Techstep ASA — Investor Presentation 2023

Feb 17, 2023

Q4 2022 Presentation

17 February 2023

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 323m Total revenue

NOK 303m Recurring revenue annualised¹

NOK 111m ARR on Own Software²

NOK 367m Net gross profit³

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

NOK -24m

EBITA adj.⁴

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

8 offices across the Nordics & Poland

Selected clients

Techstep is ready to reap the benefits of a significant transformation

Techstep transformation 2019 - 2022

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

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 operations to drive profitable growth

• From hardware led to software led product sales

• Vastly enhanced product portfolio that enables increased software sales to existing and new clients

• Our focus now is to align the cost base to simplified portfolio and extract synergies from acquired companies

• Reducing headcount, trimming consultancy usage and overall reducing costs

• Cost optimisation of NOK 90-100m (~23% reduction of cash cost base¹) while retaining commercial momentum

• Significant potential in upselling existing clients with software (only 80 / 2,000 onboarded so far)

• Software ARR of NOK 140m in 2023 and > NOK 225m by 2025, implying ~30% CAGR
• Gross profit of NOK 420m in 2023 and > NOK 540m by 2025
• EBITA of NOK 50m in 2023 and > NOK 150m by 2025

Final phase of the Transformation

Cost optimisation

Company targets

Highlights Q4 2022

Signed extended agreement with ISS, with ARR of NOK 850 000 on own software

• In line with strategy to move existing customers from transactional to recurring services, and providing the full value of the SmartDevice portfolio
• Agreement to be deployed in Q2/Q3, when customer goes live

Stable and flat development in Q4 and 2022, recurring revenue base increasing

• Q4 trending on par with full year, overall flat development in revenues and small improvement in net gross profit
• Total recurring revenue up 3% sequentially and 14% yearly in Q4, driven by NOK 7 million increase in ARR from Own Software to NOK 111 million, in line with the company's strategic objective to lead with software and scale with recurring revenue base

Cost optimisation on track, majority of impact visible from 2023. Q4 EBITA adj. positive for the first time in eight quarters

• NOK 90-100 million cost optimisation plan implemented in Q4. One-time restructuring charge of NOK 8.4 million booked, due to reduction of 45 employees
• Profitable on EBITA adj. for the first time in eight quarters, as cost optimisation is filtering through. NOK 2.4 million in EBITA adj., due to a 6% y/y decline in opex and salaries

Strengthening of the balance sheet, NIBD down NOK 112 million sequentially in Q4

• Capital raise of NOK 103 million strengthening the balance sheet and new longterm financing creating flexibility
• Net Interest-bearing debt end of year at NOK 113 million, down 50% sequentially
• Cash position at NOK 61 million at the end of the year

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. Please note that the net gross profit for FY21 and FY22 have been re-stated, due to a reclassification of depreciation related to 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

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)

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)

SmartDevice support companies' increasing focus on cost efficiency and sustainability

• Mobile devices consume a lot of resources, and has combined a substantial environmental footprint related to manufacturing and growing electronic waste
• SmartDevice builds on circular economy principles with repair and return solutions to extend devices lifespan and thus reduce environmental impact
  • o Use of original spare parts and authorised repairs
  • o Refurbish and reuse/resale to the second-hand market
  • o Obsolete devices are responsibly recycled
  • o Control on emissions data for devices procured for easy climate reporting and insight to support their emissions reduction plan

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

Techstep extends contract with ISS Facility Services to also provide the full value of the SmartDevice portfolio

In Q4, it was announced that ISS Facility Services extend their agreement with Techstep, whereas the extended agreement includes SmartDevice. This is an example of upsell to existing customers, which is in line with Techstep's strategic objective to scale the recurring revenue base

Customer case: ISS Facility Services AS

Duration: 24 months

Portfolio: SmartDevice

Value: NOK 850.000 ARR (own software)

• Extended agreement with ISS Facility Services AS, a leading workplace experience and facility management company.
• Due to a solid relationship for more than 12 years, Techstep will now also deliver SmartDevice for 1.700 employees in Norway.
• The SmartDevice agreement entails lifecycle handling and telecom expense management.
• "As part of ISS's substantial focus on sustainability and our overall Net Zero goal, we look for partners who share our view on the use, reuse, and recycling of resources. Techstep has developed a solution that supports our goals as a responsible and sustainable business, and we are happy to expand our partnership," says Synne Hoffmann Wendelborg, Head of Sustainability, ISS Norway.

