Techstep ASA — Interim / Quarterly Report 2015

Apr 27, 2015

QUARTERLY REPORT Q1 2015.

CONTENT

BIRDSTEP TECHNOLOGY ASA INTERIM REPORT	3
CEO UPDATE	4
BUSINESS FOCUS	6
MARKET OUTLOOK Q1 2015	7
RESULT OF OPERATIONS	9
CASH FLOW	10
FINANCIAL STATEMENTS	11
NOTES	16
DISCONTINUED OPERATIONS	18
RISKS	20
FINANCIAL CALENDAR 2015	21

BIRDSTEP TECHNOLOGY ASA INTERIM REPORT.

JANUARY - MARCH 2015

• > Revenue was NOK 15.7 (13.7) million, representing an increase of 13.9 % over the same period last year.
• > EBITDA ended at NOK -3.2 (-1.3) million, representing an increased loss of NOK 1.9 million over the same period last year.
• > Continuing operating earnings per share amounted to NOK 0.00 (0.02).
• > Total net cash flow amounted to NOK -2.3 (-8.2) million.
• > Cash balance was NOK 14.4 (9.6) million.

CEO UPDATE.

THIS QUARTER CLOSED WITH A REVENUE OF 15.7 MILLION, REPRESENTING A GROWTH WITH REVENUES OF 13.9 % COMPARED TO THE SAME PERIOD LAST YEAR. THE MAJORITY OF OUR REVENUE THIS QUARTER HAS AGAIN BEEN DRIVEN BY DEMAND FROM NORTH AMERICAN MOBILE OPERATORS.

We have in previous reports explained about projects being delayed due to the customer's internal processes. However, we have in the quarter, after hard work and commitment, finalized one of the trials in Asia and it is now in the hands of the mobile operator to choose which solution to implement.

In the quarter we reported a total cash flow of NOK -2.3 million compared to NOK -8.2 for the same period last year. The weak cash flow was partly due to late customer payments. Going forward we will be looking at various options to ensure that we keep up with the market demands and the need of innovation.

Total Operating Expenses ended at NOK 17.9 million compared to NOK 14.3 million for the same period last year.

In some respects this year is a new beginning for Birdstep as we are now, for the first time, totally focused on HetNets (heterogeneous networks) to enable the predictable and ubiquitous mobile performance that consumers are increasingly demanding. With the sale of Secure Mobility now concluded we have an clear message and a target market comprising all operators and device OEMs (Original Equipment Manufacturer) seeking to exploit the growing synergy between Wi-Fi and cellular networks. Birdstep combines data from the handset and both networks for real time analysis that ensures HetNet users are always best connected. However it is crucial that our Smart Analytics also ensures that operators can optimize both networks within the context of delivering the best QoS (Quality of Experience) available at a given time and place, so that they can execute business rules and minimise costs. We call this intelligent network selection, with an emphasis on "right loading" rather than "offloading". Under HetNets, traffic can equally be steered towards the cellular network as Wi-Fi and there will sometimes be good reasons to do so, to balance traffic across the two networks or honor contractual arrangements with particular third party app or service providers. The point is that we can give operators the real time insights from smart data analytics to steer traffic in accordance with their own rules and business models.

We are confident we are addressing the right markets ripe for our expertise and technology. As well as gaining traction from MVNOs, (Mobile Virtual Network Operator), cable operators and the emerging breed

of Wi-Fi ISPs (Internet Service Providers) as well as device OEMs, there are exciting opportunities emerging around the IoT (Internet of Things). The IoT is an umbrella term for a range of emerging services and apps based around IP connected devices ranging from connected cars to connected cities that will drive continued growth of public and private Wi-Fi. Important IoT sectors are emerging with a common theme being that as people consume more and more data as part of their mobile lifestyles, there will not be sufficient radio spectrum for MNOs (Mobile Network Operators) to cope with demand. In the near to midterm therefore, Wi-Fi is the only viable alternative for MNOs seeking to augment existing cellular networks. Birdstep is ideally positioned to meet this demand for transparent integration between Wi-Fi and cellular under HetNets.

In closing, and as described in our latest reports, our prospect pipeline continue to increase, mostly in Asia, and with the sales representation in place we are indeed ready to meet the demands from this focus market. In addition we are soon launching our SmartAnalytics 3.0, which I am very excited about.

I look forward reporting to you again next quarter.

