Nordic Technology Group AS

Investor Presentation • Mar 2, 2023

Kaare Lunde – CEO Kaare.lunde@hammertech.no

Sigmund Hjermann – President Sigmund.hjermann@hammertech.no

Hammertech AS

Investor Presentation March 2023

1

Confidential

Location

BERGEN - NORWAY

Resources

Commercial team established 2011 2012 2015 2016 2017 2018 Pilot series in 2019 production R&D – proof of concept CTO Morten Brandt on board Two successful third-party verification tests First successful client lab test CEO Sigmund Hjermann on board Full Technical team on board Commercial team established 2010 Hammertech established 2009 First PO to 2020 Oman 2022 Aramco pre- 2023 qualification First PO to Oman Orders for 9 new AquaField meters received

The Hammertech - Team has extensive industrial experience in Multiphase Metering, Research and Development, Fabrication, Testing, Field Installations, Technical Support and Services, Marketing and Sales

250 Years Combined Experience From The E&P Industry

Hammertech Value Proposition

Enhanced recovery, Production Optimization, Digitalization and CO2 Emission Reduction

real time transmittal of data from individual wells.

• enhance recovery

4

The AquaFieldTM Product

Competitive advantages

• Low cost USD 40 000 pr. unit
• Enables well-level rollout
• Plug and play, high reliability, self calibrated
• Enables upscaling to 1000's of units
• PVT (Pressure, Volume, Temperature) independent (oil and gas properties)
• Easy installation
• Small size (from 15x15x15 cm)
• Low weight (from 22 kg)
• Enabling digitalization
• Catalyst for enhanced recovery rate and reduced CO2 footprint in the production phase

Large addressable market

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

	Total potential market	Target market	Core market
				2025 prediction
Market Size	■ 84 USDbn	■ 18 USDbn ■ AquaField assumed to be most applicable	■ 10 USDbn ■ AquaField assumed to be most applicable and likely to be implemented	Producing wells 1 610 000 New wells (-->2025) 510 000 Total potential market 2 120 000
Market Drivers	■ 2.1 million total wells	■ 450,000 wells	■ 251,000 wells	Retrofit new gas wells -107 000 Retrofit subsea -6 000 Retrofit GoM -16 000 Older onshore wells* -1 345 000
End Client Examples (non-exhaustive)	■ All well-operating E&P companies	■ Saudi-Aramco, Petrobras, ExxonMobil, ADNOC, PDO, Majors ■ Anadarko, Apache, EOG, Pioneer, Devon, XTO, Qatar Petroleum, Occidental, Equinor,ENI, Hilcorp, Bapetco, Norpetco, Qarun, Agiba,	■ Saudi-Aramco, KOC, ADNOC, PDO, Petrobras, ExxonMobil, Majors ■ Anadarko, Apache, Equinor, Petrobel, Qatar Petroleum, ENI, Qatar Petroleum, Occidenta	Unconv. (Xtra HO, OS) -201 000 Target market 445 000 Retrofit offshore -51 000 Reluctance smaller Ops -143 000 Core market 251 000

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

1) Rystad Energy Commercial due diligence report

Hammertech current Global Client Interaction

Focused geomarkets

• Rystad report pinpoints the 4 most valuable geomarkets for AquaField:
• North Amerika (NA)
• The Middle east
• China
• Russia
• Hammertech has decided to focus on North America and the Middle east.
• Main differentiators for these markets
• The North American production is from shale wells
• The North American market has some large operators combined with a large base of smaller operators
• The Middle Eastern production is from conventional wells
• The Middle East market is dominated by few and large operators with huge potential
• These markets require different approaches

The Middle East

Approach:

• The customer base consists of very large national corporations, and classical account management and presence is required to win in this market
• Hammertech has decided to establish an office in the region, and the chosen location is Dubai in UAE
• Finn Erik Mohn our VP of sales – will relocate to Dubai to lead the effort in the region. Finn Erik will lead the current customer pursuits while also recruiting staff for this go-tomarket entity

