SSIF stock pitching event Energy Utilities 25 th

SSIF stock pitching event Energy & Utilities 25 th November 2019

• Summary of investment case • Introduction to Ferroamp Agenda • IPO and financial performance • Goals and strategy • Market outlook • SWOT analysis • Valuation

Summary of investment case 13, 88 -23, 30 3 Y sales CAGR 202% Share price, SEK 0 m 0 m 2019. 11. 22 0 m 2019. 10. 22 0 m 2019. 09. 22 Share price almost doubled during the time of our analysis, but has dropped in the last few days – we believe that current share price still presents an attractive long-term investment opportunity P/E 2019. 08. 22 • P/S 2019. 07. 22 Opportunity for SSIF to invest in a Nordic growth stock within an emerging segment of the energy sector – adds a more risky element to current portfolio 66 SEK 2019. 06. 22 • 48. 45 SEK 2019. 05. 22 Has a unique position on the market (locally and globally) protected by patents with no direct competitors Target share price FERRO The company is uniquely positioned to benefit from the growth of electrical vehicles, solar power, energy storage, in addition to addressing the power capacity shortage of the public grid • Current share price Ticker 2019. 04. 22 • Ferroamp is a fast-growing company within cleantech that offers a power optimization solution mainly for commercial property and apartment houses 2019. 03. 22 • 3

Introduction to Ferroamp The solution Ferroamp offers: • A local DC grid for buildings which minimizes power consumption and makes optimal use of power produced Cleantech awards Winners of awards like PV Magazine Array Changing Technologies, The Smarter Eaward, Global Cleantech Top 100, Skanska Deep Green Challenge 4

Ferroamp's Products • Enery. Hub • Manages conversion from public AC grid to DC. Patented technology minimizes load put on grid • Power. Share (DC Nanogrid) • Makes it possible to share produced power between connected buildings • Energy. Cloud • Allows clients to monitor and analyze power consumption data • Solar panels, batteries, EV chargers, and more Through their patents, Ferroamp has good chances of establishing a differentiated market position. 5

IPO and financial development 0 m 2019. 08. 22 2019. 09. 22 2019. 10. 22 2019. 11. 22 2019. 07. 22 2019. 06. 22 15, 00 2019. 11. 22 10, 00 2019. 06. 22 • TEV/LTM Total Rev 2019. 05. 22 • Negative net profit margin of -45% in 2018, expected to decline further in 2019 - not profitable anytime soon due to rapid expansion Q 3 interim report was released on Friday, showing an increase in sales of 300% compared to Q 3 prior year Is likely to substantially exceed target of doubling revenues in 2019. 05. 22 0 m 2019. 04. 22 0 m Rapid acceleration of sales in 2019 • Q 3 interim report 0 m 2019. 04. 22 • Listed on Nasdaq First North since March 2019 Additional equity issue of 23, 2 MSEK to Första AP-fonden in June for share price of 28, 44 SEK Objective of the issue was to enable continued expansion and product development Directed issue 0 m 2019. 03. 22 • • 0 m 2019. 03. 22 Strong share price performance since IPO Press release of tripled invoicing in Q 3 Share price, SEK 6

Goals and strategy Goal: Become an internationally established actor with 400 MSEK revenue and 40% gross margin by 2021. Two strategic aspects: Growth in the most promising markets Industrialization Generation 2. 0 • Commercial properties, apartment complexes • Next generation of products • Countries with a strong expansion within solar power and electric vehicles • Most countries fit into this category Ferroamp's goal for 2019 was to double revenue compared to 2018, a goal which they have beaten each quarter by a large margin. • Improved functionality and customer value • Most importantly, a focus on industrialized production and lower costs An industrialised production process with lower costs is most likely the key to Ferroamp finally turning a profit. 7

Market outlook: The power grid Constrained grid capacity • • • Shortage in capacity of swedish power grid – due to historical underinvestment, closure of nuclear reactors and increasing demand for renewable energy Leads to increasing prices of grid connection In Stockholm, the grid network owner, Svenska Kraftnät, says stop for extended power subscriptions in the regional network - means that electricity consumption must not increase in Stockholm without alternatives to the grid Implications for the future • • • Need of a decentralized power production and local energy storage to address the capacity constraint of the public grid Mini-grids, where several properties are connected, are emerging Increasingly relevant as prices of solar cells and battery storage have steadily decreased during the last decade and investments are becoming profitable Normalized costs (power = 100) 160 120 80 40 0 Germany Power Sweden Grid Source: Energimarknadsinspektionen, Nord Pool 8

