securities prospectus...(entire share capital after the non-cash capital increase enters into effect...

This document is not an offer for sale or a solicitation to buy securities and has not beenapproved by any supervisory authority anywhere in the world. This document is in all materialrespects a convenience translation of the original German-language Prospectus, which is the

legally binding document under German law; only the German-language version has beenapproved by the German Federal Financial Supervisory Authority (Bundesanstalt für

Finanzdienstleistungsaufsicht).

Securities Prospectus

for admission to trading on the Regulated Market (Regulierter Markt) of the Frankfurt StockExchange (Frankfurter Wertpapierbörse) and

admission to the Regulated Market subsegment with additionalpost-admission listing obligations (Prime Standard) on the Frankfurt Stock Exchange of

365,960,000 no-par value registered shares(entire share capital after the non-cash capital increase enters into effect in connection with

the transfer of a 53.35% interest in Uniper SE to the shareholders of E.ON SEpursuant to a spin-off

of all the shares in Uniper Beteiligungs GmbH to Uniper SE and the issue of sharesto the shareholders of E.ON SE)

each such no-par value share representing a notional interest in the share capital of €1.70and carrying full dividend rights as from January 1, 2016

of

Uniper SE, Düsseldorf– International Securities Identification Number (ISIN): DE000UNSE018 –

– German Securities Identification Number (WKN): UNSE01 –– Common Code: 148396396 –

September 2, 2016

TABLE OF CONTENTS

Page

1 SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-1

2 RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2.1 Risks in connection with Macroeconomic Developments . . . . . . . . . . . . . . . . . . . . . . . 1

2.2 Risks in connection with the Changes in the World’s Electricity and Gas Marketsand the Business Model of the Uniper Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

2.3 Market Risks for the Business of the Uniper Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

2.4 Operational Risks for the Business of the Uniper Group . . . . . . . . . . . . . . . . . . . . . . . . 11

2.5 Financial Risks for the Business of the Uniper Group . . . . . . . . . . . . . . . . . . . . . . . . . . 19

2.6 Regulatory Risks for the Business of the Uniper Group . . . . . . . . . . . . . . . . . . . . . . . . 27

2.7 Legal Risks for the Business of the Uniper Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

2.8 Risks in connection with the Ownership Structure and the Spin-off . . . . . . . . . . . . . . . 37

2.9 Risks in connection with the Start of Trading in Uniper SE Shares and CapitalMarket Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

3 GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

3.1 Documents on Display . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

3.2 Subject Matter of this Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

3.3 Forward-Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

3.4 Currency Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

3.5 Presentation of Market Data Sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

3.6 Lock-up Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

3.7 Presentation of Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

3.8 ISIN, German Securities Identification Number and Common Code . . . . . . . . . . . . . . 50

4 SPIN-OFF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

4.1 Legal Background of the Spin-off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

4.2 Preparatory Measures and Implementation of the Spin-off . . . . . . . . . . . . . . . . . . . . . . 51

4.3 Graphical Illustration of the Implementation of the Spin-off . . . . . . . . . . . . . . . . . . . . . . 52

4.4 Statutory Spin-off Auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

4.5 Audit of Non-Cash Contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

4.6 Allocation Ratio, Trustee, Allocation and Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

4.7 ADR-Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

4.8 Stock Exchange Admission and Commencement of Trading . . . . . . . . . . . . . . . . . . . . 58

4.9 Timetable for the Spin-off and Stock Exchange Admission . . . . . . . . . . . . . . . . . . . . . 58

4.10 Designated Sponsors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

4.11 Interests of Parties to the Spin-off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

4.12 Listing Agreement, Fees and Indemnification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

4.13 Other Relationships between the Listing Agents, E.ON SE, and the Company . . . . . 59

5 REASONS FOR THE SPIN-OFF AND ISSUE COSTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

5.1 Reasons for the Spin-off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

5.2 Costs and Taxes associated with preparing for the Separation and the Spin-off/Lackof any Issue Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

6 DIVIDEND POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

6.1 General Provisions on Profit Allocation and Dividend Payments . . . . . . . . . . . . . . . . . 62

6.2 Dividend Policy and Earnings per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

i

CAPITALIZATION AND NET INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 647.1 Capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

7.2 Net Financial Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

7.3 Other Financial Commitments and Contingent Liabilities . . . . . . . . . . . . . . . . . . . . . . . 65

7.4 Working Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

7.5 Material Change in the Group’s Financial Position or Trading Position . . . . . . . . . . . . 66

7.6 Rating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

8 SELECTED FINANCIAL AND OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

8.1 Statements of Income of the Uniper Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

8.2 Balance Sheet of the Uniper Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

8.3 Statement of Cash Flows of the Uniper Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

8.4 Segment Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

8.5 Selected Other Financial Measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

9 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

9.1 Business Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

9.2 Basis of Discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

9.3 Key Factors affecting the Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78

9.4 Explanation of Individual Line Items in the Statements of Income . . . . . . . . . . . . . . . . 99

9.5 NON-GAAP Financial Measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

9.6 Comparison of the Results of Operations of the Uniper Group . . . . . . . . . . . . . . . . . . 106

9.7 Comparison of Results of Operations – Analysis of Segment Information . . . . . . . . . 122

9.8 Selected Items from the Balance Sheet of the Uniper Group . . . . . . . . . . . . . . . . . . . . 129

9.9 Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141

9.10 Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143

9.11 Financial Structure before and after the Spin-off from the E.ON Group . . . . . . . . . . . . 145

9.12 Risk Management System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146

9.13 Material Accounting-Related Estimates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150

9.14 Information from the Annual Financial Statements of Uniper AG in accordance withHGB for Fiscal Year 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153

10 MARKET AND COMPETITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154

10.1 Development of Electricity Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154

10.2 Development of the European Gas Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167

10.3 Steam Coal and Freight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171

11 BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173

11.1 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173

11.2 History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173

11.3 Competitive Strengths . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174

11.4 Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177

11.5 Segments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181

11.6 Procurement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205

11.7 Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205

11.8 Real Estate Holdings, Facilities and other Material Property, Plant andEquipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207

11.9 Research, Development and Innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211

11.10 Industrial Property Rights, Patents, and Licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212

11.11 Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214

ii

12 Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214

11.13 Insurances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220

11.14 Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220

11.15 Corporate Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222

11.16 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222

11.17 Material Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223

11.18 Other Material Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228

12 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS . . . . . . . . . . . . . . . 229

12.1 Relationship to the E.ON Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229

12.2 Relationships with Members of the Board of Management and of the SupervisoryBoard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240

13 ENERGY LAW ENVIRONMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241

13.1 Overview and current Situation in the EU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241

13.2 Current Developments and Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244

13.3 Energy Law Environment in Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245

13.4 Regulatory Framework in Non-German Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259

14 SHAREHOLDER STRUCTURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277

15 GENERAL INFORMATION ON THE COMPANY AND THE UNIPER GROUP . . . . . . . . . . . 278

15.1 Group Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278

15.2 Name, Registered Office, Fiscal Year and Term of the Company . . . . . . . . . . . . . . . . 278

15.3 Corporate Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279

15.4 Information on Subsidiaries and Affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279

15.5 Statutory Auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284

15.6 Notices, Paying and Registration Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285

16 INFORMATION ON THE CAPITAL OF UNIPER SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286

16.1 Development of the Share Capital over the past three Years and in the course ofthe Spin-Off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286

