Asetek A/S

Investor Presentation • Feb 28, 2017

Q4 2016 & Capital Markets Update

Oslo, Norway 28 February 2017

Disclaimer

securities issue by the Company. The content of this Presentation is not to be construed as legal, business, investment or tax advice, and has not been reviewed by any regulatory authority. Each Recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. The information cannot stand alone but must be seen in conjunction with the oral presentation and are expressed only as of the date hereof.

This presentation and its enclosures and appendices (jointly referred to as the "Presentation") has been produced by Asetek A/S (the "Company") and has been furnished to a limited audience (the "Recipient[s]")on a confidential basis in connection with a potential The Presentation may include certain statements, estimates and projections with respect to the business of the Company and its anticipated performance, the market and the competitors. However, no representations or warranties, expressed or implied, are made by the Company, its advisors or any of their respective group companies or such person's officers or employees as to the accuracy or completeness of the information contained herein and such statements or estimates, no reliance should be placed on any information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted by the Company as to any errors, omissions or misstatements contained herein. The information contained herein is subject to change, completion, or amendment without circumstances, create any implication that there has been no change in the affairs of the Company since the date of the Presentation.

notice and the Company does not assume any obligation to update or correct the information included in this Presentation. Neither the delivery of this presentation nor any further discussions by the Company or any if its advisors with any of the Recipients shall, under any This presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "will", "should", "may", "continue" and similar expressions. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; profit; margin, return on capital, cost or dividend targets; economic outlook and industry trends; developments of the Company's markets; the impact of regulatory initiatives; and the strength of the Company's competitors. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company, are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third party sources. Although the Company believes that these assumptions were reasonable when made, the statements provided in this presentation are solely opinions and forecasts which are uncertain and subject to risks, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. A multitude of factors can cause actual results to differ significantly from any anticipated development expressed or implied in this document. 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. he distribution of this Presentation and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession this Presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this Presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. In particular, neither this presentation nor any copy of it may be taken or transmitted or distributed, directly or indirectly, into Australia, Canada, Hong Kong, Japan, Switzerland, United Kingdom or the United States unless pursuant to available exemptions from registration requirements. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be offered or sold (i) within the United States, or to or for the account or benefit of U.S. persons, only to qualified institutional buyers ("QIBs") in private placement transactions not the Financial Services and Markets Act 2000 (as amended). In relation to the United Kingdom, this Presentation is only directed at, and may only be distributed to, persons who fall within the meaning of article 19 (investment professionals) and 49 (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (financial promotion) Order 2001 (as amended) or who are persons to whom the document may otherwise lawfully be distributed. This Presentation may only be distributed in The contents of this Presentation shall not be construed as legal, business or tax advice. Each reader of this Presentation should consult its own legal, business or tax advisor as to legal, business or tax advice. If you are in doubt about the contents of this Presentation, you

In relation to the United States and U.S. persons, this Presentation is strictly confidential and is being furnished solely in reliance on applicable exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of U.S. persons, unless an exemption from the registration requirements of the U.S. involving a public offering and (ii) outside the United States in offshore transactions in accordance with Regulation S. Any purchaser of shares in the United States, or to or for the account of U.S. persons, will be deemed to have made certain representations and acknowledgements, including without limitation that the purchaser is a QIB. This Presentation and its contents are confidential and its distribution (which term shall include any form of communication) is restricted pursuant to section 21 (restrictions on financial promotion) of circumstances which do not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995 (as amended).

should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.

This Presentation is subject to Danish law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Danish courts.

