Fjord Defence Group ASA

Investor Presentation • Jun 22, 2022

Pipeline Overview for CO2 Capsol

Carbon Transition ASA seminar Sparebank 1 Markets 21 June 2022

Jan Kielland, CEO CO2 Capsol

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INTRODUCTION

To reach UN's climate goals, carbon capture must increase by 350x in 50 years – translating to 10,400 million tons of CO² , which is more than double to today's global oil production…

…This will require several trillion euros in investments…

…This is an enormous challenge to the industry … and our opportunity.. CO²

INTRODUCTION

Carbon capture projects are maturing in all parts of the world.

CO2 Capsol´s HPC (Hot Potassium Carbonate) carbon capture technology has been widely accepted and stands out as a highly competitive solution.

CO2 Capsol has a team of highly skilled professionals to meet the increasing global demand.

CO2 Capsol is well-funded to deliver on it´s core strategy.

GROWING MARKET

CCUS – critical part of net zero Current Projects

• Strong support by governments through grants, subsidies and tax breaks
• Emitters seeking solutions driven by ESG pressure and commercial necessity

Global Interest	20+ countries
New Regions	Global
Inbound Frequency	4-5 per week
Active Leads	50+
Emissions Footprint	~300 million tons p.a.
Deployable Sites	~1,000

Industrial decarbonisation is a several trillion-euro market opportunity

Carbon capture is the most cost-effective method of achieving industrial decarbonisation

Three largest sectors in CO2 Capsol Pipeline

Firm opportunities in "project pipeline"

• Aggregate million ton CO² /year at Final Investment Decision (FID).
• Top 27 projects with FID by 2026.
• Totalling 12+ million ton CO² /year (equal to thirty 400.000 ton CO² /year plants – Brevik).
• Approximately half of total current opportunities in project pipeline.

1: First large scale projects will likely have lower revenue in return for IP exchange and first-mover value. Fees are scaled – smaller projects have larger fee per installed metric ton of CO² capture capacity.

POTENTIAL LICENSING REVENUE FOR CO2 CAPSOL MODEL

Total market	LICENSING Total market estimated to appr. 6000 million tons of installed capacity by 2050. MODEL Potential licensing revenue at 10m EUR per million ton of installed capacity.	2022-2050: 60 billion EUR
Market per	215 million tons of capacity to be added each year from today.	Each year:
year	Equal to building more than one 400.000 ton/year plant each day from today.	2+ billion EUR
5% of market	If capturing 5% of market with licensing.	Each year: 110 mill EUR
Annual	Average annual earnings (pre-tax) from licensing with 5% market share and	Pre tax:
earnings	50% EBITDA.	55 mill EUR
Additional	Considerable upside from additional services and business models created	Considerable
value	around a strong technology platform.	upside

Current activities

• focusing mainly on Waste to Energy, Biomass and Cement plants

Extending pipeline into industries such as

• petroleum refining and petrochemicals
• oil & gas production, processing and transport
• power plants

Continue to build a "fit for purpose" quality organization

Widening our scope to capture more value per project

Building strong alliances with international companies for global reach

The future of the CO2 Capsol is promising.

The company's growth depends on converting a booming market into contracts and cashflow.

Thank you!

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