MENA Big 4 currently pursued entry cases:

• 1. Aramco (Saudi Arabia)
• Abqaiq field: approx. 2.500 wells, expected 5-year penetration ~70%
• Roll out on all wells as part of Aramco's digital strategy
• 2. ADNOC (UAE)
• Pilot covering 4 main onshore assets: South East, Bu Hasa, BAB & NEB covering approx. 1.000 wells , expected 5-year penetration ~50% Roll out on all wells as part of ADNOC's digital strategy
• 3. PDO (Oman)
• Replace existing non-functional instruments with AquaField, expected 5-year penetration ~30%
• Approx 1.500 units
• 4. KOC (Kuwait)
• South Ratqa field development, expected 5-year penetration ~30%
• 3 phases, total of approx. 3.000 wells

Company	Wells	Penetration	AquaFields	USD
Aramco Abqaiq	2 500	70%	1 800	72 000 000
ADNOC SE-BH-BAB-NEB	1 000	50%	500	20 000 000
PDO replacements	1 500	30%	500	20 000 000
KOC South Ratqa	3 000	30%	1 000	40 000 000
MENA Big 4	8 000	45%	3 800	152 000 000

North America

Approach:

• The North American market has some large operators combined with a large base of SMB operators. The latter represents the largest near-term opportunity.
• Hammertech has decided to immediately establish a partnership with an experienced partner in the market to address the SMB customer base, while looking after the large enterprises directly.
• Hammertech will also establish an office in the US later 2023 to do account management and partner follow-up in the region.

North America outlook 1. Bakersfield and Permian Bakersfield will be our entry market to the shale oil domain and will serve as reference as we expand to include other shale oil basins. The Permian basin represents 65% of all onshore wells in the US. Our US partner has an established dialogue with several operating companies – including EOG, Devon, Summit Oil, and others – regarding AquaField deployment and

we expect to receive our first orders from this market for 15-20 AquaField units in 2023, escalating to more than 200 units in 2024.

2. Eagleford and Bakken

A successful rollout in Bakersfield and Permian will be followed by pursuits of the Eagleford and Bakken basins contributing to the sales numbers from 2024 onwards.

2. Large enterprises

1. SMB

Hammertech has established dialogue with several of the large enterprises – including ExxonMobil, Occidental, Chevron, BP, Shell, ConocoPhillips and others – regarding AquaField deployment. We do believe a successful rollout in the SMB market will serve as a catalyst for business with larger enterprises.

