Investor

Presentation
As of March 2020
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.

Mar 2020 Investor Presentation Page 2

Our energy for a sustainable life

We all need electricity – children as well as adults, small companies

as well as large ones. Wherever there is electricity, there is light,
warmth and communication, production,
medical care and mobility. Electricity is life.

Mar 2020 Investor Presentation

Creating value in the renewable energy world
Investment highlights

Uniquely positioned to benefit from the energy transition

Attractive growth opportunities in renewable energy

Strict focus on value creation and shareholder return

Strong commitment to sustainable development goals

Highly motivated team incentivised to deliver strategic targets

Mar 2020 Investor Presentation Page 4

We are ideally positioned
for the new energy world

Experienced operator
Strong wind and solar business of flexible assets Leading commercial platform

GW installed GW in hydro, Global commodity trading

wind and solar biomass and & commercial asset
capacity gas plants optimisation

No. offshore Thereof GW Global analyst platform

global player pumped storage/batteries is key to our success

GW develop- bcm of gas Commodity solutions for

ment pipeline storage blue chip
customers
Note: Pro rata installed capacity.

Mar 2020 Investor Presentation Page 5

New structure: Business model fully aligned with our strategic focus
on the energy transition

Core Coal/Nuclear

Offshore Onshore Hydro/Biomass/ Supply • German lignite

wind wind/Solar Gas & Trading operations; mines
and plants
• Global offshore • Onshore and solar • Hydro, biomass and • Trading/origination • German hard coal
activities operations in gas plants in plants
• Gas & LNG
• Europe & APAC Germany, UK, • German nuclear
• Commodity
Netherlands power plants
• Americas solutions
• Kelag stake • Holding in Dutch
• Principal
EPZ (nuclear)
investments
• Gas storage
business

GW g/kWh
Installed capacity1 Carbon factor2 Share of coal in
1 Pro rata installed capacity of core business. | 2 Calculated for pro forma generation portfolio of core business. | Note: Figures for FY 2019. Group revenues
Mar 2020 Investor Presentation Page 6
Powerful position in wind and solar

Installed capacity by technology1 Installed capacity per country1 Pro forma EBITDA 2019

Solar ROW Onshore Wind/

Germany Solar Americas
2% Offshore 3%
16% 9%
28% Offshore
US 38% Onshore 22% Wind
8.7 GW 8.7 GW Wind/ €1.4 bn
24% UK
4% Solar
70% Europe 69%
5% 3%
Onshore 5% & APAC
Italy Netherlands
Spain Poland

Increasing capacity2 High level of earnings stability

Projects under Regulated Years weighted average

GW construction or secured3 remaining contracted tenor4
1Pro rata, excluding storage. | 2 Excluding storage. | 3 Including Feed-in tariffs (FiTs), contracts for difference (CfDs), fixed certificates and PPAs/Tax credits.. | 4 Includes assets in operation and under construction
with CfDs/FiTs, fixed certificates, PPAs/Tax credits. | Note: Figures as of 31 Dec 2019. Rounding differences may occur.

Mar 2020 Investor Presentation Page 7

Strategy of core business focused on expansion of green
and flexible energy

Build-out of batteries and

Significant growth in wind & solar research in new technologies Green power commercialisation

GW pro rata • Batteries: 30 MWh battery 15 year PPA for Nysäter project
storage facility under covering 18 TWh - one of the largest
construction in Ireland onshore wind PPAs globally
15 year tailored PPA with Honda for
• Thermal energy storage: 120 MW offtake from a 150 MW
pilot project of liquid salt wind farm in Oklahoma, US
storage charged by wind and
Commercialisation of electricity
sun power
generated by Belgian Northwester 2
• Hydrogen: Feasibility study wind farm
to build 105 MW power-to-
gas pilot project 5 year offtake agreement for portion
of Nordsee Ost offshore wind farm
2019 Target
2022 7 year supply agreement to take 3
TWh of green energy
Note: Installed capacity excluding storage.