Agenda

Agenda
10:00	Welcome
10:05 – 10:15	A growing business CEO André Sloth Eriksen
10:15 – 11:00	Increasing market adoption VP Worldwide sales and marketing John Hamill
Break	Product demo
11:15 – 11:45	Value creation CFO Peter Dam Madsen
11:45 – 12:00	Q&A

ASETEK in brief

Listed on Oslo Børs	OSE4520 Technology Hardware & Equipment
Business	Provider of liquid cooling systems for PCs, servers and data centers
FY'16 sales	USD 51 million / NOK 434* million
FY'16 operating profit	USD 4.7 million / NOK 39* million Desktop PC segment USD 14.3 million Data center segment USD (6.9) million
Market cap	USD ~230 million / NOK ~2* billion

* 1 USD = NOK 8.50

A growing business

CEO André S. Eriksen

Strong recent revenue development

Revenue

USD thousands

Stepping up to the next level

What we do

Asetek specializes in liquid cooling solutions for data centers, servers and PCs

Our integrated value chain and global reach

Two business segments

Building OEM partnerships

Increasing market adoption

12

VP Worldwide sales and marketing John Hamill

Increasing market adoption of our liquid cooling solutions

Hardware market driver: Virtual Reality makes people future-proof their PC or spec up

Hardware: aspirational display technology • Display technology - Virtual Reality drives people to future proof their - Wider adoption of 144Hz, 4K, and G-Sync • 7 CPU & GPU Releases - New silicon encourages

• PC or spec up
• driving demand for higher power GPUs
• new PCs to be bought and built to stay on the bleeding edge of technology • Powerful Budget Hardware

Software: 12 huge game releases • Game Releases - Growth driven by huge ad campaigns and unprecedented • Windows 10 OS Refresh - Updates drive upgrades to end user PCs • Budget/F2P Expanding

• • visibility of PC gaming

• Free games like League of Legends and DotA2 are driving people to try PC gaming risk free

Competitive PC gaming becoming mainstream in EU/NA

DIY Market: The customer experience • Performance is not always the #1 - Thermal performance is important - Acoustic performance is also important

• Priority
• However the Customer Experience is also influenced by aesthetics & features - Allows for increased differentiation - Enables higher ASPs and Margins
• between DIY customers

DIY Market: Customer showcase

Gaming & high performance desktop market • Bleed Over of DIY Preferences - OEMs are realizing that the interior of the PC has to look - As the location of the CPU is prime real estate, the liquid

• • as good as the exterior
• cooler has become a focal point for these efforts

• respect

• Partners Invest Heavily in eSports - Sports-like product positioning ties end user's gaming performance to their hardware

• As Gamers continue to pursue a more immersive • Dropped frames and frame tearing in a virtual reality OEM Market: GPU Cooling

"In VR, when you drop a frame you start vomiting all over the floor." - Frank Azor, Managing Director, Alienware

• experience, they are encountering some challenges
• environment can result in nausea
• Liquid cooled graphics cards are capable of delivering enough thermal headroom to ensure rock solid performance, avoiding these anomalies • Conclusion: GPU liquid cooling helps deliver a superior

Frame tearing, a challenge for virtual reality

Desktop strategy and outlook

DESKTOP SEGMENT	Desktop strategy and outlook
Goal	Strategic platform	Strategy	Outlook
Continue to dominate the desktop liquid cooling market	Do-It-Yourself PC enthusiasts 77% sales Gaming and Performance Desktop PCs 21% sales	• Drive differentiation • Increase GPU attach	Expecting moderate revenue growth in the single digit range for the full year 2017, compared with a record 2016
	Enterprise Workstations 2% sales*	• Recover market share
* FY 2016 numbers

Enabling business optimization CapEx: Shift CapEx to Compute Cycles • Grow server count within current power envelope • Increase server count within existing racks • Purchase dry coolers rather than more chillers • Enable more power efficient cooling • Eliminate chillers & cooling towers • Reduce server power by eliminating fans

OpEx

Go Green

Technology requirements • Introduction of advanced high-wattage CPUs and GPUs • Growing list of components requiring liquid cooling • VRs, Chipsets, and Networking Silicon

Asetek differentiation • Leveraging significant engineering • Designed to meet customers' demands for

