Aker Horizons — Investor Presentation 2021

May 4, 2021

First quarter 2021 4 May 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 Horizon's 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 1
	Aker Horizons in brief 2
	Portfolio update 3
	Mainstream Renewable Power update 4
	Aker Clean Hydrogen update 5
	Financials 6
	Summary 7
	Q&A 8

Main developments

Mainstream Renewable Power acquisition signed 19 January

Represents step-change in developer-capabilities of Aker Horizons Signed agreement to acquire 75% of Mainstream for EUR 900 million on 100% basis

Aker Horizons private placement and Euronext Growth listing

Total proceeds of NOK 4,565 million; issue price of NOK 35 per share, first day of trading 1 Feb Raised additional NOK 1,500 million in convertible bond

Aker Horizons NOK 2,500 million unsecured green bond

Raised NOK 2,500 million with maturity in August 2025 and coupon of 3 months NIBOR + 3.25% p.a. Proceeds to be used towards eligible green projects in accordance with the Green Financing Framework

Launched Aker Clean Hydrogen with significant potential to reduce CO² globally

Formed partnership with Yara and Statkraft to establish Europe's first large-scale green ammonia project Raised NOK 3,000 million in gross proceeds of which Aker Horizons participated with NOK 500 million

Increased Aker Horizons' RCF to EUR 400 million (announced 4 May)

Upsized RCF from EUR 170 million to EUR 400 million with syndicate comprising of eight European banks Option to increase by EUR 100 million and extend the 3-year tenor with 1 + 1 years subject to approval

Launched electron in cooperation with Aize and Cognite – digital program to create world-leading renewable companies through active use of industrial software

4

Portfolio development

Net asset value development

NOK billion, 1 February – 31 March 2021

Gross asset value distribution NOK billion, 31 March 2021

A transformational year

High levels of activity across Aker Horizons and portfolio since launch in July 2020

25 August

816

portfolio companies

employees and hired-ins across Aker Horizons¹

Mainstream transaction update

Agreement signed on January 19th to acquire 75% of Mainstream Renewable Power, valuing company at EUR 900 million on a 100% basis¹

Mainstream is a leading independent renewable energy player with a global footprint, an attractive 12.5 GW pipeline and a proven track record across renewable power technologies and geographies

Mainstream is positioned for unprecedented growth in a global context that calls for accelerated development of renewable energy sources

Aker Horizons' ownership agenda is to facilitate this growth and develop Mainstream into a Renewable Energy Major. An IPO of Mainstream is targeted within 3 years

Existing Mainstream shareholders, led by founder and Chairman Dr. Eddie O'Connor, will re-invest and retain 25% ownership

Transaction closing proceeding according to plan, expected to occur in Q2 2021

1. Mainstream Renewable Power will be consolidated in Aker Horizons' financials in Q2 and Q4

2. Aker Horizons in brief

Aker Horizons offers unique approach to combining environmental impact and superior financial returns

Accelerated climate action needed to reach net zero by 2050

Note: Current pledges assume countries decarbonize further at same annual rate required to achieve NDCs between 2020 and 2030; Newly announced include recently announced but not legally binding yet (e.g., US carbon neutrality by 2050, China carbon neutrality by 2060, etc.); 2.0°C path assumes 25% reduction by 2030 and net-zero by 2070; 1.5°C path assumes 45% reduction by 2030 and net-zero by 2050 Source: EDGAR 5.0, FAO, PRIMAP-hist v2.1, Global Carbon Project, IPCC, UNEP Emissions Gap Report, WRI, Nature (May 2020)

10

Emissions by sector

Humans created ~53Gt CO2e in 2019 spread across a range of sectors

Aker Horizons addresses several key levers to reach net-zero

Note: CCUS = Carbon Capture, Utilization and Storage

Graph shows key emissions reduction levers required to reach net-zero. Relative size of lever illustrative estimate. Source: IEA

Aker Horizons ecosystem

Portfolio approach to decarbonization benefitting each pure-play company and creating new business opportunities for Aker Horizons

Our 2025 ambition

Aker Horizons has large impact ambitions and the wherewithal to achieve them

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 applied 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 475 g/kWh carbon intensity

14

Portfolio update

3.

