Elmera Group ASA

Investor Presentation • Feb 14, 2019

Today's agenda

Start - finish	Time (min)	Subject	Presenter
09:00 - 09:15	15	1. Financial update	Rolf Barmen/Birte Strander
09:15 - 09:40	25	2. CEO state of the union	Rolf Barmen
09:40 - 09:50	10	Q&A
09:50 - 10:10	20	3. Regulations and M&A	Arnstein Flaskerud
10:10 - 10:25	15	4. The Power market and the Fjordkraft Factory	Ingeborg Morken
10:25 - 10:35	10	Q&A
10:35 - 10:45	10	Break
10:45 - 11:00	15	5. Consumer segment	Christian Kalvenes
11:00 - 11:15	15	6. Business segment	Roger Finnanger
11:15 - 11:25	10	Q&A
11:25 - 11:30	5	7. Concluding remarks	Rolf Barmen
11:30 - 12:00	30	Lunch

Today's presenters and Fjordkraft management team

Today's presenters Broader management

Rolf Barmen Chief Executive Officer

Birte Strander Chief Financial Officer

Arnstein Flaskerud EVP - Head of Strategy and M&A

Christian Kalvenes EVP - Head of Consumer

Ingeborg Morken EVP - Head of Operations

Roger Finnanger

Alf Kåre Hjartnes EVP - Head of Technology

Jeanne Tjomsland EVP - Head of Group Marketing, Communications & HR

Solfrid Aase EVP - Head of Alliance

Q4 2018 HIGHLIGHTS

Rolf Barmen (CEO)

3

Highlights fourth quarter 2018

Strong performance in a competitive quarter

•		Adjusted net revenue was NOK 304.6m, +15% YoY
---	--	-----------------------------------------------	--	--	--	--	--

• Adjusted EBIT increased +12% YoY and was NOK 107.1m
• +14% YoY growth in deliveries, of which 2% organic

Quarter over quarter growth:

• Consumer & Business: +8,687
• Extended Alliance: -59
• Mobile Subscriptions: +4,763
• The Oppdal and Etne acquisitions successfully implemented during Q4 2018
• Gross revenue increasing +55% YoY, reflecting volume growth (+9%) and significantly higher elspot prices than last year (+56%)1

Key Highlights
2 # of deliveries (end of period)	Net change in # of deliveries
604 973	8 687
Increase of 14 % YoY	Of which org. growth: 2 108
3 Volume sold	Gross revenue
3 961 GWh	NOK 2 179,1m
Increase of 9 % YoY	Increase of 55 % YoY
4 Net revenue (adj.) 2	4 EBIT (adj.) K6
NOK 304,6m	NOK 107,1m
Increase of 15 % YoY 9	35 % Adj. EBIT margin (this q.) K7
EPS (reported)	K13NIBD (cash)
NOK 0,68	(NOK 131,2m)
Increase of 5 % YoY	K19NIBD/LTM EBITDA: -0,27

Sources: Company information

• 1) Arithmetic average difference in Nordpool's daily system prices in NOK between Q4 2018 and Q4 2017
• 2) Number of deliveries excl. Extended Alliance deliveries. Number of deliveries incl. Extended Alliance deliveries: 638,437
• 3) Not including Alliance volume. Volume turnover for alliance partners Q4 2018: 1,358 GWh

4) Adj. Net revenue and EBIT are reported figures adjusted for any estimate deviations on sales and distribution of electricity related to previous reporting periods and unallocated items (incl. unrealised gains and losses on financial derivatives, depreciations from acquisitions and non-recurring cost/revenue)

FINANCIAL REVIEW

Birte Strander (CFO)

Adj. net revenue and adj. EBIT by segment – quarterly

• Increase in adj. net revenue driven ~50/50 by improved margins and volume growth

• 5 pp adj. EBIT margin contraction YoY

• Volume growth accounting for ~60% of the adj. net revenue improvement

• 6 pp adj. EBIT margin improvement YoY, driven by scale and net revenue growth

• Adj. net revenue growth driven by Mobile

• Continued positive development in mobile margins - reduced data cost from Telenor with a positive impact
• YoY adj. EBIT improvement driven by Mobile

Sources: Company information

FULL YEAR 2018

Birte Strander (CFO)

