Nordic Technology Group AS

Investor Presentation • Mar 15, 2024

NTG Company update

15 March 2024 Rune Rinnan (CEO) and Sverre Slåttsveen (CFO)

Important information and disclaimer

This presentation (the "Presentation") has been prepared by Nordic Technology Group AS ("NTG" or the "Company" and together with its subsidiaries the "Group") solely for information purposes in connection with the financial reporting requirement to Oslo Stock Exchange Euronext Growth marketplace and subsequent investor presentation. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy, or a recommendation regarding, any securities of the Company. By attending a meeting where this Presentation is made, or by downloading the presentation from any web site, or requesting to receive, or have received this Presentation from any party, you agree to be bound by the following terms, conditions and limitations.

This Presentation and the information contained herein may not be reproduced in whole or in part to any other person.

This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Group and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "will", "should", "may", "continue" and similar expressions. The forward-looking statements contained in this Presentation, including opinions and views of the Company or cited from third party sources, are based on various assumptions. The forward-looking statements are solely opinions and forecasts and are subject to risks and uncertainties which are difficult or impossible to predict and are beyond the Company's control. Forward-looking statements are not guarantees of future performance, and risks, uncertainties and other factors could cause the actual results of operations, financial condition and liquidity of the Group or the industry to differ materially from the expectations expressed or implied in this Presentation by such forward-looking statements. You are cautioned not to place any undue importance on any forward-looking statement. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to its actual results.

The distribution of this Presentation may be restricted by law in certain jurisdictions and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. None of the Company or the Group shall have any responsibility for any such violations.

This Presentation does not purport to contain a complete description of the Group or the markets in which the Group operates. No representation, warranty or undertaking, express or implied, is made by the Company, the Group or other representatives, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. None of the Company or the Group or any of their respective affiliates or representatives shall have any liability arising directly or indirectly from the use of this Presentation or its contents or otherwise arising in connection with this Presentation.

Any investment or acquiring of shares in the Company should be considered as a high-risk investment. An investment in the Company is only suitable if you have sufficient knowledge, sophistication and experience in financial and business matters to be capable of evaluating the merits and risks of an investment decision relating to the Company's shares, and if you are able to bear the economic risk, and to withstand a complete loss, of your investment. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own financial, legal, business, investment and tax advisers to receive financial, legal, business, investment and tax advice. By receiving this Presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and are solely responsible for forming your own opinion of the potential future performance of the Company's business. In making an investment decision, investors must rely on their own examination of the Company, including the merits and risks involved.

This presentation is incomplete without reference to and should be viewed solely in conjunction with the verbal briefing provided by the Company´s executive management.

This Presentation does not constitute an offer of, or an invitation to purchase, any of the shares in any jurisdiction in which such offer or sale would be unlawful.

This Presentation is only directed at qualified investors and investment. The Company has not authorized any other person to provide any persons with any other information related to the Company and neither the Company nor the Group will assume any responsibility for any information other persons may provide.

The Company´s executive management and/or Group management and employees may hold shares or other securities or interests in the Company and may, at times, buy or sell such securities.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdictions of Norwegian courts.

This presentation covers the period 01.07.23-14.03.24. The financial statements are unaudited as of the date of this presentation.

NTG Nordic Technology Group

Summary

SHARE PRICE DEVELOPMENT

• NTG was listed on Oslo Euronext Growth in July 2022 with the ambition to create an industrial technology group driven by operating companies with groundbreaking, patented technology in mega trend growth markets within Sensor, Nanomaterials and Clean technologies
• Very low volumes traded (<6% of outstanding shares past 12 months), large number of SMB companies competing for investors and analyst interest
• Key for NTG going forward:
• Increase communication of underlying values, business model, value creation and growth potential
• Continuous improvement of the group company's results: delivering strong financial results through efficient operations, product development and strategic growth initiatives
• Sale of MossHydro AS and Hystorsys AS on track and in progress

GROUP COMPANIES

Sensor Technology

• Hammertech secures the largest contract in the company´s history from a European offshore field operator with possible value in excess of NOK 10 million. In addition, we are technically qualified by Saudi Aramco
• Wavetrain Systems has received draft Frame contract from Network Rail, UK which is planning National rollout of our level crossing system WLXP

Nanomaterials Technology

• CondAlign in negotiations with industry groups related to license agreement for electronics and Electric Vehicles applications

