Disclaimer

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 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 standalone but must be seen in conjunction with the oral presentation and are expressed only as of the date hereof.

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Highlights

• Desktop segment Q2 revenue of \$7.6m as expected
• H1'16revenue of \$17m +30% vs. H1'15
• Data center segment received its largest, single OEM order to date
• FromFujitsu for ^a Japan installation
• Positive EBITDA and cash flow last 4 quarters
• Driven by revenue growth and cost savings

Bothsegments progressing

S t e g m e n	l i i V t a u e p r o p o s o n	d E n ‐u s e r s
		f l Do ‐I Yo t‐ ur se
k D t e s o p		/ fo in ig h Ga H Pe m g r rm an ce Cs P
	ha d fo du d En Re ise nc e p er rm an ce ce no	ks W io ta t or n
D t a a		fo dv d Jo in Ce A t te n r r an ce fo ig h in H Pe Co t r rm an ce m p u g ( ) J C A H C P
t c e n e r	d En in De i in t s ty er g y an co s av g s ns cr ea se ig he fo H Pe r r rm an ce	he d‐ he in U. S. t t + o r e n us er s d Eu an ro p e
		'1 in Q 2 6 Pr og re ss

Desktop segment continues positive development in challenging PC industry

• Do‐it‐yourself (DIY) category demand down from extraordinary levels of recentquarters
• 1 newproduct began shipping to ^a repeat customer
•Gaming/ Performance category improved vs. Q2'15
• Growthin the graphics cooling market
• 3 newproducts began shipping to repeat customers

• Workstationcategory marginal part of segment today

Shipped 162,000 desktop units in Q2'16

Data center segment experiences broadening acceptance of liquid cooling

Select datacenter/HPC installations in the U.S., Europe and Asia adopting Asetek's technology

1: U.S, Penguin Computing and U.S. Department of Energy's National Nuclear Security Administration is using Asetek liquid cooled HPC system for an Open Compute Installations in 80 racks spanning three National Laboratories

2/3: Poland, Format installed Asetek liquid cooled HPC systems at the National Centre for Nuclear Research (NCBJ) and ^a University. 7 Racks

4:Singapore, 40 rack Fujitsu HPC cluster at the Agency for Science, Technology and Research (A*Star)

5:Japan, 70 Asetek liquid cooled Fujitsu servers will be installed at the Joint Center for Advanced High‐Performance Computing (JCAHPC)

Largest single installation PO to date received fromexisting OEM Fujitsu

i l l i H P C t t n s a a o n i J n a p a n	h d h d l t f l f k d A A i 2 8 0 C U i 7 R D ™ t t • n n o u n c e p u r c a s e o r e r p r o r a o a o a c a n n f d l l l l 8, 0 0 0 i e x c e s s o n o e e v e c o o n g o o p s h d f l l h f d d h T i i i J i C A H i t t t t t t • e o r e r s o r a n n s a a o n a e o n e n e r o r v a n c e g
	( ) f h f k P C i J C A H P C i j i i U i i T t t t t e r o r m a n c e o m p u n g n c o n u n c o n w n v e r s y o o y o d k b T U i i t a n s u u a n v e r s y
f d P e r o r m a n c e a n l i t t c o s r a o n a e	k 's l d l h f d j i i i i i i F A t t t t • u s u s u s n g s e e q u c o o n g o r e m o v e e a r o m p r o c e s s o r s a n h h h d l i i i 8, 2 0 8 j i G F P R I M E R Y t t t t t t o e r g p o w e r c o m p o n e n s n s n o e u s u c u s e r o d l f h l k i i i i i i i t t t e v e r m a x m u m p e r o r m a n c e w e e e p n g o p e r a n g c o s s a a m n m u m
	h l l d b h h h f T i i i i t t t t t t t • e n s a a o n s e x p e c e o e e g e s p e r o r m a n c e s u p e r c o m p u e r i J t s y s e m n a p a n
i E t x p e c n g \$ f 1‐ 1 5 m o r e v e n u e i 2 0 1 6 n	\$ h d l l f k h d i i i i i j i i S 0 2 R C D U D C ™ F Q 2 t t t t t • p p e m o n o a c r e c o p p r o c s o s n u u u i E t x p e c n g

