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.

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 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 circumstances, create any implication that there has been no change in the affairs of the Company since the date of thePresentation.

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.

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. 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 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 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 Presentationmay 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).

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. Ifyou are in doubt about the contents of this Presentation, you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.

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

Highlights

• Strong revenues, driven by quarterly desktop revenue growth of 75%YOY
• Market adoption continued: Surpassed >3m shipped sealed loop coolers since inception in Q1
• Data center revenue ramped up on initial shipments of products to new OEMcustomer Penguin
• Third consecutive quarter of net profit and positive EBITDA

Desktop customer Corsair and new data center customerPenguin drivers behind Q1

Desktop strategy recap: Continue to dominate

Desktop segment continues to thrive in challenging PC industry

•Significant Q1 demand within do‐it‐yourself (DIY) segment
•High volume shipments to Asetek's largest customer Corsair
•Gaming/ Performance segment also improved vs. Q1'15
• Growthin the graphics cooling market
• 2 newproducts began shipping
• Workstationdeclined vs. Q1'15
• Dell workstationstill in ramp‐up mode

Shipped 188,000 desktop units in Q1

Adoption reaching scale: >3m sealed loop coolersshipped since inception

Datacenter strategy recap: Increase adoption

• Strategy is to increase end‐user adoption within existing OEM customers and add new OEM customers

• The introduction of more advanced chips [CPUs, GPUs, …] over the next 1‐3 years will likely force most OEMs to stop procrastinating and figure out how they intend to help their Datacenter customers "doit better".

Agreement with Penguin yields largest server installation todate and revenue ramp up

Largest server installation todate being executed

• 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 national laboratories
• The resulting deployment will be one of the world's largest Open Compute‐ basedinstallations
• 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

Expecting \$1.5‐2.0m of revenue in2016

•Shipped \$0.8m of product under purchase agreement in Q1
• 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.

U.S. government contracts update

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	\$ 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 i i i i i i R 0 1 Q 1, t  e e n e o m n p r n c p a r o m e n g n e e r n g a s s o c a e v u y h h i i i C A B L L t t t t t c o n e r n g e s p e r c o m p e r a a r e n c e e r m o r e w v u u w v l b l d l i i i i N L t t t a o n a a o r a o r o q c o o n g y u f f h d h d l d b d l d T i i i t t t t t t t  e r s o w o a a c e n e r s s c e u e o e c o n v e r e o q u l d h i i i j t t t c o o n g u r n g s w o y e a r p r o e c b l h d h i i i i i j i E t t t t t t  x p e c n g s u s a n a n c r e a s e n r e v e n u e o n s p r o e c u r n g e b l f 2 0 1 6 a a n c e o
f f D D t t e p a r m e n o e e n s e ( ) S C E T P t t c o n r a c	\$ l T 2 4 M t t t t  o a c o n r a c a m o u n \$ d f h h h 2 0 i i i i i 2 0 1 3 2 0 1 6 M M t t  n v o c e r o m n c e p o n n r o u g a r c d l h l h k l h j i i P D D t t t t t t  r o e c p a s e e m p o r a r e e o o r s o r e o c a e e u y w w d f f j i i t t t t p r o e c o a e r e n s e h d d h f d b T i i i i i t t t t  e n e w s e w a s s e c u r e u r n g e r s q u a r e r a n s e n g f d l l h h d d i i i i i t t t t p r e p a r e o r s e r v e r n s a a o n, w c s e x p e c e o o c c u r m ‐ 2 0 1 6

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

\$
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
i
i
i
i
i
i
R
0
1
Q
1,
t

e
e
n
e
o
m
n
p
r
n
c
p
a
r
o
m
e
n
g
n
e
e
r
n
g
a
s
s
o
c
a
e
v
u
y
h
h
i
i
i
C
A
B
L
L
t
t
t
t
t
c
o
n
e
r
n
g
e
s
p
e
r
c
o
m
p
e
r
a
a
r
e
n
c
e
e
r
m
o
r
e
w
v
u
u
w
v
l
b
l
d
l
i
i
i
i
N
L
t
t
t
a
o
n
a
a
o
r
a
o
r
o
q
c
o
o
n
g
y
u
f
f
h
d
h
d
l
d
b
d
l
d
T
i
i
i
t
t
t
t
t
t
t

