Arendals Fossekompani

Investor Presentation • Nov 13, 2020

COMPANY PRESENTATION NOVEMBER 2020: WORLD CLASS POWDER TO WORLD CLASS CUSTOMERS

Disclaimer

The information contained in this presentation (the "Presentation") has been prepared by Tekna Holdings Canada Inc. ("Tekna" or the "Company" and, together with its subsidiaries the "Group").

This Presentation is being made available only to, and is only directed at, persons to whom such presentation may lawfully be communicated (the "Relevant Persons"). Any person who is not a Relevant Person should not act or rely on this Presentation nor any of its contents.

This Presentation has been prepared for information purposes only. This Presentation does not constitute an offer or an invitation to buy, subscribe for or sell shares of the Company or shares in any of the Company's subsidiaries or any other securities in any jurisdiction. Furthermore, this Presentation has not been prepared for the purposes of, and does not form part of any subscription material for, any offering of securities.

The information contained in this Presentation reflects the conditions and views as of the date set out in the Presentation. The information contained herein is subject to change, completion, or amendment without notice. Past performance information included in this Presentation is not an indication of future performance and the actual returns on investments may differ materially from the returns indicated herein.

No representation or warranty, express or implied, is made or will be given by Tekna or its sole shareholder Arendals Fossekompani ASA ("AFK") or by any of their respective affiliates, advisers, directors, employees or agents, and, without prejudice to any liability for, or remedy in respect of, fraudulent misrepresentation, no responsibility or liability or duty of care is or will be accepted by Tekna, AFK nor any of their respective affiliates, advisers, directors, employees or agents, or any other person associated with any of the foregoing persons ("covered persons"), and no reliance may be placed on, the fairness, accuracy, completeness, currency, liability or reasonableness of the information or opinions contained in this Presentation or in any other written or oral information which may be made available to any Relevant Person in connection with this Presentation. Accordingly, neither the Company, AFK, nor any other covered person shall have any responsibility or liability whatsoever (for negligence or otherwise) and accepts no liability for any loss of any nature from the use of this Presentation or its contents or any additional information referred to above or otherwise arising in connection therewith, except as may follow from mandatory law. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the achievement or reasonableness of any future projections, forecasts, targeted or illustrative returns ("Forward-Looking Information"). Forward-Looking Information must not be construed as an indication of potential future results and are included for discussion purposes only. There can be no assurance to achieve comparable results or be able to avoid losses.

Any investment in Tekna involves risks, including risk of loss of the entire investment. This Presentation must be read in connection with other publicly available information about Tekna. The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdictions of Norwegian courts.

Tekna is enabled for three markets "of the future"…

ADDITIVE MANUFACTURING

MICROELECTRONICS

SILICON BATTERIES

Additive Manufacturing (A M ), hereunder 3D metal printing, is a transformative approach to industrial production that enables the creation of lighter, stronger and more complex parts

Microelectronics is a subdivision of the field of electronics that deals with very small and microscopic elements to manufacture electronic components

Silicon could be the solution for the nextgeneration battery as a lithium-ion battery's anode could significantly improve its energy density

Tekna is the world's third largest producer of spherical powders for AM

Tekna has developed several nano powders in the range of 50 to 100 nm. These are considered among the best in the market and will enable new technologies

