Huddlestock Fintech

Investor Presentation • Nov 18, 2021

Presentation of Q3 2021 results

Stavanger, 18 November 2021

Democratizing Wealth Management

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).

CEO update

Spotlight on the wealth management market

• Quarterly financial update
• Q&A

Annexes

1. CEO update

Øyvind Hovland, Chairman John E. Skajem, Group CEO

Huddlestock Fintech – The Equity Story

Huddlestock Fintech delivers innovative technology solutions to the capital markets, treasury and wealth management industries.

Through it's technology offering, Huddlestock offers an innovative, compliant and data-centric WealthTech SaaS, accelerating the digital transformation, and trends of hyper-personalization and on-demand banking within the wealth management industry.

Huddlestock's SaaS empowers the embedding of low-cost, efficient white-label trading and investment services, underpinning Huddlestock's mission of delivering financial inclusion by democratizing access to capital markets.

Through its world-class experts, Huddlestock delivers innovative and industry leading strategic technology solutions and process automation for the financial services industry. Our experts within the professional busines services division, enjoy strong, multi-year client relationships across the financial services sector in the Nordic.

Huddlestock Fintech AS was listed on Euronext Growth Market 26 November 2020, as Norway's first fintech company to be publicly traded. In 2021, Visigon became part of the Huddlestock Fintech family.

Q3 – focused on delivery and integration.

• Clients and Ecosystem partners go live with Huddlestock's Bedrock solution: Baader Bank GmbH, Aledius GmbH
• Huddlestock continues to grow its client base:
• Danish Export Agency, EKF, awards Huddlestock a contract to deliver the full implementation project to manage and support Adenza's Calypso-in-the-cloud treasury solution.
• Large Swedish bank chooses Huddlestock to lead the training and onboarding of in house Calypso solution.
• Danish impact investor MakeImpact! chooses Huddlestock's Bedrock solution; becomes authorised representative.
• Term sheet with well established DACH based wealth manager for Huddlestock's Bedrock solution.
• Term sheet with large European Fintech for Huddlestock's Bedrock solution.
• Investing and growing our talent pool: 3 new employees join Huddlestock in Q3; 2 consultants, 1 sales.
• Integration of Visigon experts is progressing to plan; integration costs NOK 0.5m in Q3.
• Dovre Forvaltning UAB sold.
• Huddlestock signs up to the UN Global Compact Signatory, the largest corporate sustainability initiative globally

Since close of Q3.

• Two new contracts signed with a leading Danish neo-bank and a Danish cooperative.

Technology: Indicative timelines at Q3 2021

Indicative timeline
Client name	H1 2021	H 2 2021	2022	Status	SaaS
BNP	х			Live	Ecosystem partner
:Baader		х		Live	Ecosystem partner:
:TradeGate			x		Ecosystem partner
:DonauCapital			x		Ecosystem partner
Aledius		x		Live	Bedrock
DACH based wealth manager		х-	۰x		Bedrock
Large European Fintech		х-	÷x		Bedrock
Makelmpact		x		New	Bedrock
Qinfen (BNP)				Stage 2	Apex
MHX		х.	÷Х		Apex
Nordic Impact Investor	x			Live	Canyon
EKF	x	x		Live	Canyon
	X Previous indicative timeline			X New indicative timeline

Key priorities going forward

Integrate the Visigon team into (the) Huddlestock (vision);

• Streamline operations and deliver on synergies from acquisition.
• Creation of a Nordic white label solution applying Bedrock.
• Further develop joint technology solutions.
• Strengthen group's long term partnership with Calypso.

Pursue growth opportunities;

• Grow profitable top line
• Prioritize growth in recurring revenues.
• Develop our ecosystem through partnerships.
• Continue to invest in innovative technology.

Grow our talent pool;

• Continue to attract top talent, add to our global workforce.
• Strengthen relationship with universities (NTNU, University of Linköping).
• Deliver on our goals as a UN Global Compact signatory; creating sustainable value for our shareholders, our clients, our employees and our community.

High	Net Worth	Huddlestock Geographies Individuals	by AUM	(\$)		Targeting 24% of top 25 HNWI
						markets

Key figures Q3 2021 reported

Reported numbers include Visigon from the close of the transaction on June 11th, 2021

Key figures 9M 2021 Pro-forma* adjusted**

Pro-forma Revenues*

NOK

Pro-forma EBITDA (adj)*/**

-2.7m

(reported -7,33m)

NOK

• Reported numbers include Visigon from the close of the transaction on June 11th , 2021 *Proforma numbers include Visigon's accounts from 1st January 2021 • **Adjustments are NOK2m one-off costs and NOK4.5m in goodwill depreciation linked to the acquisition of Visigon and NOK300K loss on the sale of Dovre Forvaltning.

