Magnora ASA

Investor Presentation • Nov 29, 2022

Presentation – Fearnley Securities Fourth Annual Renewables and Clean-Tech Conference

30 November 2022

magnoraasa.com

Speakers

Erik Sneve

CEO

• Experience from investment industry and renewables from DnB Markets, EY, Torstein Tvenge and Statkraft/Hafslund/Eidsiva JV (investment director) • Has worked as analyst, consultant, investment director and as a COO in early-stage software company
• Arizona State University

Pure play renewables developer

Growing an asset-light development portfolio of renewable energy projects and a solar technology business

Highly experienced renewable energy investment and project team

Ambition to develop net share1 5,000 MW renewables capacity by 2025

Financing from near-term cash flow from legacy FPSO business and dividends from portfolio companies

Listed on main board Oslo Stock Exchange with approximately 8,300 shareholders

Slide 3

Strong portfolio growth since strategy launch March 2020, with only NOK 58 million cash on the balance sheet

Development portfolio

MW, net share of project capacity1

• Continued strong momentum across the 10 portfolio companies and projects in the third quarter 2022
  • ‐ Reached a development portfolio to 3,307 MW net share
  • ‐ Established solar PV development company with Hafslund and Helios for Norwegian market
  • ‐ Evolar in discussion with new customers and secured vendors for production line and continues to reach its cell efficiency productivity milestones
  • ‐ Helios' portfolio passed 2,000 MW and engaged in multiple sales discussions for its projects
  • ‐ Magnora South Africa granted first environmental approval of 260 MW
  • ‐ Established Neptun Tromsø with Troms Kraft and Prime Capital to develop production facility for green ammonia

• First dividend from Helios received in Q3'22

• ‐ Adjusted EBITDA of 1.6 MNOK in Q3.
• Raised NOK 200 million in private placement Q3'22
  • ‐ NOK 100 million pre-allocated to Hafslund
  • ‐ NOK 100 million oversubscribed seven times
  • ‐ Placed at NOK 22.35 per share
• Credit lines with two Tier 1 Nordic banks
• Subsequent event after Q3:
  • ‐ UK 40 MW/80 MWh new Magnora battery storage project

Developing renewable projects to Ready-to-Build phase

Portfolio of 3.3 GW spread across technologies and markets

Portfolio by technology as of 30/11/2022

MW, net share of project capacity1

Market presence

Market	Net share of project capacity (MW)	Technology
Sweden	1,010 MW
Scotland	396 MW
England	30 MW + 100 MWh (storage)
Norway	1,000 MW ambition
South Africa	1,851 MW

1) MW x Magnora Ownership = Net share

2) Economic interest, currently own 37.5% with option to increase to 50%

Proven model with clear opportunities for future growth

Projects sold & guidance MW, net share of project capacity1

Price range solar PV and onshore wind from NOK 0.5-1.5 million per MW4) subject to risk, unit economics and other factors

Targeting 150-250 MW

Targeting 200-325 MW

License & royalty income from legacy assets Revenue, NOKm2

Two licensing agreements (Penguins & Western Isles3) after divesting O&G assets in 2018:

Development portfolio ambition 2025 MW, net share of project capacity1

Cash flow from project sales and legacy assets used to fund new high-return investments

14

1. MW x Magnora Ownership = Net share

18

1. Conversion rate USD/NOK partially hedged at approximately 10.5

H2'21 H1'22 FY'22 FY'23

132

1. The FPSO was completed in 2017 and production started in Q4 2017. The FPSO has a production capacity of 44,000 barrels per day and a design life of 20 to 25 years. Revenues from Penguins is anticipated in 2022-23

27

1. Mid range of observed deals in the market

2. Final payment subject to all approvals from energy directorates, county and municipality, roads, and grid connection. We sell pre Ready-to-Build. Significant up-front payments

Backed by extensive energy and renewables project track record

Torstein Sanness Executive Chairman

• Experience as CEO of Lundin Petroleum Norway and DNO • Holds several board memberships
• in energy sector • Broad international experience

Erik Sneve CEO

• Experience from investment industry and renewables Statkraft, Hafslund, DnB and EY • Has worked as analyst, consultant, investment director and as COO in early-stage company

