Cloudberry Clean Energy ASA

Investor Presentation • Aug 25, 2021

First half year 2021 presentation

25 Aug 2021

Disclaimer

This company presentation (the "Presentation") has been prepared by Cloudberry Clean Energy ASA (the "Company") and its subsidiaries (together the "Group") and is made solely for information purposes. This Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by or pertaining to the Company or any member of the Group.

This Presentation may include forward-looking statements that reflect the Group's current views with respect to future events and financial and operational performance of the Group and/or the industry in which the Group Operates. These forward-looking statements may be identified by the use of forward-looking words such as "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", or similar expressions. These forward-looking statements are not historic facts. Readers of this Presentation is cautioned that forward-looking statements are not guarantees of future performance and that the Group's actual financial position, operating results and liquidity, and the development of the industry in which the Group operates, may differ materially from those made in, or suggested, by the forward-looking statements contained in this Presentation. No member of the Group can quarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur. By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. These forwardlooking statements speak only as of the date on which they are made. No member of the Group or any officer or employee of the Group undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, any information, including but not limited to projections, estimates, targets and opinions, contained herein, and no responsibility or liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Accordingly, no member of the Group or any officer or employee of the Group accept any responsibility or liability whatsoever arising directly or indirectly from the use of this Presentation and the information contained herein.

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The contents of this Presentation shall not be construed as legal, business or tax advice, and the furnishing of this Presentation should not be considered as the giving of investment advice by any member of the Group or any of their directors, officers, agents, employees or advisers. Prospective investors should consult its own legal, business or tax advisor as to legal, business or tax advice.

Alternative performance measures (APM) used in this presentation are further described and presented in the unaudited first half 2021 interim financial report for the Group.

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Agenda

Overview and highlights Project status and ESG

Key Financials

Summary

Cloudberry owns, operates and develops Nordic renewables

Local owner, developer and operator of renewable power assets in the Nordics

Large production portfolio, with both hydro and wind assets

Large and growing development backlog and pipeline

Solid development track record - 11 projects developed over the last decade

Aim to be a substantial contributor to the green energy transition

Listing Oslo Stock Exchange's main list June 2021

Business overview (today)

Note: (1) Includes assets currently owned by Cloudberry and assets where firm agreements have been made and where the assets will be transferred to Cloudberry upon completion of the construction. $5^{\circ}$ Includes 33.4% ownership of Odal windfarm (2) Includes 20% ownership of Vänern project (20 MW / 70 GWh net to Cloudberry). Duvhällen wind farm included as 60 MW project (construction permit) -Cloudberry has grid capacity permit for 30 MW but has applied for increased grid capacity to match construction permit.

Delivering according to plan

• Production: Selselva, Bjørgelva, Nessakraft and Usma
• Under construction: Odal, Hån and Åmotsfoss

Strengthened balance sheet

• Cash (H1 2021): NOK 1.1bn
• Booked equity (H1 2021) NOK 2.1bn

Attracting value focused ESG investors

• Listed on Oslo Stock Exchange, fully regulated market
• Secured flexible debt facility

Significant ramp-up in production

Project Status

Nessakraft and Bjørgelva generating revenue

• Financial close of Bjørgelva Kraft (3 MW) and Nessa Kraft (9 MW) in June 2021.
• Both plants are in full operation and started to generate revenue for Cloudberry July 2021.
• Both plants have been through a thorough commissioning period.
• Smaller, technical improvements will take place during the second half of 2021.

Constructing Odal windfarm alongside tier 1 partners

• Increased ownership from 15% to 33.4%
• Received approval for construction extension to 30 June 2022
• o Mitigate risk of Covid-19 travel restriction related delays
• Turbine installation and production start H2-2021 and H1-2022, respectively
• 34 Siemens turbines (23 at Songkjølen and 11 at Engerfjellet)
• ~3 225 wind hours (estimated by Kjeller Vindteknikk)

Hån windfarm (in-house), construction have started

• Low risk project with ideal size and location
• Estimated equity IRR well above company targets
• · Five Vestas turbines. Contract signed in June
• Civil works commence August 2021
• Substation/infrastructure already in place on $\bullet$ Marker
• Project capex estimated to NOK 320m

Hån windfarm - ESG in practice

ESG top priority through the value chain

Planet

• All over reduced climate footprint
• Lower lifecycle emissions
• Less concrete - $\bullet$ rock anchored foundation
• Efficient turbines $\bullet$
• Using existing infrastructure

People

• Health and safety framework and reporting structure
• Weekly meetings

Prosperity

• Local value creation
• Use of local entrepreneurs - suppliers
• database
• Landowners easy access to their forests
• Cycle path for leisure activities cross boarder

Governance

• ESG Due Diligence $\bullet$
• Integrated part of investment decision

ESG principles integrated during first half year

Planet

• Assessing Task Force on Climate-Related Financial Disclosures (TCFD)
• EU Taxonomy:
• 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
• · Sustainable finance initiatives
• 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
• Implemented Code of Conduct within the organization
• ESG Due Diligence assessments
• Established Cloudberry's ESG committee
• Established monthly ESG management meetings

Key financials

Ramping-up production(1)

