Q presentation. 5 February 2015

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Letitia Crawford
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1 Q presentation 5 February 2015

2 Agenda Highlights Financial overview Market outlook

3 Q4 Highlights Strong finish to a record year Revenue of NOK million, up 10.3% EBITDA* of NOK 396 million, up 9.7% EBIT of NOK 287 million, up 76.8% Cash flow from operations of NOK 786 million, providing full year growth of 9.7% Strategic acquisitions of Axcess in Denmark and Imento in Norway Board proposes dividend of NOK 6.50 per share to be paid in 2015 * Before share-based compensation, expenses related to acquisitions, and restructuring costs

4 NOK in million NOK in million Group revenue Solid growth across all lines of business (hardware, software, services) Q4 growth +10.3% Full Year growth +11.3% Q4 13 Q4 14 YTD 13 YTD 14

5 Group hardware revenue Growth vs corresponding quarter last year 14.5 % 17.1 % 14.3 % 9.2 % 9.9 % Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Gross margin development 11.9 % 12.7 % 13.6 % 12.7 % 13.1 % Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

6 Group software revenue Growth vs corresponding quarter last year 21.7 % 13.0 % 3.4 % -1.6 % 5.5 % Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Gross margin development 17.1 % 10.5 % 10.3 % 9.1 % 10.9 % Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

7 Group services revenue Growth vs corresponding quarter last year 11.4 % 13.1 % 4.6 % 0.8 % 1.8 % Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Margin development 66.0 % 65.7 % 66.1 % 66.5 % 64.0 % Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

8 NOK in million NOK in million Group EBITDA* Higher revenue and improved product margin drives profitability Q4 growth +9.7% Full Year growth +19.7% Q4 13 Q4 14 YTD 13 YTD 14 * Before share-based compensation, expenses related to acquisitions, and restructuring costs

9 NOK in million NOK in million Group EBIT Very high growth in EBIT, after restructuring costs of MNOK 77 in Q Q4 growth Full Year growth +76.8% % Q4 13 Q4 14 YTD 13 YTD 14

10 NOK in million NOK in million Norway Higher revenue, but one-time savings** in Q means lower EBITDA* Revenue EBITDA* b +1.3% -3.7% b Q4 13 Q4 14 Q4 13 Q4 14 * Before share-based compensation, expenses related to acquisitions, and restructuring costs ** One-time savings of MNOK 29 from change in pension program in Q4 2013

11 SEK in million SEK in million Sweden Strong growth trend continues, with improved product margins Revenue +8.5% b EBITDA* +8.0% b Q4 13 Q4 14 Q4 13 Q4 14 * Before share-based compensation, expenses related to acquisitions, and restructuring costs

12 DKK in million DKK in million Denmark Solid sales performance across all lines of business Revenue +11.1% b EBITDA* +8.3% b Q4 13 Q4 14 Q4 13 Q4 14 * Before share-based compensation, expenses related to acquisitions, and restructuring costs

13 EUR in million EUR in million Finland Turnaround actions taken, with greatly improved financial results Revenue +23.3% b EBITDA* N/A b Q4 13 Q4 14 Q4 13 Q * Before share-based compensation, expenses related to acquisitions, and restructuring costs

14 EUR in million EUR in million The Baltics Very strong revenue growth, but fewer high margin projects Revenue 30.5% b EBITDA* -1.8% b Q4 13 Q4 14 Q4 13 Q4 14 * Before share-based compensation, expenses related to acquisitions, and restructuring costs

15 Cash flow from operations High seasonal cash flow in Q4, with strong growth over full year Q % b Q Full Year FY % b FY Note: Cash flow from operations includes net interest expense, in line with general accounting practice. In previous periods, interest expense was reported within cash flow from financing. Either treatment is permissable under IFRS.

16 Record performance for Atea in 2014 Key achievements Record high revenue of MNOK Record high EBITDA* of MNOK 958 Excellent cash conversion Strengthens market position within key business lines Recognized for outstanding performance by leading global IT companies * Before share-based compensation, expenses related to acquisitions, and restructuring costs

17 Performance targets and results Deliver profitable growth and strong cash flow. Enable high dividend payout to shareholders. Financial Objective 2014 Results 1. Organic growth in excess of market Growth of 7.7% in constant currency vs. 5.6% est. market growth* 2. Achieve 20%+ market share through organic growth and selective acquisitions Expand market share to est. 17%. Four strategic acquisitions during Growth in profit margin Adj. EBITDA % margin grows to 3.9%, up from 3.6% in Strong cash conversion: Free Cash Flow in line with Net Income** Free cash flow equals 131% of Net Income** 5. High annual dividend payout, based on cash flow generation Cash dividend of NOK 6.50 proposed to be paid in 2015 (vs. NOK 6.00 in 2014) * Pro forma growth adjusted for acquisitions and currency effects. Market growth based on December IDC estimate (2014 full year). ** Free Cash Flow defined as Cash Flow from Operations, minus capex and interest. Net income adjusted for actual taxes paid.

