Cloudberry Clean Energy ASA

Investor Presentation • Dec 8, 2021

Company Presentation

8 December 2021

The information in this company creation") has been prepared by Couldberry Clear Energy ASA (the "Compony", and taken beginise with its subscioner with its subscioner the "Group" and is mode soley for information does not constitute any ecommendation to buy, cell o other wise transact with any securities issued by or pertaining to the Company or any member of the Group.

The Company hos recimed Carregio AS and Part Gibbal Cordinators and Skandinaviska Ensildo Banken AB (aub), I se Joit Bookrunner (collectively, the "Managers") in contemplated private placement of new shares in the Company.

Investing in the Company involves inherent risks. Please refer to the Presentation for a description of risk factors.

By accessing and reading this Presentation or meeting where this Presentation is made, you agree to be bound by the following intiations and arovisions

By receiving the Presentation you admonistic for you own assessment of the Group and its business and that you will conduct your own andysis and is solely responsible for forming your own of the Group's business. In making an investment desision, investors must new on their own examination of the Group, including the merits and risks involved.

The contents of this Pesentation are not to be consident, tox or other professional daine. Each prospective investor should therefore consult with its own financial, legal, business, tax or other adviser as to financial, legal, business and tax advice.

This Presentation may include forwards that effect the Company's current views with respect to financial and operational performance. These forward-looking statements may be use of forward-looking termind-coking statements are not historic facts. Reader of this Presentation are cultioned to know can are not guarantees of future performance and that the Company's colud financial position, operating results and liquidity, and the clevelopment of the Company operates, may differ materially from those made in or suggested, by the forward-looking statements contained in this Presentation. The Compony cannot the intentions, beliefs on current expectations upon which its forwards are based will cour. By their nature, forward looke, and are subject to, known and unknown risks, uncertanties and ossumptions of they relate to events on depend on circumstones that may ar not cour in the future. Because of these internantes and assumptions, the outcome moy differ materially from those set out in the forward-looking statements. These forward-looking statements speak only as of the date on which they are made.

Important information (2/2)

Neither the Company nor any of the Managers as required by low, to update or orrect any information included in this Presentation.

This Presentation has not been requiratory authority. This Presentation has been propored and turnshed for informational purposes only and does not constitute on offer to sell any fights related to the Company. This Presentation is not a prospects, disclosure document and does not purport to be complet for any securities are to be made subject soler to the terms and conditions of any application of anal such other material as the Company and/or the Managers explicitly identifies as relevant for such subscription.

No liadiliy whatsever is accepted as to any errors or misstationer and, accordingly, none of the Company, the Monagers or any such persons officers or employees accept any liability whatsoever arising directly from the use of this Presentation.

The distribution of the Pesentation into juristicions other than Norway moy be restricted by by Persons into whose possession this Presentation cones should inform themselves about and observe and should be owne that any foilure to comply with such restrictions may constitute a violation of the securities laws of the relevant jurisdiction in constitute or form offer ar invitation to sell or issue, or any soloriation of any offer to aquire any securities offered by any jurisdicion in vilier such and of in the Presentation is not for distribution, directly, in orinto the United States (including its territories and possessors, and the District of Coluntial, Canada, Australia a Jopan, exceptin applicable exemptions from application. The securities mentioned hare not been, and will not be, registered under the U.S. Securities may not be offered or sold in the United States, except pursuant to an exemption from the U.S. Securities Act.

This Presentation shall be governed by Norwegian in respect of this Presentation is subject to the exclusive jurisdicion of the Norwegian ours with Cslo District Court as legal venue.

Table of contents

Company overview

Key financials per Q3-2021

Risk factors

Cloudberry develops, owns and operates Nordic renewables

Local developer, owner and operator of hydropower and wind in the Nordics

Large and growing development backlog and pipeline both on- and off-shore

Diversified and growing production portfolio, with both hydro and wind assets

Highly efficient operating platform. Cloudberry expects to strengthen its development and operating segment before year end 2021

Aim to be a substantial contributor to the green energy transition

Listed on Oslo Stock Exchange's main list

Business overview per 8 December 2021

Proportionate production capacity of 340 MW (net to Cloudberry) including construction permits

Note (1) holdes ssess currently ovned by Clouderry and ossess will be team mate and where the cases will be tansferent of the construction of the construction. 6 Includes 3.4% owneship of Cod winds of Stekalles Gund project (100 MV / 220 GW) and 100 % and full copzoly of Kofjirden (40 WW) Duhlillen wind for mind for mind for mind f 60 MW project (construction permit) – Cloudberry has grid for 30 MW but has applied for increased grid capacity to match construction permit.

