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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 Magnora ASA Quarterly update Q3 2026
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Magnora ASA 2 Highlights Q3 2026 And subsequent events Strong financial position: NOK 742 million in cash plus a NOK 150 million credit line. Group opex NOK 11.3 million net of intra-group charges Both UK projects (fully permitted) received Gate2 status, which implies updated grid offers to be received between October 2026 and March 2027. Grid connection dates expected for 2028 for both projects Earnout potential above NOK 100 million across previously sold South African projects, subject to agreed milestones The South African Minister of Electricity and Energy announced 4,600 MW of BESS procurement on 7 October. More than 20 of our sites are suitable for this BESS programme Solar PV project (South Africa, sold 2023) received a favourable grid offer in Q3, a key milestone. Further de-risking will trigger milestone payments to Magnora Subsequent events: Lars Schedin to support as industrial advisor for data center business development in Magnora South Africa and MDATA. Data center portfolio grew to gross 910 MW (Q2: 650 MW). Sales dialogues ongoing for multiple projects, and Risti (Estonia) adds 180 MW, expandable to 400 MW
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Magnora ASA 3 1) Annual average total shareholder return (CAGR), 1 January 2019 to 30 September 2026: share price NOK 4.50 to NOK 21.45, pl us NOK 10.43 in distributions per share (not reinvested) NOK 1 billion returned to shareholders since 2018 New strategy established Four employees and NOK 50m cash Building business Diversification to new segments Operational and financial excellence First dividend and first large project sales from portfolio company Harvest and diversify Exit from Evolar at up to 10x multiple Exit from Helios at 16x return Capturing market opportunities Data center platform; NOK 650 million pre- money in 18 months Harvesting renewable platform Performance since 2020 1 BNOK returned to shareholders 28% annual avg. shareholder return1
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Magnora ASA 41) Most projects are owned 100% with the exception of England, Helios Magnora Sol, offshore wind assets, and some data center projects Magnora is now a diversified renewables and data center group MAGNORA ASA Oslo Stock Exchange, main list ~10 GW1 Net project portfolio 6 Markets in Europe and Africa 3 Tech; solar, wind, BESS 910 MW Gross project portfolio 5 Markets in Europe NOK 569m Cash 52% owned Breakdown of one Magnora share as of 30.09.2026 Implied valuation based on closing share prices MGN Renewables and earn-outs 52% stake in MDATA NOK 17.46 per share 0.73 MDATA shares carried by one MGN share30.09.2026 Share price breakdown 6.3 NOK 458m 12.7 NOK 920m 2.4 NOK 174m NOK 21.45 NOK 1,551m market cap MGN cash Renewables Data center
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Magnora ASA 5 Magnora creates value by de-risking early and selling before construction The same model in renewables and data centers Phase I: Search and evaluation Phase II: Project development Phase III: Construction Phase IV: Operations Project value First Investment Permits secured Grid connection offer Exit before Ready-to-build (“RTB”) Buyer builds and operates; Magnora receives earnouts Value created by de-risking • Each permit and grid milestone raises the value of the project Value realised at exit • Competing buyers pay for secured grid and permits • Price and timing are a trade-off: an earlier sale gives a lower price, a later sale a higher one • Good price impacts value on portfolio • Q3 group opex of NOK 11.3 million, so sale proceeds flow to earnings Value continues through earnouts • Part of the sale price is paid later, when the buyer reaches agreed milestones such as grid connection or financial close • Earnout potential above NOK 100 million across sold South African projects excluding Evolar and Helios Secure offtake
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Magnora ASA 01 Market and business update
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Magnora ASA 365 MW Net MGN 700 MW Net MDATA 5,000 MW 2,465 MW 2,365 MW 7 1) As of September 2026, operational 1 MW in Halden, Norway, with expansion opportunity to 5 MW, 2) Magnora’s owner share of project capacities, incl. sold projects where future earnout and milestone payments are expected, but not incl. Helios from which Magnora exited in 2024. A project portfolio diversified across technologies and regions As per 30 September 2026, MW net to Magnora Total: 10,195 MW2 Data center Solar PV Battery systems Wind Earnouts Data center Renewables
