CapitalMarketsDay 2018

DISCLAIMERThis presentation contains certain forward-looking statements, including but not limited to, the statements and expectations contained in the“Financial Outlook” section of this presentation. Statements herein, other than statements of historical fact, regarding our future results ofoperations, financial condition, cash flows, business strategy, plans and future objectives are forward-looking statements. Words such as“targets”, “believe”, “expect”, “aim”, “intend”, “plan”, “seek”, “will”, “may”, “should” ”anticipate”, “continue”, “predict” or variations of these words,as well as other statements regarding matters that are not historical fact or regarding future events or prospects, constitute forward-lookingstatements.Ørsted have based these forward-looking statements on its current views with respect to future events and financial performance. These viewsinvolve a number of risks and uncertainties, which could cause actual results to differ materially from those predicted in the forward-lookingstatements and from the past performance of Ørsted. Although, Ørsted believes that the estimates and projections reflected in the forwardlooking statements are reasonable, they may prove materially incorrect and actual results may materially differ due to a variety of factors,including, but not limited to market risks, development of construction and production assets, regulatory risks, operation of offshore and onshorewind farms, cost of electricity for offshore and onshore wind power. As a result you should not rely on these forward-looking statements. Pleasealso refer to the overview of risk factors in “Risk and Management” on p. 47 of the Annual Report 2017, available at required by law, Ørsted is under no duty and undertakes no obligation to update or revise any forward-looking statement after thedistribution of this presentation, whether as a result of new information future events or otherwise.

e on Strategy & Capital AllocationHenrik Poulsen10:10-10:35US Acquisition – Deepwater WindThomas Brostrøm & Jeff Grybowski2910:35-11:00US Acquisition – Lincoln Clean EnergyOle Kjems Sørensen & Declan Flanagan4111:10-15:00Breakout sessions - 40 minutes each, with a 10-minute break in between12:40-13:30SpeakerPage5Global Offshore Wind MarketsBreakout roomMartin Neubert & Thyge Boserup57Offshore : EPC ExcellenceBreakout roomAnders Lindberg75Offshore : O&M ExcellenceBreakout roomMark Porter93Customer SolutionsBreakout roomMorten Hultberg Buchgreitz107Lunch15:10-16:00FinancialsMarianne Wiinholt12316:00-16:30Wrap-up and final Q&AHenrik Poulsen and the Executive Committee145

Update on Strategy& Capital AllocationCapital Markets Day28 November 2018

Henrik PoulsenCEO and PresidentBorn: 1967Education: M.Sc., Finance and Accounting, Aarhus School of Business, Denmark, 19942012 –2008 – 20122006 – 2008Offshore1999 – s61996 – 1999Ørsted A/SCEO and PresidentTDC A/SCEO and PresidentKKR Capstone, LondonOperating PartnerLEGOExecutive Vice President, Markets and Products (2005-06)Regional Managing Director, Europe and Asia (2004-05)Senior Vice President, Global Innovation and Marketing (2002-03)Senior Vice President, Global Segment 8 (2000-02)Vice President, Business Development (1999-2000)McKinsey & CoSenior Engagement Manager


Let’s create aworld thatruns entirely ongreen energy

We have transformed Ørsted to a green energy companyCapital employedDKKbnRenewablesOperating profit (EBITDA)CO2-emissionsDKKbng/kWhRemaining 20079201720071. Excludes Distribution and B2C businesses, currently being divested and EBITDA contribution from new partnerships201712018E20072017

Vision opens up a massive market opportunity in renewable energyGlobal renewables capacity by technologyGlobal renewable capacity by geographyGW, installedLatin AmericaNorth AmericaOffshore windSmall-scale PVRest of APACEuropeBiomassUtility-scale PVIndiaChinaStorageOnshore windGW, installed3,6783,678210 GW/yearGrowth CAGR: 10%1,1532018101,153203020182030Source: BNEF New Energy Outlook 2018, BNEF 1H 2018 offshore wind market outlook (for offshore wind capacity). US includes the latest BNEF US offshore wind forecast from September 2018 as well as Middle East and AfricaNote: Excludes ‘Other’ (solar thermal and geothermal) accounting for less than 2%

