Aspocomp Oyj : Annual Report 2023,

ANNUAL REPORT

2023

ANNUAL REPORT 2023

CEO'S REVIEW ............................................................................................................. 3

REPORT OF THE BOARD OF DIRECTORS ................................................................... 4

KEY INDICATORS 2023-2019 .............................................................................. 12

FORMULAS AND DEFINITIONS .............................................................................. 13

FINANCIAL STATEMENTS .......................................................................................... 14

CONSOLIDATED FINANCIAL STATEMENTS, IFRS .......................................................... 14

Consolidated Income Statement ............................................................ 14

Consolidated Balance Sheet .................................................................. 15

Consolidated Statements of Changes in Equity ...................................... 16

Consolidated Cash Flow Statement ........................................................ 17

Notes to the Consolidated Financial Statements .................................... 18

PARENT COMPANY FINANCIAL STATEMENTS, FAS ...................................................... 50

Parent Company Income Statement ....................................................... 50

Parent Company Balance Sheet (FAS) .................................................... 51

Parent Company Cash Flow Statement (FAS) .......................................... 52

Notes to the Financial Statements of the Parent Company, FAS ............... 53

BOARD OF DIRECTORS DIVIDEND PROPOSAL AND SIGNATURES .................................... 64

THE AUDITOR'S NOTE ........................................................................................ 64

AUDITOR'S REPORT ........................................................................................... 65

GOVERNANCE ............................................................................................................. 71

THE BOARD OF DIRECTORS .................................................................................. 71

THE MANAGEMENT TEAM .................................................................................... 72

INFORMATION FOR SHAREHOLDERS AND CONTACT INFORMATION ................................ 73

This report is an English translation of Aspocomp's Annual Report 2023 in PDF format.

The PDF-format report is not compliant with the ESEF regulation. ESEF (European Single Electronic Format) refers to an xHTML format annual financial report in which IFRS consolidated financial statements are labelled with XBRL tags.

Aspocomp's official ESEF-compliant Annual Report 2023 in Finnish has been published in accordance with the ESEF reporting requirements as an xHTML file and is available at www.aspocomp.com.

The audit firm PricewaterhouseCoopers Oy has provided an independent auditor's reasonable assurance report only on Aspocomp's ESEF Financial Statements in Finnish in accordance with ISAE 3000 (Revised).

CEO'S REVIEW

2023 was a challenging year for Aspocomp. Full-year net sales decreased by 17 percent to EUR 32.3 million. In the last quarter of the year, net sales decreased by 42 per-cent. e development of net sales was affected by sluggish demand in seve-ral of Aspocomp's customer segments, weakened product mix and, in the last quarter, a temporary process disruption in the company's production.

e weak demand situation was particularly reflected in the Semiconductor Industry, Telecommunication, and Industrial Electronics customer segments. In the Automotive customer segment, full-year net sales increased when the industry's component shortage eased and customers could be provided with the order book deliveries they had been waiting for. In the Security, Defense and Aerospace customer segment, net sales decreased from the comparison period, but active de-mand in the segment was reflected at Aspocomp as an inc-rease in the number of requests for quotations and orders. Order cycles are typically long in the Security, Defense and Aerospace customer segment.

Aspocomp's loss-making operating result for the last quarter, EUR 1.8 million, pushed the full-year 2023 operating result to a loss of EUR 1.7 million. e decrease in the operating result was caused by a decline in net sales due to muted demand, the weakened product mix, the recognition of EUR 0.5 million in design costs not included in the usual business in the third quar-ter, and a significant rise in material costs. Material costs were increa-sed by a temporary process disruption in production in the last quarter. Material use is estimated to normalize during the first quarter of 2024. As-pocomp carried out temporary personnel layoffs in the third and fourth quarters in order to adjust costs.