• experience from desktop market
• reliability, performance, cost
• into OEM air cooled server designs
• providing flexibility for OEMs
• concept to customer installation
• global installations
• GREEN500 lists

Global leadership in OEMs & installations

Fujitsu partnership • Asetek's First KNL Installation • 70 Racks, 8,208 Liquid Cooled Nodes

Oakforest-PACS:

Highest Performance Supercomputer System in Japan • 4 Racks, 336 Liquid Cooled Nodes

Installation highlights

QPAC3 at The University of Regensburg:

First Intel Knights Landing Installations in Europe

Installation highlights

Fujitsu video

Penguin computing partnership • Los Alamos National Laboratory Grizzly: 33 Racks, 1,472 Liquid DATA CENTER SEGMENT

• Cooled Nodes TOP500 Ranking: #66 GREEN500 Ranking: #49
• Sandia National Laboratories Serrano: 19 Racks, 1,104 Liquid Cooled Nodes TOP500 Ranking: #84 GREEN500 Ranking: #48
• Sandia National Laboratories Cayenne: 19 Racks, 1,104 Liquid Cooled Nodes TOP500 Ranking: #85 GREEN500 Ranking: #47
• Lawrence Livermore National Laboratory Topaz: 12 Racks, 736 Liquid Cooled Nodes TOP500 Ranking: #169 GREEN500 Ranking: #66

Data center strategy and outlook

Goal	Strategy	Outlook
	Exploit established leadership HPC	Expecting significant
Increase end-user adoption with existing OEMs Add new OEMs	Execute on the development agreement with the as yet to be disclosed major player in data center market	revenue growth in 2017 The rate of growth will depend upon execution of the development agreement with the as yet to be
	Explore potential opportunities to grow beyond the HPC segment	disclosed major player in the data center market

Value creation

31

CFO Peter Dam Madsen

Ensuring value creation

Ensuring value creation
Priority		Value drivers
	Desktop PC leadership	• Revenue growth • Diversification of revenue streams • Margin protection and optimization
	Data center penetration	• OEM adoption • Operations and margin stabilization
Profitable growth	Cost base optimization	• Targeted IP and R&D investments • Manufacturing • Sales and marketing efficiency
	Cash flow improvement	• Cash conversion • Continued balance sheet optimization

KPI development

Status YE 2015

KPI development
Status YE 2015
• Average revenue growth of 23% since 2012 • Blended gross margin at ~36% for FY 2015 • EBITDA margin 21% for FY 2015 • Net working capital (excl. cash) less than 7% of revenues
• Value based pricing strategy based on significant TCO/ROI • Gross margin at ~42%. Efficiency benefits to be harvested as revenue ramps up • EBITDA margin 20-30% when reaching critical mass • *Current R&D and SG&A spending of \$7-8m • Net negative cash flow before breaking even to be funded by profits from desktop business

Status YE 2016

• Net working capital (excl. cash) less than 4% of revenues

• Value based pricing strategy based on significant TCO/ROI • Gross margin at ~29%. Efficiency benefits to be harvested as revenue ramps up and revenues shift towards commercial sales rather than government grants • EBITDA margin 20-30% when reaching critical mass • *Current R&D and SG&A spending of \$7-8m • Net negative cash flow before breaking even to be funded by

• profits from desktop business

Growing revenue and profitability

Both business segments with increased sales • Q4'16 group revenue of \$17.9m driven by DIY desktop - Increase of 26% over Q3'16 and 44% vs Q4'15 - Full-year 2016 revenue of \$51m, up 42% vs 2015 - Up 31% vs Q3'16 and 41% vs Q4'15 - Full-year 2016 up 34% vs 2015 - ASP's in 2016 were higher than in 2015 (+3%)

