Cloudberry Clean Energy ASA

Investor Presentation • May 18, 2021

Company
Presentation

May 2021

Important information

• 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 Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology. 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 Company's actual financial position, operating results and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in, or suggested, by the forward-looking statements contained in this Presentation. The Company cannot guarantee 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 forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise.
• 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, neither the Company, any of its subsidiaries, nor the Company's advisors, or any such person's officers or employees accepts any responsibility or liability whatsoever arising directly or indirectly from the use of this Presentation and the information contained herein.
• All information set forth in the Presentation may change materially and without notice. In making the Presentation public the Company undertakes no obligation to provide additional information or to make updates thereto. The information set forth in the Presentation should be considered in the context of the circumstances prevailing at the date hereof and has not been and will not be updated to reflect material developments which may occur after such date.
• The Presentation and the information contained herein does not constitute or form a part of and should not be construed as an offer for sale or subscription or of solicitation or invitation of any offer to subscribe for or purchase any securities issued by the Company. The distribution of this Presentation may be restricted by law in certain jurisdictions and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. The Company shall have no responsibility for any such violations.

Introduction to Cloudberry

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

Resolved to proceed with plan to uplist to the Oslo Stock
Exchange's main list during Q2-2021

Diversified and growing portfolio of Nordic hydro and wind power assets

In production Under construction

Construction permit

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 5 completion of the construction. Includes 33.4% ownership of Odal windfarm (15% owned today, option to own 33.4% until 30 June 2021); (2) Includes ownership of 20% of Vänern project (20 MW / 70 GWh net to Cloudberry). Duvhällen wind farm included as 60 MW / 165 GWh project (construction permit) - Cloudberry has grid capacity permit for 30 MW / 82 GWh, but has applied for increased grid capacity to match construction permit. Source: Cloudberry

The value creation happens in both of our two business segments

Keep selected assets

Note: (1) Includes ownership of 20% of Vänern project (20 MW 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 Source: Cloudberry

6

Capability to develop & own - Target to transact at maximum value

$\overline{7}$ Note: (1) Includes ownership of 20% of Vänern project (20 MW 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 Source: Cloudberry

Constructing Odal windfarm alongside tier 1 partners

• Option to increase ownership from current 15% to 33.4% during Q2-2021
• o Option exercisable until 30 June 2021
• Equity investment of additional NOK 70 million in Odal windfarm following successful placing of EUR 90 million project debt⁽¹⁾⁽²⁾
• o Project partners agreed on somewhat lower leverage level (40% of project capex vs. originally estimated 50%) and increased cash reserve/buffer
• o Expected equity IRR unchanged at 12% due to highly attractive amortization profile and low and fixed interest rate with >20-year maturity
• Received approval for construction extension to 30 June 2022
• o Mitigate risk of Covid-19 travel restriction related delays
• o Not expecting any delays from original schedule
• Turbine installation and production start planned for H2-2021 and H1-2022, respectively
• 34 turbines (23 at Songkjølen and 11 at Engerfjellet)
• ~3 225 wind hours (estimated by Kieller Vindteknikk) 8
• Note: (1) Figure assuming 33.4% ownership (15% owned today, option to own 33.4% until 30 June 2021); (2) Approx. NOK 30m at 15% ownership level Source: Cloudberry

Value of first shallow-water wind project crystallised

The Vänern Project

• · Signed share purchase agreement and shareholder agreement with Downing LLP for construction and ownership of 100 MW nearshore, shallowwater windfarm in Lake Vänern, Sweden
• Close proximity to existing shallow-water windfarm and infrastructure
• Expected value realization (sales value) of NOK ~3m/MW (NOK ~300m), including project development fee⁽³⁾
• ~1/3 of value expected to be paid in 2021 (at expected FID)
• Remaining ~2/3 to be paid at project commissioning in 2023(3)
• Cloudberry to re-invest to keep ~20% ownership in the project
• Procurement and overall project progressing well COD expected in 2023

Wind development in Sweden's largest lake

⁹ Note: (1) Net capacity to Cloudberry at 20% ownership (total project capacity of 100 MW); (2) Includes value realization to Cloudberry of NOK ~300m; (3) Based on terms in share purchase agreement. Subject to actual costs and that the final investment decision is being made. Project commissioning expected 2023 Source: Cloudberry

