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Fourth Quarter 2012

Interim Report. Fourth Quarter 2012. CEO Arne Mjøs CFO Torunn Havre Oslo, 27th February 2013. 2012 in brief. Top 10 customers growth. Top 30 customers growth. Top 1 customers growth. +85 %. +29%. +21%. L arger projects and clients Increasing cost efficiency

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Fourth Quarter 2012

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  1. Interim Report Fourth Quarter 2012 CEO Arne MjøsCFO Torunn Havre Oslo, 27th February 2013

  2. 2012 in brief Top 10 customers growth Top 30 customers growth Top 1 customers growth +85% +29% +21% • Larger projects and clients • Increasing cost efficiency • Improvement in profitability and operational cash flow Growth in PEX per employee Nearshore share of Top 10 customers Nearshore share of employees 50% 22% -3% Net operational cashflow EBIT EBITDA 7 MNOK 26 MNOK 23 MNOK Fourth Quarter 2012

  3. Highlights in the fourth quarter RevenuesNOK million • Revenue • NOK 113 million, down -7 % • Net revenues down -1 %. • EBITDA • NOK 6.8 million • EBIT • NOK 1.7 million • One-offs • Profit is impacted by NOK -1.4 million due to change in account principle • Improving operating performance • Larger clients and projects with higher revenue visibility • Improving utilization • Increasing share of nearshore EBITNOK million Fourth Quarter 2012

  4. Financial Review Fourth Quarter 2012

  5. Key figures Profit is charged by one-off items of NOK 4.2 million in 2H, of which NOK 1.4 million in Q4 due to changes in account principles. Compared to last year, profit is improving quarter over quarter. Fourth Quarter 2012

  6. Statement ofincome Gross profit (net revenues) increased 5 % in 2012 while total operating expenses remained at the previous year’s level. Fourth Quarter 2012

  7. Statement offinancialposition Equity ratio of 40.8% compared to 39.6 % in 2011 Fourth Quarter 2012

  8. Statement of cash flow Net operating cash flow Strong improvement in operational cash flow in 2012. Fourth Quarter 2012

  9. Quarterlydevelopment Operating revenue NOK million Employees End of period EBITDA NOK million EBIT NOK million Fourth Quarter 2012

  10. STRATEGY UPDATE Fourth Quarter 2012

  11. Market environment Market drivers • Digitalization and innovation drives growth • Global sourcing is now commonplace delivered as a component of most service offerings • Two-fold development in pricing • Continued pressure in basic services through increasing global sourcing • Prices for high value added services are increasing moderately Fourth Quarter 2012

  12. Itera is a communication and technology company that creates new and better solutions for businesses and the future of people Fourth Quarter 2012

  13. ONE Itera CEO Arne Mjøs Group Functions CFO Torunn Havre Business development Strategic accounts TBA Business consulting and communication Business Unit EVP KristianEnger Technology consulting Business Unit EVP Anders H. Lier Managedservices Business Unit EVP Jon Erik Høgberg Unified delivery and Nearshore Business Unit EVP Igor Mendzebrovski Itera Gazette Itera Consulting NOR Itera Networks NOR Itera Offshoring Services Itera Consulting DK Itera Networks SWE Cicero Consulting Compendia Itera Consulting SWE Organizational structure that supports the logical flow of service offerings Business Development unit for strategic corporate accounts One service offerings catalogue across all units Unifying processes, methodology and systems Simplifying brand building and communication Fourth Quarter 2012

  14. Service Offerings Insight andStrategy Operations Consulting Testing ConceptandDesign SystemDevelopment Footer Footer / 13.09.2014 / 14

  15. Innovation Key focus areas Collaboration BusinessIntelligence ServiceDesign Innovation Cloud • Banking and Insurance Distributions Solutions Footer

  16. Larger customer engagements and improving cost efficiency Top 3 customers • Top 10 customers up by 36% in Q4 • Top 30 customers up by 34% in Q4 • 21 customers show 89% growth in average • 9customers show -29% growth in average • 50% of Top 10 customers are buying nearshoring services at a higher growth rate than local services • Blended rate (onshore and nearshore) is increasing our price flexibility in addition to unlimited access to resources • Personnel expenses per employee is down by -6 % in Q4. Nearshore ratio Fourth Quarter 2012

  17. Outlook Fourth Quarter 2012

  18. Outlook • Customer demands remain strong in all Nordic markets • Profitable growth and cash flow are key focus • Scaling up our nearshoring capability will continue to ensure future competitiveness • Larger projects and customers should gradually increase revenue visibility, efficiency and scalability • Itera makes no forecasts Fourth Quarter 2012

  19. Top 20 shareholders Fourth Quarter 2012

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