DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

DigiPlex Norway Holding 2 AS

Registration Document

Manager:

Oslo, 17 October 2019

1

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document Important information

The Registration Document is based on sources such as annual reports and publicly available information and forward-looking information based on current expectations, estimates and projections about global economic conditions, as well as the economic conditions of the regions and industries that are major markets for DigiPlex Norway Holding 2 AS’ (the Company) and Guarantors’ (including subsidiaries and affiliates) lines of business.

A prospective investor should consider carefully the factors set forth in Chapter 1 Risk factors, and elsewhere in the Prospectus, and should consult his or her own expert advisers as to the suitability of an investment in the bonds.

IMPORTANT – EEA RETAIL INVESTORS - If the Securities Note in respect of any notes includes a legend titled "Prohibition of Sales to EEA Retail Investors", the notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (‘EEA’). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of the Markets in Financial Instruments Directive II (‘MiFID II’); (ii) a customer within the meaning of Directive 2002/92/EC (as amended or superseded, the "Insurance Mediation Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "Packaged Retail Investment and Insurance-Based Products, PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.

MiFID II product governance / target market – The Securities Note in respect of any notes will include a legend titled "MiFID II product governance" which will outline the target market assessment in respect of the notes and which channels for distribution of the notes are appropriate. Any person subsequently offering, selling or recommending the notes (a “distributor”) should take into consideration the target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the target market assessment) and determining appropriate distribution channels.

This Registration Document is subject to the general business terms of the Manager, available at its website (www.dnb.no).

The Manager and/or any of its affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this Registration Document, and may perform or seek to perform financial advisory or banking services related to such instruments. The Manager's corporate finance department may act as manager or co-manager for this Company and/or Guarantors in private and/or public placement and/or resale not publicly available or commonly known.

Copies of this Registration Document are not being mailed or otherwise distributed or sent in or into or made available in the United States. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States.

Other than in compliance with applicable United States securities laws, no solicitations are being made or will be made, directly or indirectly, in the United States. Securities will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.

The distribution of the Registration Document may be limited by law also in other jurisdictions, for example in the United Kingdom. Approval of the Registration Document by Finanstilsynet (the Norwegian FSA) implies that the Registration Document may be used in any EEA country. No other measures have been taken to obtain authorisation to distribute the Registration Document in any jurisdiction where such action is required.

The Registration Document dated 17 October 2019 together with a Securities Note and any supplements to these documents constitute the Prospectus.

The content of this Registration Document does not constitute legal, financial or tax advice and potential investors should seek legal, financial and/or tax advice.

Unless otherwise stated, this Registration Document is subject to Norwegian law. In the event of any dispute regarding the Registration Document, Norwegian law will apply.

2

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document TABLE OF CONTENTS:

1 RISK FACTORS ...... 4 2 DEFINITIONS ...... 8 3 PERSONS RESPONSIBLE ...... 10 4 STATUTORY AUDITORS ...... 11 5 INFORMATION ABOUT THE ISSUER AND THE GUARANTORS ...... 12 6 BUSINESS OVERVIEW ...... 15 7 ORGANISATIONAL STRUCTURE ...... 18 8 TREND INFORMATION ...... 19 9 ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES ...... 20 10 MAJOR SHAREHOLDERS ...... 24 11 FINANCIAL INFORMATION CONCERNING THE COMPANY'S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES ...... 25 12 DOCUMENTS AVAILABLE ...... 29 13 THIRD PARTY INFORMATION AND STATEMENT BY EXPERTS AND DECLARATIONS OF ANY INTEREST ...... 29 MANAGER’S DISCLAIMER ...... 30 ANNEX 1 ARTICLES OF ASSOCIATION FOR DIGIPLEX NORWAY HOLDING 2 AS ...... 31 ANNEX 2 ARTICLES OF ASSOCIATION FOR DIGIPLEX NORWAY AS ...... 31 ANNEX 3 ARTICLES OF ASSOCIATION FOR DIGIPLEX ROSENHOLM AS ...... 31 ANNEX 4 ARTICLES OF ASSOCIATION FOR DIGIPLEX FET AS ...... 31 ANNEX 5 ANNUAL REPORT 2018 AND 2017 FOR DIGIPLEX NORWAY AS ...... 31 ANNEX 6 ANNUAL REPORT 2018 AND 2017 FOR DIGIPLEX ROSENHOLM AS ...... 31 ANNEX 7 ANNUAL REPORT 2018 AND 2017 FOR DIGIPLEX FET AS ...... 31 ANNEX 8 INTERIM REPORT Q2 2019 FOR DIGIPLEX NORWAY HOLDING 2 AS CONSOLIDATED (UN-AUDITED) AND FOR THE COMPANY (AUDITED), AND OPENING BALANCE OF 24 APRIL 2019 (UN-AUDITED) FOR THE COMPANY, DIGIPLEX NORWAY HOLDING 2 AS ...... 31 ANNEX 9 INTERIM REPORT Q2 2019 AND Q1 2019 FOR DIGIPLEX NORWAY AS ...... 31 ANNEX 10 INTERIM REPORT Q2 2019 AND Q1 2019 FOR DIGIPLEX ROSENHOLM AS ...... 31 ANNEX 11 INTERIM REPORT Q2 2019 AND Q1 2019 FOR DIGIPLEX FET AS ...... 31

