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 Increasing access to equity gas over the medium term Access to stable and low-risk gas and electric utility monopoly operations Positioned to create an integrated gas and electric utility in Denmark and the Northern European market Increased competition in the gas supply business, and increasing exposure in the competitive electricity generation business Exposure to gas purchase concentration, with most deliveries under current long-term contracts in possible decline from the end of this decade and expected to be exhausted by 2020 Exposure to the volatile and operationally risky
