Investor Presentaiton

Inflation and interest rate risks 2022-2031 revenue from assets in operation, under construction, and awarded before debt, % 100 -55 -10 -35 Total revenue Contracts: Inflation-indexed Merchant UK ROC and CfD, awarded Unhedged and CfD projects in Poland and unsubsidised power Heat contracts Risk management: Passed to shareholders revenue Open exposure Fixed nominal cash flows from assets Subsidised and hedged power, PPAs in Continental Europe, United states and Taiwan Matched with fixed nominal debt and derivatives. Passed to debt and derivative holders. Objectives of interest rate and inflation risk management 1. Protect long-term real value of equity by offsetting interest and inflation risk exposure embedded in assets by allocating debt with similar, but opposite risk exposure 2. Cost of funding optimized by actively managing debt portfolio 3. Cost of hedging minimised by using natural portfolio synergies between assets, allowing matching of up to 100% of asset value with appropriate debt 39 See more in note 6.4 in the 2021 Annual Report -35 -20 Fixed nominal cash flows from assets Duration-matched debt and hybrids Derivatives1 Net inflation risk Framework for risk management • . • Assets divided into risk categories based on nature of inflation and interest rate risk exposure Simple risk metrics are used to match assets with appropriate debt within each category Fixed nominal-category has first priority for debt allocation to protect shareholders against inflation Inflation-indexed revenues reserved to service equity return for shareholders thereby to a large extent protecting the real value of equity against fluctuations in inflation Orsted

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