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Magnora ASA 8 Project portfolio today 1) GW net to Magnora, excluding Helios portfolio. Source: Magnora ASA Q3 2026 report Total portfolio of 10.2 GW. Renewables shifting to harvest and selective growth GW1 Data center Renewables Q3 2026 Data center Solar PV BESS Wind Q3 2026 10.2 10.2 Selective growth: hybrid data center sites in South Africa Magnora Renewable cluster Behind-the-meter infrastructure Data center ▪ Power already in place: the plants supply the data center directly, without waiting for new grid capacity ▪ Reuses work already done: sites, permits and the local AGV team are already in place Two hybrid projects in development Hybrid site A 300 MW ✓ Extension of existing renewable project ✓ Next to a planned substation Hybrid site B 300 MW ✓ Extension of existing renewable project ✓ Feasibility study completed ✓ Next to a planned substation
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Magnora ASA ZAR 1 = NOK 0.57 (22 Oct 2026). Source: company announcements; National Treasury, 2026 Budget South Africa: Emerging as a data center hub for Sub-Sahara Announced cloud and data center investment in South Africa Microsoft NOK 3.1bn Additional investment in cloud and AI infrastructure through 2027, after NOK 11.6bn over the previous three years Amazon Web Services NOK 17.3bn Estimated total infrastructure investment by 2029, including completed and planned spend Visa NOK 570m Investment over three years, including Visa's first local data center Government support: the 2026 Budget commits Treasury to explore support for data centers, and public- sector ICT procurement now prioritises cloud services Data center Renewables Hyperscale infrastructure spend 99 NOK 12.5bn NOK 34.8bn 2025 2031E ~18% CAGR South Africa
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Magnora ASA 10 Lars Schedin to support Magnora as active consultant and lead in DC Co-founder and former Group CEO of EcoDataCenter, supporting the Magnora organisation Lars Schedin Supporting Magnora as Industrial Advisor Granode Materials. Former roles at EcoDataCenter, H.I.G. Capital, 3i, and Electrolux Group 2016 Joins as CEO and builds the operation from concept as co-founder 2018 Areim becomes majority owner, funding expansion 2019 Falun facility goes live in January 2021 Steps down as Group CEO in April; senior adviser 2023 Supports Areim's €446M data-center fund before share sale What he brings to Magnora Build and operations Took the Falun concept to a live data center combining renewable power and surplus heat recovery Capital raising Finance background; secured Areim as long- term owner and helped raise a EUR 446 million fund Contracting customers Signed a hyperscaler and blue-chip enterprises Magnora ASA Undisclosed hyperscaler Track record from EcoDataCenter
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Magnora ASA 11Source: Meridian Economics, South Africa Market Report, March 2026 South Africa: One of the largest renewable build-outs of any growth market New capacity required by 2035, commercial operation 2027-2035 (GW) Utility solar Batteries Wind Gas Rooftop solar 6.1 19.2 13.1 10.8 3.0 =45 GW by 2035, equal to the total installed effect in Norway today Data center Renewables South Africa
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Magnora ASA 12Source: Magnora ASA Q3 2026 report; Energy -Storage.news, 9 October 2026 South Africa: 4.6 GW battery tender favours Magnora’s sold and unsold projects Market update Impact for Magnora Data center Renewables Previously sold Sold projects that can benefit from the procurement. Magnora receive earnouts as they reach milestones In our portfolio 20+ projects Strategically located and suitable for BESS, well positioned for the procurement programme ▪ 4,600 MW of new BESS procurement ▪ Larger and faster than planned ▪ Near term: BESS and solar-plus-storage ▪ Long term: PPAs, tariffs and coal exits South Africa’s government will buy 4,600 MW of battery storage through public tenders, the first round under its new 2025 electricity plan. South Africa
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Magnora ASA 13 South Africa: Five clusters positioned for sale in a tight market Significant market opportunity, especially for wind Data center Renewables ~45 GW projected renewable requirement by 2035, against 15GW in 2026 Structural demand 1,164 km new lines covered by Independent Transmission Programme. National plan requires 14,500 km of new lines Grid is being built-out 3-5 yrs Wind projects take 3-5 years to permit. The pool of ready-to-build projects is small. Started in 2021. Entering harvest phase. Scarcity of wind projects FIVE CLUSTERS POSITIONED FOR SALE BY 2030 A 240 MW 245 MW 285 MW 770 MW B 150 MW 300 MW 475 MW 925 MW C 200 MW 280 MW 280 MW 760 MW D 240 MW 240 MW 480 MW 960 MW E 240 MW 240 MW 480 MW 960 MW Wind Solar BESS Total cluster 4,375 MW South Africa