Market outlook: Mega trends DECENTRALIZATION ELECTRIFICATION • 2019 -2022: expected CAGR +20% • Estimated 125 -250 million electrical vehicles in Sweden by 2030 • Increase in EV likely to affect low voltage distribution systems in residential proporties negatively, increasing costs from higher effect outtake from grids Energy storage Solar power • • 2019 -2022: expected CAGR 10% Falling prices • • Installed solar power capacity globally (GW) 400 2019 -2022: expected CAGR 15% Market likely to be dominated by battery storaging due to expanding automotive industry Market for energy storage in Europe (SEK billion) 60 40 20 0 0 Size of Swedish market estimated to be about 1, 5 billion for Ferroamp’s products 9

SWOT analysis Weaknesses Strengths • Unprofitable growth so far, and the company shows no signs of becoming profitable soon • Unique and patented solution • Well positioned to capture megatrends and to gain a leading position in a market that is in an early growth stage • Very low debt levels means lower risk, high flexibility and potential to issue more debt for funding growth S W • Capital intensive growth – future growth is highly dependent on access to external capital • Long delivery times due to lagging increase in production capacity • CEO has resigned due to health issues Threats Opportunities • Several megatrends: electrification, decentralization and digitalization • Rapidly growing underlying market • Sustainability is becoming increasingly important for potential customers as well as investors and media O T • Demand partly driven by state subsidies for solar cells and batteries • We see a connection between property development and demand, a slowdown in real estate and the economy in general could hurt demand • Economic slowdown could lead to difficulties in gaining the necessary funding of growth 10

DCF valuation DCF Valuation (MSEK) Net Present Value Cash Flows Net Present Value Terminal Value EV Net Debt Estimated Value of Equity Number of Shares outstanding (M) 1 Target Share Price Current Share Price Potential Upside or Dowside 2 3 4 MSEK Time Periods (in years) Revenues EBITDA/Revenues (%) Depreciation & amortization EBIT Income tax NOPAT + Depreciation & Amortization - CAPEX - Change in NWC FCF Terminal Value -69, 9 597, 0 527, 1 -11, 5 538, 6 8, 2 65, 87 56, 50 17% 2018 15, 8 -10, 8 -68, 1% -0, 9 -11, 6 0, 0 -11, 6 0, 9 3, 3 5, 3 -19, 3 Projections Forecast scenario WACC Terminal Growth Rate Tax rate Revenue CAGR D&A CAGR Working Capital CAGR 2019 0, 09 34, 8 -23, 1 -66, 3% -1, 0 -24, 1 0, 0 -24, 1 1, 0 7, 0 0, 8 -30, 8 2020 1, 09 78, 2 -43, 9 -56, 1% -2, 3 -46, 2 0, 0 -46, 2 2, 3 11, 7 4, 3 -60, 0 3 10, 2% 3, 0% 22, 0% 57, 0% 9, 1% 48, 2% 2021 2, 09 156, 5 -48, 0 -30, 6% -4, 7 -52, 6 0, 0 -52, 6 4, 7 15, 6 7, 8 -71, 4 2022 3, 09 281, 6 -31, 6 -11, 2% -8, 4 -40, 1 0, 0 -40, 1 8, 4 14, 1 12, 5 -58, 2 • 1 DCF model suggests a target share price of 66 SEK, meaning an upside potential of around 20% • 2 Sales growth of +100% in 2019 -2021, then declining towards 10% in 2028, driven by Swedish market as well as expansion to Norway and selected European countries • 3 Positive EBITDA margin in 2023 – rapid improvement of margin between 2021 and 2023 due to transition from market entry phase to expansion phase • 4 Capitalized development costs to be amortized and increased outsourcing of production (transition initiated this year) 2023 4, 09 408, 4 19, 3 4, 7% -8, 2 11, 1 -2, 4 8, 7 8, 2 20, 4 12, 7 -16, 2 2024 5, 09 571, 7 60, 4 10, 6% -8, 6 51, 8 -11, 4 40, 4 8, 6 28, 6 16, 3 4, 1 2025 6, 09 686, 0 102, 9 15, 0% -4, 1 98, 8 -21, 7 77, 1 4, 1 34, 3 11, 4 35, 4 2026 7, 09 789, 0 134, 1 17, 0% -1, 6 132, 5 -29, 2 103, 4 1, 6 39, 4 10, 3 55, 2 2027 8, 09 867, 8 164, 9 19, 0% -1, 7 163, 2 -35, 9 127, 3 1, 7 43, 4 7, 9 77, 7 2028 9, 09 954, 6 200, 5 21, 0% -1, 9 198, 6 -43, 7 154, 9 1, 9 47, 7 8, 7 100, 4 1 440, 4 11