3-Year Forecast

2023 Budget

2024 Forecast

All values in NOK 1000
	Opening Cash	Budget	Budget	Budget	Budget	Budget	Budget	Budget	Budget	Budget	Budget	Budget	Budget	Budget	Budget Total
Hammertech AS	Balance	Dec 22	Jan 22	Feb 23	Mar 23	Apr 23	May 23	Jun 23	Jul 23	Aug 23	Sep 23	Oct 23	Nov 23	Dec 23	Jan 23 - Dec 23
Cash In
Sales Income		$\mathbb O$	720	2 1 5 6	$\circ$	$\circ$	1614	$\circ$	5 0 6 0	3 6 4 1	2 0 2 2	3 3 0 8	1924	1818	22 26 3
Other income		$\circ$	$\overline{0}$	17	17	17 1	5 5 3 4	34	34	34	34	34	34	34	5819
Total Cash In		$\mathbf 0$	720	2 1 7 2	17	17	7 1 4 8	34	5 0 9 4	3675	2056	3 3 4 1	1958	1852	28 083
Cash Out															9 4 5 1
Cost of goods sold		$\mathbf 0$	896	$\mathbf 0$	$\,$ 0	706	$\,0\,$	1771	1 2 7 4	708	1 1 5 8	673	636	1628
Other costs:			1678	1 3 3 8	1958	1561	2 2 3 7	1 447	2 6 4 2		2936	2 3 4 1	3 3 7 6	2992
(1) Salary and social cost		$^{\circ}$		83				93		2 3 4 1	139	139	139	139	26 846 1 3 1 4
(2) Office rent		$^{\circ}$	83		83	83 897	83 907		110	139				1 1 1 7
(3) General Office, including;		$\circ$	882	942	1 2 7 0			986	858	1 0 4 5	798	887	811		11 401
Accounting/Legal/Audit
Travel
Office equipment&supplies, other office expenses
IT/Data
Board fees
Contingency (un-specified)		$^{\circ}$	50	50	50	50	1 0 5 0	50	50	50	50	50	50	50	1 600
Total Cash Out		$\overline{\mathbf{0}}$	(3589)	(2, 413)	(3361)	(3 297)	(4278)	(4348)	(4935)	(4282)	(5080)	(4091)	(5013)	(5926)	(50613)
															0
Total Cash From Operations		$\mathbf 0$	(2869)	(241)	(3344)	(3280)	2870	(4314)	159	(608)	(3024)	(749)	(3055)	(4074)	(22530)
Cash out from Financing/Investments
Interest expense		$\mathbf 0$	65	65	215	65	65	215	65	65	215	65	65	215	1 3 8 0
(Description 2)								340
Total Cash out from Financing/Investments		$\mathbf{0}$	(65)	(65)	(215)	(65)	(65)	(555)	(65)	(65)	(215)	(65)	(65)	(215)	(1720)
Cash in from Financing/Investments
Grants/loan from Innovasjon Norge, bank loan, VAT, R&D tax incent		$\mathbf 0$	$\theta$	300	$\circ$	366	$\theta$	638	$\circ$	1 0 8 0	1 1 4 0	811	$\circ$	629	4963
Equity/convertible loans		$\mathbb O$	$\circ$	$\circ$	$\circ$	$^{\circ}$	$\circ$	$^{\circ}$	$\circ$	$\mathbf 0$	$\circ$	$^{\circ}$	$\circ$	$\overline{0}$	$\circ$
Total Cash In From Financing/Investments		$\overline{\mathbf{0}}$	$\overline{\mathbf{0}}$	300	$\overline{0}$	366	$\overline{\mathbf{0}}$	638	$\overline{0}$	1080	1 1 4 0	811	$\overline{0}$	629	4 9 6 3
Total Increase/Decrease in Cash		$\pmb{0}$	(2934)	(6)	(3559)	(2979)	2 8 0 5	(4231)	94	407	(2099)	(4)	(3120)	(3660)	(19287)
Total ending balance	$\mathbf 0$	2 0 0 0	(934)	(939)	(4498)	(7478)	(4673)	(8904)	(8810)	(8403)	(10502)	(10 506)	(13626)	(17287)	(17287)
Financial budget 2023 Hammertech AS	All values in NOK '000
Board fees	300
Salary Incr. from Jul 23	5 %
Number of personnel			$12$	12	14	14	16	16	18	20	20	20	23	23
			Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
20002 RESULTATREGNSKAP
29993 INNTEKTER
39801 SUM INNTEKTER			200	217	1831	217	5294	3875	2 2 5 6	3541	2 1 5 8	2052	4886	11969	38 4 94
KOSTNADER 39802
49900 SUM Varekostnad
			$\circ$	$\mathbf{o}$	706	$\Omega$	1771	1274	708	1158	673	636	1628	4745	13 300
49960 Sum beholdningsendring egentily, dr.m.			750	750	750	750	750	750	750	750	750	750	750	750	9 0 0 0
59990 SUM Lawnskostnade			1508	1508	1759	1759	2011	$-93$	2374	2638	2638	2638	3034	3 3 7 6	25 152
60300 Sum avdrévninger			667	667	667	667	667	667	667	667	667	667	667	667	8 0 0 4
61901 Sum Transportkostnade			10	10	10	10	10	10	10	10	10	10	10	$10$	120
63990 Sum Lokaler			83	83	83	83	83	93	110	139	139	139	139	139	1314
66900 SUM Andre driftskostnade			59	119	59	119	59	119	119	59	59	149	59	59	1038
67950 SUM N			575	575	663	575	600	393	385	472	385	384	398	434	5840
69400 SUM Administration
			34	34	34	34	34	34	34	34	34	34	34	34	408
79800			204	204	504	159	204	430	310	470	310	310	310	580	3995
80900 SUM Finansimitekt			$\circ$	$\mathbf{o}$	$\circ$	$\mathbf{0}$	$\circ$	$\mathbf{0}$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$		$\mathbf{C}$ $\circ$
81790 SUM Fig														$\circ$	1156

