Aker — Investor Presentation 2021

Jan 19, 2021

AKER HORIZONS

J A N U A R Y 2 0 2 1

Disclaimer

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P O S I T I O N I N G T H E P O R T F O L I O F O R I N V E S T I N G ALONG G L O B A L M E G A T R E N D S

C A P I T A L I Z I N G O N T H E A K E R D N A T O D R I V E S U S T A I N A B L E LONG-T E R M V A L U E C R E A T I O N

Continuous adaption and value creation is in our DNA

~25% annual return to shareholders since 2004

~6.5x increase in net asset value since 2004

NOK 2.3bn upstream dividends in 2020

180 YEARS HISTORY IN BUILDING INDUSTRIAL FRONTRUNNERS REPEATEDLY ADVANCING THE FRONTIERS IN COMPLEX BUSINESSES…

…AND NOW WE ARE DOING IT AGAIN BY INVESTING IN THE ENERGY TRANSITION

A K E R H O R I Z O N S

Building a leading planet-positive investment company

• Aker's investment vehicle within renewable energy and green tech
• Capitalizing on the Aker DNA to drive sustainable long-term value creation
• Leveraging the Aker ecosystem and capabilities, including industrial software
• Develop companies that solve fundamental challenges to sustainable existence on our planet
• Investment thesis grounded in eight UN sustainability development goals
• Acquiring Mainstream Renewable Power to access a world-leading renewables developer and producer, and accelerate future initiatives
• Accelerating Aker Horizons' planet-positive ambitions
• Platform and competencies to strengthen portfolio and scale new ventures and geographies
• Aker Horizons platform well established with significant momentum and deal flow
• Three platforms established with additional opportunities in the "Sunrise Portfolio"
• Five MoUs signed with strategic partners across platforms
• NOK 9 billion shareholder value created in first 6 months, equalling 6.5x invested capital¹

A K E R H O R I Z O N S A C Q U I R E S M A I N S T R E A M R E N E W A B L E P O W E R Creating a renewable energy major

• Agreement to acquire 75% of Mainstream Renewable Power ("Mainstream") valuing the company at EUR 900 million on a 100% basis, subject to customary adjustments
• Earn-out payment in 2023 of up to EUR 100 million based on certain milestones
• Existing Mainstream shareholders, led by founder and chairman Dr. Eddie O'Connor, will re-invest and retain 25% ownership
• As part of the transaction, Aker Horizons will also acquire 50% of superconducting technology company SuperNode

▪ The acquisition is fully funded through an Aker commitment in addition to a new Aker Horizons RCF facility and an acquisition financing facility totalling EUR 510m

Financing and timing

• In addition to the acquisition of Mainstream, Aker Horizons has ambitious investment targets and is currently in the process of preparing for a near-term private placement and listing on Euronext Growth, with a subsequent transfer of the listing to Oslo Børs within 12 months
• The transaction is expected to close in Q2 2021
• Conditional upon customary regulatory and local competition approvals, as well as approvals from Mainstream's creditors

Mainstream will catalyse further development of the Aker Horizons portfolio

Creating a renewable energy major

Pure-play renewable energy company with a global portfolio of development assets with strong growth trajectory

Unique and diversified technology platform across solar PV, onshore wind and offshore wind

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

Our ambition:

Develop Mainstream into a leading global renewable energy major, with a further 5 GW brought to financial close and IPO within the next 3 years

Source: Mainstream Renewable Power

1. 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

Mainstream has emerged as a leading global renewable energy developer

2008 ▪ Founded by Dr. Eddie O'Connor ▪ Barclays among first investors ▪ Entered Chilean market	2010 ▪ Hornsea offshore wind zone (UK, 5,400 MW) awarded ▪ 110 MW US wind project awarded	2013 ▪ Marubeni new shareholder ▪ Wind plants in Ireland and Canada (54 MW) sold to IKEA ▪ South Africa REIPPPP Round 3 – 360 MW awarded	2015 ▪ Ørsted acquires Hornsea offshore wind zone ▪ Awarded 299 MW in Chilean auction ▪ South Africa REIPPPP Round 4 – 250 MW awarded	2017 ▪ wind project deal signed 800 MW (now 1,400 MW) ▪ construction	Vietnam Soc Trang offshore Chile projects (299 MW) start	2019 ▪ Condor (Chile, 574 MW) starts construction ▪ Partnered with Eni to develop large-scale renewable assets
2009 ▪ Entered South Africa market ▪ Neart na 450 MW) offshore wind awarded	2011 ▪ South Africa REIPPPP Round 1 – awarded Gaoithe (UK, MAINSTREAM RENEWABLE POWER AS OF TODAY	2014 ▪ Consent granted for 238 MW Neart na Hornsea Phase 1	2016 ▪ Gaoithe and (1,300 MW) ▪	Mainstream won 27% of Chilean electricity auction Consortium of investors including Rockefeller Brothers Fund and IFC invest in Lekela Power	2018 ▪ Senegal project (158 MW) starts construction ▪ South Africa projects ▪ EDF Group acquires 450 MW Neart na ▪ Exit for Barclays and Marubeni	(250MW) start construction Gaoithe	2020 ▪ The first 200 MW of Soc Trang (up to 1,400 MW) included in Vietnam's PDP VII ▪ Huemul (Chile, 625 MW) starts construction ▪ South Africa Round 4 projects reach COD (250 MW)