NTG Nordic Technology Group

Summary

2023 NTG GROUP CONSOLIDATED FINANCIALS (Un-audited)

• Total revenues of NOK 77.8 million, of which sale of Hybrid Energy counted for NOK 50.6 million
• EBITDA of NOK -36.4 million, incl. around NOK 47m in gain related to sale of Hybrid Energy
• Cash position of NOK 18.4 million by 31.12.23 incl. NOK 10m in escrow (released Q1 2024)
• Total assets of NOK 656.3 million and total equity of NOK 571.0 million (87.0%) by 31.12.23
• Total debt of NOK 85.3 million including convertible loans of NOK 11.6m in subsidiaries and NOK 33.3 million is related to credit institutions
• Parent company has no interest-bearing debt, but has guarantees on behalf of the subsidiaries of NOK 34.3 million towards credit institutions

NTG Share price vs Valuations

Nordic Technology Group AS
----------------------------	--

		No of shares issued	70 920 680
						Comments
		NTG %	NTG Current	100% company
		ownership	book value	valuation	NTG value
Company
	Wavetrain Systems	82,0 %	259 988 000	525 000 000	430 500 000	Wavetrain Systems,
	Hammertech	84,5 %	221 500 000	350 000 000	295 750 000	completed end 2023
	Hystorsys	100,0 %	27 200 000	25 500 000	25 500 000
	MossHydro	89,9 %	52 800 000	86 000 000	77 314 000	ongoing capital raise
	CondAlign*	50,5 %	110 300 000	220 045 000	111 122 725
	CrayoNano**	14,4 %	75 470 000	509 544 000	73 374 336
	NTG Cash balance		10 650 000	10 650 000	10 650 000
Sum NOK			757 908 000	1 726 739 000	1 024 211 061	NOTC.
Sum NOK per NTG share			10,7		14,4	• Overall, extremely low
	Current share price 14.03.2024	NOK	2,9	NOK	2,9
Discount compared to NTG share price			-73 %		-80 %	outstanding loans

• Third party valuation on Wavetrain Systems, Hammertech and CondAlign completed end 2023
• CondAlign valuation based on ongoing capital raise
• CrayoNano valuation based on 360-days VWAP (volumeweighted-average-price) on NOTC.
• Overall, extremely low trading volume on NOTC
• Book value includes NTG outstanding loans

Group Companies

AquaFieldTM-Multiphase metering system

Enhanced recovery, Production Optimization, Digitalization & CO2 emission reduction

8

NTG HAMMERTECH – Competitive advantages

The AquaFieldTM Product Competitive advantages

• Worlds first PVT (Pressure, Volume, Temperature) independent multiphase metering system
• Low cost of around USD 40 000 pr.unit Ø Enables rollout on each well
• Maintenance free

.

• Ø Enables upscaling to 1000's of units
• Low weight (from approx. 22 kg)
• Small size (from 15cmx15cmx15cm)
• No need for calibration
• Easy to install retro&new built
• Enabling full digitalization real time
• Increased recovery rate
• Reduced CO2 footprint in the production phase

NTG HAMMERTECH - Large addressable market

AquaField is the first-choice for more than 250,000 on-shore wells1)

Estimated market size of 84 USDbn, with a core market of 10 USDbn

10

10

NTG Sensor Technology: Hammertech AS

Hammertech (~84% ownership)

Offers a unique patented technology measuring multiphase fractions and salinity in real-time. Significant competitive advantage; price, weight, size and performance

Financials (unaudited):

Revenues 2023:	NOK ~	9 million
EBITDA 2023:		NOK ~ -22 million
Current NTG book value:		NOK ~ 222 million

• ü 29 Orders received in 2023 at value NOK 15 million and 15 units delivered in 2023 with revenues NOK 9 mill. Order backlog 01.01.24 is 14 units with value NOK 7 mill and Orders received 2024 NOK 8,8 mill with 6 units –Order backlog 20 units
• ü Order received repeat contract in excess of NOK 10 mill for topside installation on major offshore production platform
• ü Hammertech AquaField Achieves Qualification Milestone Technically Qualified by Saudi Aramco. Plan to start delivering Multi-phase metering systems to Saudi Aramco second half 2024
• ü In process with one of the leading oil-services companies to secure volume orders for our Mud Multi-phase Metering System AquaMud
• ü Delivered 2 AquaField meters to Phoenix Completion in USA. Plan to secure a volume order Q2-Q4 2024

NTG WAVETRAIN SYSTEMS

Wavetrain Level Crossing Warning Protection (WLXP) Reduce risk at hundreds of thousands of level crossings world-wide

