Techstep ASA — Investor Presentation 2022

Nov 9, 2022

Q3 2022 Presentation

1. November 2022

Techstep at a glance

A mobile technology company enabling your organisation to utilise software & hardware to strengthen performance

• We enable remote and frontline workers to perform smartly, securely, and sustainably
• We combine software, mobile devices, and services to meet your business and ESG goals
• Our experts proactively ensure that your mobile ecosystem is optimised for success

NOK 1 338m Total revenue

NOK 295m Recurring revenue annualised¹

NOK 104m ARR on Own Software²

NOK 362m Net gross profit³

NOK -30m EBITA adj.⁴

1) Recurring revenue includes contracts of 24 months or more excluding mobile expenses management (MEM) white label (with three months notice before year-end). The figures are based on the recognized recurring revenue isolated each quarter, annualized

2) ARR is defined as Annual Recurring Revenue from Techstep's Own Software portfolio and is calculated by multiplying the monthly recurring revenue with twelve. Techstep only includes contracts where invoicing to customers has started.

3) Net gross profit is defined as Total revenue less Cost of goods sold and depreciation from Hardware-as-a-Service

4) Adjusted earnings before interest, tax, amortisation and impairment (EBITA) is based on EBITA but adjusted for transactions of a non-recurring nature

Selected clients

8 offices across the Nordics & Poland

Highlights Q3 2022

2022

Highlights Key financials

Stable commercial momentum in Q3, launch of new standardised product portfolio

• Flat development of total revenue, while recurring revenue annualised grew 5% q/q to NOK 295 million
• Launched Techstep Lifecycle and Techstep Managed, parts of the new simplified product portfolio

NOK 90-100 mill cost optimisation program approved, which will strengthen profitability and cash generation

• NOK 90-100 million in annualised cost optimisation announced, helping to secure profitable development medium and long term
• Cost optimisation is filtering through, with salaries and personnel cost declining 14% y/y in Q3 improving profitability

New financial targets - goal to double ARR on Own Software by 2025

• New financial targets launched in Q3, with ambition to double ARR on Own Software to at least NOK 225 million by 2025

Successfully raised NOK 103 million in private placement

• In Q3, with financial effect in Q4, NOK 103 million was raised to fund the final phase of the transformation process, as well as to strengthen the balance sheet

325 ^{377 362} FY 2020 FY 2021 LTM Q3 8 -39 -30 FY 2020 FY 2021 LTM Q3 EBITA adjusted³ NOK million Net gross profit² NOK million ARR on Own Software¹ NOK million 63 98 104 FY 2020 FY 2021 Q3 2022

2022

1) ARR is defined as Annual Recurring Revenue from Techstep's Own Software portfolio and is calculated by multiplying the monthly recurring revenue with twelve. Techstep only includes contracts where invoicing to customers has started. 2) Net gross profit is defined as Total revenue less Cost of goods sold and depreciation from Hardware-as-a-Service

3) Adjusted earnings before interest, tax, amortisation and impairment (EBITA) is based on EBITA 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

Techstep is making a giant leap

Transformational journey Streamlining costs New financial targets

New management

From hardware led to software led sales

From transactional to recurring revenue

From 47 to 7 product solutions

1 2 3

Extracting synergies from acquisitions

Launching new product portfolio

Reducing cost base by NOK 90-100m annualised

Establishing new company targets for 2023 & 2025

2025 net gross profit: >540m

2025 software ARR: >NOK 225m

2025 EBITA adj.: >NOK 150m

Strong trends supporting +20% annual market growth

1) Mordor Intelligence | Global Managed Mobility Service Market (MMS) (2022-2027). The global managed mobility service market (henceforth, referred to as the market studied) was valued at USD 3462.1 million in 2021, and it is expected to reach USD 12427.1 million by 2027, registering a CAGR of 24.27% (henceforth, referred to as the forecast period)

Our customers' challenges

Increasing demand for managing mobile devices

Techstep's new solution portfolio

Techstep is ready to reap the benefits of a significant transformation

• Leading with hardware
• Transactional business model
• 7 different companies
• 7 ERP systems
• 47 products
• Low level of integration

