Q presentation. 8 February 2017

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1 Q presentation 8 February 2017

2 Highlights Q Record high results across all key performance metrics: revenue, profitability and cash flow Revenue of NOK 9,096 million, up 5.7% EBITDA* of NOK 459 million, up 21.6% EBIT of NOK 358 million, up 42.1% Cash flow from operations of NOK 1,765 million, up from NOK 1,458 million last year Board proposes dividend of NOK 6.50 to be paid in two equal instalments of NOK 3.25 in May and October 2017 * Before share-based compensation and expenses related to acquisitions

3 NOK in million NOK in million Financial Highlights Record high revenue and EBITDA* Revenue EBITDA* +5.7% % Q4 15 Q4 16 Q4 15 Q4 16 * Before share-based compensation and expenses related to acquisitions Note: Currency exchange rates have a negative impact on growth rates of approximately 2.8% in the fourth quarter of 2016

4 Group hardware revenue 14.1% Growth vs corresponding quarter last year 17.9% 8.6% 8.2% 7.2% Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Gross margin development 13.5% 13.5% 12.9% 12.7% 12.8% Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Note: Currency exchange rates have a negative impact on growth rates of approximately 2.8% in the fourth quarter of 2016

5 Group software revenue Growth vs corresponding quarter last year 44.2% 14.8% 18.0% 12.8% 7.1% Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Gross margin development 13.5% 9.2% 9.6% 6.6% 9.1% Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Note: Currency exchange rates have a negative impact on growth rates of approximately 2.8% in the fourth quarter of 2016

6 Group services revenue 12.8% 12.3% Growth vs corresponding quarter last year 9.7% 2.1% -0.7% Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Gross margin development 67.2% 66.7% 67.0% 63.6% 63.5% Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Note: Currency exchange rates have a negative impact on growth rates of approximately 2.8% in the fourth quarter of 2016

7 NOK in million NOK in million Norway Rapid growth in profitability, driven by higher revenue and low growth in expenses Revenue EBITDA* % +75.5% Q4 15 Q4 16 Q4 15 Q4 16 * Before share-based compensation and expenses related to acquisitions

8 SEK in million SEK in million Sweden Continues to grow market share and increase profitability Revenue EBITDA* % +4.9% Q4 15 Q4 16 Q4 15 Q4 16 * Before share-based compensation and expenses related to acquisitions

9 DKK in million DKK in million Denmark Strong EBITDA* growth based on improved gross margin Revenue EBITDA* % +13.1% Q4 15 Q4 16 Q4 15 Q4 16 * Before share-based compensation and expenses related to acquisitions

10 EUR in million EUR in million Finland EBITDA* grows rapidly, based on higher revenue and gross margin Revenue EBITDA* +10.7% +19.0% Q4 15 Q4 16 Q4 15 Q4 16 * Before share-based compensation and expenses related to acquisitions

11 EUR in million EUR in million The Baltics Recovery in public sector demand drives strong revenue and EBITDA* growth Revenue EBITDA* +33.9% +11.5% Q4 15 Q4 16 Q4 15 Q4 16 * Before share-based compensation and expenses related to acquisitions

12 NOK in million Cash flow from operations Record high cash flow from operations in Q4 and Full Year 2016, based on higher profits and improved working capital metrics Q4 15 Q1 16 Q2 16 Q3 16 Q4 16

13 Atea Full Year financial performance Revenue of NOK 31.2 billion and EBITDA of NOK 1,129 million in 2016** Revenue (MNOK) EBITDA (MNOK) Revenue CAGR 9.3%* EBITDA CAGR 14.1%** Revenue EBITDA before SBC 0 * Estimated organic growth rate of 5.5% + acquisitions ** EBITDA adjusted for share-based compensation and expenses related to acquisitions

