Techstep ASA — Investor Presentation 2020

Dec 1, 2020

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Making work mobile

Capital Markets Update

1 December 2020

Agenda

• Building a leader in managed mobility services (MMS) Jens Haviken, CEO
• Enabling mobility with purpose-built solutions Erik Haugen, CCO
• Our growth strategy Jens Haviken, CEO
• Strengthening our Nordic market position Fredrik Logenius, MD Optidev

Short break

• Financial perspectives Marius Drefvelin, CFO
• • Q&A

Closing remarks Jens Rugseth, COB

Building a leader in managed mobility services

Jens Haviken, CEO

Capital Markets Update | Dec-20

«We live in extraordinary times. Digital transformation is accelerating, and work is going mobile. Looking at the efficiency gains, there is no going back. The time has come to let Nordic enterprises and their workforce truly enjoy the value of mobility »

Jens Haviken, CEO

The world has become mobile-first

0 5 10 15 20 25 30 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Internet revolution iPhone announced Smartphone sales > PCs Units globally Cumulative, bn Mobile dominates

PCs (Desktop + Laptop) Tablet Smartphone

What enterprises face in a mobile world

7

Employees unbound from their desks are more efficient

Managing mobility in-house is complex, costly and often inefficient

Proper utilization and handling of mobile devices reduces the environmental footprint

Growing demand for managed mobility services

Gartner Definition: Managed mobility services (MMS) comprise the vendor-provided IT and business process services required to plan, procure, provision, activate, manage, secure and support mobile devices, mobile network services, related mobile management systems and mobile applications.

8 2) https://www.mordorintelligence.com/industry-reports/mobility-managed-services-market - Global MMS market valued at NOK 65 billion in 2019

Gartner Forecast: Enterprise Managed Communications Services, Growth Trends, Worldwide, 2019 Update

Large managed mobility market opening up in the Nordics

Available market is everyone who can improve work with mobility solutions

Manufacturing and construction

Retail

Healthcare

Education

Banking and finance

Digital maturity

~14 million workforce in the Nordics

~11 million workforce in target sectors in the Nordics

~6 million Workforce in target enterprises in the Nordics

Techstep is purpose-built to service mobility needs

We deliver Managed Mobility Services (MMS) that reduce IT complexity and costs, increase employee productivity and satisfaction, while improving resource efficiency

Our 550 + Nordic enterprise customers in the private and public sector rely on Techstep when making work mobile

Ambition to be the leading MMS provider in the Nordics managing >1 million devices in 2025

Our services and solutions benefit workers, enterprises, society and our planet*

10 * Our services and solutions address 4 of the 17 UN sustainability goals to transform our world. Learn more here: un.org/sustainable development

Our value propositions

Our services and solutions benefit workers, enterprises, society and our planet*

Techstep's sustainability contribution

Employee empowerment increases job satisfaction Creating attractive and engaging jobs

Productive working environment

Promoting and embracing gender equality

Improve enterprise productivity and the resilience of our society Improve workforce productivity 1 and people's lives 2 3

Increasing employee productivity and innovation Ensuring data security and privacy Driving profitable growth

Improve resource efficiency and protect the environment

Extending lifespan of devices: Repair, re-sale, recycle

Solutions promoting resource efficiency

Promoting remote work over travels

Our services and solutions benefit workers, enterprises, society and our planet*

Our managed mobility services offering

Techstep's service stack

MMS solution built with recurring services bundle

Helping customers make work mobile

Pilots run checklists on their iPads before take-off Electricians document their work and invoice immediately between site visits Employees do admin work on devices while in-store

«Techstep has enabled us to use our mobile devices as true work tools, materially improving productivity and employee engagement»

James Bell Ocampo, Head of IT, USBL

Positioned for market leadership

Established relevant customer base of ~550 enterprise companies

market

5 years experience as a leading B2B mobile solutions provider in the Nordics

300 dedicated employees focused on delivering solutions that harvest the benefits of mobile technology

Driving value creation with value-adding services

Using Techstep's service stack… …to build recurring revenue bundles… ...and drive gross profit per managed device