Lonnie Schilling Chief Executive Officer

BUSINESS FOCUS.

MVNOS COMING INTO FOCUS

This quarter the USA has seen an increased interest in MVNOs (Mobile Virtual Network Operator) as Google has announced that they are presently developing a Google-branded MVNO. Given the demand on data service that a Google MVNO is likely to produce, Birdstep is well positioned with our Smart Solution Suite, which is designed to optimize HetNet strategies for both MVNOs and their MNO partners. In order to pursue the opportunities presented by both MVNOs and MSOs the company have expanded the Americas sales team to add an individual to focus specifically on developing new business opportunities. A consistently competitive marketplace calls for Birdstep to continue delivering advanced technology similar to the delivery of SmartPROVISION with premium Wi-Fi authentication features in Q3 and Q4.

Asia Pacific continues to be an opportunity rich environment. Birdstep continues in HetNet optimization trials with network operators in the region for not only SmartCONTROL's always smartest connected feature, but also SmartPROVISION, and a new interest in SmartCOMMERCE. The goal of the SmartCOM-MERCE trial is to counter the erosion of revenue lost by the carrier to OTT (Over The Top) applications and will prove an excellent launch of this new product if the trial completes successfully. The company's newly opened regional office in Kuala Lumpur focused

this quarter's efforts on building strategic relationships throughout the region both on the customer and partner level. Birdstep's success in HetNet optimisation in the USA has sparked interested throughout the Asia Pacific region among both MNOs (Mobile Network Operators) and MSOs (Mobile System Operators) who are currently developing HetNet deployment plans. Birdstep looks to capitalise on this interest by sponsoring and attending a number of Asia-focused industry events in the coming quarters to further our message as the expert in HetNet optimisation.

EMEA continues to slowly gain interest in HetNet optimisation. Birdstep is beginning to build a strong partnering strategy which will develop localized partners with knowledge of cultural and political environments, which is particularly important in Africa and the Middle East. Birdstep's SmartANALYTICS appears to be an early entry point into accounts, which would provide the foundation to bring in SmartSELECT and SmartCONTROL. Analytics provides insight from the user perspective, which can be meshed with network analytics, providing a very powerful combination for MNO engineer teams.

MARKET OUTLOOK Q1 2015.

ANALYTICS: COLLECT, COMPUTE, CORRELATE, VISUALISE

As our industry is moving rapidly from simple Wi-Fi "offload" for load balancing to more fully developed HetNet optimisation strategies, the critical element for the success is an analytics engine that provides near real-time operational, or actionable, analytics. Actionable analytics is information that can be analysed and acted upon for both strategic and tactical

decisions. It is clear and timely insight into what subscribers are experiencing, when and how they are experiencing it, and how it impacts their usage. This information can then be used to improve the quality of service they are receiving by moving them to a different network or Wi-Fi connection, which directly impacts their quality of experience.

Birdstep's SmartANALYTICS is a robust analytics solution that provides operators and OEMs a device centric view of their customers' mobile data experience. In near real-time it collects, computes and correlates what is happening where mobile data is consumed: on the device. Users consume mobile data via a combination of operator 3G and LTE networks, roaming partner networks, home and office Wi-Fi, operator and partner Wi-Fi, and fee public Wi-Fi networks. In fact, only 20-40% of total mobile data consumed on mobile devices is carried over cellular networks. Additionally, in cellular networks, approximately 40% of the information on data usage is only available from the device. SmartANALYTICS gathers information directly from the device regardless of the type of connection the subscriber is using. This "complete view" of the users' experience is critical to providing the best possible experience for their customers.

In order to visualize the data, SmartANALYTICS provides the correlated information to operators and OEMs via a series of highly visualised, "drill-down" dashboards, which allow a granular view of network performance and individual customer experience. Immediately it permits operators to understand how time of day, location, network bearer type and network transitions may impact the

customer experience. It provides a clear view of which networks the device can see, which it connects to and which it has difficulty connecting to. Decisions can be made to steer traffic from one to another network based on performance. Using SmartANALYT-ICS for network trend analysis, operators can clearly see patterns of congestion and poorly performing networks. SmartANALYTICS enables the customer experience to be measured and acted upon all while the ROI is immediately achieved through better informed network planning, which will help reduce OPEX and CAPEX.

