1T E C H S T E P

Q2 2017

“We make work life mobile”Gaute Engbakk, CEO

Marius Drefvelin, CFO

2T E C H S T E P

Agenda

Techstep Q2 presentation 2017

Highlights and Summary

Customer Value Proposition

Customers and End-User Base

Financials

M&A

3T E C H S T E P

Key Events

Post Q2-17

Operations

Financials

Highlights Q2 2017

• Stable pro forma revenues of NOK 182.2 million (NOK 180.3 million)

• YoY growth of 28% in solutions and 2.4% in hardware, offset by a reduction in

commission and bonuses. Reduction due to the transition to new business model and

sales priorities

• Pro forma adjusted EBITDA of NOK 1.8 million (NOK 10.7 million)

• Combination of stable total revenues and increased costs related to growth investments

• Growth in end-users of ~6% to 490,000 since Q1 2017

• Secured frame agreements

• Successful MaaS pilots and delivery to select customers

• Heavy M&A activity and planning of integrations

• Strengthened executive management team with COO and CCO

• Became Tier one strategic partner with Apple

• Acquisitions in Sweden to complement customer offering and pan-Nordic capabilities

Highlights and Summary

4T E C H S T E P

Techstep is positioning itself as a leading Nordic enabler of the digital

workplace

Simplified company structure

Highlights and Summary

Note: 1) Techstep has an option to acquire the remaining shares in Techstep Finance on certain conditions

2) Techstep has an option to acquire the remaining shares in Conneqted on certain conditions

TECHSTEP

Telenor distributor

of hardware and

subscriptions

~80 FTEs

Nordialog Oslo

2016

Software as a

Service. Telecom

expense

management

~10 FTEs

Feb

Distributor of

hardware and

subscriptions

~20 FTEs

Apro

Feb

Mobility advisory in

Sweden

~10 FTEs

100%

March

Provider of

finance and

leasing

products

~5 FTEs

TECHSTEP

FINANCE

Apr

Enterprise

mobility, IT and

communications

solutions, service

and support

~30 FTEs

2016

50%1 100%100% 100%100%

Hardware and subscriptions Financing Mobile device management & managed services Software

BKE

June Aug.

Swedish distributor

of hardware and

subscriptions

~40 FTEs

100% 51%2

Swedish Enterprise

Mobility

Management (EMM)

provider

~5 FTEs

Pending closing

5T E C H S T E P

Financial summary Q2 2017

Highlights and Summary

• 2,4% revenue growth in

hardware YoY Q2-16 to

Q2-17

• 28% increase in Solutions

YoY from Q2-16 to Q2-17

• Underlying revenue

increase offset by

reduction in commission &

bonuses, impacting

profitability

• Equity ratio of 67%

Pro forma numbers prepared as if the acquisitions made during Q1-17 were part of the Group from 1 January 2016

Note: 1) Includes adjustments for transaction costs and one-offs of NOK 3.6 million in Q2-17 and NOK 17.5 million per FY16

Key figures (pro forma)

Key figures (as reported)

(amounts in NOK 1,000) Q2 2017 Q2 2016 YTD 2017 FY 2016

Revenue 182,219 180,285 362,547 719,391

Adjusted EBITDA 1) 1,757 10,741 11,618 29,441

Adjusted EBITA 1) 1,545 10,326 10,953 28,196

Adjusted EBITDA margin (%) 1.0 % 6.0 % 3.2 % 4.1 %

Adjusted EBITA margin (%) 0.8 % 5.7 % 3.0 % 3.9 %

Hardware, provision and bonuses, share of

revenue (%) 79.0 % 83.0 % 78.0 % 84.7 %

Solutions, share of revenue (%) 21.0 % 17.0 % 22.0 % 15.4 %

Revenue 182,219 143,471 327,437 573,498

EBITDA (1,829) 6,352 (7,269) (4,433)

EBITA (2,041) 6,147 (7,923) (5,336)

