Hydrogen from Renewables Is Becoming Increasingly Important For

Uniper strategy highlights Andreas Schierenbeck, CEO Uniper Fortum Capital Market Day, December 3, 2020 Uniper at a glance

Our business  Power Generation 100 years €863mn ~34 GW 1  Commodity Trading Experience Adj. EBIT1 Generation capacity  Energy Storage  Energy Sales ~200 TWh ~2000 TWh ~400TWh Energy Sales Trading LTC  Energy Services

Gas power Coal power Regasification Gas storage plants plants bookings

Trading Hydro plants

Nuclear Energy sales to small and large Gas infrastructure Engineering plants customers Services

1As of December 31, 2019 2 Uniper’s evolutionary steps

Tightening the ship Setting the sails New Strategy 2015 - 2017 2018 - 2019 2020 TSR +200%

CO2 reduction CO >36% 2

 Cash optimized  Operations improved  Carbon-neutral in Europe by 2035  Portfolio streamlined  Growth in security of supply initiated  World’s 8th most valuable brand  Rating secured  Legacy projects put on home stretch (utilities) according to BrandFinance  Transparency increased  Track record of delivery established  Classified best employer amongst German utilities  Best employee feedback ever  TRIF ~ 50% lower than 2016

3 Driving decarbonization actively

European Generation Global Commodities Russian Power

22.2 2 CO mt With our measures 0 2019 2025 2030 2035

Carbon neutral by 2035 Actively reduce carbon emissions

4 Sustainability ambitions further increased

European Generation Global Commodities Russian Power

Carbon neutral by March 20 Actively reduce carbon emissions 2035 at the latest

>50% emission Scope 3 targets to be Focus on RES reduction* by 2030 developed in 2021 capacity scheme

Today Implementation of TCFD framework

Commitment to become carbon neutral by 2050

*compared to 2019, including Scope 2 5 Strategy: Clear transition agenda

Coal Gas generation & Carbon-free generation gas midstream generation

EBIT EBIT EBIT 2019 2019 2019

Decarbonize Expand & decarbonize Expand

• Exit path for hard coal and lignite fleet • Expand Customer Solutions business • Expand carbon-free position by either with aim to offer new business and with industrial customers TSOs direct exposure to the renewable value chain employment prospects or act as enabler of renewable projects • Materialize merchant upside of existing • Improve carbon footprint of remaining fleet high efficient gas-fired power generation • Key focus on sustainable portfolio transformation • Materialize commercial value with • Decarbonisation of gas flows as long- brownfield site conversions term goal with upside for existing generation and gas midstream

Active de-risking Leverage current portfolio Explore new options

6 Strategy: Clear transition agenda

Coal Gas generation & Carbon-free generation gas midstream generation

EBIT EBIT EBIT 2019 2019 2019

Decarbonize Expand & decarbonize Expand

Active de-risking Leverage current portfolio Explore new options

7 European Generation CO2-neutral by 2035

CO2 emissions of European Generation (net) 50 in mt 45 44

40 Exit of >5 GW of fossil capacity in Benelux, GER and France 35 -50%

25 22 Main driver: Coal-exit Coal generation 20 -50% 15 11 10

5 CO2-neutral 0 2016 2019 2030 2035 Uniper start

8 Uniper coal exit plans per country

National coal exit plans Uniper‘s coal fleet in Europe – Exit path

MW 8000 Heyden* ► 875 MW UK: 2025 Schkopau ► 900 MW 6000 Scholven ► 760 MW Netherlands: 2029 Wilhelmshaven ► 757 MW Coal generation 4000 Staudinger 5 ► 510 MW Germany: 2038 Ratcliffe ► 2,000 MW

2000 Maasvlakte 3 ► 1,070 MW

Datteln 4 ► 1,050 MW 0 2020E 2025E 2030E 2035E 2040E

*end of commercial operations; technical end of operations subject to TSO decision 9 Transforming liabilities into opportunities

Ratcliffe (2GW) Maasvlakte (1.1GW) Protect and maximize land value – Secure existing customers, generate Site conversion to pursue options wider regional ICS opportunities, secure future of development context site and increase flexibility gas-fired plants