Techstep 2019 - 2022 Techstep 2023 and forward

• New management
• Leading with software
• Recurring business model
• 1 integrated company
• Common internal systems
• Redefined product portfolio
• Enhanced customer valueproposition

= Recurring and scalable business model

Streamlining the product offering to improve scalability and achieve profitability

Significant upside potential in transforming from transactional to recurring mobile management contracts

Successfully moving to a recurring model

Focus on software led sales

Full focus on growing recurring revenue

• Software sales fuel Hardware, Advisory and Services sales
• Very sticky offering with great up-sale potential
• Low customer churn

Momentum picking up, as standardised portfolio launched

• Momentum picking up as Techstep's product offering and development have matured over the last few years

1) ARR is defined as Annual Recurring Revenue from Techstep's Own Software portfolio and is calculated by multiplying the monthly recurring revenue with twelve. Techstep only includes contracts where invoicing to customers has started. The estimated organic growth on own software is prepared by the Company's management using its best estimate and judgement based on past experience and progress of the Company's performance as of the date of this presentation, and have been based on several assumptions, many of which are outside the influence of the Company's management. Any deviation of these assumptions could materially change the outcome of the expected growth

Financials

Key figures

(Amounts 1000) in NOK	Q3 2022	Q3 2021	2022 YTD	2021 YTD	2021
Revenues	289 856	290 122	953 281	920 790	305 090 1
revenue (ARR) Annual recurring Software - Own	103 564	95 912	103 564	95 912	97 423
gross profit1) Net	82 089	87 076	260 080	276 482	377 277
adjusted2) EBITDA	24 988	17 311	51 261	43 930	69 616
adjusted2) EBITA	(770)	(10 628)	(26 135)	(35 251)	(38 613)
EBIT	(15 442)	(30 618)	(31 528)	(86 680)	(110 522)
(loss) profit for the period Net	(17 813)	(25 057)	(36 796)	(72 766)	(102 660)
(%) adj. margin EBITDA	8,6%	6,0%	5,4%	4,8%	5,3%
(%) adj. margin EBITA	(0 ,3%)	(3 ,7%)	(2 ,7%)	(3 ,8%)	(3 ,0%)
(%) margin EBIT	(5 ,3%)	(10 ,6%)	(3 ,3%)	(9 ,4%)	(8 ,5%)
(loss) (%) profit for period the Net	(6 ,1%)	(8 ,6%)	(3 ,9%)	(7 ,9%)	(7 ,9%)
Cash	29 189	59 164	29 189	59 164	50 350
interest-bearing debt Net	224 478	182 166	224 478	182 166	121 600
Capex3)	(8 928)	(9 492)	(44 538)	(26 664)	(48 883)

1) Net gross profit is defined as Total revenue less Cost of goods sold and depreciation from Hardware-as-a-Service 2) EBITDA adjusted and EBITA adjusted YTD 2022 excludes non-recurring items such as M&A related costs of NOK 1.6 million and structural gains from sales of NOK 40.5 million

3) Capex excludes investment in the Hardware-as-a-Service portfolio, shown as a separate line item under investing activities in the consolidated statement of cash flow

• Q3 YoY revenue flat y/y, YTD growth of 4% y/y

o Decline in Advisory & Services revenue (sale of Voice & Contact Centre). Organic growth in Q3 was 3% y/y

• ARR from own software up 8% YoY

o Slower ramp than anticipated, as lead times on backlog have increased

• Gross profit flat y/y, adjusted for divestment

o NOK 5 million negative impact on gross profit y/y from divestment, overall flat development

• Improved profitability as an effect of lower costs

o Cost optimisation efforts are filtering through, and due to a 14% decline in salaries and personnel cost, EBITA adj. increased NOK 10 million y/y

• NIBD debt decreased by NOK 13 million from Q2 to NOK 224 million

o NOK 103 million from private placement has positive impact in Q4, improving balance sheet and liquidity

Transforming to recurring revenue

Recurring revenue¹

NOK million

1) Recurring revenue includes contracts of 24 months or more excluding mobile expenses management (MEM) white label (with three months notice before year-end). The figures are based on the recognised recurring revenue isolated each quarter, annualised.