18 Record high revenue and EBITDA* Revenue growth of 11.3% and EBITDA* growth of 19.7% in 2014 Revenue (MNOK) EBITDA* (MNOK) Revenue CAGR 8.0%** EBITDA* CAGR 20.0% Revenue EBITDA before SBC 0 * Before share-based compensation, expenses related to acquisitions, and restructuring costs ** Estimated organic growth rate of 4.5% + acquisitions

19 Strengthening market position Gaining market share through organic growth and strategic acquisitions Scale is critical for competitive advantage in IT infrastructure market Atea has led the market consolidation with more than 50 acquisitions since 2007, at much lower valuation multiples than Atea Key acquisitions in 2014: - Axcess: Specializes within networks, security, datacenter and collaboration MNOK 648 revenue (2014); 190 employees - Imento: Delivers IT infrastructure to the SMB market in Norway MNOK 251 revenue (2014); 44 employees - Datatech: Specialist in IT solutions to the maritime and offshore industries MNOK 37 revenue (2014); 16 employees - BCC: Provides full range of IT infrastructure to the Finnish market MNOK 67 revenue (2014); 21 employees

Enhancing leadership in growth markets Acquisition of Axcess builds upon Atea s competitive advantage

with rapidly growing traffic and security threats For this reason, networks and network security are a

greatly expands Atea s competence in networking and security, and provides a platform for further growth

20 Enhancing leadership in growth markets Acquisition of Axcess builds upon Atea s competitive advantage within key growth markets of networking and security Networks are increasingly connecting more devices, with rapidly growing traffic and security threats For this reason, networks and network security are a top priority for IT departments and a major growth opportunity for Atea The acquisition of Axcess greatly expands Atea s competence in networking and security, and provides a platform for further growth With the acquisition, Atea s position in networking and security within the Nordic and Baltic regions is unrivalled

21 Recognized for outstanding performance in 2014

22 High annual dividend payout Increased annual dividend of NOK 6.50 to be proposed at AGM. Two equal installments of NOK 3.25 to be paid in May and October 2015 Dividend per share (NOK) 9.50** * * Proposed dividend to be paid in 2015 by the Board subject of approval by the AGM ** NOK 5.50 per share in ordinary dividend and NOK 4.00 in extraordinary dividend

Strong momentum going into 2015 Build on Atea s unique strategic position in Nordic and Baltic markets in 2015 Demand for IT infrastructure continues to grow Increase market share organically and

23 Strong momentum going into 2015 Build on Atea s unique strategic position in Nordic and Baltic markets in 2015 Demand for IT infrastructure continues to grow Increase market share organically and through selective M&A Invest in strategic growth areas of SMB, networking, security and IT-as-a-service Improve profit margins through growth in services and through operating efficiencies Continue strong cash conversion

25 Q Fact pack

26 Key numbers - Group Q4 Q4 Full year Full year Group revenue (NOK in million) 7, , , ,095.8 Gross margin (%) EBITDA (NOK in million) * EBITDA margin (%) * EBIT (NOK in million) Earnings per share (NOK) Diluted earnings per share (NOK) Cash flow from operations (NOK in million) , Free cash flow (NOK in million) ** Dec Dec 2013 Net financial position (NOK in million) Liquidity reserve (NOK in million) *** 1, ,325.7 Working capital (NOK in million) **** Working capital in relation to annualized revenue (%) Equity ratio (%) Number of full-time employees 6,504 6,280 * Before share-based compensation and expenses/income related to acquisitions and restructuring costs ** Defined as cash flow from operations, less capital expenditures. Capital expenditures include assets acquired through cash purchases and through financial leasing agreements *** Limited by 2.5 debt bond covenant ratio (net debt/last twelve months proforma EBITDA) **** Non-interest-bearing current assets less non-interest-bearing current liabilities

