Techstep ASA

Investor Presentation • Nov 15, 2024

Q3 2024

November 15th 2024

Leading mobile & circular technology company

Welcome to our Q3 2024 presentation: Morten Meier – Chief Executive Officer

experience from the software and technology industry, including leadership, strategy, business development, sales, marketing, and operations. He has a proven track record of driving high performance teams and delivering profitable growth, and is passionate about driving transformation, innovation, growth and customer success. Prior to Techstep, he spent the ten past years with Microsoft Norway, where he served several positions at the leadership team, latest as Senior Director Marketing & Operations (COO) and Deputy General Manager. Previous experience includes four years of leadership positions at IBM in Norway and at a Nordic level, and almost ten years with Hewlett-Packard. .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).

Techstep at a glance A European mobile & circular technology company, enabling organisations to perform smartly, securely and more sustainably • Combining software, devices and expertise • Enabling office and frontline workers to optimise their work • Empower Mobile and IT service providers with market leading mobile and circular

-

• technology solutions
• Leading provider of managed mobility services (MMS) in Europe

NOK 1.1 billion total revenue Q3 2024 LTM

+2,100 customers

~260 employees based in Norway, Sweden, Denmark and Poland

2.5 million MMS devices

NOK 29 million EBITA adj. Q3 2024 LTM

220+ recurring revenue customers

40+ ecosystem partners

Challenger 2023 Gartner® MQ for Managed Mobility Services

Highlights Q3 2024

Profitability improving y/y, growth in both revenue and net gross profit for the first time in two years Recurring revenue annualised up 6%y/y, driven by 12% growth in Own Software Net gross profit margin remains steady at 35%, in line with the same quarter

• last year
• Positive cashflow from operations
• Positive EBITA adj. for the eight consecutive quarter, up 11% y/y

Strong commercial momentum, several new signings and renewed contracts with key customers and partners

• Frame agreement secured with the Norwegian procurement agency Tradebroker, total contract value estimated to exceed NOK 600 million
• First new Tradebroker customers already signed and onboarded
• Improving market conditions across all three markets, with strong comeback in Sweden and continued acceleration in Poland and across Europe

Strategic agreements progressing according to plan

• First devicenow customers successfully onboarded to Lifecycle platform
• Formalized commercial agreement with the Norwegian mobile operator ICE covering our Lifecycle platform and managed services (Early October)

7 1) Recurring revenues annualised includes revenues from own software, hardware-as-a-service and advisory and services. Reported annualised recurring revenues are based on contracts for 12 or more months and calculated as last months invoiced contractual revenues times 12 months. 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, acquisitionrelated costs and other non-recurring income and expenses

Key figures - Profit and loss Q3 2024

(Amounts in NOK 1 000)	Q3 2024	Q3 2023	YTD 2024	YTD 2023	FY 2023	Q3 y/y
1) Total Revenues	237 609	226 719	760 030		789 631 1 089 491	5 %
Mobile Devices & other	161 257	158 634	519 769	555 157	776 341	2 %
Own Software	30 249	26 746	85 094	80 704	107 483	13 %
Advisory & Services	46 103	41 339	155 167		153 770 205 667	12 %
Net gross profit 2)	81 877	78 717	252 285	264 261	353 919	4 %
Net gross profit margin 3)	34 %	35 %	33 %	33 %	32 %	0 %
EBITA adjusted 4)	14 200	12 824	18 408	19 228	29 892	11 %
Net profit (loss) for the period	(6 090)	(4 335)	(33 617)	(39 248)	(44 546)	(40 %)
EBITA adj. Margin (%)	6.0 %	5.7 %	2.4 %	2.4 %	2.7 %	0.3 ppt
Employees	256	268	256	268	267	(4 %)
1) Revenues Q2 2023 have been restated, as commissions and kick-back related to Devices, has been reclassified from revenues to of goods sold 2) Net gross profit is defined as Total revenue less Cost of goods sold and depreciation from Device-as-a-Service 3) Net gross profit margin is net gross profit of revenues 4) EBITA adjusted excludes non-recurring items such as M&A and restructuring related costs of NOK 0.9 million in Q3 2024 and -0.1 million in Q3 2023						Cost

5% growth in Q3 revenue y/y

• Growth in Device sales in all markets, first quarter in over 2 years
• Growth in Own Software driven by very positive development in Polish and European market through partners
• Growth in Advisory & Services is driven by positive development in Sweden

Net gross profit up 4% y/y

• Increased share of higher margin revenues drive increase in margin
• Reduced margins on device-as-a-service in the quarter reduce margins from device sales

EBITA adj. of NOK 14.2 million in Q3, positive for the eight consecutive quarter

Continued cost reductions offset by inflationary effects. Operating costs increased with 4% y/y

Net loss of NOK 6.0 million consist of non-cash items such as amortisation

²⁾ Net gross profit is defined as Total revenue less Cost of goods sold and depreciation from Device-as-a-Service

Market performance - Revenue and Net gross profit

• 3% improvement in gross margin 7% revenue decline due to weaker transactional Device sales, while total sales, including Device as a service increased with 5%.
• Gross margin in line with last year

• 32% improvement in revenues driven by growth in Device sales and Advisory & Services
• Margin decline from 45% to 39% due to

• revenue mix 39% growth in revenues from upselling on existing partner relations as well as new agreements
  -

Note: Total revenue and net gross profit is disaggregated by major revenue streams across the commercial markets.

