Huddlestock Fintech

Quarterly Report • Nov 10, 2022

hddlestock

Presentation of Third Quarter and Nine Months 2022 results 10 November 2022

Democratizing Capital Markets

Disclaimer re forward looking statements

Disclaimer re forward looking statements

This presentation speaks only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Huddlestock and other specific issues.

Any statement, estimate or projections included in this presentation (or upon which any of the conclusion contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (financial or otherwise), prospects, business strategy, plans or objectives of the Huddlestock and/or any of its affiliates) may prove not to be correct.

No representation or warranty is given as to the completeness or accuracy of any forward looking statement contained in this presentation or the accuracy of any of the underlying assumptions.

Nothing contained herein shall constitute any representation or warranty as to the future performance of the Huddlestock, any financial instrument, credit, currency rate or other market or economic measure.

Information about past performance given in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

Neither the Huddlestock not any of its affiliates has verified the achievability of any estimate or forecast of future financial performance contained herein (including, without limitation, any estimate of potential cost savings and synergies, nor of any of the methods underlying the preparation of any such estimate of forecast).

Neither the Huddlestock nor the Managers assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

Huddlestock Fintech

Democratizing access to capital markets

Øyvind Hovland
Chairman

John E. Skajem
Group CEO

Highlights in 3Q 2022

Huddlestock Trader goes live.

Njord Group announces new corner stone investment.

• Q3 Consolidated Group Revenues of NOK 11.59 million, an increase of +73% YoY.
• Huddlestock Trader goes live with Solaris and Tomorrow Bank.
• Winning new clients, growing existing mandates;
• Technologies broadens mandate with Europe's leading Banking-as-a-Service provider.
• Huddlestock AS (formerly F5 IT) signs new client in Q3.
• Visigon: signs three new clients since the end of the quarter. $\bullet$
• Accelerating the roll-out of Huddlestock Trader with significant partnership agreement with Morningstar.
• Strategic review, new organisation and structure.
• Simplifying our product portfolio as part of gaining synergies.
• Capturing synergy effects from integration of Huddlestock AS (formerly F5 IT).
• Njord Group and affiliates announce intention to acquire 9.77% stake*.
• After the close; acquisition of F5 IT finalized; acquisition of Trac Services and Tracs Technology going to plan.

Key priorities

Democratize access to capital markets.

Deliver innovative technology solutions for the Trade and Wealth Tech industries.

Delivering shareholder value through strategic growth opportunities:

• Prioritize profitable growth and recurring revenues.
• Integration and delivery of synergies from acquisitions.
• Continued value creation through strategic technology M&A.
• Expand ecosystem partnerships.
• Investing and growing our talent pool across our footprint.

Grow and deliver:

• Promising leads for Huddlestock's Trade Tech SaaS solution.
• Visigon fully booked for 2022, good visibility into 2023 despite softer macro.
• Strong secular growth outlook for efficient RegTech solutions in the Wealth Management industry.

After the close:

Establishing a Nordic offering and rolling out in Germany.

Consolidated 3Q Revenues NOK 11.5 M

Proforma 30 Revenues NOK 14.4 M

Consolidated 3Q EBITDA NOK - 0.83 M

Proforma FBITDA 9M NOK -1 0 M

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Proforma revenues in 9M 2022

Scaling up for future growth and profitability with transformational investments.

*Proforma revenues include F5 IT, Trac Services and Tracs Technology from 1^st January 2022.

Contract Comments

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Average daily traded volume of shares YTD 321,267 210,630 in 2021

HUDLLESTOCK FINTECH: SHARE PRICE AND VOLUME YTD 2022

HUDLESTOCK SHARE PRICE YTD 2022 VS FIRST NORTH ALL SHARE AND FIRST NORTH TECHNOLOGY

Njord Group a new cornerstone investor.

As of 1^st November 2022

Huddlestock validated with investment from corner stone investor.