Scholven (0.8GW) Wilhelmshaven/Huntorf (0.8GW) Maximize land value and aim for Attract new customers to sites and additional industrial customers consider in light of new technologies Site conversion to supplied from CHP, develop (hydrogen), also in context of disentanglement program incl. newproposed LNG terminal project Coal generation industrial hubs demolition nearby

Staudinger (0.5GW) Heyden (0.9GW) New solutions e.g. Expand heat business and develop Maximize land value and consider site for new services, e.g. data Hydrogen and potential grid services beyond coal center hub. Renewables

10 Strategy: Clear transition agenda

Coal Gas generation & Carbon-free generation gas midstream generation

EBIT EBIT EBIT 2019 2019 2019

Decarbonize Expand & decarbonize Expand

Active de-risking Leverage current portfolio Explore new options

11 Uniper’s gas business at a glance

Gas generation Gas midstream Gas infrastructure investments & ~9 GW gas storage Sales business Gas fleet, 55 bcm/a ~200 TWh contracts (up to10%*) with TSOs

Industrial Customer Power-2-gas Solutions, Power-2-X Nord CHP 16 bcm/a BBL Stream II 4.2 MW of operating (20%) electrolysis OPAL 36.5 bcm/a Cavern Storage (20%) GER/UK 4.3 bcm Porous Rock Storage GER/AT 3.4 bcm Gas Gas generation& gas midstream storage Gas LTCs Transitgas 18 bcm/a (3%) ~8 bcm ~400 TWh

Regasification LNG supply 4.7 bcm p.a. ~35 TWh p.a. Excluding Russia

*financial commitment 12 Security of supply, customer centricity & decarbonization of our own fleet

Solutions for TSO customers Solutions for industrial Decarbonization customers (Making Net Zero Possible)

• Killingholme & Grain: four 6-year • Scholven: Converting from coal to contracts to deliver innovative grid gas, providing other energies (e.g. stability services heat and pressure) to customers in the region • Irsching 6: Building new gas power plant Gas generation& gas midstream

13 Decarbonization requires sector coupling

Energy sector has lowered emissions by 35%

163.3

209.7 European 159.9 153.0 Electrification 165.6 167.9 Green Deal: 153.9 162.3 166.5 283.8 148.5 and hydrogen 130.0 123.4 116.6 125.1 Net-zero greenhouse 191.6 188.5 188.2 needed gas emissions 197.7 194.9 176.2 by 2050 466.4 397.4 369.4 343.4 322.5 305.1 300.7 Gas generation& gas midstream

1990 2005 2010 2016 2017* 2018* 2020

Mio t CO2 e Energy sector Industry

Buildings Transportation

*Source: Calculations of the Öko-Institut, Fraunhofer and IREES. 14 *Data for 2017 and 2018 from current inventory data (UBA 2020). Hydrogen imports will be needed

H2 German green German Hydrogen hydrogen production demand planned to be at is projected at around 14 TWh 90-100 TWh Gas generation& gas midstream

Gap 2030 ≥ 76 TWh

15 Technology openness is key

Renewables Power-to-Gas Green Hydrogen H2 Sector Coupling Direct Use

Elektrolyse Blended into natural gas Industry Wind H2O Biogas Power H2

O2 Sun 100% CO2 SNG Methanation Natural gas grid: Mobility Storage/transportation

Gas Splitting / Reformation + CC(U)S

Gas Splitting Turquoise hydrogen (H2) Heat Direct Use CH4 Blended into Power natural gas Gas generation& gas midstream

Natural gas C H2 Reformation + CC(U)S Blue Hydrogen (H2) Direct Use

CO2 CH4 H2O Electricity

H2O (water), H2 (hydrogen), CO2 (carbon dioxide), SNG (Synthetic Natural Gas), CH4 (methane), C (solid carbon), CC(U)S (Carbon Capture (Utilisation) and Storage) 16 Uniper‘s infrastructure and trading skills ideal to meet (import) demand for the switch to hydrogen

