Magnora ASA

Investor Presentation • Aug 10, 2022

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 GW 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

1) GW x Magnora ownership = Net share

Developing renewable projects to Ready-to-Build phase

Large 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

Accelerating organic growth at attractive cost

See Appendix for project factbook

2023 forward prices keep increasing in key pricing areas

Source: Montel and yahoo finance as of 08.08.2022 1) EURGBP per 1st in each month

Greenfield developer of large-scale solar PV projects in the Nordics and Baltics

• 37 ongoing projects with a total capacity of 1.62 GW (100%)
• ~80% of landbank with positive grid indication
• Growing revenue streams from a growing landbank with subsequent technical management services
• Strong risk management focus

Ownership

Continued strong demand from tier-one counterparties

Annual average electricity price forecast1 Annual avg. prices EUR/MWh in SE4 (Southern Sweden)

• Soaring electricity price expectations supporting business case
• ‐ June SE4 price of EUR 170 per MWh
• Proven business model through,
• ‐ Sale of 366 MW to tier one counterparties since November 2021
• ‐ First dividend distribution announced August 1, 2022
• ‐ Continued expansion of landbank
• 2.5 GW project capacity goal YE'22

1) Source: Thema Consulting May 2022

Recent transactions Swedish development portfolio

Acquisition of 45 MW, November 2021

• Total project development
• OX2 has taken a leading position in large-scale onshore wind power over the past 17 years
• Listed on Stockholm stock exchange with SEK 24 bn market capitalization

Acquisition of 69 MW, May 2022

• portfolio of 17.3 GW • Manages more than 50 solar and 30 offshore wind parks • Started investing in solar energy in 2005 and wind power in 2016
• EUR 36 billion AUM with 49 years of industry and market experience

Acquisition of 32 MW, May 2022

• Project portfolio of more than
• Construction of first plant started in 2020, with ambition to be a leading Nordic IPP

Acquisition of 220 MW, July 2022

• 1 GW in Norway and Sweden • Danish sustainable energy company with 11-year track record
• Owned by Akershus Energi and Østfold Energi, among others • Made transactions for more than EUR 540 million in 12 different European countries

Slide 9

• Among the 50 largest portfolios in Europe

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

• Good prospect of increasing efficiency for PV market

• 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

Commercial expansion underway for disruptive solar technology

High efficiency tandem solar cells

• Business is developing according to plan
• Highly interesting commercial discussions with new potential clients
• Technical progress reports soon to be published
• Ability to deliver on glass and directly on cells
• Exploring options for IPO or financial alternatives

Offshore Wind development company in collaboration with TechnipFMC

• Developing 495 MW Offshore Wind capacity in Scotland (ScotWind, N3 area)
• Preparing for UK and Norwegian leasing rounds
• Constantly exploring new markets for development of offshore wind

www.magnoraoffshorewind.com

Global ambition, local commitment - ScotWind N3 area secured

ScotWind Leasing Round

• Continued development in Scotland
• ‐ Secured exclusivity to develop the ScotWind N3 area
• ‐ Consenting work started including impact assessments
• ‐ Exploring supply chain options and grid connectivity
• Maturing Celtic Sea opportunity with local partner
• ‐ Accelerating collaboration with Hiraeth Energy after signing a Heads of Terms with local developer
• ‐ Preparing for leasing round proposal by the Crown Estate
• Preparing for Norwegian leasing round
• ‐ Preparing for application for the Utsira Nord site
• ‐ Reviewing environmental and physical constraints
• ‐ Exploring how to leverage existing local supply chains
• Preparing for industrial and financial cooperation in several geographic areas and in discussions with banks

Winning option fees in Crown Estate Leasing Round 4 illustrates the attractiveness of sites such as ScotWind

EURm/MW for the rights to develop offshore wind projects

Based on a 5-year development phase

Note: EUR/GBP of 1.15 applied. The figures are the sum of annual lease paid over 5 years for each project. Source: Regen

Solar and wind project company; Magnora South Africa

• Holding company for SPVs

• Combined greenfield portfolio of 1,700 MW solar PV and onshore wind

• 61,932 Hectares

• 100% ownership

Renewable development company; African Green Ventures (AGV)

