Enbw Energie Baden-Württemberg AG

Prospectus dated 14 March 2012

EnBW Energie Baden-Württemberg AG (Karlsruhe, Federal Republic of Germany) EUR [●] Subordinated Resettable Fixed Rate Notes due 2072 To be consolidated and form a single series with the EUR 750,000,000 Subordinated Resettable Fixed Rate Notes due 2072 issued 28 October 2011 ISIN initially XS0758304165, then XS0674277933, Common Code initially 075830416, then 067427793, WKN initially A1ML3C, then A1MBBB Issue Price: [●] per cent.

EnBW Energie Baden-Württemberg AG, Durlacher Allee 93, 76131 Karlsruhe (the "Issuer" or "EnBW AG") will issue on 2 April 2012 (the "Issue Date") EUR [●] Subordinated Resettable Fixed Rate Notes due 2072 (the "New Notes") in the denomination of EUR 1,000 each. The New Notes will be governed by the laws of the Federal Republic of Germany ("Germany"). The New Notes shall have the same terms as the outstanding EUR 750,000,000 Subordinated Resettable Fixed Rate Notes due 2072 issued on 28 October 2011 (the "Original Notes" and, together with the New Notes, the "Notes") and will be consolidated and form a single series with the Original Notes from the date on which the Temporary Global Note has been exchanged for the Permanent Global Note in accordance with § 1(2) of the terms and conditions of the New Notes. The New Notes will bear interest from and including 2 April 2012 to but excluding 2 April 2017 (the "First Call Date") at a rate of 7.375 per cent. per annum, payable annually in arrear on 2 April of each year, commencing on 2 April 2012. Thereafter, unless previously redeemed, the New Notes will bear interest from and including the First Call Date to but excluding 2 April 2022 (the "First Modified Reset Date") at a rate per annum equal to the 5-year Swap Rate for the relevant Reset Period (each as defined in § 3(2) of the terms and conditions of the New Notes (the "Terms and Conditions")) plus a margin of 540.1 basis points per annum (not including a step-up) (the "Margin"), payable in arrear on 2 April of each year, commencing on 2 April 2018. Thereafter, unless previously redeemed, the New Notes will bear interest from and including the First Modified Reset Date to but excluding 2 April 2037 (the "Second Modified Reset Date") at a rate per annum equal to the 5-year Swap Rate for the relevant Reset Period plus a margin of 565.1 basis points per annum (including a step-up of 25 basis points) (the "Modified Margin"), payable on 2 April of each year, commencing on 2 April 2023. Thereafter, unless previously redeemed, the New Notes will bear interest from and including the Second Modified Reset Date to but excluding 2 April 2072 (the "Maturity Date") at a rate per annum equal to the 5-year Swap Rate for the relevant Reset Period plus a margin of 640.1 basis points per annum (including a step-up of 75 basis points) (the "Second Modified Margin"), payable on 2 April of each year, commencing on 2 April 2038. The Issuer is entitled to defer interest payments under certain circumstances (as set out in § 4(1) of the Terms and Conditions) (such payments the "Deferred Interest Payments"). The Issuer may pay such Deferred Interest Payments (in whole or in part) at any time upon due notice (as set out in § 4(2) of the Terms and Conditions) and it shall pay such Deferred Interest Payments (in whole, but not in part) under certain other circumstances (as set out in § 4(3) of the Terms and Conditions). Such Deferred Interest Payments will not bear interest themselves. Unless previously redeemed or repurchased, the New Notes will be redeemed at par on 2 April 2072. The New Notes will initially be represented by a Temporary Global Note, without interest coupons, which will be exchangeable in whole or in part for a Permanent Global Note without interest coupons, not earlier than 40 days after the Issue Date, upon certification as to non-U.S. beneficial ownership. The Issue Price, the aggregate principal amount of New Notes to be issued, the issue proceeds and the yield of the issue will be included in the Pricing Notice (as defined in the section "Offer, Sale and Subscription of the New Notes" below) which will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or prior to the Issue Date of the New Notes. This prospectus relating to the New Notes (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended, inter alia, by Directive 2010/73/EU) (the "Prospectus Directive"). This Prospectus will be published in electronic form together with all documents incorporated by reference on the website of the Luxembourg Stock Exchange (www.bourse.lu). This Prospectus has been approved by the Commission de Surveillance du Secteur Financier, Luxembourg ("CSSF") in its capacity as competent authority under the Luxembourg law dated 10 July 2005 relating to prospectuses for securities (Loi du 10 juillet 2005 relative aux prospectus pour valeurs mobilières, the "Luxembourg Prospectus Law"). By approving this Prospectus, CSSF gives no undertaking as to the economic and financial soundness of the operation or the quality or solvency of the Issuer. The Issuer has requested CSSF to provide the competent authorities in Austria, Germany, the Netherlands and the United Kingdom, and may request CSSF to provide competent authorities in additional host Member States within the European Economic Area, with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the Luxembourg Prospectus Law. Application has been made to the Luxembourg Stock Exchange for the New Notes to be listed on the official list of the Luxembourg Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market. Application has also been made to the Frankfurt Stock Exchange for the New Notes to be listed on the Frankfurt Stock Exchange and to be traded on the regulated market of the Frankfurt Stock Exchange. The Luxembourg Stock Exchange's regulated market and the regulated market of the Frankfurt Stock Exchange are regulated markets for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments. Joint Structuring Advisers / Joint Bookrunners / Joint Lead Managers Barclays Capital Deutsche Bank RESPONSIBILITY STATEMENT The Issuer with its registered office in Germany accepts responsibility for the information contained in this Prospectus and hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is, to the best of its knowledge, in accordance with the facts and does not omit anything likely to affect the importance of such information.

The Issuer further confirms that (i) this Prospectus contains all information with respect to the Issuer and its subsidiaries taken as a whole (the "Group" or "EnBW Group") and to the New Notes which is material in the context of the issue and offering of the New Notes, including all information which, according to the particular nature of the Issuer and of the New Notes is necessary to enable investors and their investment advisers to make an informed assessment of the assets and liabilities, financial position, profits and losses, and prospects of the Issuer and the Group and of the rights attached to the New Notes; (ii) the statements contained in this Prospectus relating to the Issuer, the Group and the New Notes are in every material particular true and accurate and not misleading; (iii) there are no other facts in relation to the Issuer, the Group or the New Notes the omission of which would, in the context of the issue and offering of the New Notes, make any statement in the Prospectus misleading in any material respect; and (iv) reasonable enquiries have been made by the Issuer to ascertain such facts and to verify the accuracy of all such information and statements.

NOTICE No person is authorised to give any information or to make any representation other than those contained in this Prospectus and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Issuer or the Managers (as defined in the section "Offer, Sale and Subscription of the New Notes").

This Prospectus should be read in conjunction with any supplement hereto and the Pricing Notice, once available, and with any other documents incorporated herein by reference.

This Prospectus contains certain forward-looking statements, including statements using the words "believes", "anticipates", "intends", "expects" or other similar terms. This applies in particular to statements under the caption "GENERAL INFORMATION ON THE ISSUER AND THE GROUP" and statements elsewhere in this Prospectus relating to, among other things, the future financial performance, plans and expectations regarding developments in the business of the Group. These forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that may cause the actual results, including the financial position and profitability of the Group, to be materially different from or worse than those expressed or implied by these forward- looking statements. The Issuer does not assume any obligation to update such forward-looking statements and to adapt them to future events or developments.

Each investor contemplating purchasing any New Notes should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. This Prospectus does not constitute an offer of New Notes or an invitation by or on behalf of the Issuer or the Managers to purchase any New Notes. Neither this Prospectus nor any other information supplied in connection with the New Notes should be considered as a recommendation by the Issuer or the Managers to a recipient hereof and thereof that such recipient should purchase any New Notes.

This Prospectus reflects the status as of its date. The offering, sale and delivery of the New Notes and the distribution of the Prospectus may not be taken as an implication that the information contained herein is accurate and complete subsequent to the date hereof or that there has been no adverse change in the financial condition of the Issuer since the date hereof.

2 To the extent permitted by the laws of any relevant jurisdiction, neither any Manager nor any of its respective affiliates accepts responsibility for the accuracy and completeness of the information contained in this Prospectus or any other document incorporated by reference.

This Prospectus does not constitute, and may not be used for the purposes of, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation.

The distribution of this Prospectus and the offering, sale and delivery of the New Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are required to inform themselves about and to observe any such restrictions. For a description of the restrictions applicable in the European Economic Area, the United States of America and the United Kingdom, see "Offer, Sale and Subscription of the New Notes – Selling Restrictions". In particular, the New Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, and are subject to United States tax law requirements. Subject to certain exceptions, New Notes may not be offered, sold or delivered within the United States of America or to U.S. persons.

The legally binding language of this Prospectus is English. Any part of the Prospectus in German language constitutes a translation, except for the Terms and Conditions of the New Notes in respect of which German is the legally binding language.

IN CONNECTION WITH THE ISSUE OF THE NEW NOTES, DEUTSCHE BANK AG, LONDON BRANCH (THE "STABILISING MANAGER") (OR ANY PERSON ACTING ON BEHALF OF ANY STABILISING MANAGER) MAY OVER-ALLOT NEW NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NEW NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE STABILISING MANAGER (OR ANY PERSON ACTING ON BEHALF OF THE STABILISING MANAGER) WILL UNDERTAKE STABILISATION ACTION. ANY STABILISATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NEW NOTES IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE NEW NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NEW NOTES. ANY STABILISATION ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY THE STABILISING MANAGER (OR ANY PERSON ACTING ON BEHALF OF THE STABILISING MANAGER) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.

3 TABLE OF CONTENTS

SUMMARY ...... 5

GERMAN TRANSLATION OF THE SUMMARY...... 24

RISK FACTORS ...... 47

TERMS AND CONDITIONS OF THE NEW NOTES...... 58

GENERAL INFORMATION ON THE ISSUER AND THE GROUP ...... 85

TAXATION ...... 116

OFFER, SALE AND SUBSCRIPTION OF THE NEW NOTES ...... 121

GENERAL INFORMATION ...... 126

DOCUMENTS INCORPORATED BY REFERENCE ...... 128

4 SUMMARY

The following constitutes the summary (the "Summary") of the essential characteristics of and risks associated with the Issuer and the New Notes. This Summary should be read as an introduction to this Prospectus. It does not purport to be complete and must be read in connection with this Prospectus. Any decision by an investor to invest in the New Notes should be based on consideration of this Prospectus as a whole. Where a claim relating to the information contained in this Prospectus is brought before a court, the plaintiff investor may, under the national legislation of such court, have to bear the costs of translating the Prospectus before the legal proceedings are initiated. Civil liability attaches to the Issuer, who has tabled this Summary including any translation thereof, and applied for its notification, but only if the Summary is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus.

Summary of the Terms and Conditions of the New Notes

Words and expressions defined in the Terms and Conditions of the New Notes reproduced elsewhere in the Prospectus shall have the same meanings in this Summary.

Issuer EnBW Energie Baden-Württemberg AG, Karlsruhe, Germany

Joint Structuring Advisors Barclays Bank PLC, Deutsche Bank AG, London Branch

Joint Lead Managers Barclays Bank PLC Deutsche Bank AG, London Branch

Paying Agent Deutsche Bank Aktiengesellschaft

Determination of Principal The Issue Price, the aggregate principal amount of the New Amount, Issue Price, Interest Notes to be issued, the issue proceeds and the yield of the Amount and further issue will be included in the Pricing Notice (as defined in "Offer, information (Pricing Notice) Sale and Subscription of the New Notes" below) which will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or prior to the Issue Date of the New Notes.

Principal Amount EUR [●] (the "New Notes")

(to be consolidated and form a single series with the outstanding EUR 750,000,000 Subordinated Resettable Fixed Rate Notes due 2072 issued by the Issuer 28 October 2011 (the "Original Notes" and, together with the New Bonds, the "Notes") from the date on which the Temporary Global Note has been exchanged for the Permanent Global Note (as defined below))

Issue Price [●] per cent.

Issue Date of the New Notes 2 April 2012

Denomination EUR 1,000

Form of New Notes The New Notes will initially be represented by a temporary global bearer note ("Temporary Global Note"), without interest coupons, which will be delivered on or around the Issue Date to a common depositary for Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream, Luxembourg", and, together with Euroclear, the "Clearing

5 System"). The Temporary Global Note will be exchangeable for interests recorded in the records of Euroclear and Clearstream, Luxembourg in a permanent global bearer note (the "Permanent Global Note") (the Temporary Global Note and the Permanent Global Note, each a "Global Note"), without interest coupons, not earlier than 40 days after the Issue Date of the New Notes in accordance with the provisions set out in the Terms and Conditions. In particular such exchange and any payment of interest on New Notes represented by the Temporary Global Note shall only be made upon delivery of certification as to non-U.S. beneficial ownership in accordance with the rules and operating procedures of the Clearing System. Payments on the Temporary Global Note will only be made against presentation of such certification. No definitive notes or interest coupons will be issued.

Status of the New Notes The New Notes constitute subordinated and unsecured obligations of the Issuer ranking pari passu among themselves and with any Parity Securities, subordinated to all present and future unsubordinated and subordinated obligations of the Issuer, and at least pari passu with all other present and future unsecured obligations of the Issuer ranking subordinated to all unsubordinated and subordinated obligations of the Issuer, except for any subordinated obligations required to be preferred by mandatory provisions of law; and ranking senior only to the rights and claims of holders of Junior Securities.

"Parity Security" means any security, registered security or other instrument which (i) is issued by the Issuer and is expressed to rank pari passu with the New Notes, or (ii) is issued by a Subsidiary and guaranteed by the Issuer or for which the Issuer has otherwise assumed liability where the Issuer's obligations under the relevant guarantee or other assumption of liability rank pari passu with the Issuer's obligations under the New Notes.

"Junior Security" means (i) the ordinary share of the Issuer, (ii) any share of any other class of shares of the Issuer ranking pari passu with the ordinary shares of the Issuer, (iii) any other security, registered security or other instrument of the Issuer the Issuer's obligations under which rank or are expressed to rank pari passu with the ordinary shares of the Issuer and (iv) any security, registered security or other instrument which is issued by a Subsidiary and guaranteed by the Issuer or for which the Issuer has otherwise assumed liability where the Issuer's obligations under such guarantee or other assumption of liability rank or are expressed to rank pari passu with ordinary shares of the Issuer.

Interest of the New Notes The New Notes will bear interest from and including 2 April 2012 to but excluding 2 April 2017 (the "First Call Date") at a fixed rate of 7.375 per cent. per annum payable in arrear on 2 April of

6 each year, commencing on 2 April 2012.

From and including the First Call Date to but excluding 2 April 2022 (the "First Modified Reset Date") the New Notes will bear interest at the 5-year Swap Rate for the relevant Reset Period plus a margin of 540.1 basis points per annum (not including a step-up), payable in arrear on 2 April of each year, commencing on 2 April 2018.

From and including the First Modified Reset Date to but excluding 2 April 2037 (the "Second Modified Reset Date") the New Notes will bear interest at the 5-year Swap Rate for the relevant Reset Period plus a margin of 565.1 basis points per annum (including a step-up of 25 basis points), payable in arrear on 2 April of each year, commencing on 2 April 2023.

From and including the Second Modified Reset Date to but excluding 2 April 2072 (the "Maturity Date") the New Notes will bear interest at the 5-year Swap Rate for the relevant Reset Period plus a margin of 640.1 basis points per annum (including a step-up of 75 basis points), payable in arrear on 2 April of each year, commencing on 2 April 2038.

"Reset Date" means each of the First Call Date, 2 April 2022, 2 April 2027, 2 April 2032, 2 April 2037, 2 April 2042, 2 April 2047, 2 April 2052, 2 April 2057, 2 April 2062 and 2 April 2067.

"Reset Period" means each period from and including the First Call Date to but excluding the next following Reset Date and thereafter from and including each Reset Date to but excluding the next following Reset Date or the Maturity Date, as the case may be.

Optional Interest Deferral The Issuer may elect to defer the payment of interest which will be due and payable (fällig) on an Interest Payment Date, upon giving not less than 10 and not more than 15 Business Days' prior notice to the Holders.

If the Issuer elects not to pay accrued interest on an Interest Payment Date, then it will not have any obligation to pay interest on such Interest Payment Date. Any such failure to pay interest will not constitute a default of the Issuer or any other breach of its obligations under the New Notes or for any other purpose.

Deferred Interest Payments will not bear interest.

Optional Payment of Deferred The Issuer is entitled to pay outstanding Deferred Interest Interest Payments Payments (in whole or in part) at any time on giving not less than 10 and not more than 15 Business Days' notice to the Holders specifying the amount of Deferred Interest Payments to be paid and the date fixed for such payment (the "Optional Settlement Date").

Mandatory Payment of The Issuer must pay outstanding Deferred Interest Payments (in

7 Deferred Interest Payments whole but not in part) on the next Mandatory Settlement Date.

"Mandatory Settlement Date" means the earliest of:

(i) the date falling five Business Days after the date on which a Compulsory Settlement Event has occurred;

(ii) the date on which the Issuer pays interest on the New Notes (in whole or in part);

(iii) the date on which the Issuer or any Subsidiary pays any dividend, other distribution or other payment in respect of any Parity Security;

(iv) the date on which the Issuer or any Subsidiary redeems, repurchases or otherwise acquires (in each case directly or indirectly) any Parity Security;

(v) the date of redemption of the New Notes in accordance with the Terms and Conditions; and

(vi) the date on which an order is made for the winding up, liquidation or dissolution of the Issuer (other than for the purposes of or pursuant to an amalgamation, reorganisation or restructuring whilst solvent, where the continuing entity assumes substantially all of the assets and obligations of the Issuer),

provided that

(x) in the cases (iii) and (iv) above no Mandatory Settlement Date occurs if the Issuer or the relevant Subsidiary is obliged under the terms and conditions of such Parity Security to make such payment, such redemption, such repurchase or such other acquisition;

(y) in the case (iv) above no Mandatory Settlement Date occurs if the Issuer or the relevant Subsidiary repurchases or otherwise acquires (in each case directly or indirectly) any Parity Securities in whole or in part in a public tender offer or public exchange offer at a consideration per Parity Security below its par value; and

(z) in the cases (iii) and (iv) above no Mandatory Settlement Date occurs if the relevant payments on, or in respect of, any Parity Securities are Intra-Group Payments.

"Intra-Group Payments" means payments made exclusively to the Issuer and/or one or more of its Subsidiaries.

"Compulsory Settlement Event" means any of the following events:

(i) the ordinary general meeting of shareholders (ordentliche Hauptversammlung) of the Issuer resolves on the payment of any dividend, other distribution or other payment on any share of any class of the Issuer (other than a dividend,

8 distribution or payment which is made in the form of ordinary shares of the Issuer);

(ii) the Issuer or any Subsidiary pays any dividend, other distribution or other payment in respect of any Junior Security (other than a dividend, distribution or payment which is made in the form of ordinary shares of the Issuer); or

(iii) the Issuer or any Subsidiary redeems, repurchases or otherwise acquires (in each case directly or indirectly) any Junior Security.

The cases (ii) and (iii) above are subject to the proviso that no Compulsory Settlement Event occurs if

(x) the Issuer or the relevant Subsidiary is obliged under the terms and conditions of such Junior Security to make such payment, such redemption, such repurchase or such other acquisition;

(y) the Issuer or the relevant Subsidiary repurchases or otherwise acquires (in each case directly or indirectly) any share of any class of the Issuer or any Junior Security pursuant to the obligations of the Issuer under any existing or future stock option or stock ownership programme or similar programme for any members of the executive board or supervisory board (or, in the case of affiliates, comparable boards) or employees of the Issuer or any of its affiliates; or

(z) the relevant payments on, or in respect of, any Junior Securities are Intra-Group Payments.

Taxation All payments of principal and interest by the Issuer in respect of the New Notes will be made free and clear of, and without withholding or deduction for, or on account of, any taxes or duties of whatever nature imposed or levied by way of withholding or deduction by or in or for the account of the Federal Republic of Germany, or any political subdivision or any authority thereof or therein having power to tax, unless the Issuer is required by law to make such withholding or deduction. In case that such withholding or deduction by the Issuer is required by law, the Issuer will pay such Additional Amounts as will result in receipt by the holders of the New Notes or a third party acting on their behalf of the same amounts as they would have received if no such withholding or deduction had been required, subject to exceptions set out in the Terms and Conditions of the New Notes.

Maturity Unless previously redeemed or repurchased, the New Notes will be redeemed at par on 2 April 2072.

Redemption following a After the occurrence of a Gross-up Event, a Tax Event, an Gross-up Event, Tax Event, an Accounting Event a Rating Agency Event or in case that the

9 Accounting Event or a Rating Issuer or any Subsidiary has purchased or redeemed New Agency Event, or in case of Notes equal to or in excess of 80 per cent. of the aggregate minimal outstanding Principal Amount of the New Notes initially issued, the Issuer aggregate principal amount may, by giving not less than 30 and not more than 60 Business Days' prior notice to the Holders, call the New Notes for redemption (in whole but not in part).

In the case such call notice is given following a Gross-up Event, the Issuer shall redeem the remaining New Notes on the specified redemption date at the Principal Amount plus any accrued and unpaid interest on the New Notes to but excluding the date of redemption and, for the avoidance of doubt, any payable Deferred Interest Payments.

In the case such call notice is given following a Tax Event, an Accounting Event a Rating Agency Event or in case of minimal outstanding aggregate principal amount, the Issuer shall redeem the remaining New Notes on the specified redemption date (i) at 101.00 per cent. of the Principal Amount if the redemption occurs prior to the First Call Date and (ii) at the Principal Amount if the redemption occurs on or after the First Call Date, in each case plus any accrued and unpaid interest on the New Notes to but excluding the date of redemption and, for the avoidance of doubt, any payable Deferred Interest Payments.

An "Accounting Event" shall occur if a recognised accountancy firm has delivered an opinion to the Principal Paying Agent, stating that as a result of a change in accounting principles the funds raised through the issuance of the New Notes must not or must no longer be recorded as "liability" pursuant to the International Financial Reporting Standards ("IFRS").

A "Gross-up Event" will occur if the Issuer has or will become obliged to pay Additional Amounts as a result of any change in the laws of Germany or any change in their official application of those laws, and that obligation cannot be avoided by the Issuer.

A "Rating Agency Event" will occur if the Issuer has received written confirmation from Moody's and/or S&P that the New Notes will no longer be eligible, due to a change in hybrid capital methodology or another relevant methodology or the interpretation thereof, for the same or higher category of "equity credit" or such similar nomenclature used by Moody's and/or S&P, as applicable, from time to time to describe the degree to which the terms of an instrument are supportive of the issuer's senior obligations, attributed to the New Notes at the date of issuance or at the time when Moody's and/or S&P, as applicable, first confirmed the "equity credit" attributed to the New Notes following the date of issuance, in each case as published by Moody's and/or S&P, as applicable.

A "Tax Event" will occur if on or after the date of issue of the New Notes as a result of any amendment to, or change in, the

10 laws (or any rules or regulations thereunder) of the Federal Republic of Germany or any political subdivision or any taxing authority thereof or therein, or as a result of any amendment to, or change in, an official interpretation or application of any such laws, rules or regulations by any legislative body, court, governmental agency or regulatory authority (including the enactment of any legislation and the publication of any judicial decision or regulatory determination), interest payable by the Issuer in respect of the New Notes is no longer fully deductible by the Issuer for German income tax purposes, and that risk cannot be avoided by the Issuer taking such reasonable measures as it (acting in good faith) deems appropriate.

Redemption at the The Issuer may redeem the New Notes (in whole but not in part) Option of the Issuer at the Principal Amount plus any accrued and unpaid interest on the New Notes to but excluding the date of redemption but yet unpaid and, for the avoidance of doubt, any payable Deferred Interest Payments with effect as of the First Call Date or on any Optional Call Date thereafter, upon giving not less than 30 and not more than 60 days' prior notice to the Holders.

"Optional Call Date" means each Interest Payment Date falling on or nearest to 2 April 2022, 2 April 2027, 2 April 2032, 2 April 2037, 2 April 2042, 2 April 2047, 2 April 2052, 2 April 2057, 2 April 2062 and 2 April 2067.

German Act on Issues The New Notes will be subject to the German Act on Issues of of Debt Securities Debt Securities (Gesetz über Schuldverschreibungen aus (Schuldverschreibungsgesetz) Gesamtemissionen, "SchVG"), which, inter alia, provides for the possibility of the Issuer to amend the Terms and Conditions of the New Notes with the consent by majority vote of the Holders and to appoint a joint representative (gemeinsamer Vertreter) for the preservation of their rights.

Listing and admission to Application has been made for the New Notes to be admitted to trading trading on the regulated market of the Luxembourg Stock Exchange and to be listed on the Official List as well as to be listed on the Frankfurt Stock Exchange and to be traded on the regulated market of the Frankfurt Stock Exchange.

Governing Law The New Notes will be governed by German law.

Jurisdiction To the extent legally permissible, the exclusive place of jurisdiction for any legal proceedings arising under the New Notes is Frankfurt am Main.

Selling Restrictions The offer and the sale of the New Notes and the distribution of offering materials are subject to specific restrictions. The relevant restrictions applicable in the European Economic Area, United States of America, United Kingdom are set out under "Offer, Sale and Subscription of the New Notes".

Clearing and Settlement The New Notes will be accepted for clearing through Euroclear

11 and Clearstream, Luxembourg.

Security Codes ISIN: initially XS0758304165, then XS0674277933 once the New Notes have been consolidated with the Original Notes; Common Code: initially 075830416, then 067427793 once the New Notes have been consolidated with the Original Notes; German Securities Code (WKN): initially A1ML3C, then A1MBBB once the New Notes have been consolidated with the Original Notes

Availability of Documents The Prospectus will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).

The following paragraphs in italics do not form part of the Summary of the Terms and Conditions.

Restrictions regarding redemption and repurchase of the New Notes

Unless the rating assigned by S&P to the Issuer is at least A- (or such similar nomenclature then used by S&P) and the Issuer is comfortable that such rating would not fall below this level as a result of such redemption or repurchase the Issuer intends (without thereby assuming a legal obligation), during the period from and including the issue date of the New Notes to but excluding the Second Modified Reset Date, in the event of

(x) an early redemption of the New Notes pursuant to § 5(3), § 5(4)(b)(i) and § 5(4)(b)(ii) of the Terms and Conditions, or

(y) a repurchase of New Notes pursuant to § 5(2) of the Terms and Conditions of more than (i) 10 per cent. of the aggregate principal amount of the New Notes originally issued in any period of 12 consecutive months or (ii) 25 per cent. of the aggregate principal amount of the New Notes originally issued in any period of 10 consecutive years, if the New Notes are assigned an "equity credit" (or such similar nomenclature then used by S&P) by S&P at the time of such redemption or repurchase, that it will redeem or repurchase New Notes only to the extent the aggregate principal amount of the New Notes to be redeemed or repurchased does not exceed the net proceeds received by the Issuer or any Subsidiary during the 360-day period prior to the date of such redemption or repurchase from the sale or issuance by the Issuer or such Subsidiary to third party purchasers (other than group entities of the Issuer) of securities which are assigned by S&P, at the time of sale or issuance, an "equity credit" (or such similar nomenclature used by S&P from time to time) that is equal to or greater than the equity credit assigned to the New Notes to be redeemed or repurchased at the time of their issuance (but taking into account any changes in hybrid capital methodology or another relevant methodology or the interpretation thereof since the issuance of the New Notes).

Terms used but not defined in the preceding sentence shall have the meaning set out in the Terms and Conditions.

12 Summary of Selected Financial Information

Balance sheet of the EnBW Group as of

EUR million 31/12/2011 31/12/2010

Assets

Non-current assets1 25,338.1 26,704.7

Current assets 10,272.7 9,063.6

Assets held for sale 209.9 11.8

10,482.6 9,075.4

35,820.7 35,780.1

Equity and liabilities

Equity1 6,133.4 7,602.5

Non-current liabilities1 20,747.1 20,765.5

Current liabilities 8,939.6 7,412.1

Liabilities directly associated with the assets classified as held for sale 0.6 0.0

8,940.2 7,412.1

35,820.7 35,780.1

1 Prior-year figures restated.

Income statement of the EnBW Group

EUR million 2011 2010

Revenue 18,789.7 17,509.0

EBITDA1 1,808.7 3,315.0

Earnings before interest and taxes (EBIT)1 670.9 2,124.8

Earnings before tax (EBT)1 -782.2 1,511.3

Group net loss/profit1 -815.9 1,151.7

Shares outstanding (millions), weighted average 244.257 244.257

Earnings per share from group net loss/profit (EUR)1,2 -3.55 4.74

1 Prior-year figures restated. 2 Basic and diluted; in relation to the profit shares attributable to the equity holders of EnBW AG.

13 Statement of comprehensive income of the EnBW Group

EUR million 2011 2010

Group net loss/profit1 -815.9 1,151.7

Other comprehensive income -474.3 362.8

Total comprehensive income1 -1,290.2 1,514.5

1 Prior-year figures restated.

Cash flow statement of the EnBW Group

EUR million 2011 2010

Funds from operations (FFO) before taxes and financing1 2,185.1 2,832.0

Cash flow from operating activities 1,740.1 2,560.9

Cash flow from investing activities -670.4 -1,272.6

Cash flow from financing activities -170.9 -1,001.2

Net change in cash and cash equivalents 898.8 287.1

Change in cash and cash equivalents 898.3 299.4

Cash and cash equivalents at the end of the period 2,776.6 1,878.3

1 Prior-year figures restated.

EUR million 2011 2010

Total interest paid in the period -418.5 -405.6

14 Consolidated key figures of the EnBW Group

EUR million Variance 2011 2010 %

Revenue

Electricity generation and trading 5,449.0 4,817.0 13.1

Electricity grid and sales 10,742.6 10,192.7 5.4

Gas 1,817.7 1,788.1 1.7

Energy and environmental services 780.4 711.2 9.7

External revenue, total 18,789.7 17,509.0 7.3

EBITDA1 1,808.7 3,315.0 -45.4

EBIT1 670.9 2,124.8 -68.4

Group net loss/profit1,2 -867.3 1,157.2 -

Earnings per share from group net loss/profit1,2 (EUR) -3.55 4.74 -

Cash flow from operating activities 1,740.1 2,560.9 -32.1

Capital expenditure 1,319.0 2,327.9 -43.3

1 Prior-year figures restated. 2 In relation to the loss/profit shares attributable to the equity holders of EnBW AG.

Summary of Risk Factors

Summary of risks relating to the Issuer and the Group The following risk factors could have a significant negative effect on the net assets, financial position and results of operations of EnBW and could affect the ability of the Issuer to fulfil its obligations under the New Notes and may be essential for the evaluation of the market value and/or market risk of the New Notes. Potential investors should consider these risk factors as well as all other information in this Prospectus and should consult their own legal, business, tax and financial advisors before deciding to buy the New Notes. In addition, investors should be aware of the fact that some or all risks could materialise simultaneously and thus intensifying their impact.

Energy market risks The Group results are to a great extent influenced by the market prices of electricity and fuels as well as emission allowances. EnBW carries energy market risks as a result of a possible divergence of procurement and sales prices in the gas and electricity segments. At the same time, there are sales and price risks as a result of generally intensifying competition.

Risks arising from economic development In an economic downturn, industrial production and demand for electricity and gas can be expected to decline. In this context, trade risks arise from the reselling of pre-purchased electricity quantities, operational risks arise due to sales margins being lost, and network risks arise due to electricity transmission revenues being lower in the short-term. In addition, it cannot be ruled out that customers' credit ratings may deteriorate in times of economic decline. In times of strong

15 unforeseen economic growth risks can arise, if additional electricity quantities have to be purchased at a disadvantageous price level to supply existing consumer contracts.

Competition risks in the retail markets Risks concerning the sales margin and volume arise from competition in the B2C and B2B retail market. The process of energy procurement is attended by the uncertainty of passing the prime costs to the retail consumer without risking loss of customers. Therefore, the sales margin risks are directly linked to sales volume risks as a function of customer satisfaction.

Technical and weather related risks EnBW operates technologically complex production facilities with considerable supply chains and is hence exposed to the associated operational risks. A breakdown of the supply chain or property damage can result in a considerable loss of income due to unscheduled downtimes of power stations or of parts of the EnBW Group's electricity, gas, or district heating grids.

Regulatory and political risks Ongoing changes in the political, legal, and social environment of the EnBW Group are also expected to impact financial results.

The antitrust activities of the federal and state authorities including EnBW are currently concentrated on the district heating and water sectors. As part of an information procedure or a sector inquiry including EnBW, there were no indications of any market-abusive behavior by a subsidiary of EnBW. Final assessments of the antitrust activities of the district heating sector inquiry are still pending.

Incentive regulation and the associated revenue caps and network user charges may be subject to changes within a regulation period. The amendment to the German Energy Industry Act (EnWG) means that network user charges for energy-intensive customers no longer apply or will be charged on an individual basis. Following the determination of the cost allocations by the Federal Network Agency, potential differences to the actual values are taken into account when calculating the cost allocation for subsequent years. This helps to minimise the financial risk.

At the end of 2011, a new enabling provision was incorporated into the Act, which has since taken legal effect. The restoration of the lawfulness of the general sectoral productivity factor will reduce the regulatory revenue caps set for 2012, and thereby the network user charges for 2012 and 2013.

The grid connection costs for offshore wind power plants are currently offset using a Germany-wide cost allocation mechanism. Should this settlement continue to be carried out with a two-year time lag, it may have a temporary effect on earnings, although this would even out again after two years.

EnBW intends to implement the Independent Transmission Operator (ITO) model of the third energy liberalisation package. This results in a risk of significant losses in synergy due to the legal restrictions.

Renewal of franchise agreements There is the risk of loss of income or financial loss if it is not possible to prolong franchise agreements as they expire.

Retrofitting masts It is possible that the demands of the Baden-Württemberg energy regulator will no longer just be limited to inspecting and, if necessary, retrofitting masts manufactured from Thomas steel in future as has been done in the past, but may apply to all masts. Should it emerge during a reliability review that the requirements have not been met, this would necessitate retrofitting measures or the construction of new masts, which have not been taken into account in the current business plans.

16 Grid loss energy EnBW’s grid companies have to purchase any energy lost during transmission through the networks on the market. The volatility of market prices for purchasing the energy needed to cover grid losses in its transmission grid can lead to budgeted prices being exceeded.

Abuse Proceeding balancing energy The abuse proceedings by the Federal Network Agency against the transmission system operators in Germany are still pending. Should the Federal Network Agency find this practice abusive, there is a risk that some of the costs incurred for balancing energy since 2006 by EnBW’s transmission system operator, TransnetBW GmbH ("TNG"; former EnBW Transportnetze AG), might not be recognised and reduce network user charges in future periods.

Legal risks In the aftermath of the earthquake in Japan and the ensuing disaster at Fukushima nuclear plant changes were also made to German energy policy.

The package of laws on a new energy concept adopted by the German government in summer 2011 will have a clear financial impact on EnBW as owner and operator of nuclear generation facilities. The nuclear fuel tax is being retained, while the amendment to the German nuclear law shortens the life span of German nuclear power plants. EnBW permanently closed down the two older reactors Philipsburg 1 and Neckarwestheim 1. The imposition of additional requirements for German nuclear power plants, by law or by the authorities, cannot be ruled out.

Furthermore, EnBW Group is involved in various court proceedings in connection with its ordinary operations. These proceedings might affect the economic and financial position of the EnBW Group. Risks are similarly inherent in regulatory approval proceedings as well as risks from antitrust price control in the electricity, gas and water business.

Non-technical risks – nuclear power In its capacity as operator of nuclear power plants, EnBW is exposed to various planning uncertainties and investment risks. Various legal and political questions regarding the issues of ultimate storage still need to be clarified and may lead to additional costs which are not currently assessable.

New construction and dismantling of power stations The decision to expand power plant capacity involves investment risks, as important profitability parameters cannot be reliably projected for the long term and project risks are incurred at the implementation stage of power station construction projects. At the same time, there are risks inherent in the dismantling of power stations on account of the uncertainty regarding cost and time planning.

Financial market risks Risks arise from changes in the value of securities and in the context of EnBW's necessity for re- financing at the capital markets. Within the scope of EnBW's business, EnBW is exposed to risks arising from fluctuations in interest rates, exchange rates and share prices as well as credit risks. A key driver for the costs of refunding lies in EnBW’s rating. Recently the rating is being observed closely by the rating agencies as a result of the changing conditions in the business environment of the energy supply industry.

17 IT risks EnBW is exposed to risks in connection with the development, implementation and application of IT solutions which support business processes. Downtimes of core applications and systems as well as the loss or unintentional change of crucial business information can have a negative impact on business success.

Credit risks The general economic situation influences the ability of customers, trading partners and suppliers to meet their financial obligations. Therefore, credit risks arise from potential defaults on the part of the counterparties.

Liquidity risks In the event of any disruptions to the process of providing sufficient liquidity, there is the risk of EnBW not being able to fulfil its financial obligations in due time.

Strategic risks EnBW Group is undertaking investments in various construction projects focussing on different strategic goals. This exposes the Group to risks arising where the planned profitability is achieved late or not at all. Furthermore, there are risks relating to the recoverability of investments and hence loss in value. In relation to divestments, there is a general risk that the planned sales price cannot be achieved because of the business environment.

Risks arising from a change of control If the acquisition of the EnBW shares held by EDF until 17 February 2011 by NECKARPRI- Beteiligungsesellschaft mbH (NECKARPRI), attributed to the federal state of Baden-Württemberg, and the conclusion of a shareholder agreement between NECKARPRI and OEW Energie- Beteiligungs GmbH were to represent a change of control within the meaning of the EWE shareholder agreement, EnBW would be obliged to offer its shares in EWE to the municipal shareholders of EWE at the market price as determined by an expert appraisal. EnBW holds the view that there was no change of control. The municipal shareholders, however, requested that EnBW make an offer. EnBW did not comply with this request. In the event that the parties do not come to a mutual agreement, there is a risk that the purchase price will be below the current carrying amount at EnBW. This could result in an adverse effect on the financial position and results of operations of EnBW Group.

Summary of risks relating to the New Notes An investment in the New Notes involves certain risks associated with the characteristics of the New Notes which could lead to substantial losses the Holders would have to bear in the case of selling their New Notes or with regard to receiving interest payments and repayment of principal. Those risks include the following:

 The New Notes may not be a suitable investment for all investors.

 The New Notes will be redeemed on 2 April 2072. The Issuer is under no obligation to redeem the New Notes at any time before this date and the Holders have no right to call for their redemption. At the Issuer's option, the New Notes may be redeemed after the occurrence of a Gross-up Event, a Rating Agency Event, an Accounting Event, a Tax Event, or if 80 per cent. or more of the principal amount of the New Notes initially issued have been redeemed or purchased, or with effect as of the First Call Date or any Optional Call Date thereafter. In such case, it may be the case that Holders are only able to reinvest the redemption proceeds in securities with a lower yield.

18  The obligations of the Issuer under the New Notes are unsecured subordinated obligations of the Issuer.

 The Terms and Conditions do not contain any express provisions setting out events of default.

 There is no restriction on the amount of debt which the Issuer may issue ranking equal or senior to the obligations under or in connection with the New Notes.

 Application has been made for the New Notes to be admitted to trading on the regulated market of the Luxembourg Stock Exchange and to be listed on the Official List, and to the Frankfurt Stock Exchange for the New Notes to be listed on the Frankfurt Stock Exchange and to be traded on the regulated market of the Frankfurt Stock Exchange. However, there can be no assurance that a liquid secondary market for the New Notes will develop.

 During the period from the Issue Date to the First Call Date, it cannot be ruled out that the price of the New Notes may fall as a result of changes in the current interest rate on the capital market (market interest rate), as the market interest rate fluctuates.

 After the First Call Date, investors should be aware that the interest rate will be determined on each Reset Date at the 5-year Swap Rate for the relevant Reset Period plus a margin. The performance of the 5-year Swap Rate and the interest income on the New Notes cannot be anticipated and a definite yield of the New Notes cannot be determined. In addition, during each Reset Period, it cannot be ruled out that the price of the New Notes may fall as a result of changes in the current interest rate on the capital market (market interest rate), as the market interest rate fluctuates.

 Holders should be aware that interest may be deferred. Deferred interest will not bear interest. Any deferral of interest will likely have an adverse effect on the market price of the New Notes. The market price of the New Notes may be more volatile than the market price of other debt securities.

 The rating of the New Notes, if any, is subject to change at all times and is not a recommendation to buy, sell or hold the New Notes.

 The Euro-denominated New Notes could represent a currency risk for a Holder if the Euro represents a foreign currency to such Holder; in addition governments and competent authorities could impose exchange controls in the future.

 Because the Global Notes are held by or on behalf of Euroclear and Clearstream, Luxembourg, investors will have to rely on their procedures for transfer, payment and communication with the Issuer.

