Third quarter 2021 presentation

Bjørn Simonsen, CEO

November 10, 2021

Our mission: pure growth

→ Unparalleled deal flow
→ Industry and financial expertise
→ Leveraging Ferncliff group's capabilities
→ Listed on Oslo Stock Exchange (main list)

. We seek out, and invest in, the solutions that contribute to a greener future

Combining industrial and financial expertise

Our investment approach

Q3 highlights

Increased

share holdings in Bergen Carbon Solutions

-10 MNOK

Net profit from operations

15.4% Return on equity YTD

704 MNOK Cash balance

SAGA PURE

BCS as an associated company vs market value YTD

Book-value of Bergen Carbon Solutions as associate vs. market value

Net value	accounted	Associate Market value	Difference
Total net invested (net cost) '	68.0	68.0	0.0
Share of net result	-3.7	0.0	3.7
Change in market value	0.0	272.8	272.8
Net value as per Q3	64.3	340.82	276.5

Profit and loss from Bergen Carbon Solutions as associate vs. market value

Profit/loss	accounted	Associate Market value	Difference
Share of net result	-3.7	0.0	3.7
Realized profit	55.6	55.6	0.0
Change in market value	0.0	272.8	272.8
Net profit from investment per Q3	51.9	328.4	276.5

Using market value of BCS instead of considering BCS as an associated company gives a ROE of 45,5% for 2021

Developments during and after the quarter

Exercised options in Bergen Carbon Solutions

4,978,000 shares at NOK 6,03 per share

SAGA PURE

Increased ownership in Heimdall

9.6 MNOK, 18.3% ownership!

1: 17.8% post options exercised, which among others Saga Pure acquired

Paid dividends

Investment highlights

Horisont Energi

Horisont Energi is a Norwegian clean energy company focused on developing clean (Blue and green) ammonia for energy export; and innovative carbon storage solutions, also for third parties.

OWNERSHIP SHARE AND INVOLVEMENT 11.6% and board position

· Entered a cooperation agreement with Equinor and Vår Energi for the Barents Blue ammonia plant
· In discussions with infrastructure investors to finance the Barents Blue Ammonia plant
· Applied for the Polaris carbon storage license in the Barents Sea
MoU with Koole Terminals to establish a terminal and storage facility in the Port of Rotterdam
· Signed an engineering services frame agreement with Wood
· Signed a frame agreement with Asco for logistic and supply services

Bergen Carbon Solutions

BERGEN

Bergen Carbon Solutions have developed a technology to produce carbon nano fibers (CNF) from CO2 at a fraction of the energy consumption of conventional production methods, and without any associated emissions. CNF can be used to significantly increase conductivity, strength and heat transfer abilities of various materials.

OWNERSHIP SHARF AND INVOLVEMENT 28% ownership share and board position

HIGHLIGTS

· Appointed new CFO & strengthening the organization
· Phasing in continuous production of CNF, also achieving higher product quality
· Winning start-up award from Bergen municipality
· Awarded first commercial contract of NOK 5 million
· Lol with Japanese company on utilizing CNF for battery anodes

SAGA PURE

Pryme

Pryme is a chemical recycling company, using a modified pyrolysis process which converts waste plastics into pyrolysis oil which will be further refined downstream for production of new plastics. Based on 13 years of recycling focused R&D.

OWNERSHIP SHARE AND INVOLVEMENT 3.9% ownership share

· Announced strategic cooperation and offtake agreement with Shell, with intention of supplying to a refinery in the Netherlands and Germany
Strengthened the board with high-caliber individuals with deep and relevant industry knowledge

Heimdall Power

Heimdall Power offers a rapid transition to fully digitized electric grid assets with sensors and software, enabling increased power transfer and safer, more predictable operation.

OWNERSHIP SHARE AND INVOLVEMENT 18.3%! ownership share and board position

HIGHLIGTS

SAGA PURE

· Company is continuing building the organization
Several ongoing customer dialogs in Norway and Europe both for pilots and large-scale projects
· Ongoing development and improvements of both software and hardware products