Q3 2015 results20 November 2015

2

Cxense enables businesses to increase digital revenue

> INCREASE CONVERSION

> INCREASE DIGITAL REVENUE

..to create more more personalized

and engaging user experinces

Enables businesses to gather,

analyze and use data…

CUSTOMER BENEFITS

3

Operational data reflect increasing impact

Events = page-views Sessions= Continuous browsing event (less

than 30 minutes pause) with one browser

Device = Browser with unique history. A user

using Opera, Firefox and Chrome on one PC

equals 3 devices. Mobile, iPad and so on are

devices, as is one PC with several unique logins

# Events interacting with Cxense # Sessions interacting with Cxense # Devices interacting with Cxense

0

5

10

15

20

25

30

35

40

45

Q3'1

1Q

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Billion

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Q3'1

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Million

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5

Million

4

Growing customer base and adoption across verticals

VerticalsTime

Media

Publishers and Broadcasters

Sports

Financial services

Consumer brands

e-commerce and

classifieds

Cxense customers Q3’15

5

389

619

8871 065 1 110

1 500

1 708

3 212

4 174 4 115 4 140 4 152

3 881

3 540

4 818

Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

Group revenue*USD 1 000

Revenue development

*Figures for period Q2’12 to Q1’13 are restated to exclude the discontinued operations of PPN AG

6

Strategic development

…market leading technologies, offerings and people

• Acquired in Q3’15

• Strengthens Cxense’s video platform

• Drive monetization of tier-one media sites

• Accelerates North America expansion

• Acquired in Q2’15

• Enables businesses to optimize advertising campaigns

• Complements product offerings and technology competence

• Complements customer base

Combining Cxense DMP with…

• Acquired minority stake in Q2’15

• Signed 3 year OEM licensing agreement in Q2’15

• Strengthens mobile ecommerce offering

• mporium a marketing channel for the entire Cxense SaaS suite

+

+

+

7

Recent contracts

Vertical Publisher e-commerce Online media e-commerce/publisher

Region EMEA EMEA Japan North America

Cxense

deliveries

• Cxense Maxifier (advertising

optimization) products

• Cxense Insight (real-time

analytics)

• Cxense DMP (Data

Management Platform)

solutions

• Cxense Insight (real-time

analytics)

• Cxense DMP (Data

Management

• Platform)

• Cxense Advertising products

• Cxense DMP (Data

Management Platform)

• Cxense Content (site

personalization)

• Cxense Maxifier (advertising

optimization) products

8

Financials

9

Growth effects Change

USD 1 000 Q2 2015 Acquired Organic Q3 2015 q/q

Revenues 3 540 4 818 36 %

SaaS segment 2 954 712 517 4 183 42 %

PCAN segment 620 55 675 9 %

Inter-segment elimination (34) (5) (39)

Gross profit 2 426 655 565 3 646 50 %

Gross margin SaaS segment 78 % 83 %

Gross margin PCAN segment 24 % 24 %

OPEX 5 518 5 779

Non-IFRS OPEX adjustments (901) (523)

OPEX adjusted 4 617 1 470 (831) 5 256 14 %

EBITDA (3 092) (2 134)

EBITDA adjusted (2 191) (815) 1 396 (1 611) 26 %

Revenue increase and profitability improvement vs last quarter

10

3 530

4 183

553

0

1 000

2 000

3 000

4 000

5 000

SaaS segment: Q3 2015 revenues vs Q3 2014

USD 1 000

Q3’14

4 736

18%

34%

Q3’15

Accumulated currency effect - add back

Reported SaaS segment revenue

• USD appreciation vs other

currencies masks year-over-year

growth

• 34% year-over-year growth when

accumulated currency effect is added

back

*Cxense presentation currency is USD, but the majority of contracts are denoted in other currencies. When the

USD appreciates against all other currencies, as is the case for the period Q3’14 to Q3’15 the value of recurring

revenues presented in USD decreases. See Q3’15 report page 4 for currency effect per quarter.

11

Underlying organic growth with positive trend

• Annualized revenue on contracts

closed in Q3’15 at second highest

level so far

• Increasing trend over last 4 quarters

• Churn declined

• Q3’15 net value of new contracts and

churn translates to 10% quarterly

organic growth

876

1 320 1 404 1 476

2 652

1 716

804 964

1 100

1 784

1 032

2 441

(1 084)

(212)(308)

(1 668)

(892)

(520)

(2 000)

(1 500)

(1 000)

(500)

-

500

1 000

1 500

2 000

2 500

3 000

Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

Recurring revenue on contracts closed in qtr. 1)

New recurring revenue effect in reported figures

Lost recurring revenue (churn)

1 Annualized recurring revenue effect of quarterly performance

12

New contracts

Quarterly number of new contracts

11

14

11

7

11

2122

34

31

37

31

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

Sales efficiency per sales representative*USD 1 000

240

288312 300

528

404

Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

1) Sales efficiency: Annualized recurring revenue effect of contracts closed on a yearly basis per sales rep

