Cloudberry Clean Energy ASA

Investor Presentation • Apr 1, 2020

Company Presentation

April 2020

Important information

• · This compony aresentation (the "Pesentation") has been present by Che "Compony") ond its subscilies (bagether the "Group") and is node soler for information purposes. This Presentation to buy, sell a therwise transat with any securities issued by or pertining to the Company or any member of the Group.
• · This Pesentotion may include forward boling statements with respect to the events and financial managements on the many of the marked increase. These forward-looking statements may be isse of forward-looking termindogy, These forward-looking statements are not historic facts. Reader of this Pesentation is cationed that forward-loking states of the performance and that the Company's count froncial position, percling results and liquidty, and the development of the Company operates, may differ materially from those made in, or suggested, by the foward-looking stotements contained in this Presentation. The Company can the intentions, beliefs on current expectations upon which its forwards one based will ocur. By their nature, forwards involve, and are subject to, known and unknown isks, uncertaintes and assumptions as they relate to events and depend on circumstones that may or noy not cour in the fiture. Because of these incertanties and assumptions, the outcome may differ materially from those set out in the forward-looking statements speck only as of the date on which they are made. The Company undertakes no obligation to publicly update or public revise any forward-hoking statement, whether as a result of new information, future events or otherwise.
• · No representation or worranty, express or into reliance should be placed on, any information, including but not limited to projections, estimates, targets and cantaned herein, and no responsibility of libility whatsoever is cocepted as to any errors, ontained herein. Acordingly neither the Company of its subsidines ar any such persons any responsibility on liability whatsover arising dreathy of indiredly from the use of this Presentation and the information contained herein.
• · All inframation set forth in the Presentation and vithout notice. In making the Presentation public the Company undercules no obligation to provide additional information or to make updates the in the Presentation should be considered in the context of the circumstances prevaling at the date hereof and has not been and will not be updated to reflect material developments which may occur after such date.
• · The Pesentation and the information constitute of form o part of and should not be construed as an offer for sole of subscription or of solication or invitation of any offer to subscribe for or purchase any securities issued by the Company.

Introduction to Cloudberry

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The Market

The Company

Appendix

Cloudberry at a glance

• Renewable power production and development company focusing on wind and hydro power assets in the Nordics
  • Holds producing assets through Production business segment o
  • o
• Diverse production and development portfolio with assets in different stages .
  • Both near-term and long-term cash flows o
• Strong local presence with experienced teams .
  • o
• Active Board of Directors, and high-quality and committed shareholder base .
• A result of a combination of renewable power companies Scanergy AS, CB Nordic Renewable and . Infrastructure Fund I AS and Cloudberry Asset Management AS

Key investment highlights

Wind and hydro power developer and producer in the Nordics, with all-important local presence

Unique exposure to an attractive market dominated by public and foreign private ownership

Scalable and efficient platform for growth

Large development portfolio and several attractive acquisitive growth opportunities

Attractive financial model - 4 producing assets offering running cash flow and large development portfolio offering long-term cash flow

Introduction to Cloudberry

The Market

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The Company

ి ప్రాంత్రమైన చేస్తుంది. ప్రాథమిక ప్రాథమిక ప్రాథమిక ప్రాథమిక ప్రాథమిక ప్రాథమిక ప్రాథమిక ప్రాథమిక ఆరోగ్య కేంద్రం, ప్రాథమిక ఆరోగ్య కేంద్రం, ప్రాథమిక ఆరోగ్య కేంద్రం, ప్రాథమిక ఆ

Appendix

Strong forces pushing for the Energy Transition

Nordic countries are leading the way within renewables

Several market drivers pointing towards sustained long-term increase in renewable and Nordic power prices

Wind power to play a dominant role in the Energy Transition

• European wind power production is projected to grow rapidly, from 330 TWh . in 2018 to 976 TWh in 2040
• · Sweden has attractive fundamentals for wind power generation and grid network connectivity, creating an opportunity to become a large exporter of low-cost, low-carbon electricity to Continental Europe

