Investor Presentaiton

35 New approach better suited for the characteristics of our portfolio Lower hedge level and shorter time horizon. Hedge level of merchant exposure between 0-70% in Y1 & Y2 . . • Risk of overhedging and IFRS 9 ineffective hedges significantly reduced Hedging no more than 70% will lead to overhedged volumes in 1 out of 20 months, instead of 1 out of 3 months with previous approach Reduction in liquidity and counterparty risk Hedge level will depend on portfolio composition . . Leveraging portfolio diversification as natural hedge between price and production variability Desired year-to-year level will account for portfolio effects Low share of merchant power exposure in front years leads to low hedges levels and vice versa 0-70% 0-70% Y1 Y2 Y3 Illustrative Y4 Y5 Calendar years (Y1 current year) Regulated & contracted Hedge level range of merchant exposure Additional activities will be commercially driven Portfolio revenue uncertainty Hedge level will depend on portfolio composition - Portfolio with 40% merchant exposure - Portfolio with 10% merchant exposure Hedging is risk increasing Hedging is risk reducing to a certain level 0% 10% 20% 30% 40% 50% 60% Hedge level 70% 80% 90% 100% Note: Program for hedging open (non-regulated, non-contracted) power price exposure from offshore wind, onshore wind, and solar PV only. Illustration of hedging program is simplified for illustrative purposes Orsted

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