THE INDEPENDENT ENERGY TRADING COMPANY

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1 THE INDEPENDENT ENERGY TRADING COMPANY

2 CHALLENGE. COMPETE. REPEAT. Danske Commodities challenges market inefficiencies with international trade, moving energy from where there s more than needed to where it s needed most. As an independent energy trading house, we compete with established players to bring freedom of choice and fair energy prices to producers, suppliers and consumers. We trade across borders all over Europe, ensuring that energy markets stay competitive, efficient and balanced. Every minute of the day. Every day of the year. We challenge. We compete. And then we repeat.

3 CHALLENGE THE STATUS QUO TO MAKE ENERGY MARKETS WORK BETTER Danske Commodities was founded in 2004 with the vision of bringing disconnected national energy markets together through international trade. As one of the largest short-term energy traders in Europe, we have always been committed to challenging the status quo and finding more effective ways to trade and optimise energy resources. With an unmatched market presence and a 24/7 trading setup, we maximise the value of energy across Europe specialising in intraday and cross-border power and gas trading.

4 WE TRADE... COMPLETING MORE THAN PROCESSING ACTIVE ON POWER IN 37 MARKETS Exchange, broker and OTC trading Intraday, day-ahead and forward markets Standard futures, options and structured products Physical or financial settlement Capacity auctions GAS IN 18 MARKETS Exchange, broker and OTC trading Intraday, day-ahead and forward markets Standard futures, options and structured products Physical or financial settlement Capacity auctions Gas storage optimisation 3500 TRADES PER DAY IN 2017, WE TRADED 707 TWH OF ENERGY EQUAL TO 11 TIMES DENMARK S ANNUAL CONSUMPTION OF POWER AND GAS DEDICATED ENERGY TRADERS MORE THAN TERABYTE OF DATA PER DAY EXCHANGES X11 318TWh POWER TRADED IN TWh GAS TRADED IN 2017 WE TRADE 24/7 EVERY DAY OF THE YEAR

5 COMPETE TO MAXIMISE VALUE FOR OUR PARTNERS At Danske Commodities, we generate value by connecting producers, suppliers and consumers to wholesale energy markets. Competitive by nature, we use our market knowledge, pan-european footprint and 24/7 trading setup as a foundation to secure the best possible deals for our partners. Danske Commodities covers a wide range of markets and time zones, allowing partners to profit from spot, intraday and reserve markets, as well as benefit from tailor-made optimisation and risk management solutions.

6 WE OFFER... TRADING ACTIVITIES IN POWER TRADING ACTIVITIES IN POWER AND GAS SWEDEN SERVICES FOR RENEWABLES SERVICES FOR SERVICES FOR CONVENTIONALS SUPPLIERS Power Purchase Agreements (PPAs) on both standard and individually structured terms Production optimisation of heat and power Trading of certificates such as GOOs, El-Certs, ROCs and REGOs Production management and balancing Production hedging from day ahead and up to 10+ years Participation in the market for ancillary services Production management and balancing Trading of certificates such as EUAs, EUAAs and CERs Primary, secondary and tertiary markets for ancillary services Monitoring software available on computers, smartphones and tablets Consumption management and balancing Consumption optimisation, turning market volatility into an advantage UK DENMARK OFFICE HEADQUARTERS Hedging solutions tailored to specific consumption profiles, ensuring optimal risk coverage Trading of all relevant certificates, either in the market or directly from the renewable assets BENELUX GERMANY OFFICE Hedging of fuels, subsidies and output to minimise price sensitivity and stabilise cash flows FRANCE MW RENEWABLES UNDER MANAGEMENT +450 MW CONVENTIONALS UNDER MANAGEMENT +45 TWh SUPPLY UNDER MANAGEMENT ITALY AUSTRIA

7 REPEAT OUR TRACK RECORD AS A FINANCIALLY STRONG BUSINESS PARTNER Innovation, speed to market and business acumen have been key factors in Danske Commodities financial performance since the company was founded more than a decade ago. Throughout the years, we have repeatedly and swiftly been able to adapt to changing market conditions, mainly thanks to our highly skilled and enterprising people. Our proven track record of delivering strong results makes us an internationally acclaimed and trusted partner.

8 YOU BENEFIT FROM... A COMPANY OF SPECIALISTS OUR EXPERTISE A team of competitive, performance-oriented specialists, who have delivered extraordinary results for more than a decade A clear strategy that has resulted in a growing EBIT, high liquidity and a strong equity ratio A professional risk management setup, anchored in the Board of Directors and the company s Risk Committee 100% independence, enabling fast decision making and a high level of commitment across the company CASH AND CASH EQUIVALENTS 53% 47% EURm EURm CASH AND CASH EQUIVALENTS IN % 70% 20% 80% EURm 2016 Cash at bank and in hand (%) Current asset investments (%) EURm POWER TRADERS AND ANALYSTS 14 PORTFOLIO MANAGERS 19 GAS TRADERS AND ANALYSTS 9 ORIGINATORS 18 SOFTWARE DEVELOPERS 10 BUSINESS INTELLIGENCE EXPERTS 15 3 RISK METEOROLOGISTS ANALYSTS 15 DISPATCHERS EBIT & RETURN ON EQUITY 56EURm EBIT IN 2017 EQUITY & EQUITY RATIO 29.2% EQUITY RATIO IN % % 49.8% % % 29.2% 2015 EBIT (EURm) Return on equity (%) Equity (EURm) Equity ratio (%) % WITH A MASTER S DEGREE OR HIGHER 290 DEDICATED EMPLOYEES 28 NATIONALITIES

9 DANSKE COMMODITIES VAERKMESTERGADE 3 DK 8000 AARHUS C DENMARK PHONE INFO@ DANSKECOMMODITIES.COM