Please note that Advisory & Services includes 3rd party software

Comparison Q2-22: MEM White Label and MMS Own Software are combined to Own Software

Record high recurring revenue, supporting transformation

• Record high recurring revenue with 5% sequential growth and 14% y/y
• Of NOK 295 million, NOK 104 million is ARR on Own Software, with ~90% gross margin
• Continued momentum in Advisory & Services, as customers increasingly see the value and need for Techstep's managed services and expertise within the mobile ecosystem

Reported net gross profit development by segment

Net gross profit ¹ - last twelve months rolling NOK million

1) Net gross profit is defined as Total revenue less Cost of goods sold and depreciation from Hardware-as-a-Service Please note that Advisory & Services includes 3rd party software. Also note that the figures for Q4 2022 have been adjusted for a periodization effect of NOKm 15 (reduced income) related to Hardware-as-a-Service.

Comparison to Q2-22: The table is now based on net GP excluding depreciation from the Hardware-as-a-Service portfolio. Hardware one-off, Hardware-as-a-Service and Operating Commission are combined into Hardware.

• A decreasing development in reported net gross profit LTM, driven by divestments

o The decline in Advisory & Services is driven by the sale of Voice & Contact centre, divested from Q1 2022. Q4 2022 is the last quarter with this negative impact

• Software has compensated somewhat the divestment effect

o But softer hardware margins and continued drop in operator commission has impacted profitability from Hardware and Other negatively as well

Proforma net gross profit & EBITA adj. development

170 Net gross profit, EBITA adj. and in % of net GP

NOK million

Net gross profit, EBITA adj. and in % of net GP – LTM

NOK million

Proforma includes the acquisitions of Optidev (Q3 2020) and Famoc (Q3 2021), and divestment of voice and contact centre (effective from Q1 2022). Please note that the net GP figures have been adjusted for a periodization effect on Hardware-asa-Service of NOKm 15 in 2020. The EBITA figures have not been adjusted for this periodization effect.

• Flat y/y development in proforma net gross profit in Q3 2022, of NOK 82 million, but solid improvement in EBITA conversion
• o Higher EBITA/net GP of -1% in Q3 2022, compared to -16% in Q3 2021, due to lower payroll compared to Q3 2021 (NOK 7m reduction in payroll y/y)
• Key focus is to increase EBITA conversion, with growth from higher margin revenue streams
• o Key focus has been to drive the transformation and position of Techstep, to a more standardised and scalable company
• o Scalability, ARR growth and cost optimisation (NOK 90-100 million) will drive higher profits medium term and convert a higher share of net GP to EBITA

(Amounts in NOK 1000)	Q3 2022	2021
Intangible assets	797 544	777 912
Tangible assets	199 251	179 043
Financial assets	3 048	1 814
Inventories	24 710	19 391
Accounts receivable	152 175	230 229
Other receivables	35 739	31 435
Cash and cash equivalents	29 189	50 350
Assets classified as held for sale	-	24 482
Total assets	1 241 656	1 314 655

	Q3 2022	2021
Equity	505 397	555 586
Deferred tax	21 251	14 645
Non-current interest-bearing borrowings	96 801	97 402
Other non-current debt	39 692	43 305
Current interest-bearing borrowings	156 866	74 548
Accounts payable	143 311	193 833
Tax payable	2 801	653
Public duties	31 977	39 577
Other current liabilities	243 560	295 106
Total equity and liabilities	1 241 656	1 314 655

• Equity ratio at 41%

• Intangible assets are mainly goodwill of NOK 604 million and customer relations and technology of NOK 188 million
• Tangible assets consist of Hardware-as-a-Service to customers of NOK 161 million and right-of-use assets of NOK 32 million from premises and other items
• Non-current interest-bearing debt includes acquisition loans of NOK 67 million and sellers' credit of NOK 30 million
• Current interest-bearing debt includes acquisition loans of NOK 6 million, seller's credit of NOK 26 million and utilized credit facility of NOK 126 million
• Techstep raised NOK 103 million during the quarter in a private placement, which will impact the balance sheet positively in Q4