Portfolio overview

1. As of 31 March 2021; 2. 100% basis, Aker Horizons to acquire 75%; 3. Aker Horizons' ownership at transaction closing; 4. At closing of the Mainstream transaction, Aker Horizons will control 50% of the votes and is expected to hold 45.6% of the shares in SuperNode; 5. 24.7% ownership; 6. 100% ownership

Mainstream Renewable Power Mary Quaney, Group CEO

4.

Mainstream Renewable Power

1.4 GW (net) in operation and construction

6.4 GW capacity brought to FC since inception

~12.5 GW

asset portfolio

realised multiple on invested capital

2008 established

341 employees

13 global offices 4.4x HQ in Dublin

Mainstream Renewable Power

Global portfolio of development assets across solar PV, onshore and offshore wind with strong growth trajectory

Global organisation with in-house capabilities throughout the renewable energy value chain

Strong track-record as one of the most successful independent developers of renewables assets globally

Significant near-term value triggers from project awards and completion of projects under construction

Pipeline growth of +1GW since January driven by new early stage South African projects and a Vietnamese solar opportunity

1. Includes certain multiphase projects' development stage as that of the single most advance stage

2. The development portfolio consists of active early to late-stage development projects. Mainstream also has ~10 GW of identified opportunities which will build the development pipeline in the short- to medium-term

Source: Mainstream Renewable Power

Sustainability at the heart of the business

Marketplace

• Conducting annual Reputation Audits
• Actively involved in renewable industry trade associations (incl. GWEC, SAWEA, ACERA, Offshore Wind California)

• Received industry recognition through recent awards (incl. Proximo Americas Deals of the Year 2020 for debt funding of the Huemul Portfolio)

• Certified by the Great Place to Work Institute Ireland

• Developed structured Diversity & Inclusion programme
• Sponsor GWEC's Women in Wind Global Leadership programme
• Committed to highest HSEQ standards ISO 45001 (OH&S) certifications held in Chile, Ireland, South Africa and most recently in Vietnam

Environment

• CDP A- Leadership status for climate change
• CDP Leadership Status Supplier Engagement
• ~1.4 million tonnes CO² emissions avoided in 2019 through operation of MRP wind farms

• KPIs on waste generation at project sites and in offices

• +90 community initiatives delivered

• 25,000 learners, teachers, community members impacted
• 120 facilitators, counsellors and teachers employed

Positioned for unprecedented growth

Global context

Since May 2020 the UK, the EU, the USA, China, Japan and South Korea have all adopted #netzero emissions targets

Double impact – raises global ambition for decarbonisation of power sector and ends export finance for coal in growth markets

Policy, cost and market conditions are aligning to enable rapid growth in renewable energy, particularly in our platforms

Global end-to-end technical capabilities

	HQ	LatArn	Africa	APAC	Offshore
Market Entry / Origination
Development
Project Support
Construction
Operations
Corporate
					Existing local capabilities and functions

A global, diversified renewables developer

11% 50% 39% Asia Pacific (1.6 GW) Africa (6.5 GW) LatAm (4.5 GW) 12.5 GW

Capacity distribution by geography Capacity distribution by technology

1. Positioned for several large-scale offshore wind auctions

2. Asia Pacific includes 1.2GW (net) offshore wind farm in Vietnam

3. The development portfolio consists of active early to late stage development projects. Mainstream also has ~10GW of identified opportunities which will continue to build the development pipeline in the short to medium term Source: Mainstream Renewable Power

23

Operational highlights & near-term milestones: LatAm

137

4

Execution of 9 projects in construction

LatAm regional overview

* as of April 2021 Source: Mainstream Renewable Power

Chile

▪ 1.7 GW gross across 13 projects in operation / construction / near term FC

• Aela Platform 330MW in operation (40% MRP)
• 1.2 GW in construction with first projects reaching COD in 2021 on budget with 20 year PPAs
• 570 MW Condor in construction, on track for COD Q3 2021
• 630 MW Huemul in construction, on track for COD Q2 2022
• 150 MW Copihue on track to reach to FC in Q2 2021 with targeted COD in 2023; with 20 year PPA & bilateral 15 year PPA
• Further 1.3 GW solar and 1.6 GW onshore wind under development

