The second-largest utility in the Nordic region, with access to a well-diversified and competitive generation asset portfolio; A highly complex and well-located oil refining operation, with attractive refining margins, a strong supply position in the Baltic Rim market, and a relatively large retail network in the region; and Stable monopoly electricity distribution and heating operations providing about one-third of cash flow from operations. Exposure to the highly competitive Nordic electricity wholesale and supply market on about one-third of cash flow from operations; Exposure to volatile crude oil and refining margins on up to one-third (after potential disposals) of cash flows from operations, and dependence on only two refineries; and Low upstream oil supply integration, with exposure to supply concentration from
