European Energy Financial Overview

Balance sheet overview Assets, EURM 447 407 59 40 68 288 61 30 Cash 61 48 223 219 16 15 42 38 37 202 Receivables Investm. and loans in companies 45 153 48 43 Inventory 102 76 72 Assets held for sale 49 86 46 51 50 47 PPE FY 2015 FY 2016 FY 2017 FY 2018 Q1 2019 Equity and liabilities, EURm 223 53 447 407 91 Current liabilities 107 288 81 248 173 124 116 114 50 10 91 108 127 57 FY 2015 64 FY 2016 FY 2017 FY 2018 Q1 2019 Contingent liabilities, EURm 113 79 24 51 3 28 76 86 48 15-7 3 6 FY 2015 FY 2016 FY 2017 FY 2018 Non-current liabilities Total equity == EUROPEAN -- ENERGY Considerations • . • • • • • Non-current assets represent the operating assets Energy, and the either of European investments in companies with operating assets or development assets Current assets are increasing mainly due to the increase in inventories, which is a consequence of the increased pipeline and portfolio Inventories mainly consist of parks in the construction portfolio Completed projects planned for divestment are also held in inventories, meaning part of the assets in inventory will generate revenue The increased balance is financed partly from the increased equity, partly from increased debt facilities The project financing is typically long-term, which is why non-current liabilities are increasing Bond proceeds from earlier bond issues have accelerated the fast growth of European Energy Guarantees related to financing agreements Guarantees, warranties and other liabilities related to SPAS Guarantees, warranties and other liabilities related to vendor contracts | 31

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