16.2 Authorized Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286

16.3 Contingent Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287

16.4 Authorization to issue Convertible Bonds and/or Warrant-Linked Bonds . . . . . . . . . . . 287

16.5 Authorization to acquire and sell Treasury Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288

16.6 Offsetting Clause . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288

16.7 General Provisions on Liquidation of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289

16.8 General Provisions on Changes in the Share Capital . . . . . . . . . . . . . . . . . . . . . . . . . . 289

16.9 General Provisions on Subscription Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289

16.10 Squeeze out of Minority Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290

16.11 Notification and Reporting Requirements for Shareholdings . . . . . . . . . . . . . . . . . . . . 291

16.12 Voting Rights Notifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291

16.13 Notification Requirements relating to Holdings in Instruments . . . . . . . . . . . . . . . . . . . 292

16.14 Takeover Offer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293

16.15 Ban on Naked Short Selling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293

17 INFORMATION ON THE GOVERNING BODIES OF UNIPER SE . . . . . . . . . . . . . . . . . . . . . 294

17.1 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294

17.2 Board of Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295

17.3 Supervisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302

iii

4 Certain Information on the Members of the Board of Management and theSupervisory Board; Conflicts of interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311

17.5 General Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312

17.6 Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313

18 TAXATION IN THE FEDERAL REPUBLIC OF GERMANY . . . . . . . . . . . . . . . . . . . . . . . . . . . 314

18.1 Taxation of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314

18.2 Taxation of Shareholders resident in Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316

18.3 Taxation of Shareholders resident outside of Germany . . . . . . . . . . . . . . . . . . . . . . . . 320

18.4 Inheritance and Gift Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321

18.5 Other Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322

19 CERTAIN US FEDERAL INCOME TAX CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . 323

19.1 Tax Consequences of the Spin-off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323

19.2 Taxation of the Company’s Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324

19.3 Passive Foreign Investment Company Considerations . . . . . . . . . . . . . . . . . . . . . . . . . 325

19.4 Backup Withholding and Information Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326

19.5 Foreign Financial Asset Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326

20 GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328

21 FINANCIAL SECTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-1

22 RECENT DEVELOPMENTS AND OUTLOOK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G-1

iv

1 SUMMARY

A – Introduction and Warnings

A.1 Introduction andWarnings.

This summary should be read as an introduction to this prospectus (the“Prospectus”). Any decision to invest in the securities should be based onconsideration of the Prospectus as a whole by the investor.

A.2 Information regardingthe subsequent use ofthe Prospectus.

Not applicable. Consent regarding the use of the Prospectus for asubsequent resale or placement of the shares has not been granted.

B – The Issuer

B.1 Legal and commercialname.

The legal name of the Company is Uniper SE (the “Company” or “UniperSE”, and together with its direct and indirect subsidiaries, the “UniperGroup”).

The companies of the Uniper Group primarily do business under thecommercial name “Uniper”. In addition, the commercial name “Unipro” isused in Russia.

B.2 Domicile, legal form,legislation, under whichthe issuer operates,country ofincorporation.

The Company’s registered office is in Düsseldorf, Germany, E.ON-Platz 1.It is entered in the commercial register of the local court of Düsseldorfunder HRB 77425. The Company is organized as a European stockcorporation (Societas Europaea, “SE”) incorporated in Germany andgoverned by German law.

B.3 Issuer’s currentoperations andprincipal activities andmarkets in which theissuer is represented.

The Company is the holding company of the Uniper Group, which in its ownestimation is one of the important players in the field of conventional powergeneration and energy trading in Germany, Europe and Russia, with ageneration capacity of 37,598 megawatts1 (“MW”) in the six-month periodending June 30, 2016 (fiscal year 2015: 39,863 MW, fiscal year 2014:43,000 MW, fiscal year 2013: 43,477 MW) (each taking into account theUniper Group’s stake in the individual power plants) and EBIT adjusted fornon-operating effects (“Adjusted EBIT”)2 of €1,135 million for the six-month period ending June 30, 2016 (fiscal year 2015: €801 million, fiscalyear 2014: €826 million, fiscal year 2013: €1,048 million). The UniperGroup’s primary fields of activity are conventional power generation andtrading in electricity, gas, coal and liquefied natural gas (“LNG”), as well asgas storage operations and gas infrastructure participations. It is one ofcentral Europe’s leaders in gas transport and distribution. It also tradesCO2 emission certificates and freight allotments, markets technical servicesto other market participants and undertakes hedging transactions. Itscustomers in this respect are primarily major and corporate customers,including, among others, network operators, municipal utilities and otherenergy distributors. In the Global Commodities segment, the Uniper Groupinteracts in particular with national and international energy traders.

1 The basis for calculation includes all power plant capacities that were available to the Uniper Group on at least one day in the respectiveperiod under review.

2 “Adjusted EBIT” represents earnings before interest and taxes (“EBIT”), taking into account the net income/expense from equityinvestments, adjusted for non-operating effects. The non-operating earnings effects for which EBIT is adjusted include in particularincome and expenses from the marking to market of derivative financial instruments used in hedges and, where material, book gains/losses, expenses for restructuring/cost-management, impairments/reversals of impairments on non-current assets, companies accountedfor under the equity method and other financial assets and goodwill in the context of impairment tests and other contributions to non-operating earnings.Adjusted EBIT is not a recognized GAAP financial measure under the International Financial Reporting Standards or the GermanCommercial Code (Handelsgesetzbuch) and may therefore not be considered as an alternative to the generally accepted GAAP financialmeasures.

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Based on Adjusted EBIT, the Uniper Group’s business activities arefocused in Germany, Sweden and Russia. The Uniper Group also hasoperations in the United Kingdom, France, the Netherlands and the UnitedStates.

The Uniper Group is divided into three operating segments: EuropeanGeneration, Global Commodities and International Power Generation. Theadditional Administration/Consolidation reconciliation item combinesadministrative functions which are performed centrally across segments aswell as consolidation measures required at Group level.

The European Generation segment comprises the Uniper Group’s variousgeneration facilities used in Europe (excluding Russia and the CzechRepublic) for the purpose of generating power and heat. In addition tofossil-fuel power plants (coal-fired, gas-fired, oil-fired, and combined gasand steam power plants) and hydro power plants, these generationfacilities also include nuclear power plants in Sweden, a biomass plant inFrance, and a small number of photovoltaic and wind power facilities. Themajority of the energy generated is sold within the Group by the EuropeanGeneration segment to the Global Commodities segment, which isresponsible for the marketing and sale of the energy to major customersvia the trading markets and its own sales organization. Apart from thepower plant business, the European Generation — Fossil Generationactivity comprises the marketing of energy services to other marketparticipants (third party services), ranging from fuel procurement toengineering, operational, maintenance and marketing services. As part ofthe European Generation — Other activity, Uniper Technologies GmbH(“UTG”) and its group companies performs power plant maintenance andother tasks, both for the Uniper Group and for third parties.

The Global Commodities segment combines the energy trading activitiesand forms the commercial interface between the Uniper Group and theglobal wholesale markets for energy as well as the major customers. Withinthis segment, the fuels required for power generation in the EuropeanGeneration segment (mainly coal and gas) are procured, CO2 emissioncertificates are traded, the majority of the electricity produced is marketed,and the power plant portfolio is optimized by managing the use of thepower plants. All gas trading activities, i.e., gas procurement on the basisof procurement contracts, trading on the energy markets and thedistribution to wholesale customers are also bundled under this segment.This segment also bundles gas infrastructure participations and gasstorage operations, as well as all the activities of the Uniper Group relatingto its participation in the Siberian Yuzhno-Russkoye gas field in Russia.Beyond its own requirements, the Uniper Group also has worldwideactivities in coal and LNG trading, and in the acquisition, trading, andmarketing of freight allotments.

The International Power Generation segment combines the operatingpower generation business of the Uniper Group in Russia and Brazil. Withrespect to the business in Russia, Unipro PJSC, a listed company inRussia in which the Uniper Group has an 83.7% holding (as of June 30,2016), is responsible for all the activities in connection with powergeneration in Russia. These include, among others, the procurement offuels needed in the power plants, the operation and management of thepower plants, and the trading in and sale of the generated energy.Currently, the Uniper Group’s business in Brazil comprises a 12.3%financial investment (as of June 30, 2016) in the energy utility ENEVA S.A.held by the Uniper Group and a directly held 50% shareholding (as ofJune 30, 2016) in Pecém II Participacoes S.A., which operates a coal-firedpower plant in the Brazilian state of Ceará.

