4th quarter. Year Continuing operations (NOK in millions) Actual Actual Growth Actual Actual Growth Actual

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3 4th quarter Year Year Continuing operations (NOK in millions) Actual Actual Growth Actual Actual Growth Actual Revenue ,5 % ,0 % EBITDA ,3 % ,8 % EBITDA margin 21,9 % 23,9 % 23,0 % 24,3 % 24,3 % EBITA ,3 % ,2 % EBIT ,2 % ,1 % Net profit ,2 % ,7 % 690 Operational cash flow (after tax) ,3 % ,1 %

4 NOK millions 1000s v 0 Q Q Q Q Q non-saas SaaS v Q Q Q Q Q

5 1000s v Q Q Q Q Q % 2 % 14 % 14 % v 36 % 32 % Norway Sweden Finland Denmark Netherlands Other 5

6 MNOK ,5 % v 23,9 % 21,9 % Q Q Q Revenue (MNOK) EBITDA margin v Q1 Q2 Q3 Q4 EBITDA 2017 YTD EBITDA 2016 YTD Op. cash flow 2017 Op. cash flow

7 Small & medium sized businesses Accounting Offices Eivind Gundersen, Director SMB Division Eilert G. Hanoa, Managing Director Entry level and mid-range 44 % Operating revenue 64 % EBITDA 7

8 Central and local government, institutions and organizations providing education, welfare services and healthcare services. Non-profit and non-government organizations. Large enterprises 30 % Operating revenue Nils Vold, Division Director Enterprise 25 % EBITDA 8

9 Central and local government, institutions and organizations Large enterprises Carsten B. Møller, Division Director Custom Solutions 13 % Operating revenue 10 % EBITDA 9

10 Retail chains in Grocery, Convenience, Pharma and Specialized trade in the Nordics and rest of Europe. Peter Fischer, Division Director Retail 10 % Operating revenue 10

11 Small and middle sized companies and individuals Espen Håkonsen, Director Visma IT & communications John Hugosson, Director Hosting 3 % Operating revenue 2 % EBITDA 11

12 4th quarter Year Year (NOK in thousands) CONTINUING OPERATIONS OPERATING REVENUE Sales revenue Total operating revenue OPERATING EXPENSES Sales and distribution costs (COGS) Gross profit Payroll and personnel expenses Bad debts Other operating expenses Total operating expenses EBITDA before M&A expenses M&A expenses EBITDA Depreciation tangible assets and capitalised R&D EBITA Amortisation intangible assets Operating profit EBIT Result from associated companies (7 840) ( 311) ( 311) FINANCIAL ITEMS Financial income Financial expenses (80 387) (64 043) ( ) ( ) ( ) Net financial items (62 375) (57 695) ( ) ( ) ( ) Profit before taxes from continuing operations Taxes Net income from continuing operations DISCONTINUED OPERATIONS Net income from discontinued operations Net income from continuing and discontinued operations ATTRIBUTABLE TO: Equity holders of Visma AS Non-controlling interests EARNINGS PR SHARE Basic earnings per share (NOK in thousands) Diluted earnings per share (NOK in thousands) EBITDA margin 21,9 % 23,9 % 23,0 % 24,3 % 24,3 % On December 1 st 2016, Visma sold its BPO division. The BPO division is presented in the consolidated statement of income as discontinued operations 12

13 4th quarter Year Year (NOK in thousands) Net income from continuing and discontinued operations Net gain (loss) on financial hedging instruments, net of tax (18 391) Exchange differences on translation of foreign operations, net of tax (91 643) (91 643) Net gain (loss) on defined benefit plan, net of tax Other comprehensive income (loss) for the period, net of tax (65 591) (65 591) Total comprehensive income for the period TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: Equity holders of Visma AS Non-controlling interests

14 31 December 31 December 30 September 31 December (NOK in thousands) ASSETS Deferred tax assets Patents and other intangible assets Capitalised R&D cost own software Contracts and customer relationships Goodwill Property, land and buildings Machinery and equipment Financial assets/shares Investment in associated companies Other long-term receivables Total non-current assets Inventory Accounts receivables Other current receivables Cash and cash equivalents Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Paid-in capital Other reserves Retained earnings Equity attributable to equity holders of Visma AS Non-controlling interests Total equity Pension liabilities 0 (9 327) (9 639) (9 327) Deferred tax liability Financial hedging Instruments Long-term interest bearing bank loans Accrued funding fees (16 059) (18 025) (18 089) (18 025) Other long-term non interest bearing liabilities Long-term liabilities to group companies Total non-current liabilities Bank overdraft Short-term interest bearing bank loans Trade creditors Public duties payable Tax payable (44 792) Deferred revenue Other current liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