335 employees	13 global offices with HQ in Dublin	4.4x realised multiple on invested capital	~6.4 GW capacity brought to FC-ready since inception	~11 GW asset portfolio	~1.4 GW net under operation and construction
------------------	-------------------------------------------	-----------------------------------------------------	---------------------------------------------------------------	---------------------------	-------------------------------------------------------

M A I N S T R E A M R E N E W A B L E P O W E R A truly global, diversified renewables developer

1. 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

Highly experienced management team with proven track record of success

30

4.4x MOIC

MANAGEMENT TEAM WITH COMBINED ~90 YEARS OF

Dr. Eddie O'Connor – Chairman

• Founder and former CEO. Executive Chairman since 2017
• Previously founded Airtricity which was later sold to SSEand EON for GBP 1.9 bn, and is also the founder of SuperNode

Mary Quaney – CEO

• Appointed CEO in 2020 after serving as CFO since 2017, having joined Mainstream in 2009
• Previously held senior level positions in PwC and Trinity Biotech

Paul Corrigan – CFO

• Appointed CFO in 2020, previously Head of Corporate Finance since 2014, having joined Mainstream in 2008
• Previous experience from IBI Corporate Finance and KPMG

Bart Doyle – COO

• Appointed COO in 2018 and appointed to the Mainstream Board in 2020
• Formerly GM in Chile and COO Onshore Development

Source: Mainstream Renewable Power

2013 Carrickeeny Ireland 2011 Shady Oaks USA

1. Gross capacity. Includes Hornsea 1 and Hornsea 2 sold to Ørsted pre-financial close

In-house renewable project execution capabilities covering full asset lifecycle

CLASS EXECUTION GLOBAL END-TO-END TECHNICAL CAPABILITIES Existing local capabilities and functions HQ LatAm Africa APAC Offshore Market Entry / Origination ✔ ✔ ✔ ✔ ✔ Development ✔ ✔ ✔ ✔ ✔ Project Support ✔ ✔ ✔ ✔ ✔ Construction ✔ ✔ ✔ ✔ - Operations - ✔ ✔ ✔ - Corporate ✔ ✔ ✔ ✔ ✔ Full-cycle expertise in-house – a clear differentiator versus competitors who generally outsource most services to third party consultants

GLOBAL DEVELOPMENT STANDARD DRIVING BEST-IN-

• Proprietary Global Development Standard (GDS) designed to deliver renewable energy projects to the highest international standard
• Helps manage projects and portfolios consistently by standardising all project execution procedures
• Accelerates process of identifying financially and technically viable projects, and directs resources and budget to the best projects
• Encompasses 9 stages and 8 decision gates with set requirements, from origination through to operations
• Aligned to benchmarks such as the IFC Sustainability Framework, the Equator Principles and the World Bank HSE guidelines

Placing sustainability at the heart of the business

Portfolio of world class projects to build a material future revenue base

CHILE

• 1.7 GW gross across 13 projects in operation / construction / near term FC
• 1.2 GW in construction with first projects reaching COD in 2021 - on budget with 20 year PPAs
• 150 MW reaching FC in Q2 with targeted COD in 2023

• Further 1.5 GW solar and 1.4 GW onshore wind under development

• More than 5 GW of 100% owned projects for upcoming tender rounds

• Significant opportunity set within bilateral PPAs with corporates and municipalities

VIETNAM

• Partner with the Phu Cuong Group (PCG) in the up to 1.4 GW Soc Trang offshore wind project
• Phase 1a (200 MW) recently 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 - initial phases targeting FC in 2024

OFFSHORE WIND

• 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 and APAC

S U P E R N O D E Technology for a renewables powered supergrid

SUPERNODE ADDRESSES THE NEED FOR EFFICIENT TRANSMISSION REQUIRED TO SUPPORT THE RENEWABLE TRANSITION

Europe alone needs to connect 2,000 GW of renewables generation by 2050¹

SuperNode key market applications include offshore wind and onshore grid reinforcement