 A Holder is subject to the risk of being outvoted and of losing rights towards the Issuer against his will in the case that Holders agree to amendments to the Terms and Conditions of the New Notes by majority vote according to the German Act on Issues of Debt Securities (Gesetz über Schuldverschreibungen aus Gesamtemissionen, "SchVG"). In the case of an appointment of a noteholders' representative for all Holders a particular Holder may lose, in whole or in part, the possibility to enforce and claim his rights against the Issuer regardless of other Holders.

 The market value of the New Notes could decrease if the creditworthiness of the Group worsens or the market participants' estimation of the creditworthiness of corporate debtors in general or of debtors operating in the same business as the Group adversely changes.

19 Summary in respect of the Issuer and the Group

Description of the Issuer

EnBW Energie Baden-Württemberg AG EnBW AG is the parent company of the EnBW Group, one of the major German, internationally operating energy groups and one of the four transmission system operators in Germany. The activities of the EnBW Group are vertically integrated and divided into four business segments: electricity generation and trading, electricity grid and sales, gas, and energy and environmental services. The two dominant business segments, which relate to electricity, cover the entire chain of value creation, including generation, trading, distribution and transmission, and energy sales. EnBW's principal markets are Germany, especially Baden-Württemberg, German-speaking countries as well as the growth markets in central, eastern and south-eastern Europe. Compared to EnBW's major competitors in Germany, EnBW's activities have a stronger focus on the end customer.

EnBW AG emerged from the 1997 merger of Energie-Versorgung Schwaben AG and Badenwerk AG, two cooperative groups based in Baden-Württemberg. The predecessor of Badenwerk AG was the Badische Elektrizitätsversorgungs AG, founded in 1921. Energie-Versorgung Schwaben was founded in 1939 as a public utility for the state of Württemberg. In 1973, private shareholders were brought into Badenwerk AG by way of a capital increase and the company was admitted to the stock exchange. The listing on the stock exchange was maintained following the merger of Badenwerk AG and Energie-Versorgung Schwaben AG. The shares in EnBW AG are listed on the regulated market at both the Frankfurt and the Stuttgart stock exchanges.

EnBW AG has its registered office in Karlsruhe, Germany, and is registered in the commercial register of Mannheim local court under the number HRB 107956.

Organisational structure As a holding company, EnBW AG exercises the management function in the EnBW Group. It is responsible for the strategic management and control of the group at all key stages of the value creation chain in the various business segments. The holding company also brings together the functions of group-wide finance and liquidity management, human resource management, external communications and group development. The operational business of the EnBW Group is concentrated in direct subsidiaries, whereby the EnBW AG controls and supports their business activities through a strategic planning and control process. The management board of EnBW AG is responsible for the group-wide strategies as well as the management and control of the entire EnBW Group.

Trend information and recent business developments On account of the energy policy decisions made in the recent past the financial headroom of EnBW has become severely limited: the shutdown of two units of the nuclear power plants, GKN I and KKP 1, the introduction of the nuclear fuel rod tax and the need to recognize a higher level of impairment losses and provisions on account of the final phase-out of nuclear power in Germany. Similarly, delays in the completion of large-scale projects have reduced earnings. Falling margins on the wholesale market and the full auctioning of CO2 allowances as of 2013 will place an additional burden on EnBW’ s earning power over the next few years. In order to counter such negative developments and to address the forward-looking restructuring of the company without jeopardizing its good financial standing, EnBW has put together a comprehensive package of measures. It consists of the three levers: increasing efficiency, divestitures and capital measures.

EnBW is implementing the necessary measures to increase efficiency under the umbrella of the “FOKUS” project. This project has been in place since autumn 2010 and was initially designed to

20 achieve a sustainable volume of improvements totaling EUR 300 million p.a. In light of the more restrictive operating environment, the EBIT-compatible target volume was raised to EUR 750 million p.a. in September 2011. The measures are scheduled to be fully developed by the end of 2014 and thereafter to take full effect in the long term.

The plans are to increase the volume of divestitures relating to the sale of non-strategic investments and optimization of shareholdings by EUR 0.5 billion to EUR 1.5 billion. These include the already completed sale of EnBW's non-controlling interests in power stations in Poland. There are also plans to divest the share in the Austrian energy supplier EVN. Together with other effects, for example in the context of the participation of municipalities and municipal utilities in new offshore and onshore wind turbines, the total divestment volume amounts to EUR 2.6 billion.

Capital measures are the third lever to ensure EnBW’s future sustainability. At the end of October 2011, EnBW successfully placed a hybrid bond with a volume of EUR 750 million on the capital market. Based on its terms and conditions, half of the amount of the bond will be recognized as equity by rating agencies until the first possible date of repayment in 2017.

Furthermore, EnBW is planning a capital increase in 2012. The general meeting of Zweckverband Oberschwäbische Elektrizitätswerke passed a unanimous resolution on 27 January 2012 to participate in a capital increase at EnBW for up to EUR 400 million. On 15 February 2012, the state parliament of Baden-Wurttemburg decided to grant the corresponding guarantees for the subsidiary wholly owned by the federal state, NECKARPRI GmbH, being included in the state’s 2012 budget legislation with a view to meeting the requirements for NECKARPRI GmbH or an entity affiliated with it as defined by Sec. 15 German Stock Corporations Act (AktG) participating in the intended capital increase, likewise for up to EUR 400 million.

The effects of the new energy concept, the realignment of the company and a market environment that is becoming more difficult will give rise to great challenges for EnBW over the next few years. EnBW expects its adjusted EBITDA to fall in 2012 by between 10 per cent. and 15 per cent. on the prior year. The trend is not expected to reverse in the fiscal year 2013: improving efficiency can offset the full auctioning of CO2 allowances only to a limited extent. In 2013, adjusted EBITDA is expected to fall by between 15 per cent. and 20 per cent. in comparison to 2011. As of 2014, earnings are expected to gradually rise as a result of the successful commissioning of power plants and the effectiveness of our efficiency programme. This will put adjusted EBITDA for 2014 at the level of 2012.

Except for the developments described in this Prospectus, there has been no material adverse change in the prospects since 31 December 2011 and no significant change in the financial position or trading position of EnBW Group since 31 December 2011.

Management and supervisory corporate governance In accordance with the provisions of German Stock Corporation Act (Aktiengesetz, "AktG"), the management board (the "Board of Management") is the management body and the supervisory board (the "Supervisory Board") is the controlling body of EnBW AG. The members of both boards can be contacted at EnBW AG's business address: Durlacher Allee 93, 76131 Karlsruhe, Germany.

EnBW AG is not aware of any conflicts of interest on the part of the members of its Board of Management or Supervisory Board between their duties to EnBW AG and their private interests or other commitments.

The Supervisory Board has set up a total of six committees including an audit committee. The audit committee deals with issues concerning accounting, risk management and compliance. The audit committee is responsible for monitoring the accounting process, the effectiveness of the internal control system, the internal risk management system and the internal audit system, and for

21 monitoring the statutory audit, including but not limited to the auditor's independence and additional services rendered by the independent auditor. Instead of the Supervisory Board itself, this committee decides on the issuing of an audit engagement to the auditor, the audit priorities as well as on the amount of the audit fee. The committee also prepares the Supervisory Board meeting for the annual and consolidated financial statements. In this regard, however, it has no authority to make decisions. The chair of the audit committee is independent, and possesses special knowledge and experience regarding accounting principles and internal control procedures. The chair of the audit committee cannot be held by either the chairman of the Supervisory Board nor a former member of the company's Board of Management.

Following its obligatory review, the Supervisory Board issued the declaration of compliance with the German Corporate Governance Code in accordance with Sec. 161 AktG at its meeting on 8 December 2011. The Board of Management had issued an identically worded declaration at its meeting on 29 November 2011.

"The Board of Management and the Supervisory Board of EnBW Energie Baden-Württemberg AG declare as follows in accordance with Sec. 161 AktG:

Since its last declaration of compliance on 10 December 2010, EnBW Energie Baden-Württemberg AG has complied with the recommendations made by the government commission on the German Corporate Governance Code as amended on 26 May 2010 with the following exception:

No. 5.4.1 (2) and (3) of the code:

The Supervisory Board shall specify concrete objectives regarding its composition which, whilst considering the specifics of the enterprise, take into account the international activities of the enterprise, potential conflicts of interest, a age limit to be specified for the members of the Supervisory Board and diversity. These concrete objectives shall, in particular, stipulate an appropriate degree of female representation.

Recommendations by the Supervisory Board to the competent election bodies shall take these objectives into account. The concrete objectives of the Supervisory Board and the status of the implementation shall be published in the Corporate Governance Report.

On 6 December 2010, E.D.F INTERNATIONAL SA ("EDF") concluded an agreement with an entity wholly owned by the federal state of Baden-Württemberg on the purchase of the shares in EnBW Energie Baden-Württemberg AG previously held by EDF of around 45 per cent. of the capital stock. The bidding entity of which the federal state of Baden-Württemberg is the sole shareholder made a voluntary public takeover offer to the remaining shareholders of EnBW Baden-Württemberg AG.

The Supervisory Board welcomes the recommendation of the code to stipulate targets for the composition of the Supervisory Board. In light of the change in one of the main shareholders, the Supervisory Board is of the opinion, however, that it is currently not appropriate to set concrete targets for the composition of the Supervisory Board. This should be debated in the newly formed Supervisory Board.

With immediate effect, EnBW Energie Baden-Württemberg AG will comply without exception with the recommendations of the government commission for the German Corporate Governance Code as amended on 26 May 2010."

Financial information on net assets, financial position and results of operations of EnBW AG

Historical financial information Reference is hereby made to the audited consolidated financial statements of the EnBW Group for the fiscal year ended on 31 December 2011 as well as the corresponding audit opinion, which are

22 reprinted on pages 116 – 205 of EnBW's Annual Report 2011; the consolidated financial statements and the audit opinion therefore constitute an integral part of this Prospectus.

Reference is hereby made to the audited consolidated financial statements of the EnBW Group for the fiscal year ended on 31 December 2010 as well as the corresponding audit opinion, which are reprinted on pages 123 – 226 of EnBW's Annual Report 2010; the consolidated financial statements and the audit opinion therefore constitute an integral part of this Prospectus.

Litigation Except as otherwise set forth in this Prospectus (see "General Description on the Issuer and the Group - Litigation"), EnBW is not aware of any current or pending governmental, legal or arbitration proceedings nor have there been such proceedings in the last twelve months prior to the publication of this Prospectus which may have, or have had most recently significant effects on the financial position or the profitability of EnBW AG or the EnBW Group.

23 GERMAN TRANSLATION OF THE SUMMARY ZUSAMMENFASSUNG

Die nachfolgenden Ausführungen stellen eine Zusammenfassung (die "Zusammenfassung") der wesentlichen Merkmale und Risiken der Emittentin und der Neuen Schuldverschreibungen dar. Diese Zusammenfassung sollte als Einleitung zu diesem Prospekt verstanden werden. Sie ist keine vollständige Darstellung und im Zusammenhang mit dem Prospekt zu lesen. Jede Entscheidung eines Anlegers zu einer Anlage in die Neuen Schuldverschreibungen sollte sich auf die Prüfung des gesamten Prospektes stützen. Für den Fall, dass ein Anleger vor einem Gericht Ansprüche auf Grund der in diesem Prospekt enthaltenen Informationen geltend macht, könnte dieser Anleger in Anwendung einzelstaatlicher Rechtsvorschriften verpflichtet sein, die Kosten für die Übersetzung dieses Prospekts vor Prozessbeginn zu tragen. Die Emittentin, die diese Zusammenfassung einschließlich ihrer Übersetzung als Verantwortliche vorgelegt und publiziert hat, können haftbar gemacht werden, jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den anderen Teilen dieses Prospekts gelesen wird.

Zusammenfassung der Anleihebedingungen der Neuen Schuldverschreibungen

Worte und Begriffe, die in den an anderer Stelle in dem Prospekt wiedergegebenen Anleihebedingungen der Neuen Schuldverschreibungen definiert sind, haben in der Zusammenfassung dieselbe Bedeutung.

Emittentin EnBW Energie Baden-Württemberg AG, Karlsruhe, Germany

Berater für die Strukturierung Barclays Bank PLC, Deutsche Bank AG, London Branch

Konsortialführer Barclays Bank PLC Deutsche Bank AG, London Branch

Zahlstelle Deutsche Bank Aktiengesellschaft

Festsetzung des Der Emissionspreis, der Gesamtnennbetrag der zu Gesamtnennbetrags, begebenden Neuen Schuldverschreibungen, der Emissionspreises, Zinssatzes und Emissionserlös und die Rendite der Emission werden in weitere Informationen (Pricing der Preismitteilung (Pricing Notice) enthalten sein Notice) (nachstehend unter "Offer, Sale and Subscription of the New Notes" definiert), die auf der Internetseite der Luxemburger Wertpapierbörse (www.bourse.lu) am oder vor dem Tag der Begebung der Neuen Schuldverschreibungen veröffentlicht wird.

Gesamtnennbetrag EUR [●] (die "Neuen Schuldverschreibungen") (die Neuen Schuldverschreibungen werden mit den von der Emittentin am 28. Oktober 2011 begebenen EUR 750.000.000 nachrangigen, resettable festverzinslichen Schuldverschreibungen fällig 2072 (EUR 750,000,000 Subordinated Resettable Fixed Rate Notes due 2072 issued on 28 October 2011) (die "Original Schuldverschreibungen" und zusammen mit den Neuen Schuldverschreibungen, die "Schuldverschreibungen") ab dem Tag des Umtauschs der Vorläufigen

24 Globalurkunde in die Dauerglobalurkunde (wie nachstehend definiert) zusammengefasst und bilden mit ihnen eine einheitliche Serie)

Emissionspreis [●]%

Begebungstag der Neuen 2. April 2012 Schuldverschreibungen

Stückelung EUR 1.000

Form der Neuen Die Neuen Schuldverschreibungen sind zunächst in einer Schuldverschreibungen vorläufigen Inhaber-Globalurkunde (die "Vorläufige Globalurkunde") ohne Zinsscheine verbrieft, die an oder um den Tag der Begebung an eine gemeinsame Verwahrstelle für Euroclear Bank SA/NV ("Euroclear") und Clearstream Banking, société anonyme, Luxemburg ("Clearstream, Luxemburg", und, zusammen mit Euroclear, das "Clearingsystem") geliefert wird. Die Vorläufige Globalurkunde wird frühestens 40 Tage nach dem Tag der Begebung der Neuen Neuen Schuldverschreibungen gegen eine dauerhafte Inhaber- Globalurkunde (die "Dauer-Globalurkunde") (die Vorläufige Globalurkunde und die Dauer-Globalurkunde jeweils auch eine "Globalurkunde") ohne Zinsscheine ausgetauscht werden, im Einklang mit den Bestimmungen der Anleihebedingungen. Dieser Austausch und jede Zahlung von Zinsen auf die Neuen Schuldverschreibungen darf nur gegen Lieferung von Bestätigungen über das Nichtbestehen wirtschaftlichen U.S.-Eigentums im Sinne des U.S.-Rechts (non-U.S. beneficial ownership) nach den Regeln und Verfahren des Clearingsystems erfolgen. Zahlungen auf die Vorläufige Globalurkunde werden nur gegen Vorlage solcher Bestätigungen erfolgen. Eine Ausgabe von Einzelurkunden oder Zinsscheinen erfolgt nicht.

Status der Neuen Die Neuen Schuldverschreibungen begründen Schuldverschreibungen nachrangige und nicht besicherte Verbindlichkeiten der Emittentin, die untereinander und mit allen Gleichrangigen Wertpapieren im gleichen Rang und nachrangig gegenüber allen anderen gegenwärtigen und zukünftigen nachrangigen und nicht nachrangigen Verbindlichkeiten der Emittentin sind, und mit allen anderen gegenwärtigen und zukünftigen nicht besicherten und nachrangigen Verbindlichkeiten zumindest gleichrangig sind, soweit nicht zwingende gesetzliche Bestimmungen solche anderen nachrangigen Verbindlichkeiten im Rang besser stellen, und die im Rang nur den Ansprüchen und Rechten von Inhabern von Nachrangigen Wertpapieren vorgehen.

"Gleichrangiges Wertpapier" bezeichnet jedes Wertpapier, Namenswertpapier oder jedes andere

25 Instrument, das (i) von der Emittentin begeben ist und als im Verhältnis zu den Neuen Schuldverschreibungen gleichrangig vereinbart ist, oder (ii) von einer Tochtergesellschaft begeben und von der Emittentin dergestalt garantiert ist oder für das die Emittentin dergestalt die Haftung übernommen hat, dass die Verpflichtungen der Emittentin aus der maßgeblichen Garantie oder Haftungsübernahme im Verhältnis zu den Verpflichtungen der Emittentin aus den Neuen Schuldverschreibungen gleichrangig sind.

"Nachrangiges Wertpapier" bezeichnet (i) die Stammaktie der Emittentin, (ii) jede Aktie einer anderen Gattung von Aktien der Emittentin, die mit den Stammaktien der Emittentin gleichrangig ist, (iii) jedes andere Wertpapier, Namenswertpapier oder jedes andere Instrument, das von der Emittentin begeben ist und bei dem die daraus folgenden Verbindlichkeiten der Emittentin mit den Stammaktien der Emittentin gleichrangig oder als gleichrangig vereinbart sind und (iv) jedes Wertpapier, Namenswertpapier oder jedes andere Instrument, das von einer Tochtergesellschaft begeben ist, und das von der Emittentin dergestalt garantiert ist oder für das die Emittentin dergestalt die Haftung übernommen hat, dass die betreffenden Verbindlichkeiten der Emittentin aus der maßgeblichen Garantie oder Haftungsübernahme mit den Stammaktien der Emittentin gleichrangig oder als gleichrangig vereinbart sind.

Verzinsung der Neuen Die Neuen Schuldverschreibungen werden vom 2. April Schuldverschreibungen 2012 (einschließlich) bis zum 2. April 2017 (der "Erste Rückzahlungstag") (ausschließlich) zu einem festen Zinssatz von 7,375% per annum verzinst. Die Zinsen sind am 2. April eines jeden Jahres, beginnend am 2. April 2012, nachträglich zu zahlen.

Vom Ersten Rückzahlungstag (einschließlich) bis zum 2. April 2022 (der "Erste Modifizierte Reset-Termin") (ausschließlich) werden die Neuen Schuldverschreibungen zum 5-Jahres-Swapsatz für den betreffenenden Reset-Zeitraum zuzüglich einer Marge von 540,1 % per annum (ohne einen Step-up zu beinhalten) verzinst. Die Zinsen sind am 2. April eines jeden Jahres, beginnend am 2. April 2018, nachträglich zu zahlen.

Vom Ersten Modifizierten Reset-Termin (einschließlich) bis zum 2. April 2037 (der "Zweite Modifizierte Reset- Termin") (ausschließlich) werden die Neuen Schuldverschreibungen zum 5-Jahres-Swapsatz für den betreffenenden Reset-Zeitraum zuzüglich einer Marge von 565,1 % per annum (einschließlich eines Step-ups von 25 Basispunkten) verzinst. Die Zinsen sind am 2. April

26 eines jeden Jahres, beginnend am 2. April 2023, nachträglich zu zahlen.

Vom Zweiten Modifizierten Reset-Termin (einschließlich) bis zum 2. April 2072 (der "Endfälligkeitstag") (ausschließlich) werden die Neuen Schuldverschreibungen zum 5-Jahres Swapsatzes für den betreffenden Reset-Zeitraum zuzüglich einer Marge von 640,1 % per annum (einschließlich eines Step-ups von 75 Basispunkten) verzinst. Die Zinsen sind am 2. April eines jeden Jahres, beginnend am 2. April 2038, nachträglich zu zahlen.

"Reset-Termin" bezeichnet jeweils den Ersten Rückzahlungstermin, den 2. April 2022, den 2. April 2027, den 2. April 2032, den 2. April 2037, den 2. April 2042, den 2. April 2047, den 2. April 2052, den 2. April 2057, den 2. April 2062 und den 2. April 2067.

"Reset-Zeitraum" bezeichnet jeden Zeitraum ab dem Ersten Rückzahlungstermin (einschließlich) bis zum ersten Reset-Termin (ausschließlich) und nachfolgend ab jedem Reset-Termin (einschließlich) bis zu dem jeweils nächstfolgenden Reset-Termin bzw. dem Endfälligkeitstag (ausschließlich).

Fakultativer Aufschub von Die Emittentin kann sich dazu entscheiden, die Zahlung Zinszahlungen von Zinsen, die an einem Zinszahlungstag fällig werden, durch eine Bekanntmachung an die Anleihegläubiger innerhalb einer Frist von nicht weniger als 10 und nicht mehr als 15 Geschäftstagen vor dem betreffenden Zinszahlungstag, auszusetzen.

Wenn sich die Emittentin an einem Zinszahlungstag zur Nichtzahlung aufgelaufener Zinsen entscheidet, dann ist sie nicht verpflichtet, an diesem betreffenden Zinszahlungstag Zinsen zu zahlen. Eine Nichtzahlung aus diesem Grunde begründet keinen Verzug der Emittentin und keine anderweitige Verletzung ihrer Verpflichtungen aufgrund dieser Neuen Schuldverschreibungen oder für sonstige Zwecke.

Aufgeschobene Zinszahlungen werden nicht verzinst.

Freiwillige Zahlung von Die Emittentin ist berechtigt, ausstehende Aufgeschobene Aufgeschobenen Zinszahlungen Zinszahlungen jederzeit insgesamt oder teilweise nach Bekanntmachung an die Anleihegläubiger unter Einhaltung einer Frist von nicht weniger als 10 und nicht mehr als 15 Geschäftstagen nachzuzahlen, wobei eine solche Bekanntmachung den Betrag an Aufgeschobenen Zinszahlungen, der gezahlt werden soll, und den für diese Zahlung festgelegten Termin (der "Freiwillige Nachzahlungstermin") enthalten muss.

27 Pflicht zur Zahlung von Die Emittentin ist verpflichtet, ausstehende Aufgeschobenen Zinszahlungen Aufgeschobene Zinszahlungen insgesamt und nicht nur teilweise am nächsten Pflichtnachzahlungstag zu zahlen.

"Pflichtnachzahlungstag" bezeichnet den frühesten der folgenden Tage:

(i) den Tag, der fünf Geschäftstage nach dem Tag liegt, an dem ein Obligatorisches Nachzahlungsereignis eingetreten ist;

(ii) den Tag, an dem die Emittentin Zinsen auf die Neuen Schuldverschreibungen zahlt (ganz oder teilweise);

(iii) den Tag, an dem die Emittentin oder eine Tochtergesellschaft eine Dividende, sonstige Ausschüttung oder sonstige Zahlung auf ein Gleichrangiges Wertpapier zahlt;

(iv) den Tag, an dem die Emittentin oder eine Tochtergesellschaft (jeweils direkt oder indirekt) ein Gleichrangiges Wertpapier zurückzahlt, zurückkauft oder anderweitig erwirbt;

(v) den Tag der Rückzahlung der Neuen Schuldverschreibungen gemäß den Anleihebedingungen; und

(vi) den Tag, an dem eine Entscheidung hinsichtlich der Auseinandersetzung, Liquidation oder Auflösung der Emittentin ergeht (sofern dies nicht für die Zwecke oder als Folge eines Zusammenschlusses, einer Umstrukturierung oder Sanierung geschieht, bei dem bzw. bei der die Emittentin noch zahlungsfähig ist und bei dem bzw. bei der die fortführende Gesellschaft im Wesentlichen alle Vermögenswerte und Verpflichtungen der Emittentin übernimmt)

mit der Maßgabe, dass

(x) in den vorgenannten Fällen (iii) und (iv) kein Pflichtnachzahlungstag vorliegt, wenn die Emittentin oder die betreffende Tochtergesellschaft nach Maßgabe der Emissionsbedingungen des betreffenden Gleichrangigen Wertpapiers zu der Zahlung, zu der Rückzahlung, zu dem Rückkauf oder zu dem anderweitigen Erwerb verpflichtet ist;

(y) im vorgenannten Fall (iv) kein Pflichtnachzahlungstag vorliegt, wenn die Emittentin oder die betreffende Tochtergesellschaft (jeweils direkt oder indirekt) Gleichrangige Wertpapiere nach einem öffentlichen Rückkaufangebot oder öffentlichen Umtauschangebot mit einer unter dem Nennwert liegenden Gegenleistung je Gleichrangigem Wertpapier

28 insgesamt oder teilweise zurückkauft oder anderweitig erwirbt; und

(z) in den vorgenannten Fällen (iii) und (iv) kein Pflichtnachzahlungstag vorliegt, wenn die betreffenden Zahlungen auf oder in Bezug auf Gleichrangige Wertpapiere Konzerninterne Zahlungen sind.

"Konzerninterne Zahlungen" sind Zahlungen, die ausschließlich an die Emittentin und/oder an eine oder mehrere ihrer Tochtergesellschaften erfolgen.

Ein "Obligatorisches Nachzahlungsereignis" bezeichnet jedes der folgenden Ereignisse:

(i) die ordentliche Hauptversammlung der Emittentin beschließt, eine Dividende, sonstige Ausschüttung oder sonstige Zahlung auf eine Aktie einer beliebigen Gattung der Emittentin zu leisten (mit Ausnahme einer Dividende, Ausschüttung oder Zahlung in Form von Stammaktien der Emittentin);

(ii) die Emittentin oder eine Tochtergesellschaft zahlt eine Dividende, sonstige Ausschüttung oder sonstige Zahlung auf ein Nachrangiges Wertpapier (mit Ausnahme einer Dividende, Ausschüttung oder Zahlung in Form von Stammaktien der Emittentin); oder

(iii) die Emittentin oder eine Tochtergesellschaft (jeweils direkt oder indirekt) zahlt oder kauft ein Nachrangiges Wertpapier zurück oder erwirbt es anderweitig.

In den vorgenannten Fällen (ii) und (iii) tritt jedoch kein Obligatorisches Nachzahlungsereignis ein, wenn

(x) die Emittentin oder die betreffende Tochtergesellschaft nach Maßgabe der Emissionsbedingungen des betreffenden Nachrangigen Wertpapiers zu der Zahlung, zu der Rückzahlung, zu dem Rückkauf oder zu dem anderweitigen Erwerb verpflichtet ist;

(y) die Emittentin oder die betreffende Tochtergesellschaft eine Aktie einer beliebigen Gattung der Emittentin oder ein Nachrangiges Wertpapier nach Maßgabe eines bestehenden oder zukünftigen Aktienoptions- oder Aktienbeteiligungsprogramms oder ähnlichen Programms für Mitglieder des Vorstands oder des Aufsichtsrats (oder, im Falle verbundener Unternehmen, ähnlicher Gremien) oder Mitarbeiter der Emittentin oder mit ihr verbundener Unternehmen (jeweils direkt oder indirekt) zurückkauft oder anderweitig erwirbt; oder

(z) die betreffenden Zahlungen auf oder in Bezug auf

29 Nachrangige Wertpapiere Konzerninterne Zahlungen sind.

Steuern Sämtliche Zahlungen der Emittentin von Kapital und Zinsen auf die Neuen Schuldverschreibungen werden ohne Einbehalt oder Abzug von Steuern oder sonstigen Abgaben gleich welcher Art geleistet, die von oder in der Bundesrepublik Deutschland oder für deren Rechnung oder von oder für Rechnung einer dort zur Steuererhebung ermächtigten Gebietskörperschaft oder Behörde in der Bundesrepublik Deutschland auferlegt oder erhoben wird, es sei denn, die Emittentin ist zu einem solchen Einbehalt oder Abzug gesetzlich verpflichtet. Ist ein solcher Einbehalt oder Abzug durch die Emittentin gesetzlich vorgeschrieben, wird die Emittentin Zusätzliche Beträge zahlen, so dass die Gläubiger oder in deren Namen handelnde Dritte die Beträge erhalten, die sie ohne Einbehalt oder Abzug erhalten hätten, jedoch vorbehaltlich von Ausnahmen, die in den Anleihebedingungen angegeben sind.

Fälligkeit Die Neuen Schuldverschreibungen werden am 2. April 2072 zum Nennbetrag zurückgezahlt, sofern sie nicht zuvor zurückgezahlt oder zurückgekauft wurden.

Rückzahlung nach Eintritt eines Die Emittentin ist berechtigt, die Neuen Gross-up Ereignisses, eines Schuldverschreibungen (insgesamt und nicht teilweise) Steuerereignisses, eines nach Eintritt eines Gross-Up Ereignisses, eines Rechnungslegungsereignisses, Steuerereignisses, eines Rechnungslegungsereignisses, oder eines eines Ratingagenturereignisses oder falls die Emittentin Ratingagenturereignisses oder bei oder eine Tochtergesellschaft Neue geringem ausstehenden Schuldverschreibungen im Volumen von 80 % oder mehr Gesamtnennbetrag des ursprünglich begebenen Gesamtnennbetrages der Neuen Schuldverschreibungen erworben oder zurückgezahlt hat, durch eine Bekanntmachung an die Anleihegläubiger innerhalb einer Frist von nicht weniger als 30 und nicht mehr als 60 Tagen zu kündigen.

Im Falle einer solchen Kündigung nach Eintritt eines Gross-Up Ereignisses hat die Emittentin die Neuen Schuldverschreibungen am festgelegten Rückzahlungstermin zum Nennbetrag zurückzuzahlen, zuzüglich der bis zum Tag der Rückzahlung in Bezug auf die Neuen Schuldverschreibungen aufgelaufenen Zinsen sowie, zur Klarstellung, sämtlicher fälligen Aufgeschobenen Zinszahlungen.

Im Falle einer solchen Kündigung nach Eintritt eines Steuerereignisses, eines Rechnungslegungsereignisses, eines Ratingagenturereignisses oder bei geringem ausstehenden Gesamtnennbetrag hat die Emittentin die Neuen Schuldverschreibungen am festgelegten

30 Rückzahlungstermin (i) zu 101,00% des Nennbetrags, falls die Rückzahlung vor dem Ersten Rückzahlungstermin erfolgt, und (ii) zum Nennbetrag, falls die Rückzahlung an oder nach dem Ersten Rückzahlungsterminerfolgt, zurückzuzahlen, jeweils zuzüglich der bis zum Tag der Rückzahlung in Bezug auf die Neuen Schuldverschreibungen aufgelaufenen Zinsen sowie, zur Klarstellung, sämtlicher fälligen Aufgeschobenen Zinszahlungen.

Ein "Rechnungslegungsereignis" liegt vor, wenn eine anerkannte Wirtschaftsprüfungsgesellschaft der Hauptzahlstelle ein Gutachten übermittelt, wonach aufgrund einer Änderung der Rechnungslegungsgrundsätze die durch die Ausgabe der Neuen Schuldverschreibungen beschafften Gelder nicht oder nicht mehr als "Verbindlichkeit" gemäß den International Financial Reporting Standards ("IFRS") ausgewiesen werden dürfen.

Ein "Gross-up-Ereignis" liegt vor, wenn die Emittentin verpflichtet ist oder verpflichtet sein wird, Zusätzliche Beträge zu zahlen aufgrund einer Gesetzesänderung der Bundesrepublik Deutschland oder als Folge einer Änderung der offiziellen Anwendung dieser Gesetze und die Emittentin diese Verpflichtung nicht abwenden kann.

Ein "Ratingagenturereignis" liegt vor, wenn die Emittentin von Moody's und/oder S&P schriftlich benachrichtigt wurde, dass die Neuen Schuldverschreibungen aufgrund einer Änderung der Hybridkapital Methodologie oder einer anderen relevanten Methodologie oder deren Auslegung nicht mehr derselben und auch nicht einer höheren Eigenkapitalanrechnungskategorie (oder einer anderen Klassifikation durch Moody's bzw. S&P, die beschreibt, in welchem Umfang der Bedingungen eines Finanzierungsinstruments die Fähigkeit des Emittenten zur Bedienung seiner vorrangigen Verbindlichkeiten stützt) zuzuordnen sind, der sie bei ihrer Begebung oder zu dem Zeitpunkt, an dem Moody's bzw. S&P die Eigenkapitalanrechnung nach Begebung erstmals bestätigt hat, ausweislich entsprechender Veröffentlichungen von Moody's bzw. S&P zugeordnet waren.

Ein "Steuerereignis" liegt vor, wenn am oder nach dem Tag der Begebung der Neuen Schuldverschreibungen aufgrund einer Gesetzesänderung (oder einer Änderung von darunter erlassenen Bestimmungen und Vorschriften) der Bundesrepublik Deutschland oder einer ihrer Gebietskörperschaften oder einer ihrer Steuerbehörden,

31 oder als Folge einer Änderung der offiziellen Auslegung oder Anwendung solcher Gesetze, Bestimmungen oder Vorschriften durch eine gesetzgebende Körperschaft, ein Gericht, eine Regierungsstelle oder eine Aufsichtsbehörde (einschließlich des Erlasses von Gesetzen sowie der Bekanntmachung gerichtlicher oder aufsichtsrechtlicher Entscheidungen), Zinsen, die von der Emittentin auf die Neuen Schuldverschreibungen zu zahlen sind, von der Emittentin nicht mehr für die Zwecke der deutschen Ertragsteuer voll abzugsfähig sind und die Emittentin dieses Risiko nicht abwenden kann, indem sie zumutbare Maßnahmen ergreift, die sie nach Treu und Glauben für angemessen hält.

Rückzahlung nach Die Emittentin ist berechtigt, die Neuen Wahl der Emittentin Schuldverschreibungen (ganz, jedoch nicht teilweise) mit einer Frist von nicht weniger als 30 und nicht mehr als 60 Tagen mit Wirkung zum Ersten Rückzahlungstermin oder jedem Wahl-Rückzahlungstag zu kündigen und zum Nennbetrag zuzüglich der bis zum Tag der Rückzahlung in Bezug auf die Neuen Schuldverschreibungen aufgelaufenen, aber noch nicht bezahlten Zinsen sowie, zur Klarstellung, sämtlicher fälligen Aufgeschobenen Zinszahlungen, zurückzuzahlen.

"Wahl-Rückzahlungstag" bezeichnet jeden Zinszahlungstag, der auf den 2. April 2022, den 2. April 2027, den 2. April 2032, den 2. April 2037, den 2. April 2042, den 2. April 2047, den 2. April 2052, den 2. April 2057, den 2. April 2062 und den 2. April 2067 fällt oder am Nächsten dazu liegt.

Gesetz über Die Neuen Schuldverschreibungen unterliegen dem Schuldverschreibungen Gesetz über Schuldverschreibungen aus aus Gesamtemissionen Gesamtemissionen ("Schuldverschreibungsgesetz" oder "SchVG"), welches unter anderem die Möglichkeit (Schuldverschreibungsgesetz) der Emittentin vorsieht, mit Zustimmung durch Mehrheitsentscheidung der Anleihegläubiger die Anleihebedingungen zu ändern und einen gemeinsamen Vertreter zur Wahrnehmung ihrer Rechte zu ernennen.

Börsennotierung und Die Zulassung der Neuen Schuldverschreibungen zum Zulassung zum Handel Handel im regulierten Markt der Luxemburger Wertpapierbörse sowie zur Amtlichen Notierung (Official List) wurde beantragt. Weiterhin wurde die Zulassung der Neuen Schuldverschreibungen zur Notierung und zum Handel am regulierten Markt der Frankfurter Wertpapierbörse beantragt.

Anwendbares Recht Die Neuen Schuldverschreibungen unterliegen deutschem Recht.

32 Gerichtsstand Der ausschließliche Gerichtsstand für alle sich aus den Neuen Schuldverschreibungen ergebenden Rechtsstreitigkeiten ist, soweit gesetzlich zulässig, Frankfurt am Main.

Verkaufsbeschränkungen Das Angebot und der Verkauf der Neuen Schuldverschreibungen sowie die Verbreitung der Angebotsunterlagen unterliegen bestimmten Beschränkungen. Die im Europäischen Wirtschaftsraum, in den Vereinigten Staaten von Amerika und im Vereinigten Königreich jeweils geltenden Beschränkungen sind im Abschnitt "Offer, Sale and Subscription of the New Notes" beschrieben.

Clearing und Abwicklung Die Neuen Schuldverschreibungen werden zum Clearing durch Euroclear und Clearstream, Luxemburg zugelassen werden.

Wertpapiernummern ISIN: zunächst XS0758304165, dann XS0674277933, sobald die Neuen Schuldverschreibungen mit den Original Schuldverschreibungen zusammengefasst sind; Common Code: zunächst 075830416, dann 067427793, sobald die Neuen Schuldverschreibungen mit den Original Schuldverschreibungen zusammengefasst sind; Wertpapierkennnummer (WKN): zunächst A1ML3C, dann A1MBBB, sobald die Neuen Schuldverschreibungen mit den Original Schuldverschreibungen zusammengefasst sind

Verfügbarkeit von Dokumenten Dieser Prospekt wird auf der Website der Luxemburger Wertpapierbörse veröffentlicht (www.bourse.lu).

Die folgenden Absätze in Kursivschrift sind nicht Bestandteil der Zusammenfassung der Anleihebedingungen:

Beschränkungen hinsichtlich Rückzahlung und Rückkauf der Neuen Schuldverschreibungen

Sofern nicht das der Emittentin von S&P zugewiesene Rating mindestens A- (oder eine ähnliche von S&P dann verwendete Klassifikation) beträgt und die Emittentin sich sicher ist, dass dieses Rating aufgrund der betreffenden Rückzahlung oder des betreffenden Rückkaufs nicht unter diese Stufe sinken würde, beabsichtigt die Emittentin (ohne damit eine rechtliche Verpflichtung einzugehen), während des Zeitraums ab dem Begebungstag der Neuen Schuldverschreibungen (einschließlich) bis zum Zweiten Modifizierten Reset-Termin (ausschließlich), für den Fall

(x) einer vorzeitigen Rückzahlung der Neuen Schuldverschreibungen gemäß § 5(3), § 5(4)(b)(i) und § 5(4)(b)(ii) der Anleihebedingungen oder

(y) eines Rückkaufs von Neuen Schuldverschreibungen gemäß § 5(2) der Anleihebedingungen im Umfang von mehr als (i) 10% des ursprünglich begebenen Gesamtnennbetrages der Neuen Schuldverschreibungen innerhalb eines Zeitraums von 12 zusammenhängenden Monaten oder (ii) 25% des ursprünglich begebenen Gesamtnennbetrages der Neuen Schuldverschreibungen innerhalb eines Zeitraums von 10 zusammenhängenden Jahren,

33 falls die Neuen Schuldverschreibungen zum Zeitpunkt einer solchen Rückzahlung oder eines solchen Rückkaufs eine Eigenkapitalanrechnung (equity credit) (oder eine ähnliche von S&P dann verwendete Klassifikation) von S&P erhalten, Neue Schuldverschreibungen nur insoweit zurückzuzahlen oder zurückzukaufen, wie der Gesamtnennbetrag der zurückzuzahlenden oder zurückzukaufenden Neuen Schuldverschreibungen die Nettoerlöse aus dem Verkauf oder der Begebung von Wertpapieren durch die Emittentin oder eine Tochtergesellschaft an Dritte (ausgenommen Konzerngesellschaften der Emittentin) nicht übersteigt, die der Emittentin oder der Tochtergesellschaft im Zeitraum von 360 Tagen vor dem Tag einer solchen Rückzahlung oder eines solchen Rückkaufs zufließen, und diese Wertpapiere zum Zeitpunkt ihres Verkaufs oder ihrer Begebung eine Eigenkapitalanrechnung (equity credit) (oder eine ähnliche von S&P dann verwendete Klassifikation) von S&P erhalten, die mindestens so hoch ist wie die Eigenkapitalanrechnung, die die zurückzuzahlenden oder zurückzukaufenden Neuen Schuldverschreibungen zum Zeitpunkt ihrer Begebung aufgewiesen haben (jedoch unter Berücksichtigung einer Änderungen der Hybridkapital-Methodologie oder einer anderen relevanten Methodologie oder deren Auslegung seit Begebung der Neuen Schuldverschreibungen).

Begriffe, die im vorangegangenen Satz verwendet, aber nicht definiert werden, haben die in den Anleihebedingungen festgelegte Bedeutung.

Zusammenfassung ausgewählter Finanzinformationen

Bilanz des EnBW-Konzerns zum

Millionen EUR 31.12.2011 31.12.2010

Aktiva

Langfristige Vermögenswerte1 25.338,1 26.704,7

Kurzfristige Vermögenswerte 10.272,7 9.063,6

Zur Veräußerung gehaltene Vermögenswerte 209,9 11,8

10.482,6 9.075,4

35.820,7 35.780,1

Eigenkapital und Schulden

Eigenkapital1 6.133,4 7.602,5

Langfristige Schulden1 20.747,1 20.765,5

Kurzfristige Schulden 8.939,6 7.412,1

Schulden in Verbindung mit zur Veräußerung 0,6 0,0 gehaltenen Vermögenswerten

8.940,2 7.412,1

35.820,7 35.780,1

1 Vorjahreszahlen angepasst.

34 Gewinn- und Verlustrechnung des EnBW- Konzerns

Millionen EUR 2011 2010

Umsatzerlöse 18.789,7 17.509,0

Ergebnis vor Zinsen, Steuern und 1.808,7 3.315,0 Abschreibungen (EBITDA)1

Ergebnis vor Zinsen und Steuern (EBIT)1 670,9 2.124,8

Ergebnis vor Steuern (EBT)1 -782,2 1.511,3

Konzernfehlbetrag/-überschuss1 -815,9 1.151,7

Aktien im Umlauf (Mio. Stück), gewichtet 244,257 244,257

Ergebnis je Aktie aus Konzernfehlbetrag/- -3,55 4,74 überschuss (EUR)1, 2

1 Vorjahreszahlen angepasst. 2 Verwässert und unverwässert, bezogen auf das auf die Aktionäre der EnBW AG entfallende Ergebnis.

