Magnora ASA

Investor Presentation • Nov 24, 2020

COMPANY PRESENTATION Q3 2020

Q3 HIGHLIGHTS

Growing deal-flow and solid financials in Q3 and asset light business model!

Financial results

REVENUES NOK 7.6 million

ADJUSTED EBITDA* NOK 5.6 million

CASH BALANCE NOK 62.6 million

Operational developments

• Magnora has been engaged in many discussions regarding onshore and offshore with industrial partners such as utilities, energy companies and project developers in Norway and abroad during the quarter
• The Vindr team has secured property rights for a new industrial wind project within its geographical focus area with 15-25 MW potential, and the company now has a "sales" pipeline of above 300 MW of small to medium sized projects with local production of renewable energy and found over 1.200 MW of potential projects in its core market
• The 500 MW "Sydkustens Vind" project offshore Sweden continues to progress ahead of original schedule, and application for subsea studies has been submitted to the Swedish authorities
• Land lease application for the 50 MW UK onshore wind development project is still being processed by UK authorities
• Magnora made three key recruitments during the quarter: Espen Erdal from DNV, Trine Dalsgaard from Vestas and Tor Ottar Karlsen former Chairman of Vardar and Nelja Energia and County Major in Buskerud Fylkeskommune.

Subsequent events

• On 16 November 2020, Magnora entered into an agreement to participate in a share issue in Evolar AB (28.44% of shares outstanding with options to increase to further 63.5%)

Strategy to build a diversified portfolio of asset light renewable energy projects

Growing deal flow across Nordic, Baltics, Poland, UK and Europe

517 MNOK 15 MNOK

Returned to shareholders over past 18 months

Cash cost per year excl. M&A costs – cash and equivalents Q3 69 MNOK

EU Taxonomy – almost all opex and devex spent on green initiatives

Paid-in capital availability for distribution

8.4 BNOK 3.6 BNOK

Deferred tax assets of which 2.5 BNOK in Magnora Holding AS

Strong trends creating attractive opportunity for investments in renewables

EU Green Deal, EU Taxonomy, Coal and Nuclear Shutdowns, CO2, Green Hydrogen and Offshore

MAGNORA WIND POWER BUSIENSS POSSIBILITIES Preferably Joint ventures - 2021
Segment	Vehicle	Geography
Small-scale < 30 MW	Vindr Group	Sweden, (Norway), considering two new countries in 2021 in JV or franchise
Onshore > 30 MW	Magnora in JVs with utilities, project developers, energy companies	Sweden, Finland, Baltics, Poland and UK
Offshore	Kustvind AB, Potentially Norwegian Licensing Round 2021 and Other	Sweden, Norway, ScotWind, Baltics and others

Highlights Business Opportunity

• Attract top talent
• JV preferred operating model. People business
• Small scale wind is the future in mature markets in cultivated land. Local content, labour and more.
• Greenfield, pre-Ready-to-Build projects (reapplications (larger turbines), Ready-to-Build, Repowering
• M&A opportunities with other small private developers
• Grow Vindr beyond core market international expansion
• Norwegian licensing round 4,500 MW in 2021 (3,000 MW + 1,500 MW)
• ScotWind licensing round 10,000 MW in 2021
• Sweden to build 80 TWh (20,000 MW) of wind power next decade alone
• Finland < 40% renewable today
• Technology wind turbines getting much bigger 10 MW-20 MW over next decade offshore

Special situation, potential IPO – from COGS thin film to Perovskite performance booster for all solar cells (thin film)