• Established in 2018 by Mainstream and Dr. Eddie O'Connor
• Superconductor grid identified as a key part of the solution to meet future electricity demand – by transmitting electricity without resistance
• SuperNode has proprietary technology to develop thermal management for improved superconductor cables
• Greater capacity, a smaller footprint and zero electrical losses
• DNV Statement of Feasibility achieved in Nov. 2020
• Aim to develop a prototype system by 2025
• Aker Horizons will become a 50% owner of SuperNode

S U P E R N O D E

Significant market potential and a differentiator for future offshore wind developments

DEVELOPING SUPERCONDUCTOR CABLE TECHNOLOGY

• SuperNode is developing superconducting cable systems for bulk power transfer
• The technology will utilize a high-performance cryostat, minimizing thermal ingress to the system and pipe losses, and intermediary cooling and pumping stations

• Target to deliver in excess of 2GW of bulk power transfer systems at minimal cost and power loss

• ✓ Lower power loss

• ✓ Lower operating expenditures
• ✓ Lower installation costs

• ✓ Extended distances for highcapacity power transmission

• ✓ Many new potential superconductor applications

• ✓ Significant positive environmental impact
• ✓ Increased scalability of the overall connection system

MATERIAL MARKET POTENTIAL

Offshore wind power transmission

• ✓ Smaller and more cost efficient collector stations compared to conventional HVDC alternatives
• ✓ Connection of remote renewables to markets where demand is highest – a potential game changer for offshore wind developments

Onshore grid reinforcements

• ✓ Significantly smaller footprint and reduced environmental impact compared to lower capacity HVDC alternatives
• ✓ No heat leakage to surrounding soil, and zero energy losses in transmission

Outlook and mid-term company targets

DEVELOPMENT	CAPACITY	FINANCIAL
+ 5 GW	> 2 GW	USD 100-120m
GW brought to financial close1 in 2021-2023	Net GW in operation or under construction by end 2022	Run-rate EBITDA from the Andes platform2 once in operation in 2022

A K E R H O R I Z O N S A M B I T I O N Our 2025 ambitions

Source: SSB; US Environmental Protection Agency; IEA

1. 10 GW at load factor of 35% equivalent to ~31,000 GWh. For comparison: London total annual electricity consumption ~40,000 GWh

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

A K E R H O R I Z O N S I N V E S T M E N T T H E S I S

Investment thesis grounded in eight UN sustainability development goals

If emissions continue to rise at current rates, the Arctic could be ice-free in the summer by 2040

We are losing Arctic sea ice at a rate of ~13% per decade – and it is accelerating

Source: WWF

MILLION DEATHS PER YEAR CAUSED BY…

4.2

Ambient air pollution kills four million people per year More than HIV/AIDS, tuberculosis and road injuries combined

Air pollution deaths could rise to 6-9 million per year by 2060 and cost 1% of global GDP

Ambient air polution Road

1.4

HIV/AIDS

1.4

0.7

3.4

Source: WHO; Hiv.gov; Centre for Disease Control and Prevention; OECD

Tuberculosis

S E L E C T E D S C R E E N I N G C R I T E R I A F O R F U T U R E I N V E S T M E N T O P P O R T U N I T I E S

A K E R H O R I Z O N S ' I N V E S T M E N T C R I T E R I A

Planet-positive Solving a challenge close to our SDG investments themes

Bright future Strong growth outlook and profitability potential

Path to earnings 10x earnings potential in ten years

Unique capability set Addressing the challenge in a unique way

Plays to Aker's strengths Opportunity to leverage Aker ecosystem to drive value

A K E R H O R I Z O N S ' C U R R E N T P O R T F O L I O A N D O P P O R T U N I T I E S

Three platforms with ambition to grow and expand further

1. Aker Horizons' ownership in the respective portfolio company as at the date of this presentation (for Mainstream, at transaction closing)

2. 24.7% ownership

3. Aker Horizons will become a 50% owner of SuperNode as part of the Mainstream transaction"

A K E R O F F S H O R E W I N D

Leading the development of deepwater offshore wind power production

Pure play floating offshore wind developer, headquartered in Norway, focusing on assets in deep waters. The company aims to source, develop and operate offshore wind projects

Aker Offshore Wind aims to deploy cost-effective solutions based on decades of offshore experience, in close cooperation with leading global partners

> 1.5 GW portfolio of development projects and prospects in South Korea (Ulsan), the US (California), Norway and the UK (Scotland)

A K E R C A R B O N C A P T U R E

Pure play carbon capture company with unique technology to secure a better future

