Investor Presentation Agenda 1 Transcom at a glance 2 2 - - PowerPoint PPT Presentation

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March 2020 Investor Presentation Agenda 1 Transcom at a glance 2 2 Business update and strategic priorities 8 3 Key credit highlights 15 4 Key financials 26 5 Supporting materials 33 1 Confidential Transcom at a glance 1 2

SLIDE 1

Investor Presentation

March 2020

SLIDE 2

Confidential

Agenda

1 Transcom at a glance 2 2 Business update and strategic priorities 8 3 Key credit highlights 15 4 Key financials 26 5 Supporting materials 33

SLIDE 3

Confidential

Transcom at a glance

1

SLIDE 4

Confidential

Commerce & logistics Services & utilities Telco & cable Europe Global English

66% 34% 579 544 543 36 39 50 6,3% 7,2% 9,2%

2017A 2018A 2019A Sales

Adj. EBITDA
Adj. EBITDA margin %

Transcom – a Nordic contact center champion with a global footprint

Transcom in numbers International footprint and offering Key financials Sales overview (2019A)1)

Full service offering in 33 languages through 51 sites in 20 countries

contact centers worldwide:

n-shore, near-shore and
ff-shore, in addition to

work-at-home agents

200+

clients served globally across a diverse range of industries Operating

51

languages spoken

33

2019A sales

€543m 2017

by Altor, a leading Nordic private equity firm Privately-owned since employees in 20 countries

27,000

customer interactions on a daily basis

1.5m+

Philippines 11 sites delivering off-shore services to English- speaking regions Europe 40 sites across 16 countries 33 languages North America 1,000+ work-at-home agents

Transcom is active in 20 countries, with 51 sites serving clients in 33 languages

By geography/language By industry

Global presence: Albania, Canada, Croatia, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Netherlands, Norway, Philippines, Poland, Portugal, Serbia, Spain, Sweden, Tunisia, United Kingdom, US

(€ m)

Note: 1) Breakdown excluding non-material unreconciled sales.

29% 38% 33%

SLIDE 5

Confidential

A leading provider of outsourced customer relationship management solutions…

Future-proof multi-channel delivery on a global scale

Transcom is a global customer care provider offering future-proof customer- facing concepts delivered by a global team

f local specialists…

…supporting clients’ digital agenda by combining core services with leading digital capabilities and tools… …delivering services in 33 languages to international brands in various industries

27,000

customer experience specialists

Call Messaging Chat E-mail Social media Core services

Conversational commerce Digital channels Robotic process automation Interaction analytics Chatbots Gamification

Services & utilities Commerce & logistics

Auto- motive Logistics Retail/ e-commerce IT/Tech White goods

Telco & cable

Utilities BFSI Gov & Health- care Media Travel Telco Cable

serving customers via...

SLIDE 6

Confidential ▪ Digital solutions implemented for 45% of top 20 clients ▪ Launch of T:Labs – Transcom’s hub for rapid digital innovation and experimentation with our clients ▪ Innovation & CX Awards Strong focus on increasing digital customer penetration Digital process automation Gamification ▪ Global business intelligence: data-driven analysis and reporting ▪ Interaction analytics: insights from in-depth analysis of communications between end- customer and Transcom’s clients ▪ CX advisory services: advisory on designing, implementing and managing best-in-class customer experience solutions Customer experience (CX) management Digital interactions

…with a highly competitive digital offering…

At the forefront of developing high-value digital solutions

▪ Chatbots: AI serving as customer service representative to both agent and end-consumer. Often embedded in chat or messaging channel ▪ Robotic process automation: automation of repetitive manual back-office process ▪ Robotics desktop automation: real-time automation of front-end tasks on the screen of the agent ▪ Gamification: application of game- design elements in a non-game

context. Game types cover the full

agent life-cycle needs:

Leadership
Employability
Operational
Commercial

▪ Digital channels

Messaging (conversational

commerce)

Webchat
Social media
Rating-apps
Self-service

Best cloud implementation Best use of customer insights, finalist 5

SLIDE 7

Confidential

…serving an established portfolio of satisfied blue-chip clients

Quality offering well-entrenched in clients’ operations

Telco & cable Services & utilities Commerce & logistics Transcom agents providing high-quality service Integrated into the clients’ systems Up-sell, cross-sell and retention Technically trained Updated and prepared

Trained agents able to answer “entry- level” queries, with a pass-through system in place – i.e. transferring customers to senior Transcom agents (where necessary) Agents are aware of changes to clients’ product offering and are prepared to handle potential complaints Agents can access clients’ systems and provide live information about deliveries and other requests Agents are incentivised by KPIs set by clients and can offer pre-agreed deals should a client call to terminate a contract

SLIDE 8

Confidential

Transcom is riding the key trends that will shape the industry going forward

Digitalisation, shift in service mix, market consolidation and increased outsourcing to drive market development

New technologies and ongoing digitalisation Service mix change towards higher- value interactions Market consolidation Increasing

utsourcing share

▪ The service mix changes towards value-added care, sales, and outbound provide significant upside ▪ New high-margin care models (in- and out-bound) are emerging and many companies are shifting volume to pro-active outbound care and sales ▪ Companies follow different archetypes in their customer experience models ▪ Additional volume from increasing outsourcing drives ~25% of the annual market growth ▪ The need to access capabilities remains a fundamental growth driver, especially given the increased digital interaction complexity ▪ Continued push for lower cost and improved customer experience Selected consolidators

Key industry trends

Maturity High Low

Analytics Robotic process automation Cognitive / artificial intelligence

Additional volume from

utsourcing drives

~25%

f annual market growth

Value per contract Outsourced contract volume

Current contracted value Value-added sales Service expansion Source: Third party provider.