Gesamtperiodenerfolgsrechnung des EnBW-Konzerns

Millionen EUR 2011 2010

Konzernfehlbetrag/-überschuss1 -815,9 1.151,7

Summe der direkt im Eigenkapital -474,3 362,8 erfassten Aufwendungen und Erträge1

Gesamtperiodenerfolg1 -1.290,2 1.514,5

1 Vorjahreszahlen angepasst.

35 Cashflow Rechnung des EnBW-Konzerns

Millionen EUR 2011 2010

Funds from operations (FFO) vor Steuern und Finanzierung1 2.185,1 2.832,0

Operating Cashflow 1.740,1 2.560,9

Cashflow aus Investitionstätigkeit -670,4 -1.272,6

Cashflow aus Finanzierungstätigkeit -170,9 -1.001,2

Zahlungswirksame Veränderung der flüssigen Mittel 898,8 287,1

Veränderung der flüssigen Mittel 898,3 299,4

Flüssige Mittel am Ende der Periode 2.776,6 1.878,3

1 Vorjahreszahlen angepasst.

Millionen EUR 2011 2010

Gesamtbetrag der in der Periode gezahlten Zinsen -418,5 -405,6

36 Konsolidierte Unternehmenskennzahlen des EnBW-Konzerns

Millionen EUR 2011 2010 Variance %

Umsatz

Strom Erzeugung und Handel 5.449,0 4.817,0 13,1

Strom Netz und Vertrieb 10.742,6 10.192,7 5,4

Gas 1.817,7 1.788,1 1,7

Energie- und Umweltdienstleistungen 780,4 711,2 9,7

Außenumsatz gesamt 18.789,7 17.509,0 7,3

EBITDA1 1.808,7 3.315,0 -45,4

EBIT1 670,9 2.124,8 -68,4

Konzernfehlbetrag/-überschuss1,2 -867,3 1.157,2 -

Ergebnis je Aktie aus Konzernfehlbetrag/-überschuss1,2 -3,55 4,74 - (EUR)

Operating Cashflow 1.740,1 2.560,9 -32,1

Investitionen1 1.319,0 2.327,9 -43,3

1 Vorjahreszahlen angepasst. 2 Verwässert und unverwässert, bezogen auf das auf die Aktionäre der EnBW AG entfallende Ergebnis.

Zusammenfassung der Risikofaktoren

Zusammenfassung von Risiken in Bezug auf die Emittentin und die Gruppe Nachstehend erfolgt eine Zusammenfassung von Risikofaktoren, die erhebliche nachteilige Auswirkungen auf die Vermögens-, Finanz- und Ertragslage des EnBW-Konzerns haben könnten und die Fähigkeit der Emittentin zur Erfüllung ihrer Verbindlichkeiten aus der Neuen Schuldverschreibung beeinträchtigen können sowie solcher Risikofaktoren, die für die Beurteilung des Marktwerts bzw. Marktrisikos der im Rahmen des Prospekts zu begebenden Neuen Schuldverschreibung wesentlich sind. Potentielle Anleger sollten diese Risikofaktoren sowie sämtliche anderen Informationen in diesem Prospekt berücksichtigen und mit ihren eigenen Rechts-, Wirtschafts-, Steuer- und Finanzberatern Rücksprache halten, bevor sie sich für einen Kauf der im Rahmen des Prospekts begebenen Neuen Schuldverschreibung entscheiden. Darüber hinaus sollten sich Anleger im Klaren sein, dass die Risiken gleichzeitig auftreten können und sich dadurch in ihren Auswirkungen verstärken können.

Energiemarktrisiken Das Konzernergebnis wird in großen Teilen von den Marktpreisen für Strom und Brennstoffe sowie Emissionszertifikate beeinflusst. Die EnBW unterliegt Energiemarktrisiken in Folge einer möglichen Divergenz von Beschaffungs- zu Absatzmarktpreisen in den Geschäftsfeldern Gas und Strom. Gleichzeitig bestehen aufgrund des sich allgemein intensivierenden Wettbewerbs Absatz- sowie Preisrisiken.

37 Konjunkturell bedingte Risiken Im Falle einer rückläufigen Wirtschaftsentwicklung ist mit Rückgängen der Industrieproduktion und einem somit reduzierten Strom- und Gasbedarf zu rechnen. Hierdurch bestehen Risiken im Handel aus der Wiedervermarktung bereits beschaffter Mengen, im Vetrieb infolge des Margenwegfalls und im Netzgeschäft aus kurzfristig geringeren Durchleitungserlösen. Im Falle einer Konjunkturverschlechterung kann zusätzlich eine Abwertung der Kundenbonität nicht ausgeschlossen werden. In Zeiten starken unvorhergesehenen ökonomischen Wachstums besteht das Risiko, dass zusätzliche Energiemengen zu nachteiligen Preisen nachzubeschaffen sind, um bestehende Endkundenkontrakte zu bedienen.

Wettbewerbsrisiken im Endkundengeschäft Im Endkundenvertrieb B2C und B2B bestehen für EnBW sowohl Mengen- als auch Margenrisiken im Rahmen des Wettbewerbs. Dabei erweist sich als unsicher, inwiefern die Entstehungskosten der Versorgungsdienstleistungen an den Endkunden weitergereicht werden können ohne hierdurch Kundenverluste zu riskieren. Die hieraus resultierenden Margenrisiken gehen somit unmittelbar in Absatzmengenrisiken in Abhängigkeit der Zufriedenheit der Endverbraucher über.

Technische und witterungsbedingte Risiken Die EnBW betreibt technologisch komplexe Produktionsanlagen mit umfangreichen Logistikketten und entsprechenden Betriebsrisiken. Störungen der Logistikkette oder Sachschäden können dabei zu erheblichen Ertragsausfällen aufgrund ungeplanter Nichtverfügbarkeiten von Erzeugungsanlagen oder von Teilen des Strom-, Gas- oder Fernwärmeversorgungsnetzes des EnBW-Konzerns führen.

Regulatorische und politische Risiken Ergebniseffekte sind auch durch den ständigen Wandel im politischen, rechtlichen und gesellschaftlichen Umfeld des EnBW-Konzerns zu erwarten.

Die kartellrechtlichen Aktivitäten der Bundes- und Landesbehörden unter Einbeziehung der EnBW konzentrieren sich derzeit auf die Sektoren Fernwärme und Wasser. Im Rahmen eines Auskunftsverfahrens bzw. einer Sektoruntersuchung unter Beteiligung der EnBW bestanden keine Hinweise eines marktmissbräuchlichen Verhaltens seitens Tochterunternehmen der EnBW. Abschließende Auswertungen zu den kartellrechtlichen Aktivitäten im Rahmen der Sektoruntersuchung Fernwärme stehen noch aus.

Innerhalb einer Regulierungsperiode kann es zu Anpassungen der Anreizregulierungsverordnung und der damit verbundenen Erlösobergrenzen und Netznutzungsentgelte kommen. Die Novelle des Energiewirtschaftsgesetzes (EnWG) sieht für energieintensive Kunden eine Befreiung von Netznutzungsentgelten beziehungsweise individuelle Netznutzungsentgelte vor. Nach der Umlagenfestlegung der Bundesnetzagentur werden mögliche Differenzen zur Istabrechnung bei der Ermittlung der Umlage der Folgejahre berücksichtigt. Ein finanzielles Risiko wird dadurch minimiert.

Es wurde Ende 2011 eine neue Ermächtigungsgrundlage gesetzlich verankert, die inzwischen rechtsgültig ist. Die Wiederherstellung der Rechtmäßigkeit des generellen sektoralen Produktivitätsfaktors führt zu einer Absenkung der regulatorisch zulässigen Erlösobergrenze für das Jahr 2012 und reduziert somit die Netznutzungsentgelte für die Jahre 2012 und 2013.

Derzeit werden die Netzanbindungskosnten für Offshore-Windanlagen über einen bundesweiten Wältungsmechanismus verrechnet. Sollte dieser Ausgleich weiterhin mit einem zweijährigen Zeitversatz erfolgen, könnten sich hieraus temporäre Ergebnisrisiken ergeben, die sich jedoch nach zwei Jahren wieder ausgleichen.

38 EnBW beabsichtigt, das ITO-Modell gemäß dem Dritten Binnenmarktpaket für den Transportnetzbetreiber umzusetzen. Hieraus erwächst das Risiko von Synergieverlusten aufgrund gesetzlicher Vorschriften.

Wiederabschluss von Konzessionsverträgen Können auslaufende Konzessionsverträge nicht verlängert werden, besteht das Risiko eines Ertrags- bzw. Vermögensschadens.

Ertüchtigung Masten Es besteht die Möglichkeit, dass sich die Forderungen der Energieaufsicht Baden-Württemberg zukünftig nicht mehr wie bisher nur auf die Überprüfung und eventuelle Ertüchtigung von Thomasstahl-Masten beschränken wird, sondern auf alle Masten ausweiten könnte. Würde sich bei einer Überprüfung der Zuverlässigkeit herausstellen, dass die Anforderungen nicht erfüllt werden, wären Ertüchtigungs- oder Neubaumaßnahmen erforderlich, die nicht in den aktuellen Wirtschaftsplänen berücksichtigt sind.

Verlustenergie Die beim Transport durch die Netze verlorene Energie muss durch die EnBW-Netzgesellschaften am Markt nachbeschafft werden. Die Volatilität der Marktpreise für die Beschaffung der Verlustenergie im Transportnetz kann zu einer Überschreitung der Planpreise führen.

Missbrauchsverfahren Regelenergie Das Missbrauchsverfahren der Bundesnetzagentur gegen die Transportnetzbetreiber ist weiterhin schwebend. Bei Feststellung eines Missbrauchs könnte ein Teil der seit 2006 von unserem Übertragungsnetzbetreiber, der TransnetBW GmbH ("TNG"; vormals EnBW Transportnetze AG), getätigten Regelleistungsausgaben nicht anerkannt und in künftigen Entgeltperioden entgeltmindernd berücksichtigt werden.

Rechtliche Risiken In Folge des Erdbebens in Japan und der darauffolgenden Kernkraftwerkskatastrophe in Fukushima wurden auch in der Energiepolitik in Deutschland Änderungen vorgenommen.

Aus dem im Sommer 2011 beschlossenen Gesetzespaket zur Energiewende resultieren deutliche finanzielle Auswirkungen für EnBW als Eigentümer und Betreiber von Kernkraftwerken. Das Gesetz zur Kernbrennstoffsteuer wurde beibehalten, während die Atomgesetz-Novelle die Restlaufzeiten der deutschen Kernkraftwerke verkürzt. Als Folge verloren unsere Kernkraftwerke Neckarwestheim 1 und Phillipsburg 1 ihre Berechtigung zum Leistungsbetrieb. Daneben sind zusätzliche Sicherheitsauflagen für deutsche Kernkraftwerke, kraft Gesetzes oder infolge behördlicher Erlasse, zukünftig nicht auszuschließen.

Des Weiteren ist der EnBW-Konzern im Rahmen seiner gewöhnlichen Geschäftstätigkeit in verschiedene Gerichtsprozesse involviert. Diese Prozesse könnten Auswirkungen auf die wirtschaftliche und finanzielle Lage des EnBW-Konzerns besitzen. Risiken bergen auch aufsichtsrechtliche Genehmigungsverfahren. Darüber hinaus besteht weiterhin das Risiko aus der kartellrechtlichen Preiskontrolle im Strom-, Gas- und Wassergeschäft.

Nicht-technische Risiken – Kernenergie In ihrer Eigenschaft als Betreiber von Kernkraftwerken ist die EnBW verschiedenen Planungsunsicherheiten und Investitionsrisiken ausgesetzt. Offene rechtliche und politische Fragestellungen hinsichtlich des Themenkomplexes Endlagerung können zu zusätzlichen, derzeit nicht abschätzbaren Kosten führen.

39 Kraftwerksneu- und -rückbau Die Entscheidung für den Neubau von Erzeugungskapazitäten birgt Investitionsrisiken, da wesentliche Rentabilitätsparameter nicht langfristig zuverlässig prognostiziert werden können und Projektrisiken in der Umsetzungsphase des Kraftwerksbaus bestehen. Dies gilt gleichermaßen im Kraftwerksrückbau auf Grund der Unsicherheit in Bezug auf die Termin- und Kostenplanung.

Finanzmarktrisiken Risiken bestehen auch aus Wertveränderungen von Wertpapieren sowie im Rahmen des Refinanzierungsbedarfes an den Kapitalmärkten. Hierdurch ist die EnBW unter anderem Risiken aus Zins-, Währungs- und Aktienkursänderungen sowie Kreditrisiken ausgesetzt. Von wesentlicher Bedeutung erweist sich das unternehmenseigene Rating für die Refinanzierungskosten der EnBW. Die Rating-Agenturen richten auf Grund der energiewirtschaftlichen Entwicklungen derzeit besonderes Augenmerk auf die Geschäftsentwicklung der Energieversorger.

Personalrisiken Wesentlicher Erfolgsfaktor der operativen und strategischen Unternehmensentwicklung sind die Mitarbeiter. Hieraus resultiert für die EnBW das Risiko, nicht in ausreichendem Maß über Mitarbeiter mit den erforderlichen Qualifikationen verfügen. Im Rahmen des Effizienzprojekts FOKUS besteht das Risiko des Verlusts wichtiger Leistungsträger.

IT-Risiken Die EnBW ist Risiken bei der Entwicklung, Implementierung und dem Einsatz von IT-Lösungen zur Unterstützung der Geschäftsprozesse ausgesetzt. Nichtverfügbarkeiten von Kernapplikationen und Systemen sowie der Verlust oder ungewollte Veränderung geschäftskritischer Informationen können eine negative Auswirkung auf den Geschäftserfolg haben.

Kreditrisiken Die allgemeine wirtschaftliche Situation beeinflusst die Zahlungsfähigkeit von Kunden, Handelspartnern und Lieferanten. Daher bestehen Kreditrisiken aus den potenziellen Ausfällen von Geschäftspartnern.

Liquiditätsrisiken Falls im Prozess der Bereitstellung ausreichender Liquidität Störungen auftreten, besteht das Risiko, dass die EnBW ihre finanziellen Verpflichtungen nicht rechtzeitig erfüllen kann.

Strategische Risiken Der EnBW-Konzern verfolgt verschiedene Neubauprojekte sowie unterschiedliche strategische Stoßrichtungen. Hieraus entstehen potenziell Risiken unter anderem bei verspäteter oder nicht gegebener Erreichung der geplanten Rentabilität. Des Weiteren können sich bezüglich der Werthaltigkeit von Investitionen Wertminderungsrisiken ergeben. Im Rahmen von Desinvestionen besteht generell das Risiko, dass umfeldbedingt nicht der geplante Verkaufspreis erzielt werden kann.

Sich aus einem Kontrollwechsel ergebende Risiken Sofern die Übernahme der bis zum 17. Februar 2011 von der EDF gehaltenen EnBW-Aktien durch die dem Land Baden-Württemberg zuzurechnende NECKARPRI-Beteiligungsgesellschaft mbH (NECKARPRI) in Verbindung mit dem Abschluss einer Aktionärsvereinbarung zwischen NECKARPRI und OEW Energie-Beteiligungs GmbH einen Kontrollwechsel im Sinne des EWE Shareholders Agreement darstellen sollte, wäre die EnBW verpflichtet, den kommunalen Aktionären der EWE ihre Anteile an der EWE zum gutachterlich zu ermittelnden Unternehmenswert anzudienen. Die EnBW vertritt die Auffassung, dass kein Kontrollwechsel vorlag. Die kommunalen Aktionäre haben die EnBW hingegen zur Angebotslegung aufgefordert. Die EnBW ist dem nicht

40 nachgekommen. Im Falle einer nicht einvernehmlichen Einigung über den Sachverhalt besteht das Risiko, dass der Verkaufspreis unter dem aktuell bei der EnBW geführten Buchwert liegt. Dies könnte einen nachteilige Auswirkungen auf die Finanz- und Ertragslage des EnBW-Konzerns haben.

Zusammenfassung von Risiken in Bezug auf die Neuen Schuldverschreibungen Eine Anlage in die Neuen Schuldverschreibungen ist mit gewissen Risiken verbunden, die sich aus den typischen Eigenschaften der Neuen Schuldverschreibungen ergeben und zu erheblichen Verlusten für die Inhaber im Falle eines Verkaufs ihrer Neuen Schuldverschreibungen oder in Bezug auf den Erhalt von Zinszahlungen und die Rückzahlung von Kapital führen könnten. Zu diesen Risiken gehören insbesondere die folgenden:

 Die Neuen Schuldverschreibungen sind möglicherweise keine für alle Anleger geeignete Anlage.

 Die Neuen Schuldverschreibungen werden am 2. April 2072 zurückgezahlt, sofern sie nicht zuvor zurückgezahlt wurden. Die Emittentin ist nicht verpflichtet, die Neuen Schuldverschreibungen vor diesem Zeitpunkt zurück zu zahlen, und die Inhaber der Neuen Schuldverschreibungen sind nicht berechtigt, die Rückzahlung zu verlangen. Nach Wahl der Emittentin können die Neuen Schuldverschreibungen nach Eintritt eines Gross-up Ereignisses, eines Ratingagenturereignisses, eines Rechnungslegungsereignisses, eines Steuerereignisses, wenn mehr als 80% oder mehr des ursprünglich begebenen Nennbetrags der Neuen Schuldverschreibungen zurückgezahlt oder zurückerworben wurden, oder zum Ersten Rückzahlungstermin oder zu jedem Wahl-Rückzahlungstag zurückgezahlt werden. In diesem Fall können die Anleihegläubiger die zurückgezahlten Beträge möglicherweise nur in Wertpapiere mit einer niedrigeren Rendite investieren.

 Die Verbindlichkeiten der Emittentin aus den Neuen Schuldverschreibungen stellen nicht besicherte, nachrangige Verbindlichkeiten der Emittentin dar.

 Die Anleihebedingungen enthalten keine expliziten Kündigungsgründe für die Anleihegläubiger.

 Es besteht keine Beschränkung hinsichtlich der Ausgabe von Schuldtiteln durch die Emittentin, die den Verpflichtungen aus oder im Zusammenhang mit den Neuen Schuldverschreibungen im Rang gleichstehen oder gegenüber ihnen vorrangig sind.

 Die Zulassung der Neuen Schuldverschreibungen zum Handel im regulierten Markt der Luxemburger Wertpapierbörse und zur Amtlichen Notierung (Official List) sowie die Notierung an der Frankfurter Wertpapierbörse und die Zulassung zum Handel im regulierten Markt der Frankfurter Wertpapierbörse ist beantragt worden. Es kann jedoch keine Zusicherung dafür abgegeben werden, dass sich ein liquider Sekundärmarkt für die Neuen Schuldverschreibungen entwickeln wird.

 In dem Zeitraum ab dem Begebungstag bis zum Ersten Rückzahlungstermin kann nicht ausgeschlossen werden, dass der Kurs der Neuen Schuldverschreibungen infolge von Veränderungen des derzeitigen Zinssatzes auf dem Kapitalmarkt (Marktzins) fällt, da der Marktzins Schwankungen unterliegt.

 Ab dem Ersten Rückzahlungstermin sollten Anleihegläubiger berücksichtigen, dass der Zinssatz an jedem Reset-Termin mit Bezug auf den 5-Jahres-Swapsatz für den betreffenenden Reset-Zeitraum zuzüglich einer Marge festgsetzt wird. Die Entwicklung des 5- Jahres-Swapsatzes und die Verzinsung der Neuen Schuldverschreibungen können nicht antizipiert werden und eine Rendite kann nicht berechnet werden. Zusätzlich kann in jedem

41 Reset-Zeitraum nicht ausgeschlossen werden, dass der Kurs der Neuen Schuldverschreibungen infolge von Veränderungen des derzeitigen Zinssatzes auf dem Kapitalmarkt (Marktzins) fällt, da der Marktzins Schwankungen unterliegt.

 Anleihegläubiger sollten berücksichtigen, dass Zinsen aufgeschoben werden können. Aufgeschobene Zinszahlungen werden nicht verzinst. Ein Zinsaufschub wird vermutlich nachteilige Auswirkungen auf den Marktpreis der Neuen Schuldverschreibungen haben. Der Marktpreis der Neuen Schuldverschreibungen kann volatiler sein als der Marktpreis anderer Wertpapiere.

 Das Rating der Neuen Schuldverschreibungen, sofern vorhanden, kann sich jederzeit verändern und stellt keine Empfehlung zum Kauf, Verkauf oder zum Halten der Neuen Schuldverschreibungen dar.

 Die auf Euro lautenden Neuen Schuldverschreibungen könnten ein Währungsrisiko für einen Inhaber darstellen, wenn der Euro für den betreffenden Inhaber eine Fremdwährung ist; außerdem könnten Regierungen und zuständige Behörden künftig Devisenkontrollen verhängen.

 Da die Globalurkunden von oder für Euroclear und Clearstream, Luxemburg gehalten werden, müssen sich Anleihegläubiger auf deren Verfahren zur Übertragung, Zahlung und Kommunikation mit der Emittentin verlassen.

 Für einen Anleihegläubiger besteht das Risiko, dass er überstimmt wird und gegen seinen Willen Rechte gegenüber der Emittentin verliert, falls Anleihegläubiger mit einer Stimmenmehrheit gemäß dem Schuldverschreibungsgesetz ihre Zustimmung zu Änderungen der Anleihebedingungen erteilen. Im Falle der Ernennung eines gemeinsamen Vertreters aller Anleihegläubiger besteht das Risiko, dass ein einzelner Anleihegläubiger ganz oder teilweise die Möglichkeit verliert, seine Rechte gegenüber der Emittentin unabhängig von den anderen Anleihegläubigern durchzusetzen und geltend zu machen.

 Der Marktwert der Neuen Schuldverschreibungen könnte sinken, falls sich die Kreditwürdigkeit der Gruppe verschlechtert oder sich die Einschätzung der Marktteilnehmer hinsichtlich der Kreditwürdigkeit von Unternehmensschuldnern allgemein oder von Schuldnern, die im selben Geschäftsbereich wie die Gruppe tätig sind, nachteilig verändert.

Zusammenfassung in Bezug auf die Emittentin und die Gruppe

Beschreibung der Emittentin

EnBW Energie Baden-Württemberg AG Die EnBW Energie Baden-Württemberg AG (nachfolgend "EnBW" und gemeinsam mit ihren konsolidierten Tochtergesellschaften "EnBW" oder der "EnBW-Konzern") ist die Muttergesellschaft des EnBW-Konzerns, der zu den großen deutschen, international tätigen Energiekonzernen zählt und einer von vier Betreibern von Strom-Übertragungsnetzen in Deutschland ist. Die Aktivitäten des EnBW-Konzerns sind vertikal integriert und sind in vier Geschäftsfelder unterteilt: Strom Erzeugung und Handel, Strom Netz und Vertrieb, Gas sowie Energie- und Umweltdienstleistungen. Die beiden dominierenden strombezogenen Geschäftsfelder decken mit der Erzeugung, dem Handel, den Netzen sowie dem Vertrieb von Energie die gesamte Wertschöpfungskette ab. Hauptmärkte von EnBW sind Deutschland insbesondere Baden-Württemberg, der deutschsprachige Raum sowie die Wachstumsmärkte in Mittel-, Ost- und Südosteuropa. Im Vergleich zu den großen Wettbewerbern der EnBW in Deutschland steht der Endkunde stärker im Mittelpunkt der Tätigkeiten von EnBW.

42 Die EnBW Energie Baden-Württemberg AG ging aus der Verschmelzung der beiden baden- württembergischen Verbundunternehmen Energie-Versorgung Schwaben AG und Badenwerk AG im Jahr 1997 hervor. Vorgänger der Badenwerk AG war die im Jahre 1921 gegründete Badische Elektrizitätsversorgungs AG. Die Energie-Versorgung Schwaben wurde 1939 als öffentlicher Versorgungsbetrieb für das Land Württemberg gegründet. Im Jahr 1973 wurden in die Badenwerk AG im Wege einer Kapitalerhöhung private Aktionäre aufgenommen und die Gesellschaft an der Börse notiert. Die Börsennotierung wurde mit der Verschmelzung der Badenwerk AG und der Energie-Versorgung Schwaben AG beibehalten. Die Aktien der EnBW AG sind sowohl an der Frankfurter Wertpapierbörse als auch an der Börse Stuttgart im regulierten Markt notiert.

Die EnBW AG hat ihren Sitz in Karlsruhe, Deutschland und ist im Handelsregister des Amtsgerichts Mannheim unter der Nummer HRB 107956 eingetragen.

Organisationsstruktur Die EnBW AG übernimmt als Holding die Leitungsfunktion im EnBW-Konzern. Ihr obliegt die strategische Führung und Steuerung des Konzerns entlang der wesentlichen Wertschöpfungsstufen in den Geschäftsfeldern. In der Holding sind ebenfalls die Funktionen eines konzernweiten Finanz- und Liquiditätsmanagements, die Personalsteuerung, die externe Kommunikation sowie die Konzernentwicklung zusammengefasst. Das operative Geschäft des EnBW-Konzerns ist in unmittelbaren Tochtergesellschaften gebündelt, deren Geschäftstätigkeit die EnBW AG durch einen strategischen Planungs- und Steuerungsprozess steuert und unterstützt. Der Vorstand der EnBW AG formuliert die konzernweiten Strategien und ist für die Leitung und Steuerung des gesamten EnBW-Konzerns verantwortlich.

Trendinformationen und jüngster Geschäftsgang Zugleich wird unser finanzieller Spielraum durch die energiepolitischen Entscheidungen der jüngeren Vergangenheit stark eingeschränkt: durch die Abschaltung unserer beiden nuklearen Kraftwerksblöcke GKN I und KKP 1, durch die Einführung der Kernbrennstoffsteuer sowie durch einen erhöhten Abschreibungs- und Rückstellungsbedarf aufgrund des endgültigen Ausstiegs Deutschlands aus der Kernenergie. Ebenfalls belastend wirken die verzögerte Inbetriebnahme der Kraftwerke RDK 8 und GKM 9 als Folge von Fertigungs- und Qualitätsproblemen bei Lieferanten. Sinkende Margen am Großhandelsmarkt und die ab 2013 stattfindende Vollauktionierung von CO2- Zertifikaten beeinträchtigen zusätzlich die Ertragskraft der EnBW in den nächsten Jahren. Um diesen negativen Entwicklungen entgegenzuwirken und die zukunftsorientierte Umgestaltung des Unternehmens in Angriff nehmen zu können, ohne unsere gute finanzielle Bonität zu gefährden, hat die EnBW ein umfassendes Maßnahmenpaket geschnürt. Es besteht aus den drei Hebeln Effizienzsteigerung, Desinvestitionen und Kapitalmaßnahmen.

Die notwendigen Maßnahmen zur Effizienzsteigerung setzt die EnBW unter dem Dach des Projekts „Fokus“ um. Dieses Projekt läuft seit Herbst 2010 und war zunächst auf ein nachhaltiges Verbesserungsvolumen von jährlich 300 Mio. € ausgelegt. Angesichts der verschärften Umfeldbedingungen haben wir das EBIT-wirksame Zielvolumen im September 2011 auf 750 Mio. € pro Jahr angehoben. Die Maßnahmen sollen bis Ende 2014 vollständig entwickelt sein und danach in vollem Umfang und dauerhaft wirken. Das Gesamtvolumen enthält einen nachhaltigen Personalbeitrag von 250 Mio. € pro Jahr. Erste Maßnahmen zur Reduzierung der Personalkosten wurden im Dezember 2011 zwischen der EnBW und der Gewerkschaft im Fokus-Tarifvertrag vereinbart. Hohes Verbesserungspotenzial erwartet die EnBW aus der Reduzierung der Komplexität des Konzerns. Die zentrale Steuerung wesentlicher Funktionen soll gestärkt und die Effizienz durch Reduktion von Schnittstellen konzernweit erhöht werden.

Vorgesehen ist eine Erhöhung der Desinvestitionen für den Verkauf nicht strategischer Beteiligungen sowie die Optimierung von Beteiligungshöhen um 0,5 Mrd. € auf 1,5 Mrd. €. Dazu

43 zählt die bereits abgeschlossene Veräußerung unserer Minderheitsanteile an Kraftwerken in Polen. Geplant ist darüber hinaus die Trennung von unserer Beteiligung am österreichischen Energieversorger EVN. Zusammen mit weiteren Effekten, beispielsweise im Rahmen der Teilhabe von Kommunen und Stadtwerken an neuen Offshore- und Onshore-Windenergieanlagen, ergibt sich ein gesamtes Desinvestitionsvolumen von 2,6 Mrd. €.

Kapitalmaßnahmen stellen den dritten Hebel zur Sicherung der Zukunftsfähigkeit der EnBW dar. Ende Oktober 2011 platzierte die EnBW eine Hybridanleihe mit einem Volumen von 750 Mio. € erfolgreich am Kapitalmarkt. Die Anleihe ist so ausgestaltet, dass die Ratingagenturen sie bis zum ersten möglichen Rückzahlungszeitpunkt 2017 zur Hälfte als Eigenkapital anerkennen.

Darüber hinaus hat eine Verbandsversammlung des Zweckverbands Oberschwäbische Elektrizitätswerke (OEW), Mitte Oktober 2011 beschlossen, die EnBW grundsätzlich mit weiterem Kapital zu unterstützen. Im Hinblick auf eine von der EnBW im Jahr 2012 beabsichtigte Kapitalerhöhung hat die Verbandsversammlung der OEW am 27. Januar 2012 einstimmig beschlossen, sich über ihre Tochtergesellschaft OEW Energie-Beteiligungs GmbH mit bis zu 400 Mio. € an einer Kapitalerhöhung der EnBW zu beteiligen. Anfang Dezember teilte das Land Baden- Württemberg mit, dass es ebenfalls zu einer Kapitalerhöhung bei der EnBW bereit ist. Der Landtag entschied am 15. Februar 2012 über die Aufnahme einer Ermächtigung zur Gewährung entsprechender Sicherheiten für die 100-prozentige Landesbeteiligung NECKARPRI GmbH in das Staatshaushaltsgesetz 2012. Hiermit wurden die erforderlichen Voraussetzungen dafür geschaffen, dass sich die NECKARPRI GmbH oder ein mit ihr im Sinne des § 15 Aktiengesetz verbundenes Unternehmen an der beabsichtigten Kapitalerhöhung der EnBW in Höhe von ebenfalls bis zu 400 Mio. € beteiligen kann.

Die Auswirkungen der Energiewende, die Umgestaltung des Unternehmens und schwieriger werdende Marktverhältnisse stellen die EnBW in den kommenden Jahren vor große Herausforderungen. Das Adjusted EBITDA der EnBW wird 2012 um voraussichtlich 10 % bis 15 % gegenüber dem Vorjahr sinken. Für 2013 erwarten wir eine Fortsetzung dieses Trends, obwohl wir mit umfangreichen Effizienzmaßnahmen gegensteuern. Die laufenden umfangreichen Effizienzmaßnahmen können die entstehenden Belastungen nur zum Teil ausgleichen. Auch im Geschäftsjahr 2013 kann nicht von einer Trendumkehr ausgegangen werden: Die Vollauktionierung der CO2-Zertifikate kann nur teilweise durch verstärkte Effizienzanstrengungen kompensiert werden. Gegenüber 2011 rechnen wir 2013 mit einem Rückgang des Adjusted EBITDA zwischen 15 und 20 %. Ab 2014 rechnen wir, bedingt durch die sukzessive Inbetriebnahme von Kraftwerken und durch die Wirksamkeit unseres Effizienzprogramms, mit kontinuierlich steigenden Ergebnissen. Das Adjusted EBITDA 2014 sollte dabei auf dem Niveau des Jahres 2012 liegen.

Mit Ausnahme der in diesem Prospekt beschriebenen Entwicklungen gab es seit dem 31. Dezember 2011 keine wesentlichen nachteiligen Veränderungen in den Aussichten und seit dem 31. Dezember 2011 keine wesentlichen Veränderungen in der Finanzlage oder Handelsposition der EnBW AG.

Geschäftsführungs- und Aufsichtsorgane; Praktiken der Geschäftsführung Entsprechend der gesetzlichen Systematik des deutschen Aktienrechts ist der Vorstand das Geschäftsführungsorgan und der Aufsichtsrat das Kontrollorgan der EnBW AG. Die Mitglieder beider Organe können über die Geschäftsadresse der EnBW AG kontaktiert werden: Durlacher Allee 93, 76131 Karlsruhe, Deutschland.

Bei keinem der Mitglieder des Vorstands oder des Aufsichtsrats bestehen nach Kenntnis der EnBW AG Interessenkonflikte zwischen ihren Pflichten gegenüber der EnBW AG und ihren privaten Interessen oder sonstigen Pflichten.

44 Der Aufsichtsrat hat insgesamt sechs Ausschüsse eingerichtet, darunter auch einen Prüfungsausschuss. Der Prüfungsausschuss befasst sich mit Fragen der Rechnungslegung, des Risikomanagements und der Compliance. Dem Prüfungsausschuss ist die Überwachung des Rechnungslegungsprozesses, der Wirksamkeit des internen Kontrollsystems, des internen Risikomanagementsystems, des internen Revisionssystems sowie die Überwachung der Abschlussprüfung, insbesondere der Unabhängigkeit des Abschlussprüfers und der vom Abschlussprüfer zusätzlich erbrachten Leistungen, übertragen. Der Ausschuss beschließt anstelle des Aufsichtsrats über die Erteilung des Prüfungsauftrags an den Abschlussprüfer und legt die Prüfungsschwerpunkte sowie die Höhe des Prüferhonorars fest. Der Ausschuss bereitet außerdem die Aufsichtsratssitzung zum Jahres- und Konzernabschluss vor. Diesbezüglich hat er jedoch keine Beschlusskompetenz. Der jeweilige Vorsitzende des Prüfungsausschusses ist unabhängig und verfügt über besondere Kenntnisse und Erfahrungen in der Anwendung von Rechnungslegungsgrundsätzen und internen Kontrollverfahren. Der Vorsitz im Prüfungsausschuss wird weder vom Aufsichtsratvorsitzenden noch von einem ehemaligen Vorstandsmitglied der Gesellschaft geführt.

Nach pflichtgemäßer Prüfung verabschiedete der Aufsichtsrat in seiner Sitzung am 8. Dezember 2011 die Entsprechenserklärung zum Deutschen Corporate Governance Kodex gemäß § 161 AktG. Zuvor hatte der Vorstand in seiner Sitzung vom 29. November 2010 eine wortgleiche Erklärung abgegeben.

"Vorstand und Aufsichtsrat der EnBW Energie Baden-Württemberg AG erklären gemäß § 161 Aktiengesetz:

Die EnBW Energie Baden-Württemberg AG hat den im elektronischen Bundesanzeiger bekannt gemachten Empfehlungen der Regierungskommission Deutscher Corporate Governance Kodex in der Fassung vom 26. Mai 2010 seit der letzten Entsprechenserklärung vom 9. Dezember 2010 mit folgender Ausnahme entsprochen:

Ziffer 5.4.1 Abs. 2 und 3 des Kodex:

Der Aufsichtsrat soll konkrete Ziele für seine Zusammensetzung benennen, die unter Beachtung der unternehmensspezifischen Situation die internationale Tätigkeit des Unternehmens, potenzielle Interessenkonflikte, eine festzulegende Altersgrenze für Aufsichtsratsmitglieder und Vielfalt (Diversity) berücksichtigen und eine angemessene Beteiligung von Frauen vorsehen.

Vorschläge des Aufsichtsrats an die zuständigen Wahlgremien sollen diese Ziele berücksichtigen. Die Zielsetzung des Aufsichtsrats und der Stand der Umsetzung sollen im Corporate-Governance- Bericht veröffentlicht werden.

Die seinerzeitige Aktionärin E.D.F. INTERNATIONAL SA ("EDF") hat am 6. Dezember 2010 mit der NECKARPRI GmbH, einer 100 -prozentigen Tochtergesellschaft des Landes Baden-Württemberg, einen Vertrag über den Erwerb der bislang von der EDF gehaltenen EnBW-Aktien in Höhe von rund 45% des Grundkapitals geschlossen. Der Aufsichtsrat hat die Empfehlung des Kodex, Ziele für die Zusammensetzung des Aufsichtsrats zu benennen, begrüßt. Angesichts des Wechsels eines maßgeblichen Aktionärs war der Aufsichtsrat bei Abgabe der letzten Entsprechenserklärung am 9. Dezember 2010 der Auffassung, dass die Festlegung konkreter Ziele für die Zusammensetzung des Aufsichtsrats seinerzeit nicht sachgerecht war, sondern im neu zusammengesetzten Aufsichtsrat beraten werden sollte.

Ab sofort wird die EnBW Energie Baden-Württemberg AG den Empfehlungen der Regierungskommission Deutscher Corporate Governance Kodex in der Fassung vom 26. Mai 2010 uneingeschränkt entsprechen."

45 Finanzinformationen über die Vermögens-, Finanz- und Ertragslage der EnBW AG

Historische Finanzinformationen Auf den geprüften Konzernabschluss des EnBW-Konzerns für das am 31. Dezember 2011 endende Geschäftsjahr sowie den entsprechenden Bestätigungsvermerk des Konzernabschlussprüfers, die gemeinsam auf den Seiten 116 - 205 des EnBW Geschäftsberichts 2011 enthalten sind, wird hiermit Bezug genommen, wodurch der Konzernabschluss und der Bestätigungsvermerk des Konzernabschlussprüfers Bestandteil dieses Prospekts werden.

Auf den geprüften Konzernabschluss des EnBW-Konzerns für das am 31. Dezember 2010 endende Geschäftsjahr sowie den entsprechenden Bestätigungsvermerk des Konzernabschlussprüfers, die gemeinsam auf den Seiten 123 – 226 des EnBW Geschäftsberichts 2010 enthalten sind, wird hiermit Bezug genommen, wodurch der Konzernabschluss und der Bestätigungsvermerk des Konzernabschlussprüfers Bestandteil dieses Prospekts werden.

Rechtsstreitigkeiten Soweit nicht in diesem Prospekt anderweitig offen gelegt (siehe "General Information on the Issuer and the Group - Litigation"), gibt es keine staatlichen Verfahren bzw. Gerichts- oder Schiedsverfahren (einschließlich solcher Verfahren, die nach Kenntnis der EnBW AG und des EnBW-Konzerns noch anhängig sind oder eingeleitet werden könnten), noch hat es derartige Verfahren in den letzten zwölf Monaten vor der Veröffentlichung dieses Prospekts gegeben, die sich auf die Finanzlage oder die Rentabilität der EnBW AG und des EnBW-Konzerns erheblich auswirken bzw. in jüngster Zeit ausgewirkt haben.

46 RISK FACTORS

Potential investors should read the entire Prospectus. Words and terms that are defined in the "Terms and conditions of the New Notes" below or elsewhere in this Prospectus shall have the same meaning in this section. Investing in the New Notes might pose certain risks. Potential investors should, among other things, consider the following:

Risk factors with regard to the Issuer

The following is a description of the risk factors, which may affect the ability of the Issuer to fulfil their obligations under the New Notes. Potential investors should carefully read and consider these risk factors before deciding upon the purchase of the New Notes.

Potential investors should consider all information provided in the Prospectus and consult their own experts. In addition, the investors should bear in mind that several of the mentioned risks may occur simultaneously and that their implication can, possibly together with other circumstances, thus be intensified. The order in which the risks are described does neither represent a conclusion about their probability of occurrence nor the gravity or significance of the individual risks. The following information is not exhaustive. Further risks which have not been visible yet may also affect the business activities of the EnBW Group and the ability of the Issuer to fulfil their obligations arising from the New Notes. Due to the occurrence of each individual risk described in the following, investors could lose their invested capital in whole or in part.