Ørsted is strongly positioned to tap into long-term growthGlobal installed renewables1 top 8Onshore windUtility-scale solar PVOther3Installed and under construction2 capacity, GWOffshore windBiomassAwarded18.117.716.6 4.7GW awardedrenewable ted10.810.6BerkshireHathawayEDFNote: Excludes Chinese players. Ørsted capacity based on constructed capacity; Source: BNEF Energy Asset Database as of November 20, 2018.1. Includes onshore wind, offshore wind, solar PV, solar CSP, biomass, geothermal and marine generation2. Includes projects defined as ‘Under construction’ and ‘Finance secured’. Capacity allocation based on the ownership stake that the organisation holds (where ownership stakes are not disclosed, credit is pro-rated equally amongst allowners); 3. Includes geothermal and wave energy; 4. Includes offshore wind projects Changhua 1&2a, Changhua 2b&4, German Cluster 1, Gode Wind 3&4, Skipjack, Southfork, Revolution Wind, and onshore wind projects Sage Draw, PlumCreek, and solar PV project Permian Solar9.9EDP

Ørsted’s strategic playing fieldRenewables generationStorageT&DConsumptionWholesaleOffshore windElectricitystorageOnshore windPower-to-gasBioenergy12Explore idential customersElectric heatingSolar PVInvest to growCorporate customersExitNo presenceElectric vehicles

Portfolio changes support main focus on renewables generationEntering Ørsted portfolioLincoln CleanEnergyDeepwaterWind– Transactionclosed– olutions13Exiting Ørsted portfolioDistribution andB2C CustomerbusinessesOil and gaspipelineinfrastructure– Transactionexpectedsigned in H12019– Transactionsexpectedsignedin 2019

Strategic growth platformEuropeOffshore– Wind– Transmission– StorageGlobal leader in offshore wind– Strategic core– Growth and value creation– Scale– Keep pioneering andinnovatingOnshore– Wind– Solar PV– StorageBioenergy– Biomass– Renescience– Biogas?AsiaEstimated CAPEXallocation 2019-202575-85%Leading US renewablecompany– Strategic diversification– Scale– Technology integration– New value-creatinggrowth platform15-20%– Explore growth and valuecreation potential ofBioenergyCustomer Solutions – Route-to-market forØrsted product portfolio– Risk management– Incremental value creation14Americas0-5%

Ørsted remains uniquely positioned in offshore windGlobal offshore wind capacityConstructedGWShare of capacity constructed and under construction30%16%7% ConstructionAwarded4%3%3%3%2%2%2%1.40.5 0.3EquinorCIPSSE0.50.1 rNote: Awarded includes project capacity secured through auctions and beauty contests since 2015, where FID has not yet been taken1. Includes Deepwater Wind2. RWE capacity based on combined Innogy and E.ON offshore wind portfolio

Ørsted’s competitive position in offshore wind has provenits resilienceOffshore wind capacity secured in competitive processes since D1,058NorthlandPower1,044CIP1,000EDPREnBWShell / Eneco /Van Oord16600950900731Deepwater Wind5,699

Strong execution track-record in offshore windUnlevered project IRR development since FIDIn operationUnder constructionPercentage points3.8%3.6%3.1%2.5%2.3%1.7%1.1%Drivenby FX0.6%0.1%-0.3%-0.8%17