Strategic priorities and ambitions

Priorities Outlook towards 2025

2025 ambitions

	Gross profit	• Grow accessible market • Grow number of managed devices • Grow gross profit per device
Organic growth in Norway and Sweden	EBITDA	• Reinvest parts of near-term profits in organization to capture market • Gradual streamlining of organization and operational leverage	Managed devices > 1m
M&A	Capital allocation	• Moderate capex requirements, mainly development • Stable IFRS 16 leases, excluding Hardware-as-a-service leases	Gross profit per managed device per year > NOK 1 200
Geographical expansion in the Nordics	Financial position	• Maintain strong balance sheet and financial flexibility • Flexible financing solution tied to M&A strategy • Aligned with solid investors with proven track record	Group EBITDA/gross profit > 30%
	Shareholder value	• Growth focus with gradual shift towards profitability • M&A

Dedicated team with know-how and tech growth track record

Leadership and organization focused on managed mobility services…

• Leading mobility expert organization in the Nordic market, combining proven track record from advisory and professional services, IT services, mobile hardware, mobile solutions and telco
• Core MMS capabilities backed by dedicated sales and marketing, corporate finance and business development resources
• Strengthening Product Management organization going forward

…backed by dedicated board and investors

• Dedicated board members, led by chair Jens Rugseth, a seasoned IT executive and serial founder of several companies within the Nordic IT-sector over the past 30 years
• Key investors with proven track record from tech, IT and software driven growth companies hold >50% of outstanding TECH shares

Investment highlights

In a world going mobile, Techstep is purpose-built to service the mobility needs of enterprises and their workforce

Positioned for leadership in a large managed mobility market opening up in the Nordics

Ambition to manage >1 million devices by 2025 and drive value creation with value-adding services and solutions

Business plan focused on organic growth, M&A and Nordic expansion while maintaining financial flexibility

Dedicated leadership team, board and key investors with proven services, IT and tech growth track record

Enabling mobility with purpose-built solutions

Erik Haugen, CCO

Capital Markets Update | Dec-20

Making work mobile

Tasks can be done across mobile devices and locations

Work gets done more efficiently when needed, with more time for core business - less admin

Mobile-first solutions enable new levels of employee productivity

Enterprises can realise the benefits mobile technology offers via the cloud

Our mission

Work at a desk because you choose to...

…not because you have to

Five core value components to customers

Reduce cost and increase productivity

Significantly reduce your TCO and increase productivity

Transform capabilities and develop skills

Empower your employees with the tools to perform their tasks more efficiently while developing their skill set

Improve employee engagement

Happy employees mean happy customers, more money for the business, and better performance at work

Drive business and revenue growth

Allow your employees to work from anywhere at anytime and discover new revenue streams through more mobile way of working

Improve sustainability and ESG performance

Our services and solutions benefit workers, enterprises, society and our planet*

Our services and solutions benefit workers, enterprises, society and our planet*

82% of companies plan to increase spending in deskless technologies

82% 83%

Across all industries there is an average planned increase in spending of 31%

% of Companies planning to Increase spending on Deskless Technology

75% 77% 78%

Productivity is the primary driver, however keeping people happy is also a key reason

55%

Helping customers capture the full value of managed mobility services

~200 000

Devices managed by Techstep

~550

Techstep's enterprise customer base

~6 000 Enterprises in the Nordics

Some of Techstep's enterprise customers

Enterprise includes companies with 200 or more employees Techstep market estimates All Techstep figures include Optidev 28

Our service stack combines market leading IP, software and mobility expertise

Advisory Services	Management consulting Project Management Professional Services	Techstep's highly experienced team helps customers enable the power of the asset and platform management services, and provides ongoing support
Platform	Enterprise Mobility Management (EMM)	Services designed to manage all devices at the enterprise level
Management	Unified Endpoint Management (UEM) Security App and Identity Management	Management software solutions used to manage, e.g. user profiles, deployment of apps, OS updates and security in relation to use of mobile devices in an enterprise environment
Asset Management	Lifecycle Management Mobile Expense Management Policy compliance Support and Service Self service portal Hardware-as-a-service	Services tied to each individual device, comprising Techstep's software solution Origo and the customer facing products Flow by Techstep and TrueMobile by Optidev Origo Flow by Business Cloud

The service stack powers our MMS offering

Techstep's service stack

Advisory Services	Management consulting Project Management Professional Services
Platform Management	Enterprise Mobility Management (EMM) Unified Endpoint Management (UEM) Security App and Identity Management
Asset Management	Lifecycle Management Mobile Expense Management Policy compliance Support and Service Self service portal