(Amounts 1000) in NOK	Q3 2022	Q3 2021	2022 YTD	2021 YTD	2021
flow from cash operational activities Net	55 875	2 673	57 448	115 610	128 930
on investment activities Net cash used	(40 536)	(98 806)	(147 070)	(212 219)	(174 594)
cash flow from financing activities Net	(15 940)	681 1	68 645	130 405	244 71
change in cash and cash equivalents Net	(601)	(94 452)	(20 978)	33 796	25 580
equivalents beginning Cash and cash at	29 922	154 036	50 350	27 203	27 203
of period
Effects of exchange changes on cash rate	(132)	(421)	(184)	(1 835)	(2 433)
equivalents and cash
equivalents of Cash and cash end at	29 189	59 164	29 189	59 164	50 350
period

• Cashflow from operating activities was NOK 55.9 million in Q3, due to improved profitability and positive changes in working capital of NOK 30.6 million
• Net cash flow from investment activities relates to investments in our Hardware-as-a-Service portfolio of NOK 30.3 million and Capex related to software development and IT investments of NOK 8.9 million (significantly down from Q2)
• Cash and cash equivalents was at the same level as in Q2, NOK 30 million
• Positive cash flow was used to repay debt, decreasing NIBD from NOK 237 million to NOK 224 million during the quarter

Initiating NOK 90-100 million cost optimisation program

Unlocking synergies and cost reduction while keeping commercial momentum

*The cost optimisation program is prepared by the Company's management using its best estimate and judgement based on past experience and progress of the Company's performance as of the date of this presentation, and have been based on several assumptions, many of which are outside the influence of the Company's management. Any deviation of these assumptions could materially change the outcome of the expected cost optimisation program.

Extracting synergies and streamlining operations

*The cost optimisation program is prepared by the Company's management using its best estimate and judgement based on past experience and progress of the Company's performance as of the date of this presentation, and have been based on several assumptions, many of which are outside the influence of the Company's management. Any deviation of these assumptions could materially change the outcome of the expected cost optimisation program.

Target to significantly increase net gross profit by 2025

1) Net gross profit is defined as Total revenue less Cost of goods sold and depreciation from Hardware-as-a-Service

* The Company's target is prepared by the Company's management using its best estimate and judgement based on past experience and progress of the Company's performance as of the date of this presentation, and have been based on several assumptions, many of which are outside the influence of the Company's management. Any deviation of these assumptions could materially change the outcome of the expected target.

Outlook and strategic development

The change of business model has significant positive implications

Setting new company targets

*The new financial targets are prepared by the Company's management using its best estimate and judgement based on past experience and progress of the Company's performance as of the date of this presentation, and have been based on several assumptions, many of which are outside the influence of the Company's management. Any deviation of these assumptions could materially change the outcome of the expected targets.

Summary

• Continued transformation from hardware led to software led product sales: Integrated 7 different companies to One Techstep and trimmed product offering from 47 to 7 products
• Aligning cost base to simplified portfolio and extract synergies from acquired companies: Reducing headcount, trimming consultancy usage and overall reducing costs, achieving a cost optimisation of NOK 90-100 million
• Successfully raised capital to complete the final part of the transformation and restructuring. In Q3, with financial effect in Q4, NOK 103 million was raised to fund the final phase of the transformation process, as well as to strengthen the balance sheet
• New financial targets: New company targets for 2023 and 2025, which aligns with Techstep's transition into a software-driven mobile technology enabler

Q&A

here

Appendix

Management team (1/2)

Børge Astrup – Chief Executive Officer

Mr. Astrup is an experienced business leader committed to creating a winning working environment. Børge Astrup has experience as the CEO of Puzzel, an international fast-growing cloud contact centre software (CCaaS) company, as well as the managing director of Intelecom Group. He has also held various management positions at Visma, the leading European provider of core business software. Mr. Astrup holds a bachelor's degree in marketing with specialisation in management from BI Norwegian Business School.

Mads Vårdal – Chief Product 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.

Anita Huun – Chief Financial Officer

Ms. Huun is an experienced CFO, with a broad background from the IT industry and Capital markets in Norway, but also most recently from the Norwegian publishing industry where she held the position as CFO of Cappelen Damm. Previous experience include CFO at Microsoft Norway, as well as sell side equity analyst for Handelsbanken Capital Markets covering the Norwegian IT sector. She is also a board member of Nordic Semiconductor. Anita has a MSc from the Norwegian School of Economics (NHH), with specialization in Finance.

