Aker Horizons — Investor Presentation 2021

Oct 26, 2021

Third-quarter results 2021

26 October 2021

Disclaimer

This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Horizons ASA and Aker Horizons ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "intends", "may", "outlook", "plan", "strategy", "estimates" or similar expressions. Forward-looking statements include all statements other than statements of historical facts, including with respect to Covid-19 pandemic and its impacts, consequences and risks. You should not place undue reliance on these forwardlooking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Horizons' businesses, market acceptance of new products and services, changes in governmental regulations, actions of competitors, the development and use of new technology, particularly in the renewable energy sector, inability to meet strategic objectives, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the presentation. Although Aker Horizons ASA believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. Aker Horizons ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither Aker Horizons ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. Any forward-looking statement and any other information included in this presentation speaks only as of the date on which such statement is made, and except as required by applicable law, we undertake no obligation to update any of these statements after the date of this presentation.

This presentation is being made only to, and is only directed at, persons to whom such presentation may be lawfully communicated ("relevant person"). Any person who is not a relevant person should not rely, act or make assessment on the basis of this presentation or anything included herein. This presentation does not constitute an offering of any of the securities described herein.

The Aker Horizons group consists of many legally independent entities, constituting their own separate identities. In this document we may sometimes use "Aker Horizons", "Group, "we" or "us" when we refer to Aker Horizons companies in general or where no useful purpose is served by identifying any particular Aker Horizons company.

Agenda Main developments Aker Horizons in brief Portfolio update Mainstream Renewable Power update Financials Summary Q&A 1 2 3 4 5 6 7

Main developments

Aker Carbon Capture progressing Carbon Capture as a Service

MoU with Carbonor to collaborate on low-emission char with Carbon Capture as a Service Partner with Viridor to explore use of Just Catch at five waste-to-energy sites combined with two bespoke CCS plants Equity issue of NOK 840m at NOK 22 per share to realize and commercialize Carbon Capture as a Service

Aker Clean Hydrogen continuing to mature pipeline

Secured competitive long-term power agreement for the Rjukan project Signed MoU with TuNur to establish a clean hydrogen and ammonia value chain in Tunisia Formally launched HEGRA with Yara and Statkraft to develop a green ammonia facility removing 800,000 tons CO2 p.a.

Aker Offshore Wind taking further steps to mature and grow its portfolio

AOW and Mainstream together selected as preferred bidder in floating offshore wind opportunity in Japan Submitted ScotWind bid with partner Ocean Winds for up to 6 GW of floating wind Established JV with Hexicon in Sweden to develop at least three sites for floating offshore wind

Mainstream ramping up energy production and reaffirming leading position in Chile

Condor (591 MW) on track to complete construction by the end of 2021 Awarded the highest tariff in the latest Chile DisCo tender New 1 GW hybrid wind and solar platform launched with long-term bilateral private PPA signed

Aker Horizons strengthening financial position and industrial footprint

Financial position strengthened through sale of ACC shares for NOK 1bn and increased committed RCF of EUR 100m In advanced discussions to establish Energy Transition Fund as first step into planet-positive asset management Aker Horizons to establish green industry hub in Northern Norway

