1. Q3
Welcome to NOTE AB (publ) – Q3 presentation

2. Global EMS environment – Introduction summary
Global EMS market is huge, expected market growth 4%-5%/year – digitalization, 5G, IOT, electrical vehicles
Introduction of trade restrictions (tariffs) – customers act quickly with supply chain transfers from East to West
Global constraints in component availability starting to ease up
NOTE – ambitious growth agenda. Target to increase market shares and achieve stable organic growth of min 10%
Increase share of wallet on existing strong customer base
Win new customers in market and technology areas where we already are strong – sales potential min $1M/customer
Spice up with carefully selected acquisitions – UK position strengthened last year with acquisition of Speedboard

3. NOTE – Interim report Jan-Sep YTD
Sales +30% to 1,277 (982) MSEK. Growth ex acquisitions +16%.
OP +59% to 89 (56) MSEK. Adjusted for non-recurring costs in Q3 LY, OP +41% to 89 (63) MSEK.
OP-margin +1.3%-points to 7.0% (5.7%). Adjusted for non-recurring costs in Q3 LY, OP-margin +0.6%-points to 7.0% (6.4%).
Profit after financial items +83 (52) MSEK.
Profit after tax +65% to 66 (40) MSEK, or SEK 2.29 (1.39) per share.
Cash flow after investments -21 (5) MSEK, or SEK (0.17) per share.

4. NOTE – Interim Report Q3 (Jul-Sep)
Sales +34% to 434 (324) MSEK. Growth ex acquisitions +18%.
Order backlog up ~30% vs LY.
OP +104% to 32 (16) MSEK. Adjusted for non-recurring costs in Q3 LY, OP +41% to 32 (23) MSEK.
OP-margin +2.5%-points to 7.3% (4.8%). Adjusted for non-recurring costs in Q3 LY, OP-margin +0.3%-points to 7.3% (7.0%).
Profit after financial items 30 (15) MSEK.
Profit after tax +100% to 22 (11) MSEK, or SEK 0.76 (0.38) per share.
Cash flow after investments 1 (9) MSEK, or SEK 0.03 (0.33) per share.

5. Interim report Q3 – Operating segments Jan-Sep YTD
Year-to-Date
Western Europe
Rest-of-World
MSEK
YTD 2019
YTD 2018
Delta
Net sales - external
806
569
42%
471
413
14%
Net sales - internal 4 9 53 61
Net sales
810
578
40%
524
474
11%
Operating profit 72 36
100% 21 30
-30%
OP%
8,9%
6,3%
2,6%
4,0%
-2,3%
Inventories
256
177
45%
153
149 3%
AR - external
251
162
55%
137 97
41%
No of employees
457
319
43%
588
614
-4%
NOTE MANUFACTURING UNIT
Western Europe – sites in Sweden, Finland, and UK (Speedboard consolidated in Nov 2018)
Rest-of-World – sites in Estonia and China

6. Sales per customer segment
YTD YTD 2019
Industrial still largest but recent wins in Medtech and Defence now becoming obvious.

7. Interim Report Q3 – Operational highlights
Quality and delivery performance, possibly “best-in-class”
Continued strong organic growth
Record high wins of new customers and projects
YTD announced new customers – DeLaval, Maven Wireless, Micropower, UNIPOWER, Laerdal Medical and Human Care
Several recent projects in ramp-up – including serial deliveries to Swedish defence customer, Plejd and Charge Amps
Continued margin strengthening – Western Europe at record levels
Efficiency projects started in China and Estonia to further strengthen margin
Capex in line with recent years
Weak YTD cash flow due to high growth and previous inventory build-up – inventory now in balance increasing potential to improve cash flow
Redemption of 1 million (3%) treasury shares – suggestion for AGM approval
Continued strong order backlog (+30% vs LY) – good potential to stay on current positive growth curve

8. Profitability improvement through sales growth and cost efficiency
NOTE – Growing with increased profitability since 2014…
Sales growth since Q4, CAGR ~11%*
Sales 2018: MSEK, growth 17%
Sales Q3 YTD 2019: (982) MSEK. Growth 30%, whereof organic 16%, acquisitions 14%
Margin strengthening since Q4, 2013.
Operating Margin 2018*: 6.6% (6.6%)
Operating Margin Q3 YTD, 2019: 7.0% (6.4%)
* Adjusted -16 MSEK for non recurring profit in Q1, 2017, and +7 MSEK for EO cost in Q3, 2018 8