Obligation Orsted Energia A/S 1.5% ( XS1721760541 ) en EUR

Orsted Energia A/S

100 % ⇌

Danemark

XS1721760541 ( en EUR )

1.5% par an ( paiement annuel )

26/11/2029 - Obligation échue

Prospectus brochure de l'obligation Orsted A/S XS1721760541 en EUR 1.5%, échue

Orsted A/S est une société énergétique danoise leader mondial dans l'énergie éolienne offshore, développant, construisant et exploitant des parcs éoliens en mer ainsi que des solutions énergétiques durables.

L'obligation Orsted A/S (XS1721760541), émise au Danemark en EUR, avec un taux d'intérêt de 1,5% et une maturité initiale fixée au 26/11/2029, a atteint sa maturité et a été intégralement remboursée à 100%.

Prospectus dated 17 May 2017

DONG ENERGY A/S
(incorporated as a public limited company in Denmark with CVR number 36213728)

7,000,000,000
Debt Issuance Programme

Under the Debt Issuance Programme described in this Prospectus (the "Programme"), DONG Energy A/S (the "Issuer" or "DONG
Energy"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue debt securities (the
"Notes"). Subject to compliance with all relevant laws, regulations and directives, the Notes may have no maximum maturity. The
aggregate nominal amount of Notes outstanding will not at any time exceed 7,000,000,000 (or the equivalent in other currencies),
subject to increase as provided in the Dealer Agreement (as defined herein).
Application has been made to the Financial Conduct Authority in its capacity as competent authority under the Financial Services
and Markets Act 2000 as amended (the "FSMA") (the "UK Listing Authority") for Notes issued under the Programme during the
period of 12 months from the date of this Prospectus to be admitted to the official list of the UK Listing Authority (the "Official
List") and to the London Stock Exchange plc (the "London Stock Exchange") for such Notes to be admitted to trading on the
London Stock Exchange's EEA Regulated Market (the "Market"). References in this Prospectus to Notes being "listed" (and all
related references) shall mean that such Notes have been admitted to trading on the Market and have been admitted to the Official
List. The Market is a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on
markets in financial instruments.
Details of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes and the issue price of Notes for each
Tranche (as defined below) of Notes will be set out in Final Terms (the "Final Terms") which, with respect to Notes listed on the
Official List and to be admitted to trading by the London Stock Exchange, will be delivered to the UK Listing Authority and the
London Stock Exchange on or before the date of issue of the Notes of such Tranche.
Each Series (as defined in "Overview of the Programme") of Notes in bearer form will be represented on issue by a temporary
global note in bearer form (a "temporary Global Note") or a permanent global note in bearer form (a "permanent Global Note",
and each of the temporary Global Note and permanent Global Note, a "Global Note"). Notes in registered form will be represented
by a global registered certificate (a "Global Certificate") or by registered certificates (each a "Certificate"), one Certificate being
issued in respect of each Noteholder's entire holding of Registered Notes of one Series. If the Global Notes are stated in the
applicable Final Terms to be issued in new global note ("NGN") form, the Global Notes will be delivered on or prior to the original
issue date of the relevant Tranche to a common safekeeper (the "Common Safekeeper") for Euroclear Bank SA/NV ("Euroclear")
and Clearstream Banking S.A. ("Clearstream, Luxembourg"). Notes in registered form will be represented by registered
certificates (each a "Certificate"), one Certificate being issued in respect of each Noteholder's entire holding of Registered Notes of
one Series. Registered Notes issued in global form will be represented by registered global certificates ("Global Certificates"). If a
Global Certificate is held under the New Safekeeping Structure (the "NSS"), the Global Certificate will be delivered on or prior to
the original issue date of the relevant Tranche to a Common Safekeeper for Euroclear and Clearstream, Luxembourg. Global Notes
which are not issued in NGN form ("Classic Global Notes" or "CGNs") and Global Certificates which are not held under the NSS
will be deposited on the issue date of the relevant Tranche with a common depositary on behalf of Euroclear and Clearstream,
Luxembourg (the "Common Depositary").
The provisions governing the exchange of interests in Global Notes for other Global Notes and definitive Notes are described in
"Summary of Provisions Relating to the Notes while in Global Form".
The Programme has been rated Baal by Moody's Investors Service Ltd. ("Moody's"), BBB+ by Standard and Poor's Credit Market
Services France SAS ("S&P") and BBB+ by Fitch Ratings Ltd. ("Fitch"). S&P, Moody's and Fitch are established in the European
Union and registered under Regulation (EC) No 1060/2009 on credit rating agencies, as amended (the "CRA Regulation").
Tranches of Notes to be issued under the Programme will be rated or unrated (in each case as specified in the applicable Final
Terms). Where a Tranche of Notes is rated, the applicable rating(s) will be specified in the applicable Final Terms. Where a
Tranche of Notes is to be rated, such rating will not necessarily be the same as the rating assigned to the Programme or the Notes
already issued. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or
withdrawal at any time by the assigning agency.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this Prospectus.