Mar 2020 Investor Presentation Page 8

Responsible phaseout of coal by 2038 at latest

23.2 GW

12.7 GW
<10.0 GW
Coal – installed 4.3 GW
capacity 0.0 GW

2012 2019 2023 2030 2038

Coal as % of total
44.6% 30.4% <25.0% <10.0% 0%
capacity

Coal as % of total
62.4% 38.4%1 <35.0% <20.0% 0%
production
1 Includes
pro forma combined renewables portfolio. | Note: Based on full load hours under normal weather conditions and achievement of government renewables targets. Excluding plants in security reserve.
Production in 2038 refers to first year post closure.

Mar 2020 Investor Presentation Page 9

Decarbonisation target is fully supported by our strategy

CO2
Target to achieve CO2 neutrality for our Neutral
global generation portfolio by 2040 million
tonnes

Fully supportive of
Paris Climate Agreement

Proven track record of carbon

emission reductions
2012 2019 2030 2040

Mar 2020 Investor Presentation Page 10

 Our commitment to the UN SDGs goes beyond carbon reduction and
RWE receives recognition in leading sustainability ratings

Seven SDGs were defined as material in relation to our business activities

• 27% and 19% • Leading operator of • Strong employer • Focus on storage • Strong commitment • Recultivation • Strict compliance
women in 1st and wind and solar with ~ with workforce of technologies to to global climate programme with requirements with
2nd management ~9 GW installed more than 20,000 support the energy goals focus on RWE’s Code of
level1 capacity people transition • Target to be carbon biodiversity Conduct
• Member of the • Highly efficient and • Regional support for • Part of High-Tech neutral by 2040 • Increase in ecology • Member of
2020 Bloomberg flexible power plant structural change Gründerfonds III in renaturalised Bettercoal to
Gender Equality portfolio and energy since 2017 mining areas promote standards
Index (GEI) transition in hard-coal supply
chain

68 out of 100 A (from AAA to CCC)

B (Climate) 54 out of 100 (12th out of 30 utilitites)

1 Below the Executive Board of RWE AG.

Mar 2020 Investor Presentation Page 11

Wind / Solar pipeline

Mar 2020 Investor Presentation

Well on track to achieve more than 13 GW installed capacity
by the end of 2022

Our ambition to grow

GW pro rata
>13.0
1.6 GW
0.2 0.5 Average net growth
8.7 2.0 ambition per year
0.5 Offshore
0.2 Onshore
1.6 Onshore
0.4 Solar

GW
Installed COD COD COD Residual Target More than 60% of growth
Capacity 2020 2021 2022 target 2022 target under construction
Projects under construction
Note: Installed capacity excluding storage.

Mar 2020 Investor Presentation Page 13

Strong project pipeline and development activities providing
optionality for sustainable long-term growth

Development pipeline per maturity stage

GW pro rata 11.8
Σ 22 GW
5.4
1.9 ~7.3 GW
(excl. central
Close to FID/Awarded Development Central tender/ tender/lease
lease auction auction)

5.3
1.4 2.6 ~9.5 GW
0.2

1.4 2.9
0.3 0.6 ~5.2 GW

0.1 0.4 0.7 1.5

~2.7 GWh
Close to FID/Awarded Late Mid Early
Development
Europe North America APAC
Note: Development pipeline of 22 GW excluding storage and central tender/lease auctions. Figures as of 31 Dec 2019. Rounding differences may occur.

