Ørsted at a glance. * Share of the Ørsted Group s capital employed, Annual Report Ørsted Asia Pacific, June 2018

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3 Ørsted at a glance Headquartered in Denmark; 50.1% owned by the Danish State Listed in the Nasdaq OMX: ORSTED 5,638 employees Revenue in 2017 DKK 59.5 bn (EUR 8.0 bn) EBITDA in 2017 DKK 22.5 bn (EUR 3.0 bn ) Phase out the use of coal by 2023 * Share of the Ørsted Group s capital employed, Annual Report

4 Ørsted Wind Power overview Global footprint USA Bay State Wind Constitution Wind Boston office Ocean Wind Coastal Virginia Europe Asia Pacific Unparalleled experience and track record Taipei office Formosa 1.1 Formosa 1.2 Greater Changhua projects 25+ years of experience 1991 and track record in the 2018 offshore wind power sector In operation Under construction Anholt West of Duddon Sands Middelgrunden Walney Extension Horns Rev 1 & 2 Westermost Rough Avedøre Hornsea 1 Walney 1 & 2 Hornsea 2 Vindeby Hornsea 3 & 4 Isle of Man Nysted Race Bank Gode Wind 2 Lincs Gode Wind 4 Barrow Gode Wind 3 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 Under development Borkum Riffgrund West 1&2 OWP West 22 offshore wind farms in operation 4.4 GW Constructed capacity 8.8 million people with clean electricity ~ 2,300 Dedicated employees 1,000+ turbines World's leading operator 5 offshore wind farms under construction 4.5 GW under construction 19 Partnerships Decommissioned after 25 years 4

5 Ørsted pioneered the offshore wind industry Unrivalled track-record in offshore wind Ørsted cumulative constructed offshore wind power capacity MW 7,527 MW 1 8,913 MW 5,557 MW 5 MW 50 MW 476 MW 1,004 MW 1,371 MW 2,098 MW 2,487 MW 3,009 MW 3,849 MW 4,447 MW Pre-2009: Project by project Post-2009: Industrialised approach to planning and execution of offshore wind projects Examples Vindeby Horns Rev 1 Walney Extension Hornsea 1 First offshore wind farm in the world First large scale offshore wind farm in the world The largest operational offshore wind farm in the world The world s largest offshore wind farm once constructed 5 MW 160 MW 659 MW 1,218 MW Turbine capacity Nr. of turbines Rotor diameter Distance to shore 0.45 MW m 1.8 km Turbine capacity Nr. of turbines Rotor diameter Distance to shore 2 MW m 18 km Turbine capacity Nr. of turbines Rotor diameter Distance to shore MW m 19 km Turbine capacity Nr. of turbines Rotor diameter Distance to shore 7 MW m 120 km 1. Ørsted will, in accordance with the Dutch tender regulation, build Borssele 1 and 2 within four years from July 2016 with a flexibility of 1 year 5

6 Offshore wind power is a large scale renewable technology with growth rates exceeding other renewables Fastest growing renewable technology in OECD Installed capacity CAGR, % Offshore wind power offers multiple advantages 25% Utility size power generation 659 MW Walney Extension will power more than 460,000 UK homes 1 14% Offers +45% capacity factors 2 Significantly higher than onshore wind and solar PV 7% Rapidly declining cost Industry maturity, volume and technological development reduce LCoE 3 0% Limited visual impact on landscape Wind farms are built far from shore Source: Bloomberg New Energy Finance (BNEF) 1. Sum of utility-scale PV and small-scale PV 2. Capacity factor is a performance indicator measuring to what degree a wind farm has produced according to the farms capacity (actual production / (capacity x hours in period)) 3. According to BNEF, long-term offtake price required to achieve a required equity hurdle rate for the project 6

7 Large-scale Offshore Wind Power Plants Facilitate Regional Energy Transition 7 Burbo Bank extension produces enough electricity to power over 230,000 UK homes. Number of turbines: 32 Generation capacity: 258MW Commercial operation: 2017

8 Taiwan as a stepping stone into further Asia Pacific markets Taipei office set up in July 2016 Current employees: 30 Projects in development: 5 Formosa 1 (35% ownership) Greater Changhua 1-4 The 1st offshore wind farm in Taiwan (demonstration project) Distance to shore: 2-6 km Phase I : 8 MW (2 x 4 MW) operational since Apr Phase II: 120 MW (20 x 6MW) CoD exp. Dec PPA signed in Dec 2017 Financial close in MW Distance to shore: 35-60km Final EIA approvals for all four sites 2.4GW Secured 900MW in Feed-In-Tariff scheme Construction work to start 2019 First power for each project: Grid auction upcoming in June

9 Support energy transition Boost local economy Create local skilled jobs during construction and lifetime of the offshore wind farms Significant investment for developing offshore wind farms Major opportunities for local supplier chain Education & training Research & collaboration 9

10 LCoE in Europe Early 2020s LCoE in Asia Pacific Early 2020s Regional supply chain Technology adapted to local conditions Regional experienced workforce LCoE in Asia Pacific Mid-late 2020s 10

11 At the forefront of making the industry cost competitive Scale Innovation Industrialisation Digitalisation 3.6MW 300 MW MW 700 MW MW MW 2024 Increased size of windfarms and turbines Driving innovative solutions Standardisation e. g. procurement for multiple projects Fully capturing new technological opportunities 11

12 Strong growth in established and new offshore wind power markets Installed capacity, GW +8.0 GW 9% +8.1 GW % GW 23% +1.1GW 33% # % Source: Bloomberg New Energy Finance (BNEF), 2H 2017 offshore wind market outlook 12

13 13 Thank you