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Magnora ASA 14Source: Magnora ASA Q3 2026 report Both UK projects hold Gate 2 and become sale-ready when grid offers arrive Grid queue reform moved ready projects forward. Updated offers due mid-October 2026 to mid-March 2027 Data center Renewables Grid queue reform Magnora’s UK projects: path to sale Queue reform Apr 2025 ▪ Ofgem approves new queue rules ▪ NESO reorders the grid queue by readiness Gate 2 assessment Q3 2026 ▪Projects that weren’t ready moved to the back ▪ Timeline confirmed from UK grid authorities during Q3 Updated offers Oct 2026 – Mar 2027 ▪ Confirm connection date, scope, cost and deadline ▪ Projects then Ready to Build and ready for sale Grid connection 2028 (expected) ▪ Expected for both projects ▪ Subject to the terms of the offers Today Divestment 2 projects Northern England 156 MW fully permitted Ofgem1) grid queue reform Approved April 2025 Old rule “First come, first served” New rule “First ready and needed, first connected” Both Magnora projects met the readiness test UK 1) Ofgem = Office of Gas and Electricity Markets
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 Hämeenlinna (Helsinki region): Significant milestones achieved in record time (8 months) ~100 km north of Helsinki Phase 1 120 MW Phase 2 Up to 250 MW Phase 3 Additional potential Hämeenlinna Helsinki Hämeenlinna Grid agreement Key figures Heat offtake LOI MDATA ownership 100% Population within 2h 4.2 million Zoning Site 150,000m2 1) Source: Finnish Data Center Association estimate, reported by DatacenterDynamics, January 2026 ▪ Signed grid connection agreement with DSO ▪ Zoned site and approved building permit ▪ High connectivity and central location ▪ LOI signed with local utility for heat reuse solutions ▪ High hyperscaler interest in Finland ▪ Ahead of plan and good collaboration with municipality, local utility, and other local stakeholders Data center campus between Helsinki and Tampere Data center Renewables Finland
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 Risti: 180 MW campus with direct access to renewable power Western Estonia Phase 1 180 MW Phase 2 Up to 400 MW Risti Helsinki Risti Substation completed Key figures Energy park link MDATA ownership 50% Phase 1 180 MW Site 360,000m2 Latency to Helsinki <5 ms ▪ Planned 180 MW data center in phase 1, expandable to 400 MW ▪ Next to Sunly's energy park: 244 MWp solar, 144 MW batteries and 44 MW wind ▪ Substation in place with free capacity ▪ Fibre with under 5 ms round trip to Helsinki ▪ 50/50 joint venture with Sunly. MDATA has an option to increase to 75% ownership Renewable-powered campus in western Estonia Data center Renewables Estonia
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Magnora ASA 17 Group cash of NOK 742m – and opex in line with previous guiding Low cost base and NOK 742m cash give a long runway ▪ Opex down to NOK 11.3m net of intra-group charges in Q3, expected to stay at this level in the coming quarters. ▪ Funded without new capital: NOK 742.1m group cash and NOK 150m undrawn overdraft against only NOK 3.2m debt (Storespeed) ▪ Lean teams: Talisk organisation and opex cut to match the project phase; Italy, Norway and Germany handle only core operations ▪ Income with no further spend: South African earnouts could exceed NOK 100m from already sold projects excluding Helios and Evolar. Magnora Group – cash, debt and opex, Q3 2026 NOK million Cash covers ~16 years of opex at the Q3 run rate Data center Renewables 742.1 3.2 150.0 11.3 45.2 Group cash Group debt Undrawn credit facility Q3 opex, net* Annualised net opex * Net of intra-group charges
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Magnora ASA 02 Business model
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Magnora ASA 19 Magnora in the value chain Data center Renewables Phase I: Search and evaluation ▪ Site evaluation ▪ Geotechnical ▪ Landowner and stakeholder management Phase II: Project development ▪ Market and customers ▪ Grid connection (fees) ▪ Zoning and building concessions ▪ Concept design ▪ Regulations ▪ Connectivity ▪ Environmental Phase III: Construction ▪ Engineering ▪ Physical construction ▪ Project management Phase IV: Operations ▪ Power production ▪ Power storage ▪ Management ▪ Optimisation ▪ Maintenance ▪ Expansion Focus area Investment Exit before RTB Selectively enter operations Specialised in de-risking the most critical early-stage high risk project phases Capital light High project risk Capital intense Low project risk