Energy market risks In its electricity and gas transactions, the EnBW Group is exposed to pricing and sales risks. Since generation of electricity with its power stations is a cornerstone of the EnBW Group's business model, the market prices of electricity and fuels (including hard coal and gas) have a significant effect on the group's net revenue. Further increases in fuel prices may substantially and negatively impact the operating result and consequently the financial position of the EnBW Group, specifically when higher fuel prices cannot be passed on. The same applies to CO2 allowances (EUA, CER) if these have to be purchased. There is also a risk relating to falling market prices of electricity that cannot be compensated for by lower fuel prices. With regard to the purchase and sale of gas for redistributors and end customers, the EnBW Group is also exposed to market price risks. In addition to market price risks, there is a risk of a decrease in unit sales. For most of the electricity sales volumes, there is no contractual obligation on the part of the customers to purchase the forecast consumption in full. There is no sales margin for quantities that are not purchased. Furthermore there is a risk, that the difference between forecasted and actual consumption can only be resold at a lower price. A further risk arises from the intensifying competition in the gas and electricity market which may yield in decreasing sales volumes and prices. The occurrence of such risks could have material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Risks arising from economic development Forecasts of future economic development and the related demand for energy are essential components of EnBW's projection of unit sales of electricity and gas. Any significant negative deviation between actual and projected economic development gives rise to numerous risks for EnBW. A decline in industrial production may lead to a drop in demand for electricity and gas. This is related to lower levels of demand from EnBW customers, giving rise to risks on EnBW's sales

47 side, which may result in the erosion of profit margins. A decline in sales volume also means smaller quantities being transmitted via EnBW's grids and a fall in network revenues in the current budget period. There is additionally the risk that those quantities already purchased for sale will have to be resold. Depending on the price level on the wholesale market, there is a risk of these quantities being resold at terms below procurement prices. Risks for EnBW could also arise from an unforeseen economic boost, as this could mean that additional primary energy sources and electricity would have to be procured for a price above the contracted sales price with the customers. The number of company insolvencies is anticipated to grow in the wake of the economic crisis leading to an increase in the risk of bad debts. Increased delays in the payment of receivables are also budgeted. This effect may even occur with a time lag after the economy has bottomed out which means that the full scope of the impact will not be felt until some time later. The occurrence of such risks could have material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Competition risks in the retail markets A significant part of EnBW's business model is the retail distribution of energy, gas and water to consumers. To cover the consumer's demand the energy sourcing and allocation processes happen significantly before the delivery of the final product. Since a broad range of different procurement strategies among the suppliers are implemented to meet the customers' needs and since retail consumers own the possibility to adjust their provider, EnBW faces the risk to pass the acquisition costs to the customer, which might result in lower margins or a loss in sales. Major costs originate e.g. in energy sourcing, renewable energy compensation fees, transmission charges and sales and distribution costs. With broad competition among the surpliers EnBW makes efforts to obtain the margins and hold its customers to oppose the linked quantity risks. Nevertheless, the competition in retail markets might have severe effects on the net assets, financial position and results of operations of the EnBW Group and on the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Technical and weather related risks The EnBW Group operates technologically complex production facilities with considerable supply chains and is hence exposed to the associated operational risks, such as unscheduled downtimes at the EnBW Group's generation units or in parts of its electricity, gas or district heating grids. This gives rise to the risk of loss of income. EnBW's activities are also subject to obligations arising from environmental legislation and the associated risks. Furthermore, the EnBW Group's operations are subject to seasonal and weather-related fluctuation, which exposes the company to the risk of fluctuating demand depending on the development of the weather. In addition, EnBW’s fossil fuel supply chain could also be affected by adverse weather conditions. This could result in material adverse effects on the net assets, financial position and results of operations of the EnBW Group and have considerable negative impact on the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Regulatory and political risks Ongoing changes in the political, legal, and social environment of the EnBW Group are also expected to impact financial results.

48 Incentive regulation and the associated revenue caps and network user charges may be subject to changes within a regulation period. The amendment to the German Energy Industry Act (EnWG) means that network user charges for energy-intensive customers no longer apply or will be charged on an individual basis. The transmission system operators are to deal with an equalisation of burdens between themselves in this context and determine and publish a nationwide, standardised cost allocation. As specified by the Federal Network Agency on 14 December 2011, the cost allocation is to be initially determined on the basis of budget figures. Potential differences to the actual values are taken into account when determining the cost allocation for subsequent years. This helps to minimise the financial risk.

In June 2011, the German Federal Court of Justice (BGH) declared the former structure of the general sectoral productivity factor taken into account as part of the incentive regulation to be illegitimate as there was no basis for it in the German Energy Industry Act. At the end of 2011, a new enabling provision was incorporated into the act, which has since taken legal effect. The restoration of the lawfulness of the general sectoral productivity factor will reduce the regulatory revenue caps set for 2012, and thereby the network user charges for 2012 and 2013 by tens of millions. The Federal Network Agency has requested that all network operators take into account the revenue caps reduced by the productivity factor when calculating the network user charges for 2012.

Transmission system operators, within whose balancing zone offshore wind turbines are to be connected to the grid, are required to make connections to the grid in accordance with Sec. 17 (2a) German Energy Industry Act (EnWG). The resulting grid connection costs are offset as part of the nationwide cost allocation mechanism pursuant to the German Combined Heat and Power Act (KWKG). The transmission system operators then take these costs into account in their revenue caps. Should this settlement continue to be carried out with a two-year time lag, it may have a temporary effect on earnings, although this would even out again after two years.

In the amendment of the Energiewirtschaftsgesetz (EnWG), which came into force in summer 2011, stricter unbundling conditions were forced upon the transmission system operators. EnBW intends to implement the Independent Transmission Operator (ITO) model. This results in a risk of significant losses in synergy due to the legal restrictions.

The occurrence of one or more regulatory or political risks could have material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Renewal of franchise agreements A large number of franchise agreements in EnBW’s network territory will have to be renegotiated over the next few years. In the event that a franchise is not renewed, there is a risk that the EnBW Group will be forced into selling the distribution network below earnings value or replacement value and will consequently lose its direct contact to customers. This could result in material adverse effects on the net assets, financial position and results of operations of the EnBW Group and on the Issuer’s ability to fulfil its obligations under the Notes vis-à-vis investors.

Retrofitting masts: A state-of-the-art safety level is currently being defined for existing masts. It is possible that the demands of the Baden-Württemberg energy regulator will no longer be limited to inspecting and, if necessary, retrofitting masts manufactured from Thomas steel in future as has been done in the past, but may apply to all masts. Should it emerge during a reliability review that the requirements have not been met, this would necessitate retrofitting measures or the construction of new masts, which have not been taken into account in the current business plans.

49 Grid loss energy EnBW’s grid companies have to purchase any energy lost during transmission through the networks on the market. While the amount of energy needed to cover grid losses in the distribution grid can be estimated quite accurately based on past experience, it is difficult to budget the amount needed for the transmission grid. The volatility of market prices for purchasing the energy needed to cover grid losses can lead to budgeted prices being exceeded.

Abuse proceedings in respect of balancing energy The abuse proceedings by the Federal Network Agency against the transmission system operators in Germany are still pending. The object of the proceedings is the balancing energy purchased by the transmission system operators. The Federal Network Agency is investigating the system-related contradirectional non-harmonised use of balancing energy between the four German balancing zones. Should the Federal Network Agency find this practice abusive, there is a risk that some of the costs incurred for balancing energy since 2006 by EnBW’s transmission system operator, TransnetBW GmbH (TNG; former EnBW Transportnetze AG), might not be recognised and reduce network user charges in future periods.

Legal risks In the aftermath of the earthquake in Japan and the ensuing disaster at Fukushima nuclear power plant changes were also made to German energy policy. The 13th amendment to the German nuclear law, which entered into force on 6 August 2011 and provides for the phase out of nuclear power in Germany, shortens the life spans of German nuclear power plants. The nuclear fuel rod tax is still existent, whereas payments into the fund for the promotion of renewable energies will be ceased. The phase-out is to be completed by the end of 2022. Following this decision, the eight nuclear power plants affected by the temporary shutdown after Fukushima will not be put back online and will be dismantled. EnBW permanently closed down the two older reactors Philipsburg 1 und Neckarwestheim 1, whereas the two younger plants Philipsburg 2 und Neckarwestheim 2 will remain in operation until the end of 2019 and 2022 respectively.

In general, there is uncertainty regarding the operation of nuclear power plants in Germany in future. High capital expenditures and investments for the younger plants as well as further requirements by the authorities cannot be excluded. Political and statutory directives in France could negatively impact existing agreements with Electricité de France S.A.

The EnBW Group is involved in various court cases in connection with ordinary operations. These proceedings, including, but not limited to, anti-trust and abuse proceedings by regulatory authorities, might have a negative effect on the economic and financial position of the EnBW Group. A range of issues relating to price adjustment clauses in energy supply agreements have not been resolved by existing rulings of the Federal Court of Justice (Bundesgerichtshof) and may thus lead to further legal risks.The occurrence of one or more legal risks could have material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Non technical risks – nuclear power No definitive solution has yet been found for the issue of ultimate storage of radioactive waste in Germany. There are considerable planning uncertainties in this respect. According to the decree on advance payments for the establishment of federal facilities for safe custody and ultimate storage of radioactive waste (Endlager VIV), the currently unquantifiable costs for the investigation of storage locations must be borne by companies using nuclear energy, such as EnBW. The costs of the exploration and development of ultimate storage locations as well as ultimate storage itself could have material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

50 New construction and dismantling of power stations EnBW's current construction projects include power stations in Karlsruhe, Mannheim (through the shareholding in Großkraftwerk Mannheim AG) and Iffezheim. EnBW is further expanding its generation capacities in the field of renewable energies. Investment projects of this scale and complexity are exposed to risks comprising an unplanned cancellation in an early project phase as well as risks to quality, cost and deadlines that EnBW counters with a closely meshed project risk management. Delays in the construction of power plants may also yield in the loss of free CO2- allocation. At the same time, long-term and complex large-scale projects such as dismantling Obrigheim power station generally involve exposure to risk. In this respect, the focus is on technical and regulatory risks. These may also cause budget overruns or delays. The occurrence of such project-related and investment risks could have material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Financial market risks In the course of its ordinary operations, the EnBW Group is exposed to financial market risks such as financial asset price, interest rate and currency risks, or credit risks. The volatile financial markets mean that EnBW's financial assets are subject to price risks and other risks of potential losses. Impairment losses have to be recognised on securities if these risks lead to a significant or prolonged decline in the fair value of these investments below their cost. Depending on the market environment there is a risk that impairment losses will have to be recognised on the portfolio of securities held as of the end of the current reporting period due to a prolonged decline in fair value. In addition, EnBW faces risks concerning the cost of refunding at the capital markets. A key driver for the costs of refunding lies in EnBW's rating. Recently the rating is at close observation by the rating agencies as a result of the changing conditions in the business environment of the energy supply industry. The occurrence of such risks could have material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Personnel risks An essential factor in the success of the operative and strategic development of the company is our employees. EnBW is exposed to the risk of not having enough employees with the required skills available. Demographic developments and a strain in basic conditions within the energy sector as well as their impact on the strategy and business operations of EnBW give rise to this risk. Further, the risk arises of losing key personnel due to the efficiency project FOCUS, if they aren’t given a prospect during reorganization. This could result in material adverse effects on the net assets, financial position and results of operations of the EnBW Group and on the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

IT risks Information and communication technology plays an important role in the production and business processes of the EnBW Group. Innovative and efficient IT systems are a key success factor for the EnBW Group. For this reason, the security and availability of the IT network and IT applications employed are of special importance. EnBW is exposed to IT risks in connection with the development, implementation and application of IT solutions designed to support the business processes. The occurrence of IT risks may have material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

51 Credit risks The EnBW Group is exposed to risks in connection with the default of customers or business associates, specifically in the case of them becoming insolvent. The default of customers or business associated risks may have material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Liquidity risks Risks arise from the process of ensuring adequate liquidity to meet the EnBW Group's financial obligations in due time. The EnBW Group is dependent upon adequate free lines of credit at banks, capital market access as well as free cash and cash equivalents in order to meet its financial obligations. In the event that the EnBW Group does not have sufficient liquidity, this would result in material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Strategic Risks As is the case with any business undertaking, EnBW's strategic development involves risks by its very nature. Development opportunities always harbour the risk of a potential loss of income. In general, the latter arises from a misinterpretation of customer requirements and framework conditions as well as technological misjudgements. In implementing strategic projects, there is also a risk that the phase of economic viability may not be reached at all or only with a delay. In this respect, construction projects in the area of generation capacities entail three basic risks: Large- scale projects are subject to approval by the authorities which may be delayed in some cases and projects may have to be abandoned if approval is not forthcoming. As a consequence, any investments already made will have to be written off. In addition, there is a noticeable trend of subsequently questioning the legality of approvals that have already been issued. The current market environment may give rise to financing risks with consequences for the overall costs of the project. Furthermore, the implementation phase of a project generally entails quality, deadline and cost risks. EnBW's objective is to counter these risks by playing a proactive role in drafting contracts and performing comprehensive claim management.

By the very nature of equity investments, there always are uncertainties as to the success of a transaction or the subsequent integration of the company in the group. Furthermore, we are exposed to the risk of equity investments being impaired due to uncertainties as to assumptions on the future development of the business. This applies to newly acquired equity investments in particular, but is also valid for existing ones. EnBW's investment programme involves the sale of assets and companies. In this respect, there is a general risk of it not being possible to obtain adequate sales prices on the market, which may result in allowances.

Changes on assumptions concerning the profitability of new and existing shareholdings as well as changes on the evaluation parameters may result in a lower fair value and also require write-downs. The occurrence of one or more strategic risks could have material adverse effects on the net assets, financial position and results of operations of the EnBW Group and the Issuer's ability to fulfil its obligations under the New Notes vis-à-vis investors.

Risks evolving from a change of control Some of EnBW's agreements with third parties include change of control clauses, which entitle the relevant counterparty to terminate the agreement in the event of a change of control. Similarly, some of EnBW's joint venture agreements include change of control clauses that entitle the relevant counterparty to acquire EnBW's stake in the joint venture at the prevailing market price.

52 Neckarpri Beteiligungsgesellschaft mbH, a 100 per cent. subsidiary of the state of Baden- Württemberg, has announced that it acquired 45.01 per cent. of the shares in EnBW AG from E.D.F. International S.A., Paris, and published a public takeover offer to EnBW's outstanding shareholders. In April 2011, Neckarpri Beteiligungsgesellschaft mbH announced that it acquired an additional 1.54 per cent. in EnBW AG in connection with the takeover offer, resulting in a total shareholding of 46.55 per cent. in EnBW AG. EnBW has been informed by Neckarpri Beteiligungsgesellschaft mbH that it does not intend to trigger change of control clauses of EnBW and that it entered into an agreement with OEW Energie Beteiligungs GmbH by virtue of which Neckarpri Beteiligungsgesellschaft mbH is obliged to offer to OEW Energie Beteiligungs GmbH such number of shares so that its stake in EnBW does not exceed that of OEW Energie Beteiligungs GmbH.

If the acquisition of the EnBW shares held by EDF until 17 February 2011 by NECKARPRI- Beteiligungsesellschaft mbH (NECKARPRI), attributed to the federal state of Baden-Württemberg, and the conclusion of a shareholder agreement between NECKARPRI and OEW Energie- Beteiligungs GmbH were to represent a change of control within the meaning of the EWE shareholder agreement, EnBW would be obliged to offer its shares in EWE to the municipal shareholders of EWE at the market price as determined by an expert appraisal. EnBW holds the view that there was no change of control. The municipal shareholders, however, requested that EnBW make an offer. EnBW did not comply with this request. In the event that the parties do not come to a mutual agreement, there is a risk that the purchase price will be below the current carrying amount at EnBW. This could result in an adverse effect on the financial position and results of operations of EnBW Group.

Risks relating to the New Notes

An investment in the New Notes involves certain risks associated with the characteristics of the New Notes. Such risks could result in principal or interest not being paid on time or at all by the Issuer and/or a material impairment of the market price of the New Notes. The following is a description of risk factors in relation to the New Notes.

Notes may not be a suitable investment for all investors Each potential investor in the New Notes must determine the suitability of such investment in light of its own circumstances. In particular, each potential investor should:

(i) have sufficient knowledge and experience to make a meaningful evaluation of the New Notes, the merits and risks of investing in the New Notes and the information contained or incorporated by reference in this Prospectus;

(ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation and the investment(s) it is considering, an investment in the New Notes and the impact the New Notes will have on its overall investment portfolio;

(iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the New Notes;

(iv) understand thoroughly the terms of the New Notes; and

(v) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.

Long-term securities, Risk of Early Redemption The New Notes will be redeemed on 2 April 2072, unless they have been previously redeemed or repurchased. The Issuer is under no obligation to redeem the New Notes at any time before this

53 date. The Holders of the New Notes have no right to call for their redemption. At the Issuer's option, the New Notes may be redeemed pursuant to the Terms and Conditions of the New Notes after the occurrence of a Gross-up Event, a Rating Agency Event, an Accounting Event, a Tax Event, or if 80 per cent. or more in principal amount of the New Notes initially issued have been redeemed or purchased, or with effect as of the First Call Date or any Optional Call Date thereafter. In the event that the Issuer exercises the option to call and redeem the New Notes, the Holders might suffer a lower than expected yield and might not be able to reinvest the funds on the same terms.

Subordination The obligations of the Issuer under the New Notes constitute unsecured obligations of the Issuer ranking pari passu among themselves and with any Parity Securities, subordinated to all present and future unsubordinated and subordinated obligations of the Issuer, at least pari passu with all other present and future unsecured obligations of the Issuer ranking subordinated to all unsubordinated and subordinated obligations of the Issuer, except for any subordinated obligations required to be preferred by mandatory provisions of law; and senior only to the rights and claims of holders of Junior Securities. In a liquidation, dissolution, insolvency, composition or other proceeding for the avoidance of insolvency of, or against, the Issuer, the Holders may recover proportionately less than the holders of unsubordinated obligations of the Issuer. Holders of the New Notes will have limited ability to influence the outcome of any insolvency proceeding or a restructuring outside insolvency. In particular, in insolvency proceedings over the assets of the Issuer, holders of subordinated debt, such as the New Notes, will not have any right to vote in the assembly of creditors pursuant to the German Insolvency Code (Gläubigerversammlung).

Investors should take into consideration that unsubordinated liabilities may also arise out of events that are not reflected on the Issuer's balance sheet, including, without limitation, the issuance of guarantees or other payment undertakings. Claims of beneficiaries under such guarantees or other payment undertakings will, in winding-up or insolvency proceedings of the Issuer, become unsubordinated liabilities and will therefore be paid in full before payments are made to Holders.

No express Events of Default The Holders should be aware that the Terms and Conditions of the New Notes do not contain any express events of default provisions.

No limitation on issuing further debt There is no restriction on the amount of debt which the Issuer may incur ranking equal or senior to the obligations under or in connection with the New Notes. Such incurrence of further debt may reduce the amount recoverable by the Holders upon insolvency or winding-up of the Issuer or may increase the likelihood that the Issuer may defer payments of the principal amount or interest under the New Notes.

Liquidity risk There is currently no secondary market for the New Notes. Application has been made for the New Notes to be admitted to trading on the regulated market of the Luxembourg Stock Exchange and to be listed on the Official List of the Luxembourg Stock Exchange, application has also been made to the Frankfurt Stock Exchange for the New Notes to be listed on the Frankfurt Stock Exchange and to be traded on the regulated market of the Frankfurt Stock Exchange. There can, however, be no assurance that a liquid secondary market for the New Notes will develop or, if it does develop, that it will continue. In an illiquid market, an investor may not be able to sell his New Notes at any time at fair market prices. The possibility to sell the New Notes might additionally be restricted by country specific reasons.

54 Fixed Interest Rate New Notes The New Notes bear interest at a fixed rate to but excluding the First Call Date.

A holder of a fixed interest rate note is exposed to the risk that the price of such note may fall because of changes in the market interest rate. While the nominal interest rate of a fixed interest rate note is fixed during the life of such note or during a certain period of time, the current interest rate on the capital market (market interest rate) typically changes on a daily basis. As the market interest rate changes, the price of such note changes in the opposite direction. If the market interest rate increases, the price of such note typically falls, until the yield of such note is approximately equal to the market interest rate. If the market interest rate falls, the price of a fixed interest rate note typically increases, until the yield of such note is approximately equal to the market interest rate. Holders should be aware that movements of the market interest rate can adversely affect the market price of the New Notes and can lead to losses for the Holders if they sell their New Notes.

Reset of Interest Rate linked to the 5-year Swap Rate From and including the First Call Date to but excluding the Final Maturity Date, the New Notes bear interest at a rate which will be determined on each Reset Date at the 5-year Swap Rate for the relevant Reset Period plus a margin.

Investors should be aware that the performance of the 5-year Swap Rate and the interest income on the New Notes cannot be anticipated. Due to varying interest income, investors are not able to determine a definite yield of the New Notes at the time they purchase them, so that their return on investment cannot be compared with that of investments having longer fixed interest periods. In addition, after interest payment dates, investors are exposed to the reinvestment risk if market interest rates decline. That is, investors may reinvest the interest income paid to them only at the relevant lower interest rates then prevailing.

Furthermore, during each Reset Period, it cannot be ruled out that the price of the New Notes may fall as a result of changes in the current interest rate on the capital market (market interest rate), as the market interest rate fluctuates. During each of these periods, the investor is exposed to the risk as described in the section "Fixed Interest Rate New Notes".

Optional deferral of interest payments The Issuer may elect in its discretion to defer the payment of interest by giving not less than 10 and not more than 15 Business Days' prior notice to the Holders. Such interest will not be due and payable (fällig) on that Interest Payment Date.

Holders will not receive any additional interest or compensation for the optional deferral of payment. In particular, the resulting Deferred Interest Payments will not bear interest. Any failure to pay interest as a result of an optional deferral will not constitute a default of the Issuer or any other breach of obligations under the New Notes or for any other purpose. While the deferral of interest payments continues, the Issuer is not prohibited from making payments on any instrument ranking senior to the New Notes.

Any deferral of interest payments will likely have an adverse effect on the market price of the New Notes. In addition, as a result of the interest deferral provision of the New Notes, the market price of the New Notes may be more volatile than the market prices of other debt securities on which interest accrues that are not subject to such deferrals and may be more sensitive generally to adverse changes in the Issuer's financial condition.

Ratings of the New Notes, if any, may be subject to change at all times The New Notes are expected to be assigned credit ratings by Moody's and S&P. These ratings may not reflect the potential impact of all risks related to structure, market, additional factors discussed

55 above, and other factors that may affect the value of the New Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. Rating agencies may also change their methodologies for rating securities with features similar to the New Notes in the future. If the rating agencies were to change their practices for rating such securities in the future and the ratings of the New Notes or the Issuer were to be lowered, this may have a negative impact on the market price of the New Notes.

Currency Risk The New Notes are denominated in euro. If such currency represents a foreign currency to a Holder, such Holder is particularly exposed to the risk of changes in currency exchange rates which may affect the rate of return of such New Notes measured in the Holder's currency. Changes in currency exchange rates result from various factors such as macroeconomic factors, speculative transactions and interventions by central banks and governments.

In addition, government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable currency exchange rate. As a result, investors may receive less interest or principal than expected, or no interest or principal.

Risks related to the Sovereign Debt Crisis Increased government spending, high levels of national debt and loss of trust of market participants in the ability to repay these debts have led to the sovereign debt crisis, affecting the rating of various European States and the yield for sovereign bonds and leading to high volatility in the markets. From and including the First Call Date to but excluding the Final Maturity Date, the New Notes bear interest at a rate which will be determined on each Reset Date at the 5-year Swap Rate for the relevant Reset Period plus a margin. Should a Reset Date fall into times of such high volatility, this could have an effect on the interest rate then determined.

Because the Global New Notes are held by or on behalf of Euroclear and Clearstream, Luxembourg, investors will have to rely on their procedures for transfer, payment and communication with the Issuer. The New Notes will be represented by one or more Global Notes. Such Global Notes will be deposited with a common depositary for Euroclear and Clearstream, Luxembourg. Investors will not be entitled to receive definitive New Notes. Euroclear and Clearstream, Luxembourg will maintain records of the beneficial interests in the Global Notes. While the New Notes are represented by one or more Global Notes, investors will be able to trade their beneficial interests only through Euroclear and Clearstream, Luxembourg and the Issuer will discharge its payment obligations under the New Notes by making payments to the common depositary for Euroclear and Clearstream, Luxembourg for distribution to their account holders. A holder of a beneficial interest in a Global Note must rely on the procedures of Euroclear and Clearstream, Luxembourg to receive payments under the New Notes. The Issuer has no responsibility or liability for the records relating to, or payments made in respect of beneficial interests in the Global Notes.

Risks in connection with the application of the German Act on Issues of Debt Securities (Gesetz über Schuldverschreibungen aus Gesamtemissionen) A Holder is subject to the risk of being outvoted and of losing rights towards the Issuer against his will in the case that Holders agree pursuant to the Terms and Conditions of the New Notes to amendments of the Terms and Conditions of the New Notes by majority vote according to the German Act on Issues of Debt Securities (Gesetz über Schuldverschreibungen aus Gesamtemissionen). In the case of an appointment of a noteholders' representative for all Holders a particular Holder may lose, in whole or in part, the possibility to enforce and claim his rights against the Issuer regardless of other Holders.

56 The market value of the New Notes could decrease if the creditworthiness of the Group worsens If the likelihood that the Issuer will be in a position to fully perform all obligations under the New Notes when they fall due decreases, for example, because of the materialisation of any of the risks regarding the Group, the market value of the New Notes will suffer. In addition, even if the likelihood that the Issuer will be in position to fully perform all obligations under the New Notes when they fall due actually has not decreased, market participants could nevertheless have a different perception. In addition, the market participants' estimation of the creditworthiness of corporate debtors in general or debtors operating in the same business as the Group could adversely change. If any of these risks occurs, third parties would only be willing to purchase New Notes for a lower price than before the materialisation of mentioned risk. Under these circumstances, the market value of the New Notes will decrease.

57 TERMS AND CONDITIONS OF THE NEW NOTES

Anleihebedingungen Terms and Conditions

Diese Anleihebedingungen sind in deutscher Sprache These Terms and Conditions are written in the abgefasst und mit einer Übersetzung in die englische German language and provided with an English Sprache versehen. Der deutsche Wortlaut ist allein language translation. The German text will be the only rechtsverbindlich. Die englische Übersetzung dient nur legally binding version. The English language zur Information. translation is provided for convenience only.

§ 1 § 1 (Verbriefung und Nennbetrag) (Form and Denomination)

(1) Währung, Nennbetrag und Form. (1) Currency, Denomination and Form.

Die EnBW Energie Baden-Württemberg AG EnBW Energie Baden-Württemberg AG (the (die "Emittentin") begibt auf den Inhaber "Issuer") subordinated fixed rate bearer notes lautende, nachrangige, festverzinsliche (the "New Notes") in a denomination of Schuldverschreibungen (die "Neuen EUR 1,000 each (the "Principal Amount") in Schuldverschreibungen") im Nennbetrag von the aggregate principal amount of EUR [●]. The je EUR 1.000 (der "Nennbetrag") und im New Notes shall have the same terms as the Gesamtnennbetrag von EUR [●]. Die Neuen outstanding EUR 750,000,000 Subordinated Schuldverschreibungen unterliegen den Resettable Fixed Rate Notes due 2072 issued gleichen Bedingungen wie die ausstehenden on 28 October 2011 (the "Original Notes" and, am 28. Oktober 2011 begebenen together with the New Notes, the "Notes") and EUR 750.000.000 nachrangigen, resettable will be consolidated and form a single series festverzinslichen Schuldverschreibungen fällig with the Original Notes from the date on which 2072 (EUR 750,000,000 Subordinated the Temporary Global Note has been Resettable Fixed Rate Notes due 2072 issued exchanged for the Permanent Global Note in on 28 October 2011) (die "Original accordance with § 1(2). Schuldverschreibungen" und zusammen mit den Neuen Schuldverschreibungen, die "Schuldverschreibungen"), werden ab dem Tag des Umtauschs der Vorläufigen Globalurkunde in die Dauerglobalurkunde gemäß § 1(2) mit diesen zusammengefasst und bilden mit ihnen eine einheitliche Serie.

(2) Globalurkunden und Austausch. (2) Global Notes and Exchange.

Die Neuen Schuldverschreibungen werden The New Notes will initially be represented by a zunächst in einer vorläufigen temporary global bearer note (the "Temporary Globalinhaberschuldverschreibung (die Global Note") without coupons which will be "Vorläufige Globalurkunde") ohne deposited with a common depositary for Zinsscheine verbrieft und am oder um den Tag Clearstream Banking, société anonyme, der Begebung der Neuen Luxembourg and Euroclear Bank SA/NV Schuldverschreibungen bei einer (together hereinafter referred to as the gemeinsamen Verwahrstelle für Clearstream "Clearing System") on or around the date of Banking, société anonyme, Luxemburg und issue of the New Notes. The Temporary Global Euroclear Bank SA/NV (beide gemeinsam Note will be exchangeable for a permanent nachstehend als "Clearingsystem" global bearer Note (the "Permanent Global

58 bezeichnet) hinterlegt. Die Vorläufige Note" and, together with the Temporary Global Globalurkunde wird nicht vor Ablauf von 40 und Note, each a "Global Note") without coupons spätestens nach Ablauf von 180 Tagen nach not earlier than 40 and not later than 180 days dem Tag der Begebung der Neuen after the date of issue of the New Notes upon Schuldverschreibungen gegen Vorlage einer certification as to non-U.S. beneficial ownership Bestätigung über das Nichtbestehen U.S.- in accordance with the rules and operating amerikanischen wirtschaftlichen Eigentums procedures of the Clearing System. Payments (beneficial ownership) an den on a Temporary Global Note will only be made Schuldverschreibungen gemäß den Regeln against presentation of such certification. No und Betriebsabläufen des Clearingsystems definitive Notes or interest coupons will be gegen eine endgültige issued. Globalinhaberschuldverschreibung (die "Dauer-Globalurkunde" und, gemeinsam mit der Vorläufigen Globalurkunde, jeweils eine "Globalurkunde") ohne Zinsscheine ausgetauscht. Zahlungen auf eine Vorläufige Globalurkunde erfolgen nur gegen Vorlage einer solchen Bestätigung. Einzelurkunden oder Zinsscheine werden nicht ausgegeben.

(3) Den Inhabern der Schuldverschreibungen (die (3) The holders of the Notes (the "Holders") are "Anleihegläubiger") stehen entitled to proportional co-ownership interests Miteigentumsanteile bzw. Rechte an der or rights in the Global Note, which are Globalurkunde zu, die nach Maßgabe des transferable in accordance with applicable law anwendbaren Rechts und der Regeln und and the rules and regulations of the Clearing Bestimmungen des Clearingsystems System. übertragen werden können.

§ 2 § 2 (Status) (Status)

(1) Die Verbindlichkeiten der Emittentin aus den (1) The obligations of the Issuer under the Notes Schuldverschreibungen begründen nicht constitute unsecured obligations of the Issuer besicherte Verbindlichkeiten der Emittentin, die ranking

(a) untereinander und mit Gleichrangigen (a) pari passu among themselves and with Wertpapieren gleichrangig sind, any Parity Securities,

(b) nachrangig gegenüber allen (b) subordinated to all present and future gegenwärtigen und zukünftigen nicht unsubordinated and subordinated nachrangigen und nachrangigen obligations of the Issuer, Verbindlichkeiten der Emittentin sind,

(c) mit allen anderen gegenwärtigen und (c) at least pari passu with all other present zukünftigen nicht besicherten and future unsecured obligations of the Verbindlichkeiten, die nachrangig Issuer ranking subordinated to all gegenüber allen nicht nachrangigen unsubordinated and subordinated Verbindlichkeiten der Emittentin sind, obligations of the Issuer, except for any zumindest gleichrangig sind, soweit subordinated obligations required to be nicht zwingende gesetzliche preferred by mandatory provisions of Bestimmungen solche anderen law; and nachrangigen Verbindlichkeiten nicht im

59 Rang besser stellen; und

(d) gehen im Rang nur den Ansprüchen (d) senior only to the rights and claims of und Rechten von Inhabern von holders of Junior Securities. Nachrangigen Wertpapieren vor.

Im Fall der Auflösung, der Liquidation, der In the event of the dissolution, liquidation, Insolvenz oder eines der Abwendung der insolvency or any proceeding to avoid Insolvenz der Emittentin dienenden Verfahrens insolvency of the Issuer, the obligations of the stehen die Verbindlichkeiten der Emittentin aus Issuer under the Notes will be subordinated to den Schuldverschreibungen allen nicht all unsubordinated and all subordinated nachrangigen und allen nachrangigen obligations of the Issuer so that in any such Verbindlichkeiten der Emittentin im Rang nach, event payments will not be made under the so dass Zahlungen auf die Notes until all claims against the Issuer which Schuldverschreibungen erst erfolgen, wenn alle pursuant to this § 2 are expressed to, or by Ansprüche gegen die Emittentin aus operation of law, rank senior to the obligations Verbindlichkeiten, die den Verbindlichkeiten der of the Issuer under the Notes will first have Emittentin aus den Schuldverschreibungen been satisfied in full; only after all of the nach Maßgabe dieses § 2 oder kraft Gesetzes aforementioned claims and claims under the im Rang vorgehen, vollständig befriedigt sind; Notes will first have been satisfied any erst nach Befriedigung aller der vorgenannten remaining assets may be distributed to the Ansprüche und der Verbindlichkeiten aus den holders of the Junior Securities of the Issuer. Schuldverschreibungen können die verbleibenden Vermögenswerte an die Eigner der Nachrangigen Wertpapiere der Emittentin verteilt werden.

"Gleichrangiges Wertpapier" jedes "Parity Security" means any security, Wertpapier, Namenswertpapier oder jedes registered security or other instrument which andere Instrument, das (i) von der Emittentin (i) is issued by the Issuer and is expressed to begeben ist und als im Verhältnis zu den rank pari passu with the Notes, or (ii) is issued Schuldverschreibungen gleichrangig vereinbart by a Subsidiary and guaranteed by the Issuer ist, oder (ii) von einer Tochtergesellschaft or for which the Issuer has otherwise assumed begeben und von der Emittentin dergestalt liability where the Issuer's obligations under the garantiert ist oder für das die Emittentin relevant guarantee or other assumption of dergestalt die Haftung übernommen hat, dass liability rank pari passu with the Issuer's die Verpflichtungen der Emittentin aus der obligations under the Notes. maßgeblichen Garantie oder Haftungsübernahme im Verhältnis zu den Verpflichtungen der Emittentin aus den Schuldverschreibungen gleichrangig sind.

"Nachrangiges Wertpapier" bezeichnet (i) die "Junior Security" means (i) the ordinary share Stammaktie der Emittentin, (ii) jede Aktie einer of the Issuer, (ii) any share of any other class of anderen Gattung von Aktien der Emittentin, die shares of the Issuer ranking pari passu with the mit den Stammaktien der Emittentin ordinary shares of the Issuer, (iii) any other gleichrangig ist, (iii) jedes andere Wertpapier, security, registered security or other instrument Namenswertpapier oder jedes andere of the Issuer the Issuer's obligations under Instrument, das von der Emittentin begeben ist which rank or are expressed to rank pari passu und bei dem die daraus folgenden with the ordinary shares of the Issuer and Verbindlichkeiten der Emittentin mit den (iv) any security, registered security or other Stammaktien der Emittentin gleichrangig oder instrument which is issued by a Subsidiary and

60 als gleichrangig vereinbart sind und (iv) jedes guaranteed by the Issuer or for which the Wertpapier, Namenswertpapier oder jedes Issuer has otherwise assumed liability where andere Instrument, das von einer the Issuer's obligations under such guarantee Tochtergesellschaft begeben ist, und das von or other assumption of liability rank or are der Emittentin dergestalt garantiert ist oder für expressed to rank pari passu with ordinary das die Emittentin dergestalt die Haftung shares of the Issuer. übernommen hat, dass die betreffenden Verbindlichkeiten der Emittentin aus der maßgeblichen Garantie oder Haftungsübernahme mit den Stammaktien der Emittentin gleichrangig oder als gleichrangig vereinbart sind.

"Tochtergesellschaft" bezeichnet jede "Subsidiary" means any corporation, Gesellschaft, Personengesellschaft und jedes partnership or other enterprise in which the sonstige Unternehmen oder jede andere Issuer directly or indirectly holds in the Person an der bzw. dem die Emittentin direkt aggregate more than 50 per cent. of the capital oder indirekt insgesamt mehr als 50 % des or the voting rights. Kapitals oder der Stimmrechte hält.

(2) Die Anleihegläubiger sind nicht berechtigt, (2) The Holders may not set off any claim arising Forderungen aus den Schuldverschreibungen under the Notes against any claim that the gegen etwaige Forderungen der Emittentin Issuer may have against any of them. The gegen sie aufzurechnen, und die Emittentin ist Issuer may not set off any claims it may have nicht berechtigt, etwaige Forderungen, welche against any Holder against any claims of such sie gegen einen Anleihegläubiger hat, gegen Holder under the Notes. Forderungen dieses Anleihegläubigers aus den Schuldverschreibungen aufzurechnen.

§ 3 § 3 (Zinsen) (Interest)

(1) Zinslauf (1) Interest accrual.

Im Zeitraum ab dem 28. Oktober 2011 (der In the period from and including 28 October "Zinslaufbeginn") (einschließlich) bis zum 2011 (the "Interest Commencement Date") to Endfälligkeitstag (ausschließlich) werden die but excluding the Maturity Date the Notes bear Schuldverschreibungen bezogen auf den interest on their aggregate principal amount at Gesamtnennbetrag in Höhe des Zinssatzes the Rate of Interest (as defined below). During (wie nachstehend definiert) verzinst. Während such period, interest is scheduled to be paid dieses Zeitraums sind Zinsen nachträglich am annually in arrear on 2 April of each year, 2. April eines jeden Jahres zur Zahlung commencing on 2 April 2012 with the last vorgesehen, erstmals am 2. April 2012 und interest payment scheduled to be paid on the letztmals am Endfälligkeitstermin (jeweils ein Maturity Date (each an "Interest Payment "Zahlungstag"), und werden nach Maßgabe Date"), and will be due and payable (fällig) in der in § 4(1) dargelegten Bedingungen fällig. accordance with the conditions set out in § 4(1).

(2) Zinssatz. (2) Interest rate.

(a) Der "Zinssatz" entspricht (a) The "Rate of Interest" will be

(i) vom Zinslaufbeginn (einschließlich) bis (i) from and including the Interest

61 zum 2. April 2017 (der "Ersten Commencement Date to but excluding Rückzahlungstermin") (ausschließlich) 2 April 2017 (the "First Call Date") a einem Zinssatz in Höhe von jährlich rate of 7.375 per cent. per annum; 7,375 %;

(ii) vom Ersten Rückzahlungstermin (ii) from and including the First Call Date to (einschließlich) bis zum 2. April 2022 but excluding 2 April 2022 (the "First (der "Erste Modifizierte Reset- Modified Reset Date") the Reset Termin") (ausschließlich) dem Reset- Interest Rate for the relevant Reset Zinssatz für den betreffenden Reset- Period; Zeitraum;

(iii) vom Ersten Modifizierten Reset-Termin (iii) from and including the First Modified (einschließlich) bis zum 2. April 2037 Reset Date to but excluding 2 April 2037 (der "Zweite Modifizierte Reset- (the "Second Modified Reset Date") Termin") (ausschließlich) dem the Modified Reset Interest Rate for the Modifizierten Reset-Zinssatz für den relevant Reset Period; and betreffenden Reset-Zeitraum; und

(iv) vom Zweiten Modifizierten Reset-Termin (iv) from and including the Second Modified (einschließlich) bis zum Reset Date to but excluding the Maturity Endfälligkeitstermin (ausschließlich) Date the Second Modified Reset dem Zweiten Modifizierten Reset- Interest Rate for the relevant Reset Zinssatz für den betreffenden Reset- Period. Zeitraum.

(b) Der "Reset-Zinssatz" ist der 5-Jahres (b) The "Reset Interest Rate" will be the 5-year Swapsatz für den betreffenden Reset-Zeitraum Swap Rate for the relevant Reset Period plus zuzüglich 540,1 Basispunkte per annum (die 540.1 basis points per annum (the "Margin"), "Marge"), wie von der Berechnungsstelle as determined by the Calculation Agent. festgelegt.

(c) Der "Modifizierte Reset-Zinssatz" ist der 5- (c) The "Modified Reset Interest Rate" will be the Jahres Swapsatz für den betreffenden Reset- 5-year Swap Rate for the relevant Reset Period Zeitraum zuzüglich 565,1 Basispunkte per plus 565.1 basis points per annum, (the annum (die "Modifizierte Marge"), wie von der "Modified Margin") as determined by the Berechnungsstelle festgelegt. Calculation Agent.

(d) Der "Zweite Modifizierte Reset-Zinssatz" ist (d) The "Second Modified Reset Interest Rate" der 5-Jahres Swapsatz für den betreffenden will be the 5-year Swap Rate for the relevant Reset-Zeitraum zuzüglich 640,1 Basispunkte Reset Period plus 640.1 basis points per per annum (die "Zweite Modifizierte Marge"), annum, (the "Second Modified Margin") as wie von der Berechnungsstelle festgelegt. determined by the Calculation Agent.