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Competitive Strengths:

The Uniper Group believes that it has the following strengths which are vitalfor its economic success and will continue to set it apart from itscompetitors in the future:

• Leading player in the field of conventional power generation in Europe.

• Diversified generation portfolio with solid income generation.

• Strong presence on the Russian electricity market.

• Leading player in the midstream gas business in Europe (transport,storage, processing and marketing).

• Diversified sources of income and reliable cash flows even in a difficultmarket environment.

• Focus on steadily reducing costs as well as increasing efficiency andprofitability.

• Experienced management and extensive expertise in the field of powergeneration and commodities trading.

Strategy:

The Uniper Group pursues the following strategic goals, to optimize andfurther expand its existing business activities, to safeguard the long-termcompetitiveness and viability of the Uniper Group in a changing marketenvironment, and to generate sustainable cash flows:

• Contribute to ensuring system stability in the European electricity andgas markets.

• Utilize the increasing interconnectedness of global energy markets.

• Participate in the growth of the electricity markets worldwide.

B.4 Most significant recenttrends affecting theissuer and theindustries in which itoperates.

The Uniper Group believes that the energy and commodity marketsthroughout the world have been affected by the following megatrends inrecent years:

In Europe, the primary focus is directed toward reducing carbon dioxide(“CO2”) emissions and increasing power generation from renewableenergies. The United States aim to be largely independent of energyimports, whereas Russia is primarily interested in utilizing its nationalresources. In many other regions of the world, the focus lies on ensuring anaffordable energy supply, which often also entails using nationally availableraw materials.

The Uniper Group considers that these trends will deliver a range ofopportunities as well as challenges for the Uniper Group’s businessactivities:

Further to the so-called energy transition, i.e., the increased use ofrenewable energies in power generation, and taking into considerationchanges in the regulatory environment, the Uniper Group expectsconventional power plants to start playing a different role in Europe withrespect to power generation. While conventional power plants in the pastwere primarily used to generate energy to cover demand, the Uniper Groupbelieves that in the future they will increasingly be used to ensure thesecurity of supply and system stability. This is happening in a marketenvironment that is characterized by a changing supply and demandsituation due to stagnant market prices for electricity and gas, whereby itcannot be ruled out that there will be a long term upward trend, particularlywith respect to commodity prices. In this context, the Uniper Groupbelieves it possible that alternative remuneration structures for theprovision of generation capacity, such as capacity markets, will increasinglybe adopted.

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Following the nuclear reactor accident in Fukushima, Japan, in 2011,Germany resolved to phase out nuclear generation completely. The UniperGroup believes that gradually shutting down nuclear generation units by2022 will have a marked impact on Germany’s power market in the future.

Finally, in view of the expiration of existing supply obligations and decline inEuropean production, the Uniper Group expects European natural gassupply in the coming years to be characterized by a growing gap betweensupply and demand, which needs to be filled by introducing new sources ofsupply.

Worldwide, the Uniper Group assumes that demand for power will continueto grow and as a result conventional generation capacity, including fromgas- and coal-fired facilities, will continue to be expanded. In theCompany’s opinion, this will also lead to an increase in global trade flowsfor coal and LNG.

B.5 Description of theUniper Group and theissuer’s position withinthis group.

The Company is the parent company of a group of companies, which hasbeen restructured under corporate law in preparation for the spin-off fromE.ON SE. The spin-off that will be effected on the basis of a spin-off andtransfer agreement dated April 18, 2016 (the “Spin-off and TransferAgreement”) between E.ON SE and Uniper SE, was resolved by thegeneral meeting of the Company on May 24, 2016 and the general meetingof E.ON SE on June 8, 2016.

E.ON SE holds all shares in E.ON Beteiligungen GmbH both before andafter the spin-off. Until the spin-off enters into effect upon being recorded inthe commercial register of E.ON SE, E.ON SE holds 100% of the shares inUniper SE via its wholly-owned subsidiary, E.ON Beteiligungen GmbH,which in turn holds 46.65% of the shares in Uniper Holding GmbH. Theremaining 53.35% of the shares in Uniper Holding GmbH are held byUniper Beteiligungs GmbH, which is wholly owned by E.ON SE.

Diagram 1 – Status prior to the implementation of the spin-off

E.ON SE

E.ON BeteiligungenGmbH

Uniper BeteiligungsGmbHUniper SE

Uniper HoldingGmbH

Uniper Group areas of business

100 % 100 %

53.35 %

46.65 %

100 %

E.ON Shareholders100 %

For purposes of transferring the majority shareholding in the Company tothe shareholders of E.ON SE, it is intended that E.ON SE spins off its100% shareholding in Uniper Beteiligungs GmbH to the Company by wayof spin-off by absorption under the German Reorganization Act(Umwandlungsgesetz). As a result, the remaining 53.35% in UniperHolding GmbH will indirectly transfer to the Company. As consideration forthis spin-off, new shares in the Company will be allocated to theshareholders of E.ON SE at a ratio of 10:1, i.e., for ten (10) shares in E.ONSE the shareholders of E.ON SE will receive one (1) share in the

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Company. The new shares to be granted to the E.ON SE shareholders willbe created by the Company by means of a capital increase for thepurposes of the spin-off.

Upon the spin-off taking effect, the shareholders of E.ON SE will hold53.35% of the shares in the Company and E.ON SE will hold – indirectlyvia E.ON Beteiligungen GmbH – 46.65% of the shares in the Company. Asa result, the shareholders of E.ON SE will remain fully invested in theactivities of Uniper Group to be spun off after the spin-off – directly via their(new) shareholding in the Company and indirectly via their shareholding inE.ON SE. Information in this Prospectus on shareholdings of the Companyas of December 31, 2015, 2014 and 2013 were taken from the auditedcombined financial statements of Uniper SE for the fiscal years endingDecember 31, 2015, 2014 and 2013 (the “Combined FinancialStatements”), which show the ownership structures as of those balancesheet days, respectively, as they would have been had the spin-off been ineffect as of those dates.

Diagram 2 – Structure after the implementation of the spin-off

E.ON SE

E.ON BeteiligungenGmbH

Uniper BeteiligungsGmbHUniper SE

Uniper HoldingGmbH

100 %

100 %

53.35 %

53.35 %

46.65 %

46.65 %

100 %

Uniper Group areas of business

E.ON Shareholders

B.6 Persons who, directlyor indirectly, have aninterest in the issuer’scapital or voting rightsor have control over theissuer.

As of the date of this Prospectus E.ON SE holds all shares in Uniper SEindirectly through its wholly owned subsidiary E.ON Beteiligungen GmbH.

Deviating Voting rights. Not applicable. Each share carries one vote at the general meeting.Shareholders, which had already held shares in the Company prior to thespin-off, do not have different voting rights.

Direct or indirectcontrol over the issuerand nature of suchcontrol.

Before the spin-off enters into effect, i.e., before the spin-off is recorded inthe commercial register of E.ON SE, E.ON SE holds via its wholly ownedsubsidiary, E.ON Beteiligungen GmbH, 100% of the shares in Uniper SE,which in turn holds 46.65% of the shares in Uniper Holding GmbH. Theremaining 53.35% of the shares in Uniper Holding GmbH is held by UniperBeteiligungs GmbH, which is wholly owned by E.ON SE.

After the spin-off has taken effect, E.ON SE will indirectly hold 46.65% ofUniper SE’s share capital through E.ON Beteiligungen GmbH. Theremaining 53.35% of the Company’s share capital will be allocated to E.ONSE’s shareholders in the context of the spin-off. E.ON SE will at this timeonly have a proportionate ability to influence the Company via this minorityshareholding. Furthermore, two members of the board of management ofE.ON SE are members of the Company’s supervisory board. In addition,three members of the supervisory board (Karl-Heinz Feldmann, Dr. VerenaVolpert and Dr. Marc Spieker) are employees of E.ON SE or its direct or

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indirect subsidiaries (together the “E.ON Group”). Furthermore, thechairman of the supervisory board of the Company is a former member ofthe board of management of E.ON SE.

