Hafslund ASA 8 May 2014 Finn Bjørn Ruyter, CEO

Agenda

1) First-quarter 2014 – Finn Bjørn Ruyter, CEO

2) Acquisition of Fortum’s grid operations in – Finn Bjørn Ruyter, CEO

First-quarter highlights 2014

• EBITDA of NOK 755 million – up 18 percent against 2013.

• Mild and wet weather resulted in high hydropower production and low demand for energy in the quarter.

• Achieved power price of 0.25 NOK/kWh – down 0.03 NOK/kWh on the previous year.

• The Norwegian Tax Administration withdraws tax claim – profit effect of NOK 288 million.

• Strong cash flow from operations of NOK 1,338 million, of which reduced working capital comprises NOK 952 million.

• Agreement signed to purchase Fortum’s grid operations in Norway – strengthens Hafslund’s position as an energy– and infrastructure company.

s.3 A historically good result despite low power prices

EBITDA excl. REC NOK mill. NOK/kWh 1 800 0.60 0.53 0.51 1 500 0.50

1 200 0.40 0.34 Power 0.32 price 900 0.28 0.30 0.25 -22 %

600 0.20 EBITDA +25 % 724 755 300 660 656 621 638 0.10

0 0.00 Q1 Q1 Q1 Q1 Q1 Q1 2009 2010 2011 2012 2013 2014 EBITDA Average EBITDA Power prices * Average power price

s.4 * Power prices are quarterly averages of NO1. Source: www.nordpoolspot.com. Note: Dashed bar in Q4 2010 is the gain from sale of Hafslund Fibernett. EBITDA first-quarter 2014 and change from 2013

EBITDA Q1 2014 Change in EBITDA from Q1 2013 NOK mill 755 755 9 20 49 7 140 44 2

279

638 172

155

Production Heat Network Markets Other EBITDA EBITDAProduction Heat Network Markets Other EBITDA Q1 13 Q1 14

s.5 Interest-bearing debt reduced with NOK 1.2 billion in the quarter

Change net interest-bearing debt in the quarter • High EBITDA and significantly lower working capital contributes NOK million to NOK 1.2 billion reduction in net 10 000 9 931 interest bearing debt.

9 500 755 150 • Working capital down NOK 952 173 9 000 952 million in the quarter. The 8 681 reduction is a result of: 133

0 – Very mild weather in March gave Net debt EBITDA Interest paid Tax paid Change in Net Net debt low energy demand. 31.12.2013 working investments 31.03.2014 capital – Low wholesale power prices.

Development net interest-bearing debt and equity ratio

NOK billion Equity ratio in %

12 60 9,9 10,0 9,8 9,9 10 8,7 50 8 40 30% 29% 31% 30% 31% 6 30 4 20 2 10 0 0 s.6 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Production

NOK million Q1 14 Q1 13 Year 2013 Year 2012 • Record high production volume

Operating revenue 237 191 859 755 increased results by 44 percent. Gross margin 224 179 868 761 • Production 50 percent over EBITDA 155 111 614 488 normal levels due to mild and Operating profit 143 99 568 443 wet weather. Power price (NOK/kWh) 0.25 0.28 0.28 0.22 • Hedging compensates partly for Production volume (GWh) 817 520 2 845 3 273 drop in power prices compared Investments 3 5 26 24 to last year. • Expected production for second- quarter 2014 is 6 percent above EBITDA per quarter EBITDA rolling 12 months normal levels. 200 1.200

1.000 • 42 percent hedging ratio next 150 800 six months.

100 600 185 177 163 163 155 133 400 111 50 87 83 200

0 0 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

EBITDA EBITDA rolling 12 months s.7 Hydropower – Glomma waterway flow

m3/sec.

