Huddlestock Fintech

Investor Presentation • Nov 23, 2023

Q3 and 9 month 2023

Interim report

January-September 2023

November 23, 2023

Disclaimer regarding 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).

Disclaimer regarding forward looking statements

3

Huddlestock Fintech Empowering our clients by delivering Investment-as-a-Service

John E. Skajem Group CEO

Øyvind Hovland Chairman

Leif Arnold Thomas Corp.dev & IR

Huddlestock at a Glance

Year founded

2014

Employees 85

Listed on Euronext Growth Market (HUDL)

2020

Companies acquired 2021 - 2023

6

Approx. annual revenue (NOK)

100m

Invested in our technology (NOK)

250m

* Figures includes F5IT that Sept 27th was announced divested. Closing expected during Q4

Consolidated revenues

2022 31.9m NOK

Consolidated EBITDA margin

-19.6%

Consolidated EBITDA

-6.4m NOK

Consolidated numbers include Trac Services, Trac Technology, Dtech and Bricknode from 1. April 2023

Consolidated financials in 9M 2023

2023

Consolidated revenues

62.6m NOK YoY growth of 90%

Consolidated EBITDA margin

-13.4% YoY improvement of 32%

Consolidted EBITDA

-8.4m NOK

Improved consolidated EBITDA margin YoY 32%

Proforma revenues

2022 45.4m NOK

Proforma EBITDA margin

-18.3%

Improved proforma EBITDA margin YoY 23%

Proforma EBITDA

-8.4m NOK

Proforma financials in 9M 2023

2023

Proforma revenues

70.6m NOK YoY growth of 56%

Proforma EBITDA margin

-14.8% YoY improvement of 23%

Proforma EBITDA

-10.5m NOK

Proforma numbers include Trac Services, Trac Technology, Dtech and Bricknode as if consolidated for full in 2023.

Proforma recurring revenues

2022 4.7m NOK

Recurring reveues of total revenues

10.3%

Recurring revenues 9M 2023

2023

Proforma recurring revenues

29.2m NOK YoY growth of 620%

Recurring revenues of total revenues 41.0% YoY growth of 498%

Proforma numbers include Trac Services, Trac Technology, Dtech and Bricknode as if consolidated for full in 2023.

Highlights Q3 2023

• Improved consolidated EBITDA margin YoY 32%
• Increased YoY recurring revenues of 29.2m NOK (+489%)
• Letter of Intent signed with Stack by.me
• Professional Services Division extends several current mandates, outlook is stabile
• Increased resources spent on the German market to increase sales
• Divestment of Huddlestock Solutions through a management buyout. Strong strategic rationale for both parts. Closing expected November 2023
• Extended use of SOME channels as part of communication/marketing mix. Has resulted in increased number of inbound leads from all over Europe
• Garantum Wealth Management in live and active on the platform

Huddlestock Capital increase November 2023

Investors 71

New shareholder

20 +

"At selskapet henter inn NOK 17,5 mill over en helg i dagens marked til en rabatt på under 20% synes jeg er mer enn tilfredstillende"

"Selskapet har etter mine begrep gjennomført en aksjonærvennlig kapital innhenting i den forstand at såvidt jeg har observert har de som ønsket fått muligheten til å tegne"

"Det er meget positivt at CEO og Styreleder tegner seg for tilsammen NOK 500.000"

"Selskapet har gjennomført denne emisjonen ved egen hjelp med kun bistand fra advokat. Jeg er helt sikker på at hadde man brukt tradisjonelt meglerhus ville kostnadene vært i millionklassen"

Kilde: Kommentarer fra Huddlestock sine Facebook venner

Events after Q3

• Signed contract with Norse Securities
• Signed contract with Tind Asset Management
• Signed Strategic cooperation agreement with NBX
• Successful fund raising of 17,5m NOK

Key priorities going forward

• Capital increase in place
  • -> Increase sales- and customer onboarding activities in the Nordic Region
  • -> Prepare and scale up German operations for growth
• Prioritize profitable growth and recurring revenues
• Streamline organisation and continue to execute on synergies
• Extend Norwegian and German regulatory license to all of EU through passport regulation
  • -> Increased capital requirements

Stay focused on Cost/Benefit – Cost control

Increase efficiency in organization, remove bottlenecks

Roadmap to Positive EBITDA Financial year 2024

Our Value Proposition

We enable any company to launch an innovative new investment service or transform their existing one in a matter of weeks.