Significant value creation from offshore wind projects secured incompetitive processesWind farms secured in competitive processes– Borssele 1&2– Hornsea 2Average unlevered lifecycle IRR on wind farmssecured in competitive processes7.5-8.5%Lifecycle IRR includes:– German Cluster 1– All developmentexpenses– Gode Wind 3&4– Fully allocatedoverhead– Greater Changhua 1&2a– Deepwater purchaseprice allocated toprojects– Greater Changhua 2b&4– Revolution WindLifecycle IRR1181. Based on capacity weighted average, current currency and market price assumptions, and on-time, on-budget construction

Green growth investments towards 2025Estimated gross investments, 2019-2025 200DKKbn40-45Committed capitalspend without continuedEuropean farm-downs193.8GW awardedoffshore windOffshore wind pipelineOnshoreBioenergy Customer SolutionsExpected growthcapital spend

We extend our commitment to shareholder remunerationDividend policyPaid dividend per share, DKKHigh single digit annualgrowth in dividend9.06.020172020182020Current dividend horizon2025New dividend horizon

Current financial headroom will be utilized to fuel green growthCredit metricFFO/NIBD70%64%60%Current financial headroomwill be consumed by buildout of offshore and onshorewind post acquisitions ofLincoln Clean Energy andDeepwater WindDebt ratio1 based onmarket values 25%42%– Invest in valuecreating green growth40%30%Ratingrequirement:30%20%– Return potentialcapital surplus toshareholders5-10%10%0%Q1 Q2 Q3FYQ1 Q2 Q3FYQ1 Q2 Q32016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018211. Net debt (incl. hybrid capital) to enterprise value2. Based on most constraining rating agency credit metric– Maintain existingcredit rating ofBBB /Baa1– Honour extendeddividend commitment50%50%Capital allocationpriorities:Currentdebt ratioExpecteddebt ratio inearly 2020’s2

Expected average return on capital employed of 10%towards 2025ROCE%12-14 13 10%Current guidance(2018-2023)22Current estimate(2018-2023)Effect of excluding 2018with Hornsea 1 farmdown, and no furtherEuropean farm-downsAcquisition ofLincoln CleanEnergy andbuild-outpipelineAcquisition ofDeepwater Windand build-outpipelineUpdatedguidance(2019-2025)

Profit from operating wind farms expected to grow by an average 20% towards 2023EBITDA from wind farms (offshore onshore) in operationDKKbn25-262017-2023 CAGR: 20%3x8.5201723201820192020202120222023Note: Assumes no European farm-downs post Hornsea 1 and COD of Borssele 1&2 in Q4 2020/Q1 2021 and of Hornsea 2 in 2022.Assumes farm-down of Changhua 1&2a. Assumes today’s currency and market prices, and on-time, on-budget construction 2017-2023 based on linear 20% CAGR projection as an illustrative growth pattern. Will in reality not be linear.

Green growth ambition for 2030Installed renewables capacityOffshore windOnshore windBioenergyGW 30Volume growth not anobjective in itself – focus ison value creation102201024Note: 2020 includes Borssele 1&2 capacity, COD expected in Q4 2020/Q1 20211. Includes onshore wind, offshore wind, solar PV, storage and biomass20202030Renewables1

Green share of power generation 99% in 2025, approximatingzero emissionsShare of green power and heatgCO2e/kWh%959960050080Global energy sector emission target tostay below 2-degree global warming40064300Ørsted CO2 20202520302035204020452050

New strategic estimates towards 2025MetricStrategic estimatesTotal CAPEX spend, 2019-2025DKK 200bnCAPEX allocation split, 2019-2025– Offshore75-85%– Onshore15-20%– Bioenergy Customer Solutions0-5%Average ROCE, 2019-2025 10%Average yearly growth in EBITDA from wind farms (offshore onshore) in operation, 2017-2023 20%Share of contracted and regulated EBITDA, avg. 2019-2025 90%Green share of generation, 202599%26

Purpose-driven, global, greenenergy leader deliveringmarket leading returns throughscale, innovation, superiorexecution, and financialdiscipline