Pure play carbon capture company delivering ready-to-use capture plants

Best-in-class HSE friendly solvent and other patented plant technologies for better all-round plant performance

Market-leading proprietary technology with more than 50,000 operating hours

M A I N S T R E A M R E N E W A B L E P O W E R Leading renewable energy developer with a global footprint

Existing portfolio of 1.4 GW

net assets in operation and construction

Global organization with expertise and track record across the renewable asset life cycle

R E C S I L I C O N

Uniquely positioned to seize opportunities in the fast-growing battery segment

One of the world's largest producers of high-performance polysilicon to the solar energy industry with +30 years' experience

Lowest cost and lowest carbon footprint manufacturer, with best-in-class proprietary technology

Uniquely positioned to take advantage of the 'electrification of everything decade'

A K E R C L E A N H Y D R O G E N N E X T O N T H E A G E N D A

Aim to launch advanced, ongoing development of hydrogen venture during H1 2021

A K E R H O R I Z O N S V A L U E C R E A T I O N A M B I T I O N

Building a leading portfolio through incubation and acquisitions

CLEAR STRATEGY FOR VALUE MAXIMIZATION AND DISTRIBUTION

Delivering shareholder value through:

• ✓ Access to unique deal flow and sourcing capabilities – growing and expanding the portfolio
• ✓ Optimizing financing for growth by actively tapping into capital markets
• ✓ Accelerating growth by leveraging Aker's ecosystem
• ✓ Private to public value creation through IPOs, trade sales and/or dividend distributions

A K E R H O R I Z O N S T E A M Financial, industrial, operational expertise

Kristian M. Røkke CEO

Nanna Tollefsen CFO

Erik Otto Nyborg Investment Director

Frode Strømø General Counsel

Holger Dilling

Ola Beinnes Fosse Head of Treasury

Jan Ivar Nielsen Senior Advisor

Karl-Petter Løken Investment Director

Christian Yggeseth IR & Market Analysis

Valborg Lundegaard CEO Aker Carbon Capture

Ivar Simensen Communications

Corporate Development

Merete Myrmo Investment Manager

Karianne Kristiansen Human Resources

Petter Natås Group Chief Controller

Adele Unneberg Investment Associate

Astrid S. Onsum CEO Aker Offshore Wind

Portfolio company management

Mary Quaney CEO Mainstream Renewable Power

Xinxin Yang Facility Management

Idun Heier Group Chief Accountant

A K E R E C O S Y S T E M A N D C A P A B I L I T I E S

Access to broader ecosystem enabling scale in capabilities and technology

A K E R E C O S Y S T E M A N D C A P A B I L I T I E S

Leverage Aker's digital ecosystem to strengthen competitiveness across Aker Horizons

• gas customer benefits in line of 15-18% of OPEX

• NOK 5bn + of shareholder value created based on recent Accel investment in Cognite

• value creation to improve competitiveness of Aker Horizons portfolio companies

• From day 1 focus on harvesting data across Aker Horizons companies to create an unparalleled opportunity to capture strategic data driven insights across Aker Horizons

S U M M A R Y

Aker Horizons established as Aker's investment platform within renewable energy and green tech, with various funding initiatives under evaluation, including a potential IPO of Aker Horizons

Acquisition of Mainstream Renewable Power is a step change in the development of Aker Horizons adding sizeable ~11 GW asset portfolio and a highly skilled organization

Plan to accelerate the development of Mainstream Renewable Power by leveraging on the Aker ecosystem and bringing Mainstream to an IPO within three years

Clear strategy and operating model for developing companies established, with a relentless focus on maximizing and realizing values for shareholders supported by significant value creation to date

Large funnel of opportunities for potential incubation & development coupled with an active M&A agenda – the next step for Aker Horizons is to launch Aker Clean Hydrogen and to incubate a new planet-positive area

Appendix

Diversified 11 GW net portfolio with additional 10 GW opportunities, including largescale offshore wind projects

	OPERATIONAL & CONSTRUCTION		UNDER DEVELOPMENT
LatAm	Aela JV Andes – Condor portfolio Andes – Huemul portfolio	133 MW 574 MW 630 MW	Andes – Copihue portfolio Chile – Onshore wind Chile – Solar PV	150 MW 1,356 MW 1,533 MW
Africa	Lekela JV – South Africa Lekela JV – Other Africa	38 MW 52 MW	South Africa – Onshore wind South Africa – Solar PV	3,090 MW 2,500 MW
Asia Pacific			Camarines Sur	71 MW
Offshore			Vietnam – Soc Trang Vietnam – Ben Tre	980 MW 250 MW
	Total:	1,427 MW	Total:	9,930 MW