Strategy - Cloudberry's value creation

Early-stage developments

• Convert acreage into projects
  • · Hydro, wind and shallow water Sweden
• Cloudberry's developers have local knowledge and are hands-on when dealing with local stakeholders
• Interaction with landowners, industrial power consumers, grid owners and local authorities
• · >2.5 GW shallow water pipeline

Commercializing assets

• Progress in-house developments to construction permit and FID
  • · Stenkalles (Vänern), Hån, Duvhällen
• Acquire attractive projects with growth opportunities or low-cost entries with value potential
  • Odal, Kafjärden, Åmotsfoss
• Farm-out or sell assets prior to construction/large capital allocation

Monetize operating assets

• Strict capital allocation policy targeting highest return projects in construction phase
• Strategy to sell at the right time considering risks, return and capital allocation
• Hold assets with unrealized potential until value is unlocked
• Unlock capital for new projects

Positive outlook for Nordic power prices Cloudberry's portfolio strategically situated in high price areas

Positive outlook for power prices in key Cloudberry price areas NOK (øre) / kWh

Key market drivers

Positive development in the long-term power prices. Both Volue and NVE (the Norwegian Water Resources and Energy Directorate) increasing the long-term prices

Statnett expecting 40% increase in Nordic power consumption by 2040, largely due to electrification of power intensive industries, as well as new industries (hydrogen, battery, data centers)

Ambitious climate goals will lead to a significant reduction in fossil fuel consumption

Interconnectors between Norway and Northern Europe/UK - increasing the export capacity

ESC Integrated in the organisation and throughout the value chain

Planet

• · Assessing Task Force on Climate-Related Financial Disclosures (TCFD)
• EU Taxonomy:
  • o Lifecycle emissions < 100g CO2e/kWh
  • Cloudberry`s hydro and wind projects estimates far below
  • Power density > 5 W/m2 on Cloudberry`s powerplants

People

• · Health and safety policies and procedures
• · Diversity in the organization
• · Developing Suppliers Code of Conduct

Prosperity

• · Local value creation – top priority
• · Utilize best available technology in order to:
  • · Lower our carbon footprint
  • · To secure the company's profitability and financial position

Governance

• · ESG goals and KPIs on identified material aspects
• · ESG Due Diligence assessments

Portfolio overview and ramp-up Net capacity (MW) to Cloudberry per 8 December 2021

Milestones

Nessa, Bjørgelva, Usma and Åmotsfoss

Construction and hand-over completed. Currently in production

Odal

Under construction. Slight delays. First power expected in Q4-2021 and full operation during first half of 2022

Ramsliåna & Skåråna

Under construction with first power expected around year-end 2021 and full operation shortly thereafter

Hån

Under construction and according to plan. First power expected end of 2022 and full operation shortly thereafter

Duvhällen

Construction permit in place, awaiting extension of grid from 30 to 60 MW during 2022

Key events and updates after publishing of the Q3-2021 report (1/2)

• · Cloudberry is experiencing an acceleration in the number of attractive growth opportunities within its core markets, and sees a strong rationale for being well capitalised to act on the right opportunities - Cloudberry has a long and growing list of interesting opportunities, including the recently announced Kafjärden project and the in-house Stenkalles Grund project
• Kafjärden project update
  • o Announced binding agreement to acquire wind power development project Kaffärden, located in the attractive SE2 price area in Sweden, on 23 November 2021
  • o Cloudberry intends to pursue development and on MV (maximum) capacity project, and is expecting a double digit equity RR for the lifetime of the project
  • o Estimated al-in osts for 40 MV is approx. NOK 400 milion, to be funded by approx. NOK 200 million in equity financing)
• Stenkalles Grund project update
  • o Cloudberry owns the development project Sterkalles Grund project in Lake Vänern, also in the attractive SE3 price area in Sweden
  • o Cloudberry intends to rase equity capital for 50% ownership (up from previously 20%) to maintain flexibility into FD of the project while seeking a oinvestment partner for the remaining ownership share through construction
  • o The estimated project capes for 100 MW is approx. NOK 1.6bn, also to be funded by 50/50% equity and debt (a 30% ovnes approx. NOK 240 million in additional equity financing)

Key events and updates after publishing of the Q3-2021 report (2/2)