3

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

1 Risk factors Investing in bonds issued by DigiPlex Norway Holding 2 AS and guaranteed by the Guarantors involves inherent risks.

For the purpose of this Registration Document, the risk factors for the Company and the Guarantors are deemed to be equivalent.

The risks and uncertainties described in the Prospectus are risks of which the Company is aware and that the Company considers to be material to its business. If any of these risks were to occur, the Company’s and/or the Guarantors’ business, financial position, operating results or cash flows could be materially adversely affected, and the Company and/or the Guarantors could be unable to pay interest, principal or other amounts on or in connection with the bonds. Prospective investors should carefully consider, among other things, the risk factors set out in this Registration Document and in the Securities Note, before making an investment decision. The risk factors set out in the Registration Document and the Securities Note cover the Company and Guarantors and the bonds issued by the Company, respectively.

An investment in the bonds is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment.

Customer related risks

Majority Tenant dependency As of the date of this Presentation EVRY AS occupies a majority of the White Space at the Fet Data Centre, upon which a significant portion of DFAS’s income is dependent. However, pursuant to the lease agreement EVRY AS is obliged to occupy 100% of the White Space at Fet Data Centre if the other tenant were to terminate its lease agreement. Hence, the finances and financial strength of EVRY AS, as well as its ability to service the rent in a satisfactory manner is critical for the investment. DFAS's ability to service the bonds is highly dependent upon EVRY AS's ability to pay the agreed lease under the lease agreement. Further, if the lease agreement with EVRY AS for Fet Data Centre White Space is terminated, the premises may have to be renovated and adjusted to serve several tenants whom will replace EVRY AS. The investments associated with this could affect DFAS’ financial condition negatively. There might also be a period (i.e. if the lease agreement with EVRY AS is terminated) when the Fet Data Centre has no tenant and consequently no income, which would negatively affect DFAS’ financial condition and therefore might negatively affect its ability to perform its obligations under the Bond Terms as agreed between DigiPlex Norway Holding 2 AS and the bond trustee, Nordic Trustee AS, on 26 April 2019 (‘Bond Terms’).

Risk related to reduction in revenue The service agreements with each of the Obligors' customers give the customers the right to claim service credits as the result of any defect affecting or interrupting the customers' operation. Consequently, this might affect the Obligors' income and thereby the Issuer's ability to meet its payment obligations

Renewal risk The Obligors have a historical renewal rate of approximately 90% since start of operations in 2002. However, there is no assurance that the existing customers will renew their service agreements going forward. If the Obligors fail to obtain renewal with existing customers or find replacement customer(s), the Obligors may not be able to perform their obligations under the Bond Terms and other finance documents.

Risks related to special clauses in service agreements The service agreements may include unfavourable clauses for the Obligors with respect to termination language, CPI adjustments and other terms. Unfavourable termination language may enable the customers to terminate their service agreements prior to contract expiry. Early termination of service agreements and inability to secure replacement customer(s) may lead to lower income for the Obligors and failure to comply with their obligations under the Bond Terms and other finance documents. Unfavorable CPI adjustment clauses may lead to revenues not increasing in pace with inflation, which may affect the Obligors’ income and lead to less profitable operations. If the business and/or operations cease to be profitable, the Obligors may not be able to perform their obligations under the Bond Terms and other finance documents.

