1. DONG ENERGY – LEADING THE ENERGY TRANSFORMATION

2. 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

3. 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

4. Offshore wind is a large scale renewable technology with growth rates exceeding other renewables
Fastest growing renewable technology in OECD
Installed capacity CAGR, %
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), H 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

5. 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

6. 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

7. 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.

9. 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

10. 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.