Status MamutStatus Mamut

Werner Risberg, VP Sales Werner Risberg, VP Sales 1414thth October 2004 October 2004

VisionVisionTo simplify the way small organizations do businessTo simplify the way small organizations do business

Mission StatementMission StatementTo empower all organizations with effective and user friendly To empower all organizations with effective and user friendly administrative tools in order to improve their business administrative tools in order to improve their business processesprocesses

Strategic GoalStrategic GoalBecome a leading provider of small business solutions in Become a leading provider of small business solutions in Northern EuropeNorthern Europe

Mamut ASAMamut ASA Company OverviewCompany Overview

•• Est. 1994, IPO May 2004Est. 1994, IPO May 2004

•• 161 employees (58 int.)161 employees (58 int.)

•• Operations in NO, SE, NL&UK Operations in NO, SE, NL&UK

•• Organic growth business modelOrganic growth business model

•• 93% of revenues from Mamut sw.93% of revenues from Mamut sw.

The Company Organization

Sales 66 Sales 66

Operations 15 CustCare 38Operations 15 CustCare 38

Product/R&D 42Product/R&D 42

Company Attributes Markets•• Centralized org. at head officeCentralized org. at head office

•• Localized business softwareLocalized business software

•• Integrated web-based service Integrated web-based service

•• Full customer care/tech supportFull customer care/tech support

•• Partner-centric business model Partner-centric business model

•• Experienced organizationExperienced organization

•• NorwayNorway

•• SwedenSweden

•• The NetherlandsThe Netherlands

•• UKUK

•• 38.000 customers38.000 customers

•• 75.000 users75.000 users

Business UpdateBusiness UpdateHighligts Q3 2004Highligts Q3 2004

Partner agreement with Norstedts Juridik (SE)Partner agreement with Norstedts Juridik (SE) Mamut has entered into a strategic partnership and OEM Mamut has entered into a strategic partnership and OEM

agreement with Swedish Wolters Kluwer unit Norstedts Juridik. agreement with Swedish Wolters Kluwer unit Norstedts Juridik. The initial agreement covers Sweden and Norway with an option to The initial agreement covers Sweden and Norway with an option to extend the agreement in additional marketsextend the agreement in additional markets

Expansion of Small Business Concierge to NO, SEExpansion of Small Business Concierge to NO, SE Small Business Concierge will be launched in the UK, the Small Business Concierge will be launched in the UK, the

Netherlands, Sweden and Norway during October and November, Netherlands, Sweden and Norway during October and November, in cooperation with Microsoftin cooperation with Microsoft

New major launch of Mamut Business SoftwareNew major launch of Mamut Business Software Mamut Business Software, version 9 and the low-end Mamut Mamut Business Software, version 9 and the low-end Mamut

Accounting solution will be launched in all markets during Q4Accounting solution will be launched in all markets during Q4 Awards and accreditationsAwards and accreditations

Accredited by the ICAEW and short listed to the Small Business Accredited by the ICAEW and short listed to the Small Business Software Package 2004 in the UKSoftware Package 2004 in the UK

““Best in test” award winner in PC-World Norge Best in test” award winner in PC-World Norge

Partnering with NJ in SwedenPartnering with NJ in SwedenBackground and opportunitiesBackground and opportunities

Norstedt Juridik AB Norstedt Juridik AB Wholly owned by Wolters Kluwer Wholly owned by Wolters Kluwer

W-K operates in 25 countries, €3bn in annual rev.W-K operates in 25 countries, €3bn in annual rev. W-K owns Akelius AS in Norway (20 emp)W-K owns Akelius AS in Norway (20 emp)

Provides legal, accounting and tax books, Provides legal, accounting and tax books, knowledge and softwareknowledge and software

Unique positioned in the Swedish MarketUnique positioned in the Swedish Market

Partner agreement Partner agreement Joint sales and marketing, cross-sellJoint sales and marketing, cross-sell OEM agreement on Mamut Business Software OEM agreement on Mamut Business Software All NJ accouting users to be migrated to Mamut All NJ accouting users to be migrated to Mamut Increased focus on customer acquistionIncreased focus on customer acquistion Mamut to promote software solution from NJMamut to promote software solution from NJ Agreement may be extended to other marketsAgreement may be extended to other markets