Historic global development of wind power, LCOE (annual average) USD/MWh -69%

...and the cost of the technology keeps decreasing

• · The cost of generating wind power has seen a dramatic decline the last years, dropping 69% from 2009 to 2018. Prices are projected to drop another 48% by 2050
• · · Machine efficiency is up and the use of sensors and smart data helps optimise operational efficiency and reduce costs

Still significant potential for Norwegian hydro power

Still potential for growth in the established market Norwegian hydro power ownership dominated by the Government Breakdown of Norwegian hydro power production potential Ownership in the Norwegian hydro power market Potential 11% Statkraft AS Protected | Municipalities 23% Declined Counties Under construction Public investment funds Other public Developed | Norwegian private ownership 63% | Foreign ownership Unknown/other 3% Governmental out Although the Norwegian hydro power market is mature, there is still significant · The Norwegian Government, directly or . untapped potential for continued build-out indirectly, controls 93.3% of the market With a total capacity of 215 TWh, the untapped potential for Norwegian • Lion's share of privately owned hydro power assets is controlled by foreign

Source: Norwegian Government; Cloudberry

hydro power is 24.3 TWh

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Norwegian hydro power market still has significant upside potential

investors

The Market

The Company

Appendix

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Integrated business model securing aligned interests throughout the value chain

• Integrated business model, comprised by two business segments
  • o Develop
    • In-house development of wind and hydro power assets to ready-to-build phase
    • Construction sourced externally, limiting fixed cost base
    • Selectively choose to divest or keep assets on asset-by-asset basis
  • Production O
    • Holds producing wind and hydro assets
    • Operations and maintenance sourced externally
    • Source assets externally or internally (from Develop)
• Strong alignment of interest throughout the value chain
  • structure, with all shareholders investing at TopCo level
  • o agreements with Construction and Operating partners, linking the cost base to revenues

Cash flows from a growing portfolio of producing assets to support new development and acquisitions

Outsourcing operations to tap into local presence, expertise, technology and sharing in economies of scale

Operational strategy		Operating partnerships
Why outsource operations? Cloudberry's strategy is to own and develop hydro and wind power assets in the Nordics - operations is outsourced to top local partners, securing access to superior technological solutions, local presence and sharing in their economies of scale	Captiva	Technologically advanced operational platform, optimising day to day operations Excellent service offering Risk-sharing agreement
Expertise is available, pricing is competitive and benchmarking is simple · Operational tasks that are outsourced include inter alia continuous monitoring, 24h emergency central and local monitoring/servicing, planned servicing and optimisation of daily production (including daily weather monitoring)	125 ÅR	Currently operates one and constructs two hydro power plants for Cloudberry Excellent service offering, and will be considered for future assets given its strong performance and competitive pricing
Cloudberry envisions to continue outsourcing operational tasks Cloudberry will seek to enter into risk-sharing contracts to ensure that the interests of the operating partner is aligned with that of Cloudberry	Other partners	Cloudberry is open to establishing relationships with other partners offering expertise, local presence and competitive commercial terms

Set up for executing on attractive M&A opportunities

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Healthy M&A pipeline, with several ongoing processes

Cloudberry's M&A

pipeline is spread across ~20 potential

transactions

• Cloudberry's team has developed deep industry connections from operating in and around the renewable power sector for numerous years
  • o Key to have local knowledge of the sector, geography, specific assets and people, and being in frequent dialogue with key sector decisionmakers and advisors
• The team also inhibits vast experience from M&A transactions, enabling Cloudberry to execute on opportunities as they arise in a professional and efficient manner
  • o Seasoned and dedicated team members covering origination, due diligence, handling advisors and negotiations

Healthy flow of assets coming from development backlog and pipeline

• Development backlog and pipeline in Sweden and Norway
• The backlog and pipeline offer great potential for developing new producing assets both near-term and long-term
  • o Backlog of 864 GWh(1)
  • o Pipeline of 4 497 GWh(2)
• Alongside acquisitions, organic development of producing assets will drive growth in Cloudberry's asset base