14 Performance targets and results Financial Objective 2016 Results 1. Organic growth in excess of market Growth of 8.8% in constant currency vs. 2.7% estimated market growth* 2. Achieve 20%+ market share through organic growth and selective acquisitions Market share increases to 18%, based on strong organic growth. 3. Growth in profit margin EBITDA** % margin up to 3.6%, from 3.4% in Strong cash conversion: Free Cash Flow in line with Net Income*** 5. High annual dividend payout, based on cash flow generation Record high free cash flow of MNOK 1,075*** Cash dividend of NOK 6.50 to be paid in 2017 * Pro forma growth adjusted for acquisitions and currency effects. Market growth based on preliminary IDC estimate (2016 full year). ** Before share-based compensation and expenses related to acquisitions *** Free Cash Flow defined as Cash Flow from Operations, minus capex. Capital expenditures include assets acquired through financial leases.

15 Summary Full Year 2016 Record high Full Year results across key performance metrics Revenue of NOK 31,188 million, up 11.8% EBITDA* of NOK 1,129 million, up 18.7% EBIT of NOK 677 million, up 31.7% y-o-y Cash flow from operations of NOK 1,404 million, up from NOK 1,287 million last year * Before share-based compensation and expenses related to acquisitions

16

17 Q Fact pack

18 Key numbers - Group Q4 Q4 Full year Full year Group revenue (NOK in million) 9,096 8,606 31,188 27,904 Gross margin (%) EBITDA* (NOK in million) , EBITDA* margin (%) EBIT (NOK in million) Net profit (NOK in million) Earnings per share (NOK) Diluted earnings per share (NOK) Cash flow from operations (NOK in million) 1,765 1,458 1,404 1,287 Free cash flow (NOK in million) ** 1,708 1,306 1, Jun Jun Dec Dec 2015 Net financial position (NOK in million) Liquidity reserve (NOK in million) *** 2, ,578 2,362 1,578 Working capital (NOK in million) **** -1, , Working capital in relation to annualized revenue (%) Equity ratio (%) Number of full-time employees 6,882 6,779 6,882 6,779 * Before share-based compensation and expenses related to acquisitions ** Defined as cash flow from operations, less capital expenditures. Capital expenditures include assets acquired through cash purchases and through financial leasing agreements. *** Limited by a bond covenant ratio of 2.5x EBITDA (net debt/last twelve months proforma EBITDA) **** Non-interest-bearing current assets less non-interest-bearing current liabilities

19 Consolidated statement of financial position - Group NOK in million 31 Dec Dec 2015 ASSETS Property, plant and equipment Deferred tax assets Goodwill 3,658 3,815 Other intangible assets Shares in associated companies 0 9 Other long-term receivables 7 3 Non-current assets 5,205 5,479 Inventories Trade receivables 5,975 5,988 Other receivables Other financial assets 3 5 Cash and cash equivalents Current assets 8,251 8,252 Total assets 13,456 13,731 EQUITY AND LIABILITIES Share capital and premium 269 1,180 Other unrecognised reserves 2,039 1,276 Retained earnings 892 1,024 Equity 3,200 3,480 Interest-bearing long-term liabilities 1,079 1,182 Other long-term liabilities 17 5 Deferred tax liabilities Non-current liabilities 1,348 1,446 Trade payables 5,835 5,707 Interest-bearing current liabilities VAT, taxes and government fees Provisions Other current liabilities 1,897 1,875 Other financial liabilities 9 22 Current liabilities 8,908 8,806 Total liabilities 10,256 10,252 Total equity and liabilities 13,456 13,731

20 Full-time employees - Group FTEs, end of period 31 Dec Dec 2015 Norway 1,558 1,657 Sweden 2,077 2,002 Denmark 1,580 1,557 Finland Baltics Logistics Atea Global Services Atea ASA 9 9 Atea Group 6,882 6,779

21 Financial performance actual Segment NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Norway 1, , , , , , , ,448.2 Sweden 2, , , , , , , ,193.5 Denmark 1, , , , , , , ,578.4 Finland The Baltics Group Shared Services , , , , , , ,361.4 Eliminations , , , , , , ,400.6 Other income Operating revenues group total 6, , , , , , , ,096.2 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 (EBT) Tax Profit/loss for the period

