Techstep ASA — M&A Activity 2016

Nov 7, 2016

TECHSTEP: ACQUISITION OF A MAJORITY STAKE IN TEKI SOLUTIONS COMPLETED.

TECHSTEP: ACQUISITION OF A MAJORITY STAKE IN TEKI SOLUTIONS COMPLETED.

Reference is made to the stock exchange notices published by

Techstep ASA ("TECH" or the "Company") on 4 July 2016 and 6

October 2016 regarding the agreement with Teki Gruppen AS ("Teki

Gruppen") to acquire an additional 53.94% of the shares in Teki

Solutions AS (the "Teki Gruppen Transaction"). After the Teki

Gruppen Transaction TECH will have an ownership of 78.16% in

Teki Solutions AS.

The Teki Gruppen Transaction, where TECH acquires 53.94% of the

shares in Teki Solution AS from Teki Gruppen AS, has been

completed and a total of 30,053,488 consideration shares have

been issued, distributed into four equal parts to Skarestrand

Invest AS, Dovran Invest AS, Jyst Invest AS and Tinde Industrier

AS, following of the demerger of Teki Gruppen AS. Following

registration of the issuance of the consideration shares with

the Norwegian Register of Business Enterprises, the share

capital of the Company is NOK 102,475,577 divided into

102,475,577 shares, each with a par value of NOK 1. The Teki

Gruppen Transaction was approved by the Extraordinary General

Meeting on 4 November 2016. The consideration shares will not be

admitted to trading on Oslo Stock Exchange until the Financial

Supervisory Authority has approved, and TECH has published, a

prospectus. Pending such approval and publication, the

consideration shares will be issued in VPS with a separate and

interim ISIN.

Skarestrand Invest AS, Dovran Invest AS, Jyst Invest AS and

Tinde Industrier AS will each hold 7,513,372 TECH shares

representing 7.3% of the shares and votes in TECH (after

registration).

In connection with the completed transaction Middelborg AS has

been compensated NOK 1.2 million related to structural and

transaction work.

This information is subject to the disclosure requirements

pursuant to Section 5-12 of the Norwegian Securities Trading

Act.

For more information, please contact:

Fredrik Johansson, COO of Techstep ASA, Mobile: +46 70 352 91 90