2019 key milestones– Commissioning of Hornsea 1– FID on Changhua 1&2a in TaiwanOffshore– Outcome of NJ, NY, RI and MA solicitations– Full consent for Hornsea 3 project– Successful integration of Deepwater Wind– Successful integration of Lincoln Clean Energy– Commissioning of Lockett (184MW)Onshore– FID on Sage Draw (300MW) and Plum Creek (230MW)– First utility scale storage solution in operation (UK)– Solar PV project (Permian)– Completion of Renescience plant in NorthwichBioenergy– Biomass-conversion of Asnæs plant– FID on two new biogas plants– Divestment of Distribution and B2C businessesCustomer Solutions– First corporate offshore PPAs signed– Signing of oil and gas pipeline divestments28

DeepwaterWindCapital Markets Day28 November 2018

Thomas BrostrømPresident, Ørsted North America. CEO, Ørsted US OffshoreBorn: 1979Education: M.Sc. in Finance and International Business2015 –2014 – 20152012 – 2014Development,Regulatory &Markets2009 – 2012EPC2007 – 2009OffshoreOperations2005 – 2007Ørsted A/SPresident & CEO, Ørsted North AmericaØrsted A/SDirector, Markets and PipelineØrsted A/SSenior Manager, Head of Project Development UKØrsted A/SVarious senior positions, Head of Renewables Strategy and Performance, BusinessDeveloper and M&AStraumur Investment BankAssociateCOWI and Bank Invest / NorthCap PartnersPartnerships1CountryManagement301. Partnerships & Structured Solutions, Revenue and Asset ManagementBoard member American Wind Energy Association (2017 – Now)Former Board Member RenewableUK (2013 – 2015)

Jeffrey GrybowskiCo-CEO, Ørsted US OffshoreBorn: 1971Education: J.D. in Law2018 –2012 – 20182010 – 2012Development,Regulatory &MarketsOffshoreEPC2003 – 2007Operations2001 – 2003Partnerships11998 – 2001CountryManagement312007 – 20101. Partnerships & Structured Solutions, Revenue and Asset ManagementØrsted A/SCo-CEO, Ørsted North AmericaDeepwater WindCEODeepwater WindChief Administrative Officer and Senior Vice President, Strategy and External AffairsHinckley, Allen & Snyder LLPPartnerOffice of the Governor, State of Rhode IslandChief of StaffHinckley, Allen & Snyder LLPAssociateSullivan & Cromwell LLP and the United states District Court for the District ofRhode Island

The integration of Deepwater Wind creates the leading USoffshore wind platformNet capacity of US projectsMW1,7007,08030Portfolio– One 30MW project in operation, three projectswith 850MW PPA’s secured and 1,700MW netdevelopment lineSource: Bloomberg New Energy Finance (BNEF), Bureau of Ocean Energy Management (BOEM)Pioneer– Permitting and operational experience fromfirst US offshore wind farm– Secured best lease areas along Easternseaboard with proximity to shore and gridconnectionOrganisation– Strong complementary fit merging leadinglocal development skills with Ørsted’s globalexecution capabilities

Uniquely positioned with large adjacent projects, comprehensivegeographic coverage and attractive partnersØrsted projectsDeepwater Wind projectsPartner projectsCompetitor projectsNew leasesNorth EastAtlanticClusterScaleLarge scale cluster projects in theNorth East (MA, CT, RI, NY) and MidAtlantic (NJ, DE, MD)Site proximityAdjacent sites allow for significantsynergy potentialMid AtlanticClusterGeographic coverageMost comprehensive geographiccoverage with opportunity to bidinto all states from MA to VAAttractive partnersJV’s with leading utilities in NewEngland (Eversource) and NewJersey (PSEG) bring strong, localtransmission know-how33Source: Bureau of Ocean Energy Management (BOEM)