(e) Der "5-Jahres Swapsatz" für einen Reset- (e) The "5-year Swap Rate" for a Reset Period will Zeitraum wird von der Berechnungsstelle vor be determined by the Calculation Agent prior to dem Reset-Termin, an dem der betreffende the Reset Date on which the relevant Reset Reset-Zeitraum beginnt, (der "Referenz-Reset- Period commences (the "Reference Reset Termin") festgelegt und ist Date") and will be

(i) das rechnerische Mittel der (i) the arithmetic mean of the bid and nachgefragten und angebotenen Sätze offered rates for the annual fixed leg für den jährlichen (calculated on a 30/360 day count Festzinszahlungsstrom (berechnet auf basis) of a fixed-for-floating Euro

62 einer 30/360 Tageberechnungsbasis) interest rate swap transaction which einer fixed-for-floating Euro Zinsswap- (x) has a term of 5 years and Transaktion, (x) die eine 5-jährige commencing on the Reference Reset Laufzeit hat und am Referenz-Reset- Date, (y) is in an amount that is Termin beginnt, (y) die auf einen Betrag representative of a single transaction in lautet, der dem einer repräsentativen the relevant market at the relevant time einzelnen Transaktion in dem with an acknowledged dealer of good relevanten Markt zur relevanten Zeit credit in the swap market, and (z) has a eines anerkannten Händlers mit guter floating leg based on the 6-months Bonität im Swap-Markt entspricht, und EURIBOR rate (calculated on an (z) deren variabler Zahlungsstrom auf Actual/360 day count basis), as such dem 6-Monats EURIBOR Satz beruht arithmetic mean appears on the Reuters (berechnet auf einer Actual/360 Tage- screen "ISDAFIX2" under the heading Berechnungsbasis), wie es am zweiten "EURIBOR BASIS" and the caption Geschäftstag vor dem Referenz-Reset- "11:00 AM Frankfurt time" (as such Termin (der "Reset- headings and captions may appear from Zinsfeststellungstag") um 11:00 Uhr time to time) as of 11.00 a.m. (Frankfurt (Frankfurter Zeit) auf dem Reuters time) (or another screen page of Bildschirm "ISDAFIX2" unter der Reuters or another information service, Überschrift "EURIBOR BASIS" und dem which is the successor to such Reuters Untertitel "11:00 AM Frankfurt time" (auf screen for the purpose of displaying the dem solche Überschriften und Untertitel arithmetic mean of swap transactions as von Zeit zur Zeit erscheinen) (oder eine described in this paragraph) (the "Reset andere Bildschirmseite von Reuters Screen Page") on the second Business oder einem anderen Day prior to the Reference Reset Date Informationsanbieter, die diese Seite zur (the "Reset Interest Determination Anzeige des in diesem Absatz Date"); or beschriebenen rechnerischen Mittels von Swap-Transaktionen ersetzt) (die "Reset-Bildschirmseite") angezeigt wird; oder

(ii) falls irgendeine für Alternative (i) (ii) in the event that any of the information benötigte Information am Reset- required for the purposes of Zinsfeststellungstag nicht auf der Reset- alternative (i) does not appear on the Bildschirmseite erscheint, der Reset- Reset Screen Page on the Reset Referenzbankensatz am Reset- Interest Determination Date, the Reset Zinsfeststellungstag, Reference Bank Rate on the Reset Interest Determination Date,

63 wie jeweils von der Berechnungsstelle in each case as determined by the Calculation festgelegt. Agent.

(e) Die Berechnungsstelle wird den Reset-Zinssatz (e) The Calculation Agent will, on the Reset für die Schuldverschreibungen am Reset- Interest Determination Date, determine the Zinsfeststellungstag bestimmen und Reset Rate of Interest and cause the same to veranlassen, dass dieser der Emittentin, der be notified to the Issuer, the Principal Paying Hauptzahlstelle und jeder Börse, an der die Agent and, if required by the rules of any stock Schuldverschreibungen zu diesem Zeitpunkt exchange on which the Notes are then listed, to notiert sind und deren Regeln eine Mitteilung such stock exchange, and to the Holders in an die Börse verlangen, sowie den accordance with § 11 without undue delay, but, Anleihegläubigern gemäß § 11 unverzüglich, in any case, not later than on the eighth aber keinesfalls später als am achten auf Business Day after its determination. dessen Bestimmung folgenden Geschäftstag mitgeteilt wird.

(f) Sind Zinsen für einen Zeitraum zu berechnen (f) Where interest is to be calculated in respect of (der "Zinsberechnungszeitraum"), der kürzer any period of time that is equal to or shorter als eine Zinsperiode ist oder einer Zinsperiode than a Interest Period (the "Calculation entspricht, so werden sie berechnet auf der Period"), the interest will be calculated on the Grundlage der tatsächlichen Anzahl der Tage basis of the actual number of days elapsed in in dem betreffenden Zinsberechnungszeitraum such Calculation Period (from and including the (ab dem ersten Tag, an dem Zinsen auflaufen day from which interest begins to accrue to but (einschließlich) bis zu dem Tag, an dem die excluding the day on which it falls due), divided Zinsen fällig werden (ausschließlich)), dividiert by the number of days in the Interest Period in durch die Anzahl der Tage in der Zinsperiode, which the Calculation Period falls (Act/Act in die der betreffende (ICMA) (including the first such day of the Zinsberechnungszeitraum fällt (Act/Act (ICMA) relevant Interest Period but excluding the last (einschließlich des ersten Tages der day of the relevant Interest Period). betreffenenden Zinsperiode, aber ausschließlich des letzten Tages der betreffenenden Zinsperiode).

"Zinsperiode" bezeichnet jeden Zeitraum ab "Interest Period" means each period from and dem Zinslaufbeginn (einschließlich) bis zum including the Interest Commencement Date to ersten Zinszahlungstag (ausschließlich) und but excluding the first Interest Payment Date nachfolgend ab jedem Zinszahlungstag and thereafter from and including each Interest (einschließlich) bis zu dem jeweils Payment Date to but excluding the next nächstfolgenden Zinszahlungstag following Interest Payment Date. (ausschließlich).

(3) Zinslaufende. (3) Cessation of interest accrual.

Die Verzinsung der Schuldverschreibungen The Notes will cease to bear interest from the endet mit Beginn des Tages, an dem ihr beginning of the day their principal amount is Kapitalbetrag zur Rückzahlung fällig wird. due for repayment. If the Issuer fails to make Sollte die Emittentin eine Zahlung von Kapital any payment of principal under the Notes when auf diese Schuldverschreibungen bei Fälligkeit due, the Notes will cease to bear interest from nicht leisten, endet die Verzinsung der the beginning of the day on which such Schuldverschreibungen mit Beginn des Tages payment is made. In such case the applicable der tatsächlichen Zahlung. Der in einem rate of interest will be determined pursuant to solchen Fall jeweils anzuwendende Zinssatz this § 3.

64 wird gemäß diesem § 3 bestimmt.

(4) In diesen Anleihebedingungen gilt Folgendes: (4) In these Terms and Conditions the following applies:

"Geschäftstag" bezeichnet einen Tag, an dem "Business Day" means a day on which all alle maßgeblichen Stellen des Trans-European relevant parts of the Trans-European Automated Real-time Gross settlement Automated Real-time Gross settlement Express Transfer (TARGET 2) Systems Express Transfer (TARGET 2) system are Geschäfte tätigen; operational;

Der "Reset-Referenzbankensatz" ist der "Reset Reference Bank Rate" means the Prozentsatz, der auf Basis der 5-Jahres percentage rate determined by the Calculation Swapsatz-Quotierungen, die der Agent on the basis of the 5-year Swap Rate Berechnungsstelle ungefähr um 11:00 Uhr Quotations provided by five leading swap (Frankfurter Zeit) von fünf führenden Swap- dealers in the interbank market (the "Reset Händlern im Interbankenhandel (die "Reset- Reference Banks") to the Calculation Agent at Referenzbanken") gestellt werden, am Reset- approximately 11.00 a.m. (Frankfurt time) on Zinsfeststellungstag von der Berechnungsstelle the Reset Interest Determination Date. If at festgelegt wird. Wenn mindestens drei least three quotations are provided, the 5-year Quotierungen genannt werden, wird der 5- Swap Rate will be the arithmetic mean of the Jahres Swapsatz das rechnerische Mittel der quotations, eliminating the highest quotation Quotierungen unter Ausschluss der höchsten (or, in the event of equality one of the highest) Quotierung (bzw., für den Fall von gleich hohen and the lowest quotation (or, in the event of Quotierungen, einer der höchsten equality, one of the lowest). Quotierungen) und der niedrigsten Quotierung (bzw., für den Fall von gleich hohen Quotierungen, einer der niedrigsten Quotierungen) sein.

"Reset-Termin" bezeichnet jeweils den Ersten "Reset Date" means each of the First Call Rückzahlungstermin, den 2. April 2022, den Date, 2 April 2022, 2 April 2027, 2 April 2032, 2. April 2027, den 2. April 2032, den 2. April 2 April 2037, 2 April 2042, 2 April 2047, 2 April 2037, den 2. April 2042, den 2. April 2047, den 2052, 2 April 2057, 2 April 2062 and 2 April 2. April 2052, den 2. April 2057, den 2. April 2067. 2062 und den 2. April 2067.

"Reset-Zeitraum" bezeichnet jeden Zeitraum "Reset Period" means each period from and ab dem Ersten Rückzahlungstermin including the First Call Date to but excluding (einschließlich) bis zum ersten Reset-Termin the next following Reset Date and thereafter (ausschließlich) und nachfolgend ab jedem from and including each Reset Date to but Reset-Termin (einschließlich) bis zu dem excluding the next following Reset Date or the jeweils nächstfolgenden Reset-Termin bzw. Maturity Date, as the case may be. dem Endfälligkeitstag (ausschließlich).

"5-Jahres Swapsatz-Quotierungen" "5-year Swap Rate Quotations" means the bezeichnet das rechnerische Mittel der arithmetic mean of the bid and offered rates for nachgefragten und angebotenen Sätze für den the annual fixed leg (calculated on a 30/360 jährlichen Festzinszahlungsstrom (berechnet day count basis) of a fixed-for-floating Euro auf einer 30/360 Tagesberechnungsbasis) interest rate swap transaction which transaction einer fixed-for-floating Euro Zinsswap- (x) has a term of 5 years and commencing on Transaktion, (x) die eine 5-jährige Laufzeit hat the Reference Reset Date, (y) is in an amount und am Referenz-Reset-Termin beginnt, (y) die that is representative of a single transaction in

65 auf einen Betrag lautet, der dem einer the relevant market at the relevant time with an repräsentativen einzelnen Transaktion in dem acknowledged dealer of good credit in the relevanten Markt zur relevanten Zeit eines swap market, and (z) has a floating leg based anerkannten Händlers mit guter Bonität im on the 6-months EURIBOR rate (calculated on Swap-Markt entspricht, und (z) deren variabler an Actual/360 day count basis). Zahlungsstrom auf dem 6-Monats EURIBOR Satz beruht (berechnet auf einer Actual/360 Tage-Berechnungsbasis).

§ 4 § 4 (Fälligkeit von Zinszahlungen; (Due date for interest payments; Aufschub von Zinszahlungen; Deferral of interest payments; Zahlung Aufgeschobener Zinszahlungen) Payment of Deferred Interest Payments)

(1) Fälligkeit von Zinszahlungen; wahlweiser (1) Due date for interest payments; optional Zinsaufschub. interest deferral.

(a) Zinsen werden für jede Zinsperiode an dem (a) Interest for each Interest Period will be due and unmittelbar auf diese Zinsperiode folgenden payable (fällig) on the Interest Payment Date Zinszahlungstag fällig, sofern sich die immediately following such Interest Period, Emittentin nicht durch eine Bekanntmachung unless the Issuer elects, by giving not less than an die Anleihegläubiger gemäß § 11 innerhalb 10 and not more than 15 Business Days' notice einer Frist von nicht weniger als 10 und nicht to the Holders prior to the relevant Interest mehr als 15 Geschäftstagen vor dem Payment Date in accordance with § 11, to defer betreffenden Zinszahlungstag dazu the relevant payment of interest. entscheidet, die betreffende Zinszahlung auszusetzen.

Wenn sich die Emittentin an einem If the Issuer elects not to pay accrued interest Zinszahlungstag zur Nichtzahlung on an Interest Payment Date, then it will not aufgelaufener Zinsen entscheidet, dann ist sie have any obligation to pay interest on such nicht verpflichtet, an dem betreffenden Interest Payment Date. Any such failure to pay Zinszahlungstag Zinsen zu zahlen. Eine interest will not constitute a default of the Issuer Nichtzahlung aus diesem Grunde begründet or any other breach of its obligations under the keinen Verzug der Emittentin und keine Notes or for any other purpose. anderweitige Verletzung ihrer Verpflichtungen aufgrund dieser Schuldverschreibungen oder für sonstige Zwecke.

Nach Maßgabe dieses § 4(1)(a) nicht fällig Interest not due and payable in accordance gewordene Zinsen sind aufgeschobene with this § 4(1)(a) will constitute deferred Zinszahlungen ("Aufgeschobene interest payments ("Deferred Interest Zinszahlungen"). Payments").

(b) Aufgeschobene Zinszahlungen werden nicht (b) Deferred Interest Payments will not bear verzinst. interest.

(2) Freiwillige Zahlung von Aufgeschobenen (2) Optional Settlement of Deferred Interest Zinszahlungen. Payments.

Die Emittentin ist berechtigt, ausstehende The Issuer will be entitled to pay outstanding Aufgeschobene Zinszahlungen jederzeit Deferred Interest Payments (in whole or in part) insgesamt oder teilweise nach at any time on giving not less than 10 and not

66 Bekanntmachung an die Anleihegläubiger more than 15 Business Days' notice to the gemäß § 11 unter Einhaltung einer Frist von Holders in accordance with § 11 which notice nicht weniger als 10 und nicht mehr als 15 will specify (i) the amount of Deferred Interest Geschäftstagen nachzuzahlen, wobei eine Payments to be paid and (ii) the date fixed for solche Bekanntmachung (i) den Betrag an such payment (the "Optional Settlement Aufgeschobenen Zinszahlungen, der gezahlt Date"). werden soll, und (ii) den für diese Zahlung festgelegten Termin (der "Freiwillige Nachzahlungstermin") enthalten muss.

(3) Pflicht zur Zahlung von Aufgeschobenen (3) Mandatory payment of Deferred Interest Zinszahlungen. Payments.

Die Emittentin ist verpflichtet, ausstehende The Issuer must pay outstanding Deferred Aufgeschobene Zinszahlungen insgesamt und Interest Payments (in whole but not in part) on nicht nur teilweise am nächsten the next Mandatory Settlement Date. Pflichtnachzahlungstag zu zahlen.

"Pflichtnachzahlungstag" bezeichnet den "Mandatory Settlement Date" means the frühesten der folgenden Tage: earliest of:

(i) den Tag, der fünf Geschäftstage nach (i) the date falling five Business Days after dem Tag liegt, an dem ein the date on which a Compulsory Obligatorisches Nachzahlungsereignis Settlement Event has occurred; eingetreten ist;

(ii) den Tag, an dem die Emittentin Zinsen (ii) the date on which the Issuer pays auf die Schuldverschreibungen zahlt interest on the Notes (in whole or in (ganz oder teilweise); part);

(iii) den Tag, an dem die Emittentin oder (iii) the date on which the Issuer or any eine Tochtergesellschaft eine Subsidiary pays any dividend, other Dividende, sonstige Ausschüttung oder distribution or other payment in respect sonstige Zahlung auf ein Gleichrangiges of any Parity Security; Wertpapier zahlt;

(iv) den Tag, an dem die Emittentin oder (iv) the date on which the Issuer or any eine Tochtergesellschaft (jeweils direkt Subsidiary redeems, repurchases or oder indirekt) ein Gleichrangiges otherwise acquires (in each case Wertpapier zurückzahlt, zurückkauft directly or indirectly) any Parity Security; oder anderweitig erwirbt;

(v) den Tag der Rückzahlung der (v) the date of redemption of the Notes in Schuldverschreibungen gemäß diesen accordance with these Terms and Anleihebedingungen; und Conditions; and

(vi) den Tag, an dem eine Entscheidung (vi) the date on which an order is made for hinsichtlich der Auseinandersetzung, the winding up, liquidation or dissolution Liquidation oder Auflösung der of the Issuer (other than for the Emittentin ergeht (sofern dies nicht für purposes of or pursuant to an die Zwecke oder als Folge eines amalgamation, reorganisation or Zusammenschlusses, einer restructuring whilst solvent, where the Umstrukturierung oder Sanierung continuing entity assumes substantially geschieht, bei dem bzw. bei der die all of the assets and obligations of the

67 Emittentin noch zahlungsfähig ist und Issuer), bei dem bzw. bei der die fortführende Gesellschaft im Wesentlichen alle Vermögenswerte und Verpflichtungen der Emittentin übernimmt),

mit der Maßgabe, dass provided that

(x) in den vorgenannten Fällen (iii) und (iv) (x) in the cases (iii) and (iv) above no kein Pflichtnachzahlungstag vorliegt, Mandatory Settlement Date occurs if the wenn die Emittentin oder die Issuer or the relevant Subsidiary is betreffende Tochtergesellschaft nach obliged under the terms and conditions Maßgabe der Emissionsbedingungen of such Parity Security to make such des betreffenden Gleichrangigen payment, such redemption, such Wertpapiers zu der Zahlung, zu der repurchase or such other acquisition; Rückzahlung, zu dem Rückkauf oder zu dem anderweitigen Erwerb verpflichtet ist;

(y) im vorgenannten Fall (iv) kein (y) in the case (iv) above no Mandatory Pflichtnachzahlungstag vorliegt, wenn Settlement Date occurs if the Issuer or die Emittentin oder die betreffende the relevant Subsidiary repurchases or Tochtergesellschaft (jeweils direkt oder otherwise acquires (in each case indirekt) Gleichrangige Wertpapiere directly or indirectly) any Parity nach einem öffentlichen Securities in whole or in part in a public Rückkaufangebot oder öffentlichen tender offer or public exchange offer at Umtauschangebot mit einer unter dem a consideration per Parity Security Nennwert liegenden Gegenleistung je below its par value; and Gleichrangigem Wertpapier zurückkauft oder anderweitig erwirbt; und

(z) in den vorgenannten Fällen (iii) und (iv) (z) in the cases (iii) and (iv) above no kein Pflichtnachzahlungstag vorliegt, Mandatory Settlement Date occurs if the wenn die betreffenden Zahlungen auf relevant payments on, or in respect of, oder in Bezug auf Gleichrangige any Parity Securities are Intra-Group Wertpapiere Konzerninterne Zahlungen Payments. sind.

(4) Definitionen. (4) Definitions.

In diesen Anleihebedingungen gilt Folgendes: For the purposes of these Terms and Conditions:

"Konzerninterne Zahlungen" sind Zahlungen, "Intra-Group Payments" means payments die ausschließlich an die Emittentin und/oder made exclusively to the Issuer and/or one or an eine oder mehrere ihrer more of its Subsidiaries. Tochtergesellschaften erfolgen.

Ein "Obligatorisches Nachzahlungsereignis" "Compulsory Settlement Event" means any bezeichnet vorbehaltlich des nachstehenden of the following events, subject to the proviso in Satzes 2 jedes der folgenden Ereignisse: sentence 2 below:

(i) die ordentliche Hauptversammlung der (i) the ordinary general meeting of Emittentin beschließt, eine Dividende, shareholders (ordentliche

68 sonstige Ausschüttung oder sonstige Hauptversammlung) of the Issuer Zahlung auf eine Aktie einer beliebigen resolves on the payment of any Gattung der Emittentin zu leisten (mit dividend, other distribution or other Ausnahme einer Dividende, payment on any share of any class of Ausschüttung oder Zahlung in Form von the Issuer (other than a dividend, Stammaktien der Emittentin); distribution or payment which is made in the form of ordinary shares of the Issuer);

(ii) die Emittentin oder eine (ii) the Issuer or any Subsidiary pays any Tochtergesellschaft zahlt eine dividend, other distribution or other Dividende, sonstige Ausschüttung oder payment in respect of any Junior sonstige Zahlung auf ein Nachrangiges Security (other than a dividend, Wertpapier (mit Ausnahme einer distribution or payment which is made in Dividende, Ausschüttung oder Zahlung the form of ordinary shares of the in Form von Stammaktien der Issuer); or Emittentin); oder

(iii) die Emittentin oder eine (iii) the Issuer or any Subsidiary redeems, Tochtergesellschaft (jeweils direkt oder repurchases or otherwise acquires (in indirekt) zahlt oder kauft ein each case directly or indirectly) any Nachrangiges Wertpapier zurück oder Junior Security. erwirbt es anderweitig.

In den vorgenannten Fällen (ii) und (iii) tritt The cases (ii) and (iii) above are subject to the jedoch kein Obligatorisches proviso that no Compulsory Settlement Event Nachzahlungsereignis ein, wenn occurs if

(x) die Emittentin oder die betreffende (x) the Issuer or the relevant Subsidiary is Tochtergesellschaft nach Maßgabe der obliged under the terms and conditions Emissionsbedingungen des of such Junior Security to make such betreffenden Nachrangigen Wertpapiers payment, such redemption, such zu der Zahlung, zu der Rückzahlung, zu repurchase or such other acquisition; dem Rückkauf oder zu dem anderweitigen Erwerb verpflichtet ist;

(y) die Emittentin oder die betreffende (y) the Issuer or the relevant Subsidiary Tochtergesellschaft eine Aktie einer repurchases or otherwise acquires (in beliebigen Gattung der Emittentin oder each case directly or indirectly) any ein Nachrangiges Wertpapier nach share of any class of the Issuer or any Maßgabe eines bestehenden oder Junior Security pursuant to the zukünftigen Aktienoptions- oder obligations of the Issuer under any Aktienbeteiligungsprogramms oder existing or future stock option or stock ähnlichen Programms für Mitglieder des ownership programme or similar Vorstands oder des Aufsichtsrats (oder, programme for any members of the im Falle verbundener Unternehmen, executive board or supervisory board ähnlicher Gremien) oder Mitarbeiter der (or, in the case of affiliates, comparable Emittentin oder mit ihr verbundener boards) or employees of the Issuer or Unternehmen (jeweils direkt oder any of its affiliates; or indirekt) zurückkauft oder anderweitig erwirbt; oder

(z) die betreffenden Zahlungen auf oder in (z) the relevant payments on, or in respect

69 Bezug auf Nachrangige Wertpapiere of, any Junior Securities are Intra-Group Konzerninterne Zahlungen sind. Payments.

§ 5 § 5 (Rückzahlung und Rückkauf) (Redemption and Repurchase)

(1) Rückzahlung des Kapitals bei Endfälligkeit. (1) Repayment of Principal at Maturity.

Sofern nicht bereits zuvor zurückgezahlt oder Unless previously redeemed or repurchased, zurückgekauft, wird die Emittentin den Issuer will repay the aggregate principal Gesamtnennbetrag der ausstehenden amount of the Notes outstanding on 2 April Schuldverschreibungen am 2. April 2072 (der 2072 (the "Maturity Date"). "Endfälligkeitstag") zurückzahlen.

(2) Rückkauf. (2) Repurchase.

Die Emittentin oder eine Tochtergesellschaft, Subject to applicable laws, the Issuer or any soweit gesetzlich zulässig, jederzeit Subsidiary may at any time purchase Notes in Schuldverschreibungen auf dem freien Markt the open market or otherwise and at any price. oder anderweitig sowie zu jedem beliebigen Such acquired Notes may be cancelled, held or Preis kaufen. Derartig erworbene resold. Schuldverschreibungen können entwertet, gehalten oder wieder veräußert werden.

(3) Rückzahlung nach Wahl der Emittentin. (3) Redemption at the Option of the Issuer.

Die Emittentin kann die Schuldverschreibungen The Issuer may, upon giving notice in (insgesamt und nicht nur teilweise) mit Wirkung accordance with § 5(5), call the Notes for zum Ersten Rückzahlungstermin oder jedem redemption (in whole but not in part) with effect nachfolgenden Wahl-Rückzahlungstag durch as of the First Call Date or on any Optional Call Erklärung gemäß § 5(5) kündigen. Im Falle Date thereafter. In the case such call notice is einer solchen Kündigung hat die Emittentin die given, the Issuer shall redeem the remaining Schuldverschreibungen am festgelegten Notes at the Principal Amount plus any accrued Rückzahlungstermin zum Nennbetrag and unpaid interest on the Notes to but zuzüglich der bis zum Tag der Rückzahlung in excluding the date of redemption and, for the Bezug auf die Schuldverschreibungen avoidance of doubt, any Deferred Interest aufgelaufenen, aber noch nicht bezahlten Payments payable pursuant to § 4(3) on the Zinsen sowie, zur Klarstellung, sämtlicher specified redemption date. gemäß § 4(3) fälligen Aufgeschobenen Zinszahlungen zurückzuzahlen.

"Wahl-Rückzahlungstag" bezeichnet jeden "Optional Call Date" means each Interest Zinszahlungstag, der auf den 2. April 2022, den Payment Date falling on or nearest to 2 April 2. April 2027, den 2. April 2032, den 2. April 2022, 2 April 2027, 2 April 2032, 2 April 2037, 2037, den 2. April 2042, den 2. April 2047, den 2 April 2042, 2 April 2047, 2 April 2052, 2 April 2. April 2052, den 2. April 2057, den 2. April 2057, 2 April 2062 and 2 April 2067. 2062 und den 2. April 2067 fällt oder am Nächsten dazu liegt.

(4) Rückzahlung nach Eintritt eines Gross-up (4) Redemption following a Gross-up Event, a Tax Ereignisses, eines Steuerereignisses, eines Event, an Accounting Event or a Rating Agency Rechnungslegungsereignisses oder eines Event, or in case of minimal outstanding Ratingagenturereignisses oder bei geringem aggregate principal amount.

70 ausstehenden Gesamtnennbetrag

(a) Gross-up Ereignis. (a) Gross-up Event.

Die Emittentin ist jederzeit berechtigt, durch At any time the Issuer may upon giving notice Erklärung gemäß § 5(5) die in accordance with § 5(5) call the Notes for Schuldverschreibungen (insgesamt und nicht redemption (in whole but not in part) following nur teilweise) nach Eintritt eines Gross-Up the occurrence of a Gross-Up Event with effect Ereignisses mit Wirkung zu dem in der as of the date fixed for redemption in the notice Erklärung gemäß § 5(5) für die Rückzahlung pursuant to § 5(5). In the case such call notice festgelegten Tag zu kündigen. Im Falle einer is given, the Issuer shall redeem the remaining solchen Kündigung hat die Emittentin die Notes on the specified redemption date at the Schuldverschreibungen am festgelegten Principal Amount plus any accrued and unpaid Rückzahlungstermin zum Nennbetrag interest on the Notes to but excluding the date zuzüglich der bis zum Tag der Rückzahlung in of redemption and, for the avoidance of doubt, Bezug auf die Schuldverschreibungen any Deferred Interest Payments payable aufgelaufenen, aber noch nicht bezahlten pursuant to § 4(3). Zinsen sowie, zur Klarstellung, sämtlicher gemäß § 4(3) fälligen Aufgeschobenen Zinszahlungen zurückzuzahlen.

Ein "Gross-up Ereignis" liegt vor, wenn die A "Gross-up Event" will occur if on or after the Emittentin am oder nach dem Tag der date of issue of the Notes the Issuer has or will Begebung der Schuldverschreibungen durch become obliged by a legislative body, a court eine gesetzgebende Körperschaft, ein Gericht or any authority to pay Additional Amounts oder eine Behörde oder aufgrund einer pursuant to § 7 as a result of any change in or Gesetzesänderung (oder einer Änderung von amendment to the laws (or any rules or darunter erlassenen Bestimmungen und regulations thereunder) of the Federal Republic Vorschriften) der Bundesrepublik Deutschland of Germany or any political subdivision or any oder einer ihrer Gebietskörperschaften oder authority of or in the Federal Republic of Behörden oder als Folge einer Änderung der Germany, or any change in or amendment to offiziellen Auslegung oder Anwendung dieser any official interpretation or application of those Gesetze, Bestimmungen oder Vorschriften laws or rules or regulations, and that obligation durch eine gesetzgebende Körperschaft, ein cannot be avoided by the Issuer taking such Gericht oder eine Behörde verpflichtet ist oder reasonable measures it (acting in good faith) verpflichtet sein wird, Zusätzliche Beträge deems appropriate. gemäß § 7 zu zahlen und die Emittentin diese Verpflichtung nicht abwenden kann, indem sie zumutbare Maßnahmen ergreift, die sie nach Treu und Glauben für angemessen hält.

Die Bekanntmachung der vorzeitigen No such notice of early redemption may be Rückzahlung darf nicht früher als 90 Tage vor given earlier than 90 days prior to the earliest dem Tag erfolgen, an dem die Emittentin date on which the Issuer would be for the first erstmals verpflichtet wäre, Zusätzliche Beträge time obliged to pay the Additional Amounts gemäß § 7 zu zahlen. pursuant to § 7.

(b) Rückzahlung nach Eintritt eines (b) Redemption following the occurrence of a Tax Steuerereignisses, eines Event, an Accounting Event or a Rating Agency Rechnungslegungsereignisses oder eines Event or in case of minimal outstanding Ratingagenturereignisses oder bei geringem aggregate principal amount. ausstehenden Gesamtnennbetrag.

71 Wenn If

(i) ein Ratingagenturereignis eintritt; oder (i) a Rating Agency Event occurs; or

(ii) ein Rechnungslegungsereignis eintritt; (ii) an Accounting Event occurs; or oder

(iii) ein Steuerereignis eintritt; oder (iii) a Tax Event occurs; or

(iv) die Emittentin oder eine (iv) the Issuer or any Subsidiary has Tochtergesellschaft purchased or redeemed Notes equal to Schuldverschreibungen im Volumen von or in excess of 80 per cent. of the 80 % oder mehr des ursprünglich aggregate Principal Amount of the begebenen Gesamtnennbetrages der Notes initially issued, Schuldverschreibungen erworben oder zurückgezahlt hat, dann ist die Emittentin berechtigt, durch the Issuer may, upon giving notice in Erklärung gemäß § 5(5) die accordance with § 5(5), call the Notes for Schuldverschreibungen (insgesamt und nicht redemption (in whole but not in part) at any nur teilweise) jederzeit mit Wirkung zu dem in time with effect as of the date fixed for der Erklärung gemäß § 5(5) für die redemption in the notice pursuant to § 5(5). In Rückzahlung festgelegten Tag zu kündigen. Im the case such call notice is given, the Issuer Falle einer solchen Kündigung hat die shall redeem the remaining Notes on the Emittentin die Schuldverschreibungen am specified redemption date (i) at 101.00 per festgelegten Rückzahlungstermin (i) zu 101% cent. of the Principal Amount if the redemption des Nennbetrages, falls die Rückzahlung vor occurs prior to the First Call Date and (ii) at the dem Ersten Rückzahlungstermin erfolgt, und Principal Amount if the redemption occurs on or (ii) zum Nennbetrag, falls die Rückzahlung an after the First Call Date, in each case plus any oder nach dem Ersten Rückzahlungstermin accrued and unpaid interest on the Notes to but erfolgt, jeweils zuzüglich der bis zum Tag der excluding the date of redemption and, for the Rückzahlung in Bezug auf die avoidance of doubt, any Deferred Interest Schuldverschreibungen aufgelaufenen, aber Payments payable pursuant to § 4(3). noch nicht bezahlten Zinsen sowie, zur Klarstellung, sämtlicher gemäß § 4(3) fälligen Aufgeschobenen Zinszahlungen, zurückzuzahlen.

Ein "Ratingagenturereignis" liegt vor, wenn A "Rating Agency Event" will occur if the die Emittentin von Moody's und/oder S&P Issuer has received written confirmation from schriftlich benachrichtigt wurde, dass die Moody's and/or S&P that the Notes will no Schuldverschreibungen aufgrund einer longer be eligible, due to a change in hybrid Änderung der Hybridkapital Methodologie oder capital methodology or another relevant einer anderen relevanten Methodologie oder methodology or the interpretation thereof, for deren Auslegung nicht mehr derselben und the same or higher category of "equity credit" auch nicht einer höheren or such similar nomenclature used by Moody's Eigenkapitalanrechnungskategorie (oder einer and/or S&P, as applicable, from time to time to anderen Klassifikation durch Moody's bzw. describe the degree to which the terms of an S&P, die beschreibt, in welchem Umfang der instrument are supportive of the issuer's senior Bedingungen eines Finanzierungsinstruments obligations, attributed to the Notes at the date die Fähigkeit des Emittenten zur Bedienung of issuance or at the time when Moody's and/or seiner vorrangigen Verbindlichkeiten stützt) S&P, as applicable, first confirmed the "equity zuzuordnen sind, der sie bei ihrer Begebung credit" attributed to the Note following the date

72 oder zu dem Zeitpunkt, an dem Moody's bzw. of issuance, in each case as published by S&P die Eigenkapitalanrechnung nach Moody's and/or S&P, as applicable. Begebung erstmals bestätigt hat, ausweislich entsprechender Veröffentlichungen von Moody's bzw. S&P zugeordnet waren.

Dabei gilt folgendes: Where:

"Moody's" bezeichnet Moody's "Moody's" means Moody's Investors Investors Services Limited oder eine Services Limited or any of its ihrer Nachfolgegesellschaften. successors.

"S&P" bezeichnet Standard & Poor's "S&P" means Standard & Poor's Credit Credit Market Services Europe Limited, Market Services Europe Limited, a a division of the McGraw-Hill division of the McGraw-Hill Companies, Companies, Inc. oder eine ihrer Tochter- Inc., or any of its subsidiaries or oder Nachfolgegesellschaften. successors.

Ein "Rechnungslegungsereignis" liegt vor, An "Accounting Event" shall occur if a wenn eine anerkannte recognised accountancy firm, acting upon Wirtschaftsprüfungsgesellschaft, die im Auftrag instructions of the Issuer, has delivered an der Emittentin handelt, der Hauptzahlstelle ein opinion to the Principal Paying Agent, stating Gutachten übermittelt, wonach aufgrund einer that as a result of a change in accounting Änderung der Rechnungslegungsgrundsätze principles the funds raised through the die durch die Ausgabe der issuance of the Notes must not or must no Schuldverschreibungen beschafften Gelder longer be recorded as "liability" pursuant to the nicht oder nicht mehr als "Verbindlichkeit" International Financial Reporting Standards gemäß den International Financial Reporting ("IFRS") or any other accounting standards that Standards ("IFRS") bzw. anderen may replace IFRS for the purposes of the Rechnungslegungsstandards, die die annual consolidated financial statements of the Emittentin für die Erstellung ihrer konsolidierten Issuer. Jahresabschlüsse anstelle der IFRS anwenden kann, ausgewiesen werden dürfen.

Ein "Steuerereignis" liegt vor, wenn am oder A "Tax Event" will occur if on or after the date nach dem Tag der Begebung der of issue of the Notes as a result of any Schuldverschreibungen aufgrund einer amendment to, or change in, the laws (or any Gesetzesänderung (oder einer Änderung von rules or regulations thereunder) of the Federal darunter erlassenen Bestimmungen und Republic of Germany or any political Vorschriften) der Bundesrepublik Deutschland subdivision or any taxing authority thereof or oder einer ihrer Gebietskörperschaften oder therein, or as a result of any amendment to, or einer ihrer Steuerbehörden, oder als Folge change in, an official interpretation or einer Änderung der offiziellen Auslegung oder application of any such laws, rules or Anwendung solcher Gesetze, Bestimmungen regulations by any legislative body, court, oder Vorschriften durch eine gesetzgebende governmental agency or regulatory authority Körperschaft, ein Gericht, eine (including the enactment of any legislation and Regierungsstelle oder eine Aufsichtsbehörde the publication of any judicial decision or (einschließlich des Erlasses von Gesetzen regulatory determination), interest payable by sowie der Bekanntmachung gerichtlicher oder the Issuer in respect of the Notes is no longer aufsichtsrechtlicher Entscheidungen), Zinsen, fully deductible by the Issuer for German die von der Emittentin auf die income tax purposes, and that risk cannot be Schuldverschreibungen zu zahlen sind, von der avoided by the Issuer taking such reasonable

73 Emittentin nicht mehr für die Zwecke der measures as it (acting in good faith) deems deutschen Ertragsteuer voll abzugsfähig sind appropriate. und die Emittentin dieses Risiko nicht abwenden kann, indem sie zumutbare Maßnahmen ergreift, die sie nach Treu und Glauben für angemessen hält.

(5) Bekanntmachung der Vorzeitigen (5) Notification of Early Redemption. Rückzahlung.

Die Emittentin kann ein Recht zur vorzeitigen The Issuer will give not less than 30 nor more Rückzahlung gemäß § 5(3) und (4) durch eine than 60 days' notice to the Holders in Bekanntmachung an die Anleihegläubiger accordance with § 11 of any early redemption gemäß § 11 unter Einhaltung einer Frist von pursuant to § 5(3) and (4). In the case of § 5(4) nicht weniger als 30 und nicht mehr als 60 such notices will set forth the underlying facts Tagen ausüben. Die Bekanntmachung soll in of the Issuer's right to early redemption and den Fällen des § 5(4) diejenigen Tatsachen specify the date fixed for redemption. enthalten, auf welche die Emittentin ihr Kündigungsrecht stützt, und den für die Rückzahlung festgelegten Tag bezeichnen.

§ 6 § 6 (Zahlungen) (Payments)

(1) Die Emittentin verpflichtet sich, Kapital und (1) The Issuer undertakes to pay, as and when Zinsen auf die Schuldverschreibungen bei due, principal and interest on the Notes in euro. Fälligkeit in Euro zu zahlen. Die Zahlung von Payment of principal and interest on the Notes Kapital und Zinsen erfolgt, vorbehaltlich will be made, subject to applicable fiscal and geltender steuerrechtlicher und sonstiger other laws and regulations, through the gesetzlicher Regelungen und Vorschriften, Principal Paying Agent for on-payment to the über die Hauptzahlstelle zur Weiterleitung an Clearing System or to its order for credit to the das Clearingsystem oder nach dessen respective account holders. Payments to the Weisung zur Gutschrift für die jeweiligen Clearing System or to its order will to the extent Kontoinhaber. Die Zahlung an das of amounts so paid constitute the discharge of Clearingsystem oder nach dessen Weisung the Issuer from its corresponding liabilities befreit die Emittentin in Höhe der geleisteten under the Notes. Any reference in these Terms Zahlung von ihren entsprechenden and Conditions of the Notes to principal or Verbindlichkeiten aus den interest will be deemed to include any Schuldverschreibungen. Eine Bezugnahme in Additional Amounts as set forth in § 7. diesen Anleihebedingungen auf Kapital oder Zinsen der Schuldverschreibungen schließt jegliche Zusätzlichen Beträge gemäß § 7 ein.

(2) Falls ein Fälligkeitstag für die Zahlung von (2) If the due date for any payment of principal Kapital und/oder Zinsen kein Geschäftstag ist, and/or interest is not a Business Day, payment erfolgt die Zahlung erst am nächstfolgenden will be effected only on the next Business Day. Geschäftstag; die Anleihegläubiger sind nicht The Holders will have no right to claim payment berechtigt, Zinsen oder eine andere of any interest or other indemnity in respect of Entschädigung wegen eines solchen such delay in payment. Zahlungsaufschubs zu verlangen.

