Investor presentation

Greenstat today

Funding

Existing projects

Growth opportunities

Investment information

Risk factors

Greenstat - Making Norway green and proud!

⁃Inspired by the success of Statkraft and Statoil

⁃Born at Christian Michelsen Research

⁃ Knowledge-based

⁃Now out to grow

⁃ Seeking capital to speed up the greening of Norway

⁃Opportunities in Hydrogen, Local energy and more

⁃ Starting in western Norway with room to grow

⁃ Local energy in decentralized systems

⁃ Hydrogen to industry, shipping and cars

⁃ Export to the world

Vision: MAKING GREEN HAPPEN

⁃

_{“Green Energy company”}

⁃ Owning assets – Selling energy

⁃ Technology neutral

⁃ In partnership with key stakeholders

⁃Profitable, but purely sustainable

⁃Long term – 2050 perspective!

⁃ Some investments needed up front

⁃Employ people with sustainability mind-set

Today’s organisation

Bernt Skeie,

Executive Chairman

⁃Project team (hired)

⁃ Project manager Hydrogen

⁃ Project manager Maritime

⁃ Project manager Local Energy

⁃Students

⁃ Master student Energy, UIB

⁃ Master student UIB

Vegard Frihammer

Greenstat founding fathers and

network

Founding

fathers

Knowledge

partners

CMR

UIB

NHH

HIB

Nordahl Grieg

Industry

Trond Mohn

Hellenes AS

Angarde

Bergen Chamber

of Commerce

Wärtsilä

CSR partners

Sparebanken Vest

Fana Sparebank

Bidra.no

Public funding

Innovasjon Norge

Regionalt

forskingsfond

Hordaland

Fylkeskommune

Lindås/

Austrheim

kommune

From words to action

⁃ Until now, main focus has been:

⁃ Building network

⁃ Identifying business areas

⁃ Raising capital

⁃ Both from private investors and public funding

⁃ Collaboration agreements

⁃ Both private and public

⁃ Identification of possible projects

⁃ Mostly within hydrogen – both for industry and transport (road and maritime)

⁃ Some revenues from projects already

⁃ Now:

⁃ Raising more capital

Greenstat today

Funding

Existing projects

Growth opportunities

Investment information

Risk factors

Contributions from founding fathers and public

funding

Contributors

Amount

(NOK)

METEVA Trond Mohn

500 000

Christian Michelsen Research (CMR)

500 000

Wärtsilä (in kind)

500 000

University of Bergen

500 000

Sparebanken Vest

500 000

Fana Sparebank

200 000

Bergen Teknologioverføring AS (BTO)

200 000

Bergen University College

200 000

NHH (in kind)

400 000

Bergen Chamber of Commerce and Industry

100 000

Auto 23/M. Fredriksen Angarde AS

100 000

Hellenes

100 000

Crowfunding (bidra.no)

55 000

Others

500 000

Public funding

Amount

(NOK)

Innovation Norway – fase 1

150 000

Regional Research Fund – preproject ZeVision

300 000

HFK – Danmarksplass Hydrogen station

250 000

Lindås and Austrheim city council – Mongstad

75 000

Spinn fund – Mongstad H2 production

75 000

Innovation Norway – fase 2

500 000

Innovation Nroway – TiZir preproject

500 000

Ongoing and planned applications

Ongoing

Amount

(NOK)

Regional Research Fund – Main project

ZeVision

2 700 000

Green cluster – pre project

100 000

Lindås City council – preproject Hydrogen

production run of river

200 000

Høyanger Næringsutvikling – preproject

hydrogen production

200 000

Planned

Amount

(NOK)

Hydrogen export study

NHH Energy study – infrastructure

/distribution

Hydrogen stations Hordaland / Sogn og

Fjordane

Hydrogen supply project, Ferries

Hydrogen supply project, other vessels

Hydrogen supply project, Green fish farms

Local energy project, Industry buildings

Local energy project, City planning

Green Technology and Energy Conference

GTED2016

Large scale hydrogen production plant

Green Recycle project

Greenstat today

Funding

Existing projects

Growth opportunities

Investment information

Risk factors

Large scale hydrogen production

⁃Tizir titanium & iron wants to replace coal with hydrogen

at their titanium and iron upgrading facility in Tyssedal

⁃ First step: demonstration plant for hydrogen (2017-2019)

