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Company Presentation Acquisition of Fjord Defence AS and strategic repositioning 27 May 2025
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Disclaimer The information in this presentation has been prepared by Aquila Holdings ASA (the “Company”). The presentation is intended for information purposes only and does not itself constitute, and should not in itself be construed as, an offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction. By attending the meeting or oral presentation where this presentation is made, or by reading the presentation slides, you agree to be bound by the following terms, conditions and limitations: This presentation has been prepared by the Company based on information available as of the date hereof. Neither the deliveryof this presentation nor any further discussions of the Company with any recipient shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company, any advisor or any such persons’ officersor employees accepts any liability whatsoever arising directly or indirectly from the use of this presentation. The information herein is subject to change, completion, supplements or amendments withoutnotice. The presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof and may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company’s current expectations and assumptions as to future events and circumstances that may not prove accurate. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its advisors are under an obligation to update, revise or affirm. This presentation is not a prospectus, disclosure document or offering document and does not purport to be complete. Neither the Company nor any of its representatives has taken any actions to allow the distribution of this Presentation in any jurisdiction where action would be required for such purposes. This presentation has not been reviewed, registered 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 financial, legal, business, investment, tax or other professional advice. By receiving this presentation, the recipient acknowledges that it will be solely responsible for its own assessment of the Company, the market and the market position of the Company and that it will conduct its own analysis and is solely responsible for forming its own opinion of the potential future performance of the Company’s business. 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. 2
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Aquila acquires Fjord Defence and repositions Aquila as Fjord Defence Group - a defence compounder under new leadership • Aquila Holdings ASA has entered into an agreement to acquire 99% of the outstanding shares of Fjord Defence AS • Enterprise Value NOK ~178.2m including net debt of NOK 8m • Equity value of Fjord Defence in the transaction: NOK ~170.2m • Fjord Defence is a fast-growing niche supplier to the global defence industry • Light tripods and weapon mounts for ground applications, modular and light weight weapon mounts for vehicles, gun wales and weapon mounts for maritime applications, and miscellaneous weapon accessories • Established 2017, on track to deliver revenue exceeding NOK 100m in 2025, with 15-20% EBITDA margin • Fjord Defence shareholders will receive the majority of the settlement in Aquila shares at NOK 0.80/share and become leading shareholders in Aquila Holdings: • NOK ~140m settled in Aquila shares @ NOK 0.8 per share, reflecting a pre-money market capitalization of Aquila of NOK 173m 1 • Fjord Defence shareholders receive ~175m shares, or ~38%2 of Aquila Holdings ASA shares post transaction and private placement ( assuming agreement with remaining Fjord Defence shareholders to sell 1%) • Settlement shares subject to lock-up: 1/3 until 1st anniversary, 1/3 until 2nd anniversary, and 1/3 until 3rd anniversary • NOK 30m settled in cash • Approx. NOK 9m shareholder loan in Fjord Defence to be settled in connection with transaction • Aquila to raise NOK 85m in new capital to finance cash portion of settlement and redemption of shareholder loan • NOK 60m new equity raised in private placement of new shares • NOK 25 million new debt facility • Aquila to be repositioned as a defence compounder under new experienced leadership and new name • Aquila Holdings ASA to be renamed Fjord Defence Group ASA • Fjord Defence Chairman and Founder Jon Asbjørn Bø to become new CEO of Fjord Defence Group • Fjord Defence Group to pursue additional acquisitions and organic growth in fast-growing defence market 31) Based on 215m shares outstanding net of Aquila’s holding of Treasure Shares 2) Ownership share at NOK 60m Private placement at NOK 0.8 per share Tripods Rooftop mounts Maritime mounts Misc. accessories