Investment-as-a-Service

Huddlestock offers a unique value proposition to Providers of Investment Services that aim to challenge traditional business models

Huddlestock clients (B2B clients) Individual investors

• Wealth Managers
• Asset Managers
• Saving Platforms
• On-line banks
• News portals
• Private banks
• Securities trading providers
• Corporate pension providers

Huddlestock value proposition

• Full control over the end clients' holdings
• Trading and Order Management
• Safekeeping and regulatory Umbrella
• Investment aggregator
• End Client User Interface, for desktop and smartphones
• Scalable

Huddlestock revenue drivers

• Monthly recurring licences
• AuM / AuA
• Transaction fees
• Implementation fees

Huddlestock's Partners

API Aggregators

CRM & Productivity

Q3 and 9 months results (unaudited)

Group Operating Revenues

Delivering and investing in strategic technology solutions

Group Operating Revenues (in NOK 1000)

* Proforma numbers includes Huddlestock Investor Services, Tracs Technology, Dtech, Bricknode Platform , Bricknode Software and

➢ Group operating revenues nine months 90% increase year over year

Group Operating Costs

Tighter labour markets. Investing in technology.

* Proforma numbers includes Huddlestock Investor Services, Tracs Technology, Dtech, Bricknode Platform , Bricknode Software and Bricknode Ltd from January 2023..

Group Operating Costs (in NOK 1000)

➢ Group opertating costs nine months 80% increase year over year

Group EBITDA

Optimizing internal resources.

* Proforma numbers includes Huddlestock Investor Services, Tracs Technology, Dtech, Bricknode Platform , Bricknode Software and

19

Group Depreciation & Amortization

Group Depreciation & Amortization (NOK 1000)

* Proforma numbers includes Huddlestock Investor Services, Tracs Technology, Dtech, Bricknode Platform , Bricknode Software and Bricknode Ltd from January 2023..

Technology

A story of two halves. Continued focus on client deliveries and growing recurring revenue streams.

Technology revenues (NOK '000)

* Proforma numbers includes Huddlestock Investor Services, Tracs Technology, Dtech, Bricknode Platform , Bricknode Software and Bricknode Ltd from January 2023..

Top 20 Shareholders (Sep 30, 2023)

Huddlestock Fintech (HUDL)

Rank	Name	Holding	Stake in %
1	NORDNET BANK AB	18 483 098	10,88
2	NJORD GROUP AS	12 429 113	7,32
3	SAA INVEST AS	10 000 000	5,89
4	VISION INVEST STAVANGER AS	8 286 715	4,88
5	BANK JULIUS BÃR & CO. AG	7 125 000	4,19
6	HEDEN HOLDING AS	5 144 692	3,03
7	SAAMAND AS	4 367 684	2,57
8	GENTLE INVEST AS	4 300 000	2,53
9	GRUNNFJELLET AS	3 995 000	2,35
10	NORDNET LIVSFORSIKRING AS	3 910 616	2,30
11	GJEDREM AS	3 866 500	2,28
12	STEIN HEGRE HOLDING AS	3 300 000	1,94
13	KJELL'S OCTOPUS INVEST AS	3 200 000	1,88
14	MYRLID AS	2 552 089	1,50
15	HOGNAN INVEST AS	2 494 512	1,47
16	BILL INVEST AS	2 456 847	1,45
17	MATS NORDSTAD	2 161 500	1,27
18	BERKER GROUP AS	2 100 000	1,24
19	HMK KAPITAL AS	2 049 930	1,21
20	JR AUSTAD HOLDING AS	1 965 418	1,16

Robert Fuchsgruber, CCO

Sales & Commercial Update

White label capable frontend, which I can provide with brand and design of my company.

Trading API to connect my own frontend or the white label frontend with the backoffice unit.

• Partner portal with which I as a consultant can always keep an overview and act on behalf of my clients. ✓

• ✓

• Custodian services to be able to manage my clients' accounts and perform securities and cash transactions. ✓

• License to be able to offer investment brokerage in a legally compliant manner. ✓

In order to provide my planned investment offering to my clients, I need the following components of an investment-as-a-service solution:

• ✓
• Backoffice platform to automate and scale my investment offering.
• ✓

Front-end investment apps

• Ready-to-use apps for automated, self-directed and advisory propositions

• Custom software solutions

Regulatory umbrella services

• Operate your investment service under Huddlestock's EU licence
• Specialist expertise when it comes to financial regulation and compliance

IaaS

• Online banks
• Private banks
• Financial portals
• Financial sales organizations (pools)
• Fund Companies
• Wealth Managers

SaaS

• Wealth Managers
• Corporate Finance Companies
• Private Banks (WM Divisions)

The focus of sales activities is on clearly defined customer groups with the defined products and markets.

