innogy SE innogy Finance B.V.

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1 First Supplement dated 18 May 2018 to the Prospectus dated 13 April 2018 This document constitutes a supplement (the "First Supplement") within the meaning of Article 16 of Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 (the "Prospectus Directive") to two base prospectuses: (i) the base prospectus of innogy SE in respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended and (ii) the base prospectus of innogy Finance B.V. in respect of Non-Equity Securities (together, the "Debt Issuance Programme Prospectus" or the "Prospectus"). This First Supplement is supplemental to and must be read in conjunction with the Debt Issuance Programme Prospectus dated 13 April innogy SE (Essen, Federal Republic of Germany) as Issuer and, in respect of Notes issued by innogy Finance B.V., as Guarantor innogy Finance B.V. ( s-hertogenbosch, The Netherlands) as Issuer 20,000,000,000 Debt Issuance Programme (the "Programme") The Issuers (as defined below) have requested the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the "Commission") in its capacity as competent authority under the Luxembourg act relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières, the "Luxembourg Law"), which implements the Prospectus Directive, to approve this First Supplement and to provide the competent authorities in the Federal Republic of Germany ("Germany"), The Netherlands, the Republic of Austria, and the United Kingdom of Great Britain and Northern Ireland with a certificate of approval attesting that the First Supplement has been drawn up in accordance with the Luxembourg Law (each a "Notification"). The Issuers may request the Commission to provide competent authorities in additional member states within the European Economic Area with a Notification. By approving a prospectus, the Commission shall give no undertaking as to the economic and financial soundness of the operation or the quality or solvency of the Issuers pursuant to Article 7(7) of the Luxembourg Law. This First Supplement has been approved by the Commission, has been filed with said authority and will be published in electronic form on the website of the Luxembourg Stock Exchange ( and on the website of innogy Group (

2 2 RESPONSIBILITY STATEMENT innogy SE ("innogy", "innogy SE" or the "Guarantor", together with its consolidated group companies, the "innogy Group") with its registered office in Essen, Federal Republic of Germany and innogy Finance B.V. ("innogy Finance") with its registered office in 's-hertogenbosch, The Netherlands (herein each also called an "Issuer" and together the "Issuers") are solely responsible for the information given in this First Supplement. Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this First Supplement for which it is responsible is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. Terms defined or otherwise attributed meanings in the Prospectus have the same meaning in this First Supplement. This First Supplement shall only be distributed in connection with and should only be read in conjunction with the Prospectus. To the extent that there is any inconsistency between any statement in this First Supplement and any other statement in or incorporated by reference into the Prospectus, the statements in this First Supplement will prevail. Save as disclosed in this First Supplement, there has been no other significant new factor, material mistake or material inaccuracy relating to information included in the Prospectus which is capable of affecting the assessment of Notes issued under the Programme since the publication of the Prospectus. Each Issuer has confirmed to the Dealers that this First Supplement contains all information which is necessary to enable investors to make an informed assessment of the assets and liabilities, financial position, profit and losses and prospects of the Issuers and the rights attaching to the Notes which is material in the context of the Programme; that the information contained herein with respect to the Issuers and the Notes is accurate and complete in all material respects and is not misleading; that any opinions and intentions expressed herein are honestly held and based on reasonable assumptions; that there are no other facts with respect to the Issuers or the Notes, the omission of which would make this First Supplement and the Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading; that the Issuers have made all reasonable enquiries to ascertain all facts material for the purposes aforesaid. No person has been authorised to give any information which is not contained in or not consistent with this First Supplement and the Prospectus or any other document entered into in relation to the Programme or any information supplied by any Issuer or any other information in the public domain and, if given or made, such information must not be relied upon as having been authorised by the Issuers, the Dealers or any of them. To the extent permitted by the law of any relevant jurisdiction, neither the Arranger nor any Dealer nor any other person mentioned in this First Supplement and the Prospectus, excluding the Issuers and the Guarantor, is responsible for the information contained in this First Supplement and the Prospectus, or any Final Terms or any document incorporated therein by reference, and accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the information contained in any of these documents. RIGHT TO WITHDRAW In accordance with Article 13 paragraph 2 of the Luxembourg Law, where the Prospectus relates to an offer of Notes to the public, investors who have already agreed to purchase or subscribe for Notes before this First Supplement is published have the right, exercisable within a time limit of two working days after the publication of this First Supplement, until 23 May 2018, to withdraw their acceptances provided that the new factor, mistake or inaccuracy referred to in Article 13 paragraph 1 of the Luxembourg Law arose before the final closing of the offer to the public and the delivery of the Notes.

3 3 Supplemental information I. Replacement and supplemental information pertaining to the SUMMARY and the GERMAN TRANSLATION OF THE SUMMARY 1. "Element B.12" under the heading "SUMMARY Section B [Issuer] [Guarantor]" on page 9 of the Prospectus shall be replaced by the following: "B.12 Selected historical key financial information Selected Balance Sheet information (unaudited) (audited) (audited) 31 March Dec Dec 2016 Non-current assets 36,698 36,502 36,239 Current assets 11,887 10,312 10,651 Assets 48,585 46,814 46,890 Equity 11,968 11,252 10,667 Non-current liabilities 22,168 22,913 24,442 Current liabilities 14,449 12,649 11,781 Equity and liabilities 48,585 46,814 46,890 Selected Income Statement information (audited) Revenue 41,119 41,549 Income before tax 1,648 2,201 Income 1,149 1,786 Net income / income attributable to innogy SE shareholders 778 1,513 Basic and diluted earnings per common and preferred share in (unaudited) Jan März 2018 Jan März 2017 Revenue 10,871 11,644 Income before tax 1,176 1,121 Income Net income / income attributable to innogy SE shareholders Basic and diluted earnings per common and preferred share in

