Huddlestock Fintech — Investor Presentation 2021

Aug 26, 2021

Presentation of H1 2021 results

Stavanger, 26 August 2021

Democratizing Wealth Management

Disclaimer re forward looking statements

This presentation speaks only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Huddlestock and other specific issues.

Any statement, estimate or projections included in this presentation (or upon which any of the conclusion contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (financial or otherwise), prospects, business strategy, plans or objectives of the Huddlestock and/or any of its affiliates) may prove not to be correct.

No representation or warranty is given as to the completeness or accuracy of any forward looking statement contained in this presentation or the accuracy of any of the underlying assumptions.

Nothing contained herein shall constitute any representation or warranty as to the future performance of the Huddlestock, any financial instrument, credit, currency rate or other market or economic measure.

Information about past performance given in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

Neither the Huddlestock not any of its affiliates has verified the achievability of any estimate or forecast of future financial performance contained herein (including, without limitation, any estimate of potential cost savings and synergies, nor of any of the methods underlying the preparation of any such estimate of forecast).

Neither the Huddlestock nor the Managers assume any obligation to update or revise the Presentation or disclose any changes or revisions to the information contained in the Presentation (including in relation to forward-looking statements).

Quarterly update

Financials

Key priorities for 2021

Q&A

Annexes

1. H1 Update

John E. Skajem, Group CEO Petter Midtsian, CEO Sweden

Huddlestock Fintech – Our value add

Connecting wealth managers, banks, treasury functions to individual investors, in a unique cost-efficient and compliant cloud-based platform.

• Bedrock and Apex are fully integrated and flexible wealth tech platforms.
• Customized implementation with Visigon consultants.
• Technology Bedrock, Apex
  • Real time, scalable and secure market access out of a box.
  • A fully segregated solution, ensuring no risk of data leakage.
  • Easily integrated via extensive and well documented REST APIs.
• The Visigon experience
  • Delivering innovative, industry leading and strategic capital markets technology solutions.
  • Strong, multiyear client relationships across the financial services sector
  • Customized strategic and technical solutions across the entire value chain since 2010.
• Regulated by Bafin for brokerage, financial advice and asset management.

Value creation for Wealth Managers

Huddlestock Fintech – Key value drivers

H1 update

H1 – Big leaps despite hurdles posed by ongoing health pandemic.

• BNP live as a global liquidity provider in our ecosystem; Partnership progressing in line with expectations.
• New client acquisitions:
  • DonauCapital, Pecunia, Tradegate, Baader Bank.

Q2 – a transformational quarter.

• Acquisition of the leading Nordic expert consultancy Visigon Nordic AB.
• Raised NOK 34.8m in a rights issue.
• Continued to sign new clients:
  • Aledius GmbH, AVL Investment Fonds.
• Increased coverage by the sell-side; Norne Securities initiated coverage with a NOK 9.00 price target.
• Improving liquidity:
  • Secondary listing on Tradegate Exchange (ticker: A2QJ0U), opens up share-capital to EUR investors.
  • Norne Securities appointed market maker.

Since close of Q2

• Dovre Forvaltning UAB sold; SPA signed; Deal estimated to close in September.
• Visigon expands consultancy contract with large Swedish bank
• Huddlestock signs term sheet with large European Fintech.