27 Consolidated statement of financial position - Group NOK in million 31 Dec Dec 2013 ASSETS Property, plant and equipment Deferred tax assets Goodwill 3, ,132.4 Other intangible assets Shares in associated companies Other long-term receivables Non-current assets 5, ,536.0 Inventories Trade receivables 5, ,751.3 Other receivables Other financial assets Cash and cash equivalents Current assets 7, ,651.4 Total assets 12, ,187.4 EQUITY AND LIABILITIES Share capital and premium 1, ,092.2 Other unrecognised reserves 1, Retained earnings 1, ,502.7 Equity 3, ,532.8 Interest-bearing long-term liabilities 1, ,018.7 Other long-term liabilities Retirement benefit obligations Deferred tax liabilities Non-current liabilities 1, ,249.2 Trade payables 4, ,847.4 Interest-bearing current liabilities VAT, taxes and government fees Provisions Other current liabilities 1, ,687.4 Other financial liabilities Current liabilities 7, ,405.4 Total liabilities 9, ,654.6 Total equity and liabilities 12, ,187.4

28 Full-time employees - Group Net committed workforce 31 Dec Dec 2013 Norway 1,637 1,612 Sweden 1,870 1,865 Denmark 1,537 1,364 Finland Baltics Logistics Atea Global Services Atea ASA Atea Group 6,504 6,280

29 Financial performance actual Segment (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Norway 1, , , , , , , ,108.3 Sweden 1, , , , , , , ,657.9 Denmark 1, , , , , , , ,043.2 Finland The Baltics Group Shared Services , , , , ,117.4 Eliminations , , , , , ,141.9 Other income Operating revenues group total 5, , , , , , , ,549.3 Norway Sweden Denmark Finland The Baltics Group Shared Services Operating profit/loss before group cost (EBIT) Group cost Operating profit/loss (EBIT) Net finance Profit/loss before taxes for continued operations (EBT) Taxes on continued operations Profit/loss for the period Shareholders Non-controlling ownership interests

30 Financial performance proforma Segment (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Norway 1, , , , , , , ,192.5 Sweden 1, , , , , , , ,657.9 Denmark 1, , , , , , , ,198.2 Finland The Baltics Group Shared Services , , , , ,117.4 Eliminations , , , , , ,141.9 Other income Operating revenues group total 5, , , , , , , ,788.5 Norway Sweden Denmark Finland The Baltics Group Shared Services Operating profit/loss before group cost (EBIT) Group cost Operating profit/loss (EBIT)

31 Income statement actual - Group (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue 2, , , , , , , ,467.5 Total software revenue 1, , , , , ,637.6 Products revenue 3, , , , , , , ,105.1 Total services revenue 1, , , , , , , ,443.9 Total other income Revenue 5, , , , , , , ,549.3 Margin 1, , , , , , , ,688.6 Product margin (%) 12.3% 11.7% 12.8% 11.5% 12.0% 12.0% 13.4% 12.5% Total services margin (%) 69.3% 67.7% 68.1% 66.0% 65.7% 66.1% 66.5% 64.0% Total products and services margin (%) 24.8% 24.1% 25.5% 22.6% 23.4% 23.0% 24.6% 22.4% Personnel costs , , ,061.3 Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.8% 2.6% 3.4% 5.3% 3.1% 3.0% 4.0% 5.2% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

32 Income statement proforma - Group (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue 2, , , , , , , ,636.5 Total software revenue 1, , , , , ,637.6 Products revenue 4, , , , , , , ,274.1 Total services revenue 1, , , , , , , ,514.1 Total other income Revenue 5, , , , , , , ,788.5 Margin 1, , , , , , , ,759.1 Product margin (%) 12.5% 11.7% 13.0% 11.7% 12.1% 12.1% 13.5% 12.6% Total services margin (%) 69.4% 67.7% 68.0% 66.1% 65.8% 66.4% 66.6% 64.0% Total products and services margin (%) 25.1% 24.2% 25.7% 22.8% 23.7% 23.3% 24.9% 22.6% Personnel costs , , , , ,097.1 Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.6% 2.4% 3.3% 5.5% 3.1% 3.1% 3.8% 5.4% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

33 Income statement actual Norway (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue , ,210.1 Total software revenue Products revenue 1, , , , , , , ,665.3 Total services revenue Total other income Revenue 1, , , , , , , ,108.3 Margin Product margin (%) 14.5% 13.4% 13.3% 12.3% 14.2% 13.9% 14.1% 13.9% Total services margin (%) 69.4% 70.6% 67.4% 68.4% 67.7% 69.8% 66.9% 68.3% Total products and services margin (%) 29.6% 28.5% 25.9% 23.8% 27.4% 27.4% 26.2% 25.3% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.3% 3.3% 3.0% 5.7% 2.5% 4.1% 3.8% 5.4% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