13

Acquisition of Ramp Media adds to North American revenue base

2 954

712

517 4 183 290

800

400 5 633

0

1 000

2 000

3 000

4 000

5 000

(40)

Q3’15

reported

Q2’15

reported

revenue

SaaS

segment

revenue

"run-rate"

estimate

Acquired

revenue

Organic

growth

Quarterly SaaS segment revenues – reported vs “run-rate” USD 1 000

Full effect

of known

churn until

30 October

2105

Full effect

of

contracts

closed until

30 October

2015

Estimated

Q4 effect

of Ramp

Media

Estimated

additional

full effect

Ramp

Media

• Asset Carve out transaction

• Consideration: USD 10m +/- closing adjustments + revenue growth dependent earn-out structure (max USD 9m)

• Annualized revenue of ~ USD 5m

• Minor part of portfolio expected to be discontinued business

• North American customer portfolio with

up-sell potential

• Stronger North American organizational

foot-print

• Attractive Video Software offering

The Ramp Media acquisition closed 22 October 2015

Will partly effect in Q4’15 – full effect from Q1’16

14

5 744

4 417

5 056

5 6351 470

(831)

(396)

975

0

1 000

2 000

3 000

4 000

5 000

6 000

Significant OPEX reductions realized

Q2 2015

OPEX

adjusted

Realized

OPEX

reduction

Maxifier

integration

Q3 OPEX

adjusted

Q3 2014

OPEX

adjusted

Maxifier

Q2 run-

rate OPEX

Estimated

OPEX from

Ramp Carve

out at take-

over

OPEX

run-rate

Expected

full effect

from

Maxifier

integration

50% by end of

Q4 and 100%

by end of Q1

2016

• Cxense continues to focus on

profitable growth

• Modest net OPEX increase from

Maxifier acquisition due to cost

synergy realization

• According to plan

• Even after the Maxifier and Ramp

Media acquisitions, the OPEX run-

rate is lower than OPEX one year

ago

SaaS segment: Quarterly OPEX – reported vs “run-rate” USD 1 000

15

1 884

2 376492

Existing Aquired Total

45

8641

Existing Aquired Total

R&D capacity almost doubled at 26% cost increase through Maxifier acquisition

+91% +26%

• New Russian development office with 41 R&D resources will strengthen future development output

R&D headcountFTEs

R&D OPEXUSD 1 000/quarter

16

Cash flow

• The Q3’15 cash flow used in operations is higher than

EBITDA due to transaction costs paid, but accrued in

previous quarter

• Over time the cash flow from operations will reflect reported

EBITDA

• Investment in intangible assets reflects capitalized R&D

cost for the quarter

• Capitalization of R&D costs started in 2015

• Investments in subsidiary line includes the addition of the

Maxifier cash position

Cash flow statement Q3 2015 Q3 2014

Cash flow from operating activities

P/(L) before income tax (2 894) (3 009)

Adjustments:

Income tax payable (104) (66)

Share- based payments 156 137

Result from investment in associates 692 -

Depreciation and amortization 566 335

Currency translation effects (864) 17

Change in trade receivables (191) (500)

Change in trade payables 380 (650)

Change in other accrual and non-current items (732) (1 321)

Net cash flow from / (used in) op. activities (2 990) (5 058)

Cash flow from investing activities

Investment in fixed assets (68) (331)

Investment in intangible assets (378) -

Investment in associated companies - 5

Investment in subsidiary (1) 193 -

Sale of subsidiary (1) - -

Net cash flow from / (used in) investing activities (254) (326)

Cash flow from financing activities

Net proceeds from share issues - (338)

Proceeds from minority interest - -

Net cash flow from / (used in) finaning activities - (338)

Net inc / (dec) in cash and cash equivalents (3 244) (5 722)

(1) Cash effects are net of cash received on sale of subsidiary,

and cash held by the subsidiary.

17

Financial position

• Non-current asset increased due to:

• Maxifier and mporium acquisitions

• Capitalization of RnD costs, ~20% of 2015 R&D cost

• Current liabilities increased

• Maxifier deferred revenue consideration (potential earn-out payment to be paid in shares)

• Deferred revenue from mporium transaction

• Cash position strengthened by equity issues completed

after end of Q3’15

• USD 11.4m raised to finance USD 4.5m Ramp cash consideration and general working capital purposes

USD 1 000 As at 30 Sep 2015 As at 30 Sep 2014

Total non-current assets 20 845 9 235

Total current assets 5 841 10 441

Total Assets 26 686 19 676

Total Equity 13 940 14 219

Total non-current liabilities 1417 562

Total current liabilities 11 328 4 894

Total equity and liabilities 26 686 19 676

18

Operations

19

Cxense is well positioned for further growth

CxVideo - Patented video

metadata capabilities CxenseCxense

CxVideo – Award-Winning MetaPlayer

Cxense

1) Source: Cisco Systems

By 2017 video will account for 69% of all consumer internet traffic*

20

Solid portfolio with large upsell opportunities

Value at signing Value end Q3'15

Value at signing Value end Q3'15

Value at signing Value end Q3'15

Meredith (NORTH-AMERICA)