• Njord Group to acquire 12,389,454 shares in Huddlestock Fintech;
• sale of Trac Services and Tracs Technology to Huddlestock $\bullet$
• Post deal-close Njord will own an 8.26% stake $\bullet$
• Njord Group is majority owned by the Farsund based Glastad Family.

Top 20 Shareholders Free Float

hddlestock

Shareholders: $>1,400$ 1/11/2022

Rank	Shareholders	No shares	% shares
	HUDDLESTOCK FINTECH AS	8434857	6,55%
	VISION INVEST STAVANGER	8286715	6.44%
	HUDDLE AS	648 526	0.50%
3	BANK JULIUS BAER	7715533	5,99%
	BERKER GROUP AS	6215402	4,83%
	SAA INVEST AS	5500000	4,27%
6	SAAMAND AS	5 2 2 5 5 2 3	4,06%
	GENTLE INVEST	4280000	3.32%
	GRUNNFJELLET AS	3995000	3,10%
9	STEIN HEGRE HOLDING AS	3030000	2.35%
10	GJEDREM AS	2906000	2,26%
11	HOGNAN INVEST	2494512	1,94%
12	MYRILD AS	2297260	1,78%
13	BILL INVEST AS	2216847	1,72%
14	NORDNET LIVSFORSIKRING AS!	2183140	1,70%
15	KJELL'S OCTOPUS INVEST AS	1943640	1,51%
16	HEDEN HOLDING AS	1779950	1.38%
17	E HOLDING AS	1670000	1,30%
18	VALINOR AS	1563852	1.21%
19	UBS SWITZERLAND	1533255	1,19%
20	KT GLOBAL INVEST AS	1500000	1,17%
21	HAFT AS	1386219	1,08%
22	AVANZA BANK AB	1236135	0.96%
23	SAXO BANK	1092475	0,85%
24	ALA AS	1080061	0.84%
25	PER SIGMNUD HENØEN	1062796	0.83%
26	JOHN E.SKAJEM	961606	0,75%
127	ØSTLANDSKE PARKERING AS	946 294	0,74%
28	NORDNET BANK AB	933 134	0,72%
29	HANS PETER VEITEBERG	916 141	0,71%
30	STOKK INVESTERING AS	908 458	0.71%

*Investment subject to regulatory approval of purchase of Trac Services and Tracs Technology.

Strategic update

Delivering on financial inclusion

Our purpose:

Empowering our clients to deliver access to global capital markets through simple, accessible, and personalized trading and investing solutions.

Huddlestock solutions Innovative - Modular - Collaborative

Technology first!

Our vision:

Reshaping financial markets through digital transformation and innovation.

Value creation through accretive M&A

Creating shareholder value

• A core pillar of Huddlestock's strategy is to create shareholder value through accretive acquisitions.
• Our M&A strategy is focused on targets where we find significant synergies and supports Huddlestock's "technology first" - focus.
• Huddlestock is a company run by the shareholders for the benefit of all shareholders.
• Acquisitions will only be considered if it is deemed to be beneficial for the company and all shareholders

How it all fits together strategically

Simplifying our product portfolio as part of gaining synergies

Our strategic goals – where are we in 5 years from now?

Strategic goals:

In 5 years time we want to be a world class technology provider delivering innovative and sustainable technology and compliant solutions to the capital markets, treasury and wealth management industries

Strategically optimized organisation following a strategic review

• $\triangleright$ Consulting to continue to grow capacity, clients and locations.
• $\triangleright$ Technologies to be a significant contributor to revenues.
• $\triangleright$ Investor Services to triple their activities.

Experienced Board of Directors

Njord Group appoints two new board members.

Øyvind Hovland, Chairman.

Øvvind is a serial entrepreneur with more than 25 years of experience in starting and scaling companies in various industries. Notably Cyviz AS - with offices globally, and Vision IO AS, a leading optic camera provider to the Oil and gas industry.