Hardware-as-a-service

MMS solution built with recurring services bundle

Everything as-a-service, one point of contact

Techstep's MMS offering, a one stop shop…

...driving return on mobility services investment

• 15% customer cost savings from administration, IT and procurement*

• Saved time can be allocated to core business
• Reduced data, IT security and compliance risk
• Social benefits from satisfaction, training and accessibility
• Sustainability benefits from life cycle asset management and resource efficiency

Harvesting the benefits of mobile technology

USBL has matured from a stage were mobile devices were just a phone for some to a work tool for everyone, replacing pen and paper

With Flow from Techstep, USBL has managed to simplify work streams and improve work satisfaction for its employees

Asset Management

370 Managed devices

Improving productivity and satisfaction at Vy Buss

The devices managed by Techstep are used by train and bus drivers in the field

Using tablet for task such as damage reports, timetables and learning has improved quality of work and increased efficiency

Drivers can focus on driving Long standing customer relationship

One of Techstep's largest and longeststanding customers

Vy Buss is rolling out its mobile solutions in both Norway and Sweden

Advisory Services

Platform management

7 000 Managed devices*

Helping BAMA improve its warehouse management

More efficient warehouse management with managed mobility services

Techstep provides BAMA with devices and services to help automate processes and improve communication, planning and administration within areas such as warehouse and logistics

With Techstep's solution BAMA achieves significant time savings and control, while allowing their employees to increase efficiency - and ultimately perform better at work

Advisory Services

Platform management

Asset management

2 500 Managed devices

The future is deskless

We help companies enable the capabilities of their workforce through deskless technology

Our growth strategy

Jens Haviken, CEO

Capital Markets Update | Dec-20

Techstep is purpose-built to manage mobility Gross profit

development 2016-2020 Q3 LTM (proforma)

Managed Mobility Services and recurring business model

Techstep established, acquisitions and consolidation of the Norwegian market

Further expansion with new partners and Swedish operations

Organic development, 9 acquisitions and NOK 700 million deployed last 4 years

Focus on integration and transition towards a software

& services-led company

2016	2017	2018	2019	2020 Q3 LTM'

Firm organic growth strategy in growing market…

The Nordics stand to benefit from MMS

• Highly digitalised societies
• High labour value/cost

Techstep targeting Nordic enterprise market

• ~6 million employees in the Nordics working in ~6,000 enterprises in target sectors

Further potential in ~3 million employees in SMEs in attractive sector

• Grow MMS adoption for SME via partners

Attract new enterprise MMS customers

Grow position

Establish position

Roll-out MMS offering to existing enterprise customer base in Sweden

Attract new enterprise MMS customers

…supported by accretive M&A

With the Optidev acquisition, Techstep's position and key metrics improved

Strengthening our Nordic market position

Fredrik Logenius, MD Optidev

Capital Markets Update | Dec-20

43

"We shall lead the development of robust mobile solutions - software and hardware - for traceability, availability and collection of business-critical information, in real time anywhere and anytime."

Optidev in numbers

• Revenues 2019: 187 MSEK
• Gross profit 2019: 103 MSEK
• EBITDA 2019: 26 MSEK
• ARR (own software): 22 MSEK as of H1'20

Founded: 2000 Employees: 87 Owner: TechstepASA

Provider of mobility solutions since 2000

• Powerhouse for rugged mobile hardware and services
• TrueMobile Cloud based mobile software supporting the deskless worker
• Customers in many industries, strongest in Logistics, Public Transport and Security
• Strong relationship with key suppliers
• Everything as-a-service with a single point of contact

Digitalisation of industry-leading transport and logistics companies

Every day thousands of Optidev managed devices are used with Optidev's software for logistics and transport around the Nordic region. From streamlining the logistic process to complete outsourced solutions.

Some of our customers

Everything we handle

100 000+ 1 000+ 2 000+

TrueMobile-system Users Sign on glass/day

Devices RMA*/month Support case/month

50+ 15 000+ 300 000+

*RMA (return merchandise authorization

Ticket scanning, work planning and mobile point of sale

Optidev's software and technical equipment ensures everything from travel payment and ticket controls to managing employee schedules and worktasks. Millions of tickets are controlled every year on subways, buses, trains, trams and ferries.

Some of our customers

Some of our customers

Enhancing work safety with Optidev Body Worn Cameras

Optidev's hardware and software are used by the leading security companies in the Nordics. From security- and parking guards to ticket inspectors. Awarded with "Crime preventor of the year" in Sweden 2020.