Global footprint and track record with full set of in-house capabilities will drive growth

• Approach New market due diligence process allows for efficient and accurate identification of viable projects
• Market entry through greenfield projects, joint ventures or acquisitions

In house capabilities

• ✓ New Market Entry ✓ Fatal Flaw Analysis
• ✓ Constraints Mapping (GIS)
• ✓ Due Diligence of Acquisitions

Market entry Development Construction & financing

• 56 staff globally with combined experience of +775 years experience of which 430 years is directly in renewables development
• Combination of global and local expertise and knowledge in house to deliver best in class projects on time and to plan

✓ Land Control

• ✓ Energy Yield Analysis
• ✓ Environmental Studies
• ✓ Planning and Consents
• ✓ Community Engagement
• ✓ Grid Connection

~6.4 GW of projects developed across 8 countries, 4 continents and 3 technologies

• 500 years of Experience in the Construction Industry providing best in market construction input and oversight to projects
• ✓ Procurement and Contracts
• ✓ Project Management
• ✓ Construction Management
• ✓ Civil Electrical Engineering

Track record Projects delivered to MRP exit / operations

+ projects under construction & developments

+ newly opened offices originating projects

Excellent construction safety record for ~1.4 GW of wind and solar assets built across 3 continents, and ~1.2 GW currently under construction

~EUR 3.0bn project finance raised

M A I N S T R E A M G L O B A L D E V E L O P M E N T S T A N D A R D

Stage-gate process

	Stage	Key activities	In current portfolio (net)
0	Pre-Feasibility	Potential opportunities identified considering high-level constraints, e.g. resources, grid, land type (terrain), competition.	~10 GW
1	Feasibility	For greenfield sites, initial engagement with landowners; layout design. For potential acquisitions/JVs, due diligence.	opportunities
2	Land Signing	Contract signing with main land site landowners. Initial energy analysis. Preliminary technology selection.	~5.0 GW early
3	Site Surveys	Install measurement station. Engage with grid operator and access and grid line landowners. Constructability review.	development pipeline
4	EIS / ESIA	Full suite of environmental studies (EIS/ESIA). Progress grid connection.	~4.8 GW late
5	Permit Application	Environmental permits, grid connection agreement, consented layout.	development pipeline
6	Pre-construction	Detailed engineering. Technology selection. Construction contracts. Secure project financing.	~0.2 GW pre construction
7	Construction	Construction site management. Contract and loan administration. Stakeholder management.	~1.4 GW under construction and
8	Operations	Operations. Asset management.	in operation

M A I N S T R E A M R E N E W A B L E P O W E R Country overview

• One of the fastest growing economies in South America with promising market-oriented economic policies
• Liberal power sector which has been seen as a model for other markets in the region
• Traditionally reliant on thermal power and hydropower. However, decommissioning of coal capacity to 2030 and strong green energy mandate will drive increasing share of renewables and gas
• Vast renewable resource potential in solar and onshore wind

A+
19.0m
USD 282bn
100%
79 TWh

• Africa's most advanced economy, with an engine for economic growth despite recent slowdown
• Renewables program has successfully driven down bid tariffs
• Energy switch is imminent, with approximately 20 GW of new renewable capacity planned by 2030, the coal power plant fleet approaching retirement and no new nuclear plants in the pipeline
• Renewables can provide a solution to dire power needs and stabilize industrial production, as Eskom has resorted to rotating blackouts in recent months

Credit rating:	BB
Population:	58.6m
GDP:	USD 351bn
Electrification coverage:	91%
Power consumption:	229 TWh

(auction)

CHILE SOUTH AFRICA VIETNAM

• The government has high ambitions for renewables targets and has established strategic plans for wind and solar. A FiT scheme also provides guaranteed opportunities for generators
• Vietnam possesses significant resource potential for renewables due to its long coastlines, significant solar irradiance and tropical climate
• Government support in the form of tax exemptions and reduction in environmental fees provides a favourable platform for renewables

Credit rating:	BB
Population:	96.5m
GDP:	USD 262bn
Electrification coverage:	100%
Power consumption:	227 TWh

FiT Scheme FiT Scheme FiT Scheme

42

M A I N S T R E A M R E N E W A B L E P O W E R A leading independent developer in Latin America

• Active in Latin America since 2008
• Established presence with 144 staff
• Benefitting from extensive local competence, track record and relationships