Ramtin Matin, Board Member

Ramtin Matin is Head of Innovation at Sparebank 1 SR-Bank. He has a strong track record in technology innovation within the financial services industry, applying AI and Blockchain. His previous roles include hands-on participation in portfolio companies within SR-Banks Venture Fund Finstart Nordic. regional lead and Senior Solutions Architect for SAS Institute, management consulting with PWC.

hddlestock

Morten Flørenæss, Board Member

Morten has been an instrumental part of the management in all the Tracs companies prior to now getting more engaged inn Tracs Accounting and the overall financial control of the Niord group. Morten brings stability, financial and administrative know how to the Board

Jan Sigurd Vigmostad, Board Member

Jan Sigurd is the Chief Investment Officer for Glastad Holding, which is the parent company of most of the Group's investments, including Huddlestock Fintech AS. He has a long and distinguished carrier with investments and finance and brings to the board a wealth of knowledge and experience

3Q and 9 Months 2022 Results

Growing client revenues in 9M 2022 - Reported consolidated results

Delivering in Consulting. Investing in client deliveries and recurring revenue streams in Technology.

Group Revenues

Delivering and investing in strategic technology solutions

Group revenues (NOK '000)

• Group Revenues 9M NOK 32.88m +239% YoY.
• Proforma Group Revenues 9M NOK 45.40m* +49% YoY.
• Technology New client goes live:
• First clients go live on Huddlestock's TradeTech platform. $\bullet$
• Leading Banking-as-a-Service provider chooses Huddlestock's $\bullet$ TradeTech solution for their brokerage-as-a-service offering.
• Two new client contracts signed for Huddlestock Trader. $\bullet$
• New client mandate for Huddlestock AS (formerly F5 IT). $\bullet$
• Events in Ukraine delayed ongoing client deliveries somewhat. $\bullet$

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• Stable delivery from Visigon Professional Services
• Extending contracts, growing mandates
• In Q3 Group Revenues were NOK 11.59m, +73% YoY.

Group Costs

Tighter labour markets. Investing in technology.

Group Operating Costs (NOK '000)

• Group Costs 9M NOK 48.84m +111% YoY, includes NOK $\bullet$ 6m depreciation.
• Proforma Group Costs 9M 22 NOK 64.45m* +56% YoY. $\bullet$
• Personnel cost NOK 29.01m at 9M 22. $\bullet$
• Strong demand from end clients translating into increased need for talent. 67 FTFs end H1.
• Focused on maintaining margins in an environment of high $\bullet$ inflation and salary pressures.
• Cost of goods sold NOK 4.77m.
• Ongoing existing client deliveries.
• Other costs NOK 5 5m at 9M 22 $\bullet$
• Consolidated Q3 Group Costs were NOK 15.94m +7.2% $\bullet$ YoY, incl. NOK 3.51m in depreciation (Visigon, F5 IT).

Group EBITDA

Optimizing internal resources. Containing costs while growing revenues.

Group EBITDA (NOK '000)

Group 9M EBITDA NOK-6.43m $\bullet$

• Proforma Group 9M EBITDA NOK-8.30m $\bullet$
• Group Revenues NOK 32.88m, +239% YoY: $\bullet$
• First clients go live on Huddlestock Trader platform.
• Two new client contracts signed for Huddlestock Trader.
• New client mandate for Huddlestock AS (formerly F5 IT).
• Stable demand for consulting services in Sweden and $\bullet$ Denmark
• Group Costs NOK 48.84m, includes NOK 9.5m $\bullet$ depreciation:
• Focused on maintaining margins in an environment of high inflation and salary pressures.

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• Ongoing existing client deliveries.
• Consolidated Q3 22 Group EBITDA NOK -0.83m, a $\bullet$ substantial improvement on NOK -3.61m in Q3 21.

Technology

A story of two halves. Continued focus on client deliveries and growing recurring revenue streams.

