Zalaris

Interim / Quarterly Report • Aug 22, 2014

Service Excellence, Quality-Focused Processes and Employees – Our Key Asset

Interim Report April – June 2014

KEY FIGURES Q2 AND YTD 2014

	2014	2013	2014	2013	2013
All figures in NOK 1000	Apr-Jun	Apr-June	Jan-Jun	Jan-Jun	Jan-Dec
Revenue	71 051	58 662	145 186	118 198	262 216
Growth (YOY)	21.1%	8,7%	22,8%	5,5%	15,8%
Operating profit excl. one off IPO related costs*	3 1 7 5	1767	11 627	7839	24 6 16
Operating profit margin excl. IPO related costs	$4.5\%$	3.0%	8.0%	6,6%	9,4%
Operating profit	(479)	1767	7972	7839	24 616
Operating profit margin	$-0.7%$	3.0%	5.5%	6.6%	9.4%
Ordinary Profit before tax	(1066)	592	7 137	6 2 3 9	23 5 34
Profit for the period	(778)	432	5 2 1 0	4 5 5 5	17089
Net cash from operating activities	(3810)	2623	(3 217)	3098	21 939
Headcount end of the period	415	363	415	363	391
*One off IPO related costs	3655		3655

HIGHLIGHTS Q2 2014

• Revenue grew YOY according to expectations by 21.1% compared to Q2 2013 to NOK 71.1 mill and YTD of NOK 145.2 mill equivalent to a YOY growth of 22.8%.
• Operating profit (EBIT) before IPO related costs NOK 3.2 million and 4.5%. Year to date EBIT according to expectations of 8.0%.
• Successfully listed on the Oslo Stock exchange in June securing high quality investor base.
• Signed a five-year agreement for the provision of transactional HR services to 23000 employees of Statoil ASA that will have revenue impact from Q3.
• Successful go-live of payroll services for TeliaSonera's 4000 employees in Finland on the Zalaris cloud platform.
• Initiating strengthening of sales function to handle market demand.
• Strengthened board with members from all Nordic countries reflecting our ambitions.

2014 – Advancing Customer Satisfaction and Profitable Growth

"We are ready to advance Zalaris' proven business model in the fast-growing enterprise market for quality outsourced HR solutions. It's ideal timing for our pending IPO on the Oslo Stock Exchange as demand continues to rise for the service levels and cost savings we consistently deliver."

Hans-Petter Mellerud, CEO

Insights from the CEO

Zalaris concluded the second quarter of 2014 in line with our expectations for the period and on track with fiscal objectives for the year. In addition to growing revenue YOY to 21.1%, we increased profitability compared to Q2 2013. This resulted in revenue of NOK 71.1 million and an EBIT (before one off IPO related costs) of NOK 3.2 million for the quarter. Recurring revenue remained stable from Q1 and variations were mainly in revenue from external consulting engagements. Revenue and EBIT for the first half year was NOK 145.2 and NOK 11.6 million.

In April we signed a five year agreement with leading energy company Statoil ASA to deliver a number of transactional HR services to their 23'000 global employee base. The project responsible for transitioning the services from Statoil to Zalaris started in April. Services to Statoil will commence on August 1 st with revenue impact from that date. As a result of the Statoil deal, we are establishing a service center in Stavanger that will focus on delivering outsourced payroll and HR services to the North Sea oil industry.

Our HRO and Consulting practices are still fully engaged with new large enterprise customers. In June we went live with our new cloud based SAP powered solution for TeliaSonera in Finland, Nordea Life and Pension in Denmark and Lemminkäinen in Norway. Go-Live for Telenor Sweden is scheduled for September.

Our Service operations continued its focus on improving quality and service further. As an important mean a separate operations development group was established to be responsible for identifying and managing service operations wide improvement projects including productivity increasing measures.

Overall market response to our services still remains

strong. At the end of Q2 we signed a Letter of Intent with a well know Norwegian company for the provision of full service payroll and HR services to their around 1200 employees. The corresponding transformation project has started and we expect a final agreement to be in place and communicated in the near future.

Our pipeline of deals is strong with a number of large opportunities in various stages. There is significant upsell and expansion potential with existing customers. A handful of the prospective new customers have large Nordic and Northern European employee bases in the range of 15000 to 30000 employees.

