Nordic Unmanned ASA

Earnings Release • Feb 18, 2022

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Global leader of unmanned systems and services

Q4 2021

A message from the ceo

2021 just passed, and it already seems like ages ago. Since the very first day of 2022, our focus has been the execution of the growth plan. But it is important to remember that 2021 represents another milestone year in Nordic Unmanned's history. We grew our backlog by more than 80% by winning several high-value contracts. We added vital new resources to our organization planned for scalability. And rest assured, we have our 2025 growth target in mind when we build our organization.

There is no doubt that we see a maturing of the rapidly growing drone market. We have benefitted from having close contact with our customers, while they have learned what this industry has to offer.

Let's first talk about our great people:

We started 2021 with around 43 employees, and through the year we have had the pleasure to welcome close to 80 new employees, both through our own recruitment, and through the acquisition of AirRobot and Ecoxy. We continue to build a world-leading organization, and our newly added employees have increased our ability to deliver on our growth targets and are also constantly challenging and improving the way we work.

Now, let's have a look at the financial results.

As we pre-announced in December, we passed the 10-million-euro mark in revenue. This represents a huge growth and, even though we ended lower than what we planned for at the beginning of the past year, this is a major milestone for our company and for the European drone industry. Together with our customers, we are constantly learning more about the value created by drones – this is supporting the future path of steep growth

Investment in technology is key to driving our growth forward.

We have a close relationship with our customers, so we know their demands. The market is maturing alongside our technology, and 2022 will be the year for the commercial introduction for many of our new products, such as the Staaker Railway Drone, Staaker Cargo Drone, the AR 100H and the Nordic Unmanned data platform.

Speaking of 2022, let's have a look at what is ahead

The Staaker Railway Drone still attracts interest from all over the world. Nordic Unmanned Cargo is up and running in 2022 with the newly awarded Equinor contract, which is a fantastic breakthrough for the logistics vertical. Maritime is ready to produce record operational hours this year with more than 25 different large and small drones delivering on 4 separate contracts. Security is awaiting awards for over 200 million euro.

Speaking of 2022, let's have a look at what is ahead

In total, we are awaiting awards on tenders with a value of around 228 million euro. The pipeline for execution in 2022 represents already a growth of almost 200% and its continuing to grow strong. We are on track to deliver on our future targets.

To summarize: 2022 is going to be an extremely exciting and busy year for Nordic Unmanned. We continue to innovate and lead the drone industry forward. We are chasing opportunities every day, and we will not take the foot off the pedal. Thanks for listening!

And remember: The future is unmanned

Knut Roar Wiig

CEO Nordic Unmanned

HIGHLIGHTS

Q4 FINANCIALS OPERATIONAL HIGHLIGHTS MARKET OUTLOOK APPENDIX

HIGHLIGHTS 2021 EUR 59 m +60% EUR 10.4 m +87%

2021 Revenue

2021 Revenue increase

Q4 Total backlog

Backlog increase 2021

OPERATIONAL ACTIVITY 2021

The Lundy Sentinel, an EFCA vessel, which has been the mothership of one of our Lockheed Martin Indago system for many years

THIS IS NORDIC UNMANNED

tEUR	Q4	2021
Revenue	1 578	6 411
Revenue growth	-14%	56%
*Adjusted EBITDA	18	1 801
*Adjusted EBITDA Margin	1%	28%

*Covid cost adjustment of 80k EUR in Q4 and EUR 555k in 2021. Covid adjustment definitions can be found in the "Definitions" slide in the appendix

MARITIME

Record high operational year for the maritime vertical

2021 revenue growth 56%, adjusted EBITDA margin 28%

• 2021 has been the first year operating Nordic Unmanned-owned CAMCOPTER systems
• Q4 revenue EUR 1.6 million (-14%) due to
  • Early end of 2021 OP10 flights, operations pushed to 2022 by client
  • Delay in start-up of the OP46 contracts by 2 months due to supply chain issues
• 20 days of operations in France and 44 days in Spain in Q4
• 95 days of vessel-based operations in Q4

2022 outlook

• Prepared for 2022 with up to 10 simultaneous deployments
• Expected growth to be close to 100%, with backlog support of 90%
• Economy of scale, improved operational efficiency and investment in Nordic Unmanned software platform will increase EBITDA margins compared to 2021
• Full utilization period booked for May to September 2022

