Magnora ASA

Investor Presentation • Oct 23, 2023

Q3 Presentation

23 October - 2023

www.magnoraasa.com

A pure play "asset light" renewables developer

Highly experienced team from investments and renewable energy development

Rapid growth – in Q3 we reached 6,7 GW aiming for 9GW¹ of renewables in 2025

Solid cash position and near-term cash flow from project sales, legacy business and dividends

Listed on the main board of Oslo Stock Exchange with some 7,800 shareholders²

We invest in renewable and clean energy built in a sustainable way

2020 2021 • Strategy established • Returned 517 mNOK to shareholders • Four employees and NOK 50m cash Q1 • Focus on renewables with support from top shareholders • First farm down • Continued fast paced portfolio additions across several renewable technologies • First dividend received from portfolio company • Hafslund becoming largest shareholder • New mutual funds top 20 shareholders 2022 2023 • First "hand-overs" 126 MW in Q1 • Exit from Evolar at up to x10 multiple • Growth combined with return of capital to shareholders • Sold 385 MW net YTD

Top 20 shareholders

	# shares	% ownership
HAFSLUND VEKST AS	4 474 272	6,70
KING KONG INVEST AS	2 670 995	4,00
GINNY INVEST AS	2 469 144	3,70
ALDEN AS	2 217 825	3,32
F1 FUNDS AS	1 743 121	2,61
PHILIP HOLDING AS	1 648 377	2,47
F2 FUNDS AS	1 630 000	2,44
CARE HOLDING AS	1 500 000	2,24
JPMORGAN CHASE BANK, N.A., LONDON	1 434 837	2,15
DNB BANK ASA	1 336 852	2,00
MP PENSJON PK	1 242 732	1,86
ALTEA AS	1 154 944	1,73
NORDNET LIVSFORSIKRING AS	1 075 318	1,61
MAGNORA ASA	1 070 854	1,60
MORGAN STANLEY & CO. INT. PLC.	1 018 315	1,52
AARSKOG PHILIP GEORGE	1 000 000	1,50
CLEARSTREAM BANKING S.A.	902 051	1,35
BALLISTA AS	760 372	1,14
BAKLIEN ÅSMUND	756 100	1,13
DANSKE BANK	738 531	1,11
Total, 20 largest shareholders	30 844 640	46,16
Total number of shares	66,822,679	100.00 %

Key metrics – Q3 2023

Cash (NOK million)

367.6

Capital returned (mNOK) 39.2

Including share buyback

GW in portfolio (Net share¹ ) 6.7

~ 20% growth in 3 months

Origination discussions onshore

~ 350

Advanced discussions on project sales

Including subsequent events

Sales to date (MW net to Magnora)

385

Source: VPS, 17.10.2023

Q3 highlights: robust sales, steady organic growth, dividend, and buyback

• » Sales in Q3 totaled 254 MW net to Magnora solar PV (Sweden) battery storage (BESS) in South Africa.
• » On 26 July 2023, Helios divested seven projects totaling 252 MWp to Hafslund at a price per MW in the high end of Magnora's guiding.
• » In July, Magnora sold a 153 MW battery project in South Africa to Globeleq, an independent power producers owned by Norfund and British International Investment (Norwegian and British government institutions).
  • » On 20 October, Magnora closed a second sale to Globeleq (90 MW Solar PV aimed at the C&I market)
• » Magnora's portfolio of renewable projects reached 6.7 GW in October 2023, all through organic growth.
• » Particularly fast growth in Finland with Helios Nordic Energy Finland Oy building a portfolio of more than 500 MW during the quarter.
• » In late summer and early fall, Hafslund Magnora Sol doubled its project portfolio which now totals 784 MW (376MW net to Magnora).
• » Helios's project pipeline grew to more than 7GW. To date, Helios has divested approximately 1 GW of solar PV projects.
• » Magnora continued buying back its own shares and currently holds 1,070,854 treasury shares. The maximum consideration to be paid for shares acquired under the buyback program is NOK 45 per share and NOK 50 million in aggregate.
• » On 23 August, Magnora commenced its program of capital distribution with an initial payment of NOK 0.187 per share**. Technically, Magnora repays paid-in capital in excess of the share's par value, which can offer a tax advantage for some shareholders.
• » On 28 August, Magnora issued a press release informing about an evaluation of corporate structure and the hiring of Pareto Securities to assist in the process of enhancing shareholder value due to interest for the group and group companies (see stock exchange notice).
• » Net cash generated from operating activities was negative NOK 10.3 million and in line with previous quarters.
• » At the end of Q3, cash and cash equivalents had decreased NOK 41.5 million to NOK 367.6 million mostly due to the Group buying back shares and returning capital to shareholders.