4

Portfolio development

Net asset value development

NOK billion, 30 June – 30 September 2021

Recent events			8 July	16 August		7 October
			Partnership with	HEGRA formed	8 September	Huemul portfolio in
	4 May	4 June	Ocean Winds for	together with equal co	New consortium	Chile earns award
	Exploring hydrogen	Hege Brende appointed	floating offshore wind	owners Statkraft and	formed to deliver CCS	recognition for
	production facility	CEO of Rainpower	energy in Scotland	Yara to electrify and	solutions for gas	financing and
	opportunities in Aukra			decarbonize the	fired power stations	innovation
				ammonia plant at	in the UK, to work
	11 May	14 June	9 July	Herøya, Norway	closely with ACC
		Aker, bp and Statkraft	Energization of 574			7 October
	Aker Horizons closes	join forces for offshore	MW Condor portfolio		8 September	Plans to utilize
	transaction to acquire Mainstream	wind in the Norwegian	in Chile	12 August	JV with Hexicon for	Scotland's first
	Renewable Power	North Sea		Successful private	development of	offshore wind underwater
				placement of NOK	floating wind offshore Sweden	substation as part of	1,108
			9 July	840m to fund		ScotWind bid
	20 May	18 June	MoU with Carbfix and	accelerated growth			employees and
	Uplisting from	Uplisting to the main	Elkem on CCS in		8 September		hired-ins across
	Euronext Growth to	list of Oslo Børs,	Iceland	12 August	MoU with Carbonor	11 October	Aker Horizons1
21 April	main list of Oslo Børs	qualifies for OTCQX		Preferred bidder to	to collaborate on	Fund manager Baillie
Conversion to		trading in the US		acquire initial	production of low	Gifford increases
public limited	27 May		12 July	stake in Progression	emission char with	ownership to 12.59%	17k
company	Industry veteran	28 June	Launches Carbon	Energy's 800 MW	Carbon Capture as a	through transaction
	Philippe Kavafyan	Grows footprint in	Capture as a Service;	floating offshore wind	Service	with Aker Horizons	Aker Horizons
	appointed CEO of Aker	Vietnam with 405 MW	Carbon capture made easyTM	project in Japan			shareholders
22 April Collaboration with	Offshore Wind	solar PV acquisition			29 September	19 October
University of				2 August	Opening of the	Partners with Viridor
Strathclyde on	27 May	30 June	20 July	ScotWind bid with	Herand run of river	to accelerate	35
recycling glass fibre	Kristian M. Røkke	Financial close of	New hybrid 1 GW	Siemens revives	hydropower plant –	decarbonization at	~NOK bn
in end-of-life wind	appointed Chairman	148.5 MW Copihue	platform in Chile,	supply chain-led	a 20 MW electrical	multiple waste-to	combined market caps
turbine blades	of Mainstream	portfolio in Chile	Nazca Renovables	partnership	mechanical delivery	energy sites in the UK	of Aker Horizons'
April	May	June	July	August	September	October	platforms2

6

Aker Horizons to establish green industry hub in Northern Norway

Agreed to acquire several sites of strategically located land in Narvik for total consideration of NOK 200m

Aker Horizons to invest NOK 90m through a private placement in Narvik Batteri AS, a company aiming to develop a site in Narvik for battery production 1

Narvik region offers several benefits:

• Access to some of Europe's lowest priced renewable energy
• Excellent transportation connections for export including road, rail and port facilities
• Industry and community committed to the energy transition

Ambition to utilize Aker Horizons' capabilities across industries such as hydrogen, carbon capture and renewable energy, as well as other green industries

7

In advanced discussions to establish Energy Transition Fund as first step into planet-positive asset management

Aker Horizons is uniquely positioned to generate attractive investment opportunities for institutional investors based on access to planet-positive projects, industrial capabilities and technology

In advanced discussions with a leading global financial services provider as potential anchor investor in EUR 1bn fund

Inaugural fund to focus on infrastructure assets related to carbon capture, hydrogen and electrification

Asset management offers several benefits to Aker Horizons:

• Scales our impact
• Long-term, committed capital to realize planet-positive projects
• Fee-based business model

High power prices could accelerate the energy transition

Continental European power prices have surged in recent months

CO² price increase responsible for less than 10% of the power price increase from 2020

Prices in European power markets still predominantly set by gas and coal, even with increasing share of renewables

Elevated gas prices likely to incentivize increased investments in renewables

IEA World Energy Outlook stating that underinvestment in renewable energy will lead to volatile prices going forward

EUR/MWh German power prices*

Aker Horizons in brief

2.