Total assets 676,478 469,980 676,478 508,409

Cash 70,645 6,885 70,645 81,692

Equity 459,058 34,114 459,058 260,294

6T E C H S T E P

Company progress towards becoming a Nordic enabler of the digital

workplace

Highlights and Summary

Q1

Acquisition of Mytos

Acquisition of Infra

Advice

Acquisition of Apro

Equity issue of

NOKm 100

Q2

Initiate integration of

acquired companies

MaaS pilot

customers

In process to acquire

BKE

Initiated cross sales

efforts

Q3

Full MaaS launch

Norway

Launch of Mytos’

asset management

solution

Launch of Mytos in

Sweden

In process to acquire

Conneqted

2017

Q4

Launch of Techstep

Finance in Sweden

Launch of MaaS in

Sweden

Launch of new

vertical solutions

Focus:

M&A, integration and

product development

Focus:

Product rollout

and sales focus

✓

✓

✓

✓

✓

✓

✓

✓

Expected positive effect on

profitability

7T E C H S T E P

Techstep has, via Kjedehuset, been certified as «Apple Authorized

Enterprise Reseller»

Key Benefits

Highlights and Summary

General trend: Partners are moving away from operators, towards value adding providers

% Highest discount level on products

Extended marketing funds

Educating Techstep sales personnel within solution selling

Will recommend and actively support Techstep to win tenders

and agreements with enterprise customers

Dedicated cooperation within Health, Retail, Education

and Bank and Finance

8T E C H S T E P

M&A

9T E C H S T E P

The Swedish B2B-phone market is 2-3 times larger than the Norwegian,

and users are expected to grow

M&A

Note: 1) CAGR 10%

Addressable market 20201:

~2m usersAddressable market 20201:

~ 5m users

Highly attractive Nordic multinationals

(win at home, follow abroad)

2016: 2016:

10T E C H S T E P

BKE Telecom acquisition adds a distribution platform and solid customer

base in Sweden, strengthening Techstep’s offering in the Nordics

Note: 1) One significant customer ~ 50 SEKm

M&A

0

100

200

300

0

10

20

30240

2014/15 2016/17

189

Revenue

(SEKm)

2015/161

167

2013/14

109

EBITDA

(SEKm)

Selected Customers

Financial infoBackground info

▪ BKE TeleCom AB is one of the leading providers of

business telecommunication equipment and services

▪ Hardware offering: Communication equipment from

e.g. Apple, Dell, Jabra, HTC, Huawei, LG, Microsoft,

Samsung and Sony

▪ One of few market players in Sweden offering cloud-

based PBXs integrated with all of the largest Swedish

operators, i.e. Tele2, Telenor, Telia and 3

▪ Customer base includes both public sector and private

companies

▪ Founded in 1983, headquartered in Karlstad, Sweden,

with 43 FTEs

Key facts and transaction terms

▪ Revenue of SEKm 189.1 and EBITDA of SEKm 15.5 in

2016/17

▪ Techstep acquires 100% at enterprise value. SEKm 82.5

SolutionsEBITDA

Sign. customer1 Hardware

11T E C H S T E P

Conneqted 365 AB adds complimentary EMM competence

Business introduction

▪ Complete Enterprise Mobility Management (EMM)

provider, including system design, implementation, mobile

device management, maintenance and support

▪ Founded in January 2016, headquartered in Karlstad,

Sweden, with 5 FTEs

▪ Business model based on billing consulting hours and

license fees

▪ Key partnerships include Telenor in Sweden and BKE

Telecom

▪ Conneqted adds complementary competence on the

MobileIron platform, completing Techstep’s existing

platform and EMM offering

Key facts and transaction terms

▪ Revenue SEKm 8.8 and EBITDA SEKm 0.5 in 2016/17

▪ Techstep acquires 51% at enterprise value approx. SEKm 7

▪ Agreement includes an option to acquire remaining 49%

Selected Customers

Key Partners

M&A

© Nordialog 2016

Customer value proposition

13T E C H S T E P

Although majority of workforce is mobile in nature, mobility solutions

mostly present in ‘stationary’ jobs

Source: Statistics Norway (SSB); Employed persons 15-74 years by sector and industrial division (2015)

80%

“More than 80% of the Norwegian

workforce requires some mobility or

higher”