22 Financial performance pro forma Segment NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Norway 1, , , , , , , ,448.2 Sweden 2, , , , , , , ,193.4 Denmark 1, , , , , , , ,578.4 Finland The Baltics Group Shared Services , , , , , , ,361.4 Eliminations , , , , , , ,400.6 Other income Operating revenues group total 6, , , , , , , ,096.1 Norway Sweden Denmark Finland The Baltics Group Shared Services Operating profit/loss before group cost (EBIT) Group cost Operating profit/loss (EBIT)

23 Income statement actual - Group (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue 3, , , , , , , ,464.3 Software revenue 1, , , , , ,013.7 Products revenue 5, , , , , , , ,478.0 Total services revenue 1, , , , , , , ,617.9 Other income Revenue 6, , , , , , , ,096.2 Margin 1, , , , , , , ,965.9 Product margin (%) 12.7% 11.6% 13.4% 11.9% 12.3% 10.8% 12.9% 11.8% Total services margin (%) 67.2% 64.6% 64.1% 63.6% 67.2% 66.7% 63.5% 67.0% Total products and services margin (%) 23.7% 22.5% 24.5% 21.7% 23.4% 21.0% 23.5% 21.6% Personnel costs 1, , , , , , , ,288.8 Other operating expenses EBITDA * EBITDA * (%) 3.1% 2.3% 3.6% 4.4% 2.9% 2.5% 3.8% 5.0% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

24 Income statement pro forma - Group (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue 3, , , , , , , ,464.3 Software revenue 1, , , , , ,013.7 Products revenue 5, , , , , , , ,478.0 Total services revenue 1, , , , , , , ,617.8 Other income Revenue 6, , , , , , , ,096.1 Margin 1, , , , , , , ,965.9 Product margin (%) 12.7% 11.6% 13.4% 11.9% 12.3% 10.8% 12.9% 11.8% Total services margin (%) 67.3% 64.6% 64.1% 63.6% 67.2% 66.7% 63.5% 67.0% Total products and services margin (%) 23.8% 22.5% 24.6% 21.7% 23.5% 21.0% 23.5% 21.6% Personnel costs 1, , , , , , , ,288.8 Other operating expenses EBITDA * EBITDA * (%) 3.2% 2.3% 3.6% 4.4% 2.9% 2.5% 3.8% 5.0% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

25 Income statement actual Norway (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue , , , , , ,525.2 Software revenue Products revenue 1, , , , , , , ,976.5 Total services revenue Other income Revenue 1, , , , , , , ,448.2 Margin Product margin (%) 16.6% 13.4% 13.3% 12.6% 14.2% 13.5% 13.2% 12.5% Total services margin (%) 65.3% 65.2% 62.8% 60.6% 62.2% 61.0% 61.1% 67.1% Total products and services margin (%) 28.6% 26.3% 25.0% 22.5% 26.3% 24.7% 24.2% 23.0% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 2.4% 2.3% 2.9% 2.9% 2.3% 2.9% 3.5% 4.6% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

26 Income statement pro forma Norway (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue , , , , , ,525.2 Software revenue Products revenue 1, , , , , , , ,976.5 Total services revenue Other income Revenue 1, , , , , , , ,448.2 Margin Product margin (%) 16.6% 13.4% 13.3% 12.6% 14.2% 13.5% 13.2% 12.5% Total services margin (%) 65.3% 65.2% 62.8% 60.6% 62.2% 61.0% 61.1% 67.1% Total products and services margin (%) 28.6% 26.3% 25.0% 22.5% 26.3% 24.7% 24.2% 23.0% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 2.4% 2.3% 2.9% 2.9% 2.3% 2.9% 3.5% 4.6% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