⁃ with Enova support (NOK 122 million

⁃ Second step: full-scale pilot (2020)

⁃ Up to 30 tons of hydrogen per day needed

In October 2015 GreenStat signed a letter of intent

with Tizir and SKL

⁃ Sunnhordland Kraftlag (SKL): Supplier of power

⁃ GreenStat: Producer and distributor of hydrogen to the facility

⁃ TiZir: Customer

Statoil Mongstad

– Green hydrogen to be used for refining Johan Sverdrup oil

•

“Budget H2 price” study presented at Statoil Mongstad on the 15

_{of January 2016}

•

Equivalent in size to the TiZir project ~30 Ton H2 per day.

•

Hydrogen to be supplied “over the fence”.

•

H2 factory built according to industry standard to reduce cost.

•

Study sponsored by Lindås and Austrheim city councils, SPINN (SPV) fund, Greenstat and in kind contributions from Statoil Mongstad

and the main hydrogen players in Norway (NEL, Siemens, Gexcon, DNV GL, Sweco, IUV, Hexagon, BKK Nett, ++)

•

Project put on hold by Statoil, but might be restarted. Political pressure and need for jobs could speed up the process.

BKK

(TCM)

Statoil Refinery

Hydrogen fuelling stations

⁃ «Grønt Energipunkt» - Danmarksplass

⁃ GreenStat will be one of the investors

⁃ Together with Industrial partners, Bergen Kommune and

Hordaland Fylkeskommune

⁃ Milestones

⁃ 20 letters of intent

⁃ Industrial partner

⁃ Enova support

⁃ Challenge

⁃ Very low annual

consumption

⁃ Good for users,

but lower income

to investors

Base case for growth to 1000 cars

Annual net cash flow (NOK)

Hydrogen in the maritime sector

⁃ Greenstat role in maritime projects:

⁃ Production and distribution of hydrogen

⁃ Projects:

⁃ Osterøyferjen

⁃ Status: Ongoing preproject

⁃ Rødne, fast going vessel

⁃ Status: Completed preproject

⁃ Seasight, tourist passenger vessel

⁃ Status: Establishing LOI

⁃ Network

Hydrogen Export

⁃ Greenstat in dialogue with Japanese and Norwegian governments

⁃ Strategic positioning focusing on renewable hydrogen production only

⁃ Visit to Japan April 2016

Norwegian renewable

energy.

Surplus, reliable and

low cost.

Kawasaki Heavy industries

(Japan)

Liquid Hydrogen Carrier

Japanese starting to import

hydrogen.

ZeVision

– model for building energy scenarios

⁃ GreenStat has developed a tool to understand

the complexities in the energy sector (ZeVision)

⁃ help the company identify the best business cases

in the transition from fossil fuels to zero emission

solutions

⁃ Also sold as service to external

customers

⁃ Some projects already:

⁃ Assessment study for Sogn og Fjordane

Fylkeskommune (Value: 250 000 NOK)

⁃ Study on hydrogen stations for Hordaland Fylkeskommune

(Value: 250 000 NOK)

Local energy -

not for profit for now…

⁃ Grønt Galleri: local pop up art

⁃ Collaboration with Angarde AS

⁃ Aim: Show art and promote commitment to

recycling and green production in Bergen

⁃ Floating housing

⁃ First project: Etcet Cat

⁃ Almost self-sufficient with power

⁃ solar, wind, wave and tidal

⁃ Role of GreenStat: technology implementation

⁃ Collaboration with Miljø & Energy and Alfa24

⁃ Several future opportunities

⁃ ZeroVillage,

Greenstat today

Funding

Existing projects

Growth opportunities

Investment information

Risk factors

...now more investors are invited in

⁃NOK 3-9 million offered as shares in 2016

⁃ Take part in an interesting company with drive and potential

⁃ Your share in the next green revolution in Norway

⁃Money will be used to expand the company

⁃ Get ready for Tizir and other industrial demand

⁃ Grow team and facilities

⁃ Invest in hydrogen production and infrastructure

⁃ Invest in local energy projects

GreenStat: Long term investment

⁃The company will be profitable, but not for a while

⁃ Significant up-front investments needed

⁃ Profits depend on demand growth – some efforts being made here

⁃Large upside, if demand takes off

⁃ With infrastructure in place, few new investments needed

⁃Early mover in region – could be advantage

⁃ Local connection and strong network

⁃ Partnerships with other players

Greenstat today

Funding

Existing projects

Growth opportunities

Investment information

Risk factors

Private placement information

⁃Shares

⁃ Value of each share NOK 1.50

⁃ Number of shares 2–6 million

⁃ Value of shares NOK 3-9 million

⁃Open to all - «shares for the people»