E.ON SE and the Company intend to enter into a deconsolidationagreement following the stock exchange listing of the Company in order toachieve the deconsolidation of the Uniper Group in the first half of 2017 atthe latest. The deconsolidation agreement will contain provisions regardingE.ON SE’s and E.ON Beteiligungen GmbH’s abstention from exercisingvoting rights relating to the election of members of the supervisory board ofthe Company at the Company’s general meeting. The purpose of theagreement is to ensure that, despite the 46.65% minority shareholding inthe Company initially remaining with E.ON SE, which is expected torepresent a majority in attendance (Präsenzmehrheit) at the Company’sgeneral meeting, E.ON SE will no longer have an obligation to fullyconsolidate the Uniper Group in its consolidated financial statements.

B.7 Selected materialhistorical financialinformation.

The financial information presented in the following tables has been takenor derived from the Combined Financial Statements or the unauditedcondensed consolidated interim financial statements of Uniper SE for thesix-month period ending June 30, 2016 (including comparative figures forthe six-month period ending June 30, 2015) (the “Consolidated InterimFinancial Statements”).

The Combined Financial Statements have been prepared in accordancewith the International Financial Reporting Standard (“IFRS”) as adopted bythe European Union (“EU”) and the interpretations of the IFRSInterpretations Committee (“IFRS IC”), which have been adopted by the EUCommission until the end of the reporting period for application in the EU,and have been audited in accordance with the International Standards onAuditing (ISA) by PricewaterhouseCoopers AktiengesellschaftWirtschaftsprüfungsgesellschaft, Moskauer Straße 19, 40227 Düsseldorf,Germany, which issued an unqualified auditor’s report thereon.

The Combined Financial Statements of Uniper SE present the UniperGroup companies and the business activities allocated to the Uniper Groupin the manner in which they were included in the IFRS consolidatedfinancial statements of E.ON SE in the past and how they will exist after thespin-off enters into effect. During the fiscal years 2015, 2014 and 2013 theUniper Group did not conduct business operations as an independentgroup.

The unaudited Consolidated Interim Financial Statements of Uniper SEhave been prepared in accordance with International Accounting Standard(“IAS”) 34 (Interim Financial Reporting).

The financial data presented as “audited” in the following tables is data thathas been taken from the above-mentioned audited Combined FinancialStatements of Uniper SE. Financial data presented as “unaudited” is datathat has been derived from the audited Combined Financial Statements orhas been taken or derived from the unaudited Consolidated InterimFinancial Statements of Uniper SE or has been taken or derived from theUniper Group’s accounting system.

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Statements of Income of the Uniper GroupSix-month periodending June 30,

Fiscal year endingDecember 31,

2016 2015 2015 2014 2013

(unaudited) (audited)(in € million)

Sales including electricity and energy taxes . . . . . . . . . . . . . . . . 33,581 45,026 92,338 88,522 95,097Electricity and energy taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -254 -115 -223 -297 -347Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,327 44,911 92,115 88,225 94,750Changes in inventories (finished goods and work in

progress) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -8 35 4 -64 -17Own work capitalized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 3 46 81 81Other operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,791 4,156 10,825 9,462 4,572Cost of materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -30,998 -43,117 -89,306 -84,501 -91,256Personnel costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -564 -603 -1,260 -1,329 -1,442Depreciation, amortization and impairment charges . . . . . . . . . -3,275 -645 -5,357 -5,209 -2,191Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -6,810 -4,640 -10,524 -9,319 -5,082Income/loss from companies accounted for under the equity

method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 65 60 -388 -340Income/loss before financial results and income taxes . . . -3,471 165 -3,397 -3,042 -925Financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -364 -44 36 -118 -148Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -50 -24 -396 348 -60Net income/loss after income taxes . . . . . . . . . . . . . . . . . . . . -3,885 97 -3,757 -2,812 -1,133

Balance Sheet of the Uniper Group

As ofJune 30, 2016

As of December 31,

2015 2014 2013


Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,628 2,555 4,911 6,372Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,966 2,159 2,436 3,258Property, plant and equipment . . . . . . . . . . . . . . . . . . . . 11,274 14,297 15,717 19,778Companies accounted for under the equity method . . 840 1,136 1,401 1,897Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 530 558 927 1,306Financial receivables and other financial assets . . . . . 2,983 3,029 4,104 3,604Operating receivables and other operating assets . . . . 4,315 4,687 3,158 1,985Income tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 9 14 17Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,031 1,031 1,355 1,040Non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,576 29,461 34,023 39,257Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,451 1,734 2,297 2,888Financial receivables and other financial assets . . . . . 950 8,359 11,475 10,499Trade receivables and other operating assets . . . . . . . 14,141 23,085 23,205 18,726Income tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299 296 206 146Liquid funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536 360 412 896Assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 228 2 98Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,409 34,062 37,597 33,253Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,985 63,523 71,620 72,510

Equity (net assets) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,067 15,001 22,719 27,766Financial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,080 2,296 5,175 5,387Operating liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,578 3,781 2,460 1,702Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — —Provisions for pensions and similar obligations . . . . . . 1,175 796 1,773 1,479Miscellaneous provisions . . . . . . . . . . . . . . . . . . . . . . . . 6,562 5,809 5,057 4,844Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,705 1,622 1,966 2,210Non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 15,100 14,304 16,431 15,622Financial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,310 10,551 8,161 8,307Trade payables and other operating liabilities . . . . . . . 13,681 20,642 21,563 18,349Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 338 323 242Miscellaneous provisions . . . . . . . . . . . . . . . . . . . . . . . . 1,527 2,569 2,423 2,224Liabilities associated with assets held for sale . . . . . . . — 118 — —Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,818 34,218 32,470 29,122Total equity and liabilities . . . . . . . . . . . . . . . . . . . . . . 42,985 63,523 71,620 72,510

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Statement of Cash Flows of the Uniper Group

Six-month periodending June 30,


2016 2015 2015 2014 2013


Net income/loss after income taxes . . . . . . . . . . . . . . . . . . . . . . -3,885 97 -3,757 -2,812 -1,133Cash provided by (used for) operating activities (operating

cash flow) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,952 2,301 1,465 1,437 554Cash provided by (used for) investing activities . . . . . . . . . . . . 945 -487 -610 -1,504 -1,017Cash provided by (used for) financing activities . . . . . . . . . . . . -2,706 -1,737 -979 37 741Net increase/decrease in cash and cash equivalents . . . . . . . 191 77 -124 -30 278Cash and cash equivalents at the end of the period . . . . . . . . 528 468 299 340 551

Segment InformationSix-month periodending June 30,


2016 2015 2015 2014 2013


SalesEuropean Generation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,250 3,902 7,563 8,246 9,083

Intersegment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,786 2,371 4,547 5,024 5,654External sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,464 1,531 3,016 3,222 3,429

Global Commodities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,827 44,619 91,207 86,672 93,767Intersegment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,475 1,808 3,235 3,196 4,322External sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,352 42,811 87,972 83,476 89,445

International Power Generation . . . . . . . . . . . . . . . . . . . . . . . . . 510 556 1,134 1,529 1,879Intersegment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — —External sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510 556 1,134 1,529 1,879

Administration/Consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . -3,260 -4,166 -7,789 -8,222 -9,979Intersegment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -3,261 -4,179 -7,782 -8,220 -9,976External sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 13 -7 -2 -3

Total sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,327 44,911 92,115 88,225 94,750

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Selected Other Financial MeasuresSix-month periodending June 30,


2016 2015 2015 2014 2013

(unaudited)(audited, unless

otherwise specified)(in € million, unless otherwise specified)