Going live with first major client in Germany in Q3 22.

• Reported revenues of NOK 4.75m in 9M, +157% YoY.
• Germany First clients are live with Huddlestock Trader:
• Leading Banking-as-a-Service provider chooses Huddlestock's TradeTech solution for $\bullet$ their brokerage-as-a-service offering.
• First clients go live on Huddlestock Trader platform. $\bullet$
• H1 revenues impacted by events in Ukraine, reorganisation of German operations end $\bullet$ 2021 and reassessment of commercial portfolio.
• Nordics Continue to focus on growth:
• Solid recurring technology revenues from Visigon Operation Centre (NOK 1.972m) and from Huddlestock AS (formerly F5 IT) (NOK 2.78m).
• Two major client wins for Huddlestock Trader. $\bullet$
• New client mandate for Huddlestock AS (formerly F5 IT). $\bullet$
• Continued R&D investment ~NOK10.1m in 9M.
• Outlook: Promising leads for Huddlestock Trader and solid demand for Huddlestock AS' technology developer services.

Technology revenues (NOK '000)

Consulting

Strong delivery from expert advisors in Sweden and Denmark despite tight labour markets.

Fundamentals remain strong in Q3 22

• Reported revenues of NOK 28.69m at 9M, +3% YoY.
• Large Swedish banking institution extends and deepens proprietary "try-and-hire" mandate.
• Attracting new talent in very tight labour markets: $\bullet$
• 5 new employees join Huddlestock's consultancy practice in first 9M. $\bullet$
• Solid demand for expert consulting expertise despite softer macro. $\bullet$
• Outlook: Consulting division is fully booked for the rest of the year with good visibility for 2023 despite softer macro environment.
• After the close: The Danish Consulting division wins three major framework agreements.

Visigon Expert Consultants (NOK '000)

Consolidated Income Statement (Reported and proforma)

Consolidated Income Statement (in NOK)	3Q2022	3Q22 Pro-forma	3Q2021	9M2022	9M22 Pro-forma	9M2021
Operating income
Other operating income	11 591 632		6686770	32 887 454		9711744
Total operating income	11 591 632	14 437 470	6686770	32 887 454	45 405 820	9711744
Operating expenses
Cost of materials/subcontractors	1854888		722869	4778790		1338760
Personnel costs	11941149		7 434 502	29 031 802		10 956 486
Depreciation and amortisation	3 5 1 6 5 2 9	3754529	4556642	9520925	10739639	6054347
Other operating expenses	$-1366350$		2 148 982	5 508 910		4752741
Total operating expenses	15 946 216	19 229 691	14 862 995	48 840 428	64 453 098	23 102 334
EBITDA	$-838055$	$-1037692$	-3 619 583	$-6432048$	-8 307 639	-7336244
EBIT	$-4354585$	$-4792221$	$-8176225$	-15 952 974	$-19047278$	$-13390591$
Financial income
Interest income	405 565		4 1 1 9	428 804		4 1 1 9
Other financial income	266 643		$-122008$	346 191		41 3 93
Total financial income	672 208		$-117889$	774 996		45 5 12
Financial expenses
Interest expenses	204 126		968 707	612 939		968 707
Other financial expenses	83018		488 293	313 957		582 381
Total financial expenses	287 144		1457000	926 896		1551088
Net financial items	385 064		$-1574889$	$-151900$		$-1505575$
Net profit (loss) from discontinued operations	0		84778	0		84778
Profit (loss) before tax	-3 969 521		-9 666 336	$-16104874$		$-14811388$
Income tax	311954		769 716	453 088		1020703
Net profit (loss)	$-3657567$		-8 896 620	$-15651785$		-13 790 686

* Pro-forma including Huddlestock AS and Tracs as if consolidated for full in 2022. Unaudited.

