS          Capacity additions Total

 Economics of conventional generation have changed significantly over the last years driven by the increase of the regulatory carbon price
  floor which has put pressure on hard coal fired plants to the benefit of gas-fired capacities
 Structural changes to capacity structure expected in the medium-term driven by politically announced phase-out of coal capacities until 2025
  and further expansion in capacities from wind and solar

                     1. Other including Oil, Hydro and other non-renewables 2. Renewables as defined here including Wind on- and offshore, solar PV, solar CSP, combustible
                     renewables and other renewables (i.e. no hydro included)                                                                                                                    25
Germany                                  Sweden                                United Kingdom                                      France                                 Netherlands

Market environment in the UK: Perspective on capacity
markets

Auction results                                                                                   Successful and unsuccessful plants
                                                   19.4
                                                                    18.0
                                                                                                                         CCGT                          22,3                     8,8

       49,3           46,4                           49,3            46,4                                     Coal / Biomass                           9,2                     4,5

                                                                                                   1st
                                                                                                                        Nuclear                                 7,9
                                   5.3 GW                                      5.5 GW            auction
                                   Uniper                                      Uniper                                           2

                                   capacity                                    capacity                                    CHP                                4,2                     0,5

                                                                                                                          Other                         5,7                        1,8
       '14         '15                             '18 / '19     '19 / '20
         Auction year           Delivery year1         £/KW      Clearing price

 Uniper results                                                                                                          CCGT                            21,8                      5,4
                        Killingholme 1 & 2 not contracted
  1st auction            (gas-fired, 802 MW registered in auction)                                            Coal / Biomass                      4,7                        3,1
                        87% of Uniper capacity contracted
                                                                                                   2nd
                                                                                                                        Nuclear                                 7,6
                                                                                                 auction
                        All registered plants compensated                                                                      2
 2nd auction            100% of Uniper capacity contracted                                                                CHP                                  4,2                      0,1

                        Possible capacity auction to take place 2017/18                                                  Other                         8,1                     2,8
                        DECC launched a market consultation on 1 March
Developments             2016 proposing to contract higher volumes of
                         capacity at an earlier point of time and tighten                                                                                           Unsuccessful (GW)
                                                                                                Source: National Grid               Successful (GW)
                         delivery incentives at the same time

                1. Delivery year starts in October and ends in September of the subsequent year 2. Combined Heat and Power, including autogeneration                                           26
Germany                                 Sweden                                  United Kingdom                                       France                                     Netherlands

French generation portfolio at a glance

Uniper’s electricity production and net capacity
                                                                                                   Country generation mix2
in France1                                                                                                                                     0% Other
                                                                                                                        7% Renewables                          11% Hydro
                                                                                                                         3% Gas
                                                                                                                   1% Coal
    Hydro

                                                                                                                                                 535
                                                             1.2 GW          56%
                                                                                                                                                 TWh
 Hard Coal                                                          3.8 TWh       63%

    Lignite                                                                                                                                                       77% Nuclear
                                                                                                  Source: IHS

                                                                                                   Competitive environment3,4
   Nuclear                                                                                         Total capacity 2013 (GW)
                                                                                                                 96
                                             0.8 GW           39%
      Gas                                2.0 TWh          34%
                                                                                                                                                   5
              0.1 GW           4%                                                                                                                                                   3
     Other    0.2 TWh         3%

                                        Percentage of total capacity              %                             EDF                            ENGIE                             Uniper
                                         Percentage of total volume               %               Source: IHS

              1. Net generation capacity for 2015 (accounting view); net generation capacity is reported for a power plant if it has been in operation within a year; Percentages not
              adding to 100% due to rounding 2. 2015 production volume based on IHS; Percentages not adding to 100% due to rounding 3. Excluding mothballed plants 4.
              Actual Uniper capacity compared to peers’ capacities based on IHS                                                                                                                 27
Germany                                Sweden                                   United Kingdom                                         France                                      Netherlands

French fossil fleet (incl. renewables)

Location1                                                                                                       Key earnings drivers
                                                                  Capacity 2015 (MW)
                                                                  1,190                                                        • Development of Clean Dark Spread
                                                                              828                                              • Proceeds from ancillary services

                                                                                                                  Coal
                                                                                                                               • Proceeds from introduction of capacity market
                                                                                            94
                                                                                                 2
                                                                   Coal        Gas        RES

                                                                                                                               • Proceeds from introduction of capacity market

                                                                                                                  Gas
                                                                                                                               • Regulated earnings from French solar and wind

                                                                                                                  Renewables
                                                                                                                                 portfolio
                                                                      Coal-fired plant
                                                                                                                               • Upcoming earnings from commissioning of
                                                                      Gas-fired plant                                            Provence IV biomass plant

                                                                      Renewables

            1. Net generation capacity is reported for a power plant if it has been in operation within a year / a power plant is shown on the map if it has been in operation in
            2015 2. Renewable energy sources, including wind and solar                                                                                                                            28
Germany                                  Sweden                                 United Kingdom                                     France                                    Netherlands

Market environment in France

  Conventional capacity development (GW)                                                               Illustrative merit order
    115,5 114,2 113,3 112,0 111,9 112,0 110,2 110,5 109,4 109,2                                       Low RES feed-in
                                                                                                      (10% of installed capacity)                                                Maximum
                                                                                                                                                                                 demand
                                                                                                                                   Minimum
                                                                                                                                   demand

     2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
                                                                                                          renewables                               nuclear                   hard coal        oil
Source: IHS        Nuclear Coal  Gas  Other 1                                                                     hydro                                                           natural gas

  Renewables build-up (GW)2                                                                           High RES feed-in
                                                                                    36
                                                                           33                         (60% of installed capacity)                                            Maximum
                                                                  30
                                                         27                                                                                                                  demand
                                                24
                                       21
                              19                                                                                                  Minimum
              15     17
      13                                                                                                                          demand
                                       2,5      2,7      2,9      2,9      3,3      3,2
      2,0            2,0      2,3
              1,4

