11

Nordic Blue Crude Nov 19 2019, for IASA

CEO Gunnar Holen Renewable fuel

22

Green Aviation – 100 % CO2-neutral flights

§ Liquid electricity, CO2-neutral synthetic fuel is the solution for hard to electrify sectors. Aviation is our prioritized market

§ No new CO2-emissions. No particulates, avoidance of cirrus skies

§ 100 % replacement of fossil fuels. All existingengines can be 100 % loaded with liquid electricity, utilizing existing infrastructure.

33

Elektrolyser

E Fuels – Production & Products (PtL)

Wax

Naphtha

RWGS

Fischer –Tropsch

Syngas

Oxygen

Renewable Energy is used to

split water vapor (H₂O) to

hydrogen (H₂) and oxygen

Hydrogen from electrolysis

reacts with carbon dioxide

(CO₂) and is reduced to

carbon monoxide (CO).

Synthesic gas

(H₂ and CO) is converted to

Blue fuel products consisting

of wax, enhanced premium

diesel and naphtha through

a catalytic process.

§ CO2 can be captured from air

§ Unavoidable CO2 from

concentrated industrial emissions

is cheaper

Naphtha can be used in gasoline and

as feedstock to plastic.

Carbon capture and storage can be

achieved with wax products.

Diesel

Kerosene(Jet-Fuel)

Internal

4

Plant designed by Aker Solutions

Electrolyser Building

Storage Tanks

DAC

PW & Tanker Loading

Electrolyte Pit

Steam PAU

Process PAU-1

Process PAU-2

Process PAU-3

Carbon Dioxide / Hydrogen

Syngas Production

Syngas Comp. / Fischer Tropsch / Separation & Stabilisation

(9-FT Reactor / Steam Drum)

(8-CO2 Buffer Vessel)

1-Transformers

2-Rectifiers

3-Stacks

4-Separation Skids

5-EIT / Office Area

6-Electrolyser LER

7-Water Treatment

1

2

3

4

5

6

7

8

9

Existing Cable Trench

55

Nordic Blue Crude “E-Fuel 1” Plant at Herøya, Norway, planned comm. 2022

E-Fuel 1 – Production plant in best existing infrastructure

Location secures affordable access to:

• Unavoidable CO2

• Renewable Hydropower

• Existing infrastructure

• Industrial expertise

• Technological innovation hub

20X scale to original plant

66

Plant design phase with AKER Solutions

Main Objective: Define Main Process

Risk Mitigations

Main Objective: Cost Estimate +/- 30 %

Optimisation

Main Objective: Cost Estimate +/- 10 % &

Secure Execution

Main Objective: investment decision Place

Main ContractsMain objective: MC Complete of the Plant

Main Objective: Hand over to the end user -

Ready for Production

Summary Summary Summary Summary Summary Summary

● Concept Definition - Main Process

● Ready start up Project definition phase

●Techical definition - Defined maturity level

● Cost estimate (+/- 30 %) + updated business model

● Coarse Project Execution Strategy incl level 1 plan

1

● Ready start up Basic Engineering incl. contract

● Technical qualification program define and ready

to be implemented

● Herøya agreements completed ready for signing

● Techical definition - Defined maturity level

● Tecnical qualification program competed

● Companies Detail Excution program EPC phase

completed

● Issued ITT'S main contracts and equipment

● Founding excution phase completed

● SignedHerøya agreements

● Cost estimate (+/- 10 %) incl Monte Carlo simulation

● Updated buiness case

● Documentation package for project sanctions &

decision issued

● Project decisions

● Main contracts signed

● Boarding of new personnel

● MC Complete plant ready for commissioning, start up

and operation contracts

● Boarding new personnel incl operational personnel

● Detail commission and start program and planes

completed

● Operation model & program concluded

● Plant ready for operation

● Close out of all contracts

● experience report and figures

BASIS ENGINEERING PROJECT DECISSION PLANT- MC Complete

MS 4

CA+9 WKMS 5

01.06.20

MS 6

31.12.21

PROJECT DETIAL DEFINTION

MS 1

01.06.19

MS 2

01.08.19

Concept Definition2 Month

MS 7

01.06.22

HAND OVER END USERE

Project Definition

4 Months

Basic Engineering

5 Months

Project Decision1 Month

MS 4

01.05.20MS 3

01.12.19

CONCEPT DEFINED

Execution

19 Months

Commissioning & Start up5 Months

START

• Concept developed with support from NTNU(1)

• Process patent application pending

• Firming up Letter of Intents on utilities, location & feedstock

• Plant ready for production 31 DEC 2021(1) Norwegian Technological University, Trondheim, Norway

77

Balanced and Experienced Team

21/11/19 7

30+ years of Investment Banking, Corp. Finance including fundraising and M & A activity.

• Originated and participated in national and International private placements and Initial PublicOfferings (IPO).

