Cyviz AS

Investor Presentation • Aug 31, 2021

Cyviz Q2 Report 2021 31 August 2021

Important information

By receiving this company presentation (the "Presentation") or attending any meeting or oral presentation held in relation thereto, you (the "Recipient") agree to be bound by the following terms, conditions and limitations.

The information in this Presentation has been prepared by Cyviz AS (the "Company") solely for use at the presentation to a limited number of recipients on a strictly confidential basis for information purposes only. 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 Company as of, their date. This Presentation does not purport to contain a complete description of the Company or the market(s) in which the Company operates, nor do they provide an audited valuation of the Company. The analyses contained in this Presentation are not, and do not purport to be, appraisals of the assets, stock or business of the Company or any other person. Moreover, this Presentation is incomplete without reference to, and should be viewed and considered solely in conjunction with, the oral briefing provided by an authorized representative of the Company in relation to these materials.

No representation, warranty, or undertaking, express or implied, is made by the Company or its affiliates or their respective directors, officers, employees, agents or advisers (collectively "Representatives") as to, 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. All information in this Presentation is subject to verification, correction, completion and change without notice. Neither the Company nor its Representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. The information contained in this Presentation should be considered in the context of the circumstances prevailing at this time and has not been, and will not be, updated to reflect material developments which may occur after the date of the Presentation.

Matters discussed in this Presentation may constitute or include forward-looking statements. Forward-looking statements are statements that are not historical facts and may include, without limitation, any statements preceded by, followed by or including words such as "aims", "anticipates", "believes", "can have", "continues", "could", "estimates", "expects", "intends", "likely", "may", "plans", "forecasts", "projects", "should", "target" "will", "would" and words or expressions of similar meaning or the negative thereof. These forward-looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions that may not be accurate or technically correct, and their methodology may be forward-looking and speculative. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. None of the Company or any of its affiliates provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. Forward-looking statements are not guaranteeing of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of the Company or the industry to differ materially from those results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement.

A multitude of factors can cause actual results to differ significantly from any anticipated development expressed or implied in this Presentation, including among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Company's businesses, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue reliance on any forward-looking statement.

The information obtained from third parties has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.

The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. In particular, nothing herein shall be taken as constituting the giving of investment advice and this Presentation are not intended to provide, and must not be taken as, the exclusive basis of any investment decision or other valuation and should not be considered as a recommendation by the Company (or any of its affiliates) that any Recipient enters into any transaction. This Presentation comprise a general summary of certain matters in connections with the Company. This Presentation do not purport to contain all of the information that any Recipient may require to make a decision with regards to any transaction. Any decision as to whether or not to enter into any transaction should be taken solely by the relevant Recipient. Before entering into such transaction, each Recipient should take steps to ensure that it fully understands such transaction and has made an independent assessments of the appropriateness of such transaction in the light of its own objectives and circumstances, including the possible risks and benefits of entering into such transaction.

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 Company (or any of their respective affiliates) or any other person. Any potential transaction that may be related to the subject matter of these materials 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 does not create any obligation on the part of the Company to consider any offer from any Recipient or any other person. The Company reserves the right, without prior notice and without giving reasons, to vary or terminate the sale process, to reject any or all proposals and/or to negotiate with any Recipient or any other person an any terms (and whether individually or simultaneously with any other person or persons) with respect to any transaction involving the Company.

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. The Company shall have no responsibility for any such violations.

This Presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the "US Securities Act")). Any securities referred to herein have not been and will not be registered under the US Securities Act and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act.

By reviewing this Presentation, you are deemed to have represented and agreed that you and any persons you represent are either (a) qualified buyers ("QIBs") (within the meaning of Regulation 144A under the US Securities act), or (b) are located outside the US. This Presentation is only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" as defined in the Prospectus Regulation (Regulation (EU) 2017/1129, as amended) ("Qualified Investors") or otherwise pursuant to applicable exemptions on the Company resulting in that no obligation arises for the Company to produce a prospectus or otherwise comply with any registration requirements. In addition, in the United Kingdom, this Presentation is being distributed only to, and is directed only at (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) high net worth entities and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order or (iii) persons to whom distributions may otherwise lawfully be made, communicated, or caused to be communicated (all such persons together being referred to as "Relevant Persons"). This Presentation must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant Persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors or otherwise pursuant to applicable exemptions on the Company. Any investment or investment activity to which this Presentation relates is available only to Relevant Persons or Qualified Investors or will be engaged in only with Relevant Persons or Qualified Investors.