Mar 2020 Investor Presentation Page 14

Offshore Wind: Attractive near-term build-out coupled
with long-term development options

Secured near-term capacity build-out Further projects in development, GW pro rata

GW pro rata 4.9 Delta Nordsee Pre-emption right 0.5 GW
1.4
0.2 Nordsee Two&Three Pre-emption right 0.1 GW
2.5 0.3
0.5
Rampion Extension option 0.4 GW
Gwynt y Môr Extension option 0.3 GW

2019 Triton1 Kaskasi Dunkerque Sofia 2026 2 Greater Gabbard Extension option 0.3 GW
Knoll Galloper Extension option 0.1 GW

Country Dublin Array Development project 0.3 GW

Sharco II, IV & V Development project 1.5 GW
Exp.
2022 2022 2026 2026
COD Baltic II Development project 0.3 GW
CfD strike Södra Midsjöbanken Development project 1.6 GW
price (per £74.75 3 >€46.6 4 €44 £39.65 3
MWh) 5.4 GW

1 Under construction. | 2 Before asset rotation. | 3 2012 prices. | 4 €46.6 per MWh was the average strike price achieved in the auction.

Mar 2020 Investor Presentation Page 15

Onshore Wind/Solar Europe & APAC: Well diversified pipeline
providing opportunities for profitable growth

Development pipeline Near-term capacity build-out and development by the end of 2022
GW pro rata GW pro rata
4.5
0.6 2.9 0.8
0.8
~5.0
Installed Under construction Near-term Estimated
capacity 2019 growth ambition installed capacity
4.4
2022

Selected projects Capacity COD Support scheme Support expiry Offtake partner
Clocaenog Forest 96 MW Q1 2020 Two-sided CfD1 2035 n.a.
Alarcos 45 MW Q2 2020 PPA n.a. Audax Renovables
Limondale 249 MW Q3 2020 LGC2 2030 n.a.
Eekerpolder 63 MW Q4 2020 One-sided CfD1 2035 Market/Government
Zukowice 33 MW Q4 2020 Two-sided CfD1 2035 n.a.
Nysäter 95 MW Q4 2021 Firm hedge + Green certificates 2036 Energy company

1 CfD: Contract for Difference. | 2 LGC: Large Scale Generation Certificates (Green certificates for large producers in Australia). | Note: Installed capacity excluding storage.

Mar 2020 Investor Presentation Page 16

Onshore Wind/Solar Americas: Substantial 2020 wind construction
programme, with good optionality during PTC ramp-down

Development pipeline Near-term capacity build-out and development by the end of 2022
GW pro rata GW pro rata
5.4
3.4 0.6
1.4
4.6 ~9.7 5.1
Installed Under construction Near-term Estimated installed
capacity 2019 growth ambition capacity 2022

Major projects Capacity COD ISO Offtake product Offtake tenor Offtake partner
Cranell 220 MW Q2 2020 ERCOT Firm hedge hub 12 years Undisclosed LSE1
Peyton Creek 151 MW Q1 2020 ERCOT Self-structured hedge 10 years Multiple trading counterparties
Vauxhall & Hull 47 MW Q2 2020 AESO UC2 PPA node Mid-term3 Consumer staples
Big Raymond 440 MW Q4 2020 ERCOT UC2 PPA + Firm hedge 12 years Austin Energy + Banking sector
Scioto Ridge 250 MW Q4 2020 PJM Firm hedge hub Long-term4 Service sector
Boiling Springs 148 MW Q4 2020 SPP UC2 PPA hub 15 years Honda
Cassadaga 126 MW Q4 2020 NYISO Firm hedge node Long-term4 Utility
1 LSE: Load serving entity. | 2 UC: Unit contingent. | 3 Mid-term: 6-10 years. | 4 Long-term: 11-20 years. | Note: PTC: Production Tax Credits.

Mar 2020 Investor Presentation Page 17

Financial overview

Creating value in the

renewable energy world

Mar 2020 Investor Presentation

New strategic positioning is reflected in steering model
of RWE with focus on green growth

Core Coal/Nuclear

€0.3 bn
Offshore Onshore Hydro/Biomass/ Supply
Wind Wind/Solar Gas & Trading
adj. EBITDA

€1.0 bn €0.4 bn €0.7 bn €0.7 bn

adj. EBITDA adj. EBITDA adj. EBITDA adj. EBITDA

Core adj. EBITDA 2019 Net CAPEX 2020 – 2022 Net debt/adj. EBITDA 2019

€ bn € bn X
for growth investments
in wind and solar
Note: 2019 pro forma adjusted EBITDA; pro forma: new business segmentation and inclusion of E.ON‘s acquired assets for full fiscal year 2019.