Operational highlights & near-term milestones: Africa

Africa regional overview REIPP Round 5 confirmed for bidding in August 21

▪ High quality solar and wind development assets

• More than 6 GW of 100% owned projects
• Upcoming tender Round 5 bid date announced Q3 2021
• Significant opportunity set within bilateral PPAs with corporates and municipalities
• The Lekela platform has over 1GW (gross) under construction or operational
• Mainstream, via its MAMSA subsidiary, operates all of Lekela's operational Round 3 & 4 projects in South Africa totalling 610MW across 5 projects

25

Operational highlights & near-term milestones: APAC & offshore

Focus on reaching FC on Soc Trang, pipeline development and new market entries

APAC regional overview

Vietnam

Offshore wind

• Partner with the Phu Cuong Group (PCG) in the up to 1.4 GW Soc Trang offshore wind project
• Phase 1a (200 MW) included in the National Power Development Plan VII – FC expected in 2021
• Agreed partnership with Advanced Information Technologies Corporation (AIT) to jointly develop the 500 MW Ben Tre offshore wind project

• Added 324 (net) MW solar PV projects to pipeline

• Developed 3.5 GW offshore wind historically, including Hornsea, the largest offshore project in the world

• Integrated team with more than 20 years of experience working together across Mainstream and Airtricity
• Actively targeting future opportunities across Europe, USA, LatAm and APAC

Select company targets

5.5 GW brought to financial close¹ in 2021-23

Development Construction/operating Financial

6.9 GW

forecast to be operational or under construction by end 2023²

USD 100-120 million EBITDA from 2022 Energy generation of

3.6 TWh

from Condor & Huemul portfolios' once fully operational³

1. Reflects Mainstream net ownership of development projects brought to financial close, some of which may be divested shortly prior to, at, or post financial close

2. Reflects 5.5GWs brought to FC as per Note 1 plus 1.4GWs in construction / operation today – note some of the 5.5GWs brought to FC will be divested shortly prior to, at, or post financial close, whether for commercial reasons or where required under local ownership rules

3. Condor, Huemul portfolio only. USD denominated PPAs. Copihue portfolio est. to be operational by 2023

Source: Mainstream Renewable Power

Mainstream Renewable Power

Key figures

Investment value¹ NOK 7.9 billion

Acquisition price of EUR 900 million 2 Privately held

Aker Horizons ownership 75%¹ Other shareholders include founder and chairman Dr. Eddie O'Connor

341 employees

~12.5 GW asset portfolio

Business model

• Leading renewable energy developer with a global footprint
• Independent developer of renewables assets across solar PV, onshore and offshore wind
• Transitioning business model to Renewable Energy Major

Q1 highlights

• Planning for integration with Aker Horizons progressing well

• Pipeline growth of +1GW since January driven by new early stage South African projects and a Vietnamese solar project

• Grow pipeline organically and through M&A

• Drive synergies with Aker Horizons and wider Aker group
• Prepare for IPO within next three years

5. Aker Clean Hydrogen Knut Nyborg, CEO

PURPOSE

ACCELERATING CLEAN ENERGY

USING HYDROGEN TO SOLVE SOME OF THE HARDEST INDUSTRIAL DECARBONIZATION CHALLENGES

PRODUCING AFFORDABLE CLEAN HYDROGEN

HOW

LEVERAGING AKER CLEAN HYDROGEN'S INNOVATIVE AND EFFICIENT SOLUTIONS TO BRING DOWN COSTS ACROSS THE VALUE CHAIN

We produce affordable clean hydrogen Enabling efficiencies across value chain

INTEGRATED HYDROGEN PRODUCER Develop, build, own and operate hydrogen facilities ENERGY SUPPLY TECHNOLOGY EXECUTION CONSUMER Manage project integration Secure low-cost energy sources through partnering with internal and external utility companies Selecting best-of-breed OEM partners to unlock scale benefits from repeat business Selecting EPC partner to enable reuse through catalogue-based, industrialized execution process Co-integrate and partner with end-users to streamline offtake infrastructure Early 2020s Late 2020s 4 US/kg 1.5 US/kg