Group revenue, USD thousands

• sales

Gross margin development

• (34.8%)
• Full year group gross margin increased to 38.8% - Desktop margin impacted by product mix, currency rate changes and general cost savings efforts. 2015 impacted by one-off charge • Q4'16 desktop gross margin increased to 39.5% - Due to richer product mix • Full year data center gross margin down to 28.6% - Gross margins to increase with scale
• (34.9%)
• (41.8%)

Earnings development

Desktop revenue and EBITDA margin. All overheads Group EBITDA development

• increased EBITDA-margin when revenue increase

Income statement

Income statement
USD (000's)		Q4 2016			Q4 2015
Revenue	Group 17 912	Desktop 16 322	Data center 1,590	Group 12 477	Desktop 11 615	Data center 862
Gross Margin	37.2 %	39.5%	13.5%	35.9 %	34.9%	49.2%
Other operating expenses	2 893	805	2 088	2 557	700	1 857
EBITDA adjusted	3 772	5 646	(1 874)	1 918	3 351	-1 433
Depreciations	540	201	339	722	317	405
Share based compensation	59	20	39	90	31	59
E B I T	3 173	5 425	(2 252)	1 107	3 003	-1 897
EBIT Margin	17.7 %	33.2%	N/A	8.9 %	25.9%	N/A
HQ, Litigation expenses	305			265
HQ, Share based compensation	29			31
HQ, Other	355			397
	689			693
Headquarters costs

Cash generation and usage

* HQ incl. Litigation contains various cash based elements of residual character. Corporate tax income is also included here. 39

Cash conversion • 36 times when measured in Q4 2016 • 65 days when measured in Q4 2016 • 73 days when measured in Q4 2016

• (19 times in Q4 2015)

• (61 days in Q4 2015)

• (71 days in Q4 2015) • Cash conversion in 1 day (2016 full year) • 2 days when measured in Q4 2016

• (9 days in Q4 2015)

Cash conversion
• Inventory turns: ~21 times per year (2016 full year)
• 36 times when measured in Q4 2016 (19 times in Q4 2015)
• Inventories decreased recently as a result of optimizations
• Trade receivables DSO: ~93 days (2016 full year)
• 65 days when measured in Q4 2016 (61 days in Q4 2015)
• Terms extended during 2016 to support customer relations
• Trade payables DPO: ~105 days (2016 full year)
• 73 days when measured in Q4 2016 (71 days in Q4 2015)

FY 2017 financial outlook

	FY 2017 financial outlook
Priority		Value drivers and outlook
	Revenue	• Desktop segment: Expecting moderate revenue growth in the single digit range for the full year 2017, compared with a record 2016 • Data center segment: Significant revenue growth expected in 2017. The rate of growth will depend upon execution of the development agreement with the as yet to be disclosed major player in the data center market
	Margins	• DT: Stable at current levels • DC: To increase with scale
Profitable growth	Capital allocation	• R&D at \$3-5m • Headcount increasing incrementally • Stable overheads • Capex at \$2-3m
	Financial position/flexibility	• Maintain strong balance sheet and a healthy cash balance - long-term cash conversion cycle 'soft target' at 0 (zero) days
	Shareholder return	• Share appreciation • Dividend may equal 50% of the previous year's net income – possibly a mix of dividends and repurchase of own shares