As the financial year's result remains loss-making, Aspocomp's Board of Directors will pro-pose to the Annual General Meeting that no dividend will be paid for the financial year 2023 (EUR 0.21 per share for the financial year 2022).

ere are already visible signs that the semiconductor market cycle is turning to growth, but the release of high inventory levels in different parts of the value chain is happening in stages. erefore, the demand for the company's products is also expected to recover gradually during 2024. In the lon-ger term, the semiconductor industry's growth prospects are still strong as digitization progresses, for example with the spread of artificial intelligence applications.

Inflation and interest rates, the economic recession, the uncertainties posed by Russia's war of ag-gression, and global trade policy tensions will affect the operating environment of Aspocompand its customers in the 2024 fiscal year. Demand for Aspocomp's products is expected to recover gradually during 2024. We estimate that Aspocomp's net sales for 2024 will increase from 2023 and its opera-ting result improve from 2023. In 2023, net sales amounted to EUR 32.3 and the operating result was a loss of EUR 1.7 million.

I would like to express my warm thanks to the company's personnel for their valuable contributi-on and especially for the flexibility and perseverance they have shown in the challenging year of 2023.

MIKKO MONTONEN, President and CEO

REPORT OF THE BOARD OF DIRECTORS

2023 IN BRIEF

• • Net sales EUR 32.3 (39.1) million, decrease of 17%

• • Operating result EUR -1.7 (4.5) million, 5.4% (11.5%) of net sales

• • Earning per share EUR -0.24 (0.52)

• • Operative cash flow EUR 5.1 (3.6) million

• • Equity ratio 71.7% (69.4%)

• • Orders received EUR 21.4 (27.4), decrease of 22%

• • Order book at the end of the review period EUR 10.5 (14.3) million, decrease of 27%

• • Dividend/share EUR 0.00* (0.21)

*The Board of Directors proposal to AGM

NET SALES AND EARNINGS 2023

January-December 2023 net sales amounted to EUR 32.3 (39.1) million, a year-on-year decrease of 17%.

e Semiconductor Industry customer segment's net sales decreased by 26% to EUR 11.8 (15.9) million. e de-crease in net sales was due to the delayed recovery of the market and the semiconductor cycle, as well as the high inventory levels in the value chain.

e Industrial Electronics customer segment's net sa-les decreased by 35% to EUR 3.6 (5.5) million. Customers have postponed their investment decisions due to the glo-bal economic situation and high interest rates.

e Security, Defense and Aerospace customer seg-ment's net sales decreased by 2% to EUR 6.0 (6.1) million. Active demand in the segment was reflected at Aspocomp as an increase in the number of requests for quotations and orders, but the order cycles are long, and the results are visible with a delay.

e Automotive customer segment's net sales increa-sed by 13% to EUR 7.7 (6.8) million. e customer seg-ment's full-year net sales increased when the component shortage eased in the industry and the company could de-liver orders from the order book to end customers.

e Telecommunication customer segment's net sa-les amounted to EUR 3.3 (4.7) million, a year-on-year de-crease of 31%. Customers' investment decisions in mobile networks are postponed due to the global economic situa-tion and high interest rates, and weak demand reduces customers' investments in product development projects.

e five largest customers accounted for 56 (55) per-cent of net sales. In geographical terms, 85 (89) percent of net sales were generated in Europe and 15 (11) percent on other continents.

e January-December operating result amounted toEUR -1.7 (4.5) million. e decline in the operating result was due to the decreased net sales caused by muted de-mand, the weakened product mix, the recognition of EUR 0.5 million in design costs not included in the usual bu-siness in the third quarter, and a significant rise in mate-rial costs. Material costs were increased by a temporary process disruption in production in the last quarter.

January-December operating result was -5.4 (11.5) per-cent of net sales.

Net financial expenses amounted to EUR 0.3 (0.1) mil-lion. Earnings per share were EUR -0.24 (0.52).

e order book at the end of the review period was EUR 10.5 (14.3) million. e order book decreased due to the weakened demand caused by the recession and the custo-mers' higher than usual inventory levels.

Of the order book, EUR 10.5 million has been schedu-led for delivery this year.

INVESTMENTS AND R&D

Investments during January-December 2023 amounted to EUR 2.7 (2.5) million. e investments were focused on upgrading the capacity of the Oulu plant, improving auto-mation, and increasing production efficiency.