Group performance stronger than expected

• Both successful M&A transactions and product margin improvement contributing to 18% growth in adj. net revenue
• Well above targeted, also adjusted for positive M&A effects
• 1 pp of the increase is related to New Growth Initiatives
  • ~50/50 contribution from Alliance and Mobile, driven by customer growth and margin improvements in the Mobile offering
• All time high adj. EBIT improvement driven by the Business segment
• Adj. EBIT margin better than expected, reaching a sustainable level of 36%

Adj. net revenue and adj. EBIT by segment – Full Year

| Capital Markets Day | 2019

competitive market

Sources: Company information 1) 2018 figures are not audited 2) All targets are on an organic basis

at a higher level than expected in a

• EBIT margin stronger than targeted, driven by net revenue performance

3) Implies an EBIT margin within the specified range, depending on interpretation

Performance vs financial targets1

		Status
Group 	Ambition to act as a consolidator in a fragmented market	 Three acquisitions in 2018
Acquisition	# of deliveries	Purchase price	Expected annual synergies 2018	Expected annual synergies 2019	Status
TrønderEnergi Marked	~61,200	278 NOKm	>5 NOKm	>15 NOKm
Oppdal Everk	~5,200	18 NOKm	–	~1 NOKm	 Synergies realized as expected in 2018  Well on track in 2019
Etne Kraftlag	~1,600	Confidential (at seller's request)	–	~0,5 NOKm
 Targeted to be in the area of NOK 35 – 40m annually on an organic basis over the next three  Cap.ex. In line with targets (34 NOKm) years
 Dividend 	Attractive and increasing dividend Target pay-out ratio of at least 80% (based on adjusted net income)		 Proposed dividend of 2.2 NOK per share2,3

2) Subject to approval at the annual general meeting

3) How the dividend is calculated:

[(Adjusted EBIT + net finance)*(1-average tax rate) – amortisation of acquisition debt]*pay-out ratio [(390 NOKm+5 NOKm)*(1-23.6%)-27.8 NOKm]*83.9%=229.9 NOKm, equivalent of a DPS of 2.2 NOK

CEO STATE OF THE UNION

Rolf Barmen (CEO)

Oslo, 14th February

Fjordkraft at a glance – a leading Norwegian electricity retailer for both consumer and business customers

1.4 million people are supplied with electricity from Fjordkraft!

Source: Company information 1) Number of deliveries and subscribers at the end of 2018

= Share of 2018 net revenues (adj.)

A highly successful strategy execution has resulted in an impressive profitability shift and net revenue growth

Source: Company information

1) NGAAP until 2015, IFRS for 2016 and 2017. 2016, 2017 and 2018 excluding estimate deviations, other gains & losses, special items and depreciation of acquisitions

Observations and fundamental beliefs

We observe that	We believe that
• Our industry is fragmented • Our business environment is becoming increasingly more complex • All retail business across all industries suffer from deflation sooner or later • All winning players across all industries possess competitive advantages	• We are in a pole position to act as the consolidator • Our products still need to be actively sold • Managing share of wallet and price elasticity is key to maintain profitability • We possess and are able to maintain well defined competitive advantages
	Our observations and our beliefs are transformed into a clear business plan and roadmap to growth

A highly fragmented industry – Fjordkraft ready to be the consolidator

We observe that We believe that

XXk = Number of electricity deliveries

Fjordkraft is positioned to take lead in the consolidation

Management and organisation with ambition to consolidate

Scale including 'Fjordkraft Factory' supporting ability to

Alliance offering building relations to regional / local utilities

Profile adding to attractiveness as partner to utilities

Substantial financial fire power

Listed shares as an attractive acquisition currency

Our observations and our beliefs are transformed into a clear business plan and roadmap to growth

Sources: Company information

Fjordkraft well positioned in an increasingly complex market

We observe that	We believe that
	• Complexity fuels consolidation
• Complexity increases	• GAAFA companies likely to search for partners like us
• Electricity needs to be sold	• Small disruptive players likely to search for partners like us
• Larger companies more profitable	• For big companies outside the industry,
• Lower tech barriers, increased commercial barriers, increased financial barriers	leveraging brand awareness and sales distribution systems into electricity retailing will not be accretive
	• Foreign competitors deciding to enter the Norwegian market, might find Fjordkraft attractive

Our observations and our beliefs are transformed into a clear business plan and roadmap to growth

Key focus areas to handle deflation

Our observations and our beliefs are transformed into a clear business plan and roadmap to growth