     2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
                                                                                                         renewables       hydro                       nuclear                 hard coal       oil
                     Capacity additions Total                                                                                                                                     natural gas
Source: IHS

 French electricity market primarily driven by nuclear capacities, however, nuclear share might come down in the mid-term due to political
  intervention (ongoing discussions about reducing nuclear production share to 50% by 2025)
 Capacity closures relating to old conventional power plants (hard coal, gas, oil) and an increasing renewable share to drive merit order
  changes

                    1. Other including Oil, Hydro and other non-renewables 2. Renewables as defined here including Wind on- and offshore, solar PV, solar CSP, combustible
                    renewables and other renewables (i.e. no hydro included)                                                                                                                        29
Germany                                        Sweden                                 United Kingdom                                                  France                                            Netherlands

Market environment in France: Perspective on capacity
markets

 Mechanism envisaged                                                                                          Capacity stack (2017)
                                                                                                                             45.000                                                                   FIT and price taker gas CHP,
                                                                                                                                          Demand                                                      FIT diesel engine
                                                                                                                             40.000
        Generation                                                                                                                                                                                    Nuclear
                                                                         Suppliers

                                                                                                          (€/MWh per year)
        capacities                                                                                                           35.000        Capacity credits are expected to trade in                  Renewables

                                                                                                           Missing money
                                                                                                                                            the €10,000 – 18,000/MW range in the
                                                                                                                             30.000                       best years                              X   Storage
                                                                                                                                                                                                      Fuel and diesel engine
                                                                                                                             25.000                                                                   CCGT
                                                                                                                                                                                                      Fuel oil ST
                                                                                                                             20.000
                                                                                                                                                                                                      Coal ST
                                                                                                                             15.000                                                                   Implicit DSR (EJP)
         Offer of                                                                                                            10.000
                                                                                                                                                 Price-setting technologies                       X   Explicit DSR
                                          Capacity                       Suppliers’                                                                                                                   LFO CTs
         capacity                                                                                                             5.000
                                          markets                        obligation                                                                                                                   Gas CTs
        certificates                                                                                                             0                                                     XX             Non-FIT CHP
                                                                                                                                      0     20         40         60        80              100       demand
                                                                                                                                                   Derated capacity offered
Source: Ministère de l'Écologie, du développement durable, et de l’énergie                               Source: IHS

 Description of mechanism
  Establishment of a capacity market as of 2017 driven by prevailing security of supply risks:
  Obligation of all capacity owners to commit on their forecasted availability during peak periods (3 years in advance for existing capacities)1
       Technology neutrality and equal treatment of demand-side management and production
       Penalty regime for not being available during peak periods
  Obligation for suppliers to own capacity certificates corresponding to consumption of own clients during peak periods1
       Exchange of capacity certificates beginning four years ahead of delivery year, the price of the certificates is determined on market
        principles without central bidding process
  No impact on energy-only merit order as capacity certificates are traded apart from the energy market
  The time schedule for introducing the CRM is dependent on the current enquiries by EU COM in the context of State Aid Guidelines

                       1. Short peak periods (100-250 hours per year) corresponding to the period at risk in terms of security of supply – the mechanism thus targets periods of high
                       consumption                                                                                                                                                                                             30
Germany                                Sweden                                 United Kingdom                                      France                                      Netherlands

Dutch generation portfolio at a glance

Uniper’s electricity production and net capacity
                                                                                                 Country generation mix2
in the Netherlands1
                                                                                                                               1% Other             4% Nuclear

                                                                                                          15% Renewables
    Hydro

                                                                                                                                             105                         33% Coal
                                                      2.1 GW        68%                                                                      TWh
 Hard Coal                                                       9.9 TWh        86%

                                                                                                                  48% Gas
    Lignite
                                                                                               Source: IHS

                                                                                                 Competitive environment3
   Nuclear                                                                                       Total capacity 2014 (GW)

                               1.0 GW        32%
                                                                                                         4.3
      Gas          1.6 TWh         14%
                                                                                                                                  3.2
                                                                                                                                                          2.6                      2.3

     Other

                                       Percentage of total capacity             %                   GDF SUEZ                   Uniper                    RWE                    Vattenfall
                                        Percentage of total volume              %              Source: IHS

              1. Net generation capacity for 2015 (accounting view); net generation capacity is reported for a power plant if it has been in operation within a year; 2. 2015
              production volume based on IHS; Percentages adding to more than 100% due to rounding 3. Actual Uniper capacity compared to peers’ capacities based on IHS                      31
Germany                                Sweden                                   United Kingdom                                        France                                       Netherlands

Dutch fossil fleet

Location1                                                                                                       Key earnings drivers

                                                                                                                         • Development of Clean Dark Spread
                                                                                                                         • Non-wholesale contracts with industrial customers
                                                                                                                           with elements of fixed cost coverage and capital
                                                                                                                           remuneration

                                                                                                                  Coal
                                                                                                                         • Heat supply

                                                                   Capacity 2015 (MW)
                                                                      2,140

                                                                                      1,005

                                                                                                                         • District Heating supply to local municipalities
                                                                        Coal            Gas

                                                                                                                  Gas
                                                                    Coal-fired plant

                                                                    Gas-fired plant

            1. Net generation capacity is reported for a power plant if it has been in operation within a year / a power plant is shown on the map if it has been in operation in
            2015                                                                                                                                                                              32
Germany                                     Sweden                                 United Kingdom                                             France                        Netherlands

Market environment in the Netherlands

  Conventional capacity development (GW)                                                                Illustrative merit order
                                                                                                        Low RES feed-in
                                                                                                        (10% of installed capacity)
                                                                                                                                                  Minimum                      Maximum
                                                                                                                                                  demand                       demand

     24,3     23,4   22,1     23,1     21,9     21,3     21,5     22,7     22,7     22,6