49

Techstep and Optidev – a strong platform for growth

• Techstep with strategic MMS expertise
• Optidev with leading mobility IP and standardized software on important industry-verticals
• Highly skilled people to deliver value-adding mobility solutions
• Optidev has a strong established position in Sweden, growing position in Norway and Denmark

Towards ambition of 1 million managed devices in 2025

• Together the companies will offer market-leading mobility solutions supported by a strong Nordic organisation to drive future growth
• Complementary business models and customer offerings which boost cross selling potential and best practice sharing

Financial perspectives

Marius Drefvelin, CFO

Capital Markets Update | Dec-20

Building a recurring services business

From a wholesaler and distributor… …to a managed mobility service (MMS) provider

Revenue and gross margin development

Revenue and gross margin

NOK million, %

Revenue and margin development reflect transition from hardware focus towards software and IP-driven MMS

• Organic organizational and product development plus nine acquisitions key to support transformation
• Growth in hardware volume and price per unit
• Gross margin reduction from 2016 to 2019 due to decreased hardware margin and operator commission
• Margin pressure partly mitigated by an increase in advisory and services and own software

Gross profit growth with improved quality of earnings

The recurring business is growing

ARR (reported)

18 0.0

NOK million

Gross profit

45 0

Share of recurring business

Strategy to up gross profit per managed device

Build recurring revenue bundle… ...driving gross profit per managed device

Ramping-up organization to capture the market opportunity

Operating expenditure (OPEX) – LTM

NOK million

-1 0.0

40 .0

90 .0

14 0.0

19 0.0

24 0.0

29 0.0

34 0.0

39 0.0

Gains from efficiency measures and divestments of non-core during the past few years reinvested into company transformation

• Strengthening sales and marketing
• Developing managed mobility IP and software
• Improving value chain to ensure customer success

Continuing to reinvest parts of near-term profits in organization

• Investing in organization is needed to captured market opportunity and continue development of mobility offering

Gradual streamlining of organization and operational leverage long-term

Ambition to increase gross profit to EBITDA conversion to > 30% in 2025

18 0.0

Optidev, leasing portfolio and efficiency measures explains increased EBITDA Q3'20 LTM

Non-linear development near-term

• Focus on sales and software/IP development
• Opex investments to support the new business model
• Negative impact from hardware and commissions

Long-term focus on EBITDA conversion

• Operational leverage and economies of scale
• Increasing IP and software-driven revenues

Cash conversion, capex and IFRS 16 leases

Breakdown of capital expenditure and leases

NOK million, % of gross profit

0

20

40

60

80

10 0

12 0

14 0

Development capex

• Moderate capex requirement
• Investments in software and IT portfolio development

IFRS 16 leases for rent and IT licenses

• Reported as financing activities in cash flow
• Expected stable near-term

IFRS 16 leases for Hardware-as-a-service

• Financing agreements with external funders
• Cash neutral lease value reflected in capex and balance sheet
• Contract value recognized in P&L over the contract period, normally two year for devices under management
• Positive effect from 'end-of life' value of devices on P&L and cash

Strategic priority to maintain financial flexibility

Reported equity ratio at 55% as of September 2020

Net interest-bearing debt will increase by NOK 135 million after Optidev acquisition to be included in Q4 2020

• Acquisition financing and sellers' credit

Flexible financing solution tied to M&A strategy

• Mix of shares, cash and sellers' credit used in historic acquisitions

Aligned with solid investors with proven track record

Assets | Equity and liabilities

NOK million

Reported	Sep-2020	Dec-2019
Intangible assets	489	480
Tangible assets	136	112
Inventories	19	12
Accounts receivables	123	147
Cash and cash equivalents	55	45
Other	20	21
Total assets	842	817
Total equity	460	456
Non-current interest-bearing debt	54	0
Non-current liabilities (other)	50	52
Current interest-bearing liabilities	14	46
Current liabilities (other)	265	262
Total equity and liabilities	842	817

Techstep's growth ambitions

	Q3 2020 run-rate Annualized*	2025 ambitions	Drivers
Managed mobility services	Managed devices ~200 000	Managed devices > 1 million	• Convert existing and onboard new customers to MMS • M&A – Customers, IP/Software, market position • Geographical expansion
	Gross profit per device per year ~NOK 800 of total gross profit	Gross profit per device per year > NOK 1,200 of total gross profit	• Upselling • New services • Managed devices x gross profit per device
	~40%	Increased %
Group	EBITDA/gross profit ~20%** Development capex	EBITDA/gross profit > 30%	• Continue to reinvest parts of near-term profits in organization to capture market • Gradual streamlining of organization and operational leverage
	~NOK 20 mill	• •	Moderate capex requirements, mainly development Stable IFRS 16 leases, excluding Hardware-as-a-service leases