All values in NOK '000
	Opening	Prognosis	Prognosis	Prognosis	Prognosis	Prognosis	Prognosis	Prognosis	Prognosis	Prognosis	Prognosis	Prognosis	Prognosis	Prognosis	Prognosis
	Cash														Total
Hammertech AS	Balance	Dec 23	Jan 24	Feb 24	Mar 24	Apr 24	May 24	Jun 24	Jul 24	Aug 24	Sep 24	Oct 24	Nov 24	Dec 24	Jan 24 - Dec 24
Cash In
Sales Income		1 2 1 1	4 4 3 1	11949	9 2 4 4	9 2 4 4	9 2 4 4	11 491	11 491	11 491	13 3 5 2	13 9 35	14774	20714	141 359
Other income		17	16	16	32	32	32	32	32	32	32	32	32	32	352
Total Cash In		1 2 2 7	4 4 4 7	11 965	9 2 7 6	9 2 7 6	9 2 7 6	11 523	11 523	11 523	13 384	13 967	14 80 6	20 746	141 711
Cash Out
Cost of goods sold		1628	4 3 9 1	3 5 3 8	3 3 9 7	3 3 9 7	4 2 2 3	4 2 2 3	4 2 2 3	4 9 0 7	5 1 2 1	5 4 2 9	7612	7612	58 074
Other costs:
(1) Salary and social cost		2992	3 7 4 8	3 1 0 8	4 2 3 6	3 6 2 6	4888	1 4 4 7	5 1 3 2	4333	5 7 7 3	4588	6414	5908	53 203
(2) Office rent		110	110	110	110	147	147	147	147	147	147	147	147	147	1653
(3) General Office, including:		1 1 2 1	900	960	1 3 4 0	992	972	962	1013	1416	960	1 1 1 0	1 1 1 0	1 6 2 0	13 3 5 4
Accounting/Legal/Audit
Travel
Office equipment&supplies, other office expenses
IT/Data
Board fees
Contingency (un-specified)		50	50	50	50	50	50	50	50	50	50	50	50	50	600
Total Cash Out		(5901)	(9 199)	(7767)	(9134)	(8212)	(10, 280)	(6829)	(10564)	(10853)	(12051)	(11324)	(15333)	(15337)	(126 884)
															$\overline{0}$
Total Cash From Operations		(4674)	(4753)	4 1 9 8	$142$	1 0 6 4	(1004)	4 6 9 5	959	670	1 3 3 2	2 6 4 2	(528)	5 4 0 9	14 8 27
Cash out from Financing/Investments
Interest expense		215	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$^{\circ}$
(Description 2)								340
Total Cash out from Financing/Investments		(215)	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\mathbf{o}$	(340)	$\Omega$	$\Omega$	$\Omega$	$\Omega$	$\mathbf{0}$	$\Omega$	(340)
Cash in from Financing/Investments
Grants/loan from Innovasjon Norge, bank loan, VAT, R&D tax incent		668	$\circ$	1807	$\circ$	2013	$^{\circ}$	2 3 0 3	$\circ$	2 4 0 9	1412	2 9 3 0	$\circ$	3589	16 4 64
Equity/convertible loans		$^{\circ}$	$^{\circ}$	$^{\circ}$	$\mathbf{0}$	$^{\circ}$	$^{\circ}$	$\circ$	$^{\circ}$	$^{\circ}$	$\Omega$	$^{\circ}$	$^{\circ}$	$^{\circ}$	$^{\circ}$
Total Cash In From Financing/Investments		668	$\Omega$	1807	$\Omega$	2013	$\Omega$	2 3 0 3	$\Omega$	2 4 0 9	1412	2930	$\Omega$	3 5 8 9	16 4 64
Total Increase/Decrease in Cash		(4221)	(4753)	6 0 0 5	142	3 0 7 7	(1004)	6 6 5 8	959	3 0 7 9	2 744	5 5 7 3	(528)	8997	30 950
Total ending balance	$\bullet$	(19153)	(24148)	(18142)	(18000)	(14924)	(15928)	(9 270)	(8311)	(5232)	(2, 487)	3 0 8 5	2 5 5 8	11 555	11 555