Our current EMSA CONTRACT PORTFOLIO

Contract name	EMSA/OP/10/2018	EMSA/OP/12/2018	EMSA/OP/46/2021	EMSA/OP/1/2020
Initial contract backlog value	EUR 14 mill	EUR 2.84 mill	EUR 20 mill	EUR 7 mill
Max value of contract incl. options	EUR 14 mill	EUR 3.9 mill	EUR 30 mill	EUR 10.5 mill
Max. Length of contract	April 2023	April 2023	April 2026	April 2026
Drone used on contracts	CAMCOPTER S-100	Lockheed Martin Indago 2/3	Textron Aerosonde Mk 4.7	Lockheed Martin Indago 2/3

Current EMSA contract backlog:

EUR 33.9 million

the same flight hours* A drone from Nordic Unmanned, assisting in a Search & Rescue operation in the Strait of Calais, where a deflated dinghy was taking in water

Image credit: Direction des Affaires Maritime / Cross Griz-Nez

⁹ SIGNIFICANT ENVIRONMENTAL CONTRIBUTIONS IN 2021

Oil spill operations 4 oil spill exercises/drills 3 oil spill incidents 15+ oil spill response days

Accredited emission measurements & verifications 108 vessels/industrial plants

Fishery control 219 days on fishery control 62 flights 26 hours of fishery control

Search & Rescue operations 51 SAR operations in 2021 62 hours of SAR acitivity

175x The CAMCOPTER emits 175x less CO2emissions on average per flight hour than its manned alternatives

Emission monitoring vessels overflown measurements done environmental flights

General Maritime Surveillance 93 hours of maritime surveillance

3025 tonnes saved

The amount CO2 emissions saved compared to manned alternatives doing

*See Definitions for explanation of calculations

TEUR	Q4	2021
Revenue	749	2 909
Growth	26%	144%
EBITDA	229	428
EBITDA Margin	31%	15%

AirRobot was fully consolidated into Security from 15th of October 2021.

SECURITY

Significant growth and market development

2021 revenue growth 144%, EBITDA margin 15%

• AirRobot strong contributor in Q4 with a revenue of EUR 630k but also increasing profitability for the segment
• Qualification of the AirRobot AR100-H successfully completed in relation to ongoing tender process
• Still experiencing long lead times on components, influencing sales processes in Q4
• System integrator solution for the Aerosonde launched for Northern Europe with significant business development activity

2022 outlook

• Tactical UAV system integration tender has the potential to be an additional revenue growth contributor
• Awaiting awards of more than EUR 200 million, outcome could significantly impact the growth of the vertical in 2022
• Economy of scale and improved margin of product mix will significantly increase EBITDA margins from 2021
• Seeing increased demand due to changes in the security situation in Europe, both from military branches, government agencies as well as supranational organizations
• Highest period of activity expected between September and December

The AirRobot AR100-H being folded into its backpack

AirRobot

AirRobot has strengthened the Security vertical and adds world-leading IP to the product mix

AirRobot is a pioneer in European drone industry and has been supporting German Armed Forces and other allies with proprietary drone systems, development, training, maintenance and repairs since 2005

• AirRobot consolidated from 15th of October. Our total investment in the company amounts to EUR 5.1 mill.
• The company contributed revenue of EUR 0.63 mill. in Q4 with an EBITDA margin of 47%
• Potential German Armed Forces (Bundeswehr) contract announcement expected early in Q2 2022
• What is the IP?
  • AirRobot drone system portfolio
  • Backend and frontend software
  • Skid logistic concept
  • Maintenance, Repair & Overhaul system
  • Patent portfolio

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TEUR	Q4	2021
Revenue	190	1 043
Growth	40%	16%
EBITDA	2	245
EBITDA Margin	1.3%	24%

INFRASTRUCTURE

Railway drone continues to explore a sweet spot in the market

Revenue growth of 16% for the year and 40% in Q4

• The framework contract with Norwegian railway infrastructure owner (Bane NOR) is the biggest single contributor to the 2021 revenue
• Developing capacity and market intelligence for the railway drone in the global railway industry
• LiDAR, photogrammetry, and emission mapping opportunities both in Norway and Europe

