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RWE Investor Presentation As of August 2019 Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information

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RWE Investor Presentation

As of August 2019

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RWE AG | Investor Presentation | August 2019

Disclaimer

This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promise for the materialisation of future results and developments and involve known and unknown risks and

  • uncertainties. Actual results, performance or events may differ materially from those described in such statements due to, among other

things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting the Company, and other factors. Neither the Company nor any of its affiliates assumes any obligations to update any forward-looking statements.

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All figures regarding the renewables business are based on pro forma combined innogy and E.ON publicly available data. The implementation of the transaction is still subject to conditions, including merger control clearances.

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RWE AG | Investor Presentation | August 2019

Investment Highlights – key takeaways

Significant contribution to reduction of CO2 emissions since 2012 with ambitious further reduction targets until 2030 Focus on operational performance and negotiations of coal phase-out to achieve planning certainty for lignite operations On track to transform into a globally leading renewables player with the ambition to significantly grow the business further Strong operational earnings to support future growth and attractive dividend Combination of renewables with firm conventional power generation and global trading house uniquely positioned to support energy transition in every aspect

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RWE AG | Investor Presentation | August 2019 Page 4

Strategic highlight: RWE continues to reshape its future

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RWE AG | Investor Presentation | August 2019

New Financial portfolio Renewables innogy RES E.ON RES

RWE is reshaping its operating business and financial portfolio and completes with a renewables segment

Supply & Trading Gas storage 16.7% E.ON 25.1% Amprion ~90% ~10%

Expected future EBITDA share. %

Lignite & Nuclear E.ON 25% Gundremmingen European Power Optimised financial portfolio with stable and attractive dividends Strengthening and future proofing of the core

  • perating business

37.9% Kelag

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Financial portfolio E.ON 12.5% Emsland

Additions to RWE Portfolio (from transaction).

Operating business

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RWE AG | Investor Presentation | August 2019

1 As of 22 February 2018. | 2 Based on implied enterprise value of €43 bn and mid-point of guided innogy EBITDA 2018 of €4.1 bn and €4.2 bn. 3 Excluding German and Polish onshore wind assets belonging to e.dis (151 MW) and 20% stake in Rampion offshore wind farm (80 MW).

Key transaction parameters

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E.ON acquisition of innogy RWE asset purchases (economic effect as of 1 Jan 2018) > E.ON to acquire RWE’s 76.8% stake in innogy for a total consideration of €17.1bn, including fiscal 2017 and 2018 dividend > E.ON to launch a voluntary public takeover offer for innogy minorities at €40 per share (adjusted for dividend payments until closing) > Offer value of €40 per share represents a premium of 28% to the unaffected innogy share price1 and implied EV/EBITDA 2018E of 10.5x2 > E.ON renewables business3 > innogy renewables business > innogy‘s German and Czech Gas Storage business > E.ON minority stakes in RWE’s nuclear plants Gundremmingen (25.0%) and Emsland (12.5%) > innogy’s 37.9% stake in Kelag RWE stake in E.ON > E.ON to issue 440m shares to RWE implying a post money stake of 16.7% in E.ON Cash payment > E.ON to receive ~€1.5 bn from RWE innogy dividend > RWE to receive fiscal 2017 and 2018 innogy dividend

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RWE AG | Investor Presentation | August 2019

10.3 6.5 2.8 14.1 9.3 2.7

Highly complementary renewables and conventional generation portfolio

> Leading European generator with diversified and balanced generation technologies > De-risking of portfolio with >60% of low CO2 generation capacity > Leading provider of reliable and flexible generation capacity to balance intermittent production of renewables > Opportunity to extract value from enlarged portfolio through leading commercial asset optimisation platform Lignite Hard coal Nuclear Gas Renewables Other Pro forma combined net generation capacity1

45.7 GW

(as of 1 January 2019)

1 RWE stand-alone plus E.ON’s and innogy’s renewables businesses.

Firm and flexible capacity >80% Low CO2 generation capacity >60%

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RWE AG | Investor Presentation | August 2019

Leading renewables player with attractive growth platform

Pro forma combined renewables capacity2

1 Bloomberg New Energy Finance, as at 31 Dec 2018. 2 As at 31 December 2018. Pro rata view. Excludes RWE’s own renewable capacity. Excluding renewable portfolio of E.DIS and 20% in Rampion.