CHILE

• The largest independent developer in Chile
• Successful commercial history of 4.2 TWh/year from 20 year DISCO PPAs awarded in 2015 and 2016²
• Three projects in operation (332 MW gross) through Aela portfolio (40% owned, JV with Actis)
• 10 projects in construction (1.2 GW) and near construction (150 MW) through wholly owned Andes Renovables platform with targeted COD in 2021-2023 – combination of solar and onshore wind assets optimized for PPA delivery
• Actively developing pipeline of 2.9 GW targeting Corporate PPAs and upcoming DISCO auctions

COLOMBIA AND OTHER LATIN AMERICA

• Colombia representing an attractive growth market with more than 1 GW of identified opportunities across onshore wind and solar

• Further potential to leverage track record in other Latin American countries fast growth economies with high ambitions within renewable energy

• Distribution companies ("DISCOs") have the right but not the obligation to buy up to the contracted volume of the energy supplied by the generator. However, the DISCOs have the obligation to buy contracted energy prior to making spot market purchases and can only turn to the spot market when demand exceeds the contracted volume under existing PPAs. Any surplus energy can be sold in the spot market Source: Mainstream Renewable Power

M A I N S T R E A M R E N E W A B L E P O W E R Pan-African track record, focus on upcoming tenders in South Africa

• Active in South Africa since 2008
• Second biggest winner of tenders to date with 848 MW
• Founding partner in the Lekela JV – leading African renewable portfolio with 1.0 GW capacity

SOUTH AFRICA

• Strong local presence with 73 employees in South Africa
• Diverse portfolio of high quality solar and wind development assets
• More than 4.5 GW of ready to bid, 100% owned projects for upcoming tender rounds
• Bidding in upcoming REIPPPP Round 5 in 2021, potential financial close in 2022
• Significant opportunity set within bilateral PPAs with corporates and municipalities

LEKELA PORTFOLIO

• The largest Pan-African IPP established in 2014
• Mainstream has played a foundational role in the development of the portfolio
• 5-13% retained ownership in the projects
• Successfully brought in equity partners including IFC and Rockefeller Brothers

M A I N S T R E A M R E N E W A B L E P O W E R APAC core growth region, maturing offshore wind project towards financial close Development¹

• Core growth area for Mainstream with 33 employees across the region
• Strong regional trends with high host country ambitions for renewable energy
• Mainstream regional HQ in Singapore with growing teams in local offices

VIETNAM

• Mainstream and Phu Coung Group (PCG) entered a JV agreement in 2017 to develop the 1.4 GW Soc Trang offshore wind project, which will be developed in two phases, 400 MW in phase 1 and 1,000 MW in phase 2
• Phase 1a (200 MW) recently included in the National Power Development Plan VII FC expected in H2 2021
• Recently agreed partnership with Advanced Information Technologies Corporation (AIT) to jointly develop the 500 MW Ben Tre offshore wind project – initial phases targeting FC in 2024

REST OF APAC (PHILIPPINES, AUSTRALIA, AND OTHER APAC)

• Actively pursuing growth opportunities in selected geographies across the APAC region
• Holds exclusive right to develop Camarines Sur onshore wind farm in Philippines with target FC in 2022 and further actively advancing ~350 MW onshore wind opportunities in Philippines
• Positioning for new projects in Australia with strong market development expected in years ahead

M A I N S T R E A M R E N E W A B L E P O W E R Large pipeline and leading track record within offshore wind

• Leading track record and experienced organization within fixed foundation offshore wind
• High impact growth potential through large scale participation in upcoming bid rounds

EXCEPTIONAL OFFSHORE WIND TRACK RECORD

• 3.5 GW taken to Ready to Build (RTB) in UK offshore wind historically, including Hornsea, the largest offshore project constructed to date in the world
• Track record of significant awards and value creation in offshore licensing rounds
• Awarded, developed and sold the Neart na Gaoithe and Hornsea developments ahead of FC
• Integrated team with more than 20 years of joint experience across MRP and Airtricity
• Demonstrated ability in securing, developing and delivering financeable, ready to build projects

WELL POSITIONED FOR UPCOMING AUCTION ACTIVITY

• Developing the Soc Trang project targeting significant new projects in years ahead
• Reviewing further opportunities in Asia and Europe
• US Pre-qualified to tender in California, targeting to participate in additional US markets

450 MW Neart na Gaoithe (Sold 2018)	5,400 MW1 Hornsea (Sold 2015)	1,400 MW Soc Trang (400 MW Phase 1 expected FC in 2021)	Positioned for future auctions and opportunities across Europe, USA and APAC
Scotland	England	Vietnam	New markets

Financing of the Mainstream acquisition

FINANCING OVERVIEW

• EUR 510m financing facility provided by DNB and Nordea
• o EUR 170m three-year Revolving Credit Facility with an accordion option to upsize the facility amount to EUR 340m
• o EUR 340m acquisition financing facility, available up to 18 months (50%) and 24 months (50%) after signing of the facility agreement
• Aker intending to fund remaining commitment in Aker Horizons through a combination of equity, equity linked loans and shareholder loans