Birdstep's SmartANALYTICS is scalable and can be used to collect, compute, correlate and visualise information on tens of millions of mobile devices. It then allows operators to measure what their customers are experiencing in order to make money saving business decisions that offer the best quality of service and highest quality of experience for their customers.

RESULT OF OPERATIONS.

FIRST QUARTER

First quarter revenue was NOK 15.7 (13.7) million, which represents an increase in revenue of 13.9% over the same quarter last year.

Salaries and wages were NOK 10.3 (9.8) million. The increase in salaries and wages compared to the same quarter last year is due to increase in headcount within Operations and Product Management. The number of employees as of 31.03.2015 was 47 (40).

Other operating expenses for the quarter were NOK 7.7 (4.5) million. The increase is mainly related to consultancy fees within sales and marketing function.

EBITDA ended at NOK -3.2 (-1.3) million which represents an increased loss of NOK 1.9 million compared to the same period last year. As a result of the above, Income (Loss) from continuing operations before taxes of NOK -0.4 (-3.2) million was recorded in the quarter.

CASH FLOW.

FIRST QUARTER

Cash flow for the quarter was negative and our net cash balance decreased by NOK 2.3 million to NOK 14.4 million. The first quarter last year showed a cash balance decrease of NOK 8.2 million. Net cash flow from operating activities for the quarter was NOK -12.8 million. First quarter last year, net cash flow from operating activities was NOK -5.8 million. Net cash from investing activities was NOK 13.4 million, including cash received form the disposal of discontinued operations of NOK 14.5 million.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

		For the three	For the full
		months ended	year
	31.03.2015	31.03.2014	2014
OPERATING REVENUES	15,660	13,744	51,482
Cost of Sales	(953)	(708)	(2,766)
OPERATING EXPENSES
Salaries and wages	(10,253)	(9,792)	(37,346)
Other operating expenses	(7,695)	(4,510)	(22,376)
TOTAL OPERATING EXPENSES	(17,948)	(14,302)	(59,722)
Operating income loss before
depreciation and amortization (EBITDA)	(3,241)	(1,266)	(11,006)
Depreciation and amortization	(1,759)	(2,082)	(7,700)
Operating income loss after
depreciation and amortization (EBIT)	(5,000)	(3,348)	(18,706)
OTHER INCOME (EXPENSE)
Interest income, net	(29)	59	352
Other financial items, net	4,612	119	3,108
OTHER INCOME, NET	4,583	178	3,460
INCOME(LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES	(416)	(3,170)	(15,246)
Income taxes	-	-	(186)
INCOME(LOSS) FROM CONTINUING OPERATIONS	(416)	(3,170)	(15,432)
Profit from discontinued operations	12,863	406	5,596
NET INCOME(LOSS)	12,447	(2,764)	(9,836)
Earnings and diluted earnings per share
Continuing operations	(0.00)	(0.02)	(0.15)
Discontinued operations	-	-	0.06
Total	(0.00)	(0.02)	(0.09)

CONDENSED CONSOLIDATION STATEMENTS OF COMPREHENSIVE INCOME

	For the three		For the full
	months ended		year
	31.03.2015	31.03.2014	2014
Net income (loss) for the period	12,447	(2,764)	(9,836)
OTHER COMPREHENSIVE INCOME
Currency translation effect	(3,314)	(690)	2,626
TOTAL COMPREHENSIVE INCOME	9,132	(3,454)	(7,210)
Attributable to:
Equity holder of the parent company	9,132	(3,454)	(7,210)
TOTAL COMPREHENSIVE INCOME	9,132	(3,454)	(7,210)