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>

  • No. 3 renewables player in Europe with well-balanced portfolio and strong position in U.S. onshore wind market

>

  • No. 2 offshore wind operator globally with 2.5 GW2 in operation and 0.5 GW2 under construction

> Strong development pipeline in attractive growth markets and scope for efficiencies Installed renewable capacity in Europe1 20% 24% 5% 4% 4% 36% 7% Germany UK Iberia Benelux Italy US RoW

9.1 GW

Pro forma combined

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RWE AG | Investor Presentation | August 2019

Strategic ambition to build a global renewables player

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Wind offshore Wind onshore Solar PV Focus markets

Asia- Pacific Americas Europe Focus markets Growth ambition ~2.0-3.0 GW p.a. Funds available for investment ~€1.5 bn p.a. net Target growth markets1

1 Size of bubble indicates approximate growth ambitions in GW.

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RWE AG | Investor Presentation | August 2019

Strong platform with attractive growth prospects

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In

  • peration

Under construction,

  • exp. COD 2019

Under construction,

  • exp. COD 2020

Under construction,

  • exp. COD 2021

Total

9.1 0.7 0.6 11.0 Capacity in operation and under construction for the years 2019 – 20211 GW, pro rata

1 Pro forma combined renewables capacity as at 31 December 2018. Pro rata view. Excluding renewable portfolio of E.DIS and 20% of Rampion.

Source: innogy and E.ON.

> Attractive project pipeline of 1.9 GW under construction with expected commissioning in the years 2019 to 2021 > Additional projects with short-term FID

  • f ~3 GW under development with

potential commissioning date by 2021 > Total combined medium-/long-term development pipeline of more than 10 GW

2 coastal projects 371 MW West of Pecos 100 MW Clocaenog Forest 96 MW Morcone 57 MW Mynydd Y Gwair 33 MW Bad á Cheò 27 MW Other 18 MW Australian PV 349 MW Scioto Ridge 242 MW Other 12 MW Triton Knoll ~508 MW Nysater 95 MW

0.6

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RWE AG | Investor Presentation | August 2019

Earnings growth foreseen until early 2020s before investing into further pipeline projects

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2015 2020 2025 2030 2035 2017 €1.5 bn Estimated development of EBITDA for pro forma combined operational renewables portfolio

Commissioning

  • f projects

under construction Expiration of higher starting tariffs under EEG compression model at Nordsee Ost and Amrumbank End of ROC scheme for

  • ffshore wind farms

Scroby Sands and Robin Rigg End of ROC scheme for offshore wind farms London Array and Greater Gabbard

Note: Consolidated view. Data as of 31 December 2017. Source: RWE analysis.

> Illustrative earnings profile of portfolio in operation and under construction > Assumes no further growth capex; excludes projects without FID, e.g. Triton Knoll > ~50% of portfolio with regulated

  • r contracted cash flows for still

more than 10 years > ~11.5 years avg. remaining support tenor

illustrative

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RWE AG | Investor Presentation | August 2019

Step-change in operating business with doubling of EBITDA post transaction

European Power Dividends Renewables Lignite & Nuclear Supply & Trading

> Significant earnings accretion with more than 90% of EBITDA from

  • perating businesses

> Diversification of earnings mix > ~60% contribution from renewables to pro forma EBITDA > ~50% of operating EBITDA coming from contracted operations3 with visible and stable earnings profile

1 Split based on 2018 EBITDA for RWE stand-alone. | 2 Split based on estimated numbers post closing. 3 Contracted operations include earnings from capacity payments for conventional generation, ROCs, CfDs, feed-in tariffs and PPAs.