4

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document Property related risks

Property risk The Guarantors currently operates three properties, namely the Fetsund data centre (the "Fet Data Centre"), the Ulven data centre and the Rosenholm Data Centre (hereinafter jointly referred to as the "Properties"). Returns from the Properties will depend largely upon the amount of revenue generated under the service agreements, the costs and expenses incurred in the maintenance and management of the Properties, as wellas upon changes in their market value. The amount of revenue generated under the service agreements and the market value for properties are generally affected by overall conditions in the economy, such as growth in gross domestic product, employment trends, inflation and changes of interest rates.

Specialised property type The Properties are specialised for a specific type of customer and purpose. This is especially a risk for the Fet Data Centre. Should major service agreements be terminated, finding replacement customers might prove difficult for all Properties. Should the lease with EVRY AS be terminated, finding a replacement tenant might prove even more difficult for the Fet Data Centre than for a property which is not as specialised. If the Obligors fail to find replacement customers, the Obligors may not be able to comply with their obligations under the Bond Terms and other finance documents.

Environmental risk Data centers require a substantial energy supply and store diesel tanks on its premises, which both can be harmful to the environment. The business of the data centers is therefore subject to environmental regulation pursuant to both international and local regulations. The Obligors may, accordingly become subject to claims by public authorities or third parties as a result of environmental or other damages related to the land and the Properties. If the aforementioned risks materialize, this may have a negative impact on the property price and thereby affect recovery in the case of default.

Terminal value risk The Properties and related assets are inherently difficult to value due to the individual nature of each property and the fact there is not necessarily a liquid market or price mechanism. As a result, valuations may be subject to substantial uncertainty. There is no assurance that the estimates resulting from the valuation process will reflect the actual sales price. Any future property market recession, and, more specifically, a decrease in the demand for data centre spaces, could materially adversely affect the value of the Properties. Further, as valuations are obtained once every year, the latest valuations, upon which financial covenants and other ratios may be based, may no longer be reflective of the current value of the relevant Properties.

Legal and regulatory risk Investments in the bonds, issued by the Issuer, involve certain risks normally associated with investment in Properties and companies providing data centre services, including for example the risk that a party may successfully litigate against anyone of the Obligors, which may result in a reduction in the value of the assets of such Obligor. The directors are not aware of any pending litigation against any of the Obligors.

As a result of the Issuer’s business, changes in laws relating to ownership of land, environmental and safety regulations, power taxation, property and data center taxation could have an adverse effect on the costs of the data centers and the value of Bonds. New laws may be introduced which may be retrospective and affect environmental planning, land use and development regulations, for the Business of the Issuer.

Government authorities at all levels are actively involved in the promulgation and enforcement of regulations relating to taxation, land use and zoning and planning restrictions, environmental protection and safety and other matters. The institution and enforcement of such regulations could have the effect of increasing the expense and/or lowering the income or rate of return for the Obligors, as well as adversely affecting the value of the Properties. Government authorities could use the right of expropriation of the Properties if the requirements for expropriations are satisfied. Any expropriation will entitle the Obligors to compensation, but may irrespective of such compensation negatively affect the Obligors' financial condition as well as the Obligors' ability to comply with their obligations under the Bond Terms and other finance documents.

Risks related to increased maintenance costs The historic maintenance costs of the Properties may not be representative of future maintenance costs and any increase in maintenance costs may have a negative impact on the Issuer's financial condition.

5

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

Other risks

Significant cash requirement to meet debt obligations and sustain operations The Obligors’ ability to make principal or interest payments when due in respect of its financial indebtedness, including (without limitation) the Obligors’ financial indebtedness in respect of the Bonds, will depend on the Obligors' future performance and its ability to generate cash which, to a certain extent, is subject to general economic, financial, competitive, legislative, legal, regulatory and other factors, many of which are beyond the Obligors' control. In addition to debt service, the Obligors will also need significant amounts of cash to fund its business and operations.