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Investment highlights I Differentiated Buy and Build strategy as a listed Defence compounder II Strong market tailwinds Seasoned management team with skin in the game III Fjord Defence acquisition creates a strong starting point IV V Positioned for high growth in revenue and profit 4
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~2,000 0 500 1 000 1 500 2 000 2 500 Fjord Defence 2025E Organic growth Fjord Defence Target X Target Y Target Z Organic growth X,Y,Z Total Buy & Build strategy with focus on established, profitable businesses Revenue Scenario in 3-4 years (NOKm) Buy & Build Strategy • Fjord Defence Group looking to acquire companies within Defence, Security & related segments which fulfill the following criteria: • Well run with strong management team • History of profitability and growth • Strong growth outlook next decade • Small and medium companies with distinctive products • Not dependent on technology breakthrough to succeed • Unlocking growth through improved access to capital, best practice sharing, and sharing of customer relationships and commercial network • Acquired companies will continue to operate as stand-alone entities and be run by existing management, with support from Fjord Defence Group’s board • Several identified companies in the NOK 100-300m revenue category fulfilling acquisition criteria and willing to engage in stock exchange-listed “buy and build strategy” • Stock exchange listing enables Fjord Defence Group to reap opportunities from multiple arbitrage Realistic EBITDA margins of 12-15% for fairly capital light business models Identified Potential Targets 5
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Management with extensive defence expertise and skin in the game 1997 2000 2005 -2008 20082005 2008- 2010 2010 2010- 2014 2017 2025 Early development of Remote Weapon Station in Vinghøg AS Remote Weapon Station (CROWS) sold to Management Buy Out of Vinghøg AS led by Fjord Defence Founders Organic development of Vinghøg Reverse takeover of OSE listed Simrad Optronics ASA Organic development of Simrad Optronics ASA Simrad Optronics ASA sold to Founding of Fjord Defence Group established through Aquila Holdings acquisition of Fjord Defence CEO: Jon Asbjørn Bø ~38m shares • Founder and Chairman of the Board, Fjord Defence AS 2017- • Member of Mgmt Board, Electronic Solutions Division, Rheinmetall • CEO & President, Simrad Optronics ASA • Finance Director: Vinghøg AS CFO: Øyvind Mølmann • Interim CFO, Hesselberg AS • CFO of Selmer ASA (Skanska) • SVP Finance Subsea at Aker Solutions • CFO of Hands ASA CEO, Fjord Defence: Harald Lunde ~26m shares • MD, Business development, Fjord Defence AS • SVP, Rheinmetall • CEO, Rheinmetall Nordic • BD Simrad Optronics ASA • Director: Vinghøg • Officer Norwegian Armed Forces Organic development of (Nordics) 6
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Fjord Defence: A profitable and fast-growing niche player • Norwegian enterprise established in 2017 by founders/ management with extensive experience from international defence industry. • HQ in Vestfold, Norway with subsidiary in USA • 12 highly skilled and experienced employees • Niche company specialized in the design, manufacturing and installation of weapon integration solutions for soldiers, military vehicles and naval vessels • Capital light business model with focus on development and assembly – no parts production • Main end customers currently comprise German, British, Dutch, American and Swedish defence organizations • Profitable since FY2020 while delivering strong revenue growth • Debt free, internally funded since inception1) • Orderbook on YE 2024 of NOK 84m Ground Tripods and weapons mount with focus on high precision and lowest possible weight Maritime Modular approach of Pedestals, Gun Wales and