InvestmentsEuropean Generation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 275 774 877 1,018Global Commodities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 58 112 105 147International Power Generation . . . . . . . . . . . . . . . . . . . . 44 85 193 547 1,037Administration/Consolidation . . . . . . . . . . . . . . . . . . . . . . . 5 — 4 2 0Group investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292 418 1,083 1,531 2,202Adjusted EBITEuropean Generation(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 195 506 539 504Global Commodities(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,095 334 262 173 328International Power Generation(1) . . . . . . . . . . . . . . . . . . . -39 106 236 316 410Administration/Consolidation(1) . . . . . . . . . . . . . . . . . . . . . -41 -90 -203 -202 -194Group Adjusted EBIT(1) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,135 545 801 826 1,048Adjusted EBITDAEuropean Generation(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . 406 515 1,125 1,331 1,254Global Commodities(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,165 420 449 362 546International Power Generation(1) . . . . . . . . . . . . . . . . . . . 5 150 335 465 609Administration/Consolidation(1) . . . . . . . . . . . . . . . . . . . . . -36 -85 -192 -192 -182Group Adjusted EBITDA(1) . . . . . . . . . . . . . . . . . . . . . . . 1,540 1,000 1,717 1,966 2,227Operating cash flow before interest and taxesEuropean Generation(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . 897 603 1,133 1,077 855Global Commodities(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,111 1,771 767 342 -446International Power Generation(2) . . . . . . . . . . . . . . . . . . . 149 172 388 511 655Administration/Consolidation(2) . . . . . . . . . . . . . . . . . . . . . -23 -105 -267 -186 -199Group operating cash flow before interest and

taxes(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,134 2,441 2,021 1,744 865FFO(3)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 605 2,092 1,816 1,789Adjusted FFO(3)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 393 1,805 1,548 1,495Cash conversion(4) (in %)* . . . . . . . . . . . . . . . . . . . . . . . . . 138.6 244.1 117.7 88.7 38.8Net financial position(5)* . . . . . . . . . . . . . . . . . . . . . . . . . . . -1,531 — -4,930 -2,066 -3,112Economic net debt(5)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -3,631 — -6,690 -4,802 -5,624Controllable costs(6)* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657 722 1,305 1,455 1,639

(*) Unaudited.

(1) EBIT (unadjusted earnings before interest and taxes) represents the Uniper Group’s income/loss before financial results andincome taxes in accordance with IFRS, taking into account the net income/expense from equity investments. Unadjusted EBITis adjusted for certain non-operating effects in order to increase its meaningfulness as an indicator of the operating profitabilityof the Uniper business. Adjusted EBIT also include income from investment subsidies for which liabilities are recognized.

The non-operating earnings effects for which EBIT is adjusted include in particular income and expenses from the marking tomarket of derivative financial instruments used in hedges and, where material, book gains/losses, expenses for restructuring/cost-management, impairments/reversals of impairments on non-current assets, companies accounted for under the equitymethod and other long-term financial assets and goodwill in the context of impairment tests and other contributions to non-operating earnings.

Net book gains are equal to the sum of book gains and losses from disposals, which are included in other operating incomeand expenses. Effects from the fair value measurement of derivatives are also included in other operating expenses andincome. Restructuring/cost management expenses represent additional expenses which are not directly attributable to theoperating business. Other non-operating earnings encompass other non-operating income and expenses that are unique orrare in nature. Depending on the particular case, such income and expenses may affect different line items in the statement ofincome.

Adjusted EBITDA represents adjusted earnings before interest, taxes, depreciation and amortization.

(2) The operating cash flow before interest and taxes (“OCFbIT”) represents cash provided by (used for) operating activities(operating cash flow) less cash inflows from interest and tax payments or plus cash outflows from interest and tax payments(less refunds).

(3) As from 2017, the Uniper Group uses the Non-GAAP financial measure “adjusted funds from operations” (“Adjusted FFO”) tocalculate the amount available for distribution to shareholders and as from 2017 for the variable remuneration awarded to themembers of the board of management.

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The basis for FFO (funds from operations) is the cash provided by (used for) operating activities (operating cash flow), which is initiallyadjusted for changes in operating assets and liabilities and in income taxes to eliminate period-specific shifts resulting fromunforeseeable cash inflows or outflows. Changes in operating assets and liabilities include changes in the marking to market ofderivatives as of the reporting date. These changes are also adjusted since they are non-cash. For the same reason, changes in themeasurement of foreign currency-denominated operating receivables and payables recognized in income are also eliminated.

For Adjusted FFO, employer service costs for pension entitlements acquired during the fiscal year and recalculated service costs,which will in future result in cash flows, as well as payments to the Swedish Nuclear Waste Fund, are deducted from FFO, despite thefact that they are reported in cash provided by (used for) investing activities, since they result from operating activities. Dividends tominority shareholders that are resolved or paid are likewise unavailable to the Company’s shareholders and are therefore adjusted.

(4) Cash conversion represents the result of dividing operating cash flow before interest and taxes (OCFbIT) by the Adjusted EBITDA forthe relevant period.

(5) The net financial position comprises liquid funds, non-current securities and financial receivables from affiliated companies, net offinancial liabilities (including financial liabilities to affiliated companies). The receivables from and liabilities to affiliated companiesresult from the inclusion of the Uniper Group in the E.ON Group’s cash management; these are recognized in other financialreceivables and financial assets, and in other financial liabilities. The outstanding net amount of financial receivables from andliabilities to the E.ON Group will be replaced by external financial liabilities as part of the spin-off and is therefore taken intoconsideration in the net financial position.

Provisions for pensions and similar obligations and provisions for asset retirement obligations are deducted from the net financialposition calculated as above, since both these items give rise to long-term financial payment obligations. Segregated assets allocatedto these obligations are included in the calculation of economic net debt.

Net financial position and economic net debt comprise balance sheet items and are therefore not compared to June 30, 2015.

(6) Controllable costs represent a measure used to analyze and manage trends in expenses; it includes those operating costs that can beindependently influenced and controlled by management. The definition of controllable costs only applies to the European Generationsegment. This measure includes all personnel costs, as well as expenses for purchased goods and services. Controllable costsinclude miscellaneous other operating income which includes recharged costs for purchased goods and services, reimbursements ofinsurance premiums, reversals of impairments, investment subsidies, and rental income. The portions of other operating expensesthat contain controllable costs are also taken into consideration. These include expenses for reclamation and demolition, marketing, ITand rental costs, costs for third-party services, fees and contributions, maintenance and repair costs, office, travel, training and notarycosts, and consultancy and audit expenses. Fuel costs and costs associated with emissions allowances and electricity purchases arenot included since these are influenced by market factors.

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Significant changes to theissuer’s financial conditionand operating results duringor subsequent to the periodcovered by the material keyhistorical financialinformation.

There has been no material change in the Uniper Group’s financialposition and trading position since June 30, 2016.

Comparison of results of operations in the six-month periodsending June 30, 2016, and June 30, 2015

In the six-month period ending June 30, 2016 compared to thesix-month period ending June 30, 2015, there were the followingmaterial developments:

Sales decreased by €11,584 million or 25.8% from €44,911 millionin the six-month period ending June 30, 2015, to €33,327 million inthe six-month period ending June 30, 2016.

Other operating income increased by €635 million or 15.3% from€4,156 million in the six-month period ending June 30, 2015, to€4,791 million in the six-month period ending June 30, 2016.

The loss before financial results and income taxes amounted to€3,471 million in the six-month period ending June 30, 2016, down€3,636 million on the income before financial results and incometaxes amounting to €165 million in the six-month period endingJune 30, 2015.

The financial results declined by €320 million from €-44 million in thesix-month period ending June 30, 2015, to €-364 million in thesix-month period ending June 30, 2016.

The net loss after income taxes amounted to €3,885 million in thesix-month period ending June 30, 2016, down €3,982 million on thenet income after income taxes amounting to €97 million in thesix-month period ending June 30, 2015.