    2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

                                                                                                            renewables
                                                                                                                 hydro
                                                                                                                nuclear
                                                                                                                          hard coal                          natural gas                 oil
Source: IHS       Nuclear Coal  Gas  Other 1

  Renewables build-up (GW)2
                                                                                                        High RES feed-in
                                                                                                        (60% of installed capacity)
                                                                                                                                                   Minimum          Maximum
                                                                                                                                                   demand           demand
                                                                            13       14
                                                          10       11
                                         7        9
               5       5        6
      4
                                        1,2      1,3      1,2      1,6      1,6      1,5
     0,3      0,6     0,6      0,9

                                                                                                                           hydro
                                                                                                                          nuclear
                                                                                                            renewables                hard coal                  natural gas             oil
     2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: IHS          Capacity additions Total

 Dutch energy market has been very well supplied over the last years due to significant capacities having been commissioned in the recent
  past and imports relating to excess renewable production in Germany and the Nordics
 Given the current supply situation, the Dutch regulator is currently not considering a capacity market

                     1. Other including Oil, Hydro and other non-renewables 2. Renewables as defined here including wind on- and offshore, solar PV, solar CSP, combustible
                     renewables and other renewables (i.e. no hydro included)                                                                                                                  33
Appendix

1. Group
2. European Generation
3. Global Commodities
 3.1 Business overview
 3.2 Market development
4. International Power
5. Financial

                          34
Gas midstream                                                             Yuzhno Russkoye                                   COFL                                             Power

Uniper's integrated gas position allows for additional
optimisation earnings

                                          Trading around flow                       Time spread optimisation                       Hub-to-hub optimisation

                                                                                     Illustration of seasonal gas price
                                                                                     movements
                                                                                                                                                                GTF
                                                Hub supply
                                                                                            Winter    Winter       Winter
                                                                       Hub sales
 Integrated position steering & trading

                                                                                                                                                          TTF
                                                                                                                                             NBP                      GP1

                                                                     Wholesale                                                                      ZEE
                                          LTC        Flow
                                                                     Sales                                                                                      NCG         CEGH

                                                                                                                                              PEG
                                                                       Hub sales                                                                                      PSV

                                                Hub supply                                     Summer        Summer
                                                                                                                                       AOC

                                                    Wholesale margin                            Summer-Winter                                      Intrinsic value

                                                                                                     Intra-year
                                                Monetisation of flexibility                                                                    Extrinsic value
                                                                                                 Extrinsic value

                                                     Cost leadership                    Asset-backed position trading                 Asset-backed position trading

                                           Portfolio size and flexibility as well as experience and expertise provide competitive advantages

                                                 1. Gaspool                                                                                                                          35
Gas midstream                                                  Yuzhno Russkoye                                                   COFL                                           Power

Uniper is one of the largest operators of gas storages in
Europe…

 Location of Uniper’s gas storage assets1                                                                   Market share in Uniper’s markets (bcm)2

                                                                                                                          25

                                                      Kiel
                                                      Rönne

                                  Harsefeld Reitbrook Kraak
                                   Etzel
              Krummhöm                                                                                                                                     8
                                                                                                                        28%
                 Nüttermoor                                                                                                                                                 5
                                    Huntorf
                                                                                                                                                         21%
                                           Rehden                                                                                                                           3%
                   Kalle
                 Epe            Uelsen                            Bernburg
                                                                  Katarina                                          Germany                              Austria            Uk
                                                    Staßfurt
                       Xanten
                                             Allmenhausen                                                                                       Uniper      Competitors
                                                                   Bad Laustädt                           Source: GSE
                                         Kircheilingen            Burgraff-Bensdorf

                     Eynatten
                                                                                                            Competitive landscape
                                                         STEGAL
                                               Reckrod                                                      Top European storage operators 2015 (bcm)2,3
                           Stockstadt
                                                      Eschenfelden

                                    Hähnlein
                Frankenthal                                                                                          16
                                     Sandhausen

                                     NetConnect                                                                                                 11
                                                                                                                                                                     9           8
                                     Germany
                                                               Bierwang
      Gas pipeline               Fronhofen-
                                               Wolfersberg                   7Fields
                                 limensee
      Gas storage                                                Breitbrunn/
                                              Schmidhausen
                                                        Inzenham Eggstätt
      Uniper gas storage                                                                                         STOGIT                  Storengy                  Uniper       NAM
Source: IHS                                                                                               Source: GSE

                        1. Excluding UK storage asset in Holford; based on 31/12/15 2. Operational facilities 3. Excluding Russia and Ukraine                                           36
Gas midstream                                        Yuzhno Russkoye                       COFL                                      Power

…operating a well-balanced portfolio of seasonal, mid-
and fast churn gas storages

Gas storage portfolio at a glance                                             Key value drivers

Storage        Country Capacity1 Main applications                                           • Storage can enable time arbitrage value to be
                                                                                               captured - gas is injected at times of low prices
Epe L-Gas                         0.4         Peak shaving                                     and withdrawn at times of higher prices
Krummhörn                         0.2         Peak shaving                     Arbitrage     • For seasonal storage this is usually summer
Nüttermoor                        0.1         Peak shaving                                     and peak winter months, for mid and fast churn
                                                                                               storage (peak shaving) arbitrage vale can be
Rönne
Gas midstream                                        Yuzhno Russkoye                                                     COFL                                                 Power

Uniper owns three pipeline participations…

  OPAL                                                          BBL                                                               Transitgas
                                                                                                                                                                      Germany
                                                                          Bacton                                                            Rodersdorf Wallbach
                                                                                                                                      France                Lostorf
                                                                                                        Balgzand                                            Däniken            Austria
                                                                                                                                                             Ruswil
                                                                    United
                                                                   Kingdom                                                                    Switzerland
                                                                                                       Amsterdam
                                                                                                                                                              Griespass

                                                                     London                                Netherlands                                                Italy