Arranger
Barclays
Dealers
Barclays
BNP PARIBAS
Citigroup
Danske Bank
Deutsche Bank
Handelsbanken Capital Markets
Goldman Sachs International
Morgan Stanley
J.P. Morgan
NatWest Markets
MUFG
Nordea
Rabobank International
SEB

This Prospectus comprises a base prospectus for the purposes of Article 5.4 of the Prospectus Directive
(as defined herein) and for the purpose of giving information with regard to the Issuer and the Notes
which, according to the particular nature of the Issuer and the Notes, is necessary to enable investors to
make an informed assessment of the assets and liabilities, financial position, profit and losses and
prospects of the Issuer.
The Issuer accepts responsibility for the information contained in this Prospectus. To the best of the
knowledge of the Issuer (having taken all reasonable care to ensure that such is the case), the information
contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the
import of such information.
No person has been authorised to give any information or to make any representation other than those
contained in this Prospectus in connection with the issue or sale of the Notes and, if given or made,
such information or representation must not be relied upon as having been authorised by the Issuer,
the Arranger, Citicorp Trustee Company Limited (the "Trustee") or any of the Dealers (each as
defined below). Neither the delivery of this Prospectus nor the offering, sale or delivery of any Notes
shall, under any circumstances, create any implication that there has been no change in the affairs of
the Issuer or of the Issuer and its subsidiaries and affiliates taken together (the "Group") since the
date hereof or the date upon which this Prospectus has been most recently amended or supplemented
or that there has been no adverse change in the financial position of the Issuer or the Group since the
date hereof or the date upon which this Prospectus has been most recently amended or supplemented
or that any other information supplied in connection with the Programme is correct as of any time
subsequent to the date on which it is supplied or, if different, the date indicated in the document
containing the same.
In the case of any Notes which are to be admitted to trading on a regulated market within the
European Economic Area or offered to the public in a Member State of the European Economic
Area in circumstances which require the publication of a prospectus under the Prospectus
Directive, the minimum specified denomination shall be 100,000 (or its equivalent in any other
currency as at the date of issue of the Notes).
The Notes have not been and will not be registered under the United States Securities Act of 1933,
as amended (the "Securities Act"), and may include Notes in bearer form that are subject to U.S.
tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered
within the United States or to U.S. persons. For a description of certain restrictions on offers and
sales of Notes and on distribution of this Prospectus, see "Subscription and Sale".
This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes in
any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such
jurisdiction. The distribution of this Prospectus and the offer or sale of Notes may be restricted by
law in certain jurisdictions. The Issuer, the Dealers and the Trustee do not represent that this
Prospectus may be lawfully distributed, or that any Notes may be lawfully offered, in compliance
with any applicable registration or other requirements in any such jurisdiction, or pursuant to an
exemption available thereunder, or assume any responsibility for facilitating any such distribution
or offering. In particular, no action has been taken by the Issuer, the Dealers or the Trustee which
would permit a public offering of any Notes or distribution of this Prospectus in any jurisdiction
where action for that purpose is required. Accordingly, no Notes may be offered or sold, directly or
indirectly, and neither this Prospectus nor any advertisement or other offering material may be
distributed or published in any jurisdiction, except under circumstances that will result in
compliance with any applicable laws and regulations. Persons into whose possession this Prospectus
or any Notes may come must inform themselves about, and observe, any such restrictions on the
distribution of this Prospectus and the offering and sale of Notes. In particular, there are
restrictions on the distribution of this Prospectus and the offer or sale of Notes in the United States,
the European Economic Area (including the United Kingdom) and Japan, see "Subscription and
Sale".
To the fullest extent permitted by law, none of the Dealers or the Arranger accept any
responsibility for the contents of this Prospectus or for any other statement, made or purported to
be made by the Arranger or a Dealer or on its behalf in connection with the Issuer or the issue and
offering of the Notes. The Arranger and each Dealer accordingly disclaims all and any liability
whether arising in tort or contract or otherwise (save as referred to above) which it might otherwise