Competitive advantages supporting Fjordkraft's business plan

We observe that We believe that

• Winning players across all industries possess competitive advantages

• We have well defined competitive advantages:
• Brand
• Sales distribution system
• Large customer base
• "The Fjordkraft factory"

Our observations and our beliefs are transformed into a clear business plan and roadmap to growth

Securing profitability through the three «defensive lines»

Updated roadmap to growth – increased focus on M&A

Roadmap to growth 2019-2020

Financial targets for the next two years1

Group	 Targeting high-single digit net revenue growth on an organic basis  Targeting a stable EBIT margin on an organic basis  Ambition to act as a consolidator in a fragmented market
	 Growth Targeting mid-single digit net revenue growth on an organic basis
Consumer	 EBIT Targeted to gradually go down towards a sustainable level of slightly above 30% on an organic basis, driven by increased margin competition
	 Targeting around double digit net revenue growth on an organic basis Growth
Business	EBIT  Targeted to increase to above 55% on an organic basis, driven by scale effects margin
New growth initiatives	 Targeting substantial growth in number of customers in both Extended Alliance and Mobile  EBIT loss in 2019 targeted lower than 2018. Positive run rate EBIT expected from second half of 2020
Cap.ex.	 Targeted to be in the area of NOK 40m annually on an organic basis
Leverage	 Moderate leverage with variations intra-year due to seasonality in net working capital  Current balance sheet enabling substantial capacity to finance acquisitions
Dividend	 Attractive and increasing dividend  Target pay-out ratio of at least 80% of net income, adjusted for certain cash and non-cash items2

1) Base line for the financial targets is adjusted 2018 financials. All targets are adjusted figures

2) Adjusted EBIT + net finance – estimated tax – amortisation of acquisition debt

REGULATORY DRIVERS AND CONSOLIDATION

Arnstein Flaskerud (EVP Head of Strategy and M&A)

Oslo, 14th February

ELECTRICITY – REGULATIONS

The energy sector becomes more horizontal

Regulatory developments providing significant opportunities for large independent electricity retailers

Regulatory milestones in Norway

Sources: Company information

MOBILE – REGULATIONS

Market shares and the mobile regulation

• The market is regulated
• Telenor is obliged to provide access and call origination to other mobile operators
• No discrimination regarding price or technology
• Margin squeeze tests bi-annually to evaluate Telenor's pricing scheme
• New market regulation expected on hearing in April 2019
• We expect full effect in 2020

Sources: Company information

MERGERS & ACQUISITIONS

Ambitions & opportunities

Roadmap to growth 2019-2020

2 million (+0.8 million) people supplied with electricity from Fjordkraft

875k deliveries (+235k) through growing the customer base

Organic

Alliance

M&A

Vision / Target

• Continue leverage market leading brand and distribution capabilities
• Product development to expand market reach
• Capacity to expand alliance partner base on current Fjordkraft set-up
• Cost efficient operations and increasing investment savings attractive to partners
• Fjordkraft one of very few with scale and capacity to consolidate
• Market and regulatory developments supportive – increased push for consolidation

Drivers for consolidation

• Regulatory changes
• Merging of grid companies
• Merging of counties and municipalities
• Intensified competition
• Technology development
• Complexity and scale

The market is evolving in a direction of increased complexity in every part of the value chain - growing the need for scale

The M&A target is now 150k deliveries within the end of 2020

Market and competition are driving costs required for local players to compete

Incumbents are rigged for local competition – lack of national brand and distribution channels

Higher churn erodes their local markets shares and forces them out of their protected home markets

Building up a strong defense and adding more sales and customer service resources is costly

• Organization with ambition to consolidate
• Experience from acquiring and integrating portfolios
• The Fjordkraft Factory enables significant scale and synergy effects
• Listed shares as an attractive acquisition currency

Substantial potential for consolidation within electricity retailing in Norway

National players National (50- players 150k) (50-150k)	Typically have strong regional positions and national national players presence – facing increased competition from larger national players	Typically have strong regional positions and national presence – facing increased competition from larger Players Deliveries	≈ 10 ≈ 850'
Regional Regional players players (10-50k) (10-50k)	The smaller regional players typically have strong regional positions, that may be challenged by unbundling and increased regional consolidation	The smaller regional players typically have strong regional presence, that may be challenged by unbundling and increased local consolidation Players Deliveries	≈ 20 ≈ 400'
Local Local players players (<10k) (<10k)	Smaller local players with very good local customer relationships, but typically with limited scale and mass business to operate a profitable stand alone retail business	Smaller local players with very good local customer relationships, but typically with limited scale and mass to operate a profitable stand alone retail Players Deliveries	≈ 100 ≈ 250'