4 4 Selected Cash Flow Statement information (audited) Cash flows from operating activities 2,654 2,674 Cash flows from investing activities (after initial/subsequent transfer to plan assets) (1,800) 5,218 Cash flows from financing activities (1,172) (7,042) Net change in cash and cash equivalents (309) 829 Cash and cash equivalents at end of the reporting period as per the consolidated balance sheet (1,070) 1,379 (unaudited) Jan Mar 2018 Jan Mar 2017 Cash flows from operating activities (880) (663) Cash flows from investing activities (after initial/subsequent transfer to plan assets) (154) (296) Cash flows from financing activities 1,010 1,019 Net change in cash and cash equivalents (17) 72 Cash and cash equivalents at end of the reporting period as per the consolidated balance sheet 1,053 1,451 No Material adverse change in the prospects of the Issuer Significant change in the financial and trading position There has been no material adverse change in the prospects of innogy since 31 December Not applicable. There has been no significant change in the financial or trading position of innogy since 31 March 2018." 2. "Element B.17 Credit ratings of the Issuer or its debt securities" under the heading "SUMMARY Section B [Issuer] [Guarantor]" on page 11 of the Prospectus shall be replaced by the following: "B.17 Credit ratings of the Issuer or its debt securities innogy is currently rated BBB+ 1 and the senior unsecured bonds issued by innogy are currently rated A- 1 with rating watch negative by Fitch Ratings Ltd. ("Fitch") 2,3, BBB 1 with stable outlook by Standard & Poor's Credit Market Services Europe Limited ("Standard & Poor's") 3,2 and Baa2 1 with stable outlook by Moody's Investors Services Ltd ("Moody's") 2,3. The credit ratings are F2 1 (rating watch negative), A 3 1 and P-2 1, respectively, for short-term innogy bonds. [The Notes have been assigned a rating of [ ] by [ ].]

5 A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. The European Securities and Markets Authority publishes on its website ( a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. Fitch, Moody's and Standard & Poor's are established in the European Community and are registered under the CRA Regulation." 3. "Element B.13 - Recent events" under the heading "SUMMARY Section B [Issuer] [Guarantor]" on pages 9-10 of the Prospectus shall be replaced and/or supplemented by the following: a) The first paragraph shall be replaced by the following: "B.13 Recent events Intended acquisition by E.ON of RWE's stake in innogy In March 2018, RWE AG ("RWE") and E.ON SE ("E.ON") have announced to have entered into an agreement under which E.ON intends to acquire RWE's approx % stake in innogy in a block trade to be followed by a wide-ranging exchange of business activities and participations between RWE, E.ON and innogy. In connection therewith, on 27 April 2018, an indirect subsidiary of E.ON launched a voluntary public cash takeover offer to the shareholders of innogy. The closings of the takeover offer and of the transaction between RWE and E.ON are each subject to a number of conditions. According to E.ON, the latest possible completion date for the takeover offer is 13 January 2020." b) The following paragraph shall be included after the first paragraph: "Supervisory Board decides on personnel topics. Uwe Tigges was appointed CEO. Arno Hahn was appointed as new Chief Human Resources Officer and Labour Director. The contracts of the Executive Board members Hildegard Müller, Hans Bünting and Martin Herrmann were extended until 31 March innogy grants due diligence for its business in Czech Repulic. Following expressions of interest for certain business activities, innogy decides to grant due diligence for its business in Czech Republic. Submission of official registration documents for the planned npower/sse merger to the Competition and Markets Authority, CMA. On 8 May 2018, the CMA referred the proposed transaction for an in-depth investigation (phase 2). The deadline for the final CMA report is 22 October innogy paid a dividend of 1.60 per share for fiscal year On the 24 April 2018 the Annual General Meeting of innogy SE resolved to distribute a dividend of 1.60 per dividend-bearing share for the fiscal year The dividend was paid on 27 April 2018."

6 6 4. "Element B.17 Credit ratings of the Issuer or its debt securities" under the heading "SUMMARY Section B Issuer" on page 14 of the Prospectus shall be replaced by the following: "B.17 Credit ratings of the Issuer or its debt securities innogy Finance is currently rated BBB+ 1 and the senior, unsecured bonds issued by innogy Finance are currently rated A- 1 by Fitch Ratings Ltd. ("Fitch") 2,3 with rating watch negative, BBB 1 by Standard & Poor's Credit Market Services Europe Limited ("Standard & Poor's") 3,2 with stable outlook and Baa2 1 with stable outlook by Moody's Investors Service Ltd ("Moody's") 2,3. The credit ratings are F2 1 (rating watch negative), A 2 1 and P-2 1, respectively, for short-term innogy Finance bonds. [The Notes have been assigned a rating of [ ] by [ ].] 1 A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. 2 The European Securities and Markets Authority publishes on its website ( a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. 3 Fitch, Moody's and Standard & Poor's are established in the European Community and are registered under the CRA Regulation." 5. "Punkt B.12" under the heading "GERMAN TRANSLATION OF THE SUMMARY ZUSAMMENFASSUNG Abschnitt B [Emittentin] [Garantin]" on page 24 of the Prospectus shall be replaced by the following: "B.12 Ausgewählte wesentliche historische Finanzinformationen Ausgewählte Informationen aus der Bilanz (nicht testiert) (testiert) (testiert) 31 Mar Dez 2017 in Mio. 31 Dez 2016 Langfristiges Vermögen Kurzfristiges Vermögen Aktiva Eigenkapital Langfristige Schulden Kurzfristige Schulden Passiva Ausgewählte Informationen aus der GuV-Rechnung (testiert) in Mio. Umsatzerlöse