= high mobility = some mobility = little mobility

419,000491,0001,678,000

“People do not put their phone down then go find a

desktop to do something. They use their phone.”– Paul Cousineau, director of

mobile shopping at Amazon.com

Customer value proposition – mobile work force

14T E C H S T E P

Consumers accustomed to advanced mobile solutions; businesses to

follow suit

Consumer solutions Business solutions

‘Work is the place I go to use old technology’

Customer value proposition – mobile work force

15T E C H S T E P

Techstep delivers a complete stack of solutions that provides an improved

total-cost-of-ownership (TCO) and lower risk to the customer

Customer value proposition – “one stop shop” Mobile as a Service

TraditionalBuy hardware, software, connectivity, platform, support separate

IT and

Procurement

× Higher total cost of ownership

× Higher operational risk

× Mainly competing on price

Mobile as a ServiceTechstep provides complete MaaS solutions – one stop shop

✓ Lower total cost of ownership for customers

✓ Single point of contact, reduces operational risk

✓ Inherent focus on quality and functionality rather than price

MaaS

Support Operations

Hardware

Connectivity

Illustration

ApplicationsAsset mgmt.

Mobility

Dere gir oss en

problemfri mobil hverdag- Procurement at DNB

Mobility Service &

Support

Hardware

and

connectivity

IT &

Security

Software and

applications

Technological

enablers

IoT Big data

Video

Sensors

16T E C H S T E P

MaaS will drive both “one-offs” and recurring revenues for Techstep. The

customers buy the service at a fixed monthly cost

Note:

Techstep business model – conceptual case

Mobile as a Service (Maas)

• Bundled mobile services including

advisory, hardware, solutions and financing

• Customers billed with a fixed periodical

fee per end-user (e.g. monthly)

• Enabled through the establishment of

Techstep Finance and unique asset

management capabilities in Mytos

MaaS

Year 3Year 2Year 1

Cont.2nd1st 3rd 4th

Fixed-fee per user / month

MaaS revenue effect for Techstep

Solutions40%

60%Hardware

Recurring

“One-off”

SolutionsHardwareAdvisory Finance

Recurring

Revenues

Revenue

effect

Customer’s

invoices

© Nordialog 2016

Financials

18T E C H S T E P

0

50

100

150

200

Revenue development in Hardware and Solution Q1 2016 – Q2 2017

Financials – Pro forma P&L

Pro forma solution revenueQ1 2016 – Q2 2017, NOKm

Pro forma hardware revenueQ1 2016 – Q2 2017, NOKm

Q2

2016

143.4+2.4%

Q2

2017

137.8

Q4

2016

172.5

Q1

2017

Q3

2016

140.3

NOKm

150.0

Q1

2016

146.1

HardwareCommission & bonuses

• Hardware revenue

stabilizing (+2.4%)

compared to

-5.5% in Q1-17

0

5

10

15

20

25

30

35

40

45

NOKm

19.8

Q3

2016

30.3

Q1

2017

Q2

2017

42.4

24.5

38.9

Q1

2016

Q4

2016

35.8

Q2

2016

+28%

Solution sales

• High growth in

solution revenue:

28% in Q2-17 vs.

Q2-16 and 62%

YTD-17.

19T E C H S T E P

0

50

100

150

200

250

10%

15%

20%

25%

30%

35%

40%

Revenue and EBITDA development Q1 2016 – Q2 2017

Financials – Pro forma P&L

Pro forma EBITDAQ1 2016 – Q2 2017, NOKm

Total Pro forma revenuesQ1 2016 – Q2 2017, NOKm

%

Q2

2016

164.8

Q1

2016

180.3165.9

208.3

Q3

2016

182.3

Q1

2017

NOKm

+1.1%

Q2

2017

180.2

Q4

2016

Hardware% solutions SolutionsCommission & bonuses

0

3

6

9

12

7.5%

0.0%

10.0%

5.0%

2.5%

10.8

Q2

2016

Q1

2016

11.5

Q4

2016

Q3

2016

6.5

0.8

%NOKm

9.8

1.7

Q2

2017

Q1

2017

EBITDAEBITDA margin

• Commission &

bonuses affected

by sales

priorities,

general decline

and

redistribution to

non-operator

partners

• Sales affected by

preparation for

new product

launch rather

than short term

sales focus

• Decrease in

profitability

due to

reduction in

commission &

bonuses of

(NOKm 9.8 in

Q1-17 vs.

