LINK Mobility : Expands Globally

Acquisition Update	M&A
May 2021

Page 1 | May 18, 2021

Disclaimer

ABOUT THIS PRESENTATION

This presentation (the Presentation) has been prepared by LINK Mobility Group Holding ASA (the Company, and together with its consolidated subsidiaries, LINK) for a brief presentation of LINK in connection with the announcement by LINK of a potential acquisition of Soprano Design Ltd and its subsidiaries (Soprano) by LINK (the Transaction). This Presentation should not be used for any other purpose.

This Presentation is prepared based on information obtained from LINK, Soprano and public sources on or prior to the date hereof and has not been independently verified. This Presentation only contains summary information and no representation or warranty, express or implied, is or will be made in relation to and no reliance should be placed on the fairness, accuracy, correctness or completeness of the information or opinions contained in this Presentation.

This Presentation contains forward-looking statements, which are based on current expectations, projections and assumptions about future events. Statements contained in the Presentation, other than statements of historical fact, regarding future events or prospects, are forward-looking statements. The words "may", "will", "should", "expect", "anticipate", "believe", "estimate", "plan", "predict", "intend" or variations of these words, as well as other statements regarding matters that are not historical fact or regarding future events or prospects, constitute forward-looking statements. The Company has based these forward-looking statements on its current views with respect to future events and financial performance. These views involve a number of known or unknown risks, uncertainties and assumptions, which could cause actual results to differ materially from those predicted in the forward-looking statements and from the past performance of LINK. As a result, you should not and may not rely on these forward-looking statements. No representation or warranty is made that any forward-looking statement will occur.

Forward-looking statements speak as of the date of this Presentation and no one undertakes to publicly update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. Neither the Company nor its subsidiaries or affiliates, or their respective directors, offices, employees, advisers or agents accepts any responsibility or liability whatsoever or makes any representation or warranty, expressed or implied, as to the truthfulness, fairness, accuracy, completeness or verification of such information. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this Presentation.

Certain numbers in the Presentation are unaudited or are based on internal company records or based on preliminary calculations by LINK on the effects of the Transaction. Some of these number may be subject to further review in due course, may be amended and the final numbers may differ from those set out in this Presentation. Until such time as that review is complete and any final numbers are published, no reliance shall be placed on, and LINK shall not be liable in any way in respect of such numbers.

Further, this Presentation may include market and industry data obtained by LINK from industry publications and surveys. LINK may not have access to the facts and assumptions underlying the numerical data, market data and other information extracted from public sources and as a result neither LINK nor any of LINK's advisors or representatives are able to verify such information, and assume no responsibility for the correctness of any such information.

Any information contained or views expressed in this Presentation do not purport to be comprehensive and are based on financial, economic, market and other conditions prevailing as of the date of this Presentation and are subject to change without notice. Neither LINK nor any other person undertakes any obligation to update or revise any information or statement contained in the Presentation, whether as a result of new information, future events or otherwise, except to the extent required by law.

No representation, warranty, or undertaking, express or implied, is made by LINK or its affiliates or their respective directors, officers, employees, agents or advisers (collectively Representatives), and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither LINK nor its Representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. Nothing contained in this Presentation is or should be relied upon as a promise or representation as to the future. Except where otherwise expressly indicated, this Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. In giving this Presentation, none of LINK or Representatives undertake any obligation to provide the Recipient with access to any additional information or to update the contents of the Presentation, or to correct any inaccuracies in any such information, including any financial data or forward-looking statements. The information contained in this Presentation should be considered in the context of the circumstances prevailing at this time and has not been, and will not be, updated to reflect material developments which may occur after the date of the Presentation.

This Presentation and the information contained herein does not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation or invitation of any offer to subscribe for or purchase any securities of the Company or its affiliates, and neither this document nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. In particular, the information within this Presentation must not be used in making any investment decision.

This Presentation and the information contained herein is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. This Presentation does not constitute and is not intended to form part of any offer, or the solicitation of any offer, to buy, subscribe for or sell any shares (or any other security) in the Company or any subsidiary of the Company and nothing in this Presentation shall in any way constitute or form part of any legal agreement or be relied on in connection with, any contract, commitment or investment decision.