1 500

1 000

500

0 jan feb mar apr may jun jul aug sep oct nov dec

2014 2013 Normal * Max. capacity utilization

s.8 * Normal = Median flow last 10 years. Production and power prices

GWh NOK/kWh 400 0.30

350 0.25 300 0.20 250

200 0.15 363 353 350 328 150 305 276 281 0.10 236 247 238 225 232 100 211 220 174 160 0.05 50

0 0.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Normal* 2014 System price

Source for price data: www.nordpoolspot.com and www.nasdaqomx.com/commodities as of 31 March 2014. s.9 *Normal = 3100 GWh based on 10-year average production adjusted for efficiency improvements. Heat

NOK million Q1 14 Q1 13 Year 2013 Year 2012 • Mild weather gave low demand for Operating revenue 433 504 1 153 1 107 district heating - 14 percent lower than normal. Gross margin 245 239 608 597 EBITDA 172 174 329 313 • Hedging and effects from a more Operating profit 129 133 156 (82) uniform price structure compensates for lower power prices Production volume (GWh) 719 873 2 072 1 993 and production. Gross margin (NOK/kWh) 0.33 0.29 0.31 0.29 Investments 5 8 61 326 • Results in line with first-quarter 2013.

• New customer tie-ins with an annual EBITDA per quarter EBITDA rolling 12 months energy outtake of 6 GWh in the 180 400 quarter. 160 350 140 300 120 250 • 66 percent hedging ratio next 6 100 200 80 174 172 months. 129 150 60 122 112 40 100 20 42 37 50 20 0 6 0 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 EBITDA EBITDA rolling 12 months s.10 District heating – production costs and gross margin

GWh GWh 799 800 800 • Production of 642 GWh is down 157

700 642 700 GWh due to mild weather and low 600 600 demand. 529 500 500 400 400 • Lower fuel cost reflects high share of 291 300 300 base load.

Production in GWhin Production 200 157 200 100 100 • Sales price in line with last year, 0 0 despite fall in power prices on Nord Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Pool Spot. Bio-oil, oil and natural gas Heat pumps Electricity Waste and biomass • Gross margin of NOK 0.33 per kWh is Pellets up NOK 0.04 per kWh to last year. Energy prices (NOK/kWh) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Waste 0.22 0.22 0.22 0.22 0.22 Heat pumps 0.15 0.16 0.14 0.16 0.12 Biooil & oil 0.56 0.59 0.63 0.60 0.55 Pellets 0.29 0.29 0.30 0.30 0.30 Electricity 0.41 0.44 0.38 0.42 0.32 Total fuel cost 0.32 0.26 0.24 0.26 0.28 District heating incl. Distribution 0.64 0.65 0.58 0.65 0.64 Reduced contribution margin 0.03 0.03 0.03 0.03 0.03 due to grid losses Gross contribution margin 0.29 0.36 0.30 0.35 0.33 s.11 District heating – production and power prices

GWh NOK/kWh 300 0.30

250 0.25

200 0.20

150 0.15 278 275 268 249 220 100 192 195 0.10 175 139 140 126 50 90 0.05 68 49 40 41 0 0.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Normal * 2014 System price

Source for price data: www.nordpoolspot.com and www.nasdaqomx.com/commodities as of 31 March 2014. s.12 * Normal = Expected production in 2014 given normal temperature (10-year average) and existing and planned customer tie-ins. Network

NOK million Q1 14 Q1 13 Year 2013 Year 2012 • Stable higher quarterly results

Operating revenue 982 1 070 4 052 3 992 from 2013 due to changes in regulatory conditions. Gross margin 600 564 2 498 2 415 EBITDA 279 272 1 107 1 045 • KILE-costs of NOK 16 million Operating profit 156 150 619 541 (NOK 11 million). Investments 102 66 532 497 • Integration of Fortum’s distribution activities expected to contribute to operational synergies and further EBITDA per quarter EBITDA rolling 12 months strengthen the relative efficiency. 350 1 200 • Operating profit for 2014 expected 300 1 000 in line with 2013, before any result 250 800 related to the purchase of 200 600 Fortum’s network business. 150 311 272 283 286 266 279 244 245 244 400 100

50 200

0 0 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 EBITDA EBITDA rolling 12 months s.13 Markets

NOK million Q1 14 Q1 13 Year 2013 Year 2012 • More customers and increased

Operating revenues 2 085 2 257 6 868 5 537 margins results in a good quarter. Gross margin 389 287 1 170 1 093 EBITDA 140 91 342 390 • Increase in number of Operating profit 127 82 301 370 customers gave sold volume in line with last year, despite mild Sold volume (GWh) 5 699 5 764 17 388 16 374 weather and low energy consumption.