Net gross profit development by revenue stream

Net gross profit ¹

NOK million

1) Net gross profit is defined as Total revenue less Cost of goods sold and depreciation from Device-as-a-Service Please note that Advisory & Services includes 3rd party software.

Note: The net gross profit for Q3 2022 have been re-stated due to a reclassification of depreciation related to Device-as-a-Service

4% growth in Net gross profit y/y

• 5% decline in profit from Device sales
  • o Larger share of devices sold as-a-service
  • o Lower margins due to customer mix
• Advisory & Services grow with 5% y/y, as both managed services and aftermarket services improve.
• Own Software improve with 5% y/y

24

Transforming to recurring revenue streams

6% growth y/y in total recurring revenues in Q3 2024 driven by growth in Own Software

• 12% growth in Own Software y/y
• 3% growth in Advisory & services y/y
• 3% growth in Device-as-a-Service y/y

Refocused commercial strategy with focus on partner agreements is expected to drive growth in recurring revenues going forward

annualised.

Please note that Advisory & Services includes 3rd party software.

ARR own software has been restated for previous periods due to reclassification of contracts and product register.

* DaaS has been corrected due to error in the reported figures for Q2 2023. This has no effect on the financial figures.

Proforma net gross profit & EBITA adj. development

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

NOK million

Proforma EBITA adj. Proforma net GP Proforma EBITA adj./net GP

NOK million

Proforma EBITA adj. Proforma net GP Proforma EBITA adj./net GP

Note: The net gross profit for Q1-Q4 2021 and Q1-Q3 2022 have been re-stated due to a reclassification of depreciation related to Device-as-a-Service

EBITA adj. of NOK 14.2 million in the quarter

• Continued cost optimisation efforts yielding results, but offset by inflation effects, increasing operating costs with 4% y/y

Improved EBITA conversion from 6% to 9% LTM y/y 10%

-10%

0%

20%

Cash flow

(Amounts in NOK 1000)	Q3 2024	Q3 2023	YTD 2024	YTD 2023	FY 2023
EBITDA adj.	41 913	38 449	104 170	100 310	137 496
Change in working capital	10 173	15 777	(29 585)	(10 775)	33 225
Other items	(3 929)	(873)	(9 426)	(9 433)	(15 160)
Investments in DaaS, net of gains from returns*	(30 197)	(14 359)	(69 753)	(70 288)	(95 662)
Net cash flow from operations incl. DaaS*	17 960	38 994	(4 594)	9 775	59 898
Net cash used on investment activities, excl DaaS*	(6 165)	(5 796)	(18 684)	(24 395)	(32 852)
Net cash flow from financing activities	(11 408)	24 388	(38 352)	20 299	(12 730)
Net change in cash and cash equivalents	386	57 586	(61 631)	5 679	14 316
Cash and cash equivalents at beginning of period	15 362	11 576	77 459	61 119	61 119
Effects of exchange rate changes on cash and cash equivalents	(88)	(1 330)	(168)	1 035	2 024
Cash and cash equivalents at end of period	15 661	67 832	15 661	67 833	77 459

* In the Annual and quarterly financial statements, Investments in DaaS is included in cash flow used for investment activities according to IFRS. In this presentation, investments in DaaS is included as operating cash flow, since the cash flow represent cost related to revenues or cash inflows from DaaS in the Income statement, including working capital changes.

Operating cash flow of NOK 18 mill in Q3, reduced with NOK 21 million y/y

• Negative development in working capital y/y

Stabilized capex investments at approx. NOK 6 mill per quarter

• Reduced annual run-rate in line with development strategy

Net cash flow from financing NOK -11 million in Q3

• Repayment of loans with interest, and lease commitments
• Last year included proceeds from borrowings of NOK 31 million from refinancing of bank loans

Net cash position of NOK 16 million

• Raised NOK 30 million through private placement after close of the quarter
• Available facilities for further liquidity