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have in respect of this Prospectus or any such statement. Neither this Prospectus nor any other
information supplied in connection with the Programme or any Notes (a) is intended to provide the
basis of any credit or other evaluation or (b) should be considered as a recommendation by the
Issuer, any of the Dealers or the Trustee that any recipient of this Prospectus or any other
information supplied in connection with the Programme or any Notes should purchase any Notes.
Each potential purchaser of Notes should determine for itself the relevance of the information
contained in this Prospectus and its purchase of Notes should be based upon such investigation as it
deems necessary. None of the Dealers, the Trustee or the Arranger undertakes to review the
financial condition or affairs of the Issuer during the life of the arrangements contemplated by this
Prospectus nor to advise any investor or potential investor in the Notes of any information coming
to the attention of any of the Dealers, the Trustee or the Arranger.
In this Prospectus, unless otherwise specified or the context otherwise requires, references to a "Member
State" are references to a Member State of the European Economic Area (the "EEA"), references to a
"Relevant Member State" are to a Member State which has implemented the Prospectus Directive,
references to the "Prospectus Directive" are to Directive 2003/71/EC (as amended, including by
Directive 2010/73/EU), and includes any relevant implementing measure in the Relevant Member State,
references to the "EU" are to the European Union, references to "Danish Kroner" and "DKK" are to the
currency of the Kingdom of Denmark, "Euro", "euro", "EUR" or "" are to the currency introduced at
the start of the third stage of European Economic and Monetary Union, pursuant to the Treaty
establishing the European Community, as amended, references to "Pounds Sterling", "GBP" and "£" are
to the currency of the United Kingdom, references to "Norwegian Kroner" are to the currency of the
Kingdom of Norway, references to "Swedish Kronor" are to the currency of the Kingdom of Sweden,
references to "U.S. dollars", "U.S.$" and "$" are to the currency of the United States of America and
references to "Polish Zloty" are to the currency of the Republic of Poland.
In connection with the issue of any Tranche (as defined in "Overview of the Programme -- Method of
Issue"), the Dealer or Dealers (if any) acting as the stabilising manager(s) (the "Stabilising Manager(s)")
(or any person acting on behalf of any Stabilising Manager(s)) may over-allot Notes or effect transactions
with a view to supporting the market price of the Notes at a level higher than that which might otherwise
prevail. However, stabilisation may not necessarily occur. Any stabilisation action may begin on or after
the date on which adequate public disclosure of the terms of the offer of the relevant Tranche is made
and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue
date of the relevant Tranche and 60 days after the date of the allotment of the relevant Tranche. Any
stabilisation action or over-allotment must be conducted by the relevant Stabilising Manager(s) (or any
person acting on behalf of any Stabilising Manager(s)) in accordance with all applicable laws and rules.
Each potential investor in the Notes must determine the suitability of that investment in light of its own
circumstances. In particular, each potential investor should:
(i)
have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the
merits and risks of investing in the Notes and the information contained or incorporated by
reference in any applicable supplement;
(ii)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the Notes and the impact the Notes will have on its
overall investment portfolio;
(iii)
have sufficient financial resources and liquidity to bear all of the risks of an investment in the
Notes, including Notes with principal or interest payable in one or more currencies, or where the
currency for principal or interest payments is different from the potential investor s currency;
(iv)
understand thoroughly the terms of the Notes and be familiar with the behaviour of any relevant
indices and financial markets; and
(v)
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicable risks.
Some Notes are complex financial instruments. Sophisticated institutional investors generally do not
purchase complex financial instruments as stand-alone investments. They purchase complex financial

