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
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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
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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”,
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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.