27 Income statement actual Denmark (DKK million) DKK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue , ,320.2 Software revenue Products revenue 1, , , , , , ,658.9 Total services revenue Other income Revenue 1, , , , , , , ,108.0 Margin Product margin (%) 10.8% 9.0% 10.7% 8.9% 10.8% 7.5% 10.5% 10.1% Total services margin (%) 68.2% 64.3% 68.2% 64.8% 68.3% 67.4% 65.1% 63.9% Total products and services margin (%) 24.0% 23.0% 25.7% 20.6% 25.3% 19.4% 24.4% 21.6% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 5.1% 2.0% 4.8% 6.5% 4.1% 2.4% 4.5% 7.3% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

28 Income statement pro forma Denmark (DKK million) DKK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue , ,320.2 Software revenue Products revenue 1, , , , , , ,658.9 Total services revenue Other income Revenue 1, , , , , , , ,108.0 Margin Product margin (%) 10.8% 9.0% 10.7% 8.9% 10.8% 7.5% 10.5% 10.1% Total services margin (%) 68.2% 64.3% 68.2% 64.8% 68.3% 67.4% 65.1% 63.9% Total products and services margin (%) 24.0% 23.0% 25.7% 20.6% 25.3% 19.4% 24.4% 21.6% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 5.1% 2.0% 4.8% 6.5% 4.1% 2.4% 4.5% 7.3% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

29 Income statement actual Denmark (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue 1, , , , , ,618.4 Software revenue Products revenue 1, , , , , , , ,030.1 Total services revenue Other income Revenue 1, , , , , , , ,578.5 Margin Product margin (%) 10.8% 9.0% 10.7% 9.0% 10.8% 7.4% 10.6% 10.1% Total services margin (%) 68.2% 64.3% 68.1% 64.9% 68.3% 67.4% 65.1% 63.8% Total products and services margin (%) 24.0% 23.0% 25.6% 20.7% 25.3% 19.4% 24.4% 21.5% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 5.1% 2.0% 4.7% 6.4% 4.1% 2.4% 4.5% 7.3% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

30 Income statement pro forma Denmark (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue 1, , , , , ,618.4 Software revenue Products revenue 1, , , , , , , ,030.1 Total services revenue Other income Revenue 1, , , , , , , ,578.5 Margin Product margin (%) 10.8% 9.0% 10.7% 9.0% 10.8% 7.4% 10.6% 10.1% Total services margin (%) 68.2% 64.3% 68.1% 64.9% 68.3% 67.4% 65.1% 63.8% Total products and services margin (%) 24.0% 23.0% 25.6% 20.7% 25.3% 19.4% 24.4% 21.5% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 5.1% 2.0% 4.7% 6.4% 4.1% 2.4% 4.5% 7.3% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

31 Income statement actual Sweden (SEK million) SEK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue 1, , , , , , , ,858.7 Software revenue , , ,015.1 Products revenue 2, , , , , , , ,873.8 Total services revenue Other income Revenue 2, , , , , , , ,416.7 Margin Product margin (%) 11.7% 11.4% 14.0% 12.9% 12.2% 10.8% 12.8% 11.5% Total services margin (%) 61.5% 58.1% 60.2% 60.5% 63.4% 63.9% 65.2% 65.5% Total products and services margin (%) 21.0% 19.2% 22.5% 21.4% 21.0% 18.9% 21.8% 20.1% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 2.8% 2.5% 3.5% 4.3% 2.9% 2.8% 3.6% 4.1% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

32 Income statement pro forma Sweden (SEK million) SEK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue 1, , , , , , , ,858.7 Software revenue , , ,015.1 Products revenue 2, , , , , , , ,873.8 Total services revenue Other income Revenue 2, , , , , , , ,416.7 Margin Product margin (%) 11.7% 11.4% 14.0% 12.9% 12.2% 10.8% 12.8% 11.5% Total services margin (%) 61.6% 58.3% 60.4% 60.7% 63.5% 63.9% 65.2% 65.5% Total products and services margin (%) 21.1% 19.3% 22.6% 21.5% 21.1% 18.9% 21.8% 20.1% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 2.8% 2.5% 3.5% 4.3% 2.9% 2.8% 3.6% 4.1% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