In 2017, Aspocomp launched an investment program to further strengthen its position as a strategic partner to leading companies in the semiconductor, automotive, de-fense and aerospace, and telecommunications (5G) in-dustries. For the second phase of the investment program launched in the spring of 2020, the company was grant-ed development support from the ELY Center for approxi-mately 25 percent of the project's realized total costs. e second phase, which ended in September 2023, aimed

in particular at increasing the capacity of the Oulu plant, improved automation and increased production efficien-cy. In the completed investment program, all the new equipment was installed in the existing Oulu plant and no additional plant space was built.

CASH FLOW AND FINANCING

January-December 2023 cash flow from operations amounted to EUR 5.1 (3.6) million. Cash flow weakened mainly due to the decrease in working capital.

Cash assets amounted to EUR 1.3 (1.4) million at the end of the period. Dividend payment was EUR 1.4 (1.0) million. Interest-bearing liabilities amounted to EUR 2.0 (3.1) million. Interest-bearing liabilities are subject to co-venant terms. e covenant terms were breached in the 2023 financial statements, but waiver consents have been obtained from financiers. Gearing was 3% (8%). Non-inte-rest-bearing liabilities amounted to EUR 5.4 (6.5) million.

At the end of the period, the Group's equity ratio amounted to 71.7% (69.4%).

e company has a EUR 4.0 (2.0) million credit facility. Neither the credit facility nor the company's recourse fac-toring agreement was in use at the end of the review pe-riod.

DEFERRED TAX ASSETS

At the end of 2023, the company had EUR 4.5 (4.2) million in deferred tax assets in its balance sheet. e deferred tax assets are primarily due to decelerated tax depreciation and losses confirmed in taxation.

PERSONNEL

During the review period, the company had an average of 164 (145) employees. e personnel count on December 31, 2023, was 163 (156). Of them, 106 (100) were blue-col-lar and 57 (56) white-collar employees.

e Group's personnel expenses amounted to EUR 9.6 (9.6) million. In addition, the Group booked personnel service costs of EUR 0.6 (0.5) million in 2023.

On August 15, 2023, Aspocomp started change nego-tiations at the Oulu plant in Finland. e goal of the nego-tiations was to prepare for a partial adjustment of produc-tion to correspond to temporarily low delivery volumes. e negotiations covered most of the Oulu plant's ap-proximately 120 blue-collar employees. e change ne-gotiations ended on August 30, 2023, and as a result, the company's plan was to lay off 20-30 production blue-collar employees at a time for a maximum of 90 days during the six months following the end of negotiations.

ENVIRONMENT

Environmental responsibility is an integral part of As-pocomp's operations, management and decision making, seeking to minimize the company's environmental im-pact. We seek to continuously develop our operations to prevent and reduce the emissions and wastes caused by our operations. We are committed to minimizing the use of materials that have a harmful impact on the environme-nt throughout the whole life cycle of products.

Aspocomp manages its environmental compliance with an environmental system that has been certified in line with the latest version of ISO 14001. e company's environmental system aims to continuously reduce its en-vironmental impact and conserve natural resources. By using the best available and economically viable techno-logies, we strive to cut emissions and to economically use natural resources and energy. Aspocomp complies with the environmental legislation and regulations that are in force as well as seeks to proactively boost the efficiency of its operations while taking environmental issues into consideration in all of its functions. Approximately 80% of the company's employees work in ISO 14001-certified workplaces.

In order to achieve the objectives of our environme-ntal system, we constantly train our employees and work in cooperation with our customers, the authorities and ot-her stakeholders. e electronics supply chain has a great impact on the environmental friendliness of the end pro-ducts. erefore, we seek to work closely with other ele-ctronics companies and subcontractors in projects con-cerning the environment and its protection. e goal is to collect reliable data on the composition of the production materials, and to identify the most environmentally friend-ly raw materials and production processes.