Actively maturing the funnel since IPO Total portfolio size growth of 0.9 GW

1. Agreements relating to projects and prospects include a mix of cooperation agreements and non-binding letters of intent setting out the purpose of the parties' cooperation to develop projects, but without firm obligations for the parties to execute the projects 2. Not yet accounted in funnel, represent significant increase in opportunity space

Announced projects maturing since IPO – select examples Strong traction across global portfolio

Electrification of Yara's grey ammonia plant at Herøya

• Integrated team mobilized and scope / roles agreed -Formalizing JV company -Statnett assessment started -Authority dialogue ongoing

New green ammonia facility in Berlevåg

-LOI for 350,000 TPA. -Concept select in Q2 -Haldor Topsoe project agreement signed -Project SPV established Green H² in Rjukan for shipping and ferries

-Team mobilized -Secured power & site -Dialogue with offtakers -Exploring local synergies Delivering green ammonia to export markets

-Integrated team mobilized -Preparing for land-grab -Dialogue w/local offtakers -Dialogue w/infra. Partners -Authority dialogue ongoing Develop a green ammonia hub for shipping in Uruguay

-Aker Biomarine decided to convert to green ammonia -Integrated team mobilized -Selecting ren. pwr partner -Authority dialogue ongoing

Hydrogen hubs key to Norwegian strategy Promising candidates facilitate shipping routes and exports

EU exports

ACH takes active role in developing hydrogen hubs Several projects in motion to mature hubs in Norway and globally

WHAT WE LOOK FOR WHEN DEVELOPING HYDROGEN HUBS

Access to green power or natural gas with CCS for production

Strong local offtake opportunities – maritime, industrial and mobility

Access to infrastructure for exports

Secure offtake for biproducts from H² production to enable circularity

Strength of Aker presence and edge

AUKRA A NEW HUB OPPORTUNITY, COMPLEMENTING PORTFOLIO

Aukra

Berlevåg Developing a large-scale blue hydrogen and ammonia hub for local consumers, maritime industry and export, using the capabilities of the Aker group of companies

Decarbonizing Arctic shipping and offgrid powerplants while helping local industry decarbonize

Uruguay

Creating green value chains to decarbonize shipping fleet, transportation and industry

AUKRA BLUE H² LARGE-SCALE H² HUB

PROMISING HYDROGEN HUB

• Access to natural gas
• Shipping, industry, and exports
• Strong local support to move fast
• Blue and long-term green H2 potential

ACH THE IDEAL PARTNER

• Blue and green H² capabilities
• Part of Aukra's industrial legacy
• Exclusive development partner

Slide 36

We want to take a leading role in the energy transition and develop sustainable industries. The Aker companies are great partners for us to realize our ambitions

Odd Jørgen Nilssen, Mayor Aukra

Clear progress on 2021 priorities to drive growth

Aker Clean Hydrogen

Key figures

Investment value NOK 5.4 billion

Market cap NOK 7.0 billion

Aker Horizons ownership 77% 4,235 shareholders

20 own employees and contractor FTEs

1.7 GW net capacity in projects and prospects

Business model

• Leading the industrialization of clean hydrogen production as an integrated clean hydrogen producer with proprietary plant technology as competitive edge
• Develops, builds, owns and operates hydrogen facilities

Q1 highlights

• Partnership with Yara and Statkraft for electrification of Yara's grey ammonia plant at Herøya
• Collaboration agreement with Varanger Kraft to realize hydrogen and ammonia plants in Berlevåg

• Cooperation agreement with Tinn Municipality and Rjukan Næringsutvikling AS with the aim of developing a hydrogen factory in Rjukan

• Strategic partnerships

• Support international expansion and business development
• Drive synergies between Aker Clean Hydrogen and other Aker Horizons companies; carbon capture and renewable energy