   Key metrics                                                    Key metrics                                                      Key metrics
   Stake                                       20%1               Stake                                        20%1,2              Stake                                           3%1
   Capacity (100%)                       36.5 bcm/a               Capacity (100%)                            16 bcm/a              Capacity (100%)                            18 bcm/a
   Start-up date                               2011               Start-up date                                  2006              Start-up date                                  1974

   Business description                                           Business description                                            Business description
   • Runs from the Nord Stream landfall point                     • 235km gas pipeline through the Southern                       • Pipeline system with a combined length
     in Northern Germany over c. 470km                              part of the North Sea, connecting the                           of c.292km, crossing Switzerland from
     south to the end point at the German-                          Netherlands and the UK                                          North to South, with a connection to the
     Czech border                                                 • Capacity marketed via standardised                              French grid in the West and the Italian
   • Pro-rata transmission capacity long-term                       auctions for certain products (forward                          grid in the South
     marketed to customers                                          flow, interruptible forward flow,                              • Constructed, maintained and operated by
   • Technical operation provided by majority                       interruptible reverse flow)                                      Transitgas AG, which is a partnership
     owner OPAL Gastransport which is                             • The other partners in BBL are Gasunie                            between Swissgas (51%), FluxSwiss
     indirectly owned by Wintershall and                            (60%) and Fluxys (20%)                                           (46%) and Uniper (3%).
     Gazprom

Source: OPAL Gastransport GmbH                                 Source: BBL Company                                              Source: Transitgas AG

                    1. Stake as of 31/12/15 2. Stake held by means of Bruchteilsgemeinschaft through 100% subsidiary Lubmin-Brandov Gastransport GmbH                                    38
Gas midstream                                           Yuzhno Russkoye                                                   COFL                                                Power

…and participates in the Nord Stream II project

 Pipeline location                                                                                      Ownership
                                    Finland                                                             Nord Stream I                            Nord Stream II

                                                                       Current Nord                                 Engie 9% Gazprom 51%                      Engie 10%
   Sweden                                Estonia      Russia                                                                                                              Gazprom 50%
                                                                       Stream I twin                       Gasunie 9%
                                                                       pipelines                                                                    OMV 10%

                                            Latvia                     Nord Stream II                  Wintershall                                Shell 10%
                                                                       route options                   15.5%
 Denmark                                                               under investigation                                                        Wintershall
                                     Lithuania                                                                                                    10%
                            Russia                   Belarus                                           Uniper / E.ON 15.5%2                              Uniper 10%
 Germany      Poland
Source: Nord stream AG, Nord Stream 2 AG                                                              Source: Nord Stream AG, Nord Stream 2 AG

 Key statistics                                                                                         Nord Stream II roadmap
                                        Nord Stream I                 Nord Stream II                     • Since 2011: Feasibility study and preparation work
  COD                                            2011/12                           2019E                 • Signing of shareholders’ agreement on 4th September 2015
  Length (km)                                    1,224km                      ~1,200km                   • Ongoing procurement and tender processes
                                                                                                         • Surveys and engineering to take place until mid-2017
  Capacity                                      55 bcm/a                       55 bcm/a
                                                                                                         • Environmental impact assessments and permitting until end of
  Investment volume                                €7.4bn                      ~€8.0bn1                    2017
  Uniper / E.ON share                              15.5%2                            10%                 • Construction of both lines in 2018 and 2019
                                                                                                         • Planned COD in late 2019
  Uniper stake                      Disposal to E.ON                         Ownership
Source: Nord Stream AG, Nord Stream 2 AG                                                              Source: Nord Stream 2 AG

                     1. 30% equity contribution from shareholders and 70% external project finance 2. As of 31/12/15                                                                    39
Gas midstream                             Yuzhno Russkoye                               COFL                                 Power

Long-standing and fruitful partnership with Gazprom

LTCs                                                                                                      Gazprom negotiation
• 1970: first LTC      • 1973: Start of gas • 1974-1998:     • 2006: Prolongation    • 2012: Settlement   • 2015/16: In June 2015,
  between                deliveries to        Signing of       of major LTCs until     of 2010 price        E.ON, Gazprom and other
  Soyuzneftegaz          Germany              additional       2035                    review               partners sign memorandum
  and Ruhrgas                                 contracts                                                     of intent to build Nord
                                                                                                            Stream II
                                                                                                            • Project with total
                                                                                                              envisaged investment
                                                                                                              volume of ~€8.0bn
1970

                                                                                               2016
                              1998-2003                Since 2005                2008
                                                                                                            • SPV will be set up with an
                                                                                                              expected capitalization of
                                                                                                              30% equity and 70% debt
                                                                                                          • 2016: agreement on price
Gazprom stake                      Nord Stream I & II                   Yuzhno Russkoye
                                                                                                            adjustments to LTCs
• 1998-2003: E.ON Ruhrgas          • 2005: E.ON Ruhrgas decides to      • 2008: E.ON swaps part of its      reached
  builds up equity participation     participate in the Nord Stream       6.4% stake in Gazprom against     • Prices adjusted on the
  in Gazprom to 6.4%                 pipeline project                     25% minus one share in              basis of current market
• 2.9% of total equity returned    • 2011-2012: commissioning of          Yuzhno Russkoye gas field           conditions
  to Gazprom as part of              Nord Stream I (Lines 1 & 2)                                            • LTCs derisked for the
  E.ON’s acquisition of a          • 2015: In June, E.ON, Gazprom                                             upcoming years
  stake in Yuzhno Russkoye           and other partners sign
• Sale of remaining 3.5% in          memorandum of intent to build
  2010 as part of portfolio          Nord Stream II
  streamlining

                                                                                                                                        40
Gas midstream                                       Yuzhno Russkoye                                                   COFL                                    Power

Yuzhno Russkoye: An attractive upstream investment
with long-term production outlook