Balance sheet

(Amounts in NOK 1000)	Q3 2024	Q3 2023	FY 2023
Non-current assets	822 468	821 131	833 684
Assets related to DaaS	146 172	157 834	159 501
Total non-current assets	968 641	978 965	993 185
Current assets excl cash	150 895	165 437	200 155
Cash and cash equivalents	15 660	67 832	77 459
Total current assets	166 555	233 269	277 614
Total assets	1 135 196	1 212 234	1 270 799
Total Equity	555 405	565 285	573 697
Non-current interest-bearing borrowings	118 027	135 101	129 927
Other non-current liabilities	28 620	34 807	34 681
Total non-current liabilities	146 647	169 909	164 608
Current interest-bearing borrowings	45 024	69 259	48 750
Liabilities and deferred revenue related to DaaS*	172 193	190 272	186 547
Trade and other current liabilities	215 764	217 509	297 197
Total current liabilities	432 981	477 040	532 494
Total equity and liabilities	1 135 033	1 212 234	1 270 799
Equity ratio	49 %	47 %	45 %
Net interest-bearing debt	147 391	136 528	101 218
Net WC	(64 869)	(52 072)	(97 042)

* Liabilities related to DaaS includes Nok 17 million in long term liabilities

• Equity ratio at 49%, up from 45% YE 2023

• Raised NOK 30 million through private placement after close of the quarter
• Total borrowings reduced with NOK 41 million y/y to NOK 163 million
• NIBD of NOK 147 million, up from 101 million at the end of 2023
• Device-as-a-Service liabilities of NOK 172 million, vs. assets of NOK 146 million
  • Liabilities consists of deferred revenues and buy-back obligations

Business update and outlook

Two key priorities to drive recurring revenue

0 100 200 300 400 500 600 700 Scale our business Increase margin Grow recuring revenue Scale with Product Partners and Sales Partners in new market segments Increase stickiness with best practice Mobile Technology, As-a-Service Full stack Managed Mobility and Circular Tech Enabler For all types of mobile workers Great know how 6% 5-15% +30% Managed Advisory services Devices Lifecycle Expense Essentials Devices Own Software Advisory & Services As-a-Service Annual recurring revenue growth projection (NOK million)1) 11 BCM Q3 2024 Q4 2024 2025 1) See disclaimer regarding forward-looking information.

Expanding our addressable market

Direct sales

Our home market is Scandinavia, where we can deliver our entire portfolio through direct sales and partnerships to private enterprises and public sector

Indirect sales

Our strategic go-to-market focus extends across Europe, both serving domestic partners, but also global reach. Through strategic partner programmes, our standardised, scalable solutions may enhance their offerings and capabilities, either standalone or bundled with partners' solutions

Frame agreement with Tradebroker

Direct sales

• Delivery of mobile devices, accessories and related mobile and circular technology services and solutions • Estimated annual contract value of NOK 120-150 million • Increase of 20-50% from previous agreement due to more customers and
• • exclusive supplier rights
  • 41 companies committed to procure under the agreement, and new customers already signed and onboarded
  • 3 years + 2 years optional extension from 1 October 2024
• Good growth opportunities
  • Adding additional member organisations
  • Upselling a broader range of services and solutions, as scope of agreement is more aligned with Techstep's comprehensive and broad offerings

	Non-profit procurement agency currently representing 83 large and medium-sized Norwegian companies with close to 200,000 employees in public and private sector
Selected members

NOTE: Revenue growth for Techstep is contingent on joint success of Tradebroker and Techstep collaboration and market penetration 13

Digitising the Norwegian healthcare sector

Direct sales

• In Q1 2023, Techstep won an exclusive frame agreement with Sykehusinnkjøp HF, the national procurement agency for the Norwegian specialist healthcare service, to equip different roles at all Norwegian public hospitals with new devices, both for clinical and office use
  • Potential contract value: up to NOK 650 million over 4 years, of which approx. NOK 400 million in device sales

• In Q1 2024, a LOI for an additional agreement was signed with Sykehuspartner, the IT service provider for all hospitals in the South-East region, for delivering a complete managed health solution, including delivery, management and security for the entire mobile device estate, as part of their digitalisation journey where healthcare records are consolidated and made available via mobile devices
  • Techstep is currently delivering pilot projects for two hospitals in the region, with the aim to finalise the agreement for the full service at the turn of the year
  • Techstep intends to roll-out and fully manage mission critical devices serving 82,000 users in the region over the next 3-5 years

COMPLETE MANAGED HEALTH SOLUTION

Partnership with devicenow

Strategic agreement to bring Techstep's highly scalable solutions to market

• Techstep's Device Lifecycle Management platform will be integrated to devicenow's standard offering, enhancing value and user experience
  • First customer successfully onboarded from September 2024
  • Additional four customers to be onboarded during Q4 2024
  • Commercial terms include a license price per device model
• devicenow has clear growth ambitions in a growing global market*
  • Become the world's largest DaaS player
  • Trusted by large global industry leaders with thousands of users
  • DaaS market expected to grow from USD 30.75 bn in 2020 to USD 475.98 bn by 2028, booming at a CAGR of 37.8% during the forecast period