This Presentation speaks only as of its date. Neither the delivery of this Presentation nor any further discussions with any of the Recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo as legal venue.

2

• More than 20 years of experience from the technology industry
• Previous experience include management and senior positions from UMS, Microsoft, Evry and TeliaSonera
• Joined Cyviz as CEO in November 2018

Erik Fausa Olsen

CFO

CEO Espen Gylvik

• More than 25 years of experience from financial management, business development, M&A and active ownership of growth companies
• Previous experience as Managing Partner of Ferd Venture and CFO of Mestergruppen AS, among other
• Joined Cyviz as CFO in October 2017

Presenting team

Record order intake and revenues in Q2 2021

• 182% year-on-year growth in order intake to NOK 108 million
• 113% year-on-year increase in revenue to NOK 102 million
• EBITDA of NOK 7.4 million, evidencing scalability of the business model
• Microsoft orders of NOK 65 million in Q2 and delivering against plan
• Backlog increased to NOK 119 million from NOK 114 million at the end of Q1 2021

5

A global strategic partner for demanding command & control and collaboration needs

7 1 Of which 30+ Fortune 500 companies 2 Including 6 partner experience centers

NOK 1.3bn in accumulated revenue last 5 years

>1,000 solutions delivered last 5 years

500+ large enterprises and government bodies as customers1

18 experience centers across the world2

FORTUNE 500

Substantial track record from servicing demanding customers worldwide

Key highlights

Cyviz Experience Centers providing global reach

Strong position with solid blue chip customer base across select target industries

Proven track record of deliveries to the world's most demanding customers

A leading provider of advanced collaboration solutions

• Global technology provider servicing customers worldwide
• Standardized solutions for multiple applications; command & control, innovation & experience centers, training and meeting rooms
• In-house developed software platform
• Addressing a large and growing market, driven by new working models and and accelerating shift to new collaboration standards ¹⁰

Global partnership with Microsoft evolving

• Cyviz software powering Microsoft Technology Centres (MTCs) worldwide
• Visual collaboration solutions built on the Cyviz Easy Software Platform
• Serving Microsoft's most important customer and partner engagement arenas
• During Q2 2021 12 new projects delivered across multiple regions
• Microsoft orders totaling NOK 65 million during the quarter

On track to deliver on the long term strategy

• Investments in organization with 27 new employees by the end of Q2 including 11 new salespeople
• Addition of several significant strategic accounts to the portfolio
• All regions delivered above expectations with North America leading with 51% of the revenues in the quarter
• Corporate customer segment was the largest, representing 75% of revenues with a couple of large corporate customers including Microsoft.
• Good progress on several R&D initiatives, including moving the Cyviz Easy Software Platform to the cloud
• Global Partnerships organization established
• Established 4 new Cyviz experience centers together with partners
• Hybrid working changing working habits and driving demand for more advanced collaboration solutions

Perfectly positioned in large growth markets

15

Best quarter in the company's history

17

• 182% year-on-year growth in order intake to NOK 108 million
• 113% year-on-year increase in revenue to all time high NOK 102 million
• Backlog increased to NOK 119 million from NOK 114 million at the end of Q1 2021
• Investing for growth operating costs increased by NOK 4.7 million from Q1 2021
• EBITDA of NOK 7.4 million, evidencing scalability of the business model

Financial highlights (NOK million)	Q2 2021	Q2 2020	YTD 2021	YTD 2020
Total revenue	102.2	47.9	159.0	104.4
Gross profit	44.8	23.0	69.6	49.6
Gross margin	43.8%	48.0%	43.8%	47.5%
EBITDA	7.4	2.8	-0.2	-0.9
EBITDA margin	7.2%	5.7%	-0.1%	-0.9%
Cash flow from operations	-2.7	7.3	-20.1	7.9
Cash and cash equivalents	63.2	7.3	63.2	7.3
Net interest-bearing debt (-) / deposits (+)	53.2	-38.0	53.2	-38.0
Equity-ratio	62.6%	19.4%	62.6%	19.4%
Order intake	107.8	38.2	195.8	67.7
Order backlog	119.0	97.3	119.0	97.3
Book-to-bill ratio	1.1	0.8	1.3	0.7

