Company presentation

April 2018Confidential information - All rights reserved Huddly AS

Disclaimer

This document (the “Company Presentation”) has been produced by

Huddly AS (the “Company”, “Huddly”), solely for information purposes for

potential investors (“Recipient”).

The Recipient acknowledges and agrees that all intellectual property

rights in the Company Presentation vest in the Company. The Recipient

may only use this Company Presentation for the sole and exclusive

purpose of considering whether to invest in the Company.

To the best of the knowledge of the Company and its board of directors,

the information contained in this Company Presentation is accurate in all

material respects as of the date hereof, and contains no material

omissions. However, no representation or warranty (express or implied) is

made as to, and no reliance should be placed on, any information,

including but not limited to projections, estimates, targets and opinions,

contained herein, and no liability whatsoever is accepted as to any errors,

omissions or misstatements contained herein.

This Company Presentation contains information obtained from third

parties. Such information has been accurately reproduced and, as far as

the Company is aware and able to ascertain from the information

published by that third party, no facts have been omitted that would

render the reproduced information to be inaccurate or misleading.

The contents of this Company Presentation is not to be construed as

legal-, business-, investment- or tax advice. Each recipient should

therefore consult with its legal-, business-, investment- and tax advisors

as to legal, business, investment and tax advice.

This Company Presentation is dated April 2018. There may have been

changes in matters which affect the Company subsequent to the date of

this Company Presentation. Neither the issue nor delivery of this

Company Presentation shall under any circumstance create any

implication that the information contained herein is correct as of any time

subsequent to the date hereof or that the affairs of the Company have not

since changed.

This Company Presentation includes and is based on, among other

things, forward-looking information and statements. Such forward-looking

information and statements are based on the current expectations,

estimates and projection of the Company or assumptions based on

information available to the Company. Such forward-looking information

and statements reflect current views with respect to future events and are

subject to risks, uncertainties and assumptions. The Company cannot

give any assurance as to the correctness of such information and

statements.

Any investment in the Company involves risk, and several factors could

cause the actual results, performance or achievements of the Company to

be materially different from any future results, performance or

achievements that may be expressed or implied by statements and

information in this Company Presentation, including, among others, risks

or uncertainties associated with the Company’s business, segments,

development, growth, management, financing, market acceptance and

relations with customers, and more generally, general economics and

business conditions, changes in domestic and foreign laws and

regulations, taxes, changes in competition and pricing environments, oil

price fluctuations, fluctuations in currency exchange rates and interest

rates and other factors. Should one or more of these risks or uncertainties

materialize, or should underlying assumptions prove incorrect, actual

results may vary materially from those described in this document. The

Company does not intend or assume any obligation to update or correct

the information included in this Company Presentation.

This Company Presentation is subject to Norwegian law, and any dispute

or claim arising in respect of this Company Presentation is subject to the

exclusive jurisdiction of Norwegian courts.

We build things that see

Current solutions have a limited field of vision and don’t let you see everyone in the room, limiting the number of spaces that can be used for video meetings

Problem

Value

SolutionWith a 150° ultra-wide angle field of vision and digital pan/tilt/zoom, the Huddly GO lets you see everyone in the room

Create new video conferencing spaces where

you couldn’t previously, and see more seats at

the table in existing video conferencing

spaces yielding better ROI on meeting spaces

Other cameras

Huddly GO

High-end video conferencing solutions are expensive and are driven by proprietary systems that are complex to use, install and maintainProblem

Value

SolutionHigh-end video conferencing experience driven by the Huddly GO platform agnostic camera delivering a cutting-edge user experience that’s easy to use and maintain

High-end experience at a fraction of the cost. Easy to use, install and maintain.