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instruments as a way to reduce risk or enhance yield with an understood, measured, appropriate addition
of risk to their overall portfolios. A potential investor should not invest in Notes which are complex
financial instruments unless it has the expertise (either alone or with a financial adviser) to evaluate how
the Notes will perform under changing conditions, the resulting effects on the value of the Notes and the
impact this investment will have on the potential investor s overall investment portfolio.
The investment activities of certain investors are subject to legal investment laws and regulations, or
review or regulation by certain authorities. Each potential investor should consult its legal advisers to
determine whether and to what extent (1) Notes are legal investments for it, (2) Notes can be used as
collateral for various types of borrowing and (3) other restrictions apply to its purchase or pledge of any
Notes. Financial institutions should consult their legal advisers or the appropriate regulators to determine
the appropriate treatment of Notes under any applicable risk based capital or similar rules.
IMPORTANT EEA RETAIL INVESTORS
If the applicable Final Terms in respect of any Notes includes a legend entitled "Prohibition of Sales to
EEA Retail Investors", the Notes are not intended from 1 January 2018 to be offered, sold or otherwise
made available to and, with effect from such date, should not be offered, sold or otherwise made available
to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or
more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II");
or (ii) a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as
a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key
information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for
offering or selling the Notes or otherwise making them available to retail investors in the EEA has been
prepared and therefore offering or selling the Notes or otherwise making them available to any retail
investor in the EEA may be unlawful under the PRIIPs Regulation.

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CONTENTS

Page
RISK FACTORS .......................................................................................................................................... 2
OVERVIEW OF THE PROGRAMME ..................................................................................................... 16
DOCUMENTS INCORPORATED BY REFERENCE ............................................................................. 21
SUPPLEMENTARY PROSPECTUS ........................................................................................................ 22
TERMS AND CONDITIONS OF THE NOTES ....................................................................................... 23
SCHEDULE - INFLATION LINKED CONDITIONS .............................................................................. 50
USE OF PROCEEDS ................................................................................................................................. 60
SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM ............... 61
DONG ENERGY A/S ................................................................................................................................ 66
DESCRIPTION OF ALTERNATIVE PERFORMANCE MEASURES ................................................... 87
FORM OF FINAL TERMS ........................................................................................................................ 90
TAXATION ............................................................................................................................................. 101
SUBSCRIPTION AND SALE ................................................................................................................. 103
GENERAL INFORMATION .................................................................................................................. 107
GLOSSARY OF SELECTED ENERGY AND OTHER TERMS ........................................................... 109

RISK FACTORS
The Issuer believes that the following factors may affect its ability to fulfil its obligations under the Notes.
All of these factors are contingencies which may or may not occur and the Issuer is not in a position to
express a view on the likelihood of any such contingency occurring.
Factors which the Issuer believes may be material for the purpose of assessing the market risks
associated with the Notes are also described below.
The Issuer believes that the factors described below represent the principal risks inherent in investing in
the Notes, but the Issuer may be unable to pay interest, principal or other amounts on or in connection
with the Notes for other unknown reasons, and therefore the Issuer does not represent that the statements
below regarding the risks of holding the Notes are exhaustive. Prospective investors should also read the
detailed information set out elsewhere in this Prospectus (including any documents incorporated by
reference herein) and reach their own views prior to making any investment decision.
Factors that may affect the Issuer's ability to fulfil its obligations with respect to the Notes
Risks related to the Issuer's business operations
The Issuer is exposed to competition risks