Financials

Key figures

tech Step
-----------

(Amounts NOK 1000) in	Q4 2022	Q4 2021	FY 2022	FY 2021
Revenues	369 845	384 117	1 323 126	1 305 090
revenue (ARR) Annual recurring - Own Software	110 800	97 473	110 800	97 423
Net gross profit1)	100 444 97 595		367 279	367 618
EBITDA adjusted2)	34 205	25 300	85 466	69 616
EBITA adjusted2)	2 379	(3 585)	(23 756)	(38 613)
EBIT	(20 677)	(23 817)	(52 205)	(110 522)
(loss) Net profit for the period	(31 818)	(25 799)	(68 614)	(102 660)
(%) EBITDA adj. margin	9,2%	6,6%	6,5%	5,3%
(%) EBITA adj. margin	0,6%	(0 ,9%)	(1 ,8%)	(3 ,0%)
(%) EBIT margin	(5 ,6%)	(6 ,2%)	(3 ,9%)	(8 ,5%)
(loss) (%) Net profit for the period	(8 ,6%)	(6 ,7%)	(5 ,2%)	(7 ,9%)
Cash	61 119	50 350	61 119	50 350
Net interest-bearing debt	112 868	121 601	112 868	121 600
Capex3)	(7 712)	(23 913)	(52 250)	(48 883)
Employees	315	341	315	341

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 2022 excludes non-recurring items such as M&A and restructuring related costs of NOK 10.0 million and structural gains from sales of NOK 40.1 million. Please note that the net gross profit for Q4 2021, FY 2021 and FY 2022 have been re-stated, due to a reclassification of depreciation related to Hardware-as-a-Service

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

• Q4 YoY revenue declined 4%y/y, YTD growth of 1% y/y

o Organic revenue in Q1 was down -1%, while organic revenue full year grew 2%. Q4 is the last quarter where impact from Voice & Contact centre is included.

• ARR from own software up 13% y/y, reaching NOK 111m

o Solid organic growth from own software portfolio, up 13% y/y and 7% sequentially. Building momentum with new product portfolio

• Net gross profit up 8%y/y, adjusted for divestment

o Net gross profit margin increasing from 25% to 27%, due growth from higher margin software business, plus strong quarter for HWaaS

• Improved profitability as an effect of lower costs

o Cost optimisation efforts are filtering through, and Q4 marked the first quarter since 2020 with positive EBITA adj. +2.4m. Driven by 6% y/y reduction in cost and improved Net gross profit.

• NIBD debt decreased by NOK 112 million from Q3 to NOK 113 million

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

Reported net gross profit development by segment

Net gross profit ¹ - last twelve months rolling NOK million

• Stable development in Net gross profit last 12 months

• 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
• Hardware and Other continues to be provide the stability

• Software has compensated the divestment effect in Advisory

o Continued increased profitability from our own Software portfolio

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.

Please note that the net gross profit for Q1-Q4 2021 and Q1-Q3 2022 have been re-stated, due to a reclassification of depreciation related to Hardware-as-a-Service

Focus on software led sales

Full focus on growing recurring revenue

• Software sales fuel Hardware, Advisory and Services sales

NOK 140 million ARR goal in in 2023, double by 2025

• 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

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

Record high recurring revenue, supporting transformation

• Record high recurring revenue with 3% sequential growth and 14% y/y
• Of NOK 303 million, NOK 111 million is ARR on Own Software, with ~90% gross margin
• Increase in ARR Own Software in line with the company's strategic objective to lead with software and scale with recurring revenue base

Proforma net gross profit & EBITA adj. development

-50%

-60%

-10%

40%

-30%

-10%

10%

30%

50%

70%

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 500

• 100

100

300

• 30

20

70

120

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-as-a-Service of NOKm 15 in 2020. The EBITA figures have not been adjusted for this periodization effect.