74 § 7 § 7 (Besteuerung) (Taxation)

Sämtliche Zahlungen von Kapital und Zinsen in Bezug All payments of principal and interest in respect of the auf die Schuldverschreibungen sind ohne Einbehalt Notes will be made free and clear of, and without oder Abzug von oder aufgrund von gegenwärtigen withholding or deduction for, or on account of, any oder zukünftigen Steuern oder sonstigen Abgaben present or future taxes or duties of whatever nature gleich welcher Art zu leisten, die von oder in der imposed or levied by way of withholding or deduction Bundesrepublik Deutschland oder für deren Rechnung by or in or for the account of the Federal Republic of oder von oder für Rechnung einer dort zur Germany or any political subdivision or any authority Steuererhebung ermächtigten Gebietskörperschaft thereof or therein having power to tax unless the oder Behörde in der Bundesrepublik Deutschland Issuer is required is required by law to make such auferlegt oder erhoben werden, es sei denn, die withholding or deduction. In such event, the Issuer will Emittentin ist gesetzlich zu einem solchen Einbehalt pay such additional amounts ("Additional Amounts") oder Abzug verpflichtet. In diesem Fall wird die as shall be necessary in order that the net amounts Emittentin diejenigen zusätzlichen Beträge received by the Holders, after such withholding or ("Zusätzlichen Beträge") zahlen, die erforderlich sind, deduction shall equal the respective amounts which damit die den Gläubigern zufließenden Nettobeträge would otherwise have been receivable in the absence nach diesem Einbehalt oder Abzug jeweils den of such withholding or deduction; except that no such Beträgen entsprechen, die ohne einen solchen Additional Amounts shall be payable on account of Einbehalt oder Abzug von den Gläubigern empfangen any taxes or duties which: worden wären; die Verpflichtung zur Zahlung solcher zusätzlicher Beträge besteht jedoch nicht im Hinblick auf Steuern und Abgaben, die:

(i) auf andere Weise als durch Einbehalt oder (i) are payable otherwise than by withholding or Abzug von zahlbaren Beträgen zu entrichten deduction from amounts payable; or sind; oder

(ii) wegen einer gegenwärtigen oder früheren (ii) are payable by reason of the Holder having, or persönlichen oder geschäftlichen Beziehung having had, some personal or business des Gläubigers zu der Bundesrepublik connection with the Federal Republic of Deutschland zu zahlen sind, und nicht allein Germany and not merely by reason of the fact deshalb, weil Zahlungen auf die that payments in respect of the Notes are, or Schuldverschreibungen aus Quellen in der for purposes of taxation are deemed to be, Bundesrepublik Deutschland stammen (oder derived from sources in, or are secured in, the für Zwecke der Besteuerung so behandelt Federal Republic of Germany; or werden) oder dort besichert sind; oder

(iii) aufgrund der Richtlinie des Europäischen Rats (iii) are withheld or deducted from a payment to an 2003/48/EG oder jeder anderen Richtlinie, die individual or a residual entity within the die Schlussfolgerungen des Treffens des meaning of the European Council Directive ECOFIN-Rates vom 26.- 27. November 2000 2003/48/EC and are required to be made betreffend die Besteuerung von Zinserträgen, pursuant to the European Council Directive umsetzt, oder aufgrund einer gesetzlichen 2003/48/EC or any other Directive Vorschrift, die diese Richtlinie umsetzt oder implementing the conclusions of the ECOFIN befolgt oder erlassen wurde, um der Richtlinie Council meeting of 26-27 November 2000 on zu entsprechen, von Zahlungen an eine the taxation of savings income or any law natürliche Person oder eine sonstige implementing or complying with, or introduced Einrichtung im Sinne der Richtlinie des in order to conform to, such Directive; or Europäischen Rates 2003/48/EG

75 einzubehalten oder abzuziehen sind; oder

(iv) aufgrund einer Rechtsänderung zu zahlen sind, (iv) are payable by reason of a change in law that welche später als 30 Tage nach Fälligkeit der becomes effective more than 30 days after the betreffenden Zahlung von Kapital oder Zinsen relevant payment of principal or interest oder, wenn dies später erfolgt, becomes due, or, if later, is duly provided for ordnungsgemäßer Bereitstellung aller fälligen and notice thereof is published in accordance Beträge und einer diesbezüglichen with § 11; or Bekanntmachung gemäß § 11 wirksam wird; oder

(v) von einer Zahlstelle abgezogen oder (v) are deducted or withheld by a Paying Agent einbehalten werden, wenn eine andere from a payment if the payment could have Zahlstelle die Zahlung ohne einen solchen been made by another Paying Agent without Abzug oder Einbehalt hätte leisten können. such deduction or withholding.

§ 8 § 8 (Vorlegungsfrist, Verjährung) (Presentation Period, Prescription)

Die Vorlegungsfrist der Schuldverschreibungen wird The period for presentation of the Notes will be auf zehn Jahre reduziert. Die Verjährungsfrist für reduced to 10 years. The period of limitation for claims Ansprüche aus den Schuldverschreibungen, die under the Notes presented during the period for innerhalb der Vorlegungsfrist zur Zahlung vorgelegt presentation will be two years calculated from the wurden, beträgt zwei Jahre von dem Ende der expiration of the relevant presentation period. betreffenden Vorlegungsfrist an.

§ 9 § 9 (Zahlstellen und Berechnungsstelle) (Paying and Calculation Agent)

(1) Bestellung. (1) Appointment.

Die Emittentin hat Deutsche Bank The Issuer has appointed Deutsche Bank Aktiengesellschaft als Hauptzahlstelle in Bezug Aktiengesellschaft as principal paying agent auf die Schuldverschreibungen (die with respect to the Notes (the "Principal "Hauptzahlstelle" und gemeinsam mit jeder Paying Agent" and, together with any etwaigen von der Emittentin nach § 9(2) additional paying agent appointed by the Issuer bestellten zusätzlichen Zahlstelle, die in accordance with § 9(2), the "Paying "Zahlstellen") bestellt. Agents").

Die Emittentin hat Deutsche Bank The Issuer has appointed Deutsche Bank Aktiengesellschaft als Berechnungsstelle in Aktiengesellschaft as calculation agent with Bezug auf die Schuldverschreibungen (die respect to the Notes (the "Calculation Agent" "Berechnungsstelle" und, gemeinsam mit den and, together with the Paying Agents, the Zahlstellen, die "Verwaltungsstellen") bestellt. "Agents").

Die Geschäftsräume der Verwaltungsstellen The addresses of the specified offices of the befinden sich unter den folgenden Adressen: Agents are:

76 Hauptzahlstelle: Principal Paying Agent: Deutsche Bank Aktiengesellschaft Deutsche Bank Aktiengesellschaft Große Gallusstrasse 10-14 Große Gallusstrasse 10-14 60272 Frankfurt am Main 60272 Frankfurt am Main Federal Republic of Germany Federal Republic of Germany

Berechnungsstelle: Calculation Agent: Deutsche Bank Aktiengesellschaft Deutsche Bank Aktiengesellschaft Große Gallusstrasse 10-14 Große Gallusstrasse 10-14 60272 Frankfurt am Main 60272 Frankfurt am Main Federal Republic of Germany Federal Republic of Germany

(2) Änderung oder Beendigung der Bestellung. (2) Variation or Termination of Appointment.

Die Emittentin behält sich das Recht vor, The Issuer reserves the right at any time to jederzeit die Benennung einer Zahlstelle zu vary or terminate the appointment of any verändern oder zu beenden und Nachfolger Paying Agent and to appoint successor or bzw. zusätzliche Zahlstellen zu ernennen. Den additional Paying Agents. Notice of any change Anleihegläubigern werden Änderungen in in the Paying Agents or in the specified office of Bezug auf die Zahlstellen, deren angegebenen any Paying Agent will promptly be given to the Geschäftsstellen umgehend gemäß § 11 Holders pursuant to § 11. bekannt gemacht.

(3) Status der beauftragten Stellen. (3) Status of the Agents.

Die Zahlstellen und die Berechnungsstelle The Paying Agents and Calculation Agent act handeln ausschließlich als Vertreter der solely as agents of the Issuer and do not Emittentin und übernehmen keine assume any obligations towards or relationship Verpflichtungen gegenüber den of contract, agency or trust for or with any of Anleihegläubigern; es wird kein Vertrags-, the Holders. The Paying Agents are exempt Auftrags- oder Treuhandverhältnis zwischen from the restrictions of § 181 of the German ihnen und den Anleihegläubigern begründet. Civil Code (Bürgerliches Gesetzbuch). Die Zahlstellen sind von den Beschränkungen des § 181 des Bürgerlichen Gesetzbuchs befreit.

§ 10 § 10 (Weitere Emissionen) (Further Issues)

Die Emittentin kann ohne Zustimmung der The Issuer may from time to time, without the consent Anleihegläubiger weitere Schuldverschreibungen of the Holders, create and issue further Notes having begeben, die in jeder Hinsicht (mit Ausnahme der the same terms and conditions as the Notes in all ersten Zinszahlung) die gleichen Bedingungen wie die respects (except for the first payment of interest) so as Schuldverschreibungen dieser Anleihe haben und die to form a single series with the Notes. zusammen mit den Schuldverschreibungen dieser Anleihe eine einzige Anleihe bilden.

§ 11 § 11 (Bekanntmachungen) (Notices)

(1) Alle Bekanntmachungen, die die (1) All notices regarding the Notes will be Schuldverschreibungen betreffen, werden published (so long as the Notes are listed on (solange die Schuldverschreibungen an der the Luxembourg Stock Exchange) on the

77 Luxemburger Wertpapierbörse notiert sind) auf website of the Luxembourg Stock Exchange on der Internet-Seite der Luxemburger Börse unter www.bourse.lu. Any notice will become www.bourse.lu veröffentlicht. Für das Datum effective for all purposes on the date of the first und die Rechtswirksamkeit sämtlicher such publication. Bekanntmachungen ist die erste Veröffentlichung maßgeblich.

(2) Die Emittentin ist berechtigt, alle die (2) The Issuer will be entitled to deliver all notices Schuldverschreibungen betreffenden concerning the Notes to the Clearing System Mitteilungen an das Clearingsystem zur for communication by the Clearing System to Weiterleitung an die Gläubiger zu übermitteln. the Holders.

§ 12 § 12 (Ersetzung) (Substitution)

(1) Ersetzung. (1) Substitution.

Die Emittentin (oder die Nachfolgeschuldnerin) The Issuer (or the Substitute Debtor) may, ist jederzeit berechtigt, sofern sie sich nicht mit without the consent of the Holders, if no einer Zahlung von Kapital oder Zinsen oder payment of principal or of interest or any other einer anderen Zahlung aus den amount in respect of the Notes is in default, at Schuldverschreibungen in Verzug befindet, any time substitute for the Issuer, any other ohne Zustimmung der Gläubiger jede andere company of which more than 90 per cent of the Gesellschaft, deren stimmberechtigte voting shares or other equity interests are Gesellschaftsanteile zu mehr als 90% direkt directly or indirectly owned by the Issuer and oder indirekt von der Emittentin gehalten which has the corporate function of raising werden und deren Geschäftszweck in der financing and passing it on to affiliates and Aufnahme von Mitteln für die Refinanzierung which holds no significant operating assets or von verbundenen Unternehmen besteht und has any ownership in the operating companies die keine wesentlichen operativen of the Issuer or its Subsidiaries as principal Vermögenswerte hält oder Anteile an operative debtor in respect of all obligations arising from Gesellschaften der Emittentin oder deren or in connection with the Notes (the Tochtergesellschaften hält, an Stelle der "Substitute Debtor") provided that: Emittentin als Hauptschuldnerin (die "Nachfolgeschuldnerin") für alle Verpflichtungen aus und im Zusammenhang mit dieser Emission einzusetzen, vorausgesetzt, dass:

(i) die Nachfolgeschuldnerin alle (i) the Substitute Debtor assumes all Verpflichtungen der Emittentin in Bezug obligations of the Issuer in respect of the auf die Schuldverschreibungen Notes; übernimmt;

(ii) die Nachfolgeschuldnerin alle (ii) the Substitute Debtor has obtained all erforderlichen behördlichen necessary governmental authorisations Genehmigungen erhalten hat und and may transfer to the Principal Paying berechtigt ist, an die Hauptzahlstelle die Agent in Euro and without being zur Erfüllung der obligated to deduct or withhold any Zahlungsverpflichtungen auf die taxes or other duties of whatever nature Schuldverschreibungen zu zahlenden levied by the country in which the Beträge in Euro zu zahlen, ohne Substitute Debtor or the Issuer has its

78 verpflichtet zu sein, jeweils in dem Land, domicile or tax residence, all amounts in dem die Nachfolgeschuldnerin oder required for the fulfilment of the payment die Emittentin ihren Sitz oder Steuersitz obligations arising under the Notes; haben, erhobene Steuern oder andere Abgaben jeder Art abzuziehen oder einzubehalten;

(iii) die Nachfolgeschuldnerin sich (iii) the Substitute Debtor has agreed to verpflichtet hat, jeden Gläubiger indemnify and hold harmless each hinsichtlich solcher Steuern, Abgaben Holder against any tax, duty, oder behördlichen Lasten freizustellen, assessment or governmental charge die einem Gläubiger infolge der imposed on such Holder as a result of Ersetzung auferlegt werden; such substitution;

(iv) die Emittentin unwiderruflich und (iv) the Issuer irrevocably and unbedingt gegenüber den Gläubigern unconditionally guarantees on a die Zahlung aller von der subordinated basis in favour of each Nachfolgeschuldnerin auf die Holder the payment of all sums payable Schuldverschreibungen zu zahlenden by the Substitute Debtor in respect of Beträge auf nachrangiger Basis the Notes; garantiert;

(v) aufgrund der Ersetzung kein Ereignis (v) no event would occur as a result of the eintreten würde, welches die Neue substitution that would give rise to the Emittentin dazu berechtigen würde, die right of the New Issuer to call the Notes Schuldverschreibung gemäß § 5(4) zu for redemption pursuant to § 5(4); and kündigen und zurückzuzahlen; und

(vi) der Hauptzahlstelle jeweils ein oder (vi) there shall have been delivered to the mehrere Rechtsgutachten bezüglich der Principal Paying Agent an opinion or betroffenen Rechtsordnungen von opinions with respect to the relevant anerkannten Rechtsanwälten vorgelegt jurisdictions of lawyers of recognised werden, das bestätigt bzw. die standing to the effect that the provisions bestätigen, dass die Bestimmungen in of this § 12(1) above have been diesem § 12(1) erfüllt wurden. satisfied.

(2) Bezugnahmen. (2) References.

Im Fall einer Schuldnerersetzung gemäß In the event of a substitution pursuant to Absatz (1) gilt jede Bezugnahme in diesen subsection (1), any reference in these Terms Anleihebedingungen auf die Emittentin als eine and Conditions to the Issuer will be a reference solche auf die Nachfolgeschuldnerin und jede to the Substitute Debtor and any reference to Bezugnahme auf die Bundesrepublik the Federal Republic of Germany will be a Deutschland als eine solche auf den Staat (die reference to the New Issuer's country Staaten), in welchem die Neue Emittentin (countries) of domicile for tax purposes. steuerlich ansässig ist.

(3) Bekanntmachung und Wirksamwerden der (3) Notice and Effectiveness of Substitution. Ersetzung.

Die Ersetzung der Emittentin ist gemäß § 11 Notice of any substitution of the Issuer will be bekannt zu machen. Mit der Bekanntmachung given by publication in accordance with § 11. der Ersetzung wird die Ersetzung wirksam und Upon such publication, the substitution will die Emittentin und im Falle einer wiederholten become effective, and the Issuer and in the

79 Anwendung dieses § 12 jede frühere event of a repeated application of this § 12, any Nachfolgeschuldnerin von ihren sämtlichen previous Substitute Debtor will be discharged Verbindlichkeiten aus den from any and all obligations under the Notes. Schuldverschreibungen frei.

§ 13 § 13 (Änderung der Anleihebedingungen durch (Amendments to the Terms and Conditions by Beschluss der Anleihegläubiger; Gemeinsamer resolution of the Holders; Joint Representative) Vertreter)

(1) Die Emittentin kann die Anleihebedingungen (1) The Issuer may amend the Terms and mit Zustimmung aufgrund Conditions with the consent of a majority Mehrheitsbeschlusses der Anleihegläubiger resolution of the Holders pursuant to §§ 5 et nach Maßgabe der §§ 5 ff. des Gesetzes über seq. of the German Act on Issues of Debt Schuldverschreibungen aus Securities (Gesetz über Gesamtemissionen ("SchVG") in seiner Schuldverschreibungen aus jeweiligen gültigen Fassung ändern. Die Gesamtemissionen, "SchVG"), as amended Anleihegläubiger können insbesondere einer from time to time. In particular, the Holders may Änderung wesentlicher Inhalte der consent to amendments which materially Anleihebedingungen, einschließlich der in § 5 change the substance of the Terms and Absatz 3 SchVG vorgesehenen Maßnahmen Conditions, including such measures as mit Ausnahme der Ersetzung der Emittentin, provided for under § 5(3) of the SchVG, but die in § 11 abschließend geregelt ist, mit den in excluding a substitution of the Issuer, which is dem nachstehenden § 13(2) genannten exclusively subject to the provisions in § 11, by Mehrheiten zustimmen. Ein ordnungsgemäß resolutions passed by such majority of the gefasster Mehrheitsbeschluss ist für alle votes of the Holders as stated under § 13(2) Anleihegläubiger verbindlich. below. A duly passed majority resolution will be binding upon all Holders.

(2) Vorbehaltlich des nachstehenden Satzes und (2) Except as provided by the following sentence der Erreichung der erforderlichen and provided that the quorum requirements are Beschlussfähigkeit, beschließen die being met, the Holders may pass resolutions by Anleihegläubiger mit der einfachen Mehrheit simple majority of the voting rights participating der an der Abstimmung teilnehmenden in the vote. Resolutions which materially Stimmrechte. Beschlüsse, durch welche der change the substance of the Terms and wesentliche Inhalt der Anleihebedingungen, Conditions, in particular in the cases of § 5(3) insbesondere in den Fällen des § 5 Absatz 3 numbers 1 through 9 of the SchVG, may only Nummer 1 bis 9 SchVG, geändert wird, be passed by a majority of at least 75 per cent. bedürfen zu ihrer Wirksamkeit einer Mehrheit of the voting rights participating in the vote (a von mindestens 75 % der an der Abstimmung "Qualified Majority"). teilnehmenden Stimmrechte (eine "Qualifizierte Mehrheit").

(3) Beschlüsse der Anleihegläubiger werden (3) Resolutions of the Holders will be made either entweder in einer Gläubigerversammlung nach in a Holder's meeting in accordance with § 13(3)(a) oder im Wege der Abstimmung ohne § 13(3)(a) or by means of a vote without a Versammlung nach § 13(3)(b) getroffen. meeting (Abstimmung ohne Versammlung) in accordance § 13(3)(b).

(a) Beschlüsse der Anleihegläubiger im Rahmen (a) Resolutions of the Holders in a Holder's einer Gläubigerversammlung werden nach §§ 9 meeting will be made in accordance with § 9 et ff. SchVG getroffen. Anleihegläubiger, deren seq. of the SchVG. Holders holding Notes in

80 Schuldverschreibungen zusammen 5 % des the total amount of 5 per cent. of the jeweils ausstehenden Gesamtnennbetrags der outstanding principal amount of the Notes may Schuldverschreibungen erreichen, können request, in writing, to convene a Holders' schriftlich die Durchführung einer meeting pursuant to § 9 of the SchVG. The Gläubigerversammlung nach Maßgabe von § 9 convening notice of a Holders' meeting will SchVG verlangen. Die Einberufung der provide the further details relating to the Gläubigerversammlung regelt die weiteren resolutions and the voting procedure. The Einzelheiten der Beschlussfassung und der subject matter of the vote as well as the Abstimmung. Mit der Einberufung der proposed resolutions will be notified to Holders Gläubigerversammlung werden in der in the agenda of the meeting. The attendance Tagesordnung die Beschlussgegenstände at the Holders' meeting or the exercise of sowie die Vorschläge zur Beschlussfassung voting rights requires a registration of the den Anleihegläubigern bekannt gegeben. Für Holders prior to the meeting. Any such die Teilnahme an der Gläubigerversammlung registration must be received at the address oder die Ausübung der Stimmrechte ist eine stated in the convening notice by no later than Anmeldung der Anleihegläubiger vor der the third calendar day preceding the Holders' Versammlung erforderlich. Die Anmeldung meeting. muss unter der in der Einberufung mitgeteilten Adresse spätestens am dritten Kalendertag vor der Gläubigerversammlung zugehen.

(b) Beschlüsse der Anleihegläubiger im Wege der (b) Resolutions of the Holders by means of a Abstimmung ohne Versammlung werden nach voting not requiring a physical meeting § 18 SchVG getroffen. Anleihegläubiger, deren (Abstimmung ohne Versammlung) will be made Schuldverschreibungen zusammen 5 % des in accordance § 18 of the SchVG. Holders jeweils ausstehenden Gesamtnennbetrags der holding Notes in the total amount of 5 per cent. Schuldverschreibungen erreichen, können of the outstanding principal amount of the schriftlich die Durchführung einer Abstimmung Notes may request, in writing, the holding of a ohne Versammlung nach Maßgabe von § 9 vote without a meeting pursuant to § 9 in i.V.m. § 18 SchVG verlangen. Die Aufforderung connection with § 18 of the SchVG. The zur Stimmabgabe durch den Abstimmungsleiter request for voting as submitted by the chairman regelt die weiteren Einzelheiten der (Abstimmungsleiter) will provide the further Beschlussfassung und der Abstimmung. Mit details relating to the resolutions and the voting der Aufforderung zur Stimmabgabe werden die procedure. The subject matter of the vote as Beschlussgegenstände sowie die Vorschläge well as the proposed resolutions will be notified zur Beschlussfassung den Anleihegläubigern to Holders together with the request for voting. bekannt gegeben.

(4) Anleihegläubiger haben die Berechtigung zur (4) Holders must demonstrate their eligibility to Teilnahme an der Abstimmung zum Zeitpunkt participate in the vote at the time of voting by der Stimmabgabe durch besonderen Nachweis means of a special confirmation of the der Depotbank gemäß § 14(5) und die Vorlage Custodian in accordance with § 14(5) hereof eines Sperrvermerks der Depotbank zugunsten and by submission of a blocking instruction by einer Hinterlegungsstelle für den the Custodian for the benefit of a depository Abstimmungszeitraum nachzuweisen. Das (Hinterlegungsstelle) for the voting period. The Stimmrecht ruht, solange die voting right is suspended as long as any Notes Schuldverschreibungen der Emittentin oder are attributable to the Issuer or any of its einem mit ihr verbundenen Unternehmen affiliates (within the meaning of § 271(2) of the (§ 271 Absatz 2 HGB) zustehen oder für German Commercial Code Rechnung der Emittentin oder eines mit ihr (Handelsgesetzbuch) or are being held for the

81 verbundenen Unternehmens gehalten werden. account of the Issuer or any of its affiliates.

(5) Die Anleihegläubiger können durch (5) The Holders may by majority resolution provide Mehrheitsbeschluss die Bestellung und for the appointment or dismissal of a joint Abberufung eines gemeinsamen Vertreters, die representative, the duties and responsibilities Aufgaben und Befugnisse des gemeinsamen and the powers of such joint representative, the Vertreters, die Übertragung von Rechten der transfer of the rights of the Holders to the joint Anleihegläubiger auf den gemeinsamen representative and a limitation of liability of the Vertreter und eine Beschränkung der Haftung joint representative. Appointment of a joint des gemeinsamen Vertreters bestimmen. Die representative may only be passed by a Bestellung eines gemeinsamen Vertreters Qualified Majority if such joint representative is bedarf einer Qualifizierten Mehrheit, wenn er to be authorised to consent, in accordance with ermächtigt wird, wesentlichen Änderungen der § 13(2) hereof, to a material change in the Anleihebedingungen gemäß § 13(2) substance of the Terms and Conditions. zuzustimmen.

(6) Bekanntmachungen betreffend diesen § 13 (6) Any notices concerning this § 13 will be made erfolgen gemäß den §§ 5ff. SchVG sowie nach in accordance with § 5 et seq. of the SchVG § 11. and § 11.

§ 14 § 14 (Schlussbestimmungen) (Final Provisions)

(1) Anzuwendendes Recht. (1) Applicable Law.

Form und Inhalt der Schuldverschreibungen The Notes are governed by, and construed in bestimmen sich nach dem Recht der accordance with, the laws of the Federal Bundesrepublik Deutschland. Republic of Germany.

(2) Gerichtsstand. (2) Place of Jurisdiction.

Ausschließlicher Gerichtsstand für alle To the extent legally permissible, exclusive Rechtsstreitigkeiten aus den in diesen place of jurisdiction for all proceedings arising Anleihebedingungen geregelten from matters provided for in these Terms and Angelegenheiten ist, soweit gesetzlich zulässig, Conditions will be Frankfurt am Main, Federal Frankfurt am Main, Bundesrepublik Republic of Germany. The Issuer irrevocably Deutschland. Die Emittentin verzichtet waives any objection which it might now or unwiderruflich darauf, gegenwärtig oder hereafter have to the courts of Frankfurt am zukünftig gegen die Gerichte in Frankfurt am Main being nominated as the forum to hear and Main als Forum für Rechtsstreitigkeiten determine any proceedings and to settle any Einwände zu erheben, und versichern, keines disputes, and agrees not to claim that any of der Gerichte in Frankfurt am Main als those courts is not a convenient or appropriate ungelegenes oder unangemessenes Forum zu forum. bezeichnen.

Für Entscheidungen gemäß § 9 Absatz 2, § 13 The local court (Amtsgericht) in the district of Absatz 3 und § 18 Absatz 2 SchVG ist gemäß Karlsruhe will have jurisdiction for all judgments § 9 Absatz 3 SchVG das Amtsgericht Karlsruhe pursuant to § 9(2), § 13(3) and § 18(2) SchVG zuständig. Für Entscheidungen über die in accordance with § 9(3) SchVG. The regional Anfechtung von Beschlüssen der court (Landgericht) in the district of Karlsruhe Anleihegläubiger ist gemäß § 20 Absatz 3 will have exclusive jurisdiction for all judgments SchVG das Landgericht Karlsruhe over contested resolutions by Holders in ausschließlich zuständig. accordance with § 20(3) SchVG.

82 (3) Erfüllungsort. (3) Place of Performance.

Erfüllungsort ist Frankfurt am Main, Place of performance will be Frankfurt am Bundesrepublik Deutschland. Main, Federal Republic of Germany.

(4) Geltendmachung von Rechten. (4) Enforcement of Rights.

Jeder Anleihegläubiger ist berechtigt, in jedem Any Holder may in any proceedings against the Rechtsstreit gegen die Emittentin oder in jedem Issuer or to which the Holder and the Issuer are Rechtsstreit, in dem der Gläubiger und die parties protect and enforce in his own name his Emittentin Partei sind, seine Rechte aus diesen rights arising under his Notes on the basis of: Schuldverschreibungen im eigenen Namen geltend zu machen gegen Vorlage:

(i) einer Bescheinigung der Depotbank, die (i) a certificate issued by his Custodian (A) (A) den vollen Namen und die volle stating the full name and address of the Anschrift des Anleihegläubigers Holder, (B) specifying an aggregate bezeichnet, (B) den gesamten Principal Amount of Notes credited on Nennbetrag von Schuldverschreibungen the date of such statement to such angibt, die am Ausstellungstag dieser Holder's securities account(s) Bescheinigung den bei dieser maintained with his Custodian and Depotbank bestehenden Depots dieses (C) confirming that his Custodian has Anleihegläubigers gutgeschrieben sind given a written notice to the Clearing und (C) bestätigt, dass die Depotbank System and the Principal Paying Agent dem Clearingsystem und der containing the information specified in Hauptzahlstelle eine schriftliche (A) and (B) and bearing Mitteilung gemacht hat, die die Angaben acknowledgements of the Clearing gemäß (A) und (B) enthält und System and the relevant account holder Bestätigungsvermerke des in the Clearing System and Clearingsystems sowie des betroffenen Kontoinhabers bei dem Clearingsystem trägt sowie

(ii) einer von einem (ii) a copy of the Global Note relating to the Vertretungsberechtigten des Notes, certified as being a true copy by Clearingsystems oder der a duly authorised officer of the Clearing Hauptzahlstelle beglaubigten Ablichtung System or the Principal Paying Agent; or der Globalurkunde; oder

(iii) eines anderen, in Rechtsstreitigkeiten in (iii) any other means of evidence permitted dem Land der Geltendmachung in legal proceedings in the country of zulässigen Beweismittels. enforcement.

"Depotbank" bezeichnet ein Bank- oder "Custodian" means any bank or other financial sonstiges Finanzinstitut, bei dem der institution with which the Holder maintains a Anleihegläubiger Schuldverschreibungen im securities account in respect of any Notes and Depot verwahren lässt und das ein Konto bei having an account maintained with the Clearing dem Clearingsystem hat, einschließlich des System, including the Clearing System. Clearingsystems.

§ 15 § 15 (Sprache) (Language)

Diese Anleihebedingungen sind in deutscher Sprache These Terms and Conditions are written in the

83 abgefasst und mit einer Übersetzung in die englische German language and provided with an English Sprache versehen. Der deutsche Wortlaut ist allein language translation. The German text will be the only rechtsverbindlich. Die englische Übersetzung dient nur legally binding version. The English language zur Information. translation is provided for convenience only.

The following paragraphs in italics do not form part of the Terms and Conditions.

Restrictions regarding redemption and repurchase of the New Notes

(x) an early redemption of the New Notes pursuant to § 5(3), § 5(4)(b)(i) and § 5(4)(b)(ii) of the Terms and Conditions, or

(y) in the event of a repurchase of New Notes pursuant to § 5(2) of the Terms and Conditions of more than (i) 10 per cent. of the aggregate principal amount of the New Notes originally issued in any period of 12 consecutive months or (ii) 25 per cent. of the aggregate principal amount of the New Notes originally issued in any period of 10 consecutive years,

if the New Notes are assigned an "equity credit" (or such similar nomenclature then used by S&P) by S&P at the time of such redemption or repurchase, that it will redeem or repurchase New Notes only to the extent the aggregate principal amount of the New Notes to be redeemed or repurchased does not exceed the net proceeds received by the Issuer or any Subsidiary during the 360-day period prior to the date of such redemption or repurchase from the sale or issuance by the Issuer or such Subsidiary to third party purchasers (other than group entities of the Issuer) of securities which are assigned by S&P, at the time of sale or issuance, an "equity credit" (or such similar nomenclature used by S&P from time to time) that is equal to or greater than the equity credit assigned to the New Notes to be redeemed or repurchased at the time of their issuance (but taking into account any changes in hybrid capital methodology or another relevant methodology or the interpretation thereof since the issuance of the New Notes).

Terms used but not defined in the preceding sentence shall have the meaning set out in the Terms and Conditions.

84 GENERAL INFORMATION ON THE ISSUER AND THE GROUP

General Information about EnBW Energie Baden-Württemberg AG

EnBW Energie Baden-Württemberg AG (hereinafter also referred to as "EnBW AG" and together with its consolidated subsidiaries "EnBW" or the "EnBW Group") was formed on 1 January 1997 from the merger of Energie-Versorgung Schwaben AG and Badenwerk AG, two integrated groups based in Baden-Württemberg. The predecessor of Badenwerk AG was Badische Elektrizitätsversorgungs AG, founded in 1921. Energie-Versorgung Schwaben was founded in 1939 as a public utility for the state of Württemberg. In 1973, private shareholders were brought into Badenwerk AG by way of a capital increase and the company was admitted to the stock exchange. The listing on the stock exchange was maintained following the merger of Badenwerk AG and Energie-Versorgung Schwaben AG. EnBW AG is listed on the regulated market, both on the Frankfurt stock exchange (General Standard) and on the Stuttgart stock exchange.

EnBW AG has its registered office at Durlacher Allee 93, 76131 Karlsruhe, Germany (tel. +49 (0)721 6300). It is entered in the commercial register of Mannheim local court under the number HRB 107956.

EnBW AG is registered under the name "EnBW Energie Baden-Württemberg AG". It also trades under the commercial name "EnBW".

Business overview – main activities and most important markets

The EnBW Group is one of the major German energy groups with international operations, and one of four entities in Germany operating the electricity transmission grid. EnBW's vertically integrated activities are managed by a holding company and are subdivided into four business segments: electricity generation and trading, electricity grid and sales, gas as well as energy and environmental services. The two business segments relating to electricity cover generation / trading and transmission and distribution / sales along the entire value added chain. EnBW's principal markets are Germany, especially Baden-Württemberg, German-speaking countries as well as central, eastern and south-eastern Europe.

Organisational Structure

As a holding company, EnBW AG exercises the management function in the EnBW Group. It is responsible for the strategic management and control of the group at all key stages of the value added creation chain in the various business segments. This holding company likewise also brings together the functions of group-wide finance and liquidity management, human resource management, external communications and group development. The operational business of the EnBW Group is bundled and concentrated in direct subsidiaries, whereby the EnBW AG controls and supports their business activities through a strategic planning and control process. The management board of EnBW AG is responsible for the group-wide strategies as well as the management and control of the entire EnBW Group.

In light of the efficiency programme "FOKUS" EnBW anticipates great potential for improvement from reducing the complexity of the group. The central management of essential functions is to be strengthened and efficiency boosted by reducing the number of interfaces throughout the group. This could lead to further restructuring within in the organization.

85 The EnBW Group at a glance (as of 31 December 2011)

86 The EnBW Group's segments

Business Segments – Electricity

Business Segments – Electricity Generation / Trading The majority of EnBW's power stations are operated by EnBW Kraftwerke AG. In addition EnBW Kernkraft GmbH is responsible for operating the group's nuclear power plants and decommissioning Obrigheim nuclear power plant. Most of the tasks relating to the expansion of generation capacities on the basis of renewable energies have been entrusted to EnBW Erneuerbare Energien GmbH. The generation capacities are composed of nuclear power plants, coal, oil, gas and pumped storage power stations as well as facilities designed to generate electricity from renewable energies. These include run-of-the-river power stations, storage power stations using the natural flow of water, photovoltaic plants, wind turbines and biomass plants. EnBW's generation portfolio, which also includes partly owned power stations and long-term procurement agreements, totalled 13,402 MW as of 31 December 2011 (prior year: 14,774 MW). This makes the EnBW Group one of the major electricity generators in Germany.

While EnBW’s generation portfolio already one of the most CO2-efficient German generation fleets with average CO2 emissions of 346g CO2/kWh as of 31 December 2011, EnBW is aiming at maintaining its position as an energy group with low CO2 generation portfolio by investing in renewable energies and further optimising its existing generation fleet. In this respect, EnBW intends to increase the share of renewable energies mainly with on- and offshore wind and hydro- electric generation projects. EnBW plans to build a combined gas and steam power station at the Lausward location in cooperation with Stadtwerke Düsseldorf.

The cumulative power capacity will enable EnBW to manage the integrated electricity value chain. In addition, EnBW intends to focus on decentralized renewable energies and partnerships in the future, especially with municipalities and municipal utilities, on a par with large-scale projects and the introduction of platform solutions to obtain economy of scales.

EnBW Trading GmbH represents an interface between generation, wholesale markets and sales. This entity is tasked with trading physical and financial products on the wholesale markets for electricity, primary energy sources (gas, coal, oil) and CO2 allowances. This means that it is responsible for fuel procurement and logistics, emission allowance management as well as power station deployment planning and management of EnBW's generation portfolio. For the sales function, it ensures that energy needs are covered. This entity also assumes the risk management function for market-related risks, in particular, price and quantity risks relating to procurement and sales. In addition to supporting the operating business, EnBW Trading GmbH also trades on its own account, subject to strict regulations and limits.

Business Segments – Electricity Grid / Sales EnBW is one of four transmission system operators in Germany. TransnetBW GmbH ("TNG"; former EnBW Transportnetze AG) is tasked with offering all market participants transparent and non-discriminatory terms for grid access and use. As part of grid management, it monitors and controls the grid, checks grid safety, balances capacity fluctuations and performs the work necessary to eliminate any disruptions. TNG's extra-high-voltage grid (380 kV and 220 kV) serves to transmit electricity over longer distances. Numerous points of connection are used to integrate the extra-high-voltage grid in the national and international network system and to connect it to large-scale power stations.

EnBW Regional AG ("REG") is the largest distribution network operator in Baden-Württemberg where it distributes electricity through its own distribution grids. In this function, it is also responsible for granting other companies transparent and non-discriminatory access to EnBW's grids and for

87 reliable distribution of electricity. It also provides grid-related services to municipalities and municipal utilities in Baden-Württemberg. Within the distribution grid, 110 kV power lines are used to supply municipal utilities and industrial plants, while 30, 20 and 10 kV lines in the regional distribution grid are available to medium-sized customers. Domestic households, agricultural and commercial customers are supplied through the 0.4 kV network.

TNG and REG are both headquartered in Stuttgart. EnBW's transmission and distribution grids have a total length of around 153,000 kilometres. The power lines (aerial transmission lines and cables) are generally erected on third-party properties, the use of which is safeguarded either on the basis of easements and/or (particularly in the case of distribution networks on municipal property) on the basis of franchise agreements. The companies operating the grids are system operators in accordance with the unbundling provisions of the German Energy Industry Act (Gesetz über die Elektrizitäts- und Gasversorgung, EnWG).In addition to REG, there are other important distribution system operators within the EnBW Group such as Netzgesellschaft Ostwürttemberg GmbH and Stadtwerke Düsseldorf Netz GmbH. In 2011, the EnBW Group achieved electricity sales totalling 155,7 billion compared to 146.9 billion kWh in 2010. Electricity sales are covered by the EnBW Group's generation portfolio with approximately 13,402 MW of installed electrical capacity as of 31 December 2011. Each of the group's brands has a clearly specified role and its own brand image. EnBW Vertrieb GmbH supplies and serves private customers in addition to industrial customers in Germany. It is based in Stuttgart and sells energy products and services and is furthermore responsible for energy supplies, logistics, metering, invoicing and customer care activities. Watt Deutschland GmbH specialises in sales to the customer groups of small and medium enterprises and chains throughout Germany under the Watt brand. This company's portfolio of services extends to energy and system services. Under the Yello Strom brand, Yello Strom GmbH is responsible for national sales of electricity and other products (such as Yello Sparzähler online, an intelligent metering product) to retail and business customers. The new entity NaturEnergie+ Deutschland GmbH targets ecologically minded customers with products available throughout Germany. EnBW also has electricity sales operations through its shareholding in Stadtwerke Düsseldorf AG. In the south Baden region and Switzerland, the group's electricity sales operations are performed by Energiedienst Holding AG units.

Driven by the massive structural changes in the German energy sector, new innovative products and solutions are required. Under the strategic coordination of EnBW AG Holding, these are developed within EnBW Vertrieb GmbH in close cooperation with EnBW R&D and cover the following areas: E-mobility, energy efficiency services, decentralised production (power and heat) and SMART home.

Business Segment – Gas In this segment, EnBW operates in the midstream and downstream stages of the value added chain. The midstream business includes import agreements, infrastructure, gas storage and trading and portfolio management. The downstream business covers gas transmission, distribution and sales. The core companies in the EnBW Group operating in gas business are the following:

Having its own import agreements and equity investments in the necessary infrastructure, EnBW Gas Midstream GmbH ("GMG") safeguards the EnBW Group's access to gas in the medium to long term. Back in 2007, EnBW secured long-term rights to use salt caverns. Commercial operations at the gas storage facilities in Etzel began in February 2012. In order to exploit synergies, EnBW and Electricité de France (“EDF”), which also controls storage caverns in the Etzel region, have formed a 50:50 joint venture. The joint venture is tasked with the construction and commercial operation of the above-ground facility. In the course of 2012 it is planned to merge GMG with ETG.

88 GasVersorgung Süddeutschland GmbH ("GVS") was reorganised as of 1 July 2011. The shareholders of GVS are EnBW and the Italian energy group Eni. Two separate companies operate under the umbrella of the parent company EnBW Eni Verwaltungsesellschaft mbH: the natural gas trading and sales entity GasVersorgung Süddeutschland GmbH (GVS) and the grid operator GVS Netz GmbH. The gas sales arm of the company supplies natural gas to municipal utilities, regional gas suppliers, industrial customers and power stations both in Germany and abroad.

The core responsibilities of Terranets bw GmbH (former GVS Netz GmbH) are the safe, efficient and non-discriminating transmission of natural gas as well as the provision of technology and telecommunication services.

Effective as of 1 July 2011, the integrated sales approach continued as planned through the transfer of the sales units of EnBW Gas GmbH to EnBW Vertrieb GmbH. The range of gas services is mainly aimed at retail customers in Baden-Württemberg and industrial customers throughout Germany. Furthermore, EnBW Gas GmbH operates its own storage facilities. The wholly owned subsidiary of EnBW Gas GmbH, EnBW Gasnetz GmbH, assumes the network operator function for the gas distribution networks and LNG storage operations. Effective as of 1 January 2012, EnBW Gasnetz GmbH was merged into REG.

The gas supply territories of the EnBW Group in Baden-Württemberg include the Stuttgart region, the Black Forest, the Swabian Alb, Lake Constance, north Baden and east Württemberg, among others. Gas sales operations in the Düsseldorf region are performed through the shareholding in Stadtwerke Düsseldorf. The EnBW Group's grids have a total length of around 16,000 km.

Business Segment – Energy Services and Environmental Services The energy and environmental services segment focuses on the disposal of waste in thermal waste treatment plants and the related materials flow management (waste to energy), water supply as well as energy-related and other services.

EnBW's contracting services in the field of energy and media supply cover all stages of the value added chain: from the initial needs analysis via planning, financing and implementation right through to the operation, servicing and maintenance of the plants at the customer.

According to its own statistics, EnBW has total thermal disposal capacities of its own of around 1,3 million t per annum at the residual waste CHP station in Stuttgart-Münster and the waste incineration plant of Stadtwerke Düsseldorf. Zurich’s Josefstrasse domestic waste CHP, which has been operated by Fernwärme Zürich AG (in which EnBW Kraftwerke AG has a 40% shareholding) since 2011, also generates district heating with waste from Baden-Württemberg. Supplementing this, there are contracts in place with the operators of other waste incineration plants mainly for the disposal of domestic waste. On the other side, there are long-term agreements with districts and towns in Baden-Württemberg and North Rhine-Westphalia for thermal waste disposal. In Baden- Württemberg, EnBW covers the entire range of water supply services from water procurement through treatment and storage to distribution.