• · Letter of intent to acquire Captiva
  • o Announced a letter of intent to acquire 60% of the shareholding of the Captiva Group on 17 November 2021
  • o The acquisition will significantly strengthen the Company's capabilities within development and operations of hydro and wind assets
  • o Captiva Group's care activities have generated an a carnings after tox of sightly above NCK 10 million p.a. the lost four years (2017-2020), and Cloudberry sees significant value creation potential through the acquisition
  • o The consideration for the 60% ownership interest is arrest value on 100% basis of NOK 160 million, to be settled upon closing:
    • · 50% through issuate of new shares in Clouding price for the consideration shares has been agreed to equat the 20 trading weighted average pice on the day of closing of the event a private placement is completed before clasing the for the consideration shares will equal the subscription price in the private placement; and
    • 50% in cash, equivalent to approx. NOK 48 million
  • o The aquisition is conditional on inter alia approval by the board of Cloudberry and confirmatory due diligence which is ongoing
• · Credit facility agreement increase
  • o Announced creat tacility agreement inorease from NOK 1400 million, with possibility to increase the facility with an additional NOK 500 million, on 25 November 2021
  • Entered into with SpareBank 1 SR Bank together with other SpareBank 1 banks
  • o The creatif facility will strengthen Clouders's ability and in-organically and in-organically with no fixed price (PPA) requirements and can be used for financing of hydro and wind assets in Norway and Sweden
• · Takeover of Åmotsfoss hydro power plant
  • o Announced takeover of the 4.5 MW hydro power plant Amotsfoss, located in the attractive NO2 price area
  • o The plant is located in Arendals as and of the best regulated waterways in Norway, benefitting from the large reservairs upiver from Amotsfoss
  • o The power plant will on average produce 22.7 GWh per year and will produce more power in the winter season than in the
  • summer season enough to power approx. 10 000 electrical cars per year

Key financials per Q3-2021

• • o
  • o
• •
• •

Profit or loss as of Q3-2021 (consolidated & proportionate*)

Consolidated financials

NOK 1 000	Q3-2021			Q3-2020	FY-2020
Revenue and other income	6671	923	19 242	1951	3 640
EBITDA	-3 074	-5 781 -	-24 390 -	-13 330	-29 822
Operating profit (EBIT)	-5 807	-6 647	-30 067	-15 806	-33 111

Proportionate financials

NOK 1 000	Q3-2021	Q3-2020	YTD-2021	YTD-2020	FY-2020
Revenue and other income	23 579	923	46 675	1951	5 333
Production	23 528	923	41 816	1740	5 122
Develop	50	-	4 859	ਰੇਤੇ	ਰੇਤੇ
Corporate				118	118
EBITDA	1662	-5 781	-15 465	-13 330	-26 501
Production	12 230	-370	20 981	-1 779	-1962
Develop	-3 279	-3 622	-13 319	-6 244	-8 302
Corporate	-7 289	-1 790	-23 127	-5 307	-16 237
Power production (GWh)	35	3	70	8	14

Comments

• · Delivering valuable growth
  • o Revenue: NOK 24m (NOK 1m last year)
  • o EBITDA: NOK 2m (NOK -6m last year)
• · Power production increased from 3 to 35 GWh
• · Proportionate figures includes Cloudberry's share of Forte Vannkraft (34%) and Odal Vind (33.4%)

15 Note: * Alternative performance measure (APM), see definition in Q3 report

• •
• •
• •

Risk factors

Risk factors (1/11)

Investing in Cloudberry Dean Energy ASA (the "Company") myestment desion, investment desison, investment de risk for and all information contained in this Presentation as well a information. The risks and unertanties described in this Presentation are the principal Incovin risks and uncertainties foced by the Company on the date of this Pesentation that the Compony believes are material in the Company, An investment in the Company is suitable the risks associated with this type of mestment and who on afferd a loss of al or part of the investment. The abserce of a negatived with a given isk factor does not mem that the risks and uncer in had not be considered prior to making an investment decision.

If any of the risks were to materialize incumstances, it could have a material and adverse effect on the Group and or its business, financial condition, results of operations, ash flow and/or and educe of the Company's shares that could result in a loss of all a part of any investment in the Company's shares. The risks and uncertainties described below are not the Group may face.

Additional risks and uncertainles that the Campany contracted or that are currently not known to the Company, may also have a material adverse effect on its business, financial of operations and cash flow. The risks are presented below is rati intented to are includion of the Rellinod of their occurrence nor of their severity or significance.

The risk foctors described in this Pesentation and of otegories, where the Compony has sought to place each individual isk factor in the most appropriate category bosed on the nature of the list of risk frastors should not be perceived as araking of importance, and it is not exhibition is risks mentioned herein could materialize individually or cumulatively.