Source: Deutsches Aktieninstitut 2022

12.9 million people own shares, equity funds or equity-based ETFs.

Around one in five Germans saves with shares

8 out of 10 equity savers have an equity-based fund or ETF in their custody account.

A plus of 1.6 million equity fund savers

600,000 people under the age of 30 started saving in shares in 2022.

Still good times for the equity culture in Germany. Confidence in shares remains (almost) unbroken. A total of 12.9 million people were invested in shares, equity funds or ETFs last year. This means an increase of 830,000 equity savers compared to the previous year. Every fifth person was involved in the stock market, that means about 18.3 percent of the population aged 14 and over. This surpasses the previous high of 2001.

The great interest of young people in saving shares also continues. The under-30 group was particularly active. Around 600,000 young adults under 30 entered the stock exchange floor for the first time an increase of 40 percent compared to the previous year.

Investment funds and ETFs are the Germans' most popular investment instruments. 7.6 million of the investors (59%) used these forms of investment, while 2.4 million concentrated purely on shares. Another 2.9 million investors used both equities and investment funds / ETFs.

A record number of Germans were invested in the capital markets in 2022, primarily in investment funds and ETFs. Young people are becoming increasingly interested.

Higher demand for investment products: As more and more Germans are interested in investing on the stock exchange, the demand for investment products such as shares, investment funds and ETFs is also rising. Banks and product providers are experiencing increased business volume as a result.

More competition among providers: With rising demand for investment products, there is more competition among providers - especially from new providers. This leads to lower fees and commissions as well as more innovative and attractive investment products.

Higher revenues: As more Germans invest in the stock market, banks and other providers may see higher revenues from fees and commissions. This can be especially true for providers offering investment advice or managing portfolios on behalf of clients.

Greater regulatory control: As more Germans invest in the stock market, there is greater regulatory control of providers of investment products or services. This mainly includes increased transparency and disclosure requirements as well as stricter rules for advertising and marketing investment products.

The increased interest has significant implications for banks and other providers, which will create both opportunities and challenges.

Banks, private banks and online banks, want a digital offer for their customers, both in trading and investing, and are looking for efficient solutions (with or without a custodian bank).

Finance portals are looking for digital solutions so that their customers can immediately convert news, information and analyzes into active investment decisions.

Wealth Managers are looking for digital solutions to standardize their business more and to win new (younger) customers.

Independent Financial Advisors are "threatened" by the new regulatory requirements and are looking for solutions with pools and liability umbrellas. Pools are also working on online solutions.

The change in the interest rate environment has shifted the focus of banks away from the commission business. The pressure for alternative revenue streams is decreasing.

The political uncertainties in dealing with inducements (portfolio commissions, PFOF, etc.) are also being transferred to existing and new market participants.

Due to high inflation and the difficult global (economic) situation, Germans are currently more cautious when it comes to money matters.

There are two serious competitors on the German market - but neither of them can offer the full IaaS range.

The German market continues to harbour great opportunities for Huddlestock and brings with it some challenges that we have to deal with.

New Huddlestock Image Video is out now!

https://www.youtube. com/....

Thank you

huddlestock.com

@huddlestock

Huddlestock

Consolidated Income Statement

(in NOK) Consolidated Income Statement	3Q2023	2Q2023	QoQ	3Q2022	YoY	9M2023	9M2022	YoY	Pro-forma 9M23
Operating income
Other operating income	21 685 092	24 305 486	% -11	11 591 632	% 87	62 590 924	32 887 454	% 90	70 635 251
Total operating income	21 685 092	24 305 486	-11 %	11 591 632	87 %	62 590 924	32 887 454	90 %	70 635 251
Operating expenses
materials/subcontractors of Cost	949 485	1 016 635	-7 %	1 854 888	-49 %	3 175 982	4 778 790	-34 %	3 324 176
Personnel costs	21 505 123	20 872 563	% 3	11 941 149	% 80	56 738 487	29 031 802	% 95	63 220 806
Other operating expenses	3 293 769	4 352 192	-24 %	-1 366 350	-341 %	11 045 195	5 508 910	100 %	14 572 138
Total operating expenses	25 748 377	26 241 390	% -2	12 429 687	% 107	70 959 664	39 319 502	% 80	81 117 121
EBITDA	-4 063 285	-1 935 904	110 %	-838 055	385 %	-8 368 740	-6 432 048	30 %	-10 481 870
and Depreciation amortisation	15 996 425	12 805 222	25 %	3 516 529	355 %	35 360 193	9 520 925	271 %	37 137 802
EBIT	-20 059 710	-14 741 126	% 36	-4 354 585	% 361	-43 728 933	-15 952 974	% 174	-47 619 672
Financial income
income Interest	105 872	9 605	n/m	405 565	% -74	115 477	428 804	-73 %	129 398
Other financial income	91 009	112 600	-19 %	266 643	-66 %	239 823	346 191	-31 %	7 195 444
Total financial income	196 881	122 205	% 61	672 208	% -71	355 300	774 996	% -54	7 324 841
Financial expenses
Interest expenses	644 683	389 310	66 %	204 126	216 %	1 265 943	612 939	107 %	1 265 996
Other financial expenses	854 193	285 300	199 %	83 018	929 %	1 321 557	313 957	321 %	1 362 327
Total financial expenses	498 876 1	674 610	122 %	287 144	422 %	2 587 500	926 896	179 %	2 628 323
financial items Net	-1 301 995	-552 405	% 136	385 064	% -438	-2 232 200	-151 900	% 1370	4 696 519
Result before tax	-21 361 705	-15 293 531	40 %	-3 969 521	438 %	-45 961 133	-16 104 874	185 %	-42 923 153
Income tax	670 940	-206 594	-425 %	311 954	115 %	748 659	453 088	65 %	-718 447
result Net	-20 690 764	-15 500 125	33 %	-3 657 567	466 %	-45 212 474	-15 651 785	189 %	-42 204 706