^* The deal includes an upfront payment supplemented by milestone payments linked to the success of 1) a planned BESS project and the addition of 2) solar PV. ** For details on the procedure and ambitions, cf. Magnora's stock exchange notification dated 9 June 2023

A portfolio diversified across technologies and regions

All figures are MW net to	Solar PV	Offshore floating wind	Offshore bottom-fixed	Onshore wind	Storage	Under development
Magnora1 as of 19 October 2023
Sweden	2,485		250		600	3,335
Finland2	201					201
Scotland		396				396
England	108				110	218
Norway	376					376
South Africa	1,465			605	153	2,223
Development portfolio	4,635	396	250	605	863	6,749

De-risking early-stage renewable projects and mitigating risk requires savvy business skill, experience & "portfolio logic"

	Identified projects1)	Qualified/in negotiation	Signed / preparing sale2)	Sold3)
Sweden1	NA	200+ dialogues (12,000 ha)	~ 6,750 MW	955 MW
Finland	110+ dialogues	30+ deals/ dialogues	~ 500 MW
England	Ca 1.4 GW	300+ MW	~ 450 MW
Norway	1-1.5 GW	400+ MW	~ 600 MW
South Africa	250+ locations (20-30 GW)	30 Projects (3-4 GW)	~ 2,100 MW	243 MW

Origination initiatives – as of October

• Strong local teams receiving operating leverage, governance, and support for legal, M&A and execution out of Norway
• A lot of leads behind every signed project
• Economic feasibility, grid connection and environment are risk factors
• In early stages, the quality of leads is more important than the volume of leads
• Most projects are sold before they are readyto-build and payments include associated milestone payments
• Magnora's customer base carries little counter-party risk after a project is sold
• Key success criteria: balancing origination, development and sales

1) Looks promising based on early screening. 2) Land agreements signed and no obvious obstacle to eventual development 3) Sales frequently take place before a project is ready to build; sales volumes also include some projects that are sold and handed to customer with no further obligation on the developer.

Our ("repeat") customers are leaders in their respective markets with low risk and high future potential for Magnora

Globeleq	Our first customer in South Africa - is owned by the Norwegian and UK governments and is an ambitious and respected developer
Commerz Real AG	is a Helios customer and a leading European bank and infrastructure investor
Hafslund	(21 TWh year in green energy)– a Helios customer and a partner in Hafslund Magnora Sol AS - is a leading European utility
Other Helios customers include Nordic Solar	Leading European Solar Independent power producers (IPP)
Solgrid	Owned by some of the largest utilities in Norway
Magnora sold Evolar to First Solar Inc.	America's leading manufacturer of Solar PV, and the most valuable solar PV company anywhere

We are developing renewable projects to the Ready-to-Build phase

Karenslyst allé 6 | 1st Floor

0277 Oslo | Norway

magnoraasa.com

Developing projects to Ready-to-Build phase ("ASSET LIGHT") with limited balance sheet risk

Collective drive towards green shift gives lower risk in earlystage development

Value premium for early-stage project development with low operational costs

Reducing risk in development phase through high competence and experience

Slide 9

Strategic partnerships

Hand-picked management and team executing on big renewables opportunities with entrepreneurial approach

Torstein Sanness

Executive Chairman

• Co-founder of Lundin Petroleum Norway and DNO, and from several executive positions during his 25 years at Saga Petroleum.
• Board member IPC, Panoro Energy, Carbon Transition, previously Chairman of Lundin Petroleum Norway.
• Master's degree in Engineering (geology, geophysics and mining engineering) from NTH.