EBITDA per quarter EBITDA rolling 12 months • Increased market activity and 150 500 consolidation of EBS gave higher operating expenses. 120 400

90 300 • Profit after tax from power sales

143 140 of NOK 78 per customer (NOK 60 200 109 63). 96 84 91 83 71 30 54 100 • Growth of 5,000 customers in 0 0 the quarter gives a total of Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 1,073,000 customers.

EBITDA EBITDA rolling 12 months s.14 Summary of first-quarter 2014 profit

Change in EBITDA Q1 2013 to Q1 2014 Profit after tax Q1 2014 MNOK

25 Earnings per 112 755 755 share NOK 2.85 203 638 201 557

109 112

Positively affected with NOK 288 million due to withdrawal of Hatros tax claim

EBITDA Gross Gain/loss Operating EBITDA EBITDA Depreciation Financial Tax Profit Q1 13 margin financial expenses Q1 14 Q1 14 expenses after tax items Q1 2014

s.15 Summary

• Operating profit before depreciation (EBITDA) of 755 million - up 18 percent from last year.

• Mild and wet weather gave record high hydropower production of 817 GWh.

• Low energy demand for electricity and district heating because of a mild weather in the quarter.

• The Norwegian Tax Administration withdraws tax claims – profit effect of NOK 288 million.

• Profit after tax of 557 million (178 million), corresponding to earnings per share of NOK 2.85.

• At end of March, the forward contracts for system price delivery in Q2 2014 was at 0.21 NOK/kWh, while prices for the whole of 2014 (average spot and forward prices) and 2015 were 0.23 and 0.25 NOK/kWh respectively.

• Agreement to purchase Fortum's grid operations in Norway entered - expected to be completed on 30 May 2014.

s.16 Agenda

1) First-quarter 2014 – Finn Bjørn Ruyter, CEO

2) Acquisition of Fortum’s grid operations in Norway – Finn Bjørn Ruyter, CEO

Hafslund – from consolidation to growth

2008 - 2013 2014 

Focusing of the operations Organic and structural growth Capital employed* 100% = NOK 20,9 billion per 31.12.2013 + Fortum Distribution Markets Other Production Fortum Distribution 9% 5% 0% 19%

Central grid plants Fiber 25% 42% Heat Networks

A pure play utility – positioned for organic and structural growth

p.18 * 2013 figures, including Fortum Distribution AS. Acquisition of Fortum’s grid operations in Norway

Agreement to acquire Fortum Distribution AS and Fortum Power and Heat AS*

Fortum Distribution AS Fortum Power and Heat (100 %) AS (100 %) Equity value: NOK 1000 million Equity value: NOK 365 million

49 % 49 % Trøgstad Elverk AS Energi AS

(65 %) 35 % Fredrikstad EnergiNett AS

Strengthened position as a leading energy and infrastructure company

* Total consideration for the shares (equity value) is NOK 1 365 billion. The acquisition will be financed through operational cash flow and debt. p.19 The transaction is expected to be finalized May 30th. Fortum Distribution – an efficient grid company

• Owns, operates and develops large parts of the distribution grid in Østfold

• Approximately 103,000 customers

• Distributed volume ’13: 2.5 TWh

• 96 employees

• Regulated asset base ’13: NOK 953 mill.