Planet-positive purpose + industrial & financial capabilities = attractive shareholder returns

Planet-positive – purpose driven, building businesses that have a major positive, net impact on the environment

Industrial edge – benefit from the Aker group's 180 year heritage and industrial scale including technology development, engineering capabilities and partnerships

Shareholder mindset – smart capital management for ambitious growth plans, value per share focus

Aker Horizons' portfolio addresses several key levers to reach net-zero

Aker Horizons ecosystem

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Our 2025 ambition

1. Total capital investments originated by Aker Horizons and platform companies, before sell-downs. For other projects, Aker Horizons' or platform companies' pro rata share of project 2. Where 10 Mt CO² eq. will come from CCUS and ~15 Mt CO² eq. will come from avoidance of emissions from electricity generation, assuming 35% capacity factor on renewable capacity and 475g/kWh carbon intensity

14

Sustainability integrated in all we do

Sustainability commitments across four core themes

Planet-positive impact

• Our investment thesis is grounded in a desire to be planet-positive
• We commit to accelerating net zero

Respect for people

• We are dedicated to respect for human rights
• We ensure diversity, inclusion and a secure working environment

Prosperity for all

• We strive for our solutions to contribute to reduced economic inequality
• We engage in science, technology and innovation to support our sustainability agenda

Good governance

• We ensure good corporate governance throughout our organization
• Planet-positive impact is a top strategic priority

Since 2021 Aker Horizons has been committed to the UN Global Compact corporate responsibility initiative and its principles in the areas of human rights, labor, the environment and anti-corruption

Incorporated into responsible investment decisions and active ownership measures

3. Portfolio update

Portfolio overview

1. Aker Horizons sold 42.0 million shares in ACC post-quarter, reducing ownership from 49.3% to 42.3%, for a cash consideration of NOK 1 billion 2. See slide 38 for more detail Note: Values as of 30 September 2021

1. Aker Horizons sold 42.0 million shares in ACC post-quarter, reducing ownership from 49.3% to 42.3%, for a cash consideration of NOK 1 billion

Note: Values as of 30 September 2021

Aker Carbon Capture

Business model

• Pure-play carbon capture company with certified market-leading proprietary technology
• Delivers ready-to-use carbon capture plants utilizing best-in-class HSE friendly solvent and patented plant technologies

Q3 highlights

• Partnership with Carbfix to cooperate on offering the full CCS value chain
• MoU with Carbonor to collaborate on low-emission char with Carbon Capture as a Service (CCaaS)
• Partner with Viridor to explore use of Just Catch at five waste-to-energy sites combined with two bespoke CCS plants
• NOK 840m equity issue at NOK 22 per share to realize and commercialize CCaaS

Ownership agenda

• Accelerate and support securing the first contracts for CCaaS, including structuring and financing
• Explore partnerships and M&A across the entire CCS value chain
• Deep understanding of carbon credit markets

Investment value NOK 8.2 billion 36% of AH GAV

Market cap NOK 16.7 billion

Aker Horizons ownership 49.3%¹ 25,248 shareholders

122 own employees and contractor FTEs

Target contracts to secure 10 Mt CO² p.a. by 2025

Aker Clean Hydrogen

Business model

• Leading the industrialization of clean hydrogen production as an integrated clean hydrogen producer with unique end-to-end asset integration and optimization capabilities
• Develops, builds, owns and operates clean hydrogen and ammonia facilities

Q3 highlights

• Secured competitive long-term power agreement for the Rjukan project
• Signed MoU with TuNur to establish a clean hydrogen and ammonia value chain in Tunisia
• Formally launched HEGRA with Yara and Statkraft to develop a green ammonia facility removing 800,000 tons CO² p.a.

Ownership agenda

• Develop existing and new strategic partnerships
• Promote hydrogen as an enabler of green end-to-end value chains
• Develop optimal financing models to support 5 GW ambitions to 2030

Investment value NOK 3.4 billion

Market cap NOK 4.4 billion

Aker Horizons ownership 77.2% 5,232 shareholders

65 own employees and contractor FTEs

1.8 GW net capacity in projects and prospects

Note: Values as of 30 September 2021

3.5 GW global portfolio of net capacity

20

Aker Offshore Wind

Business model

• Pure-play offshore wind developer with focus on deep-water assets. Sources, develops and operates offshore wind projects
• Uses technology and the Aker group's long-standing leading position in offshore development as competitive advantages

Q3 highlights

• AOW and Mainstream together selected as preferred bidder in floating offshore wind opportunity in Japan
• Submitted ScotWind bid with partner Ocean Winds for up to 6 GW of floating wind
• Established JV with Hexicon in Sweden to develop at least three sites for floating offshore wind