2022 outlook

• Railway Drone operations in the U.S and key markets in Europe
• Further development and implementation of rail specific operations and data platform on existing contracts for clients

1313 LOGISTICS

Leveraging on the breakthrough EUR 2.7 million Equinor contract

• Long-term investment in business development led to Equinor contract in Q4, which opened the EUR 64 million market on the Norwegian Continental Shelf
• Contract also accelerates the opening of the Brazilian and Middle-Eastern markets
• Equinor flights will be conducted with the latest acquired CAMCOPTER S-100. The Staaker BG-300 will also be used in the contract
• Staaker BG-300 operations with Bærum municipality delayed due to covid-19, will commence in late Q1 2022
• Start of long-range heavy lift cargo technology assessment

2022 outlook

• 2022 to be a breakthrough year with the Equinor contract started 4th of January, already secured contract of EUR 2.7 mill and representing a significant growth for the vertical
• Adding more short-range urban delivery routes in Nordic Unmanned Cargo

INVESTING In own products

Investing in own technology development to improve competitive advantages and growth opportunities

• Completion of phase 1 of the AirRobot AR-100H drone and auxiliary equipment
• Completion and integration of the Heimdal payload on the AR-100H and Lockheed Martin's Indago platform
• Development and testing of the heavy-duty BG-300 logistical drone for use in urban environments
• Development up to phase 2 of the Railway drone project, with newest version ready for deployment in Q1 2022
• Data platform for acquisition, live stream, visualizing, storing and analyzing data, for all of Nordic Unmanned clients

PREPARING FOR RAPID GROWTH

• Nordic Unmanned has established an operations control center at the headquarters in Sandnes
  • Targeting to be the leading drone operating center in Europe in short time and we will conduct regular remote sensor and drone operations in 2022
  • The increased day-to-day efficiency from establishing the operations center will improve the EBITDA margin from Q2 2022
• Build-up and implementation of maintenance planning system to increase fleet utilization
• AS9100 certification of AirRobot becoming one of the very few aviation standard certified drone production facilities in Europe.
• Our LUC permit is under continuous expansion by adding the Aerosonde platform and new specific scenarios of operations
• Established HR and Supply Chain departments and systems, and implementation of a new ERP system
• Building our local footprint in the UK with Nordic Unmanned Ltd and in Denmark with Nordic Unmanned DK ApS

NORDIC UNMANNED GROUP

Building a market leading platform for growth

• Revenue growth of 60% for the year. Q4 in line with 2020
• Security shows the strongest revenue growth in Q4 (26%)
• Our most mature verticals, Maritime and Security, with strong 2021 growth (56% and 144% respectively) and healthy EBITDA margins
• High development activity and commercial traction in our emerging verticals, Infrastructure and Logistics with expected breakthrough year in 2022
• Investing in the Nordic Unmanned group platform for global growth according to the strategy, both organically and through M&A
• Uplisting to Oslo Stock Exchange on track, will happen in Q2 after the annual general assembly
• Organization and systems prepared for 2022 growth with the expectation of more than 3000 flight hours on our large drone systems combined, compared to around 1100 hours in 2021
• EUR 1.25 million in development, overhead and administration cost in Q4 and EUR 3.72 million in 2021, including one-offs and obsolete inventory write down of tEUR 375

TEUR	Nordic Unmanned Group
	Q4	2021
Revenue	2 500	10 435
Growth	-0.8%	60%
*Adjusted EBITDA	-1 489	-1 309
*Adjusted EBITDA margin	-60%	-13%

3.1 6.6 10.4 0 2 4 6 8 10 ¹² Revenue 2019 2020 2021

mEUR

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Our CAMCOPTER systems has a total fleet value of EUR 12 million

FINANCIAL POSITION Q4

Available liquidity of EUR 11.1 million

Number of shareholders: 4147

HIGLIGHTS Q4 FINANCIALS OPERATIONAL HIGHLIGHTS

MARKET OUTLOOK APPENDIX

The CAMCOPTER safely landed on the offshore platform, Troll A

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Staaker BG-200 ready for LiDAR scanning