Going forward we are working on strengthening our sales organization to further enhance our presence in the markets that we operate.

Zalaris listed on the Oslo Stock Exchange on the 20th of June at an offer price of NOK 23 per share. At this level the offering was more than 5x subscribed and secured us around 650 shareholders headed by a very strong institutional investor base including high quality International and Nordic long-only funds. At the end of Q2 share price had increased with12.6% to NOK 25.9 per share. As the IPO process naturally demanded much attention from Zalaris management and key resources – we are excited about normalizing the situation – again being able to focus on serving our customers and delivering on expectations.

Hans-Petter Mellerud, CEO

Revenue and Profit/Loss

Revenue

Total revenue amounted to NOK 71.1 million in Q2 2014, an increase of 21.1% compared to the same period in 2013. The total revenue decreased compared to Q1 2014. This reflects normal seasonal variations and a higher number of public holidays and vacationdays in Q2 compared to Q1.

Zalaris' revenue related to the HR Outsourcing business, increased 25% compared to Q2 2013. Q2 2014 revenues were 4% lower compared to Q1 2014. The main reason was seasonal variations in payroll services related to year-end tasks having a positive impact on HR Outsourcing revenues in Q1 and Q4. On the compensating side, in Q2 the HR Outsourcing business unit delivered an increased number of change orders which gave a positive development of additional invoicing.

Consulting revenue amounted to 1.9 MNOK in Q2 2014. The group has continiously had high usage of consulting capacity in implementation projects for new customers and change orders for existing customers, which limited external selling by the Consulting unit. This in addition to a higher number of public holidays and vacationdays in Q2 compared to Q1, explain low consulting revenue.

Profit/loss

Group operating profit before extraordinary one off IPO costs amounted to NOK 3.2 million in the second quarter, equivalent to an operating margin of 4.5%. This is an increase of NOK 1.4 million compared to the same period last year. The operating profit equals NOK -0.5 million equivalent to -0.7% operating margin.

Extraordinary IPO costs amounting to NOK 3.7 million are one off costs related to our IPO process and mainly include legal and accounting services, listing fee and management fee to advisors.

Net financial items for the second quarter amounted to NOK -0.6 million. The result for Q2 2014 after tax is NOK -0.8 million. Equivalent figures for the first quarter of 2013 were net financial NOK -1.2 million and profit after tax NOK 0.4 million.

Revenue per region

Business unit – HR Outsourcing

Zalaris experiences continuous growth and currently has offices covering the Nordics, Baltics and Poland. In the second quarter of 2014, 97% of the total revenue was generated in the Group's HR Outsourcing business unit. This represents a 3 % increase compared to the same period in 2013.

In Q2 2014, 99% of Zalaris' outsourcing revenues resulted from our Nordic subsidiaries with the following split: Norway 43%, Sweden 20%, Denmark 20% and Finland 16%.

Compared to Q1 2014, Q2 2014 revenue remained relatively stable for Norway, Denmark and Finland while Sweden experienced a seasonal decrease mainly due to high level of invoicing related to year-end tasks in Q1.

Especially Norway but also Finland had a high level of revenues from change orders in Q2 which more than neutralized the negative impact of seasonal variations.

Business unit - Consulting

Consulting revenues in Q2 2014 reflects that consulting capacity has been heavily involved with customer implementation projects related to growth and high inflow of new customers in the previous quarters.

The contribution to total external revenue from the Consulting business unit was 3% in the second quarter of 2014, amounting to NOK 1.9 million. This is a decrease from the same period last year in which the contribution to total external revenue amounted to NOK 3.5 million or 6% of total revenue for the Group. The norwegian Consulting unit contributes with 75 % of all consulting revenue in Q2 and continues to be the main contributor of consulting revenue in Zalaris Group.

The consulting revenue in Q2 2014 decreased in all the Nordic countries compared to Q2 2013. In 2013 the norwegian Consulting unit used external consultants to deliver services generating external consulting revenues. In addition the high utilization of consulting capacity used on implementation projects for new HR outsourcing customers and the contributiion from consulting capacity to a high level of revenues from change orders in the HR Outsourcing business unit, explains the decrease in consulting revenues.