The development process and Cloudberry's involvement

Outsourcing construction to keep overhead costs low, quality high and minimise project risk

Cloudberr

Selectively keeping or divesting developed assets to secure a balanced and diversified portfolio

Divestment strategy

Cloudberry's divestment strategy

Cloudberry's strategy is to own and develop hydro and wind power assets in the Nordics - as such, it will develop projects to the ready-to-build phase, and selectively choose to keep or divest assets to secure a balanced and diversified portfolio

Selectively choose to keep or divest assets

• · Cloudberry's development arm, formerly Scanergy, was a pure-play developer, and has historically only held onto assets through to the ready-to-build phase
  • Has successfully exited 10 development projects and is in the process of exiting another 2 to high-quality industrial names in both Norway and Sweden (wind farms)
• Going forward, Cloudberry will selectively choose to either keep or divest internally developed projects
  • o The decision to keep vs. divest will be an ongoing portfolio decision in order to secure a balanced and diversified portfolio, e.g. taking into account return targets / alternative cost of capital, asset type mix (hydro/wind), geographical mix (Norway / Sweden / other Nordic country), asset risk concentration (small / large) and ensuring a balanced capital allocation between projects

Track-record of developing and divesting to high quality names

Project	Location	Type	Production (GWh)	Capacity (MW)	Year realised
Tysvær Vindpark AS	Rogaland, Norway	Wind	101	ਤੇਰੇ	2011
Sandbackmossen	Värmland, Sweden	Wind	2	1	2011
Velinga-Nybruun	Västra Götaland, Sweden	Wind	24	10	2012
Sättravallen	Värmland, Sweden	Wind	136	48	2013
Sögårdsfjället	Västra Götaland, Sweden	Wind	25	10	2014
Tormoseröd Vindpark AB	Västra Götaland, Sweden	Wind	117	39	2014
Jämnemon, Arjäng	Värmland, Sweden	Wind	50	21	2015
Project Rewind	Värmland, Sweden	Wind	348	100	2016
Ränsliden	Västra Götaland, Sweden	Wind	67	21	2017
Marker Vindpark AS	Viken (Østfold), Norway	Wind	196	દવ	2018
Total sold assets			1 066	343
Project Hån	Arjäng, Sweden	Wind	88	21
Project Duvhällen	Eskilstuna, Sweden	Wind	165	રેર
Total ongoing sales process			253	77

Select acquirors of Cloudberry developed power production assets

rabbalshede kraft ALPIQ

Financial summary (March 2020)

Production segment		Develop segment			Corporate segment
	Revenue generated through PPA agreement for Røyrmyra		Divestment price	Historical divestment
Røyrmyra and Finnesetbekken	Revenues generated through spot market for Finnesetbekken Positive contribution on combined	Revenue dynamics	Approximately NOK 1 million per MW	~38 MW per year	Main cost drivers	8 employees, 4-5 professional board members and general administrative costs
	asset level in current market
Nessakraft and Bjørgelva	Contribution from 2021				Cash position	Approximately NOK 195 million per Q1-2020 on a consolidated basis(1)
					Interest bearing debt	Approximately NOK 28 million per Q1-2020 on a consolidated basis(1) (Bank debt on Røyrmyra and Finnsetbekken)

Highly experienced management team

Anders J. Lenborg

Chief Executive Officer

• Founder of Cloudberry
• Former Partner and Head of Energy Sector Group, DLA Piper Norway

DLA PIPER

Vast experience from infrastructure and renewable energy M&A

Lead investor for renewable projects in the Nordics and Germany since 2008

Manager, Pareto Asset

Management

Christian A. Helland

Chief Value Officer (CFO)

