Second quarter 2021 presentation

Bjørn Simonsen, CEO

August 30, 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

Q2 highlights

Strategic investment

SAGA PURE

3.5 MNOK

Net profit from operations

16.5% Return on equity YTD

796 MNOK Cash balance

Developments during and after the quarter

100+

companies screened YTD

Listing of Bergen Carbon Solutions on April 19

Completed investment in IC Technology after company received approval in principle (AIP) from DNV for their liquid hydrogen storage solution

Investment in Hyon

Strengthened industry expertise

Jørgen Kopperstad and Rob Stevens joined team to strengthen industry expertise within sustainable maritime and ammonia solutions

Subsequent events Exercised options in Bergen Carbon Solutions, subscribing ~5 million shares at NOK ~6 / share

SAGA PURE

Influencing factors

Megatrends driving market opportunities

EU Taxonomy

The EU taxonomy is a classification system being established to ensure more accurate and transparent information on the environmental performance of companies, preventing "greenwashing"
· Provides companies, investors and policymakers with clear definitions over which economic activities can be considered environmentally sustainable
· Six environmental objectives defined, of which the screening criteria of the first two will be effective from 1 Jan 2022

EUs "Fit for 55″ package speeds up change towards a green transition

· Raising 2030 target from 40 to 55% reduction of GHGemissions compared to 1990 levels
· EU ETS is tightened, inclusion of maritime and establishment of separate ETS for buildings and road transport
Combined with a carbon border adjustment mechanism to ensure competitiveness for European companies
Stricter emission targets for passenger cars implies that ~60 % of new car sales need to be ZEVs by 2030 and 100% by 2035, along with supporting infrastructure
· Renewable share of EU energy mix is to be increased from 32 % to 40 % by 2030
· Increased goals for energy efficiency

SAGA PURE

EU ETS cap development

IPCEI supercharging Europe's hydrogen position

· Important Projects of Common European Interest is one of EU's strongest tool to ensure competitiveness of European companies
- · Allowing for up to 100% public support, both capex and opex
· Current IPCEI is focused on hydrogen value chain projects, including ammonia
- · ~140 projects shortlisted by member states
- In Norway, Enova got 25 proposals, out of which 3 are currently still "in the race", including the Barents Blue project from Horisont Energi

Source: ICE, Bloomberg NEF

IPCC 6th assessment adds certainty around human induced climate change

"It is unequivocal that human influence has warmed the atmosphere, ocean and land. Widespread and rapid changes in the atmosphere, ocean, cryosphere and biosphere have occurred." - IPCC

We may surpass 1.5 °C already by 2030, one decade earlier than estimated in the special report issued in 2018
CO2 concentrations have since 2011 reached annual average concentrations of 410 ppm
- · Land and oceans have over last six decades taken up 56% of CO2-emissions from human activities
Extreme weather events will become more frequent and extreme, especially high temperature events/droughts
· Adds an increased sense of urgency for countries and companies

SAGA PURE

Source: IPCC

Investment space

Renewable energy

Global investments in renewable energy production hit an all-time high for the H1-21 of USD 174 billion
- · Need to grow to USD 760 1800 billion/year by 2030 depending on scenario
· US Senate's Infrastructure bill including USD 65 billion to improve the reliability and resiliency of the nation's power grid
· New energy storage capacity expected to more than double YoY from 5,5 GW in 2020 to 11,5 GW 2021 to 26 GW in 2025
· Investments in energy efficiency expected to be \$ 300 bn in 2021 of which approximately 2/3 will be in buildings
· 40 % increase in the number of energy sector digital announcements between 1H 2020 and 1H 2021

SAGA PURE

Key 2030-milestones for renewable technology in order to reach net-zero by 2050

Bloomberg NEF's Green Scenario: Electrification and renewable energy with "green" hydrogen

Hydrogen sector continues to build strong momentum globally

Hydrogen has the potential to replace most of the world's usage of coal, oil and natural gas - this is naturally not happening overnight
· >130 additional large-scale projects announced only since Feb '21, bringing the total announced capacity to ~11 million tons by 2030, up from 6.7 in 2020 and 2.3 in 2019
- 80% of newly announced projects are in Europe

SAGA PURE

· Total associated investments of USD ~500 billion, out of which 30% considered "mature"
· Norway issued a hydrogen road map on June 11th with main focus on maritime sector, industry and technology demonstration, and to make hydrogen widely available as a maritime fuel by 2030