Erik Sneve

• 25 years experience from various positions in the investment and renewable industry
• Experience from working as an analyst, consultant and investment director in EY, DnB Markets, Energy Future Invest (EFI – a Statkraft, Hafslund and Eidsiva Energi joint-venture), Tore Tønne and Torstein Tvenge.
• COO Has worked internationally in the US, Sweden, Germany and opened offices in the UK and Sri Lanka in software company.
• Responsible for the Solibro AB (Swedish solar technology company) development, construction and exit for EFI to Qcells. • Former Chairman Evolar AB – development and exit to Fist Solar
• Inc.
• B.Sc. in Finance from Arizona State University with Summa Cum Laude (Dean's list).

Strong team of professionals with extensive experience from the energy industry

Bård Olsen CFO

Professor

Stein Bjørnstad Senior Advisor, Ass

Bjørn Drangsholt CEO Hafslund Magnora Sol AS

Emilie Brackman VP Wind & Solar

Peter Nygren Expert Advisor

Trond Gärtner SVP Business development

Haakon Alfstad CEO Magnora Offshore Wind

development

Magnora's legacy business is alive and well

Background

• After the sale of assets to SembCorp, there were two royalty contracts remaining with Shell and Dana Petroleum – each specified revenues for design and production license fee from FPSO developments
• These contracts financed Magnora's 2019-2022 transformation to an early-stage renewable developer
• The Western Isles FPSO allow for electrification from shore or wind turbines. The Western Isles FPSO has a design that allows rebuild and electrifications
• Launched in 2017. Hull life is designed to last 30 to 50 years. Can produce 44,000 barrels per day without modifications. Magnora is entitled to a design fee of USD 50 cent per barrel over asset life
• The two final milestones from the Shell Penguins contract total USD 8.6 million and are expected in the near to midterm

A reminder on our guiding

Portfolio: 9 GW in 2025 (+4GW) Sales: 200-325 MW in 2023 Price: 0.5->1.5 mNOK/MW

• We expect the majority of the portfolio growth to be solar PV and battery storage assets
• All figures on the development portfolio are net to Magnora, that is Magnora's ownership share multiplied by the capacity of any given asset
• Magnora strives to be conservative in its portfolio estimate counting assets with signed land agreements and a reasonable prospect for grid connection

Exceeds target

• Sales activities are picking up in all major markets
• Net 385 MW sold as of October 2023
• Most sales are projects or portfolios of projects - alternatively farm downs or sale of companies/SPVs
• Frequently, sales are closed early with a combination of up-front and milestone payments*

(unchanged)***

• The price range provides an accurate picture of asset value when ready-to-build*
• As previously, outliers are excluded**

* Most sales occur pre "ready-to-build" with significant advance payments and subsequent payments subject to milestones. We recognize revenue when these milestones are met, e.g. grid connection or hand-over.

** E.g. stand-alone solar PV in South Africa is unlikely to fetch premium prices. Prices for certain markets and projects may also be above this range.

*** A sustained fall in the prices of solar PV and batteries serve to improve or maintain the pricing power of developers with mature projects.

In the future Magnora may differ from today

Background

• On 28 August, Magnora signaled a review of the company structure ‐ Legacy design business vs early- stage renewable business. Onshore vs Offshore.
• In parallel, we encounter significant interest for individual assets, company, companies and portfolios
• If we believe a deal is in the best interest of our shareholders, we pursue accordingly
• Magnora's Board has hired Pareto Securities to assist management and the Board to explore opportunities and prepare for eventualities

CONDENSED PROFIT AND LOSS

Q3 2023, NOK million

	Q3'23	Q2'23	Q3'22
Operating revenue	3.9	2.3	3.5
Other income	10.2	229.6	0.3
Operating expense (ex. non-cash)	-9.3	-8.2	-5.4
EBITDA	-15.3	204.3	-18.2
Option expense (opex non-cash)	-1.4	-1.3	-1.0
Development and M&A expense	-18.8	-18.2	-15.6
Profit/loss from associated companies	-8.1	-4.9	-2.3
Operating profit/loss	-23.5	199.3	-20.5
Net financial items	4.5	3.7	2.1
Profit/loss before tax	-19.0	203.1	-18.3

For further details see Q3 report 2023 (magnoraasa.com)