• Previously Top Rated Investment analyst internationally.

20 + years experience in renewables industry, hydro-electric & solar in Norway, Nordics, Italyand Turkey.

• Developed, constructed and operated numerous power plants within hydro, solar and wind

30+ years experience in process and automation industries, specializing in R&D, conceptual studies, engineering.

• Senior specialist in ABB Oil and Norsk Hydro.

30+ years experience from project management positions both in onshore and offshore industry. He came from the position as Project Director in Aibel.

• Project management, Johan Sverdrup platform EPC contract, Phase 1 & 2, total contract

value USD 2bn

25+ years experience from finance and management roles including 10+ years as CFO in publiclisted companies

• Raised USD 1,5bn for a Oil service start up company including IPO

Rolf Bruknapp

Gunnar Holen

Bjørn Bringedal

Tom Henrik Sundby

Rune Løvstad

CEO

BDvt

CTO

ProjectDirector

CFO

88

NBC Financing structure E-Fuel 1 (10 mill liter plant)

Type Issuer NOK mill € million %

Total 750 75 100

Grants Enova 200 20 26,7 %

Loan Bank 100 10 13,3 %

Grants EU Innovation Fund 300 30 40,0 %

Equity Strategic Investors 150 15 20,0 %

Financing Structure First Plant

99

Achievable air mileage for an A320neo per ha of land

• Zero cost for infrastructure - short time to market

• Usable in hard to electrify sectors, certified for use in Aviation

• 1 000x more efficient use of land area(1)

• 85 % reduction in CO2 emissionsLCA compared to fossil fuel(2)

• Diversified product mix

9

Fossil Fuels

Source: (1) Concave, Alba Soler, (2) Dipl.-Ing. Aleksandar Lozanovski, Life Cycle Engineering (GaBi), University of Stuttgart

Nordic Blue Fuel – key advantages

(km/ha)/a

Life cycle green house gas emissions (gCO2eq/MJ)

1010

EU: e-Fuel - A Necessity for Transport to Tackle Climate Change

10

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2020 2030 2040 2050

Fossil Fuels Electricity H2 Methane eFuelsRenewable Liquid Fuels

ca. 10,300 PJ

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2020 2030 2040 2050

Passenger Vehicles Buses

Rail (passenger) Rail (freight)

Trucks Ships (freight)

Aviation

Calculation based on dena/LBST „E-Fuels –The potential of electricity based fuels for low emission transport in the EU”, 2017

ca. 10,300 PJ

Energy CarrierTransportation means

1111

Best in Class

EIC Phase 2 Interview 28.06.2018 11

1212

12

1313

13

Commercialisation Strategy

Multiple off-take agreements in place @ prices

which provides a sustainable business case

Unique advantages through location secures

affordable access to feedstock

Potential sites for expansion identified to fulfill the

ambition to scale to 1 billion liter in 2030

Key for success is access to renewable power and CO2

Wax Products

Customers

Fuel Products

1414

14

Scalable production model

2022 2024 2030

2050

Production Capacity per Plant

10 million liter 100 million liter 1 billion liter

Production capacity 2050

60 billion liter =

Approx 1/8 of

current jet-fuel

consumption

1515

- Many sites planned. - Each site produce up to 1 billion liters/year. Very high demand.

- Internationally experienced business team, - Top tier highly reputable partners -

- Processing and Output risks are managed and hedged- Diversity of customers, locations, different products

- IPO or Investor exit possibilities through trade sale.

- Sustained advantage due to cheap hydropower, Co2, utilities and process industry skills.

- Unique Process skills under patent pending

- Increasing demand for E Fuels- Increasing public and regulatory demand across EU

- Above average margins on contracted prices. - Repeatable business, long term contracts

Scalable

Sustainable competitiveness

Strong execution team and partners

Manageable risks

Clear exit

Attractive market

Profitable

Summary of Disruptive and Financial Factors

1616

Gunnar Holen• +47 952 55 825• gunnar.holen@nordicbluecrude.no

Rolf Bruknapp• +47 913 26 360• rolf.bruknapp@nordicbluecrude.no

Nordic Blue Crude ASHydrovegen 55, NO-3936 Porsgrunn

www.nordicbluecrude.no

1717

Nordic Blue Crude AS has in cooperation with related parties made this presentation. We have based all of the information herein on public information, and information gathered from the involved entities.

There has not been executed any due diligence neither of Nordic Blue Crude AS nor any of the mentioned or related entities.

Nordic Blue Crude AS cannot guarantee the correctness or completeness of this presentation; hence, we cannot take any financial or legal responsibility connected to transaction(s) based on this presentation or the presented project.

This information is confidential and should be treated accordingly. It can i.e. not be distributed to anyone without permission from Nordic Blue Crude AS and who have signed a non-disclosure agreement. Recipients of information should destroy the information when the process is terminated.

Disclaimer