Financial prognosis 2024 Hammertech	All values in NOK '000
Board fees	300
Salary Incr. from Jul 24	5 %
Number of personnel			23	24	26	28	30	32	32	34	36	36	40	44
			Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
29992 RESULTATREGNSKAP
29993 INNTEKTER
SUM INNTEKTER 39801			9460	9460	9476	11723	11723	11723	13584	14 16 7	15 006	20 946	20946	20 946	169 158
KOSTNADER 39802
49900 SUM Varekostnad			3538	3397	3397	4223	4 2 2 3	4223	4907	5 1 2 1	5429	7612	7612	7612	61 295
Sum beholdningsendring egentily, dr.m. 49960			750	750	750	750	750	750	750	750	750	750	750	750	9000
SUM Lennskostnader 59990			3 3 6 3	3 5 0 9	3802	4094	4387	$-93$	4 6 0 5	4893	5 181	5 181	5756	6674	51353
60300 Sum avskrivninger			667	667	667	667	667	667	667	667	667	667	667	667	8004
Sum Transportkostnader 61901			10	10	10	10	10	10	10	10	10	10	10	10	120
Sum Lokaler 63990			110	110	110	147	147	147	147	147	147	147	147	147	1653
SUM Andre driftskostnader 66900			59	119	119	119	119	59	134	134	74	194	194	74	1398
SUM Innielde tjenester 67950			391	391	471	403	403	403	412	495	419	449	449	449	5 1 3 4
SUM Administrasion 69400			59	59	59	59	59	59	76	76	76	76	76	76	810
79800 SUM Annen kostnad			381	381	681	401	381	431	381	701	381	381	381	1011	5892
80900 SUM Finansinntekt			$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	$\mathbf{o}$	$\Omega$	$\mathbf{o}$	$\circ$	$\mathbf{o}$	$^{\circ}$	$\mathbf 0$
SUM Finanskostnad 81790			88	88	88	88	88	188	88	88	88	88	88	88	1 1 5 6
81791 ORDINÆRT RESULTAT FØR SKATT			1543	1478	822	2 2 6 2	1990	6380	2907	2585	3 2 8 4	6891	6315	4887	41343
EBIT			1631	1566	910	2350	2078	6568	2995	2673	3372	6979	6403	4975	42 499
EBITDA			2 2 9 8	2 2 3 3	1577	3017	2745	7235	3 6 6 2	3 3 4 0	4039	7646	7070	5 6 4 2	50 503

Profitable operations from 2024 onwards

2023 Capital increase

Share issue of Preference Shares Series III

– MNOK 42

• 1. Convertible loans (including subscription rights)
• Refinance existing convertible loans
• MNOK 12
• 2. Short term loans
• Refinance existing short-term loans
• MNOK 12
• 3. New operating cash
• MNOK 18

Rights of Preference Shares Series III

• A preferred return of NOK 950, which ranks prior to all other preference shares
• Share price 950 (MNOK 212.8 pre-money value)
• For a period of 12 months to convert all of its Series III Preference Shares into ordinary shares in Nordic Technology Group AS at a ratio of 1:100 (i.e. each of the Series III Preference Shares is converted into 100 ordinary shares in NTG) (the "Put Option").

Additional financing planned from ExFin (MNOK 5-15):

• Working capital financing
• Project inancing for specific contracts