Pro forma EBITDA2 RWE stand-alone EBITDA1

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1.5

22% 20% 47% 11% ~30% ~10% ~60% (€bn)

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RWE AG | Investor Presentation | August 2019

Strong financial position post transaction provides ability to support future growth

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Transactional debt effects > Strong commitment to investment grade rating > Leverage supported by strong operational cash flows and financial portfolio > Pro forma net debt / EBITDA post transaction of 2.5x – <3.0x Nuclear provisions Total debt increase Pension provisions Tax equity liabilities ~€0.8 bn ~€0.9 bn ~€0.5 bn ~€0.6 bn Rating strategy ~€2.8 bn Financing > Limited cash requirements from transaction financed through own liquidity and funds > No assumption of capital market debt or plans to issue senior bonds Provisions for wind asset dismantling

Note: As per 1 January 2018, before IFRS 16.

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RWE AG | Investor Presentation | August 2019

Closing of innogy transaction expected by the end of Q3/ early Q4

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Announcement of transaction (12 March 2018) Closing I > RWE sale of 76.8% innogy stake > E.ON issuance of 440m shares to RWE > RWE purchase of E.ON minority stakes in nuclear power plants Gundremmingen (25.0%) and Emsland (12.5%) > RWE cash payment of ~€1.5 bn to E.ON Closing II > RWE purchase of E.ON renewables1 > RWE purchase of innogy renewables2 > RWE purchase of innogy Gas Storage and 37.9% in Kelag3 2019 2018

1 Excluding German and Polish onshore wind assets belonging to e.dis (151 MW) and 20% stake in Rampion offshore wind farm (80 MW). | 2 After legal integration measures by E.ON,

accelerated closing currently under investigation. | 3 After legal integration measures by E.ON.

Merger Control Proceedings > RWE’s acquisitions of E.ON and innogy renewables operations approved by EU Commission on 26 Feb 19 > E.ON’s innogy acquisition filed with the EU Commission on 31 Jan 19; opening of Phase 2 investigation on 7 March 19 > RWE’s acquisition of E.ON renewables assets approved by Federal Trade Commission (US antitrust authority)

  • n 22 May 19

> RWE’s financial shareholding in E.ON of 16.67%:

  • Approved by Bundeskartellamt (German competition authority) on 26 Feb 19
  • Approved by CMA (UK competition authority) on 08 April 19

Q1 Q3/ Q4 Q4

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RWE AG | Investor Presentation | August 2019 Page 15

Strategic developments in current operations

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RWE AG | Investor Presentation | August 2019

Strategic focus on evolution of existing business portfolio

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Optimise existing operations Enhance portfolio Tap into evolving opportunities Lignite & Nuclear/ European Power > Negotiate coal closures in Germany > Manage cost base > Apply capital allocation discipline > Actively manage portfolio Supply & Trading > Maintain profitability European Power > Develop portfolio for future market requirements, e.g. gas turbine projects, biomass conversion > Participate in opportunistic asset consolidation (core markets) Supply & Trading > Expand organically, e.g. LNG portfolio > Explore technologies suitable to provide security of supply > Invest selectively into new technologies, e.g. batteries

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RWE AG | Investor Presentation | August 2019

Roadmap of recommended German coal phase-out

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2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 Renewables 36.1% Hard coal 22.7 GW Lignite 19.9 GW Hard coal 15 GW Lignite 15 GW Monitoring of measures by independent experts, adjustments if necessary Renewables 65% Hard coal 8 GW Lignite 9 GW Hard coal 0 GW Lignite 0 GW Envisaged end date Earliest end date Assessment

  • f earlier

end date

Recommendations by the Commission for Growth, Structural Change and Employment of 26 January 2019 > Challenging recommendations for RWE which need to be adequately compensated > RWE scenario analysis ongoing and negotiations with the German Government expected to last for several months

  • 7.7 GW
  • 4.9 GW
  • 6 GW
  • 7 GW
  • 8 GW
  • 9 GW

> Adequate compensation for shut downs until 2030 > Review mechanism with regards to climate protection, security of supply, power prices, regional development and employment > Reduction in CO2 auctions corresponding to redundant certificates > Desire to keep Hambach Forest > Net closures (on top of ongoing measures/market driven decommissioning) of ~3 GW lignite and ~3 GW of hard coal by 2022 > By 2030 reduction to a total remaining capacity of 9 GW lignite and 8 GW hard coal > No new coal plants to be commissioned

2017

Source: Final report by Growth, Structural Change and Employment Commission as of 26 Jan 2019.