Update to financial targets

Targets 2021*

Revenues 38-41 M

Old target was Revenues 41 M

EBITDA -3.5-5.5 M

Old target was EBITDA1 M

• Strong client demand for additional staff in Professional Business Services resulting in higher short term cost increases
• Lower revenues due to longer implementation time with existing client commitments within Technology

Long term targets (2024)

Revenues 200 M

Technology contracts: 1-2 Apex, 4-6 Bedrock

(Average growth over the next 4 years)

*Huddlestock Fintech's financial targets are based on proforma numbers including Visigon's accounts from 1st January 2021 and excludes one-off costs linked to the acquisition.

11

2. Spotlight on the wealth management market

Øyvind Hovland, Chairman John E. Skajem, Group CEO

Banking is in flux. Competition is fierce and increasing by the day. Regulators pushing for open banking. The traditional banking model has changed, permanently.

Three mega trends will lead to the development of a hyper-personalized, engaging, all-in-one application or platforms to serve the full spectrum of their customer's needs:

• Netflix-style banking: Hyper personalized, on-demand banking
• Gamification: driving financial literacy and engagement
• The rise of the "super apps," a marketplace of services, delivered by a combination of in-house technology and third-party integrations.

Increases consumer appetite for customized services and personalized communications via the channels they prefer.

Change is happening in the wealth management industry too.

It used to be about storing value…. In a safe place…. Preserving capital for future generations…. Inflation beating performance….

The future of Wealth Management: Hyper-personalised Digitalised Client experiences Fee transparency Alternative Assets Big Tech

Powered by AI, Data Analytics, Machine Learning, Blockchain

Financial assets is defined as cash and deposits, bonds, equities, investment fund shares, life insurance, pensions and other small asset classes Sources: Huddlestock Fintech AS, Cap Gemini, BCG Global Wealth Reports 2021

Sources: Huddlestock Fintech AS, EUROSTAT, Deutsche Boerse Monthly Statistics, OECD Economic Data, Exchange Data (Nasdaq, S&P, Oslo Boers)

Øyvind Hovland, Chairman John E. Skajem, Group CEO

Q3 Group Revenues

• Group Revenues NOK 6,687m in Q3

• Pro-forma Group Revenues of NOK 30,474m for 9M*
• Technology sees recurring revenue streams picking up.
• Professional Business Services continued to see strong demand from repeat business.
• Continued to develop joint innovative solutions.
• Onboarded a new major client during Q3.
• Two new contracts signed with leading Danish neo-bank and a Danish cooperative after close.

Q3 Group Costs

• Group Costs NOK 14,863m in Q3

• Pro-forma Group Costs of NOK 41,25m for 9M*
• Personnel cost NOK7,435m.
• 30 FTEs end Q3, up from 27 H1
• +10% new employees; 2 consultants, 1 sales.
• Technology; increase in R&D investment ~NOK 1.5m.
• Other costs NOK 2,149m.
• Integration costs of NOK 0.5m in Q3
• Goodwill write-down of NOK 4,557m linked to acquisition of Visigon

Reported numbers include Visigon from the close of the transaction on June 11th, 2021. *Proforma numbers include Visigon's accounts from 1st January 2021 and excludes one-off costs linked to the acquisition.

Q3 Group EBITDA

• Reported group EBITDA NOK -3.620m in Q3
• Proforma reported group EBITDA NOK -2.7m for 9M* (ex one-off and integration costs)
• Costs NOK 14,863m in Q3
• Personnel costs NOK 7,435m in Q3
• 30 FTEs end Q3, up from 27 H1
• Continued R&D investment ~NOK1.5m.
• Other costs NOK 2,149m Q3
• Integration costs of NOK 0.5m in Q3

Technology: Q3 revenues

Q3 – focused on delivering recurring revenues.

• Reported revenues NOK 0.1 m in Q3
• Proforma revenues of NOK 0.7 m at 9M,
• 95% of Q3 revenues recurring and growing
• Clients and Ecosystem partners go live with Huddlestock's Bedrock solution in Q3
• Baader Bank
• Aledius GmbH
• Huddlestock Technology grows its client base:
• Danish Export Agency, EKF, awards Huddlestock a contract to manage and support Adenza's Calypso treasury solution.
• Term sheet with large European Fintech for Huddlestock's Bedrock solution.
• Term sheet with well established DACH based Wealth Manager for Huddlestock's Bedrock solution.
• Danish impact investor MakeImpact chooses Huddlestock's Bedrock (trading) solution; becomes authorised representative.