Ownership agenda

• Support development of strategic partnerships
• Growing pipeline organically and through M&A
• Utilizing Aker group experience to significantly reduce LCoE

Investment value NOK 1.7 billion

7% of AH GAV

Market cap NOK 3.3 billion

Aker Horizons ownership 51% 30,347 shareholders

126 own employees and contractor FTEs

Mainstream Renewable Power

Business model

• Leading renewable energy company with a global footprint
• Best-in-class in-house capabilities across entire asset lifecycle
• High quality pipeline underpinning growth; multi-tech & -geography platform
• Continuous growth in scale across existing and new markets
• Leading expertise in hybridization and creating dispatchable renewable power

Q3 highlights

• ScotWind partnership with Siemens revives successful supply chain-led cooperation
• Awarded the highest tariff in the latest Chile DisCo tender
• New 1 GW hybrid wind and solar platform launched with long-term bilateral private PPA signed

Ownership agenda

• Accelerate growth through maturing development pipeline and additional M&A
• Drive synergies with Aker Offshore Wind and Aker Horizons' digital program
• Extend business capabilities and footprint to become a Renewable Energy Major

Investment value¹ NOK 7.7 billion

Acquisition price EUR 900 million² Privately held

Aker Horizons ownership 75%

513 own employees and contractor FTEs

16.2 GW asset portfolio

1. See slide 38 for more detail 2. 100% basis Note: Values as of 30 September 2021

Mainstream Renewable Power Mary Quaney, Group CEO

4.

Mainstream Renewable Power

Independent renewable energy developer with a global footprint

Q3 highlights

New 1 GW Platform in Chile

Nazca hybrid wind and solar platform Construction expected of first portfolio to begin mid-2022 DisCo tender win adds another building block for second portfolio

Partnerships for offshore expansion

ScotWind partnership with Siemens revives successful supply chain-led cooperation

Japan offshore acquisition with Aker Offshore Wind

Well positioned for upcoming auctions

Submitted bids under Round 5 of South Africa's renewable energy procurement program

16.2 GW portfolio of projects

Addition of new earlystage development projects in Chile, South Africa and Colombia

Global portfolio of wind and solar assets

Regional platforms in high-growth markets

1. The Tchamma project has benefitted from a technical optimization resulting in an additional 18 MWs of capacity 2. Aela assets shown as net MWs 3. As of 30 September 2021

1. The Tchamma project has benefitted from a technical optimization resulting in an additional 18 MWs of capacity

New Nazca 1 GW Hybrid wind and solar platform

Latin America

• Wind and solar farms divided into three portfolios

Reaffirming leading position in Chilean market

• Exploring incorporating hybrid solutions such as storage systems with large-scale batteries
• Humboldt: Long-term bilateral Power Purchase Agreement (PPA) in place. Construction expected to begin in mid-2022
• Raco: Tender win of 105.8 GWh @ USD 31/MWh, more PPAs to be added

Portfolio	MW	PPA
Humboldt	298	Secured
Raco	368	Part secured
Terral	275	In progress
Total	c1.0 GW

Andes Renovables 1.4 GW Platform on track

• Condor (591 MW¹ ) on track to complete construction by end of this year
• Huemul (630 MW) and Copihue (148.5 MW) on track to complete construction in 2022 – 23

Key market Regional HQ Offshore wind Local office Onshore wind Solar # Employees³ New market

26

• Mainstream awarded highest price @ USD 31/MWh : ~2.1x price of lowest bid (~USD 14/MWh)
• Volume awarded: 105.8 GWh
• The Disco PPA is a key building block for the Raco portfolio together with further PPAs being procured

Asia Pacific

Recent acquisition in Japan adds to attractive pipeline in fast-growing region

Japan Offshore Acquisition with AOW expanding our growing offshore wind footprint in the APAC region

• Preferred bidder for initial 80% stake in Progression Energy's 800 MW floating offshore wind project
• Well-formed early-stage development asset
• Japan to expand offshore wind capacity to 10 GW by 2030 and 30-45 GW by 2040; project areas for offshore floating wind will be put to auction