Important agreement for positioning in SwedenImportant agreement for positioning in Sweden

Small Business ConciergeSmall Business ConciergeCompany OverviewCompany OverviewThe concept

Background for SBC

FeaturesComplete business software solutions for Complete business software solutions for small businesses in Europe with up to 50 small businesses in Europe with up to 50 employeesemployees

A joint effort to integrate user-friendly A joint effort to integrate user-friendly business software, with added-value services, business software, with added-value services, at an economical price to meet the needs of at an economical price to meet the needs of smaller businessessmaller businesses

•• Microsoft Office Small Business Microsoft Office Small Business Edition Edition •• Mamut Business Software (CRM, Mamut Business Software (CRM, SFA, SFA, Accounting, Logistics, HR, e-Accounting, Logistics, HR, e-commerce)commerce)•• Customer Hotline (MS Office/Mamut)Customer Hotline (MS Office/Mamut)•• Small Business Advisory Phone Small Business Advisory Phone supportsupport•• E-learning (PC/MS Office/Mamut)E-learning (PC/MS Office/Mamut)•• Software updates (Mamut/MS Software updates (Mamut/MS Office/tools)Office/tools)Partnering with Microsoft since 1995Partnering with Microsoft since 1995

Engaging in GTMs, bundles, expos and Engaging in GTMs, bundles, expos and workshops in Scandinavia.workshops in Scandinavia.’’

Partnering in EMEAPartnering in EMEATargeting small businesses with a complete Targeting small businesses with a complete solution. Initiated roll-out in the UK and NL solution. Initiated roll-out in the UK and NL with Microsoftwith Microsoft

Using Microsoft TechnologyUsing Microsoft TechnologyFirst ERP vendor with ”Designed for Windows First ERP vendor with ”Designed for Windows XP” in Europe . Mamut first Northern XP” in Europe . Mamut first Northern European ERP vendor joining MBFEuropean ERP vendor joining MBF

Market and customersMarket and customers Company OverviewCompany OverviewMarket approach

Segment and customer base

Segment opportunity•• Underserved segmentUnderserved segment

•• Demand for complete solutionsDemand for complete solutions

•• Focus on price/TCOFocus on price/TCO

•• Dedicated vendors preferredDedicated vendors preferred

•• Low ERP penetration vs Mid/HiLow ERP penetration vs Mid/Hi

•• Changed perception of playersChanged perception of players

•• Focus SMBs onlyFocus SMBs only

•• Main target 1-25 PCs / rev €0-5mMain target 1-25 PCs / rev €0-5m

•• Direct sales/support modelDirect sales/support model

•• Covering all price points Covering all price points

•• Try before you buy Try before you buy

•• Aggressive pricing Aggressive pricing

Segment Country Companies Customers ShareSMB Norway 150 000 15 700 10,5 %1-25 PCs Sweden 290 000 3 500 1,2 %

The Netherlands 540 000 800 - United Kingdom 1 700 000 250 -

SoHo Norway 500 000 18 000 3,6 %

Mamut NorwayMamut NorwayStrong growth in a competitive marketStrong growth in a competitive market

Market leader in low endMarket leader in low end Total of 35,000 subscribers incl daTaxTotal of 35,000 subscribers incl daTax

Strong product rangeStrong product range Mamut “Best in test” in 2001,02,03,04Mamut “Best in test” in 2001,02,03,04

Increasing market shareIncreasing market share Stable double digit growth (17% in Q3)Stable double digit growth (17% in Q3) Increased customer base / rev pr customerIncreased customer base / rev pr customer

30% EBITDA margin, stable cost structure30% EBITDA margin, stable cost structure Good market conditionsGood market conditions Several opportunitiesSeveral opportunities

Mamut SwedenMamut Sweden58% growth in Q358% growth in Q3

Third largest in low end Third largest in low end Launched 4Q02 Launched 4Q02

Launch of MBS 9 in OctoberLaunch of MBS 9 in October Several new features for the Swedish marketSeveral new features for the Swedish market