CONDENSED CONSOLIDATION BALANCE SHEETS

		As of	As of
	31.03.2015	31.03.2014	2014
NON-CURRENT ASSETS:
Intangible assets	48,151	47,526	48,246
Tangible assets	1,188	180	1,235
Other non-current assets	-	-	-
TOTAL NON-CURRENT ASSETS	49,339	47,706	49,481
	-	-	-
CURRENT ASSETS:	-	-	-
Accounts receivable	4,256	16,580	7,876
Other current assets	16,882	2,256	3,678
Restricted cash	1,810	-	-
Cash & cash equivalents	12,601	9,579	16,539
TOTAL CURRENT ASSETS	35,549	28,415	28,093
Assets of disposal group classified as held for sale	-	10,840	6,937
TOTAL ASSETS	84,888	86,961	84,511
SHAREHOLDERS' EQUITY:
Share capital	10,162	10,012	10,162
Share premium fund	38,272	36,037	38,272
Retained earnings, including translation reserves	26,689	21,312	17,557
TOTAL SHAREHOLDERS' EQUITY	75,124	67,361	65,991
NON-CURRENT LIABILITIES
Deferred tax liabilities	175	175	178
Other liabilities	-	-	-
TOTAL NON-CURRENT LIABILITIES	175	175	178
CURRENT LIABILITIES
Accounts payable	958	2,047	3,110
Deferred revenue	489	979	488
Accrued expenses and other liabilities	8,142	7,698	9,406
TOTAL CURRENT LIABILITIES	9,589	10,724	13,004
Liabilities of disposal group classified as held for sale	-	8,700	5,338
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	84,888	86,961	84,511

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		For the three	For the full
		months ended	year
	31.03.2015	31.03.2014	2014
OPERATING ACTIVITIES
Income (loss) from continuing operations before taxes	(416)	(3,170)	(15,246)
Income (loss) from discontinuing operations before taxes	12,863	406	5,596
Depreciation and amortization	1,759	2,161	8,386
Profit on sales of discontinued operations	(12,863)	-	-
Change in receivables and payables	(14,120)	(5,148)	865
NET CASH FROM OPERATING ACTIVITIES	(12,778)	(5,751)	(398)
INVESTING ACTIVITIES
Capitalized development	(1,096)	(1,838)	(6,548)
Furniture, Machinery and Equipment and leashold improvments	-	-	(1,086)
Change in loan balance with affiliated company	-	-	(722)
Disposal of discontinued operations net of cash disposed off	14,462	-	-
NET CASH FROM INVESTING ACTIVITIES	13,365	(1,838)	(8,356)
FINANCIAL ACITIVITIES
New Issue	-	-	2,385
NET CASH FROM FINANCIAL ACTIVITIES	-	-	2,385
Effect of foreign exchange rate changes	(2,885)	(614)	746
Net increase(decrease) in cash & cash equivalents	(2,297)	(8,202)	(5,623)
Cash & cash equivalents, beginning of period	16,708	22,331	22,331
Cash & cash equivalents, classified as held for sale	-	(4,550)	(168)
Cash & cash equivalents, end of period	14,411	9,579	16,539

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(In thousands of NOK, except share and per share data)

	Birdstep Technology ASA Share Share Other paid Other Translation capital premium equity equity reserves 10,162 38,272 61,232 (58,976) 15,301 - - - 12,447 - - - - - - - - - (3,314) - - - 12,447 (3,314) - - - - - - - - - -
						Total
						equity
Equity as at 31 December 2014						65,991
Net income (loss)						12,447
Other comprehensive income for the period:
Displacements between restricted and unrestricted reservs						-
Foreign currency exchange						(3,314)
Total comprehensive income						9,132
Transactions with shareholders:						-
Net issue of ordinary shares						-
Reduction in share capital and transfer of share premium						-
Total transactions with shareholders	-	-	-	-	-	-
Equity as at 31 March 2015	10,162	38,272	61,232	(46,529)	11,987	75,124

			Birdstep Technology ASA
	Share	Share	Other paid	Other	Translation	Total
	capital	premium	equity	equity	reserves	equity
Equity as at 31 December 2013	10,012	36,037	61,232	(49,140)	12,675	70,816
Net income (loss)	-	-	-	(2,764)	-	(2,764)
Other comprehensive income for the period
Displacements between restricted and unrestricted reservs	-	-	-	-	-	-
Foreign currency exchange	-	-	-	-	(690)	(690)
Total comprehensive income	-	-	-	(2,764)	(690)	(3,454)
Transactions with shareholders:
Net issue of ordinary shares	-	-	-	-	-	-
Reduction in share capital and transfer of share premium	-	-	-	-	-	-
Total transactions with shareholders	-	-	-	-	-	-
Equity as at 31 March 2014	10,012	36,037	61,232	(51,904)	11,985	67,361

NOTES.

ACCOUNTING POLICIES

The accompanying consolidated financial statements are prepared under International Financial Reporting Standards (IFRS). Our fiscal year runs from January 1 to December 31.