Risk factors (2/11)

Market related risks

· The Group's profitability depends on the spot rates for electricity

The profitability of the Grup's producing pover plants on the electricity produced. The majority of the Group's sale will be exposed to price risk related to electricity sold at spot rates anto fixed price contracts which covers the period until the end of 2021 for sole of the power produced by Reymyra Vindopak AS and Selection The remaining volume is sodin the spot market and consequently exposed to fluctuations in the market prices for electricity unless new fixed terms are enter clia dependent on substitute or adjocent cor adjocent cormodity prices such as eg oil, gas and cool prices, but also dependent on mailing , C2 pricing and other supply and demand factors going into the naties ance of electricity, Further, masic clinical schemes noy put downward pressure on neves (i.e. electricity arces) of non-sucsidized existing assess. The Company considers subsidized of shore wind power as the of electricity constitutes a material share of the Group's revenues, the price risks red to electricity prices could result in reduced revenue and also reduce the fair market value of the Group's assets.

· The power industry is a highly regulated sector and thus subject to political risk

The Group is engaged in the production of sale of rener industry is highly regulated, and regulations may change over time. If the goverments or international community were a change support for the increased use of energy from renewable surces, including generation of electricity from wind for opener plants, for whatever resson, this may have a material adverse effect on the support of national outhorities in respect of the promotion of the use of enewable sources. This nover produced by the Group's wind and hydro cover ossets compared to power produced by other sources in the increased use of other energy surces than wind or hydro power may realce the value of the Group's assets. Further, a number of be electricty market, such as changes to integration of transmission allocation, changes to energy trading and transmission charging, are being in the Nordics. These changes may have on impact on the electricity prices and the costs of selling electrical power, which may recitability. The Group dso has several projects under development, which require support from local and or r rational authorities. Change in the political lands of the Group's projects under development must be dock of political support or regulatory changes which result in that the projects no longer are expected to be profitable.

Risk factors (3/11)

· The renewable sector may develop in a direction which adversely affect the Group's business and prospects

Unexpected success in other areas of renever on the presure on the authorities to allow for development of wind parks . The may affect the Group's future investment opportunities and reduce of its power plants. The same may also hold true for non-renewable or urrertly unknown energy technologies. The uncertainted with the development of the energence of other technologies, are factors which could adversely affect the Group's business and growth opportunities.

Commercial and operational risks

· The Company has a limited operating history

The Group has a linted operating history upon which the Group's likely cerformance. This equals power plants. Some of the Group's power plants are not yet constructed and the Group history to base its assessment of tuture performance on for such power plants. Return calculations, budgets and accounting are based on forecass and assumptions in the of the Group. The risks and uncertaintes associated with the Group's Inted operating history, may adversely affect the Group's business, prospects and income.

· Several of the Group's development projects may not be realized

Several of the Group's projects are under the right to build and operate a renewable project is subject to public concessions and permis in addition to private ownership rights to land waterfull. This comprises all stages of crements toge to onstruction, production, transmission and sale of pover. The necessions and permits will be of project, classification, developments tage of the projects and jurisdiction. In addition to the energy/production and permits, licenses and regulatory requirements are also applicable, such as licenses related to safety, pollution, noise, etc. The Group govermental concessions and opprovids for each of its projects, including inter dig construction concessions. As of the adde hereof, all permits and licerses hove been obtained for the assess that are in production and all relevant concessions and permits for the projects under concession for sale of power, etc. are not yet in place due to the stage of the construction work. Following a biological 2019/2020, the Norwegian Water Resurces and Energy Directorate ("NVE") are Welling from a revised and more conservative framework what power permis in the future, which moy include new criteriar for award, local production fee fox requirements and for other new requiratives. Qurently, a temporary pause in the award of new on-shore winding the finalisation and approval of an updated and more string work for new permis. For greentied projects that are not under in operation and/or in operation and/or in operation, the Graup wil also need to bbtain neessary concessions permits and on the the projects will be profitable depends on several factors outside the Group's control Before construction of any projects comment of whether it is expected that the project will be profitable. If a project as ot move to the construction phase, the development costs will not be recoverable. For several projects, the granted on the construction phase. If the deadlines are not met, the concessions will lapse. In Group must write down the investment made

20 in the relevant project.

