PRESS RELEASE 18/08/2023

Second QUARTER - April-June 2023

       Revenue amounted to SEK 10,179 thousand (10,334).

       Operating loss amounted to SEK -12,266 thousand (-7,467).

       Net financial items amounted to SEK 114,669 thousand (79,786).

       Unrealised changes in property values amounted to SEK -18,978 thousand (2,931).

       Result before tax amounted to SEK 83,426 thousand (75,251) and result after tax amounted to SEK 69,839 thousand (59,948), corresponding to SEK 0,15 (0.13) per share.

Reporting Period - jANUARY-June 2023

       Revenue amounted to SEK 20,864 thousand (17,647).

       Operating loss amounted to SEK -30,777 thousand (-15,149).

       Net financial items amounted to SEK 128,387 thousand (47,510).

       Unrealised changes in property values amounted to SEK -26,986 thousand (11,653).

      Result before tax amounted to SEK 70,642 thousand (44,014) and result after tax amounted to SEK 55,785thousand (32,905), corresponding to SEK 0.12 (0.07) per share.

EVENTS during half Year

       On January 10th, 2023 Crown entered a Letter of Intent to acquire 85% of a company group within the Medtech sector.

       On February 3rd, Crown acquired 85% of SmarTee S.a.r.l., the parent holding company of AccYouRate Group which focuses on wearable medical technologies, for a consideration of Euros 163 million of which Euros 75 million was paid upon signing. For more information see note 8

       On April 27th Crown announced receipt of a further $8 million taking the total received amount under the October 2021 Sale and Purchase Agreement to $99 million.

       On April 27th the company stated that AccYouRate had taken a step forward in the production of its `smart T-shirt' using printed polymetric ink.

       Crown also announced on May 11th that it is withdrawing from the South African Block 2 B licence and returning its equity to the other joint venture partners.

       On May 23 Crown Energy published the interim results of AccYouRate's latest study focusing on pediatric disability. The study, which was coordinated by the University Hospital of Siena demonstrated that wearables technology can provide reliable and easily interpretable data to help determine the effects of therapies and care at home, which can then provide information for appropriate remedies.

       On May 31:st Crown Energy AB announced the decision to evaluate the conditions for listing the company's share on Nasdaq First North. Growth Market, Stockholm. A list change is expected to take place during the second half of 2023.

       The Annual General Meeting was held on 1 June.

EVENTS After the periods end

       No significant events after reporting period.

CEO statement

Dear shareholders and investors,

We are happy and excited with the new strategic direction of Crown Energy, now transforming into a company investing in green growth and sustainability, with a focus on the field of medical technologies. The starting point of our new path was when we in the autumn of 2021 divested the majority of our Energy assets through a sale and purchase agreement. Our commitment to the new direction became even clearer in May 2023 when we announced our withdrawal from the South African Licence, ending  our active participation in the oil and gas industry. In January 2023 we took a large step forward by acquiring 85% of SmarTee S.a.r.l., a Luxembourg company which is the parent holding company of the Italian registered AccYouRate Group.  The total acquisition price was Euros 163 million of which we have now paid Euros 75 million. The remaining balance is to be paid through 8 instalments every six months.

The AccYouRate Group focuses on medical grade wearable technologies and holds various patents focused on advanced and cutting-edge technologies. AccYouRate can produce wearable textiles, currently in the form of a `smart T-shirt' enabling monitoring of the wearer's bio signals and transmission of those to the cloud, where a comprehensive biomedical database is hosted.

We see great value in our technology, from the smart garments that can be produced, the health monitoring services that can be provided, the medical information that can be gathered through our algorithmic analyses, the medical predictions that can be extrapolated from that data, and the substantial database of medical information that AccYouRate is building up.

Now we are planning to improve our company's visibility by transitioning to a Nasdaq First North listing. In addition, we have recently enhanced our corporate website for better transparency and seamless access to information for our investors.

ASSET DEVELOPMENT AND MANAGEMENT

The gentle improvement in the market for office and residential rentals in Angola continues.  The higher sustained price of oil as well as the growth in economic activities in the country have been important factors in firming up the market. However, during the second quarter the decline of the Kwanza exchange rate diminished both our income as well as the value of our assets in Angola in SEK equivalent.

Although price pressures continue to remain, we still see lower vacancy rates in our properties and expect demand to remain relatively firm given the attractiveness of the locations of these properties. The business area Asset development and management is currently subject to a strategic overview.

ENERGY

Our income from the Sale and Purchase Agreement of October 2021 continues to come in regularly. We have now received as of April this year a total of USD $99 million with another $81 million securely due to come in by October 2026.

In May we announced that we have withdrawn from the South African Licence. This ends our active participation in the oil and gas industry. I am confident in the way Crown now operates our current business areas while moving into our new more sustainable business direction and I am truly looking forward to continuing this journey and to make the most of what the future has to offer.

Yoav Ben-Eli

CEO, Crown Energy

This disclosure contains information that Crown Energy is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 18 of August 2023 at 23:45 CET.

MORE INFORMATION

Please contact Yoav Ben-Eli, CEO, Crown Energy AB

+46 8400207 20

+4676312 9 793

ABOUT CROWN ENERGY

Crown Energy is an international group with a history within customised solutions for housing, offices and associated services, as well as oil and gas exploration. The group is now dedicated to its transformation into the new and more socially and environmentally responsible business direction contributing to a positive change, with a focus on the medical technology industry and on improving our green footprint. For more information, please visit www.crownenergy.se.