Investment highlights

In a world going mobile, Techstep is purpose-built to service the mobility needs of enterprises and their workforce

Positioned for leadership in a large managed mobility market opening up in the Nordics

Ambition to manage >1 million devices by 2025 and drive value creation with value-adding services and solutions

Business plan focused on organic growth, M&A and Nordic expansion while maintaining financial flexibility

Dedicated leadership team, board and key investors with proven services, IT and tech growth track record

Closing remarks

Jens Rugseth, COB

Capital Markets Update | Dec-20

Transforming an industry

Transforming our company

Transforming our customers

Harvesting the benefits for our environment, our customers, our employees and our shareholders

Capital Markets Update | Making work mobile

Supporting material

Income statement

NOK 1 000	Q3 2020	Q3 2019	2019
Revenue	212 432	241 903	1 127 763
Other income	300	1 286	4 296
Total revenues	212 732	243 189	1 132 059
Cost of goods sold	(141 286)	(183 386)	(852 722)
Salaries and personnel costs	(41 579)	(41 904)	(187 994)
Other operational costs	(13 398)	(12 348)	(65 363)
Share of profit (loss) in joint ventures	-	276	1 059
Depreciation	(20 650)	(3 201)	(15 214)
Amortisation	(6 025)	(5 314)	(22 018)
Impairment	-	(70 000)	(70 000)
Other income	4 795	-	-
Other expenses	(7 324)	-	-
Operating profit (loss)	(12 734)	(72 689)	(80 192)
Remeasurement on equity interests	-	-	18 206
Financial income	1 791	521	5 546
Financial expense	(3 641)	(1 642)	(5 948)
Profit before taxes	(14 584)	(73 811)	(62 388)
Income taxes	1 315	626	(1 941)
Net profit (loss) for the period	(13 269)	(73 185)	(64 329)

In Q4 2019, Techstep ASA acquired the remaining 80% stake in Techstep Finance AS. As of Q1 2020, Techstep Finance AS is consolidated according to IFRS 16 accounting standards. Thus, comparable y-o-y will be affected by the effects from IFRS 16 –mainly increasing revenue, gross profit and depreciation. 68

Balance sheet

NOK 1 000	30.09.2020	31.12.2019
Intangible assets	489 344	480 285
Tangible assets	135 890	111 787
Financial assets	185	225
Inventories	19 363	11 828
Accounts receivable	123 103	147 411
Other receivables	19 387	16 104
Cash and cash equivalents	54 920	44 588
Assets classified as held for sale	-	4 962
Total assets	842 191	817 191
Total equity	459 601	455 970
Deferred tax	2 939	4 483
Non -current interest -bearing debt	53 600	162
Other non -current debt	46 958	47 688
Current interest -bearing liabilities	13 657	46 423
Accounts payable	97 907	122 328
Tax payable	(1 942)	936
Public taxes, provisions	36 008	22 381
Other current liabilities	133 464	116 820
Total equity and liabilities	842 191	817 191

Cash flow

NOK 1 000	Q3 2020	Q3 2019	FY 2019
Net cash flow from operational activities	(2 262)	563	51 079
Net cash used on investment activities	(35 717)	(4 478)	(18 259)
Net cash flow from financing activities	56 113	(175)	(27 494)
Net change in cash and cash equivalents	18 134	(4 089)	5 326
Cash and cash equivalents at beginning of period	36 560	30 648	39 716
Effects of exchange rate changes on cash and cash eq.	225	134	(453)
Cash and cash equivalents at end of the period	54 920	26 691	44 588

