Magnora ASA

Investor Presentation • Feb 18, 2021

• Magnora's remaining customers are two major companies with a strong financial basis, but there is a risk that unforeseen financial difficulties may arise with adverse effects on the customer's ability to make payments
• Field development and reservoir risk related to the license fee tied to the field development and production such as the Dana and Shell Penguins license fees
• The project development process for renewable energy plants is exposed to risks in concession process, where public opinion or local municipality veto rights can affect the licensing decisions
• Market price of electricity can influence the profitability and value of Magnora's investments, and the price of electricity is influenced by government subsidies, supply and demand, availability of alternative energy sources (oil, coal, natural gas, nuclear plants, etc.), development cost and cost of equipment for power plants, and efficiency improvements within renewable energy plants (wind and solar for Magnora). One significant influencing factor in electricity prices is the political developments pushing for renewable energy to take over for the use of fossil fuels and the shutting down of nuclear plants.
• Competition is significant with competitors coming from several directions as companies in other industries are trying to benefit from the positive policy support from governments as they try to push for improvements in CO2 emissions, etc. Many of the companies Magnora competes with are parts of larger groups and therefore may have better access to skilled personnel and funding.

• The recent Covid-19 virus could potentially affect revenues for a short period if the FPSO crew is dismissed due to infection risk or similar. Magnora could experience a period without revenues because of the Dana FPSO halting production due to the Covid-19 virus. Furthermore, the virus could also delay the construction and commissioning of the Shell Penguins vessel currently being built in China, which would then delay the milestone payments from Shell.
• Magnora has changed to new industry which means there is limited past to draw conclusions from regarding negative risks and events that can affect Magnora's financial performance and share price.
• Regulatory risks can be changes in the regulatory environment that have a material adverse effect on Magnora's operations and financial performance. This could be changes in renewable energy policies, tax policies, or the regulatory environment that could affect the industries the Company is operating in. Changes in the licensing regulations can for instance cause delays in development and construction of projects.
• Interest rate volatility could impact Magnora if seeking financing for investments in renewable energy plants, or other assets.
• Currency rate fluctuations affect Magnora as most of its current operating revenues is from licensing agreements denominated in USD.
• Capital market environment may be unfavorable when Magnora needs additional equity at a later point in its development

• The company derive all its cash flow from financial investments, two legacy agreements and it associated companies. Negative cash flow and lack of financial performance from those companies therefore affects the Company. The exposure is limited to the Company's invested amount in those companies and is closely linked to the associated companies' ability to execute its strategy and manage risks it is exposed to.
• Increases in operating expenses includes cost overruns in development of renewable power plants, or other unanticipated costs that has an adverse affect on the financial performance of the Company.
• Disputes or legal proceedings could arise through situations where the company is a party. This could cause additional expenses and take away from management focus.
• The company has experienced disputes with tax authorities in the past, and changes in tax policies could have an adverse affect on financial results of the company or the viability of a project the company is developing.
• Loss of key personnel is a risk to the Company as it is operating with a staff of highly specialized professionals that may take some time to replace if needed.
• Fraud, corruption, or unethical behavior is a risk for Magnora as with all other companies.

Q4 HIGHLIGHTS

Growing deal-flow and solid financials in Q4 and asset light business model

Financial results Q4 2020 / FY 2020

REVENUES MNOK 6.0 / MNOK 28.4

EBITDA MNOK 0.0 / MNOK 4.1

NET PROFIT

CASH BALANCE PER 31.12.2020 NOK 44.8 million

Operational developments in Q4 2020

• Vindr identified 1.200 MW projects in core market.
• Vindr identifies opportunities beyond Nordic for franchise model
• Makes entry into Evolar solar Perovskite Technology company in Uppsala, Sweden. University of Uppsala.
• Engages Tor Ottar Karlsen former Chairman Vardar Energi and founding investor Nelja Energia for potential Baltics, Poland initiatives.
• Establishes relationship with RWE Renewables Events subsequent to year-end
• MNOK 6.6 / MNOK 28.5 Peter Nygren, previously CEO/co-founder of Arise, appointed Executive Vice President Operations
  • Private placement of 4,485,981 new shares providing total of NOK 120 million. Multiple times over subscribed.
  • Agreement with undisclosed global offshore energy technology and service company to establish Magnora Floating Wind ref ScotWind and Norwegian license round. Joint press release soon.
  • Signed option agreement with RWE Renewables with the intention of developing the Oddeheia and Bjelkeberg wind farm in South Norway (98 MW) – Soon Ready-to-build. Pending gov. approval.
  • Acquired 25 percent ownership in Helios Nordic Energy AB, Swedish solar PV with 300 MW signed landowner agreements for large-scale greenfield projects in Nordics. Option to buy further 15%.