Sources: Company information

M&A methodology

Prospecting
	Strategic considerations
Company triggers	Competition		Brand
	Transaction structure
Portfolio acquisition			Company acquisition
	Valuation methods
DCF	Multiples	Benchmark	Churn out
	Cost synergies
	Due diligence
Financial	Legal		Commercial
	Transaction funding
Operations	FK shares Debt
SPA
Synergy realization
Evaluation

Key highlights from regulations and M&A

1	We expect that our M&A activities will fulfill a major part of our Roadmap to Growth
2	Regulations both in the electricity market and the mobile market are supporting Fjordkraft's growth strategy
3	The electricity market is highly fragmented and provides a substantial number of attractive prospects
4	Our M&A methodology secures both sustainable valuation and facilitates realization of synergies

THE POWER MARKET AND THE FJORDKRAFT FACTORY

Ingeborg Morken (EVP Head of Operations)

Oslo, 14th February

THE POWER MARKET

Managing the volatile power market and power trading right is important

The Nordic electricity wholesale market

The wholesale market consists of several markets where bids are submitted and where prices are determined:

• the day-ahead market
• the intraday market
• the balancing market

In addition to the system price, Nord Pool sets area prices, which take into account congestion in the grid

Norway has five bidding zones/ price areas

System price in the day-ahead market

Price determination is based on bids and offers from all market participants

The Nordic financial electricity trading market

Financial electricity trading can take place either bilaterally or on Nasdaq OMX Commodities AS (Nasdaq OMX) exchange

All contracts are settled financially without any physical electricity deliveries

At Nasdaq OMX, players can hedge prices for purchase and sale of 1 MW split by days, weeks, months, quarters and years

Financial products include

• future and forward contracts
• electricity price area differentials (EPAD)
• options

Power trading through partner

Our size and partner model give us unique advantages

Scalable and robust business model

		Risk exposure
	Consumer	Business
the exposure to the uncertainty of actual volume Volume risk –	Low	N/A
Electricity prices risk – the exposure to fluctuations in electricity area price	Low	Low
Foreign exchange risk – the exposure to currency fluctuations	N/A	N/A
Electricity Certificates risk – the exposure to fluctuations in electricity certificate price	Limited	Low
Financial counterparty risk – the exposure to counterpart not being able to settle hedging contracts	Low	Limited

Fjordkrafts overall approach to market risk

Fjordkraft seeks to reduce market risk to a low level Exposure to price volatility support margin upside

Sources: Company information

THE FJORDKRAFT FACTORY

A highly flexible and scalable "Fjordkraft factory"

Fjordkraft Factory overview

• Flexible platform for sale of intangible services
• Handling of new market and regulatory developments
• Scalable platform with capacity to handle bolt-on acquisitions
• Built on a Service Oriented Architecture
• Technology embedded to support new business models with increased commercial potential
• Support for continued innovation

A well-integrated service architecture

Sources: Company information

Proven cost efficient platform supporting growth ambitions and competitiveness

Operational efficiency – selected processes Daily operation for eight different brands

	Cost per invoice	# of invoices per month	Cost per relocation	# of relocations per year	Cost per new sale	# of new sales per year
In 2012	NOK 9.4	~200k	NOK 218	~8k	NOK 137	~40k
In 2017	NOK 5.501	~420k	NOK 122	~75k	NOK 68	~200k
In 2018	NOK 4.621	~500k	NOK 118	~80k	NOK 65	~190k
Cost saving		~ NOK 29m per year	~	NOK 8m per year	~	NOK 14m per year

Expecting further downward trend underpinning our competitive advantages

• Roll out of Extended Alliance, offering software as a service to six local and regional electricity producers in our alliance
• Yearly handling around 8.5 million invoices including mobile
• Yearly handling more than 27 million data transactions
• Expecting higher operational efficiency when Elhub is stabilized and "Oneinvoice" model is implemented

Sources: Company information

Key takeaways

1	Fjordkraft has a thorough governance to monitor risk
2	In the Power market - our size and partner model give us unique advantages
3	Overall Fjordkraft seeks to reduce market risk to a low level, but exposure to price volatility supports margin upside
4	A scalable and cost-effective Fjordkraft factory, expecting further downward cost trend underpinning our competitive advantages.