FINANCING PLAN

• Intention to refinance acquisition financing facility through debt and equity
• Aker contemplating inviting external investors into Aker Horizons, inter alia through a potential IPO

SOURCES AND USES OVERVIEW

Sources and uses	EURm
Purchase price of MRP shares (100%)1	900
Equity injection at closing (100%)	110
Sum, net to Aker (75%)1	758
Aker Horizons RCF	170
Acquisition finance	340
Aker capital commitment1	248
Aker Horizons financing1	758

M A I N S T R E A M R E N E W A B L E P O W E R Consolidated financial figures

GROUP P&L AND BALANCE SHEET OF MAINSTREAM RENEWABLE POWER LIMITED

		Audited financials (IFRS)	Draft & Unaudited management accounts
EURm	2017	20181	2019	2020
Revenue	18	632	71	N/A
COGS	(0)	(83)	(1)	N/A
Gross profit	18	549	70	N/A
Administration exp.	(17)	(31)	(25)	N/A
Development exp.	(13)	(6)	(4)	N/A
Operating profit/(loss)	(12)	512	41	N/A
Net profit/(loss)	(6)	487	19	N/A
Non-current assets	15	17	88	N/A
Inventories	135	81	215	N/A
Cash	87	364	325	446
Of which restricted	44	67	51	3002
Other current assets	7	10	18	N/A
Total assets	244	472	646	N/A
Borrowings	116	51	198	7523
Other liabilities	43	22	49	N/A
Equity	85	399	399	N/A

1. Revenue in 2018 driven by sale of the offshore wind farm Neart na Gaoithe (NNG) to EDF Renewable.

2. Of which (i) EUR 99m restricted cash under the TFF, bid bonds etc. and (ii) EUR 201m related to unspent

Mezzanine debt drawn and exclusively restricted for the use of Condor and Huemul capex

1. Mainstream Renewable Power company estimate

Source: Mainstream Renewable Power

• MRP has historically divested its projects in advance of commencing production, i.e. revenue and earnings has been realised through sale of assets
• Going forward, MRP will transform into both a developer and producer of renewable energy, creating steady cash flow from producing projects and growth from development projects
• Restricted cash consists primarily of prefunded debt and cash backing of LC facilities

M A I N S T R E A M R E N E W A B L E P O W E R Mainstream key project metrics

PROJECTS

Asset	Portfolio	Country	Technology	Stage	Economic interest	Capacity (MW)	P50 Production (GWh/y)	FC	COD	Remaining capex1 (USDm)	PPA tariff / MWh	PPA volume (GWh/y)	PPA tenor (years)
Aurora	Aela	Chile	Wind	Operation	40%	129	351	2017	2020	-	USD 79	3122	20
Sarco	Aela	Chile	Wind	Operation	40%	170	481	2017	2020	-	USD 80	4562	20
Cuel	Aela	Chile	Wind	Operation	40%	33	94	2013	2014	-	USD 47	802	20
Alena	Andes – Condor	Chile	Wind	Construction	100%	84	291	2019	2021
Rio Escondido	Andes – Condor	Chile	Solar PV	Construction	100%	145	452	2019	2021		USD 43	5282	20
Cerro Tigre	Andes – Condor	Chile	Wind	Construction	100%	185	463	2019	2021	286	USD 42	4622	20
Tchamma	Andes – Condor	Chile	Wind	Construction	100%	158	456	2019	2021		USD 40	4402	20
Ckani	Andes – Huemul	Chile	Wind	Construction	100%	109	354	2020	2022		USD 43	3742	20
Llanos del Viento	Andes – Huemul	Chile	Wind	Construction	100%	160	453	2020	2022
Puelche Sur	Andes – Huemul	Chile	Wind	Construction	100%	156	472	2020	2022	684	USD 39	6382	20
Pampa Tigre	Andes – Huemul	Chile	Solar PV	Construction	100%	100	335	2020	2022			6382
Valle Escondido	Andes – Huemul	Chile	Solar PV	Construction	100%	105	345	2020	2022		USD 39		20
Caman	Andes – Copihue	Chile	Wind	Pre-Construction	100%	149	552	2021	2023	N/A	USD 44	2862,3	20
Khobab	Lekela	South Africa	Wind	Operation	5%	140	564	2015	2017	-	ZAR 752	N/A	20
Loeriesfontein 2	Lekela	South Africa	Wind	Operation	5%	140	535	2015	2017	-	ZAR 766	N/A	20
Noupoort	Lekela	South Africa	Wind	Operation	5%	81	305	2015	2016	-	ZAR 1,0314	N/A	20
Kangnas	Lekela	South Africa	Wind	Operation	7%	140	516	2018	2020	-	ZAR 670	N/A	20
Perdekraal East	Lekela	South Africa	Wind	Operation	7%	110	371	2018	2020	-	ZAR 759	N/A	20
Taiba N'Diaye	Lekela	Senegal	Wind	Operation	12%	158	450	2018	2021	-	EUR 95 / 1295	N/A	20
West Bakr (BOO)	Lekela	Egypt	Wind	Construction	13%	252	1,219	2019	2021	22	USD 406	N/A	20
Soc Trang Ph 1A&B	Soc Trang	Vietnam	Offshore wind	Late stage development	70%	400	1,252	2021	2023	N/A	N/A	N/A	N/A

