Kahoot! ASA — Investor Presentation 2021

May 19, 2021

Make learning awesome

Clever Presentation May 19th 2021

Agenda

• Introduction
• Clever presentation
• Kahoot! at School and EDU
• Q&A

Today's speakers

Eilert Hanoa CEO of Kahoot!

Sean D'Arcy VP of Kahoot! at School and Home

Kevin Kirn VP of Product at Clever

Disclaimer

You've probably seen the announcement that Kahoot! will acquire Clever. Please note that until the transaction closes, we remain separate and independent companies.

However, we are excited for this opportunity to tell you more about Clever, and why we are so excited about what the future may bring.

Our vision is to build the leading learning platform in the world

Why everyone loves Kahoot!

Embraced by 8m teachers

Kahoot! helps me engage students in class and for homework, and also works great for virtual lessons even when school is closed "

As do millions of teachers globally

Loved by students across the globe

I love Kahoot! It makes learning fun!

As do hundreds of millions of students

Trusted by parents and families

As do millions of families around the world

Integral for corporate culture and learning

• Kahoot! breaks down barriers and connects teams

As do hundreds of thousands of organizations in over 150 countries

Kahoot! used for both personal use and for the entire family for engaged learning and knowledge sharing, inspiring millions of individuals

Free and from \$5 per user per month

Millions of teachers and thousands of educational institutions around the world are using premium editions to drive learning and engage students

Free and from \$3 per teacher per month

Connecting the global educator community and providing high-quality, verified content, to ensure that every student gets access to awesome learning at school and home

All kinds of organisations are using Kahoot! at work to engage employees, connect teams, ensure training and build team spirit and corporate culture

From \$10 per user per month

connect marketplace content partners

Over

10K

educational institutions have already deployed multiuser Kahoot! teacher licenses

Make lessons interactive

Equip IT admins with increased control, security & compliance

Elevate learning at your entire school or district

A collaborative, online whiteboard tool

at school

Embraced by over 8 million teachers globally

Next level engagement with Bitmoji

Kahoot! will acquire Clever, a leading US K-12 EdTech learning platform

Uniquely positioned offering for U.S. market

Passionate cultures, shared values

Complementary strengths that create unique advantage

Significant growth and global expansion opportunities

A Digital Classroom to Love

MAY 19, 2021

Introduction

"Clever really is this magical place where students can go and everything they need is just one click away."

Doug L., Instructional Technology @ Glendale USD

Make a world of digital learning instantly available

Executive Summary

Founded in 2012 by a former educator and friends who saw from experience that the edtech boom was creating immense usability challenges for K-12 students, teachers, parents, and developers

The Clever platform was initially invented to give students & teachers single sign-on to all of their resources. ~50% of U.S. K-12 students are now active on Clever - the most popular learning platform nationwide

Clever has won through increased adoption within its network (20M+ monthly active students, 89K+ schools, 600+ app developers)

Despite its overarching focus on network growth above revenue, Clever is growing revenue at 25% CAGR and has already achieved neutral cash flow

At \$44M in expected billed revenue 2021, Clever is just scratching the surface of monetization, and is uniquely positioned to win the biggest opportunities in education today, including global expansion and the Clever App Store

Experienced, Visionary Leadership Team With Deep Education and Technology DNA

Tyler Bosmeny CEO, Cofounder

Dan Carroll CPO, Cofounder

Rafael Garcia CTO, Cofounder

Eric Krugler VP Engineering

Kevin Kirn VP Product

Trish Sparks VP Customer Success

Anne Murguia VP Marketing

Kevin Laughlin CFO

Julie Weinstein VP People

175 employees (40% Prod/Eng), located in San Francisco, CA and Durham, NC

Remember spreadsheets with all of your students' usernames and passwords and taking half the class to log-in? No more! Over 1,020 hours of class time saved this week in our district due to Clever's single sign-on portal for students.

HEATH AUSTIN BROWN

Educational Technology Specialist at District of Columbia Public Schools

6-12 months to create student accounts Students and teachers managing 10+ passwords, forgetting them frequently New students wait weeks to get access to edtech Apps can't keep up with constantly changing user data Edtech applications pay for massive implementation teams just to manually load data R&D work spent on data cleanup, not product

School software use growing exponentially

Learning Apps Used in Average District

The average Clever school district uses 9x more apps than they did 5 years ago

"There's no going back now."