Largest shareholders

Investor	Number of shares	% of top 20	% of total	Type	Country
DATUM AS	32,317,975	22.15%	17.70%	Comp.	NOR
MIDDELBORG INVEST AS	30,517,764	20.91%	16.72%	Comp.	NOR
SWEDBANK AB	18,994,955	13.02%	10.41%	Nom.	SWE
KARBON INVEST AS	18,236,689	12.50%	9.99%	Comp.	NOR
TIGERSTADEN AS	5,000,000	3.43%	2.74%	Comp.	NOR
CIPRIANO AS	4,968,835	3.41%	2.72%	Comp.	NOR
VERDIPAPIRFONDET DNB SMB	4,206,320	2.88%	2.30%	Comp.	NOR
ZONO HOLDING AS	4,000,007	2.74%	2.19%	Comp.	NOR
BRIDGE CAPITAL AS	3,738,317	2.56%	2.05%	Comp.	NOR
TVENGE TORSTEIN INGVALD	3,500,000	2.40%	1.92%	Priv.	NOR
SÅ&HØSTE AS	2,925,936	2.01%	1.60%	Comp.	NOR
SKANDINAVISKA ENSKILDA BANKEN AB	2,469,703	1.69%	1.35%	Nom.	SWE
NORDHOLMEN AS	2,206,512	1.51%	1.21%	Comp.	NOR
ADRIAN AS	2,038,851	1.40%	1.12%	Comp.	NOR
PIKA HOLDING AS	1,956,512	1.34%	1.07%	Comp.	NOR
NORDIALOG ENSJØ AS	1,946,253	1.33%	1.07%	Comp.	NOR
UNIFIED AS	1,849,457	1.27%	1.01%	Comp.	NOR
IDEKAPITAL AS	1,797,532	1.23%	0.98%	Comp.	NOR
MODIOLA AS	1,649,348	1.13%	0.90%	Comp.	NOR
DATUM VEKST AS	1,600,000	1.10%	0.88%	Comp.	NOR
Total number owned by top 20	145,920,966	100%	79.94%
Total number of shares	182,539,514		100%

Management team

Jens Haviken – CEO

Mr. Haviken is an experienced executive within consulting, managed services, software and hardware distribution. He has a proven track record of developing, rebuilding and streamlining operations of companies in the ICT sector. Prior positions held by Haviken include VP Services and Solutions and Country Manager at Dustin Group AB (publ). and various Director roles at Microsoft and Accenture.

Erik Haugen – Chief Commercial Officer

Mr Haugen is an international business professional, bringing with him broad commercial experience. He spent spent twelve years in London working with focus on sales, marketing and business management for companies like Pioneer and Sony Ericsson. Subsequently he moved into finance and professional services sales at Lindorff AS (now Intrum) in 2011 where he has been responsible for strategic sales, key account management and business development for a large portfolio of clients within telecoms, utilities, trade, SME and public sector.

Marius Drefvelin – CFO

Mr. Drefvelin joined Techstep in January 2017 and was previously the Group CFO of Creuna, a leading Nordic technology and communications consultancy firm with 350 employees. He has been with Creuna since 2012. During 2010-2012, he was a financial advisor at Deloitte, working with mergers, acquisitions and IPOs. Before this, he worked at Jebsen Asset Management from 2007-2009. During 2001-2007, Mr. Drefvelin worked at KPMG, also working with transactions.

Mads Vårdal – Chief Innovation Officer

Mr Vårdal has been with companies within the Techstep sphere for more than 11 years. He came from a central position in Teki Solutions AS and has been a leading figure for the development of SmartWorks. He has previously had a leading position in Nordialog Skøyen AS and CEO in Buskerud Tele AS.

Inge Paulsen – Managing Director Norway

Mr. Paulsen is an experienced executive manager with a proven track record from companies like Clear Channel, Eltel Networks/Sønnico Tele, Infratek/Hafslund, Implement and Accenture. His broad experience comes from heading strategic business development projects in venture businesses or turnaround cases as well as holding various executive positions responsible for profit & loss.

Board of Directors

Jens Rugseth – Chairman of the board (since 2019)

Jens Rugseth is a co-founder and Chairman of the Board of Crayon Group ASA and Link Mobility Group ASA. He has been a serial founder of a number of companies within the IT-sector over the past 30 years. Mr. Rugseth has also held the position of chief executive officer in some of the largest IT-companies in Norway, including ARK ASA, Cinet AS and Skrivervik Data AS. Mr. Rugseth studied business economics at the Norwegian School of Management. Jens Rugseth is a Norwegian citizen, currently residing in Oslo, Norway.

Einar J. Greve – Vice chairman (board member since 2016)

Mr. Greve was Chairman of the Board of Techstep from 2016 to April 2019. Mr. Greve works as a strategic advisor at Cipriano AS and has previously worked as partner of Wikborg Rein & Co and as Partner of Arctic Securities ASA. Mr. Greve has held and holds various positions as chairman or director in several listed and unlisted companies. He holds a degree in law (cand. jur.) from the University of Oslo.

