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Bouvet

Investor Presentation • May 12, 2015

3563_rns_2015-05-12_abbe7654-5310-409f-bcfd-4861b2ade8b4.pdf

Investor Presentation

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Interim presentation First quarter 2015

Sverre Hurum. CEOErik Stubø. CFO12 May 2015

Highlights in the first quarter g g

  • • Revenues and EBIT
  • Operating revenues increased by 8.7 percent to NOK 327.0 million (yo-y)
  • EBIT up by 18.6 percent to NOK p y p 32.0 million (y-o-y)
  • • 1000 employees
  • 8 less in the quarter 0q
  • An increase of 68 in the past 12 months
  • • Important new contracts won on the p basis of Bouvet's broad service scope and closeness to clients

Revenues and number of employees

MNOK and number

Operational Review

Q1 deliveries

Statoil Equipment and Material Information An important tool for making Statoil more efficient

New global website for DNV GL Improving the experience for their customers

BarentsWatch FiskInfoIntegrating information from government with fromfishermen's digital charts

Eurocrine – A European medical registry Collecting and sharing data on endocrine cancer data

Important new contracts

Plant Design Management System Enterprise contract covering maintenance of Staoil's 3D global workshare

New intranet for the Norwegian Police Important for improving internal information flow

E-commerce across platforms Design and development of e-commerce solutions for the web and mobile

Raising awareness of information security Bouvet will provide education on information security for all employees at broadcaster TV2

Shift in sectors

  • • Reduced revenues from oil and Changes in revenues per sector since Q1'14 MNOKgas 45
  • • Increased revenues from other sectors

3540 Industry Bank & financeHealth25 30 RetailPower supply 15 20 Public adminServiceindustry Transportation 5 10 Oil & gas IT, media, telekom

Customer and project mix p j

  • • Project mix
  • Variable contracts account for 97.0 100%percent of total revenues
  • • Client portfolio
  • The 10 largest customers represent 39.3 percent of total revenues – down from 48.8 percent in Q1'14
  • The 20 largest customers represent 52.5 percent of total revenues – down from 63.6 percent in Q1'14
  • The largest customer represents less than 15 percent

Variably priced contracts share of revenues Percentage

10 largest customers share of revenues Percentage

Client development

  • •
  • Revenues from existing clients decreased 3.8 % from Q1'14
  • Accounted for 88.5 percent of p revenues in Q1'15
  • • New customers**
  • C t th t 200 Customer won over the past year generated revenues of NOK 37.6 million in Q1'15

* Existing customers defined as customers that were invoiced in the corresponding quarter last year ** New customers defined as customers won since end of

corresponding quarter last year

Existing clients* Revenues customer split MNOK

Enthusiastic and competent em plo yees p py

  • • 1000 employees at the end of the first quarte r
  • 8 less employees in Q1'15
  • 68 more employees in the past 12 months600
  • Average number of employees in the quarter up 7.8 percent from Q1'14

Number of employees end of quarter

Annual growth in number of employees Percentage

Financial Review

Key figures y g

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Top line growth

  • • Revenues increased by 8.7 percent y-o-y
  • Revenues from own consultants increased by 9.7 percent to NOK 282.3million
  • Revenues from sub-contracted consultants reduced by 9.4 percent to NOK 30.2 million
  • Other revenues increased by 40.4 percent to NOK 14.5 million
  • • Billing rate decreased 1.0 Own consultants Sub-contracted consultants percentage points from Q1'14
  • • Prices for group hourly services increased 2.7 percent from Q1'14

Revenue split (quarterly figures) MNOK

Revenue split (12 months rolling average) MNOK

Increased earnings

  • • Operating profit increased y-o-y in EBIT and EBIT margin MNOK and Percent Q1'15
  • EBIT margin of 9.8 percent compared to 9.0 percent in Q1'14
  • • Operating expenses increased by 7.7 percent compared to Q1'14
  • • Other operating expenses increased 1.7 percent
  • • 63 workdays in Q1'15 – equivalent toQ1'14

EBIT and EBIT margin (12 months rolling) MNOK and Percent

Cash flow

  • •
  • Positive NOK 0.3 million in Q1'15, up from NOK negative 13.3 million in Q1'14
  • • Rolling 12 months
  • Operational cash flow over the last 12 months was NOK 62.3 million
  • • Cash flow from investing activities
  • Negative NOK 3.1 million compared to negative NOK 9 6 9.6million in Q1'14

Cash flow from operations Cash flow from operations (per quarter) MNOK

Cash flow from operations (LTM)

Outlook

Outlook

  • • Digitization will be vital in many sectors in the years to come.
  • • Bouvet's hig p h com etence and knowledge of customers' business will be requested
  • • Scale of investment uncertain in some sectors

Shareholders as at 11.05 5.201

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