Maritime

SAGA PURE

IMO are expanding the «green toolbox» to monitor and control the carbon intensity of shipping to support the emission reduction targets from international shipping by at least 50% by 2050 compared to 2008 levels!
- · Energy Efficiency Ship Index (EEXI), Carbon Intensity Indicator (CII), Ships will receive grades depending on environmental performance
· EU adding shipping to its carbon trading market (ETS)
Maersk orders eight 16 000 TEU container vessels with dual fuel engines for methanol and conventional fuels
High focus on establishing infrastructure to make sustainable maritime fuels available – one of key focus points in the Norwegian hydrogen roadmap
Recent market study estimates USD 600 million market potential by 2030 for compressed hydrogen storage solutions in the maritime sector2

Sources: 1: International Maritime Organization, 2: Hexagon Purus ASA

Ammonia

SAGA PURE

Existing market 180 million tons NH3 of which 160 is captive use and 20 is traded (40 out of 180 non-fertilizer)1
To reach goal of 5% zero emission maritime fuel by 2030 ammonia demand for maritime sector alone can reach ~15 million tons if 50% market share is assumed2
Announced green ammonia production tripled during first half of 2021 to 17 million tons/year by 20303
Several new ammonia energy collaborations announced:
- Deal between AbuDhabi based Fertiglobe and Itucho, Idemitsu and INPEX for supply of blue ammonia to Japan4
- 3 of the 4 world's major ammonia producers now have announced collaboration in the clean ammonia energy shipping value chain
  - • Example: Canadian ammonia major Nutrien partnering with Belgian Exmar to build an ammonia fuelled ammonia carrier 5
- · BP recently confiming the feasibility of a 1 million ton/year green ammonia project in Western Australia6
- · Green ammonia collaboration between Horisont Energi and St1 in north of Norway & initiative launched by Yara, Statkraft and Aker Clean Hydrogen in the south of Norway7

=Fossil-based ■Renewable

Sources: Fertilizer Handbook 2018, 2ero coalition 2020, 9Gielen et al., 2021 06 15 EnergyPost.eu, K.H.R Rouwenhorst, Ammoniaenergy.org, 4Adnoc.ae website, 5Nutrien.com, 6BP.com, 7Company websites

Green market turbulence

Current status: We are in a green correction

Source: Saga Pure and Bloomberg

Hydrogen – bubble bursting in midst of unprecedented industry momentum

Source: Saga Pure and Bloomberg

MSCI World vs S&P Global Clean YTD

MSCI World vs S&P Global Clean 2Y

Bumpy, green Q2 after steep drop in Q1 - what now?

1. Renewable energy is here to stay and will cover our future energy needs
1. Although hundreds of billions are invested annually, the transition has just begun – and lots more is needed
1. Public funds are being channeled into the sector, and policies are affecting the flow of private capital
1. Cheap energy, energy storage and transformation will be enablers for greentech, just like cheap processing power and data storage were for IT
1. Only the strongest and smartest companies will still be here ten years from now
1. It's not too late to join the party

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.

INVESTMENT & INVOLVEMENT NOK 35 million (IPO Jan'21) , Board position

STATUS Market value of Saga Pure position of NOK 76 million per 27. August 2021

HIGHLIGTS Lols signed for CO2 storage

MoU with Port of Rotterdam for blue ammonia deliveries

MoU with StI to develop green ammonia in North Norway

Bergen Carbon Solutions

Bergen Carbon Solutions (BCS) uses innovative technology to produce carbon nanofibers from CO2 at a fraction of the energy consumption of conventional production methods and without any associated emissions.

INVESTMENT & INVOLVEMENT

NOK 75 million. Realized NOK 60 million and declared option in Q2. Actively ownership through board.

STATUS

Market value of Saga Pure position of NOK 402 million per 27. August 2021

HIGHLIGTS Listing on Euronext Growth

Inauguration of new head quarters and lab

Several LOIs and partnerships with large international and national companies, including Yara, Alcoa, Jackson

Pryme

Pryme is using a modified pyrolysis process which converts waste plastics into pyrolysis oil which will be further refined downstream for production of new plastics.

INVESTMENT & INVOLVEMENT NOK 30 million (IPO Feb'21)

STATUS Market value of Saga Pure position of NOK 27 million per 27. August 2021

HIGHLIGTS Strategic cooperation and offtake agreement with major petrochemical company

Strengthening the board and management

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.

INVESTMENT & INVOLVEMENT NOK 75 million. Actively involved through board position.

STATUS Ownership share of 16.5%