• Owns 49 % in Trøgstad Elverk AS

p.20 FEAS and FEN – solid companies with strong presence in the Fredrikstad region

Fredrikstad Energi AS (FEAS) Fredrikstad EnergiNett AS (FEN)

• FEAS is owned 51 % by the municipality of • FEN is owned 65 % by FEAS and 35 % by Fortum Fredrikstad and 49 % by Fortum Power and Heat Power and Heat

• The company owns the following grid companies: • The company owns the power distribution grid in Fredrikstad (except Onsøy) and , and has • Energi 1 Follo Røyken (100 %) ~ 36 000 around 39 000 grid customers customers • Regulated asset base ’12: MNOK 435 • Askøy Energi (100 %) ~ 13 000 customers

• FEN (65 %) ~ 39 000 customers

• FEAS also owns fully or partially power sales, contracting operations, service companies, some district heating and real estate in the Fredrikstad region

Opportunities for industrial cooperation

p.21 Source: NVE; E-rapp 2012, www.feas.no and www.fen.no Hafslund Nett including Fortum’s grid operations in Norway

Number of customers* NVE capital* Number of customers (in thousands) Regulated asset base, MNOK

674 7.284

103 + 18 % 953 + 15 %

3.409 3.362 6.331 2.898 571 2.712 2.323 185 184 183 143 1.633 1.616 132 127 83

Hafslund BKK Nett Agder Skagerak Eidsiva Lyse Trønder- NTE Nett Hafslund Agder BKK Nett Eidsiva Skagerak Lyse NTE Nett Trønder- Nett Energi Nett Nett Elnett Energi Nett Energi Nett Nett Elnett Energi Nett Nett Nett Nett

From 571,000 to 674,000 customers Regulated asset base from NOK 6.3 to 7.3 billion

Hafslund – Norway’s largest grid company and the fifth largest in the Nordics

* The increase includes Fortum Distribution only, and not the ownership in FEAS and FEN; numbers for Hafslund Nett and Fortum Distribution per 31.12.2013 p.22 Source: NVE; E-rapp 2012, Inntektsramme 2014 Clear strategic and operational rationale

Hurdal

• Optimal geographic match - distribution

grid within Hafslund’s regional

distribution grid area

Nittedal Nes • Operational synergies and more optimal Oslo Sørum Bærum investment decisions (-Høland) Lørenskog Rælingen Nes- (Aurskog-) Høland odden Oppegård Høland og Setskog • Enable synergy potential and Elverk SA Røyken Ski Hafslund 100 % Rømskog strengthens relative efficiency owner Ås Trøgstad Hobøl Hafslund 100 % owner post transaction • Stable return on capital employed and Moss Våler strengthened dividend yield Marker Hafslund part owner Råde • Increased access to competence Hafslund part owner Onsøy post transaction Fredrikstad

Hafslund no ownership

Hvaler

Ownership of the majority of the distribution and regional distribution grid in Oslo, and Østfold p.23 Two efficient grid companies – solid basis for further efficiency improvements

Total cost per customer * KILE per customer

NOK/customer NOK/customer

Company Company Cost per customer - average 2008-2012 KILE per customer - average 2008-2012 Average (unweighted) Average (unweighted)

A larger and more efficient grid

Source: NVE; E-rapp 2012, Inntektsramme 2014 p.24 * The total cost is from Data og DEA-resultater trinn 1 Distribusjonsnett , NVE Hafslund – a stronger infrastructure company

Production Heat Networks Markets

Norway’s largest A medium sized Norway’s largest Norway’s largest district heating power producer grid company retail power supplier operator 3.1 TWh 674,000 customers* 1,075,000 customers 1.8 TWh

Capital employed per business area per 31.03.14, NOK billion

12 10 Fortum Distribution 8 6 4 8.6 2 4.5 5.0 1.7 0 Production Heat Networks Markets

* Included agreed acquisition of Fortum Distribution AS ** The agreed acquisition of Fortum’s grid operations in Norway. The transaction is expected to be finalized in 2Q 2014. p.25

Increased stability in earnings per share

Per quarter NOK 2.85 **

1.17 1.15 1.05 0.91 1.08 1.07 0.72 0.77 1.37

-1.01 -1.61 -2.13

-2.97 *

2011 2012 2013 2014

Earnings -3.58 -0.06 3.83 per share Share price*** Dividend ~ 48 NOK 2.50 2.50 2.50 per share