Production volumes

First half 2020: First half 2021: 5 GWh 35 GWh

Revenue generating (H1 2021)

Fin.bekken & Røyr.:	Feb. 2020
Forte (34%):	Dec. 2020
Selselva:	Jan 2021

Revenue outlook:

Nessakraft:	July 2021
Bjørgelva:	July 2021
Usma:	Aug. 2021
Åmotsfoss:	H 2 2021
Rams & Skåråna:	H 2 2021
Odal:	H1 2022
Hån:	2022/2023

14 Note: (1) Portfolio as of reporting date 25 Aug 2021

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Proportionate Financials*

NOK	1H	1H	FY
1000	2021	2020	2020
and other Revenues income	23 097	2 546	5 333
Production	18	2	5
	288	335	122
Develop	4	9	9
	809	3	3
Corporate	0	118	118
EBITDA	-17	-7	-26
	128	202	503
Production	8 751	-293	-1 963
Develop	-10	-3	-8
	040	393	302
Corporate	-15	-3	-16
	838	517	237
Operating profit (EBIT)	-24 651	-8 813	-31 642

Consolidated Financials

NOK 1000	1H 2021	1H 2020	FY 2020
and other Revenue income	12 570	2 546	3 640
EBITDA	-21 316	-7 203	-29 822
profit (EBIT) Operating	-24 260	-8 814	-33 111
Profit/loss from total operations	-31 915	-11 668	-33 865

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Our strategies for growth and value creation

Organic development

In-house development of projects for production portfolio or sale/farm-down (construction permit, backlog and pipeline)

Asset / project acquisitions

Acquire assets and development or construction project opportunities with attractive yielding returns

Strategic initiatives

Strategic partnerships with financial and industrial partners, and consolidation

Hån wind project June 2021

Usma hydro project Aug 2021

Odal Vind July 2021

Delivering on our strategy

• Established the Cloudberry platform (Oslo Børs)
• Projects delivered according to plan
• Projects in production delivered on time and budget
• Projects under construction progressing well
• Assets according to the EU Taxonomy thresholds
• Robust balance sheet. Fully financed.
• Growth. Several actionable opportunities, must be balanced with capital discipline.
• Outlook:
• EU, speeding up the energy transition with Fit for 55
• Pressure on commodity prices and supply capacity
• Significant increase in Nordic power prices

Market overview

Power price forecasts 2030-2040 (NOK (øre)/kWh)

Market development YTD-2021:

Positive price development in power prices during 2021. Average price first half year 2021 of NOK (øre) 43/kWh. Average price second half year 2021 (July & August) of NOK (øre) 60/kWh.

Pressure on commodity prices and supply capacity

Long term market development:

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)

싦

Ambitious climate goals will lead to a reduction in fossil fuels consumption

Interconnectors between Norway and Northern Europe/UK

Statnett expecting doubling of European power consumption by 2050 - with most to be met by solar and wind (which are expected to grow tenfold)

Shareholder overview (30 June 2021)

Shareholders	Shares	% Shares
JOH JOHANNSON EIENDOM AS	20 145 780	10,54%
HAVFONN AS (Bergesen family)	16 152 596	8,45%
FERD AS	16 000 000	8,37%
HSBC TRINKAUS & BURKHARDT AG	14 400 000	7,54%
The Northern Trust Comp (New Zealand Superannuation Fund)	11 910 000	6,23%
SNEFONN AS (Bergesen family)	11 758 472	6,15%
State Street Bank and Trust Comp (Swedbank Robur)	9 5 83 7 99	5,02%
CACEIS Bank	9 0 9 5 0 5 0 3	4,76%
Danske Invest Norge Vekst	4 240 399	2,22%
AWILCO AS	4 0 8 9 9 2 6	2,14%
Skandinaviska Enskilda Banken AB (Sissener Canopus)	3 9 18 1 30	2,05 %
Carnegie Investment Bank AB	3 605 519	1,89%
CLEARSTREAM BANKING S.A.	3 474 065	1,82%
CCPARTNER AS (Chairman, Frank J. Berg)	3 173 147	1,66%
GJENSIDIGE FORSIKRING ASA	2919953	1,53%
MP PENSJON PK	2910360	1,52%
KLAVENESS MARINE FINANCE AS	2846624	1,49%
VERDIPAPIRFONDET KLP AKSJENORGE	2 000 000	1,05 %
GULLHAUGGRENDA INVEST AS	1784937	0,93%
State Street Bank and Trust Comp	1696159	0,89%
Top 20	145 699 369	76,26%
Other Shareholders	45 365 967	23,74%
Total	191 065 336	100,00%

Our team

Christian A. Helland Chief Value Officer (CFO)

Sung F. Alkan Chief Sustainability Officer

Jon Gunnar Solli Chief Operating Officer

Tor Arne Pedersen Chief Development Officer

Andreas T. Aasheim Chief Commercial Officer

Marie N. Gulsvik Group Accounting Manager

Sebastian Prause Project Manager

Elisabet Wahlstedt Project Manager

Stefan Larsson Environmental Lawyer

Malin Wahlman Project Developer

Ingemar Andersson Wind Analyst

Roger Grøndahl Project Manager Cloudberry

Anders J. Lenborg Chief Executive Officer

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.