Mar 2020 Investor Presentation Page 19

RWE’s core business set to show solid growth into 2022

Outlook for adjusted EBITDA for RWE’s core business Offshore Wind

€ bn Contribution of Triton Knoll 2021/2022

~8% p.a.
2.7 ~2.55 – 2.85
Onshore Wind/Solar
~2.15 – 2.45
Supply & Trading Contribution from new net capacity of ~3.5 GW
Hydro/Biomass/Gas Hydro/Biomass/Gas

Onshore Wind/Solar Declining GB capacity payments expected to

be partly offset by increasing generation spreads
Offshore Wind
Supply & Trading

2019 2020e 2022e Return to normalised level after exceptionally

pro forma high earnings in 2019

Note: 2019 pro forma adj. EBITDA includes approx. €0.5 bn outperformance of RWE Supply & Trading.

Mar 2020 Investor Presentation Page 20

Mid-term outlook for RWE Group shows earnings growth
down to the bottom line and high share of core business

Earnings outlook for RWE Group (€ bn)

Adj. EBITDA Adj. EBIT Adj. net income

~7% p.a.
3.1 – 3.4
2.7 – 3.0
~11% p.a.
~10% p.a.
1.5 – 1.8
1.2 – 1.5
1.05 – 1.35
0.85 – 1.15
Core Core
Core Core

2020e 2022e 2020e 2022e 2020e 2022e

Mar 2020 Investor Presentation Page 21
Outlook for RWE Group from adj. EBITDA to adj. net income

€ million Fiscal year 2020e outlook Fiscal year 2022e outlook

Adj. EBITDA ~ 2,700 – 3,000 ~ 3,100 – 3,400

Adj. depreciation ~1,500 ~1,600

Adj. EBIT ~1,200 – 1,500 ~1,500 – 1,800

Adj. financial result ~-100 ~-150

Adj. tax 15% 15%

Adj. minorities ~-50 ~-100

Adj. net income ~850 – 1,150 ~1,050 – 1,350

Mar 2020 Investor Presentation Page 22

Significant investments to grow wind & solar capacity
to >13 GW by 2022

RWE’s core capex programme 2020 – 2022 Gross growth capex by region and technology

€ bn Offshore Onshore Solar &

~3-4 ~8-9
Onshore wind wind storage
~25% Wind/Solar
Germany ~10% <5%
Europe & APAC
Onshore UK ~30% <5% ~ 5%
~5 ~30% Wind/Solar
Other Europe ~10%
Americas
Americas ~5% ~20% ~10%

Offshore APAC <5% <5%

~45%
Wind

~0.5
Remaining Committed
pipeline ~1/3 (FID taken)
Maintenance Net Asset Gross
in core growth rotation & growth ~1/3
business capex divestments capex
Close to FID ~1/3
Mar 2020 Investor Presentation Page 23
Solid capital structure provides financial flexibility for core
business

• Net debt of €7.0 bn after financial ring-fencing of

New definition of net debt 31 Dec
coal phaseout liabilities (€ million) 2019

• 2019 leverage factor1 Financial assets 9,098

X
Financial liabilities 5,179
• Targeted leverage factor (incl. hybrid capital adjustment)
(net debt/core adj. EBITDA) of ≤3.0x
Net financial assets 3,919
• Focus on maintaining investment grade (incl. hybrid capital adjustment)
rating with target of at least
Provisions for pensions and similar obligations 3,293
Baa2/BBB
Provisions for nuclear waste management 6,723

Provisions for dismantling wind farms 951

Net debt of continuing operations 7,048

1 Net debt/pro forma core adj. EBITDA; pro forma: new business segmentation and inclusion of E.ON‘s acquired assets for full fiscal year 2019.