weapon mounts focusing on ergonomics, safety and operations in harsh environment Vehicle Modular solutions with focus on user friendly design and simple and low-cost integration with all types of platforms Miscellaneous Weapon accessories making the soldier’s life easier and solving the details to improve effect About Fjord Defence Main Product Offering 1) NOK 9m shareholder loan to be repaid as part of transaction Strong revenue growth (NOKm) 0 20 40 60 80 100 120 140 2020 2021 2022 2023 2024 2025E 0% 5% 10% 15% 20% 0 5 10 15 20 25 2020 2021 2022 2023 2024 2025E Pre-Tax Profit (LHS) Pre-Tax Profit % (RHS) Profitable since 2020 with increasing margins (NOKm) 7
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Mounts Light Tripods Maritime Vehicle Ground Miscellaneous Roof Top Systems Skate Mounts System Solutions for MMG System Solutions for HMG Sight Brackets Ammo Box Holders 1) Selected products from a broad product portfolio Fjord offers advanced platforms for next-gen weapons systems1 8
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Leveraging Technology for sustained competitive edge State of the art technology… …Leading to a superior competitive edge • Fjord Defence is one of the market leaders in Europe in the weapons integration market. In terms of brand recognition, it is number one • Fjord Defence has so far won 60-70% of all tenders. The high hit ratio reflects superior products • Typical contract size is NOK 1-30m with gross margins north of 40% • The weapons integration market is an overlooked and attractive niche with high margins for well-run companies with top quality products • Compared to legacy international defence contractors, Fjord Defence has much less overhead and higher agility giving it a long-term competitive edge • Fjord Defence’s unique recoil dampening mitigation system gives consistent rate of fire and good weapon function in all conditions, and secures a well-functioning weapon even when firing in high elevation angles • Recoil mitigation system placed directly in the line of bore to ensure lowest possible disturbance torque acting on the system during firing to increase stability • Robust design with all main components made of stainless steel with surfaces treatment according to military standards for wear and corrosion protection • Use of high degree of carbon fiber in tripods to reduce weight New prototype tripod for new US 7.62/.338 caliber machine gun under development for US Rangers during testing in USA 9
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• Fjord Defence has ongoing off-set agreements with several large defence companies, providing: • Funding of development • Technology transfer • Access to new markets (B2B) Experienced product developer with customer-oriented approach • Extensive experience and deep expertise in the development of products and systems for light, medium and heavy machine guns (ISO 9001 certified) • Rapid and cost-effective way to adapt to and develop customer solutions • In-house 3D printer: evaluation and reduced risk – “first time right” • SolidWorks 3D design tool, FEM analyzes and dynamic simulations. Relevant MIL/DEF and STANAG1 standards • Engineering tests on system and sub-system in early stages to minimize risk • Close proximity between engineering, workshop and production. • Our design focus is always to solve the soldier's needs with better functionality, Simplicity, Durability and maintainability Extensive product development expertise and experience Customer-centric with multiple joint development projects Workshop in Vestfold 3D Printing of parts Verification shooting at Nammo Ongoing Projects 101) STANAG Standards: Standardization Agreement adopted by NATO to secure interoperability & technical guidelines between mili tary forces
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Strong momentum across all financial metrics EBITDA development (NOKm) Profit before tax development (NOKm) Net debt position per 31 March 25 & Order book (NOKm) Revenue development since 2020 (NOKm) 15.4 24.8 24.9 60.5 87 0 20 40 60 80 100 120 140 2020 2021 2022 2023 2024 2025E 2.5 2.8 1.7 5.1 14.3 0% 5% 10% 15% 20% 0 5 10 15 20 25 2020 2021 2022 2023 2024 2025E Pre-Tax Profit (LHS) Pre-Tax Profit % (RHS) 9 1 8 25 84 -5 5 15 25 35 45 55 65 75 85 Debt Cash Net Debt Jan 24 OB Jan 25 OB ~3.5x 11 3.2 3.2 3.8 7.6 15.4 0% 5% 10% 15% 20% 25% 0 5 10 15 20 25 30 2020 2021 2022 2023 2024 2025E EBITDA (LHS) EBITDA Margin (RHS)