Stepping up to the next level CEO André S. Eriksen

Building OEM partnerships

Investment highlights

Largest shareholders as of 14 February 2017

Name	Holding	Percentage	Country	Account Type
SUNSTONE TECHNOLOGY	3,186,341	12.50 %	DNK	ORDINARY
STATE STREET BANK &	1,315,063	5.20 %	USA	NOMINEE
STATE STREET BANK & (1)	1,160,000	4.60 %	USA	NOMINEE
KLP AKSJENORGE	1,020,340	4.00 %	NOR	ORDINARY
DANSKE BANK A/S	1,010,571	4.00 %	DNK	NOMINEE
CLEARSTREAM BANKING	932,225	3.70 %	LUX	NOMINEE
VERDIPAPIRFONDET DNB	810,322	3.20 %	NOR	ORDINARY
KOMMUNAL LANDSPENSJO	720,000	2.80 %	NOR	ORDINARY
THE BANK OF NEW YORK	578,516	2.30 %	DNK	NOMINEE
DANSKE INVEST NORGE	557,883	2.20 %	NOR	ORDINARY
CITIBANK, N.A.	545,845	2.10 %	FIN	NOMINEE
CITIBANK, N.A. (1)	540,000	2.10 %	KWT	NOMINEE
J.P. MORGAN CHASE BA	523,698	2.10 %	GBR	NOMINEE
EUROCLEAR BANK S.A./	516,106	2.00 %	BEL	NOMINEE
NORDNET BANK AB	485,054	1.90 %	SWE	NOMINEE
J.P. MORGAN CHASE BANK	463,000	1.80 %	DEU	NOMINEE
NORDEA BANK AB	455,190	1.80 %	DNK	NOMINEE
THE BANK OF NEW YORK (1)	422,763	1.70 %	GBR	NOMINEE
PENSJONSORDNINGEN FOR APOTEKVIRKSOMHET	400,000	1.60 %	NOR	ORDINARY
MORGAN STANLEY & CO.	312,168	1.20 %	GBR	NOMINEE
Total Top 20	15,955,085	62.80 %
Other Shareholders	8,963,610	35.20 %
ASETEK Treasury Shares	502,424	2.00 %
Total share capital	25,421,119	100.00 %

Board of Directors

Sam Szteinbaum Chairman, BoD

• 20+ years of international management and tech industry experience
• Most of career at HP, where he served in a variety of leadership roles
• Former VP and GM for HP's Americas Consumer Products

• Holds an MSc in Management from Purdue University

• 40+ years of leadership, manage-ment and tech industry experience

• Most recent Senior VP and GM at HP for an \$18B portfolio consisting of blades based client systems, workstations and desktop PCs
• BSEE and MSEE from Colorado State University and an Executive MBA from Insead School of Business

Director, BoD Director, BoD

Peter Gross

• Leader of the Mission Critical Systems group at Bloom Energy
• Prior to joining Bloom, Gross was Managing Partner for HP's Carbon, Power and Critical Facilities Services, responsible for strategic technology planning and business development
• More than 30 years' relevant experience in engineering and design of data centers
• MBA from California State as well as an EE.

Jim McDonnell

• 36 year career of growth and accomplishment at Intermec Technologies, Hewlett-Packard and General Electric Co. where he held leadership roles in sales and marketing
• Brings a wealth of strategic and hands-on experience in global sales, marketing, customer engagement, channel, and enterprise management • BS degree in Electrical Engineering from Villanova

• University

• 25 years of international operational and business management experience from the mobile telecoms industry.

• Analysis and implementation of investment and international marketing, market positioning and communication strategies. years and six years with Motorola
• Jørgen holds an engineering degree in computer science

• Ventures Fund I,

• Independent advisor with extensive experience from management positions within several industries

• Former Partner at Carnegie Investment Banking, CEO in Global Tender Barges, CEO in Kverneland, CFO in PGS, CFO in Enitel and CFO in Hafslund
• MBA from BI Norwegian Business School

Management team

CEO & Founder

• Long-term entrepreneur and founder of Asetek
• program
• Holds an engineering degree from Aalborg University

• Several MBA level executive management programs from Right, Stanford, MIT and Wharton

• Previous positions include International Controller (DK) and Chief Financial Officer (US) at Martin Professional, Inc.