NORN	Initiation of Coverage June 14", 2021 Share price: NOK 5.68 Target: NOK 9.00 Risk: High
Huddlestock Fintech	BUY
Say share data 16 MUCLOU Moonberg MUCH, NO Market Can (NOKel) 6.79 Net dielet (NOKed EXTREAL 479 Net debt / equilty 15 losued shares (mil 115 Share arice Schilderston SOF 1111111 Performance 14 Lee 13- M-C6 6% -13% na CALLER 15 6% 14% Uncoming eventx 2021 report August 26, 2012 IQIS regord posider 18, 2022 8011 report Innuary 20, 2022 Norne Securities is a market maker in the shares of Huddlestock Firsterh Analyst Marina Tarakangya +47 55 55 91 25 marina.tarakanova@nome.no	Rising disrupter of wealth management and retail trading We initiate coverage of Huddlestock Fintech (HUDL), a wealth technology company delivering innovative software-as-a-service (SaaS) solutions for wealth management and retail trading. We believe that Huddlestock is well- positioned to capitalize on the wealthtech trends with its unique end-to-end offering and technology validation through the partnership with BNP Paribas. Besides, the management's financial guidance is very impressive, and our estimates partly reflect that - due to the early stage of the company we only include already announced contracts, thus leaving plenty of room for further estimate increase. Still, the valuation implies significant upside to the current share price, thus we issue a Buy recommendation with a target price of NOK 9.0/sh. We note that it is a high-risk stock and identify NOK 7-12/sh valuation range as low/high scenarios. Investment case Innovative technology facilitating the disruption of wealth management and retail trading. The technology enables zero-cost trading as well as more efficient, digitalized, and personalized wealth management services with an easier access for a wider pool of end clients. The uniqueness of Huddlestock's solution is the complete integration - direct market access through liquidity providers, regulatory licence, and a platform for trading and wealth management. The business model is highly scalable and based on recurring revenues from its two SaaS offerings (Apex for wealth management and Bedrock for trading) as well as on revenues from the newly acquired IT consultancy business. The company is set to realize economies of scale both in terms of costs and time spent on platform customization as the number of clients Brows Industry validation through a partnership with BNP Paribas. The contract with BNP Paribas is a key millestone for a company, validating the company's innovative technology and providing significant revenue uplift. It also increases visibility in the industry and lowers client acquisition costs. The company has a strong pipeline of contracts for both Apex and Bedrock solutions, while the first product launches are expected already in 3021. We believe this might act as a trigger for the stock, proving the feasibility of the technology and ensuring first recurring revenues. Impressive financial guidance and strong upside potential. Huddlestock has provided its budgeted financials for 2021-2024 which are based on already announced contracts. It includes expected revenues NOK 51m in 2021, with EBITDA of NOK 5.3m. Besides, the company has future guidance of 1-2 new Apex contracts per year and 4-6 new Bedrock.contracts per year going forward. We note that our estimates are based only on announced agreements and are slightly more conservative than the management's, leaving plenty of room for further estimate increase. · M&A activity. The company has recently acquired a Swedish strategic consultancy company Visigon Nordic All at an attractive valuation of EV/EBITDA of 6.0x. We believe this acquisition enables Huddlestock to break- even in 2Q21, while Visigon's team is expected to enhance Huddlestock's existing product offering and possibly attract some leading financial institutions in the Nortlics to become clients of Huddlestock's SaxS offering, In addition to being an acquirer, we believe that the company's disruptive technology and scalable business model make Huddlestock an attractive M&A tanget for other industry players.
Norma Securities Postboks 7801 5020 Bergen 55 55-91 30 Org.nr. 992 881 829 kundeservice@nome.no [www.norne.no	Page 1 of 22

H1 revenues (H1 21 vs 2020 and 2019)

*Visigon consolidated only from June 11th, 2021, but Huddlestock alone for 2020 and 2019

New Huddlestock = Huddlestock + Visigon

**Pro-forma: including Visigon's accounts for full 1H21 (January-June)

• Group Revenues NOK 3.0m for H1 (proforma Group Revenues of NOK 23.8m) (Visigon consolidated from the close of the transaction on June 11th, 2021)
• Technology impacted by Covid-19 lockdowns in key markets (Germany, Malaysia) and regulatory delays (Malaysia).
• Technology revenues from customization for three clients.
• Visigon Consulting saw strong demand from repeat business.
• Continue to develop innovative solutions.
• Signed a major client after Q2 close.
• Additional FTEs needed to meet business demand in H2.

Key figures H1 2021

NOK

9

Huddlestock Technology: H1 revenues

H1 – Global health pandemic a significant hurdle for Huddlestock Technology.

