Cloudberry Clean Energy ASA

Investor Presentation • Jan 18, 2021

Company
Presentation

18 January 2021

Important information

• This company presentation (the "Presentation") has been prepared by Cloudberry Clean Energy AS (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

Cloudberry owns, operates and develops renewable energy

Owns, develops and operates 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 delivered over the last decade

Aim to be a substantial contributor to the green energy transition

Listed on Euronext Growth Oslo
Initiated process to prepare for listing on Oslo Børs during 2021

Our current portfolio of hydro and wind power

In production Under construction

$\blacksquare$

Construction permit Backlog

Note: (1) Figures assuming 33.4% ownership in Odal wind project (15% owned today, but intention to utilise option to own 33.4% during H1-2021). 117 GWh currently in 5 production. Net secured production of 376 GWh estimated to be on-stream during 2021. Not including 70 GWh from Cloudberry's ownership in Project Vänern (to be constructed, with estimated COD in 2023); (2) Figures includes 20 MW / 70 GWh from Cloudberry's ownership in Project Vänern

Key events since publication of last Company Presentation

Successful completion of private placement - 14 December 2020

• Successful completion of NOK 500m private placement to finance growth opportunities
• Broadened shareholder base with high quality investors
• Current market capitalisation of NOK ~1.7bn

Closed Odal windfarm acquisition - 21 December 2020

• Closed acquisition of Odal windfarm project
• Initial acquisition of 15%, with intention to increase ownership to 33.4% during H1-2021
• Option to increase ownership until 30 June 2021

Closed Selselva power plant acquisition - 12 January 2021

• Closed acquisition of Selselva power plant
• 20 GWh hydro power plant located in Sunnfjord, Norway

Closed Project Vänern sale to Downing LLP - 14 January 2021

• · Signed SPA and SHA with Downing LLP for construction and ownership of Project Vänern, a 100 MW nearshore, shallow water windfarm
• Expected value realisation of NOK ~3m/MW (NOK ~300m) Cloudberry to re-invest to achieve 20% ownership in project

Cloudberry
Company
Overview

Cloudberry owns, operates and develops renewable energy

oudberry

Note: (1) Figure assuming 33.4% ownership in Odal wind project (15% owned today, but intention to utilise option to own 33.4% during H1-2021). 117 GWh 8 currently in production. Net secured production of 376 GWh estimated to be on-stream during 2021; (2) Including 20% Cloudberry ownership (70 GWh / 20 MW) in Project Vänern (estimated COD in 2023) Source: Cloudberry

Seeking to have a balanced mix of hydro and wind in portfolio

Highly complementary production profiles

In production

8.4 GWh

85 GWh (net⁽¹⁾)

20 GWh

Finnesetbekken power plant Hydro 'ype: Nesbyen, Norway Location: Production start: 2011 Date acauired: June 2019

Wind

Hydro

Hvdro

2016

Norway

June 2020

All in production

Sunnfiord, Norwa

December 2020

Hả, Norway

August 2019

Røyrmyra windfarm

Production start: 2016

Forte Vannkraft portfolio

Selselva power plant⁽²⁾

Type:

Type:

Type:

Location:

Production start:

Date acauired:

Location:

Production start:

Date acquired:

Location:

Date acauired:

34 GWh

23 GWh

20 GWh

Bjørgelva power plant Type: Location: Production start: Date acquired:

.ocation:

vpe:

.ocation:

Production start:

Date acquired:

Q4 2020 June 2019 Nessakraft Type:

Hydro Balestrand, Norway roduction start: Q4 2020 Oate acquired: June 2019

Hydro

Sørreisa, Norway

Odal windfarm Type: Wind

Location: Innlandet, Norway Production start: H1 2022 Date acquired: December 2020

Hån windfarm Type: STATISTICS

Wind Årjäng, Sweden Location: Production start: 2022 Awaiting export licence

Duvhällen windfarm

Wind Type: Location: Eskilstuna, Sweden Production start: 2022/2023 Signed MOU, Possibly extended to 165 GWh

Project Vänern

Type: Wind Location: Karlstad, Sweden Production start: 2023 Date acauired: September 2020