Pedro Martinez Superintendent, San Antonio ISD

The Problem: Missing Infrastructure Blocks Implementation, Adoption, and Revenue

3-6 month implementation cycles Schools and districts have

Teachers and students have

25% wasted class time due to log in problems

EdTech vendors have

12-18 month sales cycles with costly field sales model

U.S. schools spend \$13B/year on edtech 70% of paid licenses are never even used once

6% of EdTech vendors satisfied with selling process

The Universal Platform for Learning and Education

FinTech	Payments	Education	Data	Communications

The Clever Solution: Making Digital Learning Work in the US, Poised to Expand

5 minute implementations No wasted class time Instant purchasing

The Value is the Network

Platform

On the Front End, Clever's Portal is a Digital Classroom to Love

Clever Super Duper Elementary		Homeroom	Analytics NEW Classes Library	$0$ $A$ $B$ Q Search
Teacher Pages			Hide $\triangle$	Clever	Dashboard
Ø Homeroom	Social Studies	Math Page	O Period 2 - Science	Edtech Analytics
Conly visible to you 0 Resources	Conly visible to you 0 Resources	: Shared with 2 sections 2 Resources	忠 Shared with 2 sections 7 Resources	Last 28 days	SCHOOL STUDENT GRADE All Schools All grades and teachers
l e Period 3 - Math	Period 4 - English	æ. District Page		422 66 Clever Apps Added by the district Total apps	79 Library Apps 277 Other apps Added by teachers Including any web links
※ Shared with 1 section 11 Resources	た Shared with 1 section 27 Resources	Shared by your district 18 Resources			$\sim$
			Clever		Messages COLOR $\sim$
Today's Apps			Messages		Ms. Patty $\blacksquare$ $\blacksquare$
88 De હ ه.ه	E. owtoon	$ck-12$	Parents Students	Jasmine Wilcott	COLOR $\blacksquare$
Code.org Duolingo Explain Everything DISTRICT DISTRICT Whiteboard 11111 11111 11111	Powtoon PowerMyLearn Edulastic ing Connect 11111 111111 DISTRIC 11111	$CK-12$ Foundation DISTRICT 11111	CLASSES Parents for all classes	Hi Jasmine, please help Will with his essay tonight, it's due tomorrow at 11am.
Resources added by you			Jasmine Wilcott Mother of Will Johnson	Thanks for the reminder Ms. Patty! Should he submit the essay via Google classroom?	Clever S over 20N
l v school Tub education	6, owtoor	自 e-haT l pass $\overline{\Omega_{AB}}$		Yes! That's correct	and 1.2M
SchoolTube Cinematograp Common Sense hers Education	U.S. Powtoon Explain Cinematograp Everything hers Society Whiteboard	BrightFish e hallpassClass Reading (Dev)		Message Jasmine Wilcott	every mo

Clever SSO is used by over 20M students and 1.2M teachers every month

Clever's Backend APIs Help Apps Scale into Thousands of Districts with One Connection

The Clever API is the central hub between Apps and school databases

Saves Apps from integrating with 100+ school database vendors

REST API relied on by 600+ apps for identity and provisioning

Business Model

"My new superpower is getting kids logged in and actually using the district purchased curriculum to its full potential!"

Samantha O., K-5 music teacher in North Dakota

Scalable Business Model Optimized for Network Growth

400+ top apps pay

Scalable integration and deployment into Clever's network Wide & growing reach of the platform increases value for partners Fees per connection scale with volume of schools served

Free to 89K+ schools

Digital learning is connected, secure, easy to use 100% free integration, portal, support 96 of the top 100 districts in the U.S. use Clever

Clever is One of the Most Used Websites Both in Education and Overall

Third parties rate Clever the most used website in Education after Google Workspace and Zoom

Microsoft ranks Clever as #7 in Active Directory MAUs globally (not education specific)

Sources: Edtech Insights 2020: LEA(R)N Report of 1,055 Edtech Websites (link). Rank Post-COVID-19, March 16 to May 15, 2020. Microsoft Corp. 2021: The State of Apps by Microsoft Identity: Azure AD App Gallery Apps that Made the Most Impact in 2020 (link).

Clever's Platform Powers the Biggest Brands in Education Today

Announced April 2021, Google named Clever its preferred partner to help schools setup and roster Google Classroom

Zoom wanted to get its app into schools quickly, and turned to Clever. 851 school districts started using Zoom through Clever, powering 80M+ Zoom sessions

McGraw Hill Education just announced a 10 year partnership with Clever to make their apps available for all schools using Clever

And Only Scratching the Surface of Revenue Potential

Huge growth potential for Clever within existing network

Most Active Clever Schools Average Clever School

Existing applications grow use of Clever every year with over 100% Net Revenue Retention

Increased Clever usage & edtech adoption in existing schools creates 3x+ revenue growth potential

Bringing new apps, new schools, and new products to network creates additional growth opportunities

The Opportunity is the Network

Commercial roadmap

"I hope we can make an agreement to use Clever Badges to solve this huge problem [in Italy]."