• Ongoing health pandemic caused significant delays to implementation of contracts signed year-to-date.
• Key markets affected by Covid-19:
  • Germany in lockdown since January 6th 2021; easing announced June 1st 2021.
  • Malaysia in lockdown since January 12th 2021; easing announced August 20th 2021.
• Huddlestock Technology's revenues NOK 0.6m for H1 were driven by customization for three clients.
• New ecosystem partners:
  • Connects wealth managers and retail investors to the worlds' leading asset managers and global liquidity providers.
  • Baader Bank, Tradegate, DonauCapital.
  • A key focus is to continue to add new ecosystem partners.
• Visigon expert consultancy offers a significant opportunity for cross-selling.
• Visigon adds new technologies to our franchise offering; Visigon Operations Centre

After Q2 close, Huddlestock Technology signed a term sheet with major European Fintech.

Huddlestock H1 2021 revenues vs 2019 and 2020 (NOKm)

Huddlestock Technology: Indicative timelines

		Indicative timeline
Technology	Name	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Comments
Ecosystem partner	BNP	x					Live
Ecosystem partner	Baader		x	x
Ecosystem partner	TradeGate		x			x
Ecosystem partner	DonauCapital		x			x
	Aledius		x	x
	AVL		x		x
	Large European Fintech				x
	Qinfen (BNP)						Stage 2
	Pecunia		x
	MHX				x
		x		Previous indicative timeline	x	New indicative timeline

Huddlestock Technology: H1 revenues and outlook

Germany.

• Slowdown in testing, implementation and customization phases of contracts signed H1;
  • Germany in lockdown since January 6th 2021; easing announced June 1st 2021.
• Signed six client contracts in H1, of which two new contracts in Q2 (AVL, Aledius).
• Term sheet signed with large European Fintech post Q2 close.

Malaysia.

• MHX progressing to plan, discussions ongoing
• But delay to implementation of strategic expansion plan beyond Malaysia (to Vietnam and Indonesia)
  • Malaysia in lockdown since January 12th 2021; new measures announced 20th August 2021 should open up for intra-regional travel.

Nordic Region.

• Open up global markets and discretionary fund management to the Nordic retail investor.
• A white-label API solution is in development for connectivity to Bedrock.
• A Nordic APEX solution is next.

Visigon: H1 revenues, EBITDA and outlook

Solid revenue and EBITDA contribution from Visigon in H1.

• Visigon's revenues NOK 23.2m for H1
• Strong relationships with historic clients; large Nordic banking groups.
• 2 new clients onboarded in H1 2021

After Q2 close;

• Consultancy contract with large Swedish bank signed after Q2 close, extending existing relationship to new services.
• Solid outlook for consultancy revenues for H2 2021.

Visigon revenues H1 (NOKm)

Visigon EBITDA H1 (NOKm)

Visigon Nordic Visigon Sweden Visigon Denmark Visigon 1H EBITDA

0.0 0.5 1.0 1.5 2.0 2.5 3.0

John E. Skajem, Group CEO

H1 EBITDA (H1 vs 2020 and 2019)

*W/Visigon consolidated only for 2021 but Huddlestock alone for 2020 and 2019

• Group EBITDA NOK -3.7m for H1 (Visigon consolidated from the close of the transaction on June 11th, 2021)
• One-off, non-recurring costs related to the acquisition of Visigon NOK 1.5m
• Technology impacted by Covid-19 lockdowns in key markets (Germany, Malaysia) and regulatory delays (Malaysia).
• Technology revenues from customization for three new clients.
• Visigon Consulting saw strong demand from repeat business.
• Signed a major client after Q2 close.
• Additional FTEs needed to meet business demand in H2.

H1 Net Income (H1 vs 2020 and 2019)

H1 adj. Net Income (NOKm)

^*W/Visigon consolidated only for 2021 but Huddlestock alone for 2020 and 2019

• Group Net Income NOK -4.9m for H1 (Visigon consolidated from the close of the transaction on June 11th, 2021)
• One-off, non-recurring costs related to the acquisition of Visigon NOK 1.5m
• Technology impacted by Covid-19 lockdowns in key markets (Germany, Malaysia) and regulatory delays (Malaysia).
• Technology revenues from customization for three new clients.
• Visigon Consulting saw strong demand from repeat business.
• Signed a major client after Q2 close.
• Additional FTEs needed to meet business demand in H2.