Aker Offshore Wind

Key figures

Investment value NOK 2.3 billion

Market cap NOK 4.4 billion

Aker Horizons ownership 51% 32,394 shareholders

59 own employees and contractor FTEs

1.5 GW portfolio of development projects

Business model

• Pure-play offshore wind developer with focus on deep-water assets. Sources, develops and operates offshore wind projects
• Uses technology and Aker groups long-standing leading position in offshore developments as competitive advantage

Q1 highlights

• Signedcooperationagreementwith Statkraft toexplore offshore windprojectopportunities in Norway
• Entered joint development agreement with Hexicon to explore opportunities to realize floating wind projects offshore Sweden

• Signed Memorandum of Understanding with the University of Strathclyde to collaborate on accelerating recycling glass fiber used in wind turbine blades

• Strategic partnerships

• Growing pipeline organically and through M&A
• Utilizing Aker group experience to significantly reduce LCOE

Aker Carbon Capture

Investment value NOK 4.4 billion

Market cap NOK 8.7 billion

Aker Horizons ownership 51% 28,825 shareholders

65 own employees and contractor FTEs¹

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

Key figures Business model

• Pure-play carbon capture company with unique technology to secure a better future
• Delivers ready-to-use carbon capture plants utilizing best-inclass HSE friendly solvent and patented plant technologies
• Certified market-leading proprietary technology

Q1 highlights

• Brevik CCS project started and progressing according to plan
• Exploring CCS development at biomass-fired heat and power plants in Denmark with Ørsted and Microsoft
• International expansion with presence in Denmark and UK established

• Signed MoU with Siemens Energy for gas power generation market

• Mature innovative business models for growth and full value chain cost optimization

• Support high levels of business development
• Expand markets beyond current prioritized markets

Our approach to portfolio and balance sheet management

Aker Horizons and holding companies as of 31 March 2021 NOK million

Cash flow statement
Cash flow from operating activities	(53)
Payment for shares in subsidiaries	(582)
Cash flow from investing activities	(582)
Proceeds from new borrowings, net of fees	3,961
Proceeds from private placement, net of fees	4,435
Cash flow from financing activities	8,397
Revaluation of cash and cash equivalents	(119)
Cash and cash equivalents 31 March 2021	7,643

1 Feb -	31 Mar 2021	Balance sheet	31 Mar 2021	Income statement	1 Feb - 31 Mar 2021
		Interest-bearing assets	26	Operating revenue	13
		Investments1	13,745	Operating expenses	(76)
		Current operating assets	49	EBITDA	(63)
		Cash and cash equivalents	7,643	Value change	3,306
		Assets	21,462	Net other financial items	(181)
		Equity	15,683	Profit (loss) before tax	3,062
		Interest-bearing debt	5,619
		Non-interest bearing debt	161
		Equity and liabilities	21,462

Income statement
Operating revenue	13
Operating expenses	(76)
EBITDA	(63)
Value change	3,306
Net other financial items	(181)
Profit (loss) before tax	3,062

1. Aker Horizons ASA and holding companies prepares and presents its accounts in accordance with the Norwegian Act and generally accepted accounting principles (GAAP), to the extent applicable. Accordingly, exchange-listed shares owned by Aker Horizons and holding companies are recorded in the balance sheet at the lower of market value and cost price

43

Portfolio composition

NOK million

			Per 1 Feb 2021 Per 31 Mar 2021
		Aker Horizons %	NOK million	Aker Horizons %	NOK million
Platform investments	Mainstream Renewable Power	-	-	-	-
	Aker Carbon Capture	51.0%	5,139	51.0%	4,434
	Aker Offshore Wind	51.0%	3,158	51.0%	2,251
	Aker Clean Hydrogen	-	-	77.2%	5,419
Sunrise portfolio	REC Silicon	24.7%	1,718	24.7%	1,766
	Rainpower	-	-	100.0%	112
	SuperNode	-	-	-	-
	Cash1		5,928		7,717
	Gross asset value		15,942		21,6983
	Liabilities		-3,1522		-5,780
	Net asset value		12,790		15,918