Each recipient of the information contained in this Presentation is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of LINK. No person shall have any right of action against LINK or any other person in relation to the accuracy or completeness of the information contained in the Presentation.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

Page 2 | May 18, 2021

LINK signs exclusive term sheet to acquire a leading global CPaaS player

• Signed a non-binding term sheet to acquire Soprano Design Ltd ("Soprano") for a total consideration of NOK 3,590m and at an estimated enterprise value of below 3,500 at an accretive purchase multiple, of 19,7x based on cash EBITDA

Key facts	• Soprano is a leading global CPaaS player with over 4,000
customers, NOK ~717m in revenue (18% growth) and NOK ~174m
	in cash EBITDA (24% margin) FY21E1
	• The founder and majority shareholder is highly committed to
	become a long-term investor and will continue to run the Soprano
	footprint

LINK Mobility Group signs non-binding term sheet to acquire 100% of Soprano Design Ltd.

Purchase Price: 3,590 NOKm

Deal structure: 5% cash | 95% shares

SPA signing: Expected mid July 2021

Financing and

timeline

• The purchase consideration will be settled with 95% shares and 5% cash
• • Share issuance of 88.7 million new shares at issue price of NOK 38.65
  • Cash consideration of AUD 25 million (approx. NOK 160m) settled by cash on balance sheet
• LINK expects to sign a definitive transaction agreement by mid July 20212

Notes: (1) Fiscal year ending June 2021. April - June are management estimates (2) Transaction pending a satisfactory due diligence

Page 3 | May 18, 2021

Strategic rationale for the transaction

1

2

3

4

5

Immediately expands LINK to a global CPaaS company

• Beachhead in the US, LATAM, Asia-Pacific, and Australia - four previously untapped markets
• Large market opportunities due to low penetration rates and high growth market
• Increased footprint will expand our relationships with existing multi-national customers

Soprano is a high growth, high margin CPaaS player with a similar philosophy to LINK

• Provides mission-critical communication solutions for large enterprises, partners, and governments in multiple industries
• 18% revenue growth, 18% gross profit growth and 24% EBITDA margin for FY21E1
• Complementary customer base and geographical footprint, with strong net retention of +113%2

Multiple areas of high value revenue and cost synergies - scale is everything

• Cost synergies include COGS on existing volumes and potential from increased negotiating power towards MNOs
• Combined entities will ramp up product innovation and GTM which will drive future growth
• Cross-sellSoprano's white label SaaS solution to MNOs across the LINK footprint
• Leverage Soprano's relations to strong cloud providers like Microsoft Azure

Experienced and motivated Soprano management team backed by a solid organisation

• Founder will become a large shareholder in LINK and continue to run Soprano
• Complementary management team with exceptional industry experience
• Adding 200+ employees across complementary growth markets

Important lever for our continued M&A journey

• Accretive purchase multiple
• De-leveragingeffect from the accretive financing structure will enhance M&A capacity
• Soprano team experienced consolidators - opens up for further in-market consolidation
• Enhanced attractiveness towards future targets in our robust pipeline

Notes: (1) Fiscal year ending June 2021. April - June are management estimates (2) YoY Q4 2020

Page 4 | May 18, 2021

Soprano is operating a highly profitable business with an impressive growth profile that complements LINK's business well

Founded in 1994, Soprano is global leading CPaaS capabilities for large enterprises, partners, and governments in multiple industries

Highly experienced and heavily invested management team ready to join forces with LINK

Headquartered in Sydney Australia, with stronghold in APAC region. Regional offices in Europe, North America, South America and Southeast Asia

Unique white label SaaS solution with 13 global carrier/MNOs as strategic partners

More than 4,000 enterprise clients. Enterprise grade delivery and support with 97% satisfaction rate

Facts and figures1

~717 NOKm			18%
	FY21E revenue				YoY revenue growth

~382 NOKm		~174 NOKm
	53% gross margin	24% margin
	FY21E gross profit			FY21E cash EBITDA
	Approx. 408 bps PF increase in			Approx. 187 bps PF increase in
	Link margin			Link margin

113%14

		Countries
Net retention rate2

~200~10bn

Employees
	2021E messages

Notes: (1) Fiscal year ending June 2021. April - June are management estimates - FX AUD/NOK 6.55, (2) YoY Q4 2020

Page 5 | May 18, 2021