Block Island provides valuable experience for next rounds ofprojectsTax creditFirst offshore wind project to obtain taxcreditBlock Island(30MW)34Power sold toRhode IslandCOP2012FID/COD2015/2016TurbinesGE 6MWTax credit30% ITCOfftake solutionUSD 236/MWh3.5% price escalator20 yearsFederal permittingFirst offshore wind project to gothrough federal permitting. Significantstakeholder engagement and localknowledge requiredLocal supply chainFirst offshore wind project to utilise thelocal supply chain

Multiple projects with separate PPA’s constructed as one 730MWprojectSouth ForkRevolution WindRevolution WindPower sold to New YorkConnecticutRhode IslandCOP2019/20202020/20212020/2021FID/COD 2020/2022 2021/2023 2021/2023TurbinesTo be decidedTo be decidedTo be decided(200MW)(90 40MW)RevolutionWindSouthForkTax credit qualifying equipment securedTax creditOfftakesolution351.2.Long Island Power AuthorityOption to participate in the capacity market(400MW)90 40MWapproved byLIPA1Fully negotiatedsubject to regulatoryapproval2Under negotiation2

Well positioned for further development in Mid AtlanticCoastal Virginia1 SkipjackSkipjackCoastalVirginia361. Ørsted only providing EPC services for Coastal Virginia (owned by Dominion Energy)(12MW)(120MW)Power sold to VirginiaMarylandCOPApproval ofamendment pending2020FID/CODN/A / 2020 Post COP-award/2022TurbinesSGRE 6MWTo be decidedTax creditN/ATo be decidedOfftakesolutionN/A20-year OREC,USD 171/MWh, 1%price escalator peryear

6,200MW development pipeline across the east coastNet project pipeline1MWNorth EastAtlanticClusterØrsted projectsPartner projectsCompetitor projectsNew leasesBay State WindRevolution WindOcean WindMid AtlanticCluster371. Net capacity takes into account ownership share of sitesSource: Bureau of Ocean Energy Management (BOEM)1,0001,3003,500Garden State400Total pipeline6,200

Significant political ambitions and upcoming opportunitiesState targetsUpcoming .2-1.0Up to2. Island1VirginiaSep 20182Connecticut zerocarbon solicitation 800MWDec 2018New Jersey 1st300-1,100MWH1 2019Massachusetts 2ndoffshore wind RFP800MWH2 2020New Jersey 2nd1,200MWH1 2021Massachusetts 3rdoffshore wind RFP800MWØrsted opportunity:Constitution Wind3Revolution WindØrsted opportunity:Ocean WindGarden StateØrsted opportunity:Bay State WindRevolution WindØrsted opportunity:Ocean WindGarden StateØrsted opportunity:Bay State WindRevolution WindNew YorkMassachusettsOct 20182Rhode Island zerocarbon RFP200-400MWFeb 2019New York 1st800-1,200MWH2 2020New York 2nd800-1,200MWH2 2022New Jersey 3rd1,200MWØrsted opportunity:Revolution WindØrsted opportunity:Bay State WindRevolution WindØrsted opportunity:Bay State WindRevolution WindØrsted opportunity:Ocean WindGarden StateNew Jersey1. No official offshore wind target, but capacity already awarded or planned as auctions2. Auction result pending3. Part of Bay State Wind leaseSource: Source: Bloomberg New Energy Finance (BNEF), US National Renewable Energy Laboratory (NREL)

Largest project pipeline, widest geographic reach and strongpartnershipsNet capacity by developer1First moverØrsted in a front-runner position by moving earlyinto the USMW 7,100Avangrid1 2,000Eversource 1,000Equinor 1,0004Development 43 400Awarded393 3,000DominionEnergyAttractive partnersSelecting strong local partners providesrobustness and complementary fit in new markets4 1,500US WindPSEG5 3,900CIP82Constructed Ørsted partnerGeographic goverage31. Net capacity takes into account ownership share of sites2. Includes Ørsted’s opportunity to access Virginia from strategic partnership with Dominion Energy3. Geographic coverage is defined by the number of States which the developer has access to via its leasesSource: Bloomberg New Energy Finance (BNEF), US National Renewable Energy Laboratory (NREL )Superior lease areasØrsted lease areas are superior to upcoming newleases: less conflicted areas, close to establishedmarkets and located in relatively shallow waters