▪ New technologies, such as AI and analytics, will have a significant long-term impact and shape the future of the CRM/BPO industry ▪ However, the market will continue to be dominated by human interactions in the foreseeable future ▪ New technologies will automate some interactions but mainly augment agent capabilities ▪ Focus is moving from voice to text-based channels ▪ Market is consolidating through mega-deals and smaller roll-ups ▪ Vendors pursue consolidation path acquiring other global and local players to strengthen delivery footprint and industry exposure ▪ Financial investors continue to remain interested in the segment (e.g. GBL’s acquisition

f Webhelp)

Technological capabilities

SLIDE 9

Confidential

Business update and strategic priorities

2

SLIDE 10

Confidential

A solid foundation as a basis for profitable growth

Profitable growth

Double-digit margin and solid organic growth

Building the foundation

From 5 to 9% EBITDA margin (2015-2019)

1 2

▪ Reduction of €30m OH and support cost ▪ Attractive segments and delivery locations ▪ Developing strong digital offering ▪ Client focus ▪ Operational excellence ▪ Culture & leadership

SLIDE 11

Confidential

46% 38% 33% 37% 38% 38% 17% 24% 29% 579 544 543 2017A 2018A 2019A

Growth in attractive segments

Portfolio shift away from telco & cable towards growth sectors and high-margin business

Sales by industry1) ▪ Commerce & logistics

Fast-growing vertical
Increasing share of sales driven by e-commerce

and acquisition of Awesome ▪ Service & utilities

Stable outlook
Fintech and insurance amongst attractive

segments for expansion

Selective M&A supporting journey, incl. TMS
Impacted by divestiture of legal services
perations in Spain in June 2019

▪ Telco & cable

Increasing profitability on the back of operational

improvements and exits from unprofitable contracts

Not actively seeking new logos

10.7% 6.4% 5.1%

Comments

(€ m)

Note: 1) Breakdown excluding non-material unreconciled sales. 2) Estimates.

Commerce & logistics Services & utilities Telco & cable EBITA margin 2019A2)

SLIDE 12

Confidential

▪ Near- and off-shore

Global shift to sourcing near- and off-shore
Strong position in profitable European near-shore &

multi-lingual segments; off-shore in the Philippines

Sourcing trend ensures low-cost options

▪ On-shore

Strong current footprint with multi-lingual capabilities
Target to keep clients within focus sectors and to further

build on work-at-home concept in North America

Optimisation of delivery footprint

Expanding near- and off-shore capabilities to drive profitability

Sales by type of delivery1)

74% 71% 65% 18% 20% 25% 8% 9% 10% 579 544 543 2017A 2018A 2019A EBITA margin 2019A2) 8.0% 19.0% 2.0%

Recent initiatives Shoring trends

Q2 2019 ▪ Acquisition of ASA Informationsdienste Q3 2019 ▪ New site in Pasig, Philippines ▪ New site in Elblag, Poland Q1 2019 ▪ Divestment of operations in Chile ▪ New site in Novi Sad, Serbia ▪ New site in Zagreb, Croatia Q4 2019 ▪ Ramp-up of additional capacity in Zagreb, Croatia ▪ New site in Tunis, Tunisia ▪ Developing new sites in Cairo, Egypt and Davao, Philippines (ready in Q1 2020)

(Divested)

(€ m)

Note: 1) Breakdown excluding non-material unreconciled sales. 2) Estimates.

Near-shore Off-shore On-shore

SLIDE 13

Confidential

Headcount reductions through de-layering, ratio optimisation and transfer to shared services centers

Profitability uplift from delivery on cost-out programme

People, Passion, Performance (PPP) programme – closing-in on €33m cost-out target

Note: Actual run-rate. 1) Gross of investments, ~€1.5m in 2018A and ~€1.0m in 2019A.

Cost savings development and target

16.0 5.0 1.8 10.6 6.0 8.4 2017A 10.8 2018A1) 12.2 4.8 2019A1) 12.3 10.2 Target 11.0 21.0 33.0 33.1 Headcount reduction in support functions, transfer to shared service centers and procurement Headcount reductions through de-layering, ratio optimisation and transfer to shared service centers

Realised savings

Europe English-speaking region Central functions Realised cost savings 2019A (€ m) Comments Direct operations 3.7 Increased efficiency in mainly team leaders Direct support 13.2 Rightsizing based on process improvements and de-layering General & expenses 16.1 Rightsizing of overhead functions, incl. HR and IT and reduction of 3rd party spending (facility and IT) Total 33.0

(€ m)

SLIDE 14

Confidential

A strong platform for the next development phase

Client focus, operational excellence and culture & leadership as key efficiency drivers

▪ Strengthen market presence in North America ▪ Accelerate sales in Europe ▪ Develop and protect existing clients ▪ Operational performance management ▪ Best practices for productivity, recruiting, retention and workplace presence ▪ Client-by-client improvement approach ▪ Leadership for people performance ▪ Clear, decentralised accountability and lean

verheads

▪ Culture of client and customer centricity Client focus Operational excellence Culture & leadership

SLIDE 15

Confidential

Expansion through accretive M&A

Growth in attractive segments and geographies through a targeted M&A agenda

Note: 1) TMS acquired outside of the SSN restricted group.

M&A transactions since the take-private in 2017 to strengthen its European near-shoring and multi-lingual services (500+ employees)

August 2018

Transcom Holding AB acquires a site in Durrës, Albania

Durrës

to strengthen its digital capabilities and position in the e-commerce industry

July 2018

Transcom Holding AB acquires Awesome OS to create a center of excellence for utilities and increase its footprint on the German market

March 2019

TopCo AB acquires TMS connected!1) to expand its footprint in the German market and strengthen capabilities in the media industry

April 2019

Transcom Rostock acquires ASA Informationsdienste GmbH to further strengthen its position in the Nordics within the SME market

June 2017

Transcom Holding AB acquires Xzakt Kundrelation AB ▪ Transcom has pursued a targeted M&A agenda since its take-private by Altor in 2017 ▪ Key drivers behind the acquisitions include the strengthening of its positioning in growth markets (e.g. e-commerce and utilities), further penetration of selected geographies (e.g. the Nordics, Germany and the US), the enhancement of near- and off-shore capabilities (e.g. Albania and Philippines) as well as the improvement of operating performance and profitability ▪ By acquiring ASA Informationsdienste in 2019, Transcom carried-out its first carve-out deal – a transaction type which could be of increasing relevance for the business going forward

SLIDE 16

Confidential

Key credit highlights

3

SLIDE 17

Confidential

Diversified customer base with long-standing relationships

Key credit highlights

Strong management team, committed owner and proficient board

Growing industry with proven resilience through the cycle Strong and protected market position; well-equipped for the adoption of new technologies

A B C G

Cash-generative business on the back

f capital-light model and flexible cost

base Operational excellence and continued client focus will drive profitability uplift in line with industry peers

D E

Market size 58 68 83 2015 2019 2024F

4% 4%

0% 50% 100% 20 40 60

Sales, 2019A (%)

No. of customers

200+

clients

1.5m+

Customers served daily

Languages spoken

27k

Employees in 20 countries Next generation digital service portfolio Limited technology risk in the foreseeable future 97%

retention

88% 78% 67% 2017A 2018A 2019A Cash conversion2) as % of adj. EBITDA 6,3% 9,2% 2017A 2019A Target