Deliveries under purchase agreement with OEMPenguin as planned

Asetek's technology will be part of one of the world's largest Open Compute‐based installations

• Penguin is incorporating RackCDU D2C™ liquid cooling into its Tundra™ ExtremeScale (ES) HPC server product line
• One of the end users of these solutions will be the U.S. National Nuclear Security Administration's CTS‐1 systems deployment at three major nationallaboratories, forming an Open Compute‐based installation
• Asetek expects total orders on this project to result in shipment of >100 RackCDU inthe first year and 300 RackCDU within the first three years
•Shipped \$0.1m of product under purchase agreement in Q2
• Generated cumulativerevenue of \$0.9m in H1'16
• The CTS‐1 project and the OEM relationship with Penguin is anticipated to result in\$1.5 to \$2.0 million of total revenue for Asetek in 2016

Both U.S. government contracts progressing, yielding revenue in H2'16

l i f i C E a o r n a n e r g y i i C t t o m m s s o n c o n r a c 2 t t y e a r c o n r a c	\$ l l 3 T 5 t t t • o a c o n r a c v a u e m \$ f l l f d h R 0 2 i Q 2, i i i i i i t t • e v e n u e o m n p r n c p a y r o m e n g n e e r n g a s s o c a e w ( ) h f f d l d l i i i i i t t t t t t t t c o n v e r n g a s u p e r c o m p u e r e r s o w o a a c e n e r s o q u c o o n g \$ f d l h h G i 1 0 Q 2 t t t • e n e r a e c u m u a v e r e v e n u e o m r o u g b l h d h b l i i i i i j i E t t t t t t • p e c n g s s a n a n c r e a s e n r e e n e o n s p r o e c r n g e a a n c e x u v u u f 2 0 1 6 o
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Revenuedevelopment

Group revenue, USD thousands

Datacenter Desktop

Q2'16 group revenue of \$8.4m driven by desktop sales
Increase of 4%vs Q2'15
Q2'16 desktop revenue \$7.6m
Down 1%vs Q2'15
Development as anticipated
Q4'15 data center revenue of \$0.8m
Mainly revenue from CEC contract and Fujitsu

Grossmargin and earnings development

Group gross margin increased to 38.0% (27.4%)
Q2/2015 was exceptionally low due to one time charge
General level continued fromQ1 2016
Datacenter gross margin at 35.4% (42.9%)

Margins continue to fluctuate due to variations in sales composition (government sales carry lower margins due todifferent markups on labor, product, outside services)

EBITDA Adjusted
Reduced operating expenses from Q2 2015 in both desktop and data center due to organizational structure improvements
Improved desktop margins from Q2 2015

IncomeStatement

USD (000's)		Q2 2016		Q2 2015
	Group	Desktop	Data center	Group	Desktop	Data center
Revenue	8 3 5 6	7585	$771$	8010	7679	331
Gross Margin	38,0%	38,3%	35,4%	27,4%	26,7%	42,9%
Other operating expenses	2 2 5 9	735	1524	3 0 4 8	1 2 8 0	1768
EBITDA adjusted	917	2 1 6 8	(1 251)	854)	772	(1626)
Depreciations	700	232	468	525	220	305
Share based compensation	82	27	55	30	13	17
EBIT	135	1909	(1774)	(1409)	539	(1948)
EBIT Margin	1,6%	25,2%	N/A	$-17,6%$	7,0%	N/A
HQ, Litigation expenses	292			478
HQ, Settlement received	0			(1844)
HQ, Share based compensation	38			27
HQ, Other	282			172
Headquarters costs	612			(1.167)
EBIT, total	(477)			(242)