7 7 Ergebnis vor Steuern Ergebnis Nettoergebnis/Ergebnisanteile der Aktionäre der innogy SE Unverwässertes und verwässertes Ergebnis je Aktie in 1 1,40 4,15 (nicht testiert) Jan März 2018 Jan März 2017 in Mio. Umsatzerlöse Ergebnis vor Steuern Ergebnis Nettoergebnis/Ergebnisanteile der Aktionäre der innogy SE Unverwässertes und verwässertes Ergebnis je Aktie in 2 1,16 1,14 Ausgewählte Informationen aus der Kapitalflussrechnung (testiert) in Mio. Cash Flow aus laufender Geschäftstätigkeit Cash Flow aus der Investitionstätigkeit (nach Erst-/Nachdotierung von Planvermögen) Cash Flow aus der Finanzierungstätigkeit Veränderung der flüssigen Mittel Flüssige Mittel zum Ende des Berichtszeitraums laut Konzernbilanz (nicht testiert) Jan März 2018 Jan März 2017 in Mio. Cash Flow aus laufender Geschäftstätigkeit Cash Flow aus der Investitionstätigkeit (nach Erst-/Nachdotierung von Planvermögen) Cash Flow aus der Finanzierungstätigkeit Veränderung der flüssigen Mittel Flüssige Mittel zum Ende des Berichtszeitraums laut Konzernbilanz Keine wesentliche Verschlechterung der Aussichten des Der Geschäftsausblick von innogy hat sich seit dem 31. Dezember 2017 nicht wesentlich negativ verändert.

8 8 Emittenten Signifikante Veränderungen in der Finanz- bzw. Handelsposition Nicht anwendbar. Seit dem 31. März 2018 hat es keine signifikanten Änderungen der Finanz- bzw. Handelsposition von innogy gegeben." 6. "Punkt B.13 - Letzte Ereignisse" under the heading "GERMAN TRANSLATION OF THE SUMMARY ZUSAMMENFASSUNG Abschnitt B Emittentin" on page 25 of the Prospectus shall be replaced/supplemented by the following: a) The first paragraph shall be replaced by the following: "B.13 Letzte Ereignisse Geplanter Erwerb durch E.ON von RWE s Anteil an innogy Im März 2018 haben RWE AG ("RWE") und E.ON SE ("E.ON") erklärt, einen Vertrag abgeschlossen zu haben, unter dem E.ON beabsichtigt, RWE's Beteiligung an innogy i.h.v. ca %- als Paket zu erwerben, gefolgt von einem umfangreichen Tausch von Geschäftsaktivitäten und Beteiligungen zwischen RWE, E.ON und innogy. In diesem Zusammenhang hat eine mittelbare Tochtergesellschaft von E.ON den Aktionären von innogy am 27. April 2018 ein freiwilliges öffentliches Bar- Übernahmeangebot unterbreitet. Der Vollzug sowohl des Übernahmeangebots als auch der Transaktion zwischen RWE und E.ON unterliegen jeweils einer Vielzahl von Bedingungen. Spätester Vollzugstermin für das Übernahmeangebot ist nach Angaben von E.ON der 13. Januar 2020." b) The following paragraph shall be included after the first paragraph: "Aufsichtsrat entscheidet über Personalthemen. Uwe Tigges wurde zum Vorstandsvorsitzenden bestellt. Arno Hahn wurde als neuer Personalvorstand und Arbeitsdirektor bestellt. Die Verträge der Vorstandsmitglieder Hildegard Müller, Hans Bünting und Martin Herrmann wurden bis 31. März 2022 verlängert. innogy ermöglicht Due Diligence ihrer Geschäfte in Tschechien. Nach Interessensbekundungen an bestimmten Geschäftsaktivitäten ermöglicht innogy Due Diligence (sorgfältige Prüfung) ihrer Geschäfte in Tschechien. Einreichung der offiziellen Zulassungsunterlagen der geplanten npower/sse-transaktion beim britischen Kartellamt CMA (Competition and Markets Authority). Am 8. Mai 2018 gab die CMA bekannt, für die Transaktion eine weitergehende Untersuchung (Phase 2) durchzuführen. Der finale Bericht der CMA wird spätestens am 22. Oktober 2018 veröffentlicht. innogy zahlt Dividende von 1,60 je Aktie für das Geschäftsjahr Am 24 April 2018 genehmigt die Hauptversammlung von innogy SE die Dividende von 1,60 je Aktie für das Geschäftsjahr Die Zahlung der Dividende erflogte am 27 April 2018."