* Result after tax 3Q 2012 is affected negatively by NOK 551 million due to extraordinary write-downs and allocations. . p.26 ** Result after tax 1Q 2014 is affected positively by NOK 288 million due to the dropped tax claims regarding Hatros. ***Per 30.04.2014 , Oslo Børs Hafslund’s strategy and priorities

• Strengthen the competitive advantages and enable synergy Further develop Hafslund as a potential through integration and pure play utility with a strong continuous operational improvement position both strategically and • Organic and structural growth operationally within • Partly price hedging of produced Production, Heat, energy Networks and Markets • Prepare operations for regulatory changes in the energy market

Production Heat Networks Markets

p.27 www.hafslund.no Appendix Key figures for Fortum’s grid operations in Norway

Fredrikstad Energi AS Fortum Distribution AS Fredrikstad EnergiNett AS NOK million (group) 100 % ownership 2011 2012 2013* 2011 2012 2013* 2011 2012 2013

Operating revenues 640 606 621 1 172 978 733 228 207 n.a. EBITDA 176 216 190 221 200 209 66 64 n.a. Operating profit (EBIT) 107 141 113 134 108 123 35 31 n.a.

Equity 674 651 629 471 475 500 745 746 n.a. Net interest-bearing debt 240 259 213 766 817 824 n.a. n.a. n.a. Total assets 1 093 1 141 1 158 1 701 1 753 1 746 885 906 n.a.

Regulated asset base 911 934 953 n.a. n.a. n.a. 414 435 n.a.

Number of customers 101 310 101 850 102 668 n.a. n.a. n.a. 38 000 39 000 n.a.

Number of employees 99 104 96 383 94** 101 20 23 n.a.

100 % ownership 49 % ownership 35 % ownership

* Preliminary figures. Fortum Distribution has NOK 177 million in excess income as of 31.12.2013. ** The significant reduction in employees is caused by Nettpartner AS which per 31.12.2012 is defines as an associated company, hence is not included in the number of employees per 31.12.2012. Per 31.12.2011 there where 302 employees in Nettpartner AS Source: Annual reports p.30 Nordic spot and forward prices

NOK/kWh 0.45

0.40 0.35

0.30 NOK 0.25 per kWh * 0.25 0.20

0.15

0.10 0.05

0.00 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Nordic power price - System Period average

* Period average 2015-2018 is based on the average of forward price for SYS as of 29.04.2014. s.31 Source: www.nordpoolspot.com and www.nasdaqomxcommodities.com Group profit and loss account

NOK million Q1 14 Q1 13  Year 2013 Year 2012

Operating revenue 3 734 4 007 (274) 12 836 11 466 Cost of energy (2 289) (2 766) 477 (7 867) (6 830) Gross margin 1 444 1 241 203 4 970 4 637 Gain/loss financial items 12 (14) 25 125 137 Operating expenses (701) (589) (112) (2 648) (2 603) EBITDA 755 638 117 2 446 2 171 Depreciation and write-downs (201) (198) (4) (794) (1 259) Operating profit 554 440 113 1 653 911 Interest expences (93) (130) 37 (494) (509) Market value change loan portfolio (16) (27) 11 (9) (48) Financial expenses (109) (157) 48 (503) (557) Pre-tax profit 445 283 161 1 150 354 Tax 112 (105) 217 (402) (366) Profit after tax 557 178 379 747 (12) Earnings per share (EPS) in NOK 2.85 0.91 1.94 3.83 (0.06)

s.32 Group balance sheet

NOK million 2014-03-31 2013-03-31  Q1 13 2013-12-31

Intangible assets 2 630 2 472 158 2 606 Fixed assets 18 149 18 269 (120) 18 251 Financial assets 484 612 (128) 407 Accounts receivables and inventory 2 636 3 111 (476) 2 979 Cash and cash equivalents 2 328 290 2 038 1 143 Assets 26 227 24 755 1 473 25 384 Equity (incl. min. int.) 8 167 7 439 727 7 583 Allocation for liabilities 3 420 3 419 1 3 363 Long-term debt 9 499 8 070 1 430 9 432 Other current liabilities 2 220 2 866 (646) 2 332 Short-term debt 2 921 2 960 (39) 2 674 Equity and liabilities 26 227 24 755 1 473 25 384 Net interest-bearing debt 8 681 9 942 (1 261) 9 931 Equity ratio 31 % 30 % 1 % 30 %

