Dominant position as the incumbent gas supply company in Denmark and Sweden Access to competitive gas purchase contracts, ensuring deliveries of gas from close to the Danish border well into the next decade Access to stable and low-risk gas utility monopoly operations Positioned to create an integrated gas and electric utility in Denmark Strong financial position and conservative financial policy Increased competition in the gas supply business, and planned expansion into the electricity generation business Exposure to gas purchase concentration, with most deliveries declining from 2012 and expected to be exhausted by 2020 Exposure to the volatile and operationally risky oil and gas exploration and production business, with foreign exchange risk in revenues Small E&P activity with limited and depleting