• AGV project team of six people in Cape Town specialized in renewables project development supporting development in South Africa

• 92% ownership

Extended organization and efforts to capture a large renewables opportunity

Development portfolio (MW)

Solar PV and onshore wind

Land-rights Early-stage discussions

• Expecting 100-250 MW of Solar PV to reach Ready-to-Bid in 2022
• Grid: Offer from Eskom received for cluster of projects
• Will fully exit projects and take on an owners engineering (OE) role in construction and operations
• Continuous improvement of screening tools to monitor attractive opportunities
• Behind the Meter and C&I opportunities emerging

Shallow water offshore wind project of 500 MW located in southern Sweden

35% Magnora ASA* Ownership *Option to increase

Potential for 2 TWh annual production - Growing positive interest for Hydrogen development

• Application for license to build and operate under preparation

• Confirmed interest for grid connection with transmission company

• Swedish government examines financial compensation for host municipalities
• Strong price area in NordPool (SE4)

ownership to 50% No red flags identified in the Environmental Impact Assessment (EIA)

Solar PV and Energy Storage projects in favorable UK energy market

• Venturing with local partner with strong track record
• Local partner co-invests
• Focus on solar PV and battery storage

Bright future for Solar PV and Energy Storage in the UK STORAGE UK

UK Power prices EUR/ MWh

275.0 UK Solar PV market

• Solar PV 2021 marked first year of sustained subsidy-free growth with 730 MW capacity added in 2021 244.3
• Currently installed capacity 14.6 GW in UK at end of '21
• Ambitions to grow solar PV to 2-3x within 2030
• Rocketing gas prices motivated switch to solar PV

UK Battery storage

• Emerging and strong growth in battery storage with 500 MW built capacity in 2021 installed capacity 1.7 GW in total
• Power prices are on extreme levels in the UK and are expected to stay high

Note: EUR/GBP of 1.17 applied; 2021 is an average of Oct-Dec. 2022 is based on historical prices until May and forward prices thereon. 2023 is forward price.

Opportunistic approach to creating shareholder value through strict capital discipline

Growth

• Opportunities: Solar PV and Battery in UK
• Transactions in the industry not only on SPV-level but also on platform-level
• Energy security and CO2-footprint reduction are strong drivers for new investment opportunities

Financials Q2 2022

CONDENCED PROFIT AND LOSS

CONDENCED PROFIT AND LOSS NOK million
	Q2'22	Q1'22	Q2'21
Operating revenue	4.3	3.4	2.4
Other operating revenue	1.6	0.4	0	in Dana contract
Operating expense (ex. non-cash)	-7.0	-6.9	-6.9	operating revenue
Adjusted EBITDA1	-1.1	-3.2	-4.5
Option expense (Opex, non-cash)	-1.0	-1.0	0.8
Development and M&A expense	-20.7	-9.8	-5.4	in P&L
EBITDA	-22.7	-14.0	-9.1
Profit from associated companies	7.6	-4.7	-2.9	Offshore Wind
Operating profit	-15.1	-18.7	-12.0
Net financial items	1.6	0.0	1.9
Profit before tax	-13.5	-18.7	-10.0

Q2 2022 Profit & Loss

• Adj. EBITDA1 of NOK -1.1m vs. NOK -3.2m in Q1'22
• ‐ Higher operating revenue through higher off-loading volumes in Dana contract
• ‐ Increased services to associated companies through other operating revenue 1) excludes development and M&A related expenses, and non-cash items and adjustments, such as options related expenses.

• EBITDA of NOK -22.7m vs. NOK -14.0m in Q1'22

• ‐ All companies with ownership >50% are consolidated 100% in P&L
• ‐ Magnora increased its ownership in Evolar during the quarter
• ‐ Increased activities in Magnora South Africa and Magnora Offshore Wind
• Operating loss of NOK 15.1m vs. NOK 18.7m Q1'22
• ‐ Positively impacted by NOK 7.6m profit from associated companies related to strong performance in Helios

For further details see Q2 report 2022 (magnoraasa.com) • Loss before tax of NOK -13.5m