Regional key attractions

• Regional capacity of renewable energy is expected to triple by 2050
• 2.3 GW (gross) Vietnamese pipeline worth of solar and offshore wind projects
  • − 70% stake in 1.4 GW Soc Trang Offshore Wind Farm, one of largest in region (first 200 MW targeting financial close in H1 2022)
  • − 70% stake in 500 MW Ben Tre Offshore Wind farm
  • − 80% stake in 405 MW portfolio of solar projects in Dak Nong province in Vietnam targeting financial close in 2022

Africa

High quality portfolio, strong track record in renewable energy auctions

SA Round 5 bid submitted

• Bids submitted 16 August under Round 5 of South Africa's renewable energy procurement program
• Competitive auction due to highly attractive market
• Round 5 results expected this quarter, with Round 6 expected to be launched by year-end

Well positioned in South Africa for upcoming auction

• 9 GW of 100% owned projects
• Strong track record in renewable energy auctions 848 MW won to date over Rounds 1, 3, 4
• Significant opportunity set within bilateral PPAs with corporates and municipalities

Pan African platform Lekela Power

• Lekela platform has over 1 GW (gross) under construction or operational
• Mainstream operates all of Lekela's operational projects in South Africa totalling 610 MW across 5 projects

Offshore: ScotWind

Reviving highly successful supply chain-led partnership with Siemens

Partnership behind the UK's biggest offshore wind supply chain success story in Hull and the Humber seeks to repeat success in Scotland

Hornsea, developed and consented by Mainstream and Siemens, is now the largest offshore wind farm in the world

Mainstream also developed and consented the 450 MW Neart na Gaoithe offshore wind farm in Scotland

Day-one agreements with world-leading equipment suppliers Siemens Gamesa and Siemens Energy will support the development of a competitive, indigenous supply chain from the outset

The consortium seeks to accelerate Scotland's energy transition and will work with local communities and industries to provide a platform for long-term growth

Digitalization

Multi-year program to unlock value across full value chain

Mainstream will leverage digital solutions across the full value chain from feasibility, through development, construction and operations, to:

• Minimize LCoE
• Create flexible energy solutions for customers
• Generate sustainable new revenue streams

Mainstream and Cognite/Aize have collaborated on a digital strategy project since June – work will continue under the electron program through 2021 and beyond, leveraging digitalisation work ongoing across Aker Horizons

First software development will focus on the operations phase of projects in support of large volume of Mainstream projects entering commercial operation

Building interactive platform for O&M activities for Mainstream's fleet – enabling condition monitoring and predictive maintenance to maximize uptime

Power-to-X

Mainstream and Aker Clean Hydrogen collaborating on green hydrogen and ammonia production

Chile has a stated ambition to produce the most cost-efficient green hydrogen in the world by 2030

Collaboration combines Aker Clean Hydrogen's project development capabilities and Mainstream's position as a leading renewable energy developer in Chile

Mainstream brings 1 GW of its wind and solar asset pipeline to this partnership, thereby taking a leading role in the decarbonisation of the energy, industrial and mining sectors in Latin America

Mainstream is well positioned to capitalise on opportunities through extensive local competence, high-quality portfolio and established relationships in the country

13-year track record

Mainstream positioned for period of accelerated growth as part of Aker Horizons

High levels of planned activity across all regions

Building a Renewable Energy Major

Extensive track record and end-to-end capabilities as a global development platform

High quality pipeline underpinning growth; multi-tech and multi-geography platform

Continuous growth at scale, bringing 5.5 GW to financial close by 2023

Significant expertise/experience in fast growing offshore wind business

Leading expertise in hybridization at scale and creating dispatchable renewable power

5. Financials

Aker Horizons and holding companies per Q3 2021 NOK million

Income statement
Operating revenue	39
Operating expenses	(85)
EBITDA	(46)
Value change	(1,352)
Net other financial items	(104)
Profit (loss) before tax	(1,502)