Threat

§ Risks at rail level crossings

• § Many Level crossings are unprotected1
• § Protection of crossers is a growing concern

Solution: LCWS

• § The WLXP detects and warns of approaching trains
• § All equipment at the crossing, simple installation, no service interruption during installation or operation
• § Detects trains through acoustic signals
• § Sensors on the rail itself
• § Continuous operation
• . § Detected signals digitized for interpretation and activation
• § CENELEC SIL4 certified sensors
• § Redundancy for reliability, availability, maintainability and safety

Benefits

• § Unprecedented speed of installation
• § No service interruptions during a typical system installation
• § Competitive cost, minimal maintenance, overall certified CENELEC SIL 2/ IEC 61508, sensor CENELEC SIL4

Wavetrain reduces risks cost-effective at level crossings

NTG WAVETRAIN SYSTEMS – Competitive advantages

• Ø Sole CENELEC SIL2 Certified supplier in the market
• Ø Installation time and resource use far below competition
• Ø Installation and maintenance cost far below competition
• Ø No need to stop trains for maintenance or equipment replacement
• . o Cost of service interruption during installation/maintenance huge
• Ø Autonomous, not reliant on costly enterprise interfacing
• Ø Type Approved UK 2022, operational system 2023
• Ø No known competitors in this market segment
• Ø Compliant with UK regulator requirements
• Ø Type Approval from the UK to be cross accepted in other markets
• o Reduces time to market significantly

NTG WAVETRAIN SYSTEMS – Market opportunity

Confidential and not for distribution

Railway safety is a huge and growing market

NTG Sensor Technology – Wavetrain Systems AS

Wavetrain Systems (~82% ownership)

Patented acoustic train detection systems for levelcrossings in the railway industry. CENELEC SIL2 certified – total system advantage due to much lower Capex and Opex for the operators

Financials (unaudited):

Revenues 2023:	NOK ~	0 million
EBITDA 2023:	NOK ~	-23 million
Current NTG book value:		NOK ~ 260 million

• ü Wavetrain Systems has delivered 2 systems and has Type Approval from Network Rail (NR), the UK Railway Infrastructure owner, of WLXP (Wavetrain Level Crossing Protection) and will in Q2 2024 approve the complete system with light and sound integrated for public use
• ü NR has presented a plan for completion to National Roll out
• ü Wavetrain has received a draft Framework Contract from NR which will be the basis for NR Routes to call-off and order our WLXP
• ü NR has defined the Wavetrain system as a replacement for up to 1 600 whistle boards and protection of other passive level crossings (2 400)
• ü New Budget period (CP) in NR starts 1 April 2024 and our ambition is to cover the UK market, revenues of NOK 1-3 billion a roll out over 5-7 years
• ü Norway Bane NOR with 1,800 passive level crossings has a goal to close or secure 900 passive level crossings by 2027

Ground-breaking technology for efficient conduction of electricity, heat and industrial gases

CondAlign – uniquely positioned for growth

One technology

Production principle

…with a process that is designed for large scale industrial manufacturing

Multiple applications

EV Power train Microchip

RFID

Smart label

Thermal management

Display

In-mold electronics

19

Strong commercial traction

"Using 2024 forecast for our standard product, if CondAlign were to be successful for this application, we would be looking at a demand of ~ 1.1 million m2. What would be the E-100 price at this volume?"

NTG Nanomaterials Technology – CondAlign AS

CondAlign (~50% ownership)

Patented technology for use in conductive film/tape enabling a significant production efficiency in connecting electronics and transferring heat

Financials (unaudited):

Revenues 2023:	NOK ~	0,3 million
EBITDA 2023:		NOK ~ -16 million
Current NTG book value:	NOK ~	95 million

• ü Total addressable market ~NOK 40 billion (E-Align NOK 22bn, TIM NOK 18bn)
• ü CondAlign in negotiations with industry groups related to license agreement for Electronics and Electric Vehicles applications
• ü Strong leads funnel ~200 leads and 60+ shipments of products for testing
• ü Requests for electric conductive films E-Align related to volume orders
• ü Testing on E-Align10 (Micro-LED) with major European company ongoing. Promising results and CondAlign is 1 of 2 companies still in process

RFID

Technology

Clean Technology

Nanomaterials Technology

Thermal management

Display

LED

In-mold electronics

NTG MOSSHYDRO – Water Filtration Systems

Offering

Design and sell water µm-filtration solutions

Our customers design large scale water treatment systems

Company

Headquarter in Norway with 6 employees Manufacturing in Sweden with certified staff of 15