KEY GROUP LOAN FACILITIES

Facility7,8		Size	Drawn YE 2020	Recourse	Maturity	Economic interest
Aela Mezzanine	USDm	50	47	Non recourse to MRP	December 2022	100%
Condor PF	USDm	551	481	Non recourse to MRP	Construction + 18 years	100%
Huemul PF	USDm	542	157	Non recourse to MRP	Construction + 17.5 years	100%
Andes Mezzanine	USDm	296	250	Non recourse to MRP	September 2025	100%

1. Total capex including capitalised borrowing costs remaining as of YE 2020 (for West Bakr project in Lekela platform amount of Construction Equity is Gross Lekela share)

2. For PPAs in Chile, DISCOs have the right but not the obligation to buy up to the contracted volume of the energy supplied by the generator. However, the DISCOs have the obligation to buy

contracted energy prior to making spot market purchases and can only turn to the spot market when demand exceeds the contracted volume under existing PPAs.

1. Additional PPA in advanced discussions.

2. Only 27% of the Noupoort PPA tariff is subject to indexation.

3. 95 for years 1-16, 129 for years 17-20, 100% of tariff subject to indexation in year 1-16, 0% subject to indexation in year 17-20.

4. 78% tariff indexation.

5. Loan facilities are USD denominated to match currency of PPAs. MRP also has a EUR 167m Trade Finance Facility (non-cash) which is fully utilized to provide Letters of Credit to support Mainstream's

equity commitments for the Condor and Huemul portfolios. In addition, there is a USD 55m cash backed facility which has provided an LC in the amount of USD 37m to support Mainstream's equity

commitments for the Huemul portfolio.

1. Proportionate debt related to non-consolidated JV interests: Aela JV proportionate debt is USD 159m and Lekela JV proportionate debt is USD 116m. Source: Mainstream Renewable Power

Building Mainstream into a renewable energy major by pursuing tangible growth opportunities, leveraging Aker's ecosystem and bolstering the organization

Mainstream is already a sizeable global renewable energy company with a strong & tangible portfolio of attractive growth opportunities

Source: Mainstream Renewable Power; latest financial report and/or company presentation for each of the included companies 1. Including development pipeline

E U T A X O N O M Y

Aker Horizons aims to invest in activities with a high degree of alignment with the EU Taxonomy

EU Taxonomy in brief

• The EU Taxonomy is a classification system, establishing a list of environmentally sustainable economic activities
• The regulation is designed to enable gathering of reliable, consistent and comparable sustainability related indicators
• Economic activities are considered environmentally sustainable if they contribute to one or more objectives shown below – while not doing significant harm to the others

Climate change mitigation

Climate change adaption

Circular economy Sustainable use of water and marine resources

Pollution prevention

Biodiversity and ecosystems

Aker Horizons alignment with key EU Taxonomy objectives

• The EU Taxonomy entered into force in July 2020, with technical screening criteria currently being developed. First company reports and investor disclosures using the Taxonomy are due at the start of 2022, covering the financial year 2021
• As of today, technical criteria for two of the six environmental goals have been published: Climate change mitigation and Climate change adaptation. For the four other environmental objectives, the taxonomy will be established by the end of 2021
• Based on a preliminary analysis and current interpretation of the treatment in the Taxonomy,
• ‒ Capture of CO² is covered as an enabling activity in the technical screening criteria of the industrial activity to which it is applied. Carbon capture in industrial manufacturing and energy production is a sustainable activity if it enables the manufacturing/power generation activity to become more sustainable according to Taxonomy definitions
• ‒ Wind power production qualifies as sustainable if it supports the transition to a climate-neutral economy
• No legal precedent exists, and the EU is expected to further expand and clarify the rules moving forward