* Pro-forma includes Huddlestock Investor Services AS, Tracs Technology AS, Dtech AS, Huddlestock AB, Huddlestock Technologies AB and Huddlestock Ltd as if consolidated for full in 2023. Unaudited.

9M2023	9M2022	YoY	9M23 Pro-forma
62 590 924	32 887 454	90 %	70 635 251
62 590 924	32 887 454	90 %	70 635 251
3 175 982	4 778 790	-34 %	3 324 176
56 738 487	29 031 802	95 %	63 220 806
11 045 195	5 508 910	100 %	14 572 138
70 959 664	39 319 502	80 %	81 117 121
-8 368 740	-6 432 048	30 %	-10 481 870
35 360 193	9 520 925	271 %	37 137 802
-43 728 933	-15 952 974	174 %	-47 619 672
115 477	428 804	-73 %	129 398
239 823	346 191	-31 %	7 195 444
355 300	774 996	-54 %	7 324 841
1 265 943	612 939	107 %	1 265 996
1 321 557	313 957	321 %	1 362 327
2 587 500	926 896	179 %	2 628 323
-2 232 200	-151 900	1370 %	4 696 519
-45 961 133	-16 104 874	185 %	-42 923 153
748 659	453 088	65 %	-718 447
-45 212 474		189 %	-42 204 706
	-15 651 785

Consolidated Balance Sheet

Consolidated Financial Position (in NOK)	30.09.2023	31.12.2022	Consolidated Financial (in NOK) Position	30.09.2023	31.12.2022
ASSETS			EQUITY
Intangible assets			Paid-in capital
Research and development	68 256 805	35 770 453	Share capital	322 799	257 278
Goodwill	135 875 714	52 957 680	Share capital registered - not	0	0
Technology	24 092 074	6 383 333	shares Own	-2 262	-9 811
Customer contracts and relationships	16 337 666	17 214 654	Share premium	167 989 679	115 150 624
Licenses	30 245 764	30 573 094	Total paid-in capital	168 310 216	115 397 892
Total intangible assets	274 808 024	142 899 214
			Retained earnings
Fixed assets			Other equity	0	0
Investment in equities	570 567	199 980	Total retained earnings	0	0
Property, plant & equipment	462 132	285 599	Total equity	168 310 216	115 398 092
Total fixed assets	1 032 699	485 579
			LIABILITIES
Total non-current assets	275 840 724	143 384 794
			liabilities Long-term
Receivables			Other long-term liabilities	15 923 354	245 904 7
Trade receivables	17 737 939	10 819 805	Deferred tax	9 774 543	5 191 557
Other short-term receivables	7 642 419	11 077 250	Total long-term liabilities	25 697 897	12 437 461
Total receivables	25 380 359	21 897 055
			Short-term liabilities
Bank deposits, cash and cash equivalents	6 496 168	2 903 838	payable Accounts	9 532 365	9 531 322
			Payroll VAT taxes, etc.	8 628 478	4 275 717
Total current assets	31 876 527	24 800 892	and borrowings Loans	8 862 314	6 346 864
			Other short-term liabilities	86 685 980	20 196 229
Total assets	307 717 250	168 185 686	Total short-term liabilities	113 709 138	40 350 132
			Total liabilities	139 407 039	52 787 594
			Total equity and liabilities	307 717 254	168 185 685

