European Energy Financial Overview

== EUROPEAN ENERGY Positive cash flow development in 2018 and Q1 2019 Cash flow from operations excl. changes in net working capital, EURm Cash flow from operations before changes in NWC Change in net working capital FY 2015 -21 21 18 FY 2016 -11 18 FY 2017 -33 21 20 -172 FY 2018 Q1 2019 46 Positive development in overall cash flow - change in cash flow year-on-year, EURM Change in cash and cash equivalents Cash and cash equivalents end of period 48 59 59 68 Considerations • • • The cash flow from operations excl. the changes in Net Working Capital (NWC) show a steady increase similar to profit before tax for the Group The negative cash flow from NWC 2015- 2018 is primarily due to the increase in inventories which in turn is a result of higher an increased construction activity and portfolio. In Q1 2019 change in NWC was positive due to the two big divestments of projects in Denmark and Italy freeing up NWC The general increase in NWC is financed through the positive cash flow from operations and from debt financing Overall the change in cash and cash equivalents have seen a positive development 2015 to Q1 2019 resulting in a strong liquidity position for European Energy 16 -1 15 33 10 10 -3 FY 2015 FY 2016 FY 2017 FY 2018 Q1 2019 | 30

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