Cloudberry Clean Energy ASA

Investor Presentation • May 28, 2020

Investor presentation

28 May 2020

Cloudberry Clean Energy AS

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.

Anders J. Lenborg Chief Executive Officer Chief Sustainability Officer

Christian A. Helland Chief Value Officer

Company strategy and market drivers Our local and sustainable approach

Our financial position and our project portfolio

We are Cloudberry

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Cloudberry is a Nordic renewable energy platform

• Cloudberry is lean, local and with a clear positioning
• Cloudberry owns, develops and operates Nordic wind and hydro assets

Cloudberry provides growth and value creation through organic greenfield and M&A activities

Cloudberry eliminates CO₂ emissions

We believe in

Providing clean renewable energy for future generations, developing a sustainable society and creating value for stakeholders

That is why we with passion, respect and integrity want to:

• Accelerate the energy transition
• Make a renewable investment opportunity public
• Contribute with solutions to reduce $CO₂$ emissions and increase energy supply
• Be socially responsible
• Work with partners to reach common goals

Our purpose embrace every aspect of how Cloudberry operate

Attractive 5-stage value creation process

Our current portfolio

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Near-term highlights

Listed on Oslo Børs Merkur Market 2 April 2020

LOI on acquisition of around 100 GWh hydro power in operation

MOU on sale of wind farm projects in Sweden

Extraordinary general meeting to be held on 17 June 2020

Proposal for two experienced board members

Highly experienced management team

Anders J. Lenborg

Chief Executive Officer

• Founder of Cloudberry
• Former Partner and Head of Energy Sector Group, DLA Piper Norway

DLA PIPER

Vast experience from infrastructure and renewable energy M&A

Christian A. Helland

Chief Value Officer (CFO)

• Former Partner and Portfolio Manager, Pareto Asset Management
• Lead investor for renewable projects in the Nordics and Germany since 2008

CPareto Asset Management

Jon Gunnar Solli

Chief Operating Officer

SpareBank to condit SpareBand

Former CFO/CIO, OVF, Nordea AM, Sparebank1 Livsforsikring and Storebrand

Nordeo

Sung F. Alkan

Chief Sustainability Officer

• Former financial advisor and investor manager, Odin and Pareto Asset Management
• Positions in sales and human resources, Adecco Norge and Microsoft Norway

Pareto $\bigoplus$ Asset Management

Tor Arne Pedersen

Chief Development Officer

• Former CEO and current Chairman, Varanger Kraft
• Vast experience from renewable sector, and responsible for building 12 hydro and 3 wind projects (446 GWh) in Sweden and Norway

$\overline{9}$ Source: Cloudberry

Backed by active Board of Directors and high-quality shareholders

Board of Directors					Selected key shareholders
					JOHAN JOHANNSON Significant investor in real estate and renewable energy.	Joh. Johannson Eiendom AS
Frank J. Berg	Benedicte Fossum	Morten Bergesen	Liv Lønnum	Petter W. Borg	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
Chairman	Proposed board member	Board member	Proposed board member	Board member
30 years in Nordic renewables Former partner in Arthur Andersen and Selmer Board member in SKS, Nordic WIndpower	10 years diversified board experience Pharmag AS; founder, R&D, M&A and strategic development	CEO of Havfonn and Snefonn since 2003 Chairman of Bergehus Holding, Klynge, Cogen Energia and Skogvind, Arendals Fossekompani	Political adviser, the Norwegian Parliament Experience from the Ministry of Petroleum and Energy, Storebrand, Compass Group and Hammer & Hanborg	35 years in investment banking and asset management Former CEO of Pareto Asset Management

Increased demand for renewable power in the Nordics

Anders J. Lenborg Suna F. Alkan Chief Executive Officer Chief Sustainability Officer

Company strategy and market drivers Our local and sustainable approach

Christian A. Helland Chief Value Officer

Our financial position and our project portfolio

Providing clean renewable energy for future generations

Our business provides clean renewable energy for future generations

• New renewable capacity enables European energy transition and carbon elimination
• Contribute to limit temperature increase to 1.5 degrees, in line with the Paris Agreement
• Aligning with the United Nations' Sustainable Development Goals

A local and sustainable approach

We own, operate and develop renewable energy assets in a sustainable way

• Contributing to local value creation
• A trusted business partner
• Industrial solutions to limit environmental impact
• Capture learnings across portfolio to support longterm growth and stakeholder value

Sustainability and reporting

Our purpose embrace every aspect of how Cloudberry operate

• Business decisions considering financial, environmental, social and governance aspects
• Initiating stakeholder dialogue and materiality analysis
• Aiming to disclose information about material topics and KPIs from 2020
• Follow the Euronext guidance on ESG reporting
• Comply with NUES' Code of Conduct

Our business and Covid-19

• Focus on health and safety of employees, partners and other stakeholders
• Ensuring our business operates the best possible way
• Limited impact on power production and project development progress
• In production: All assets in full operation
• Under construction: Progressing as planned
• · Under development: Processes as scheduled

Anders J. Lenborg Chief Executive Officer Chief Sustainability Officer

Company strategy and market drivers Our local and sustainable approach

Our financial position and our project portfolio

Christian A. Helland

Chief Value Officer

Our business model for growth and value creation

A growth strategy with two value creation pillars

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Pipeline overview

Financial position & funding strategy

Financial position

• Strong cash position of NOK 192 million
• Listed on Merkur Market 2 April, NOK 11.1 per share
• Raised gross NOK 158 million to fund short-term growth investments
• External debt of NOK 27.5 million
• Bank debt, SR Bank
• Recently fixed interest rate, 10 years
• Financial close, Nessakraft & Bjørgelva in Q1/Q2 2021
• Cash effect of NOK 90 million
• First half year report, 16 September 2020
• Consolidated financials from 1 April 2020

Funding strategy

• Existing cash to fund short-term possibilities
• Cloudberry shares as currency to fund M&A opportunities
• Equity market to fund larger developments or 3 acquisitions

Anders J. Lenborg

Chief Executive Officer Chief Sustainability Officer

Company strategy and market drivers Our local and sustainable approach

Chief Value Officer

Christian A. Helland

Our financial position and our project portfolio

Concluding remarks

Cloudberry is a Nordic renewable energy platform that owns, develops and operates renewable energy assets

Cloudberry provides growth and value creation through organic greenfield and inorganic activities

A local and sustainable approach

Cloudberry eliminates $CO₂$ emissions

LOI on acquisition of hydro power in operation and MOU on sale of wind farm projects in Sweden

Anders J. Lenborg Chief Executive Officer Chief Sustainability Officer

Suna F. Alkan

Our local and

Christian A. Helland Chief Value Officer

Company strategy and market drivers

sustainable approach

Our financial position and our project portfolio

Cloudberry.no