Investor Presentaiton

RISK FACTORS (4/5) Ocean Sun The Group anticipates that the markets in which it operates will become more competitive The Group anticipates that the number of companies seeking to develop FPV products or other products that aim to increase the consumption of renewable energy will increase in the future. The Group's competitors range in size from small, single product companies to large, diversified corporations, which may have greater financial, technical, marketing and other resources. For instance, there is a risk that the Company will be unable to compete with competitors with stronger balance sheet and/or funding capabilities that may enable them to use more resources on inter alia product offering, R&D, marketing, ramp-up, continue with limited profits and on other basis. Given the Company being in a development and growth phase in a new industry, the Company sees this risk more apparent compared to more established markets. Further, there are several potential alternative supplies of energy from renewable sources, including inter alia land based solar panels, wind farms, hydro power plants, tidal stream generators and flash steams power stations. Currently, certain technological obstacles prevent the scale sourcing of solar energy from FPV. However, the Group's current or future competitors may develop and commercialize new technologies and products that may gain market share from the Group and cause decline in its revenue and profits. Any business combinations or mergers among the Group's competitors that result in larger competitors with greater resources or distribution networks, or the acquisition of a competitor by a major technology or energy corporation seeking to enter the markets which the Group operates, could further increase competition the Group face and have a material adverse effect on its business, financial condition, results of operations, cash flow and/or prospects. The Company may or may not pay dividends for the foreseeable future. Shareholders may never obtain a return on their investment As of the date of this Presentation, the Company is in a growth phase and is not in a position to pay any dividends. There can be no assurance that in any given year a dividend will be proposed or declared, or if proposed or declared, that the dividend will be as contemplated by the policy. Any payment of future dividends will depend on legal restrictions, the Company's capital requirements, including capital expenditure requirements, its financial condition, general business conditions and any restrictions that its borrowing arrangements or other contractual arrangements in place at the time of the dividend may place on its ability to pay dividends and the maintaining of appropriate financial flexibility. Risks related to the COVID 19 pandemic The current outbreak of 2019 coronavirus ("COVID-19") has resulted in a global pandemic and has severely impacted companies and markets globally. It is currently not possible to predict the consequences for the Group, its business partners, Norway, the industry in which the Group operates or global business and markets. The future of the Group and its business, including the ability for the Group to realise its current plans are therefore more uncertain under such circumstances. The occurrence of an epidemic or pandemic is beyond the Group's control and there is no assurance that any future outbreak of COVID-19 or other contagious diseases occurring in areas in which the Group or its suppliers, partners or customers operate, or even in areas in which the Group do not operate, will not seriously interrupt the Group's business, including planned constructions or those of the Group's suppliers or customers. Such event could have a material adverse effect on the Group business, results of operations or financial condition. The renewable sector is still under development Unexpected success in other areas of renewable energy may reduce the demand for the Group's FPV systems. This may affect the Group's ability to pursue its growth strategy and securing license agreements with new customers. The same may also hold true for non-renewable or currently unknown energy technologies. For instance, developments in Carbon Capture Storage technology ("CCS") could potentially have the effect on making coal, oil and gas sustainable and reduce the need for energy from renewable sources. Developments in cold fusion or other technologies could have the same effects. Risk relating to immature market with few standards and supporting insurances Installation of main stream PV panels is today well established through international standards. The IEC (International Electrotechnical Commission) 61215 lays down requirements for the design qualification and type approval of terrestrial photovoltaic modules suitable for long-term operation in general open air climates, as defined in IEC 60721. This standard is intended to apply to all crystalline silicon terrestrial flat plate modules. Similarly, in the US, the UL (Underwriters Laboratory) 1703 standard was developed by UL in the 1980s and has been through several editions since. The standards are directed to qualify products with respect to durability, reliability and how they affect bankability. Other national jurisdictions may also exercise additional regulations and standards to electrotechnical products that are connected to grid infrastructure. Although the international market acknowledge the advent of floating solar power, the present standards does not evolve at the same pace. There is significant risk that conservative investors in the PV industry will wait until such standards are fully developed and ratified. Despite strong interest for floating solar there is a risk that the Ocean Sun solution does not gain sufficient momentum and market interest to be included in future standards. Due to lack of track record and general inexperience with the Ocean Sun technology, the insurance premiums can be higher than compared with main stream alternatives. At least in the beginning, this will reduce general bankability and may even render the technology useless. The Group is exposed to liquidity risks relating to lack of liquidity that may affect the Group's ability to cover its obligations The Group is subject to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which normally include operating costs. If the Group is unable to manage its liquidity efficiently or has insufficient liquidity, the Group may not be able to fulfil its obligations, when due. In case the Group should experience a liquidity shortfall, there is a risk that additional capital cannot be raised when needed, that capital cannot be raised on terms favourable to the Group, or that the capital raised should prove insufficient to cover the Group's liquidity needs which could have an adverse effect on the Group's business, results of operations, cash flows, financial condition and prospects. The Group is exposed to risks associated with international operations The majority of the Group's revenues originate from countries outside of Norway and the Group has installments in Albania, Philippines and Singapore, and the Group foresee future operations in many under-developed locations. The Group's operations are consequently subject to risks inherent in international business operations, including, but not limited to, general economic conditions in each country in which the 'Group operates, overlapping differing tax structures, problems related to management of an organization spread over various countries, unexpected changes in regulatory requirements, compliance with a variety of local laws and regulations, and longer accounts receivable payment cycles in certain countries. The materialization of such risks might have a material adverse effect on the Group's business, prospects, financial position and operating results. Fluctuations in exchange rates could affect the Group's cash flow and financial condition The Group presents its financial statements in NOK. The Group mainly have costs in Norway, as well as some costs in Singapore and Shanghai where the Group has offices. As the Group operates in the global market and has a global strategy, it is and will be exposed to currency fluctuations, primarily through fluctuations in NOK, CNH, SGD, USD and EUR. Any fluctuations in exchange rates between these currencies could materially and adversely affect the Group's business, results of operations, cash flows, financial condition and/or prospects. The Group does currently not have any currency hedging arrangements in place to limit the exposure to exchange rate fluctuations. Risk relating to estimates, targets, forecasts, assumptions and Forward-looking Statements contained herein This Presentation includes Forward-looking Statements, including estimates, targets, forecasts, plans and similar projected information. Such information is based on various assumptions made by the Group and/or third parties that are subject to inherent risks and may prove to be inaccurate or unachievable. Such assumptions are not verified. Forward-looking Statements included are based on current information, estimates and plans that may change rapidly and without notice. Investors are cautioned to place undue reliance on such Forward-looking Statements. Risk relating to regulatory environment The Group's activities are subject to extensive international and national regulations. The Group's future sale of its products (if and when developed) is also subject to restrictions on international trade. Future changes in the domestic and international laws and regulations applicable to the Group, can be unpredictable and are beyond the control of the Group, and such changes could imply the need to materially alter the Group's operations and set-up and may prompt the need to apply for permits, which could in turn have a material adverse effect on the business, financial condition, results of operations or cash flow of the Group. 7