Company Presentation

Eqology

Eqology was established in 1998 in Norway, now operating inmore than 20 European countries

Distributor of supplement products online, such as Omega3,multivitamins, collagen, shakes and skincare

Products developed in collaboration with leading herbalists,homeopaths and biochemists with focus on natural ingredients

Distribution via independent distributors and direct salesMember of the Norwegian DSA

Company Facts

Executive Summary

Present in severalEuropean countries,including Scandinavia,Netherlands, Austria,Switzerland andGermany

Key Financials (1000 NOK)

-20%

-15%

-10%

-5%

0%

5%

10%

-15 000

-10 000

-5 000

-

5 000

10 000

2016 2017 1H 2018*

EBITDA EBITDA-margin

* 1H 2018 numbers not revised/audited

In recent years, Eqology has outsourced large parts of itsoperational operations. There are 6 employees who hold keyroles in the company directly, and there are another 30 peoplewho work full time for the company with customer service, ITand accounting. In addition, warehouses and distribution havebeen outsourced to partners. The sales channel consists ofseveral hundred independent distributors.

Eqology has the ambition to expand the concept into furtherEuropean countries than the existing 20 markets. The ambitionis to become Europe's leading company in health fooddistributed through direct sales.

Revenues by country (1000 NOK)Organizational structure

Business model

- 10 000 20 000 30 000 40 000 50 000 60 000 70 000

Norway

Sweden

Denmark

Finland

Estoponia

Netherlands

Austria

Hungary

Romania

Other euro countries

2017 2016

Sales Channel

• Eqology offer a business opportunity that is popular withpeople looking for part-time, flexible business with a lowupfront investment

Marketing takes place through a network of independentdistributors who recruit new customers, and distributors

Eqology has one of the industry's best commission systems anda well-functioning support device

In Eqology the company focus on products and customers.Eqology has 37 months with consecutive growth in number ofcustomers who have an active monthly subscription

Management

Børre GjersvikCEO

Asgeir NaalsundCOO

Dr. Hogne VikProduct- and

Research Director

Børre Gjersvik has worked as Director ofInternational Business in Eqology since January2014, and became CEO in Eqology November2014.

Børre’s background is in finance, also acertified nutritionist with 20 year’s experiencein the nutrition, cosmetics and skin careindustry.

Børre has also worked as CEO at Dermanor,been the director of the health department atMidelfart AS and was Senior Country Directorat Herbalife Nordics for eight years.

Asgeir Naalsund has worked in Eqology sinceFebruary 2017.

Education in Finance & Business administrationand logistics.

Asgeir has previously worked 7 years as aController and Business AdministrationManager in Norsk Gjenvinning Industri AS.

Additional 20 years of experience in thecomputer industry as a controller in companiessuch as GPI AS, Contempus AS, Affecto AS andaffiliated companies.

Dr. Hogne Vik has an MBA and a uniqueinternational industrial background fromNycomed/Nycomed Amersham, PronovaBioPharma and Aker Biomarine.

As a physician and professor, he has published over 80 international scientific papers.

Long experience in product development ofdietary supplements and pharmaceuticals.Has been responsible for documentation ofknown Omega-3 products, and participated indeveloping vitamin K2 supplements.

Balance sheet (consolidated 1000 NOK) Income statement (consolidated 1000 NOK)

Financials

Income statement (1000 NOK) 2016 2017

Revenues 83 161 132 470

Total operating income 83 161 132 470

Cost of goods 33 814 46 234

Personnel expenses 9 346 8 902

Depreciation 782 128

Other operating expenses 52 267 73 436

Total operating expenses 96 209 128 701

EBIT -13 047 3 770

Net financial posts -1 492 -499

Ordinary result before taxes -14 539 3 270

Net income -14 539 3 270

Key figures 2016 2017

EBITDA -12 265 3 898

EBITDA-margin -14,7 % 2,9 %

Revenue growth 59 %

Gross profit margin -14,8 % 4,5 %

Assets 2016 2017

Total fixed assets 160 1 000

Inventories 4 193 8 175

Accounts receivables 743 886

Other short-term receivables 1 865 5 341

Cash and cash equivalents 8 476 5 143

Total current assets 15 276 19 544

Total assets 15 437 20 545

Equity

Total paid-up capital 67 214 67 214

Retained equity -90 888 -87 619

Total equity -23 674 -20 405

Liabilities

Convertible bonds 9 487 -

Other long term debt - 9 487

Total other long term debt 9 487 9 487

Debt to financial institutions 4 675 3 575

Overdraft facility 7 034 3 547

Accounts payable 3 933 5 616

Public taxes 4 149 5 189

Other short term debt 9 832 13 535

Total short term debt 29 623 31 463

Total liabilities 39 111 40 950

Total equity and liabilities 15 437 20 545

EBITDA (1000 NOK) Revenues (1000 NOK)

Financials

-20%

-15%

-10%

-5%

0%

5%

10%

-15 000

-10 000

-5 000

-

5 000

10 000

2016 2017 1H 2018*

EBITDA EBITDA-margin

-20%

-15%

-10%

-5%

0%

5%

10%

-

20 000

40 000

60 000

80 000

100 000

120 000

140 000

2016 2017

Revenues Gross profit margin

Revenues increased by NOK 49 309’ from 2016 to 2017representing a growth of 59%

Revenues 1H 2017 was NOK 57 739’, which has increased toNOK 89 831’ in 1H 2018* representing a growth of 56% in 1Hrevenues from 2017 to 2018

EBITDA turned from negative NOK 12 265’ in 2016 to positive NOK 3 898’ in 2017

During 1H 2018* this has almost doubled, to NOK 6 766’

The EBITDA-margin has gone from -14.7% in 2016, to 2.9% in 2017 and 7.5% 1H 2018

* 1H 2018 numbers not revised/audited

83 161

132 470

SharesInvestors

Ownership structure

Nicoline Invest AS Kg Investment comp AS

Banque lombard odier & cie SA Børre Gjersvik

Momentum Consult & Invest AS John Andrew Youmans

Banque Pictet & Cie SA Remaining

109 million ordinary shares (one share class)

Nominal value of NOK 0,05 per share

Approx. 80% is owned by board members and CEO

ISIN: NO0010585144

Ownership structure Number of shares In %

Nicoline Invest AS* 58 895 429 53,7 %

Kg Investment comp AS 23 293 728 21,2 %

Banque lombard odier & cie SA 6 802 710 6,2 %

Børre Gjersvik 5 152 930 4,7 %

Momentum Consult & Invest AS 3 325 938 3,0 %

John Andrew Youmans 1 313 337 1,2 %

Banque Pictet & Cie SA 1 248 834 1,1 %

Others 9 650 968 8,8 %

Total 109 683 874 100 %

*Nicoline Invest AS has sold 5 million shares to Rhumb Line AS, but this transaction is not yetreflected in the official VPS-register.

Main Products

Primary products

K2+Omega 3Multivitamin

Contains a full range of vitamins, minerals, and super fruit extracts

Subsea development withthree horizontal wells

Anti-age vitamin for healthy bones and blood vessels

Secondary products

ShacaiShakeCollagen

Anti-age, reduces wrinkles and strengthens the skin

Meal replacement containing 50% protein, vitamins and minerals

Tablet with Acai and antioxidants, strengthens immune system

Eqology best selling product

Eqology Omega-3 Test Kit

Omege-3 results from test

Coming Soon!

Eqology test kits