Employees

The Group had a headcount of 415 (of which 33 were employed by Zalaris' provider of offshore services), equivalent to an increase of 14% from 363 (of which 33 were employed by Zalaris' provider of offshore services) at the end of Q2 2013. The number of FTEs (Full Time Equivalents) at the end of Q2 2014 was 395, compared to 331 FTEs at the end of Q2 2013.

The increase in the number of resources in the HR Outsourcing business unit in Q2 is mainly caused by the establishment of a separate operations developmemt group to focus on increased quality and productivity in our outsourcing service processes.

Headcount in the Consulting business unit increased by 25 compared to Q2 2013 to 82 employees at the end of Q2 2014. The growth is a result of expansion of HR outsourcing services for customers in Poland and in the Baltics and thus a new consulting group in Poland, the built up of a new consulting group in Denmark and minor growth in the other Nordic consulting units due to high activity related to new customer implementation projects.

Cash flow and investments

Cash flow from operating activities amounted to NOK -3.8 million (NOK 2.6 million 2013) for the second quarter. Included in this number are the costs of activities related to customer implementation projects from new outsourcing contracts amounting to -7.0 million (NOK -0.4 million 2013).

Zalaris invoices their customers on a monthly basis and mainly the last day of a month. Thus Zalaris experience a high number of incoming payments the first 10 workingdays in the following month of a closing period. Outstanding receivables with due date end of Q2 2014 amounted to NOK 12 million, whereof NOK 10 million was paid during the first 10 workingdays in July.

Cash and cash equivalents amounted to NOK 47.5 million (NOK 2.6 million 2013) at the end of the quarter. The Group has an unused credit facility of NOK 15 million.

The Group made investments of NOK 2.8 million during the quarter. The investments relate to IT functionality for improved efficiency in service deliveries and SAP licences for own users. In addition our service center in Poland moved into a new office which required investments for office equipments

Equity

The equity by the end of the second quarter was NOK 91.3 million, which corresponds to an equity ratio of 53.6%. The equity by the end of second quarter 2013 was NOK 29.8 million, equivalent to 26.1%.

Outlook

Zalaris is well positioned to maintain the growth rate achieved over the last years. We experience an increasing interest in our services from large blue chip organizations that are looking for innovative ways to deliver cost effective services and at the same time serving their employees with efficient processes. We are strengthening our sales and business development activities to address the opportunities in the market.

Key to market success is our ability to deliver quality services from a low cost base. As quality and profitability goes hand in hand we are through our operations development initiatives focusing on further improving quality through standardization of processes and increased use of IT supported electronic work flows and automation. At the same time we have defined clear targets on how we utilize near- and offshore to deliver certain personnel intensive processes at an optimal cost level whilst keeping close proximity and local language dialogue through our onshore local language service centers.

Thus our key focus for the short and medium term will be to focus on delivering upon our customers' expectations, profitable growth and at the same time work to optimize our cost levels with the intent of becoming the Northern European market leader.

Oslo, August 21, 2014 Board of Directors

This interim report was not reviewed by the Company's auditors

Interim consolidated condensed financial statements

		2014	2013	2014	2013	2013
(NOK 1000)	Notes	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
		unaudited	unaudited	unaudited	unaudited
Revenue	2	71 051	58 662	145 186	118 198	262 216
Operating expenses
License costs		2662	2 5 6 0	5 144	4 7 8 7	12 881
Personell expenses	3	42 361	33 311	83 771	64 820	139 178
Other operating expenses		17 224	14 4 29	33 831	27 362	60 601
Depreciations		184	188	368	376	811
Amortisation intangible assets	4	1609	1909	3 0 6 9	3 9 9 9	7 148
Amortisation implementation costs customer projects	5	3 8 3 6	4498	7 3 7 6	9017	16 981
IPO related one off costs		3655		3655
Total operating expenses		71 531	56 895	137 214	110 360	237 600
Operating profit		-479	1767	7972	7839	24 616
Financial items
Financial income		98	152	293	566	3708
Financial expense		$-684$	$-1328$	$-1129$	$-2165$	-4 790
Net financial items		$-586$	$-1175$	$-835$	$-1600$	$-1083$
Ordinary profit before tax		$-1066$	592	7 137	6 2 3 9	23 534
Income tax expense
Tax expense on ordinary profit		$-288$	160	1927	1685	6445
Total tax expense		$-288$	160	1927	1685	6 4 4 5
Profit for the period		$-778$	432	5 2 10	4 5 5 5	17 089
Profit attributable to:
- Owners of the parent		$-1054$	64	4 3 0 3	3 5 0 9	15 776
- Non-controlling interests		276	368	907	1 0 4 5	1 3 1 3
Earnings per share:
- Basic and diluted - NOK		$-0.01%$ $-0.07$	0.00% 0.02	0.03% 0.28	0.10% 1.04	0.47% 4.68

