Ørsted — Capital/Financing Update 2016

Jan 26, 2016

In connection with the announcement of DONG Energy’s IPO roadmap on 18
September 2015, it was announced that DONG Energy would undertake a strategic
review of the Exploration & Production (E&P) business.

DONG Energy has now concluded the strategic review with the following key
conclusions:

• DONG Energy confirms its intention to build a world-class clean energy
company with a portfolio based on leading competences in offshore wind,
bioenergy and green distribution and customer solutions.

• DONG Energy has decided to keep E&P as part of the planned IPO. Going
forward, the cash flows from E&P will be part of funding DONG Energy’s
investments in renewable energy.

• The E&P business consists of a high-quality portfolio of oil and gas assets
in Denmark, Norway and the UK with attractive lifting costs.

• In line with the rest of the industry, E&P needs to adapt to the significant
decline in oil and gas prices. Actions are being undertaken to de-risk the E&P
portfolio and focus on cash generation within the new market reality.

• With this revision of DONG Energy’s portfolio strategy, investments to
support future growth will be focused on renewable energy. This will further
reinforce DONG Energy’s position as a global leader in renewables.

Write-down of E&P assets

In DONG Energy’s 2015 annual accounts, DONG Energy will make a write-down of
approximately DKK 16 billion in the carrying value of the E&P business. The
write-down is caused by the continued decline in oil and gas prices, reduced
reserve estimates as well as project-specific factors, in particular with
regard to the Hejre project which continues to face significant challenges.

Due to DONG Energy’s active hedging policy, the value of the oil and gas hedges
has increased and amounts to approximately DKK 7 billion.

The information provided in this announcement does not change DONG Energy's
financial guidance for the 2015 financial year or the announced expected
investment level for 2015-2016.

For additional information, please contact:

Media Relations
Martin Barlebo
+45 99 55 95 52

Investor Relations
Allan Bødskov Andersen
+45 99 55 97 69

This announcement does not constitute an offer to sell or a solicitation of an
offer to buy or subscribe for any shares or other securities of DONG Energy A/S
or affiliates thereof. The announcement is not directed to any person resident
in any jurisdiction in which the submission or distribution of this
announcement would contravene the law of such jurisdiction. This announcement
may not be distributed to persons resident in any such jurisdiction.
Accordingly this announcement may not be distributed in any jurisdiction
outside Denmark if such distribution would require any registration,
qualification or other requirement. Any person acquiring possession of this
announcement is expected and assumed to obtain on his or her own accord any
necessary information on any applicable restrictions and to comply with such
restrictions.

DONG Energy is one of the leading energy groups in Northern Europe,
headquartered in Denmark. Around 6,700 ambitious employees are engaged in
producing energy from offshore wind farms, bioenergy and thermal heat and power
plants, oil and gas fields as well as providing energy solutions to residential
and business customers. Group revenue was DKK 67bn (EUR 9.0bn) in 2014. For
further information, see www.dongenergy.com