The accompanying condensed consolidated statements of operations and cash flows cover the three first months of 2015, and the related information on Birdstep included in these notes to the financial statements is unaudited. In the opinion of management, such interim statements include all adjustments, which consist only of the normally recurring adjustments necessary for a fair presentation of the consolidated results of operations, financial position and cash flows for each period presented. The interim consolidated results are not necessarily indicative of results for the full year.

The same accounting policies and methods of computation are followed in the interim financial statements as those of the most recent annual financial statements.

These interim financial statements are presented in Norwegian crowns (NOK). The functional currency of Birdstep's foreign operations is the currency of the country in which the operations are conducted. The accounts of Birdstep are translated into the reporting currency, NOK, using exchange rates in effect at period-end for assets and liabilities, and at average exchange rates during the period for the results of operations.

EBITDA is equivalent to operating income (loss) excluding both discontinued operations and noncash charges, such as depreciation and amortization.

Income per share is calculated by dividing net income available to common shareholders for the period by the weighted average number of common shares outstanding during the period.

As of March 31, 2015, the Company has 101,621,627 shares issued and 101,600,572 shares outstanding, the difference of 21,055 representing treasury shares.

SEGMENT REPORTING

	For the three months ended		For the full year
	31.03.2015	31.03.2014
Smart Mobile Data
Operating Revenues	15,660	13,744	51,482
EBIT	(5,000)	(3,348)	(18,706)

DISCONTINUED OPERATIONS.

On January 2nd, 2015, the Company and EB entered into a Share Purchase Agreement on whereby EB acquired 100% of the shares in Birdstep Technology OY from the Company as of the same date.

The debt free, net of cash and cash equivalents purchase price for the transaction was EUR 2.0 million in cash on

the closing date and before account for transaction costs. Profit from discontinued operations recorded in the financial statement as of 31.03.2015 was NOK 12.9 million, which is representing the full gain from the sale of Birdstep Technology OY.

The assets and liabilities related to Birdstep Technology OY have been presented as held for sale following the sale of 100 % of the shares in the company on January 2nd, 2015.

	For the three months ended	For the full year
	31.03.2014	2014
NON-CURRENT ASSETS:
Intangible assets	2,179	2,484
Tangible assets	81	65
TOTAL NON-CURRENT ASSETS	2,260	2,548
CURRENT ASSETS:
Accounts receivable	3,277	3,825
Other current assets	753	395
Cash & cash equivalents	4,550	168
TOTAL CURRENT ASSETS	8,580	4,389
Assets held for sale	10,840	6,937
NON-CURRENT LIABILITIES
Other liabilities	3,262	935
TOTAL NON-CURRENT LIABILITIES	3,262	935
CURRENT LIABILITIES
Accounts payable	788	861
Deferred revenue	2,023	367
Accrued expenses and other liabilities	2,627	3,175
TOTAL CURRENT LIABILITIES	5,438	4,403
Liabilities held for sale	8,700	5,338

DISCONTINUED OPERATIONS

Analysis of the result of discontinued operations is as follows

(In thousands of NOK , except share and per share data)

	For the three months ended	For the full year
	31.03.2014	2014
OPERATING REVENUES	5,491	23,922
Cost of Sales	(800)	(2,765)
OPERATING EXPENSES
Salaries and wages	(2,982)	(12,589)
Other operating expenses	(900)	(4,534)
TOTAL OPERATING EXPENSES	(3,882)	(17,123)
Operating income loss before depreciation and amortization (EBITDA)	809	4,034
Depreciation and amortization
Write down and impairment of intangible assets	0	0
Operating income loss after depreciation and amortization (EBIT)	730	3,348
OTHER INCOME (EXPENSE)
Interest income, net	0	25
Other financial items, net	(324)	2,223
OTHER INCOME, NET	(324)	2,248
PROFIT FROM DISCONTINUED OPERATIONS BEFORE TAXES	406	5,596
Income taxes	0	0
PROFIT FROM DISCONTINUED OPERATIONS	406	5,596

Cash Flow

	For the three	For the full
	months ended	year
	31.03.2014	2014
Operating Cash flow	2,555	(929)
Investing cash flow	(628)	(1,526)
Financing cash flow	0	0
Total cash Flow	1,927	(2,455)

RISKS.

This report contains statements regarding the future in connection with the company's growth expectations, general and specific market outlook and objectives. All statements about the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from that which has been expressed or implied in such statements.

Birdstep Technology is exposed to various forms of market, operational and financial risk.