Balance sheet
Interest-bearing assets	26
Investments1	20,221
Current operating assets	38
Cash and cash equivalents	170
Assets	20,455
Equity	13,891
Interest-bearing debt	6,473
Non-interest bearing debt	91
Equity and liabilities	20,455

Q3 2021	Balance sheet	Q3 2021	Cash flow statement	Q3 2021
	Interest-bearing assets	26	Cash flow from operating activities	(83)
	Investments1	20,221
	Current operating assets	38	Payment for shares in subsidiaries	(226)
	Cash and cash equivalents	170	Cash flow from investing activities	(226)
	Assets	20,455
			Proceeds from new borrowings, net of fees	190
	Equity	13,891	Cash flow from financing activities	190
	Interest-bearing debt	6,473	Total cash flow in the period	(119)
	Non-interest bearing debt	91	Revaluation of cash and cash equivalents	(1)
	Equity and liabilities	20,455	Cash in the beginning of the period	290
			Cash and cash equivalents 30 Sept 2021	170

Portfolio composition

NOK million

			Per 30 Jun 2021		Per 30 Sep 2021
		Aker Horizons %	NOK million	Aker Horizons %	NOK million
Platform investments	Aker Carbon Capture	51.0%	5,714	49.3%	8,219
	Aker Clean Hydrogen	77.2%	4,325	77.2%	3,374
	Aker Offshore Wind	51.0%	1,911	51.0%	1,690
	Mainstream Renewable Power1	75.0%	7,711	75.0%	7,713
Sunrise portfolio	REC Silicon	24.7%	1,729	24.7%	1,211
	Rainpower	100.0%	109	100.0%	134
	SuperNode	49.9%	48	49.9%	48
	Cash and other assets2		351		234
	Gross asset value3		21,897		22,620
	Liabilities4		(6,291)		(6,564)
	Net asset value		15,606		16,056

1. Acquisition price of EUR 900m on 100% basis, plus day-one equity injection of EUR 109m on 100% basis

2. Cash of NOK 170m and other assets of NOK 64m per Q3 2021

3. For listed portfolio companies, market values are applied. For unlisted, book values are applied

4. Interest-bearing debt of NOK 6,473m and other liabilities of NOK 91m per Q3 2021. Interest-bearing debt is booked net of fees. For the convertible bond, NOK 348m was booked as equity at inception

38

External financing

NOK million

Overview of financing facilities

Debt Total facility Key terms Subordinated shareholder loan NOK 2,000m 6.0% coupon per annum, with deferral option against a 1.0% deferral fee Subordinated convertible bond NOK 1,500m 1.5% coupon per annum (PIK). Initial conversion price at NOK 43.75 per share Senior unsecured green bond NOK 2,500m 3m NIBOR + 325 bps coupon per annum Revolving credit facility EUR 400m (EUR 500m post-quarter) The RCF was upsized from a committed facility of EUR 400m to a committed facility of EUR 500m in October. A new accordion option of EUR 100m was further added. 2021 2022 2023 2024 2025 2026 4,066 RCF Shareholder loan Green bond Convertible bond 1

Debt maturities NOK million

3,500

2,000

2,500 1,500

Liquidity and net interest-bearing debt NOK million

Cash and undrawn RCF as of 30 September 2021 NOK million

170 Undrawn RCF Cash and undrawn RCF 30 September 2021 Cash 3,476 3,306 Cash 170 Debt Net interest-bearing debt 30 September 2021 3,306 6,473 6,303 Interest-bearing debt Undrawn RCF

Net interest-bearing debt as of 30 September 2021 NOK million

Capital structure

NOK billion

30 September 2021

41

Summary

• Industrial progress across Aker Horizons' portfolio 1
• Major step in Northern Norway to develop circular industrial park as a holistic Aker Horizons project 2
• Mixed share price performance of listed assets during quarter 3
• Further strengthened Aker Horizons' financial position 4

Q3 Reflections Strategic priorities

• Rapid expansion across portfolio companies business development, partnerships, M&A 1
• Building a Renewable Energy Major through Mainstream 2
• Maturing asset management as a new business segment, with initial focus on launch of an Energy Transition Fund 3
• Mobilizing the Aker Horizons ecosystem to successfully establish new green value chains for power-intensive industry 4