9 9 7. "Punkt B.17 Kreditratings der Emittentin oder ihrer Schuldtitel" under the heading " GERMAN TRANSLATION OF THE SUMMARY ZUSAMMENFASSUNG Abschnitt B Emittentin" on page 27 of the Prospectus shall be replaced by the following: "B.17 Kreditratings der Emittentin oder ihrer Schuldtitel innogy wird derzeit von Fitch 1,3 mit BBB+ 2 und die von innogy ausgegebenen nicht nachrangigen Anleihen mit A- 2 mit jeweils Überprüfung im Hinblick auf ein Downgrade ("rating watch negative") bewertet. Von Standard & Poor's 3,1 werden innogy und die nicht nachrangigen Anleihen von innogy mit BBB 2 mit "stabilem" Ausblick eingestuft und von Moody's 3 erhält innogy ein Baa2 2 Rating mit "stabilem" Ausblick für die nicht nachrangigen Anleihen. Damit bewegt sich das Rating unverändert im Bereich "Investment Grade". Die Bonitätsnoten für kurzfristige innogy-anleihen lauten entsprechend F2 2 ("rating watch negative"), A 2 2 und P-2 2. [Den Schuldverschreibungen wurde das Rating [ ] von [ ] erteilt.] Die Europäische Wertpapier und Marktaufsichtsbehörde veröffentlicht auf ihrer Webseite ( page/list-registered-and-certified-cras) ein Verzeichnis der nach der Ratingagentur-Verordnung registrierten Ratingagenturen. Dieses Verzeichnis wird innerhalb von fünf Werktagen nach Annahme eines Beschlusses gemäß Artikel 16, 17 oder 20 der Ratingagentur-Verordnung aktualisiert. Die Europäische Kommission veröffentlicht das aktualisierte Verzeichnis im Amtsblatt der Europäischen Union innerhalb von 30 Tagen nach der Aktualisierung. Ein Kreditrating ist eine Einschätzung der Kreditwürdigkeit einer Rechtsperson und informiert den Anleger daher über die Wahrscheinlichkeit mit der die Rechtsperson in der Lage ist, angelegtes Kapital zurückzuzahlen. Es ist keine Empfehlung Wertpapiere zu kaufen, zu verkaufen oder zu halten und kann jederzeit durch die Ratingagentur geändert oder zurückgenommen werden Fitch, Moody's und Standard & Poor's haben ihren Sitz in der Europäischen Gemeinschaft und sind gemäß der Ratingagentur-Verordnung registriert." 8. "Punkt B.17 Kreditratings der Emittentin oder ihrer Schuldtitel" under the heading " GERMAN TRANSLATION OF THE SUMMARY ZUSAMMENFASSUNG Abschnitt B Emittentin" on page 30 of the Prospectus shall be replaced by the following: "B.17 Kreditratings der Emittentin oder ihrer Schuldtitel innogy Finance wird derzeit von Fitch 2,3 mit BBB+ 2 und Überprüfung im Hinblick auf ein Downgrade ("rating watch negative"), von Standard & Poor's 1,3 mit BBB 2 und "stabilem" Ausblick und von Moody's 1,3 mit Baa2 2 und "stabilem" Ausblick eingestuft. Die von innogy Finance ausgegebenen nicht nachrangigen Anleihen werden derzeit von Fitch 1 mit A- 2 Überprüfung im Hinblick auf ein Downgrade ("rating watch negative"), von Standard & Poor's 3,1 mit BBB 2 mit "stabilem" Ausblick und von Moody's 1,3 mit Baa2 2 mit "stabilem" Ausblick bewertet. Damit bewegt sich das Rating unverändert im Bereich "Investment Grade". Die Bonitätsnoten für kurzfristige innogy Finance-Anleihen lauten F2 2 ("rating watch negative"), A 2 2 und P-2 2. [Den Schuldverschreibungen wurde das Rating [ ] von [ ] erteilt.] 1 2 Die Europäische Wertpapier und Marktaufsichtsbehörde veröffentlicht auf ihrer Webseite ( ein Verzeichnis der nach der Ratingagentur- Verordnung registrierten Ratingagenturen. Dieses Verzeichnis wird innerhalb von fünf Werktagen nach Annahme eines Beschlusses gemäß Artikel 16, 17 oder 20 der Ratingagentur-Verordnung aktualisiert. Die Europäische Kommission veröffentlicht das aktualisierte Verzeichnis im Amtsblatt der Europäischen Union innerhalb von 30 Tagen nach der Aktualisierung. Ein Kreditrating ist eine Einschätzung der Kreditwürdigkeit einer Rechtsperson und informiert den Anleger daher über die Wahrscheinlichkeit mit der die Rechtsperson in der Lage ist, angelegtes Kapital zurückzuzahlen. Es ist keine Empfehlung Wertpapiere zu kaufen, zu verkaufen oder zu halten und kann jederzeit durch die Ratingagentur geändert oder zurückgenommen werden.