 Key facts                                                                                                  Description
  • Ownership: Uniper (25%)4, Gazprom (50%), Wintershall (25%)
  • Field commissioning in October 2007                                                                                      • Owns and operates Yuzhno Russkoye
                                                                                                                               gas field
  • Concession area of 900 sq. km (80 km long and 12 km wide)
  • 2P reserves of 610 bcm1 of gas containing 98% methane gas                                                                • Uniper’s 25%4 stake is accounted for at-
  • Plateau production until early 20s: ~25bcm (since late 2009)                                                 SNGP2         equity and Uniper receives dividends
  • Natural decline expected from Cenomanian layer thereafter with licence                                                     accordingly
    expiring post 2035
                                                                                                                             • Uniper’s 25% share of production is sold
  • Additional capex requirements for production from deeper layers in mid-                                                    at cost-plus price to YGRM
    term
Source: SNGP

 Current contractual structure                                                                                               • Fully consolidated3
                                                             Operates
                                                              asset
                         Dividends                                                                                           • Gas bought from SNGP resold to
                                              SNGP
                                                                                                                               Gazprom
                              Compensation for                            Asset
           Uniper               operation costs          Gas                                                      YGRM       • Contractual make-up year 2016 leading
                                   plus margin
                                                                                                                               to one-time reduction of allocated gas
                                              YGRM                                                                             production volumes which have been
                      Dividends
                                                                                                                               received and over-produced against plan
                                  Gas proceeds           Gas
                                                                                                                               between 2009 and 2015
                                            Gazprom
Source: SNGP                                                                                               Source: SNGP

                    1. As per Swap Agreement 2009 2. OAO Severneftegazprom 3. Economic interest of 99.9% 4. As of 31/12/15                                                41
Gas midstream                                      Yuzhno Russkoye                                                      COFL                                                    Power

COFL consists of an established global coal arbitrage
portfolio...

Global coal arbitrage business case                                                                    Flexibility and optionality as basis for arbitrage
                                                                                                                              • Direct access to coal miners
                    Coal quality                       Transport                                            Supply
                                                                                                                              • Minority stakes in US hard coal exporters
                    flexibility                         flexibility                                       flexibility
                                                                                                                                Javelin5 and Exporting Commodities Int.6
                                                                                   Internal
                                                                                   demand                                     • Access to different coal qualities through
                                                                                                        Coal quality            diversified sourcing portfolio
                                                                                                         flexibility
                                                                                                                              • Ability to blend different coal qualities
    Coal
   miners                                                                                              Transport and          • Ability to store / transport coal between different
                                                                                                          storage               locations along with flexible logistics (splitting
                                                                                                         flexibility            vessels & cargos, time charters, bunkers)
                                                                                   External                                   • Extraction of portfolio value requires information
                                                                                  customers            Network and
                                                                                                                                on port congestion, weather, port stocks, river
                    Supply                               Storage                                        expertise
                                                                                                                                navigation, rail/barge availability
                    flexibility                         flexibility
                                                                                                                              • Back-to-back hedging of physical supply
                                                                                                          Hedging               positions without price exposure
                         Control of entire value chain                                                                        • Natural and flexible physical short position

Value chain and expertise1                                                                             Uniper vs steam coal imports in key markets7
 ~$352                               ~$203                                        ~$454                mt

                         Costs                                                                                                                                                    43
                                                                                    Coal
Coal                     for            Bunker       Dis-                                                     28
             Loading                                                  Logistics     sale at
production               operating      purchase     charging                                                                                                     17
                                                                                    market                                     11                 8
                         vessel

                                                                                                            Uniper       Netherlands          France              UK            Germany
                                                                                                     Source: IHS

                1. Per ton of seaborne coal shipped to Europe 2. FOB vessel cash cost for coal from Indonesia (Source: Harum Energy) 3. Certain margin elements already
                included 4. API2 as of 21/04/16 5. Minority stake of 28% as of 31/12/15 in London based Javelin Global Commodities Holdings LLP acting as primary marketer of
                hard coal for US based Murray Energy 6. Minority stake of 49% as of 31/12/15 in Exporting Commodities International LLC a commodity trader engaged in the
                import and export of hard coal in the US 7. Based on 2015; Seaborne steam coal imports                                                                                    42
Gas midstream                                        Yuzhno Russkoye                                              COFL                                             Power

... and an LNG business which is developing from
existing regas positions to global arbitrage
                                                                                               Perspective on key contracts and target
Overview of Uniper’s LNG activities
                                                                                               business profile
                                                                                                        • Flexible medium term contract for delivery of up to 10bcm over
                                                                                                          5-year term (starting in 2014)
        Goldboro                                                                               Qatargas
                                                                                                        • Delivery to Rotterdam, utilizing Uniper’s regasification position
       Freeport                                       Qatargas                                          • Priced at Continental European gas hub basis
                                                      RasGas
                                                                                                         • Flexible medium-term contract for delivery of up to 2bcm over
                                                                                               Rasgas      3-year term (starting in 2014)
                                                                                                         • Delivery to Isle of Grain utilizing Uniper’s regasification position

                                                                                                        • Offtake of 0.8 mtpa of LNG over 20 years
                                                                                                        • COD planned for Q4 2018
                                                                                               Freeport • 20-year contract with Gulf South Pipeline Company for the
                                                                                                          shipment of natural gas on the to-be-built Coastal Bend Header
                                                                                                          project1
                                                                                                        •   Participation in Goldboro LNG project in Nova Scotia
                                                                                                        •   Offtake of 5 mtpa of LNG over 20 years
                                         Gate                                                  Goldboro
                                        (3 bcm)                                                         •   Based on market prices of natural gas in Western Europe
                                                                                                        •   COD planned for 2021, however, final investment decision not
                       Isle of Grain
                                                                                                            taken yet
                         (1.7 bcm)

                       Huelva                                                                  Develop high quality partnerships to leverage Uniper’s wider capabilities
    Existing
                       (access)         Barcelona (access)
                                      Cartagena (access)                                       Securing intrinsic value (sales activities)
    regas facilities                                                                           Monetization of extrinsic flexibility (global arbitrage)