Comparison of results of operations for fiscal years 2015 and2014

In the fiscal year ending on December 31, 2015 compared to thefiscal year ending on December 31, 2014, there were the followingmaterial developments:

Sales increased by €3,890 million or 4.4% from €88,225 million infiscal year 2014 to €92,115 million in fiscal year 2015.

Other operating income increased by €1,363 million or 14.4% from€9,462 million in fiscal year 2014 to €10,825 million in fiscal year2015.

The income/loss before financial results and income taxes declinedby €355 million or 11.7% from €-3,042 million in fiscal year 2014 to€-3,397 million in fiscal year 2015.

The financial results rose from €-118 million in fiscal year 2014 by€154 million to €36 million in fiscal year 2015.

The net income/loss after income taxes declined by €945 million or33.6% from €-2,812 million in fiscal year 2014 to €-3,757 million infiscal year 2015.

Comparison of results of operations for fiscal years 2014 and2013

In the fiscal year ending on December 31, 2014 compared to thefiscal year ending on December 31, 2013, there were the followingmaterial developments:

Sales declined from €94,750 million in fiscal year 2013 by€6,525 million or 6.9% to €88,225 million in fiscal year 2014.

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Other operating income rose from €4,572 million in fiscal year 2013by €4,890 million or 107.0% to €9,462 million in fiscal year 2014.

The income/loss before financial results and income taxes declinedby €2,117 million or 228.9% from €-925 million in fiscal year 2013 to€-3,042 million in fiscal year 2014.

The financial results improved by €30 million or 20.3% from€-148 million in fiscal year 2013 to €-118 million in fiscal year 2014.

The net loss after income taxes widened by €1,679 million or148.2% from €1,133 million in fiscal year 2013 to €2,812 million infiscal year 2014.

Operative and financial optimization of the Uniper Group

In April 2016, the Uniper Group announced a comprehensiveprogram for its operative and financial optimization (“ProjectVoyager”). The plan is for most of the measures to be completed bythe end of 2017 and thus to enter into effect in fiscal year 2018. Akey component of the program involves the optimization of theUniper Group’s cost items, e.g., in the form of lower administrationexpenses (including through reducing management levels) and acritical review of existing structures and processes. Further action tooptimize liquidity will include steadfastly continuing stringent workingcapital measures and limiting the scope of investments formaintenance and servicing as well as any growth projects already inexistence. In addition, it is planned to sell off assets worth more than€2 billion in order to finance these projects and further strengthenthe balance sheet. All in all, the Uniper Group plans to comfortablylower the ratio of economic net debt to Adjusted EBITDA to below2:1 and the ratio of net financial position to Adjusted EBITDA tobelow 1:1.

The objective of these measures, among other things, is topermanently strengthen the Uniper Group’s current long-terminvestment grade rating of BBB-1 with a stable outlook, which it hadreceived from the rating agency Standard & Poor’s Credit MarketServices Europe Limited on May 10, 2016. In this way it will bepossible to guarantee the vital access to the commodity tradingmarkets and attain a stable and strong financial position in thevolatile commodity markets.

B.8 Selected key pro formafinancial information.

Not applicable. The Company has not prepared pro forma financialinformation.

B.9 Profit forecast or estimate. Not applicable. No profit forecast or estimate has been made.

B.10 Qualifications in the auditreport on the historicalfinancial information.

Not applicable. The auditor’s report on the Combined FinancialStatements of Uniper SE for the fiscal years ending December 312013, 2014 and 2015 and the respective auditor’s reports on annualfinancial statements of the Company or Uniper AG or E.ONKraftwerke GmbH for the fiscal years ending December 31 2015,2014 and 2013 were issued without qualification.

B.11 Insufficiency of the issuer’sworking capital for its presentrequirements.

Not applicable. The working capital of the issuer is sufficient to meetthe existing requirements.

1 Companies rated BBB- are regarded by Standard & Poor’s Credit Market Services Europe Limited as companies with an adequatecapacity to meet their financial commitments. The rating agency Standard & Poor’s is established in the European Union and has beenregistered in accordance with Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of 16 September 2009 oncredit rating agencies, as amended from time to time.

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C – Securities

C.1 Description of the type andthe class of the securitiesbeing offered and/or admittedto trading, including anysecurity identificationnumber.

The subject matter of the Prospectus for purposes of admission totrading relates to 365,960,000 no-par value registered shares (the“Shares”), each such Share representing a notional interest in theCompany’s share capital of €1.70 and fully entitled to participate inprofits from January 1, 2016 (the entire share capital after the non-cash capital increase enters into effect in connection with thetransfer of a 53.35% interest in the Company to the shareholders ofE.ON SE through the spin-off of all shares of Uniper BeteiligungsGmbH to the Company by issuing new Shares to the shareholdersof E.ON SE).

International Securities Identification Number (ISIN): DE000UNSE018

German Securities Identification Number (WKN): UNSE01

Common Code: 148396396

C.2 Currency of the securitiesissue.

Euro.

C.3 The number of shares issuedand fully paid up and issuedbut not fully paid up.

As of the date of this Prospectus, Uniper SE’s share capitalamounted to €290,224,578, divided into 170,720,340 Shares. Oncethe spin-off enters into effect, i.e., once the spin-off is entered in thecommercial register of E.ON SE (expected on September 9, 2016),the share capital of the Company will amount to €622,132,000 andwill be divided into 365,960,000 Shares. The shares are subject toGerman law. The share capital is fully paid up.

Par value per share, orstatement that the shareshave no par value.

The Shares have no par value. Each of the Shares represents acalculated notional value of €1.70 in the share capital.

C.4 Description of the rightsattached to the securities.

All Shares issued by the Company carry dividend rights fromJanuary 1, 2016. This will also apply to the Shares created in thecourse of the spin-off.

Each Share carries one vote at the general meeting of theCompany.

C.5 Description of any restrictionson the free transferability ofthe securities.

Not applicable. There are no restrictions on the transferability of theShares.

C.6 Indication as to whether thesecurities offered are or willbe the object of an applicationfor admission to trading on aregulated market and theidentity of all the regulatedmarkets where the securitiesare or are to be traded.

The application for admission of the Shares to trading on theRegulated Market (Regulierter Markt) of the Frankfurt StockExchange (Frankfurter Wertpapierbörse) with simultaneousadmission to the sub-segment thereof with additional post-admissionobligations (Prime Standard) of the Frankfurt Stock Exchange wasfiled on August 19, 2016. It is anticipated that the respectiveadmissions will be granted on September 9, 2016. The trading onthe Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) iscurrently expected to commence on September 12, 2016.

C.7 Description of dividendpolicy.

According to the Company’s planned distribution policy, theCompany intends to distribute a dividend in the amount ofapproximately €200 million, i.e., €0.55 per share for fiscal year 2016(based on 365,960,000 shares in issue). The general meeting willresolve on this dividend in fiscal year 2017. For subsequent fiscalyears, a dividend is expected to be paid on the basis of Free CashFlow from Operations (adjusted funds from operations minuspayments for investments in fixed assets relating to replacement

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expenses and maintenance). There are plans for a distribution of atleast 75% and up to 100% of the Free Cash from Operations insubsequent fiscal years, with respect to the payment of dividends,although Total Free Cash Flow after the distribution should beneutral or positive. The Company’s ability to pay future dividends willdepend on the amount of distributable net retained profits. However,the Company cannot forecast the amount of future distributable netretained profits and therefore the amount of possible futuredividends at the date of this Prospectus. Neither can it guarantee thepayment or the amount of dividends in the future.

D – Risks

In addition to the other information in this Prospectus, investorsshould carefully read the risk factors described in this Prospectusbefore reaching a decision to acquire Shares and consider themwhen making their investment decision. The occurrence of an eventor circumstances described in these risk factors could individually ortogether with other risks or uncertainties, which are currently notknown or currently considered immaterial by the Uniper Group, havea material adverse effect on the business of the Uniper Group.