10 10 3 Fitch, Moody's und Standard & Poor's haben ihren Sitz in der Europäischen Gemeinschaft und sind gemäß der Ratingagentur- Verordnung registriert." II. Replacement and supplemental information pertaining to the section "RISK FACTORS - RISK FACTORS REGARDING INNOGY SE AND INNOGY GROUP" 1. The fifth paragraph under section "Financial market and credit risks Financial risks" on page 41 of the Prospectus shall be supplemented by the following: "On 18 May 2018 Moody s concluded the review process initiated on 14 March 2018 and confirmed the ratings of innogy (Baa2 and P-2 ). The outlook was changed to stable." 2. "Risks arising in the context of the intended acquisition by E.ON of RWE s stake in innogy" on pages of the Prospectus a) The first paragraph shall be replaced by the following: "innogy is exposed to risks arising in the context of the intended block trade acquisition by E.ON of RWE s approx % stake in innogy irrespective of the acceptance of E.ON's voluntary takeover offer for the innogy shares by innogy's minority shareholders (the block trade and the tender offer together the "Potential Transaction" - for further details of the Potential Transaction see "innogy as Issuer and Guarantor and innogy Group Recent Events - Intended acquisition by E.ON of RWE s stake in innogy" below). The Potential Transaction and the change of control associated therewith as well as an integration of the innogy group into the E.ON group may have a negative impact on innogy s operating results, business and financial condition. Such risks include in particular:" b) The second bullet point shall be replaced by the following: "As E.ON is currently a major competitor, the discussion or consummation of the Potential Transaction, may have adverse effects on the ability of innogy to maintain its business relationships, in particular with partners (including, but not limited to municipalities), customers and suppliers. Particularly, as a consequence of the Potential Transaction and the intended exchange of business activities and participations between RWE, E.ON and innogy, innogy could lose its positive "green" image." c) The third bullet point shall be amended as follows: The word "maybe" in line three shall be deleted. d) The fourth bullet point shall be replaced by the following: "The consummation of the Potential Transaction may have adverse tax effects for innogy (including, but not limited to the forfeiture of existing loss carryforwards and carryforwards under the interest barrier rule (Zinsschrankenvortrag))." e) The fifth bullet point shall be replaced by the following: "The discussion or consummation of the Potential Transaction, in particular the uncertainty caused by E.ON's announcement to cut up to 5,000 jobs, may have adverse effects on innogy s ability to retain or hire key personnel or other employees. As a consequence, there may be adverse effects on innogy's business." f) The sixth bullet point shall be replaced by the following: "The negotiation, preparation and implementation of the Potential Transaction and, if applicable, the integration of innogy group into the E.ON group may divert management time from ongoing business operations and the analysis of other strategic options." g) The ninth bullet point shall be replaced by the following: "The earnings position and business and financial condition of innogy and its position within the E.ON group following the completion of the Potential Transaction is presently not clear. In particular, the E.ON group

11 11 may undertake certain integration measures, including the conclusion of a domination and profit and loss transfer agreement, a squeeze out of minority shareholders and/or a merger of innogy into a company of the E.ON group or a newly established company, and it is not certain that innogy will continue to exist as a separate and/or autonomous business unit. The potential transaction may therefore have adverse effects on the ability of innogy to obtain financing on favorable terms and conditions." III. The second paragraph under section "RISK FACTORS - Risk Factors regarding innogy FINANCE B.V. on page 43 of the Prospectus shall be replaced by the following: The senior, unsecured bonds issued by innogy Finance are currently rated A- 1 by Fitch Ratings Ltd. ("Fitch") 2,3 with rating watch negative, and BBB 1 by Standard & Poor's Credit Market Services Europe Limited ("Standard & Poor's") 3,2 with stable outlook and Baa2 1 by Moody's Investors Service Ltd ("Moody's") 2,3 with stable outlook. The credit ratings are F2 1 (rating watch negative), A 2 1 and P-2 1, respectively, for short-term innogy Finance bonds (for more information with respect to the definitions and a possible impact of a rating decrease, see "RISK FACTORS REGARDING INNOGY SE AND INNOGY GROUP Financial risks" above). 1 A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. 2 The European Securities and Markets Authority publishes on its website ( a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. 3 Fitch, Moody's and Standard & Poor's are established in the European Community and a reregistered under the CRA Regulation. IV. Replacement and supplemental information pertaining to the section "INNOGY SE AS ISSUER AND GUARANTOR AND INNOGY GROUP" 1. The section "Selected Financial Information" on pages 47 to 48 of the Prospectus shall be replaced by the following: "The selected financial information below was extracted without adjustments to the figures from the audited consolidated financial statements of the innogy Group as at and for the year ended 31 December 2017 and the reviewed condensed consolidated interim financial statements of innogy Group for the period from 1 January 2018 to 31 March 2018 prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. Selected Balance Sheet information (unaudited) (audited) (audited) 31 March December Dec 2016 Non-current assets 36,698 36,502 36,239 Current assets 11,887 10,312 10,651 Assets 48,585 46,814 46,890 Equity 11,968 11,252 10,667 Non-current liabilities 22,168 22,913 24,442 Current liabilities 14,449 12,649 11,781 Equity and liabilities 48,585 46,814 46,890

12 12 Selected Income Statement information (audited) Revenue 41,119 41,549 Income before tax 1,648 2,201 Income 1,149 1,786 Net income / income attributable to innogy SE shareholders 778 1,513 Basic and diluted earnings per common and preferred share in (unaudited) Jan März 2018 Jan März 2017 Revenue 10,871 11,644 Income before tax 1,176 1,121 Income Net income / income attributable to innogy SE shareholders Basic and diluted earnings per common and preferred share in Selected Cash Flow Statement information (audited) Cash flows from operating activities 2,654 2,674 Cash flows from investing activities (after initial/subsequent transfer to plan assets) (1,800) 5,218 Cash flows from financing activities (1,172) (7,042) Net change in cash and cash equivalents (309) 829 Cash and cash equivalents at end of the reporting period as per the consolidated balance sheet (1,070) 1,379 (unaudited) Jan Mar 2018 Jan Mar 2017 Cash flows from operating activities (880) (663) Cash flows from investing activities (296)