34 Income statement proforma Norway (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue , , ,294.2 Total software revenue Products revenue 1, , , , , , , ,749.4 Total services revenue Total other income Revenue 1, , , , , , , ,192.5 Margin Product margin (%) 14.8% 13.6% 13.9% 12.7% 14.5% 14.2% 14.4% 14.1% Total services margin (%) 69.3% 70.8% 67.6% 68.6% 67.9% 70.0% 67.2% 68.3% Total products and services margin (%) 29.3% 28.2% 26.1% 23.8% 27.2% 27.3% 26.2% 25.0% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.2% 3.3% 3.3% 5.7% 2.6% 4.2% 3.6% 5.2% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

35 Income statement actual Denmark (DKK million) (amounts in DKK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue ,130.6 Total software revenue Products revenue 1, , , , , ,417.2 Total services revenue Total other income Revenue 1, , , , , , , ,783.0 Margin Product margin (%) 10.4% 9.8% 11.6% 10.2% 9.6% 8.9% 9.4% 9.8% Total services margin (%) 65.5% 64.8% 67.0% 62.8% 63.5% 64.1% 66.7% 65.6% Total products and services margin (%) 22.5% 22.5% 25.8% 21.8% 21.7% 21.4% 22.4% 21.2% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 4.2% 2.7% 5.4% 8.0% 5.0% 3.1% 6.0% 7.8% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

36 Income statement proforma Denmark (DKK million) (amounts in DKK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue , ,203.9 Total software revenue Products revenue 1, , , , , , ,490.5 Total services revenue Total other income Revenue 1, , , , , , , ,917.4 Margin Product margin (%) 10.6% 9.6% 11.6% 10.5% 10.0% 9.1% 9.6% 9.9% Total services margin (%) 65.5% 65.0% 66.7% 63.5% 64.1% 65.1% 66.8% 65.3% Total products and services margin (%) 23.4% 23.0% 26.3% 22.7% 23.0% 22.6% 23.4% 22.3% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 4.0% 2.1% 4.5% 8.4% 5.0% 3.6% 5.6% 8.3% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

37 Income statement actual Denmark (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue , ,294.6 Total software revenue Products revenue 1, , , , , , ,623.1 Total services revenue Total other income Revenue 1, , , , , , , ,043.2 Margin Product margin (%) 10.4% 9.8% 11.5% 10.2% 9.6% 8.9% 9.4% 9.8% Total services margin (%) 65.5% 64.8% 67.0% 63.0% 63.5% 64.1% 66.7% 65.6% Total products and services margin (%) 22.5% 22.5% 25.6% 21.9% 21.7% 21.4% 22.4% 21.3% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 4.2% 2.7% 5.3% 7.8% 5.0% 3.1% 6.0% 7.7% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

38 Income statement proforma Denmark (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue , , , ,379.4 Total software revenue Products revenue 1, , , , , , ,707.9 Total services revenue Total other income Revenue 1, , , , , , , ,198.2 Margin Product margin (%) 10.6% 9.7% 11.5% 10.5% 10.0% 9.1% 9.6% 9.9% Total services margin (%) 65.5% 65.0% 66.6% 63.6% 64.1% 65.1% 66.8% 65.3% Total products and services margin (%) 23.4% 23.0% 26.1% 22.8% 23.0% 22.5% 23.4% 22.3% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 4.0% 2.1% 4.5% 8.2% 5.0% 3.6% 5.6% 8.2% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

39 Income statement actual Sweden (SEK million) (amounts in SEK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue 1, , , , , , , ,616.5 Total software revenue Products revenue 1, , , , , , , ,333.5 Total services revenue Total other income Revenue 2, , , , , , , ,874.3 Margin Product margin (%) 12.4% 11.4% 12.7% 11.5% 11.3% 11.7% 14.4% 12.4% Total services margin (%) 59.8% 58.6% 58.7% 56.8% 59.4% 57.4% 57.6% 53.6% Total products and services margin (%) 22.4% 20.8% 23.2% 20.8% 21.7% 20.3% 23.4% 20.1% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.6% 2.1% 2.0% 3.8% 2.8% 2.4% 2.6% 3.8% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