• Approached Magnora in Summer of 2020 4-month DD. Assisted in buy-out from district court, legal analysis, employment contracts and more. Ability to fast-track Perovskite on silicone based solar cells with new owner
• Team was part of Statkraft/Hafslund/Eidsiva in 84 MEUR exit in 2007 (Solibro) Several world records of team: 18.7% CIGS Panel and 24% single CIGS cell. Perovskite CIGS 23.7% (internal results). Been involved in 10 CIGS panel factories globally last decade
• Same technology, platform and team, but new material: Perovskite a recent discovery late 2000's in Japan
• Conventional solar cells have stagnated last 10 years performance wise
• 200 MSEK in invested capital equipment and facilities in Evolar facilities. A unique prototyping production line
• Deal fully financed by Magnora's existing cash
• Business model: Asset light (design, engineering, software, procurement, control systems, patents/royalties)
• A fractional cost increase for potentially vast performance boost
• Magnora shareholders can potentially receive dividend shares if IPO

Targets to build development portfolio of several thousand MWs Next Few Years

• Need and space for a company like Magnora
• Profitable wind power investment objects available
• Continued focus on strict project selection Identify robust project economics with high probability of being realized
• The journey has just stared

2020 highlights

• 1. Landowner agreements Vindr 300 MW plus + Magnora projects
• 1. New projects / investments ongoing dialog with 10-15 companies
• 1. Expansion into new countries and renewable areas
• 1. Initiation of permitting process for Kustvind AB
• 1. Industrial partnerships / Evolar special situation / IPO
• 1. Norwegian and Scottish offshore licensing rounds

Long-term analysis show increase in offshore electrification, transport, industry and hydrogen

EU Green Deal: Three decades of top line growth for utilities and green power producers in the Nordics

Wind better than small hydro power due to seasonality in production

Name of project	Sector	Size	Status	Magnora Partner Experience
Smøla Wind Farm, phase 1+2, Norway. Comm. 2002, 2005.	Onshore wind	Total 150 MW	Executed	Development activities covering all phases. Project owner.
Hitra Wind, Norway. Comm. 2004.	Onshore wind	55MW	Executed	Development activities covering all phases. Project owner.
Kjøllefjord Wind Farm, Norway. Comm. 2006.	Onshore wind	39 MW	Executed	Development activities covering all phases. Project owner.
Stamåsen Wind Farm, Sweden. Comm. 2013.	Onshore wind	60 MW	Executed	Development activities covering all phases. Project owner.
Mörttjärnberget Wind Farm, Sweden.	Onshore wind	92 MW	Executed	Development activities covering all phases. Project owner.
Ögonfägnaden Wind Farm, Sweden. Comm. 2015/-16.	Onshore wind	106 MW	Executed	Development activities covering all phases. Project owner.
Björkhöjden Wind Farm, Sweden. Comm. 2016.	Onshore wind	288 MW	Executed	Development activities covering all phases. Project owner.
Alltwalis Wind Farm, Wales. Comm. 2009.	Onshore wind	23 MW	Executed	Development activities covering all phases. Project owner.
Baillie Wind Farm, Scotland. Comm. 2013.	Onshore wind	52,5 MW	Executed	Development activities covering all phases. Project owner.
Berry Burn Wind Farm, Scotland. Comm. 2014.	Onshore wind	66,7 MW	Executed	Development activities covering all phases. Project owner.
Andershaw Wind Farm, Scotland. Comm. 2016.	Onshore wind	36,3 MW	Executed	Development activities covering all phases. Project owner.

Name of project	Sector	Size	Status	Magnora Partner Experience
Roan Wind Farm, Norway. Comm. 2018.	Onshore wind	255,6 MW	Executed	Development activities covering all phases. Project owner.
Storheia Wind Farm, Norway. Comm. 2019.	Onshore wind	288 MW	Executed	Development activities covering all phases. Project owner.
Kvendalsfjellet Wind Farm, Norway. Comm. 2020	Onshore wind	113,4 MW	Executed	Development activities covering all phases. Project owner.
Harbaksfjellet Wind Farm, Norway. Comm. 2020.	Onshore wind	126 MW	Executed	Development activities covering all phases. Project owner.
Geitfjellet Wind Farm, Norway. Comm. 2020.	Onshore wind	180,6 MW	Executed	Development activities covering all phases. Project owner.
Hitra2 Wind Farm, Norway. Comm. 2019.	Onshore wind	93,6 MW	Executed	Development activities covering all phases. Project owner.
Sheringham Shoal Wind Farm, UK. Comm 2012.	Onshore wind	317 MW	Executed	Development activities covering all phases. Project owner.