Strong growth in customer base in 2004Strong growth in customer base in 2004 Agreement with NJ important for 2005Agreement with NJ important for 2005

Break even EBITDA in Q3Break even EBITDA in Q3 Moderate market conditionsModerate market conditions Launch of Small Business ConciergeLaunch of Small Business Concierge Partner opportunitiesPartner opportunities

Mamut NetherlandsMamut NetherlandsRapidly becoming well positionedRapidly becoming well positioned

Strong growth and massive interestStrong growth and massive interest Launch initiated 1Q04, full launch 4Q04Launch initiated 1Q04, full launch 4Q04 Will reach 1000 customers by year endWill reach 1000 customers by year end Increased growth in 2005Increased growth in 2005

Launch of MBS 9 in OctoberLaunch of MBS 9 in October Several new features and price pointsSeveral new features and price points

Wortell first Mamut Business PartnerWortell first Mamut Business Partner Small Business ConciergeSmall Business Concierge

Launch in Oct/Nov with MicrosoftLaunch in Oct/Nov with Microsoft Good market conditions (for Mamut)Good market conditions (for Mamut) Many partner opportunitiesMany partner opportunities

Mamut UKMamut UKHuge potentialHuge potential

Increased interest from Increased interest from customers and partnerscustomers and partners Pre-launch 2Q04, complete 4Q04Pre-launch 2Q04, complete 4Q04 Well positioned for 2005Well positioned for 2005

MBS 9 launch at SoftworldMBS 9 launch at Softworld Mamut Accounting £89Mamut Accounting £89 Right features and price pointsRight features and price points

Mamut certified by ICAEWMamut certified by ICAEW Short listed for AccAward 04 Short listed for AccAward 04 Small Business ConciergeSmall Business Concierge

Launch in Oct/Nov with MSLaunch in Oct/Nov with MS Challenging marketChallenging market Many partner opportunitiesMany partner opportunities

Future growth Future growth Company OverviewCompany Overview

•• Growing customer base Growing customer base

•• Increased cust satisfaction Increased cust satisfaction

•• Increase revenues per customerIncrease revenues per customer

•• Expansion to new marketsExpansion to new markets

•• increases no of users per custincreases no of users per cust

•• New segments with add-ons New segments with add-ons

Growth opportunities

Scalability 2000-2003

Earnings scalability•• Organic growthOrganic growth

•• +90% of revenues is Mamut sw+90% of revenues is Mamut sw

•• Same Business plan in all marketsSame Business plan in all markets

•• Centralized organization scalesCentralized organization scales

•• Products & code optimized for Products & code optimized for localizationlocalization

COST STRUCTURE

MNOK2000 2001 2002 2003

Operating revenues 57,2 76,5 99,1 115,8

Cost of goods sold 6,7 6,6 6,5 7,6 % (Revenues) 12 % 9 % 7 % 7 %

Marketing 15,1 15,6 16,0 17,1 % (Revenues) 26 % 20 % 16 % 15 %

R&D 23,5 24,9 25,5 29,6 % (Revenues) 41 % 32 % 26 % 26 %

Total operating expenses 90,7 102,0 99,9 107,6

Mamut ASA (1999 - 2003)

-

20

40

60

80

100

120

140

1999 2000 2001 2002 2003

MNOK

Operating revenues

Operating expenses

Focus 2004/2005Focus 2004/2005Focus on growth and internationalizationFocus on growth and internationalization

Continue to grow organicallyContinue to grow organically Improve growth rate and increase net resultImprove growth rate and increase net result Improve Mamut’s strategic position in EMEAImprove Mamut’s strategic position in EMEA Launch Small Business Concierge in new marketsLaunch Small Business Concierge in new markets Further develop European strategic partner alliances Further develop European strategic partner alliances

Execution of Business PlanExecution of Business Plan

Financial ResultsFinancial ResultsHighlights from Q3 2004Highlights from Q3 2004

GrowthGrowth Strong organic growth 33% in Q3 (best since 4Q02)Strong organic growth 33% in Q3 (best since 4Q02) 1Q-3Q 2004: 22% growth, in line with the 20% target 1Q-3Q 2004: 22% growth, in line with the 20% target Growth in all markets, 17% in Norway and 58% in SwedenGrowth in all markets, 17% in Norway and 58% in Sweden