A global provider of subscription-based IT devices (DaaS), part of CHG-MERIDIAN Group. Reach across 190 countries, serves several major global customers

Selected customers

Partnership with Norwegian mobile operator ICE

Strategic agreement to bring Techstep's highly scalable mobile and circular tech platform to market

• Commercial agreement in place to support growth ambitions in the Norwegian market
• Techstep's Lifecycle platform strengthens their connectivity offering and empowers the operator to bring devices responsibly to the B2B market, including expense management, device management and security, aftermarket services and policy driven self-service portal
• Preparations to onboard first customer and scale set to begin
• Commercial terms include a license price per user/device model
• Anticipates onboarding the first customers in Q1 2025, with ramping up financial effect from H2 2025

Summary and Outlook

• Profitability improving y/y, growth in revenue and net gross profit for the first time in two years
• Recurring revenue contracts is record high
• Market momentum is building, several new signings and renewed contracts with key customers and partners, increasing our backlog for Q4
• Strategic agreements progressing according to plan
• Expect to see further acceleration in Q4 and continuation into 2025

Q&A

Chat or send e-mail to ir@techstep.io

Appendix

Best practice mobile technology, as-a-service

Our offering

OFFERING

Available as a total solution or in pieces depending on customer needs and wants.

Management team

Morten Meier – Chief Executive Officer Mr. Meier is a seasoned senior executive with more than 25 years of experience from the software and technology industry, including leadership, strategy, business development, sales, marketing, and operations. He has a proven track record of driving high performance teams and delivering profitable growth, and is passionate about driving transformation, innovation, growth and customer success. Prior to Techstep, he spent the ten past years with Microsoft Norway, where he served several positions at the leadership team, latest as Senior Director Marketing & Operations (COO) and Deputy General Manager. Previous experience includes four years of leadership positions at IBM in Norway and at a Nordic level, and almost ten years with Hewlett-Packard. .David Landerborn – Chief Operating Officer Mr. Landerborn is an experienced executive with deep understanding of the mobile technology industry, having held several prominent positions within Techstep. This experience includes his role as Deputy

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). Sheena Lim – Chief Marketing Officer Ms. Lim has over 22 years of international brand, marketing and communication experience in telecom, food & beverage, media and

Managing Director and Chief Operating Officer at Optidev AB, which Techstep acquired in 2020, and as part of Techstep's executive management team since 2022. He is passionate about strategy and operational excellence, mobile technology solutions together with a strong and winning company culture. He is actively involved in local tech initiatives in Borås, Sweden, to make sure raising Tech stars choose Techstep as their employer. Mr. Landerborn holds a bachelor's in computer science from the University of Borås. Bartosz Leoszewski – Chief Product & Technology Officer 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.

pharmaceutical and HR tech. Ms Lim came to Techstep from the position as Marketing and Communication Director at Zalaris, a provider of simplified HR and payroll administration. Previous positions include 12 years with Telenor's international operations, where she worked through change and improvement projects across all 12 markets in which Telenor was involved. 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.

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. Melissa Mulholland - Board member (since 2021) 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

Jens Rugseth – Board member (since 2019) Mr. Rugseth is a co-founder and Chairman of the Board of Crayon Group ASA and Link Business School.

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 and 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. 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 30.09.2024

Shareholder	# of shares	Ownership %
DATUM AS	5 835 198	18.4 %
KARBON INVEST AS	4 371 619	13.8 %
Swedbank AB	2 524 685	8.0 %
VALSET INVEST AS	1 426 810	4.5 %
CAMIKO AS	886 260	2.8 %
AS CLIPPER	869 566	2.7 %
STEENCO AS	869 566	2.7 %
SPECTER INVEST AS	625 900	2.0 %
VERDIPAPIRFONDET DNB SMB	604 079	1.9 %
CIPRIANO AS	599 916	1.9 %
Saxo Bank A/S	572 861	1.8 %
GIMLE INVEST AS	407 096	1.3 %
Sbakkejord AS	333 134	1.1 %
TORSTEIN INGVALD TVENGE	300 000	0.9 %
TIGERSTADEN AS	275 000	0.9 %
TIGERSTADEN MARINE AS	250 000	0.8 %
NILS GABRIEL ANDRESEN	249 890	0.8 %
NORDHOLMEN AS	238 372	0.8 %
HINVEST AS	225 261	0.7 %
PIKA HOLDING AS	214 346	0.7 %
	21 679 559	68.5 %
Total number of shares	31 629 381	100 %

1) Karbon Invest AS is owned by the Board member Jens Rugseth

Duo Jag AS, which is partly owned by Board member Ingrid Leisner, owns 60,157 shares in Techstep ASA Hermia AS, which is partly owned by Board member Harald Arnet, owns 63 439 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.

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