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RWE AG | Investor Presentation | August 2019

RWE is on an ambitious path to reduce CO2 emissions – huge contribution to climate protection already made

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RWE’s reduction path for CO2 emissions in core markets1 – our target before Commission recommendations

1 Referring to RWE stand-alone portfolio, excluding Mátra in Hungary and Denizli in Turkey. Figures do not include a potential impact on the generation portfolio as a result of

recommendations from the Commission on Growth, Structural Change and Employment.

In million tonnes

Transfer of 1.5 GW of lignite to stand-by reserve and final shut-down after 4 years Conversion of Dutch hard coal plants to biomass co-firing Closure of Weisweiler power plant (1.8 GW) at end

  • f Inden mine by 2030

Disposal and closure of coal plants, e.g. Bergkamen, Gersteinwerk

140 180 60 80 160 100 120 2012 2015 2018 2030 ... And beyond

  • 32.6%

Reduction target1: 55 – 65 million tonnes vs. 2015 (equiv. 40 – 50%)

Before coal phase-out recommend- ations by Commission

(…)

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RWE AG | Investor Presentation | August 2019 Page 19

Key Financial Highlights

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RWE AG | Investor Presentation | August 2019

RWE stand-alone – outlook for 2019 increased

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Actuals 2018 2019 forecast 1,521 Lignite & Nuclear European Power Supply & Trading 356 334 183 1,400 – 1,700 (€ million) innogy dividend1 683 300 – 400 250 – 350 Significantly above 300 700

Net debt

Significantly above 2018 Adjusted EBITDA Adjusted net income 500 – 800

1 innogy dividend based on our agreement with E.ON as part of the transaction.

Different to dividend proposed by innogy to the innogy Annual General Meeting 2019.

591

  • Adj. depreciation

Slight increase (a.o. IFRS 16)

  • 568
  • Adj. net financial result

Stable development expected

  • 226
  • Adj. taxes

Stable development expected

  • 59
  • Adj. minorities & hybrids

Decline post call of hybrid in March 2019 77

Positive Negative impact on earnings.

2,280 Positive adjustment from 300 - 600 Positive adjustment from 1,200 – 1,500 Positive adjustment from 100 - 300

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RWE AG | Investor Presentation | August 2019

Target to pay attractive dividends

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> Dividends until 2019 driven by distributable cash flow of RWE stand- alone > Increase in operational dividend 2018 of 40% to €0.70 > Management target to further increase dividend for 2019 to €0.80 > After closing of innogy transaction change in dividend policy envisaged (relevant from FY 2020 onwards): Return to pay-out ratio based on adjusted net income

1 Management target.

Elements of dividend policy 2017 2018 2019

€1.00

€0.70 €0.50 €1.50

Special dividend Operational dividend

€0.801 €1.00

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RWE AG | Investor Presentation | August 2019

Solid capital structure with high financial flexibility

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Financial assets and receivables > Financial receivables against innogy > Financial assets (€ bn) RWE stand-alone net debt (as of 30 Jun 2019)1 Financial liabilities (incl. hybrid adjustments) > Bonds and bank debt, CP > Other financial liabilities > Hybrid adjustments Net financial assets (incl. hybrid adjustments) Long-term liabilities > Nuclear provisions > Mining provisions > Pension provisions Total net debt 10.6 0.7 9.9 3.2 2.7 1.1

  • 0.6

7.4 12.0 6.1 2.6 3.4 4.7 > Net financial asset position > Majority of debt characterised by long-term provisions > Financial position commensurate with RWE’s target to maintain investment grade ratings > Upside potential from rising interest rates (+10 bps change in real discount rates): Pension provisions:

  • c. -€0.1 billion

Nuclear provisions:

  • c. -€45 million

Mining provisions:

  • c. -€70 million

> Outstanding hybrid capital of €1.1 billion > Financial holdings (innogy, Amprion, Urenco) not included in net debt

1 Rounding differences may occur.

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RWE AG | Investor Presentation | August 2019 Page 23

Key figures H1 2019

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RWE AG | Investor Presentation | August 2019

Key messages H1 2019: RWE raised outlook for FY19 after strong earnings in H1

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> Very good H1 for RWE on the back of an outstanding trading performance > Outlook for RWE increased; dividend target of €0.8 per share for FY 2019 confirmed > Conversion of preferred shares to common shares completed, preferred stock delisted; #OneShareOneVote > Closing of the innogy transaction between RWE and E.ON expected for September 2019 > Aberthaw hard coal power station to be closed end of March 2020 > Discussions with German Government on coal phase-out ongoing

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RWE AG | Investor Presentation | August 2019

Strong adjusted EBITDA of €1,372 million driven by extraordinary earnings from Supply & Trading

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RWE stand-alone 1,140

  • 26

1,372 +5 +333

  • 97

+17 Group 825

  • 97

+5 +333 +931

  • 29

1,130 (€ million) > Lignite & Nuclear: Earnings at previous year’s level as a result of higher realised margins despite lower generation volumes > European Power: Weak earnings due to lower production volumes, lower earnings from commercial

  • ptimisation and absence of UK capacity payments

> Supply & Trading: Extraordinary earnings on the back

  • f outstanding trading performance and strong

gas & LNG business > innogy as part of RWE stand-alone: dividend of €700 million2 in Q2 2019

1 innogy - continuing operations. | 2 innogy dividend as contractually agreed with E.ON.

H1 2018 innogy Supply & Trading Other, consolidation H1 2019 Lignite & Nuclear European Power

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RWE AG | Investor Presentation | August 2019

Lignite & Nuclear – earnings at comparable level to H1 2018 in spite of the effect from Hambach restriction

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1 Non-recurring items not included in non-operating result. 2 Cash contribution = adj. EBITDA minus capex with effect on cash; before changes in provisions; excl. investments from assets held for sale.

Key financials

  • Adj. EBITDA

t/o non-recurring items1 Depreciation

  • Adj. EBIT

t/o non-recurring items1 Capex Cash contribution2 172

  • 162

10

  • 116

56 167

  • 134

33

  • 102

65 +5

  • 28
  • 23
  • 14
  • 9

€ million H1 2019 H1 2018 change

  • Slightly higher realised generation margins

Lower production volumes, among others due to restrictions at Hambach mine and outages H1 2019 versus H1 2018: Slightly higher realised generation margins (hedged outright price: ~€29/MWh vs. ~€28/MWh in 2018) Impact from production restrictions at Hambach lignite mine (~ -€100 million) Outlook does not include any impact from measures proposed by the German ‘Growth, Structural Change and Employment’ commission Outlook for FY 2019 adjusted EBITDA: between €300 and €400 million

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RWE AG | Investor Presentation | August 2019

Lower production volumes Less earnings from commercial optimisation Absence of capacity payments due to suspension of UK capacity market (-€33 million y-o-y)4

European Power – full year guidance expected to end at the bottom of the range due to weak Q1

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Key financials € million UK Continental Europe

  • Adj. EBITDA1

t/o non-recurring items2 Depreciation

  • Adj. EBIT

t/o non-recurring items2 Capex Cash contribution3 H1 2019 62 36 99

  • 154
  • 55
  • 85

14 H1 2018 99 95 196

  • 147

49

  • 67

129 change

  • 37
  • 59
  • 97
  • 7
  • 104
  • 18
  • 115

1 Total adj. EBITDA includes further income from other subsidiaries. | 2 Non-recurring items not included in non-operating result. | 3 Cash contribution = adj. EBITDA minus capex with

effect on cash; before changes in provisions. | 4 Under the UK capacity market regime RWE had secured capacity payments of c. €100 million for fiscal year 2018 and c. €180 million for fiscal year 2019. The payments have been suspended after the decision of the General Court of the European Court of Justice from November 2018. For 2018, RWE has received capacity payments of c. €50 million for Q1-Q3 2018. The figures still include the Aberthaw plant for which we have two transfer agreements in place starting 1 Oct 2019.