                1. The pipeline is intended to serve the liquefaction terminal near Freeport                                                                                  43
Gas midstream                            Yuzhno Russkoye                                    COFL                                      Power

Power desks engage in the marketing and optimisation
of internal and external generation and sales positions
                                                              Uniper European
                                                            Generation / Wholesale

                      Forward and Prompt                                                        Short-term and Delivery

  Uniper Global Commodities

                                                                    Market

                                                                        E.ON

 Forward and Prompt                                                            Short-term and Delivery
 • Diverse asset base enabling a portfolio approach for optimisation           • Power plant dispatch and active market optimisation by
   across market channels, commodities and countries                             marketing assets in primary & secondary reserve as well as
                                                                                 intraday markets and real time trading
 • Protect underlying intrinsic value of generation assets by hedging
   generation profiles with standard products                                  • Experienced optimiser & dispatchers with good track record
                                                                               • In-depth grid congestion knowledge provides opportunity for
 • Capture extrinsic value by delta hedging and dynamic forward
                                                                                 proactive dispatch and imbalance management
   hedging through structured financial contracts
                                                                               • 24/7 shifts for dispatch and intraday trading covering Germany,
 • Management of tradable Uniper sales and generation positions                  UK, Benelux, France & Nordics
   across European power markets taking on price risks and manage
   positions such as spark and dark spreads, time spreads and cross-
   border spreads

                                                                                                                                                   44
Appendix

1. Group
2. European Generation
3. Global Commodities
 3.1 Business overview
 3.2 Market development
4. International Power
5. Financial

                          45
European gas supply development shows a decreasing
indigenous production and decreasing gas demand

  European gas supply by source (bcm)1                                                               European LNG imports over time (bcm)1
Global LNG demand expected to grow over next years

Overview of global LNG flows                                                                   Development of global LNG demand (bcm)1

                                                                                                                                       52       557
                                                                                                                            59

                                                                                                                 103

                                                                                                     344
                              Key routes           Other routes

Market developments
• Global trade grows significantly with new markets and new
  production capacities in North America and Australia reducing
  Qatar's dominance on global markets

• Europe acts as the balancing market for LNG following the
  growth in trade

• China and India drive the demand growth in Asia; current
  dominant markets South Korea and Japan growing at much                                            2015       2016-18E   2019-22E   2023-25E   2025E
  lower pace
                                                                                             Source: IHS

              1. Original source unit is mmt; conversion rate mmt LNG into bcm natural gas: 1 mmt = 1.38 bcm                                            47
Global coal market expected to grow over the next
years driven by increasing demand from Asian markets

  Overview of global coal flows                                         Development of steam coal demand (mmtpa)

                                                                                                                    44      1.035
                                                                                                      65
                                                                                907     18

                                                                                                                            849
                                                                                702

Source: IHS                   Key routes     Other routes

 Market developments
  • Global coal demand driven primarily by global economic growth

  • Decreasing demand from Europe compensated by increasing
     demand from Asia-Pacific Market                                            206                                          185

  • Share of Pacific Basin in global coal market increasing from 77%
     in 2015 to 82% in 2025                                                     2015   16-18E      19-22E        23-25E     2025E

                                                                                         Atlantic basin     Pacific basin
                                                                       Source: IHS

                                                                                                                                    48
Coal prices under pressure over the last years, however,
fundamentals indicate potential for a recovery

  Coal price development ($/t)1                                                                                                            Global revenue pool ($bn)2
                                                                                                                                                                      +83%

  160

  140

  120                                                                                                                                                                         94

  100

   80
                                                                                                                                                        51
   60

   40

   20

     0
      2010     2011         2012       2013      2014       2015       2016      16E      17E       18E      19E       20E                             2015                  2025E

                    API II Coal (1Y)                API IV Coal (1Y)

Source: Bloomberg, IHS                                                                                                                   Source: IHS

                         1. 2016-25E IHS projections for ARA Coal (nominal $/t) 2. Based on IHS-projections for global steam coal demand and nominal ARA coal price                  49
Appendix

1. Group
2. European Generation
3. Global Commodities
4. International Power
5. Financial

                         50
Russia                                                                                                          Brazil

Russian generation portfolio at a glance

Uniper’s electricity production and net capacity
                                                                                                   Country generation mix2
in Russia1
Russia                                                                                              Brazil

Market environment in Russia

  Pricing zone 1                                                                                               Pricing zone 2
  Illustrative merit order                                                                                     Illustrative merit order

                                                                                                                               Hydro
                 Nuclear

                                                                                                                                                          Coal
         Hydro

                                Coal

                                                                   Gas
   • Commissioning of new capacities significantly impacting merit                                             • Pricing zone primarily consists of hydro and coal fired capacities
     order structure
                                                                                                               • Electricity volume produced from hydro plants is one of the key
   • Old gas fired plants typically acting as price-setters on energy-
                                                                                                                 price drivers due to its impact on required production from coal
     only market
                                                                                                                 fired plants
   • Price development of fuel and therefore gas price indexation
     therefore with significant impact on electricity price development

  Capacity development (GW)1
                                                     2015                    2016                   2017                     2018         2019             2020             2021
 Thermal                                             158.4                   160.2                   159.7                   161.2        162.0             162.0           162.0
 Hydro                                                 47.7                    47.9                    47.9                   48.3         48.7                  48.7        48.7
 Nuclear                                               26.3                    27.1                    27.9                   30.1         30.3                  31.5        30.5
 RES (Wind + PV)                                         0.0                     0.1                    0.3                    0.6          0.9                   0.9          0.9
                                                     232.5                   235.3                   235.7                   240.3        241.9            243.1            242.1
Source: Russian system operator / Ministry of Energy

                           1. For a given year, numbers may not exactly add up to the total number due to rounding effects                                                           52
Russia                                                                                                             Brazil

Regulatory environment in Russia: KOM auctions

  Description                                                                                             Demand curve
      KOM1   mechanism applies to all capacities which are not subject                                                      KOM-established price
                                                                                                                                                 Point 1                   Defined by Russian regulator
       to the CSA2 system
   The 1st and 2nd pricing zone are subject to the same rules,