Growing deal flow across Nordic, Baltics, Poland, UK and Europe

Returned to shareholders over past 24 months

517 MNOK 0.5 USD + 16 MUSD

Fixed price per barrel produced and offloaded from the Western Isles FPSO royalty contract

Shell Penguins FPSO

EU Taxonomy – almost all opex and devex spent on green initiatives

Paid-in capital availability for distribution

8.4 BNOK 3.6 BNOK

Deferred tax assets of which 2.5 BNOK in Magnora Holding AS

Strong trends creating attractive opportunity for investments in renewables

EU Green Deal, EU Taxonomy, Coal and Nuclear Shutdowns, CO² , Green Hydrogen and Offshore

MAGNORA WIND AND SOLAR BUSINESS POSSIBILITIES Preferably Joint ventures - 2021
Segment	Vehicle	Geography
Small-scale wind < 30 MW	Vindr Group	Sweden, (Norway), considering two new countries in 2021 in JV or franchise
Onshore wind > 30 MW	JVs with utilities, project developers, energy companies. Oddeheia and Bjelkeberg (RWE).	Sweden, Norway, Finland, Baltics, Poland and UK South Norway
Offshore wind	Kustvind AB Magnora Floating Wind: Norwegian Licensing Round 2021, ScotWin	Sweden Norway, UK, Baltics and others
Solar	Evolar AB Helios Nordic Energy AB	Globally The Nordics

Highlights Business Opportunity

• Attract top talent
• JV preferred operating model.
• Small scale wind in cultivated land
• Greenfield, pre Ready-to-Build projects (reapplications (larger turbines), Ready-to-Build, Repowering
• M&A opportunities with other small private developers
• Grow Vindr beyond core market international expansion.
• Norwegian licensing round 4,500 MW in 2021 (3,000 MW + 1,500 MW)
• ScotWind licensing round 10,000 MW in 2021
• Sweden to build 80 TWh (20,000 MW) of wind power next decade alone
• Finland < 40% renewable today
• Technology wind turbines getting bigger and bigger

Special situation, potential IPO – from CIGS thin film to Perovskite performance booster for all solar cells (thin film)

• Approached Magnora in Summer of 2020 4-month DD. Assisted in buy-out from district court, legal analysis, employment contracts and more. Ability to fast-track Perovskite on silicone based solar cells with new owner
• Team was part of Statkraft/Hafslund/Eidsiva in 84 MEUR exit in 2007 (Solibro) Several world records of team: 18.7% CIGS Panel and 24% single CIGS cell. Perovskite CIGS 23.7% (internal results). Been involved in 10 CIGS panel factories globally last decade.
• Same technology, platform and team, but new material: Perovskite a recent discovery late 2000's in Japan
• Conventional solar cells have stagnated last 10 years performance wise
• Perovskite on cover glass low-cost high yield opportunity
• 200 MSEK in invested capital equipment and facilities in Evolar facilities. A unique prototyping production line
• Deal fully financed by Magnora's existing cash
• Business model: Asset light (design, engineering, software, procurement, control systems, patents/royalties)
• A fractional cost increase for potentially vast performance boost
• Magnora shareholders can potentially receive dividend shares if IPO

Targeting high growth international floating wind market

MAGNORA FLOATING WIND IN BRIEF

• Signed agreement in January 2021 with undisclosed global offshore energy technology and service company to establish a joint floating wind company called Magnora Floating Wind
• Magnora's strategic partner has vast experience in all basins and water depths. Broad experience from technology, local procurement and content, mass fabrication, project management, construction and installation processes. Experienced within hydrogen, E&P and floating wind market
• Already commenced its operations and started work on the application for the ScotWind round in Scotland, UK.
• Will participate in the first offshore wind application round in Norway, which will open in 2021
• Will consider entering new international markets Photo: Matt Artz/Unsplash.com

ODDEHEIA AND BJELKEBERG ONSHORE WIND FARM

Located in Birkenes municipality, Agder county, South Norway

ODDEHEIA AND BJELKEBERG WIND FARM IN BRIEF

• Partnership with RWE Renewables
• Installed capacity of up to 98 MW when completed
• Magnora's share in project: approximately 34 percent.
• The project will, according to plan, be ready-to-build in 2021 and operational in 2022
• RWE Renewables has applied to the Ministry of Petroleum and Energy for a one-year permit extension. This would mean that the wind farm must be in operation by 31st December 2022.
• Magnora's participation in the project is conditional upon approval of permit extension
• Magnora contributes with local knowledge and experienced team

Location of planning areas for Storehei, Oddeheia and Bjelkeberg wind farms in Birkenes, Agder (Map: Sweco)

Targeting Nordic large-scale PV industry

HELIOS NORDIC ENERGY IN BRIEF

• Sweden-based Solar PV company focusing on large-scale greenfield projects in the Nordics
• Magnora ASA has entered into an agreement to acquire a 25 percent ownership share
• Option to increase ownership share with additional 15 percentage points (total 40 percent) by 15 September 2021.
• Highly experienced management and board
• Helios has already developed a project portfolio that currently consists of 12 projects with a total of approximately 350 MW installed capacity
• Helios manages all the steps in the development process including site selection, environmental approvals, grid connection approvals, preliminary design, and procurement, plus financing of projects in collaboration with reputable, long-term investors
• Magnora CEO Erik Sneve joins Helios' board of directors

