1. Presentation of E-CO Energi

2. Agenda

3. E-CO Energi's vision: Working together to create values through clean energy

4. Norway’s second largest power producer Owned by the City of Oslo Norway’s second largest power producer with a mean annual production of 10 TWh. E-CO owns and operates more than 40 power plants throughout southern Norway 170 employees, net profit MEuro 80 (2014) E-CO E-CO Energi owns Oslo Lysverker 100 % Oppland / Hedmark E-CO owns Oppland Energi 61,4 %, Vinstra Kraftselskap 66,7 % and Opplandskraft 40 % Embretsfossverkene DA E-CO owns 50% Uvdal I og II E-CO owns 10%

5. Group structure ØVRE OTTA OPPLANDSKRAFT 79 % OPPLANDSKRAFT OSLO LYSVERKER 25 % OPPLAND ENERGI 25 % E-CO ENERGI E-CO ENERGI 100 % E-CO ENERGI HOLDING CITY OF OSLO 100% VINSTRA KRAFTSELSKAP E-CO 66,7 % NORSK GRØNNKRAFT E-CO 25 % OSLO LYSVERKER E-CO 100 % OPPLAND ENERGI E-CO 61,4 % EMBRETSFOSS- KRAFTVERKENE E-CO 50 %

6. Key figures (Figures in NOK million) 201520142013 Operating revenue2 5112 8633 228 Operating profit1 3471 6982 153 Ordinary result before taxes1 1161 4911 914 Profit for the year533713876 Total assets15 63616 06416 269 Total equity5 9116 0636 090 Return on equity*9 %12 %15 % Return on total assets**9 %11 %13 % Power production (GWh)10 56110 57910 045 * Net profit/average equity ** Ordinary profit before taxes + financial expenses/average total assets

7. E-CO in the Nordic power-chain Retail market/ Consumer Network/grid Nord Pool/ Power exchange Production E-CO Energi’s power production is sold on the wholesale market No network business No retail business

8. Main area for our facilities 8

9. Our responsibility in Hallingdal, Aurland and Solbergfoss 19 hydro power stations 46 turbines About 230 km watertunnels Approx. 2 600 MW installed capacity

10. Power facilities in Aurland Svartav. 1440 Millomv. 1450 Nyhellerv. 1438 St.Vargev. 1432 Aurland II HF 72 MW – 210 GWh Aurland II LF 2x34 MW – 187 GWh Langav. 1415 Katlav 1340 N.Berdalsv. 1442 Viddalsvann 930 Store Kreklev. 1477 Reppav. 1307 Reppa 9 MW – 24 GWh Aurland I 3x280 MW – 2100 GWh Vassbygdv. The Aurland’s fjord 55 Vangen 35 MW – 105 GWh Aurland III 2x140 (128) MW 350 GWh Vestredals- tjern 1152 Vetlebotnv 1025 Leinafoss 1,4 + 3,4 MW 23 GWh Flåmselva Ca. 20 km ”gutter”-tunnel at elevation 1000-1100 masl. Furedøla, Leita, Norddøla, Kjel, Langedøla, Grøna.

11. Power facilities Hol / Usta / Nes Stolsvann 1091 Strandevann 978 Mjåvann 1091 Høvsfjord 590 Varaldset 1005 Bergsjø 1082 Rødungen 1022 Hol I 2x45 MW (Urunda) 2x50 MW (Votna) 712 GWh Hol II 26 MW 95 GWh Hol III 2x30 MW 228 GWh The Stranda fjord Usta 2x90 MW 780 GWh Holsfjorden 542 Urunda Votna Rødungen 957 Ustevann 985 445 Nes 4x62,5 MW 1330 GWh River Hallingdalselva 157 Lya 2 x 2,7 MW 19 GWh Lya Kula, Votna, Ridøla, Dokkelva, Rukkedøla, Skjerveåni Nygårdsv. 995 Ørteren 1147 Finsevann 1215 Ørteren 11 MW 26 GWh Ustekveikja 33 + 3,5 MW 80 GWh Ustekveikja Energi

12. Power facilities Hemsil Flævann 1109 Hemsil I 2x35 MW 293 GWh River Hallingdalselva 197 Hemsil II 2x49 MW 552 GWh Brekkefoss 1,6 MW 9 GWh Gjuva 10 MW 30 GWh Vavann 1124 The Eikrebekk dam 567

13. Rosten Hol I Stolsvann Mork Tolga Hemsil III Hydro power under development Nedre Otta Sogn Sogn Hallingdal Innlandet Rendalen North Connect Embretsfoss Newly commissioned Under (re)construction License granted Licensing process Vindedøla Hol I Brekkefoss Øvre Vinstra

14. NorthConnect: Connecting two fundamental different power systems will generate comprehensive trade and form the basis for high IC revenues GB ‘s strong development of offshore wind power increases the need for regulation resources and balancing power Landing sites secured on both sides Capacity 1400 MW Length 650 km Capex: 1.6 billion Euros Deep market knowledge Strong capabilities for large projects Efficient decision structure Screening and Permitting since 2011 Connection agreement at Peterhead Sima land option agreement NC will enable more efficient power systems and improve security of supply in both markets as well as reduce emissions

15. Brief about energy in Norway Major non-OPEC source of oil. Norway is a major world supplier of oil and natural gas, especially to the European Union. The third-largest net oil exporter in the world. The second-largest supplier of natural gas to continental Europe. Has little coal production or consumption. Almost all of Norway’s electricity supply comes from hydroelectric generation. The second-highest energy intensity in the OECD

16. Hydropower in E-CO and environmental impact 16

17. Environmental impact E-CO’s power production is based on renewable sources, virtually free of emissions of greenhouse gasses Emissions from one of E-CO’s power plants are typically about 0.2 kg CO2/MWh (construction included) Emissions from an average European (EU-15) power plant is 526 kg CO 2 /MWh If E-CO Energi’s clean hydropower production in 2015 were to be replaced by fossil-fuelled energy, emissions would have totalled 5.6 million metric tonnes of CO 2, equivalent to the pollution produced by more than two million cars in a year.

18. Solution to CO 2 problems? Integrated European markets Substituting continental thermal generation Integrating more intermittent renewable power generation Sufficient storage and capacity Electrifying transport 18

19. Green certificates Common Norwegian/Swedish agreement to build 26,4 TWh new power within 2020 through green certificates Consumers of electric power are committed to buy certificates Both new projects and upgrading of existing power plants which brings more energy to the market are included Start up 1. January 2012 - Equally ambitious commitment, ie. 13,2 TWh in each country - Technology Neutrality - Implementation of strategic transmission lines

20. Norway as a battery for Europe Wind power can be balanced with Norwegian hydro power or local gas power

21. Hydro power is a part of the climate solution Thank you for your attention! BE A SUPPORTER OF HYDRO POWER