A small camera delivering a big experience at a fraction of the cost of high-end video conferencing solutions

Small camera, big experience

Most tech gets old fast, Huddly GO stays new

Organisations can be hesitant to invest large sums knowing that video conferencing solutions gets dated fast and needs replacing as requirements change

Problem

Value

SolutionHuddly products are software-upgradable with new features that support changing team dynamics and needs

A steady stream of new software features mean a Huddly camera is always cutting-edge with a longer product lifecycle for better ROI

• Only 4.2% of all meeting rooms equipped for video conferencing in 2017. More than 95% rely on audio only

• Only 2% of huddle room spaces in offices worldwide were video conferencing-enabled in 2017

• Huddle room meetings are currently estimated to be ~8% of all video

conferencing meetings. This is estimated to increase to ~70% of all

video conferencing room meetings by 2022

40mConference

rooms

30m

Huddle

rooms

49.8% CAGR

for forecast huddle room

shipments between 2017-2022

2.8m

Conference

rooms

3.5m

Huddle

rooms

Source: The figures outlined in this slide are based on Frost & Sullivan - Growth Opportunities for Video Conferencing in Huddle Rooms, Global, Forecast to 2022.

Published: 2 Feb 2018 (Frost & Sullivan). Figures relating to new rooms to be video-enabled do not take into consideration installed units as at 2017 and renewals

between 2017 and 2022.

Greenfield opportunity

of NEW rooms to be

video-enabled by 2022:

Opportunity

Source: The figures outlined in this slide are based on Frost & Sullivan

Modern Workplace in 2017 vs 2022

• Huddle room penetration rate:

2017 - 1.9%2022 - 13%

• Usage of collaboration tools will triple

• 82% of network traffic will be video connected devices for every use

Key takeaway

• Video conferencing market will experience tremendous growth

• Huddle rooms represent the fastest

growing segment

Source: The figures outlined in this slide are based on Frost & Sullivan research

Trends

Un

it s

hip

men

t fo

recast

Huddly’s advantage

We’re engineering our advantage by being the first mover integrating with the major software platforms at an early stage so that seat is taken when our competition catches up

Now

Future

Simplicity Scandinavian design. Functional.

Simple. Clean lines. It just works.

Instant USB plug & play. Automatic

Flexible Sees everything with multiple views

into spaces. Fits in AND stands out.

Cost-effective Truly a product for the opportunity

(explosion of small spaces needing

vision). Meaningful software

extensibility. A premium and cost

effective product built to scale.

Consistent

Intelligent framing in

video calls

Intelligent content capture and video

In-room analytics &

meeting diagnosticsA.I. for analytics and diagnostics

Increased A.I. integration

More robust feature sets Evolving user experience with >100

features

Best practice* Huddly

Source: *Frost & Sullivan

Google Hangouts Meet Hardware Kit – key win

Est. 30,000 units sold of the previous Chromebox for Meetings in 2016

Est. 3 million businesses using Google Hangouts Meet application

Launched 31 October 2017 with Huddly GO camera – USD

1,999

Huddly’s platform strategy

Huddly GO released Q4 2017

• Huddly is an intelligent software platform that powers Huddly’s first hardware product in the market

• Huddly GO is a software upgradable intelligent camera, with a unique compact form factor, 150° wide angle with unrivalled quality for use with any software collaboration platform

• Step-changing super wide angle, smart zoom and deep-focus quality surpassing any existing solution

• The worlds smallest and most powerful image processing platform driven by machine learning and artificial intelligence

• Disruptive technology for recognizing, capturing and making use of content in video streams

• Retail selling price: USD 499

The Huddly management team and Board

Jonas Rinde

CEO

Casey King

CTO

Knut Helge

Teppan

CDO

Stein Ove Eriksen

CPO & Co-

Founder

Sarah Lerche

CFO

Paul Clarke

COO

Lars Rønning

CCO

Graham Williams

Chairman

Per Haug Kogstad

Board member

Torkjell Nilsen

Board member

Jostein Devold

Board member

Our team’s competences

Audio

Microphones

ASR

Output

Voice assistant

integration

Echo cancellation

Beam forming

Optics

Sensors (4k -> 8k)