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Magnora ASA 20 Active project portfolio execution and management Data center Renewables SPEED IN EXECUTION Ability to move quickly and opportunistic approach to project and land acquisitions VALUE CHAIN FLEXIBILITY Flexible approach to value chain exposure ACCESS TO CAPITAL A strong financial position and ability to settle in cash and liquid shares TIMING FLEXIBILITY Flexible approach to monetisation, with no specific holding period set in stone STOP PROJECTS Swiftly shut down projects that accumulate too much cost with limited probability of realisation ACTIVE PORTFOLIO MANAGEMENT AT SCALE Diversified with a growing number of projects managed in parallel, removing single-project and single-geo exposure
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Magnora ASA 21 Magnora Data Center shortens timelines and minimises risk for customers Grid connection reservation Zoning for data center Concept design/EPC Building permit Contracting/sales Regulatory compliance Local buy-in Long-lead items Construction period Operations and expansion Project sale/ Final investment decision Commercial operation date CriticalityHigh Medium De-risking projects for investors, operators and EPCs by securing long lead items. Providing subject matter experts on long-lead critical items Data center Renewables
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Magnora ASA 22 Strategy as simple rules Our approach Rule Rationale Magnora history Diversify • Shift money and people to areas of high return • Risk mitigation • Geographical expansion • Journey from wind to solar PV , BESS and data center Insist on early sales • Proof of concept/market • Business savvy people • Customer centric culture • Helios, Evolar, South Africa, etc. Keep a “war chest” • Negotiate from a position of strength • Loan facilities, strong cash position When things look perfect, consider exit • Business is cyclical • Aim for high growth and high return • Evolar, Helios Look for entrepreneurs with integrity • Sleep well • Huge investment in screening people, build network of advisors Remain agile and adaptable • Be able to respond quickly. Empower local teams • Seize opportunities, e.g. data centers • Rapidly entered Italy, Germany and data centers as favourable market conditions were observed Stay in early-stage • Free money for reinvestment and return of capital • Exploit mega-trends • Position Magnora for large funds • Divest legacy • Exit Evolar prior to full industrialisation No expensive stuff on the balance sheet • Do not compete with cheap-capital players • Disciplined investments and farm-downs (e.g. green ammonia)
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Magnora ASA 23 Experienced Board further supporting the execution of our strategy John Hamilton Chairman Former CEO of Panoro Energy ASA, previous roles at Imperial Energy PLC, Levine Capital Management, ABN AMRO Bank Jean-François Berche CTO of GreenScale, former Senior Director Microsoft/OpenAI, one of the first employees at Amazon Web Services Stephen C. Harris Managing Director at Anthos Capital, a growth equity firm with USD 3 billion under mgmt. Over 20 years of investment and capital markets experience (VC, tech, energy). Long term and significant shareholder in Magnora ASA Hilde Hukkelberg Managing Director at Innovation Norway London, leading global partnerships and AI initiatives Hilde Ådland Vice President at Vår Energi ASA, previously operational roles at Equinor, Neptune Energy, and more 23Magnora ASA Nominated by the Nomination Committee1) 1) Extraordinary General Meeting November 10th
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Magnora ASA 03 Financials
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Magnora ASA • Net loss of NOK 28.4m (Q2 ’26: net loss of NOK 34.9m) • Current quarter reflects development activity and associated costs related to: • data center platform: NOK 23.4m of opex and devex • employee share incentive costs of NOK 3.6m • Net financial items reflect interest income, partly offset by currency loss • Paid-in capital of NOK 6.9 billion For further details see Third Quarter Report 2026 (magnoraasa.com) 25 Consolidated profit and loss Q3 2026 NOK million Q3 2026 Q2 2026 2025 Operating revenue 1.3 1.6 97.7 Other income - 0.5 24.1 Total expenses -34.3 -37.4 -117.8 Profit/(loss) from associated companies - -1.1 -7.0 Operating profit/(loss) -33.1 -36.4 -3.0 Net financial items 4.7 1.6 15.2 Profit/(loss) before tax -28.4 -34.8 12.2 Tax income/expense - -0.1 -2.7 Net profit/loss -28.4 -34.9 9.5