Q2-16)

• Increase in

personnel

expenses in

line with

growth

strategy

20T E C H S T E P

Consolidated income statement – as reported

Financials

• Increase in revenue driven by both

acquisitions and organic growth

• Gross profit impacted by the

reduction in commission and

bonuses. Potentially mitigated by

- Commission & bonuses from

new direct partners and

suppliers

- Increased support sales (SLA

paid for by customer, rather

than operator)

- Customer self service

• Profitability going forward driven by

- Solution sales (high gross

margin)

- Scalability on current capacity

Amounts in NOK 1 000 Q2 2017 Q2 2016 YTD 2017 2016

Revenue 181,183 143,104 326,146 570,526

Other revenue 1,036 367 1,292 2,972

Total revenue 182,219 143,471 327,437 573,498

Cost of materials 130,995 98,881 229,269 405,210

Salaries and personnel costs 33,085 24,701 61,080 104,041

Depreciation 211 205 655 903

Amortisation intangible assets 5,241 6,903 8,963 18,984

Other operational costs 16,383 13,537 30,220 51,169

Other costs 3,586 14,137 17,511

Total operating expenses 189,500 144,227 344,324 597,818

EBIT/ Operating profit (7,281) (756) (16,887) (24,319)

Financial income 3,853 22 4,539 (5,117)

Financial expense (849) (950) (1,730)

Technical loss (21,217)

Net financial expense 3,005 (928) 2,809 (26,334)

Profit before taxes (4,277) (1,684) (14,078) (50,654)

Income taxes 531 1,726 1,060 5,954

Net income (3,746) 42 (13,018) (44,700)

Net income attributable to

Non-controlling interests - 4 - (4,245)

Shareholders of Techstep ASA (3,746) 38 (13,018) (40,455)

Earnings per share in NOK:

Net income after tax (0.03) (0.47) (0.10) (1.29)

Other comprehensive income (3,746) 42 (3,746) (44,700)

21T E C H S T E P

Balance sheet – as reported

Financials

• Intangible assets include goodwill (NOKm 400)

• Increase in accounts receivable due to higher

volume and acquisitions

• Current interest bearing liabilities include

factoring NOKm 33 and drawn credit facility of

NOKm 26

• Current cash position of NOKm 71

Note: 1) Incl. Deferred tax assets, Goodwill, Customer relations 2) Incl. Associated companies, Shares and investments, Other non-current assets

3) Incl. Tax payable Public taxes, provisions Other current liabilities

Amounts in NOK 1 000 Q2 2017 Q2 2016 2016

Intangible assets 1) 429,192 278,939 272,350

Tangible assets 3,239 3,240 3,159

Financial assets 2) 31,709 20,138 41,829

Inventories 13,973 25,642 9,526

Accounts receivable 116,509 94,980 83,250

Other receivables 11,211 18,451 16,603

Cash and cash equivalents 70,645 5,506 81,692

Total assets 676,478 446,895 508,409

Total equity 459,058 34,156 260,294

Deferred tax 1,407 6,979

Non-current interest bearing debt 12,656 29,675 12,656

Other non-current debt 2,025 25,044 -

Current interest bearing liabilities 60,365 245,871 113,721

Accounts payable 86,076 18,494 62,050

Other current liabilities 3) 54,890 86,675 59,687

Total equity and liabilities 676,478 446,895 508,409

22T E C H S T E P

Customers and

end-user base

23T E C H S T E P

Organic growthM&A effect

Organic growth of unique end-users of 6%

Customers and end-user base

600

300

0

450

750

150

+24%+6%

+7%

Q1 2017

Pro forma

Q2 2017

Pro forma

+85%

YE 2016

actual

YE 2016

Pro forma

Q2 2017

Pro forma

incl. BKE +

Conneqted

• Organic end-user growth of 6%

(annualized CAGR ~ 30%)

• Primarily driven by organic growth in

solution

• Effect of cross-sales still limited

• Including BKE and Conneqted end-user

base ~600k users (compared to ~230k

end-users in YE 2016)