15 4th quarter Year Year (NOK in thousands) Ordinary profit before tax from continuing and discontinued operations Depreciation tangible assets Depreciation capitalised R&D cost Amortisation patents and other intangible assets Amortisation contracts and customer relationships Amortisation Goodwill Tax paid ( ) ( ) ( ) ( ) Changes in debtors ( ) ( ) ( ) Changes in inventory and trade creditors Changes in public duties payable ( ) ( ) ( ) Changes in deferred revenue ( ) ( ) ( ) Changes in other accruals Net cash flow from continuing and discontinued operations Net cash flow from continuing operations Net cash flow from discontinued operations Sale of (investment in) tangible fixed assets ( ) ( ) ( ) ( ) ( ) Sale of (investment in) R&D own software ( ) ( ) ( ) ( ) ( ) Net cash flow from investments ( ) ( ) ( ) ( ) ( ) Investment in tangible fixed assets related to business combinations ( 2 103) ( 3 711) ( ) ( ) ( ) Investment in R&D software related to business combinations ( 6 121) ( ) ( ) ( ) ( ) Sale of (investment in) businesses ( ) ( ) ( ) ( ) ( ) Sale of (investment in) shares ( 274) ( 3 967) Net proceeds from divestiture of discontinued operations Net cash flow from investments related to business combinations ( ) ( ) Repayments of interest bearing loans 0 0 ( ) ( ) ( ) Net proceeds from interest bearing loans Changes in bank overdraft 0 ( ) ( ) ( ) Changes in long term receivables/payables ( 2 434) ( 3 334) ( 5 203) ( 1 556) ( 1 556) Payment of Group contribution 0 0 ( ) ( ) ( ) Cash inflow from dividends Net cash flow from share issues Cash inflow from interest Cash outflow from interest and fees ( 785) ( 6 115) ( ) ( ) ( ) Net cash flow from financing activities 27 ( ) ( ) ( ) ( ) Net cash flow ( ) ( ) Cash and cash equivalents, beginning of period Net foreign exchange differences (31 322) ( ) ( ) Cash and cash equivalents, end of period EBITDA to net cash flow from operations 87,4 % 100,7 % 93,1 % 94,5 % 94,5 % On December 1 st 2016, Visma sold its BPO division. The BPO division is presented in the consolidated statement of cash flows as discontinued operations 15

16 Attributable to equity holders of Visma AS Paid-in share Retained Majority's Noncontrolling (NOK in thousands) capital Other reserves earnings share of equity interests Total equity Equity as at Issue of share capital Profit for the period Net gain (loss) on financial hedging instruments, net of tax Exchange differences on translation of foreign operations, net of tax (91 643) (91 643) (91 643) Net gain (loss) on defined benefit plan, net of tax Total comprehensive income for the period (65 591) Group contribution ( ) ( ) Changes to non-controlling interest; acquisition and arising on business combination (3 173) (3 173) Equity at end of period Equity as at Issue of share capital Profit for the period Net gain (loss) on financial hedging instruments, net of tax Exchange differences on translation of foreign operations, net of tax Net gain (loss) on defined benefit plan, net of tax Total comprehensive income for the period Group contribution ( ) ( ) ( ) ( ) Changes to non-controlling interest; acquisition and arising on business combination 0 0 (7 184) (7 184) Equity at end of period

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18 OPERATING SEGMENTS 4th quarter (NOK in thousands) SMB Enterprise 2017 Custom Solutions Retail IT & Hosting Group HQ TOTAL SMB Enterprise 2016 Custom Solutions Retail IT & Hosting Group HQ TOTAL Revenue Total segment revenue Internal revenue External revenue on each group of similar products and services On-premises software Cloud Computing Other ( 35) External revenue Actual growth (external) % 22,8 % 72,4 % 31,6 % 5,4 % 10,1 % 32,5 % EBITDA (4 710) (5 464) (6 179) EBITDA margin 31,5 % 18,6 % 17,2 % -1,7 % 18,3 % 21,9 % 29,3 % 25,9 % 19,6 % 9,2 % 15,9 % 23,9 % Year (NOK in thousands) SMB Enterprise 2017 Custom Solutions Retail IT & Hosting Group HQ TOTAL SMB Enterprise 2016 Custom Solutions Retail IT & Hosting Group HQ TOTAL Revenue Total segment revenue Internal revenue External revenue on each group of similar products and services On-premises software Cloud Computing Other ( 5) External revenue Actual growth (external) % 14,6 % 38,1 % 27,7 % 1,6 % 3,1 % 19,0 % EBITDA (26 936) (3 569) EBITDA margin 31,2 % 21,0 % 15,5 % 4,4 % 22,4 % 23,0 % 31,8 % 23,0 % 16,4 % 8,0 % 16,4 % 24,3 % 4th quarter Year Reconciliation Profit before taxes Net financial items Result from associated companies (1 443) ( 537) Depreciations and amortisations EBITDA EBITDA in operating segments GEOGRAPHICAL AREAS (NOK in thousands) Net sales % Long lived assets Net sales % Long lived assets Norway ,5 % ,3 % Sweden ,7 % ,9 % Denmark ,6 % ,0 % Finland ,7 % ,0 % Netherlands ,5 % ,8 % Total ,0 % %

19 The fair value of the identifiable assets and liabilities as at the date of acquisition were: Svensk e-identitet AB Octo3 Oy Admincontrol Group (NOK in thousands) Deferred tax assets Shares Other intangible assets Machinery and equipment Property 0 Other long-term receivables Inventories 0 Trade receivables Other short term receivables Cash and cash equivalents Assets Other long-term liabilities Deferred tax liability Bank overdraft 0 Trade creditors Public duties payable Tax payable Other current liabilities Liabilities Fair value of net assets Non-controlling interests Goodwill arising on acquisition Other intangible assets Contracts and customer relationship arising on acquisition Deferred tax liability (7 433) (9 857) (63 770) Total acquisition cost Net cash acquired with the subsidiary ( 254) (16 234) (35 606) Cash paid Net cash outflow Deferred payment

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