		2014	2013	2014	2013	2013
(NOK 1000)	Notes	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
		unaudited	unaudited	unaudited	unaudited
Profit for the period		-778	432	5 2 1 0	4 5 5 5	17 089
Other comprehensive income
Items that will be reclassified to profit and loss in subsequent periods
Currency translation differences		$-637$	$-888$	$-1200$	$-550$	$-1188$
Total other comprehensive income		$-637$	$-888$	$-1200$	-550	$-1188$
Total comprehensive income		$-1415$	-456	4 0 1 0	4 0 0 4	15 901
Total comprehensive income attributable to:
- Owners of the parent		$-1690$	-823	3 103	2959	14 588
- Non-controlling interests		276	368	907	1045	1 3 1 3

		2014	2013	2013
(NOK 1000)	Notes	30. Jun	30. Jun	31. Dec
ASSETS		unaudited	unaudited
Non-current assets
Intangible assets
Deferred tax asset		5 2 6 0	7875	5 5 1 3
Other intangible assets	4	23 111	23 349	22 685
Total intangible assets		28 371	31 224	28 198
Fixed assets
Office equipment		249	442	380
Property, plant and equipment		2 0 8 4	1518	1788
Total fixed assets		2 3 3 2	1960	2 168
Total non-current assets		30 704	33 185	30 366
Current assets Trade accounts receivable			60 807	54 934
Customer projects	5	54 299	12 805	18 836
Other short-term receivables		29 321	4 4 9 4	4880
Cash and cash equivalents		8411	2646	10 802
Total current assets		47 540 139 572	80 753	89 451
TOTAL ASSETS		170 275	113 938	119 817
EQUITY AND LIABILITIES
Equity
Paid-in capital
Share capital		1912	339	339
Own shares - nominal value		$-6$	0	-6
Share premium		67498	18 44 1	18 442
Total paid-in capital		69 404	18781	18 774
Retained earnings			7538	18 122
Equity attributable to equity holders of the parent		18 159 87 563	26 319	36 896
Non-controlling interests		3697	3470	3421
Total equity		91 260	29 789	40 317
Non-current liabilities
Deferred tax		2 9 9 9	2 3 0 8	1 3 0 6
Interest-bearing loans and borrowings		1 0 4 7	2 2 0 1	3 1 3 6
Employee defined benefit liabilities		394	535 5 0 4 3	44
Total long-term debt		4 4 4 0		4 4 8 6
Current liabilities
Trade accounts payable		8697	10 886	11 932
Interest-bearing loan from shareholders		0	9 0 0 0	0
Income tax payable		3 2 7 4	2 2 8 0	3 2 7 4
Public duties payable		20 897	17 561	18 884
Other short-term debt		41708	39 380	40 924
Total short-term debt		74 575	79 106	75 013
Total liabilities		79 015	84 150	79 500
TOTAL FOULTY AND LIABILITIES		170 275	113 938	119 817