The leading offshore wind developer in the USCombined portfolio of Ørsted and Deepwater Windcreates the largest project pipeline in the USAttractive PPA’s secured with furtheropportunities for optimisationStrong organisation withcomplementary skills40

Lincoln CleanEnergyCapital Markets Day28 November 2018

Ole Kjems SørensenExecutive Vice President, Onshore and M&ABorn: 1972Education: Master of Law, Aarhus University2018 –2016 – 20182014 – 2016Offshore2012 – 2014Onshore2011 – 2012Bioenergy2006 – 2011ØrstedCustomerSolutions2004 – 20061999 – 200442Ørsted A/SEVP Onshore and M&AØrsted A/SSenior Vice President, Head of Partnerships, M&A & Asset Management in Wind PowerØrsted A/SVice President, Head of Commercial Transactions & Market Developmentin Wind PowerØrsted A/SVice President, Head of Partnerships and M&A in Wind PowerØrsted A/SSenior Director, Head of Wind Power M&AØrsted A/SSenior Manager, Group M&AATPPrivate Equity Partners, Vice PresidentGorrissen FederspielLawyer

Declan FlanaganCEO, Lincoln Clean EnergyBorn: 1974Education: B.Sc., National University of Ireland, M.Sc., University of Ulster and MBA, Kellogg Schoolof Management, Northwestern University2009 –2007 – 20092003 – 20072000 – ns43Lincoln CleanEnergyLincoln Clean EnergyFounder and CEOE.ON Climate & Renewables North America Inc.CEO & Board member of Global Renewables BusinessAirtricity North AmericaCEOAirtricity HoldingsRegulation & Trading ManagerFormer member of the boards of both the American Wind Energy Association and the Solar IndustryAssociation

Lincoln Clean Energy at time of aquisitionPortfolio Overview1Geographic footprintCapacity in MW 1,000 2,500% split by MW3ERCOTSPPMISO714 30%1,527 2,500MW300513Operational2Construction100% PTC44Near-termdevelopmentTotal by2020Pipeline(post-2020)60% PTC1. Potential future capacity based on LCE’s existing project pipeline at time of the acquisition2. Operational portfolio includes 10MW of Solar PV3. Including pipeline post-2020Total by2022 10% 60%

Acquisition price based on prudent assumptions, expect to achievehigh single digit IRRPurchase price breakdownIllustrativeUpside opportunitiesProbability adjustedOperating portfolio45Pipeline to 2020100% PTCPipeline to 2022PTC Glide Path11. PTC Glide Path: projects eligible to Production Tax Credits (PTCs) at less than 100%Acquisition priceAll pipeline to2022 deliveredGrow pipeline

Operating portfolio813MWTahoka WindAmazon WindfarmTexas (Dermott)(253MW)Willow Springs WindTahoka 8Turbines110 GE / 2.3MW100 GE / 2.5MW120 GE / 2.5MWTax Equity50% GE EFS150% BAML250% BHE350% BAML2100% BHE3OfftakesolutionPPA with Amazonand Iron Mountain15 years193MW (77%) Hedgewith BAML213 years231MW (77%) Hedgewith BAML213 years813MW includes Oak Solar a 10MW Solar Project, commissioned 2011, no tax equity,fully merchant power. RECs until May 2020Bold Development post acquisition461. GE EFS: GE Energy Financial Services2. BAML: Bank of America Merrill Lynch3. BHE: Berkshire Hathaway EnergyWillow Springs WindAmazon Windfarm TexasTexas

