Magnora ASA

Board/Management Information • Apr 1, 2020

Magnora ASA: Leadership Update – The Future is Renewable and Electric!

Magnora ASA: Leadership Update – The Future is Renewable and Electric!

Magnora ASA (“Magnora” or the “Company”) is pleased to announce changes to its Senior Management team and long-term incentive plan to align key management with its renewable strategy.

Theis Hanang Pedersen has recently been appointed Head of Business Development and Strategy. Mr. Pedersen was prior to this an advisor to Magnora since 2H of 2019 and has been instrumental to the Company’s entry into the wind development market. Mr. Pedersen has been the country manager for Vestas in Norway for over a decade and brings over 25 years of experience from the wind development industry to the company. Mr. Pedersen has been granted 25.000 options with a strike price of 8 NOK which gives the right to acquire 25.000 shares. Vesting period is 3 years, and the options expire 5 years from vesting date.

Effective 6th of April 2020, Mr. Haakon Alfstad will be the Company’s Investment Director (acting) and responsible for active ownership services of Magnora’s wind assets. Haakon is already Chairman in Magnora’s two wind assets and brings over 20 years of experience from the wind development industry from Statkraft in Norway and abroad. Mr. Alfstad is highly respected within the industry and will be instrumental in the value creation process from investment-to permit-to exit. Mr. Alfstad has been granted 50.000 options with a strike price of 8 NOK which gives him the right to acquire 50.000 shares in Magnora. Vesting period is 3 years, and the options expire 5 years from vesting date. Mr. Alfstad holds 6,515 shares in Magnora ASA, which equals 0.01 percent of the issued shares and votes in the company. Mr. Alfstad holds 50,000 share options in Magnora ASA including the 50,000 options mentioned above.

Mr. Bård Olsen will be the Company’s permanent CFO. He will also take the position as Board member in Vindr and serve as company secretary in both Vindr and our offshore wind development project. Mr. Olsen brings over 20 years of controller and audit experience, and best practice from several industries. Mr. Olsen provides our renewable assets with active ownership services in IT, accounting, HR and administration in support of our portfolio companies. Mr. Olsen has been granted 25.000 options with a strike price of 8 NOK which gives him the right to acquire 25.000 additional shares in the Company. Vesting period is 3 years, and the options expire 5 years from vesting date. Mr. Olsen holds 16,000 shares in Magnora ASA, which equals 0.03 percent of the issued shares and votes in the company. Mr. Olsen holds 25,000 share options in Magnora ASA including the 25,000 options mentioned above.

Mr. Erik Sneve will be the Company’s permanent CEO. Mr. Sneve has been instrumental in the company’s strategic development process and acquisitions as well cost streamlining together with the Company’s board and owners. Mr. Sneve brings over 20 years of operational and investment experience from the energy, renewable (Statkraft, Hafslund and Eidsiva Energi) and technology industry. Mr. Sneve will work closely with the Board and the executive group to further strengthen our portfolio companies. Mr. Sneve will in addition develop strategic partnerships within the renewable industry. Mr. Sneve has been granted 50.000 options with a strike price of 8 NOK which gives him the right to acquire 50.000 additional shares in Magnora. Vesting period is 3 years, and the options expire 5 years from vesting date. Mr. Sneve’s total ownership directly and through affiliated ownership through close family and other accounts is 544,919 shares, which equals 1.04 percent of the issued shares and votes in the company. Mr. Sneve also holds 450,000 share options in Magnora ASA including the 50.000 options mentioned above.

Note that options are granted in accordance with and pursuant to the program approved at the 2019 AGM.