• EBITDA of negative NOK 15.3m vs. NOK 204.3m in Q3'23

• ‐ Mainly due to divestment of SPV in South Africa and higher costs
• ‐ All companies with ownership >50% are consolidated 100% in P&L
• ‐ Slightly higher development and M&A expense compared with prior quarter due to in the divestment of the SPV in South Africa, and development of projects in UK, South Africa and Talisk project
• Operating profit of negative NOK 23.5m vs. of NOK 199.3m Q3'23
  • ‐ Loss from associated companies was NOK 8.1m vs loss of NOK 4.9m prior quarter
• Tax not payable due to accumulated tax losses of over NOK 3.5 billion from legacy business
• Paid in capital of NOK 8.4 billion

CASH FLOW Q3 2023, NOK million

Cashflow from:

• ‐ Operating activities negative NOK 10.3m
• ‐ Impacted by development costs in Magnora UK, Magnora Offshore Wind, and Magnora South Africa
• ‐ Investment activities NOK 6.3m
  • ‐ SPV divestment
• ‐ Purchase of assets and associated companies
• ‐ Financing activities of negative NOK 37.6m
  • ‐ Purchase of own shares
• ‐ Capital distribution to shareholders
• Ending cash balance of NOK 367.6m
  • ‐ The Group's cash and available credit facilities was NOK 517.6 million as of 30 September 2023

Outlook

Board and management exposure Skin in the game

Board and Management exposure

Person		Number of shares	Number of options
Erik Sneve	CEO	1,173,871	450,000
Torstein Sanness	Chairman	629,442	325,000
Haakon Alfstad	CEO Magnora Offshore Wind	111,177	200,000
Hilde Ådland	Board Member	39,011	10,000
Bård Olsen	CFO	75,000	125,000
John Hamilton	Board Member	33,837	40,000
Espen Erdal	VP Business Development	17,174	125,000
Trond Gärtner	SVP Business Development	7,000	100,000
Emilie Brackman	VP Wind & Solar	2,600	75,000
Hanne Wiger	Business Controller	4,474	50,000
Stein Bjørnstad	Head Advisor	15,000	50,000
Total		2,108,586	1,550,000
% of shares outstanding		3.16 %

Appendices

www.magnoraasa.com

Update on some key markets

The case for renewable energy is strong in all our markets

	Electricity price to consumer (NOK/kWh) 2023 excl. net and tax	LCOE Solar PV (NOK per kWh)	Stated govt. ambition or similar for renewables by 2030	Regulatory regime
Norway	Ca 0.95 (Q1 and Q2)	NA	40TWh (incl. 5-10 hydro (Energikommisjonen)	Generally supportive
UK	0.70 (52 GBP per MW in first half of 2023)	Ca 0.5 (0.33 by 2030*)	Government aims for 30 GW solar, 50 GW offshore wind	Generally supportive
Sweden	Ca 0.75 (SE3 and SE4)	Ca 0.5 (0.33 by 2030*)	Market expect 30TWh (no official policy)	Very supportive
South Africa	1.20 (above 2 ZAR) including net	0.35- 0.45	Government and Eskom aims for 20-30 GW	Supportive but complex - lacks spot market

*According to Norwegian Water Resource and Energy Directorate (NVE), 2022 prognosis

Swedish electricity market is set to double by 2035

Solar power is expected to be one of the main contributors

Forward looking solar production in Sweden (GWh)

30 000

3,800

%

The UK has been number one in EY's ranking of attractive countries for offshore wind for the past three years¹

Benefitting from governmental policies and regulatory regimes focused on accelerating the deployment of offshore wind.

Scotland's Pioneering Role in Offshore Wind Innovation

1

2

3

4

Ambitious government targets for deployment

• Up to 50GW offshore wind capacity by 2030, including up to 5GW of FOW²
• Scottish government is targeting 11GW by 2030³

Excellent geography for offshore wind

• As an island nation, the UK is well suited to offshore wind deployment
• The UK, in particular Scotland, has some of the best wind resource in the world³

Established, well-regarded regulatory regime

The UK has developed a regime covering the entire offshore wind project life cycle with plans to accelerate the pipeline deployment

Scotland at the forefront of FOW development

• Scotland deployed the world's first FOW farm, Hywind, followed by the world's largest FOW farm, Kincardine
• 40% of the c.78GW offshore pipeline is FOW²

Map of operational UK offshore wind sites⁴

..in addition, the UK energy market is expecting soaring growth in both battery and solar markets by 2030

Rapid growth of utility-scale battery storage facilities in the UK

• Short-term electricity energy storage capacity in the UK is currently dominated by pumped hydro, a mature technology with limited potential for significant capacity increase over the next three decades due to geographical constraints.
• On the other hand, utility-scale battery storage facilities in the UK have experienced rapid growth in recent years and now account for approximately one-third of the grid's storage power capacity. This growth trend is expected to continue, with projected energy storage capacity reaching 190 GWh by 2050.