13 13 (after initial/subsequent transfer to plan assets) (154) Cash flows from financing activities 1,010 1,019 Net change in cash and cash equivalents (17) 72 Cash and cash equivalents at end of the reporting period as per the consolidated balance sheet 1,053 1, The chart in section "Organisational Structure" on page 48 of the Prospectus shall be replaced by the following: 3. The section "Recent Events Intended acquisition by E.ON of RWE's stake in innogy" on page 49 of the Prospectus shall be replaced by the following: "Intended acquisition by E.ON of RWE's stake in innogy In March 2018, RWE AG ("RWE") and E.ON SE ("E.ON") have announced to have entered into an agreement under which E.ON intends to acquire RWE's stake in innogy to be followed by a wide-ranging exchange of business activities and participations between RWE, E.ON and innogy. In particular, according to E.ON, it was agreed that RWE will sell and transfer its approx percent stake in innogy to E.ON via block trade for, inter alia: (i) a shareholding in E.ON equal to percent of outstanding share capital resulting from a capital increase by E.ON; (ii) the E.ON group's minority stakes in the nuclear power plants Lippe-Ems and Gundremmingen and further assets serving the purpose of operating and decommissioning these power plants including the related asset retirement obligations as well as similar obligation; (iii) E.ON s renewables business area with the exception of the onshore wind and solar activities in Germany and in Poland held by E.DIS AG and a stake of 20% (of overall 50.1%) in the Rampion Offshore Wind Farm in Great Britain; (iv) innogy s renewables division; (v) innogy s German and Czech gas storage business; and (vi) innogy's direct and indirect shareholding in KELAG-Kärntner Elektrizitäts-Aktiengesellschaft. In addition, RWE will pay to E.ON 1.5 billion in cash. Furthermore, E.ON, through an indirect subsidiary, has launched a voluntary public takeover offer in cash to shareholders of innogy. According to E.ON, E.ON and RWE entered into a qualified non-tender agreement which is to ensure that RWE does not tender its shares into the takeover offer. In the reasoned statement submitted on 10 May 2018, the Executive Board and the Supervisory Board of innogy did not give a recommendation to innogy s shareholders in relation to the aforementioned public takeover offer. After conclusion of the Potential Transaction, it is expected that innogy (after disposal of its renewables and gas storage business to RWE) will be a fully integrated part of E.ON group which intends to exclusively focus on operating energy distribution networks and providing services to retail customers, while RWE intends to become one of Europe s largest producers of green energy. Until the transaction completes, E.ON, RWE and innogy remain separate businesses and competitors. The voluntary public takeover offer period commenced on 27 April The closing of the transaction is subject to conditions, including, but not limited to, approval and clearance by the competent regulatory authorities. The latest date specified by E.ON for the completion of the takeover offer is 13 January 2020.

14 14 Potential integration measures by E.ON as well as the transfer of assets from innogy to E.ON will take additional time." 4. After the last paragraph of section "innogy confirms targets for financial discipline and strategic orientation." on page 50 of the Prospectus, the following shall be inserted: "Supervisory Board decides on personnel topics. The Supervisory Board of innogy SE appointed Uwe Tigges as Chief Executive Officer of innogy SE. Uwe Tigges had initially been appointed as interim CEO of innogy following Peter Terium s resignation from the Executive Board of innogy SE in December The Supervisory Board moreover appointed Arno Hahn as a new member of the Executive Board for a period of three years with effect from 1 May Arno Hahn will take over the responsibilities from Uwe Tigges as Chief Human Resources Officer and Labour Director of innogy SE. He currently serves as Managing Director and Labour Director of Westnetz GmbH and will continue to do so concomitantly during a transition period. The Supervisory Board also announced that the terms of office of Hildegard Müller, Chief Operating Officer Grid & Infrastructure, Hans Bünting, Chief Operating Officer Renewables, and Martin Herrmann, Chief Operating Officer Retail, will each be extended until 31 March innogy grants due diligence for its business in Czech Republic. Following a request by an interested acquirer, innogy grants due diligence regarding its business activities in the Czech Republic. Submission of official registration documents for the npower/sse merger to the Competition and Markets Authority, CMA. On 8 May 2018, the CMA referred the proposed transaction for an in-depth investigation (phase 2). The deadline for the final CMA report is 22 October innogy paid a dividend of 1.60 per share for fiscal year On the 24 April 2018 the Annual General Meeting of innogy SE resolved to distribute a dividend of 1.60 per dividend-bearing share for the fiscal year The dividend was paid on 27 April 2018." 5. The first sentence of the bullet point "emobility" under section "innogy Group s strategy on page 59 of the Prospectus shall be replaced by the following: "Starting from 1 January 2018 innogy s emobility activities were reclassified and are now reported outside the Retail division in the Corporate/New Businesses line item (formerly Corporate/other )." 6. Supplemental information relating to section "Management and Supervisory Bodies" on pages 60 to 63 of the Prospectus: a) The following shall be inserted after the names "Dr. Erhard Schipporeit", "Frank Bsirske", "Dr. Markus Krebber" and "Monika Krebber" on pages 60 and 61 of the Prospectus: " (1) " b) The following shall be inserted after the last footnote "Member of comparable domestic and foreign supervisory boards of commercial enterprises." on page 63 of the Prospectus: "(1) The Chairman of the Supervisory Board, Dr. Erhard Schipporeit, the Deputy Chairman of the Supervisory Board, Frank Bsirske, and Supervisory Board member Monika Krebber are also members of the supervisory board of RWE. Supervisory Board member Dr. Markus Krebber is also a member of the executive board of RWE. Dr. Erhard Schipporeit and Monika Krebber have paid regard to these double functions by continuing to fully exercise their function as Supervisory Board member at innogy, while abstaining from participating in negotiations and resolutions of the RWE supervisory board or its committees regarding the transaction. Dr. Markus Krebber and Frank Bsirske have paid regard to these double functions by continuing to fully exercise their function as Supervisory Board member at RWE, while abstaining from participating