Becoming a substantial developer of shallow-water wind

• Ambition to develop 2.5 GW offshore wind power in the Baltic Sea area by 2030
• Currently working on consultation papers and conducting meetings with local stakeholders - focus on 4 shallow-water projects that represent a combined installed capacity of 1,200-1,500 MW
• Under the current scheme, offshore wind power projects are granted with indefinite environmental permits
• In a unique position to leverage knowledge and experience from Vänern project on further shallow-water developments
• Focusing on projects with similar characteristics/shallow-water lower capex and risk than floating/deep water offshore projects

Overview of the offshore development process

Focus on shallow-water wind licensing in the Baltic Sea

Positive Nordic power market outlook

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

Market development YTD-2021:

Very positive price development; average monthly Nordic system price of EUR 41.2/MWh (Jan-Apr 2021)

Long term market development:

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

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

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

Power price hedging strategy:

• Flexibility to secure up to 75% of future electricity generation through PPAs/forward market
• Focused on finding the right balance between attractive fixed prices and merchant exposure in the Nordic market
• Currently have PPA for Røyrmyra windfarm continuously considering pricing strategy for remainder of production portfolio

Integrating sustainability into our business strategy and operations

• Strengthened our sustainability management
• Initiated assessment of our climate related financial risks and opportunities (TCFD)
• Reporting on carbon emissions following the guidelines in the Greenhouse Gas Protocol (GHG)

• Sustainability in figures (2020):

• Delivering renewable energy solutions, contributing positively to an overall reduction in emissions

• $12$ Note: (1) Scope 1, 2 and 3, EU-27 electricity mix (IEA 2020) and only based on actual production in 2020 (21 GWh) Source: Cloudberry

Update on growth
opportunities

Our strategies for growth and value creation in the Nordics

Uplisting to OSE main list and considering new equity raise

Uplisting to OSE main list

Considering new equity raise

• Uplisting to the Oslo Stock Exchange's main list
• Following the flexible listing process, and in process of preparing listing application and prospectus $\circ$
• Considering raising new equity for organic development opportunities
• Retaining flexibility for structuring and timing of realization of the near-term organic development portfolio, but currently plan to construct and keep 100% ownership of two highly attractive windfarms located in Sweden with 12% estimated equity IRRs:
• Hån windfarm: Project capex of approx. NOK 320 million (equity requirement of approx. NOK 160 million assuming 50/50% equity and debt financing) and possible COD in 2022
• Duvhällen windfarm: Project capex of NOK 620 million (equity requirement of NOK 310 million assuming 50/50% equity and debt $\circ$ financing) and possible COD in 2023
• Investing additional equity of NOK 70 million in Odal windfarm (at 33.4% ownership level) at expected equity IRR of 12%
• · Cloudberry also has several actionable M&A options, with growth opportunities of similar size as Hån and Duvhällen, available that could be executed near-term, should sufficient attractive financing be available

Progressing our near-term, highly attractive in-house developments

16

Hån windfarm planned to be constructed for production portfolio

Production	Capacity
74 GWh	21 MW
Estimated equity IRR	Estimated COD
12%	2022

• Civil works targeted to commence H2-2021
• o Following final ratification of power export agreement which will allow produced power to be exported to Norway
• Project capex estimated to NOK 320m
• Estimated equity IRR well above company targets
• Low risk project with ideal size and location
• Final negotiations ongoing with well known European turbine supplier (4-5 WTGs)
• Substation/infrastructure in place from Marker windfarm (Cloudberry developed project)

(handed over to BKW in May 2020)

Duvhällen windfarm planned to be constructed for production portfolio

Production	Capacity
165 GWh	60 MW
Estimated equity IRR	Estimated COD
12%	2023

• Civil works targeted to commence in 2022
• o Following expected approval of increased grid capacity to match construction permit of 10 turbines (60 MW)
• Project capex estimated to NOK 620m
• Estimated equity IRR well above company targets
• Low risk project with attractive size and location
• o Flat land plot close to existing infrastructure

Duvhällen land plot

Hän and Duvhällen will increase the net secured production portfolio capacity by 63%

Net secured production⁽¹⁾

Net secured production incl. organic opportunities⁽²⁾

Note: All figures presented as net figures / proportionate to ownership; (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. Existing net secured production (production, under construction, including 33.4% 19 ownership of Odal windfarm (15% owned today, option to own 33.4% until 30 June 2021)) and 20% ownership of Vänern project (20 MW net to Cloudberry); (2) Net secured production plus capacity from Hån and Duvhällen Source: Cloudberry