Please note that the net gross profit for Q1-Q4 2021 and Q1-Q3 2022 have been re-stated, due to a reclassification of depreciation related to Hardware-as-a-Service

• First quarter since 2020, with positive EBITA adj.

o Improvement in net gross profit and lower cost base resulted in a positive EBITA adj. of NOK 2.4 million in Q4, after two years of transformation and investing

• Improved conversion rate last four quarters, as cost optimisation filters through

• o Key focus is to increase EBITA conversion, with growth from higher margin revenue streams
• 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

Balance sheet

tech Step

•	Equity ratio at 43%
---	---------------------	--	--	--

• Intangible assets are mainly goodwill of NOK 601 million and customer relations and technology of NOK 182 million
• Tangible assets consist of Hardware-as-a-Service to customers of NOK 168 million and right-of-use assets of NOK 30 million from premises and other items
• Non-current interest-bearing debt of NOK 91 million includes loans related to the Optidev and Famoc acquisitions and new long-term borrowing
• Current interest-bearing debt of NOK 83 million includes net bank overdraft accounts of NOK 28, NOK 28 million in Seller's credit and the remaining amout relates to our acquisition loans
• NIBD was NOK 113 million at the end of 2022, more than halfed from Q3

(Amounts in NOK 1000)	2022	2021
Intangible assets	789 849	777 912
Tangible assets	198 064	179 043
Financial assets	3 264	1 814
Inventories	23 431	19 391
Accounts receivable	213 773	230 229
Other receivables	33 801	31 435
Cash and cash equivalents	61 119	50 350
Assets classified as held for sale	-	24 482
Total assets	1 323 300	1 314 655

	2022	2021
Equity	571 520	555 586
Deferred tax	20 536	14 645
Non-current interest-bearing borrowings	90 665	97 402
Other non-current debt	37 555	43 305
Current interest-bearing borrowings	83 322	74 548
Accounts payable	205 797	193 833
Tax payable	3 315	653
Public duties	41 100	39 577
Other current liabilities	269 490	295 106
Total equity and liabilities	1 323 300	1 314 655

Cash flow

(Amounts in NOK 1000)	Q4 2022	Q4 2021	FY 2022	FY 2021
Net cash flow from operational activities	66 293	9 591	123 741	128 930
Net cash used on investment activities	(42 305) 30 948			(180 376) (174 594)
Net cash flow from financing activities	7 950	(49 023)	67 594	71 244
Net change in cash and cash equivalents	31 937	(8 484)	10 959	25 580
Cash and cash equivalents at beginning of period	29 188	59 163	50 350	27 203
Effects of exchange rate changes on cash and cash equivalents	(6)	(329)	(191)	(2 433)
Cash and cash equivalents at end of period	61 119	50 350	61 119	50 350

• Cashflow from operating activities was NOK 66.3 million in Q4, due to improved profitability and positive changes in working capital of NOK 37.9 million
• Net cash flow from investment activities relates to investments in our Hardware-as-a-Service portfolio of NOK 37.2 million and Capex related to software development and IT investments of NOK 7.7 million
• Positive cash inflow from financing activities, mainly due to the private placement, offset by repayment of debt
• This led to a change in cash and cash equivalent of NOK 11 million during the year, resulting in a cash position of NOK 61 million in Q4

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. Please note that the net gross profit for FY21 and FY22 have been re-stated, due to a reclassification of depreciation related to 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

Techstep's new product offering meets the customers' increasing demand for mobile device management

*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.

Turning Techstep profitable

• From hardware led to software led product sales
• Vastly enhanced product portfolio that enables increased software sales to existing and new clients

• Reducing headcount, trimming consultancy usage and overall reducing costs

• Cost optimisation of NOK 90-100m (~23% reduction of cash cost base¹) while retaining commercial momentum

• Significant potential in upselling existing clients with software (only 80 / 2,000 onboarded so far)

• Software ARR of NOK 140m in 2023 and > NOK 225m by 2025, implying ~30% CAGR
• Gross profit of NOK 420m in 2023 and > NOK 540m by 2025
• EBITA of NOK 50m in 2023 and > NOK 150m by 2025

Final phase of the Transformation

Cost optimisation

Company targets

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.