Unaudited numbers

18

Positive cash flow of NOK 39 million in the quarter

• Cash flow before investments in working capital and capex of NOK 9 million
• Working capital investment of NOK 12 million in the quarter driven by high account receivables due to high revenues
• Capex of NOK 7 million consists of NOK 5 million in R&D and new ERP system and NOK 2 million in office equipment and upgrade of CEC Singapore
• Cash from the equity issue of NOK 48.5 million (after transactions costs) towards Karbon Invest AS in late Q1 was received in Q2 2021
• Total positive net cash flow of NOK 39 million in Q2 2021

Unaudited numbers

Solid balance sheet and a good cash position

• Fixed assets consists of capitalized R&D (81%) and material assets (19%)
• NOK 148 million i equity (63%) at 30.06.21
• Interest bearing debt of NOK 10 million to Innovasjon Norge.
• NOK 113 million in available cash and credit at end of Q2 2021 ¹⁹

Unaudited numbers

20

# shareholders up 40% in Q2. Share price increase of 39% since IPO

#	Shareholder	Shares	% of shares
1	INVESTINOR DIREKTE AS	4 911 267	38,1 %
2	KARBON INVEST AS	1 919 367	14,9 %
3	SPINOZA AS	464 173	3,6 %
4	SILVERCOIN INDUSTRIES AS	452 521	3,5 %
5	NORPORT AS	326 411	2,5 %
6	CAMACA AS	319 477	2,5 %
7	CORPORATE INVESTMENT CONSULTING AS	229 300	1,8 %
8	LIN AS	217 278	1,7 %
9	THABO ENERGY AS	215 000	1,7 %
10	K.A. FEM AS	200 000	1,6 %
11	SAXO BANK A/S	184 785	1,4 %
12	SONGA CAPITAL AS	162 346	1,3 %
13	SIX-SEVEN AS	140 940	1,1 %
14	CITIBANK, N.A.	121 488	0,9 %
15	SKAGENKAIEN VENTURE AS	102 426	0,8 %
16	TORSTEIN INGVALD TVENGE	100 000	0,8 %
17	SOLAN CAPITAL AS	100 000	0,8 %
18	CAT INVEST 1 AS	96 701	0,8 %
19	HAAKON MORTEN SÆTER	95 445	0,7 %
20	CIME AS	89 485	0,7 %
	Top 20 Shareholders	10 448 410	81,1 %
	Other (668 shareholders)	2 437 187	18,9 %
	Total shares outstanding	12 885 597	100,0 %
	Options outstanding	700 000
	Total shares fully diluted	13 585 597

Oslo Stock Exchange (Euronext Growth)	CYVIZ
Bloomberg	CYVIZ:NO
Yahoo! Finance	CYVIZ.OL
Number of registered shares	12 885 597
Outstanding share options	700 000
Share price (26. August 2021)	48,0
Avg. daily trading volume YTD (# shares)	43 926
Market cap (26. August 2021) NOKm	618

Outlook & Summary: We transform how people work

• Create engaging and versatile experiences and solutions that enable hybrid collaboration
• Generate customer value through visual intelligence and collaboration
• Deliver growth to shareholders

Annual average revenue growth >30%

• Selective M&A
• Product development
• New markets and customer verticals

Recurring revenue 12-15%

EBITDA-margin 15-20%

• Up-sell services
• Move the Easy Software Platform to the cloud
• Increase share of software sales
• Improve purchasing terms
• Increase efficiency
• Utilize external partners for installation
• Scalable fixed cost base

18

Cyviz Experience Centers in major cities in the USA, Europe, Middle East & Asia

500+

large enterprises and government bodies as customers

countries around the globe delivered to

Command & Control rooms delivered to the most demanding government customers in the world

+20 YEARS

Cyviz has delivered outstanding collaboration & visualization spaces

30+

of global Fortune 500 enterprises are customers

We transform how people work

Espen Gylvik

CEO

More than 20 years of experience from the technology industry. Previous experience include management and senior positions from UMS (a Norwegian public warning technology provider with global coverage) Microsoft, Evry and TeliaSonera