• the Copenhagen Stock Exchange
• MBA from Fort Lauderdale Metropolitan University

CFO VP Sales & Marketing

John Hammill

• 20+ years of high tech industry sales, sales management and marketing experience • Previously held position as VP of Global Sales at nVidia and
• AMD
• Has managed global sales teams

• BSc in Electronics and Electrical Engineering from the University of Glasgow in Scotland

• 16 years in Research & Development organizations

• Worked at Bosch Telecom, Siemens Mobile, BenQ, Motorola and GN Netcom

• Holds a MSc degree in Materials and Manufacturing Engineering, specialized in polymers from Danish Technical University, Denmark

• 14+ years with IBM in numerous leadership roles, where he managed fulfillment, logistics, manufacturing planning, procurement, and supply chain functions

• MBA from Buckinghamshire Chilterns University, as well as a BSc in Information Technology from the College of Dunaujvaros

IP portfolio with patents and pending patent and utility model applications worldwide

Strengthened IP platform and competitiveness via several positive lawsuit outcomes during 2015

Income statement

Unaudited S 17,912 11,244 6,668	S	Unaudited 12,477	\$
				$50,921$ \$		35,982
		8,001		31,171		23,570
		4,476		19,750		12,412
1,038		970		3,428		3,938
3,147		3,092		11,653		12,641
						(1,844)
4,185		4,062		15,081		14,735
2,483		414		4,669		(2, 323)
425		87		330		305
21		(19)		(8)		(67)
446		68		322		238
2,929		482		4,991		(2,085)
4,649		466		4,646		438
7,578		948		9.637		(1,647)
		(180)				181
	S	768	Ś	9.182	s	(1, 466)
						(0.07)
						(0.07)
	S \$ 0.30 Ś 0.29	(575) 7,003 S Ŝ	0.04 0.04	\$ S	0.38	(455) 0.39 S S

Balance sheet

Figures in USD (000's)		31 Dec 2016		31 Dec 2015
ASSETS
Non-current assets
Intangible assets	S	$1,871$ \$		1,852
Property and equipment		1,684		1,188
Deferred income tax assets		4,874		$\overline{\phantom{a}}$
Other assets		642		496
Total non-current assets		9,071		3,536
Current assets
Inventory		1,158		1,786
Trade receivables and other		13,325		9,366
Cash and cash equivalents		17,610		13,060
Total current assets		32,093		24,212
Total assets	Ś	41.164	S	27,748
EQUITY AND LIABILITIES
Equity
Share capital	\$	417S		416
Share premium				76,665
Retained earnings		28,130		(58, 633)
Translation and other reserves		(257)		198
Total equity		28,290		18,646
Non-current liabilities
Long-term debt		264		259
Total non-current liabilities		264		259
Current liabilities
Short-term debt		524		375
Accrued liabilities		1,305		789
Accrued compensation & employee benefits		1,413		1,272
Trade pavables		9,368		6,407
Total current liabilities		12,610		8,843
Total liabilities		12,874		9,102
Total equity and liabilities	\$	41,164 S		27,748

Equity

Figures in USD (000's)		Share capital		Share premium	Translation reserves		Other reserves		Retained earnings	Tota
Equity at January 1, 2016	Ś	416	s	76,665	207	S	(9)	S	$(58, 633)$ \$	18,646
Total comprehensive income - year ended December 31, 2016 Income for the period Foreign currency translation adjustments		-		$\overline{\phantom{a}}$	(455)		- ۰		9,637	9,637 (455)
Total comprehensive income - year ended December 31, 2016				-	(455)		۰		9.637	9,182
Transactions with owners - year ended December 31, 2016 Shares issued		1		133			$\overline{\phantom{0}}$			134
Transfer Share based payment expense		$\overline{\phantom{a}}$ $\tilde{\phantom{a}}$		(76.798)			۰ ۰		76,798 328	328
Transactions with owners - year ended December 31, 2016				(76, 665)	۰		-		77,126	462
Equity at December 31, 2016		417			$(248)$ \$		(9)		28,130	28,290