Net ResultNet Result First break even result for 3Q in company’s history due to First break even result for 3Q in company’s history due to

strong improvement in margin in Norwaystrong improvement in margin in Norway EBITDA margin in Norway 26% in 3Q04EBITDA margin in Norway 26% in 3Q04 Break even EBITDA in Sweden in 3Q04Break even EBITDA in Sweden in 3Q04

BalanceBalance Cash position MNOK 46, No long term debtCash position MNOK 46, No long term debt Deferred revenue up 32% to MNOK 10,7Deferred revenue up 32% to MNOK 10,7

Geographic BreakdownGeographic BreakdownGrowth in international salesGrowth in international sales

EBITDA margin in Norway 26% in 3Q04, 23% in 3Q03EBITDA margin in Norway 26% in 3Q04, 23% in 3Q03 17% growth in Norway, 58% growth in Sweden – B/E in Q317% growth in Norway, 58% growth in Sweden – B/E in Q3 Record level of revenues/activity in other marketsRecord level of revenues/activity in other markets

GEOGRAPHICAL DISTRIBUTIONNORWAY Q3 2004 Q3 2003 YTD 04 YTD 03 2003Operating revenues 22 705 19 349 17 % 84 487 74 682 13 % 101 549 Operating expenses 16 729 14 973 12 % 58 522 51 879 13 % 72 553 EBITDA 5 976 4 376 37 % 25 965 22 803 14 % 28 996 Depreciation 1 094 1 070 3 240 3 413 4 639 EBIT 4 882 3 306 48 % 22 725 19 390 17 % 24 357

SWEDENOperating revenues 4 675 2 956 58 % 12 495 8 952 40 % 13 895 Operating expenses 4 624 4 173 11 % 15 332 14 068 9 % 17 924 EBITDA 51 (1 217) (2 837) (5 116) (4 029) Depreciation 65 62 191 185 248 EBIT (14) (1 279) (3 028) (5 301) (4 277)

OTHER MARKETSOperating revenues 2 390 65 5 469 260 367 Operating expenses 7 099 4 189 69 % 19 929 11 994 66 % 17 096 EBITDA (4 709) (4 124) (14 460) (11 734) (16 729) Depreciation - - - - - EBIT (4 709) (4 124) (14 460) (11 734) (16 729)

Shareholders Mamut ASAShareholders Mamut ASAPer 30.09.04Per 30.09.04

710 shareholders, 26% owned by employees710 shareholders, 26% owned by employees 10 largest shareholders control 64%10 largest shareholders control 64% International funds hold 25%International funds hold 25%

Shareholder No of shares PercentEilert Hanoa (CEO) 5 699 841 17,0 %A.Wilhelmsen AS 4 094 070 12,2 %Northzone II AS 3 461 358 10,3 %Storebrand Livsforsikring AS 2 750 000 8,2 %Finsbury Technology Trust 2 095 000 6,3 %Martin Kværnstuen (CFO) 1 102 944 3,3 %Høegh Invest AS 1 060 837 3,2 %Conti AS 1 058 357 3,2 %Client accounts 1 025 000 3,1 %Bama (Banan AS) 965 300 2,9 %Others 10 197 293 30,4 %

Name SharesA. Wilhelmsen AS 5 793 070 13,8 %Eilert Hanoa 5 710 014 13,6 %Northzone II AS 3 461 358 8,3 %Storebrand Livsforsikring AS 2 250 000 5,4 %Bank of NY (S/A Finsbury Tech) 2 060 000 4,9 %Mellon Bank 1 888 000 4,5 %Martin Kværnstuen 1 299 914 3,1 %Saga Equity Fund 1 077 000 2,6 %Høegh Capital Partner 1 060 837 2,5 %Conti AS 1 058 357 2,5 %Hunter Hall Growth Fund 1 000 000 2,4 %Others 15 189 450 36,3 %Total number of shares 41 848 000 100,0 %

wernerr@mamut.comwernerr@mamut.comwww.mamut.comwww.mamut.com