Aspocomp can provide its customers with detailed ma-terial reports that itemize the chemical elements and com-pounds used in each PCB. Customers can consult these re-ports to determine the recyclability of the final product at the end of its life cycle. If necessary, Aspocomp helps its customers organize PCB recycling by utilizing its partners.

Aspocomp identifies and assesses the environmental perspectives of its operations at least every other year. e-se reviews are performed by a working group assembled by the officer responsible for environmental issues. e latest evaluation of environmental perspectives that was carried out focused particularly on reducing the consump-tion of raw materials and the amount of waste generated from production by improving the yields of volume codes. On the basis of the evaluation, the following goals were set for the environmental program in 2022-2024:

• • Reducing waste and raw material consumption

  e Oulu plant accounts for most of the company's energy and water consumption and waste. Every year, the

company provides the national environmental protection information system with data on its use of energy and che-micals, production volumes, water consumption, was-tes generated during operations, and the wastewater load discharged into bodies of water.

In 2023, 100 percent of the electricity we used came from fossil-free sources. In 2023, the recovery rate of was-te was 58 percent, and waste is reused for the recovery of materials and the production of energy. We are constant-ly striving to promote the recycling of waste. e PCB ma-nufacturing process requires a large amount of water. Af-ter the manufacturing process, all water is treated at the plant's own wastewater treatment facility before being di-verted to municipal wastewater treatment.

e company's headquarters in Espoo, Finland are lo-cated on the premises of an environmentally responsible property. e property has been implemented on a sustai-nable basis and has been awarded the LEED Platinum en-vironmental certificate. LEED is a Green Property Certifi-cation System that aims to reduce the environmental load during construction and operation of buildings and the Platinum level is the highest level of certification.

ANNUAL GENERAL MEETING 2023

e Annual General Meeting 2023 was held on April 20, 2023, address Keilaranta 1, Espoo, Finland. e Annual General Meeting adopted the annual accounts and the consolidated annual accounts as well as granted the mem-bers of the Board of Directors and the CEO discharge from liability regarding the financial period 2022. e Annual General Meeting approved the Remuneration Report for the governing bodies 2022.

The Board of Directors

e Annual General Meeting 2023 decided to set the num-ber of Board members at four and re-elected Ms. Päi-vi Marttila, Ms. Kaarina Muurinen, Mr. Jukka Huuskonen and Mr. Anssi Korhonen as new members to the Board, for a term of office ending at the closing of the following An-nual General Meeting.

e Annual General Meeting decided that the Chair-man of the Board of Directors will be paid EUR 30,000, the Vice Chairman of the Board of Directors be paid EUR 20,000 and the other members will be paid EUR 15,000 each in remuneration for their term of office. e Annual General Meeting further decided that EUR 1,000 will be paid as remuneration per meeting to the Chairman and that the other members be paid EUR 500 per meeting of the Board and its committees. e members of the Board of Directors will further be reimbursed for reasonable tra-vel costs.

Dividend

e Annual General Meeting 2023 decided to pay a divi-dend of EUR 0.21 per share, as proposed by the Board of Directors. e dividend were paid to shareholders regis-tered in the company's register of shareholders maintain-ed by Euroclear Finland Ltd on the record date of the divi-dend distribution, April 24, 2023. e dividend were paid on May 2, 2023.

Authorizations given to the Board

e Annual General Meeting 2023 decided to authorize the Board of Directors, in one or more installments, to de-cide on the issuance of shares and the issuance of options and other special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act as follows:

e number of shares to be issued based on the aut-horization may in total amount to a maximum of 684,144 shares.

e Board of Directors decides on all the terms and conditions of the issuances of shares and of options and other special rights entitling to shares. e authorization concerns both the issuance of new shares as well as own shares possibly held by the company. e issuance of sha-res and of options and other special rights entitling to sha-res referred to in Chapter 10 Section 1 of the Companies Act may be carried out in deviation from the shareholders' pre-emptive rights (directed issue).

e authorization cancels the authorization given by the Annual General Meeting on April 24, 2022, to decide on the issuance of shares as well as the issuance of spe-cial rights entitling to shares. e authorization is valid un-til June 30, 2024.