Risk factors (4/11)

· The Group may make acquisitions that prove unsuccessful or strain or divert management resources

The Group was crected in 2020 thrugh a businesses. During 2020 and 2021 the Group hos had an active mergers ond acquisition strategy. Moking acquisitions will continue to be an increase to support growth and profitability. Successful growth through aquisitions i dependent upon the Group's chility to idention targets, conduct appropriate due difigence, negations on fovorable terms, obtain required licenses and authorizations and ultimately complete coquired entities into the Group. If the Group makes aquisitions, it may be unable to generate expected many of realize the anticipated benefits of such coquisitions, including growth or expected syncryes. The Groups assessment of ran ossumptions regarding acquisition torget, and actual developments may alfer significantly from expections. The Group may not be oble to integrate acquisitions successfully and such in estnent than anticipated, and the Group could incur ar unanicipated libilities or contingences with respect to customent authorities ar other parties. The process of integrating acquisitions may also be disuptive to the Group's operations, as a result of annoneseen legal, regulatory, contractual and other issues and difficulties in redizing operating synergis, which could cause the Group's results of clecine. Moresver, any coquistion may divert management's ottention from doy to-doy business and may result in the incurrence of additional det. Should any of the accusition, there could be a material adverse effect on the Group's profitability, asiness and prospects.

· Specific risks related to the Stenkalles Vind Project

The Stenkales Vind Poiect, currently wholly over of the Company is a shallen water we comment. The current development con includes 16 turbines with an estimated installed effect of 100 WV and an annual 350 GWh. The project has been granted a project permit from the Swedish Land and Environmental Court (Sv. Marks och nicense with Swedish Mark-och Mijadomstolen (Swedish Court). The project is lootted in fresh and shallow water and on and in in a linestment decision has been made with regard to the project. Before an investment decision will be made, the Group must inter clicied to construction, maintenance and operation of the plant and othan financing for the project. The Company interest to sell 50% of the est to a third porty investor as part of obtaining for the can be no guarantee that the Group will be alle to completed the required the required are reacled into on favorable terms on in a timely manner to meet the deadlines set forth in the project timeline. It cannot be guaranteed that project will be realized.

· Specific risks related to the Kafjärden project

On 23 November 2023, the Company announced that the an agreement to acquire the Swedish Inte-stage development wind project Kofficient utside Stockham. The project is still under development on in the project will be redized. The expected production capacity is between 18-0 W. It the project is not realized the Group may have to write off the investments made in the project.

Risk factors (5/11)

Specific risks related to the Odal project

The Group is a minority owner, owning 33.4% of the owner of the Odd wind form argiet. The Odd wind farm project. The Odal wind farm project surrently under construction and is expected to be fully porchand buring the autum of 2021 the project have experience minor delays and slove progress in lifting of the turbines. If the strong wind contruction costs. Conservative estimates are below 5% of total CAPEX. The deadine for energization of the wird is 30 June 2022. It the deadline for energization is not met for clebys or in a worst-asses scenario must clandon the project and decomnission the vority shareholder in Odd Vind AS, the Group will not be in position to control the business and aperations of Odd Vind AS or Odd Vind AS payment of dividends to its therefore a risk that the Group's investment in Odd Vind AS will not general trears of costs flows. Pursunt to the shoreholders' agreement for Odd Vind AS, the Grappe in the funding of the construction of the wind fam. If the Group defaults on its finarcing obligations, and such and within an agreed remady period the other shareholders have a right to acquire the Group's shares at a significant discunt. If this risk material advesse effect on the Group's investment in Odd Vind AS are also subject o shore transfer estimals during the construction period wish to sell al or parts of the shares in Odal Vind AS, there is a risk that the share price could be negatively impacted by such transfer restrictions or that the Group will not be able to complete any such sale at all.

· Specific risks related to the potential acquisition of the Captiva Group

On 17 November 2021, the Compony and entered into of intent to acquire 60% of the Copina Group ("Captiva"), with a right but not an obligation to increase its ownership to 10% at a re-determined price within 30 June 2025. The coquisitions on inter of a pproval by the Gompany and a confirmatory de difigence. If completed, the couplificant change of the Group as Captiva is a larger organization than Clouderry with more than 30 ill time employees. Integration of Captivative significant attention by the monogenent of the Company to ensue o successful integration. Further, it has been agreed that 50% of the with consideration shares, which will result in divinn for the Company's existing shareholders. The subscription price for the considered to equal the 20 trading day volume weighted average shares of the Company's shares on the day of the inance ("cising") of the event of completin of the Pivate Pacement, the susserion price for the consideration shares will equal the subscription price in the Private Placement.

