Huddlestock Fintech

Investor Presentation • Jan 6, 2021

Company Presentation

January 5, 2021

Customer validated technology

Scalable and with strong nearterm profitability drivers

Transforming the USD250trn
custody bank market

Company Summary

WORLD CLASS TECHNOLOGY

• Huddlestock offers access to cutting-edge technology, low pricing and geographic spread with unique "Saas" solution
• Industrial validation from BNP Paribas
• Huddlestock's technology raises custody banks and retail trading venues' competitive edge by enabling a differentiated and real-time, open and data-centric platform under lower costs and better operational efficiency

• The custody market is highly competitive with fierce price competition. Automation and standardization are key growth drivers. Consolidation is accelerating
• FinTech is going to be a major force next decade and WealthTech is at the leading edge of FinTech
• The future of custody banking is open, data-centric platforms Total CUM is USD250trn
• The online brokerage market is growing strongly

ATTRACTIVE MARKET SCALABLE BUSINESS MODEL & VALUE CREATION

• Scalable digital business model and supportive industry trends in WealthTech make it well positioned for FintTech megatrend
• Scalable digital business model and soon entering self-financing profitable growth
• Short path to profitability major revenue potential at marginal additional cost
• Confidential 2 • Validated technology and strong counterparties support solid pipeline of contracts in the future

Transformation accelerating in the USD250trn custody bank market

Changing value proposition

Traditionally custody banks safe keepers of assets

Technology is now changing the value proposition in custody

Higher competition

Automation has led to increased competition and concentration

Efficiency is key to success

The winners in custody are focused on delivering cost efficient platforms and valueadded services, grabbing a larger part of the revenue pie

Technology driving transformation

Custody banks are transforming and becoming service providers - all in one place

Clients want real-time access to global trading venues, intelligent reporting, data servicing, compliance monitoring

Unique proposition by HUDL

Huddlestock - uniquely positioned with its technology solutions in this niche market

Confidential

3

Market for Trading connectivity - growth is accelerating

Strong Growth in Trading

Investment in securities trading is a fastgrowing segment

Technology

A highly competitive market where technology and the right strategic partnerships are the ultimate keys to success

Covid-19 has "forced digital learning" and accelerated Industry Changes

customer interactivity with banking and investment services

Competitive Edge

Access to global markets at attractive prices with BNP Paribas' trading expertise

Many Advantages

Cheaper cost per trade Wider range of markets & securities Access to a deep liquidity pool Faster technology enables real time settlement

Unique Position

Huddlestock - an attractive technology partner for new online entrants

4

Huddlestock for Custody Banks, Asset Managers, Trading providers

Solution I

Solution II

Apex - Digital solution for Custody banks

• HUDL offers digital onboarding, client communication, reporting, order execution, portfolio management
• Our solution makes it possible for asset managers to manage individual accounts at scale
• No need to pool individual investors into a mutual fund to achieve economics of scale with HS' Qinfen platform

Bedrock - Trading providers and asset management services via API hooks

• Connectivity for digital trading and asset management services through API hooks
• HUDL is the technology middleware solution, connecting future/aspiring online trading platforms to BNP Paribas
• BNP Paribas cannot act fast enough in this space; integration too difficult and too slow to do it directly

Revenue model by product line

• Huddlestock will receive fees from the custody bank solution depending on the volumes Asset Under Management (AUM) managed on the platform
• Total AUM in BNP's custody division is EUR 9.3trn
• Through BNP Germany, Huddlestock expects to add EUR20bn in AUM in 3-4 years
• Annual Recurring Revenues will grow steady based on AUM on the platform

• Huddlestock will receive a certain agreed fee per transaction
• Lower customers' acquisition costs thanks to BNP and Baader Bank references
• Trading connectivity contracts have major revenue potential at little additional cost
• Baader Bank is the leading German Liquidity provider and will be a great partner for our Connectivity Solution
• Annual Recurring Revenue will be based on trading volume and client funds on accounts

Confidential

6

Contracts so far – in line with guiding

Apex

Digital solution for Custody banks

Bedrock

Connectivity Solution

BNP Paribas

• Digitalise the interaction between BNP Paribas' Custody division, Asset Managers and BNP's and the Asset Manager's clients through Qinfen
• The largest contract so far for the company by AUM wise expected at €20 billion in 3-4 years
• Launch on January 14th, 2021