Anders Brandt - Board member (since 2018)

Mr. Brandt has more than 20 years of experience in international entrepreneurship, technology, venture capital and digital services. He is managing partner in the venture capital fund Idekapital, and has co-funded and exited numerous companies including DinSide, OMG, Viken Fibernett, Mytos, Meshtech and Bubbly Group. Brandt has 14 years of board experience of listed companies on Oslo Børs and Nasdaq Stockholm, whereof several tech companies.

Ingrid Leisner - Board member (since 2016)

Ms. Leisner has served on the Board in Techstep since January 2016. Ms. Leisner's directorships over the last five years include current board positions in Storage Group ASA, Norwegian Air Shuttle ASA, Maritime and Merchant ASA. Ms. Leisner has a background as a trader of different oil and gas products in her 15 years in Equinor ASA. Her years of experience and skills within business strategy, M&A, management consulting and change management has been very valuable when serving on the board of several companies listed on Oslo Børs. She holds a Bachelor of Business degree with honours from the University of Texas in Austin.

Toril Nag - Board member (since 2018)

Ms. Nag is Group Executive Vice President, responsible for customer service and the telecommunications business area of the Lyse Group. She holds extensive experience in telecom and digital service, as well as banking and finance. She has held a number of board appointments in technology, energy and R&D-related companies, and her directorships include Dolphin Group ASA, IKT-Norge, Kolumbus AS and Altibox AS. Nag is a qualified civil engineer in Computer Science from the University of Strathclyde and has further education in management from the Norwegian Business School BI.

Managed Mobility Services

MMS encompass the IT and process management services required by a company to acquire, provision and support smartphones, tablets and ruggedized field force devices with integrated cellular and/or wireless connectivity1)

MMS Capabilities	Description
Sourcing and logistics management	This comprises the systems and services used to purchase, provision and activate network services, applications and devices, in addition to what is delivered through an expense management or UEM platform. Forward and reverse logistics (of devices out to users and then back from users) support includes staging and kitting, depot repair, advanced replacement, recycling, and device cascading.
Managed UEM	UEM suites comprise five core technical capabilities to support enterprises with the management of mobile devices. Those are mobile device management, mobile application management, mobile identity, mobile content management and containment (separating corporate and personal data). In the context of MMS, this capability is delivered through a third-party platform, such as release management and support of UEM servers.
Security Management	This includes the systems and services—beyond those available through UEM platforms — to secure access and consumption of corporate resources and content through authentication, encryption, containerization, and cloud-based enterprise file synchronization and sharing (EFSS). Security management also covers content and domain filtering and anti-malware functionality. For example, this includes mobile threat defense solutions and professional services capabilities related to mobile security management.
Financial Management	This is the expense management capability, which includes sourcing management, ordering and provisioning management, inventory management, invoice and contract management, usage management, and dispute management and reporting. In this MMS context, the capability is either to have a proprietary platform or to resell somebody else's.
Program Management	Program management (including professional services): This is the capability to manage the other capabilities cohesively and effectively, including governance across the included set of third-party providers (such as UEM, device OEMs and logistics), account management, support and SLA's. This service category also includes associated service desk and help desk capabilities to address users' technical requests for corporate-liable devices (for example, Level 2 and Level 3 help desk), as well as to support BYOD users. This also includes professional services capabilities related to MMS, other than those specific to individual capabilities and the ability to act as an agent on behalf of a customer to conduct services on behalf of the user.

Managed Mobility Services (cont.)

Definition by Gartner

A mobile [smart] device under administration or other operational service by supplier. The device needs to be connected to a service, governance and/or lifecycle management program that is offered as a payable service.

Managed device by Techstep

A [smart] device connected and managed by at least one of the following

• 1. Techstep own software
• 1. Enterprise mobility management (EMM)

Techstep's KPIs

Revenue and gross profit from managed devices (Techstep definition) including additional services connected with device

	Description
App and Identity Management	Distribution and control of apps, updates and policy/user handling. Single sign-on solutions.
Asset Management	Lifecycle management of mobile hardware from purchase and enrolment, through service and repairs, to returns and recycling allowing for full IT adminstrative control of assets.
EMM/UEM - Enterprise Mobility Management Unified Endpoint Management	Management software solutions used to manage, e.g. user profiles, deployment of apps, OS updates and security in relation to use of mobile devices in an enterprise environment. UEM also includes ability to manage MacOS and MS Win10 devices.
Flow	Techstep's own Lifecycle Management concept including hardware-as-a-service and Origo Business Cloud.
Hardware as-a-service	Mobile hardware (phones and tablets) purchased with a leasing plan over typically 24 or 36 months
High security	Apps and solutions allowing for encrypted voice and text services, secure on-premise EMM-solutions and defence grade security applications
Lifecycle Management	Cradle-to-grave handling of mobile devices from purchase and enrolment, through day-to-day management, service and support, to returns, recycling, including software solutions and services