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- 100 200 300 400 500 600 700 800 NATO NATO ex. US Step-change in demand growth from Europe and NATO Structural shift in European defence budgets • European countries are undergoing a long-term structural shift in defense policy, moving from “peace dividend” levels to sustained rearmament • Majority of NATO countries have now pledged to meet or exceed the 2% of GDP defense spending target — up from ~ 6 countries in 2021 to >20 in 2024 • Germany's “Zeitenwende” marked a paradigm shift, allocating €100bn in new defense investment, signaling the political will for rapid capability buildup. ReArm EU and EU Defence Industrial Strategy • The EU’s ReArm program (2025–2027) proposes a new, multi-billion euro fund to strengthen Europe’s defense industrial base • Key objectives: • Ramp-up production of critical defense systems (e.g., munitions, air defense, armored vehicles) • Reduce dependency on non-EU suppliers • Incentivize cross-border joint procurement and support defense SMEs • Aligned with broader EU policy push for strategic autonomy in defense Market Drivers: European & NATO Defence Spending Defence spending development 0% 5% 10% 15% 20% 25% 30% 35% 40% NATO NATO ex. US Share of defence expenditure spent on equipment % Equipment expenditure (USDbn) Source: NATO, SIPRI, OECD 2024 USD ~160bn 2024 USD ~450bn 2030 USD ~750bn 2030 USD ~285bn 12
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Fjord Defence's markets are just entering a multi-year upcycle Wave 1 Wave 2 Wave 3 Wave 4 Increased defence spending thus far has mostly benefited established players • Following Russia’s invasion of Ukraine defence spending has followed a typically phased approach – with waves of spending following a known pattern • First wave of spending growth reflected immediately identified shortages of munitions including bullets, artillery shells, bombs, missiles and drones • In the second wave, focus turned to programs for heavy and long-lead equipment to replace donated equipment and build long-term capabilities • Main beneficiaries thus far been established companies within munitions production and specialist producers of heavy and specialized equipment Munitions and expendables Long lead time and heavy equipment Capacity building Manpower and personal equipment E.g., bullets, shells, bombs and other ammunition, missiles, drones, etc. E.g., naval vessels, tanks, fighter jets, air defence systems, etc. • E.g., logistics vehicles, support and transport equipment, fast boats • Drives demand for weapons and weapons integration systems • Personal equipment • Personal weaponry • Miscellaneous specialized equipment Today We are on the cusp of entering a super cycle for niche defence players • Market entering a capacity-building phase, with focus on growing capacities like light support and logistics vehicles • In addition, heavy equipment nearing delivery to be outfitted with lighter/ secondary weapons • Creating demand for broad range of lower cost, yet high-end and specialized equipment favoring small, agile and innovative suppliers such as Fjord Defence • Demand growth in this phase expected to be long-lived, and will be followed by a fourth phase focusing on manpower and personal equipment with similar demand characteristics Example companies benefiting: 13
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Strong balance sheet creates ample capacity for growth Fjord Defence Group pro forma1) balance sheet 31.3.2025 (NOKm) Comments to balance sheet and liquidity position • Aquila reported available liquid funds of USD 6.6m on 31 March 2025, consisting of bank deposits and marketable securities. USD ~3m from bank deposits and USD ~3.6 from shares in Capsol Technologies • Liquidity strengthened with proceeds from Private Placement (net of cash payment to Fjord Defence shareholders and settlement of shareholder loan), and new NOK 30m revolving Working Capital facility • Total available pro forma liquidity approx. NOK 140m, of which NOK 73.3m cash, NOK 37m Capsol shares and NOK 30m RCF • Additional debt facility of NOK 30m committed for potential new acquisitions (“Hunting License”) • Total interest-bearing debt of NOK 25m, net cash position • Strong equity position with equity ratio of ~86% • Valuation support from Aquila Legacy assets encompassing USD 20.5m MC library and USD 3.6m investment portfolio2, which are to be harvested for optimization of value • Corresponds to NOK 1.22/ share before transactions3), compared to NOK 0.80/ share issue price • Well-positioned to negotiate further acquisitions without financing condition1)Including acquisition and assumed NOK 60m private placement, not included sale of 6m treasury shares to Lighthouse Reef AS in connection with closing of transaction 2)See Appendix p. 22 for a detailed breakdown of Aquila Legacy assets 3)Based on 215.8m shares outstanding net of treasury shares 14 Fixed assets; 255.0 Intangible assets; 147.6 Financial assets; 5.7 Inventory; 20.0 Receivables; 30.5 Cash; 73.3 Equity; 458.9 IB debt; 25.0 ST liabilities; 48.2 Assets Equity & liabilities 532.1 532.1
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Investment highlights I Differentiated Buy and Build strategy as a listed Defence compounder II Strong market tailwinds Seasoned management team with skin in the game III Fjord Defence acquisition creates a strong starting point IV V Positioned for high growth in revenue and profit 15
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APPENDIX 16
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Shareholder Overview1) Aquila Shareholders as per 6th of May 2025 Aquila Shareholders after Acquisition and Private Placement2 171) Net of treasury shares, not included sale of 6m treasury shares to Lighthouse Reef AS in connection with closing of transaction 2) Assuming agreement with remaining Fjord Defence shareholders to sell 1% on identical terms as the majority sellers # Name Shares % ownership 1 INVESTERINGSFONDET VIKING AS 23 717 632 11.0 % 2 F2 FUNDS AS 20 846 200 9.7 % 3 TIGERSTADEN AS 16 250 000 7.5 % 4 F1 FUNDS AS 11 268 272 5.2 % 5 ALDEN AS 11 265 384 5.2 % 6 DNB BANK ASA 9 300 000 4.3 % 7 SIX SIS AG 7 990 000 3.7 % 8 GINNY INVEST AS 7 750 230 3.6 % 9 URTIVEN AS 6 400 000 3.0 % 10 BALLISTA AS 6 323 231 2.9 % 11 Em Kapital As 6 316 846 2.9 % 12 LIVERMORE INVEST AS 6 211 845 2.9 % 13 PHILIP HOLDING AS 5 750 230 2.7 % 14 KING KONG INVEST AS 4 850 000 2.2 % 15 Johansson 4 351 294 2.0 % 16 TTC INVEST AS 4 000 000 1.9 % 17 HMH INVEST AS 2 617 958 1.2 % 18 Skandinaviska Enskilda Banken AB 2 500 000 1.2 % 19 PETTERSEN 2 200 000 1.0 % 20 Nordnet Bank AB 2 038 144 0.9 % 21 Fender Eiendom AS 1 805 665 0.8 % 22 Guttis AS 1 750 000 0.8 % 23 GUNERIUS PETTERSEN AS 1 600 000 0.7 % 24 Skandinaviska Enskilda Banken AB 1 457 255 0.7 % 25 Other Aquila Shareholders 47 223 920 21.9 % Total 215 784 106 100 % # Name Shares % ownership 1 AS Saturn 37 602 784 8.1 % 2 Trigger AS 37 534 080 8.1 % 3 Cubic Invest AS 37 534 080 8.1 % 4 GKI AS 34 635 856 7.4 % 5 HUGIN Management 25 888 752 5.6 % 6 INVESTERINGSFONDET VIKING AS 23 717 632 5.1 % 7 F2 FUNDS AS 20 846 200 4.5 % 8 TIGERSTADEN AS 16 250 000 3.5 % 9 F1 FUNDS AS 11 268 272 2.4 % 10 ALDEN AS 11 265 384 2.4 % 11 DNB BANK ASA 9 300 000 2.0 % 12 SIX SIS AG 7 990 000 1.7 % 13 GINNY INVEST AS 7 750 230 1.7 % 14 URTIVEN AS 6 400 000 1.4 % 15 BALLISTA AS 6 323 231 1.4 % 16 Em Kapital As 6 316 846 1.4 % 17 LIVERMORE INVEST AS 6 211 845 1.3 % 18 PHILIP HOLDING AS 5 750 230 1.2 % 19 KING KONG INVEST AS 4 850 000 1.0 % 20 Johansson 4 351 294 0.9 % 21 TTC INVEST AS 4 000 000 0.9 % 22 HMH INVEST AS 2 617 958 0.6 % 23 Other Fjord Defence shareholders 1 992 416 0.4 % 24 Shareholder in Private Placement 75 000 000 16.1 % 25 Other Aquila Shareholders 60 067 400 12.9 % Total 465 972 074 100 %
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MAG mount for Mercedes trucks for Lithuania Top-roof system truck FMV Sweden Weapon integration on Goldfish RIBPedestal with ballistic shield Vittoria Shipyard Italy Skatemount mount on Mercedes truck HMG on Defenture 4x4 NL Integration MAG on CB 90Tripod and HMG Mount DK Product Portfolio Examples 18
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NOR ESTLITLATGBR AUSCHGERCANUSAFINSWE DKN SLV NL PORSPIT Malaysia Singapore South Africa 21 COUNTRIES SOLD TO, 18 USER NATIONS OF FJORD PRODUCTS 19
