First half-year 2020

Investor presentation 16 September 2020

Important information

This compony aresentation (the "Pesentation") has been present by Cho "Compony") ond its subscilies (bagether the "Group") and is node soler for information purposes. This Presentation to buy, sell a therwise transat with any securities issued by or pertining to the Company or any member of the Group.
This Pesentation may include forward-looking statements our entirent views with respect to tuture events and finance. These forward-looking statements may be isse of forward-looking termindogy, These forward-looking statements are not historic facts. Reader of this Pesentation is cationed that forward-loking states of the performance and that the Company's count froncial position, percling results and liquidty, and the development of the Company operates, may differ materially from those made in, or suggested, by the foward-looking stotements contained in this Presentation. The Company can the internions belies or current expectations upon which its forward-looking statements are bosed will ocur. By their nature, forwards involve, and are subject to, known and unknown isks, uncertaintes and assumptions as they relate to events and depend on circumstones that may or noy not cour in the fiture. Because of these incertanties and assumptions, the outcome may differ materially from those set out in the 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-hooking statement, whether as a result of new information, future events or otherwise.
No representation or warranty, express or increime should be placed on, any information, including but not linted to projections, estimates, targets and can'ned herein, and no responsibility of liddilly whatsever is accepted as to any errors, ontained herein. Acordinally neither the Company of its subsidines ar any such persons any responsibility on liability whatsover arising dreathy of indiredly from the use of this Presentation and the information contained herein.
All information set forth in the Presentation and without notice. In making the Presentation public the Compony undertakes no obligation to provide additional information or to make updates the in the Presentation should be considered in the context of the context of the circumstances prevaling 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 constitute of form o part of and should not be construed as an offer for sole of subscription or of solication or invitation of any offer to subscribe for or purchase any securities issued by the Company.

We are Cloudberry

Nordic renewable energy company listed on Euronext Oslo Merkur Market

Owns, develops and operates primarily within Norwegian hydro and Swedish wind power assets

Solid development track record - 10 projects delivered over the last decade

Lean and efficient organization

Provides growth and value creation through organic greenfield and M&A activities

First half-year 2020

Delivering on our strategy

Highlights 2020: Building the growth platform

Q1 2020	Q2 2020	Q3 2020
		Sept Acquisition of 22.5 GWh hydropower plant
		Sept Acquisition of company developing a 100 MW (350 GWh) offshore wind power project in Sweden
		Aug Acquisition of small-scale wind power development company (390 GWh)
		July Capital raise: NOK 200 million (gross proceeds) private placement
	June Acquisition of 34% of producing hydropower portfolio (net 85 GWh) from Fontavis, Swiss Life. Cloudberry to become the lead manager of the portfolio
	May Handover of Marker wind park to BKW
April Publicly listed on Oslo Børs' Merkur Market
March Capital raise: NOK 158 million (gross proceeds) private placement
Feb Acquisition of Scanergy and CB Nordic Renewable & Infra Fund

Cloudberry has a growth and value creation strategy

Net production capacity

From gigawatt to terrawatt

Cloudberry focus' on owning, developing and operating renewable energy solutions

GWh p.a. 200 150 160 100 50 0 Within 12 months* H1 2020

Project backlog

Our current portfolio of hydro and wind power

3.2 GWh

Location:

Date acquired:

Production start: 2011

Production start: 2016

In production

Røyrmyra Wind Park, 8.4 GWh

Finnesetbekken Power Plant, Hydro

Nesbyen, Viken

June 2019

Hå, Rogaland

August 2019

Nessakraft(1), Hydro 34 GWh

Location: Balestrand, Vestland Production start: Q4 2020 Date acquired: June 2019

Åmotsfoss, Hydro 22.5 GWh

Location: Nissedal, Vestfold og Telemark Production start: Q3 2021 Date acquired: September 2020

Hån Wind Park, 82 GWh Location: Ärjäng, Sweden Production start: 2022

Awaiting export licence

Duvhällen Wind Park, 82 - 165 GWh

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

7 Cloudberry by 26 September 2020

Bjørgelva Power Plant(1), Hydro, 7.4 GWh Sørreisa, Troms og F.

Important acquisition in Sweden

Step towards becoming a substantial developer of offshore wind power in the Nordics

The Rewind Vänern-project

· The 16-turbine/100 MW project
Cloudberry has participated in the initial project team and we seek to leverage our experience and knowhow as project owner
Dialogues initiated with strong operational and financial partners
Construction start is anticipated in 2021/2022

The transaction

The settlement for 100% of the shares in Scanvind2 AS will be a combination of:
- · Issuance of about 2.2 million Cloudberry shares at NOK 12.5 per share
- A cash payment of NOK 7 million
- A cash-free debt free transaction except for an existing sales credit to Cloudberry of NOK 25 million
- · The transaction is expected to be completed by 26 September 2020

Ambition to develop 2,500MW 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

Suna 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

We will provide new ESG reporting framework in 2020 annual report

First half-year 2020

Financials

Our business model for growth and long-term value creation

Target long-term cash flows (Production) coupled with a significant project bank of renewable projects with expected high IRR (Develop)

Cloudberry

1H 2020 - Results and operations

Statement of Profit or loss statement (IFRS)

Amounts in NOK million	First half 2020	First half 2019
Revenue	2.5	0.1
Salary and personnel cost	(4.9)	0.0
Other operating expenses	(5.3)	(0.7)
EBITDA	(7.2)	(0.6)
Depreciation and amortization	(1.6)	(0.4)
EBIT (Operating profit)	(8.8)	(1.0)
Net financial expenses	(2.9)	0.0
Result before tax	(11.7)	(1.0)
Taxes	0.1	0.0
Result after tax	(11.7)	(1.0)