The order of the risk factors indicates neither the likelihood of therisks nor the extent to which they could have a negative effect on thefinancial position and results of operations of the Uniper Group.

The risk factors are based on assumptions which may prove to beinaccurate. In addition, other risks, facts or circumstances, which arecurrently not known or currently considered immaterial by theCompany, may individually or cumulatively emerge as material andcould have a material adverse effect on the financial position andresults of operations of the Uniper Group. The market price of theShares could fall in the case of occurrence of each of these risks oreach of these facts or circumstances or as a result of an event orcircumstances described in these risk factors and the investorscould lose some or all of their investment.

D.1 Key risks specific to theissuer or its industry.

• Risks arise for the Uniper Group’s business from any negativemacroeconomic developments and – in particular – theassociated decline in energy trading, energy demand and/orenergy prices and commodity prices.

• Risks arise for the Uniper Group’s business from the globalpromotion of decarbonization and a related decline inconventionally generated energy.

• Risks arise for the Uniper Group’s business from the increase inrenewable energy generation and the resulting displacement ofconventional power plants among the competition.

• Risks arise for the Uniper Group’s business from thetransformation of the energy market, particularly in Europe.

• Market risks arise for the Uniper Group’s business fromchanging market prices and margins for power and primaryenergy sources.

• Market risks arise for the Uniper Group’s business from theavailability of fossil fuels such as coal, gas and oil as well asbiomass.

• Risks arise for the Uniper Group’s business from exchange rateand interest rate fluctuations.

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• Risks arise for the Uniper Group’s business from unusualseasonal fluctuations in demand for power and gas.

• Operational risks arise for the Uniper Group’s business fromhuman errors, technical failures in operating procedures orinterruptions of business operations, in particular because of thebursting of dams.

• Operational risks arise for the Uniper Group’s business from anuclear accident in one or several of the Uniper Group’sSwedish plants and shareholdings in plants.

• Risks arise for the Uniper Group’s business from the operationof gas storage facilities.

• Operational risks arise for the Uniper Group’s business frombuilding, expanding, refurbishing, retrofitting anddecommissioning projects.

• Operational risks arise for the Uniper Group’s business fromplanned efficiency improvements and cost savings.

• Operational risks arise for the Uniper Group’s business fromincreased competition.

• Financial risks arise for the Uniper Group’s business fromderivative financial instruments used for hedging purposes andproprietary trading.

• Financial risks arise for the Uniper Group’s business fromcounterparty defaults.

• Financial risks arise for the Uniper Group’s business from furtherdepreciation of assets, despite depreciation and highimpairments in the past.

• Regulatory risks arise for the Uniper Group’s business frominterventions by government agencies.

• Regulatory risks arise for the Uniper Group’s business from theimplementation and entry into force of new financial marketregulations as well as other regulatory tightening.

• Regulatory risks arise for the Uniper Group’s business fromfailure to comply with supervisory provisions and regulatoryconditions as well as any changes to existing provisions and theadoption of new statutory provisions.

• Financial risks arise for the Uniper Group’s business from claimsunder the German Reorganization Act (Umwandlungsgesetz) asa consequence of the spin-off (so-called continued liability(Nachhaftung) and the creditors’ right to be provided withcollateral).

• The Uniper Group’s business is exposed to risks arising fromthe E.ON Group’s German nuclear activities as a result of theimplementation of the German Federal Government’s legislativeinitiative on continuing liability for nuclear disposal costs.

• Risks arise for the Uniper Group’s business from E.ON SE’sability to exert influence on the Company as a consequence ofthe (indirect) minority interest of 46.65% in the share capital heldafter the spin-off from E.ON SE.

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D.3 Key risks specific to thesecurities.

• Financial risks arise for investors from share price losses arisingfrom the sale of the Shares at the present time or in the future.

• Financial risks arise for investors that the cumulative value ofthe Shares and the shares of E.ON SE might not reach orexceed the value of the E.ON shares prior to the spin-off.

E – Offer

E.1 Total net proceeds and anestimate of the total expensesof the issue/offer, includingestimated expenses chargedto the investor by the issueror the offeror.

Neither E.ON SE nor the Company will receive any issuanceproceeds in connection with the spin-off.

With respect to the expenses associated with the spin-off, adistinction must be made between external costs and taxes. Adistinction must also be made between the expenses of preparingfor the spin-off and the separation of the Uniper Group as well as theexpenses of the actual spin-off and stock exchange listing of theCompany.

External costs incurred for preparatory measures for the separationof the Uniper Group amounted to approximately €120 million in totalas at December 31, 2015. It is expected that additional externalcosts of the separation estimated at approximately €160 million willhave been incurred by the time the separation measures arecompleted, which means that the external costs of the separation ofthe Uniper Group will amount to approximately €280 million. Theexternal costs cover, among others, the separation of IT systemsand applications as well as the establishment of energy procurementand marketing at E.ON SE. The major part of these costs is borneby E.ON SE.

The major part of the external costs of the spin-off and itsimplementation, including the costs of the listing of the Company’sshares, will be incurred during fiscal year 2016. The external costs ofthe spin-off and its implementation are expected to amount toapproximately €80 million in total by the time the spin-off takeseffect. These external costs of the spin-off mainly relate to the costsof external consulting (in particular by investment banks and legaladvisers), audit fees (auditors), other transaction costs, includingnotarization fees, costs in connection with commercial registerfilings, as well as costs associated with the listing of the Company’sshares. In principle, these costs are borne by E.ON SE. The costsassociated with the listing will amount up to approximately€45 million, which will be borne by E.ON SE. These include the feesfor J.P. Morgan Securities plc, London, United Kingdom(“J.P. Morgan”), and Morgan Stanley Bank AG, Frankfurt, Germany,(“Morgan Stanley” and together with J.P. Morgan, the “ListingAgents”) (including discretionary fees) up to a total of approximately€20.5 million.

Taxes have arisen in connection with the preparatory measures forthe separation of the Uniper Group, which are expected to amountto a total of approximately €80 million. This includes real estatetransfer tax of up to approximately €10 million, some of which mustbe reported under German commercial law.

Taxes arising from the spin-off itself and its implementation areexpected to amount to approximately €300 million. This figureincludes real estate transfer tax amounting to approximately€260 million, which is expected to be payable in the years up to2018, and approximately €180 million of which must be reportedunder German commercial law. The tax expense therefore amounts

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to approximately €120 million. The Company will bear any transfertaxes arising from the notarization of the Spin-off and TransferAgreement and its performance, which will become payable after thespin-off enters into effect. Any other taxes arising in connection withthe notarization of the Spin-off and Transfer agreement and itsperformance are borne by the entity that is taxable pursuant to theapplicable tax law.

E.2a Reasons for the offer, use ofproceeds, estimated netamount of the proceeds.

Not applicable. An offer of securities is not the subject of thisProspectus.

E.3 Description of the terms andconditions of the offer.


E.4 Description of any interestthat is material to the issue/offer including conflictinginterests.

In connection with the spin-off and the listing of the Shares, theListing Agents have entered into a contractual relationship with theCompany and E.ON SE. The Listing Agents advise the Companyand E.ON SE on the spin-off. In addition, the Listing Agents havebeen appointed to act as designated sponsors of the Shares. Uponsuccessful implementation of the spin-off, the Listing Agents willreceive a success commission at the free discretion of E.ON SE.

The supervisory board of the Company has promised to grant aspecial incentive bonus to the current members of the Company’sboard of management in the context of the spin-off.

E.ON SE has an interest in the spin-off, since it allows it to disposeof its majority shareholding. E.ON SE and the Company expectindirect benefits in connection with the spin-off.