Additional information

Aker Horizons share

Aker Horizons Net Asset Value

Per 30 September 2021, NOK million

	No.	Share	Market	AH %	AH	Per AH
	shares	Price	Cap	ownership	Value	share
Aker Carbon Capture	604.2	27.60	16,677	49.3%	8,219	14.2
Aker Clean Hydrogen	687.8	6.35	4,369	77.2%	3,374	5.8
Aker Offshore Wind	678.7	4.88	3,312	51.0%	1,690	2.9
REC Silicon	372.4	13.16	4,901	24.7%	1,211	2.1
Listed assets			29,258		14,493	25.0
Non-listed assets			Book Value	AH % ownership	AH Value	Per AH share
Mainstream			10,284	75.0%	7,713	13.3
Other					181	0.3
Unlisted assets					7,894	13.6
Cash and receivables					234	0.4
GAV					22,620	38.9
Liabilities					(6,564)	(11.3)
NAV					16,056	27.6

Mainstream financial information

Mainstream mgmt. accounts as reported 1 in AKH (EURm)	Q1 2021	Q2 2021	Q3 2021	2021 YTD
Revenue	14.2	13.0	25.6	52.8
Operating profit (loss)	(17.9)	(56.7)	(22.3)	(96.9)
Net profit (loss)	(22.8)	(62.5)	(34.6)	(119.8)
Total assets	1,436.0	2,175.82	2,495.7	2,495.7

Highlights

• Income Statement is reflective of the principal 2021 activities of development and construction of projects
  • Q2 2021 loss includes c. EUR 43m of once off transaction costs on Company sale
  • Balance of 2021 YTD loss is driven by overhead, non capitalized project spend and other items
  • Company does not "mark to market" asset values for P&L purposes, as a result P&L is not immediately reflective of value creation through the development and construction process
• Total assets step up in Q2 following Company acquisition. In addition to acquisition, growth in Total assets illustrates Mainstream's ongoing shift to a Renewable Energy Major with balance sheet increases
• Andes Renovables portfolio in Chile the most significant component of Total assets, with the balance largely split across goodwill, cash, inventory and other items

Mainstream project portfolio overview

Plants in operation	Country	Technology	Gross Capacity MW	Economic Interest	Net Capacity MW
Sarco	Chile	Onshore Wind	170	40%	68
Aurora	Chile	Onshore Wind	129	40%	52
Cuel	Chile	Onshore Wind	33	40%	13
Perdekraal East	South Africa	Onshore Wind	110	7%	8
Noupoort	South Africa	Onshore Wind	79	5%	4
Loeriesfontein 2	South Africa	Onshore Wind	138	5%	7
Kangnas	South Africa	Onshore Wind	140	7%	10
Khobab	South Africa	Onshore Wind	138	5%	7
Taiba N'Diaye	Senegal	Onshore Wind	159	12%	20
Total			1,096	17%	189
Under construction	Country	Technology	Gross Capacity MW	Economic Interest	Net Capacity MW
Alena	Chile	Onshore Wind	86	100%	86
Tchamma	Chile	Onshore Wind	175	100%	175
Cerro Tigre	Chile	Onshore Wind	185	100%	185
Rio Escondido	Chile	Solar PV	145	100%	145
Caman	Chile	Onshore Wind	150	100%	150
Puelche Sur	Chile	Onshore Wind	156	100%	156
Pampa Tigre	Chile	Solar PV	100	100%	100
Valle Escondido	Chile	Solar PV	105	100%	105
Llanos del Viento	Chile	Onshore Wind	160	100%	160
Ckani	Chile	Onshore Wind	109	100%	109
West Bakr	Egypt	Onshore Wind	252	13%	33
Total			1,623	87%	1,404
Development pipeline	Gross Capacity MW	Economic Interest	Net Capacity MW

Total	15,355	95%	14,587
Solar PV	7,368	99%	7,305
Onshore Wind	6,087	98%	5,952
Offshore Wind	1,900	70%	1,330

Part of the Aker group with 180 years of industrial heritage