The markets in which the Issuer operates are increasingly competitive, and as such, the Issuer is
exposed to the risk of not being able to compete effectively on an on-going basis in relation to the
energy sourcing and supply businesses, in relation to being awarded new renewables and energy
projects, and other activities. This may materially and adversely affect the Issuer's operations or
financial condition and cause harm to the Issuer's reputation.
The Issuer is exposed to the risk of technical breakdowns and operational disruptions

The Issuer is exposed to risks in connection with disruptions to the Issuer's operations, which
may be caused by technical breakdowns at power stations, wind power assets, including
transmission assets, oil and natural gas assets, distribution grids, liquid natural gas ("LNG")
storage facilities or other assets, aged or defective facility components, insufficient maintenance,
failed repairs, power outages, adverse weather conditions, natural disasters, labour disputes, ill-
intentioned acts or other accidents or incidents. These disruptions could result in shut downs,
delays or long term decommissioning in production or distribution of power, natural gas or oil.
This may materially and adversely affect the Issuer's operations or financial condition and cause
harm to the Issuer's reputation.
The Issuer is exposed to risks relating to construction projects

The Issuer faces risks in connection with construction projects, including risks relating to capital
expenditure overruns and delays arising from, among other factors, sub-suppliers, delays in
installation and transit vessels, adverse weather, commercial and partner-related factors, delays in
grid connection provided by Transmission System Owners, or breach of contract by suppliers and
sub-suppliers. Such delays can lead to obligations, including compensation to partners, liquidated
damages to authorities granting the project licences or not meeting subsidy scheme milestones,
and following any divestments, potential warranties relating to assets constructed by the Issuer
including grid connections for its United Kingdom off-shore projects, or either. This may
materially and adversely affect the Issuer's operations or financial condition and cause harm to
the Issuer's reputation.

The Issuer has entered into partnerships under which the Issuer as constructor, operator and PPA-
off-taker has given certain guarantees for the construction, timing of commencement and/or
operation of its projects and made commitments relating to off-take of production, and the Issuer
may consequently face a larger risk in connection with the construction projects than its
ownership interest may imply and the Issuer may consequently not earn the expected return or
incur losses on the projects. This may materially and adversely affect the Issuer's operations or
financial condition and cause harm to the Issuer's reputation.

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The Issuer is exposed to completion risk and availability of certain new infrastructure assets

In relation to the development, construction and operation of energy producing assets and long-
term contracts, the Issuer is exposed to risks relating to the establishment and continuous
availability of export and import transmission and its distribution grids. Furthermore, the Issuer
has entered into energy sourcing and supply contracts which are conditional upon the availability
and completion of new infrastructure assets, and the Issuer will not benefit under these contracts
in the event such infrastructure assets are not developed, completed or do not operate according
to expectations and the Issuer may consequently not earn the expected return on related projects.
This may materially and adversely affect the Issuer's operations or financial condition and cause
harm to the Issuer's reputation.
The Issuer is exposed to risks relating to the exploration and production of oil and natural gas

The Issuer's exploration for, and development and production of, natural gas and oil exposes it to
inherent risks and uncertainties, including but not limited to technical defects in construction and
equipment and machinery, blowouts, cratering, fires, loss of well control, adverse weather
conditions, unexpected natural phenomena, unpredictability of discoveries, production rates from
reservoirs, abandonment obligations and the release of chemicals and other environmental
hazards. A materialisation of any of these risks may materially and adversely affect the Issuer's
operations or financial condition and cause harm to the Issuer's reputation.
The Issuer is exposed to uncertainties related to the size of oil and natural gas reserves

The Issuer's proved plus probable ("2P") oil and natural gas reserves set forth in this Prospectus
and field production expectations are only estimates and are inherently uncertain, and the actual
size of deposits and production may differ materially from the Issuer's estimates and expectations
and may consequently materially and adversely affect the Issuer's operations or financial
condition and cause harm to the Issuer's reputation.