· Specific risks related to the Hån project

Han wind farm is o 21 MW wind project boated in the area the projected wind form is tooted, the power produced must to exported ond sold into Norway. The Group has been granted a 22 kl coble between Norway ond Sweden and has do been granted o power export license from the Swedish authorities. Oil works and it is expected that the wind form will be completed in H2 202. Pursuant to the terms of the project's concessions, the deadline for construction of project is in Q 2023. Athough, the Group expect to be completed well before the deadline, there is a risk of construction delays. If the wind him the concessions, this may result in fines for cell in fines for clears of an a that the Group must abandon the project and decommission the work in progress.

Risk factors (6/11)

· Specific risks related to the Duvhällen project

Duritilen wind form is an in house project where the Group has been grant of 60 MM/166 GW. However, due to limited power grid opporty, the project has only been grid capacity permit of 30 MV/82 GWh. The grid owner, Vatterfoll, has completed impost ossessment ond fied fir an notessa power grid capacity permit with the construction permit. A find investment desison for the project will not omnot until an increased power grid capacity permit is not granted, the project may not be redized and the Group may have to write of the inestments made in the project.

· Specific risks related to the Group's shares in Forte Energy Norway AS

The Group owns 34% of the shares in Forte Energy Norwoy AS, the Group Wil not be in position to control the business and aperations of Forte Energy Noway AS or Forte Energy Noway AS payment of dividends to its therefore a risk that the Group's investment in Fore Energy Noway AS will not generate the expected the services additional funding, the Group's ownership in Forte Energy Norway AS could be reduced, e.g. due to dilution as a realital incresses in Forte Energy Norwoy AS it the Group desence for all. If the Group's ownership in Forte Energy Norwoy AS is the Group's influence as a shareholder in Forte Eregy Norway AS will be significatived. The shares in Forte Energy Noway AS are dso subject to certains. If the Group should wish to sell all or parts of its shares in Forte Energy Norway AS, there is a risk that the share price could be negatively in transfer restrictions or that the Group will not be abe at all.

· The outbreak of the corona virus (COVID-19) may have a material adverse effect on the Group's business

The autored of COVD-19 has resulted in a global parties and markets gabally. The autores may have an impost on the Group's construction argests, where travel bans and disable deliveries from the Group's supplies. Losses or result of delays may not be recoverable from the supplies who not of the COVID-9 parcements in is contracts. It is currently not possible to are it the longterm corsequences for the Group, its customers There is however a risk that the COVE-9 pandemic will result in increased costs parioulary for the Company's delecoment projects. Increased on the projects become unprofitable and cannot be reclined. Any such consequences may also the Group's dolly to raise capital or secure finance of the Group's projects may also result in that the Group's corticilio companies defults on its obligations towards it customers. Such in claims for remedes of brech and rights to the contracts, and have a material adverse effect on the relevant portfolio company and ultimately the Company.

Risk factors (7/11)

· Profitability of the Group's projects is not given

There may be errors in the csumptions or me financial models used by the Group in relation to its decisions to aquire or develop energy assets, whether as part of the Group's currents. This may real in the returns generated by such projects being materially lower than expected. Although the Group has mare with development of renewable nergy assets, the Group has only been engaged in coquisition of turn-key projects or assess unders. This is relatively short time compared to many of its more established ormpetition. The financis models of the Group is constintly being developed on the experience gained by the Group. Further, given the lean organization of the Group, there are ony a few persons who review and provide included in relation to business decisions. These foctors increase the risk of errors in the assumption or methodology used in the financial model to other more established players in the market. Further, the Group will develop, own operate and make investments in assets and projects which as ealization of such assets may take time and there can be no ssurances that the Group will be aroup will be aroup will be ar assets or realize its projects as planned. This could have e effect on the Group's business, presents, financing condition and prospects.

· In Norway it is expected that a new tax on revenue from wind power will be levied from 2022

In Norway, a patitical majority has recommended to increase the cases on evenue from wind power and it has been proposed to level a f NOC 0.0 per kWh produced. The new excise tox vill educe the Gray for revenue generated by its Nowegian wind farm osses and may also realier market while of such assets.

· Power plants are highly technical and thus subject to operational risk

Investments in power generation and energy estimal and ocerational indials. The Group will seek to invest in power plants of expected good technical standard to reduce the the investment. The Group will province technical soutions that are vel-proven and delivered by reputable supplies, so that any repairs can be with ressonable cost, and that it is possible with attractive insurance terms. Despite the ain af choosing sund soutions technical problems nay ocur nearing possible or costly reinvestments that reduce the Group's revenue, profitability and/or financial postion.