CONSUMER

Christian Kalvenes (EVP Head of Consumer)

Oslo, 14th February

The No.1 brand for electricity retailing in the Norwegian consumer market

Source: Company information, TNS Kantar, Norsk Kundebarometer

• 1) Net revenue 2018 based on IFRS unaudited figures
• 2) Based on market share and customer awareness data from Kantar TNS Energibarometer Q4 2018
• 3) Scores from Norsk Kundebarometer, using average customer satisfaction from 2015-2017 for the top 5 Nationwide electricity retailers 4) Equivalent to the number of deliveries to all electricity meters. One customer may have multiple electricity meters
• 5) Only includes customer and business segments
• 6) Digital Leaders 2019 by Bearingpoint
• 7) Based on number of deliveries end of Q4 2018 and total market size from NVE's Q3 report

How we categorize our competitors in the electricity retail market

Local	• Located all over Norway, but operates in small geographical areas
Regional	• Located all over Norway and operates in relatively large geographical areas
National	• Located and operates all over Norway. Our toughest competitors are found in this category
Niche	• Located and operates all over Norway. Challenges the current market situation with new concepts and technology

An industry leading distribution platform, addressing customers through a national omnichannel strategy

Targeting a balanced split between internal and external distribution

• Support diversification and reduce risk
• Optimise profitability per channel also through benchmarking
• Multiple partners within the external categories to lower risk and remain well positioned versus competitors
• Fjordkraft way of sales
• Strong focus on high quality and followup of both direct and indirect sales channels
• All sales personnel are certified by Fjordkraft

Source: Company information

Consumer segment business model with limited risk

Product characteristics • The customers price follows the Nord pool spot price • Can lead to large variations during the month • 5 different price zones across the country Why customers choose these products? • Can handle price volatility prices Why customers choose these products? • Less uncertainty, more price stability and predictability Spot price Grid rent Net revenue Taxes Total price to end-customers 43% 30% 7% 20% 100% Spot price contracts Variable price contracts ILLUSTRATIVE Price to end-customers

Spot 51 %

• Targeting a balanced split between Spot and Variable products
• Product management that controls which products are sold in which distribution channels
• Price volatility and price management support margin upside

Sources: Company information, SSB

Variable 49 %

| Capital Markets Day | 2019

Product characteristics

• Fixed price for up to 14 days
• More steady and predictable
• One price across Norway

A differentiated, market leading offering with attractive prices and popular value added-services addressing consumer demands

Well-tailored service offering

Electricity supply agreements with add-on services

Differentiated offering of electricity supply agreements matching the customers' various needs and preferences with respect to risk and flexibility

Standard pricing plans

• Spot with a fixed margin to observed spot price
• Variable with up to 14 day pre-set (fixed) prices

Add-ons to agreements

• Price caps
• Competitor guarantees
• Renewable electricity
• Loyalty bonuses
• EuroBonus

Value adding services

• Home charger
• Solar panels
• Insurance
• Payment solutions

| Capital Markets Day | 2019

Fjordkraft's solid marketing muscle and distribution reach supporting growth in a dynamic consumer market

A

B

• Customer switching driven by sales and marketing activities by suppliers, and from consumers moving homes
• Fjordkraft's solid marketing muscles and distribution reach/quality with a decisive impact on organic growth
• Electricity retailing market experiencing increasing churn rates

High churn rates… …supporting growth and optimizing customer mix

• Churn resulting from a competitive market with Fjordkraft and other electricity retailers focusing on winning new customers represents some ~2/3 of gross customer losses
• Customer loss in connecting with relocations represents some 1/3 of gross losses (a customer moving is recorded as lost regardless of new contract at new home / win-back)
• Very small part (<5%) of gross customer losses resulting from defaulting customers C
• Customer wins through sales- and marketing campaigns, launch of new (value added) services and focused comeback and win-back activities – also related to relocations D

…including high market driven churn1

Source: Company information, SSB 1) Market churn figures from NVE

Expanding service offering to leverage the Fjordkraft brand and strengthen customer relations

