Cloudberry Clean Energy : Recommendation by Nomination Committe to the AGM 2022

RECOMMENDATION TO THE GENERAL MEETING TO BE HELD 28 APRIL 2022

FROM

THE NOMINATION COMMITTEE OF CLOUDBERRY CLEAN ENERGY ASA

The Nomination Committee of Cloudberry Clean Energy ASA ("Cloudberry") has since the Annual General Meeting in 2021 consisted of Morten Bergesen (leader), Kim Wahl and Henrik Lund.

The committee has since the Annual General Meeting in 2021 held 8 meetings, in addition to conversations with all the members of the Board of Directors, the company's CEO and shareholders.

The work undertaken by the nomination committee has been made in accordance with Section 7 of the Articles of Association and the guidelines for the Nomination Committee resolved by Cloudberry's general meeting on 17 June 2020. Further, in its work the Nomination Committee has sought to comply with the principles set out in The Norwegian Code of Practice for Corporate Governance of 14 October 2021 ("NUES").

THE COMPOSITION OF THE BOARD OF DIRECTORS

The Board of Directors of Cloudberry has for the election period 2021-2022 consisted of the following members, where the period they have been elected to is set out in the parenthesis:

• • Frank Berg, chairperson (2023)

• • Petter W. Borg (2023)

• • Morten Bergesen (2023)

• • Benedicte H. Fossum (2022)

• • Liv Lønnum (2022)

Of the current members, Benedicte H. Fossum and Liv Lønnum are up for re-election. Both have made themselves available for re-election and are proposed to be re-elected for a new period. Morten Bergesen will resign from the Board after the general meeting.

The recommendation of the Nomination Committee is to increase the number of board members with 2 persons, from 5 to 7 board members. The Nomination Committee further recommends changing the election period for the board members from 2 years to 1 year. The rationale for changing the election period to 1 year is that it will make it easier for the Nomination Committee to assess the entire composition of the Board upon changes to the Board. It is emphasized that the Nomination Committee always will look at the continuity of the Board even if the election period is amended.

Stefanie Witte, Henrik Joelsson and Nicolai Nordstrand are proposed as new members of the Board.

Stefanie Witte is a Director for Chrome OS, consumer with responsibility for Google's operating system in Northern-Europe and the German speaking countries. Over the last ten years she has had leading positions in Google, hereunder head of marketing for Android, Google's in-house hardware and other products. Prior to joining Google, she worked six years in Novartis as business developer and head of strategic marketing after three years as a consultant in McKinsey. Stefanie is represented at the board of several tech companies in Norway and Germany. Stefanie holds a M.A. HSG Finance, Accounting and Controlling from the University of St. Gallen.

Henrik Joelsson has more than 25 years of experience within strategic business development and investments. He heads his own consultancy firm and has formerly worked 13 years as an investment director at the listed investment firm Ratos AB, where he was responsible for the Norwegian business. Prior to that he worked as a strategic consultant at Bain & Company for 9 years. Henrik has broad board experience and has been an active investor, board member and consultant within the energy sector, with a specific focus on renewables. He is currently a board member of Goava Sales Intelligence AB. Henrik holds an MBA from INSEAD, France and an MSc in Business Administration and Economics from Stockholm School of Economics.

Nicolai Nordstrand is an investment director in Havfonn, the family office of the Bergesen family. Nicolai is responsible for active ownership of companies Havfonn has invested in and has followed Cloudberry closely since its incorporation. He has worked at Havfonn for 7 years and works with strategy, business development and financing. He has formerly worked more than 10 years within corporate finance in SpareBank 1 Markets and PwC in Oslo and London. Nicolai holds a MSc in Financial Economics from the Norwegian School of Management (BI).

For further information about the competence and experience of the new proposed board members, reference is made to the attached CVs.

The Nomination Committee regards the background, experience and competence of Stefanie Witte, Henrik Joelsson and Nicolai Nordstrand as relevant and valuable for the company. The Nomination Committee has in its assessment considered the composition of the board as a whole with regard to competence, experience, background, capacity, background and diversity. The Nomination Committee is of the view that the recommendation reflects the versatility, complementarity and in-depth knowledge which is required for the Board to fulfil its role in the best possible way. The Nomination Committee is of the view that the requirements in chapter 8 of NUES regarding independence is met and further regards that the proposed Board will be able act according to the shareholders' best interests, independently of special interests.