How UK solar can become a 40GW+ market by 2030

• While dominated by wind power, the UK solar market is set to experience significant growth, with the potential to add up to 25GW of solar capacity by 2030
• All market segments in the UK solar industry are in growth mode, showing encouraging contributions from various subcategories, including residential and commercial rooftops, as well as utility-scale ground-mounted solar farms. The cumulative capacity is expected to reach 40GW by the start of 2030, driven by a combination of rooftop and ground-mount installations

Source: DNV Energy transition outlook, UK 2022

South Africa has huge potential, and our asset-light model carries little risk

The fundamentals of this market is very promising

• Some 60 million customers in the only potential mid-income market in Africa
• A power-consuming and export-oriented industry, particularly mining that needs secure power supply and may be subject to pressure from customers about sustainability (a very interesting PPA market)
• Rolling shut-downs of electricity system drives strong interest from corporate and industrial customers bypassing the government auction system.
• Ambitious goals from the government, and a well established system of auctions (REIPPP) where private companies bid to supply capacity. This REIPPP program has secured 2.8 GW of solar PV and 3.4 GW as of August 2023
• The ambition is to expand the REIPPP program to secure another 20- 30 GW in 10 years
• A geography with excellent opportunities for renewable energy: abundant land, best-in-class sun resources and fairly constant and stable wind resources
• A run-down power system where coal contributes 80-85 % of the current electricity supply, set for replacement by a combination of renewables, batteries and some gas power

Rapid growth of installed Solar for both industry and consumer markets

Estimated Cumulative Solar PV in South Africa (C&I and Residential) in MW

Source: Eskom, integrated resource plan, and https://www.bloomberg.com/netzeropathfinders/best-practices/integrated-resourceplan-south-africa/

Example of Helios farmdowns – total 953,5 MWp Magnora is largest shareholder in Helios

Broad portfolio of attractive companies and projects – Gross Numbers (per October 2023)

Ownership	40%	100% 92%	80%	45% Option to 50%	50%	50%	48%	33%
					STORAGE UK	PV UK
Segment	Solar & Energy Storage	Onshore Wind & Solar	Offshore Wind	Offshore Wind Shallow Water	Energy Storage	Solar	Solar	Green Hydrogen Ammonia
Gross Capacity	8,214 MW	2,223 MW	495 MW	500 MW	220 MWh	215 MW	784 MW	Large-scale production
Location	Sweden, Finland, Baltics	South Africa	Scotland	Sweden	UK	UK	Norway	Norway

Reported financials

Condensed consolidated income statement

NOK million	Note	Q3 2023	Q2 2023	YTD 2023	Q3 2022	YTD 2022	2022
Operations
Operating revenue	5	3.9	2.3	22.7	3.8	13.5	91.7
Other income	4	10.2	229.6	239.8	0.0	0.0	0.0
Operating expense	2	-10.7	-9.5	-28.0	-6.4	-22.3	-31.8
Development and M&A expense	2	-18.8	-18.2	-54.5	-15.6	-46.1	-49 4
EBITDA		-15.3	204.3	180.0	-18.2	-55.0	10.5
Profit/loss from associated companies		-8.1	-4.9	13.6	-2.3	0.6	-3.9
Operating profit/(loss)		-23.5	199.3	193.6	-20.5	-54.3	6.6
Financial income/(expense)		4.0	-1.4	2.0	-1.8	-0.9	-2.1
FX gain/(loss)		0.5	5.1	-0.9	3.9	4.6	7.4
Net financial items		4.5	3.7	1.1	2.1	3.7	5.4
Profit/(loss) before tax		-19.0	203.0	194.7	-18.4	-50.6	12.0
Tax income/(expense)		0.0	0.0	0.1	0.1	0.2	-8.1
Net profit/(loss)		-19.0	203.1	194.8	-18.3	-50.4	3.9