Operational highlights

· H1 Performance in line with expectations
- · Two plants in operation (5.3 GWh produced)
- · Covid-19, marginal operational impact. Lower power prices
· High activity level cost kept low
- IPO, Oslo Børs Merkur
- · Total of 51 projects evaluated in 19/20. Hitrate ~15%
· Next 12 months:
- Revenue from 18 hydropower plants and one wind farm in operation (production increase, 12 GWh to 160 GWh p.a.)
- · Three plants are currently under construction with no construction risk for Cloudberry

1H 2020 - Balance sheet and financing

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*	45.4	0.0
Current liabilities	21.5	0.5
Total liabilities	66.9	0.5
Total equity and liabilities	437.6	5.3

*Interest-bearing debt = NOK 27.0m

Financing, cash and debt

Private placements

· March:
NOK 200 million in gross proceeds at NOK 12.0 · July:

Number of shares

30 June:
·

Cash position

30 June:
- Mid-Sept .:

NOK 192 million NOK 382 million

38.5 million

Financing strategy

Cloudberry seeks a simple and optimised capital structure, taking both return and risk levels into consideration
Several long-term alternatives available for financing depending on transaction size, transaction type and counterparty, including:
- 1. Existing cash and cash flow generated through Production and Development segments
- 1. Flexible bank financing 40 60%. Margins ~2.0% p.a.
- Share consideration
- Equity issue

Strong financial position to close announced acquisitions

Development projects - acquired and self-generated

S Capital light. Low cash requirement
% Targeted Equity IRR% (post tax) > 15%

Project	Cash drawdown NOK mill.	Equity IRR%
Skogvind, Norway (Q3 2020)	O
Rewind Vänern, Sweden (Q3 2020)	7
Hån Wind park development phase, Sweden	Self-generated	> 25%*

16 *From project start to construction permit. Contingent upon sales price Equity IRR expectations are based on Wattsight's base power price curve Producing assets - acquired and self-generated

\$ Drawdown of cash when plants are in operation % Targeted Equity IRR% (post tax) 5% - 8%

Project	Cash drawdown NOK mill.	Equity IRR%
Finnsetbekken & Røyrmyra, Norway, (in production)	Existing	8%
13 + 1 hydropower plants, Norway, (Q4 2020)	157 - 238	6%
Nessakraft & Bjørgelva, Norway, (Q2 2021)	~80	9%
Amotsfoss hydropower plant, Norway, (Q3 2021)	~80	7%
Hån Wind park production phase, Sweden	Self-generated, TBA	13%

Shareholder overview and selected corporate matters

Shareholder overview (Sept. 2020)

Shareholders	# Shares	% Shares
JOH JOHANNSON EIENDOM AS	10 431 495	18.92 %
SNEFONN AS (Bergesen family)	6 404 702	11.61 %
HAVFONN AS (Bergesen family)	4 882 882	8.85 %
CCPARTNER AS (Chairperson, Frank Berg)	2 696 957	4.89 %
CLOUDBERRY PARTNERS AS	2 209 055	4.01 %
STRØMSTANGEN AS	1 200 000	2.18 %
GULLHAUGGRENDA INVEST AS	1 150 000	2.09 %
ASHEIM INVESTMENTS AS	1 097 561	1.99 %
LENCO AS (CEO, Anders J. Lenborg)	1 093 070	1.98 %
NGH INVEST AS	1 053 352	1.91 %
ARTEL AS	1 019 387	1.85 %
SEB PRIME SOLUTIONS SISSENER CANOP	1000 000	1.81 %
GLUTEUS MEDIUS AS	900 900	1.63 %
H C A Melbye Aksjeselskap	835 223	1.51 %
MP PENSJON PK	750 000	1.36 %
KLAVENESS MARINE FINANCE AS	645 978	1.17 %
LAVE AS	604 951	1.10 %
H A SKAJEMS PLANTESKOLE AS	568 466	1.03 %
TASK HOLDING AS	560 000	1.02 %
BERGEN KOMMUNALE PENSJONSKASSE	550 000	1.00 %
Top 20	39 653 979	71.91 %
Other shareholders	15 493 186	28.09 %
Total	55 147 165	100.00 %

Selected corporate matters

JOHAN JOHANNSON Significant investor in real estate and renewable energy.	THE BERGESEN FAMILY Active investors with positions through the funds Snefonn and
	Havfonn. Previously one of the largest shipowners in the world, through Bergesen
Joh. Johannson Eiendom AS	HEVEDNN
Listed on the Merkur Market from April 2020 (CLOUD-ME) · Listing on Oslo Axess targeted by the Summer of 2021
IFRS implemented from Q2-2020 · Q2 2020 financial report is published on 16 September 2020

• Cloudberry to follow Euronext's guidance on ESG reporting and comply with NUES' Code of Conduct

First half-year 2020

Concluding remarks

Delivering on our growth strategy

· Transformational acquisitions
Net annual production capacity from 12 to 160 GWh
Significantly increased project portfolio
Strong financial position
Scalable and efficient platform for growth
A pipeline of > 2,500 MW offshore wind power projects in Sweden

Åmotsfoss Kraft, Telemark

Appendix

The acquisition of 34% of producing hydro portfolio, adding 85 GWh net production

Cloudberry to be the local and active manager (Fontavis, member of Swiss Life, 66% owner)

13 hydro power plants and 1 long-term PPA offtake, all located in Norway
Cloudberry with 34% ownership and will be the portfolio manager
Adds 85 GWh net production
Expected to generate equity IRR well within the target range of 5-8% p.a.
Further value creation potential through portfolio optimisation
Establishment of long-term strategic cooperation between Cloudberry and FONTAVIS