Delivering on our growth strategy

• Unique Nordic renewables platform
• Substance production portfolio increased ~7x from 2020 to 2021
• Project portfolio progressing well Hån and Duvhällen projects offering double digit equity returns and 63% increase in net secured production capacity
• Nordic power prices well above Company estimates in 2021
• Uplisting to the Oslo Stock Exchange's main list
• Considering raising new equity for growth opportunities

Note: Reference to production portfolio 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 Source: Cloudberry

Our team

Anders J. Lenborg Chief Executive Officer

Christian A. Helland Chief Value Officer (CFO)

Suna F. Alkan Chief Sustainability Officer

Jon Gunnar Solli Chief Operating Officer

Tor Arne Pedersen

Chief Development 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

10 years track-record from development

• Attractive development portfolio of mainly Swedish wind projects
• Development of projects to ready-to-build, and strategically decide to keep and construct selected assets in-house or alternatively farm down or divest
• Experienced, local and well-connected development team securing Cloudberry an edge in sourcing and executing on development projects
• Wind project development track-record of 10+ years, with 11⁽¹⁾ projects totaling 1 414 GWh (443 MW) developed and divested/farmed down⁽²⁾

11⁽¹⁾ projects developed and divested over the last decade

Project (wind)	Location	Production (GWh)	Capacity (MW)	Year realised
Tysvær Vindpark AS	Rogaland, Norway	101	39	2011
Sandbackmossen	Värmland, Sweden	2		2011
Velinga-Nybruun	Västra Götaland, Sweden	24	10	2012
Sättravallen	Värmland, Sweden	136	48	2013
Sögårdsfjället	Västra Götaland, Sweden	25	10	2014
Tormoseröd Vindpark AB	Västra Götaland, Sweden	117	39	2014
Jämnemon, Årjäng	Värmland, Sweden	50	21	2015
Project Rewind	Värmland, Sweden	348	100	2016
Ränsliden	Västra Götaland, Sweden	84	24	2017
Marker Vindpark AS	Viken (Østfold), Norway	196	54	2018
Project Vänern (2)	Värmland, Sweden	348	100	2021
Total divested assets		1414	443

Note: (1) 10 if excluding the two terms Cloudberry has owned the Vänern development project ("Project Rewind" and "Project Vänern"); (2) 23 Including Project Vänern. Financial close / FID not completed - expected in 2021 Source: Cloudberry

Net secured production portfolio and construction permit projects

Note: (1) Includes 33.4% ownership of Odal windfarm (15% owned today, option to own 33.4% until 30 June 2021); (2) Duvhällen windfarm included as 60 24 MW project; «Net secured production» 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. Source: Cloudberry

Shareholder overview (10 May 2021)

Shareholders	# Shares	% Shares
JOH JOHANNSON EIENDOM AS	16 145 780	15.37 %
HAVFONN AS (Bergesen family)	9 168 596	8.73 %
SNEFONN AS (Bergesen family)	8 5 5 8 4 7 2	8.15%
State Street Bank and Trust Comp (Swedbank Robur)	6783799	6.46%
CLEARSTREAM BANKING S.A.	3 295 349	3.14%
CCPARTNER AS	3 173 147	3.02%
Carnegie Investment Bank AB	3 0 0 5 5 19	2.86 %
Danske Invest Norge Vekst	2 380 952	2.27%
Skandinaviska Enskilda Banken AB	2 200 000	2.09%
GJENSIDIGE FORSIKRING ASA	2 119 9 53	2.02 %
CACEIS Bank	2 100 000	2.00 %
MP PENSJON PK	1702380	1.62%
GULLHAUGGRENDA INVEST AS	1626 190	1.55%
KLAVENESS MARINE FINANCE AS	1598358	1.52%
NORDEA BANK ABP	1440 363	1.37%
LENCO AS	1283 546	1.22%
STRØMSTANGEN AS	1246360	1.19%
CADDIE INVEST AS	1196 202	1.14%
ASHEIM INVESTMENTS AS	1097561	1.04%
Verdi Storebrand Norge Fossilfri	1072637	1.02%
Top 20	71 195 164	67.76 %
Other shareholders	33 870 172	32.24 %
Total	105 065 336	100.00 %

Source: VPS Issuer Services; Cloudberry

Cloudberry.no