                                                                                                                 Price
    differences relate to price points which define the demand curve
   Functioning of the capacity auction:                                                                                                                              Point 2

        Regulator defines the demand curve based on two points with                                                                                                             Demand +12%
                                                                                                                                   Demand
         bottom and an upper (bottom + 12%) capacity demand levels
         and with respective prices
                                                                                                                                                                                      Capacity
        Supply curve is defined by the submitted bids, no bids above                                   Source: National Electricity Market Council

         the price of point 1 (maximum price) are allowed
        Resulting KOM price is defined by the interception of supply
         and demand curves, or (if supply is too low and there is no                                      Price establishment mechanism
         interception) by the point on the demand curve which                                                                   KOM-established price
         corresponds to the aggregated supply
                                                                                                                                                                    Demand
  Pricing zone 1 (kRUB/MWh)                    Pricing zone 2 (kRUB/MWh)

                                                                                                                 Price
                                                210                                      Point 1
                                                       189      182      186       190                                     Capacity
                                                                                                                         under CSA,
 150                                   Point 1 150                                       Point 2                           nuclear
                                                                                                                          and hydro
 110 113        113       111    110 Point 2
                                                                                                                          capacities                                            Maximum

                                                                                                                                       Minimum
       2016 2017 2018 2019                            2016     2017     2018     2019
Source: System operator                                                                                 Source: National Electricity Market Council                                   Capacity

                      1. Capacity market for existing capacity 2. Capacity supply agreement for new capacity                                                                                              53
Russia                                                                  Brazil

Regulatory environment in Russia: Capacity supply
agreements

Description                                                                      Composition of the capacity payment
 Applies to new power generation capacities which are subject to the
  government’s CSA campaign (built 2007 or later)                                1.
                                                                                 1 Reference capex level depending on unit
 Capacity prices are set on a long-term contractual based on individual            characteristics (e.g. price zone, fuel)
  capacity selling agreements (CSAs)
   Under the agreements generators are obliged to commission new
     capacity with predefined characteristics in a predetermined time frame
   In return, they receive a 10-year stream of payments enabling a
                                                                                 2.
                                                                                 2 Reference operating costs depending on unit
     predictable return on investment                                               characteristics
 The price level is significantly above the typical results on the KOM
  markets in order to stimulate investments into new-builds
                                                                                 3 Reference property tax expense
                                                                                 3.
Illustrative determination of WACC
Government bond yield (%)                Rate of return (T+1; %)
                                                Link to government bond          4.
                                                                                 4 Full costs associated to connection to
                          Defined by            yield for inflation protection
                          Russian regulator                                         electrical and gas networks
                                                                    16,5
                                               13,0
                       12,0                                          4,5
       8,5                                     4,5                               5.
                                                                                 5 Rate of return on invested capital (annually
                                                                    12,0
                                               8,5                                  adjusted)

       T0               T1                     T1                    T2
 Basic rate of return of 13%
                                                                                 6.
                                                                                 6 Other factors
 Recalculation if actual bond yield deviates from 8.5% reference level

                                                                                                                                  54
Russia                                                                                                          Brazil

Market environment Russia: Oil price-RUB correlation

  Oil price vs RUB FX rate development1                                                                   RUB-denominated oil price2
     140                                                                                                  5000

     120                                                                                                  4500

     100                                                                                                  4000

      80                                                                                                  3500

      60                                                                                                  3000

      40                                                                                                  2500

      20                                                                                                  2000
        2011          2012           2013            2014            2015           2016                      2011             2012            2013         2014         2015   2016

               Oil price (Brent)                USD/RUB                     EUR/RUB                                                           Oil price (Brent in RUB)
Source: Bloomberg                                                                                       Source: Bloomberg

  • Historical correlation between oil price and RUB exchange rate has been high

                    1. Rebased to price on 01/01/11 2. Calculated oil price in RUB; Brent Crude oil price per barrel multiplied by corresponding FX rate                               55
Russia                                                                                                      Brazil

Brazilian business consists of a minority stake in
ENEVA and a 50% direct stake in Pecem II

 Eneva’s assets                                                                                         ENEVA’s access to fuel resources
                                           Pecem II                                                                BPMP         • Stake: 100%5
                                                           Operational
                                                           (MW, Uniper pro-rata)4                                    PGN        • Stake: 27%2

                                                                                                           Gas3
                                                               227                                                         • All blocks located in Parnaiba Basin
                                                                                  173                               Seven • Primarily indirect investments through BPMP
                                                                                                                  licenses   and PGN

   In operation /
                                                                                                                                • Proved coal reserves of up to 152mt

                                                                                                           Coal
   under construction                                                                                              Seival
   Under development                                                                                               mine         • Adjacent to Sul and Seival power plant projects
                                                               Coal               Gas
Source: ENEVA (map)                                                                                      Source: ENEVA

 ENEVA                                                                                                  Pecem II
  Top-3 private thermal power generator in Brazil                                                       334 MW state-of-the art
  4.9 GW development pipeline in conventional and renewables                                             hard coal-fired power
  Upstream asset base within gas and coal                                                                plant
                                                                                                         Has demonstrated high
  Restructuring completed with capital structure having been                                             availability since
   rebalanced                                                                                             commissioning

                                Uniper stake: 12.3%6                                                                                      Uniper stake: 50%1
Source: ENEVA

                      1. Stake in Pecém II Participações SA as of 31/12/15; the other 50% are owned by ENEVA SA – thus, Uniper holds an indirect stake in Pecem II of 56.2% 2.
                      Parnaiba Gas Natural S.A.; stake as of 31/12/15 via ENEVA SA; one of the largest gas producers in Brazil 3. ENEVA ensures access to gas resources via
                      participations in 7 blocks in the Parnaiba Basin, either directly or through its subsidiaries BPMP and PGN 4. Based on 2015 5. BPMP Parnaíba; stake as of 31/12/15
                      via ENEVA SA 6. Stake in ENEVA SA as of 31/12/15                                                                                                                     56
Appendix