Former Partner and Portfolio

/ Pareto Asset Management

Jon Gunnar Solli

Chief Operating Officer

Nordea spareBank® ලෙන storebrand

Former CFO/CIO, OVF, Nordea AM, Sparebank1 Livsforsikring and Storebrand

Suna F. Alkan

Chief Sustainability Officer

• Former financial advisor and investor manager, Odin and Pareto Asset Management
• Positions in sales and human resources, Adecco Norge and Microsoft Norway

/ Pareto ு Asset Management

Tor Arne Pedersen

Chief Development Officer

• Former CEO and current Chairman, Varanger Kraft
• Vast experience from renewable sector, and responsible for building 12 hydro and 3 wind projects (446 GWh) in Sweden and Norway

Backed by active Board of Directors and high-quality shareholders

Board of Directors				Selected key shareholders
					JOHAN JOHANNSON Behind the Norwegian grocery and wholesale / trading house Norgesgruppen. Significant holdings in real estate development THE BERGESEN FAMILY Active investors with positions through the funds Snefonn and Havfonn. Previously one of the largest shipowners in the world, through	Joh. Johannson Eiendom AS HEVFONN
Frank J. Berg	Petter W. Borg	Morten Bergesen	To be announced	To be announced	Bergesen
Chairman	Board member	Board member	Board member	Board member
15 years in Nordic > 35 years in renewables and asset Former partner in management Arthur Andersen and Selmer Board member in SK Kraft	investment banking Former CEO of Pareto Asset Management	CEO of Hayfonn and Snefonn since 2003 Chairman of Bergehus Holding, Klynge, Cogen Energia and Skogvind
ARTHUR	Pareto	Havfonn & Snefonn

Shareholder overview

Shareholder overview

Shareholders	# Shares	% Shares
Joh Johannson Eiendom AS	10,431,495	27.11 %
Snefonn AS (Bergesen family)	4,738,036	12.31 %
Havfonn AS (Bergesen family)	3,216,216	8.36 %
CCPartner AS (Chairperson, Frank J. Berg)	2,696,957	7.01 %
Cloudberry Partners AS(1)	1,810,800	4.71%
Asheim Investments AS	1.097.561	2.85 %
Artel AS	1,019,387	2.65 %
Lenco AS (CEO, Anders J. Lenborg)	933,070	2.58 %
NGH Invest AS	955,902	2.48 %
Gluteus Medius AS	900,900	2.34 %
Gullhauggrenda Invest AS	900,000	2.34 %
HCA Melbye AS	835,223	2.17 %
Kewa Invest AS (Borg family)	539,436	1.40 %
Lotmar Invest AS (COO, Jon Gunnar Solli)	531,602	1.38 %
Skogvind AS	528,378	1.37 %
Lave AS	479,951	1.25 %
Johan Vinje AS	479,951	1.25 %
H A Skajems Planteskole AS	479,951	1.25 %
Jaco Invest AS	479,951	1.25 %
Amandus Invest AS (CVO, Christian Helland)	444,758	1.16 %
Top 20	33,559,525	87.21 %
Other shareholders	4,920,973	12.79 %
Total	38,480,498	100.00 %

Summary Scalable platform for growth in the Nordic renewable market

· Large backlog and pipeline to be developed, yielding attractive returns

- Large set of attractive acquisitive growth opportunities in an active Nordic renewable power transaction market

- Scalable platform flexible cost setup, outsourcing of operations and construction, deep industry knowledge and network, and capabilities to significantly increase development and production operations

• Growing production portfolio providing long-term cash flow to fund growth opportunities
• Opportunity to tap capital markets to fund growth opportunities, with shares as an attractive currency in transactions
• Great relationships with leading financial institutions

The Market

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The Company

Appendix

Group legal structure

Source: Cloudberry Note: (1) To be formally acquired during Q1 2021 (share purchase agreement signed); (2) Formerly named CB Nordic Renewale and Infrastructure Fund IAS; (3) Formerly named Cloudberry Asset Management AS

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Cloudberry.no