Ørsted — Capital/Financing Update 2021

Feb 9, 2021

Tender Offer for Hybrid Securities

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 US PERSON (AS DEFINED IN REGULATIONS UNDER THE U.S. SECURITIES ACT OF 1933) OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR THE TENDER OFFER MEMORANDUM (AS DEFINED BELOW).

This announcement and the Tender Offer Memorandum do not constitute an invitation to participate in the Offer (as defined below) in any jurisdiction in which, or to any person to or from whom, it is unlawful to make such invitation or for there to be such participation under applicable securities laws. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law.

Ørsted A/S hereby invites holders of its:

· EUR 700,000,000 6.25% Hybrid Capital Securities due 3013 (the 'Securities'; ISIN: XS0943370543)

to tender Securities for purchase by Ørsted A/S for a targeted aggregate purchase amount of up to nominal EUR 250 million for cash on the terms and subject to the conditions set out in the tender offer memorandum dated [9] February 2021 (the 'Tender Offer Memorandum') (the 'Offer'). The Tender Offer is subject to the successful issuance of the dual-tranche subordinated green hybrid capital securities ("New Hybrid Issue") as also announced by Ørsted today. Capitalized terms used in this announcement and not otherwise defined have the meanings ascribed to them in the Tender Offer Memorandum.

Ørsted A/S will pay (for Securities accepted by it for purchase pursuant to the Offer) a Purchase Price calculated with reference to Purchase Yield at 5:00 pm on 17 February 2021 (the "Pricing Date").

The Purchase Price will be confirmed as soon as reasonably practical on the Pricing Date. Ørsted A/S will also pay Accrued Interest in respect of Securities accepted for purchase pursuant to the relevant Offer.

Together with Ørsted's New Hybrid Issue, the purpose of the Offer is to partly refinance the Securities and increase Ørsted's total amount of

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks as the world's most sustainable energy company in Corporate Knights' 2021 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,179 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and Twitter.

Ørsted Kraftværksvej 53 Skærbæk 7000 Fredericia

www.orsted.com CVR-no. 36 21 37 28

9 February 2021

Further information

Media Relations

Carsten Birkeland Kjær +45 99 55 77 65 cabkj@orsted.dk

Investor Relations

Allan Bødskov Andersen +45 99 55 79 96

Offer and Distribution Restrictions

Neither this announcement, the Tender Offer Memorandum nor the electronic transmission thereof constitutes an offer to buy or the solicitation of an offer to sell Securities (and tenders of Securities for purchase pursuant to the Offer will not be accepted from Holders (as defined in the Tender Offer Memorandum)) in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities, blue sky or other laws require an Offer to be made by a

licensed broker or dealer and any of the Dealer Managers (as defined in the Tender Offer Memorandum) or any of their respective affiliates is such a licensed broker or dealer in any such jurisdiction, such Offer shall be deemed to be made by such Dealer Manager or such affiliate, as the case may be, on behalf of Ørsted A/S in such jurisdiction.

The Tender Offer Memorandum contains certain offer and distribution restrictions with which any Holders must ensure compliance.