Product

361 units sold 2015-2023 4 Technology Families, 103 Unique Products R&D in µm-filtration, Automation and Self-cleaning mechanisms 3 patents granted – 2 patents acquired

Municipal drinking water plant – Filter & UV radiation 6000 Liters/sec MossHydro filtration capacity – 50 micrometer

www.mosshydro.com Private and confidential 14.03.2024

NTG MOSSHYDRO – Competitive advantages

MossHydro filtration solutions

Corrosion resistance - Maritime environment

Duplex steel pressure vessel Stainless 316L or 904L (like Rolex) filtration media

Best in class self cleaning

Self adjusting cleaning system Special Sinter-mesh World class forming techniques

Simple operation

Standardized parts

Patented

Cleaning System Suction Nozzle In line flow pattern Filtration media coating system

NTG MOSSHYDRO – Market opportunities

Market size and opportunity

Ballast Water Management System (BWMS)

Mandatory for all vessels in international trade Ambition NOK 6-8M/y (Aftermarket)

Well boats

To keep aquacultures healthy during transportation Market size 5-25 contracts/year

Land Based / Closed loop, floating Fish farming

Large growth potential in the close future Market size 10-30 contracts/year

Fresh water production with Reverse Osmosis (RO)

For drinking water and for treatment of aquacultures Market size 5-15 contracts/year

Municipal Drinking Water filtration / Fresh Water filtration

In combination with UV-systems

Large market – size and timing key

www.mosshydro.com Private and confidential 14.03.2024

NTG Clean Technology – MossHydro AS, Hystorsys AS

Develops a unique metal hydride compressor for hydrogen with almost no moving parts and practically no noise or vibrations

Financials (unaudited):

Revenues 2023:	NOK ~ 1 million
EBITDA 2023:	NOK ~ -1.5 million
Current NTG book value (2023):	NOK ~ 27 million

• ü NTG ownership from January 2023
• ü On-track for delivery of a complete Hydrogen Storage System to Kongsberg Kommunale Eiendom and Vestsiden High school in 1H 2024. System will be used to cool building during summer periods and heating during winter period. Significant reference project going forward
• ü In process of evaluating the strategic directon

Hystorsys (100% ownership) MossHydro2 (~89% ownership)

Develops and produce filters specifically designed for industrial solutions and water treatment systems

Financials (unaudited):

Revenues 2023:	NOK ~	19 million
EBITDA 2023:	NOK ~	1.5 million
Current NTG book value:	NOK ~	53 million

• ü First sale of complete desalination plant made last period Reverse Osmosis (RO) of seawater – NOK 4.9 million. Strategic goal to establish sales in the RO market – to expand the portfolio of products and to fuel filter sales (part of RO systems).
• ü Membrane filtration technology IP acquired from Fiizk Akvafresh estate end 2023– along with 6+1 desalination plants, whereof 3 is on lease contracts. Enables MossHydro to access new markets
• ü Stable recurring sales to existing customers
• ü On track to qualify a filter solution for offshore closed cage fish farming

Targets and valuations

Significant value support by recent transactions

• Expected solid short-term, untapped value increase potential Comments

• CondAlign (COND) and CrayoNano (CNANO) traded on Euronext NOTC
• Non listed group business units based on equity raises in the market and third-party valuations

Note: For illustration purposes only: 1) Listed on OTC and Based on last 60-day VWAP (Volume Weighted Average Price); 2) Third party valuation December 2023; 3) Acquisition cost January 2023,

4) Market value Euronext Growth Oslo on February 12, 2024

Appendix: 2023 Un-audited consolidated financials

NTG 2023 Un-audited financials

Consolidated income statement				01.07.2022
Amounts in NOK 1000				31.12.2022
	Unaudited	Unaudited	Unaudited	Audited
Operating income and expenses	H2 2023	H2 2022	YTD 2023	YTD 2022
Revenue	14 855	16 142	27 307	16 142
Other operating income	313	1 218	50 566	1 218
Total revenue	15 167	17 360	77 873	17 360
Capitalized internally generated assets	-20 317	-21 511	-35 561	-21 511
Cost of goods sold	5 816	12 064	11 758	12 064
Payroll expenses	47 058	41 559	81 580	41 559
Depreciation and amortisation expenses	57 698	61 668	112 303	61 668
Other operating expenses	23 697	23 217	46 923	23 217
Total operating expenses	113 951	116 997	217 002	116 997
Operating profit or loss	-98 784	-99 636	-139 130	-99 636
Financial income and expenses
Other finance income	1 114	1 407	3 591	1 407
Write-down of financial assets	0	18 168	0	18 168
Other financial expense	2 678	3 679	4 472	3 679
Net financial items	-1 563	-20 440	-881	-20 440
Profit of loss before income tax	-100 347	-120 076	-140 010	-120 076
Income tax expense	571	535	749	535
Net loss for the period before minority interests	-99 776	-119 541	-139 262	-119 541