  • H1 2019 versus H1 2018:

Outlook for FY 2019 adjusted EBITDA: at the bottom of the range of €250 to €350 million No income from UK capacity market assumed as long as legal situation is unclear4 Less earnings from commercial optimisation

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RWE AG | Investor Presentation | August 2019

Slight improvement of hedged spread levels in 2020 - 2022

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Outright (Lignite & Nuclear) Spread (Euro- pean Power) 2019 2019 2020E 2021E

Open position Hedged position (%)

~75 TWh 50 – 70 TWh1 ~65 TWh ~65 TWh Expected positions and hedge status as of 30 June 2019 (including Hambach restrictions) Before any measures resulting from proposals of ‘Growth, Structural Change and Employment’ commission

Fully hedged position Average hedge price (€/MWh) Implicit fuel hedge Open position

~29 ~32 ~41 >90% >90% 2022E >60% CO2 > CO2 position financially hedged until mid-2020s Average hedge price 2019 – 2022 corresponds with average hedged CO2 price (€/MWh) of: ~5 ~5 ~10 ~16

1 Total in-the-money volumes.

~65 TWh ~47 2022E

>90%

50 – 70 TWh1 2020E >70% 50 – 70 TWh1 2021E >20% 50 – 70 TWh1 >90% <10% >90%

Change to reported average hedge price as of 31 Mar 2019

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RWE AG | Investor Presentation | August 2019

Improvement of fuel spreads for Cal 2020 to 2022

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1 Fuel spread defined as: Power price – (pass-through-factor carbon × EUA price + pass-through-factor coal × coal price + pass-through-factor gas × gas price).

Note: Data based on fuel spreads per end of month (€/MWh). Source: Bloomberg; data until 30 June 2019.

Development of German fuel spreads1

  • 4,00
  • 2,00

0,00 2,00 4,00 6,00 8,00 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 €/MWh Months to delivery Cal18 Cal19 Cal20 Cal21 Cal22

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RWE AG | Investor Presentation | August 2019

Outstanding trading performance Gas & LNG above previous year’s result Absence of value adjustment within Principal Investment portfolio in Q2 2018

Supply & Trading – after outstanding performance in H1, FY19 outlook increased: significantly above €300 million

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Key financials

  • Adj. EBITDA

t/o non-recurring items1 Depreciation

  • Adj. EBIT

t/o non-recurring items1 Capex Cash contribution2 434

  • 5

429

  • 4

430 101

  • 2

99

  • 4

97 +333

  • 3

+330

  • +333

€ million H1 2019 H1 2018 change

1 Non-recurring items not included in non-operating result. 2 Cash contribution = adj. EBITDA minus capex with effect on cash; before changes in provisions.

H1 2019 versus H1 2018: Outlook for FY 2019 adjusted EBITDA: Significantly above €300 million (previously €100 - €300 million) Outstanding trading performance Strong Gas & LNG business Absence of value adjustment within Principal Investment portfolio in Q2 2018 > Long-term average earnings contribution of

  • approx. €200 million expected
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RWE AG | Investor Presentation | August 2019

Adjusted net income for H1 2019 reaches €914 million

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1,049

  • 323
  • 69
  • 53

914

  • 13
  • Adj. financial result
  • Adj. depreciation
  • Adj. tax
  • Adj. EBIT
  • Adj. net income
  • Adj. minorities

& hybrids 870

  • 270
  • 114
  • 37
  • 36

683 (€ million) > Adjusted EBITDA excludes non-operating result > Financial result adjusted for impact from lower discount rates for long-term provisions, adjustment

  • f provisions for interest on taxes referring to

previous years as well as mark-to-market valuation

  • f securities according to IFRS 9

> Adjustments of tax resulting from the adjustments in the non-operating and financial result as well as deferred taxes. Furthermore, adjustment of provisions for tax and tax refunds for previous periods > Limited adjusted taxable earnings at RWE stand-alone > Hybrid bonds partly classified as equity pursuant to IFRS (GBP 750 million bond called in March 2019) H1 2019 H1 2018 1,372