40 Income statement proforma Sweden (SEK million) (amounts in SEK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue 1, , , , , , , ,616.5 Total software revenue Products revenue 1, , , , , , , ,333.5 Total services revenue Total other income Revenue 2, , , , , , , ,874.3 Margin Product margin (%) 12.4% 11.4% 12.7% 11.5% 11.3% 11.7% 14.4% 12.4% Total services margin (%) 60.8% 58.6% 58.7% 56.8% 59.4% 57.4% 57.6% 53.6% Total products and services margin (%) 22.7% 20.8% 23.2% 20.8% 21.7% 20.3% 23.4% 20.1% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.6% 2.1% 2.0% 3.8% 2.8% 2.4% 2.6% 3.8% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

41 Income statement actual Sweden (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue 1, , , , , ,494.2 Total software revenue Products revenue 1, , , , , , , ,157.6 Total services revenue Total other income Revenue 1, , , , , , , ,658.0 Margin Product margin (%) 12.4% 11.4% 12.6% 11.5% 11.3% 11.7% 14.4% 12.4% Total services margin (%) 59.8% 58.6% 58.7% 56.9% 59.4% 57.4% 57.6% 53.7% Total products and services margin (%) 22.4% 20.8% 23.2% 20.8% 21.7% 20.2% 23.5% 20.1% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.6% 2.1% 2.0% 3.8% 2.8% 2.4% 2.6% 3.8% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

42 Income statement proforma Sweden (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue 1, , , , , ,494.2 Total software revenue Products revenue 1, , , , , , , ,157.6 Total services revenue Total other income Revenue 1, , , , , , , ,658.0 Margin Product margin (%) 12.4% 11.4% 12.6% 11.5% 11.3% 11.7% 14.4% 12.4% Total services margin (%) 60.8% 58.6% 58.7% 56.9% 59.4% 57.4% 57.6% 53.7% Total products and services margin (%) 22.7% 20.8% 23.2% 20.8% 21.7% 20.2% 23.5% 20.1% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.6% 2.1% 2.0% 3.8% 2.8% 2.4% 2.6% 3.8% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

43 Income statement actual Finland (EUR million) (amounts in EUR million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue Total software revenue Products revenue Total services revenue Total other income Revenue Margin Product margin (%) 9.1% 9.4% 12.6% 8.9% 7.9% 9.2% 12.2% 11.6% Total services margin (%) 78.4% 73.8% 69.3% 64.3% 70.1% 67.6% 70.3% 71.5% Total products and services margin (%) 15.1% 17.1% 20.9% 16.2% 13.8% 15.5% 19.8% 18.2% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 1.2% 1.1% 0.5% -0.7% 0.6% 1.1% 1.5% 3.0% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

44 Income statement proforma Finland (EUR million) (amounts in EUR million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue Total software revenue Products revenue Total services revenue Total other income Revenue Margin Product margin (%) 9.2% 9.6% 12.6% 9.0% 8.0% 9.2% 12.2% 11.6% Total services margin (%) 78.3% 73.5% 68.7% 64.6% 70.0% 67.6% 70.3% 71.5% Total products and services margin (%) 15.2% 17.2% 20.8% 16.3% 13.9% 15.5% 19.8% 18.2% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 1.0% 1.1% 0.4% -0.6% 0.5% 1.1% 1.5% 3.0% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

45 Income statement actual Finland (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue Total software revenue Products revenue Total services revenue Total other income Revenue Margin Product margin (%) 9.1% 9.4% 12.4% 8.9% 7.9% 9.2% 12.2% 11.5% Total services margin (%) 78.4% 73.8% 69.6% 64.8% 70.1% 67.6% 70.3% 71.5% Total products and services margin (%) 15.1% 17.1% 20.7% 16.2% 13.8% 15.5% 19.8% 18.2% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 1.2% 1.1% 0.5% -0.6% 0.6% 1.1% 1.5% 2.9% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

46 Income statement proforma Finland (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue Total software revenue Products revenue Total services revenue Total other income Revenue Margin Product margin (%) 9.2% 9.6% 12.4% 9.1% 8.0% 9.2% 12.2% 11.5% Total services margin (%) 78.3% 73.6% 69.0% 65.0% 70.0% 67.6% 70.3% 71.5% Total products and services margin (%) 15.2% 17.2% 20.6% 16.4% 13.9% 15.5% 19.8% 18.2% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 1.0% 1.1% 0.5% -0.5% 0.5% 1.1% 1.5% 2.9% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

