Ørsted — Capital/Financing Update 2017

Nov 23, 2017

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE
UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES
OR THE DISTRICT OF COLUMBIA (THE “UNITED STATES’) OR TO ANY U.S. PERSON (AS
DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933) OR IN OR INTO
ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

Ørsted A/S (formerly known as DONG Energy A/S) (the ‘Offeror’) announces today
the indicative results of its invitation to holders of its EUR 500,000,000
6.500 %. Notes due 7 May 2019 (of which EUR 306,213,000 is currently
outstanding) (the ‘2019 Notes’), its EUR 500,000,000 4.875 %. Notes due 16
December 2021 (of which EUR 360,373,000 is currently outstanding) (the ‘2021
Notes’) and its EUR 750,000,000 2.625 %. Notes due 19 September 2022 (of which
EUR 602,010,000 is currently outstanding) (the ‘2022 Notes’, and together with
the 2019 Notes and the 2021 Notes, the ‘Notes’ and each a ‘Series’) to tender
such Notes for purchase by the Offeror for cash (each such invitation, an
‘Offer‘ and together, the ‘Offers‘).

The Offers were announced on 16 November 2017 and were made, subject to
satisfaction or waiver of the New Financing Condition and subject to the other
terms and conditions contained in the tender offer memorandum dated 16 November
2017 (the ‘Tender Offer Memorandum’) prepared by the Offeror. Capitalised terms
used in this announcement but not defined have the meanings given to them in
the Tender Offer Memorandum.

The Expiration Deadline for the Offers was 17.00 (CET) on 22 November 2017.

As at the Expiration Deadline, EUR 191,220,000 in aggregate principal amount of
the Notes had been validly tendered pursuant to the Offers.

Following the Expiration Deadline, the Offeror hereby announces its non-binding
indication to accept for purchase the Notes validly tendered pursuant to the
Offers, without scaling, as set out in the attached pdf.

The Offeror will announce whether it will accept for purchase the Notes validly
tendered in the Offers and, if so accepted, the Final Acceptance Amount, the
aggregate principal amount of Notes of each Series accepted for purchase
(together with the applicable Pro-ration factor (if any)), the Interpolated
Mid-Swap Rates in respect of the 2022 Notes, the Purchase Yield in respect of
the 2022 Notes, the Purchase Price and Accrued Interest for Notes accepted for
purchase as soon as reasonably practicable after pricing of the Offers has been
completed.

The final pricing for the Offers is expected to take place at or around 14.00
(CET) on 23 November 2017.

The Offeror confirms that the New Financing Condition has been satisfied.

Until the Offeror announces the final aggregate principal amount of the Notes
of each Series accepted for purchase, no assurance can be given that any Notes
validly tendered for purchase pursuant to the Offers will be accepted.

The Settlement Date in respect of any Notes accepted for purchase pursuant to
the Offers is expected to be 24 November 2017.

The information in this announcement does not change Ørsted’s financial
guidance for the financial year 2017 or the announced expected investment level
for 2017.

Further information

Media Relations
Martin Barlebo
+45 99 55 95 52

Investor Relations
Henrik Brünniche Lund
+45 99 55 97 22

Head of Finance DCS, Treasury & Risk Management
Allan Bødskov Andersen
+45 9955 9769

DISCLAIMER

The offer period for the Offers has now expired. No further tenders of any
Notes may be made pursuant to the Offers. This announcement must be read in
conjunction with the Tender Offer Memorandum. This announcement and the Tender
Offer Memorandum contain important information which should be read carefully.
If any Noteholder is in any doubt as to the contents of this announcement
and/or the Tender Offer Memorandum or the action it should take, it is
recommended to seek its own financial advice, including in respect of any tax
consequences, from its broker, bank manager, solicitor, accountant or other
independent financial, tax or legal adviser. The Dealer Managers and the
Tender Agent do not accept any responsibility for the accuracy or completeness
of the information contained in this announcement or the Tender Offer
Memorandum including (without limitation) information concerning the Offeror or
its subsidiaries and affiliates or for any failure by the Offeror to disclose
events that may have occurred and may affect the significance or accuracy of
such information.

The Ørsted vision is a world that runs entirely on green energy. Ørsted
develops, constructs and operates offshore wind farms, bioenergy plants and
innovative waste-to-energy solutions and provides smart energy products to its
customers. Headquartered in Denmark, Ørsted employs 5,600 people. Ørsted’s
shares are listed on Nasdaq Copenhagen (Orsted). In 2016, the company’s revenue
was DKK 61 billion (EUR 8.2 billion). For more information on Ørsted, visit
orsted.com or follow us on Facebook, LinkedIn, Instagram and Twitter.