  • Adj. EBITDA

1,140 RWE stand-alone

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RWE AG | Investor Presentation | August 2019

High distributable cash flow mainly driven by strong

  • adj. EBITDA and cyclical working capital development

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1,372 565

  • 602
  • 205

440

  • 33

910 Change in operating working capital

  • Adj. EBITDA

Change in provisions &

  • ther non-cash items

Cash interests/taxes Cash contribution Capex Distributable cash flow (DiCF) 1,140 376

  • 590

534

  • 18

829 (€ million)

  • 174
  • 62

> Changes in provisions: Utilisation of CO2 provisions completed, whereas additions only halfway > High capex level mainly due to accelerated relocation in the lignite mining area and increased plant maintenance > Change in operating working capital: Reduction of trade accounts from typical seasonal pattern as well as reversal of year-end effects from 2018 > Minorities and hybrids: Full year interest cash payment for GBP 750 million hybrid accounted for in Q1 2019; hybrid called in March 2019 Minorities & hybrids

  • 63

H1 2019 H1 2018 RWE stand-alone

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RWE AG | Investor Presentation | August 2019

Increased net debt since year end mainly due to change in variation margins

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First-time application of IFRS 16 Net debt 31 Dec 18 Net debt 1 Jan 19 Other changes in net financial debt1 Distributable Cash Flow (DiCF) Dividend RWE AG Financial investments/ divestments Change in provisions (net debt relevant) Change in hybrid capital Net debt 30 Jun 19

1 Includes an outflow of approx. €1.8 billion from financing effects such as change in variation margins (full year 2018: inflow of €4.4 bn).

  • 910

2,418

  • 39

1,987 4,667 430 402 379

(€ million)

Development of net debt (RWE stand-alone)

138 2,280

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RWE AG | Investor Presentation | August 2019

Appendix

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RWE AG | Investor Presentation | August 2019

2.8 10.36 6.5 14.1 0.3 2.7

RWE at a glance

Page 35

RWE’s net generation capacity1  Leading European power generator  Efficient and flexible power plant portfolio  Strong global trading business  Ongoing transformation into a leading renewables player Key facts

Note: Figures may not add up due to rounding differences. | 1 Net installed generation capacity excl. innogy as of 1 January 2019. | 2 Converted to full-time positions. Workforce at 2018 year- end excl. innogy. | 3 2018 EBITDA for RWE stand-alone. | 4 Power generation 2018 excl. innogy. | 5 End of fiscal year 2018. | 6 Including units in security reserve.

36.6 GW Lignite Hard coal Renewables Gas Pumped storage, other Nuclear

15,556 employees2 167 TWh generated power4 €1.5 bn adj. EBITDA3 €11.7 bn market cap5

8.6 GW

18% 78% 1% 3%

4.8 GW Netherlands/ Belgium 22.5 GW Germany UK

12% 46% 13% 19% 11% 3%

41% 51% 5%

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RWE AG | Investor Presentation | August 2019

RWE’s Group structure with operating segments and a financial portfolio

Page 36

Lignite & Nuclear Supply & Trading innogy European Power

Operating business Financial portfolio

Lignite mining and power generation (lignite & nuclear) Power generation (hard coal, gas, hydro & biomass) Trading & Principal Investments, Supply - Gas & LNG, Commodity solutions, Commercial Asset Optimisation (CAO) Renewables, Grid & Infrastructure, Supply

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RWE AG | Investor Presentation | August 2019

RWE’s ESG performance on selected items

Page 37

We understand sustainable management as an integral part of our strategy and operations by which we contribute to the companies success. We belong to The UN Global Compact and support the UN Sustainable Development Goals Our Corporate Responsibility (CR) focus areas > Total score: AA > Total Score: 71 out of 100 > Rank: 43 out of 194 companies > Climate Change score: D > Water score: C > 44 out of 100 > #No. 12 out of 28 utilities