On this background, the Nomination Committee proposes that the Board shall consist of the following members, where the period they are elected for is set out in the parenthesis:

• • Frank Berg, chairperson (2023)

• • Petter W. Borg (2023)

• • Benedicte H. Fossum (2023)

• • Liv Lønnum (2023)

• • Stefanie Witte (2023)

• • Henrik Joelsson (2023)

• • Nicolai Nordstrand (2023)

THE COMPOSITION OF THE NOMINATION COMMITTEE

The Nomination Committee has since the annual general meeting held 28 April 2021 consisted of Morten Bergesen (chair), Kim Wahl and Henrik Lund. None of the committee's members are up for election.

Kim Wahl will however resign from the Nomination Committee after the General Meeting.

The Nomination Committee recommends that Joakim Gjersøe is elected as a new member of the Nomination Committee as a replacement for Kim Wahl. It is proposed that Joakim Gjersøe is elected for a period of 2 years.

Joakim Gjersøe is currently working at Ferd Capital and has formerly been head of Ferd Invest. He has broad capital markets experience and from active management of the investments made by Ferd, Folketrygdfondet and NBIM in listed companies.

On this background, the Nomination Committee proposes that the Nomination Committee shall consist of the following members, where the period they are elected for is set out in the parenthesis:

• • Morten Bergesen, chair (2023)

• • Henrik Lund (2023)

• • Joakim Gjersøe (2024)

REMUNERATION TO THE MEMBERS OF THE BOARD OF DIRECTORS, BOARD SUB-

COMMITTEES AND THE NOMINATION COMMITTEE

The mandate of the Nomination Committee also includes proposing recommendations to the General Meeting regarding remuneration to the members of the Board of Directors, the sub-committees of the Board of Directors and the Nomination Committee. In the process of determining the remuneration, the Nomination Committee's basis has been that the remuneration shall becompetitive, but not market leading compared to other similar businesses. At the same time it has been put emphasis on creating a closer alignment of the interest of the Board and the Company's shareholders by continuing the share purchase program for the members of the Board of Directors which was resolved by the general meeting in 2021.

The Nomination Committee has in its recommendation to remuneration of the Board of Directors taken into account the workload and the responsibility of the members of the Board of Directors as well as the Company's ability to attract the relevant expertise to the Board of Directors.

On this background, the Nomination Committee proposes that the General Meeting resolved the following remuneration for the work until the annual general meeting to be held in 2023 (the remuneration up until the annual general meeting held in 2022 is set out in the parenthesis):

The Board of Directors:

Chairperson: NOK 575,000 (550,000) per year Board Members: NOK 287,500 (275,000) per year

The Audit Committee:

Chairperson: NOK 70,000 (60,000) per year Member: NOK 45,000 (40,000) per year

Compensation Committee:

Chairperson: NOK 42,500 (40,000) per year Member: NOK 32,000 (30,000) per year

ESG Committee

Chairperson: MemberNOK 42,000 (40,000) per year NOK 32,000 (30,000) per yearNomination Committee:

Chairperson: NOK 42,000 (40,000) per year Member: NOK 32,000 (30,000) per year

Share purchase program for the members of the Board of Directors

To ensure a close alignment of the interests of the Board of Directors and the Company's shareholders the Nomination Committee is of the view that it is advisable to continue the share purchase program for the members of the Board of Directors. In accordance with the program the members of the Board of Directors shall invest 30% of the fixed gross remuneration (prior to tax) per year in the Company shares until the value of the shares of each individual member amounts to at least two years of board remuneration. The members of the Board of Directors shall after the threshold of two years board remuneration has been achieved, be offered to use up to 30% of the gross board remuneration (prior to tax) to acquire shares. The shares that are acquired pursuant to the program subject to a three-year lock-up and will be offered at a subscription price which is 15% below the prevailing market price. The program is personal for each member of the Board of Directors and the ownership of the shares must always maintain under the control of the board member. The share purchasing program is administered by the Company.

The recommendation by the Nomination Committee is unanimous.

Oslo, 5 April 2022

Morten S. Bergesen (sign)

Kim Wahl (sign)

Henrik Lund (sign)

COMPLETED BY ALL: 05.04.2022 22:34

SENT BY OWNER:

Suna F. Alkan · 05.04.2022 14:06

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INNSTILLING TIL GENERALFORSAMLINGEN DEN 28. APRIL 2022

FRA

VALGKOMITEEN I CLOUDBERRY CLEAN ENERGY ASA

Valgkomiteen i Cloudberry Clean Energy ASA ("Cloudberry") har siden den ordinære generalforsamlingen i 2021 bestått av Morten Bergesen (leder), Kim Wahl og Henrik Lund.

