European Energy Financial Overview

== EUROPEAN ENERGY Overview of debt structure as per end of 2018 Total financing, EURm 476 Debt from ass. companies, EURM The EURm 14 is related to the following underlying debt: Consolidated debt overview, EURM 99 Debt from ass. companies 78 The recourse loan of EURm 8 relates to the Nøjsomheds Odde project, which has been released in March 2019. The remaining part relates to project Krupen. 299 84 163 299 Consolidated debt 99 Total financing Debt from ass. companies (not EE share) Debt from ass. companies (EE share) Consolidated debt NIBD/EBITDA 9.9x 64 201 84 I 180 97 64 14 116 14 36 34 Non-recourse debt Recourse debt Total Non-recourse Bond loan Construction financing NIBD/EBITDA NIBD (recourse only debt)/EBITDA 7.1x Solvency ratio, % Recourse The EURm 116 is related to the following underlying debt: - EURM 49 relates to Holmen, which is fully divested and unwinded in Q1 2019 EURM 42 relates to project Zinkgruvan, which will either be converted into a non-recourse project financing and/or fully divested in 2019. The project is fully constructed and will be fully grid connected later in 2019 EURm 25 relates to project Måde where 50% of the project is in operation and the other 50% will soon be constructed. Financing of fixed assets, dev. projects & other debt 32% 29% 25% 31% 2015 NIBD, EURM 4.0x 3.0x 24% 2.8x 4.3x 1.5x 2016 2017 2018 Q1 2019 2015 107 101 102 2015 2016 1) ICR EBITDA / Net interest expenses 239 148 2016 Interest Coverage Ratio¹ 2017 2018 Q1 2019 9.5x 6.5x 5.1x 4.6x 3.7x 2017 2018 Q1 2019 2015 2016 2017 2018 Q1 2019 | 32

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