DONG ENERGY – LEADING THE ENERGY TRANSFORMATION

DONG Energy at a glance 80%* Wind Power 4%* Bioenergy & Thermal Power Headquarters in Denmark 6,200 employees (including Oil & Gas) Revenue in 2016 DKK 61.2 bn EBITDA in 2016 DKK 19.1 bn Phase out the use of coal by 2023 4%* Bioenergy & Thermal Power Generates and sells power and heat to customers in Denmark and Northwestern Europe 4%* Oil & Gas ** (discontinued operations) Produces oil and gas from fields in Denmark, Norway and the UK 80%* Wind Power Develops, constructs, owns and operates offshore wind farms in Denmark, Germany, the Netherlands and the UK. Development projects in Taiwan and the USA 12%* Distribution & Customer Solutions Power distribution grid on Zealand and sale of power and gas to customers in Northwestern Europe * Share of the DONG Energy Group’s capital employed ** On 24 May 2017 DONG Energy entered into an agreement to divest its upstream oil and gas business to INEOS. This corresponds to the entire share capital of DONG Energy E&P A/S for an unconditional payment of USD 1,050 million (DKK 7 billion) on cash and debt free basis. DONG Energy will retain all cash flows until 30 June 2017

Significant transformation of DONG Energy over the past decade CO2 emissions halved g/kWh Operating profit (EBITDA) tripled DKK Bn Business transformed Share of capital employed1 % International expansion Share of operating profit (EBITDA) % (50%) 3x International share >5x 0% 16% 24% 60% 84% 16% 2006 2016 2006 2016 2006 2016 2006 2016 Excluding unallocated capital employed on DONG Energy group level

Offshore wind is a large scale renewable technology with growth rates exceeding other renewables Fastest growing renewable technology in OECD Installed capacity CAGR, 2014-2020 % Strong growth in established and new offshore wind markets Installed Capacity, GW 27% +6 GW 100.7 14% +8 GW 70.9 1 27% +6 GW 34.5 33% +1 GW 11.9 1.0 0.7 2005 2015 2020 2025 2030 % New markets Europe # GW addition/year % CAGR Source: Bloomberg New Energy Finance (BNEF), H1 2017 offshore wind market outlook Sum of utility-scale PV and small-scale PV BNEF forecast has a more conservative build-out pace for U.S. compared to DONG Energy’s pipeline options towards 2025

DONG Energy Wind Power Overview DONG Energy Wind Power geographical footprint Unparalleled experience and track record USA Europe Asia Pacific Bay State Wind Boston office Taipei office 25+ years of experience and track record in the offshore wind sector 1991 2017 Ocean Wind Formosa 1.1 Coastal Virginia Formosa 1.2 Greater Changhua projects 22 offshore wind farms in operation 7 offshore wind farms under construction Anholt Middelgrunden Walney 1 & 2 Horns Rev 1 & 2 Walney Extension Westermost Rough Avedøre Hornsea 1 West of Duddon Sands Hornsea 2 Vindeby Hornsea 3 & 4 Isle of Man Nysted Race Bank Gode Wind 2 3.8 GW Constructed capacity 2,000 Dedicated employees 5.0 GW under construction Lincs Barrow Gode Wind 3 & 4 Gunfleet Sands 1 & 2 Gode Wind 1 Burbo Bank Ext. Borkum Riffgrund 1 Burbo Bank Gunfleet Sands 3 Borkum Riffgrund 2 Borssele 1&2 London Array Nördlicher Grund 7.7 million Europeans with clean electricity 3.5 GW World's leading operator 15 Partnerships Borkum Riffgrund West 2 OWP West Under construction In operation Under development Decommissioned after 25 years

The Global Market Leader Within Offshore Wind Largest offshore wind player globally today Global offshore wind capacity MW 26% 8% 9% 8% 0% 1% 2% 4% 2% 1% 0% 2% 1% 8.8 2.8 2.1 2.0 DONG Energy’s roots are in managing oil and gas resources in the North Sea. The heritage of working at sea in challenging conditions has been key to the growth of the offshore wind business, with knowledge and expertise accumulated over decades applied to a new industry. Technology and knowledge transfer from O&G operations has been critical to our rapid deployment of offshore wind. Areas of transfer include: Installation techniques Foundation design and engineering Subsea surveying Dredging Subsea cables Personnel transfer Risk management Permitting & Environmental concerns 1.1 0.9 0.9 0.9 0.7 0.3 0.5 0.4 0.4 0.3 0.1 0.3 0.3 0.3 0.2 0.1 Installed1 Under construction % share of global installed capacity Source: Bloomberg New Energy Finance, September 2017, DONG Energy analysis If a project is executed on behalf of a lead developer managing the construction, then 100% of capacity is allocated to the lead developer. If construction is executed by an integrated joint venture, capacity is allocated in proportion to the JV share

Significant Cost Reductions Driven by Scale, Innovation and Industrialisation Offshore wind cost to society (EUR/MWh)1 Scale Innovation 3.6MW 2009 6.0MW 2014 8.0MW 2016 Increased size of windfarms and turbines Driving innovative solutions Industrialisation Digitalisation Standardisation and procurement for multiple projects Fully capturing new technological opportunities Sources: DECC; Danish Energy Agency; Energinet.dk; NEV 1. Cost to society over the lifetime of the project used as proxy for the levelised costs to society. It consists of a subsidy income on top of market prices for the first years and a pure market income for the remaining years of the 25 years lifetime. Discount rate of 3.5% used to reflect society’s discount rate. Market income based on country specific public wholesale market price projections at the time of contracting. For comparability across projects a generic scope adjustment (incl. transmission and extra project development costs) has been applied.

DONG Energy Wind Power in the U.S. Secured project rights for ~3 GW capacity Entered U.S. 50/50 JV for Bay State Wind1 with Eversource in 2016 Announced Coastal Virginia Offshore Wind partnership with Dominion Energy in July 2017 Bay State Wind Ocean Wind CVOW Bay State Wind 2,000 MW potential capacity 15 miles from Martha’s Vineyard Connecting into Massachusetts Water depths of 100 – 125 feet Ocean Wind 1,000 MW potential capacity 10 miles from shore Connecting into New Jersey Water depths of 65 – 100 feet Coastal VA Offshore Wind 12 MW Stage 1 (demo) windfarm 22 miles from shore Connecting into Virginia Water depths of 80 – 100 feet Coastal Virginia Offshore Wind Offtake, grid connections and planning consents have not yet been secured

DONG Energy is becoming Ørsted As of November 6, we are changing our name to Ørsted, after Danish scientist Hans Christian Ørsted. Almost 200 years ago, Hans Christian Ørsted discovered electromagnetism, effectively establishing the foundations for the way we produce power today. Hans Christian Ørsted’s ground-breaking discovery was driven by his curiosity, dedication and interest in nature. These qualities are essential for all of us to continue our journey to producing independent, economically viable green energy systems. The way we produce energy is changing rapidly. Skillfully navigating the forces of change in the energy industry will be key to our continued success.