•Operating expenses lowered due to organizational structural improvements in 2015
•Depreciations increase as data center products are launched into the market

Cash FlowStatement

• Positive cash flow fromlast 4 quarters
• Solidcash position is ^a positive factor when partnering with multinational OEM's in pursuit of growth

Balancesheet

( ) 's U S D 0 0 0	Q 2 2 0 1 6	Q 1 2 0 1 6	Q 4 2 0 1 5	Q 3 2 0 1 5	Q 2 2 0 1 5
l To ta t ts n on ‐c ur re n a ss e	3 7 1 5	3 5 8 0	3 5 3 6	3 2 8 4	3 2 9 8
In ie to ve n r s	1 2 6 8	1 4 1 7	1 8 6 7	1 9 0 5	1 6 8 0
b les Re iva ce	6 4 4 3	5 6 7 8	9 3 6 6	6 6 0 9	7 0 9 5
h d le Ca iva ts s an eq u n	1 5 5 7 7	1 4 7 3 4	1 3 0 6 0	1 2 2 1 6	1 1 6 6 4
l To ta t ts c ur re n a ss e	2 3 2 8 8	2 1 8 8 3	2 4 2 1 2	2 0 4 1 5	2 0 4 3 9
l To ta ts a ss e	2 7 0 0 3	2 5 4 6 3	2 7 7 4 8	2 3 6 9 9	2 3 7 3 7
l i To ta ty e q u	1 8 8 9 6	1 9 3 0 6	1 8 6 4 6	1 6 2 2 0	1 8 6 1 7
l l ia b i l i ie To ta t t n on ‐c ur re n s	2 8 1	2 4 7	2 9 5	2 8 9	2 4 7
l l b l To ia i i ie ta t t c ur re n s	7 8 8 9	5 9 1 0	8 8 4 3	7 1 9 0	5 6 2 9
l l b l To ia i i ie ta t s	8 1 0 7	6 1 5 7	9 1 0 2	7 4 7 9	5 8 7 6
l d l b l To i ia i i ie ta ty t e q u an s	2 7 0 0 3	2 5 4 6 3	2 7 7 4 8	2 3 6 9 9	2 3 7 3 7

Inventory turns: ~15 times per year

Onlevel with recent quarters
Trade receivables DSO: ~58 days at Q2 2016
Increasedas expected over Q1 2016
Trade payables DPO: ~96 days at Q2 2016
High due to higher activity at the end of quarter

2016business outlook per segment

• FY 2016revenue expectations has solidified
• Expects desktop revenue above \$37m, equal to more than 10% growth
• Revenue variability by quarter is expected tocontinue.
• Experienced revenue growth from GPU cooling products in recent quarters, will pursue further advancement of this market

Q3 gross margins expected to approximate Q2

Desktop segment Data center segment

• Significant revenue growth in 2016 vs. 2015 level of\$1.9m
• Revenue and operating results expected to fluctuate as partnerships with large OEMs aredeveloped
•Q2 desktop segment revenue as expected, data center segment growing
• Positive EBITDA and cash flowlast 4 quarters
•Largest OEM order to date received from Fujitsu for data center installation in Japan
• Positive FY 2016outlook, expecting revenue growth from record 2015 level