s.33 Cash flow

NOK million Q1 14 Q1 13  Year 2013

EBITDA 755 638 117 2 446 Paid interests (173) (183) 10 (474) Paid tax (150) (128) (22) (338) Marketvalue changes and other liquidity adjustments 4 26 (22) (48) Change in working capital, etc. 952 465 488 37 Total cash flow from operations 1 388 817 571 1 624 Net operations and expansion investments (130) (111) (19) (873) Sold operations etc. (4) (7) 3 435 Cash flow from investments activities (134) (118) (16) (438) Cash flow to down payments and interests 1 254 700 554 1 186

s.34 Earnings per share

Per quarter NOK 2.85 **

1.15 1.05 0.91 1.08 1.07 0.72 0.77 1.37

-2.97 * 2012 2013 2014

-0.06 3.83

* Profit after tax Q3 2012 impacted negatively by NOK 551 million related to extraordinary write-downs and provisions. s.35 ** Profit after tax Q1 2014 impacted positively by NOK 288 million related to waived tax claims regarding Hatros. Power prices and volume important drivers

EBITDA core business and power price Hydropower production and power price mNOK NOK/kWh GWh NOK/kWh 0.30 750 0.30 400 0.40 0.27 0.27 700 0.29 300 0.35 0.28 650 0.25 0.25 200 0.30 600 0.25 100 0.25 550 0.21 500 0.20 0 0.20 apr may jun jul aug sep oct nov dec jan feb mar 450

400 746 0.15 350 Heat production and power price 0.15 673 648 637 300 603 GWh NOK/kWh 569 538 250 507 0.10 400 0,40 453 200 300 0,35 150 0.05 200 0,30 100 50 100 0,25

0 0.00 0 0,20 Q1 12 Q3 12 Q1 13 Q3 13 Q1 14 apr may jun jul aug sep oct nov dec jan feb mar

EBITDA * Achieved power price Hydropower Volume (GWh) Power price (Oslo price)

s.36 * EBITDA for Production, Heat, Network and Markets (excluding Other). Working capital – seasonal variations

Working capital and power prices NOK mill NOK/kWh

4,000 0.70 • Positive working capital of NOK 538 3,500 0.60 3,000 million, reduced by NOK 952 million 2,500 0.50 during first-quarter.

2,000 0.40 1,500 • Working capital seasonally reduced 1,000 0.30 during the first quarter due to gradually 500 0.20 lower demand for energy. 0 0.10 -500 • Level and development of power price -1,000 0.00 mar.10 mar.11 mar.12 mar.13 mar.14 also central for the level of working capital. Working capital Monthly power prices (SYS) *

GWh Volume power sales 6 000

5 000

4 000

3 000

2 000

1 000

0 Q1 Q1 Q1 Q1 Q1 10 11 12 13 14 s.37 * Source for price data: www.nordpoolspot.com Capital employed and return on capital employed

Capital employed NOK 20.0 billion per Return on capital employed 31.03.14 Markets 8,6% 8% 8,0%

Production

23% Network 43% 4,6%

0% 27% Other Heat 2012 * 2013 ** 2014 ***

* 2012 – includes write-downs and provisions regarding BioWood Norway and Bio-El Fredrikstad of NOK -548 million. ** 2013 – includes the sale of shares in Infratek with a profit of NOK 90 million. s.38 *** 2014 – Return last 12 months. Loans – portfolio data

Debt maturity profile Portfolio data NOK million

3 000 Q1 14 Q4 13  2 386 Bonds 67 % 65 % 2 % 2 000 1 850 1 410 1 460 Commercial paper 11 % 9 % 3 % 1 220 Other loans 22 % 26 % -4 % 1 000 831 743 420 401 400 300

0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Commercial paper Bonds Other loans NOK million Q1 14 Q4 13 