· The revenues from the Group's power plants are dependent on the metrological conditions

The metrological conditions (ran and wind) at particle Croup's power plants are located can vary materially from season to sesses and from year to year. If a site aroves to have resources than articipated in the Group's and of suffers a sustained destine in metrological consider in elley to generate lover electricity volumes and over revenue and may also revenue and may also result in that the Group must write down the volue of the relevant assets.

Risk factors (8/11)

· The Group's revenues and costs are dependent on charges related to transmission and distribution horeces in charges relating to the comection transmisson and distribution networks and relating to bakaning of electricity suppy and demond, and/or restrictions on the capacity in such new by the Group's power plants, may result in higher operating osts, bwer rever growth opportunities for the Group.

· Future revenues and costs of the Group are dependent on costs related to agreements with landowners Subsequent decisions by the Group to develop recogning on agreement with the landowners of the contemplated properties for develoment. Consequently, the daily to develop furthe is subject to negotiations with the Group's revers and casts are subject to the inherent risk thereof.

·

The members of the Group may become subject to legal dimately prevails, legal disputes are costly and on divert managements oftention from the Group's business. In addition the Group may deside to settle a legal dispute, which could cause the Group to incur significant costs. An unforcurable could inter clicing it hat the revont member of the Group becomes liche for admins or will not be calle to realize some of its projects. A settlemen in a legal dispute could have adverse effects on the Group's business, results or operations, ocsh flows, financial condition and prospects. The Company in a discussion with a contractor reloted to the frial account of the work performed by the contractor. The Company has disputed on involved. VAT) related to the construction work of the Marker project, which has been sold. The Company's ievis that this amount is covered by the construction work. Further, the Compony nay hove a significant claim for liquidated damages oganst the contractor due to delayed completion works. On this basis, no reserves have been made for the claim of NOK 8.7 million (end. VAT). It the Company's claim is unsuccessful, the Company may be liable for payment of the full amount in addition to overde interest payments and legal costs.

Risk factors (9/11)

· The Group is dependent on contraction, maintenance and construction of its power plants and cost overruns or foilure by subcontracters may lead to additional costs for the Group

The Group dees not house expertise required to construct, operate and maintain its power plants. The Group will use external speration, operation and maintence of its power plants. The contracts governing the creation and maintenance of wind for and entered into with turbine suppliers at the same time as the construction contracts. Operation and maintenance contracts typically have a term from 5 to 15 years wind assets. Hydro power plants do have long term operation and mainter ance contracts with the turkines of principal components, but tend to have shorter term contracts with lock utility partner of an operation and maintenance contract on the event of for example, contractor insolvency or defoult, there is no renewal contracts can be negotiated on similar terms and less fovouroble tems could result n increased operation and maintenance costs and reduced profitability for the Group will be required to appoint a replacement contractor, there is further risk that finaling a suitable contraction in the may had to downtime for the relevant pover producing asset. The Group is further exposed to ost overuns on maintenance and/or reconstruction projects, for example as a result of charges in plans or additional work that becomes neessary over and above what was included in the subcontractor. The Groups costs may also increase a result of failure by is subcontractors which is not recoverable from such subcontractor, for example in case of contractor insolvency.

· The Group's capital expenditure and cost estimates for development and construction projects are subject to final agreements The estimated can and costs for the Group's cevelopment and construction projects are based on the Group's best assessment, and are subject to find negations and agreements with suppliers and chat the cotual capid experidiures and casts for such projects may devise from the Group's currently best estimates of the conditures and costs are higher than estimated this will result in reduced profitability for the projects.

Financial risks

· Increase in interest rates may reduce the Group's profitability

The construction of the Group's projects with a combination of equity and debt. The Group's debt is exposed to flooling interest rates. As a result, any increase in interest rates will lead to higher financing costs, which in turn reduces the Group's profitability.

Risk factors (10/11)

The Group's debt levels could limit the Group's flexibility to obtain additional financing and if the Group is not other terms of its credit facilities, the Group may be forced to take actions and sell its assets