²¹ BUILDING A SUSTAINABLE GROWTH ORGANIZATION

Employee growth in 2022 will focus on pilots, technicians and sales

* Maintenance, repair & overhaul

The Staaker BG-200 conducting methane sniffing with NUAer sensor

HIGHLIGHTS Q4 FINANCIALS OPERATIONAL HIGHLIGHTS MARKET OUTLOOK APPENDIX

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EUR 59.5 million

87% 2021 Backlog increase

EUR 1 million Q4 Backlog net increase

Contract backlog

EUR 59.5 MILLION ORDER BACKLOG

EUR

Q4 - Added new contract backlog

The EUR 2.7 million Equinor contract now included AirRobot backlog included

Antenna being mounted before CAMCOPTER flight in Norway

CRM PIPELINE – AWAITING AWARDS OF EUR 228 MILLION

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• Net increase in CRM pipeline of 12% from Q3, to EUR 1.2 billion
• Europe still represents 86% of pipeline value
• Still large untapped market opportunities

2022 Outlook

• Target of EUR 1.5 billion in CRM pipeline value at the end of 2022
• Target backlog of more than EUR 50 million for delivery in 2023

CRM pipeline of EUR 1.2 billion per February 2022

2022 revenue outlook

Expected revenue split

2626 MAIN CONTRACTUAL TRIGGERS NEXT 6 MONTHS

Offshore energy - Brazil

Future offshore logistic concept trials, shore to offshore, maritime environmental monitoring.

Perimeter security solution

Industrial security solution for global blue-chip manufacturer.

Future tactical UAS system to a Northern European Ministry of Defence over 10 years including life cycle support.

Railway Drone

Launch customer in U.S and Europe.

Global energy Major

Long-range, long-endurance security surveillance on global sites.

Armed Forces - Germany

145 AR100-H systems and MRO activity for Bundeswehr.

2727 INCREASED CAPACITY AND MARKET MATURITY WILL DRIVE GROWTH

2022 Growth

2022 revenues to be around 3x 2021. EUR 18 million already secured in 2022 through backlog

Increased staff

Targeting around 210 employees by the end of 2022.

M&A

Pursuing M&A opportunities in Europe and U.S

Full year 2022 EBITDA margin is expected to be in the range of 10-20% Negative EBITDA in Q1, positive EBITDA in Q2-Q4

2022 EBITDA

2025 growth

Targeting EUR 400 million in revenue in 2025, with an EBITDA margin above 20%

Continuing increased fleet value

Targeting EUR 21 million in fleet value by the end of 2022.

Aerosonde mk 4.7 with EO/IR sensor and SAR sensor

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HIGHLIGHTS Q4 FINANCIALS OPERATIONAL HIGHLIGHTS MARKET OUTLOOK

Unaudited condensed consolidated income statement

All figures in NOK	Group Q4 2021	Q4 2020	Group FY2021	Group FY2020
Operating revenue	24 938 603	25 152 126	106 029 572	66 325 212
Cost of goods sold	7 836 553	12 699 032	28 233 803	31 080 455
Personell expenses	18 621 671	4 842 828	50 602 235	20 010 006
Other operating expenses	14 156 243	4 286 546	48 247 929	12 659 397
Total operating expenses	40 614 467	21 828 406	127 083 967	63 749 858
EBITDA	-15 675 864	3 323 720	-21 054 396	2 575 354
Depreciation and amortisation expenses	9 291 280	800 828	19 080 478	5 054 805
EBIT	-24 967 144	2 522 892	-40 134 873	-2 479 451
Net financial items	117 073	-561 298	1 804 871	-1 029 086
Income (loss) before tax	-24 850 070	1 961 594	-38 330 003	-3 508 537
Income tax	-4 697 532	372 625	-7 668 709	-5 982 386
Net income (loss)	-20 152 539	1 588 969	-30 661 293	2 473 849
Attributable to non-controlling interests	-558 807	-	-558 807	-
Attributable to equity holders of the company	-19 593 732	1 588 969	-30 102 486	2 473 849