Two members of the Company’s supervisory board, Dr. JohannesTeyssen and Michael Sen, are also members of the board ofmanagement of E.ON SE. In addition, three members of thesupervisory board (Karl-Heinz Feldmann, Dr. Verena Volpert andDr. Marc Spieker), who will resign their positions in the first half of2017 at the latest, are employees in the E.ON Group. The currentchairman of the Company’s supervisory board, Dr. BernhardReutersberg, had been a member of E.ON SE’s board ofmanagement until June 30, 2016. The interests of E.ON SE and theCompany are not necessarily always aligned, which means thatconflicts of interest or potential conflicts of interest could arise forthose persons holding offices at both companies at the same time orin close succession.

The Listing Agents and their affiliated companies already conductlending activities with the Company and may in the future have otherbusiness relations with the Uniper Group and/or the E.ON Group(including lending activities) and/or may perform services in theordinary course of business.

E.5 Name of the person or entityoffering to sell the security.


Lock-up agreements theparties involved and period ofthe lock up.

In the listing agreement, E.ON SE has undertaken not to (1) offer,pledge, allot, sell, sell any option, purchase any option to sell, orotherwise transfer or dispose of, directly or indirectly, any Shares;and (2) propose any increase in the share capital of the Company,vote in favor of such a proposed increase or otherwise support anyproposal for the issuance of shares of the Company, with optionrights for shares of the Company, without the prior written consent ofthe Listing Agents (which may not be unreasonably withheld),subject to certain exceptions during the period commencing on

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September 1, 2016 and ending 90 days after the first day of tradingof the Shares on the Frankfurt Stock exchange (FrankfurterWertpapierbörse).

In the listing agreement, the Company additionally has undertakennot to (1) announce or effect an increase of the share capital of theCompany out of authorized capital; (2) submit a proposal for acapital increase to any general meeting for resolution; (3) announceto issue, effect or submit a proposal for the issuance of anysecurities convertible into shares or with option rights for shares; or(4) enter into a transaction or perform any action economicallysimilar to those described in (1) through (3) above, subject to certainexceptions and unless required by law, without the prior writtenconsent of the Listing Agents during the period commencing onSeptember 1, 2016 and ending 90 days after the first day of tradingof the Shares on the Frankfurt Stock Exchange (FrankfurterWertpapierbörse).

E.6 The amount and percentageof immediate dilutionresulting from the offer.


E.7 Estimated expenses chargedto the investor by the issueror the offeror.

Not applicable. Investors will not be charged with expenses by theCompany or the Listing Agents.

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2 RISK FACTORS

Prior to making a decision regarding the purchase of shares in Uniper SE (the “Company” or“Uniper SE” and, together with its direct and indirect subsidiaries, the “Uniper Group”) investorsshould carefully read and consider all of the risks hereinafter described along with the other informationcontained in this securities prospectus (the “Prospectus”). These risks are divided in the followingcategories: risks in connection with macroeconomic developments, risks in connection with thechanges in the world’s electricity and gas markets and the business model, market risks for thebusiness, operational risks for the business, financial risks for the business, regulatory risks for thebusiness as well as legal risks for the business. There are further risks that are related to the spin-offas such as well as the securities markets and the ownership of the shares. The occurrence of one ofthe events or other circumstances described in these risk factors, alone or together with other risks anduncertainties which the Uniper Group is currently unaware of or which the Uniper Group currentlyregards as being insignificant, could have material adverse effects on its business.

The order in which the risk factors are listed below is no indication as to the likelihood that anysuch risks will in fact occur; likewise, it is not an indication as to the extent to which they couldmaterially adversely affect the Uniper Group’s business or its financial condition and results ofoperations.

The risk factors are based on assumptions that may prove to be incorrect. There may also beother risks, facts or circumstances, which the Company is currently unaware of or which the Companyregards as being insignificant but that may prove, individually or cumulatively, to have material adverseeffects on the Uniper Group’s financial condition and results of operations. The stock exchange price ofthe Company’s shares could fall if any of these risks, facts or circumstances were to occur or as aconsequence of the events or circumstances described herein, and investors could lose all or part oftheir investment.

2.1 RISKS IN CONNECTION WITH MACROECONOMIC DEVELOPMENTS

The Uniper Group’s business activities depend, in many ways, on global macroeconomicdevelopment. For example, as part of its energy trading activities, the Uniper Group is engaged in theworldwide trade with commodities and is thus dependent on global economic developments. Accordingto the International Monetary Fund (“IMF”) a moderate global economic growth of 3.2% in 2016 and3.5% in 2017 is to be expected. These growth rates are above the 3.1% recorded for 2015 (all data inthis section 2.1 are taken from the World Economic Outlook published by the IMF dated April 16, 2016,which is available on http://www.imf.org/external/pubs/ft/weo/2016/01/pdf/text.pdf).

In advanced economies, the IMF expects growth to remain modest in line with 2015 outcomes of1.9%. Growth is projected to remain flat at 1.9% in 2016 before improving to 2.0% in 2017. While veryaccommodative monetary policy and lower oil prices will support domestic demand, weak externaldemand, further exchange rate appreciation, especially in the United States of America (the “UnitedStates”), and somewhat tighter financial conditions will weigh on the recovery.

Higher growth rates are expected in emerging markets and developing economies where, after 4%growth in 2015, the IMF projects growth rates of 4.1% in 2016 and 4.6% in 2017. However, the IMFnotes that prospects across countries remain uneven and generally weaker than over the last twodecades.

Despite the improved growth outlook until 2017, the IMF warns that global growth could bederailed by downside risks including an extended period of slowing growth and tightened financialconditions in advanced economies, rising stress in emerging markets (for instance, additionalexchange rate depreciations), a less-smooth-than-expected rebalancing process in China or anescalation of ongoing geopolitical tensions.

The Uniper Group has a significant presence in Germany, the United Kingdom, Sweden, Franceand the Netherlands, as well as in Russia. The demand for power and primary energy sources in thesemarkets is driven in particular by energy intensive industries and more generally by the economic andbusiness cycle developments in these markets.

For Germany, the IMF projects a growth rate of 1.5% in 2016 and 1.6% in 2017, only a slightimprovement compared to the 1.5% recorded in 2015. While strong private consumption and publicspending promote growth, the subdued global economic activity leads to lower exports and investment

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activity. For Sweden, the IMF projects, after 4.1% growth in 2015, continued strong growth of 3.7% in2016 and 2.8% in 2017 underpinned by expansionary monetary policy, higher residential investmentsand higher public spending. In France, economic activity is expected to grow at a rate of 1.1% in 2016(in line with 2015) and 1.3% in 2017. In the Netherlands, the growth rates are expected to remainaround the 2015 level of 1.9% with 1.8% in 2016 and 1.9% in 2017. In Russia, the internationalsanctions continue to compound the effects of lower oil prices and structural weakness. As a result, theIMF projects a contraction of -1.8% in 2016 before returning to positive growth rates of 0.8% in 2017.

On June 23, 2016, the United Kingdom voted in a national referendum to withdraw from theEuropean Union (“EU”). The result of the referendum does not legally obligate the United Kingdom toexit the EU, and it is currently unclear if or when the United Kingdom will formally serve notice to theEuropean Commission (“EU Commission”) of its desire to withdraw. Regardless of the ultimate dateor terms of the United Kingdom’s exit from the EU, the referendum in the United Kingdom has createdsignificant political, social, financial and macroeconomic uncertainties which make reliable forecasts forthe macroeconomic development of the United Kingdom very difficult. The possible exit of the UnitedKingdom (or any other country) from the EU, the potential withdrawal of Scotland, Wales or NorthernIreland from the United Kingdom, or prolonged periods of uncertainty relating to any of thesepossibilities, could result in significant macroeconomic deterioration, including, but not limited to adecline in global share prices, increased volatility on foreign exchange markets (in particular a furtherweakening of the pound Sterling and euro against other leading currencies), decreased gross domesticproduct in the United Kingdom and also the EU and a further downgrade of the United Kingdom’ssovereign credit rating by several international rating agencies. In addition, there is a risk that theseevents could push the