Large scale, low capex portfolio with solid offtakeKey metricsPortfolio highlights 45%Average historic load factor 1.5CAPEX multiples lower thanUSDm/MW BNEF 2017 benchmarks22USD/MWh47– Large scale assets with top tier partners– Over 1 billion in tax equity raised representing c. 80% oftotal capex at COD– Tahoka was one of the largest single investor tax equityfinancings in US wind power at 305 millionAverage nominal offtake pricing183% contracted21. Weighted average including escalation for PPA lifetime2. Weighted average annual offtake volume– Amazon Windfarm Texas long term agreement was thelargest volume corporate offtake in the US at time ofexecution2 BNEFUS Renewable Energy Market Outlook, Texas

Near term pipeline714MWPlum Creek WindLockett Wind(184MW)Sage Draw Wind(300MW)Plum Creek Wind(230MW)ISOERCOTERCOTSPPFID/CODQ4 18/Q3 19Q2 19/Q1 20Q4 19/Q4 20Turbines75 GE/2.45MW120 GE/2.5MWGE 2.5MWTax Equity100% BHE1Expected 2019Expected 2019OfftakesolutionPPA with Allianz for80% capacity10 yearsPPA with Blue ChipC&I for 83% capacity12 yearsPPAs with SmuckerCo, Avery Dennisonand Vail Resort, 70% of capacitycontracted12 yearsNebraskaLockett WindBold Development post acquisition481. BHE: Berkshire Hathaway EnergySage Draw WindTexas

Capex and load factor improvements drive lower LCOEKey metricsKey developments since acquisition 47Expected average load factor1 1.2Capex multiples lower thanBNEF 2019 benchmarks% m/MWLockett: Final Investment Decision takenSage Draw: Executed PPA for 83% capacity12-15Expected nominal range of /MWh offtake pricing2Turbineprogression49All major contracts in place for near term pipeline with80% volume contracted3:Plum Creek: 70% offtake and turbine supplyagreement executedIncrease in energy capture andcapex reduction compensatesfor lower PPA pricing1. Weighted average expected load factor2. Weighted average including escalation for PPA lifetime3. Weighted average annual offtake volume. Target offtake met, may add more opportunistically2 BNEFUS Renewable Energy Market Outlook, Texas

Well positioned to realise an additional 1GW between 2020and 2022Pipeline to 2022Targeting 1GW growth to 2022 from:MW– Regionally diverse portfolio: 2,500 ERCOT South MISO ERCOT West SPP 1,000– Multi-technology projects:1,527WindAverage size 300MW, eligible for at least 60% PTCSolarCapitalize on favorable ITC glide path and customerdemandTotal by 202050Pipeline to 2022Target by 2022

Today we are announcing 500MW of wind and solar PPAs withExxonMobilSage Draw Wind300MW250MW PPACOD Q1 2020Permian Solar350MW250MW PPACOD Q2 2021The two long term PPA’s executed in Texaswith ExxonMobil are a case study of whereonshore renewables is heading– Multi-technology to meet corporate demand for 24hr greenenergy– Development/execution efficiency in the core West Texaswind footprint– Further synergies possible in long term operations and capexPotential for further additions of solar to portfolio butremain largely wind focusedLCE solar track recordMW1010Oak SolarLone Valley 1New JerseyCalifornia– Full greenfield project– Early stage acquisition projectSage Draw was already part of the communicated growth plan– COD 2011– Secured PPA with SoCal Edison– COD 2014– Sold to EDPR15120Lone Valley 2California– Expansion project– Secured PPA with SoCal Edison– COD 2014– Sold to EDPR350PermianTexas– Project in development– Secured 250MW PPA withExxonMobil

LCE in a strong position to meet demand in the post subsidy eraUS net wind capacity .6201820192020PTC eraUnprecedented buildout52Source: BNEF New Energy Outlook20212022PTC Glide st PTC eraSome market recalibration Growth driven by consumer demand and continued reductionin LCoE