Ellen Solum – Chief Financial Officer

Mrs. Solum joined Techstep from the role as Partner in Uniconsult AS, and brings extensive experience from all finance functions, such as accounting, tax, controlling, treasury and investor relations and significant experience from change management, turn-around cased and IPO processes. She has worked in both private and publicly listed companies and has previously held positions such as CFO in TeleComputing ASA, Finance Director in Findus AS, as well as several years as management consultant and partner. Mrs. Solum holds a master's degree from University of Colorado Boulder, as well as an MBA from the Norwegian School of Economics (NHH).

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 MSc. 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.

David Landeborn – Chief Delivery & Advisory Officer

Mr. Landeborn is an experienced executive within the information technology area, with. He has wide experience from several leading roles, but his depth is in the operational part including strategy, agile methodologies, software development and mobile solutions. Mr. Landerborn was the Deputy Managing Director and Chief Operating Officer of Optidev AB, which Techstep ASA acquired in 2020, since 2016. He is deeply involved in local tech initiatives in Borås to make sure the raising stars in Tech choose Techstep as their employer. Current engagements include President of the IT program at Yrkeshögskolan in Borås, member of the competence board at the University of Borås and is also leading a local tech networking group that includes many of the leading tech companies in the region. Mr. Landeborn holds a bachelor's in computer science from the University of Borås

Anita Huun – Chief Commercial Officer

Ms. Huun has a broad background from the IT industry and capital markets in Norway. Ms. Huun joined Techstep in 2022, first as CFO before taking on the role as Chief Commercial Officer to lead the transition to a software led recurring revenue business model and capitalise on the growth prospects of the company's new product portfolio. Previous experience includes CFO of Cappelen Damm, CFO at Microsoft Norway, as well as sell side equity analyst for Handelsbanken Capital Markets covering the Norwegian IT sector. Ms. Huun is currently a board member of Nordic Semiconductor. She has a MSc from the Norwegian School of Economics (NHH), with specialisation in Finance.

Board of Directors

Michael Jacobs – Chairman of the board (since 2023)

Michael Jacobs is the Executive Vice President of the Nordics at Crayon ASA, a customer-centric innovation and IT services company. He has more than 30 years' experience from extensive management positions from several international technology companies. He previously was the CEO of Fell Tech and before that he was the CEO of Atea Norway, where he improved its business performance and lead the transformation to more value-added services. He also served as the Managing Director of Microsoft Norway and the Managing Director for the Nordics at Dell. Michael also has experience from Oracle and Telenor, both in Norway and internationally. He has a degree from California Lutheran University and continuing education from, among others, Harvard University.

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.

Jens Rugseth – Board member (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.

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.

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 31.12.2022

Shareholder	of # shares	Ownership %
1) DATUM AS	58 354 776	19,12 %
2) KARBON INVEST AS	43 718 974	14,33 %
Swedbank AB	33 478 881	10,97 %
Aksjehandel/-analyse Markets DNB	14 770 000	4,84 %
STEENCO AS	8 695 652	2,85 %
AS CLIPPER	8 695 652	2,85 %
VERDIPAPIRFONDET DNB SMB	6 851 311	2,25 %
MIDDELBORG INVEST AS	6 341 228	2,08 %
CIPRIANO AS	5 999 158	1,97 %
A/S Bank Saxo	5 674 201	1,86 %
TIGERSTADEN AS	4 795 000	1,57 %
DNB BANK ASA	4 285 438	1,40 %
CAMIKO AS	3 480 151	1,14 %
TVENGE	3 000 000	0,98 %
TIGERSTADEN MARINE AS	2 500 000	0,82 %
SPECTER INVEST AS	2 490 000	0,82 %
GIMLE INVEST AS	2 485 987	0,81 %
NORDHOLMEN AS	2 462 551	0,81 %
PIKA HOLDING AS	2 143 455	0,70 %
Carnegie Investment Bank AB	2 072 173	0,68 %
Total number owned by top 20	222 294 588	72,85 %
Total number of shares	305 131 075	100,00 %

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

2) Karbon Invest AS is owned by the board member 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.