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Investor Presentation June 2020 1 Investor Presentation March 2020 2 Investor Presentation June 2020 1 Investor presentation March 2020 2 Disclaimer This presentation has been prepared by, and the information contained herein (unless otherwise forecasts, estimates or statements as to prospects or future returns contained or referred to in indicated) has been provided by Statnett SF (the "Company"). By viewing this presentation you the presentation or in relation to the basis or assumptions underlying such projections or agree to be bound by the following conditions: forecasts. This presentation may only be used internally for business purposes and shall not be used for The Company shall have no liability whatsoever (in negligence or otherwise) for any loss any unlawful or unauthorized purposes. howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Nothing in this paragraph is intended to limit the liability of the This presentation and the information herein are being furnished to you solely for your Company for fraudulent misrepresentation. information, are confidential and may not be reproduced, redistributed or passed on by you, in whole or in part, to any other person. The information contained in this presentation is provided as at the date of this presentation and is subject to change without notice. This presentation does not constitute, or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to buy or acquire, securities or any of the business or In no event shall the Company, its affiliates and its third party licensors be liable for any direct, assets of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into indirect, special or consequential damages in connection with subscriber's or others use of the investment activity. data/information contained herein. Access to the data or information contained herein is subject to termination in the event any agreement with a third party of information is terminated. No part of this presentation, nor the fact of its distribution or reception, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision The delivery of this presentation to overseas recipients may be affected by the laws of the whatsoever. This presentation does not purport to contain all of the information that a prospective recipient’s relevant jurisdiction. It is the responsibility of recipients of this presentation to satisfy acquirer of securities may require or desire. themselves as to full compliance with the relevant laws and regulations of any territory in connection with the receipt of the presentation. Investors should only subscribe for any transferable securities on the basis of information in a relevant prospectus and term sheet, which this presentation is not, and not on the basis of any Any disputes, claims or proceedings in connection with this presentation will be governed by and information provided herein. construed in accordance with Norwegian law. The Company, its affiliates and its third party licensors do not represent, warrant or guarantee, In respect of any Notes issued with a specific use of proceeds, such as a 'Green Bond', there can the accuracy, adequacy, completeness or availability of this presentation or any information no assurances that such use of proceeds will be suitable for the specific investment criteria of an contained herein. The Company gives no express or implied warranties, including, but not limited investor. to, any warranties of merchantability or fitness for a particular purpose or use. Amongst others, this presentation does not disclose risks and other significant issues related to an investment in any securities. No representation or warranty is given, and no responsibility or liability is accepted, either as to the achievement or reasonableness of any future projections, The future is electric 3 1 The most important infrastructure. Of all. 2 Green investments 3 Business Risk: Excellent 4 Low finance risk The most important infrastructure. Of all. 4 1 THE MOST IMPORTANT INFRASTRUCTURE. OF ALL. Government (AAA) ownership and backing. Fully regulated. The most important infrastructure. Of all. 5 Critical infrastructure in one of the world's richest countries Statnett is the TSO in the Kingdom of Norway (Aaa/AAA/AAA) • "Pure play" transmission • CICERO: Dark green shading • No volume or commodity risk • State Enterprise – by law, only the government can be the owner • Fully regulated • Low volatility in underlying earnings • Stable regulatory regime, one of the longest track records in Europe • The board committed to a "robust A rating" • Issuer rating A2/A+ by Moody’s and S&P, respectively • COVID-19 – measures in place - very limited consequences for operations, investments and