The Group has two credit foculties in Spareland in 1400 million, which may be increased with an additions NOK 500 million. The creatif for ities are secured with inter alia a first procises in Clouderry Production AS and 100% of the shares of Cloudberry Develop AS and a first proirity pleage in machinery and equipment, coccurts receivales and inventory in Couction AS. As of the Company Pesentation, the Group hos apositive net financial incebted hess. Hovever, as the creat tacilities the level of debt will increse. The Group's level of debt could have material consequences for the Group, including but not linted to () hindeing the Group's oblike of financing on favorable terms, (i) increasing the Group's ossts of berowing as it becomes mare level give use the Group to use a substantial portion of its cash from operations to make priments on its deducing the funds that would otherwise be available for apportunities and dividends to its shareholders. The Group's dobt will depend upon, amongst other things, is future finance, which will be offected by previlling economic conditions as well as financial, business, egalady and other factors, some of which are beyond is control in conne is not sufficient to service its current or future indebtedness, or if the Group sunded to comply with the coverants in its financial and a locke action such as recueing or delaying its business octivities, couisitions, investments or copilal experatures, selling or refinancing its debt or seeking additional equity capital, any of which coursely import the Group's results of operations, cash have and ton there can be no assurance that the Group will be dde to offect any of these remedies on stisfactory terms, or at all. In such case the lender may force the sale of the pledged assets.

· The Group is dependent on external financing

Further expansion of the Group's business will required financing. If the Group is not able to obtain and on attractive terms this could result in lost business opportunities, shortent assets and/or that the Group is forced to realize its interest in certain projects.

· Fluctuations in exchange rates could affect the Group's cash flow and financial condition

The Group presents its financial statements in Nove companies sell the power through Nord Pool where EUR is the official trading currency. Electricity Certificates are traded in SFK. Further, the Groupsed to EUR in its entrety. Corsequently, the Group is exposed to currery risk. Any fluctuations in exchange rates between NOK, SEK and Interially and adversely affect the Group's of operations cash flows financial condition and/or prospects. Additionally, the Group isk by hoving employees and operations in Sweden. Any fluctuations in exchange rates between NOK and SEK ould materially and adversely of the Group's business, essults of operations, and for prospects. The Group may want to do business in the future, expasing the Group to additional arrency risk. Should it charse to boss, any fluctuations in exchange rates octueen NOK and the relevant foreign currency cald materially affect the Group's business, results of operations, cost if on and or prospects. The Group does currently not have any currency hedging arrangements in place to exchange rate fluctuations.

Risk factors (11/11)

Risks related to the Company's shares

· The Company expects to raise additional equity funding, which may not be available on favourable terms or at all The Company expects that it will need to rase additions and the things, fund its various projects, coquisitions and for other purposes. Such additions funding may not be cvailable on favor and or a timely bass, or at all. Failure to obtain this necessary copical when needed may force the Company to significantly curtail, deloy, or discontinue some or all of the clevelopment efforts. Morever, the tems of any financing may

adversely affect the holdings or the rights of the Company's shareholders.

· Future issuances of shares in the Company or other securities, including by use of board authorizations, may diute the holders and ould materially affect the trading price of the Company's share

The Company's general meeting has resolved an equity in the cover up to 5% of the at any time outstanding shares in the Company. Currently, 7,700,000 warrants have been issued under the strike price between NOK 11.1 and NOK 12.50 per shore entitles the holder to subscribe for one ordinary share in the Company of the equity incentive arogram exercise their rights under the incentive scheme, this will have a dilutive effect on the existing shareholders. Further, the Company see at all times, which will cllow the Board to resolve to issue new shares on short notice. Such authorizations may, inter all be used in the consistions will have a dillizations wil have a dillive effect for existing shorelobes. Depending on the structure of any future find shareholders may not be absorice for additional equity securities. It the Company rass odditional unds by issuing addition is securities, the relative rodings and the financial interests of the shareholders not be olluted.

· Shareholders may not be able to exercise their voting rights for shares registered in a nominee account Beneficial awners of the shares that a nomines account or otherwise through a nomine arrangement (such as brokers) may not be able to vote for such shares unes in ineir names in the IPS prior to any General Meeting. The Company connot guarantee that beneficial owners of the shares will receive the in time to instruct their nomines to other offer of the beneficial interests registered in the VPS ar otherwise instruct the VPS Registrar to vote their shares in the manner desired owners.

· The transfer of shares is subject to restrictions under the United States and other jurisdictions

None of the shares have been registered under the US Securities Act", or any US state securities laws or any other jurishcion outside of Norway and are not expected in the future. As such, the shares may not be offered or sold except pursuant to an exemption from or in transacions not subject to, the registration in the US Securities Act and other appliatable securities love. In addition, there is not share holors resding or donicled in the United States will be addition of interesses or ights offerings. Further, investor in the United States and other juindicions may have difficulty enforcing any judgment obtains against the Company or its directors or executive officers in Norway.

Cloudberry is a renewable energy company, born, bred, and operating in the Nordic and in accordance with local traditions.

We own, develop, and operate hydropower plants and wind farms in Norway and Sweden.

We are powering the transition to a sustainable future by providing new renewable energy today and for future generations.