Loans at maturity, next 12 months Nominal value - market value of loans (298) (282) (16) NOK million Market value interest rate and fx derivatives (8) (14) 6 400 400 Average interest incl. derivatives (%) 3.8 % 3.8 % -0.1 % 400 Proportion of loan portfolio with fixed 48 % 49 % -1 % 300 300 300 300 interest (%) Loans at maturity next quarter 340 891 (551)

200 180 Unused drawdown facilities 3 700 3 700 0

40

0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Commercial paper Bonds Other loans s.39 Key figures

Group YTD 2014 YTD 2013 Heat YTD 2014 YTD 2013

Capital matters Capital employed 5 375 5 465 Total assets 26 227 24 755 Sales price District heating (NOK/kWh) 0.64 0.64 Capital employed 19 984 20 685 Sales price Industrial energy (NOK/kWh) 0.27 0.26 Equity 8 167 7 439 Gross margin (NOK/kWh) 0.33 0.29 Market capitalization 9 357 9 638 Sales volume (GWh) 719 873

Equity ratio 31 % 30 % Net interest-bearing debt 8 681 9 942

Network YTD 2014 YTD 2013 Profitability EBITDA 755 638 Capital employed 8 578 8 337 Earnings per share (EPS) 2.85 0.91 Regulated gross margin for the year 2 305 2 382 Cash flow per share 7.11 4.19 Excess/(under) income ytd (30) (68) NVE-capital (regulatory) 6 328 6 105

Power Generation YTD 2014 YTD 2013 Markets YTD 2014 YTD 2013

Capital employed 4 504 4 719 Capital employed 1 687 1 924 Sales price (NOK/kWh) 0.25 0.28 - of this working capital 244 542 Production volume (GWh) 817 520 Volume power sales (GWh) 5 699 5 764

s.40 Shareholders as of 31.03.2014

Share of Class A Class B # Shareholder Total Ownership voting shares held share held rights

1 Oslo Kommune 67 525 37 343 104 868 53.7 % 58.5 % 2 Fortum Forvaltning AS 37 853 28 706 66 559 34.1 % 32.8 % 3 Østfold Energi AS 5 201 4 5 205 2.7 % 4.5 % 4 Odin Norge 0 3 806 3 806 1.9 % 0.0 % 5 MP Pensjon PK 5 1 579 1 584 0.8 % 0.0 % 6 Folketrygdfondet 85 835 920 0.5 % 0.1 % 7 Danske Invest 0 584 584 0.3 % 0.0 % 8 Skandinaviska Enskilda Banken 10 423 433 0.2 % 0.0 % 9 AS Herdebred 107 321 428 0.2 % 0.1 % 10 Fondsfinans 377 4 381 0.2 % 0.3 % Total, 10 largest shareholders 111 163 73 605 184 768 94.7 % 96.3 % Other shareholders 4 265 6 153 10 418 5.3 % 3.7 %

Total 115 428 79 758 195 186 100 % 100 %

s.41 Definitions

Name Definition Group Capital employed Equity + Net Interest-bearing debt + Net tax positions Equity ratio (in %) (Equity incl. Minority interests / Total assets) X 100 Earnings per share Profit after tax / Average no. of shares outstanding Cash flow per share Net cash from operations / Average no. of shares Result after tax last 12 months / Average equity (incl. Minority Return on equity last 12 months interests) last 12 months Operating profit last 12 months / Average capital employed last Return on capital employed last 12 months 12 months Ratio of the estimated production portfolio hedged in the period Hedge ratio Hydro power (excluding fixed-price contracts) Ratio of the estimated net power price exposure hedged, by: Sales Hedge ratio District heating reduced with electricity use and 1/3 heat pumps

s.42 Investor information

• Additional information is available from Hafslund’s website: – www.hafslund.no – You can subscribe to Hafslund press releases

• Group CFO, Heidi Ulmo – [email protected] – Tel: + 47 909 19 325

• Financial Director and Investor Relations contact, Morten J. Hansen – [email protected] – Tel: +47 908 28 577

s.43 www.hafslund.no