15 15 in negotiations and resolutions of the innogy supervisory board or its committees regarding the transaction." 7. Section "Executive Board" on page 63 of the Prospectus shall be amended as follows: a) The following words after "Uwe Tigges, Chief Executive Officer" shall be deleted: "(on a temporary basis) and Chief Human Resources Officer and Labour Director" b) The following shall be inserted after "Dr. Bernhard Günther, Chief Financial Officer": "Arno Hahn, Chief Human Resources Officer and Labour Director" c) The penultimate paragraph shall be replaced by the following: "No conflicts of interests between any duties to the Issuer and the private interests or other duties of members of the Supervisory Board or of members of the Executive Board were notified except for the ones mentioned in footnote (1) under section Supervisory Board." 8. After the existing information in the section "Financial Information concerning innogy's Assets and Liabilities, Financial Position and Profits and Losses - Historical Financial Information" on page 64 of the Prospectus, the following shall be inserted: "The reviewed condensed consolidated interim financial statements of innogy Group for the period from 1 January 2018 to 31 March 2018 contained in innogy's quarterly report January to March 2018 on pages 11 to 18, are incorporated by reference into this Prospectus." 9. Section "Financial Information concerning innogy's Assets and Liabilities, Financial Position and Profits and Losses Legal and Arbitration Proceedings" on page 65 of the Prospectus shall be amended as follows: a) The first sentence of the third bullet point shall be replaced by the following: "In 2016, Stadtwerke Andernach GmbH brought an action for payment against Westnetz GmbH before the Koblenz Regional Court." b) The fourth bullet point with the following content shall be deleted: "In 2016, Stadtwerke Heiligenhaus GmbH brought an action against RWE Vertrieb Aktiengesellschaft (now innogy) before the Dortmund Regional Court for transfer of customer contracts, provision of information, as well as compensation payment in connection with the transfer of electricity distribution customers. The claim concerns an action for disclosure of the customer contracts concluded in the network area of the town of Heiligenhaus, as well as a claim for financial compensation, the amount of which has yet to be determined. The plaintiff derives its claims from a contract concluded in 1996, based on which the lease of the electricity distribution network in Heiligenhaus, owned by the plaintiff, as well as the existing electricity supply contracts for customers supplied from the leased network, were transferred to a legal predecessor of the Issuer. After the expiry of the contract with the plaintiff on 1 January 2016, the network was transferred back to the plaintiff. The plaintiff considers that there are also grounds for claiming a retransfer of the electricity supply contracts assigned at the time, or, in the event such transfer were not to proceed, relevant compensation." c) The following shall be inserted before the last bullet point: " At the end of April 2018, the state competition authority of Lower Saxony (Niedersachsen) investigated the basic supply prices (Grundversorgung) for electricity and gas in Lower Saxony (Niedersachsen). It has initiated proceedings against several energy suppliers, i.a. innogy SE, for allegedly excessive electricity and gas prices in Lower Saxony (Niedersachsen)."

16 The following shall be inserted under the heading "Financial Information concerning innogy's Assets and Liabilities, Financial Position and Profits and Losses - Significant change in innogy's financial or trading position" on page 65 of the Prospectus: "There has been no significant change in the financial or trading position of innogy since 31 March 2018." 11. The first paragraph under section "Ratings" on page 65 of the Prospectus shall be replaced by the following: "innogy is currently rated BBB+ 1 and the senior unsecured bonds issued by innogy are currently rated A- 1 with rating watch negative by Fitch Ratings Ltd. ("Fitch") 2,3, BBB 1 with stable outlook by Standard & Poor's Credit Market Services Europe Limited ("Standard & Poor's") 3,2 and Baa2 1 by Moody's Investors Services Ltd ("Moody's") 2,3 with stable outlook. The credit ratings are F2 1 (rating watch negative), A 2 1 and P-2 1, respectively, for short-term innogy bonds." 1 A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. 2 The European Securities and Markets Authority publishes on its website ( a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. 3 Fitch, Moody's and Standard & Poor's are established in the European Community and a reregistered under the CRA Regulation." 12. The last three sentences of the last paragraph under section "Ratings" on page 65 of the Prospectus shall be replaced by the following: "A stable outlook with Moody's indicates a low likelihood of a rating change over the medium term." V. Amendments pertaining to the section "INNOGY FINANCE B.V. AS ISSUER" 1. The first sentence under section "Trend Information" on page 69 of the Prospectus shall be replaced by the following: "There has been no material adverse change in the prospects of innogy Finance since the date of its last published audited financial statements, 31 December 2017." 2. The first paragraph under section "Ratings" on page 70 of the Prospectus shall be replaced by the following: "The senior, unsecured bonds issued by innogy Finance are currently rated A- 1 by Fitch Ratings Ltd. ("Fitch") 2,3 with rating watch negative, BBB 1 by Standard & Poor's Credit Market Services Europe Limited ("Standard & Poor's") 3,2 with stable outlook and Baa2 1 by Moody's Investors Service Ltd ("Moody's") 2,3 with stable outlook. The credit ratings are F2 1 (rating watch negative), A 2 1 and P 2 1, respectively, for short-term innogy Finance bonds. 1 A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. 2 The European Securities and Markets Authority publishes on its website ( a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. 3 Fitch, Moody's and Standard & Poor's are established in the European Community and are registered under the CRA Regulation.