Equity at January 1, 2015	264	64,451	26	(12)	$(57, 307)$ \$	7,422
Total comprehensive income - year ended December 31, 2015
Loss for the period	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$			(1,647)	(1,647)
Foreign currency translation adjustments	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	181	$\sim$		181
Total comprehensive income - year ended December 31, 2015			181		(1,647)	(1, 466)
Transactions with owners - year ended December 31, 2015
Shares issued	152	12,993	$\overline{\phantom{a}}$	3	۰	13,148
Less: issuance costs		(779)	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$		(779)
Share based payment expense	۰			۰	321	321
Transactions with owners - year ended December 31, 2015	152	12,214	$\overline{\phantom{a}}$	з	321	12,690
Equity at December 31, 2015	416	76,665	207	(9)	(58, 633)	18,646

Disclaimer

securities issue by the Company. The content of this Presentation is not to be construed as legal, business, investment or tax advice, and has not been reviewed by any regulatory authority. Each Recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. The information cannot stand alone but must be seen in conjunction with the oral presentation and are expressed only as of the date hereof.

This presentation and its enclosures and appendices (jointly referred to as the "Presentation") has been produced by Asetek A/S (the "Company") and has been furnished to a limited audience (the "Recipient[s]")on a confidential basis in connection with a potential The Presentation may include certain statements, estimates and projections with respect to the business of the Company and its anticipated performance, the market and the competitors. However, no representations or warranties, expressed or implied, are made by the Company, its advisors or any of their respective group companies or such person's officers or employees as to the accuracy or completeness of the information contained herein and such statements or estimates, no reliance should be placed on any 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 the date of the Presentation.

information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted by the Company as to any errors, omissions or misstatements contained herein. The information contained herein is subject to change, completion, or amendment without notice and the Company does not assume any obligation to update or correct the information included in this Presentation. Neither the delivery of this presentation nor any further discussions by the Company or any if its advisors This presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "will", "should", "may", "continue" and similar expressions. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; profit; margin, return on capital, cost or dividend targets; economic outlook and industry trends; developments of the Company's markets; the impact of regulatory initiatives; and the strength of the Company's competitors. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company, are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third party sources. Although the Company believes that these assumptions were reasonable when made, the statements provided in this presentation are solely opinions and forecasts which are uncertain and subject to risks, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. A multitude of factors can cause actual results to differ significantly from any anticipated development expressed or implied in this document. 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. he distribution of this Presentation and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession this Presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this Presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. In particular, neither this presentation nor any copy of it may be taken or transmitted or distributed, directly or indirectly, into Australia, Canada, Hong Kong, Japan, Switzerland, United Kingdom or the United States unless pursuant to available exemptions from registration requirements. requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be offered or sold (i) within the United States, or to or for the account or benefit of U.S. persons, only to qualified institutional buyers ("QIBs") in private placement transactions not involving a public offering and (ii) outside the United States in offshore transactions in accordance with Regulation S. Any purchaser of shares in the United States, or to or for the account of U.S. persons, will be deemed to have section 21 (restrictions on financial promotion) of the Financial Services and Markets Act 2000 (as amended). In relation to the United Kingdom, this Presentation is only directed at, and may only be distributed to, persons who fall within the meaning of article 19 (investment professionals) and 49 (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (financial promotion) Order 2001 (as amended) or who are persons to whom the document may otherwise lawfully be The contents of this Presentation shall not be construed as legal, business or tax advice. Each reader of this Presentation should consult its own legal, business or tax advisor as to legal, business or tax advice. If you are in doubt about the contents of this

In relation to the United States and U.S. persons, this Presentation is strictly confidential and is being furnished solely in reliance on applicable exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of U.S. persons, unless an exemption from the registration made certain representations and acknowledgements, including without limitation that the purchaser is a QIB. This Presentation and its contents are confidential and its distribution (which term shall include any form of communication) is restricted pursuant to distributed. This Presentation may only be distributed in circumstances which do not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995 (as amended).

Presentation, you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.

This Presentation is subject to Danish law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Danish courts.