Management and Supervisory Bodies

Board of Management The members of the Board of Management are:

Title, name and function within the company as well as (1) membership in other statutory supervisory boards or (2) comparable domestic and foreign control bodies of business organisations:

89 Hans-Peter Villis (Member and chairman of the Board of Management/Chief Executive Officer)

(1) (2)

EVN AG Pražská energetika a.s. EWE Aktiengesellschaft GasVersorgung Süddeutschland GmbH (chairman)

Terranets bw GmbH (former GVS Netz GmbH) (chairman) Stadtwerke Düsseldorf AG (chairman)

On 6 December 2011 Hans-Peter Villis notified the chairman of EnBW's Supervisory Board, Dr. Claus Dieter Hoffmann, that he will not be looking to be reappointed as the company’s CEO after his service agreement expires at the end of September 2012. Notwithstanding this announcement, there is mutual agreement that Mr. Villis will continue to perform his tasks as CEO. The Supervisory Board is currently working on the appointment of a new CEO.

Dr. Bernhard Beck LL.M. (Member of the Board of Management, Chief Personnel Officer)

(1) (2)

EnBW Kernkraft GmbH (chairman) BKK VerbundPlus, Körperschaft des EnBW Kraftwerke AG (chairman) öffentlichen Rechts EnBW Systeme Infrastruktur Support GmbH EnBW Akademie Gesellschaft für Personal- (chairman) und Managemententwicklung mbH (chairman) EnBW Technische Dienste und kaufmännische EnBW Operations GmbH Leistungen GmbH (chairman) Energiedienst Holding AG Teweratio GmbH (chairman) Energiedienst AG SOMENTEC Software AG (chairman) Stadtwerke Düsseldorf AG

Thomas Kusterer (Member of the Board of Management, Chief Financial Officer)

(1) (2)

EnBW Kernkraft GmbH - EnBW Kraftwerke AG EnBW Regional AG

90 Dr. Dirk Mausbeck (Member of the Board of Management, Director of Sales and Networks )

(1) (2)

EnBW Regional AG (chairman) EnBW Operations GmbH (chairman) EnBW Vertrieb GmbH (chairman) European Energy Exchange AG GasVersorgung Süddeutschland GmbH Terranets bw GmbH (former GVS Netz GmbH) Stadtwerke Düsseldorf AG

Dr. Hans-Josef Zimmer (Member of the Board of Management, Chief Technical Officer)

(1) (2)

EWE Aktiengesellschaft Gesellschaft für Nuklear-Service mbH TransnetBW GmbH (former EnBW Voralberger Illwerke AG Transportnetze AG) (chairman)

EnBW AG is not aware of any conflicts of interest on the part of the aforementioned members of the Board of Management between their duties to EnBW AG and their private interests or other commitments.

The members of the Board of Management can be contacted at EnBW AG's business address: Durlacher Allee 93, 76131 Karlsruhe.

Supervisory Board The members of the Supervisory Board are:

Title and name as well as (1) membership in other statutory supervisory boards or (2) comparable domestic and foreign control bodies of business organisations:

Dr. Claus Dieter Hoffmann (chairman)

(1) (2)

ING-DiBa AG C. A. Leuze GmbH + Co. KG De Boer Holding NV EJOT Holding GmbH & Co. KG

Dietrich Herd* (deputy chairman)

(1) (2)

EnBW Kernkraft GmbH - EnBW Kraftwerke AG

91 Guenther Cramer

(1) (2)

SMA Solar Technology AG (chairman) -

Dirk Gaerte

(1) (2)

GVV-Privatversicherung AG Erdgas Südwest GmbH (chairman) Hohenzollerische Landesbahn AG Flugplatz Mengen-Hohentengen GmbH SV Sparkassen Versicherung AG (chairman) Wirtschaftsförderungs- und Hohenzollerische Landesbank Kreissparkasse Standortmarketinggesellschaft Landkreis Sigmaringen, Anstalt des öffentlichen Rechts Sigmaringen mbH (chairman) (chairman) Kliniken Landkreis Sigmaringen GmbH (chairman) Technologie- und Innovationszentrum Pfullendorf GmbH(TIP) Sparkassenverband Baden-Württemberg, Körperschaft des öffentlichen Rechts Verkehrsverbund Neckar-Alb-Donau GmbH (naldo) Zweckverband Oberschwäbische Elektrizitätswerke Zweckverband Thermische Abfallverwertung Donautal Zweckverband Tierkörperbeseitigung Warthausen Zweckverband Protec Orsingen

Reiner Koch*

(1) (2)

Stadtwerke Düsseldorf AG EnBW Operations GmbH

Silke Krebs

(1) (2)

- MFG Medien- und Filmgesellschaft Baden- Württemberg mbH SWR Media Services GmbH Südwestrundfunk, Anstalt des öffentlichen Rechts

92 Marianne Kugler-Wendt*

(1) (2)

Bausparkasse Schwäbisch-Hall AG Heilbronner Versorgungs GmbH EnBW Kernkraft GmbH Regionale Gesundheitsholding Heilbronn- EnBW Kraftwerke AG Franken GmbH SLK-Kliniken Heilbronn GmbH Stadtwerke Heilbronn GmbH

Wolfgang Lang*

(1) (2)

EnBW Systeme Infrastruktur Support GmbH EnBW Akademie Gesellschaft für Personal- und Managemententwicklung mbH

Dr. Hubert Lienhard

(1) (2)

Heraeus Holding GmbH Voith Hydro Holding GmbH & Co. KG (chairman) SGL Carbon SE Voith Industrial Services Holding GmbH & Co. KG (chairman) Voith Paper Holding GmbH & Co. KG (chairman)

Arnold Messner

(1) (2)

EnBW Regional AG EnBW Akademie Gesellschaft für Personal- und Managemententwicklung mbH

Bodo Moray*

(1) (2)

EnBW Kraftwerke AG - EnBW Regional AG

Bernd Munding*

(1) (2)

- EnBW Operations GmbH

93 Gunda Röstel

(1) (2)

Universitätsklinikum Carl Gustav Carus Dresden Hochschulrat der Technischen Universität an der Technischen Universität Dresden, Anstalt Dresden, Körperschaft des öffentlichen Rechts des öffentlichen Rechts (chairman) Sächsische Aufbaubank, Anstalt des öffentlichen Rechts Stadtwerke Burg GmbH

Dr. Nils Schmid MdL

(1) (2)

Landesbank Baden-Württemberg, Anstalt des Baden-Württemberg International – öffentlichen Rechts Gesellschaft für internationale wirtschaftliche und wissenschaftliche Zusammenarbeit mbH (chairman) Baden-Württemberg Stiftung gGmbH e-mobil BW GmbH (chairman) Landeskreditbank Baden-Württemberg – Förderbank des öffentlichen Rechts (chairman) Kreditanstalt für Wiederaufbau (KfW), Anstalt des öffentlichen Rechts

Zentrum für Europäische Wirtschaftsforschung GmbH

Klaus Schörnich*

(1) (2)

Awista GmbH - Stadtwerke Düsseldorf AG Stadtwerke Düsseldorf Netz GmbH

94 Heinz Seiffert

(1) (2)

Krankenhaus GmbH Alb-Donau-Kreis (chairman) ADK GmbH für Gesundheit und Soziales (chairman) Donau-Iller-Nahverkehrsverbund-GmbH Fernwärme Ulm GmbH Kreisbaugesellschaft mbH Alb-Donau (chairman) Pflegeheim GmbH Alb-Donau-Kreis (chairman) Sparkasse Ulm, Anstalt des öffentlichen Rechts (chairman) Zweckverband Oberschwäbische Elektrizitätswerke Zweckverband Thermische Abfallverwertung Donautal (chairman)

Gerhard Stratthaus MdL

(1) (2)

Badische Staatsbrauerei Rothaus AG (chairman) Zentrum für Europäische Wirtschaftsforschung GmbH (chairman)

Dietmar Weber*

(1) (2)

- EnBW Operations GmbH

Kurt Widmaier

(1) (2)

Oberschwabenklinik GmbH (chairman) Kreissparkasse Ravensburg (chairman) LBS Landesbausparkasse Baden- Württemberg REAG Ravensburger Entsorgungsanlagengesellschaft mbH (chairman) WIR – Gesellschaft für Wirtschafts- und Innovationsförderung Landkreis Ravensburg mbH (chairman) Zentrum für Psychiatrie Weissenau, Anstalt des öffentlichen Rechts Zweckverband Oberschwäbische Elektrizitätswerke (chairman) Zweckverband Tierkörperbeseitigung Warthausen

95 Dr. Bernd-Michael Zinow*

(1) (2)

EnBW Kernkraft GmbH - TransnetBW GmbH (former EnBW Transportnetze AG)

* Employee representative

EnBW AG is not aware of any conflicts of interest on the part of the aforementioned members of the Supervisory Board between their duties to EnBW AG and their private interests or other commitments.

The members of the Supervisory Board can be contacted at EnBW AG's business address: Durlacher Allee 93, 76131 Karlsruhe, Germany.

Management and Supervisory Bodies

Compliance Declaration in connection with the German Corporate Governance Code In accordance with the provisions of German stock corporation law, the Board of Management is the management body and the Supervisory Board is the controlling body of EnBW AG. The members of both boards can be contacted at EnBW AG's business address: Durlacher Allee 93, 76131 Karlsruhe, Germany.

The Supervisory Board has formed six committees. In addition to the mediation committee pursuant to Sec. 27 (3) of the German Co-determination Act (Mitbestimmungsgesetz), there is a personnel committee, a finance and investment committee, an audit committee, a nomination committee and an ad hoc committee (since 7 June 2010).

The Supervisory Board has delegated issues of accounting, risk management and compliance to the audit committee. The audit committee is responsible for monitoring the accounting process, the effectiveness of the internal control system, the internal risk management system and the internal audit system, and for monitoring the statutory audit, including but not limited to the auditor's independence and additional services rendered by the independent auditor. Instead of the Supervisory Board itself, the audit committee decides on the issuing of an audit engagement to the auditor, the determination of audit priorities and on the amount of the audit fee. The committee also prepares the Supervisory Board meeting dealing with the annual and consolidated financial statements. In this regard, however, the committee has no authority to make decisions. The chair of the audit committee is independent and possesses special knowledge and experience regarding accounting principles and internal control procedures.

The members of the audit committee are:

1) Gunda Röstel (chairman) 2) Marianne Kugler-Wendt 3) Wolfgang Lang 4) Dr. Nils Schmid MdL 5) Klaus Schörnich 6) Heinz Seiffert 7) Dietmar Weber 8) Kurt Widmaier

96 Following its obligatory review, the Supervisory Board issued the declaration of compliance with the German Corporate Governance Code in accordance with Sec. 161 German Stock Corporation Act (Aktiengesetz – "AktG") at its meeting on 8 December 2011. The Board of Management had previously issued an identically worded declaration at its meeting on 29 November 2011.

"The Board of Management and the Supervisory Board of EnBW Energie Baden-Württemberg AG declare as follows in accordance with Sec. 161 AktG:

No. 5.4.1 (2) and (3) of the code:

The Supervisory Board shall specify concrete objectives regarding its composition which, whilst considering the specifics of the enterprise, take into account the international activities of the enterprise, potential conflicts of interest, an age limit to be specified for the members of the Supervisory Board and diversity. These concrete objectives shall, in particular, stipulate an appropriate degree of female representation.

On 6 December 2010, E.D.F INTERNATIONAL SA (EDF) concluded an agreement with an entity wholly owned by the federal state of Baden-Württemberg on the purchase of the shares in EnBW Energie Baden-Württemberg AG previously held by EDF of around 45 per cent. of the capital stock. The bidding entity of which the federal state of Baden-Württemberg is the sole shareholder made a voluntary public takeover offer to the remaining shareholders of EnBW Baden-Württemberg AG.

97 Shareholders

Shareholder composition To the knowledge of EnBW AG, EnBW AG had the following shareholders as of 31 December 2011.

OEW Energie-Beteiligungs GmbH 46.55 per cent.

NECKARPRI Beteiligungsgesellschaft mbH* 46.55 per cent.

Badische Energieaktionärs-Vereinigung ("BEV") 2.45 per cent.

Gemeindeelektrizitätsverband Schwarzwald-Donau ("G.S.D.") 0.95 per cent.

Landeselektrizitätsverband Württemberg ("LEVW") 0.11 per cent.

Neckarelektrizitäts-Verband ("NEV") 0.69 per cent.

EnBW Energie Baden-Württemberg AG 2.30 per cent.

Free float 0.40 per cent.

* 100 per cent. subsidiary of NECKARPRI GmbH which is a 100 per cent. subsidiary of the federal state of Baden- Württemberg On 6 December 2010, the federal state of Baden-Württemberg announced that it intended to acquire the 45.01% shareholding in EnBW AG held by Electricité de France S.A. ("EDF"). On 17 February 2011, NECKARPRI GmbH, an entity wholly owned by the federal state of Baden- Württemberg, assumed the shareholding in EnBW AG held by EDF and, together with the federal state , entered into the pre-existing shareholder agreement with Zweckverband Oberschwäbische Elektrizitätswerke ("OEW") and its wholly owned subsidiary OEW Energie-Beteiligungs GmbH ("OEW GmbH"). On 7 January 2011, NECKARPRI GmbH made a voluntary public takeover offer to all EnBW AG shareholders for a price of EUR 41.50 per EnBW share. The last bid deadline expired on 6 April 2011. The takeover offer was accepted in respect of 7,704,472 EnBW shares (equivalent to 3.08% of the share capital of EnBW AG). On 5 April 2011, NECKARPRI GmbH formed the wholly owned subsidiary NECKARPRI Beteiligungsgesellschaft mbH, to which it transferred both the entire equity interest in EnBW AG which it held as of this date and shortly afterwards the EnBW shares purchased under the takeover offer. NECKARPRI-Beteiligungsgesellschaft mbH entered into the shareholder agreement with OEW. In accordance with an agreement disclosed in the tender documents for the aforementioned voluntary takeover offer, NECKARPRI-Beteiligungsgesellschaft mbH transferred to OEW GmbH half of the shares transferred as part of the takeover process. This transaction performed on 11 April 2011 at the offer price was not part of the tender procedure and was aimed at restoring the parity of the shareholdings of the two major shareholders.

Financial information about Net Assets, Financial Position and Results of Operations of EnBW AG

Historical Financial Information The consolidated financial statements of EnBW AG for the fiscal years ended on 31 December 2010 and 31 December 2011 were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, and the additional requirements of German commercial law pursuant to Sec. 315a (1) German Commercial Code (Handelsgesetzbuch) and were audited in accordance with Sec. 317 HGB and German generally accepted standards for the audit of financial statements as well as the International Standards on Auditing (ISA).

The consolidated financial statements of EnBW AG and the group management reports, which were combined with the management reports of the company, for the fiscal years ended on 31 December

98 2010 and 31 December 2011 were audited by KPMG AG Wirtschaftsprüfungsgesellschaft, Mannheim, who issued an unqualified audit opinion thereon.

Investments/Divestments Investments in the EnBW Group amounted to EUR 1,319.0million in the fiscal year ended 31 December 2011. This corresponds to a reduction of around 43 per cent. compared to the prior-year period (EUR 2,327.9million). The higher prior-year level was due to the increase in the shareholding in the Czech energy supplier PRE and the purchase of a share in Gesellschaft für die Beteiligung an dem Kraftwerk Rostock mbH. At 44 per cent., the majority of capital expenditures was attributable to replacement and renewal measures, in particular for power stations and grid infrastructure. 37 per cent. and 19 per cent. of total investment were used for growth projects and expansion projects, respectively. Capital expenditures on renewable energies came to around 16 per cent. of total investment, relating primarily to the commissioning of EnBW’s first offshore wind farm, EnBW Baltic 1, and the preparatory work for the construction of the second offshore wind farm, EnBW Baltic.

As in the prior year, the majority of capital expenditure was made in the electricity generation and trading segment. However, this was down 45.5 per cent. on the prior year at EUR 508.3 million. The group placed its investment focus on ongoing projects such as the construction of RDK 8 hard coal power station in Karlsruhe, the extension of the hydro-electric power station in Iffezheim, realisation of the offshore wind farms in the Baltic Sea and the hydro-electric power station in Rheinfelden already put into technical operation at the end of 2010.

At EUR 379.1 million, capital expenditure in the electricity grid and sales segment was at the level of the prior year (2010: EUR 383.3 million). The funds mainly flowed into projects promoting the ongoing modernisation and expansion of the grids, in particular to enable the connection of facilities for the generation of renewable energies and to render them suitable for linking up to the grid. In the gas segment, capital expenditure increased by 28.8 per cent. from EUR 92.7 million to EUR 119.4 million, primarily due to progress in the construction of the gas storage facility in Etzel.

Capital expenditure in the energy and environmental services segment amounted to EUR 164.8 million, thereby decreasing by 23.5 per cent. from the prior-year level of EUR 215.4million. A large share was invested in the construction of a substitute fuel power plant in Eisenhüttenstadt during the fiscal year.

EnBW’s acquisitions fell by 79.0 per cent. in 2011 from EUR 703.1million in the prior year to EUR 147.4 million. This primarily related to a subsequent purchase price payment relating to the acquisition of a shareholding in EWE Aktiengesellschaft.

Divestitures amounted to EUR 413.3 million in fiscal year 2011, compared to EUR 971.8 million in the prior year. A significant portion of this total relates to classic divestitures associated with the reduction in shareholding in Energiedienst Holding AG in Switzerland by around 15 per cent in December 2011. The higher divestiture total in the prior year is chiefly attributable to the sale of GESO and its subsidiaries.

Net investments in the reporting period therefore totalled EUR 905.7 million in comparison to EUR 1,356.1 million in the fiscal year 2010 Several impairment losses materialized in the fiscal year ended 31 December 2011. This was due to the permanent closure of two nuclear power plants and impairment losses recognised on the gas grids.

In addition, EnBW reported impairment losses on the investments in EWE Aktiengesellschaft (EWE) and EVN AG. At EWE the losses were caused by the increased capitalisation rate and changed conditions in the energy industry resulting from the rise in uncertainties on the capital market. Further, the group’s carrying amount of the investment in EVN AG was adjusted to market price.

99 In addition, there were other non-operating expenses relating to the accounting for EWE using the equity method.

Major changes in industry conditions have forced EnBW to review and adjust its investment planning for the coming years. For the period from 2012 to 2014, EnBW has budgeted gross investments of EUR 4.1 billion. This planning does not yet take into account the cash inflow that would result from an equity increase. For this reason, activities to shape the new energy concept that have not yet been adopted are not included in this investment volume. In order to safeguard the financial headroom for investments an increase in divestitures is also included. The sale of non- strategic equity investments is planned to generate EUR 1.5 billion for the period from 2012 to 2014. A portion of these divestitures was already realised through the sale of shares in Energie Holding AG at the end of 2011, thereby reducing the volume of classic divestitures for the forecast period to EUR 1.3 billion. In December 2011 EnBW contractually agreed the sale of its equity investments in Poland to EDF; closing took place in February 2012.

EnBW is implementing the necessary measures to increase efficiency under the umbrella of the “FOKUS” project. This project has been in place since autumn 2010 and was initially designed to achieve a sustainable volume of improvements totaling EUR 300 million p.a. In light of the more restrictive operating environment, the EBIT-compatible target volume was raised to EUR 750 million p.a. in September 2011. The measures are scheduled to be fully developed by the end of 2014 and thereafter to take full effect in the long term.

100 with it as defined by Sec. 15 German Stock Corporations Act (AktG) participating in the intended capital increase, likewise for up to EUR 400 million.

Except for the developments described in this Prospectus, there has been no material adverse change in the prospects and no significant change in the financial position or trading position of EnBW Group since 31 December 2011.

Auditor KPMG AG Wirtschaftsprüfungsgesellschaft, Mannheim, has been EnBW AG's auditor since fiscal year 2010. The address of the Mannheim office is Schlossgartenstraße 1, 68161 Mannheim. KPMG is a member of the German Chamber of Public Accountants (Wirtschaftsprüferkammer), Rauchstrasse 26, 10787 Berlin.

101 Selected Financial Information

Balance sheet of the EnBW Group as of

EUR million 12/31/2011 12/31/2010

Assets

Non-current assets1 25,338.1 26,704.7

Current assets 10,272.7 9,063.6

Assets held for sale 209.9 11.8

10,482.6 9,075.4

35,820.7 35,780.1

Equity and liabilities

Equity1 6,133.4 7,602.5

Non-current liabilities1 20,747.1 20,765.5

Current liabilities 8,939.6 7,412.1

Liabilities directly associated with the assets classified as held for sale 0.6 0.0

8,940.2 7,412.1

35,820.7 35,780.1

1 Prior-year figures restated.

102 Income statement of the EnBW Group

EUR million 2011 2010

Revenue 18,789.7 17,509.0

EBITDA1 1,808.7 3,315.0

Earnings before interest and taxes (EBIT)1 670.9 2,124.8

Earnings before tax (EBT)1 -782.2 1,511.3

Group net loss/profit1 -815.9 1,151.7

Shares outstanding (millions), weighted average 244.257 244.257

Earnings per share from group net loss/profit (EUR)1,2 -3.55 4.74

1 Prior-year figures restated. 2 Basic and diluted; in relation to the profit shares attributable to the equity holders of EnBW AG.

Statement of comprehensive income of the EnBW Group

EUR million 2011 2010

Group net loss/profit1 -815.9 1,151.7

Other comprehensive income -474.3 362.8

Total comprehensive income1 -1,290.2 1,514.5

1 Prior-year figures restated.

103 Cash flow statement of the EnBW Group

EUR million 2011 2010

Funds from operations (FFO) before taxes and financing1 2,185.1 2,832.0

Cash flow from operating activities 1,740.1 2,560.9

Cash flow from investing activities -670.4 -1,272.6

Cash flow from financing activities -170.9 -1,001.2

Net change in cash and cash equivalents 898.8 287.1

Change in cash and cash equivalents 898.3 299.4

Cash and cash equivalents at the end of the period 2,776.6 1,878.3

1 Prior-year figures restated.

EUR million 2011 2010

Total interest paid in the period -418.5 -405.6

104

Consolidated key figures of the EnBW Group

EUR million Variance 2011 2010 %

Revenue

Electricity generation and trading 5,449.0 4,817.0 13.1

Electricity grid and sales 10,742.6 10,192.7 5.4

Gas 1,817.7 1,788.1 1.7

Energy and environmental services 780.4 711.2 9.7

External revenue, total 18,789.7 17,509.0 7.3

EBITDA1 1,808.7 3,315.0 -45.4

EBIT1 670.9 2,124.8 -68.4

Group net loss/profit1,2 -867.3 1,157.2 -

Earnings per share from group net loss/profit1,2 (EUR) -3.55 4.74 -

Cash flow from operating activities 1,740.1 2,560.9 -32.1

Capital expenditure 1,319.0 2,327.9 -43.3

Energy sales of the EnBW Group billions of kWh 2011 2010 Variance %

Electricity 155.7 146.9 6.0

Gas 57.4 53.6 7.1

Employees of the EnBW Group3 as of

Number 2011 2010 Variance %

Employees 20,959 20,450 2.5

1 Prior-year figures restated. 2 In relation to the loss/profit shares attributable to the equity holders of EnBW AG. 3 Number of employees without apprentices without inactive employees.

105 Litigation

Except in the circumstances described below, EnBW is not aware of any current or pending governmental, legal or arbitration proceedings nor have there been such proceedings in the last twelve months prior to the publication of this Prospectus which may have, or have had most recently significant effects on the financial position or the profitability of EnBW AG or the EnBW Group.

Civil law litigation Following entry of the squeeze-out resolution in the commercial register responsible for Salamander AG (now: EnBW Immobilienbeteiligungen GmbH), a number of former shareholders have filed shareholder suits with Stuttgart regional court seeking a review of the reasonableness of the cash consideration. The first suit was filed in February 2003. If the court were to set a higher cash consideration, it would be to the benefit of the former free float of Salamander AG (approximately 4.5 per cent. of the shares in Salamander AG). The valuer appointed by the court issued his report in July 2007. The period until mid-November was allowed for supplementary questions. The valuer's review has so far not revealed any need to adjust the relative values. However, the valuer has pointed out that the pending Apcoa Parking AG ("Apcoa") shareholder suit (for which he was likewise appointed by the court as valuer) may have an influence on these proceedings. The valuer will make a supplementary statement on this once his activities relating to the APCOA case have come to a conclusion. The hearing in the Salamander shareholder suit on 24 September 2008 did not reveal any new findings.

Following entry in the commercial register responsible for APCOA on 24 October 2002 of the profit and loss transfer agreement between Salamander AG (now: EnBW Immobilienbeteiligungen GmbH) and APCOA, this agreement went into effect retroactively as of 1 January 2001. This agreement obliges Salamander AG to purchase APCOA shares from minority shareholders in return for a cash consideration. A number of former shareholders have filed a shareholder suit with Stuttgart regional court seeking a review of the reasonableness of the cash consideration. If the court were to set a higher cash consideration, it would be to the benefit of the former free float of APCOA (approximately 1.8 per cent. of the shares in APCOA). The court-appointed valuer presented its valuation report on 24 January 2011. EnBW Immobilienbeteiligungen GmbH provided its response to this report in a document dated 29 April 2011. A date for the oral hearing has not yet been set.

Following entry of the squeeze-out resolution in the commercial register responsible for Energiedienst AG, a number of former shareholders filed a shareholder suit with Mannheim regional court seeking a review of the reasonableness of the cash consideration. The first suit was filed in early 2003. If the court were to set a higher cash consideration, it would be to the benefit of the remaining free float of Energiedienst AG (approximately 2.61 per cent. of the shares in Energiedienst AG).

On 22 April 2004, the valuer was appointed by the court, and in 2006 he received a comprehensive set of documents and information. In 2009, 2010 and 2011, the valuer requested additional documents and information in a new list of inquiries. In particular, he requested detailed explanatory notes on the valuation report prepared by Bank Sarasin in 2002, which had formed the basis of the agreed cash settlement. The valuer has stated that he will complete his report in the course of 2012.

On 25 August 2008, EnBW filed an action against the EU Commission with the European Court of First Instance. EnBW had previously applied to the Commission for permission to inspect the Commission's files on the anti-trust proceedings against manufacturers of gas-insulated switching equipment on the basis of the Regulation Regarding Public Access to Commission Documents, and

106 this petition had been rejected by the Commission. With the action, EnBW is seeking to have the Commission's negative notice repealed. EnBW needs access to the files to be able to prove the amount of the loss incurred by EnBW as a purchaser of such equipment due to the cartel agreements. The Kingdom of Sweden intervened in these proceedings in support of EnBW. ABB Ltd. and Siemens AG both intervened in the proceedings in support of the EU Commission. In its ruling of 26 April 2010, the European Court of First Instance adjourned the proceedings until the determination of the case T 399/07, Basell Polyolefinde v. Commission. After these proceedings had been decided by means of an order removing them from the register of proceedings, they were then reinstated. The oral hearing took place in Luxembourg on 29 November 2011. The decision is expected in the coming weeks or months.

At the beginning of May 2004, Thermoselect S.A. filed an action against TAE Thermische Abfallentsorgung Ansbach GmbH (a wholly owned subsidiary of EnBW AG) ("TAE") in connection with the Ansbach project. Thermoselect S.A. is demanding residual compensation and compensation for cost overruns amounting to EUR 44.2 million. TAE has filed a counterclaim, claiming, among other things, for repayment of compensation in the amount of EUR 12.5 million as well as the return of a guarantee to the value of EUR 31.5 million. TAE's counterclaim is based on a rescission which was declared in 2004 due to a failure to adhere to agreed completion dates. In its judgement of 13 April 2007, Ansbach regional court rejected Thermoselect S.A.'s action and granted TAE's cross-action in full. In a judgement of 9 July 2009, Nürmberg higher regional court confirmed the regional court's ruling apart from a few of TAE's subsidiary claims concerning issues such as interest and contractual penalties. The opposing party has filed an appeal against the denial of leave to appeal with the Federal Court of Justice.

Since 2004, Thermoselect S.A. has been demanding compensation from EnBW AG for alleged detriment to its business prospects on the basis of decommissioning of the Thermoselect Plant at Karlsruhe and statements made by the executive board during two financial press conferences. At first instance, Thermoselect S.A. claimed for EUR 209.9 million. Karlsruhe regional court rejected the action in 2006. The opposing party filed its appeal on 3 August 2006 and increased the claim to EUR 580.9 million. Karlsruhe higher regional court rejected the opposing party's appeal in its judgement of 27 November 2007. The lawsuit is currently pending before the Federal Court of Justice (appeal by Thermoselect S.A. against the denial of leave to appeal).

On 29 October 2004, EnBW AG filed action against Thermoselect S.A. seeking conversion of the contract for work and services relating to the Thermoselect facility in Karlsruhe. The basis of the claim is the failure to comply with agreed features. EnBW AG is demanding repayment of compensation in the amount of EUR 109.2 million and the dismantling of the facility. Proceedings were initially stayed, because it was not clear whether jurisdiction lay with the ordinary courts or with an arbitration tribunal. In April 2009, the Federal Court ordered that arbitration proceedings be conducted. The arbitration proceedings have since been completed. The arbitral tribunal reached its decision in January 2011, granting EnBW's claim in its entirety. In April 2011 the opposing party filed an application with Stuttgart higher regional court for the reversal of the arbitral award. EnBW concluded a contract with Mr Günther Kiss in respect of the purchase of shares in Thermoselect AG. In 2005 EnBW AG withdrew from this contract, and filed a claim with Zürich district court for the repayment of EUR 25.5 million. Mr Kiss filed a counterclaim. He sought a court investigation into the share price, and in the alternative, payment in the amount of EUR 131.6 million. Zürich district court rejected both the claim and the counterclaim in a decision of April 2009. Zürich higher court approved of the district court's legal decision and referred the case back to the district court. EnBW has filed an appeal with the Swiss federal court.

Another two sets of proceedings initiated by Energiedienst Netze GmbH ("EDN") against decisions by the Federal Network Agency are pending with Düsseldorf higher regional court. The lawsuits

107 relate to determining price indices for the conversion of historical acquisition or production costs and determining the revenue caps for the 2009 to 2013 regulation period. The value in dispute has yet to be determined. There is a stay on both sets of proceedings. It is, however, anticipated that EDN will withdraw both sets of proceedings, because in autumn 2011 it accepted an offer made by the Federal Network Agency for an out-of-court settlement. This agreement is likely to be definitively confirmed in early 2012 by means of a public law contract.

On 30 December 2012 Lichtblick AG ("Lichtblick AG") commenced proceedings against EDN, seeking the repayment of allegedly unreasonable network user charges in the calendar year 2007, and seeking damages. The proceedings, instituted before Mannheim regional court, are part of a wave of litigation initiated by Lichtblick AG against numerous network operators in Germany. EDN filed its defence punctually in March 2011 and referred, inter alia, to the fact that the network user charges which were calculated in 2007 were approved by the authorities, and that the repayments claimed by Lichtblick AG would not be compatible with the current jurisprudence of the Federal Civil Court (BGH). The decision of Mannheim regional court was handed down on 29 July 2011. Lichtblick AG's claim against EDN was rejected. Lichtblick lodged an appeal with Karlsruhe higher regional court on 8 September 2011.

On 6 March 2009, the regulatory authority for the Swiss energy sector – the Swiss Federal Electricity Commission ("Elcom") – decreed, with reference to the Swiss electricity supply ordinance, that EDH would have to share the costs incurred by the Swiss transmission system operator swissgrid AG in connection with Laufenburg cross-border hydro-electric power station. This would mean that EDH would incur additional costs of CHF 2.5 million p.a. or more. EDH filed a complaint against this decree with the Swiss federal administrative court on 22 April 2009. The grounds for this are that Laufenburg cross-border power station does not even make use of swissgrid AG's system-related services. On the contrary, all electrical energy generated in Laufenburg is fed into EnBW's balancing zone. The Federal Administrative Court followed the line of argument of EDH, and allowed its complaint in a decision dated 29 November 2011. This decision is not yet in force, however.

Energiedienst AG is involved in about 3,700 cases relating to the collection of receivables totalling approximately EUR 5.6 million. Of this amount, EUR 4.4 million relates to claims concerning principal receivables, EUR 0.92 million relates to the late payment of interest and EUR 0.31 million relates to court fees and compulsory execution costs, etc. Court proceedings are pending in about 60 cases. The average value of the claims is approximately EUR 1,000.

On 20 January 2009, EnBW Gasnetz ("GNG") appealed in due time against the decision by the Federal Network Agency defining the revenue caps pursuant to the German Energy Industry Act (EnWG) and the Incentive Regulation Ordinance (ARegV) dated 16 December 2008, served on 22 December 2008. GNG's grounds for appeal were submitted to Düsseldorf higher regional court on 30 September 2009. The oral hearing took place on 16 February 2011. In an order dated 6 April 2011, Düsseldorf higher regional court referred to the "EOG" decisions which are due to be handed down by the Federal Court of Justice, re-opened the oral hearing proceedings, and declared that another date for oral hearing would be set once the decisions of the Federal Court of Justice are available. No such date has, however, been set, because in the meantime the Federal Network Agency has made a settlement offer to GNG and to the other network operators that had filed complaints in the same matter. The settlement offer seeks to implement the decisions of the Federal Court of Justice, which have since been handed down and which generally favour the network operators.

Since August 2010, EnKK has been engaged in arbitration proceedings (under the rules of the Arbitration Institute of the Stockholm Chamber of Commerce) against Eurepa Suisse SA, on the basis of defaults on arrears amounting to approximately EUR 60.6 million plus interest. The claim

108 relates to a contract concluded in 2008 for a Uranium hexafluoride delivery in 2010 (EUR 24.5 million) and a contract concluded in 2007 for fuel security until 2017 (approximately EUR 35.5 million). The arbitration hearing took place from 5 December 2011 to 8 December 2011. The decision is expected by 30 April 2012.

Since October 2010 EnKK is engaged in arbitration proceedings in Zug, Switzerland against Eurep Suisse SA under the rules of the International Chamber of Commerce in Paris (ICC). The reason for the proceedings is unpaid claims amounting to EUR 12 million plus interest, arising from a contract dating from 2005 which relates to the provision of financial resources for the development of the "Easy Toll" project (Accounting and monitoring system for radioactive waste and fissile material "AMS"). The arbitration hearing took place in February 2012. The decision is expected in the first half of 2012

In September 2010 EnKK demanded damages from former board members in the amount of EUR 94 million. Enforcement proceedings were initiated in order to comply with limitation periods. These proceedings have since been transformed to full inter-party litigation. In September 2010 EnBW Kraftwerke AG ("KWG") demanded out-of-court damages from a former KWG board member in the amount of EUR 54 million. Enforcement proceedings were initiated in order to comply with limitation periods. These proceedings have since been transformed to full inter-party litigation.

Since August 2008, KWO GmbH ("KWO") has been engaged in arbitration proceedings (under DIS) in Berlin against Pro Life System SA (PLS), on the basis of defaults on arrears amounting to EUR 46.5 million plus interest. The claim arises from a service contract dated 2 October 2006, in which PLS agreed to coordinate waste disposal in Russia, in the context of the dismantling of Obrigheim nuclear power plant. The arbitration hearing will take place at the end of March 2012.

In September 2010 KWO demanded damages from a former member of the management board of KWO in the amount of EUR 8.5 million. Enforcement proceedings were initiated in order to comply with limitation periods. These proceedings have since been transformed to full inter-party litigation.

On 20 January 2009, Netzgesellschaft Ostwürttemberg GmbH (a wholly owned subsidiary of EnBW Ostwürttemberg DonauRies AG) appealed in due time against the decision by the Federal Network Agency defining the revenue caps pursuant to the German Energy Industry Act (EnWG) and the Incentive Regulation Ordinance (ARegV) dated 19 December 2008, served on 23 December 2008. GNG's grounds for appeal were submitted to Düsseldorf higher regional court on 30 September 2009. There is no formal stay on proceedings, however no defence has yet been filed, and a timetable for proceedings has not yet been established. There has been no change in this regard, despite the fact that leading decisions of the Federal Court of Justice in respect of two other network operators are now available.

At the end of November 2007, REG appealed against the Federal Network Agency determining the price indices pursuant to Sec. 6 (3) Ordinance on Electricity Network User Charges (StromNEV). Other system operators of the group have reacted similarly. The REG proceedings are being treated as a test case. Since then, the Federal Statistics Agency which was appointed by Düsseldorf higher regional court has submitted its report. REG has commented on this valuation report; the Federal Network Agency's response to the report is dated 30 July 2010. REG responded to and commented on the Federal Network Agency's opinion, thereby adhering to the deadline of 10 December 2010. The date for the oral hearing has been set for 29 March 2012.

REG lodged a complaint against the decision of the Federal Network Agency dated 25 February 2009 specifying revenue caps for the electricity network; the other element of that decision had been a rejection of REG's application for recognition of a hardship case in respect of the costs for lost energy. In respect of REG's hardship application, Düsseldorf higher regional court quashed the Agency's decision of 25 February 2009 in a ruling on 24 March 2009. The court further directed that

109 the Federal Network Agency make a new decision on the matter. The vast majority of REG's applications were refused by the court. REG lodged an appeal against the decision of Düsseldorf higher regional court on 22 April 2010 and substantiated it in written pleadings dated 26 July 2010. The Federal Network Agency has lodged an appeal against the remission of its decision, substantiating the appeal on 29 July 2010; REG's reply is dated 2 November 2010. The oral hearing with the Federal Civil Court (BGH) took place on 30 March 2011. In the course of the oral hearing the Court made clear that it considers the position of REG to be correct in respect of certain elements of the complaint. The court set 28 June 2011 as the date to hand down the judgement. In its decision, the competition divison of the Federal Court of Justice decided significant questions concerning incentive regulation in favour of the network operators, and found for REG in respect of most of the elements of the appeal. The Federal Network Agency's appeal on a point of law was rejected, and the Agency was ordered to re-consider REG's hardship application in light of the Court's interpretation of the law. The positive effects of the Court's orders benefit all EnBW network operators that had raised legal challenges against the fixing of revenue caps for the first regulation period. The Federal Network Agency has since made settlement offers to REG and to two further network operators that had lodged complaints. REG has indicated that it intends to accept the settlement offer; however, the Federal Network Agency's formal approval is still pending.

On 16 April 2010 TNG lodged a complaint against the decision of the Federal Network Agency specifying revenue caps for the electricity network. No oral hearing has yet been conducted by Düsseldorf Higher Regional Court. On 5 May 2010 a stay on proceedings was ordered with the consent of both parties, in view of the test case run by REG. There has been no change in this regard, despite the fact that leading decisions of the Federal Court of Justice in respect of two other network operators are now available. TNG has not yet received a settlement offer from the Federal Network Agency, in spite of having made a demand for such an offer.SWD is the subject of five claims by "Lichtblick – die Zukunft der Energie GmbH" ("Lichtblick GmbH") relating to the repayment of unreasonably excessive network charges. In the proceedings of 2002, Düsseldorf higher regional court set the level of reasonable network charges at EUR 0, because SWD had failed in its duty to explain calculation methods. SWD appealed to the Federal Court of Justice against the refusal to grant leave. The Federal Court of Justice granted leave to appeal and allowed the appeal in November 2011. The proceedings have been referred back to Düsseldorf higher regional court so that the scope of reasonable network charges can be ascertained. From 2003 to 2004 and 2005 to 3 December 2006 respectively, two sets of proceedings were conducted. These proceedings are pending before Düsseldorf regional court. SWD has made a comprehensive presentation on the basis of the data entry form of the Federal Network Agency. The oral hearing in this case will be held at the end of October. Proceedings instituted by Lichtblick GmbH in respect of the period from 4 December to 31 December 2006 are pending before Düsseldorf regional court. This period involves charges which have already been approved by the Federal Network Agency. The court set a date at the end of 2011 for the handing down of the decision.

At the end of 2010, Lichtblick GmbH initiated proceedings in respect of the period from 1 January 2007 to 30 June 2007. A date at the end of 2011 has been set for the handing down of the decision.

On 27 August 2010 SWD initiated proceedings against ESR Umweltservice & Flächenrecycling GmbH ("ESR"), claiming payment in the amount of EUR 419,364.50. The legal basis for the claim is a contract between SWD and ESR relating to dismantling works at Lausward power plant. Under the contract, ESR is obliged, inter alia, to pay a fee for recyclable and incidental dismantling materials. This obligation was not fulfilled by ESR. In the meantime, a settlement agreement has been reached with ESR, according to which ESR will pay either EUR 200,000 in 24 instalments or a lump sum of EUR 150,000 by 1 April 2011. Insolvency proceedings have since been initiated in respect of the property of ESR.