Sel. peers
Adj. EBITDA margin (%)

Double- digit

CAGR Note: 1) For 2017A, no adjustments for acquisitions or Q1 ‘17A cash flow (prior to the take-private by Altor). 2) Cash conversion defined as adj. EBITDA - capex. Source: Third party provider. 1) 2019A incl. ~€2m in non- recurring intangible capex (€ bn)

Targeted and disciplined M&A agenda in a highly fragmented market

Sales of M&A target pipeline ~40 ~22 ~20 ~7 ~4 #1 #2 #3 #4 #5

(€ m)

SLIDE 18

Confidential

Global outsourced customer care services market 58 60 63 65 68 71 74 76 80 83 2015 2016 2017 2018 2019 2020F 2021F 2022F 2023F 2024F

Growing industry with proven resilience through the cycle

Outsourced CRM market to expand on the back of secular trends; profitability stable also through downturns

Peer group reported EBITDA margin1)

Strong market growth expected to continue Levers for increased outsourcing Resilient industry margins through the cycle Profitability levels sustained by market drivers

High and increasing entry barriers ▪ Long established customer relationships ▪

Intl. coverage and skilled staff required to service blue-chip clients

▪ Increased digitisation leading vendors to offer more advanced technology capabilities Increased lock-in effect for SMEs ▪ Technological solutions becoming increasingly important in delivering high-quality customer service ▪ SMEs without necessary technological capabilities request them from vendors, enabling lock-in effect and improved margin control Steady growth with only some volume variability ▪ Strong volume growth in sectors such as e-commerce and logistics ▪ In telco and financial services, digitisation has reduced volume (mainly low value and simple interactions); decline is expected to stabilise, with some volume variability to remain 11% 12% 12% 10% 11% 10% 9% 10% 10% 10% 10% 10% 11% 10% 10% 5 10 15 2005 2007 2009 2011 2013 2015 2017 2019

Note: 1) Average EBITDA margin for industry peers incl. Arvato, Atento, Conduent, Convergys, Group Konecta, Sitel, Startek, Sykes, Teleperformance, Transcom and Ttech (for all years with publicly available financials, based on reported figures). Source: Third party provider.

4% 4% Ongoing digitalisation of customer service activities Value-added and outbound services requirement More complex and multi-channelled interactions Contact centers turning into growth engines (€ bn) CAGR

SLIDE 19

Confidential

Transcom has a strong and protected market position…

Well-entrenched positioning in a market with rising barriers to entry

Gradually increasing barriers to entry to the BPO market

▪ Sticky customer base with high customer integration and long established relationships ▪ Geographical coverage and international capabilities demanded to serve large and international clients

Customer relationships and integration

1.5m+

Customers served daily

13 years

Avg. length of top

10 client relationships

Source: Third party provider.

Transcom differentiates itself with a strong core offering and an increasing focus on value-added services

▪ Languages and dialects act as barriers to several geographical regions and access to global sizable markets

Languages and dialects

Languages

> 60%

Non- English

Contact centers ▪ Increased mobile interaction and higher technical capabilities requirements makes it harder for competitors to enter

AI and virtual agents gradually

replacing tasks and enhancing human performance ▪ Virtual agents expected to be used by 25% of companies in 2020

Increasing digitalisation

Next generation services portfolio with robotics, virtual agents and speech analytics used in live assistance via chat, social media, etc. ▪ Staff needs to be educated and trained to secure high-quality service ▪ Efficient production platform to allow large-scale services and integration with clients ▪ Capabilities within consulting, analytics, integration technology and new technology to yield a competitive advantage and increased efficiency going forward

Investments to develop service offering

27,000

Employees across 20 countries

10 / 10

Industry tech. and platform standards

✓ ✓ ✓ ✓

SLIDE 20

Confidential

▪ Put transactional, historical, behavioral, social and demographic data to a customer profile analysis ▪ Complex and fast-moving field providing business benefits far beyond conventional business intelligence ▪ Rapidly automate simple and repetitive processes, improving customer experience and increasing efficiency - but with less capabilities than artificial intelligence ▪ 30% of volumes expected to be supported by automation and script- based bots in 5 years ▪ Domains analyse information, build models, and test hypotheses to form guidance ▪ Current scope is still narrow – only specific tasks can be undertaken as RPA enablers ▪ 10-15% of volumes expected to be supported or fully- handled by artificial intelligence in 5 years

…and is well equipped for the adoption of new technologies

New technologies to shape the future of the industry; however, limited impact expected over the next 3-5 years

Low technology risk in the foreseeable future

Source: Third party provider.

Description Technology impact Description Technology impact

Robotic process automation (RPA) Cognitive / artificial intelligence

Description

Analytics Transcom to monetise digital service offering with newly-introduced value propositions, e.g. RPA virtual agents, conversational analytics and gamification Customer-centric delivery model and increasing organizational agility Transcom is well positioned to be the party that evolves part of its customers’ contacts to a hybrid model High maturity Low maturity

The future technology in contact centers will involve augmenting human performance rather than replacing agents

✓ ✓ ✓

Transcom assumes a low technology risk over the foreseeable future

SLIDE 21

Confidential

Diversified customer base with long-standing relationships…

Leadership in core markets; over 200 clients with consistently high retention rates

Market-leading position in core markets Long-standing relationships with key clients Diversified customer base High customer retention rates1)

0% 25% 50% 75% 100% 10 20 30 40 50 60 Sales (%)

No. of customers

Client Since Region Industry European mobile operator Global technology client US cable operator Cable 1995 Europe Telecom 2010 US 2002 2007 Tech Global Global logistics client 2007 Global Logistics Spain Spanish bank Financial services Average length of top 10 client relationships: 13 years

Top 3

Market-leading position in Sweden and Norway - the two most consolidated markets in the Nordics

Top 10

2% market share in Europe, placing Transcom amongst the top 10 players globally

97% 99% 97% 2017A 2018A 2019A Client retention rate

200+ clients

Note: Figures as of 2019A. 1) Calculated based on sales. Source: Third party provider.