1. Group
2. European Generation
3. Global Commodities
4. International Power
5. Financial
 5.1 Historical financials
 5.2 Risk management
 5.3 Management incentives

                             57
Uniper Group: Key P&L items at a glance

  Key P&L items

  €m                                                                                                                           2013      2014      2015

  Sales                                                                                                                      94,750    88,225    92,115

  Adjusted EBITDA                                                                                                             2,227     1,966     1,717

  Economic depreciation and amortization / reversals1                                                                        (1,179)   (1,140)    (916)

  Adjusted EBIT                                                                                                               1,048       826       801

  Non-operating adjustments                                                                                                  (1,950)   (3,858)   (4,210)

  EBIT                                                                                                                        (902)    (3,032)   (3,409)

  Net interest income / expense                                                                                               (171)     (128)        48

  Income taxes                                                                                                                  (60)      348     (396)

  Net income / loss after income taxes                                                                                       (1,133)   (2,812)   (3,757)

    Attributable to the E.ON Group                                                                                           (1,173)   (2,550)   (4,085)

    Attributable to non-controlling interests                                                                                    40     (262)       328

Source: Combined financial statements

                       1. Economic depreciation and amortization/reversals include operating depreciation and amortization                                 58
Uniper Group: Combined statement of income as
reported
  Combined statements of income
  €m                                                                      2013       2014       2015
  Sales including electricity and energy taxes                          95,097     88,522     92,338
  Electricity and energy taxes                                           (347)      (297)      (223)
  Sales                                                                 94,750     88,225     92,115
  Changes in inventories (finished goods and work in progress)             (17)       (64)         4
  Own work capitalized                                                      81         81         46
  Other operating income                                                 4,572      9,462     10,825
  Cost of materials                                                    (91,256)   (84,501)   (89,306)
  Personnel costs                                                       (1,442)    (1,329)    (1,260)
  Depreciation, amortization and impairment charges                     (2,191)    (5,209)    (5,357)
  Other operating expenses                                              (5,082)    (9,319)   (10,524)

  Income / loss from companies accounted for under the equity method     (340)      (388)         60

  Income / loss before financial results and income taxes                (925)     (3,042)    (3,397)

  Financial results                                                      (148)      (118)         36
  Income taxes                                                             (60)       348      (396)
  Net income / loss after income taxes                                  (1,133)    (2,812)    (3,757)
     Attributable to the E.ON Group                                     (1,173)    (2,550)    (4,085)
     Attributable to non-controlling interests                              40      (262)        328

Source: Combined financial statements

                                                                                                        59
Uniper Group: Details on non-operating adjustments

  Non-operating adjustments                                                                                                                Impairments by segments

                                                                                                                                           Goodwill (2015)
  €m                                                                                 2013              2014              2015
                                                                                                                                               €0.3bn
                                                                                                                                            International
                                                                                                                                               Power                                   €2.1bn
  Net book gains / losses                                                              (21)                 -               38                                                        European
                                                                                                                                                                                      Generation
                                                                                                                                                                 €2.4bn
  Fair value measurement of derivative financial
                                                                                       319            1,167               511
  instruments

  Restructuring / cost management expenses 1                                         (142)             (211)            (137)
                                                                                                                                           Property, Plant & Equipment (2015)4

  Non-operating impairments / reversals 2                                          (1,225)          (4,484)           (4,199)                 €0.3bn
                                                                                                                                              Global
                                                                                                                                            Commodities
  Miscellaneous other non-operating earnings3                                        (881)             (330)            (423)

                                                                                                                                                                 €2.0bn                €1.7bn
  Non-operating adjustments                                                        (1,950)          (3,858)           (4,210)                                                         European
                                                                                                                                                                                      Generation

Source: Combined financial statements                                                                                                    Source: Combined financial statements

                       1. In 2015, restructuring/cost management expenses included depreciation and amortization amounting to €18m (2014: €14m, 2013: €14m). 2. Non-operating
                       impairments/reversals consist of non-operating extraordinary impairments and reversals triggered by regular impairment tests. The total non-operating
                       impairments/reversals and economic depreciation and amortization/reversals deviates from the depreciation and amortization reported in the income statement
                       since the two items also include impairments on companies accounted for under the equity method and other financial assets and a small portion as described in
                       footnotes 1 and 3 is included in restructuring/cost management expenses and the miscellaneous other non-operating earnings. 3. In 2014, miscellaneous other non-
                       operating earnings included impairments on assets held for sale amounting to EUR 97 million. 4. Contribution of International Power not shown due to immateriality          60
                       (€26m)
Uniper Group: Combined balance sheet (1/2)

  Balance Sheet of the Uniper Group - Assets
  €m                                                  2013     2014     2015
  Goodwill                                            6,372    4,911    2,555
  Intangible assets                                   3,258    2,436    2,159
  Property, plant and equipment                      19,778   15,717   14,297
  Companies accounted for under the equity method     1,897    1,401    1,136
  Other financial assets                              1,306     927      558
     Equity investments                               1,127     743      369
     Non-current securities                            179      184      189
  Financial receivables and other financial assets    3,604    4,104    3,029
  Operating receivables and other operating assets    1,985    3,158    4,687
  Income tax assets                                     17       14        9
  Deferred tax assets                                 1,040    1,355    1,031
  Non-current assets                                 39,257   34,023   29,461

  Inventories                                         2,888    2,297    1,734
  Financial receivables and other financial assets   10,499   11,475    8,359
  Trade receivables and other operating assets       18,726   23,205   23,085
  Income tax assets                                    146      206      296
  Liquid funds                                         896      412      360
  Assets held for sale                                  98        2      228
  Current assets                                     33,253   37,597   34,062

  Total assets                                       72,510   71,620   63,523
Source: Combined financial statements

                                                                                61
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