ØRSTED A/S ANNUAL

Operating and Financial Review

Business review The purpose of the company is to hold shares in subsidiaries. Description of significant changes in the company's business and financial conditions The company have issued bonds in Taiwan for the purpose of financing its investments, through subsidiaries, in its offshore wind projects in Taiwan. The company have achieved a corporate rating with Taiwan Rating. The rating is twAA and covers the company's activities in Taiwan. The rating is based on credit support provided by Ørsted A/S in the form of a general parent company guarantee, covering all the company's actual or contingent, present or future obligations and liabilities undertaken by the company in the ordinary course of its business. 6