Inin Group AS — Investor Presentation 2020

Dec 9, 2020

COMPANY PRESENTATION

Kjersti Kanne, CEO December 9, 2020

Highlights

In Q3'20 and subsequent to quarter

Commercial progress

• Commercial agreement with Endúr AAK
• Completion of first commercial assignment for large residential projects in Oslo
• Secured patent protection in China
• Successful commercial launch of ultrasound scanner on December 8

Finance

• Raised NOK 100 million in private placement
• Secured grants and loans from Innovation Norway totalling NOK 7.4 million
• Qualified for SkatteFUNN tax credit scheme for R&D projects

Fast-track development plan

• Acquisition of Simplifai

Strengthened organisation

• Commercial: Sales and marketing organisation in place
• Technology: Digital solutions team in place
• Immediate access to global office footprint and SaaS distribution network through Simplifai
• Elop to grow from 22 to 92 employees through Simplifai acquisition

Concrete is the worlds most used construction material

…and is a major contributor to current environmental challenges as 8% of the world's CO2 emissions come from the concrete production

Maintenance is a growing concern globally

Maintenance of critical concrete infrastructure is a growing concern, with aging and derelict structures driving up the maintenance costs…

..and an increasing number of incidents is putting safety on the agenda, highlighting the need for better tools to monitor structural integrity

Preventive maintenance is the logical solution..

The inherent market potential in preventive maintenance and structural health monitoring is +35 bn USD

Preventive maintenance is a logical solution but lacking effective inspection tools

Lifetime could be extended up to 50%, reducing the environmental

impact from concrete industry, improving safety and reducing cost

Maintenance strategies are mostly based on manual and exterior inspections

+

Current tools are either inadequate or to cumbersome to use for monitoring structural integrity

Note: Based on numerous sources and angles. Assumes cost of corrosion in infrastructure as % of total corrosion cost is the same in USA as for global. Lower end based on assumption of maintenance backlog for critical concrete infrastructure. Higher end refers to Screening Eagle's definition of Inspection Tech Market. Source: NACE International; Transport-network; Connexion France; Doffin; EnergiNorge; CIGB; Screening Eagle; Markets and markets; Expert interviews; BCG analysis

Elop Insight

Elop Insight is the world's first rolling, ultrasonic scanning solution for concrete inspection.

Elop Insight is easy to use and enables smart and unparalleled efficiency of scanning for a large variety of concrete structures, such as bridges, dams, tunnels and buildings.

Elop Insight

The live 3D visualisation of the concrete structure on the scanner screen, shows inside elements and defects such as cracks, air pockets, voids, delamination and rebars in real-time.

Real-time data simplifies processes and makes inspection more dynamic.

A roadmap with global ambitions

Transforming data into actionable insight

2020	2021	→
Elop Insight Ultrasonic scanner & dashboard Collect, connect, visualise	Asset management system Structure and follow up	Structural health monitoring system Process, analyse, act
✓ Scanning ✓ Live 3D model on-site ✓ Remote scanning evaluation ✓ Remote scanning archive ✓ Remote scanning reports	✓ Overview of asset portfolio ✓ Tracking ✓ Information linked to 3D models ✓ Digitalisation and automation of work process	✓ Full overview of assets' condition/health – continuous monitoring ✓ Tracking asset condition over time ✓ Information at your fingertips ✓ Analysis and predictions – combining data sources and AI

Market entry

Goal: Expand market reach with unique UT* and data solutions

• Unique data
• Visualisation of insight
• Decision support

Customers

• Inspection companies
• Contractors
• Advising engineers
• Asset owners and managers

Sales channels

• Direct with own organisation
• Distribution network

Marketing/promotion

• 1. Create awareness
• 1. Build credibility
• 1. Develop success stories

Geographies

• Norway and the Nordics
• Other parts of Europe, Asia and US

*UT = Ultrasound Technology

Strong strategic rationale for Simplifai acquisition

We're delivering on our business plan

2020E 2021E 2022E 2023E 2024E 2025E

Fast-tracking software development plan through acquisition of Simplifai	2025 target
✓ Reinforcing ambition of becoming a hardware enabled software business		Be a world leading provider of preventive
✓ Strengthening offering and value prop while adding customers, geographies and verticals
Taking a big step towards building an integrated asset management system (AMS)	✓	maintenance through data analytics and
Demonstrating progress on pursuing rapid growth towards ambitious revenue target	✓	software solutions
Gradual shift towards contracted recurring software revenue ~1000		2025 target
Revenue, MNOK		>80% ARR

based on annual recurring license fees from SW offering

~11

Summary

We're delivering on our business plan Technology development, launching Elop Insight and organisational build-up

Robust cash position through 2021 Well funded for planned activities

Execute market entry plan

Expanding marketing activities to target clients and building commercial sales pipeline

Finalising Simplifai acquisition process

Continue product development towards Elop's Asset Management solution scheduled for launch 2H 2021