		2014	2013	2014	2013	2013
(NOK 1000)	Notes	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
		unaudited	unaudited	unaudited	unaudited
Operating profit		-479	1767	7972	7839	24 6 16
Depreciation		186	191	369	379	811
Amortisation intangible assets		1610	2 0 1 6	3 0 7 0	4 10 6	7 148
Amortisation implementation costs customer projects		3 8 3 6	4498	7 3 7 6	9 0 1 7	16 981
Customer projects		$-7033$	$-385$	$-17490$	$-9242$	$-23237$
Taxes paid		493	$-346$	$-1674$	$-1937$	$-3341$
Changes in accounts receivable and accounts payable		$-4291$	$-15228$	$-2600$	$-18202$	$-11283$
Changes in other short term debt and disposals		1868	10 109	$-241$	11 139	10 244
Net cash flow from operating activities		$-3810$	2623	$-3217$	3 0 9 8	21 939
Cash flows from investing activities
Purchase of fixed and intangible assets		$-2803$	$-3803$	$-4051$	$-5125$	$-8965$
Net cash flow from investing activities		$-2803$	$-3803$	-4 051	$-5125$	-8 965
Cash flows from financing activities
Net financial items		$-586$	$-1175$	$-835$	$-1600$	$-1083$
Purchase of own shares						$-6$
Proceeds from issue of new borrowings						1493
Repayments of borrowings		$-1626$	$-1387$	$-2090$	$-1818$	$-9306$
Changes in factoring debt					$-113$	$-113$
Dividend payments to non-controlling interest						$-1.362$
Proceeds from issue of new shares		49 274	$\overline{\phantom{a}}$	49 274
IPO Costs of equity		$-2342$		$-2342$
Net cash flow from financing activities		44 720	$-2562$	44 007	$-3531$	$-10377$
Net changes in cash and cash equivalents		38 107	$-3742$	36 738	$-5558$	2 5 9 8
Cash and cash equivalents at the beginning of the period		9433	6 3 8 8	10 802	8 2 0 4	8 2 0 4
Cash and cash equivalents at the end of the period		47 540	2646	47 540	2646	10 802
Unused credit facilities		15 000	14 093	15 000	14 093	15 000

	Share capital	Own shares	Share premium	in equity	Total paid- Cumulative translation differences	Other equity	Non- controlling interests	Total equity
(in NOK 1000)
Equity at 31.03.2014	339	-6	18 442	18774	$-979$	23893	4 0 5 3	45742
Profit of the year						$-1054$	276	-778
Other comprehensive income					$-637$			$-637$
Other changes				۰
Transaction costs related to IPO						$-2342$		$-2342$
Issue of new shares	49 274			49 274				49 274
Equity at 30.06.2014 (unaudited)	49 613	-6	18 442	68 048	$-1615$	20 498	4 3 2 8	91 260
Equity at 31.03.2013	339	٠	18 441	18781	1 1 1 1	6 205	4 147	30 244
Profit of the period						64	368	432
Other comprehensive income					$-888$			-888
Other changes
Purchase/sale of own shares (net)
Dividend
Equity at 30.06. 2013 (unaudited)	339	۰	18 441	18781	223	6 2 6 9	4515	29 789

Notes to the interim consolidated condensed financial statements

(NOK 1.000)	HR Outsourcing	Consulting	Unallocated	Total
Revenue	140 877	4 3 1 0		145 187
Operating expenses	131 133	2427		133 559
Operating profit	9 744	1883		11 627
Net financial items			$-835$	$-835$
Extraordinary IPO related one off costs			$-3655$	$-3655$
Income tax			$-1927$	$-1927$
Segment profit	9 7 4 4	1883	$-6417$	5 2 1 0
Cash flow from investing activities			$-4.051$	$-4051$

(NOK 1.000)	HR Outsourcing	Consulting	Unallocated	Total
Revenue	110 375	7824		118 199
Operating expenses	105 016	5 3 4 4		110 360
Operating profit	5 3 5 9	2480		7839
Net financial items			$-1600$	$-1600$
Income tax			$-1685$	$-1685$
Segment profit	5 3 5 9	2480	$-3284$	4 5 5 5
Cash flow from investing activities	٠		$-5125$	$-5$ 125

(NOK 1.000)	HR Outsourcing	Consultina	Unallocated	Total
Revenue	246 663	15 5 5 4		262 216
Operating expenses	224 882	12 718		237 600
Operating profit	21 781	2836		24 617
Net financial items			$-1083$	$-1083$
Income tax			$-6445$	$-6445$
Segment profit	21 781	2836	-7 527	17 089
Cash flow from investing activities	$\overline{\phantom{a}}$		$-8965$	$-8965$

		2014		2013		2013
(NOK 1000)	as % of total	Apr-Jun	as % of total	Apr-Jun	as % of total	Jan-Dec
Norway	44 %	31 4 16	46 %	26 992	47 %	122 648
Sweden	20 %	14 369	22 %	12 648	22 %	58 949
Denmark	19 %	13 398	17 %	10 141	17%	44 508
Finland	15 %	10 787	14 %	8 2 7 5	13 %	34 4 15
Other	2%	1082	$\%$	606	$\frac{9}{6}$	1697
Total	100 %	71 051	100 %	58 662	100 %	262 217