e
r
s
o
w
o
a
a
c
e
n
e
r
s
s
c
e
u
e
o
e
c
o
n
v
e
r
e
o
q
u
l
d
h
i
i
i
j
t
t
t
c
o
o
n
g
u
r
n
g
s
w
o
y
e
a
r
p
r
o
e
c
b
l
h
d
h
i
i
i
i
i
j
i
E
t
t
t
t
t
t

x
p
e
c
n
g
s
u
s
a
n
a
n
c
r
e
a
s
e
n
r
e
v
e
n
u
e
o
n
s
p
r
o
e
c
u
r
n
g
e
b
l
f
2
0
1
6
a
a
n
c
e
o

f
f
D
D
t
t
e
p
a
r
m
e
n
o
e
e
n
s
e
(
)
S
C
E
T
P
t
t
c
o
n
r
a
c

\$
l
T
2
4
M
t
t
t
t

o
a
c
o
n
r
a
c
a
m
o
u
n
\$
d
f
h
h
h
2
0
i
i
i
i
i
2
0
1
3
2
0
1
6
M
M
t
t

n
v
o
c
e
r
o
m
n
c
e
p
o
n
n
r
o
u
g
a
r
c
d
l
h
l
h
k
l
h
j
i
i
P
D
D
t
t
t
t
t
t

r
o
e
c
p
a
s
e
e
m
p
o
r
a
r
e
e
o
o
r
s
o
r
e
o
c
a
e
e
u
y
w
w
d
f
f
j
i
i
t
t
t
t
p
r
o
e
c
o
a
e
r
e
n
s
e
h
d
d
h
f
d
b
T
i
i
i
i
i
t
t
t
t

e
n
e
w
s
e
w
a
s
s
e
c
u
r
e
u
r
n
g
e
r
s
q
u
a
r
e
r
a
n
s
e
n
g
f
d
l
l
h
h
d
d
i
i
i
i
i
t
t
t
t
p
r
e
p
a
r
e
o
r
s
e
r
v
e
r
n
s
a
a
o
n,
w
c
s
e
x
p
e
c
e
o
o
c
c
u
r
m
‐
2
0
1
6

Revenuedevelopment

Q1'16 group revenue of \$10.4m driven by DIY desktop sales
Increase of 88%vs Q1'15
Q1'16 desktop revenue \$9.4m
Up 75% vs Q1'15
Reductioncompared to Q4'15 as anticipated
ASP's inQ1'16 10% higher than in Q1'15
Q4'15 data center revenue of \$1.0m
Primarily revenue from Penguin
Compares with \$0.2m in Q1'15; increase of >550%

Group revenue, USD thousands

Grossmargin and earnings development

Group gross margin incrased to 39.0% (36.6%)
Development as anticipated and due to richer product mix
Data center gross margin at 41.7% (45.0%)
Margins continue to move up and down due to variations in sales (government sales are often broken into man‐hour vs. materials deliveries with significant differences inmargins
Desktop EBITDA up to 29.8% (14.1%)
Driven by strong revenue growth and changes in overheadsstructure
Data center EBITDA
EBITDA fluctuates with revenue while investing in building OEM partnerships and developing the market
Thehigher revenue in Q1'16 leads to improved EBITDA

IncomeStatement

USD (000's)		Q1 2016		Q1 2015
	Group	Desktop	Data center	Group	Desktop	Data center
Revenue	10 404	9 4 1 4	990	5 5 3 8	5 3 8 7	151
Gross Margin	39.0%	38.8%	41.7%	36.6%	36.4%	45.0%
Other operating expenses	2 2 0 5	840	1 3 6 5	2756	1 200	1556
EBITDA adjusted	1857	2 8 0 9	952)	(728)	760	(1488)
Depreciations	615	212	403	486	228	258
Share based compensation	(8)	(3)	(5)	70	30	40
EBIT	1 250	2 600	(1350)	(1284)	502	(1786)
EBIT Margin	12.0%	27.6%	N/A	$-23.2%$	9.3%	N/A
HQ, Litigation expenses	369			620
HQ, Share based compensation	13			23
HQ, Other	248			232
Headquarters costs	630			875
EBIT, total	620			(2159)