Scenario analysis Management case DCF Valuation (MSEK) Net Present Value Cash Flows Net Present Value Terminal Value EV Net Debt Estimated Value of Equity Number of Shares outstanding (M) Target Share Price Current Share Price Potential Upside or Dowside • • Base case -75, 7 1 038, 7 963, 0 -11, 5 974, 5 8, 2 DCF Valuation (MSEK) Net Present Value Cash Flows Net Present Value Terminal Value EV Net Debt Estimated Value of Equity Number of Shares outstanding (M) 119, 18 56, 50 111% Target Share Price Current Share Price Potential Upside or Dowside Company targets of 400 MSEK in sales and 40% in gross margin in 2022 are reached Sales distribution in 2021: 150 MSEK in Sweden, 75 MSEK in Norway and 175 MSEK in other countries 400 MSE K Sweden Norway Other • • Conservative case -69, 9 597, 0 527, 1 -11, 5 538, 6 8, 2 DCF Valuation (MSEK) Net Present Value Cash Flows Net Present Value Terminal Value EV Net Debt Estimated Value of Equity Number of Shares outstanding (M) -52, 8 329, 4 276, 6 -11, 5 288, 1 8, 2 65, 87 56, 50 17% Target Share Price Current Share Price Potential Upside or Dowside 35, 23 56, 50 -38% Sales in 2022 is 280 MSEK (30% below company target), driven by slower international expansion than expected Target of 40% in gross margin in 2022 is achieved 280 MSE K Sweden Norway Other • • Sales in 2022 is 180 MSEK (55% below company target), driven by low demand in all markets and inability to expand quickly Target of 40% in gross margin in 2022 is achieved 180 MSE K Sweden Norway Other 12

Sensitivity analysis WACC Enterprise Value sensitivity 527 9. 2% 9. 7% 10. 2% 10. 7% 11. 2% 2. 0% 578 509 449 397 351 Terminal growth rate 2. 5% 3. 0% 630 690 552 602 485 527 428 463 377 407 WACC 3. 5% 760 659 575 503 441 4. 0% 844 727 630 549 480 • The valuation is especially sensitive to changes in WACC, which is computed based on current D/E ratio – however, the company is likely to take on more debt in the future to finance growth • Terminal growth rate 2. 5% 3. 0% 3. 5% 78 86 94 69 75 82 61 66 72 54 58 63 48 51 55 The WACC includes an illiquidity discount of 4% due to the additional risk caused by low frequency trading on First North 4. 0% 105 90 79 69 60 Terminal growth rate WACC Target share price sensitivity 66 9. 2% 9. 7% 10. 2% 10. 7% 11. 2% 2. 0% 72 64 56 50 44 • Negative free cash flows during much of the forecasted period leads to major importance of terminal value Changes in perpetual growth rate and WACC have substantial effect on valuation and estimated target share price 13

Appendix

Two Client Cases: Vasakronan & LE Lundberg 15

WACC Peers Soltech Parans solar lighting Savosolar Levered beta Debt beta 1, 27 0, 40 0, 70 0, 40 WACC calculation Risk-free rate Market risk premium Unlevered industry beta Debt beta Re-levered beta Cost of equity Cost of debt 2, 0% 6, 0% 0, 73 0, 50 0, 75 6, 5% 5, 0% E/(D+E) D/(D+E) Effective tax rate 96% 4% 22% WACC Illiquidity discount Adjusted WACC Debt 738, 0 0, 6 17, 8 Equity Unlevered Beta 270, 9 0, 63 18, 5 0, 76 34, 3 0, 60 Average 0, 70 6, 4% 4, 0% 10, 4% 16

