Letter from the CEO

I hope this letter finds you in good health. It has undoubtedly been a very unusual spring and COVID-19 has had an impact on our lives in many different ways. In Sweden, many businesses have continued almost as usual compared to rest of Europe, where virtually everything has been closed for over two months now. Traveling for business is still not on the agenda for most companies. However, we see that some restrictions are starting to lift now and slowly but surely our lives will return to something that is closer to our normal working conditions. It will take time and will include adjustments on various levels.

Denmark has now opened the country borders for travellers with work certificates and this means that we can now resume operations where we left off in March. It has taken a large amount of planning as well as innovative financial solutions to get to our current position. We have commenced the previously mentioned upgrade to the CASO plant which was moved to Denmark from Spain. Additionally various peripherals for this purpose will be delivered to the site in the next few days. Thereafter, we will resume the test runs and demonstrations that have been postponed due to the current pandemic.

The construction of the next in line CASO processing plant, to be assembled in Västerås, is expected to begin after the summer. The planned and increased activity will result in further recruitment of both operators and fitters personnel into the Cassandra Oil Swedish operations.

Like many other companies, Cassandra has been adversely affected by the Pandemic as some projects have been delayed. In order to build on the future of the Cassandra group and to best satisfy the interests of shareholders, we have worked in the recent months, worked on a plan for the future. As such, we are now undertaking a restructuring of the group. More information about this restructuring will be published on the website in the middle of June.

With regards to the CASO shares, information about where and when their trading will resume, will be published on the website well in advance of the start date.

As we have previously informed, ownership of shares is still listed at Euro Clear.

Finally, I would like to take this opportunity to inform you about the Annual General Meeting, which will be held on June 30th in Västerås. Notice and more information regarding this will be published on the website www.cassandraoil.com.

Yours Sincerely

Anders Olsson, CEO