Total unique end-users baseNumber of unique end-users in 1000’s

Pending closing

Solid user growth is a platform for

future revenue and profitability growth

24T E C H S T E P

Solid cross-sell potential as only 23% of Techstep’s unique end-users have

a combined hardware and solution today

Customers and end-user base

30%33%

40%

0

50

100

150

200

250

0%

25%

50%

Q1 2017

Pro forma

YE 2016

Pro forma

Q2 2017

Actual

47%44%

40%

0

50

100

150

200

250

0%

25%

50%

Q2 2017

Actual

Q1 2017

Pro forma

YE 2016

Pro forma

23%22%20%

0

50

100

150

200

250

0%

25%

50%

Q2 2017

Actual

YE 2016

Pro forma

Q1 2017

Pro forma

Hardware only end-usersNumber of end-users with

hardware only in 1000s

Solution only end-usersNumber of end-users with

solution only in 1000s

Combination end-usersNumber of end-users with

hardware and solution in 1000s

Users % of total end usersMaas Users1

• High revenue per user

• Low gross margin

• Lower revenue per user

• Higher gross margin

• Higher revenue per user

(hardware and solutions)

• Higher gross margin

1) MaaS customers account for 3% of combination end-users, but only 0,5% of the total end-users

25T E C H S T E P

Solid customer base spanning across the Nordics includes both public and

private sector

Customers and end-user baseP

rivate

Pu

blic

Note: This overview contains only selected customers, it is not comprehensive

© Nordialog 2016

Summary

27T E C H S T E P

Summary

Summary

▪ Growth in sales YoY Q2 2016 to 2017 in both hardware and solutions

▪ Profitability is down due to transition to new business model and sales priorities

▪ Prioritized long term growth over short term profitability in order to take the market

position as the Nordic enabler of making work life mobile

▪ Acquired two interesting companies, BKE Telecom and Conneqted, in line with our strategy

▪ Going forward, focus this second half of 2017 will be organic growth and profitability

28T E C H S T E P

Appendix

29T E C H S T E P

Top 20 shareholders August 14th 2017

Appendix

Name Shareholding % Share

DATUM AS 30,079,142 21.29%

MIDDELBORG INVEST AS 28,066,931 19.87%

PALOS AS 11,666,667 8.26%

SKARESTRAND INVEST AS 7,513,372 5.32%

DOVRAN INVEST AS 3,763,372 2.66%

JYST INVEST AS 3,763,372 2.66%

TINDE INDUSTRIER AS 3,763,372 2.66%

CIPRIANO AS 3,651,375 2.58%

ZONO HOLDING AS 3,000,007 2.12%

SÅ&HØSTE AS 2,925,936 2.07%

TIGERSTADEN AS 2,779,182 1.97%

TVENGE TORSTEIN INGVALD 2,664,185 1.89%

NOMO HOLDING AS 1,946,253 1.38%

NORDIALOG ENSJØ AS 1,946,253 1.38%

VERDIPAPIRFONDET DNB SMB 1,872,933 1.33%

ARCTIC FUNDS PLC 1,871,434 1.32%

UNIFIED AS 1,849,457 1.31%

RAKNES HOLDING AS 1,649,348 1.17%

SONGA TRADING INC 1,438,596 1.02%

VINTERSTUA AS 1,200,000 0.85%

Total number owned by top 20 117,411,187 83.11%

Other shareholders 23,866,633 16.89%

Total number of shares 141,277,820 100 %

30T E C H S T E P

Management team

Appendix

Gaute Engbakk – CEO

Mr. Engbakk is an experienced change leader from working many years in Accenture with largeinternational companies. He joined Techstep in November 2016. In Accenture, he worked in a varietyof markets and industries and built up a division within analytics and information management. Mr.Engbakk led Creuna AS, a significant Nordic player within digital solutions, branding and advertisingduring 2010-2014, and during 2014-2016 he was the CEO of Gambit Hill & Knowlton Strategies.

Marius Drefvelin – CFO

Mr. Drefvelin joined Techstep in January 2017 and was previously the Group CFO of Creuna, a leadingNordic technology and communications consultancy firm with 350 employees. He has been withCreuna since 2012. During 2010-2012, he was a financial advisor at Deloitte, working with mergers,acquisitions and IPOs. Before this, he worked at Jebsen Asset Management from 2007-2009. During2001-2007, Mr. Drefvelin worked at KPMG, also working with transactions.

