Webstep — Capital/Financing Update 2017

Oct 9, 2017

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE.

Webstep – Allocation to primary insiders in the IPO

Oslo, 10 October 2017: Reference is made to the stock exchange announcement published earlier today, in which Webstep ASA ("Webstep", the "Company", ticker WSTEP) announced the successful completion of the bookbuilding period for its initial public offering (the "IPO" or the "Offering").

The following primary insiders of Webstep have sold and been allocated shares in accordance with the terms set out in the prospectus dated 25 September 2017:

Reiten & Co Capital Partners VII LP, represented by its general partner Reiten & Co Capital Partners VII GP Ltd, will sell 6,455,176 shares in the Offering, and after completion hold 5,281,508 shares in the Company corresponding to approximately 20% of the share capital (based on the share capital of the Company after the issuance of the new shares and prior to any exercise of the greenshoe option)

Klaus-Anders Nysteen (Chair of the Board), through his closely related party Nysteen Invest AS, has been allocated 20,408 shares in the Company at a price of NOK 24.50 per share, which will be his holding of shares following completion of the Offering.

Kjetil Eriksen (Chief Executive Officer), through his closely related party Colina Invest AS, will sell 451,811 shares in the Offering, and after completion own 839,080 shares in the Company. Kjetil Eriksen has also been allocated 4,977 shares in the Offering at an average price of NOK 19.49 per share. After completion of the Offering, he will personally and through his wholly owned company Colina Invest AS own 844,057 shares in total.

Anders Håvik Løken (Chief Financial Officer), through his closely related party Canacas AS, will sell 60,189 shares in the Offering, and after completion own 111,779 shares in the Company. Anders Håvik Løken has also been allocated 4,977 shares in the Offering at an average price of NOK 19.49 per share. After completion of the Offering, he will personally and through his wholly owned company Canacas AS own 116,756 shares in total.

Arnt Roger Aasen (Director – Communication), through his closely related party Aravi AS, will sell 144,155 shares in the Offering, and after completion own 267,718 shares in the Company. Arnt Roger Aasen has also been allocated 4,977 shares in the Offering at an average price of NOK 19.49 per share. After completion of the Offering, he will personally and through his wholly owned company Aravi AS own 272,695 shares in total.

Marianne Styrman (Director – Internet of Things), has been allocated 17,221 shares in the Company at an average price of NOK 23.05 per share, which will be her holding of shares following completion of the Offering.

Carl Olof Jakob Cardell (Managing Director Sweden), has been allocated 24,000 shares in the Company at a price of NOK 24.50 per share, which will be his holding of shares following completion of the Offering.

Anders Bjørnestad (observer to the Board), through his closely related party Compiler Invest AS, will sell 19,000 shares in the Offering, and after completion hold 20,000 shares in the Company. Anders Bjørnestad has also been allocated 2,488 shares in the Offering at an average price of NOK 18.88 per share. After completion of the Offering, he will personally and through his wholly owned company Compiler Invest AS own 22,488 shares in total.

Ole Jørgen Kirkeluten (observer to the Board) will sell 21,450 shares in the Offering. Ole Jørgen Kirkeluten has also been allocated 1,991 shares in the Offering at an average price of NOK 18.58 per share. After completion of the Offering he will own 19,541 shares in total.

Eyjolfur Thorarinsson (Board member of Webstep AB) has been allocated 4,081 shares in the Offering at a price of NOK 24.50 per share. After completion of the Offering, he will own 55,106 shares in total.

Save Asmervik (Director), through his closely related party Saveas AS, will sell 7,000 shares in the Offering, and after completion hold 13,000 shares in the Company. Save Asmervik has also been allocated 4,977 shares in the Offering at an average price of NOK 19.49 per share. After completion of the Offering, he will personally and through his wholly owned company Saveas AS own 17,977 shares in total.

Joar Krohn (Director) has been allocated 4,977 shares in the Offering at an average price of NOK 19.49 per share. After completion of the Offering, he will personally and through his wholly owned company Saveas AS own 96,137 shares in total.

Øyvind Thoresen (Director), through his closely related party Pricia AS, will sell 145,500 shares in the Offering, and after completion hold 270,320 shares in the Company. Øyvind Thoresen has also been allocated 4,977 shares in the Offering at an average price of NOK 19.49 per share. After completion of the Offering, he will personally and through his wholly owned company Pricia AS own 275,297 shares in total.

Terje Orvedal (Director), through his closely related party Illari AS, will sell 208,528 shares in the Offering, and after completion hold 387,268 shares in the Company.

Kjell Ljøstad (Director), through his closely related party Cyclops AS will sell 106,228 shares in the Offering, and after completion hold 197,281 shares in the Company.

Geir Jåthun Hindenes (Director), through his closely related party Gjh Invest AS, will sell 99,792 shares in the Offering, and after completion hold 185,328 shares in the Company.

Hans Sigvart Hansen (Director), through his closely related party Proprium Invest AS, will sell 53,922 shares in the Offering, and after completion hold 100,142 shares in the Company.

All shares sold by the primary insiders in the Offering were sold at the offer price in the Offering of NOK 24.50 per share.

Arctic Securities AS, SpareBank 1 Markets AS and SpareBank 1 SR-Bank ASA are acting as joint global coordinators and joint bookrunners in the Offering.

Enquiries

Kjetil Eriksen, CEO Webstep, +47 982 98 008 Anders Løken, CFO Webstep, +47 977 69 200

About Webstep ASA

Webstep ASA and its subsidiaries form the Webstep Group, a high-end provider of IT consultancy services in Norway and Sweden. Since its incorporation in 2000, the Webstep Group has offered IT services designed to address its customers' software needs by creating functional custom-made digital tools and applications optimizing the customers' business strategies. Webstep aims to be at the forefront of the technological development and to assist its customers in their digitalisation through the offering of cutting-edge IT expertise. The Webstep Group's core digitalisation offering consists of digitisation, cloud implementation, migration and integration, in addition to its other core focus areas Internet of Things (IoT), machine learning and analytics. An important part of the Webstep Group's strategy is to employ and offer only senior IT consultants with significant experience. As of 30 June 2017, the Webstep Group employed 393 employees, of which 350 were IT consultants. For more information visit www.webstep.com

Important Notice

This announcement is not and does not form a part of any offer for or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, from the basis of, or be relied upon in connection with, any contract therefor.

Copies of this announcement are not being made and may not be published, distributed, transmitted or sent, directly or indirectly, in or into the United States, Australia, the Hong Kong Special Administrative Region of the People's Republic of China, Canada, Japan, South Africa or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any securities laws of any state or other jurisdiction of the United States and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

This announcement is an advertisement and not a Prospectus for the purposes of Directive 2003/71/EC, as amended (together with any applicable implementing measures in any Member State, the "Prospectus Directive").

In any EEA Member State other than Norway that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at "qualified investors" in that Member State within the meaning of Article 2(1) (e) of the Prospectus Directive ("Qualified Investors"), i.e., only to investors to whom an offer of securities may be made without the requirement for the Company to publish a Prospectus pursuant to Article 3 of the Prospectus Directive in such EEA Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant

persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

This announcement does not constitute a recommendation concerning the IPO. The price and value of securities and any income from them can go down as well as up. Past performance is not a guide to future performance. Information in this announcement or any of the documents relating to the IPO cannot be relied upon as a guide to future performance.