Historical P&L SEKm Sales Other operating income Capitalized development expenditure Total revenues Cost for materials Employee costs Other external costs EBITDA Margin % Amortization and depreciation EBIT Net interest expenses EBT Income tax Net income Net profit margin % 2015 A 0, 6 6, 4 0, 0 6, 9 -1, 7 -5, 2 -1, 7 -1, 6 -23% 0, 0 -1, 6 0, 0 -1, 7 -24% 2016 A 2, 3 4, 3 0, 0 6, 5 -3, 8 -7, 6 -6, 4 -11, 2 -172% 0, 0 -11, 3 -0, 1 -11, 4 0, 0 -11, 4 -175% 2017 A 10, 4 0, 9 7, 8 19, 2 -8, 6 -11, 3 -6, 7 -7, 4 -39% 0, 0 -7, 5 -0, 1 -7, 6 0, 0 -7, 6 -40% 2018 A 15, 8 2, 0 8, 4 26, 3 -14, 7 -13, 5 -8, 8 -10, 8 -41% -0, 9 -11, 6 -0, 1 -11, 7 0, 0 -11, 7 -45% 17

Forecasted P&L SEKm Sales Other operating income Capitalized development expenditure Total revenues Cost for materials Employee costs Other external costs EBITDA Margin % Amortization and depreciation EBIT Net interest expenses EBT Income tax Net income Net profit margin % Business plan period 2019 e 2020 e 2021 e 34, 8 78, 2 156, 5 4, 5 8, 1 11, 3 9, 7 10, 6 11, 2 48, 9 96, 9 178, 9 -28, 5 -58, 7 -93, 9 -19, 1 -35, 2 -54, 8 -24, 3 -46, 9 -78, 2 -23, 1 -43, 9 -48, 0 -47% -45% -27% -1, 0 -2, 3 -4, 7 -24, 1 -46, 2 -52, 6 -0, 2 -24, 3 -46, 4 -52, 8 0, 0 -24, 3 -46, 4 -52, 8 -50% -48% -30% 2022 e 281, 6 13, 5 11, 2 306, 3 -154, 9 -70, 4 -112, 7 -31, 6 -10% -8, 4 -40, 1 -0, 3 -40, 3 0, 0 -40, 3 -13% 2023 e 408, 4 8, 1 11, 2 427, 7 -204, 2 -81, 7 -122, 5 19, 3 5% -8, 2 11, 1 -0, 4 10, 7 -2, 4 8, 4 2% 2024 e 571, 7 3, 2 0, 0 575, 0 -285, 9 -114, 3 60, 4 11% -8, 6 51, 8 -0, 6 51, 3 -11, 3 40, 0 7% Extended forecast 2025 e 2026 e 686, 0 789, 0 0, 0 686, 0 789, 0 -343, 0 -378, 7 -102, 9 -118, 3 -137, 2 -157, 8 102, 9 134, 1 15% 17% -4, 1 -1, 6 98, 8 132, 5 -0, 7 -0, 8 98, 1 131, 8 -21, 6 -29, 0 76, 5 102, 8 11% 13% 2027 e 867, 8 0, 0 867, 8 -416, 6 -130, 2 -156, 2 164, 9 19% -1, 7 163, 2 -0, 9 162, 3 -35, 7 126, 6 15% 2028 e 954, 6 0, 0 954, 6 -448, 7 -143, 2 -162, 3 200, 5 21% -1, 9 198, 6 -1, 0 197, 6 -43, 5 154, 1 16% 18

Patents Current Equalization Gate drive technology Powershare Is regarding the current equalization technology (ACE – Adaptive Current Equalization) that is one of the advantages with Energy. Hub and enable lower costs for EV charging 19

Owners • Approximately 90 MSEK has been invested in the company, where 34 MSEK is from the IPO and 23 MSEK from the directed share issue to Första AP-fonden • The company has also received state funding from Energymyndigheten and Horizon 2020 of approximately 30 MSEK 20

(Indirect) competitors Solar. Edge power optimizer, solar inverter, monitoring systems Nocart Power management unit -> could be connected to panel or work independently 21