Haakon Alfstad CEO Magnora Offshore Wind

• Experience as SVP in Statkraft as leader of Onshore and Offshore
• wind • Have held several Chairman and board positions in Norway and

Peter Nygren Expert Advisor

• Experience from renewables and related industries inc. Vattenfall,
• SCA, and United Waters
• CEO and co-founder of Arise Windpower AB

Hilde Ådland Board Member

• VP Norwegian Sea Area at Vår Energi
• Experience from technical and operational roles in the energy sector

• CFO
• Experience as controller, external auditor, and internal auditor
• Aker group (MHWirth) and EY

Bjørn Drangsholt CEO Hafslund Magnora Sol AS

abroad

• Experience from various management positions at Norsk Hydro Naturkraft, Statoil & Statkraft • Significant project experience in development, construction and operations phases

Trond Gärtner SVP Business development

• Experience from various management positions in Statkraft
• Development, engineering and technical due diligence

John Hamilton Board Member

• CEO of Panoro Energy • Experience as MD and CFO in investment- and capital management firms, as well as in African ventures

• Experience as inhouse lawyer in various corporate businesses • Served in several leadership teams and boards from TechnipFMC

Emilie Brackman VP Wind & Solar

• Experience from consulting in DNV • Acted as technical adviser for several +100MW wind farms in Norway

Espen Erdal

VP Business development

• Experience from consulting in DNV and Dr Ing. A Aas Jacobsen
• Due diligence of wind farm development, design and analysis

Norwegian Water Resources and Energy Directorate LCOE outlook1

LCOE (EUR/MWh 2021) LCOE (EUR/MWh 2030)

LCOE (levelized cost of energy) for power production

• Ground mounted solar is expected to decrease from 49 EUR/MWh to 29 EUR/MWh in 2030
• Thus, this will be the cheapest renewable energy technology after onshore wind
• Floating wind largest drop in LCOE in percentage points

Large and growing return potential in developing projects to Ready-to-Build phase

shift gives lower risk in earlystage development

Value premium for early-stage project development with low operational costs

Reducing risk in development phase through high competence and experience

Commercializing disruptive solar PV efficiency enhancing perovskite technology through turn -key solution

• Good prospect of increasing efficiency for PV market
• Accelerated lifespan test of 2.000 hrs. (Don't see any degradation that would contradict 25 year life expectancy.) +85 Celcius at 85% humidity in heat damp chamber
• Efficiency gains of +25% by adding a perovskite layer to conventional solar panels
• Commercializing equipment and processes for enhancing conventional solar panels
• Ambition to sell Turn -key solutions to solar cell manufacturers

Ownership

Significantly increased interest and progress in Evolar

High pace toward commercialization …

• Received first payments from customers partnering in Evolar's development projects
• Secured first - and second line vendors for its solutions and experiences increased interest in its solutions
• Design process of pilot plant for customer
• In discussions with several new potential customers
• Continued milestone beat in terms of cell efficiency, cost and durability

… with increased Magnora exposure

• Magnora has entered into a convertible loan agreement with Evolar to fund further development amid ongoing commercial and financial discussions.
• Currently considering various strategic and financial alternatives for the company due to external interest

Shareholders

20 largest shareholders

20 largest shareholder accounts 1 November 2022	Number of shares	Percent ownership
(source: VPS)
HAFSLUND VEKST AS	4,474,272	6.70
KING KONG INVEST AS	2,670,995	4.00
GINNY INVEST AS	2,469,144	3.70
CARE HOLDING AS	2,000,000	2.99
BEKKESTUA EIENDOM AS	1,881,860	2.82
ALDEN AS	1,729,829	2.59
PHILIP HOLDING AS	1,648,377	2.47
ANDENERGY AS	1,558,140	2.33
F1 FUNDS AS	1,443,121	2.31
F2 FUNDS AS	1,465,000	2.19
INTERACTIVE BROKERS LLC	1,406,307	2.10
CLEARSTREAM BANKING S.A.	1,340,721	2.01
MP PENSJON PK	1,327,138	1.99
NORDNET LIVSFORSIKRING AS	1,277,870	1.91
ALTEA AS	1,154,944	1.73
AARSKOG, PHILLIP GEORGE	1,000,000	1.50
BALLISTA AS	760,372	1.14
BAKLIEN, ÅSMUND	756,100	1.13
DNB BANK ASA	750,000	1.12
VERDIPAPIRFONDET DNB SMB	694,576	1.04
Total, 20 largest shareholders	31,908,766	47.75
Other shareholder accounts	34,914,000	52.25
Total number of shares	66,822,766	100.00
Foreign ownership	9,949,250	14.89