Q2 2022 Cash flow

• Operating activities negative NOK -22.7m
• ‐ Impacted by development and M&A activities in Evolar, Magnora Offshore Wind and Magnora South Africa NOK 85.4 million as of August 4 2022
• Investment activities negative NOK 93.2m
• ‐ Majority from ScotWind lease option fee of NOK 94.6 million
• Financing activities of NOK 65.8 million ‐ Of which NOK 62.5 million drawn from overdraft facility
• Ending cash balance of NOK 10.8 million
• ‐ The Group's cash and available credit facilities was

Development supported by cash flow from legacy FPSO assets and dividend from portfolio companies going forward

License income from Penguins FPSO USD million

• Financial benefits from two licensing agreements after divesting Oil and Gas assets in 2018 USD ~16m
• ‐ License income of approximately USD ~16 million from Shell's Penguins FPSO project in 2022/20231
• ‐ Shell reported in their Q2 2022 presentation that the Penguins project is planned for startup in 2022-23
• ‐ Royalty income of USD 0.5 for each barrel produced and offloaded from the Western Isles FPSO
• Dividends from farm-down and sales in portfolio companies

High ambitions for future growth

Development portfolio ambition by 2025 GW, Net share1

Financial targets

• Net 5 GW share of development projects from portfolio companies by 2025 5.0
• Net share1 of asset sales in the portfolio companies to be 150-250 MW for the full year 2022
• Price range solar PV and onshore wind from NOK 0.5-1.5 million per MW subject to risk, unit economics and other factors
• The Group continues to see compelling investment opportunities and will call for dividend in portfolio companies that have more cash than needed

1) GW x Magnora Ownership = Net share

Appendix I Factsheet, Business models and external sources

Magnora factsheet

Magnora factsheet
Portfolio company	Asset	Technology	Location	Economic interest	Economic model	Phase of development	Gross Capacity (MW)	Net Capacity (MW)	Est. Ready-to build (year)		Hectares Risk examples
Helios Nordic Energy	Solar	Solar	Sweden, Baltics	40 %		Licensing and engineering	1,600		640 2022-24		2,150 Grid, municipality, county, neighbours
Magnora South Africa	Wind	Wind	South Africa	92 %	8% annual hurdle *	Licensing and engineering	900		828 2023-25		62,000 Eskom, grid, permitting, BEE policy
Magnora South Africa	Solar	Solar	South Africa	92 %	8% annual hurdle*	Licensing and engineering	930		856 2022-24	Included in above figure	Eskom, grid, permitting, BEE policy
Magnora PV UK	Solar	Solar	England	50 %	80% of devex**	Licensing and engineering	60	30	2023		119 Grid, EIA, permitting
Magnora Storage UK	Battery	Battery	England	50 %	80% of devex**	Licensing and engineering	40***	20***	2023		Grid, EIA, permitting
Magnora Offshore Wind	Wind Scotland	Floating	Scotland	80 %		Licensing and engineering	495	396	2028		N/A Consent, CFD, Grid
Kustvind	Wind	Bottom Fixed	Sweden	50 %	35% vested	Licensing and engineering	500	250	2025		N/A Local acceptance, grid, Swedish Defense/Navy
Total							4,555	3,035
*Magnora shall have 8% CAGR first before return to local management. Local management invested same terms as Magnora initially

**Magnora pays 80% and local partner 20%. 50/50 split on returns

*** MWh

LCOE outlook shows massive decrease for solar power

LCOE (levelized cost of energy) for power production 35 39 30 69 116 68 49 68 61 65 35 39 22 51 67 60 41 29 70 65 65 Hydropower (<10MW) Hydropower (>10MW) Onshore wind Bottom-fixed offshore wind Floating offshore wind Rooftop solar Rooftop solar - Large and open Ground mounted solar Coal-fired power Gas-fired combined cycle power plant Nuclear power LCOE (EUR/MWh 2021) LCOE (EUR/MWh 2030)

• 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 101

Source: NVE The Norwegian Water Resources and Energy Directorate (nve.no)

Common business models in this ecosystem

Ready-to-build

Project economics pending project specific variations

Ready-to-Build

*Ready-to-build to market. Typical construction period for projects where all permits in place

Source: Deloitte, Swedbank, Helios, SB1 Markets and Nordic industry peers 1) GW x Magnora Ownership = Net share