Under construction

Construction permit

Note: (1) 250 GWh gross (Cloudberry ownership of 34%); (2) Acquisition processes announced in December 2020. Acquistion of Selselva has closed, while the $\mathsf{Q}$ remaning 3 power plants are expected to close in 2021; (3) Figure assuming 33.4% ownership (15% owned today, but intention to utilise option to own 33.4% during H1-2021); (4) Current construction permit for 82 GWh/30MW. Possibly extended to 165 GWh/60 MW; (5) 348 GWh / 100 MW gross (Cloudberry ownership of 20%) Source: Cloudberry

Hydro portfolio (3 plants)⁽²⁾

Hydro

Norway

H2-2021

Nissedal, Norway September 2020

Dec 2020 / Q1 2021

70 GWh / 21 MW

$(net^{(5)})$

Cloudberry's framework for continued development and growth

Continuously growing and maturing in-house development portfolio and scanning for attractive acquisitive and strategic growth opportunities

Cloudberry to construct and own Odal windfarm alongside tier 1 partners

A large wind power project in a region with strong underlying demand for new projects

Production	Capacity
176 GWh(1)	54 MW(1)
Equity IRR	Estimated COD
12%	H1-2022

• Entered into share purchase agreement with partners KLP and Akershus Energi to acquire up to 33.4% of shares in Odal Vindkraftverk AS in December 2020
• Cloudberry has initially acquired 15%, and has the intention to increase ownership to 33.4% by exercising option agreement during H1-2021 (right to increase ownership until 30 June 2021)
• o The agreement sets out that Cloudberry will cover project development costs to date and assumes liability of its share of future capex
• o On a 33.4% basis, the enterprise value including the project capex is NOK ~717m
• Located in the N01 price area
• 34 turbines (23 at Songkjølen and 11 at Engerfiellet)
• ~3 225 wind hours

Maximise value from organic development pipeline

Strategically decide to keep and construct in-house or alternatively farm down or divest

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
• Local development team of 5 experienced professionals to source and execute on development projects
• Wind project development track-record of 10+ years, with 10⁽¹⁾ projects totalling 1 414 GWh (443 MW) developed and divested

10⁽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	$\overline{2}$	1	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	Värmland, Sweden	348	100	2021
Total divested assets		1414	443

$13$ Note: (1) 11 if including the two terms Cloudberry has owned the Vänern development project ("Project Rewind" and "Project Vänern") Source: Cloudberry

Hån to be developed in-house for production portfolio

Adjacent Marker windfarm successfully developed and sold - Hån to be a "blueprint copy"

Capacity	Turbines
21 MW	4
Project capex	Potential completion
NOK ~270m	2022

• Low risk project with ideal size and location
• Planning to develop and keep the project in-house subject to obtaining ratification of power export agreement
• Potential FID: 2021
• Potential completion: 2022
• Located only ~1 km away from Marker windfarm
• o 54 MW capacity windfarm developed by Cloudberry, sold postcompletion to BKW (handed over in May 2020)
• o Substation / infrastructure in place from Marker to market
• o Marker performing well, above expectations (~3,500 wind hours)

Marker windfarm (handed over to BKW in May 2020)

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, shallow water wind farm in Lake Vänern in Sweden
• Close proximity to existing shallow water wind park and infrastructure
• Expected value realization (sales value) of NOK ~3m/MW (NOK ~300m), including project development fee⁽²⁾
• ~1/3 of value expected to be paid in H1-2021 (estimated financial close)
• Remaining ~2/3 to be paid at project commissioning in 2023(2)
• Cloudberry to re-invest to achieve ~20% ownership in the project

Wind development in Sweden's largest lake

15 Note: (1) Includes value realisation to Cloudberry of NOK ~300m; (2) 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

Current focus on shallow water wind licensing

Large suitable shallow water areas

• Cloudberry has built a strong foothold in Swedish shallow water wind
• Focus on lake and shallow water areas in the Baltic Sea
• Both lake and ocean areas progressing towards development $\circ$
• Shallow water projects have lower capex and risk than floating/deep water offshore projects
• The Vänern Project is Cloudberry's first step into shallow water and an excellent example of the value potential in shallow water projects
• 100 MW, 16 turbine project with early value realisation of NOK ~3m/MW $\circ$
• Construction license in place at state owned land with eternal leases (100+ years, no land-lease)
• Ambition to develop 2.5 GW offshore wind power in Sweden by 2030

Our team

Anders J. Lenborg Chief Executive Officer

Christian A. Helland Chief Value Officer (CFO)