Mobile service launched April '17

• Introduced as a value enhancing service to electricity customers
• Focus on offering attractive price plans for existing and new electricity customers
• Mobile subscriptions sold through digital channels as well as through traditional customer service and telemarketing efforts
• Reached ~66,000 customers year-end 2018, targeting to each >125,000 by end of 2020

Financial target

Targeting positive run rate EBIT in second half of 2020

Illustration of offering

Mobile offerings has a massive impact on churn, customer satisfaction and loyalty

Still too early to conclude, but preliminary analyses show more than 50% reduced electricity churn for customers with both electricity and mobile subscription from Fjordkraft

1) EPSI rating 2018

Key takeaways

1	The no 1 electricity retail brand in the consumer segment
2	Industry leading nationwide distribution platform and omnichannel strategy
3	Market leading value proposition addressing differentiated consumer needs
4	Large retention toolkit spearheaded by market leading mobile offering that's making massive impact on churn, customer satisfaction and loyalty

Targeting mid-single digit net revenue growth and an EBIT margin slightly above 30%

BUSINESS

Roger Finnanger (EVP Head of Business)

Oslo, 14th February

A brief look at the Business segment

The Business segment comprises energy sales and services to small and large businesses and public entities, with access to all financial instruments allowing tailor made solutions catering all different needs Business segment in brief + 30,000 businesses NOK 291m 75.7 thousand 27% 13% 1,884 GWh 48% A leading market position Selected customers The most attractive electricity retailer for business customers4 No. 1 ranked customer service for business customers5 A leading brand position with 95% brand awareness and high top-of-mind share4 A leading market position with > 75,000 deliveries and >30,000 business customers4 Net revenue adj.1 Number of electricity deliveries2 Volume (GWh)3 Market Share4 The largest supplier to municipalities #2 #2 #1 #1 #1 21 %

Source: Company information, TNS Kantar

• 1) 2018 financials
• 2) Number of deliveries at the end of 2018
• 3) Volume sold in 2018
• 4) Based on number of deliveries at the end of 2018 and market size from NVE's Q3 2018 report
• 5) TNS Kantar Q3 2017 business segment report
• 6) EPSI Strømhandel BM 2017

Our main competitors are divided between local, regional and national players in the electricity retail market

Selected local/regional players

National players

An industry leading distribution platform, addressing customers with hands on advisory capabilities

• Sales force localised across the country (Oslo, Bergen, Stavanger, Sandefjord and Trondheim), with operational focus covering the whole of Norway
• Broad focus– one of the few vendor focusing on all segments
• Large sales force working with the business customer portfolio
• Customer service team providing highquality advisory services to business customers
• Access to trading competence and products
• Close follow-up of customers according to preferred frequency
• Economies of scale enabled by the Fjordkraft Factory

Source: Company information

Attractive offering to all sorts of businesses

Electricity supplier selection criteria		Fjordkraft's offering to address criteria
• • •	Competitive terms Predictable and correct invoicing Consumption reports	• Flexible and tailored solutions for large customers • Products for all risk profiles for SMEs
•	Flexible solutions	• Value added services such as reporting systems and climate management tools ("Min Bedrift")
•	Experience and competence in energy trading	• Energy labelling & energy mapping
•	Follow-up meetings and counselling	• Climate reporting tool

Customers' willingness to pay increases through differentiated services, follow-up meetings and counselling

A balanced product mix through varied product offering

Source: Company information 1) Based on number of deliveries at the end of the year

A professional and attractive partner through value added services

Fjordkraft's solid marketing muscle and distribution reach supporting growth in a dynamic business market

Important measures to reduce churn

Systematic training of sales resources to increase hit rate

Increase the market penetration of additional services to strengthen customer satisfaction and loyalty

Implementing switching barriers in all sales channels

Source: Company information, NVE 1) Market churn figures from NVE

Key takeaways

Fjordkraft – Summary investment highlights

1	Operating in the attractive Norwegian electricity retailing market with an unparalleled demand profile and a level playing field favouring strong national brands such as Fjordkraft
2	A proven business model providing 'need to have' electricity combined with sought after value-added services - supporting differentiation and margin robustness
3	The leading and most recognized electricity retail brand in Norway
4	Unmatched platform for distribution of best in class service offering to consumer and business customers across Norway
5	Strong competitive advantages and a robust platform for further organic and bolt-on acquisition driven growth
6	Attractive financial profile based on a robust business model with limited capital expenditure requirements resulting in solid add-on acquisition- and dividend capacity