1. Cash of NOK 7,643 mn, interest-bearing assets of NOK 26 mn and current operating assets of NOK 49 mn

2. Shareholder loan and convertible bond

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

External financing

NOK million

Overview of financing facilities

Debt	Total facility	Key terms
Subordinated shareholder loan	NOK 2,000 mn	6.0% coupon per annum, with deferral option against a 1.0% deferral fee
Subordinated convertible bond	NOK 1,500 mn1	1.5% coupon per annum (PIK). Initial conversion price at NOK 43.75 per share
Senior unsecured green bond	NOK 2,500 mn	3m NIBOR + 325 bps coupon per annum
Revolving credit facility	EUR 400 mn2	Accordion option to upsize the facility amount to EUR 500 mn

Debt maturities NOK million

RCF increased from EUR 170 mn to EUR 400 mn

• Increased from EUR 170 mn to EUR 400 mn, with accordion option up to EUR 500 mn
• 3 years duration, with 1+1 year options
• LTV maintenance covenant of 50% and liquidity covenant of NOK 200 mn

• 8 large solid national and international banks participating: DNB, Nordea, SEB, Swedbank, Danske Bank, BNP Paribas, ABN Amro, Credit Agricole Corporate & Investment Bank

• RCF increased from EUR 170 mn to EUR 400 mn 29 April 2021

Cash and liquidity reserves

NOK million

Cash and undrawn RCF as of 31 March 2021 NOK million

Pro forma adjusted for increased RCF and MRP transaction¹ NOK million

Net interest-bearing debt

NOK million

Net interest-bearing debt (assets) as of 31 March 2021 NOK million

Pro forma adjusted for MRP transaction¹ NOK million

Capital structure post Mainstream transaction NOK million

Post MRP transaction

1. Covenant LTV = Senior debt / market value listed companies + booked value unlisted companies + cash 2. NOK 348 mn booked in equity at inception Note: Listed asset values as of 31 March 2021

Summary

• High activity across all Aker Horizons companies 1
• Several major milestones achieved 2
• Financial strength of Aker Horizons secured 3
• Strong fundamental ESG market tailwinds, increased volatility in financial markets 4
• Synergies across Aker Horizons portfolio increasingly visible 5

Q1 Reflections Strategic priorities

• Rapid expansion across portfolio companies business development, partnerships, M&A 1
• Building a Renewable Energy Major through Mainstream, including IPO of company 2
• Identifying new platforms with major impact potential 3
• Drive tangible operational and business development synergies across portfolio 4

Additional information

Aker Horizons share

Market update

Regulatory and industry trends continues to be supportive for the Aker Horizons portfolio

Capital market ESG focus

• Continued inflow into ESG related equities
• Supply of primary and secondary green capital remains high
• Growth vs. value impacted following increased interest rates

Supportive regulatory trends

• EU taxonomy to direct funds towards green activities
• Recent Biden summit revealed ambitious climate targets
• Upcoming UN Climate Change Conference expected to catalyse increased commitments

Recent industry development towards integrated solutions

• Clear market trend from single production assets to hybrid and value-chain solution

Aker Horizons Net Asset Value

Per 31 March 2021, NOK million

	No. shares	Share Price	Market Cap	AH % ownership	AH Value	Per AH share
Aker Offshore Wind	678.7	6.50	4,412	51.0%	2,251	3.9
Aker Carbon Capture	566.1	15.36	8,695	51.0%	4,433	7.6
Aker Clean Hydrogen	687.8	10.20	7,015	77.2%	5,419	9.3
REC Silicon	372.4	19.20	7,150	24.7%	1,766	3.0
Listed assets			27,272		13,869	23.9
Non-listed assets			Book Value	AH % ownership	AH Value	Per AH share
Other			112	100%	112	0.2
Unlisted assets			112		112	0.2
Cash, cash equivalents and receivables					7,717	13.3
GAV					21,698	37.4
Liabilities					-5,780	-10.0
NAV					15,918	27.4

Part of the Aker group with 180 years of industrial heritage