Cloudberry Clean Energy ASA

Investor Presentation • Nov 13, 2020

Company
Presentation

13 November 2020

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 nor any of its subsidiaries 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.

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 - 10 projects delivered over the last decade

Aim to be a substantial contributor to the green energy transition

Listed on Merkur Market
Clear ambition to list on the Oslo Stock Exchange in 2021

Our current portfolio of hydro and wind power

Cloudberry
Company
Overview

Cloudberry will contribute to drive the energy transition

• Broad public pressure to decarbonise energy markets
• Expected strong demand growth for green power through i.a.:
• Electrification of industrial and transportation sectors
• o Carbon pricing / taxes targeting coal, gas and oil
• o Public and private enterprises demanding green energy
• o "Energiewende" resulting in shut-ins of nuclear in Germany
• Northern European markets, and the Nordics in particular, are driving the change to renewable energy
• Norwegian hydro power generation is a power bank for the Northern European electricity markets
• o Increasing interconnector capacity from Norway being installed in 2021

World installed power generation capacity by source in the Stated Policies Scenario (IEA)

Cloudberry owns, operates and develops renewable energy

$\mathbf{8}$ Note: (1) 12 GWh currently in production. Net secured production coming on-stream within September 2021

Our current portfolio of hydro and wind power

In production

$\overline{9}$

Under construction

extended to 165 GWh/60 MW

3.2 GWh

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

Wind

Hydro

Norway

All in production

Hå, Norway

August 2019

Røyrmyra windfarm

Åmotsfoss vpe: ocation: Production start: Date acauired: 22.5 GWh

Hån windfarm Type: Wind _ocation: Årjäng, Sweden Production start: 2022 Awaiting export licence

Type: Wind .ocation: to 165 GWh

Eskilstung, Sweden Production start: 2022/2023 Signed MOU, Possibly extended

Hydro

Q4 2020

Hydro

Q3 2021

June 2019

Balestrand, Norway

Nissedal, Norway

September 2020

Project Vänern Wind Karlstad, Sweden Location: Production start: 2023 Date acauired: September 2020 Awaiting final grid confirmation

Type:

Seeking to have a balanced mix of both hydro and wind power generation in the production portfolio - highly complementary production profiles

oudberry

Type: Location: Production start: 2016 Date acauired: 8.4 GWh

Forte Vannkraft portfolio Type: Location: Production start: Date acquired: 85 GWh (net⁽¹⁾)

Construction permit

Bjørgelva power plant Hydro 'ype: .ocation:

Sørreisa, Norway Production start: Q4 2020 Date acauired: June 2019

Note: (1) 250 GWh gross (Cloudberry ownership of 34%). Financial close expected Q4-2020; (2) Current construction permit for 82 GWh/30MW. Possibly

June 2020 74 GWh / 21 MW

Duvhällen windfarm

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 $\bullet$ to source and execute on development projects
• Wind project development track-record of 10+ years, with 10 projects totalling 1 066 GWh (343 MW) developed and divested

10 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
Total divested assets		1066	343

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	5
Project capex	Potential completion
NOK ~300m	H1 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: H1-2021
• Potential completion: H2-2022 $\bullet$
• 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 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

• Entered into exclusivity 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
• Value realisation of NOK ~3m/MW (NOK ~300m), including project development fee
• ~1/3 of value expected to be paid in H1-2021 (pending final grid confirmation) and the remaining ~2/3 is to be paid at project commissioning in 2023/2024
• Cloudberry to re-invest NOK ~140m (equity) for ~20% ownership in the project
• Due diligence commenced and SPA expected to be signed by end of 2020
• Cloudberry acquired project company in September 2020 for NOK ~35 million (cash and shares)

Wind development in Sweden's largest lake

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 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

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

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

$\overleftrightarrow{\bullet}$ Weather conditions have led to a production surplus that has
weighed on power prices in 2020

Long term:

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

18 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

Value potential in Develop segment to be crystallised

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

Segment financial overview

20 Note: Please note that EBITDA figures includes Develop and Production segments only, and excludes the corporate segment. EBITDA figures are based on assumptions as highlighted in commentary, and are not company profit estimates. Develop segment EBITDA based on terms in exclusivity agreement for Project Vänern, and contingent on signing of SPA Source: Cloudberry

Balance sheet overview

Appendix

Production segment

The Forte Vannkraft portfolio

Cloudberry to be the local and active manager

• 13 hydro power plants and 1 long-term PPA offtake, all located in Norway
• Cloudberry with 34% ownership and will be the portfolio manager
• Remaining 66% owned by Fontavis, member of Swiss Life
• Further value creation potential through portfolio optimisation
• Establishment of long-term strategic cooperation between Cloudberry and Fontavis
• The production company (Forte Energy Norway AS) has a first right of refusal on development projects from the Forte Vannkraft development portfolio (Cloudberry is not a shareholder in the company holding the Forte Vannkraft development portfolio)

Kvitno kraftverk, 11.1 GWh Location: Odda Production start: 2015

Svardøla kraftverk, 10 GWh Location: Production start: 2018

Eldao kraftverk, 10 GWh Location: Luster

Skeidsflåten, 6.1 GWh Location: Fjærland Production start: 2020

Production start: 2020

Location:

Tverrdalselvi kraftverk, 5.8 GWh

Fiærland

Bråberg kraftverk, 2.2 GWh Ullensvang Location: Production start: 2018

Espeelvi kraftverk, 4.1 GWh

Langedal kraftverk, 4.1 GWh

Production start: 2018

Production start: 2018

Ullensvang

Flora

Setredalen kraftverk, 6.8 GWh Location: Bremanger Production start: 2019

Production start: 2019

6.8 GWh Location: Skien Production start: 2031

23 Note: Power production is presented as annual power production on a net basis to Cloudberry Source: Cloudberry

Strupen kraftverk, 2 GWh Location: Production start: 2017

Location:

Location:

Production start: 2018

Luster

Bolt-on acquisition of hydro power plant under construction

• Acquisition of Åmotsfoss hydro power plant announced in September 2020
• Locally constructed (BN Vannkraft), financial close / COD scheduled in Q3-2021
• Attractive hydro power plant with 22.5 GWh (4.5 MW) located in Nidelva, the main river in Arendalsvassdraget
• o Favourable geographical location in relation to European interconnectors
• o Arendalsvassdraget is one of the best regulated watercourses in Norway, and has a total water storage capacity of $\sim$ 2.1bn m³
• Producing from a reservoir with storage capacity, with year-around water flow reducing overall volatility in Cloudberry's annual production

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 financing (<60% LTV)
• 1. Green bond financing
• Farm down and carry arrangements 4.
• 1. Share consideration
• New equity 6.

Overview of adjusted net interest bearing debt position and liabilities for producing assets

Balance sheet and financing per H1-2020

Statement of Financial Position (IFRS)

Amounts in NOK million	30.06.2020	31.12.2019
Property, plant and equipment	195.3	0.0
Other non-current assets	38.1	0.0
Total non-current assets	233.4	0.0
Cash and cash equivalents	192.1	5.2
Accounts receivable and other assets	12.0	0.1
Total current assets	204.1	5.3
Total Assets	437.6	5.3
Total equity	370.7	4.8
Non-current liabilities (1)	45.4	0.0
Current liabilities	21.5	0.5
Total liabilities	66.9	0.5
Total equity and liabilities	437.6	5.3

Financing

Private placements

• March: NOK 158 million in gross proceeds at NOK 11.1 $\bullet$
• July: NOK 200 million in gross proceeds at NOK 12.0 $\bullet$

Active Board of Directors and supportive shareholders

Board of Directors

Frank J. Berg

Chairman

• 30 years in Nordic renewables
• Former partner in Arthur Andersen and Selmer
• Board member in SKS. Nordic WIndpower

Benedicte Fossum

Board member

• 10 years diversified board experience
• Pharmaa AS: founder, R&D, M&A and strategic development

Morten Bergesen

Board member

• CEO of Havfonn and Snefonn since 2003
• Chairman of Bergehus Holding, Klynge, Cogen Energia and Skogvind, Arendals Fossekompani

Liv Lønnum

Board member

• Political adviser, the Norwegian Parliament
• Experience from the Ministry of Petroleum and Energy, Storebrand, Compass Group and Hammer & Hanbora

Petter W. Borg

Board member

• 35 years in investment banking and asset management
• Former CEO of Pareto Asset Management

Selected key shareholders

JOHAN JOHANNSON

Significant investor in real estate and renewable energy

Joh. Johannson Eiendom AS

THE BERGESEN FAMILY

Active investors with positions through the funds Snefonn and Havfonn. Previously one of the largest shipowners in the world, through Bergesen

III HAVEONN

Shareholder overview and selected corporate matters

Shareholder overview (2 November 2020)

Shareholders	# Shares	% Shares
JOH JOHANNSON EIENDOM AS	10 431 495	18.20 %
SNEFONN AS (Bergesen family)	6404702	11.17 %
HAVFONN AS (Bergesen family)	4882882	8.52%
CCPARTNER AS (Chairperson, Frank Berg)	2696957	4.70%
CLOUDBERRY PARTNERS AS	2 209 055	3.85%
STRØMSTANGEN AS	1200000	2.09%
GULLHAUGGRENDA INVEST AS	1150000	2.01%
ASHEIM INVESTMENTS AS	1097561	1.91%
LENCO AS (CEO, Anders J. Lenborg)	1093070	1.91%
NGH INVEST AS	1053352	1.84%
ARTEL AS	1019387	1.78%
SEB PRIME SOLUTIONS SISSENER CANOP	1000000	1.74%
GLUTEUS MEDIUS AS	900 900	1.57%
H C A MELBYE AKSJESELSKAP	835 223	1.46%
MP PENSJON PK	750 000	1.31%
TASK HOLDING AS	651332	1.14%
KLAVENESS MARINE FINANCE AS	645 978	1.13%
LAVE AS	604 951	1.06%
H A SKAJEMS PLANTESKOLE AS	568 466	0.99%
BERGEN KOMMUNALE PENSJONSKASSE	550 000	0.96%
Top 20	39 745 311	69.33%
Other shareholders	17 582 330	30.67%
Total	57 327 641	100.00%

Selected corporate matters

• Listed on Merkur Market from April 2020 (CLOUD-ME) $\bullet$
• Clear ambition to list on the Oslo Stock Exchange (Oslo $\bullet$ Børs) in 2021
• IFRS implemented from Q2-2020 $\bullet$ o Q2-2020 financial report published on 16 September 2020
• Cloudberry to follow Euronext's guidance on ESG reporting and comply with NUES' Code of Conduct

Cloudberry.no