Komiteen har siden den ordinære generalforsamlingen i 2021 hatt 8 møter, i tillegg til samtaler med alle styrets medlemmer, selskapets daglige leder og aksjeeiere.

Valgkomiteen har gjennomført sitt arbeid i henhold til vedtektenes § 7 og retningslinjene for valgkomiteen vedtatt av Cloudberry sin generalforsamling den 17. juni 2020. Videre har valgkomiteen i sitt arbeid søkt å ivareta prinsippene i Den norske anbefalingen om eierstyring og selskapsledelse av 14. oktober 2021 ("NUES").

STYRETS SAMMENSETNING

Styret i Cloudberry Clean Energy ASA har for valgperioden 2021-2022 bestått av følgende medlemmer, hvor perioden de er valgt til står i parentes:

• • Frank Berg, styreleder (2023)

• • Petter W. Borg (2023)

• • Morten Bergesen (2023)

• • Benedicte H. Fossum (2022)

• • Liv Lønnum (2022)

Av dagens medlemmer er Benedicte Fossum og Liv Lønnum på valg. Begge stiller til gjenvalg og innstilles for en ny periode. Morten Bergesen vil fratre styret etter generalforsamlingen.

Valgkomiteens innstilling er å utvide styrets antall medlemmer med 2 personer fra 5 til 7 medlemmer. Valgkomiteen innstiller videre generalforsamlingen til å endre styremedlemmenes valgperiode fra 2 år til 1 år. Begrunnelsen for å endre valgperioden til 1 år er at det gjør det enklere for valgkomiteen å kunne vurdere helheten i styrets sammensetning ved endringer i styret. Det understrekes at valgkomiteen i sitt arbeid alltid vil se hen til å sikre kontinuitet i styret, selv om valgperioden endres.

Stefanie Witte, Henrik Joelsson og Nicolai Nordstrand innstilles som nye styremedlemmer.

Stefanie Witte er direktør for Chrome OS konsument, med ansvar for Google sitt operativsystem i Nord-Europa og de tysktalende landene. Over de siste ti årene har hun hatt ledende stillinger i Google, inkludert markedsansvarlig for Android, Google sin egen «hardware» og markedsprodukter. Før hun kom til Google var hun seks år i Novartis som forretningsutvikler og ansvarlig for strategisk markedsføring, etter tre år som konsulent i McKinsey. Stefanie sitter i styret i flere teknologiselskaper i Norge og Tyskland. Stefanie har en M.A. HSG Finance, Accounting and Controlling fra University of St. Gallen.

Henrik Joelsson har mer enn 25 års erfaring innen for strategisk forretningsutvikling og investeringer. Han driver eget konsulentfirma og arbeidet tidigere som investeringsdirektør i det børsnoterte investeringsselskapet Ratos AB i 13 år med ansvar for virksomheten i Norge. Før det arbeidet han som strategikonsulent i Bain & Company i 9 år. Henrik har bred styreerfaring, og har vært aktiv investor, styremedlem og konsulent i energisektoren, med et særlig fokus på fornybar energi. Han er idag styremedlem i Goava Sales Intelligence AB. Henrik har en MBA från INSEAD, Frankrike og en magistereksamen i virksomhetsøkonomi fra Handelshøyskolen i Stockholm.

Nicolai Nordstrand er investeringsdirektør i Havfonn, Bergesen-familiens investeringsselskap. Nicolai har ansvar for aktivt eierskap i selskap der Havfonn er investert, og har fulgt Cloudberry tett siden selskapet ble etablert. Han har vært i Havfonn i 7 år og jobber med strategi, forretningsutvikling og finansiering. Tidligere arbeidet han mer enn 10 år innen corporate finance i SpareBank 1 Markets og PwC i Oslo og London. Nicolai har en mastergrad i finans fra Handelshøyskolen BI.

For nærmere informasjon om de foreslåtte styremedlemmene sin kompetanse og erfaring vises det til vedlagte CV'er.

Valgkomiteen vurderer bakgrunnen, erfaringen og kompetansen til Stefanie Witte, Henrik Joelsson og Nicolai Nordstrand som relevant og verdifull for selskapet. Valgkomiteen har også i sitt arbeid vurdert den helhetlige sammensetningen av styret ift. kompetanse, erfaring, kapasitet, bakgrunn og mangfold.