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Magnora ASA • Net operating activities: negative NOK 25.8m (Q2 ’26: negative NOK 35.5m) • Reflecting focus on growing data center portfolio and continued development of renewable projects • Net investment activities: negative NOK 36.6m (Q2 ’26: negative NOK 5.7m) • Investments in and loans to data center projects and joint ventures • Net financing activities: negative NOK 9.7m (Q2 ’26: positive NOK 726.7m) • Share buy-backs of NOK 7.4m • Remaining IPO costs of NOK 1.6m • Office lease payments and repayment of bank loans • Ending cash balance: NOK 742.1m • The Group’s cash and available credit facilities were NOK 892.1 million as of 30 September 2026 26 Cash flow, consolidated Q3 2026 30.06.26 Net operations Net investment Net financing 30.09.26 814.1 -25.8 -36.6 -9.7 742.1 For further details see Third Quarter Report 2026 (magnoraasa.com) Change in cash and cash equivalents, Q3 2026 NOK million
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Magnora ASA 04 Outlook
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Magnora ASA 281) Mature stage meaning projects consented and/or derisked to a level that enables sales. Sales are typically dependent on confirmatory due diligence, grid connection, negotiations, and various conditions precedent for closing Total portfolio distribution and outlook Figures as of 30 September 2026, net to Magnora (MW) Data center Solar Battery systems Wind Total Early stage 160 2,110 1,185 615 4,070 Consenting stage 110 1,420 765 1,370 3,665 Mature stage1 95 Net MGN (180 Net MDATA) 1,470 515 380 2,460 Total 365 5,000 2,465 2,365 10,195 “Sellable”
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Magnora ASA PORTFOLIO 12 GW in 2026 29 Focus ahead KEY FOCUS AREAS ▪ Figures net to Magnora, that is ownership share x capacity of a given asset ▪ Our portfolio estimates are conservative, counting assets with signed land agreements and a reasonable prospect for grid connection Portfolio size (GW) 2021 2022 2023 2024 2025 2026 1.4 2.8 4.1 6.3 9.9 12.0 1) Average price for wind, solar, BESS in South Africa within the range. Outliers not part of estimate Grow value as active owner of Magnora Data Center ASA Develop and sell hybrid renewable and data center sites in South Africa, selectively Hold opex net of intra-group charges at the Q3 level Price: Energy NOK 0.5-3.0 million per MW. Data center margins significantly higher Monetise the mature portfolio: UK and South African sales and South African earnouts Outlook approaching 2027 is promising compared to start of 2026
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Magnora ASA 30 The information in this presentation has been prepared by Magnora ASA (the “Company”). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions: This presentation has been prepared by the Company based on information available as of the date hereof. By relying on this presentation, you accept the risk that the presentation does not cover all matters relevant to an assessment of an investment in the company. No representation or warranty (express 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’ officers or 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 without notice. 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, which include all statements other than statements of historical fact. 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 document, which neither the Company nor its advisors are under an obligation to update, revise or affirm. Forward -looking statements involve making certain assumptions based on the Company’s experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the electric consumer market, uncertainties inherent in projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company’s periodic reports. Forward-looking statements are often identified by the words “believe”, “budget”, “potential”, “expect”, “anticipate”, “intend”, “plan” and other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information. This complete presentation is for informational purposes only and does not constitute an offer to sell shares in the Company. This presentation is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this presentation should be interpreted as a term or condition of any future transaction. The presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation has not been reviewed 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 jurisdiction. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. Any investment in the Company involves inherent risks and is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of the investment. Investors should carefully review the summary of risk factors set out in the following slides before making any investment decision. 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. Disclaimer
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Magnora ASA Karenslyst allé 6 0278 Oslo, Norway magnoraasa.com