Changes to the reserve estimates in relation to a unitisation of licences (the "Cluster") in which
the Issuer has an ownership interest may lead to a redetermination of the Issuer's ownership share
in the Cluster, which may affect the Issuer's 2P reserves, capital expenditures and/or production
in and from the Cluster and may consequently materially and adversely affect the Issuer's
operations or financial condition and cause harm to the Issuer's reputation.
The Issuer is exposed to risks in its wind power business

The Issuer's wind power business, including its maritime-related business, is subject to certain
risks, including the risks of not being able to compete efficiently for new projects, construction
risks, risks relating to technical defects, including serial defects, in equipment and machinery,
including but not limited to turbines, foundations, substations, export and array cables, not being
able to export generated power, risks from natural wind fluctuations, adverse weather conditions,
regulatory risks, risks relating to abandonment obligations and other. The Issuer may not be
insured against part of these risks which could also work to the effect that the Issuer is unable to
meet its obligations under any construction and/or operation and maintenance agreements.
Furthermore, the Issuer faces continual rapid pace of technological development in the wind
power industry and increasing degree of complexity due to increased water depths and distances
to shore in some markets, which could affect the Issuer's ability to compete efficiently and/or the
profitability of its projects. A materialisation of any of these risks may materially and adversely
affect the Issuer's operations or financial condition and cause harm to the Issuer's reputation.
The Issuer is exposed to sourcing and contract risks related to natural gas

The Issuer faces risks and uncertainties in the replacement of expiring long-term natural gas
sourcing and sales contracts, including LNG contracts, over time, the timing and result of any
renegotiation of long-term sourcing and sales contracts, and sourcing and availability of natural
gas, including but not limited to the risk of incurring take-or-pay obligations. The Issuer may
receive less natural gas through certain of its existing long-term sourcing contracts in the coming
years mainly due to natural gas depletion, aging infrastructure and supplier production facilities

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and for other reasons. This may materially and adversely affect the Issuer's operations or
financial condition and cause harm to the Issuer's reputation.
The Issuer is exposed to risks related to capital expenditures and divestments

The Issuer's strategy for the future development of its business is supported by an investment
portfolio, and expectations of divestments, to which it anticipates making significant net capital
expenditures in the coming years. There can be no assurance that the Issuer will be able to secure
the various investment opportunities or divestments on economically attractive terms or secure
investment opportunities or divestments at all, or secure required project rights, consents,
permits, licences, subsidies and access to infrastructure relevant for investment opportunities or
that, once secured, such opportunities will ultimately prove profitable, and this may consequently
materially and adversely affect the Issuer's operations or financial condition and cause harm to
the Issuer's reputation.

The Issuer makes significant long-term capital expenditures and commitments on the basis of
forecasts on certain investment parameters, including but not limited to CAPEX and OPEX
assumptions, market prices, subsidy levels, production volumes and interest rates which may turn
out to be wrong. In the event of any material deviations from such estimates the Issuer may not
earn the expected return on related projects or may decide not to complete an investment project
for which FID has been taken or where project rights have been awarded and FID has not yet
been taken. This may consequently materially and adversely affect the Issuer's operations or
financial condition and cause harm to the Issuer's reputation.
The Issuer is exposed to the risks relating to the costs of decommissioning its assets

The cost, of decommissioning the Issuer's operating assets such as wind farms, power plants,
power networks, pipelines, oil and gas facilities and wells, infrastructure assets, development
licences and other assets required upon abandonment, including any secondary decommissioning
liability relating to oil and gas or other assets previously owned by the Issuer, is dependent on the
legislative and regulatory requirements in effect at the time of decommissioning and such
requirements could change in the future. The Issuer is currently subject to various regulatory
environments which contain uncertainties with respect to these obligations. As a result, the
Issuer's cost estimates and reserve provisions for decommissioning the Group's operating assets
may be insufficient, which could have a material adverse effect on the Issuer's business, cash
flows, results of operation and/or financial condition.
The Issuer is exposed to risks related to mergers, acquisitions and disposals