Incomestatement

( 's ) Fig in US D 00 0 ur es		Q 2 20 16	* Q 2 20 15	1H 20 16	* 1H 20 15	20 15
	Un	dit ed au	dit ed Un au	dit ed Un au	dit ed Un au
Re ve nu e	\$	8 35 6	\$ 8 01 0	\$ 18 76 0	\$ 13 54 8	\$ 35 98 2
Co f s les st o a		18 0 5	81 6 5	52 2 11	9 32 6	23 0 57
f it Gr os p s ro		3 17 6	2 19 4	7 23 8	4 22 2	12 41 2
h d de lop Re nt se arc a n ve me		84 9	1 06 7	1 55 6	2 08 4	3 93 8
l lin l a d a dm Se ini ive str at g, g en era n		2 80 4	3 21 3	5 53 9	6 38 3	12 64 1
he Ot inc r om e		‐	( ) 1 84 4	‐	( ) 1 84 4	( ) 1 84 4
l To ing ta at o p er ex p en se s		3 65 3	2 43 6	7 09 5	6 62 3	14 73 5
Op ing inc at er om e		( ) 47 7	( ) 24 2	14 3	( ) 2 40 1	( ) 2 32 3
ha ( los ) g Fo ig in re n e xc ng e s a		11 8	61 0	( ) 84	23 2	30 5
Fin ts an ce os c		( ) 9	( ) 17	( ) 23	( ) 32	( ) 67
l f l ( ) To ina ia inc ta nc om e ex p en se s		10 9	59 3	( ) 10 7	20 0	23 8
be fo Inc tax om e re		( ) 36 8	35 1	36	( ) 2 20 1	( ) 2 08 5
(ex ) be fit Inc t om e ax p en se ne		( ) 19	( ) 6	( ) 32	( ) 11	43 8
fo he d Inc io r t om e p er		( ) 38 7	34 5	4	( ) 2 21 2	( ) 1 64 7
he he ha be las sif ied Ot nsi inc e it s t t m c r om pre ve om em ay rec rof r lo ub ds: it o in s rio to nt p ss seq ue pe lat d Fo ig ion ju tra stm ts re n c ur ren cy ns a en		( ) 14 9	( ) 25 0	10 0	37 8	18 1
l he To ive inc ta c om p re ns om e	\$	( ) 53 6	\$ 95	\$ 10 4	\$ ( ) 1 83 4	\$ ( ) 1 46 6

ha ( in ): Inc U SD om p e er s re
Ba ic s	\$	( ) 0.0 2	\$ 0.0 1	\$ 0.0 0	\$ ( ) 0.0 9	\$ ( ) 0.0 7
lut d Di e	\$	( ) 0.0 2	\$ 0.0 1	\$ 0.0 0	\$ ( ) 0.0 9	\$ ( ) 0.0 7

*Interim2015 results have been restated as described in Note 5.

BalanceSheet

( 0's ) Fig s i US D 00 ure n	30 Jun 20 16 e	31 De c 2 01 5
AS SE TS	dit ed Un au
No t ts n‐c urr en a sse
ibl Int ts an g e a sse	\$ 1 86 4	\$ 1 85 2
d e ipm Pro rty t pe an qu en	1 26 7	1 18 8
he Ot ts a r sse	58 4	49 6
tal To nt ts n on ‐cu rre a sse	7 3 15	3 5 36
Cu nt ts rre a sse
Inv to en ry	1 26 8	1 7 86
Tra de iva ble nd th r ece s a o er	6 44 3	9 36 6
sh nd h e len Ca iva ts a cas qu	15 57 7	13 06 0
To tal t ts c urr en a sse	23 28 8	24 21 2

tal To ts a sse	\$ 27 00 3	\$ 27 74 8
EQ UIT Y AN D LIA BIL ITI ES
uit Eq y
Sh l ita are c ap	\$ 41 6	\$ 41 6
Sh ium are p rem	76 68 6	76 66 5
lat ed de fic Ac it cu mu	( ) 58 50 4	( ) 58 63 3
lat ion nd he Tra ot ns a r r ese rve s	29 8	19 8
tal To ity e qu	18 89 6	18 64 6
lia bil No itie t n‐c urr en s
Lo de bt ‐te ng rm	21 8	25 9
tal lia bil itie To nt n on ‐cu rre s	21 8	25 9
Cu lia bil itie nt rre s
Sh de bt ort ‐te rm	38 7	37 5
ed lia bil itie Ac cru	13 8 1	86 2
s ed be fit Ac ati &	81 4	1 27 2
loy cru c om pe ns on em p ee ne s de ab les Tra	5 5 50	6 33 4
p ay tal lia bil To itie t urr en s	7 88 9	8 84 3
c
tal lia bil itie To s	8 10 7	9 10 2
tal d lia bil To ity itie e qu an s	\$ 27 00 3	\$ 27 74 8