Worked in Cyviz since: 2018

A seasoned and committed leadership team

26

HR

10 years of experience within human resources. Previous experience include strategic and operational positions in international companies such as HR Manager of Radisson Hotel Group

Worked in Cyviz since: 2018

Erik Fausa Olsen

CFO

More than 25 years of experience from financial management, business development, M&A and active ownership of growth companies

Worked in Cyviz since: 2017

15 years of international experience from software, consulting, management and strategy. Previous experience include various roles and industries within media, shipping and oil and gas such as EMEA sales director of IHS

Worked in Cyviz since: 2016

Anas Hawari

Regional General Manager UAE

Has previously been the account manager for some of the most significant customers in the region. Extensive experience from S&M, and with a 5-year tenure at Citrix in multiple roles he has a solid background in business development and emerging technology

Worked in Cyviz since: 2015

Eirik Simonsen

Corporate SVP Technology

20 years of experience from the software development industry. Previous experience include business development in CoreTrek and additional management experience in different sales and marketing positions

Worked in Cyviz since: 2009

Anand Anupam

EVP Global Sales and VP APAC (acting)

More than 18 years of international sales leadership experience, managing large sales and marketing organization. Most recently as global VP for Public warning Solutions at Everbridge Inc. (NASDAQ: EVBG)

Worked in Cyviz since: 2019

Arqam Jaradat

VP Middle East & North Africa

More than 19 years in operations and sales, in a broad range of IT verticals. Previously MD at Dolf-TIS Systems and delivered substantial high-end customized simulations and e-learning solutions to some of the region's most demanding projects

Worked in Cyviz since: 2013

Peter Stewart

EVP Partnerships & President North America

20 years of experience in strategy, alliances, global sales and marketing. Previous experience include management positions within PGi and Sprint-Nextel aa well as principal IT Consultant at PWC. Peter also holds 10 patents in collaboration technology

Worked in Cyviz since: 2015

Daniel Golparian

COO

More than 25 years of international experience from the tech industry, most recently as GM at Hansen Technology. Daniel is the author of 18 patents and is a member of the executive board in the IEEE Norway

section.

Worked in Cyviz since: 2019

Rune Syversen

Chairman

Rune Syversen is a co-founder of Karbon Invest AS, an investment company focusing on the IT-sector as a whole but also using technology to disrupt established business verticals that has international potential. Mr. Syversen has held several senior positions within Telenor Group, Norway's leading telecoms company. Mr. Syversen is a successful serial entrepreneur with deep experience of the global IT, data services, and the financial sectors, Mr. Syversen was instrumental in the creation and growth of, amongst other companies, Crayon Group, Link Mobility & Sikri, all listed at the Norwegian stock exchange. Mr. Syversen studied at the Norwegian School of Management. He is a Norwegian citizen, residing in Oslo, Norway.

An experienced board of directors

27

Thomas S. Wrede-Holm

Board member

Thomas S. Wrede-Holm is an Investment Director at Investinor. Prior to joining Investinor in 2019, Thomas spent close to 20 years as an investment banking professional in Norway and abroad. In addition to Cyviz, he also serves as a board member of several other Investinor portfolio companies including Shoreline, Topro Industri and Curida. Thomas holds a Master of Science degree in finance from the Norwegian School of Economics (NHH).

Patrick Kartevoll

Board member

Patrick Kartevoll is an Investment Director at Investinor focusing on growth investments. Prior to joining Investinor in 2017, Patrick worked 7 years as a fund manager in Pareto, as well as 4 years as business manager and auditor in Pareto and Deloitte. He is currently board member at Investinor's portfolio companies Topro Industri, Zi-Lift, Partnerplast and Cyviz. He holds a Master of Business and Economics from BI Norwegian School of Management.

Ingeborg Molden Hegstad

Board member

Ingeborg Hegstad has 20 years of experience from management consulting, including Associate Partner in McKinsey & Company and Management Consultant at Egon Zehnder, serving the retail, telecom and IT sectors. Since 2015 Hegstad has been a partner in Imsight AS, offering strategy and leadership advisory to executives, teams and organizations. Throughout her career Hegstad has been leading international engagements in multiple countries in Europe and Asia. Hegstad holds a Master of Business Administration from Norwegian Business School BI. She has served on the Board of Directors Cxense ASA (2017-2019), Q-Free ASA (2018- onwards) and StrongPoint ASA (2020-onwards).