LCE has development capabilities to be competitive in the postPTC eraMaximisingvalue ofacquisitionsWillow Springs WindProvenexecutionTahoka Wind– Phase 2 of a prioracquisitionExecutingcorporatesolutionsAmazon Windfarm Texas– Acquired as a project– PPA with Amazon wasdirected into thethe largest volumetransmission system via acorporate offtake in the– Utilised retainedlow value connectionUS at time of executionconnection rightspoint in SPP– Involved extensive– Increased interconnection – Worked with thecollaboration withagreement by 20% posttransmission company toAmazon managementacquisitionbring a decommissioned– Full greenfield projectline back into service– Created a new projectwith a very competitive– Enabled Tahoka tocost basesecure access to thehigher value ERCOTmarket53FinancinginnovationLockett WindMultitechnologysolutionsMulti-project– Experienced in utilizingthe spectrum of offtakestructures– Track record in both windand solar leads to crossselling opportunities– Recently executed ahedge with Allianzeffectively reducingshape risk– Leverage strongrelationship with C&I– Full greenfield project– Opportunity onlyaccessible as a result ofthe acquisition

LCE and Ørsted a powerful combination to succeed in US marketLCE54Relationships and Market KnowledgeBalance Sheet StrengthSuccessful track record in multiple US states, over 150years of combined experience in the US marketCredit assurance and funding availabilityTax Equity CapabilitiesScaleClose relationship with tax equity investorsProcurement and ability to deploy resourcesOfftake SolutionsIn-House CapabilitiesCorporate and utility PPAs, financial hedgesExpertise in complex engineering

The leading onshore wind developer in the USSignificant progress since acquisitionTahoka fully operationalFinal Investment Decision taken for LockettExecuted PPA on Sage Draw for 83% capacity 70% offtake secured for Plum CreekLCE/Ørsted have the right capabilities to becompetitive in the post PTC eraA regional cross-technology platform to meetfuture corporate demand and drive growth55

Global OffshoreWind MarketsCapital Markets Day28 November 2018

Martin NeubertExecutive Vice President, CEO OffshoreBorn: 1973Education: M.Sc. in Economics and Finance (FAU) & CFA2018 –2016 – 20182012 – 2016Offshore2008 – 20122005 – 2008Onshore2000 – 2005ØrstedBioenergyCustomerSolutions58Ørsted A/SExecutive Vice President, CEO OffshoreØrsted A/SChief Strategy Officer, Head of Strategy, Development and Regulatory, Offshore WindØrsted A/SHead of Partnerships, Offshore WindØrsted A/SHead of Group M&A, Head of Equity PartnershipsBain CapitalAssociate in Private EquityArthur Andersen & EYVarious positions

Thyge BoserupSenior Vice President, Head of Development, Regulatory & Markets, OffshoreBorn: 1970Education: M.Sc. in Economics2018 –2016 – 20182014 – 2015Development,Regulatory &MarketsOffshoreEPC2007 – 2008Operations2002 – 2006Partnerships1CountryManagement592008 – 20141. Partnerships & Structured Solutions, Revenue and Asset ManagementØrsted A/SSenior Vice President, Head of Development, Regulatory & Markets, OffshoreØrsted A/SSenior Director, Head of Market & Project Development, Offshore WindTB advisoryIndependent advisorSaxo Bank A/SExecutive Vice President, Chief Commercial OfficerDanisco A/SVice President, Head of Corporate DevelopmentISS A/SSenior Vice President, Head of Corporate Affairs and Investor Relations

Unprecedented track record in capturing valuable growthin competit

Vattenfall Iberdrola EnBW Northland Power RWE2 Equinor CIP SSE Shell Constructed Under Construction Awarded Share of capacity constructed and under construction 30% 16% 7% 4% 3% 3% 3% 2% 2% 2% 1 15. . Assumes today’s currency and market prices, and on-time, on-budget constructio