Ricardo N., Technology Consultant, Acornhouse School, Rome, Italy

Unlocking new ways to learn for all students

2021+

Building On Top Of The Platform

Continuing to innovate to drive impact & value through additional opportunities

API

Single Sign On Paid App Store International

The Clever App Store, a New Buying Experience for the \$13B Edtech Sector (U.S.)

Clever	Davis School District		Dashboard	Portal	App Store	Q Search
	← Back in categories: Classroom management, Other for grades: K-12 Clubhouse Learning Clubhouse Learning engages millions of kids every month with tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam. ₩3 Most requested	K-12th Classroom management, Other	Request pricing Pricing model Freemium @
	4th in teacher installs 35 238 Δ Teachers Students Dist. schools	4.9 Teacher rating 4 in-school reviews 621 total teacher reviews $\overline{\phantom{a}}$		Clever connection SSO, Secure Sync, Clever Library v		School-wide licenses \$5.75 - \$8.50 per student/vr District-wide licenses \$3.25 - \$5.50 per student/vr Try a free demo
	App details Clubhouse Learning has hundreds of ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehend Show more Standards alignment					Share with teachers Developer website Clubhouse Education, Inc. Legal Terms of Sevice Privacy Policy Data sharing agreement
	Clubhouse Learning alignment with standards Platform compatibility Web browser, Windows installed application, MacOS installed application Tags Wellness Online Gamified Math	Grade readiness Hippo
	Media

Already launched Clever's free app store for teachers – 75M student and teacher accounts created during 2020

Now building a new buying experience for schools & districts:

• Instant demos
• Rich data–verified teacher reviews, school usage data
• One-click deployments via Clever

Two monetization models, including first pay-per-lead, and ultimately "Click to Buy" with revenue share Coming soon

Building the Clever opportunity

Building the Opportunity

Expanding Globally into New Regions

• There is strong demand for Clever's platform from schools and applications outside of the U.S.
• Global expansion will be accelerated through Clever's trusted application partners with global footprints (e.g. Google Classroom, Khan Academy, Scholastic)
• Clever's network becomes even more valuable to our app customers with a global footprint

Coming soon

International Expansion Timeline

Potential expansion targets

Clever's Expanding Opportunity

\$3B

TAM U.S. School Districts

Clever's App Store for Education

Software distribution into schools (\$3B based on a 20% commission on \$13B in annual edtech software spend)

Global EdTech

Future Growth: Global Expansion

Expand platform globally, starting with English speaking countries

Unlocking New Ways to Learn for All Students

• The most widely used single sign-on platform for K-12 in the U.S.
• Makes learning accessible to everyone, everywhere
• Powering the biggest brands in education with more than 100% net retention rate
• Significant growth potential
• Increased monetization of existing solution and network
• Unlock the international opportunity
• Become the commerce enabler in edtech

Thank you.

For more information, visit:

Clever.com

Elevate learning with Kahoot! for Schools and Districts

On a mission to make learning awesome

By building the world's leading learning platform

Kahoot! makes learning awesome for 8M teachers and hundreds of millions of students globally

"Kahoot! helps me engage students in class"

"Great way to reach students outside of the classroom"

"Gives me valuable realtime assessment analytics"

"I'm learning while playing a fun game"

"Helps me prepare for tests"

"I love to create kahoots to play with my class "

IT Admins

Teachers

Students

Elevate learning at your school or district

Versatile teaching · Engaging learning · Adaptable assessment Comprehensive content · Community spirit · Easy deployment

School & district leaders

Home

Coming soon to Kahoot! EDU

Empower students, deepen assessment, explore new teaching tools

Class creation with student rostering

Student kahoot creation with full creator

Create study groups and courses

Student-level assessment and attendance

Kahoot! EDU+ bundle option with more teaching and learning apps

Expanded interactive lesson toolkit with rich media tools

New team mode to build 21st century skills

SSO, LMS and tech stack integrations

Kahoot! EDU for K-12

• ➔ Attractive pricing options for getting started, predictable and site usage
• ➔ Centralized administration including SSO, user management and billing options

Save time with verified, ready-to-use content from Kahoot! Academy

Choose from 60M learning games available on the platform

Or choose from ready-to-use collections made by verified educators and Premium partners