Mar 2020 Capital Market

Investor Presentation
Day Page 24
Commitment to financially ring-fence coal phaseout liabilities
with financial portfolio

Funding of coal phaseout liabilities

€ bn • Provisions for mining liabilities reflecting accelerated

4.6
coal phaseout total €4.6 bn
• Agreement with German government includes
compensation payment of €2.6 bn payable over
E.ON stake 15 annual instalments
• Commitment to back amount with adequate
financial portfolio. Financial portfolio currently
Receivables
consists of
against GER
2.6 government - Receivables against German government
- 15% stake in E.ON (income from financial portfolio
recognised in ‘financial result’)
Mining Financial
provisions portfolio
31 Dec 2019
Mar 2020 Investor Presentation Page 25
RWE targets continued dividend growth in line with core
business development

Elements of dividend policy

• Management focus on total shareholder return €/share

2
0.85
• Target to grow future dividends in line with earnings 0.80 1

growth in core business

• Objective of steady growth with potential to smooth
Steady
short-term volatility of trading business and
growth,
weather effects
in line
• Dividend strategy corresponds to a payout ratio with core
between ~40% and ~60% of adjusted net income business

2019 2020
1 Subject to AGM approval. | 2 Management target.

Mar 2020 Investor Presentation Page 26

Appendix

Mar 2020 Investor Presentation

Divisional outlook for Offshore Wind

Outlook for adjusted EBITDA – Offshore Wind

€ million • Normalised weather situation assumed versus

~9% p.a. low wind levels in 2019, particularly in UK
1,150 – 1,350 • Contribution of new projects
900 – 1,100 - Triton Knoll (UK, 860 MW2, 2021/22)
961
• Nordsee Ost starting first reduction of feed
in tariff in compression model from August 2022

2019 2020e 2022e

pro forma1
1 Pro forma: new business segmentation and inclusion of E.ON‘s acquired assets for full fiscal year 2019. | 2 Accounting view.

Mar 2020 Investor Presentation Page 28

Divisional outlook for Onshore Wind/Solar

Outlook for adjusted EBITDA – Onshore Wind/Solar

€ million • Normalised weather situation assumed versus

low wind levels in 2019, particularly in UK
• Planned contribution of new projects: ~3.5 GW net
capacity additions, of which ~2 GW in the US
~17% p.a. • Asset rotation leading to expected earnings impact
650 – 750 of a high double digit million € amount by 2022
500 – 600 • ~0.5 GW to fall out of support schemes, mainly
442 in the US portfolio (expected earnings impact
of a medium double digit million € amount)

2019 2020e 2022e

pro forma1
1 Pro forma: new business segmentation and inclusion of E.ON‘s acquired assets for full fiscal year 2019.

Mar 2020 Investor Presentation Page 29

Divisional outlook for Hydro/Biomass/Gas

Outlook for adjusted EBITDA – Hydro/Biomass/Gas

€ million • Declining revenues from GB capacity market:

2019 2020 2021 2022

€229m ~€160m ~€160m ~€80m

2019 includes one-off repayment for 2018
671 GB capacity market of €51m
550 – 650 500 – 600
• Expectation of slight increase in generation spreads
• Stable earnings contribution from biomass
conversion in NL
• Stable earnings contribution from 37.9%
2019 1 2020e 2022e participation in Kelag
pro forma
1 Pro forma: new business segmentation. Former European Power, including hydro and biomass activities from innogy, excluding German hard coal activities and including 37.9% participation in Austrian Kelag.

Mar 2020 Investor Presentation Page 30

Divisional outlook for Supply & Trading

Outlook for adjusted EBITDA – Supply & Trading

€ million • Exceptionally high earnings contribution in 2019

due to outstanding trading performance and
strong contribution from gas and LNG
• Long-term average earnings contribution of
~€250 million, including stable earnings
731 contribution from gas storage

150 – 350 150 – 350

2019 1 2020e 2022e

pro forma
1 Pro forma: new business segmentation. Includes gas storage activities acquired from E.ON for full fiscal year 2019. Includes approx. €0.5 bn outperformance.