Board and Management exposure

Person		Number of shares	Number of options
Erik Sneve	CEO	1,212,061	150,000
Torstein Sanness	Chairman	595,392	150,000
Haakon Alfstad	CEO Magnora Offshore Wind	61,177	200,000
Hilde Ådland	Board Member	59,848	10,000
Gisle Grønlie	EVP Legal & M&A	34,500	25,000
Bård Olsen	CFO	50,000	100,000
John Hamilton	Board Member	34,787	40,000
Espen Erdal	VP Business Development	17,174	75,000
Trond Gärtner	SVP Business Development	7,000	25,000
Emilie Brackman	VP Wind & Solar	2,600	25,000
Total		2,074,539	800,000
% of shares outstanding		3.11 %

For further details and notes see Q3 report 2022 (magnoraasa.com)

Outlook

High ambitions for future profitable growth in a market with significantly higher prices than in previous decades…

MW, Net share1 1 840 5 000 396 250 800 1 694 20 Offshore floating wind 2025 Ambition Solar Offshore Total wind bottomfixed Onshore wind Storage 3,307

Magnora net targets2

• 150 MW 250 MW sale and/or farm down for FY'22
• 200 MW 325 MW sale and/or farm down for FY'23
• Target price of NOK 0.5-1.5 million per MW
• Legacy revenues of 16 MUSD from Shell Penguins contract in est 2022-23
• Legacy revenues of est. 1-2 MUSD from Dana Western Isles contract in 2022-23 – ("tie in" upside next decade)
• Several portfolio companies considering expansion
• New attractive growth opportunities

1) GW x Magnora Ownership = Net share

Development portfolio and ambition

2) Final payment subject to all approvals from energy directorates, county and municipality, roads, and grid connection. We sell pre Ready-to-Build. Significant up-front payments

Disclaimer

The information in this presentation has been prepared by Magnora ASA (the "Company"). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions:

This presentation has been prepared by the Company based on information available as of the date hereof. By relying on this presentation you accept the risk that the presentation does not cover all matters relevant of an assessment of an investment in the company.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company, any advisor or any such persons' officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this presentation. The information herein is subject to change, completion, supplements or amendments without notice.

The presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof, and may contain certain forward-looking statements, which include all statements other than statements of historical fact. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. It should be understood that subsequent developments may affect the information contained in this document, which neither the Company nor its advisors are under an obligation to update, revise or affirm. Forward-looking statements involve making certain assumptions based on the Company's experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the electric consumer market, uncertainties inherent in projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company's periodic reports. Forward-looking statements are often identified by the words "believe", "budget", "potential", "expect", "anticipate", "intend", "plan" and other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information.

This complete presentation is for informational purposes only and does not constitute an offer to sell shares in of the Company. This presentation is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this presentation should be interpreted as a term or condition of any future transaction. The presentation is strictly confidential and may bot not be reproduced or redistributed, in whole or in part, to any other person.

This presentation has not been reviewed or approved by any regulatory authority or stock exchange. The (re)distribution of this presentation and/or any prospectus or other documentation into jurisdictions other than Norway may be restricted by law. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such restrictions.

The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice.

Any investment in the Company involves inherent risks and is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of the investment. Investors should carefully review the summary of risk factorsset out in the following slides before making any investment decision.

The presentation and any purported liability in connection with it is subject to Norwegian law and is subject to the exclusive jurisdiction of the Norwegian courts.

Karenslyst Allé 6 | 1st Floor 0277 Oslo | Norway magnoraasa.com