ISP

Lenses

Software

>100 features

Embedded – cloud – app

E.g. Autoframing,

Whiteboard, Analytics

Object and people

recognition

Platform (HW)

Movidius

Host processor

ID & Packaging

USB-C & dongles

Sensors

Soc

Video

10b

Wide gamut

720p60 –> 1080 -> 4k

H.265/VPx

Mobility

Phone -> Tablet ->

Laptop -> TV ->

Projection

Wireless

Battery

Proximity

Platform (API)

Core (DPTZ, ISP controls)

Modules

Extensible ISP

Vision processing

Machine Learning

User Experience

User research

User interface

Graphical design

Industrial design

Mechanical design

Scenario analysis & our approach to financials

Huddly’s unit sales projections are based on base-case and mid-

case volume scenarios illustrated in this chart. Financial information

for these scenarios are illustrated in the following slides

0

100

200

300

400

2017 2018 2019 2020

Mid-case Base-case

Units sold volume scenarios

Mid: 200k

Base: 100k

Mid: 50k

Base: 25k

Units (000)

Mid: 300k

Base: 200k

High: 10k

Base case: Based on 25k units sold in 2018 and

100k units sold in 2019

2017:

• Huddly achieved almost double its projection for

2017 with 10k units sold

2018:

• Base case of 20.5k units GO (1st gen)

• Base case of 4.5k units of GO (2nd gen)

2019:

• Base case of 73k units GO (1st gen)

• Base case of 27k units GO (2nd gen)

Base-case volume economics

Mid-case: Based on 50k units sold in 2018 and

200k units sold in 2019

2017:

• Huddly achieved almost double its projection for

2017 with 10k units sold

2018:

• Mid case of 41k units GO (1st gen)

• Mid case of 9k units GO (2nd gen)

2019:

• Mid case of 129k units GO (1st gen)

• Mid case of 71k units GO (2nd gen)

Mid-case volume economics

2018 2019

Units sold 25,000 100,000

P&L Scenario (USDm)

Revenue 7.9 33.6

COGS (4.6) (15.3)

Gross Profit 3.3 18.3

Opex (15.7) (17.3)

Cash EBITDA* (12.4) 1.0

Gross Margin 42% 54%

2018 2019

Units sold 50,000 200,000

P&L Scenario (USDm)

Revenue 15.8 71.0

COGS (8.0) (30.2)

Gross Profit 7.8 40.7

Opex (15.7) (17.3)

Cash EBITDA (7.9) 23.5

Gross Margin 50% 57%

Consolidated Profit and Loss December 31

2017

NOK USD

Revenue 15 ,764,013 1,970,502

COGS 16,932,605 2,116,576

Gross Margin (1,168,592) (146,074)

Operating expense 34,749,753 4,343,719

Operating income (loss) (35,918,345) (4,489,793)

Other (net) (26,308) (3,288)

Amortization of RD capitalization 7,742,123 967,765

Total other 7,715,815 964,477

Net income (loss) (43,634,160) (5,454,270)

P&L & Balance Sheet – 2017 consolidatedConsolidated Balance Sheet December 31 2017

NOK USD

Assets

Short Term Assets

Cash and equivalents 126,725,639 15,840,705

AR 14,657,215 1,832,152

Total Short Term assets 141,382,854 17,672,857

Other assets

Capitalized RD 26,061,770 3,257,721

Inventory 4,155,529 519,441

Other 1,926,979 240,872

Inter Company (12,701,267)

Total Other assets 19,443,010 2,430,376

TOTAL ASSETS 173,527,131 21,690,891

Liabilities

AP 8,654,131 1,081,766

Short Term Liabilities 6,988,634 873,579

Total Short Term Liabilities 15,642,765 1,955,346

Long Term Liabilties 2,728,490 341,061

TOTAL LIABILITIES 18,371,255 2,296,407

Equity

Share Capital net 216,930,110 27,116,264

RE (18,151,264) (2,268,908)