Ellen Skaarnæs – Chief People Officer

Ms. Skaarnæs is an experienced, strategic and business-oriented HR leader with a keen focus on delivering results and adding value to the business. She has a broad background from international organizations at both strategic and operational level. With her 13 years in Shell as HR advisor to Managing Director, and 5 years at Coca-Cola Enterprises as Ass. she brings an extensive experience from Performance- and Talent management and Change management in addition to solid leadership and coaching experience. Ms. Skaarnæs holds a bachelor's degree in management from BI Norwegian Business School.

Mr. Leoszewski is an experienced IT and software leader and entrepreneur. He is experienced in building software products and their strategy, setting a long-term technology direction with cybersecurity always at the forefront. As a software engineer in 2006 Mr. Leoszewski co-founded Famoc, where he was first responsible for product development and engineering as Chief Technology Officer, and in 2012 transitioned to a CEO role. Famoc was acquired by Techstep in 2021. Mr. Leoszewski holds an M. Sc. in Computer Science from the Technical University of Gdansk and an Executive MBA from Rotterdam School of Management.

Sheena Lim – Chief Marketing Officer

Ms. Lim brings extensive international experience from marketing, branding and communication, from her background as a consultant in Telenor and McCann. She has valuable experience from systems with high demands for collaboration across functions and countries, as well as the ability to modernise methods, processes and tools. Ms Lim comes from the position as Head of Marketing and Communication in Zalaris, a provider of simplified HR and payroll administration. Ms Lim has an executive MBA from BI Norwegian Business School and ESCP European Business School, as well as a bachelor's degree for business (marketing) from University of Monash.

Management team (2/2)

Fredrik Logenius – Chief Operational Officer

Mr Logenius is a first-mover, entrepreneur and an experienced executive within the information technology and services industry. His skill set is broad and based on entrepreneurship and strategy, agile methodologies, software development and mobile solutions. Mr Logenius was awarded Entrepreneur of the Year 2020 in Borås due to business achievements as Managing Director in Optidev AB.

Gunnar Aasen – Chief Revenue Officer

Mr. Aasen is a commercial leader with substantial C-level experience at driving international B2B market penetration and commercial change, delivering growth from existing and new customers via direct sales and channels. Mr. Aasen comes from the position as CCO of Puzzel and member of the Executive Board, a fast-growing cloud contact centre software (CCaaS) company. He has also held various management positions at SuperOffice and Loxysoft with experience from Management of Sales & Marketing and Customer Relationship, Enterprise Software and Telecommunications.

Board of Directors

Jens Rugseth – Chairman of the board (since 2019)

Mr. 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 residing in Oslo, Norway.

Ingrid Leisner - Board member (since 2016)

Ms. Leisner is an experienced board member. Her directorships over the last five years include current board positions in Xplora Technologies AS, 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.

Harald Arnet - Board member (since 2021)

Mr. Arnet has more than 30 years of experience in national and international finance, industrial and financial investments. He is the CEO of Datum AS, one of the Company's larger shareholders, and has held several board positions in listed and non-listed companies, including Kahoot! AS, NRC Group ASA and several companies within the Datum group. He holds a master's degree from University of Denver and London Business School.

Michael Jacobs - Board member (since 2022)

Mr. Jacobs is the CEO of Fell Technology. He is passionate about customer focus, technology innovation and building strong diverse teams, and has more than 30 years experience from managerial positions in international technology companies. Prior to Fell Technology, he held the position as CEO of Atea Norway where he spent 6 years improving the business performance and transformation to more value-added services for customers, delivering solid financial results during his tenure. Previous experience include Managing Director for Microsoft Norway, Managing Director for Dell in Norway, Sweden and Denmark, and various national and international positions at Oracle and Telenor. Mr Jacobs has a degree from California Lutheran University and continuing education from, among others, Harvard University.