Technology 3Q/9M 2021 revenues (NOKm)

Professional Business Services: Q3 revenues

Solid revenue and EBITDA contribution from Huddlestock's Expert Professional Business Services segment in Q3

• Reported revenues of NOK 6.687m in Q3
• Proforma revenues of NOK 29.9 m at 9M*
• Strong relationships with historic clients; large Nordic banking groups.
• Growing business through new client mandates:
• Danish Export Agency, EKF, awards Huddlestock a contract to deliver the full implementation project to integrate Adenza's Calypso treasury solution.
• Large Swedish bank chooses Huddlestock to lead the training and onboarding of in house Calypso solution.
• Attracting new talent:
• 2 new employees join Huddlestock
• Goodwill writedown of NOK4.5m linked to acquisition of Visigon

Since close of Q3.

• New contract signed with leading Danish neo-bank.
• New contract signed with Danish cooperative.

Reported numbers include Visigon from the close of the transaction on June 11th, 2021. *Proforma numbers include Visigon's accounts from 1st January 2021 and excludes one-off costs linked to the acquisition.

Best Fintech IPO Nordics 2020

Income Statement Q3 2021 (Reported and Pro-forma)

	3Q21	9M 2021	9M 2021	3Q20	2020	2019
Consolidated income statement (in NOK)		Reported*	Pro-forma
Operating income
Other operating income	6,686,770	9,711,744	30,533,131	0	225,000	0
Total operating income	6,686,770	9,711,744	30,533,131	0	225,000	0
Operating expenses
Cost of materials/subcontractors	722,869	1,338,760	6,654,868	0
Personnel costs	7,434,502	10,956,486	20,958,594	0	432,000	703,862
Depreciation and amortisation	4,556,642	6,054,347	6,054,347	0
Other operating expenses	2,148,982	4,752,741	7,635,014	1,364,000	8,267,000	4,999,764
Total operating expenses	14,862,995	23,102,334	41,302,823	1,364,000	8,699,000	5,703,626
EBITDA	-3,619,582	-7,336,243	-4,715,345	-1,364,000	-8,474,000	-5,703,626
EBIT	-8,176,224	-13,390,590	-10,769,693	-1,364,000	-8,474,000	-5,703,626
Financial income
Interest income	4,119	4,119	4,119	0	9,000	743
Other financial income	-122,008	41,393	71,428	13,000	142,000	2,073
Total financial income	-117,889	45,512	75,548	13,000	151,000	2,816
Financial expenses
Interest expenses	968,707	968,707	968,707	0	39,000	11,427
Other financial expenses	488,293	582,381	653,741	33,000	33,000	5,215
Total financial expenses	1,457,000	1,551,088	1,622,448	33,000	72,000	16,642
Net financial items	-1,574,889	-1,505,576	-1,546,900	-20,000	79,000	-13,826
Net profit (loss) from discontinued operations	84,778	84,778	84,778	0	-4,033,000	-2,954,913
Profit (loss) before tax	-9,666,336	-14,811,388	-12,231,815	-1,384,000	-12,428,000	-8,672,366
Income tax	-769,716	-1,020,703	-1,020,703	0	0	0
Net profit (loss)	-8,896,619	-13,790,685	-11,211,112	-1,384,000	-12,428,000	-8,672,366

Cash Flow Statement Q3 2021 (Reported)

Consolidated statement of cash flows (in NOK)	9M 2021	1H21
Cash flows from operating activities
Profit (loss) before tax	-14,811,388	-5,145,052
Depreciation and amortisation	6,054,347	1,497,705
Net result discontinued operations	0	0
Changes to accounts receivable	-3,331,493	2,412,234
Changes to accounts payable	-1,257,542	27,251
Changes to other accruals and prepayments	12,061,554	11,665,107
Net cash flow from operating activities from continuing operations	-1,284,521	10,457,245
Net cash flow from operating activities from discontinued operations	0	0
Cash flows from investment activities
Purchase of intangible assets	-3,237,658	-1,764,000
Purchase of subsidiary, net of cash aquired	-30,927,835	-30,927,835
Transaction cost	-2,623,527	-2,623,527
Net cash flow from investment activities from continuing operations	-36,789,019	-35,315,361