Mads Vårdal – Chief Innovation Officer

Mr. Vårdal has been with companies within the Techstep sphere for more than eleven years. He camefrom a central position in Teki Solutions AS and has been a leading figure for the development ofSmartworks. He has previously had a leading position in Nordialog Skøyen AS and CEO in BuskerudTele AS

Inge Paulsen – Chief Operations Officer

Mr. Paulsen is an experienced executive manager with a proven track record from companies like Clear Channel, Eltel Networks/Sønnico Tele, Infratek/Hafslund, Implement and Accenture. His broad experience comes from heading strategic business development projects in venture businesses or turn around cases as well as holding various executive positions responsible for profit & loss.

31T E C H S T E P

Board of directors

Appendix

Einar J. Greve – Chairman of the board

Mr. Greve has served on the Board in Techstep since November 2016. Mr. Greve works as a strategicadvisor at Cipriano AS, and has previously worked as partner of Wikborg Rein & Co and as Partner ofArctic Securities ASA. Mr. Greve has held and holds various positions in listed and unlisted companies,including but not limited to Weifa ASA (chairman), Solon Eiendom ASA (Vice chairman), Vistin Pharma ASA(board member), Elliptic Labs AS (board member), Future Group (board member) and Hæhre and IsachsenHolding AS (board member). He holds a degree in law (cand.jur) from the University of Oslo

Kristian Lundkvist – Board member

Mr. Lundkvist has served on the Board of Techstep since November 2016. Mr. Lundkvist is the CEO andfounder of Middelborg AS, a corporation with roots from the retail business in the telecom industry, whichhas grown into a diversified holding company including investments in real estate, equities, and shipping.Middelborg AS is a long term industrial owner who actively participates in the value creation of thecompanies in the portfolio, especially business development, optimization of capital structures andnetworking. His directorships are including but not limited to NRC Group ASA (board member),Middelborg AS (chairman), Folksom (board member) and Kjedehuset AS (board member)

Ingrid E. Leisner - Board member

Ms. Leisner has served on the Board in Techstep since January 2016. Ms. Leisner’s directorships over thelast five years include current board positions in Vistin Pharma ASA, Hunter Group AS, Spectrum ASA,Maritime and Merchant ASA. Ms. Leisner has a background as a trader of different oil and gas products inher 15 years in Statoil ASA. Her years of experience and skills within business strategy, M&A, managementconsulting and change management has been very valuable when serving on the board of severalcompanies listed on Oslo Børs. She holds a Bachelor of Business degree with honors from the Universityof Texas in Austin.

Stein Erik Moe - Board member

Mr. Moe has served on the Board of Techstep since November 2016. Mr. Moe is the CEO and co-founder of Gture AS, a digital services company. Mr. Moe has over 27 years of experience withAccenture, and was a global lead in the Technology, Media and Communication division. He has led largescale projects and transformations, cross strategy, technology, organization and business processes. Hisdirectorships are including but not limited to Gture AS (Chairman), Gvalueinvest AS (Deputy Chairman),GoDigitalChina AS and Digitread AS (Board member). He holds a degree in Computer Science from theUniversity of Strathclyde in Glasgow, and courses from BI Norwegian Business School.

Camilla Magnus - Board member

Ms. Magnus has served on the Board of Techstep since November 2016. Ms. Magnus is a partner inAdvokatfirma Selmer DA and heads the firm’s Corporate and Finance Department. Her area ofexpertise includes M&A, contract law and corporate law. Ms. Magnus graduated with a law degree fromUniversity of Oslo in 1998. She regularly holds lectures and seminars on transaction related legalsubjects for Norwegian and foreign lawyers, business community and students.

32T E C H S T E P

Techstep companies

Appendix

http://www.nordialog.no

http://www.telering.no/

http://www.bke.se/

http://smartworks.no/

http://infraadvice.com/

https://conneqted.se/

http://www.mytos.no/

Oslo

http://techstep.no/

33T E C H S T E P

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.