		2014		2013		2013
(NOK 1000)	as % of total	Apr-Jun	as % of total	Apr-Jun	as % of total	Jan-Dec
5 largest customer	49 %	34 638	48 %	27 907	42 %	110 733
10 largest customer	68 %	47 971	63 %	36 716	60 %	158 140
20 largest customer	83 %	58 670	77 %	45 401	76 %	199 551

	2014	2013	2013
(NOK 1000)	Jan-Jun	Jan-Jun	Jan-Dec
Salary	81 605	60 376	132 459
Bonus	3 0 5 1	2 2 7 9	4 3 6 4
Social security tax	10 196	7649	17 452
Pension costs	7 5 2 7	5 706	12 899
Other expenses	3 1 1 6	2026	6 5 3 2
Capitalised development expenses	$-1437$	$-1601$	$-3066$
Capitalised implementation costs customer projects	$-20287$	$-11616$	$-31461$
Total salary expenses	83 771	64 820	139 178
Average number of employees:	369	304	328
Average number of FTEs	344	263	298

(NOK 1000)	Licenses and software	Internally developed software	Internally developed software under construction	Total
Book value 01.01.2013	8 0 0 4	11 498	2 7 1 4	22 216
Additions of the period	1898	2 2 8 8	5 6 4 2	9828
Disposals and currency effects in the period	403	$-325$	$-2288$	$-2210$
This periods ordinary amortisation	$-2452$	$-4696$		$-7148$
Book value 31.12.2013	7852	8765	6 0 68	22 686
Book value 01.01.2014	7 8 5 2	8765	6 0 68	22 686
Additions of the period	1 140	5711	2 3 6 1	9 2 1 3
Disposals and currency effects in the period	$-3$	$-3$	$-5711$	$-5717$
This periods ordinary amortisation	$-1330$	$-1741$		$-3070$
Book value 30.06.2014	7660	12 733	2 7 18	23 111
Book value 01.01.2013	8 0 0 4	11 498	2 7 1 4	22 216
Additions of the period	1 603	2 2 3 9	3 2 8 6	7 127
Disposals and currency effects in the period	634	$-283$	$-2239$	$-1888$
This periods ordinary amortisation	$-1419$	$-2687$		$-4106$
Book value 30.06.2013	8820	10767	3761	23 349
Useful life	5-10 years	5 years

	2014	2013	2013
(NOK 1000)	Jun	Jun	Dec
Deferred costs related to customer projects	66 148	39 874	53 584
Deferred revenue related to customer projects	$-36.826$	-27 069	$-34749$
Net customer implementation costs	29 321	12 805	18 836

Statement from the Board of Directors

We confirm that, to the best of our knowledge, that the condensed interim financial statement for the first half year of 2014 has been prepared in accordance with IAS 34 Interim reporting and gives a true and fair view of the Group's consolidated assets, liabilities, financial position and results of operations and that the report for the first half year includes a fair review of the information mentioned in the Securities Trading Act § 5-6, section four.

Oslo, August 21, 2014 Board of Directors

The quarter in pictures

Zalaris' employee, Øyvind Flatla, wins the Norwegian 2014 Air Rifle Championship. He goes all in for the Olympics in Rio de Janeiro in 2016.

Statoil chooses Zalaris to deliver Global HR processes for travel, employee master data and reconciliations for approx. 23'000 employees.

Marit Bjørgen participates on Team Zalaris for the Holmenkollen Relay, thanks to our partnership with AKTIV against cancer.

Zalaris ASA launches Initial Public Offering. Hans-Petter Mellerud presents Zalaris at Hegnar TV.

Team Zalaris participates in the bicycle race Lofoten Insomnia with good results.

Zalaris begins trading on the Oslo Stock Exchange.

For questions, please contact

Nina Stemshaug

CFO nina.stemshaug@zalaris.com +47 982 60 394

Hans-Petter Mellerud CEO hans-petter.mellerud@zalaris.com +47 928 97 276

Zalaris ASA Hovfaret 4B 0275 Oslo Norway

Financial information

Interim report July – September October 30, 2014

All financial information is published at Zalaris' website www.zalaris.com investor relations.

Financial reports can also be ordered from Zalaris ASA PO Box1053 Hoff 0218 Oslo Norway

or by e-mail: ir@zalaris.com