Long-term analysis show increase in offshore electrification, transport, industry and hydrogen

EU Green Deal: Three decades of top line growth for utilities and green power producers in the Nordics

Wind better than small hydro power due to seasonality in production

MANAGEMENT & BOARD

Extensive renewables project track record, leading Magnora's green transition

Erik Sneve CEO

• +23 years experience from VC industry/investments markets EY, DNB Markets, Tore Tønne and Torstein Tvenge
• (Statkraft, Eidsiva and Hafslund JV), Investment Director
• COO of 3D Mobile & Healthcare Software
• B.Sc. In Finance from Arizona State University with Summa Cum Laude (Dean's list)

Bård Olsen CFO

• Prev. VP of Global Compliance in MHWirth
• 9 years in total with Aker Group companies, incl. Head of Internal Audit at Aker Solutions, prev. with EY
• Auto Industry in the US
• M.Sc. In Finance and MBA from Arizona State University

Haakon Alfstad Investment Director, Executive Chairman in VINDR and Kustvind

• With Statkraft since 1987 (SVP for Wind Power on-/offshore 2008-17)
• Responsible for construction phase of all Statkraft's hydro, onshore wind and solar power projects 2017-19
• Responsible for wind power developments of >1 GW installed capacity and large scale M&A projects
• Master's Degree in Mechanical Engineering from NTH and Business Candidate from BI

Peter Nygren EVP Operations

• CEO and co-founder of Arise
• More than 30 years of experience from renewable energy and companies in related industries, with previous employment at Vattenfall AB, SCA AB, and United Waters AG
• MBA Uppsala University

Torstein Sanness Executive Chairman

• Experience as MD of Lundin Petroleum Norway and DNO, and from several executive positions during his 25 years at Saga Petroleum
• Board member Lundin Energy, IPC, Panoro Energy, Dr. Techn. Olav Olsen, TGS, previously Chairman of Lundin Petroleum Norway
• Master's degree in Engineering (geology, geophysics and mining engineering) from NTH

NORWAY AFTER THE OIL – LARGE ADDITIONAL POWER NEED

TOP 20 SHAREHOLDERS

(source: VPS) largest shareholder February 20 12 2021 accounts	Number of shares	ownership Percent
AKSJEHANDEL/ -ANALYSE* MARKETS DNB	10 908 191 , ,	19 11
KING KONG INVEST AS	2 400 995 , ,	4 21
GINNY INVEST AS	2 298 778 , ,	4 03
CARE HOLDING AS	2 000 000 , ,	3 50
VERDIPAPIRFONDET DNB SMB	1 743 381 , ,	3 05
HOLDING AS PHILIP	690 000 1 , ,	2 96
ANDENERGY AS	1 558 140 , ,	2 73
ALDEN AS	1 479 829 , ,	2 59 ,
INTERACTIVE BROKERS LLC	1 406 307 , ,	2 46
MP PENSJON PK	1 378 148 , ,	2 41
BEKKESTUA EIENDOM AS	1 253 095 , ,	2 20
F1 FUNDS AS	1 249 300 , ,	2 19
DANSKE BANK AS	1 159 199 , ,	2 03
ALTEA PROPERTY DEVELOPMENT AS	1 004 944 , ,	1 76
AARSKOG PHILLIP GEORGE ,	1 000 000 , ,	1 75
F2 FUNDS AS	761 000 ,	1 33
ÅSMUND BAKLIEN ,	700 000 ,	1 23
NORDNET LIVSFORSIKRING AS	580 361 ,	1 02
SJØLUND STIAN ,	570 700 ,	1 00
BILL INVEST AS	510 156 ,	0 89
Total largest shareholders 20 ,	35 652 524 , ,	62 47
Other shareholder accounts	21 420 155 , ,	37 53
Total number of shares	072 679 57 , ,	100 00
ownership Foreign	6 217 529 , ,	10 89

*Magnora's largest shareholder is Kistefos AS who owns shares held by DNB Markets Aksjehandel/-analyse and SB1 Markets. In total, Kistefos AS holds 11,057,431 shares in the company equal to 19.37% of shares outstanding

CONTACT US

Visiting address: Karenslyst Allé 2 0277 Oslo Norway

Postal address C/O Advokatfirmaet Schjødt AS P.O. Box 2444 Solli, 0201 Oslo Norway

www.magnoraasa.com

This presentation does not constitute an offer to buy or sell shares or other financial instruments of Magnora ASA ("Company"). This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements", which include all statements other than statements of historical fact. 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 exploration for and development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, counterparty risksincluding 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.