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Aquila Legacy assets supports NOK ~1.2 pre-transaction NAV/share Net Asset Value / share, per 31 March 251 (NOK) Note: 1) Based on 215.8m shares outstanding before Private Placement and net of treasury shares, and USD/NOK 10.52 Multi client Library Utsira North Sea USD 17.2m (84%) Gulf of Suez USD 3.3m (16%) Highlights from Q1 2025 • Industry-funded Utsira reprocessing project with Viridien and TGS • Sales initiatives and client discussions ongoing • Expect positive impact of NCS M&A activity • Egypt E&P activity appear to be improving • Recent GUPCO discovery based on library data • Uncertainty persists regarding timing of late sales, but general improved outlook Highlights from Q1 2025 • Ocean bottom node operations sold to TGS in March 2022, final settlement March 2025 • Positive cash flow impact of USD 1.5m • Financial gain of 0.2m • Arbaflame AS shares sold for USD 0.4m • Fair value of investment in Capsol Technologies USD 3.6m at quarter end • FID reached for Stockholm Exergi project in March, achieving a major milestone Financial Assets and Investments 1.00 0.17 0.15 -0.10 1.22 Multi-client library Investments Current assets Total Liabilities NAV 20
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Overview of bank debt facilities 21 NOK 25m Term Loan NOK 30m M&A Loan (“Hunting License”) NOK 30m (20+10) Overdraft Facility Amount • NOK 25 million • Up to NOK 30 million • NOK 20m +10m (seasonal overdraft) Interest • Competitive margin, payable quarterly in arrears • Competitive margin, payable quarterly in arrears • Competitive margin, payable quarterly in arrears Tenor • 5 Years • 2 years availability • 5 Years from drawdown • Subject to annual renewal • Seasonal overdraft 3 months availability only Profile / Amortization • 5 Year amortization (straight line) • 5 Year amortization (starting 6 months after drawdown) • Share pledge in material companies and pledge in all available operational assets • Pledge in- and subordination of shareholder loans and intra-group loans Security • Share pledge in material companies and pledge in all available operational assets • Pledge in- and subordination of shareholder loans and intra-group loans • Share pledge in material companies and pledge in all available operational assets • Pledge in- and subordination of shareholder loans and intra-group loans N/A Covenants • NIBD/ EBITDA • ICR • Minimum Liquidity • Dividend lock-up: No dividends under M&A availability period, and subject to certain financial hurdles • NIBD/ EBITDA • ICR • Minimum Liquidity • Dividend lock-up: No dividends under M&A availability period, and subject to certain financial hurdles • NIBD/ EBITDA • ICR • Minimum Liquidity • Dividend lock-up: No dividends under M&A availability period, and subject to certain financial hurdles Conditions precedent N/A • NIBD/EBITDA hurdle • Acquired targets to have positive EBITDA LTM • Minimum 50% equity contribution N/A
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Fjord Defence Group Pro Forma Balance Sheet 31 March 20251 22 Assets NOKm Long-term assets Total Intangible assets 147 576 Total Financial assets 5 739 PPE 254 998 Total long-term assets 408 303 Current assets Total inventory 19 236 Total receivables 30 503 Other current assets 738 Cash and cash equivalents 73 321 Total current assets 104 598 Total assets 532 101 Equity and Liabilities NOKm Total equity 458 902 Liabilities Total non-current liabilities 25 000 Total short-term liabilities 48 198 Total liabilities 73 198 Total equity & liabilities 532 101 • Pro Forma balance sheet is based on the balance sheets of Aquila Holding ASA and Fjord Defence AS as of 31 March 2025, adjusted for the terms of the transaction, settlement of the NOK 9m shareholder loan, and the financing including a NOK 60m Private Placement • Final settlement of acquisition to be adjusted for difference between actual and normalized working capital in Fjord Defence, with adjustment settled through an adjustment of number of consideration shares issued. • Aquila Holdings has an off-balance sheet tax loss carry forward in excess of NOK 500m which may (in part or in full) be used to offset taxable profits of Fjord Defence Group 1) Not included sale of 6m treasury shares to Lighthouse Reef AS in connection with closing of transaction
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