Auditor

e Annual General Meeting 2023 re-elected in accordan-ce with the proposal of the Board of Directors Pricewater-houseCoopers Oy, Authorized Public Accountants as the company's auditor for the 2023 financial year. e Mee-ting resolved that the auditor's fees shall be paid accor-ding to the auditor's invoice. PricewaterhouseCoopers Oy had notified that Mr. Tuukka Kiuru, Authorized Public Ac-countant, will act as its principal auditor.

The Board of Directors' organization meeting

In its organization meeting on April 20, 2023, the Board of Directors of Aspocomp Group Plc. re-elected Ms. Päivi Marttila as Chairman of the Board and Ms. Kaarina Muuri-nen as Vice Chairman of the Board. e Board decided not to establish an Audit Committee. e Board itself performs

the duties of the Audit Committee.

In its organization meeting held after the Annual Ge-neral Meeting 2023, the Board of Directors performed an evaluation of Board members' independence. According to the evaluation, all Board members are independent of the company and independent of the company's major shareholders.

THE MANAGEMENT TEAM DECEMBER 31, 2023

Mikko Montonen, M.Sc. (Eng.) is the President and CEO of Aspocomp Group Plc. e Management Team included on December 31, 2023 Mikko Montonen, President and CEO, Antti Ojala, COO and Deputy CEO, Ari Beilinson, VP, Sa-les and Marketing, Jouni Kinnunen, CFO and Mitri Mat-tila, CTO.

SHARES AND OWNERSHIP STRUCTURE Number of shares

Aspocomp Group Plc. shares have been listed on the main list of the Helsinki Stock Exchange since October 1, 1999. e company's trading code on the Nasdaq Helsinki Small Cap segment is ACG1V. e total number of Aspocomp's shares at December 31, 2023 was 6,841,440 and the share capital stood at EUR 1,000,000. e company did not hold any treasury shares. Each share is of the same share series and entitles its holder to one vote at a General Meeting and to have an identical dividend right.

Share turnover and price

e total number of Aspocomp's shares at December 31, 2023 was 6,841,440 and the share capital stood at EUR 1,000,000. e company did not hold any treasury shares. Each share is of the same share series and entitles its hol-der to one vote at a General Meeting and to have an iden-tical dividend right.

A total of 971,433 Aspocomp Group Plc. shares were traded on Nasdaq Helsinki during the period from January 1 to December 31, 2023. e aggregate value of the shares exchanged was EUR 5,399,390. e shares traded at a low of EUR 3.38 and a high of EUR 8.30. e average share price was EUR 5.56. e closing price at December 31, 2023 was EUR 3.83, which translates into market capitalization of EUR 26.2 million.

e company had 4,268 shareholders at the end of the review period. Nominee-registered shares accounted for 1.4% of the total shares.

MAJOR SHAREHOLDER ANNOUNCEMENTS IN 2023

On October 1, 2023, Aspocomp received notification from both Sampo Plc and Mandatum Plc in accordance with Chapter9, Section 10 of Finnish Securities Market Act and according to both of them the legal entity exercising the ul-timate control of the shares subject to the flagggin obliga-tion held by Mandatum Life Insurance Company Limited has changed from Sampo Plc to Mandatum Plc in conne-ction with the partial demerger of Sampo Plc on October 1, 2023.

In addition, according to Mandatum Plc 's notification, Mandatum Plc owned indirectly a total of 352,103 shares in Aspocomp on October 1, 2023. e holding correspon-ded to 5.15% of all shares and votes in Aspocomp.

In addition, according to Sampo Plc's notification, Sampo Plc owned a total of 0 shares in Aspocomp on October 1, 2023.

CORPORATE GOVERNANCE STATEMENT

e Corporate Governance Statement for 2023 is issued separately from the report of the Board of Directors, and it is available on the company's Internet site atwww.as-pocomp.com.