Adjusted pro-forma figures for 1H (unaudited)

Consolidated income statement (in NOK)	1H21	1H21 Pro-forma
Operating income
Other operating income	3,024,974	23,846,360
Total operating income	3,024,974	23,846,360
Operating expenses
Cost of materials/subcontractors	615,891	5,931,999
Personnel costs	3,521,984	13,524,092
Other operating expenses	2,603,759	5,486,032
Depreciation and amortisation	1,497,705	1,497,705
Total operating expenses	8,239,339	26,439,829
Operating profit (loss)	-5,214,366	-2,593,468
Financial income
Interest income	0	0
Other financial income	163,401	193,437
Total financial income	163,401	193,437
Financial expenses
Interest expenses	0	0
Other financial expenses	94,088	165,448
Total financial expenses	94,088	165,448
Net financial items	69,314	27,989
Net profit (loss) from discontinued operations	0	0
Profit (loss) before tax	-5,145,052	-2,565,480
Income tax	-250,987	-250,987
Net profit (loss)	-4,894,066	-2,314,493

The (future) shape of NewCo

• Visigon consolidated for H1 2021

Adjusted pro-forma numbers:

• Revenues = NOK 23.8m
• Adj. EBITDA = NOK -2.2m
• Adj. Net income = NOK -3.4m

* Pro-forma: including Visigon's accounts for full 1H21 (January-June). Unaudited

3. Key priorities 2021

John E. Skajem, Group CEO

Key priorities for 2021

Integrate the Visigon team into (the) Huddlestock (vision);

• Streamline operations and deliver on synergies from acquisition.
• Create a Nordic white label solution applying Bedrock.
• Further develop Visigon technology solutions.
• Strengthen Visigon's strong long term partnership with Calypso.

The acquisition of Visigon is a landmark deal for Huddlestock, and will strengthen our product offering and go-to-market strategy significantly."

John E. Skajem, Huddlestock Group CEO

Pursue growth opportunities;

• Organic growth; target top line client opportunities; invest in innovative technology, extend our regulatory umbrella and grow our ecosystem.
• Non-organic growth; add top teams and technologies aligned with our long term goals of opening up the world of investments and capital markets to retail investors through innovative technology.

Grow our talent pool;

• Continue to attract top talent, add to our global workforce.
• Strengthen relationship with universities (NTNU, University of Linköping).
• Create sustainable value for our shareholders, our clients, our employees and our community; deliver on our goals as a UN Global Compact signatory.

Best Fintech IPO Nordics 2020

Income Statement H1 2021

Consolidated income statement (in NOK)	Note	1H21	2020	2019	Consolidated income statement (in NOK)	1H21	1H21 Pro-forma
Operating income					Operating income
Other operating income	2	3,024,974	225,000	0	Other operating income	3,024,974	23,846,360
Total operating income		3,024,974	225,000	0	Total operating income	3,024,974	23,846,360
Operating expenses					Operating expenses
Cost of materials/subcontractors		615,891			Cost of materials/subcontractors	615,891	5,931,999
Personnel costs	4, 5	3,521,984	432,000	703,862	Personnel costs	3,521,984	13,524,092
Other operating expenses	5	2,603,759	8,267,000	4,999,764	Other operating expenses	2,603,759	5,486,032
Depreciation and amortisation	6	1,497,705			Depreciation and amortisation	1,497,705	1,497,705
Total operating expenses		8,239,339	8,699,000	5,703,626	Total operating expenses	8,239,339	26,439,829
Operating profit (loss)		-5,214,366	-8,474,000	-5,703,626	Operating profit (loss)	-5,214,366	-2,593,468
Financial income					Financial income
Interest income		0	9,000	743	Interest income	0	0
Other financial income		163,401	142,000	2,073	Other financial income	163,401	193,437
Total financial income		163,401	151,000	2,816	Total financial income	163,401	193,437
Financial expenses					Financial expenses
Interest expenses		0	39,000	11,427	Interest expenses	0	0
Other financial expenses		94,088	33,000	5,215	Other financial expenses	94,088	165,448
Total financial expenses		94,088	72,000	16,642	Total financial expenses	94,088	165,448
Net financial items		69,314	79,000	-13,826	Net financial items	69,314	27,989
Net profit (loss) from discontinued operations	12	0	-4,033,000	-2,954,913	Net profit (loss) from discontinued operations	0	0
Profit (loss) before tax		-5,145,052	-12,428,000	-8,672,366	Profit (loss) before tax	-5,145,052	-2,565,480
Income tax	9	-250,987	0	0	Income tax	-250,987	-250,987
Net profit (loss)		-4,894,066	-12,428,000	-8,672,366	Net profit (loss)	-4,894,066	-2,314,493