MHX Group (Malaysia)

• Joint venture which will offer the connectivity solution in the Malaysian market digital wealth management solutions, technology and trading platforms
• Launch on March 1, 2021 (updated)

Baader Bank (Germany)

• Provide the bank's customers best-in-class, fast executions and low-cost trading
• Baader Bank launch in 1Q 2021

Letter of intent with large European bank

• Develop a software solution which will connect the bank and its clients to the BNP Paribas trading platform
• Develop systems for asset management, including algorithmic driven asset allocation, that are built around ESG
• Contract expected to be signed in January 2021
• Launch expected within 1H 2021

Pipeline and outlook going forward

Several new potential clients are in advanced discussions and are expected to enter into signed partnership

Welcome to the new year - Huddlestock Roadmap

Summary: Three key Pillars

Proving to be investing and trading - what PayPal is for payments

World-class Fintech with multiple awards and recognition in the industry

BNP Paribas – a key industrial validation of our know-how and technology for custody

BNP Paribas' infrastructure is global and allows Huddlestock to offer its solution to a broad base of clients

Recurring order-book in the attractive Wealth Tech segment secures future cash flow

Strong pipeline potential in USD250trn global custody bank market

Short path to profitability - major revenue potential at marginal additional cost

World Class Technology Contracts & Pipeline Strong Shareholder Value Creation

FinTech is going to be a major force next decade and WealthTech is at the leading edge of FinTech

Scalable digital business model and soon entering self-financing profitable growth

Potential M&A activity – strong technology position makes the company an attractive target for banks and cash-rich Fin Tech companies

John E. Skajem CEO +47 4188 7412 jes@huddlestock.com

Øyvind Hovland Chairman +47 9096 6151 oh@huddlestock.com

Disclaimer

This presentation has been prepared by Huddlestock Fintech AS (the Huddlestock) solely for the use of presenting the company. 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. Moreover, this presentation is incomplete without reference to, and should be viewed and considered solely in conjunction with the oral briefing provided by an authorised representative of Huddlestock in relation to this presentation.

The Huddlestock strongly suggests that each Recipient seeks its own independent advice in relation to any financial, legal, tax, accounting or other specialist 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 Huddlestock (or any of its affiliates) that any Recipient enters into any transaction. This presentation comprises a general summary of certain matters in connection with the Huddlestock. This presentation does 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 has been provided to the Recipients on the basis that each Recipient and such Recipient's representatives, directors, officers, employees and professional advisers keep this presentation (and any other information that may be provided to such Recipient) confidential. This presentation (and any other information which may be provided to any Recipient) may not be disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without the prior written consent of the Huddlestock. The information used in preparing this presentation was obtained by the Huddlestock and its representatives from public sources and is subject to change without notice. Neither the Huddlestock nor any of its affiliates assumes any responsibility for the independent verification of any such information and has relied on such information being complete and accurate in all material respects. Neither the Huddlestock nor any of the affiliates (nor any of its or their respective directors, officers, employees, professional advisers or representative) makes any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such information, this presentation (including, without limitation, any opinion contained therein), any of their contents or any of the results that can be derived from this presentation. Without limiting a person's liability for fraud, no responsibility or liability (whether in contract, tort or otherwise) is or will be accepted by the Huddlestock or any of its affiliates or any of its or heir respective directors, officers, representatives, employees, advisers or agents) as to, or in relation to, this presentation, its contents, the accuracy, reliability, adequacy or completeness of the information used in preparing this presentation, any of the results that can be derived from this presentation or any written or oral information provided in connection therewith (including, without limitation, any responsibility or liability (i) in relation to the distribution of possession of this presentation in any jurisdiction or (ii) for any loss or damage of any kind whatsoever arising as a result of the use or misuse of this presentation) and any such responsibility, liability or obligations is expressly disclaimed, except to the extent that such responsibility, liability or obligations cannot be excluded by law. Analyses and opinions contained herein may be based on assumption that, if altered, can change the analyses or opinions expressed. No audit of this presentation has been undertaken by an independent third party.

Disclaimer

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.