Jon Gunnar Solli Chief Operating Officer

Sung F. Alkan Chief Sustainability Officer

Tor Arne Pedersen Chief Development Officer

Sebastian Prause Project Manager

Ingemar Andersson Wind Analyst

Stefan Larsson Environmental Lawyer

Roger Grøndahl Project Manager

Marie N. Gulsvik Group Accounting Manager

Our sustainability approach

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

Highly focused on the environmental impact and a sound industrial rationale of renewable projects

Contributing to local value creation and employment

Focus on sustainable and circular solutions throughout the lifecycle of renewable projects

Aligned with the United Nations' Sustainable Development Goals

Cloudberry Drivers
and Financial Outlook

Nordic power market outlook

Norway power price outlook (Southern price area)

Market driving trends

to Covid-19 has had a negative demand effect, which is unlikely
to last past 2021

Weather conditions weighed on power prices in 2020, but have
had a very positive price impact in the start of 2021

Long term:

40% expected increase in Nordic power consumption by 2040, largely due to electrification of power intensive industries, as well as data centre expansion, etc.

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

Interconnectors between Norway and Northern Europe

50% of European power production expected to come from
solar and wind by 2040

20 Note: Based on Wattsight base case (annual figures) as of September 2020 in EUR; Currency conversion EUR/NOK at 11.0 Source: Nordpool; Wattsight; Statnett; NVE; Cloudberry

Very supportive fundamentals

Production, consumption and net balance (TWh, 2019)

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

Value creation in Production and Develop segments

Long-term cash flows (Production) and a substantial project bank of renewable projects (Develop)

Financial capacity per segment (illustrative)

23

Financing strategy

• Seek to maintain an optimised capital structure, $\bullet$ taking both return and risk levels into consideration
• Several long-term alternatives available for $\bullet$ financing, depending on project size, transaction type and counterparty, including:
• Existing cash and cash flow generation
• 1. Attractive and flexible bank and direct lending financing (<60% LTV)
• 1. Green bond financing
• 1. Farm down and carry arrangements
• 1. Share consideration
• 1. New equity

Shareholder overview and selected corporate matters

Shareholder overview (8 January 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)	7833273	7.46%
State Street Bank and Trust Comp	6783799	6.46%
CCPARTNER AS (Chairperson, Frank Berg)	3 173 147	3.02%
CLOUDBERRY PARTNERS AS	2900799	2.76%
GJENSIDIGE FORSIKRING ASA	2857142	2.72%
Carnegie Investment Bank AB	2500000	2.38%
CLEARSTREAM BANKING S.A.	2 455 526	2.34%
Danske Invest Norge Vekst	2 380 952	2.27%
MP PENSJON PK	1702380	1.62%
GULLHAUGGRENDA INVEST AS	1626 190	1.55 %
SEB PRIME SOLUTIONS SISSENER CANOP	1625000	1.55 %
KLAVENESS MARINE FINANCE AS	1598358	1.52%
STRØMSTANGEN AS	1393328	1.33%
LENCO AS (CEO, Anders J. Lenborg)	1283546	1.22%
ASHEIM INVESTMENTS AS	1097561	1.04%
NGH INVEST AS	1053352	1.00%
BERGEN KOMMUNALE PENSJONSKASSE	1026 190	0.98%
ARTEL AS	1019387	0.97%
Top 20	69 624 306	66.27%
Other shareholders	35 441 030	33.73%
Total	105 065 336	100.00%

Selected corporate matters

• Listed on Euronext Growth Oslo from April 2020 (CLOUD) $\bullet$
• Completed private placement raising gross proceeds of NOK 500 million at subscription price of NOK 10.50 per share (47 619 047 shares) in December 2020
• Initiated process to prepare for listing on Oslo Børs and aim to complete such listing during 2021
• Financial calendar:
• o Annual Report 2020: 24 Mar 2021
• o Annual General Meeting: 28 Apr 2021
• o Half-yearly Report 2021: 25 Aug 2021
• o Quarterly Report Q3 2021: 27 Oct 2021

Concluding remarks

Contributing to the European energy transition and a net zero emission society

Integration of the Nordic and European power markets underway - positive effect on Nordic power prices

Secured a balanced mix of modern power producing assets (446 GWh) and a growing portfolio of mature and attractive development projects in the Nordics

Continued development and growth - focus on organic development, asset / project acquisitions and strategic initiatives

Initiated process to prepare for listing on regulated stock exchange (Oslo Børs) during 2021

Cloudberry.no