• Existing RAMP customer

• Upsell to Cxense personalization engine to drive more engagement

Commercial Bank of Dubai (EMEA)

• Signed in march 2015

• Rapid and cost-effective implementation simplified the buying process

• Strong results over six months, CBD expanded the contract to more use cases

DISCO (JAPAN)

• Signed DMP in May 2014

• Upsell on Cxense personalization engine to to drive more engagement

+63%

+41%

+26%

21

Cxense delivers extraordinary results for our customers

38CLICK THROUGH

RATE ON FRONT

PAGE WITH CXENSE

RECOMMENDATIONS

+ %42

CREDIT CARD

APPLICATIONS

+ %

Summary and outlook

23

Summary and Outlook

• Record revenue driven by recurring SaaS business growth

• Maxifier integration completed with widened product offering and cost reductions

• Adjusted EBITDA improvement

• Raised USD 11.4m in new equity to acquire SaaS company Ramp Media

• Strengthening video solution offering and adding clients in North America

• Continuing expansion into new verticals with organic and acquired growth

24

Appendix

25

Global footprint established to support regional customers

The Group`s software solutions are sold by a global sales organization organized in five regions: EMEA, North America, Latin America, Japan and APAC. The regional sales

organizations include functional areas such as Sales, Sales Support and Onboarding / Implementation.

OSLO

ZURICH

LONDON

MADRIDNEW YORK

MIAMI

BUENOS AIRES

TOKYO

SINGAPORE

Organization of 17 sales people:

• High end sales ”The Elephant Hunters”

• Regional sales

• Online sales Cxense.com

MOSCOWBOSTON

26

Income Statement

USD 1 000 Q3 2015 Q3 2014

Revenues consolidated 4 818 4 142

Cost of goods sold 1 173 1 114

Employee benefit expense 3 970 4 188

Depreciation & Amortisation expense 566 335

Other operating expense 1 809 1 722

Total operating expense 7 518 7 359

Net operating income/(loss) (2 700) (3 217)

Net financial income/(expense) 523 74

Share of profit from associated companies (692) -

Net income/(loss) before taxes (2 869) (3 143)

Income tax expense 25 (62)

Net income/(loss) for the period (2 894) (3 081)

27

Consolidated Statement of Financial Position

USD 1 000 As at 30 Sep 2015 As at 30 Sep 2014

Non-current assets

Goodwill 9 329 3 807

Deferred tax asset 36 10

Intangible assets 7 215 4 778

Office machinery, equipment,etc. 690 561

Investments in associated companies 3 307 -

Other financial assets 268 79

Total non-current assets 20 845 9 235

Current assets

Trade receivables 2 712 2 716

Other short-term assets 997 2 201

Cash and cash equivalents 2 131 5 524

Total current assets 5 841 10 441

Assets classified as "held for sale" - -

Total Assets 26 686 19 676

Total Equity 13 940 14 219

Non-current liabilities

Deferred tax liabilities 1 417 562

Total non-current liabilities 1417 562

Non-current liabilities

Trade payables 1 524 1 191

Current taxes 123 99

Other short-term liabilities 9 681 3 604

Total current liabilities 11 328 4 894

Liabilities related to assets "held for sale" - -

Total equity and liabilities 26 686 19 676

28

Cash Flow Statement

Cash flow statement Q3 2015 Q3 2014

Cash flow from operating activities

P/(L) before income tax (inc. disposal group) (2 894) (3 009)

Adjustments:

Income tax payable (104) (66)

Share- based payments 156 137

Result from investment in associates 692 -

Depreciation and amortization 566 335

Currency translation effects (864) 17

Change in trade receivables (191) (500)

Change in trade payables 380 (650)

Change in other accrual and non-current items (732) (1 321)

Net cash flow from / (used in) op. activities (2 990) (5 058)

Cash flow from investing activities

Investment in fixed assets (68) (331)

Investment in intangible assets (378) -

Investment in associated companies - 5

Investment in subsidiary (1) 193 -

Sale of subsidiary (1) - -

Net cash flow from / (used in) investing activities (254) (326)

Cash flow from financing activities

Net proceeds from share issues - (338)

Proceeds from minority interest - -

Net cash flow from / (used in) finaning activities - (338)

Net inc / (dec) in cash and cash equivalents (3 244) (5 722)

(1) Cash effects are net of cash received on sale of subsidiary,

and cash held by the subsidiary.

29

Important notice

THIS PRESENTATION AND ITS ENCLOSURES AND APPENDICES (HEREINAFTER JOINTLY REFERRED TO AS THE “PRESENTATION”) HAVE BEEN PREPARED BY CXENSE ASA

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INFORMATION INCLUDED IN THIS PRESENTATION.

THIS 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 PROJECTIONS OF THE COMPANY OR ASSUMPTIONS BASED ON

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