The Issuer faces risks, including but not limited to, risks such as those relating to integration,
obligations, representations and warranties in respect of mergers, acquisitions, disposals and
abandonments that have been undertaken and it would also face similar risks in the future if it
engages in such transactions. A materialisation of any of these risks may materially and
adversely affect the Issuer's operations or financial condition and cause harm to the Issuer's
reputation.
The Issuer is exposed to risks related to its alliances and partnerships

The Issuer may be subject to joint and several liability in connection with existing and future
alliances or partnerships. Furthermore, the Issuer may be exposed to risks related to various
partners having different regulatory and business frameworks that might counteract the interests
of the Issuer, including but not limited to differences in tax regimes. This may materially and
adversely affect the Issuer's operations or financial condition and cause harm to the Issuer's
reputation.
The Issuer is exposed to risks related to assets in which it is a minority shareholder

The Issuer has joint control over, or hold only minority interests in, many of the assets in which
the Issuer participates, and, in particular, in the Issuer's Oil & Gas business the Issuer participates
in certain key assets that the Issuer does not operate. Furthermore, there are some assets in which
the Issuer owns a majority interest but where the relevant contractual terms give rights to

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minority investors that could limit the Issuer's ability to control the asset in the Issuer's individual
interest. A lack of control over such assets could result in collective strategic, tactical and
operational decisions with respect to these assets that diverge from the Issuer's individual
interests. Any such decisions may materially and adversely affect the Issuer's operations or
financial condition and cause harm to the Issuer's reputation.
The Issuer is exposed to the risks of insufficient supply of fuel, materials and equipment

The Issuer is exposed to risks arising from delays in or insufficient supply of or lack of
competition between suppliers of fuel (for example, coal, natural gas, oil and biomass), services,
materials and equipment that the Issuer needs for its constructions and operations, including
compressors, drilling rigs, turbines, export cables, substations, vessels and boilers. This may
materially and adversely affect the Issuer's operations or financial condition and cause harm to
the Issuer's reputation.
The Issuer is exposed to risks related to weather conditions and shifts in climate

Seasonality and weather conditions and long-term shifts in climate, including, but not limited to,
unseasonably warm weather in autumn and winter, high levels of precipitation and unexpected
wind conditions, may affect both demand and market prices for the Issuer's products and the
Issuer's generation levels for power and heat, and may materially and adversely affect the Issuer's
operations or financial condition and cause harm to the Issuer's reputation.
The profitability of the Issuer's power production and gas and power supply business including gas
storage and LNG capacity is exposed to price risk from changes in energy supplies

The Issuer's gas and power supply business including LNG and gas storage capacity is exposed
to risks related to the market supply of natural gas, including LNG, heat and the hydro balance or
power, including but not limited to changes in the market supply as a result of, for example,
changes in power interconnector capacity in the Nordic region and/or a lack of interconnection
capacity to Western Europe. These risks could lead to a general change in market prices in one or
more of the geographical areas where the Issuer conducts its supply business. This may
materially and adversely affect the Issuer's operations or financial condition and cause harm to
the Issuer's reputation.

The Issuer is exposed to risks related to changes in the market supply of energy as a result of the
development of new technologies that improve the efficiency of energy extraction and
discoveries of new energy sources, for example, shale gas and any future new energy sources.
This may materially and adversely affect the Issuer's operations or financial condition and cause
harm to the Issuer's reputation.

