Fjord Defence Group ASA — Earnings Release 2021

Feb 24, 2022

Carbon Transition announces Q4 2021 Results

Carbon Transition announces Q4 2021 Results

Oslo, 24 February 2022

EVENTS DURING THE QUARTER

• Revenues of USD 5.6 million

• Net increase in fair value of investments of USD 8.4 million

• EBITDA of USD 12.0 million

• Financial indebtedness reduced by USD 5.5 million; CARBN almost fully debt free following repayment

• Completed corporate downsizing

• Third investment completed; NOK 40 million pre-IPO financing into CO2 Capsol AS

• NOK 35.0 million equity private placement successfully oversubscribed

• Resignation of CEO

The fourth quarter 2021 report and presentation will be available at Carbon Transition ASA (www.carbn.no) and Oslo Stock Exchange (www.newsweb.com).

For further information, please contact

Nils Haugestad, Interim CEO and CFO

Nils.Haugestad@carbn.no

+47 977 04 439

About Carbon Transition ASA

Carbon Transition ASA ("CARBN") is an investment company listed on Euronext Expand. CARBN has a strategy to invest in companies and technologies which contribute to significant reductions of carbon emissions. The company may also invest more broadly in the "energy transition" space. CARBN has a legacy seismic business operating under the name Axxis Geo Solutions, with both an ocean-bottom seismic contract business and a multi-client data library.

More information on www.carbn.no

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.