REMUNERATION

e Board of Directors of Aspocomp Group Plc decided on the establishment of a share-based long-term incentive scheme for the company's top management and selected key employees on July 20, 2022. e objectives of the Per-formance Share Plan (PSP) are to align the interests of As-pocomp's management with those of the company's sha-reholders and thereby promote shareholder value creation in the long term as well as to commit the management to achieving Aspocomp's strategic targets. e performance period of the first plan, PSP 2022-2024, covers the period from the beginning of July 2022 until the end of the year 2024. Eligible for participation in PSP 2022-2024 are ap-proximately 20 individuals, including the members of As-pocomp's Management Team. e launch of a long-term Performance Share Plan has been announced in a separa-te stock exchange release on July 20, 2022.

On February 15, 2023, Aspocomp Group Plc's Board of Directors decided on the commencement of a new perfor-mance period in the share-based long-term Performance Share Plan (PSP) for the company's senior management and selected key employees. e next plan within the PSP structure, PSP 2023-2025, commenced as of the beginning of 2023 and the share rewards potentially earned thereu-nder will be paid during H1 2026. e new performance

period of the long-term Performance Share Plan has been announced in a separate stock exchange release on Feb-ruary 15, 2023.

OUTLOOK FOR 2024

Inflation and interest rates, weak economic development, the uncertainties posed by Russia's war of aggression, and global trade policy tensions will affect the operating envi-ronment of Aspocomp and its customers in the 2024 fiscal year. e company estimates that the demand in the Semi-conductor segment will gradually recover starting from the first half of 2024, while at the same time unloading high in-ventory levels in various parts of the value chain. In order for investments to pick up in several of Aspocomp's custo-mer segments, consumer demand must improve, and in-terest rates decline, among other factors. Demand for As-pocomp's products is expected to recover gradually during 2024.

Aspocomp estimates that its net sales for 2024 will inc-rease from 2023 and its operating result will improve from 2023. In 2023, net sales amounted to EUR 32.3 million and the operating result was a loss of EUR 1.7 million.

ASSESMENT OF SHORT TERM BUSINESS RISKS

In accordance with its goal, the company has systemati-cally expanded its services to cover the PCB needs of its customers over the entire life cycle and thereby has suc-cessfully balanced out variations in demand and the order book.

Risks affecting the operating environment

Russia's war against Ukraine and the sanctions imposed on Russia in response are not expected to have a signifi-cant direct impact on the company. Aspocomp has no bu-siness operations and no direct customers or suppliers in Russia or Belarus. However, the changed operating envi-ronment may affect our sourcing and logistics chains.

e geopolitical situation has increased the risks re-lated to customers' global supply chains. Weak econo-mic development, inflation and high interest rates cause uncertainty in the operating environment and may affect customer demand and delay customers' investment deci-sions.

Cyber risks and disruptions in information systems can affect production. Aspocomp's ability to operate may de-teriorate due to the production interruptions by suppliers or disruptions in the company's production. Disturbances in the labor market can also affect production and delive-ry capacity.

Dependence on key customers

Aspocomp's customer base is concentrated; approximate-ly half of sales are generated by five key customers. is exposes the company to significant fluctuations in de-mand. In addition, variations in the product mix can have a major impact on profitability.

Market trends

Although Aspocomp is a marginal player in the global ele-ctronics market, changes in global PCB demand also have an impact on the company's business. Competition for quick-turn deliveries and short production series will ac-celerate as the market for PCBs weakens and continues to have a negative impact on both total demand and market prices.

Aspocomp's main market area comprises Northern and Central Europe. In case Aspocomp's clients would transfer their R&D and manufacturing out of Europe, demand for Aspocomp's offerings might weaken significantly.

THE BOARD OF DIRECTORS' DIVIDEND PROPOSAL

According to the financial statements dated Decem-ber 31, 2023 the parent company's distributable earnings amounted to EUR 6,248,015.53, of which the retained ear-nings were EUR 3,220,736.75.

e Board of Directors will propose to the Annual Ge-neral Meeting to be held on April 18, 2024, that no divi-dend will be paid.

