Ørsted — Capital/Financing Update 2016

Dec 21, 2016

DONG Energy has entered into an agreement to sell 50% of Race Bank, a 573
megawatt (MW) UK offshore wind farm project, to Macquarie European
Infrastructure Fund 5 and Macquarie Capital, the principal investment arm of
Macquarie Group – with equal interests. As part of the transaction DONG Energy
and Macquarie have agreed a framework for sharing construction risk. Race Bank
is currently in advanced stages of construction and is expected to be fully
commissioned in 2018.

The total transaction proceeds, consisting of the acquisition of a 50%
ownership share and commitment to fund 50% of the project CAPEX including
transmission assets, amount to approx. GBP 1.6 billion. The proceeds are
payable from 2016 until completion of the project, which is expected in 2018
and is funded by a combination of project finance debt and equity.

“I welcome Macquarie as partner on Race Bank. They have successfully invested
in infrastructure projects world-wide and have experience in offshore wind from
previous investments,” said Samuel Leupold, Executive Vice President and CEO of
Wind Power at DONG Energy, adding: “We have seen a high level of interest from
a number of potential investors in Race Bank. This proves that our partnership
model continues to be attractive.”

Mark Dooley, Head of Energy and Infrastructure, Macquarie Capital Europe added:
“We are delighted to partner with DONG Energy on the Race Bank Offshore Wind
Farm. DONG Energy is an industry leader and pioneer in offshore wind power
development globally. Macquarie Group launched in the UK in 1989 and has since
invested GBP 6 billion of capital into European renewables - and this further
demonstrates our ongoing focus and commitment to the offshore wind sector.”

Martin Stanley, Global Head of Macquarie Infrastructure and Real Assets,
commented: “We have a long and successful history of investing in renewable
energy around the world. Our funds have invested in wind farms, biomass power
plants, photo-voltaic and hydro-electric facilities together with landfill gas
generation. This investment is being made by our fifth European infrastructure
fund which reached a final close earlier this year.”

DONG Energy will manage the completion of the construction phase under a
construction management agreement. DONG Energy has also entered into an
agreement to provide operations and maintenance services from its O&M base in
Grimsby and to provide a route to market for the power production and green
certificates for Macquarie’s 50% share of Race Bank.

Following the 50% divestment of Race Bank, and in combination with other
factors, DONG Energy has increased its EBITDA guidance for 2016. A separate
company announcement has been issued simultaneously.

Facts about Race Bank

-- The wind farm will be located approximately 16.8 miles off Blakeney Point
on the North Norfolk coast and 17.4 miles off the Lincolnshire coast at
Chapel St Leonards.
-- The wind farm is being built out of DONG Energy's construction base in the
Grimsby Fish Dock and will be operated from DONG Energy’s O&M base in
the Grimsby Royal Dock.
-- The wind farm will consist of 91 Siemens 6MW wind turbines with
performance-enhancing features.
-- The wind farm will have a capacity of 573MW and will produce enough
electricity to power more than 400,000 British households every year.
-- The wind farm is expected to be fully commissioned in 2018.
-- A final investment decision regarding the wind farm was taken by DONG
Energy in June 2015.

For additional information, please contact:

DONG Energy Media Relations
Tom Lehn-Christiansen
+45 99 55 60 17
tomlc@dongenergy.dk

DONG Energy Investor Relations
Henrik Brünniche Lund
+45 99 55 97 22
hebrl@dongenergy.dk

Macquarie Media and Investor Relations
Victoria Mundell
+44 203 037 2031
victoria.mundell@macquarie.com

About DONG Energy
DONG Energy (NASDAQ OMX: DENERG) is one of Northern Europe's leading energy
groups and is headquartered in Denmark. Approximately 6,500 ambitious employees
are involved in developing, constructing and operating offshore wind farms,
producing electricity and heating from our power stations, supplying energy to
private and business customers and producing oil and gas. Group revenue was DKK
71 billion (EUR 9.5 billion) in 2015. For further information, visit
www.dongenergy.com

About Macquarie Capital
Macquarie Capital is the advisory, capital markets and principal investment arm
of Macquarie Group. Macquarie Capital provides strategic M&A and capital
raising advice as well as partnering with clients by investing capital into
their projects and companies. In Europe, Macquarie Capital has a strong track
record in partnering with utilities and developers in building new energy,
infrastructure and real estate projects.

About Macquarie Infrastructure and Real Assets (MIRA)
MIRA is part of Macquarie Asset Management, the asset management arm of
Macquarie. MIRA pioneered Infrastructure as a new asset class for institutional
investors. For more than 20 years we have been investing in and managing the
assets that people use every day – extending beyond Infrastructure to Real
Estate, Agriculture and Energy. Our dedicated operational and financial experts
work where MIRA’s funds invest and their portfolio companies operate. They are
part of a far reaching global team which helps clients to see across the
regions and deep into local markets. MIRA has assets under management of €93
billion invested in 129 portfolio businesses, ~300 properties and 4.5m hectares
of farmland.
(figures as at 30 September 2016)
For more information, visit www.macquarie.com