FX adjustment 11,192 1,399

Current period loss (43,634,162) (5,454,270)

Total Equity 155,155,875 19,394,484

Total Equity and Liability 173,527,131 21,690,891

Risk factors (I)

Risks related to the Company's business and the industry in which it

operates

• Changes in the general economic situation: The Company may be

affected by the general state of the economy and business conditions,

including, but not limited to, the occurrence of recession and inflation,

unstable or adverse credit markets, fluctuations in operating expenses,

technical problems, work stoppages or other labour difficulties, property or

casualty losses which are not adequately covered by insurance, and

changes in governmental regulations, such as increased taxation or

introduction of regulations decreasing the number of customers or increasing

operating costs and capital expenditure. This could take the form of reduced

demand for The Company’s services and products, price pressure or losses

on receivables resulting from customers’ inability to pay their debts, which

may have a material adverse affect on the Company’s business, operating

results and financial conditions.

• Downturn in customer markets: The Company is sensitive to fluctuations

in the global demand for the Company’s products which could imply a

negative development in the demand for the Company's services and

products. The Company cannot predict the future level of demand for its

services and products or future conditions in the industries it serves.

Changes in the demand for the Company’s services may materially

adversely affect business, operating results and the financial condition of the

Company.

• Attracting a sufficient number of customers: The Company may in the

future not be able to attract a sufficient number of customers to generate

adequate revenues to cover its operating expenses and/or service its debts

and/or obligations.

• Continued growth in the markets in which the Company operates: The

future success of the Company’s business depends on the continued growth

in the markets in which the Company operates. Market growth is dependent

on a number of factors. These markets are affected by numerous factors

beyond the Company’s control, including economical and political conditions,

level of supply and demand, currency exchange rates and the availability of

alternative camera solutions. There can be no assurance that the previous

growth in the market will continue, and discontinued or reduced growth may

in turn have a material adverse effect on the Company’s business, operating

results and financial condition.

• Highly competitive markets: The markets in which the Company operates

are competitive, and the Company may in the future be exposed to

increased competition from current market players or new entrants to the

market. Competition in the markets where the Company operates may lead

to reduced profitability and/or expansion opportunities. The failure of the

Company to maintain its competitiveness and respond to increased

competition may have a material adverse effect on the Company’s business,

operating results and financial condition.

• Venture investment case: The company has not yet proven high scale

volumes. There is a potential for cost overrun in the estimated capital

expenditures related to finalizing the development, testing and certification,

and there is no guarantee for superiority of the technology described herein.

• Price risk: Uncertainty related to the price at which Huddly will be able to

sell its products in the market.

• Delay in deliveries to customers may reduce the Company’s

profitability: The Company will be involved in a number of large deliveries.

Although the Company will have routines for quality assurance, delays in any

of these projects or deliverables may materially adversely affect the

Company’s profitability, both as a result of claims for compensation and

through the increase in costs which normally result from such delays.

• Vulnerability to adverse market perception: The Company will be

vulnerable to adverse market perception as it must display a high level of

integrity and maintain the trust and confidence of its customers. Any

mismanagement, fraud or failure to satisfy fiduciary or regulatory

responsibilities, allegations of such activities, or negative publicity resulting

from such activities, or the association of any of the above with the Company

or a relevant industry sector generally could adversely affect the Company’s

reputation and the value of the Company’s brands, as well as its business,

operating results and financial position.

• Attracting and retaining sufficient skilled employees: The successful

development and performance of the Company’s business depends on its

ability to attract and retain skilled professionals with appropriate experience

and expertise. There can be no assurance that the Company will have

access to sufficient skilled personnel, especially considering the current

labour market with high demand for skilled personnel. Failure to attract or

retain employees could result in the inability to maintain the appropriate

technological or business improvements or take advantage of new

opportunities that may arise, which may in turn lead to a subsequent decline

in competitiveness could have a material adverse effect on the Company’s

business, operating results and financial condition.