EVOLAR TEAM

Olle Lundberg CTO

• +20 years experience in Thin Film PV R&D
• Co-founder of Solibro
• PhD

Erik Wallin R&D Manager

• +15 years experience in Thin Film processing
• PhD

Lars Stolt CSO

• 36 years experience in Thin Film PV
• Co-founder and former CTO of Solibro
• PhD, professor oat Uppsala University

Mats Ljunggren CEO

• +30 years experience of management in global organization
• Former CEO at SRAB
• MSc/MBA

Kathrin Theelen COO

• +8 years experience of industrial management
• MSc

MANAGEMENT TEAM

Extensive renewables project track record, leading Magnora's green transition

Erik Sneve CEO

• +23 years experience from VC industry/investments markets EY, DNB Markets, Tore Tønne and Torstein Tvenge
• (Statkraft, Eidsiva and Hafslund JV), Investment Director
• COO of 3D Mobile & Healthcare Software
• B.Sc. In Finance from Arizona State University with Summa Cum Laude (Dean's list)

Bård Olsen CFO

• Prev. VP of Global Compliance in MHWirth
• 9 years in total with Aker Group companies, incl. Head of Internal Audit at Aker Solutions, prev. with EY
• Auto Industry in the US
• M.Sc. In Finance and MBA from Arizona State University

Haakon Alfstad Investment Director, Executive

Chairman in VINDR and Kustvind

• With Statkraft since 1987 Senior VP for Wind Power on- /offshore 2008-17
• Responsible for construction phase of all Statkraft's hydro, onshore wind and solar power projects 2017-19
• Responsible for wind power developments of >1 GW installed capacity and large scale M&A projects
• Master's Degree in Mechanical Engineering from NTH and Business Candidate from BI

Theis Hanang Pedersen Head of Business

Development and Strategy

• Wide experience from the wind energy industry, involved in >70 wind power projects in Norway
• Co-founder, 6 years as Board member and 2 years as Chairman of Norwea
• Own consultancy company, mainly working for Vestas, from 2012 to 2018
• CEO/Country Manager for Vestas Norway 2004-2012 and CEO for Kristiansand Jernstøperi/Windcast 1994-2004
• Master's Degree (Siviløkonom) from NHH

MANAGEMENT & ADVISORY TEAM

Board and Advisors with vast experience from development of large-scale energy projects

Torstein Sanness Executive Chairman

• Experience as MD of Lundin Petroleum Norway and DNO, and from several executive positions during his 25 years at Saga Petroleum
• Board member Lundin Energy, IPC, Panoro Energy, Dr. Techn. Olav Olsen, TGS, previously Chairman of Lundin Petroleum Norway
• Master's degree in Engineering (geology, geophysics and mining engineering) from NTH

Bjørn Sund Director Industrial and Offshore Projects

• +40 years experience from Kværner, Norsk Hydro, Lundin Energy and Aker Energy
• Hywind, Utsira, Chairman Norsk Hydro Electrolysers (NEL), Head of R&D Norsk Hydro, field development project management
• Hydrogen, ammonia, oil and gas, fuel cells and wind.
• Johan Sverdrup, Edvard Grieg, Alta Gotha and more

Espen Erdal Asset Manager (from Jan 1 2021)

• 5 years experience from DNV GL
• Due Diligence, wind power, hydrogen, solar, hydro power
• 4 years from Aas-Jakobsen structural engineering concrete structures, bridges and more

Trine Dalsgaard External Advisor, Business

Development

• 2 years Nature Energy
• Former Vestas Sales Director Central Europa, Nordic, UK and Baltics
• 10 years experience from MACH, Damnet & Vestergaard
• DTU Technical University of Denmark