SLIDE 22

Confidential

…built on a differentiated offering and strong market recognition

Outperforming competition on key purchasing criteria; highly rated by both customers and competitors

Strengths and differentiators Outperforming competition on key purchasing criteria Recognised as a preferred vendor and a strong competitor

Flexibility NS/ML capabilities Quality excellence Digital expertise Client- centricity Competitor average average Low 1 3 4 High 5 Commercial partnering1) Quality of service Digital capabilities Breadth of service types Footprint and language Industry/domain expertise Risk management2) 2 Flexible and customised solutions provided by multiple delivery platforms and models (i.e. Awesome, Flex) Organisation transformed into an agile and client-centric global model Established on-shore/near-shore footprint ensuring strong multi-lingual capabilities and low-cost options Standardised way of working with continuous improvements to offer

utstanding service quality

Investments in innovation and future technology to deliver best-in-class solutions

Note: 1) Commercial model includes innovation and proactivity in commercial relationships, including proposing “win win” models, in addition to flexibility in understanding and meeting client requirements. 2) Risk management includes security, emergency management contingency plans. Source: Third party provider.

“Transcom is our preferred vendor. They are good and offer a solid commercial model" Head of Customer Service, European telco operator ”Transcom’s agents are ready for virtually any situation and guarantee high-quality service all the time” Operations director, Global travel reseller “Transcom deliver tangible results, with even higher customer satisfaction and reduced operating costs” Head of Customer Service, European telco operator ”Customers in our industry require a whole new level of service. We can rely on the agents’ knowledge in our field” CS manager, Global manufacturing company “Transcom is doing really interesting things in their market” Management, competitor

SLIDE 23

Confidential

31% 16% 69% 18% 23% 2% 18% 23% Total costs Indirect costs (€ m) 4,3 8,8 16,5 2017A 2018A 2019A Capex 4.8% 6.3%

Cash-generative business on the back of capital-light model and flexible cost base

(€ m)

Highly variable cost base providing flexibility Capital-light business model Solid cash conversion1)

Direct costs 100% flexible Indirect costs 60% flexible 88% flexible 60% flexible

Solid cash conversion rate with capex geared towards investments in new sites; flexible cost base

32 31 33 88% 78% 67% 2017A 2018A 2019A Cash conversion

Note: 1) Cash conversion is defined as adj. EBITDA - capex. 2) For 2017A, no adjustments for acquisitions or Q1 ‘17A cash flow (prior to the take-private by Altor).

Cost item Flexibility (%) Approach Timing Operational support staff 90% Attrition, temps, pass-on Fast Other direct support 60% Medium Sales & marketing 50% Medium Admin personnel costs 25% Medium Rent & building costs 75% Flexibility in contracts Medium - slow Other G&A 50% Medium NWC as % of sales Cost base 5.6%

2) 2)

2019A incl. ~€2m in non- recurring intangible capex Cash conversion as % of adj. EBITDA

SLIDE 24

Confidential

Peer group EBITDA margin (%)

Source: Company information.

Transcom 2019A 10% 15% 8% 25% 9% 13% 6% 11% Transcom 2017A 13% 18% 5% 13% 20% 9% 32% 9% 26% 12% 25% 22% 21% 11% 21% 20% 18% 17% 17% 16% 16% 15% 14% 11% 11%11% 10% 5% 10% 8% +3%pts Effectiveness & agility ✓ Cost-out programme ✓ Shift towards more profitable segments and delivery models ✓ Targeted M&A ✓ Digitalisation Ø 14% Efficiency ✓ Focus on operational efficiency and productivity ✓ Further repositioning of portfolio ✓ Growth in attractive segments through accretive M&A

2 1

Transcom targets profitability levels in line with industry peers

Double-digit

Operational excellence and continued client focus will drive profitability uplift in line with industry peers

Acceleration of strategic initiatives expected to bridge margin gap vis-à-vis peers

Global, regional and local peers’ profitability levels provide proof of margin uplift potential

5 10 15 20 25 30

SLIDE 25

Confidential

Targeted and disciplined M&A agenda in a highly fragmented market

Estimated BPO CRM market share of top 5 players1) Strong M&A pipeline Fragmented market Sales of potential M&A targets ▪ Selective approach and clearly defined acquisition strategy focused on “polished pearls”, i.e. companies with double-digit profitability, attractive growth potential and complementary assets ▪ Large tail of suitable targets with significant value creation potential ▪ Key criteria for M&A is to improve growth and profitability by strengthening footprint in attractive verticals, geographies and delivery models (incl. healthcare, e-commerce) ▪ Proven track record of successful integration of a number of businesses and sites since Altor’s take-private in 2017 ▪ The tap issue will generate increased firepower for future add-on acquisitions

25% 25%

Global Europe

Note: 1) OES (2018).

Opportunistic pursuit of accretive acquisitions of “polished pearls”

(€ m) ~40 ~22 ~20 ~7 ~4 #1 #2 #3 #4 #5 Northern Europe Central Europe

SLIDE 26

Confidential

Fredrik Cappelen

Chairman of the Board ▪ Chairman of the Board of Transcom, Terveystalo and Dometic ▪ Board member of Securitas ▪ Previously Chairman of Byggmax, Carnegie Investment Bank, Munksjö, Dustin, Cramo, etc.

Brent Welch

Board member

▪ 35+ years of experience in running global operations at a world class peer to Transcom ▪ Global COO of Teleperformance ▪ Former CEO of Teleperformance US and other English speaking countries

Klas Johansson

Board member

▪ Partner at Altor Equity Partners ▪ Board member of Carnegie Investment Bank and BTI Studios

Mattias Holmström

Board member

▪ Director at Altor Equity Partners ▪ Board member of BTI Studios, Meltwater and Curamando

Alfred von Platen

Board member

▪ Previously 20 years entrepreneurship within the Finance and Customer Service industries

Strong management team, committed owner and proficient board

Experienced management team

Steffen Bagge

COO, Europe

Transcom since Aug 2019 ▪ Co-founder, Plecto (’13-’19) ▪ VP, YouSee (’15-’17)

Robert Kresing

GM, Central

Transcom since Sep 2019 ▪ COO, Terram Energie (’18-’19) ▪ MD, Accenture (’12-’17)

Alexandra Dahan

Head of Corporate Projects

Transcom since 2003 ▪ Head of IR, Transcom (’08-’11) ▪ Head of M&A, Transcom (’03- ’08)

Mark Lyndsell

CEO, Global English Region

Transcom since Sep 2009 ▪ Head of Care, Tiscali (’08-’09) ▪ Head of CS, UK Broadband (’04-’08)

Eva Wikmark-Walin

CPO Transcom since May 2019

▪ HR, 4potentials (’18-’19) ▪ Talent Acquisition (’09-’17)