* Visigon accounts included for 1H21 only from June 11, 2021 * Pro-forma: including Visigon's accounts for full 1H21 (January-June). Unaudited

NOK	2020	1Q21	1H2021**
Total Assets	71,213,457	70,796,366	168,049,162
Research and development	19,308,253	19,308,253	21,072,380
Licenses	45,952,204	45,952,204	45,952,204
Cash and cash equivalents	2,958,000	2,175,978	10,273,032
Equity	67,173,371	64,732,679	118,138,349
Gross debt*	3,829,086	3,352,688	12,156,631

*Gross debt: Accounts payable + Payroll taxes/VAT + Other short-term liabiltiies ** Visigon included for 1H21

Change in exchange rates

	Average exchange rates		2020	2021
		Q1	Q2	Q3	Q4	Q1	Q2
Sweden	SEK/NOK	0.9796	1.0065	1.0144	1.0227	1.0135	1.0040
Denmark	DKK/NOK	1.3998	1.4382	1.4365	1.4386	1.3788	1.3678
Malaysia	MYR/NOK	2.2679	2.2912	2.2512	2.2374	2.0929	2.0603
Euro	EUR/NOK	10.4590	10.7358	10.7133	10.7236	10.2545	10.1717

FX spot rate

Ownership (at 23 August 2021)

Rank	Executive Shareholders	No shares	% shares
1	EUROCLEAR BANK	21,333,746	17.88%
2	VISION INVEST STAVANGER	8,266,715	6.93%
3	RETROPI LIMITED	7,607,608	6.38%
4	BERKER GROUP AS	6,887,189	5.77%
5	GRUNNFJELLET AS	5.408.334	4.53%
6	GENTLE INVEST	4,209,000	3.53%
7	SAA INVEST AS	3.743.075	3.14%
8	E HOLDING AS	3,666,455	3.07%
9	SAAMAND AS	3,281,786	2.75%
10	STEIN HEGRE HOLDING AS	2,890,928	2.42%
11	HOGNAN INVEST	2,494,512	2.09%
12	GJEDREM AS	2,285,000	1.92%
13	AVANZA BANK AB	1,857,193	1.56%
14	BILL INVEST AS	1,686,847	1.41%
15	VALINOR AS	1,563,852	1.31%
16	KJELL'S OCTUPUS INVEST AS	1.415.190	1.19%
17	GJEDREM HOLDING AS	1,360,000	1.14%
18	HEDEN HOLDING AS	1,356,603	1.14%
19	STOKK INVESTERING AS	1,315,790	1.10%
20	SIRIUS AS	1,300,000	1.09%

	No shares	% shares
Number of shares Issued	119,302,483
Executive Sharehollders	45,845,721	38 %
Top 20 Shareholders	83,929,823	70 %

Democratizing Wealth Globally

investorrelations@huddlestock.com

Accompanying you in the Nordics, across Europe and Asia.

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This presentation has been prepared by Huddlestock Fintech AS (the Huddlestock) solely for the use at the presentations to investors held in connection with the presentation of the past results of the certain period and anticipated future performance. This presentation is being made only to, and is only directed at, person to whom such presentation may lawfully be communicated (Recipients). Any person who is not a Recipient should not act or rely on this presentation or any of its contents. This presentation is provided to the Recipients for information purposes only. This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation speaks only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Huddlestock and other specific issues. This presentation and the conclusions contained herein are necessarily based on economic, market and other conditions, as in effect on, and the information available to the Huddlestock as of, their date. This presentation does not purport to contain a complete description of the Huddlestock or the market(s) in which the Huddlestock operates, nor do they provide an audited valuation of the Huddlestock. The analyses contained in this presentation are not, and do not purport to be, appraisals of the assets, stock or business of the Huddlestock or any other person. 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Full disclaimer continued

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