	Group	Group
All figures in NOK	December 2021	December 2020
Assets
Goodwill	24 303 940	814 767
Intangible assets	125 724 642	32 773 928
Aircraft and spareparts	89 688 867	41 194 968
Fixtures and fittings	17 918 764	9 832 437
Pre-payment fixed assets	58 082 653	-
Financial assets	30 000	36 400
Total fixed assets	315 748 867	84 652 500
Inventory	19 937 999	6 084 599
Accounts receivables	4 332 288	8 202 645
Other current receivables	58 060 143	13 271 040
Cash and cash equivalents	55 877 676	53 274 068
Total current assets	138 208 107	80 832 352
Total assets #REF!	453 956 973	165 484 852
Equity and liabilities
Equity	309 145 690	116 398 127
Other long term liabilities	4 087 532	-
Liabilities to financial institutions	99 690 116	25 396 776
Total long term liabilities	103 777 648	25 396 776
Trade creditors	11 646 944	14 722 252
Public duties payable	5 710 152	2 271 164
Other current debt	23 676 539	6 696 533
Total short term liabilities	41 033 635	23 689 949
Total liabilities	144 811 283	49 086 725
Total equity and liabilities	453 956 973	165 484 852

Highlights from Q4 2021

• Consolidation of AirRobot and NUAer from October 2021
• Reclassification of a 3rd CAMCOPTER system from inventory to pre-payments fixed assets.
• Goodwill related to Acquisition of AirRobot and Ecoxy
• Intangible assets include deferred tax asset of NOK 21 mill, own IP of NOK 46 mill and Approvals/permits and Certifications of NOK 4 mill., Ecoxy IP and AirRobot IP of NOK 49 mill
• Book Equity Ratio of 68% for the Group.
• Cash position of NOK 56 mill. Undrawn overdraft of NOK 22 mill and credit lines of NOK 33 mill

Costs which are directly associated with the development of intangible flight licenses, operational manuals and contracts controlled by the Company and which are estimated to generate economic benefits are recognized as intangible assets.

Unaudited consolidated condensed statement of cash flow

All figures in NOK	Group Q4 2021
Cash flow from operations
Income (loss) before tax	-24 850 070
Taxes paid in the period	-
Depreciation and amortisation expenses	9 291 280
Changes in inventories	38 052 462
Changes in accounts receivables	18 815 029
Changes in accounts payable	-24 459 993
Other operating cash flow	6 350 548
Net cash from operations	23 199 255
Cash flow from investments
Purchase of fixed assets	-53 792 446
Purchase of intangible assets	-24 422 841
Capitalized R & D	-10 892 617
Other investing activities - net	-51 487 115
Net cash from investments	-140 595 020
Cash flow from financing activities
Proceeds from new debt (short / long term)	25 592 972
Proceeds from equity issue	114 103 006
Net cash from financing activities	139 695 978
Net cash for the period	22 300 214
Cash and cash equivalents at the beginning of the period	33 577 462
Cash and cash equivalents at the end of the period	55 877 676

Highlights from Q4 2021

• Changes in Inventory and Purchase of fixed assets impacted by NOK 44 mill due to the reclassification of the CAMCOPTER system #3 from Inventory to Fixed assets in Q4 2021
• Other investment activities net include.
  • Acquisition of AirRobot and NUAer
• Proceeds from equity issue include net NOK 104 mill from private placement and NOK 10 mill in minority interest in NUAer

The Lockheed Martin Indago 3 during testing of the logisitical payload

Our current EMSA* PORTFOLIO

EMSA/OP/46/2020

Initial contract backlog value: EUR 20 mill Max. length of contract: April 2026 Max value of contract incl. options: EUR 30 mill

Our current EMSA PORTFOLIO

EMSA/OP/12/2018 Initial contract backlog value: EUR 2.84 mill Max. length of contract: April 2023 Max value of contract incl. exercise option: EUR 3.9 mill

EMSA/OP/1/2021 Initial contract backlog value: EUR 7 mill Max. length of contract: April 2026 Max value of contract incl. options: EUR 10.5 mill

Our current EMSA PORTFOLIO

EMSA/OP/10/2018

Initial contract backlog value: EUR 14 mill Max. length of contract: April 2023 Max value of contract incl. options: EUR 14 mill

The Aerosonde ready for take-off on it's launcher

No work accident led to sick leave in 2021

• Safe operation remains at the heart of our operational activity
• Committed to an incident-free workplace, every day, everywhere

Diversity is moving in the right direction

• Gender balance has increased
• Strategic work to create a diverse and multinational team

The GCS HD from AirRobot

INNOVATIONS - Future Handcontroller system for police and armed forces

The GCS HD is a modern and lightweight control unit with an integrated encrypted tablet with touchscreen and pen input. The control unit is harsh-weather compliant, and it can be operated with gloves.