Pernilla Oldmark

GM, Nordics

Transcom since May 2019 ▪ CCO, Cabonline (’16-’18) ▪ Communication, Tele2 (’07-’14)

Juan Brun

GM, Iberia

Transcom since Mar 2016 ▪ Ops Director, Atento (’14-’16) ▪ Ops Director, Transcom (’06- ’10)

Gianluca Gemma

GM, Italy

Transcom since Mar 2012 ▪ Group controller, Ciccolella (’09-’12) ▪ Internal audit, Falck Renewables (’07-’08)

Helene Ruda

Head of Communications

Transcom since Sep 2017 ▪ Director, Sensavis (’15-’17) ▪ DGM Sweden, Bite (’12-’15)

Stefan Berg

CTO

Transcom since Sep 2019 ▪ VP, Electrolux (’14-’18) ▪ CIO, ComHem (’09-’14)

Oliver Cook

Chief Sales Officer

Transcom since Jul 2018 ▪ Senior Director, Diconium (’16- ’18) ▪ Head of Business Development, Sitel (’14-’16)

Jonas Dahlberg

CEO & President since Jan 2020

CFO (outgoing) – recruitment of new CFO in progress Transcom since June 2019 ▪ CFO, Sweco Group (’12-’19) ▪ President, Sweco Russia (‘08-’12)

Supportive Board of Directors

Joined Transcom after Altor’s engagement in 2017

Seasoned leadership team with international experience, strengthened since Altor’s engagement in 2017

Aaron Favara

SVP, Global Accounts & Virtual Work

Transcom since May 2019 ▪ Global executive BPO at Sutherland, Arise Virtual Solutions & West Corporation

SLIDE 27

Confidential

Key financials

4

SLIDE 28

Confidential

46% 38% 33% 37% 38% 38% 17% 24% 29% 579 544 543 2017A 2018A 2019A 2 7 7 4 6 21 4 4 4 3 1 1 2 9 16 20 24 37 34 35 33 15 12 8 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 E/O items (by quarter) E/O items (LTM)

Strengthening financial performance

Sales1) EBITDA E/O items Cash conversion2)

Increasing margins on the back of portfolio shift and tailing-off of E/O items; solid cash conversion

Telco & cable 36 39 50 6,3% 7,2% 9,2% 2017A 2018A 2019A

Adj. EBITDA
Adj. EBITDA margin (%)

(€ m) (€ m) (€ m) 32 31 33 88% 78% 67% 2017A 2018A 2019A Cash conversion Cash conversion as % of adj. EBITDA (€ m)

Note: 1) Breakdown by segment excluding non-material unreconciled sales. 2) Cash conversion defined as adj. EBITDA – capex. 3) For 2017A, no adjustments for acquisitions or Q1 17A cash flow (prior to the take-private by Altor).

2019A incl. ~€2m in non- recurring intangible capex

Services & utilities Telco & cable Commerce & logistics Sales

SLIDE 29

Confidential

Underlying stable revenue development with profitability uplift

Focus on attractive markets, operational improvement, accretive M&A and delivery footprint optimisation

▪ Shift towards attractive growth segments, incl. e-commerce and utilities, which account for 67% of sales as of 2019A. Despite a decline in overall sales from 2017A to 2019A, the underlying sales development was not negative ▪ Top-line decreased over the period primarily following the termination of a loss-making customer within telco & cable in 2017/18A, the discontinuation of brick & mortar

perations in the US (migrating to a work-at-home model), the exit from unprofitable

contracts and the divestment of parts of the Spanish business ▪ The above was offset by acquired growth, mainly with the addition of Awesome, as well as positive momentum in Q4 from the inflow of new contracts in prioritised markets

EBITDA Sales

▪ Strong EBITDA margin expansion from 6.3% in 2017A to 9.2% in 2019A ▪ Profitability uplift mainly from the implementation of the PPP programme, accretive M&A and an increase in off-shore delivery: ▪ PPP programme (~€30m cost take-out): increased operational efficiency within call centers through enhanced team leader utilisation; rightsizing based on process improvements, improved agent to support staff ratios and de-layering; reduction of

verhead functions and transfer of resources on to shared service centers

▪ M&A: positive impact from the acquisition of higher-margin businesses, incl. Xzakt (multi-client servicing for SMEs) and Awesome (e-commerce servicing from the Philippines), as well as the divestment of unprofitable operations in Latin America ▪ Off-shore: increase in high-margin off-shore delivery footprint 36 39 50 6,3% 7,2% 9,2% 2017A 2018A 2019A

Adj. EBITDA
Adj. EBITDA margin (%)

(€ m) (€ m) 21 (25) 6 579 581 2017A Wins Losses 2019 underlying Change in existing customers 0.4%

SLIDE 30

Confidential

Solid Q4 performance and positive momentum in new contract inflow

Stable top-line development and significant margin expansion

EBITDA Sales

(€ m) (€ m) 143 142 Q4 2018A Q4 2019A 15 17 10,8% 11,9% Q4 2018A Q4 2019A Sales

Adj. EBITDA margin (%)
Adj. EBITDA

SLIDE 31

Confidential

E/O items tailing-off

Steadily trending downwards as E/O costs relating to PPP programme, acquisitions and legal claims decline

20.6

E/O items

(€ m) 2017A 2018A 2019A Sales 579 544 543 EBITA incl. E/O items 8 (3) 31 E/O items by category PPP restructuring costs n.a. 14 2 PPP consultancy support n.a. 5 1 Acquisitions and divestments n.a. 6 Legal claims and settlements n.a. 9 2 Management restructuring and other n.a. 3 E/O items 20 35 8

Adj. EBITA

28 32 39

Adj. EBITA margin (%)

4.9% 5.8% 7.2% (€ m) 2 7 7 4 6 21 4 4 4 3 1 1 2 9 16 20 24 37 34 35 33 15 12 8 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 E/O items (by quarter) E/O items (LTM)

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37 18 39 101% 45% 78% 2017A 2018A 2019A Operating free cash flow Operating free cash flow as % of adj. EBITDA

Solid cash flow generation profile

Operating free cash flow

(€ m) 2017A1) 2018A 2019A

Adj. EBITDA

36 39 50 Capex (4) (9) (17) Change in working capital2) 5 (13) 6 Operating free cash flow 37 18 39 As % of adj. EBITDA 101% 45% 78% ▪ Operating free cash flow rose significantly in 2019A on the back of stronger profitability, and in spite of an increase in capex ▪ Capex is primarily driven by investments in tangible assets related to the establishment of new sites, incl. computer hardware and software and office improvements ▪ 2019A saw higher capex in intangible assets (~€5m – of which ~€2m considered non- recurring – up from ~€0.5m in the two previous years) mainly related to investments in IT development costs and licenses (€ m)

Increasing operating free cash flow on the back of higher profitability and in spite of significant investments

Note: 1) For 2017A, no adjustments for acquisitions or Q1 17A cash flow (prior to the take-private by Altor). 2) Deviations in working capital changes vs. balance sheet stem from amongst others acquisition-related balances and accrued interest.

