Hafslund Eco Hydropower Portfolio

Hafslund - key credit strengths Strong ownership 100% owned by the City of Oslo (capital of Norway, Aaa/AAA rated) Size and renewable production Second largest hydropower producer in Norway and largest district heating producer High reservoir capacity Income stabilizer Partial price hedging Sustainability focused Solid investment grade rating ~50% of annual operated production 50% ownership in Norway's largest power grid company, Elvia, through Eidsiva Energi Reduces earnings volatility from power prices over time Focus areas and goals fully integrated with the group strategy A- (positive outlook) from Scope Ratings 35 35

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