47 Income statement actual the Baltics (EUR million) (amounts in EUR million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue Total software revenue Products revenue Total services revenue Total other income Revenue Margin Product margin (%) 12.3% 15.5% 13.0% 14.4% 13.4% 12.5% 12.3% 12.6% Total services margin (%) 61.5% 45.2% 59.7% 63.6% 59.1% 56.2% 52.2% 46.9% Total products and services margin (%) 20.9% 23.0% 23.7% 23.7% 21.8% 21.8% 20.2% 18.7% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.5% 5.4% 8.0% 7.1% 4.1% 4.0% 4.2% 5.4% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

48 Income statement proforma the Baltics (EUR million) (amounts in EUR million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue Total software revenue Products revenue Total services revenue Total other income Revenue Margin Product margin (%) 12.8% 15.7% 13.2% 14.7% 13.4% 12.5% 12.3% 12.6% Total services margin (%) 61.3% 45.2% 60.1% 63.9% 59.1% 56.2% 52.2% 46.9% Total products and services margin (%) 21.1% 23.1% 23.8% 23.9% 21.8% 21.8% 20.2% 18.7% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.5% 5.4% 8.1% 7.3% 4.1% 4.0% 4.2% 5.4% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

49 Income statement actual the Baltics (NOK million) (amounts in EUR million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue Total software revenue Products revenue Total services revenue Total other income Revenue Margin Product margin (%) 12.3% 15.5% 13.0% 14.4% 13.4% 12.5% 12.3% 12.6% Total services margin (%) 61.5% 45.2% 59.7% 63.6% 59.1% 56.2% 52.2% 46.9% Total products and services margin (%) 20.9% 23.0% 23.7% 23.7% 21.8% 21.8% 20.2% 18.7% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.5% 5.4% 8.0% 7.1% 4.1% 4.0% 4.2% 5.4% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

50 Income statement proforma the Baltics (NOK million) (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue Total software revenue Products revenue Total services revenue Total other income Revenue Margin Product margin (%) 12.8% 15.7% 13.2% 14.7% 13.4% 12.5% 12.3% 12.6% Total services margin (%) 61.3% 45.3% 59.8% 63.4% 59.1% 56.2% 52.2% 47.1% Total products and services margin (%) 21.1% 23.1% 23.7% 23.8% 21.8% 21.8% 20.2% 18.7% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 2.5% 5.3% 8.0% 7.2% 4.1% 4.0% 4.2% 5.3% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss

51 Income statement actual Shared services (NOK million)* (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue , , ,064.9 Total software revenue Products revenue , , ,067.4 Total services revenue Total other income Revenue , , , , ,117.4 Margin Product margin (%) 2.2% 2.8% 2.3% 2.3% 2.7% 2.9% 2.4% 2.7% Total services margin (%) 85.9% 87.4% 75.6% 80.8% 75.3% 87.1% 78.3% 80.2% Total products and services margin (%) 5.8% 6.7% 5.4% 5.4% 6.0% 6.7% 5.7% 6.2% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 0.7% 0.7% 1.2% 0.9% 0.9% 0.8% 1.2% 0.7% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss * Atea Logistics and Atea Global Services

52 Income statement proforma Shared services (NOK million)* (amounts in NOK million) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Total hardware revenue , , ,064.9 Total software revenue Products revenue , , ,067.4 Total services revenue Total other income Revenue , , , , ,117.4 Margin Product margin (%) 2.2% 2.8% 2.3% 2.3% 2.7% 2.9% 2.4% 2.7% Total services margin (%) 85.9% 87.4% 75.6% 80.8% 76.2% 87.1% 78.3% 80.2% Total products and services margin (%) 5.8% 6.7% 5.4% 5.4% 6.1% 6.7% 5.7% 6.2% Personnel costs Other operating expenses EBITDA (adjusted) EBITDA margin before share based compensation (%) 0.7% 0.7% 1.2% 0.9% 0.9% 0.8% 1.2% 0.7% Restructuring costs Acqusition costs Share based compensation EBITDA Depreciation Operating profit/loss * Atea Logistics and Atea Global Services

Q presentation. 15 July 2015

Q presentation. 15 July 2015 Q2 2015 presentation 15 July 2015 Q2 Highlights Revenue of NOK 6 842 million, up 14.4% EBITDA* of NOK 157 million, down 11.2% Large variance in performance across countries, with strong results in Sweden,