2019A incl. ~€2m in non-recurring intangible capex

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3,8 8,5 11,9 0,5 0,3 4,6 4,3 8,8 16,5 0,7% 1,6% 2,2% 0,7% 1,6% 3,0% 2017A 2018A 2019A Tangible capex Intangible capex Tangible capex as % of sales Total capex as % of sales

Investing in growth, with stable net working capital levels

Capex Net working capital (yearly)

Capex driven by investments in new sites; net working capital typically accounting for ~4-7% of sales

(€ m)

(€ m) 28 34 30 4,8% 6,3% 5,6% 2017A 2018A 2019A NWC NWC as % of sales

1) Note: 1) For 2017A, no adjustments for acquisitions or Q1 17A cash flow (prior to the take-private by Altor).

Net working capital (by quarter)

0% 2% 4% 6% 8% (100) (60) (20) 20 60 100 140 (€ m)

NWC% Prepaid expenses and accrued income Trade receivables Trade payables Other receivables - Current Accrued expenses and prepaid income Other liabilities - Current

2017A 2018A 2019A

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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Confidential

Supporting materials

5

SLIDE 35

Confidential Global outsourced customer care services market – by industry

CAGR ‘15-’19 Telecom “Kill call”-strategies in mature markets, partly offset by more complexity and customers in EM 1.4% 1.5% CAGR ‘19-’24F Other Public sector and utility increasing share of outsourcing as key core drivers 5.5% 5.0% Financial services and insurance Slow growth in mature regions and increased regulations partly offset by more customers in EM 2.5% 2.6% IT and technology Growth on par with market driven by underlying market expansion and overall sector growth 4.6% 4.4% Retail Driven by rise of e-commerce and new business models on customer contact 7.4% 6.3% Healthcare Ageing population, broader access to healthcare (US) and continued increase in outsourcing 11.0% 8.3% Travel and transportation Driven by overall growth in sector coupled with shift from physical to online travel agencies 6.3% 5.6%

2024F 2022F 2021F 2023F

58 60 63 65 74 68 71 76 80 83

CAGR ‘15-’19 North America Increasing outsourcing due to demand for active customer care – service providers also expanding technology platforms. High costs of resources leading to offshoring 3.1% 3.5% Europe Slowing growth in GDP to a great extent offset by an increase in outsourcing share across most countries 3.2% 2.6% Asia Pacific Increasing outsourcing maturity driving strong value on top of comparably high GDP growth. Increasing number of English speakers and cost-effective labor 7.6% 6.4% Latin America Strong non-Brazilian growth – both GDP and wage increases. Rising demand through reduction in telecom rates, rising internet penetration, and increase of educated bilingual agents 6.9% 6.0% Middle East and Africa Solid underlying growth with several industry verticals needing increased customer care spend. Increasing domestic demand and use of outsourcing partners 6.0% 5.3% CAGR ‘19-’24F

2016 2015 2019 2017 2018 2020F 4% 4% 2024F 2022F 2021F 2023F 2016 2015 2019 2017 2018 2020F 4% 4%

Market deep-dive – Strong global industry growth is expected to continue

Increased outsourcing fueling market expansion; healthcare and online-driven sectors to see rapid growth

Global outsourced customer care services market – by region 58 60 63 65 74 68 71 76 80 83

(€ bn) (€ bn)

Source: Third party provider.

CAGR CAGR

Region Industry

41% 28% 16% 12% 3% 42% 30% 14% 3% 11% 44% 31% 2% 10% 12% 31% 20% 4% 6% 8% 10% 21% 28% 19% 4% 8% 9% 10% 22% 25% 17% 4% 10% 10% 11% 23%

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Market deep-dive – The majority of revenue stems from query resolution services

Query resolutions drive the market; steepest growth seen within advisory and acquisitions

Global outsourced customer care services market by offering 12.0% 3.1% 7.0% 4.4% 4.2% 6.1% Query resolution Acquisition Credit and debt collection Advisory Back office Service offering Market size (€ bn, 2019) CRM & retention 44.4 11.1 2.8 1.7 3.4 4.6 “Previously we thought sending sales efforts off-shore was never going to work, we have been proved otherwise and I think we will see growth in sales activities going forward“ Head of Business Development, Global CC BPO vendor “I think we will see an increase in complex and advanced tech support – end-user customers get more information, they get increasingly knowledgeable and will be more demanding“ Head of Customer Service, Telco Operator “There will be more focus on pro-active customer contacts based on intelligent analytics and prediction of customer needs – which obviously drives our demand for first line data" Head of Customer Ops, Global Telco Operator 3.1% 6.1% 4.2% 8.8% 4.0% 5.4% CAGR (‘19-’24F) CAGR (‘15-’19)

Source: Third party provider.

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Market deep-dive – Key profitability drivers

Service line and industry outsourcing maturity as key determinants of profitability

Key profitability drivers Service line mix key to drive profitability in accounts Shoring profitability varies significantly2)

3% 8% 11% 13% EBIT margin1) (%) 0-10% 7-15% 15-20% 10-15% On-shore Work-at-home Near-shore Off-shore 0-10% 15-25% ▪ Maturity levels differ significantly between regions and offerings ▪ Within verticals, there are several less (more) mature niches giving sources of higher (lower) margins EBIT margin1) (%) Back office Query resolution Acquisitions &

nboarding

CRM & retention Advisory & analytics Credit & collections

Healthcare Telecom Utilities Travel Retail Technology

Maturity

Industries

utsourcing maturity

and service mix vary

EBIT margin1) (%)

Financial services Public sector 36

Note: 1) As of 2018. 2) Stated margins are QRC focused. Source: Third party provider.