Balance Sheet

Consolidated Financial Position (in NOK)	30.09.2022	30.06.2022	31.12.2021	Consolidated Financial Position (in NOK)	30.09.2022	30.06.2022	31.12.2021
ASSETS				EQUITY
Intangible assets				Paid-in capital
Research and development	34 968 074	28 304 621	23 333 391	Share capital	244 612	244 612	244 612
Goodwill	54 486 938	53 262 862	42 473 747	Share capital - not registered	20 000 001	0	$-20457$
Technology	6783333	7 183 333	2650000	Own shares	$-16505$	$-7865$
Customer contracts and relationships	18 266 663	19 478 353	22 314 424	Share premium	107 833 493	122 239 768	114 085 130
Licenses	32 182 204	31 404 240	32 182 204	Share premium- not registered	0	0	0
Total intangible assets	146 687 213	139 633 409	122 953 766	Total paid-in capital	128 061 600	122 476 515	114 309 285
				Total equity	128 061 600	122 476 515	114 309 285
Fixed assets
Investment in equities	199 980	199 980	0	LIABILITIES
Property, plant & equipment	325 185	372 220	0
Total fixed assets	525 165	572 200	0	Long-term liabilities
				Other long-term liabilities	6425063	6975144	6 283 333
Total non-current assets	147 212 378	140 205 609	122 953 766	Deferred tax	5 5 10 9 99	5 865 571	5 492 173
				Total long-term liabilities	11 936 063	12 840 715	11 775 506
Receivables				Short-term liabilities
Trade receivables	13 488 265	11 683 246	8 8 5 4 0 6 3	Accounts payable	6425659	3 599 025	2829085
Other short-term receivables	6612383	8062858	9433022	Payroll taxes, VAT etc.	8 305 801	8939766	2832639
Total receivables	20 100 649	19 746 104	18 287 085	Loans and borrowings	5 087 517	4380638	216 667
				Other short-term liabilities	10 899 406	12 170 601	25 497 280
Bank deposits, cash and cash equivalents	3 403 018	4455547	16 222 128
				Total short-term liabilities	30 718 382	29 090 030	31 375 671
Total current assets 23 503 667		24 201 651	34 509 213	Total liabilities 42 654 445		41 930 745	43 151 177
Total assets	170 716 045	164 407 260	157 462 979	Total equity and liabilities	170 716 045	164 407 260	157 462 979

Cash Flow Statement

Consolidated Statement of Cash Flows (in NOK)	Q32022	9M2022	1H2022	2021
Cash flows from operating activities
Profit (loss) before tax	$-3969521$	$-16$ 104 874	$-12$ 135 353	$-20282245$
Depreciation and amortisation	3516529	9520925	6004396	10 594 597
Net result discontinued operations	$\Omega$	0	0	84778
Changes to accounts receivable	$-1805019$	$-4634202$	$-2829183$	$-2490783$
Changes to accounts payable	2826634	3 596 574	769 940	$-1595942$
Changes to other accruals and prepayments	6338744	459 744	$-5879000$	6853009
Net cash flow from operating activities from continuing operations	6907367	$-7161833$	$-14069200$	$-6836586$
Cash flows from investment activities
Additions intangible assets	$-8116683$	$-10092864$	$-1976181$	$-5014282$
Aquisition of subsidiaries, net of cash aquired	0	288 456	288 456	$-30927835$
Transaction cost	0	$-865448$	$-865448$	$-2623527$
Short term loan	$\Omega$	0	0	$\Omega$
Received government grants	0	0	0	$\Omega$
Net cash flow from investment activities from continuing operations	$-8116683$	$-10669857$	$-2553174$	$-38565643$
Cash flows from financing activities
Proceeds from capital increase	0	0	0	54 165 925
Costs of capital increase	$\Omega$	$\Omega$	$\Omega$	$-2000000$
Loans obtained	156798	5 012 580	4855782	6 500 000
Net cash flow from financing activities from continuing operations	156 798	5 012 580	4855782	58 665 925
Net changes to cash and cash equivalents from continuing operations	$-1052519$	$-12819110$	$-11766591$	13 263 695
Continued operations
Bank deposits, cash and cash equivalents per start of period	4455537	16 222 128	16222128	2958433
Bank deposits, cash and cash equivalents per end of period	3 403 018	3 403 018	4455 537	16 222 128