33 Income statement actual Sweden (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue 1, , , , , , , ,736.7 Software revenue , , Products revenue 1, , , , , , , ,686.9 Total services revenue Other income Revenue 2, , , , , , , ,193.5 Margin Product margin (%) 11.7% 11.4% 13.9% 12.9% 12.2% 10.8% 12.9% 11.5% Total services margin (%) 61.5% 58.1% 60.1% 60.5% 63.4% 63.9% 65.2% 65.5% Total products and services margin (%) 21.0% 19.2% 22.4% 21.4% 21.0% 18.8% 21.9% 20.1% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 2.8% 2.5% 3.5% 4.3% 2.9% 2.8% 3.6% 4.1% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

34 Income statement pro forma Sweden (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue 1, , , , , , , ,736.7 Software revenue , , Products revenue 1, , , , , , , ,686.9 Total services revenue Other income Revenue 2, , , , , , , ,193.4 Margin Product margin (%) 11.7% 11.4% 13.9% 12.9% 12.2% 10.8% 12.9% 11.5% Total services margin (%) 61.6% 58.2% 60.3% 60.7% 63.5% 63.9% 65.2% 65.5% Total products and services margin (%) 21.1% 19.3% 22.5% 21.5% 21.1% 18.8% 21.9% 20.1% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 2.8% 2.5% 3.5% 4.3% 2.9% 2.8% 3.6% 4.1% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

35 Income statement actual Finland (EUR million) EUR in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue Software revenue Products revenue Total services revenue Other income Revenue Margin Product margin (%) 8.1% 9.1% 12.6% 10.0% 8.4% 10.1% 12.1% 10.3% Total services margin (%) 67.9% 72.2% 64.9% 62.3% 60.2% 57.8% 56.3% 59.6% Total products and services margin (%) 12.6% 15.7% 20.4% 15.4% 12.7% 15.9% 18.1% 15.9% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 0.6% 1.3% 0.9% 1.7% 1.5% 1.3% -0.1% 1.9% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

36 Income statement pro forma Finland (EUR million) EUR in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue Software revenue Products revenue Total services revenue Other income Revenue Margin Product margin (%) 8.1% 9.1% 12.6% 10.0% 8.4% 10.1% 12.1% 10.3% Total services margin (%) 67.9% 72.2% 64.9% 62.3% 60.2% 57.8% 56.3% 59.6% Total products and services margin (%) 12.6% 15.7% 20.4% 15.4% 12.7% 15.9% 18.1% 15.9% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 0.6% 1.3% 0.9% 1.7% 1.5% 1.3% -0.1% 1.9% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

37 Income statement actual Finland (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue Software revenue Products revenue Total services revenue Other income Revenue Margin Product margin (%) 8.1% 9.2% 12.4% 9.9% 8.4% 10.1% 12.2% 10.3% Total services margin (%) 67.9% 72.2% 65.1% 62.6% 60.2% 57.8% 56.3% 59.7% Total products and services margin (%) 12.6% 15.7% 20.0% 15.4% 12.7% 15.9% 18.2% 16.0% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 0.6% 1.3% 0.9% 1.7% 1.5% 1.3% -0.1% 1.9% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

38 Income statement pro forma Finland (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue Software revenue Products revenue Total services revenue Other income Revenue Margin Product margin (%) 8.1% 9.2% 12.4% 9.9% 8.4% 10.1% 12.2% 10.3% Total services margin (%) 67.9% 72.2% 65.1% 62.6% 60.2% 57.8% 56.3% 59.7% Total products and services margin (%) 12.6% 15.7% 20.0% 15.4% 12.7% 15.9% 18.2% 16.0% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 0.6% 1.3% 0.9% 1.7% 1.5% 1.3% -0.1% 1.9% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