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Overview of Transcom’s CSR initiatives

Transcom fully supports the ten principles of the UN Global Compact with respect to human rights, labor rights, environmental care and anticorruption work. These principles are an integral part of the corporate strategy, business culture and day-to-day operations Code of business conduct Supplier code of business conduct Environmental policy

Ethical practices adopted across the company and the standards to which the people are expected to aspire Standards to which Transcom’s suppliers and partners are expected to adhere Transcom’s commitment to a responsible approach to reducing environmental impact of the business and to encourage people to adopt environmentally-friendly working practices

Transcom Cares Transcom Cares launched in 2013 as the global CSR program and deployed in all regions with a focus on people development, equality & diversity and community engagement

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2019 ▪ Acquisition of TMS connected! outside of the bond group, creating a center of excellence for utilities and strengthening exposure to the German market ▪ Carve-out of ASA Informationsdienste (DPV), further strengthening the position in the German market ▪ Establishing an innovation hub ▪ Opening of the IT Development Hub in Zagreb 2007 Strengthened presence in the North American market with the acquisition of NuComm International 2001 Listing on the OMX Nordic Exchange 2009 Opening of two new sites in the Philippines and doubling the capacity in that market 2004 Expansion into Hungary with the acquisition of customer management business MarketLink 2002 Acquisition of a majority stake in a Spanish customer management business, Gestel 2017 ▪ Taken-private by Altor ▪ Acquisition of Xzakt Kundrelation ▪ Launch of the transformation program: People, Passion, Performance 1995 Founded by Swedish investment company Kinnevik, as a customer service outsourcing provider to a division of Tele2

1995 2020 2000 2005 2010 2015

2018 ▪ First-time public debt issuance of €180m 6.5% Senior Secured Notes due 2023 (currently Moody’s: B3 / S&P: B-) ▪ Acquisition of Awesome OS and strengthening of digital capabilities as well as focus on the e-commerce industry ▪ Expansion to Albania by take-over of a site in Durres

MarketLink

Today

Founded in 1995 – taken-private by Altor 2017 – transformation since then

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A leading provider of outsourced customer relationship management solutions

Multi-channel offering with a strong focus on digital

Note: 1) QRC = Query, Request and Complaint. 2) CRM = Customer Relationship Management.

▪ Protect revenue streams and turn potential defectors into fans ▪ Recover debt and rehabilitate customers ▪ In-house teams for legal process ▪ Support complex products in day-to-day service interactions ▪ Generate new sales directly from existing customer base ▪ Adept at building relationships ▪ Handling questions ranging from technical support to information requests and service complaints ▪ Quality, accuracy, speed, efficiency and sales targets ▪ Reinforce buying decisions brand relationships ▪ Acquire new customers cost efficiently and uncover customer needs Consulting services Quality optimisation ▪ Back office for Financial & banking, Telco and Utilities ▪ Legal back office Sales & acquisition Customer care Technical helpdesk Cross-sell Up-sell Loyalty Collections Back office Retention

Transcom’s segment of the outsourcing market... …covered through a strong portfolio offering

Customer care Acquisition &

nboarding

QRC management1) CRM & retention2) Credit operations Advisory & analytics Back office Finance & Accounting Admin HR Supply Chain Vertical processes (Industry specific) IT Outsourcing

Transcom operates in the

utsourced customer care market

– a sub-segment of the wider

utsourcing market

39 Business Process Outsourcing (BPO) Horizontal Processes (similar across industries) Outsourcing market

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Focus on operational efficiency and productivity

Aiming for best-in-class performance in operations

In the next stage, the PPP programme will be focusing on enhancing Transcom’s efficiency and productivity Until recently, the PPP programme has been focused on improving Transcom’s effectiveness and agility

II. I.

Paid absenteeism

1% unit

Efficiency +1-2% units Attrition

10% units

Indicative adj. EBITDA sensitivity to changes in selected operational metrics1)

+ €5-10m + €2-5m + €2-3m

Increasing productivity by one

minute per hour

boosts bottom line by ~1% Payback time for

educating a new employee is around

3-6 weeks

✓

Customer-centric delivery model

✓

Focus on digital

✓

€33m cost take-out Shift in PPP programme focus from operational effectiveness to efficiency

Note: 1) Estimates reflecting IFRS 16 accounting.

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E/O items driven by specific initiatives and events of a non-operating nature

Restructuring cost PPP Consultancy support for PPP Acquisition and divestitures Legal claims and settlements with clients Management restructuring and other

▪

Exiting unprofitable contracts

▪

Severance cost

▪

Onerous leases

▪

Acquisitions of Transcom, Awesome, Durrës, ASA

▪

Divestments of Chile, Legal services

▪

Transformation support

▪

Spain social cost claim

▪

Client settlement

▪

Other claims

▪

Management restructuring

1,8 9,8 1,3 1,1 0,3 3,5 0,1 (1,5) 1,0 2,7 0,1 1,1 0,2 0,0 0,2 0,0 3,2

0,4 1,4 (1,6) 0,3 0,1

0,2 0,9 1,6 0,1 0,2 0,0

0,4 1,0 (0,1) 1,9

Q1 2018 Q1 2019 Q2 2018 Q3 2018 Q4 2018 Q2 2019 Q3 2019

E/O items by quarter

Q4 2019 (€ m)

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P&L

Transcom Group

(€ m) 2017A 2018A 2019A Q4 2018A Q4 2019A Revenue 578.6 543.6 543.1 143.0 141.8 Direct operational costs (392.8) (362.6) (349.0) (91.7) (88.4) Contribution profit 185.9 181.0 194.1 51.3 53.5 Direct support costs (60.7) (56.7) (52.2) (14.1) (12.9) Gross profit 125.2 124.4 141.8 37.2 40.6 G&A (88.9) (85.1) (91.9) (21.8) (23.8) EBITDA incl. IFRS 16 n/a n/a 62.9 n/a 20.2 EBITDA 36.3 39.3 49.91) 15.4 16.8 Depreciation and amortisation (8.2) (7.7) (10.9) (2.1) (4.1) EBITA 28.1 31.6 39.1 13.3 12.7 M&A amortisation (6.0) (9.5) (10.9) (2.7) (2.7) Extraordinary items (20.0) (34.6) (8.4) (3.6) (0.5) EBIT 2.1 (12.5) 19.7 7.0 9.5 Service fee (0.0) 0.1 (0.0) 0.1 (0.0) Net financial result 2.1 (19.7) (17.6) (3.9) (5.0) Income tax expense/income (4.4) 1.3 (2.5) 3.0 3.3 Net income (0.2) (30.8) (0.4) 6.3 7.8

Note: 1) EBITDA 2019A of €49.9m vs. “Bond” EBITDA 2019A of €47.5m.