Cash FlowStatement

USD (000's)	Q1 2016	Q4 2015	Q3 2015	Q2 2015	Q1 2015
Income (loss) for the period	391	2,315	94	(1499)	(2557)
Depreciation, amortization and impairment	615	721	658	525	486
Finance cost (income) and taxes	14	511	33	23	15
Share based compensation	5	121	50	57	93
Changes in current assets other than cash	4,181	(3,576)	(1423)	(1745)	(212)
Changes in payables and accrued liabilities	(3, 164)	1,888	1 2 8 4	802	269
Net cash provided (used) in operating activities	2042	1980	696	(1837)	(1906)
Additions to intangible assets and other assets	(465)	(378)	(356)	368)	(387)
Purchase of property and equipment & other	(129)	(550)	55)	99)	(178)
Net cash used in investing activities	(594)	(928)	(411)	(467)	(565)
Proceeds from debt issuance, other LT liabilities
Cash flows on credit lines/debt/lease	(2)	(13)	201	(150)	(24)
Proceeds from issuance of capital / conv debt	17	117	77	(291)	12,413
Net cash provided (used) by financing activities	15	104	278	(441)	12 3 8 9
Effect of exchange rate changes on cash	211	(312)	(11)	(319)	640
Net changes in cash and cash equivalents	1674	844	552	(3064)	10 558
Cash and cash equivalents at beginning of period	13 060	12 216	11 664	14 728	4 1 7 0
Cash and cash equivalents at end of period	14734	13 060	12 216	11 664	14728

3r^d consecutivequarter with positive cash flow from operations

Balancesheet

USD (000's)	Q1 2016	Q4 2015	Q3 2015	Q2 2015	Q1 2015
Total non-current assets	3580	3 5 3 6	3 2 8 4	3 2 9 8	3 3 1 6
Inventories	1471	1786	1590	1680	1 0 6 5
Receivables	5 6 7 8	9 3 6 6	6 6 0 9	5 2 5 1	3 9 7 6
Cash and equivalents	14 734	13 060	12 216	11 664	14 728
Total current assets	21883	24 212	20 415	18 5 95	19 769
Total assets	25 4 63	27 748	23 699	21893	23 085
Total equity	19 306	18 646	16 220	16 017	17 246
Total non-current liabilities	247	259	289	247	255
Total current liabilities	5910	8843	7 1 9 0	5 6 2 9	5 5 8 4
Total liabilities	6 1 5 7	9 1 0 2	7479	5876	5839
Total equity and liabilities	25 4 63	27 748	23 699	21893	23 085

Inventory turns: ~16 times per year
Improvement over Q1 2015 (13)
Trade receivables DSO: ~40 days at Q1 2016
Improvement, but expect increase
Trade payables DPO: ~53 days at Q1 2016
Decline, but improvement should be expected

Balancesheet composition – Q1 2016

Financial focusmoving forward

i i P t r o r y		l d i V a e r e r s u v
	k h D P C t t e s o p g r o w	h R t • e e n e r o v u g w f f i i i i D t t • e r s c a o n o r e e n e s r e a m s v v u d i i i i i M t t t t • a r g n p r o e c o n a n o p m a o n z
f b l i P t r o a e	h D t t t a a c e n e r g r o w	d O E M i t • a o p o n b l d O i i i i i t t t • p e r a o n s a n m a r g n s a z a o n
h t g r o w	b C t o s a s e i i i t t o p m a o n z	d d & P i i I P R D i t t t • n p o n e a n n v e s m e n s f M i t • a n u a c u r n g l d k f f S i i i t • a e s a n m a r e n g e c e n c y
	h f l C a s o w i t m p r o v e m e n	h C i • a s c o n v e r s o n d b l h C i i i i t t t t • o n n u e a a n c e s e e o p m z a o n

Strategic outlook

2016business outlook

FY2016

Expected to grow modestly in 2016 from ^a record\$34m level in 2015

Q2 2016

Revenue down vs Q2 2015, mainly due to DIY demandfluctuations
Gaming/Performance Desktop PC revenue up vs Q2 2015
Workstationrevenue down vs Q2 2015

Desktop segment Data center segment