17 17 3. The last three sentences of the last paragraph under section "Ratings" on page 65 of the Prospectus shall be replaced by the following: "A stable outlook with Moody's indicates a low likelihood of a rating change over the medium term." VI. Amendments pertaining to the TERMS AND CONDITIONS OF THE NOTES (ENGLISH LANGUAGE VERSION) 1. 5 [[5] (g) of Option I - Terms and Conditions that apply to Notes with fixed interest rates on page 89 of the Prospectus shall be replaced by the following: "(g) A "Downgrade" occurs if a solicited credit rating for innogy SE's long-term unsecured debt falls below investment grade or all Rating Agencies cease to assign (other than temporarily) a credit rating to innogy SE. A credit rating below investment grade shall mean, in relation to Standard & Poor's and Fitch, a rating of BB+ or below and, in relation to Moody s, a rating of Ba1 or below and, where another rating agency has been designated by innogy SE, a comparable rating." 2. 5 [[5] (g) of OPTION II Terms and Conditions that apply to Notes with floating interest rates on page 112 of the Prospectus shall be replaced by the following: "(g) A "Downgrade" occurs if a solicited credit rating for innogy SE's long-term unsecured debt falls below investment grade or all Rating Agencies cease to assign (other than temporarily) a credit rating to innogy SE. A credit rating below investment grade shall mean, in relation to Standard & Poor's and Fitch, a rating of BB+ or below and, in relation to Moody s, a rating of Ba1 or below and, where another rating agency has been designated by innogy SE, a comparable rating." VII. Amendments pertaining to the TERMS AND CONDITIONS OF THE NOTES (GERMAN LANGUAGE VERSION) 1. 5 [[5] (g) of Option I - Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung on page 136 to 137 of the Prospectus shall be replaced by the following: "(g) Eine "Ratingherabstufung" tritt ein, wenn ein angefordertes Credit Rating für langfristige unbesicherte Finanzverbindlichkeiten der innogy SE unter Investment Grade fallen oder alle Ratingagenturen die Abgabe eines Credit Ratings in Bezug auf innogy SE nicht nur vorübergehend einstellen. Ein Credit Rating unter Investment Grade bezeichnet in Bezug auf Standard & Poor's und Fitch ein Rating von BB+ oder schlechter und in Bezug auf Moody s ein Rating von Ba1 oder schlechter und, soweit eine andere Ratingagentur von innogy SE benannt worden ist, ein vergleichbares Rating." 2. 5 [[5] (g) of OPTION II Anleihebedingungen für Schuldverschreibungen mit variabler Verzinsung on page 163 of the Prospectus shall be replaced by the following: "(g) Eine "Ratingherabstufung" tritt ein, wenn ein angefordertes Credit Rating für langfristige unbesicherte Finanzverbindlichkeiten der innogy SE unter Investment Grade fallen oder alle Ratingagenturen die Abgabe eines Credit Ratings in Bezug auf die innogy SE nicht nur vorübergehend einstellen. Ein Credit Rating unter Investment Grade bezeichnet in Bezug auf Standard & Poor's und Fitch ein Rating von BB+ oder schlechter und in Bezug auf Moody s ein Rating von Ba1 oder schlechter und, soweit eine andere Ratingagentur von innogy SE benannt worden ist, ein vergleichbares Rating." VIII. Supplemental information pertaining to the section "GENERAL INFORMATION" In the section "Documents on Display" on pages 214 to 215 of the Prospectus the following subparagraph (iv) shall be inserted and the remaining subparagraphs shall be renumbered

18 18 accordingly: "(iv) the condensed consolidated interim financial statements of innogy Group for the period from 1 January 2018 to 31 March 2018" IX. Supplemental information pertaining to the section "DOCUMENTS INCORPORATED BY REFERENCE" 1. In the section "Documents Incorporated by Reference" on page 216 of the Prospectus the following subparagraph (c) shall be inserted and the remaining subparagraph shall be renumbered accordingly: "(c) the condensed consolidated interim financial statements of innogy Group for the period from 1 January 2018 to 31 March 2018" 2. The list in the section "Comparative Table of Documents Incorporated by Reference" pertaining to the section "innogy, Historical Financial Information" on pages 216 to 217 of the Prospectus shall be supplemented by the following: "Quarterly Report Q Income statement (p. 11), Statement of comprehensive income (p. 12), Balance sheet (p. 13), Cash flow statement (p. 14), Statement of changes in equity (p. 15) Accounting policies (p. 16) Legal disclaimer and financial calendar (p. 17) Review Report (p. 18)"

19 19 NAMES AND ADDRESSES ISSUERS innogy Societas Europaea innogy Finance B.V. Opernplatz 1 Willemsplein 2/ Essen 5211 AK 's-hertogenbosch Federal Republic of Germany The Netherlands FISCAL AGENT AND PAYING AGENT Deutsche Bank Aktiengesellschaft Taunusanlage Frankfurt am Main Federal Republic of Germany LUXEMBOURG LISTING AGENT Deutsche Bank Luxembourg S.A. 2 Boulevard Konrad Adenauer 1115 Luxembourg Luxembourg