• Limited organisation: The Company currently has a limited organisation.

Although the Company aims to put in place procedures and policies for an

efficient operations large scale commercial production, there is a risk that the

transition into a large scale commercial producer will be more challenging

than anticipated.

• Dependent on third parties: The Company may depend on third parties,

such as contractors and suppliers to perform certain services to its

customers. There can be no assurance that the Company’s suppliers and

other partners will not experience problems in the future (within or outside

their control), which may adversely affect the Company’s business,

operating results and financial condition.

Risk factors (II)

Risks related to the Company's business and the industry in which it

operates (continued)

• Risk of litigation or other proceedings in relation to the business: The

Company may face the risk of litigation and other proceedings in relation to

its business. Even if the Company believes it has appropriately provided for

the financial effects of litigation or other proceedings, the outcomes of any

litigation may differ from management expectations, exposing the Company

to unexpected costs and losses, reputational and other non-financial

consequences and diverting management attention, which may in turn have

a material adverse effect on the Company’s business, operating results and

financial condition.

• Political and geo-political risks: Changes in the legislative, political, fiscal

and regulatory framework governing the activities of the Company , its

customers, suppliers or service providers on which the Company depend,

could have material impact on the demand for the Company’s products and

services or affect the Company’s operations and/or financial condition

directly.

• Legislation and tax laws: The Company may become subject to future

changes to current legislation and tax laws under which the Company

operates, which the Company cannot avoid or influence. Specifically, the

Company has no control over potential future import legislations that may

restrict the Company’s ability to export its products.

• Unexpected risks: Although the Company tries to keep an overview of all

known risks related to its operations, there is a risk that the Company will

be subject to unexpected incidents and occurrences resulting from

additional unknown risks and uncertainties

• Risks associated with the Company's operational and strategic action

plan: The Company has initiated various projects to maximize shareholder

value, including but not limited to development of the customer base. There

can be no assurance or guarantee that any operational and strategic action

plan described in this Company Presentation will achieve its stated goal.

• Intellectual property: Even though Huddly has patented parts of its

technology, there is no guarantee that the Company has adequately

protected its intellectual property

Financial risks

• Interest rate and liquidity risk associated with the Company's

borrowing portfolio and fluctuations in underlying interest rates: the

Company’s interest rate risk is mainly linked to potential future financial

indebtedness

• Risk related to the availability of financial funding: the Company is

exposed to material risks related to the availability of funding for future

growth within its business segments. In the wake of a global financial and

economic downturn, access to credit may become increasingly scarce. Any

difficulty the Company may encounter in securing adequate sources of

short and long term funding may have a material adverse effect on the

business, operating results and financial condition.

• The Company is exposed to the risk that counterparties are unable to

fulfil their obligations: The Company intends to have guidelines for

ensuring that contracts are not entered into with customers who have had

or can be expected to have payment problems and where outstanding

amounts do not exceed defined credit limits. However, a general downturn

in financial markets and economic activity may result in a higher volume of

late payments and outstanding receivables, increasing the Company’s need

for working capital, which may in turn have a material adverse effect on the

Company’s cash flows and financial condition.

Risks related to the Company’s shares

• The ability to pay dividends: The ability of the Company to pay dividends

on its shares is dependent upon the availability of distributable reserves.

• The ability to bring an action against the Company may be limited

under Norwegian law: The Company is a limited liability company

incorporated under the laws of Norway. The rights of holders of Shares are

governed by Norwegian law and by the Articles. These rights might differ

from the rights of shareholders in other jurisdictions.

• Dilution: Future issuances of shares or other securities may dilute the

holdings of shareholders and could materially affect the price of the shares.

Confidential information - All rights reserved Huddly AS