Carbon Transition : 2023 Q1 Carbon Transition Earnings presentation

Carbon Transition

Q1 2023

10 May 2023

Disclaimer

• The information in this presentation has been prepared by Carbon Transition 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 of an assessment of an investment in the company.
• 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' 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. 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.
• 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 the 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 restrictions.
• 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.

2

Quarterly highlights

• Fair value of multi-client library USD 35.9 million
• Fair value of investment portfolio USD 7.6 million o Net gain of USD 0.8 million
• Revenue from reprocessing Utsira represented USD 2.4 million and from multi-client late sales Utsira USD 0.5 million
• Available liquid funds of USD 13.0 million*
• Cash earnings USD 0.3 million for the quarter
• Net asset value NOK 2.15 per share

* Bank deposits, trade receivable and marketable securities

3

New name announced - Aquila Holdings

Revised seismic and investment strategy

• Attractive seismic multi-client business

1. Multi-clientlibrary and related seismic assets represent approximately three quarters of total assets

• 1. Will consider expansion opportunities
• Investment arm
• 1. Select investments in listed and unlisted securities

• 1. Currently targeting opportunities in energy and industrial sectors
• Meet the criteria for risk and return set by the board of directors

4

Seismic business

World shifting towards energy security

• Revised strategy with more emphasis on traditional energy assets
• Optimize revenues from seismic assets
• Evaluate new investments within seismic domain
• Potential expansion opportunities
• Low-costoperation

5