The Issuer is exposed to tensions in the geopolitical environment involving Europe, the United
States, Russia and the Middle East. These tensions may shift supply of and prices for energy and
natural gas in particular. This may materially and adversely affect the Issuer's operations or
financial condition and cause harm to the Issuer's reputation.
The Issuer is exposed to risks related to the availability of certain transmission, hub platforms and
distribution infrastructure owned by external parties

The Issuer is exposed to risks related to the availability of natural gas, heat and power
transmission, hub platforms and distribution infrastructure owned by external parties in order to
meet its contractual supply obligations or for the transportation of the Issuer's own natural gas,
heat and power production. The Issuer is also exposed to market risks, including market liquidity
risk, if booked capacity with natural gas or power infrastructure operators cannot be utilised or
sold at attractive prices. Furthermore, the Issuer is dependent upon the availability of
infrastructure related to the storage of natural gas and processing of liquefied natural gas. An
adverse materialisation of any of these risks may materially and adversely affect the Issuer's
operations or financial condition and cause harm to the Issuer's reputation.

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The Issuer operates facilities and infrastructure by which it is exposed to risks related to causing
significant harm to the natural and human environment

The Issuer operates facilities and infrastructure by which it is exposed to the risks of causing
significant harm to the natural or human environment. These risks include accidents and injuries,
oil spills or discharges or other pollution of water, air, or soil, or with regard to waste disposal,
electromagnetic fields and the use and handling of hazardous or toxic chemicals and other
materials in or near, or external attacks on, the Issuer's production facilities and infrastructure or
other, and may materially and adversely affect the Issuer's operations or financial condition and
cause harm to the Issuer's reputation.
The Issuer is exposed to risks related to breakdown of its IT systems

The Issuer's information technology ("IT") landscape is complex and essential for the operation
of its energy infrastructure assets, energy producing assets and administration. A breakdown of
IT systems and/or networks through malfunction, hacking, cyber-attacks, viruses or other or
disruption to business critical supplies of data from external sources may affect the Issuer's
operations, which may materially and adversely affect the Issuer's operations or financial
condition and cause harm to the Issuer's reputation.
The Issuer is exposed to risks related to its personnel

Failure to recruit or retain the personnel the Issuer needs for its operations, cost inflation in
relation to the recruitment or retention of such personnel, or occurrences of short- or long-term
strike action among personnel may affect the Issuer's operations, productivity and other business
activities including causing delays in the completion of construction projects, and consequently
the Issuer may not earn the expected return on related projects. This may consequently materially
and adversely affect the Issuer's operations or financial condition and cause harm to the Issuer's
reputation.
The Issuer is subject to risks related to ethical misconduct or breaches of applicable laws by employees,
suppliers, agents or other third parties

The Issuer has implemented compliance policies and procedures with respect to applicable anti-
corruption and sanctions laws. However, there can be no assurance that all of the Issuer's
employees, suppliers, agents, investors, joint venture partners or other third parties involved in
the Issuer's activities will not take actions in violation of the Issuer's policies or of applicable law.
Any incidents of ethical misconduct or non-compliance with applicable laws and regulations,
including anti-corruption, sanctions, anti-money laundering or other applicable laws, by the
Issuer's employees, suppliers, agents or other third parties, may cause the Issuer to be subject to
significant fines, prevent the Issuer from participating in certain projects or may lead to other
consequences, including, but not limited to, the termination of existing contracts, which could
have a material adverse effect on the Issuer's reputation, business, cash flows, results of operation
and/or financial condition.
The Issuer is exposed to risks related to patent and proprietary technologies

As the Issuer develops and patents proprietary technologies within its renewable energy business,
biofuels and in other areas, it is increasingly exposed to adverse impact from competitors and
other entities attempting to contest the Issuer's patents and proprietary rights prior to their
expiration or using the technology "at risk" prior to a final patent decision. Any such impact from
competitors and other entities may materially and adversely affect the Issuer's operations or
financial condition and cause harm to the Issuer's reputation.
The Issuer may enter into new markets, which will require it to successfully meet new regulatory,
technical, legal, cultural and other challenges

In the future, the Issuer may expand operations into markets other than those in which it currently
operates in order to maintain and grow its business. Expanding operations into new markets may
be dependent on attracting qualified personnel in these new areas and will cause the Issuer to be
subject to risks associated with operating under regulatory, financial, technical, legal, cultural and

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Document Outline

Index