⁃ Minimum investment 500 shares equivalent to NOK 750

⁃ Maximum investment 1 000 000 shares equivalent to NOK 1 500 000

⁃Private placement period

⁃ Start 4

th

_{of March 2016}

⁃ End 25

th

_{of April 2016}

Ownership structure

Nr

Antall aksjer Eierbrøk

Organisasjon

1

83333

4,3 % Angarde

2

166667

8,5 % BTO

3

83333

4,3 % Hellenes

4

446667

22,8 % CMR

5

4167

0,2 % UIB Student

6

4167

0,2 % HIB Student

7

416667

21,3 % Trond Mohn

8

83333

4,3 % Daglig leder

9

416667

21,3 % UIB/ UNIFOB

10

250000

12,8 % SKL

Total

1955001

100 %

Per 03.03.2016

Post emission 25.04.2016

Nr

Antall aksjer Eierbrøk

Organisasjon

1

83333

2,1 % Angarde

2

166667

4,2 % BTO

3

83333

2,1 % Hellenes

4

446667

11,3 % CMR

5

4167

0,1 % UIB Student

6

4167

0,1 % HIB Student

7

416667

10,5 % Trond Mohn

8

83333

2,1 % Daglig leder

9

416667

10,5 % UIB/ UNIFOB

10

250000

6,3 % SKL

11

2000000

50,6 % New owners

Total

3955001

100 %

High

Nr

Antall aksjer Eierbrøk

Organisasjon

1

83333

1,0 % Angarde

2

166667

2,1 % BTO

3

83333

1,0 % Hellenes

4

446667

5,6 % CMR

5

4167

0,1 % UIB Student

6

4167

0,1 % HIB Student

7

416667

5,2 % Trond Mohn

8

83333

1,0 % Daglig leder

9

416667

5,2 % UIB/ UNIFOB

10

250000

3,1 % SKL

11

6000000

75,4 % New owners

Total

7955001

100 %

Low

How to invest in GreenStat?

Go to our web site and join the “I’m making green

Greenstat today

Funding

Existing projects

Growth opportunities

Investment information

Risk factors

Risk factors

Investing in shares issued by Greenstat involves inherent risks. Prospective investors should consider, among other things, the risk factors set out herein before making an investment decision. The risks described below are not the only ones facing the Company. Additional risks not presently known to the Company or that the

Company currently deems immaterial may also impair the Company’s business operations and adversely affect the price of the shares. If any of the following risks actually occur, Greenstat’s business, financial position and operating results could be materially and adversely affected.

A prospective investor should carefully consider the factors set forth below and should consult his or her own expert advisors as to the suitability of an investment in the shares.

All information in this Presentation is presented as of the date hereof and is subject to change, completion or amendment without notice. All forward-looking statements included in this document are based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statements. Forward-forward-looking statements will, however, be updated if required by applicable law or regulation. Investors are cautioned that any forward-forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, and the actual results may differ materially from those included within the forward-looking statements as a result of various factors. Factors that could cause or contribute to such differences include, but are not limited to, those described below and elsewhere in this presentation.

Please note that the risks described below are not exhaustive, and other risks not discussed herein may also adversely affect Greenstat, its operations and future prospects.

The risk factors the Company is subject to are inter alia:

Market risks: General market risks, delayed market introduction of hydrogen vehicles and vessels, lack of industrial customers choosing green hydrogen, lower degree

of decentralized energy production than anticipated, lacking or reduced political will to establish early stage markets within hydrogen and local energy.

Financial risks: Lack of trust in the financial market due to small size and short history. Capital-intensive production facilities (hydrogen), increase in electricity prices,

changes in exchange rates, liquidity risk, financial leverage and ability to service debt, credit risk, change in effective tax rate, increase of interest rates, private ownership limits transparency and access to information.

Regulatory risks: Change of industry regulations for electrolysis (standing charge), taxes on hydrogen as a fuel, reduced incentives for hydrogen vehicles FCEV’s