Mar 2020 Investor Presentation Page 31

Coal/Nuclear earnings driven by margin improvements and
capacity closures

Outlook for adjusted EBITDA Earnings outlook 2020

€ million • Improvement from higher realised generation margin

• Production plan updated after lignite phaseout
500 – 600 550 – 650 agreement

340 Mid-term earnings outlook 2022

• Expected increase in hedge prices

• Closure of generation capacity

2019 2020e 2022e Mid-term earnings outlook 2023 – 2025

pro forma1
• Strong earnings decline after further generation
CAPEX outlook capacity closure by 2022 to €0 – 200 million p.a.
2811 ~250 ~150 • Including efficiency improvements, lignite operations
will on average be cash flow positive2

1 Pro forma: new business segmentation. Former division Lignite & Nuclear plus German hard coal and nuclear minorities for full fiscal year 2019. | 2 EBITDA covers annual capex.
Mar 2020 Investor Presentation Page 32
Key sensitivities to our planning assumptions for 2020
Driver Segment Type Sensitivity Group impact1
Wind levels Offshore Wind P&L +/- 10% production +/- €150 million

Onshore Wind/Solar P&L +/- 10% production +/- €100 million

Power prices Offshore Wind and Onshore Wind/Solar P&L +/- 10% +/- €60 million2

Main f/x (USD & GBP) RWE Group P&L +/- 10% +/- €125 million

CO2 prices RWE Group P&L +/- €1/t Hedged until 2030

Pension provisions RWE Group Germany B/S +/- 0.1%3 -€150/+€170 million4

RWE Group abroad B/S +/- 0.1%3 -€90/+€100 million4

Nuclear provisions RWE Group B/S +/- 0.1%3 -/+ €50 million

Mining provisions RWE Group B/S +/- 0.1%3 -/+ €140 million

1 All
figures are rounded numbers. P&L figures refer to adjusted EBITDA. | 2 Earnings impact on unhedged position. For 2020 we have already hedged a significant amount of our merchant production volumes. |
3Change in real discount rate (net effect from change in nominal discount rate and escalation rate). | 4 Gross effect of changes in present value of defined benefit obligations. No offsetting effect from
development of plan assets included.
Mar 2020 Investor Presentation Page 33
Your contacts in Investor Relations
Important Links Financial Calendar
• Annual and interim reports & statements • Annual General Meeting
http://www.rwe.com/ir/reports ADR programme available • 14 May 2020
• Investor and analyst conferences Interim statement on the first quarter of 2020
http://www.rwe.com/ir/investor-and-analyst-conferences Further information on our homepage • 13 August 2020
• IR presentations & further factbooks RWE shares/ADR Interim report on the first half of 2020
http://www.rwe.com/ir/presentations • 12 November 2020
• IR videos Contact for ADR-holders at BNY Mellon
[email protected] Interim statement on the first three quarters of 2020
http://www.rwe.com/ir/videos
+1 201 680-6255 (outside from the US) • 16 March 2021
• Consensus of analysts’ estimates
1-888-269-2377 (within the US) Annual Report for fiscal 2020
http://www.rwe.com/ir/consensus-estimates

Contacts for Investors & Analysts Contacts for Private Shareholders

• Gunhild Grieve ( Head of IR ) • Lenka Zikmundova • Sabine Gathmann
Tel. +49 201 5179-3110 Tel. +49 201 5179-3116 Tel. +49 201 5179-3115
[email protected] [email protected] [email protected]

• Martin Vahlbrock • Jérôme Hördemann

Tel.: +49 201 5179-3117 Tel. +49 201 5179-3119
[email protected] [email protected]

• Dr. Burkhard Pahnke • Susanne Lange

Tel.: +49 201 5179-3118 Tel. +49 201 5179-3120
[email protected] [email protected]

Mar 2020 Investor Presentation Page 34