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P&L based on IFRS 16

Transcom Group

(€ m) 2019A Q4 2019A Revenue 543.1 141.8 Direct operational costs (349.0) (88.4) Contribution profit 194.1 53.5 Direct support costs (51.9) (12.7) Gross profit 142.2 40.7 G&A (79.3) (20.5) EBITDA 62.9 20.2 Leasing depreciation (IFRS 16) (12.9) (3.4) Depreciation and amortisation (10.9) (4.1) EBITA 39.1 12.7 M&A amortisation (10.9) (2.7) Extraordinary items (8.4) (0.5) EBIT 19.7 9.5 Service fee (0.0) (0.0) Net financial result (17.6) (5.0) Income tax expense (2.5) 3.3 Net income (0.4) 7.8

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Transcom Group

(€ m) 2017A 2018A 2019A Goodwill 174.1 210.4 205.2 Other intangible assets 96.5 112.1 104.6 Tangible assets 14.3 17.9 47.4 Deferred tax assets 0.7 2.4 1.3 Other receivables 2.9 2.2 3.0 Non-current assets 288.6 345.0 361.5 Trade receivables 62.5 71.1 59.1 Income tax receivables 5.5 4.5 6.3 Other receivables 8.7 10.8 13.3 Prepaid expenses and accrued income 40.9 37.8 36.0 Cash and cash equivalents 17.2 12.9 14.3 Current assets 134.9 137.1 128.9 Assets 423.5 482.1 490.4 Equity (128.0) (105.7) (105.1) Interest-bearing liabilities (113.5) (216.7) (201.0) Employee benefit obligations (2.6) (2.6) (3.3) Leasing liabilities

(16.0)

Provision (0.2) (18.1) (13.7) Deferred tax liabilities (24.0) (27.3) (21.0) Non-current liabilities (140.3) (264.7) (255.0) Interest-bearing liabilities (62.9) (1.3) (13.7) Leasing liabilities

(11.4)

Provisions (3.9) (22.5) (20.7) Trade payables (21.6) (23.8) (18.8) Income tax payables (3.6) (2.3) (6.3) Other liabilities (23.2) (21.1) (18.6) Accrued expenses and prepaid income (39.9) (40.7) (40.7) Current liabilities (155.2) (111.7) (130.3) Liabilities (295.5) (376.4) (385.3) Equity and liabilities (423.5) (482.1) (490.4)

Balance sheet

Note: Estimated capital structure as of the end of February to include i.a. SSN of €180m, SUN of €10m, drawn SSRCF of €32m, local facilities of €2m and cash on balance of €14m.

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Cash flow

Transcom Group

(€ m) 2017A 2018A 2019A Profit/loss before tax 2.6 (32.2) 2.1 Adjustments for non cash items 14.6 30.1 33.4 Net financial items (4.0) 19.7 17.6 Income taxes paid (4.6) (2.3) (7.5) Cash flows from op. activities before changes in working capital 8.6 15.2 45.7 Changes in working capital 4.8 (12.7) 5.7 Cash flow from operating activities 13.4 2.5 51.4 Capital expenditure (185.8) (42.8) (17.6) Changes in other non-current assets 0.9 0.9 (0.8) Interest received 0.2 0.1 0.3 Cash flow from investing activities (184.7) (41.8) (18.2) Proceeds from borrowings 143.3 219.1 25.5 Repayment of borrowings (23.4) (181.6) (29.0) Payment of finance lease liabilities (0.0) (0.0) (11.9) Shareholder contribution 77.2 8.5

Interest and other financial costs paid

(5.8) (12.0) (16.7) Cash flow from financing activities 191.4 34.1 (32.1) Cash flow for the period 20.1 (5.2) 1.1 Cash and cash equivalents at beginning of period (0.0) 17.2 12.9 Exchange rate differences in cash and cash equivalents (2.9) 0.9 0.3 Cash and cash equivalents at end of the period 17.2 12.9 14.3

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Confidential

Reconciliations

the table sets out the differences between the Transcom Group P&L as presented in this presentation and numbers presented in the January 2020 public NDR presentation

Reconciliation with previously disclosed figures

Reconciliation table – Transcom Group

(€ m) 2017A 2018A 2019A Q4 2019A Revenue in presentation 578.6 543.6 543.1 141.8 Difference 5.4 (0.0) (1.6) (0.0) Revenue in NDR presentation/year-end report 584.0 543.6 541.5 141.8 Adjusted EBITA in presentation 28.1 31.6 39.1 12.7 Difference 1.9 0.0 (0.1) (0.0) EBITA in NDR presentation/year-end report 30.0 31.6 39.0 12.7 Adjusted EBITDA in presentation 36.3 39.3 49.9 16.8 Difference 1.9 (0.1) (1.1) (0.2) Adjusted EBITDA in NDR presentation/year-end report 38.2 39.2 48.8 16.6 2017A ▪ Xzakt was acquired in mid-2017 (consolidated from July 1st 2017). In this presentation the P&L excludes the results from Xzakt up until the acquisition. In the public presentation the numbers are presented on a pro-forma basis, i.e. such as if Xzakt had been acquired January 1st 2017 2018A ▪ EBITDA difference due to rounding 2019A ▪ Revenues: as part of an agreement with a customer (following a dispute) revenues/invoicing of €1.6m was written-off. Internally the company views this as a

ne-off impact on revenue. As the numbers in this presentation are presented on an

adjusted basis, revenues are, as in the internal management accounts, presented excluding the one-off write down. In the public information presented on an adjusted basis, this one-off impact is instead taken into account within cost of sales, resulting in revenues of €541.5m and €1.6m lower costs (i.e. neutral EBITDA impact) ▪ Adjusted EBITA: the P&L in this presentation is sourced from internal management accounts and presented in accordance with the management accounts. One account in the management accounts is “service fee”, which relates to FX differences on internally charged management fees and is reported below EBITA in the management accounts and presented in that way in this presentation. However, management’s view is that this is in fact an operational item and hence the net impact is presented above EBITA in the public information. For 2019A, the service fee/FX item was €(19)k ▪ Adjusted EBITDA: difference refers to; i) same difference as on EBITA level and ii) that the interest component related to IFRS16 is treated below EBITA in this presentation (when excl. IFRS16 it should be treated above EBITA which is not done in this presentation due to the relatively immaterial amount) Q4 2019A ▪ No difference on revenue and EBITA, difference on EBITDA same explanation as in the 2019A period but the impact is only for 3 months

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