Examples: Renewable transactions

Offshore Wind licenses

Examples: Renewable transactions
Offshore Wind licenses
Project Type Market Seller Buyer Status at trans Year trans MW Stake Price Price per MW Comment
Empire/BeaconWind Fixed NY/Mass. Equinor BP Award 2017 2020 4400 50 % USD 1.1 BN 500 000 Off-take awards in 2019 and 2021. Equinor the operator.
Dogger Bank A and B Fixed UK Equinor Eni FID 2021 2400 10 % £202,5M 843 750 FID
Round 4 average Fixed UK Crown Estate Award 2021 8000 N/A £879 M 109 875 Annual Option Fees - Auction ScotWind Floating Scotland Crown Estate Magnora Award 2022 495 100 % £ 10.3 M 20 808 One-off Fee - "Beauty Contest"/local content

• Acquisition of 2.7 gigawatts project pipeline from Nordex by RWE concluded in November 2020
• It comprised a development pipeline of in total 2.7 Gigawatts (GW) in France, Spain, Sweden and Poland
• 15% of the pipeline projects were close to final investment decisions (FID) or in late development stages; approx. 230 megawatts had secured Contracts for Difference (CfDs) or other feed-in tariffs

• The two companies agreed on the sale at the end of July 2020. The purchase price was around €400 million.

• Siemens Gamesa sold their South European renewables development assets to SSE in April 2022 for a total cash consideration of €580 million

• The sale included a pipeline of onshore wind projects with a total capacity of 3.9GW in various stages of development in Spain, France, Italy and Greece, with the possibility to develop up to 1GW of colocated photovoltaic projects

Appendix II Financials and shareholders

Reported financials

Condensed consolidated income statement

Reported financials Condensed consolidated income statement
NOK million	Note	Q2 2022	Q1 2022	YTD 2022	Q2 2021	YTD 2021	2021
Operations Operating revenue	7	4.3	3.4	7.7	2.4	6.6	13.8
Other operating revenue Operating expense	7, 11	1.6 -8.0	0.4 -7.9	1.9 -15.9	0.0 -6.1	1.3 -12.3	1.4 -30.8
Development and M&A expense	2	-20.7	-9.8	-30.5	-5.4	-9.8	-22.9
EBITDA		-22.7	-14.0	-36.7	-9.1	-14.2	-38.5
Profit/loss from associated companies		7.6	-4.7	2.9	-2.9	-9.5	-21.6
Operating profit/(loss)		-15.1	-18.7	-33.8	-12.0	-23.6	-60.1
Financial income/(loss)	9	0.3	0.6	0.9	2.2	5.6	5.1
		1.3	-0.6	0.7	-0.3	-0.2	-0.1
FX gain/(loss)
Net financial items		1.6	0.0	1.6	1.9	5.4	5.0
Profit/(loss) before tax		-13.5	-18.7	-32.2	-10.0	-18.1	-55.1
Tax income/(expense)	4	0.1	0.0	0.0	0.0	0.0	-7.7 -62.8
Net profit/(loss) continued operations		-13.5	-18.7	-32.2	-10.0	-18.1

Reported financials

Condensed statement of financial position

Reported financials
Condensed statement of financial position
NOK million	Note	30.06.22	31.03.22	31.12.21
Deferred tax assets	4
Intangible assets	12	23.4 163.1	23.4 10.2	23.4 0.0
Fixed assets		10.8	0.0	0.0
Goodwill		29.5	4.8	2.0
Investment in associates Total non-current assets	5, 10	36.0 262.9	57.4 95.8	61.4 86.8
Trade and other receivables		22.0	9.4	6.8
Other current financial assets	9	25.1	25.0	2.1
Cash and cash equivalents*		10.8	61.2	96.9
Total current assets		58.0	95.6	105.8
Total assets		320.9	191.4	192.7
Share capital		28.3	27.9	27.9
Treasury shares		0.0	0.0	0.0
Other equity		127.3	124.5	143.8
Total shareholders' equity		155.6	152.4	171.8
Non-controlling interest		49.1	27.1	0.0
Total equity		204.7	179.5	171.8
Deferred tax liability		8.7	2.8	0.0
Total non-current liabilities		8.7	2.8	0.0
Overdraft facility*		62.5	0.0	0.0
Current liabilities		45.0	9.1	20.9
Total current liabilities Total liabilities		107.5 116.3	9.1 11.9	20.9 20.9

