1. KLEINKRAFTWERK BIRSECK AG (KKB) «Making investments in Norwegian hydropower more efficient» Oslo, 15.10.15 Less talk – more climate action!

2. Tinfos AS – founded i 1894 is a full scale organisation within the construction and operation of hydropower in Norway, as well as internationally (Indonesia). www.tinfos.no HQ located in Notodden part the Telemark county, with a local office at the vest coast of Norway, 38 full time employees. Tinfos AS, 60% owned by Halvor Holta (3.rd generation Holta family), and 40% by APG Pension Fund (Managed by Aquila Capital). Tinfos AS will produce approximately 500 GWh of electricity from our hydropower operation in 2016, and have comitted plans for the construction of an additional 600 GWh towards the end of 2021. Tinfos As is well positioned for an anticipated roll out of a hydrogen production and distribution network in Norway. Tinfos AS – at a glance

3. PURPOSE DRIVEN ORGANIZATION!

4. Less talk more - climate action! r Run of the river, pondage, reservoir hydropower plants Production profiles – run of the river vs. small reservoir Environmental conservatism and hydropower Hydropower and hydrogen – two of a kind? From energy producer to energy transformer - change

5. Profile reservoir vs. run of river

6. More hydropower - less power balancing issues? Neg Corr.? Sun Rain Wind

7. Enviromental conservatism and hydropower The Norwegian Water Resources and Energy Directorates strong environmental competence and licensing regime has made these issues a foregone conclusion in the public opinion. Strong environmental and esthetic considerations are made in the construction of SHPs in Norway.

8. Enviromental conservatism and hydropower

10. Renewable prices will be low – going downstream a matter of survival

11. Energy storage – hydro and hydrogen

12. HYDROGEN WILL BECOME GOOD BUSINESS The best compromise between distance and cost – 5 KG. 550 km, 3 MIN FILLING

13. Low electricity price = water electrolysis = low price on hydrogen HYDROGEN WILL BECOME GOOD BUSINESS

14. AQUILA NETWORK OF POTENTIAL HYDROGEN REFINERIES

15. OUR EXPANDING INNOVATION ECOSYSTEM – HYDRO TO HYDROGEN

16. “Energy producer” to “energy transformer”