Financial instruments that potentially subject Birdstep to concentrations of credit risk consist primarily of cash and accounts receivable. Birdstep performs ongoing evaluations of customers' financial condition to determine if any provision for potential uncollectible amounts is needed. As of March 31, 2015, no provisions for potential uncollectible amounts had been made.

The company's various risks have been described in the Annual Report/ Prospectus in further detail and no other risks has been identified.

			January							Febuary				March							April
		M Tu W Th F Sa Su						M Tu W Th F Sa Su										M Tu W Th F Sa Su										M Tu W Th F Sa Su
			$\mathbf{1}$	$\overline{2}$	$\overline{3}$	$\overline{4}$							$\mathbf{1}$								$\mathbf{1}$				$\mathbf{1}$	$\overline{2}$	$\overline{3}$	4	5
5	6	$7^{\circ}$	8	9	10 11		$\overline{2}$	$\overline{3}$	$\overline{4}$	5 5	6	7	8			$2 \overline{3}$	$\overline{4}$	5	6	$\overline{7}$	8		6	$\overline{7}$	8	9	10 1	11 12
		12 13 14 15 16 17				18	9		10 11 12 13 14				15		$\overline{9}$	10		11 12 13		14	15		13	14	15	16		17 18 19
19	20		21 22 23 24 25				16		17 18 19 20			21	22					16 17 18 19 20		21	22		20	21	22 23			24 25 26
		26 27 28 29 30 31						23 24 25 26 27 28										23 24 25 26 27 28 29					27		28 29 30
															30 31
			May							June								July								August
		M Tu W Th F Sa Su						M Tu W Th F Sa Su										M Tu W Th F Sa Su										M Tu W Th F Sa Su
				$\mathbf{1}$	$\overline{2}$	$\overline{3}$	$\mathbf{1}$	$\overline{2}$	$\overline{3}$	$\frac{1}{4}$	5	6	7				$\mathbf{1}$	$\overline{2}$	$\overline{3}$	4	5							$\mathbf{1}$	$\overline{2}$
	5	6	$7^{\circ}$	8	$\overline{9}$	10	8	9				10 11 12 13 14			6	$7^{\circ}$	8	9		10 11 12			$\overline{3}$	$\overline{4}$	5	6	7	8	9
		11 12 13 14 15 16				17	15	16				17 18 19 20	21		13	14		15 16 17 18			19		10	11	12	13	14	15 16
18	19	20 21 22 23 24					22	23				24 25 26 27 28			20	21	22 23		24	25 26		17		18	19	20	21	22 23
		25 26 27 28 29 30 31						29 30										27 28 29 30 31					74					25 26 27 28 29 30
																							31
		September								October								November								December
		M Tu W Th F Sa Su						M Tu W Th F Sa Su										M Tu W Th F Sa Su										M Tu W Th F Sa Su
	$\mathbf{1}$	$\overline{2}$	$\overline{3}$	4	5	6				$\mathbf{1}$	$\overline{2}$	$\overline{\mathbf{3}}$	$\frac{1}{4}$											$\mathbf{1}$	$\overline{2}$	$\overline{3}$	4	5	- 6
	8	9		10 11 12 13			5	6	7	8	9	10 11			2	$\overline{3}$	4	5	6	$7\overline{ }$	8	$\overline{7}$		8	$\overline{9}$	10		11 12 13
$14^{1}$	15	16	17 18 19			20	12	13	14	15	16	17	18		9	10 1	11	12 13		14	15	14		15	16	17	18	19 20
21		22 23 24 25 26 27					19	20	21	22 23		24	25		16	17	18	19	20	21	22	21		22	23	24		25 26 27
	28 29 30						26		27 28 29 30 31						23			24 25 26 27 28			29	28			29 30 31
															30

FINANCIAL CALENDAR 2015.

Preliminary financial calendar, with reservations for changes:

31.07.2015 QUARTERLY REPORT - Q2 04.11.2015 QUARTERLY REPORT - Q3

BIRDSTEP IS HEADQUARTERED IN OSLO, NORWAY, WITH ITS OPERATIONAL HEADQUARTER IN STOCKHOLM, SWEDEN, A SUBSIDIARY IN SAN FRANCISCO, USA AND SALES OFFICES IN KANSAS CITY, USA, KUALA LUMPUR, MALAYSIA, LONDON, UK AND TOKYO, JAPAN.

WWW.BIRDSTEP.COM