…as Tekna produces the highest quality metal powder for 3D printing

PRODUCTION TECHNOLOGY BASED ON PLASMA INDUCTION AND PATENTED TORCH TECHNOLOGY

POWDER WITH INDUSTRY-LEADING PROPERTIES

Additive Manufacturing (AM) is superior for complex, yet light-weight parts

ADDITIVE MANUFACTURING MICROELECTRONICS SILICON BATTERIES

ADDITIVE MANUFACTURING MICROELECTRONICS SILICON BATTERIES

Tekna is uniquely positioned in rapidly growing market

Miniaturization of every-day devices requires smaller internal components…

EVERY-DAY DEVICES CONTAIN THOUSANDS OF MLCCS¹… …WHICH ARE CONTINUOUSLY SHRINKING IN SIZE

…Tekna has developed a nano-powder that will be used in next-generation devices

NICKEL POWDER IS KEY COMPONENT IN MLCCS TEKNA HAS DEVELOPED NICKEL NANO-POWDER

TEKNA 80 NM POWDER COULD BECOME INDUSTRY-STANDARD… … TRIGGERING MARKET GROWTH

0.45 0.05 05 10 0.35 1995 2000 15 2020 0.00 0.10 0.15 0.30 0.20 0.25 0.40 Share of market (%) 180 nm 120 nm 80 nm

• Tekna is one of two producers of powders below 120 nm
• Able to produce high quality powders from solids, liquids and gases

ADDITIVE MANUFACTURING MICROELECTRONICS SILICON BATTERIES

• Tailor-made composition through chemical reactions
• Approaching the high-end MLCC market in Japan and Korea

Batteries of the future expected to contain nano-silicon produced by Tekna

SILICON WILL REPLACE GRAPHITE IN NEXT GENERATION BATTERIES AS SILICON FEATURES MAKES IT SUPERIOR

Battery market is large and growing due to the electrification of nearly all industries

0 100 200 300 400 500 600 700 800 900 1 000 1 100 1 200 1 300 1 400 1 500 1 600 1 700 1 800 1 900 2 000 2 100 293 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2030 86 2027 GWh per year 2029 150 71 101 516 235 336 407 934 665 781 1,156 1,410 1,699 2,014 2028 +2,745% Passenger EVs E-buses Commercial EVs Stationary storage Consumer electronics

BATTERY MARKET IS EXPECTED TO INCREASE RAPIDLY LARGE PLAYERS HAVE ALREADY COMMITTED TO SILICON BATTERIES

ADDITIVE MANUFACTURING MICROELECTRONICS SILICON BATTERIES

Patented process design combined with strong in-house technology platform

Global network of blue-chip customers and locations (selected customers not shown)

30 years of experience and partnerships

BREAK-THROUGH CONTRACT SIGNED WITH APERAM¹… … ADDS TO A PORTFOLIO OF INDUSTRY LEADING PARTNERSHIPS²

Tekna is poised for strong growth in the coming years…

…driven by a great team with vast experience

MANAGEMENT TEAM BOARD OF DIRECTORS

Luc Dionne CEO

• Experience as Chairman of the board for Tekna international subsidiaries, IBM, Airboss-D efence ltd. and Camso ltd.

Serge Blackburn CFO

• Experience from Plastube Inc., Jyco Sealing Technologies Inc., Innovatech and Thona Inc.

Torkil Mogstad Board Member and EVP at AFK

EFD Induction and Volue

Morten Henriksen

Chair of the Board and EVP at AFK

• Experience from Boeing, McKinsey, NSS LGlobal, Cogen Energia and Volue

• Experience from AFK, Kongsberg group, Nexans, Statkraft, Norconsult,

Rémy Pontone VP Sales Marketing

• Experience from Saint-Gobain and Johnson Matthey

Arina van Oost VP Corporate Strategic Development & Innovation

• Experience from leadership positions in various countries with ThyssenKrupp Elevator and ThyssenKrupp Aerospace

James Potter Director – Derwent Interim Supply Chain Ltd

• Experience from Rolls-Royce, Ferranti Technologies, Cobham and Reaction Engines

Xavier Kato

Investment Director Industry and Technologies at Investissement Québec

• Experience in M&A , venture capital and private equity from Société Générale, IDF Capital, ACE Management and Investissement Québec

Tekna has an attractive position and is set for accelerated growth

1 Market seeing exponential growth: Customers are realizing the true potential of the technology

Technology edge: IP protected plasma technology to create industry best powders

Market access: Already qualified with large customer base and partnerships with world-leading organizations

Scalable business model: Technology is proven and commercialized

5 Financial performance: Increasing market share and accelerating adoption to drive strong revenue growth