Melissa Mulholland - Board member (since 2021)

Ms. Mulholland is Chief Executive Officer of Crayon, a worldwide digital transformation expert. Prior to Crayon, Melissa spent 12 years at Microsoft, leading strategy and business development through cloud transformation. Prior to Microsoft, she spent two years at Intel Corporation, driving a cross-company analysis into the effectiveness of using recycled chips for solar technology. She has authored 12 books focused on how to build a business in the Cloud and is a board advisor for SHE, Europe's largest gender equality conference. Ms. Mulholland holds an MA in Business Administration and Strategic Management from Regis University in Colorado.

Largest shareholders per 30.09.2022

Shareholder	# of shares	Ownership %
DATUM AS1	36 61 646 5	7,23 1 %
KARBON INVEST AS2	22 526 807	1 0,60 %
MIDDELBORG INVEST AS	21 979 844	1 0,34 %
Swedbank AB	1 8 974 91 3	8,93 %
VERDIPAPIRFONDET DNB SMB	6 851 31 1	3,22 %
DnB NOR Bank ASA	5 335 270	2,51 %
ALUNDO INVEST AS	4 590 000	2,1 6 %
TIGERSTADEN AS	538 498 4	2,1 4 %
CIPRIANO AS	3 062 1 1 9	1 ,44 %
A/S Saxo Bank	3 000 000	1 ,41 %
TVENGE	2 725 238	1 ,28 %
ZONO HOLDING AS3	2 500 000	1 ,1 8 %
BRIDGE CAPITAL AS	2 500 000	1 ,1 8 %
GIMLE INVEST AS	2 485 987	1 ,1 7 %
NORDHOLMEN AS	2 482 597	1 ,1 7 %
CAMIKO AS	2 262 551	1 ,06 %
PIKA HOLDING AS	2 1 43 455	1 ,01 %
ADRIAN AS	2 038 851	0,96 %
UNIFIED AS	1 969 264	0,93 %
IDEKAPITAL AS	1 946 253	0,92 %
Total number owned by top 20	1 50 528 604	78,67 %
Total number of shares	21 2 499 250	00,00 1 %

1 ) Datum AS is controlled by deputy board member Jan Haudemann-Andersen

2) Karbon Invest AS is owned by chairman of the board Jens Rugseth

Duo Jag AS, which is partly owned by board member Ingrid Leisner, owns 601 ,562 shares in Techstep ASA.

Disclaimer

This presentation (the "Presentation") has been prepared by Techstep ASA ("Techstep" or the "Company" and together with its subsidiaries the "Techstep Group"). The Presentation has been prepared and is delivered for information purposes only. It has not been reviewed or registered with, or approved by, any public authority, stock exchange or regulated market place.

The contents of the Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should consult with its own professional advisors for any such matter and advice.

The Company makes no representation or warranty (whether express or implied) as to the correctness or completeness of the information contained herein, and neither the Company nor any of its subsidiaries, directors, employees or advisors assume any liability connected to the Presentation and/or the statements set out herein. This Presentation is not and does not purport to be complete in any way. By receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the Company, its financial position and prospects and that you will conduct your own analysis and be solely responsible for forming your own view of any refinancing and the potential future performance of the Company's business.

The information included in this Presentation may contain certain forward-looking statements relating to the business, financial performance and results of the Techstep Group and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely views and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any other company in the Techstep Group, or any of its advisors or any of their parent or subsidiary undertakings or any such person's affiliates, officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company and its advisors assume no obligation to update any forward-looking statements or to conform these forward-looking statements to the Techstep Group's actual results. Investors are advised, however, to inform themselves about any further public disclosures made by the Company, such as filings made with Oslo Børs or press releases.

This Presentation does not constitute any solicitation for any offer to purchase or subscribe any securities and is not an offer or invitation to sell or issue securities for sale in any jurisdiction, including the United States. Distribution of the Presentation in or into any jurisdiction where such distribution may be unlawful, is prohibited. The Company and its advisors require persons in possession of this Presentation to inform themselves about, and to observe, any such restrictions.

This Presentation speaks as of the date set out on the front page, and there may have been changes in matters which affect the Techstep Group subsequent to the date of this Presentation. Neither the issue nor delivery of this Presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Techstep Group have not since changed, and the Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo City Court as exclusive venue.

By receiving this Presentation, you accept to be bound by the terms above.