Consolidated balance sheet

Amounts in NOK 1000

		Unaudited	Audited
ASSETS	Note	YTD 2023	2022
Development	2	212 723	230 947
Other intangible assets	2	5 883	5 988
Deferred tax asset		7 366	6 617
Goodwill	2	290 164	400 663
Total intangible assets		516 135	644 215
Machinery and plant (leased)	3	3 604	5 312
Fixtures and fittings, tools, office machinery and equipment	3	11 344	3 580
Total tangible assets		14 948	8 892
Investments in shares		75 471	58 110
Total financial non-current assets		75 471	58 110
TOTAL NON-CURRENT ASSETS		606 553	711 217
Inventories		14 777	10 112
Total inventories		14 777	10 112
Trade receivables		7 593	3 866
Other receivables		19 347	14 342
Total receivables		26 940	18 207
Cash and bank deposits		8 033	54 679
TOTAL CURRENT ASSETS		49 750	82 998

TOTAL ASSETS 656 303 794 215

30

NTG 2023 Un-audited financials

Consolidated balance sheet

Amounts in NOK 1000

	Unaudited	Audited
EQUITY AND LIABILITIES	YTD 2023	2022
Share capital	301	301
Share premium	758 241	758 241
Total paid-in equity	758 541	758 541
Other equity	-231 947	-116 935
Total retained earnings	-231 947	-116 935
Minority interests	44 404	42 847
TOTAL EQUITY	570 998	684 453
Convertible loans	11 230	0
Liabilities to financial institutions	16 220	18 864
Other non-current liabilities	1 678	3 587
Total other non-current liabilities	29 128	22 451
Liabilities to financial institutions	17 072	33 002
Trade payables	15 774	11 995
Public duties payable	3 898	6 169
Other short-term liabilities	19 433	36 144
Total current liabilities	56 178	87 310
TOTAL LIABILITIES	85 305	109 761
TOTAL EQUITY AND LIABILITIES	656 303	794 215

Consolidated cash flow statement

Amounts in NOK 1000

	Unaudited	Audited
	YTD 2023	YTD 2022
Cash flow from operations
Result before income taxes	-140 010	-120 076
Gain from sale of shares in subsidiaries	-50 566	0
Write-down of financial assets	0	18 168
Depreciation	112 303	61 668
Change in inventory	-4 665	-526
Change in trade debtors	-5 836	3 562
Change in trade creditors	17 638	-992
Change in other provisions	-6 196	-1 480
Net cash flow from operations	-77 332	-39 677
Cash flow used in investments
Capitalized internally generated assets	-35 561	-21 511
Government grants related to development	9 293	10 351
Purchase of other intangible assets	-607	-1 994
Purchase of tangible assets	-8 623	-529
Net proceeds from sale of shares in subsidiaries	66 994	15 170
Purchase of shares in other companies	-17 361	-2 517
Net cash flow from investments	14 135	-1 030
Cash flow used in financing
Proceeds from long term loans	6 677	304
Net change in bank overdraft	-15 931	1 684
Proceeds from issuance of equity	25 805	102 032
Incremental cost related to share issue	0	-7 571
Purchase of own shares (Condalign AS)	0	-1 066
Net cash flow from financing	16 551	95 382
Net change in cash and cash equivalents	-46 645	54 676
Cash and cash equivalents at the beginning of the period	54 679	3
Cash and cash equivalents at the end of the period	8 033	54 679

Management expects strong growth for all group business areas

Ownership adjusted financials* and based on organic growth only

2023*

* For illustration purposes only. Figures represents estimates of un-audited financial statements for the consolidated NTG group for the financial year 2023, (i.e., based on ownership 31.12.2022) including gain on sale of shares in Hybrid Energy AS in January 2023 at around NOK 47 million. ** Medium-term. Target based on management's targets, which are dependent on a number of factors outside of the Company's control. llustrative only, no indication of actual, expected or targeted EBITDA figures.