Magnora ASA

Investor Presentation • Mar 2, 2022

magnoraasa.com

Today's presenters

CEO Erik Sneve

Executive Chairman Torstein Sanness

Slide 2

North Sea – Oil but also Plenty of Wind (and sun)

Estimates:

• 1.700 TWh gas imported to EU from Russia
• 40.000 square km of area offshore needed to replace that power with offshore wind (wake, cable, anchoring)
• 15 X area of Sørlig Nordsjø II or 5 X Area of ScotWind
• Norwegian Continental Shelf 234.500 sqaure km
• Total area Norwegian shelf (200 mils grensen) 2.200.000 square km
• 25% cell efficiency (Perovskite) needs 10.200 square km to produce 1.700 TWh

Focus on shareholder value, portfolio development, cost and capital discipline

Maintaining a robust capital discipline going forward

• Organic focus
• Unique portfolio at attractive price
• Competitive team
• Culture
• Competitive operating model JV model
• Execution of strategy future is electric from 2020
• Diversification

We are a renewables developer with high upside potential – accelerating growth at attractive cost organically (asset light) with a diversified portfolio

Ownership:	~80%	30% Option to 50%	92%	40%	50% Options to 63.5%
Segment:	Offshore Wind	Offshore Wind	Onshore Wind and Solar	Solar	Solar Tech
Portfolio:	500 MW	500 MW	1,700 MW	1,300 MW	2 joint development agreements – more coming
Location:	Scotland/ TechnipFMC JV	Sweden	South Africa	Sweden	Sweden

Progressing towards project milestones

n y o n pti pa escri m o C d	• Offshore Wind development company in collaboration with TechnipFMC • Awarded option agreement to develop approx. 500 MW in ScotWind licensing round in January 2022	• Shallow water offshore wind project, with 30% ownership and option to increase to 50% • 500 MW offshore wind located 8 – 15 kilometers off the coast of southern Sweden	• Solar and wind development company in South Africa, with African Green Ventures (AGV) • Greenfield development portfolio of ca 1.700 MW wind and solar PV with growth potential within land lease	• Greenfield developer of large scale solar PV projects in the Nordics, with 40% ownership • Land-lease agreements for 29 projects with a total capacity of approx. 1.3 GW • Recurring revenue model of solar and storage projects	• Disruptive solar PV efficiency enhancing perovskite technology to be commercialized. • Own 50% - Option up t0 63.5% • Efficiency gain of up to 75% compared to traditional cells over the next decade
es n ext o est N mil	• Applications for licensing rounds in Norway and UK, including 700 MW in the Celtic Sea in collaboration with Hiraeth Energy • New Business Development	• Finalization of impact assessment, wildlife studies and marine environmental studies	• Peter Nygren joins AGV • Landlease agreements • Clearance on grid • Permits in place • PPAs • Wind measurement • Start sales process of first projects	• Sale of new of projects to long term owners and operators • Expansion into new countries • Battery/storage in projects • 3 GW pipe in Sweden at YE'23 • Sell 200 & 600 MW in '22 & '23 • Trade sale/IPO? • Self financed	• Commercial testing, and scale up of the technology • Prototype production in Uppsala 1MW per year • New Joint Development Agreements • IPO

Magnora'stechnology company - Evolar AB, Uppsala, Sweden

www.magnoraasa.com

Evolar History

• 2 JDA more coming
• Asset Light
• Software, design, control systems, consumables , evaporation machine
• Unique business model, recurring revenue
• Fastest growing segment within renewables
• Solar PV Size - 160 BN USD 202 1

Evolar is competitive

Unmatched track record and team competence

World-leading thin film technology achievements

Unique R&D lab and prototype line

10+ years experience from mass production

Verified technology platform and turnkey sales

Evolar´ s disruptive PV Power Booster tandem technology – unique!

A tandem solar cell is more efficient at harvesting solar

Premium product and pricing power

Pricing power of premium solar panels +50%

EU Spot market module prices by technology EUR / Wp

• · Premium products can be priced 50% higher per watt compared to mainstream
• · Premium products are characterized by
  • best in class power yield over lifetime
  • attractive appearance
• · Best in class power yield is achieved by
  • high light to power conversion rate (high efficiency)
  • low degradation rate
  • bifaciality (ability to capture light from front and rear side of the panel)

High ambitions for future growth at attractive cost

Development portfolio ambition by 2025

Main growth driver growth

• Onshore wind sold out in (Northern) Europe
• Offshore wind
• Solar PV
• Battery, hydrogen and green ammonia
• Energy security
• Shut-down of coal and nuclear
• CO2 prices and CO2 footprint

Disclaimer

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Magnora ASA Karenslyst Allé 2, 2∞ floor 0277 OSLO magnoraasa.com