From Black to Green Energy: Pivoting a Business Model in Real Time

Filip Engel@FilipEngelDirector, Head of Group Sustainability, Group Environment, Public Affairs & Corporate Branding

DONG Energy

Filip EngelDirectorGroup Public Affairs, Group Sustainability & Corporate Branding

FROM BLACK TO GREEN ENERGYP IV OTIN G A B U S IN E S S MOD E L IN R E A L T IME

@ D ON GE N E R GY @ FIL IP E N GE L

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Climate change limits human life

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We want sustainable energy to empower people, businesses and societies to unleash their potential without having to worry about harming the planet or reducing the opportunities for future generations

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A world where you and I are fuelled by green energy

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Our starting point was difficult

In 2006 15 per cent of our power and heat generation came from renewable energy. 85 per cent came from fossil fuels.

85%

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We tried to understandthe threats to our business

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2010Target on CO2 reductions

We shifted resources and set targets

2012Target on cost of offshore wind

2012

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No change without c-level leadershipand communication

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We have halved our CO2 emissions

CO2 emissionsfrom our power andheat generation

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Green energy has outpaced black

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We have reduced our use of coal

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We account for more than half of Denmarks CO2 reduction over the last decade

2015 production from new renewables¹%

Strong position on green energy

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Source: Company reports and other publicly available information1. New renewables include onshore wind, offshore wind, solar PV and bioenergy2. Includes hydro due to lack of disclosure granularity 3. Engie estimates are based on net ownership

2% 2%5%

31%²

5% 4%6%

17%24%

5%

100%

55%

FortumEDPR RWE EDFE.On Engie3Enel CentricaSSEIberdrola Gas Natural

Total shareholder return, Nov. 29, 2013 – May 27, 2016%

Purpose pays off

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E.ONCentrica RWE

7%

EnelSSEEDPR Gas Natural

-44%

-28%

30%32%

-29%

79%

86% - 138%1

Engie

-3%

43%

1%

-50%

Fortum EDFIberdrola

1. Based on price range DKK 200 - 255 per share Source: Based on data obtained from FactSet as of 24th May 2016

@DONGEnergy @FilipEngel

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