EVENTS AFTER THE FINANCIAL PERIOD

On January 4, 2024, Aspocomp announced that it will start change negotiations regarding possible temporary layoffs and redundancies in Finland. Change negotiations were initiated to improve the company's profitability and com-petitiveness and to secure future operational capacity in a weakened market situation. e company's entire person-nel in Finland, approximately 150 people, were covered by the negotiations.

On January 8, 2024 Aspocomp announced the changes to the composition of its Management Team. Aspocomp's Management Team includes as of January 8, 2024 Mr. Mik-ko Montonen, President and CEO, Mr. Antti Ojala, CCO and Deputy CEO, Mr. Pekka Holopainen, COO, Mr. Jouni Kinnunen, CFO and Mr. Mitri Mattila, CTO.

On January 17, 2024 Aspocomp announced that Sha-reholder's Nomination Board have submitted to the Bo-ard of Directors ist proposals to the 2024 Annual General Meeting. e Shareholder's Nomination Board proposes to the Annual General Meeting that the current members of the Board of Directors Ms. Päivi Marttila, Ms. Kaarina

Muurinen, Mr. Jukka Huuskonen and Mr. Anssi Korhonen be re-elected as members to the Board of Directors. In ad-dition the Nomination Board proposes that the number of members of the Board be five and that Ville Vuori be elected as a new member of the Board of Directors. e Nominati-on Board proposes to the inaugural meeting of the Board of Directors to be held after the Annual General Meeting that Ms. Päivi Marttila is re-elected as chairman of the Board of Directors. e Shareholders' Nomination Board proposes to the Annual General Meeting that the amount of remune-ration payable to the Board of Directors remain the same as in the ending term and that Board Members be thus com-pensated as follows: EUR 30,000 for the chairman of the Board of Directors, EUR 20,000 for the vice chairman, and EUR 15,000 for each of the other members in remuneration for their term of office. e Nomination Board further pro-poses that EUR 1,000 be paid as remuneration per meeting to the chairman and that the other members be paid EUR 500 per meeting of the Board and its committees. e No-mination Board also proposes that the members of the Bo-ard of Directors be reimbursed for reasonable travel costs. e Nomination Board further proposes that earning-relat-ed pension insurance contributions are paid voluntarily for the paid remuneration.

On February 15, 2024, Aspocomp announced that the Board of Directors of Aspocomp Group Plc has appoint-ed Mr. Manu Skyttä (b. 1975), MSc, Aeronautical Enginee-ring, as President and CEO. Manu Skyttä succeeds Mr. Mik-ko Montonen, who has agreed with the Board of Directors of the company that he will step down from the role of Pre-sident and CEO of the company. Mr. Mikko Montonen has committed to remain as company's President and CEO to secure an orderly transition to Manu Skyttä, at latest on Au-gust 14, 2024.

On February 16, 2024, Aspocomp announced that the company has completed the change negotiations start-ed on January 4, 2024. As a result of the negotiations, two employees will be dismissed. e company's layoff autho-rization applies to 40 people. Layoffs can be implemented for the time being if the company's financial or production situation so requires.

Aspocomp's share price development and share turnover per month 2022-2023

Aspocomp 2022-2023

Aspocomp GroupOMX Helsinki Small Cap PI

Ownership structure

Size by holding, December 31, 2023

Volume

Shares	Number of	% of share-	Number of	% of shares
shareholders	holders	shares
1 - 100	2,019	49.0	83,868	1.3
101 - 500	1,322	31.0	351,468	5.1
501 - 1,000	407	9.5	320,833	4.7
1,001 - 5,000	355	8.3	800,095	11.7
5,001 - 10,000	43	1.0	297,329	4.3
10,001 - 50,000	34	0.8	638,620	9.3
50,001 - 100,000	6	0.1	378,333	5.5
100,001 - 500,000	8	0.2	1,781,371	26.1
500,001 -	2	0.1	2,187,226	32.0
Shares in trust and awaiting clearance	0	-	297	-
Total	4,268	100%	6,841,440	100%
of which nominee registered	9	93,736	1.4

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