39 Income statement actual the Baltics (EUR million) EUR in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue Software revenue Products revenue Total services revenue Other income Revenue Margin Product margin (%) 10.7% 13.0% 13.8% 13.2% 10.6% 13.6% 13.0% 12.2% Total services margin (%) 57.3% 55.3% 36.8% 61.2% 64.1% 60.6% 52.0% 56.4% Total products and services margin (%) 19.7% 24.6% 22.4% 24.3% 24.4% 26.7% 26.0% 20.1% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 3.9% 5.4% 6.4% 5.9% 5.7% 6.2% 7.8% 4.9% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

40 Income statement pro forma the Baltics (EUR million) EUR in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue Software revenue Products revenue Total services revenue Other income Revenue Margin Product margin (%) 10.7% 13.0% 13.8% 13.2% 10.6% 13.6% 13.0% 12.2% Total services margin (%) 62.6% 55.1% 36.8% 61.2% 64.1% 60.6% 52.0% 56.4% Total products and services margin (%) 23.6% 24.6% 22.4% 24.3% 24.4% 26.7% 26.0% 20.1% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 6.0% 5.3% 6.4% 5.9% 5.7% 6.2% 7.8% 4.9% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

41 Income statement actual the Baltics (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue Software revenue Products revenue Total services revenue Other income Revenue Margin Product margin (%) 10.7% 13.1% 13.8% 13.1% 10.6% 13.7% 13.0% 12.2% Total services margin (%) 57.3% 55.3% 37.2% 60.5% 64.1% 60.5% 52.0% 56.3% Total products and services margin (%) 19.7% 24.7% 22.4% 24.2% 24.4% 26.7% 26.0% 20.0% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 3.9% 5.4% 6.3% 5.9% 5.7% 6.2% 7.8% 4.9% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

42 Income statement pro forma the Baltics (NOK million) NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue Software revenue Products revenue Total services revenue Other income Revenue Margin Product margin (%) 10.7% 13.1% 13.8% 13.1% 10.6% 13.7% 13.0% 12.2% Total services margin (%) 62.6% 55.0% 37.3% 60.5% 64.1% 60.5% 52.0% 56.3% Total products and services margin (%) 23.6% 24.6% 22.4% 24.3% 24.4% 26.7% 26.0% 20.0% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 6.0% 5.3% 6.3% 5.9% 5.7% 6.2% 7.8% 4.9% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT)

43 Income statement actual Shared services (NOK million)* NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue , , , , , ,300.5 Software revenue Products revenue , , , , , ,302.6 Total services revenue Other income Revenue , , , , , , ,361.4 Margin Product margin (%) 2.7% 2.6% 1.9% 2.2% 2.2% 2.5% 2.4% 2.5% Total services margin (%) 81.8% 85.2% 83.6% 77.2% 85.8% 85.0% 84.2% 84.9% Total products and services margin (%) 6.7% 6.5% 5.2% 5.2% 6.1% 6.4% 6.2% 6.1% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 0.4% 0.6% 0.6% 0.4% 0.0% 0.3% 1.1% 1.0% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT) * Atea Logistics and Atea Global Services

44 Income statement pro forma Shared services (NOK million)* NOK in million Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Hardware revenue , , , , , ,300.5 Software revenue Products revenue , , , , , ,302.6 Total services revenue Other income Revenue , , , , , , ,361.4 Margin Product margin (%) 2.7% 2.6% 1.9% 2.2% 2.2% 2.5% 2.4% 2.5% Total services margin (%) 81.8% 85.2% 83.6% 77.2% 85.8% 85.0% 84.2% 84.9% Total products and services margin (%) 6.7% 6.5% 5.2% 5.2% 6.1% 6.4% 6.2% 6.1% Personnel costs Other operating expenses EBITDA * EBITDA * (%) 0.4% 0.6% 0.6% 0.4% 0.0% 0.3% 1.1% 1.0% Expenses/income related to acquisitions Share based compensation EBITDA Depreciation and amortization Amortization related to acquisitions Operating profit (EBIT) * Atea Logistics and Atea Global Services

45

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