Consolidated statement of cash flows (in NOK)	9M 2021	1H21
Cash flows from financing activities
Proceeds from capital increase	31,672,716	31,672,716
Cost of capital increase	-2,000,000	-2,000,000
	10,800,000
Long-term loan	2,500,000	2,500,000
Net cash flow from financing activities from continuing operations	42,972,716	32,172,716
Net cash flow from financing activities from discontinued operations	0	0
Net changes to cash and cash equivalents from continuing operations	4,899,175	7,314,599
Net changes to cash from discontinued operations	2,107,001	0
Continued operations
Bank deposits, cash and cash equivalents per 1.1.	2,958,433	2,958,433
Bank deposits, cash and cash equivalents per 30.06.	2,958,433	10,273,032
- Hereof restricted bank deposits	9,964,609	625,010
Discontinued operations
Bank deposits, cash and cash equivalents per 1.1.	2,185,000	2,185,000
Bank deposits, cash and cash equivalents per 30.06.	2,185,000	2,185,000
- Hereof restricted bank deposits	0	0

Balance Sheet Q3 2021 (Reported)

Consolidated Financial position (in NOK)	9M 2021	1H21	2020	Consolidated Financial position (in NOK)	9M 2021	1H21	2020
ASSETS				Equity
Intangible assets				Paid-in capital
Research and development	22,545,912	21,072,380	19,308,254	Share capital	226,675	226,675	208,371
Goodwill	42,286,284	42,465,984	-	Share capital - not registered
Technology	2,799,160	2,958,319	-	Own shares		0	0
Customer contracts and relationships	25,569,671	28,921,594	-	Share premium	108,897,272	117,911,674	66,964,874
Licenses	45,952,204	45,952,204	45,952,204	Share premium- not registered
Total intangible assets	139,153,231	141,370,480	65,260,458	Total paid-in capital	109,123,947	118,138,349	67,173,245
				Retained earnings
Fixed assets				Other equity	0	0	0
Property, plant & equipment	0	0	0	Total retained earnings	0	0	0
Total fixed assets	0	0	0	Non-controlling interest	0	0	0
Total non-current assets	139,153,231	141,370,480	65,260,458	Total equity	109,123,947	118,138,349	67,173,435
				Liabilities
Receivables				Other long-term liabilities
Trade receivables	8,013,353	11,344,846	0	Liabilities at financial institutions	2,500,000	2,500,000	0
Other short-term receivables	1,904,222	2,827,980	762,438	Deferred tax	6,241,143	7,013,581	0
Total receivables	9,917,575	14,172,826	762,438	Short-term liabilities
				Accounts payable	2,490,685	1,233,143	1,205,892
Bank deposits, cash and cash equivalents	9,964,609	10,273,032	2,958,433	Payroll taxes, VAT etc.	7,127,184	7,800,987	168,992
				Other short-term liabilities	31,552,456	31,152,503	2,455,232
Net assets discontinued operations	0	2,232,823	2,232,823	Total short-term liabilities	41,170,326	40,186,633	3,830,116
				Net liabilities discontinued operations	0	210,600	210,600
Total current assets	9,964,609	12,505,855	5,191,256	Total liabilities	49,911,469	49,910,813	4,040,716
Total assets	159,035,415	168,049,162	71,214,151	Total equity and liabilities	159,035,415	168,049,162	71,214,151

Ownership (as of 15 November 2021)

Rank	Executive Shareholders	No shares	% shares
:1	SIX SIS AG	14,021,428	11.75%
	EUROCLEAR BANK	6,589,222	5.52%
$\overline{2}$	VISION INVEST STAVANGER	8,266,715	6.93%
	HUDDLE AS	648,526	0.54%
3	RETROPI LIMITED	7,607,608	6.38%
$\boldsymbol{4}$	BERKER GROUP AS	6,577,665	5.51%
5	GRUNNFJELLET AS	5,408,334	4.53%
6	GENTLE INVEST	4,209,000	3.53%
$\overline{7}$	SAA INVEST AS	4,040,000	3.39%
8	E HOLDING AS	3,664,849	3.07%
9	SAAMAND AS	3,399,282	2.85%
10	STEIN HEGRE HOLDING AS	2,995,000	2.51%
11	HOGNAN INVEST	2,494,512	2.09%
12	GJEDREM AS	2,296,000	1.92%
13	AVANZA BANK AB	1,862,353	1.56%
14	BILL INVEST AS	1,716,847	1.44%
15	VALINOR AS	1,563,852	1.31%
16	KJELL'S OCTOPUS INVEST AS	1,543,640	1.29%
17	HEDEN HOLDING AS	1,431,603	1.20%
18	STOKK INVESTERING AS	1,315,790	1.10%
19	SIRIUS AS	1,300,000	1.09%
20	SEB BANKEN CLIENT AC	1,249,175	1.05%

	No shares	% shares
Number of shares issued	119,302,483
Executive Shareholders	45,466,744	38%
Top 20 Shareholders	84,200,958	71%
Free Float		29%

investorrelations@huddlestock.com

Thank you!

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