• The GCS HD connects to the UAV and is ready for operation within 2 minutes
• The simple and intuitive to use GCS HD unit has dimmable pushbuttons, two weatherproof control sticks and two control wheels to control the UAV during day/night/twilight
• The student-teacher mode, in which two GCS HD can be networked to each other via cable, supports the train the trainer instruction during the training course
• The sunlight readable display of the tablet with full HD screen resolution can be used in all weather conditions a rain cover with sun shield completes the system to further simplify operation

CAMCOPTER FLIGHT & REVENUE STATISTICS FY 2021

• Over 1000 Nordic Unmanned operated flight hours.
• Milestone 21 flight hours achieved within 24 hours.
• 71,7% flight hour production compared scheduled
• Flight hour revenue is affected by flight cancellations in general.
• Weather and Technical constitutes 85% of flight cancellations
• On average 13,7% of flight hours are cancelled due to weather.
• On average 10,1% of flight hours are cancelled due to technical issues.
• Only 2,3% of flight hours are cancelled due to lack of airspace.
• Only 2,1% of flight hours are cancelled due to other causes.

CAMCOPTER flight cancellation causes FY 2021

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DEFINITIONS

Revenue per flight hours	Total revenue (excluding revenue for the Security business area) for the period divided by total flight hours (excluding flight hours for the Security area) for the period.
EBITDA	Profit/(loss) for the period before net financial items, income tax expense, depreciation and amortization
Covid adjusted EBITDA*	(*) Adjusted EBITDA is EBITDA adjusted for one-off Covid-19 associated cost. Covid-19 associated cost includes additional medical certificates and tests, additional travel insurance, quarantine days for crew before and after operation, additional hotel and logistics costs, overtime pay, and employee bonuses.
Contract backlog	Contract backlog includes the maximum remaining estimated value of signed contracts
Historic win rate	Value of opportunities above EUR 200k won divided by aggregate value of targeted opportunities above EUR 200k
Revenue per country	Revenue divided into country of end-user
MRO	Maintenance, repair & overhaul
CRM estimate	Value of CRM is converted to Euro
Definitions in sales pipeline	Prospect: Potential leads not formally confirmed Qualified lead: Lead formally confirmed or received from client RFI delivered: Response to request for information (RFI) RFP / Proposal: Ongoing proposal response Awaiting award: Tender or offer submitted Projects with ongoing negotiations or un-announced wins not included in CRM pipeline

DEFINITIONS

Reduced CO2 emissions

Average CO2 emission of Sikorsky S92 and Challenger CL604 per flight hour – Average CO2 emission of CAMCOPTER S-100 per flight hour = Reduced CO2 emission.

Our flight operations could be conducted by these comparable manned platforms; the helicopter Sikorsky S92 and the maritime surveillance plane Challenger CL604. Therefore, the average of these two platforms have been used when comparing CO2 footprint with large drone flight operations. In 2021 this calculations is based on 1060 flight hours.

Value adjusted win rate Based on 84 historical opportunities with value above EUR 200.000

Disclaimer – forward looking statements

• In addition to historical information, this presentation contains statements relating to our future business, events and/or results. These "forward-looking" statements include certain estimates, assumptions and projections of Nordic Unmanned AS (the "Company"), based on information currently available to the Company. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements preceded by, followed by or that include the words "estimate, "plan," project," "forecast," "intend," "expect," "predict," "anticipate," "believe," "think," "view," "seek," "target," "goal" or similar expressions; any projections of earnings, revenues, expenses, synergies, margins or other financial items; any statements of the plans, strategies and objectives for future operations, including integration and any potential restructuring plans; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.
• Forward-looking statements do not guarantee future performance and involve risks and uncertainties. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this report. These forward- looking statements are based on the current estimates and projections of the Company. No update or revision will be made to forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Although Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are impossible to predict and are beyond Company's control, Company cannot assure achievement or accomplishment of such expectations, beliefs or projections.
• The release, publication or distribution of this report/presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this report/presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This report/presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Nordic Unmanned AS.