financials. • Temporary reduction in tariffs in 2021 to be made up, underlying revenue unchanged The most important infrastructure. Of all. 6 Main figures 2019 Facts Grid size (km high voltage power lines) 11,000 Subsea and land cables (km) 1,600 Substations (No.) 170 Empoyees (No.) 1,490 Financials (NOK billion) Balance sheet 76.3 Revenues (adj) 10.4 EBITDA (adj) 6.2 Profit after tax (adj) 2.5 The most important infrastructure. Of all. 7 Governance reflects the strategic role Ministry of Petroleum and Energy The Board Regulator RME NVE Customers The most important infrastructure. Of all. 8 One defined mission “To develop the next generation power system in Norway Security of supply by 2030" MISSION Value Climate creation The most important infrastructure. Of all. 9 Statnett – Green, social and responsible. Supporting 8 key UN Sustainable Development Goals - English picture The most important infrastructure. Of all. 10 Sustainable highlights 2019 Environment • Construction work without fossil fuel • Climate: Procurement selection criteria • GHG reduction by 4 % • Initiatives on biodiversity Social • Decreased injury rate by contractors • 80 % covered by collective bargaining agreements • Signed agreement with the Norwegian Tax Authorities Governance • Established ESG Committee • Appointed dedicated ESG coordinator The most important infrastructure. Of all. 11 Low emission construction site • Constructing the Smestad-Sogn cable tunnel for the electric future of Oslo • Total site emissions reduced by 78% • Electric tunnel machinery • Electric light duty vehicles • Trucks and heavy machinery: Renewable diesel without palm oil • Statnett targets to cut own emissions by 25% compared to 2020 before 2025 Photo: Mimsy Møller, Dagsavisen The most important infrastructure. Of all. 12 We combat labour crime • Formalized collaboration on labour crime with tax authorities from Nov. 2019 • Statnett's guidelines prerequisite for suppliers • Must comply on HSE, environment and quality standards • Acceptance for info sharing with tax authorities • On-site control of salary and working conditions for workers • Maximum two layers of sub-suppliers allowed • Zero injuries vision. Injury frequency halved since 2014. Statnett and Norway's tax authorities join forces to combat labour crime The most important infrastructure. Of all. 13 Governance – Transparency, dialogue and acceptance • ESG Committee established in 2019 • Dedicated ESG position • The Board of Directors overarching responsibility for CSR • Top management responsible for measures and reaching goals • Policy on CSR part of Statnett's management system • Zero tolerance on corruption, harassment and labour crime • Dedicated Ethics Representative managing whistleblower programme CEO Auke Lont Green investments 14 2 GREEN INVESTMENTS Green investments 15 Green projects in Statnett • Contribute to national climate goals • Ambition: Leading company in climate and environmental activities • Minimized impact on biodiversity, landscape and communities • Green projects exceed NOK 20 billion • Connecting renewable power production • Enabling efficient use of clean energy • Increasing the market for renewable energy • Currently financing: "Smestad – Sogn" and "North Sea Link" Green investments 16 Smestad – Sogn: Supporting The Green Capital of Norway • Renew Smestad substation and build new cable interconnector between Smestad and Sogn​ • Expected cost 1,250 – 1,390 NOK million​ • Oslo is the European Green Capital 2019 • 30 % new cars sold being electric vehicles​ • Targets to cut emissions by 50 % by 2020 and 95 % by 2030​ • The project is a part of The Greater Oslo Grid Plan ensuring a reliable supply of electricity to Oslo and Akershus Green investments 17 Connecting the European power market • Norwegian electricity production is generated by 98% renewable energy, of which 97% is hydro power • The power surplus in Norway generates clean electricity export to both UK and Germany when prices are high - reducing the initiation of higher marginal cost electricity abroad, typically fossil fuels • When wind blows and the sun shines there is an excess of renewable energy in UK (wind) and Germany (wind/solar) which Norway then imports and can conserve water in many of the reservoirs North Sea Link Capacity app. 1,400 MW NordLink Est. compl. 2021 Capacity app. 1,400 MW RAB in 2019 with trial and commercial operation in 2020/2021 Green investments 18 Green investments all over the country New industry and security of supply – North Norway Necessary replacements of stations and lines Energy intensive industry, electrification offshore Connection of data centers in all parts of the country Connection of wind-power along
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