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This presentation has been prepared by Huddlestock Fintech AS (the Huddlestock) solely for the use at the presentations to investors held in connection with the presentation of the past results of the certain period and anticipated future performance. This presentation is being made only to, and is only directed at, person to whom such presentation may lawfully be communicated (Recipients). Any person who is not a Recipient should not act or rely on this presentation or any of its contents. This presentation is provided to the Recipients for information purposes only. This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation speaks only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Huddlestock and other specific issues. This presentation and the conclusions contained herein are necessarily based on economic, market and other conditions, as in effect on, and the information available to the Huddlestock as of, their date. This presentation does not purport to contain a complete description of the Huddlestock or the market(s) in which the Huddlestock operates, nor do they provide an audited valuation of the Huddlestock. The analyses contained in this presentation are not, and do not purport to be, appraisals of the assets, stock or business of the Huddlestock or any other person. 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Full disclaimer continued

Full disclaimer continued

Any statement, estimate or projections included in this presentation (or upon which any of the conclusion contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (financial or otherwise), prospects, business strategy, plans or objectives of the Huddlestock and/or any of its affiliates) may prove not to be correct. No representation or warranty is given as to the completeness or accuracy of any forward looking statement contained in this presentation or the accuracy of any of the underlying assumptions. Nothing contained herein shall constitute any representation or warranty as to the future performance of the Huddlestock, any financial instrument, credit, currency rate or other market or economic measure. Information about past performance given in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. Neither the Huddlestock not any of its affiliates has verified the achievability of any estimate or forecast of future financial performance contained herein (including, without limitation, any estimate of potential cost savings and synergies, nor of any of the methods underlying the preparation of any such estimate of forecast). The Huddlestock does not accept or will not accept any responsibility, duty of care, liability or obligations for providing any Recipient with access to additional information, for updating, modifying or otherwise revising this presentation or any of their contents (including, without limitation, any estimate or forecast of future financial performance), for correcting any inaccuracy in this presentation or their contents (or any other written information or oral information provided in connection therewith) which may become apparent, or for notifying any Recipient or any other person of any such inaccuracy. This presentation shall not be construed as a prospectus or an offer to sell, or a solicitation of an offer to buy, any security or any business or assets, nor to enter into any agreement or contract with any Recipient, the Huddlestock (or any of their respective affiliates) or any other person. Any potential transaction that may be related to the subject matter of this presentation will be made pursuant to separate and distinct documentation and in such case the information contained herein will be superseded in its entirety by such documentation in final form. This presentation do not create any obligation on the part of the Huddlestock to consider any offer from any Recipient or any other person. The Huddlestock reserves the right, without prior notice and without giving reasons, to vary or terminate the contemplated transaction, to reject any or all proposals and/or to negotiate with any Recipient or any other person and any terms (and whether individually or simultaneously with any other person or persons) with respect to any transaction involving the Huddlestock. An investment in the Huddlestock involves risk, and several factors could adversely affect the business, legal or financial position of the Huddlestock or the value of its securities. An investment in the Huddlestock 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. This Presentation speaks as at the date set out on its front page. Neither the delivery of this Presentation nor any further discussions of the Huddlestock or the Managers with the Recipient shall, under any circumstances, create any implication that there has been no change in the affairs of the Huddlestock since such date. Neither the Huddlestock nor the Managers assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements). The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. By accepting this presentation, each Recipients represents and warrants that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such Recipients resides or conducts business. By accepting this presentation each Recipient agrees to be bound by the foregoing limitations.