Company Culture of Integrity & Appreciation Climate Protection Environmental Protection & Natural Conservation Supply Chain Standards & Resources Community Engagement Security of energy supply & critical infrastructure

CR creates value

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RWE AG | Investor Presentation | August 2019

Power prices and commodities

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Base load power prices – Germany, NL (1 year forward) Base load power prices – UK (1 year forward) Coal prices – API2 Cal-ahead Gas prices – TTF Cal-ahead

$/t

Carbon prices - EU ETS

€/MWh €/t €/MWh

UK Germany NL

€/MWh

Source: Bloomberg; prices through to 1 August 2019.

20 40 60 80 Aug'17 Aug'18 Aug'19 20 40 60 80 100 Aug'17 Aug'18 Aug'19 50 70 90 110 Aug'17 Aug'18 Aug'19 12 17 22 27 Aug'17 Aug'18 Aug'19 2 7 12 17 22 27 32 Aug'17 Aug'18 Aug'19

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RWE AG | Investor Presentation | August 2019

Clean Dark (CDS) and Spark Spreads (CSS) – 2018 – 2020 forwards1 for Germany, UK and NL

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Ø11.35

CDS Cal 20 base load (assumed thermal efficiency: 40%) CSS Cal 20 peak load (assumed thermal efficiency: 50%) CDS Cal 20 base load (assumed thermal efficiency: 40%) CSS Cal 20 base load (assumed thermal efficiency: 50%) CDS Cal 20 base load (assumed thermal efficiency: 40%) CSS Cal 20 base load (assumed thermal efficiency: 50%) €/MWh €/MWh Cal18 Cal20 Cal19 Cal20 Cal18 Cal18 Cal20 Cal19

Ø5.93 Ø3.23 Ø-0.56 Ø2.90 Ø7.03

Ø5.07 Ø4.73 Ø7.67

Germany UK2 Netherlands

Cal19 Ø3.92 Ø4.18 Ø8.69 Ø-0.18 Ø4.68 Ø4.16 Ø6.37 Ø4.99 Ø1.07

1 Settlement one year ahead (Cal+1). | 2 Including UK carbon tax. | Source: RWE Supply & Trading, prices through to 1 August 2019.

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RWE AG | Investor Presentation | August 2019

Your contacts @RWE Investor Relations

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Financial Calendar Important Links

Annual and interim reports & statements http://www.rwe.com/ir/reports Investor and analyst conferences http://www.rwe.com/ir/investor-and-analyst-conferences IR presentations & further factbooks http://www.rwe.com/ir/presentations IR videos http://www.rwe.com/ir/videos Consensus of analysts’ estimates http://www.rwe.com/ir/consensus-estimates 14 November 2019 Interim statement on the first three quarters of 2019 12 March 2020 Annual report 2019 04 May 2020 Dividend payment 14 May 2020 Interim statement on the first quarter of 2020 28 April 2020 Annual General Meeting

Contacts for Institutional Investors & Financial Analysts Contact for Private Shareholders

Gunhild Grieve Head of Investor Relations

  • Tel. +49 201 5179-3110

gunhild.grieve@rwe.com Martin Vahlbrock Tel.: +49 201 5179-3117 martin.vahlbrock@rwe.com

  • Dr. Burkhard Pahnke

Tel.: +49 201 5179-3118 burkhard.pahnke@rwe.com Lenka Zikmundova Tel.: +49 201 5179-3116 lenka.zikmundova@rwe.com Jérôme Hördemann Tel.: +49 201 5179-3119 jerome.hoerdemann@rwe.com Susanne Lange Tel.: +49 201 5179-3120 susanne.lange@rwe.com Sabine Gathmann Tel.: +49 201 5179-3115 sabine.gathmann@rwe.com ADR programme available Further information on our homepage RWE shares/ADR Contact for ADR-holders at BNY Mellon shrrelations@cpushareownerservices.com +1 201 680-6255 (outside from the US) 1-888-269-2377 (within the US)

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RWE AG | Investor Presentation | August 2019