ADVISORY AND VINDR TEAM

Board and Advisors with vast experience from development of small and large-scale energy projects

Tor Ottar Karlsen Advisor

• Former Fylkesordfører Buskerud (Governor in Buskerud)
• Former political advisor in Gro Harlem Brundtland government
• Former Chairman Vardar (public utility)
• Seed investor and Board member on behalf of Vardar in Nelja Energia (wind power) in 2000 which was sold in 2019 to Esti Energia for BN 5 NOK in 2019 (Estonia, Lithuania and Latvia)

Camilla Andersson CEO/Founder Vindr

• MSc Industrial Engineering Linkøping
• Former Vestas, Ørsted PA Consulting
• Analysis, bid manager, project manager
• Founder of Vindr

Jan-Olav Øderud Director/Founder Vindr

• BSc NMBU and NTNU
• Former Vestas, Multiconsult and PA Consulting
• Developed several wind farms and exits on his own account
• Founder of Vindr

Kristian Hauglum Director/Partner Vindr

• MBA BI, Norway
• Norsk Hydro 17 years
• Wind power strategy M&A, trading energy/aluminium , Power Purchasing Agreements
• Developed his own hydro power project

NORWAY AFTER THE OIL – LARGE ADDITIONAL POWER NEED

Forward average price expected to increase compared to last 10 years – increased CO2 price main driver

TOP 20 SHAREHOLDERS

20 largest shareholder accounts 20 November 2020 (source: VPS)	Number of shares	Percent ownership
DNB MARKETS AKSJEHANDEL/-ANALYSE*	9,738,920	18.52
KING KONG INVEST AS	2,343,795	4.46
CARE HOLDING AS	2,100,000	3.99
GINNY INVEST AS	2,096,966	3.99
PHILIP HOLDING AS	1,620,000	3.08
SUNDT AS	1,592,202	3.03
ANDENERGY AS	1,558,140	2.96
MP PENSJON PK	1,502,638	2.86
INTERACTIVE BROKERS LLC	1,406,307	2.67
ALDEN AS	1,300,000	2.47
BEKKESTUA EIENDOM AS	1,267,976	2.41
DANSKE BANK AS	1,167,630	2.22
KLP AKSJENORGE INDEKS	1,133,000	2.15
FINANCIAL FUNDS AS	1,087,000	2.07
ALTEA PROPERTY DEVELOPMENT AS	1,004,944	1.91
AARSKOG, PHILLIP GEORGE	1,000,000	1.90
F2 FUNDS AS	761,000	1.45
BAKLIEN, ÅSMUND	700,000	1.33
HANDELSBANKEN CAPITAL MARKETS DMA MARKET-MAKING	575,561	1.09
SJØLUND, STIAN	531,000	1.01
Total, 20 largest shareholders	34,487,079	65.58
Other shareholder accounts	18,099,619	34.42
Total number of shares	52,586,698	100.00
Foreign ownership	4,940,361	9.40

*Magnora's largest shareholder is Kistefos AS who owns shares held by DNB Markets Aksjehandel/-analyse and SB1 Markets. In total, Kistefos AS holds 10,942,314 shares in the company equal to 20.8% of shares outstanding.

CONTACT US

Visiting address: Karenslyst Allé 2 0277 Oslo Norway

Postal address C/O Advokatfirmaet Schjødt AS P.O. Box 2444 Solli, 0201 Oslo Norway

www.magnoraasa.com

This presentation does not constitute an offer to buy or sell shares or other financial instruments of Magnora ASA ("Company"). This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements", which include all statements other than statements of historical fact. Forward-looking statements involve making certain assumptions based on the Company's experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the exploration for and development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company's periodic reports. Forward-looking statements are often identified by the words "believe", "budget", "potential", "expect", "anticipate", "intend", "plan" and other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information.