Gas fleet, Sales business contracts with • Global Origination team well ~200 TWh TSOs positioned to commercialize hydrogen Industrial activities Customer Solutions, Power-2-gas CHP Power-2-X • can deal with an 4.2 MW of operating Infrastructure electrolysis increasing amount of hydrogen today • Already substantial experience in operating hydrogen facilities in MW Gas storage Gas LTCs Gas generation& gas midstream class ~8 bcm ~400 TWh • Current projects envisage multi-MW electrolyser and blue hydrogen Regasification LNG supply assets and storing hydrogen in 4.7 bcm p.a. ~35 TWh p.a. underground cavern storage

17 Our hydrogen project pipeline

H2 chemical industry H2 Humber H2 H2 Power-to-Gas Hamburg Wilhelmshaven

H2 H2 Connah‘s Quay H2 for mobility H2

Epe Power-to-Gas Falkenhagen Humber Store&Go methanation H2 North Wales Hamburg

Wilhelmshaven Bad Lauchstädt H2 Rotterdam Ilse of Grain Falkenhagen Epe Saxony-Anhalt Scholven Gas generation& gas midstream Scholven

H2 Grain

Bierwang H2 H2 Maasvlakte Bierwang

Existing plant H2 Green hydrogen H2 Blue hydrogen Cavern storage Planned project Porous rock storage Power plant Power-to-Gas-to-Fuels 18 First-of-a-kind large scale commercial size project – largest hydrogen electrolysis unit installed in the Chemical sector1

Renewable CO & Circular Biogas 2 energy streams

Waste HH water Electrolysis 22 Methanol treatment 25 MWel Perstorp OO2 Syngas plant 2 Perstorp

H2 Supply: 3500 tonnes/annum

Gas generation& gas midstream 2 “One Team Approach” GHG reduction : 500 ktCO2/annum

Production of renewable methanol using renewable hydrogen, biogas, CO2 and residue streams. First large-scale plant in the world that uses recycled wastewater to produce hydrogen.

1It is probably the world‘s largest plant. We are investigating it. 2GHG reduction for entire project, including CCU and residue streams 19 Strategy: Clear transition agenda

Coal Gas generation & Carbon-free generation gas midstream generation

EBIT EBIT EBIT 2019 2019 2019

Decarbonize Expand & decarbonize Expand

Active de-risking Leverage current portfolio Explore new options

20 Grow CO2-free power generation

Maintain & optimize Enter & expand Continue to expand Nordic hydro and physical Kickstart a large-scale sun and Subsidy-free market in trading optimization. wind power generation portfolio, Europe offers growth Cooperation with Fortum capturing the potential on owned opportunities in PPAs creates value and benefits for sites. Cooperating with Fortum both companies, O&M brings additional expertise and savings: “One Team Approach” resources benefiting both companies: “One Team Approach” freegeneration

Contractual Carbon - Assets 1.4 GW Greener focus

≥1-3 GW 5 TWh p.a. 3.6 GW in the midterm by 2023

21 Uniper is developing a renewables portfolio

Space Permitting Grid connection On and around existing assets Embedded in local communities Grid headroom on powerplants Green hydrogen + Trading freegeneration Carbon -

3 GW

1 GW

short-term medium-term <2025 >2025 22 Deutsche Bahn and Uniper assessing decarbonization options in addition to today’s CO2-free hydro power supply

From coal… …to renewables… …and more Opencast lignite Re-naturalisation Enabler of sector coupling mine closed in 1988 and re-purposing

• Testing potential for hydrogen • Assessing the installation of a reconversion in several existing 20-40 MW floating photovoltaic locations freegeneration system Carbon - • Exchange on strategic orientation in the field of e-mobility.

23 Empowering Energy Evolution: Wilhelmshaven potential

From coal… …to Gas… …to Hydrogen Shutdown of coal Security of supply Enabler of sector coupling site by 2022

• LNG/H2 terminal planned • Technology partnerships for H2 – • Nearby gas storage in Etzel like the Salzgitter/Rhenus cooperation for the direct reduction of iron ore. • Arrange H2 infrastructure to supply the Wilhelmshaven/Huntorf region in Gas connection cooperation with regional partners (e.g. EWE). • Already existing gas network • Enable long term H2 import nearby opportunities via deep seaport • Existing hydrogen pipeline to connection. Scholven