Norsk Titanium AS — Investor Presentation 2021

May 18, 2021

Company Presentation May 2021

Innovating the future of metal

Important information

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The information in this Presentation has been prepared by Norsk Titanium AS (the "Company") with assistance from Carnegie AS and Skandinaviska Enskilda Banken AB (the "Managers") solely for use at the presentation to a limited number of recipients on a strictly confidential basis for information purposes only. This Presentation and the conclusions contained herein are necessarily based on economic, market and other conditions, as in effect on, and the information available to the Company as of, their date. This Presentation does not purport to contain a complete description of the Company or the market(s) in which the Company operates, nor do they provide an audited valuation of the Company. The analyses contained in this Presentation are not, and do not purport to be, appraisals of the assets, stock or business of the Company or any other person. Moreover, this Presentation is incomplete without reference to, and should be viewed and considered solely in conjunction with, the oral briefing provided by an authorised representative of the Company in relation to these materials.

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Important information (cont'd)

The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. In particular, nothing herein shall be taken as constituting the giving of investment advice and this Presentation are not intended to provide, and must not be taken as, the exclusive basis of any investment decision or other valuation and should not be considered as a recommendation by the Company (or any of its affiliates) that any Recipient enters into any transaction. This Presentation comprise a general summary of certain matters in connections with the Company. This Presentation do not purport to contain all of the information that any Recipient may require to make a decision with regards to any transaction. Any decision as to whether or not to enter into any transaction should be taken solely by the relevant Recipient. Before entering into such transaction, each Recipient should take steps to ensure that it fully understands such transaction and has made an independent assessments of the appropriateness of such transaction in the light of its own objectives and circumstances, including the possible risks and benefits of entering into such transaction (or any of their respective affiliates) or any other person. Any potential transaction that may be related to the subject matter of these materials will be made pursuant to separate and distinct documentation and in such case the

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The production of structural grade metal alloys has barely evolved from the early days…

Forging then

Forging now

Norsk's Disruptive Solution

Norsk's Rapid Plasma Deposition (RPDTM) technology is a highly innovative and scalable technology platform with all the benefits of 3D printing while delivering consistent forged quality material at high-rate production

RPDTM dramatically reduces labor, capital and energy intensity Norsk's RPD Norsk's proprietary MERKE IV machine TM process

3D printing technology platform enabled by a digital backbone

Digital backbone enabling a highly scalable business model

Producing forge-quality structural hard-metal alloys at significantly lower cost with smaller environmental footprint

Producing forge-quality structural hard-metal alloys at significantly lower cost with smaller environmental footprint
Improved efficiency and shorter lead time	5-20x	faster than incumbent processes
	Up to 75%	less machining costs
Sustainable manufacturing – reduced environmental footprint	25-75%	less material use vs. incumbent processes
	50-75%	reduction in required machining
	1,100 MT	annual CO2 savings from fully utilized RPD machine1
25 – 50% in total cost savings vs incumbent processes
Source: https://www.eia.gov/tools/faqs/faq.php?id=74&t=11 9 ©2021 NORSK TITANIUM AS OSLO NEW YORK CONFIDENTIAL INFORMATION 1) Each fully utilized Norsk RPD machine saves approximately 2 GWh in energy consumption representing approx. 1,100 MT of CO2 emissions annually

In business since 2007 – mature technology, multi-year lead over competition and ability to set industry standards

Selected company highlights

3D printing is maturing into mass production of end-use parts and set to grow rapidly

Use of titanium across industries is growing

Excellent corrosion and erosion resistance

Replacements

Consumer

Industrial Applications

Norsk qualification in demanding end-markets is opening doors to a \$150bn addressable market

Positioned to rapidly scale

Norsk's disruptive solution is rapidly scaling with aerospace and defense customers creating a pipeline of visible revenue as it manufactures parts for platforms with 10+ year production runs, while also expanding into new sectors over time.

Global footprint & world's largest 3D printing facility

• World's largest 3D printing
• manufacturing customer parts
• Separate qualification facility
• Area: 147,000 sq. ft
• Capacity: 640 MT / year
• 32 RPDTM machines + material warehouse + downstream activities
• 38 employees

Focused on research and development of new technologies for 3D printing

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• Area: 37,000 sq. ft
• Capacity: 60 MT / year
• 3 RPDTM machines +
• 52 employees

Plattsburgh Production Center (PPC) Plattsburgh Development and Qualification Center (PDQC) State-of-the-art facilities located in Plattsburgh, NY State

Norsk's technology is certified for production and has set industry standard for 3D printing of metals

Industry material standard

Innovating the future of metal

Business model disrupts outdated metal manufacturing methods and oligopolistic market structure

Addressable market spans multiple sectors and high-performance metal alloys

Norsk's 3D printing technology enables industrial scale production rates while substantially reducing the environemntal footprint of metal manufacturing