Consolidated Cash Flow Statement

of (in NOK) Consolidated Cash Flows Statement	9M 2023	2022
flows from Cash operating activities
Profit (loss) before tax	-45 961 133	-33 554 175
and Depreciation amortisation	35 360 193	18 408 001
Changes receivable to accounts	088 135 -4	965 -1 741
Changes payable to accounts	-1 403 957	6 702 237
Changes other accruals and to prepayments	2 430 809	476 932 -7
cash flow from from Net operating activities continuing operations	-13 662 222	-17 886 610
Cash flows from investment activities
Additions intangible assets	-17 206 038	-14 319 000
of subsidiaries, of cash aquired Aquisition net	12 086 429	478 000
Transaction costs	-1 101 000	-865 448
Short loan term	0	0
cash flow from from investment activities continuing operations Net	-6 220 610	-14 706 448
Cash flows from financing activities
Proceeds from capital increase	000 000 5	672 000 1
of capital Costs increase	0	0
shares Treasury	5 944 162	10 510 000
obtained Loans	12 531 000	7 092 768
cash flow from financing activities from continuing operations Net	23 475 162	19 274 768
changes cash and cash equivalents from Net continuing operations to	3 592 331	-13 318 290
Continued operations
Bank deposits, cash and cash equivalents per 1.1.	2 903 838	16 222 128
Bank cash cash equivalents deposits, and per 30.9.	6 496 168	2 903 838

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. Moreover, this presentation is incomplete without reference to, and should be viewed and considered solely in conjunction with, the oral briefing provided by an authorised representative of the Huddlestock in relation to this presentation. The Huddlestock strongly suggests that each Recipient seeks its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice. In particular, nothing herein shall be taken as constituting the giving of investment advice and this presentation are not intended to provide, and must not be taken as, the exclusive basis of any investment decision or other valuation and should not be considered as a recommendation by the Huddlestock (or any of its affiliates) that any Recipient enters into any transaction. This presentation comprises a general summary of certain matters in connection with the Huddlestock. 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This presentation (and any other information which may be provided to any Recipient) may not be disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without the prior written consent of the Huddlestock. Part of the information used in preparing this presentation was obtained by the Huddlestock and its representatives from public sources and is subject to change without notice. Neither the Huddlestock nor any of its affiliates assumes any responsibility for the independent verification of any such information and has relied on such information being complete and accurate in all material respects. 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Analyses and opinions contained herein may be based on assumption that, if altered, can change the analyses or opinions expressed. No audit of this presentation has been undertaken by an independent third party.

Full disclaimer

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). The Huddlestock does not accept or will not accept any responsibility, duty of care, liability or obligations for providing any Recipient with access to additional information, for updating, modifying or otherwise revising this presentation or any of their contents (including, without limitation, any estimate or forecast of future financial performance), for correcting any inaccuracy in this presentation or their contents (or any other written information or oral information provided in connection therewith) which may become apparent, or for notifying any Recipient or any other person of any such inaccuracy. This presentation shall not be construed as a prospectus or an offer to sell, or a solicitation of an offer to buy, any security or any business or assets, nor to enter into any agreement or contract with any Recipient, the Huddlestock (or any of their respective affiliates) or any other person. Any potential transaction that may be related to the subject matter of this presentation will be made pursuant to separate and distinct documentation and in such case the information contained herein will be superseded in its entirety by such documentation in final form. This presentation do not create any obligation on the part of the Huddlestock to consider any offer from any Recipient or any other person. The Huddlestock reserves the right, without prior notice and without giving reasons, to vary or terminate the contemplated transaction, to reject any or all proposals and/or to negotiate with any Recipient or any other person and any terms (and whether individually or simultaneously with any other person or persons) with respect to any transaction involving the Huddlestock. An investment in the Huddlestock involves risk, and several factors could adversely affect the business, legal or financial position of the Huddlestock or the value of its securities. An investment in the Huddlestock is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. This Presentation speaks as at the date set out on its front page. Neither the delivery of this Presentation nor any further discussions of the Huddlestock or the Managers with the Recipient shall, under any circumstances, create any implication that there has been no change in the affairs of the Huddlestock since such date. 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). The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. By accepting this presentation, each Recipients represents and warrants that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such Recipients resides or conducts business. By accepting this presentation each Recipient agrees to be bound by the foregoing limitations.

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Investor relations contacts:

John E. Skajem Chief Executive Officer John.skajem@huddlestock.com +47 418 87 412

Leif Arnold Thomas Chief Corporate Development & IR Leif.thomas@huddlestock.com +47 982 15 520

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