Equity

dit d Un au e
	S ha re	S ha re	lat ion Tr an s	Ot he r	Ac lat d cu m u e
( 's ) F ig in U S D 0 0 0 ur es	l ita ca p	ium p re m	re se rv es	re se rv es	de f ic it	l To ta
Eq ity Ja 1, 2 0 1 6 at u nu ar y	\$ 4 1 6	\$ 7 6, 6 6 5	\$ 2 0 7	\$ ( ) 9	\$ ( ) 5 8, 6 3 3	\$ 1 8, 6 4 6
l he hs de d To ive inc ix Ju 3 0, 2 0 1 6 ta t c om p re ns om e ‐ s m on en ne
fo In he io d t co me r p er	‐	‐	‐	‐	4	4
ig lat io d j Fo tra tm ts re n cu rre nc y ns n a us en	‐	‐	1 0 0	‐	‐	1 0 0
l he ive in ix hs de d 3 0, 2 0 6 To Ju 1 ta nt c om p re ns co me s mo en ne ‐	‐	‐	0 0 1	‐	4	0 1 4
ion it h ix hs de d 3 0, 2 0 6 Tr Ju 1 ct t an sa w s ow ne rs ‐ s m on en ne
ha iss d S re s ue	‐	2 1	‐	‐	‐	2 1
ha ba d S nt re se p ay me ex p en se	‐	‐	‐	‐	1 2 5	1 2 5
h hs de d Tr io it ix Ju 3 0, 2 0 1 6 ct nt an sa ns w ow ne rs ‐ s mo en ne	‐	2 1	‐	‐	1 2 5	1 4 6
ity 3 0, 2 0 6 Eq Ju 1 at u ne	\$ 4 1 6	\$ 7 6, 6 8 6	\$ 3 0 7	\$ ( ) 9	\$ ( ) 5 8, 5 0 4	\$ 1 8, 8 9 6
Un dit d au e
ity Ja 1, 2 0 1 Eq at 5 u nu ar y	\$ 2 6 4	\$ 6 4, 4 1 5	\$ 2 6	\$ ( ) 1 2	\$ ( ) 3 0 5 7, 7	\$ 4 2 2 7,
l he hs de d To ive inc ix Ju 3 0, 2 0 1 5 ta t c om p re ns om e ‐ s m on en ne
fo he * Lo io d t ss r p er	‐	‐	‐	‐	( ) 2, 2 1 2	( ) 2, 2 1 2
ig lat io d j Fo tra tm ts re n cu rre nc y ns n a us en	‐	‐	3 8 7	‐	‐	3 8 7
l he ive in ix hs de d 3 0, 2 0 To Ju 1 5 ta nt c om p re ns co me s mo en ne ‐	‐	‐	3 8 7	‐	( ) 2, 2 2 1	( ) 8 3 1, 4
ion it h ix hs de d Tr Ju 3 0, 2 0 1 5 ct t an sa w s ow ne rs ‐ s m on en ne
ha iss d S re s ue	1 5 2	1 2, 7 9 9	‐	1	‐	1 2, 9 5 2
Les iss ts s: ua nc c e os	‐	( ) 8 2 9	‐	‐	‐	( ) 8 2 9
ha ba d S nt re se p ay me ex p en se	‐	‐	‐	‐	1 5 0	1 5 0
h hs de d Tr io it ix Ju 3 0, 2 0 1 5 ct nt an sa ns w ow ne rs ‐ s mo en ne	1 5 2	1 1, 9 7 0	‐	1	1 5 0	1 2, 2 7 3
ity 3 0, 2 0 Eq Ju 1 5 at u ne	\$ 6 4 1	\$ 6, 2 7 4 1	\$ 0 4 4	\$ ( ) 1 1	\$ ( ) 9, 3 6 9 5	\$ 8 6 1 7, 1