110 On 23 November 2007, SWDN filed an appeal with Düsseldorf higher regional court against the Federal Network Agency determining the price indices pursuant to Sec. 6 (3) Ordinance on Electricity/Gas Network User Charges (StromNEV/GasNEV). The proceedings have been suspended in agreement with EnBW Energie Baden-Württemberg, in view of the proceedings which EnBW is actively pursuing.

In January 2009, SWDN filed an appeal against the notice determining the cap on revenue for the gas grid. The Federal Network Agency determined an efficiency level of 94.33 per cent., but did not take account of any individual structural characteristics within the meaning of Sec. 15 German Incentive Regulation Ordinance (Anreizregulierungsverordnung). No date has been set yet for the hearing: a stay has been placed on the proceedings in view of the pending decision of the Federal Court of Justice.

In February 2009, SWDN filed an appeal against the notice determining the cap on revenue for the electricity grid. The Federal Network Agency determined an efficiency level of 98.5 per cent., but did not take account of any individual structural characteristics within the meaning of Sec. 15 German Incentive Regulation Ordinance (Anreizregulierungsverordnung). No date has been set yet for the hearing; the proceedings are on hold pending a decision of the Federal Court of Justice. With regard to the issue of recognition of lost energy costs and the voluntarily negotiated environmental agreement, SWDN has withdrawn its appeal.

Lichtblick GmbH has initiated proceedings against SWDN before Düsseldorf regional court for the repayment of allegedly excessive network charges during the period from 1 July 2007 to 31 December 2007. A date at the end of 2011 has been set for the handing down of the decision.

Entsorgungsgesellschaft Niederrhein mbH ("EGN") has issued proceedings against AWISTA Gesellschaft für Abfallwirtschaft und Stadtreinigung mbH ("AWISTA") for repayment of fees amounting to EUR 2,830,613.36 plus interest for the incineration of waste at the waste incineration plant Düsseldorf. EGN is relying on changed economic conditions and argues that it has a contractual claim to price adjustment. EGN's claim was rejected at first instance. EGN has appealed this decision.

AWISTA has lodged an appeal against a first instance decision of Düsseldorf Labour Court, in which the court rejected approximately 93 per cent. (or EUR 546,000) of the claim which AWISTA had made against Mr Menzen, a former accounts receivable accountant at the company. The claim is for damages that Mr Menzen is alleged to have directly caused in the course of his work at AWISTA. The decision is expected at the start of February 2012.

On 29 June 2010 AWISTA applied to the Federal Office for Goods Transport (Bundesamt für Güterverkehr) for a grant for measures to improve safety and environmental compliance (an application for "de minimis" aid). The intention was to receive the maximum subsidy amount (EUR 33,000), in order to fit vehicles with air conditioning and digital tachographs. The Federal Office for Goods Transport rejected the application on 13 September 2010 on the basis that the majority of AWISTA was made up of legal persons from the public law sphere. AWISTA initiated proceedings against the decision before Cologne Administrative Court on 11 February 2011. The purpose of the proceedings is to have the decision of the Federal Office for Goods Transport overturned and to have the application reconsidered.

EVG is asserting demands against various grid operators for the repayment of excessive network user charges from the years 2004, 2005 and 2006.

Several proceedings are currently underway. Further proceedings with companies of the E.ON group are expected to be initiated, although the only development so far is the completion of waivers in respect of the statute of limitations.

111 Yello Strom GmbH is demanding the repayment of excessive network user charges from several system operators relating to the years 2004 and 2005. In this respect, Yello Strom GmbH assumes that the network user charges were 25 per cent. too high over this period.

Proceedings relating to an amount in dispute in excess of EUR 500,000 relate to: Eon Avacon, Eon Bayern.

Die EnBW Baltic 1 GmbH & Co is claiming damages in the amount of approximately EUR 8.9 million from 50 Hertz Transmission GmbH in proceedings before Berlin higher court. A delay in the network connection of the Offshore Windpark Baltic 2 is the basis of the claim.

There are proceedings initiated by WATT pending before Cologne higher regional court which essentially relate to the limitation of a claim for payment for small-volume purchases. The respondent in the appeal is RheinEnergie AG.

Administrative law litigation and approval procedures Dated 28 August 2008, EnBW Kernkraft GmbH ("EnKK") was granted the First Closure and Dismantling Permit (1. SAG) for the Obrigheim location; use of this permit started on 15 September 2008. As of the current planning stage, further closure and dismantling permits will be necessary to complete the dismantling of Obrigheim nuclear power plant, which is scheduled to be finished by 2020. The Second Closure and Dismantling Permit was granted in October 2011. A citizens' organisation filed an objection to the granting of the Permit within the prescribed time limit. However, the Permit comes into immediate force when granted; therefore, the objection has no effect on the execution of the dismantling measures. In order to facilitate rapid dismantling of the plant, plans are to set up and operate a dry interim storage facility for the irradiated fuel rods from Obrigheim nuclear power plant on site. To this end, an application for the issue of a permit under nuclear power law was filed with the Federal Office for Radiation Protection (Bundesamt für Strahlenschutz), as the competent authority, on 22 April 2005. Once the public discussion had been held (8 to 10 October 2009), the public hearing was closed; the permit is expected to be issued in 2012. The two suspended court proceedings concerning the Obrigheim nuclear power plant – action by a local resident seeking the closure of Obrigheim nuclear power plant and the action by local residents against approval of the external fuel rod storage pool of the nuclear power plant – were brought to a conclusion in January 2009, implementing an out-of-court agreement.

EnKK filed an application on 21 December 2006 for the transfer of 46.9 TWh from unit I of Neckarwestheim nuclear power plant ("GKN I") to unit II ("GKN II") in order to safeguard operation of both plants until 2017. As the Federal Ministry for the Environment procrastinated in its processing of the application, EnKK filed action with Mannheim higher administrative court on 22 March 2007 for failure to act. With the coming into force of the 13th amendment to the Atomic Energy Act (Atomgesetz), and the resultant termination of the authorization to operate GKN I, the basis for this legal dispute has been removed. Admittedly, it can not be ruled out that the Federal Constitutional Court would declare the 13th amendment to the Atomic Energy Act void in the context of E.ON's constitutional challenge to the amendment. In such a case, a transfer of electricity quantities to GKN I may be possible. In submissions dated 31 October 2011 EnKK applied to the higher administrative court for a stay in proceedings until a decision has been reached in respect of E.ON's constitutional challenge. A decision by Mannheim higher administrative court regarding the application for a stay is still pending.

The Federal Government resolved on 29 May 2011 to continue with the nuclear fuel tax, despite the fact that the extension of the lifetimes of nuclear plants was being revised and eight nuclear plants ultimately lost their authorization to operate on the basis of the 13th amendment to the Atomic Energy Act. In the cases of KKP 2 and GKN II, new fuel elements were put into use in the second

112 half of 2011, which are subject to the obligation to pay nuclear fuel tax. EnKK initiated proceedings at the finance court in its capacity as the plant operator and as the entity which is liable to pay tax.

In an order dated 11 January 2012 Freiburg finance court rejected EnKK's application for suspension of enforcement (so-called temporary legal protection) in the GKN II and KKP 2 proceedings. In doing so, the court did not follow the contrary jurisprudence of the finance courts of Hamburg and Munich. On 26 January 2012 EnKK lodged an appeal against the rejection of the application for suspension of enforcement. It is anticipated that the Federal Finance Court in Munich will decide on this appeal in the second quarter of 2012. In order to minimise costs, no appeal was lodged in the GKN II proceedings, since a positive decision by the Federal Finance Court in the other proceedings would mean that a new application for suspension of enforcement could be made in respect of GKN II. The main customs office (Hauptzollamt) in Karlsruhe would be bound by the decision of the court in the KKP 2 proceedings, when making a new decision in respect of GKN II.

The statement of claim in the main GKN II litigation was lodged with Freiburg finance court on 23 January 2012. No defence has yet been submitted. The KKP 2 proceedings were adjourned until a decision has been reached in in the GKN II proceedings. The adjournment was granted on the joint application of the parties for cost-limiting reasons

In the proceedings involving E.ON, RWE and EnBW and concerning applications for suspension of enforcement, the Federal Finance Court is expected to reach decisions in the second quarter of 2012. It cannot be ruled out that Hamburg finance court or Munich finance court will refer the main proceedings to the Federal Constitional Court and possibly also to the European Court of Justice (on the basis of breaches of constitutional law and/or European law) by the time decisions have been reached in the proceedings concerning applications for suspension of enforcement. A decision of either court would take at least two years.

The German Emissions Trading Authority (Deutsche Emissionshandelsstelle) allocated to KWG the emission allowances for the second allocation period, 2008 to 2012, for the power station facilities subject to emissions trading, RDK, Altbach, Münster, Heilbronn, Walheim and Gaisburg, with notices dated 13 and 15 February 2008. In this connection, the allowance had been reduced by a total of around 5.8 million emission allowances in comparison to the quantity applied for by KWG. This reduction is mainly based on the regulations contained in Secs. 19 and 20 German Allocation Act 2012 (Zuteilungsgesetz 2012). These provide for the allocations for all power station operators in Germany to be reduced in order to obtain a supply of 40 million emission allowances per year, which will then be sold or auctioned by the German Emissions Trading Authority to the participants in the emissions trading.

KWG filed a protest against the allocation of emission allowances on 12 March 2008. The protest is based on the fact that the regulations on the reduction in the allocation and the auctioning of emission allowances is unconstitutional. At the same time, KWG submitted a proposal to the German Emissions Trading Authority to pass a decision on the protests within the framework of a test case, as a decision on the constitutionality of the auctioning of emission allowances would equally impact the entire industry. In such a case, one set of proceedings would be heard in court as an example for the industry, and the decision would then apply to all other proceedings.

In a protest notice dated 19 December 2008, the German Emissions Trading Authority rejected KWG's protest relating to the Gaisburg plant and at the same time chose this case for the test case for the entire energy industry. KWG filed action before Berlin administrative court on 16 January 2009. The administrative court rejected the action in a ruling dated 13 April 2010. An appeal to the Federal Administrative court was lodged and grounded within the relevant time limit. The German

113 Emissions Trading Authority has submitted its response to the appeal. As yet, no date has been set for the oral hearing.

Employment-related disputes A total of 34 employees of KWG (Kraftwerke Wahlheim) have initiated litigation before Stuttgart labour court, seeking a declaration that KWG is obliged to pay them pensions under the terms of the labour management agreement concerning the pension schemes of Neckarwerke Stuttgart AG, dated 12 December 1997 and involving employees who commenced employment with Neckarwerke Elektrizitätsversorgungs AG (NW) prior to 1 January 1997. They argue that the provisions to be applied are those which were in force before the pension scheme was amended by means of a labour management agreement on 26 November 2004.

Stuttgart labour court found for the plaintiff employees in a decision dated 6 October 2011, primarily basing its reasoning on the fact that the interference with the pension scheme had not be proportionate.

Appeals have been lodged against the individual decisions.

A total of five employees of EOG initiated proceedings before Karlsruhe labour court concerning the amendment of the pension scheme of Badenwerk AG for employees who commenced employment before 1 January 1981. After Karlsruhe labour court dismissed the employees' claims, the employees appealed; the State Labour Court of Baden-Württemberg then amended the decision and established that the pension scheme had been wrongly amended. Leave was granted for an appeal of this decision, and the decision was duly appealed. No date has been set by the Federal Labour Court for the appeal. The Management Board of EnBW AG has stated, when referring to the "pilot function" of these proceedigns, that the legal principles which are evident from the upcoming decision of the Federal Labour Court will be accepted for all other comparable instances concerning the amendment of company pension schemes.

Additional Information

Subscribed Capital As of 31 December 2011, the subscribed capital of EnBW AG totalled EUR 640,015,872.00, consisting of 250,006,200 no-par-value bearer shares with a proportional amount of share capital of EUR 2.56 per share. The subscribed capital of EnBW AG has been fully paid in. Each share entitles the holder to one vote at EnBW AG's annual general meeting.

Articles of incorporation and bylaws According to Article 2 of the articles of incorporation and bylaws, EnBW AG has the following purpose:

 The purpose of the company is the management of a group of companies that are active, in particular in the economic sector of energy supply, water supply and waste disposal, including generation, winning or procurement, transmission and distribution or transportation, sale and trading and the provision of services in these business areas. The Company may also acquire and manage industrial and other investments in other economic sectors, in particular in the areas of information technology, telecommunications technology, transportation and real estate industry.

114  The company is entitled to conduct all business and to undertake such measures relating to the purpose of the Company or that are suitable to directly or indirectly to serve it. With the approval of the Supervisory Board, it may also conduct activities in the business areas specified in paragraph 1 for limited periods of time.

 The company is entitled to establish branches in Germany and abroad and to found, acquire or invest in other companies. It may group such companies wholly or partly under uniform management. It may also exercise its business activities through subsidiaries, investments and joint ventures or wholly or partly source out these activities associated or assign these activities to associated companies and confine itself to the management and administration of its associated companies.

115 TAXATION

The following is a general description of certain tax considerations relating to the purchasing, holding and disposing of New Notes. It does not purport to be a complete analysis of all tax considerations relating to the New Notes. In particular, this discussion does not consider any specific facts or circumstances that may apply to a particular Holder. The discussions that follow for each jurisdiction are based upon the applicable laws in force and their interpretation on the date of this Prospectus. These tax laws and interpretations are subject to change that may occur after such date, even with retroactive effect.

Prospective purchasers of New Notes should consult their own tax advisers as to the particular tax consequences of subscribing, purchasing, holding and disposing the New Notes, including the application and effect of any federal, state or local taxes, under the tax laws of Germany, the Grand Duchy of Luxembourg ("Luxembourg") and each country of which they are residents or citizens.

Taxation in Germany

The following applies to investors holding the New Notes as private investment assets (except where explicitly stated otherwise) and is not intended to be, nor should it be construed to be, legal or tax advice.

German resident Holders

Interest income If the New Notes are held as private investment assets (Privatvermögen) by an individual investor whose residence or habitual abode is in Germany, payments of interest under the New Notes are taxed as investment income (Einkünfte aus Kapitalvermögen) at a 25 per cent. flat tax (Abgeltungsteuer) (plus a 5.5 per cent. solidarity surcharge thereon and, if applicable to the individual investor, church tax).

The flat tax is generally collected by way of withholding (see succeeding paragraph – Withholding tax) and the tax withheld shall generally satisfy the individual investor's tax liability with respect to the New Notes. If, however, no or not sufficient tax was withheld the investor will have to include the income received with respect to the New Notes in its income tax return and the flat tax will then be collected by way of tax assessment. The investor may also opt for inclusion of investment income in its income tax return if the aggregated amount of tax withheld on investment income during the year exceeded the investor's aggregated flat tax liability on investment income (e.g., because of an available loss carry forward or a foreign tax credit). If the investor's total income tax liability on all taxable income including the investment income determined by generally applicable graduated income tax rates is lower than 25 per cent. the investor may opt to be taxed at graduated rates with respect to its investment income.

Individual investors are entitled to a tax allowance (Sparer-Pauschbetrag) for investment income of 801 Euro per year (1,602 Euro for married couples filing their tax return jointly). The tax allowance is taken into account for purposes of the withholding tax (see succeeding paragraph – Withholding tax) if the investor files a withholding tax exemption request (Freistellungsauftrag) with the respective bank or financial institution where the securities deposit account to which the New Notes are allocated is held. The deduction of related expenses for tax purposes is not possible.

If the New Notes are held as business assets (Betriebsvermögen) by an individual or corporate investor who is tax resident in Germany (i.e., a corporation with its statutory seat or place of management in Germany), interest income from the New Notes is subject to personal income tax at

116 graduated rates or corporate income tax (each plus solidarity surcharge thereon) and trade tax. The trade tax liability depends on the applicable trade tax factor of the relevant municipality where the business is located. In case of individual investors the trade tax may, however, be partially or fully creditable against the investor's personal income tax liability depending on the applicable trade tax factor and the investor's particular circumstances. The interest income will have to be included in the investor's personal or corporate income tax return. Any German withholding tax (including surcharges) is generally fully creditable against the investor's personal or corporate income tax liability or refundable, as the case may be.

Withholding tax If the New Notes are kept or administered in a domestic securities deposit account by a German credit or financial services institution (or by a German branch of a foreign credit or financial services institution), or by a German securities trading firm (Wertpapierhandelsunternehmen) or a German securities trading bank (Wertpapierhandelsbank) (altogether the "Domestic Paying Agent") which pays or credits the interest, a 25 per cent. withholding tax, plus a 5.5 per cent. solidarity surcharge thereon, resulting in a total withholding tax charge of 26.375 per cent, is levied on the interest payments. The withholding will be in excess of the aforementioned rate if church tax is collected for the individual investor.

Capital gains from disposal or redemption of the New Notes Subject to the tax allowance for investment income described under Interest income above capital gains from the sale or redemption of the New Notes held as private assets are taxed at the 25 per cent. flat tax (plus a 5.5 per cent. solidarity surcharge thereon and, if applicable to the individual investor, church tax). The capital gain is generally determined as the difference between the proceeds from the sale or redemption of the New Notes and the acquisition costs.

Expenses directly related to the sale or redemption are taken into account. Otherwise, the deduction of related expenses for tax purposes is not possible.

Capital losses from the New Notes held as private assets are tax-recognised irrespective of the holding period of the New Notes. The losses may, however, not be used to offset other income like employment or business income but may only be offset against investment income subject to certain limitations. Losses not utilised in one year may be carried forward into subsequent years but may not be carried back into preceding years.

The flat tax is generally collected by way of withholding (see succeeding paragraph – Withholding tax) and the tax withheld shall generally satisfy the individual investor's tax liability with respect to the New Notes. With respect to the return filing investors are referred to the description under Interest income above.

If the New Notes are held as business assets (Betriebsvermögen) by an individual or corporate investor that is tax resident in Germany, capital gains from the New Notes are subject to personal income tax at graduated rates or corporate income tax (plus solidarity surcharge thereon) and trade tax. The trade tax liability depends on the applicable trade tax factor of the relevant municipality where the business is located. In case of an individual investor the trade tax may, however, be partially or fully creditable against the investor's personal income tax liability depending on the applicable trade tax factor and the investor's particular circumstances. The capital gains will have to be included in the investor's personal or corporate income tax return. Any German withholding tax (including surcharges) is generally fully creditable against the investor's personal or corporate income tax liability or refundable, as the case may be.

117 Withholding tax If the New Notes are kept or administered by a Domestic Paying Agent from the time of their acquisition, a 25 per cent. withholding tax, plus a 5.5 per cent. solidarity surcharge thereon, is levied on the capital gains, resulting in a total withholding tax charge of 26.375 per cent. If the New Notes were sold or redeemed after being transferred to another securities deposit account, the 25 per cent. withholding tax (plus solidarity surcharge thereon) would be levied on 30 per cent. of the proceeds from the sale or the redemption, as the case may be, unless evidence of the investor's actual acquisition costs is provided to the new Domestic Paying Agent. In case of securities deposit account transfers between Domestic Paying Agents the investor's actual acquisition costs will generally be transmitted. The withholding will be in excess of the aforementioned rate if church tax is collected for the individual investor.

No withholding is generally required on capital gains derived by German resident corporate Holders and upon application by individual Holders holding the New Notes as business assets.

Non-German resident Holders Income derived from the New Notes by holders who are not tax resident in Germany is in general exempt from German income taxation, and no withholding tax shall be withheld, provided however (i) the New Notes are not held as business assets of a German permanent establishment of the investor or by a permanent German representative of the investor, (ii) the income derived from the New Notes does not otherwise constitute German source income or (iii) the New Notes are not presented for payment or credit at the offices of a German credit or financial services institution including a German branch of a foreign credit or financial services institution (over-the-counter transaction).

If the income derived from the New Notes is subject to German taxation according to (i) to (iii) above, the income is subject to withholding tax similar to that described above under the paragraphs Withholding tax. Under certain circumstances, foreign investors may benefit from tax reductions or tax exemptions under applicable double tax treaties (Doppelbesteuerungsabkommen) entered into with Germany.

Inheritance tax / gift tax The transfer of New Notes to another person by way of gift or inheritance is subject to German gift or inheritance tax, respectively, if

(i) the testator, the donor, the heir, the donee or any other acquirer had his residence, habitual abode or, in case of a corporation, association (Personenvereinigung) or estate (Vermögensmasse), had its seat or place of management in Germany at the time of the transfer of property,

(ii) except as provided under (i), the testator's or donor's New Notes belong to a business asset attributable to a permanent establishment or a permanent representative in Germany,

Special regulations apply to certain German expatriates.

Investors are urged to consult with their tax advisor to determine the particular inheritance or gift tax consequences in light of their particular circumstances.

Other taxes

The purchase, sale or other disposal of New Notes does not give rise to capital transfer tax, value added tax, stamp duties or similar taxes or charges in Germany. However, under certain circumstances entrepreneurs may choose liability to value added tax with regard to the sales of

118 New Notes which would otherwise be tax exempt. Net wealth tax (Vermögensteuer) is, at present, not levied in Germany.

European directive on the taxation of savings income

On 3 June 2003 the Economic and Financial Affairs Council of the European Union (ECOFIN Council) adopted directive 2003/48/EC on taxation of savings income in the form of interest payments ("Savings Directive"). Under the Savings Directive and from 1 July 2005, each member state of the European Union (“Member State”) is required to provide the tax authorities of another Member State with details of payments of interest and other similar income paid by a paying agent (within the meaning of the Savings Directive) in one Member State to an individual resident in another Member State. Austria and Luxembourg must instead impose a withholding tax for a transitional period unless during such period they elect to participate in the information exchange. In Germany, provisions for implementing the Savings Directive have been enacted by legislative regulations of the federal government (Zinsinformationsverordnung). These provisions apply as from 1 July 2005.

Taxation in Luxembourg

The comments below are intended as a basic summary of certain tax consequences in relation to the purchase, ownership and disposal of the New Notes under Luxembourg law. Persons who are in any doubt as to their tax position should consult a professional tax adviser.

Withholding tax and Self-applied tax Under Luxembourg tax law currently in effect and with the possible exception of interest paid to certain individual Holders or so-called residual entities (as defined below), there is no Luxembourg withholding tax on payments of interest (including accrued but unpaid interest). There is also no Luxembourg withholding tax, with the possible exception of payments made to certain individual Holders or so-called residual entities (as defined below), upon repayment of principal in case of reimbursement, redemption, repurchase or exchange of the New Notes.

Luxembourg non-resident Under the Luxembourg laws dated 21 June 2005 implementing the Savings Directive and several agreements concluded between Luxembourg and certain dependent or associated territories of the European Union ("EU"), a Luxembourg based paying agent (within the meaning of the Savings Directive) is required since 1 July 2005 to withhold tax on interest and other similar income paid by it to (or under certain circumstances, to the benefit of) an individual resident in another Member State or in certain EU dependent or associated territories, unless the beneficiary of the interest payments elects for the exchange of information or the tax certificate procedure. The same regime applies to payments of interest and other similar income made to certain ''residual entities'' within the meaning of Article 4.2 of the Savings Directive established in a Member State or in certain EU dependent or associated territories (i.e., entities which are not legal persons (the Finnish and Swedish companies listed in Article 4.5 of the Savings Directive are not considered as legal persons for this purpose), whose profits are not taxed under the general arrangements for the business taxation, which are not UCITS recognised in accordance with the Council Directive 85/611/EEC, as replaced by the Council Directive 2009/65/EC, or similar collective investment funds located in Jersey, Guernsey, the Isle of Man, the Turks and Caicos Islands, the Cayman Islands, Montserrat or the British Virgin Islands and which have not opted to be treated as UCITS recognised in accordance with the Council Directive 85/611/EEC, as replaced by the Council Directive 2009/65/EC).

119 The current withholding tax rate is 35 per cent. The withholding tax system will only apply during a transitional period, the ending of which depends on the conclusion of certain agreements relating to information exchange with certain third countries.

Investors should note that the European Commission adopted a new draft Savings Directive, which, among other changes, seeks to extend the application of the Savings Directive to (i) payments channelled through certain intermediate structures (whether or not established in a Member State) for the ultimate benefit of an EU resident individual, and (ii) a wider range of income similar to savings income. Further developments in this respect should be monitored on a continuing basis, since no certainty exists over whether and when the proposed amendments to the Savings Directive will be implemented. Investors who are in any doubt as to their position should consult their professional advisors.

Luxembourg resident In accordance with the law of 23 December 2005 as amended by the law of 17 July 2008 on the introduction of a withholding tax on certain interest payments on savings income (the “Law”), interest payments made by Luxembourg paying agents (defined in the same way as in the Savings Directive) to Luxembourg individual residents or to certain residual entities that secure interest payments on behalf of such individuals (unless such entities have opted either to be treated as UCITS recognised in accordance with the Council Directive 85/611/EEC, as replaced by the Council Directive 2009/65/EC, or for the exchange of information regime) are subject to a 10 per cent. withholding tax.

Pursuant to Law, Luxembourg resident individuals, acting in the course of their private wealth, can opt to self-declare and pay a 10 per cent. tax on interest payments made after 31 December 2007 by paying agents (defined in the same way as in the Savings Directive) located in a Member State other than Luxembourg, a member state of the European Economic Area other than a Member State or in a state or territory which has concluded an international agreement directly related to the Savings Directive.

120 OFFER, SALE AND SUBSCRIPTION OF THE NEW NOTES

Offer of the New Notes

Offer period and determination of Pricing Details The New Notes will be offered to investors by Barclays Bank PLC and Deutsche Bank AG, London Branch (together, the "Joint Lead Managers" or the "Managers") during an offer period which will commence on 16 March 2012 and will be open until 28 March 2012 subject to a shortening or extension agreed by the Issuer and the Managers. Should the Issuer and the Managers determine any shortening or extension of the offer period (e.g. due to changing market conditions), such changes will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).

The New Notes will be offered to institutional investors and retail investors in compliance with applicable public offer restrictions. The New Notes may be offered to the public in each of Luxembourg, Austria, Germany, the Netherlands and the United Kingdom following the effectiveness of the notification of the Prospectus by the CSSF according to Article 18 of the Prospectus Directive.

The Issue Price, the aggregate principal amount of New Notes to be issued, the issue proceeds and the yield of the issue (together, the "Pricing Details") will be determined as described in "Method of determination of the Pricing Details" below on the pricing date which is expected to be on or about 14 March 2012 (the "Pricing Date"). Upon determination, the Pricing Details will be set out in a notice (the "Pricing Notice") which will be filed with the CSSF and published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or after the Pricing Date and prior to the Issue Date.

Conditions and details of the offer There are no conditions to which the offer is subject. In particular, there is no minimum or maximum amount of New Notes required to be purchased. Investors may place offers to purchase New Notes in any amount.

Subscription rights for the New Notes will not be issued. Therefore, there are no procedures in place for the exercise of any right of pre-emption, the negotiability of subscription rights and the treatment of subscription rights not exercised.

Any offer of New Notes to investors will be made through the information system Bloomberg or any other commonly used information systems.

Offers to purchase New Notes by the investors During the offer period (including prior to the Pricing Date) investors may submit offers to purchase New Notes to the Managers using the information system Bloomberg (for purposes of reference: Bloomberg code 'ENBW Corp', together with the designation of the Maturity Date of the New Notes) or any other commonly used information systems or banking institutions which are connected to Clearstream or Euroclear. In the case of an order prior to the determination of the Pricing Details, the investors shall specify at which price they would be prepared to purchase which amount of New Notes. Following determination and notification of the Pricing Details, any order placed by investors with respect to the New Notes will be deemed to have been made at the Issue Price and the rate of interest determined.

121 Method of determination of the Pricing Details The Issue Price, the aggregate principal amount of New Notes to be issued, the interest rate and the yield of the issue will be determined by the Issuer and the Joint Lead Managers on the basis of the price indications and orders received by the Managers from the investors by the time of pricing.

The Issue Price for, and the interest rate of, the New Notes will be fixed on the basis of a yield which is determined by adding a credit spread ("Pricing Credit Spread") to the level of the Midswaps at the time of pricing. The level of the Midswaps will be determined as the average yield of the bid and ask prices of Interest-Swap Transactions ("Midswaps") with a maturity similar to 2 April 2017 shown on the Reuters page ICAPEURO or on any other screen page which is conventionally used to price Eurobond transactions at the time of pricing. The Pricing Credit Spread will be fixed on the basis of the orders received and confirmed by the Joint Lead Managers.

The resulting yield will be used to determine the Issue Price (which is expected to be less than par) and the rate of interest (which is expected to be a percentage figure which can be evenly divided by 1/8 of a full per cent. and which will be correspondingly higher if a higher Issue Price is determined and which will be correspondingly lower if a lower Issue Price is determined), all to correspond to the yield which reflects the level of the Midswaps and the Pricing Credit Spread. In the event that the figures for the relevant Midswaps will not be shown as set out above, the yield, the Issue Price and the rate of interest will be determined in a manner which banks and other institutional market participants apply at that time.

Subscription and allotment of the New Notes

Subscription by the Joint Lead Managers Following the determination of the Pricing Details, the Managers will, pursuant to a subscription agreement to be signed on or about 29 March 2012 (the "Subscription Agreement"), agree to subscribe or procure subscribers for the New Notes. The Joint Lead Managers will be entitled, under certain circumstances, to terminate the agreement reached with the Issuer. In such event, no New Notes will be delivered to investors. Furthermore, the Issuer will agree to indemnify the Managers against certain liabilities in connection with the offer and sale of the New Notes.

The commission payable to the Managers in connection with the offering, placement and subscription of the New Notes will be up to 0.6 per cent. of the aggregate principal amount of the New Notes.

The Managers or their affiliates have provided from time to time, and expect to provide in the future, investment services to the Issuer and its affiliates, for which the Managers or their affiliates have received or will receive customary fees and commissions. In addition, the Managers or their affiliates are involved in financing initiatives relating to the Issuer including the provision of an, as yet, undrawn credit facility.

There are no interests of natural and legal persons other than the Issuer involved in the issue, including conflicting ones that are material to the issue.

Confirmation of offers placed by, and allotments to, investors Any investor who has submitted an order in relation to the New Notes and whose order is accepted by the Managers will receive a confirmation by electronic mail, fax or through commonly used information systems setting out its respective allotment of New Notes. Before an investor receives a confirmation from the Managers that its offer to purchase New Notes has been accepted, the investor may reduce or withdraw its purchase order.

122 Delivery of the New Notes to investors Following the determination of the Pricing Details and confirmation which orders have been accepted and which amounts have been allotted to particular investors, delivery and payment of the New Notes will be made within five Business Days after the date of pricing of the New Notes and the confirmation of the allotment to investors. The New Notes so purchased will be delivered via book-entry through the Clearing Systems (see "General Information – 3. Clearing Systems") and their depository banks against payment of the Issue Price therefor.

Costs and expenses relating to the offer The Issuer will not charge any costs, expenses or taxes directly to any investor in connection with the New Notes. Investors must, however, inform themselves about any costs, expenses or taxes in connection with the New Notes which are generally applicable in their respective country of residence, including any charges their own depository banks charge them for purchasing or holding securities.

Selling Restrictions

General Each Manager has acknowledged that other than explicitly mentioned in this Prospectus no action is taken or will be taken by the Issuer in any jurisdiction that would permit a public offering of the New Notes, or possession or distribution of any offering material relating to them, in any jurisdiction where action for that purpose is required.

Each Manager has represented and agreed that it will comply with all applicable laws and regulations in each jurisdiction in which it purchases, offers, sells or delivers New Notes or has in its possession or distributes any offering material relating to them.

European Economic Area In relation to each Member State of the European Economic Area* which has implemented the Prospectus Directive (each, a "Relevant Member State"), each Manager has represented, warranted and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant Implementation Date") it has not made and will not make an offer of New Notes which are the subject of the offering contemplated by this Prospectus to the public in that Relevant Member State other than the offers contemplated in the Prospectus in Luxembourg, Austria, Germany, the Netherlands and the United Kingdom from the time the Prospectus has been approved by the competent authority in Luxembourg and published and notified to the relevant competent authorities in accordance with the Prospectus Directive as implemented in Luxembourg, Austria, Germany, the Netherlands and the United Kingdom until the Issue Date, and provided that the Issuer has consented in writing to the use of the Prospectus for any such offers, except that it may, with effect from and including the Relevant Implementation Date, make an offer of such New Notes to the public in that Relevant Member State:

(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;

(b) to fewer than 100, or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the Joint Lead Managers; or

* The EU plus Iceland, Norway and Liechtenstein.

123 (c) in any other circumstances falling within Article 3(2) of the Prospectus Directive; provided that no such offer of the New Notes shall require the Issuer or any Joint Lead Manager to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.

For the purposes of this provision, the expression an "offer of New Notes to the public" in relation to any New Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the New Notes to be offered so as to enable an investor to decide to purchase or subscribe the New Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.

United States of America and its Territories The New Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and are subject to U.S. tax law requirements. Subject to certain exceptions, the New Notes may not be offered, sold or delivered within the United States or to U.S. persons. Each Manager has represented and agreed that it has not offered, sold or delivered and will not offer, sell or deliver any New Notes within the United States or to U.S. persons, except as permitted by the Subscription Agreement.

In addition, until 40 days after the commencement of the offering, an offer or sale of New Notes within the United States by any dealer (whether or not participating in the offering) may violate the registration requirements of the Securities Act.

United Kingdom of Great Britain and Northern Ireland Each Manager has represented and agreed that:

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (the "FSMA")) received by it in connection with the issue or sale of the New Notes in circumstances in which section 21(1) of the FSMA does not apply to the Issuer; and

(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the New Notes in, from or otherwise involving the United Kingdom.

Switzerland The New Notes may not be publicly distributed in Switzerland. This document shall not be dispatched, copied to or otherwise made available to, and the New Notes may not be offered for sale to any person in Switzerland, except to Qualified Investors as defined in article 10 of the Swiss Act on Collective Investment Schemes, i.e. to a) prudentially regulated financial intermediaries such as banks, securities dealers and fund management companies, b) regulated insurance institutions, c) public entities and retirement benefits institutions with professional treasury department, d) companies with professional treasury department, e) High-Net-Worth Individuals (as defined below) and f) investors who have concluded a written discretionary management agreement with a financial intermediary as defined under lit. a) or with an independent asset manager that complies with the requirements pursuant to Art. 6 para 2 of the Collective Investment Schemes Ordinance ("CISO").

124 "High-Net-Worth Individual" is a private individual who confirms in writing at the time of the investment to own a minimum of CHF 2 million of financial investments, whether directly or indirectly.

This document is neither a prospectus according to Art 652a or Art 1156 of the Swiss Code of Obligations nor a simplified prospectus according to Art 5 of the Swiss Act on Collective Investment Schemes ("CISA").

The New Notes do not constitute an investment in a collective investment scheme and are not subject to the CISA nor to the supervision of the Swiss Financial Market Supervisory Authority FINMA.

125 GENERAL INFORMATION

1. Authorisations: The creation and issue of the New Notes has been authorised by a resolution of the Management Board (Vorstand) of the Issuer on 18 January 2011 and of the Supervisory Board (Aufsichtsrat) of the Issuer on 23 February 2011.

2. Use of Proceeds/Expenses of the Issue: The net proceeds of the issuance of the New Notes, amounting to EUR [●], will be used for general corporate purposes of the Group. The total expenses of the issue of the New Notes are expected to amount to EUR 2 million.

3. Clearing Systems: Payments and transfers of the New Notes will be settled through Euroclear Bank SA/NV, 1 Boulevard du Roi Albert II, B-1210 Brussels, Belgium and Clearstream Banking, société anonyme, 42 Avenue JF Kennedy, L-1855 Luxembourg.

The New Notes have the following securities codes:

ISIN: initially XS0758304165, then XS0674277933 once the New Notes have been consolidated with the Original Notes Common Code: initially 075830416, then 067427793 once the New Notes have been consolidated with the Original Notes German Securities Code (WKN): initially A1ML3C, then A1MBBB once the New Notes have been consolidated with the Original Notes

4. Listing and Admission to Trading: Application has been made to the Luxembourg Stock Exchange for the New Notes to be listed on the Official List and to be admitted to trading on the Luxembourg Stock Exchange's regulated market. Application has also been made to the Frankfurt Stock Exchange for the New Notes to be listed on the Frankfurt Stock Exchange and to be traded on the regulated market of the Frankfurt Stock Exchange.

The Original Notes are already admitted to trading on the regulated markets of the Luxembourg Stock Exchange and the Frankfurt Stock Exchange.

5. Notices to Holders: For so long as the New Notes are listed on the Luxembourg Stock Exchange, all notices to the Holders regarding the New Notes shall be published in a leading daily newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort) and/or on the website of the Luxembourg Stock Exchange (www.bourse.lu).

6. Documents on Display: For so long as any Note is outstanding, copies of the following documents may be inspected in physical form during normal business hours at the registered office of the Issuer:

(a) the articles of association (Satzung) of the Issuer;

(b) this Prospectus; and

The Prospectus will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).

7. Yield to the First Call Date: For the subscribers, the yield to maturity of the New Notes until the First Call Date is [●] per cent. per annum, calculated on the basis of the Issue Price. Such yield is calculated in accordance with the ICMA (International Capital Markets Association) Method, which determines the effective interest rate of New notes by taking into account accrued interest on a daily basis.

126 8. Expected rating of the New Notes: The expected rating of the New Notes is "Baa2" from Moody's1 and "BBB-" from S&P2.

Rating of the Issuer: Moody's has assigned a rating of "A3 with negative outlook" 3 to the senior unsecured debt of the Issuer, while the rating assigned by S&P is "A- with stable outlook"4.

9. Credit ratings included or referred to in this Prospectus have been issued by Moody's Investors Services Limited and Standard & Poor's Credit Market Services Europe Limited, each of which is established in the European Union and is registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies as amended by Regulation (EU) No. 513/2011 and is included in the list of registered credit rating agencies published on the website of the European Securities and Markets Authority at http://www.esma.europa.eu/page/Listregistered-and-CRAs.

1 Moody's defines "Baa2" as follows: "Obligations rated Baa are subject to moderate credit risk. They are considered medium- grade and as such may possess certain speculative characteristics. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category." 2 S&P defines "BBB-" as follows: "An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories." 3 Moody's defines "A3 with negative outlook" as follows: "Obligations rated A are considered upper-medium grade and are subject to low credit risk. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category." 4 S&P defines "A- with stable outlook" as follows: "An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong. The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories."

127 DOCUMENTS INCORPORATED BY REFERENCE

The pages specified below of the following documents which have previously been published or are published simultaneously with this Prospectus and which have been filed with the CSSF are incorporated by reference into this Prospectus: (i) the Annual Report of the Issuer for the fiscal year ended 31 December 2011 and (ii) the Annual Report of the Issuer for the fiscal year ended 31 December 2010.

(1) Extracted from: EnBW Energie Baden-Württemberg AG – Group Annual Report 2011

 Management Report ...... pages 37 to 106  Income statement ...... page 116  Statement of comprehensive income ...... page 117  Balance sheet...... page 118  Cash flow statement ...... page 119  Statement of changes in equity ...... page 120  Notes to the financial statements ...... pages 121 to 204  Audit Opinion ...... page 205

(2) Extracted from: EnBW Energie Baden-Württemberg AG – Group Annual Report 2010

 Management Report ...... pages 35 to 109  Income statement ...... page 123  Statement of comprehensive income ...... page 124  Balance sheet...... page 125  Cash flow statement ...... pages 126 to 127  Statement of changes in equity ...... pages 128 to 129  Notes to the financial statements ...... pages 130 to 225  Audit Opinion*...... page 226 Any information not listed under (1) to (2) but included in the documents incorporated by reference is given for information purposes only.

Copies of documents incorporated by reference in this Prospectus may be obtained (without charge) from the registered office of the Issuer and the website of the Luxembourg Stock Exchange (www.bourse.lu).

 The audit opinion refers to the respective consolidated financial statements and the combined management report of the Group and the Issuer as a whole and not solely to the respective consolidated financial statements incorporated by reference.

128 Issuer

EnBW Energie Baden-Württemberg AG Durlacher Allee 93 76131 Karlsruhe Federal Republic of Germany

Principal Paying Agent

Deutsche Bank Aktiengesellschaft Große Gallusstrasse 10-14 60272 Frankfurt am Main Federal Republic of Germany

Joint Bookrunners/Joint Lead Managers

Barclays Bank PLC Deutsche Bank AG, London Branch 5 The North Colonnade Winchester House Canary Wharf 1 Great Winchester Street London E14 4BB London EC2N 2DB United Kingdom United Kingdom

Auditors

KPMG AG Wirtschaftsprüfungsgesellschaft Schlossgartenstraße 1 68161 Mannheim Federal Republic of Germany

Legal Advisers

To the Issuer To the Managers

Freshfields Bruckhaus Deringer LLP Linklaters LLP Bockenheimer Anlage 44 Mainzer Landstrasse 16 60322 Frankfurt am Main 60325 Frankfurt am Main Federal Republic of Germany Federal Republic of Germany

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