Reported financials

Condensed statement of cash flow

Reported financials
Condensed statement of cash flow
NOK million Cash flow from operating activities	Q2 2022	Q1 2022	YTD 2022	Q2 2021	YTD 2021	2021
Cash from operations	-22.8	-10.2	-32.9	-5.7	-9.2	-23.7
Taxes paid/repaid	0.0	0.0	0.0	0.0	0.0	0.0
Net cash generated from operating activities	-22.8	-10.2	-32.9	-5.7	-9.2	-23.7
Cash flow from investment activities
Net purchase of marketable securities	1.3	0.0	1.3	13.6	19.2	18.9
Investment in fixed assets	-3.9	0.0	-3.9	0.0	0.0	0.0
Investment in subsidiary net of cash acquired	3.8	0.0	3.8	0.0	0.0	0.0
Net purchase of associated companies	0.0	-25.5	-25.5	-37.9	-50.1	-58.6
ScotWind lease option fee	-94.6	0.0	-94.6	0.0	0.0	0.0
Net cash from investment activities	-93.4	-25.5	-119.0	-24.3	-30.9	-39.6
Cash flow from financing activities
Capital distribution/increase	3.3	0.0	3.3	0.0	115.4	115.4
Overdraft facility drawn*	62.5	0.0	62.5	0.0	0.0	0.0
	65.8	0.0	65.8	0.0	115.4	115.4
Net cash from financing activities		-35.7	-86.1	-29.9	75.4	52.1
Net cash flow from the period	-50.4
Cash balance at beginning of period	61.2	96.9	96.9	150.2	44.8	44.8

Shareholders

20 largest shareholders

Shareholders
20 largest shareholders			Board and Management exposure
20 largest shareholder accounts 22 July 2022	Number of shares	Percent ownership
(source: VPS) GINNY INVEST AS	2,469,144	4.27
KING KONG INVEST AS	2,400,995	4.15
CARE HOLDING AS	2,000,000	3.46
BEKKESTUA EIENDOM AS	1,791,860	3.10
ALDEN AS	1,729,829	2.99
PHILIP HOLDING AS	1,648,377	2.85
ANDENERGY AS	1,558,140	2.69
F1 FUNDS AS	1,443,121	2.49
	1,406,307	2.43
	1,374,000	2.37
	1,315,665	2.27
	1,127,138	1.95
	1,054,944 1,000,000	1.82 1.73
	756,100	1.31
	715,630	1.24
	697,227	1.20
	671,152	1.16
	640,000	1.11
	564,360	0.89
	26,363,989	45.56
INTERACTIVE BROKERS LLC F2 FUNDS AS NORDNET LIVSFORSIKRING AS MP PENSJON PK ALTEA PROPERTY DEVELOPMENT AS AARSKOG, PHILLIP GEORGE BAKLIEN, ÅSMUND BALLISTA AS CLEARSTREAM BANKING S.A. BILL INVEST AS DNB Bank ASA THE NORTHERN TRUST COMP, LONDON BR Total, 20 largest shareholders Other shareholder accounts	31,508,690	54.44
Total number of shares Foreign ownership	57,872,679 7,892,760	100.00 13.64

Board and Management exposure

	Board and Management exposure
Person		Number of shares	Number of options
Erik Sneve	CEO	1,167,319	150,000
Torstein Sanness	Chairman	550,650	150,000
Haakon Alfstad	CEO Magnora Offshore Wind	47,755	200,000
Hilde Ådland	Board Member	34,537	10,000
Gisle Grønlie	EVP Legal & M&A	34,500	25,000
Bård Olsen	CFO	26,000	100,000
John Hamilton	Board Member	13,950	40,000
Espen Erdal	VP Business Development	12,700	75,000
Trond Gärtner	SVP Business Development	7,000	25,000
Emilie Brackman	VP Wind & Solar	2,600	25,000
Total		1,897,011	800,000
% of shares outstanding		3.28 %

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 factors set 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.

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