	Description
Managed Mobility Services	Description of services, defined by Gartner, in relation to deploying, managing and returning mobile devices (end-to-end) in an enterprise environment.
Mobile Expense Management	Overview and control of all network expenses related to mobile use, allowing for automated sharing of costs between employer and employee, as well as tax, finance, and other user reports.
Origo Business Cloud	Techstep's own Asset Management and Mobile Expense Management SaaS-solution including end-user self-service and full administrative control for IT.
Policy	A definition of which costs the employer will pay for in relation to hardware and mobile services (e.g., tariff plan). Costs outside policy may be paid for by the employee through automated monthly deduction from salary using Mobile Expense Management.
Security	Data protection and GDPR management related to handling of mobile devices in an enterprise environment, including device enrolment, service & repairs, operational management (often in combination with EMM/UEM software) and recycling.
Self-service portal	Lifecycle management software solution like Origo Business Cloud, which allows the employee to manage his/her own mobile tools and applicable expenses through, e.g. service and repairs, out-of-policy purchases.
TrueMobile	The Optidev TrueMobile platform is a cloud-based mobile focused software supporting the deskless worker. Its main purpose is to collect business-critical data in real time in any environment and make the data available, accurate and consumable. The platform is designed to handle challenges in any industry on any device with core capabilities in Field service, Ticketing and Logistics. The platform combines market leading functionality for the mobile worker together with back office functionality for the desk worker to plan and administrate your business. With the platforms built-in integration capabilities, one can connect valuable resources such as planning systems, ERP or WMS inside and outside the enterprise feeding them with real time business-critical data.

Definitions (financials)

Alternative performance measure (APM)	Description
Gross profit	Gross profit is defined as Total revenue less Cost of goods sold.
Gross margin	Gross margin is defined as Total revenue less Cost of goods sold divided by Total revenue
EBITDA	Earnings before interest, tax, depreciation, amortisation and impairment (EBITDA) is a key financial parameter for Techstep. This measure is useful to users of Techstep's financial information in evaluating operating profitability on a more variable cost basis as it excludes depreciation and amortisation expense related primarily to leases, capital expenditures and acquisitions that occurred in the past. The EBITDA margin presented is defined as EBITDA divided by total revenues.
Adjusted EBITDA	Adjusted Earnings before interest, tax, depreciation, amortisation and impairment (EBITDA) is based on EBITDA but adjusted for transactions of a non-recurring nature. Such non-recurring transactions include, but are not limited to restructuring costs, gains or losses related to sale of subsidiaries, acquisition related costs and other non-recurring income and expenses.
EBITA	Earnings before interest, tax and amortisation (EBITA) is a key financial parameter for Techstep. This measure is useful to users of Techstep's financial information in evaluating operating profitability on a more variable cost basis as it excludes depreciation related primarily to leases and capital expenditures and acquisitions that occurred in the past. The EBITA margin presented is defined as EBITA divided by total revenue.
EBIT	Earnings before interest and tax (EBIT) is useful to users with regard to Techstep's financial information in evaluating operating profitability on the cost basis as well as the historic cost related to past business combinations and capex. The EBIT margin presented is defined as EBIT divided by total revenue.
Total net operating expenses	Total net operating expenses includes the line items Cost of goods sold, Salaries and personnel costs, Other operating costs, Share of profit (loss) in joint venture, Depreciation, Amortisation, Impairment and Other income.

Definitions (financials)

Alternative performance measure (APM)	Description
Net interest bearing debt (NIBD)	Net interest-bearing debt is non-current interest-bearing debt plus current interest-bearing liabilities less cash and cash equivalents.
Equity ratio	Equity ratio is defined as Total equity divided by total equity and liabilities.
Capital Expenditure (Capex)	Capital expenditure is the same as payment for property, plant and equipment and intangible assets.
Annual Recurring Revenue (ARR)	ARR is calculated as the revenue the following 12 months from own software as at the balance sheet date. The ARR is calculated by multiplying the number of users of own software with the price per product and in turn annualized.
LTM	Last twelve months rolling – the sum of the last four quarters from any given quarter