Reported financials

Condensed statement of financial position

NOK million Note	30.09.23	30.06.23	31.12.22
Deferred tax assets	15.1	15.1	15.1
Intangible assets	136.1	142.1	170.9
Right-of-use assets	0.0	0.0	9.0
Fixed assets	0.5	0.3	15.3
Goodwill	8.4	10.4	34.1
Other non-current assets	2.0	2.0	0.0
Investment in associates	41.9	50.2	26.4
Total non-current assets	203.9	220.0	270.9
Trade and other receivables	26.8	23.7	97.7
Other current financial assets	24.8	25.8	23.7
Cash and cash equivalents	367.6	409.1	171.9
Total current assets	419.2	458.5	293.3
Total assets	623.2	678.5	564.2
Share capital	32.7	32.7	32.7
Treasury shares	-0.5	-0.2	0.0
Other equity	525.0	578.2	353.3
Total shareholders' equity	557.2	610.7	386.0
Non-controlling interest	18.3	21.6	45.8
Total equity	575.5	632.3	431.8
Deferred tax liability	0.4	0.4	4.9
Non-current liabilities	0.0	0.0	5.2
Total non-current liabilities	0.4	0.4	10.1
Overdraft facility*	0.0	0.0	76.3
Current liabilities	47.2	45.8	46.0
Total current liabilities	47.2	45.8	122.3
Total liabilities	47.6	46.3	132.4
Total equity and liabilities	623.2	678.5	564.2

For further details and notes see Q3 report 2023 (magnoraasa.com)

Reported financials

Condensed statement of cash flow

NOK million	Q3 2023	Q2 2023	YTD 2023	Q3 2022	YTD 2022	2022
Cash flow from operating activities
Cash from operations	-10.3	-18.0	13.8	-18.9	-51.8	-67.7
Taxes paid/repaid	0.0	0.0	0.0	0.0	0.0	0.0
Net cash generated from operating activities	-10.3	-18.0	13.8	-18.9	-51.8	-67.7
Cash flow from investment activities
Net purchase of marketable securities	0.0	0.0	0.0	0.0	1.3	0.0
Investment in fixed assets	-0.1	- 7	-5.5	-0.8	-4.7	-8.7
Dividend received	0.0	24.1	24.1	6.1	6.1	6.1
Divestment of subsidiary net of cash acquired	8.9	299.1	308.0	0.0	3.8	-6.7
Net purchase of associated companies	-2.5	-10.0	-24.0	-5.1	-30.7	-21.4
ScotWind lease option fee	0.0	0.0	0.0	0.0	-94.6	-118.3
Received loan related to ScotWind lease option	0.0	0.0	0.0	0.0	0.0	23.7
Net cash from investment activities	6.3	311.4	302.6	0.2	- 118.8	-125.3
Cash flow from financing activities
Purchase of own shares	-26.9	-5.3	-32.2	0.0	0.0	0.0
Capital distribution/increase	0.0	0.0	0.0	1923	195.6	194.4
Leasing payments	0.0	-0.4	-1.4	0.0	0.0	-2.7
Project Loan	1.6		1.6
Overdraft facility drawn*	0.0	0.0	-76.3	12.1	74.6	76.3
Capital reduction paid out	- 2.3		-12.3
Net cash from financing activities	-37.6	-5.7	-120.6	204.4	270.1	268.0
Net cash flow from the period	-41.5	287.7	195.7	185.7	99.6	75.0
Cash balance at beginning of period	409.1	121.5	1719	10.7	96.9	96.9
Cash balance at end of period	367.6	409.1	367.6	196.4	196.4	171.9

For further details and notes see Q3 report 2023 (magnoraasa.com)

Disclaimer

The information in this presentation has been prepared by Magnora ASA (the "Company"). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions:

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This presentation has not been reviewed or approved by any regulatory authority or stock exchange. The (re)distribution of this presentation and/or any prospectus or other documentation into jurisdictions other than Norway may be restricted by law. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such restrictions.

The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice.

Any investment in the Company involves inherent risks and is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of the investment. Investors should carefully review the summary of risk factors set out in the following slides before making any investment decision.

The presentation and any purported liability in connection with it is subject to Norwegian law and is subject to the exclusive jurisdiction of the Norwegian courts.

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