European Energy Financial Overview

Indicative key terms of the new bond issue Indicative key terms for the contemplated new issue == EUROPEAN ENERGY Issuer: Rating: Size: Framework amount: Maturity: Format: Coupon: Call Schedule: European Energy A/S Unrated Minimum EUR 100m Up to EUR 200m (Some of the framework amount can be allocated to Market Loans where the security is shared on a pari passu basis, subject to an intercreditor agreement) [September 2023] Senior secured Green Bonds with pledge over shares of the Issuer 3mE +[] bps (Euribor floored at zero) Before 24 months, fair value early redemption call with no discounting • Callable thereafter at 50%, 37.5%, 25%, 12.5%, 10% of coupon, after 24,30,36,42,48 months Equity clawback upon IPO of 30% at 102.000% or prevailing call price • Min. equity EUR 80m Maintenance covenants: Incurrence covenants (Financial indebtedness and Dividends following an IPO): Selected Other Undertakings: Docs: Denomination: Listing: Use of Proceeds: Green Structuring Adviser: Joint Bookrunners: Target market: Min. total assets > EUR 230m Min. liquidity corresponding to 3 quarters interest payments Issuer Incurrence Test: Minimum equity ratio of 25% Subsidiary Incurrence Test: Group Interest Coverage Ratio > 2.5:1 Full dividend restriction (50% of previous years Net Income/Profit following an IPO) Mergers and demergers Disposals of assets Negative pledge Financial reporting and cross acceleration Standalone, Danish law EUR 100k + 100k Nasdaq Copenhagen within 180 days In accordance with the Green Bond Framework Nordea DNB, Nordea MiFID II professionals/ECPs/Retail/No PRIIPS KID - Manufacturer target market (MiFID II product governance) is eligible counterparties, professional clients and retail (all distribution channels). No PRIIPs key information document (KID) has been prepared as not deemed within scope | 2

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