Unique content from brands like Disney, Marvel, Britannica, TIME for

Kahoot! Academy Marketplace (launch 2021) enables teachers to share content, both free and commercially

The Opportunity is the Network

Forward looking statement

	Kahoot! FY 2018	Kahoot! FY 2019	Kahoot! FY 2020	Kahoot! FY 2021	Clever FY 2021
Invoiced revenue	\$3.5m	\$13m	\$45m	\$90-100m	\$44m
Paid subscriptions	46K	170K	550K	1m

• For the first half year 2021, the Kahoot! Group expects invoiced revenues to exceed \$40m
• For the full year 2021, the Kahoot! Group reiterate the ambition to reach \$90-100m in invoiced revenues (excluding the announced Clever acquisition) with continued solid positive cash flow from operations and one million paid subscriptions
• The company will continue to explore non-organic growth initiatives
• In addition, the company will explore the opportunity for a secondary listing during 2021

Summary

Kahoot! Group continues with strong momentum 2021		Kahoot! Academy Marketplace coming soon		New EDU offerings and price plan for K12 and Higher Education
Solid foundation for further expansion in School globally		Kahoot! and Clever complementary offerings provide unique position in U.S. K12		Multiple expansion and commercial routes ahead

Kahoot!

Kahoot! started 2012 as a quiz-based game to ensure attention, create engagement and provide knowledge in classrooms

Global recognized brand with a viral distribution model based on scalable technology platform

User centric, data-driven and iterative approach to product development and innovation

Over 100m user generated Kahoots, 275m games played last 12 months with 1.6bn participating players

Launched September 2013

Growth focus on US and K-12

Top 3 tool in US education

50+ employees

Launched first commercial editions with 40k paid subscriptions

Launched mobile apps for iOS and Android

75+ employees

New commercial subscription editions for all segments

Reaching 170k paid subscriptions

Acquisition of Poio and DragonBox

120+ employees

2013-17 2018 2019 2020-21

More commercial offerings, over 750k paid subscriptions

Launched first platform service

Acquisition of Actimo, Drops, Whiteboard.fi and Motimate

250+ employees

Kahoot! ambitions next three years (Excluding Clever)

*Kahoot! Group ambitions will be updated to include Clever after closing of the transaction

1) Not including Home & Study subscriptions

2) Not including ARR from future acquisitions

Summary

Join the Kahoot! journey

Teacher Student Professional Investor

Parent

kahoot.com/school kahoot.com/study kahoot.com/work kahoot.com/investor kahoot.com/home

Stay up to date, visit kahoot.com/news

	Shareholders per May 18, 2021	Shares (m)	$\%$
	1 SoftBank	75.0	15.9%
	2 Datum Group	52.1	11.0%
	3 Glitrafjord	40.2	8.5%
	4 Creandum III LP	20.0	4.2%
5	The Bank of New York Mellon	19.3	4.1%
6	Citigroup Global Markets Inc.	13.5	2.9%
	7 Versvik Invest AS	13.0	2.7%
	8 State Street Bank and Trust Comp	11,3	2.4%
9	Newbrott AS	7.6	1.6%
	10 State Street Bank and Trust Comp	6.2	1.3%
11	MP Pensjon PK	5.4	1.19
	12 Gamification AS	5.2	1.1%
13	Nordnet Bank AB	5.2	1.1%
	14 Morgan Stanley & Co. Int. Plc.	4,5	0.9%
	15 Sanden AS	4.3	0.9%
	16 J.P. Morgan Securities PLC	4.3	0.9%
	17 The Bank of New York Mellon SA/NV	3.5	0.8%
	18 Adrian AS	3.2	0.7%
	19 J.P. Morgan Bank Luxembourg S.A.	3.1	0.7%
	20 Verdipapirfondet DNB Norden	2,9	0.6%
	Other	172,8	36,6 %
	Total outstanding shares	472,7	100.0 %
	Outstanding share options	20.0
	Total no. of shares (fully diluted)	492,7

Oslo Stock Exchange:	КАНОТ
Yahoo! Finance	KAHOT.OL
Reuters:	KAHOT.OL
Bloomberg:	KAHOOT:NO
Number of common shares:	472,689,510
Outstanding share options:	20.047.850
Total no. of shares (fully diluted):	492,737,360
Share price (May 18, 2021):	NOK 58.60
Avg. daily trading volume YTD (shares):	2,779,000
Market Cap total (May 18, 2021):	NOK 27.7bn

www.kahoot.com/investor