The Bonds mature in 2024 and if the Obligors does not have sufficient cash flows from operations and other capital resources to pay its financial indebtedness and to fund its other liquidity needs, or cash has become trapped in the Obligors due to corporate, tax or contractual limitations, the Obligors may be required to incur new financial indebtedness in order to be able to repay the Bonds at maturity. The type, timing and terms of any future financing will depend on the Obligors' cash needs and the conditions prevailing in the financial markets. If the Obligors are unable to refinance all or a portion of its indebtedness or obtain such refinancing on terms acceptable to the Obligors, the Obligors may be forced to reduce or delay its business activities or capital expenditures or sell assets or raise additional debt or equity financing in amounts that could be substantial. No assurance can be given that the Obligors will be able to accomplish any of these measures in a timely manner or on commercially reasonable terms, if at all. In addition, the terms of the Bond Terms and any future debt may limit the Obligors ability to pursue any of these measures.

Risk related to one of the Guarantors, DigiPlex Rosenholm AS’s (‘DRAS’s), leasehold with Aspelin-Ramm DRAS does not own the Leasehold Property, but leases it on a 15 year leasehold contract from 15 January 2010 to 15 January 2025 with Rosenholmveien 25 AS, a 100% owned subsidiary of Aspelin Ramm Eiendom AS (the "Leasehold Agreement"). The Leasehold Agreement contains certain termination clauses that, if applicable, enable Rosenholmveien 25 AS to terminate the contract prior to contract expiry. Further, the Leasehold Agreement contains termination language that does not enable the DRAS to terminate the lease contract in the event DRAS does not have sufficient income to cover the rent under the agreement. In this circumstance, DRAS will operate at a loss, which may lead to inability for the Obligors to comply with their obligations under the Bond Agreement and other finance documents.

Competition / new entrants risk The value of the Properties and the amount of revenue generated under each of the service agreements may also be affected by competition from other data centre service providers, or the perceptions of prospective buyers or customers of the attractiveness, convenience and safety of the Properties. Further, new entrants to the data centre market may reduce the demand for White Space, and consequently reduce income for the Obligors.

Insurance risk The Obligors maintains several types of insurances against various types of liability, inherent in the Business of the Obligors, such as inter alia all risks buildings insurance, builder liability insurance, general liability insurance, directors and officers liability insurance and business interruption insurance. Although the Obligors deem that they have a sufficient insurance coverage, there are certain limitations as to compensation, and hence there is a risk that the Obligors would not be fully compensated for damages suffered by the Obligors or which the Obligors are liable to compensate like for instance substantial Service Level Agreement credits, which could have a material negative impact on the Obligor's operations, earnings and financial position.

Risk of changes to the Norwegian tax system The Obligors business is subject to Norwegian tax regulations. Future actions by the Norwegian government to increase tax rates or to impose additional taxes on the business related to data centers like environmental taxes and energy taxes may reduce the Obligors’ profitability. Revisions to tax legislation or to its interpretation might also affect the Obligors’ financial condition in the future. The Obligors may additionally be subject to periodic tax audits which could result in additional tax assessments relating to past periods of up to ten years being made. Any such assessments could be material which might also affect the Obligors' financial condition in the future as well as the Obligors' ability to comply with its obligations under the Bond Terms and other finance documents.

6

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document Third party risk The Obligors are dependent upon the services and products of certain other service providers (such as DigiPlex Group Services Ltd, connection providers and power providers) in order to successfully pursue the business plan of the Obligors.

Accounting treatment of lease obligations The Bond Terms contain provisions excluding certain lease and hire purchase agreements, like for instance operational lease of IT equipment, from the definition of "Financial Indebtedness" that would be treated as a finance or capital lease under IFRS when applying IFRS 16. Accordingly, the liabilities presented in the Issuer’s annual and interim financial statements might not be aligned with the Financial Indebtedness as defined under the Bond Terms and as applied for the purpose of any provisions thereof.

7

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

2 Definitions

Articles of Association The articles of association of the Company, as amended and currently in effect

DigiPlex Fet interim report Q2 2019 Interim report Q2 2019 for DigiPlex Fet AS

DigiPlex Fet interim report Q1 2019 Interim report Q1 2019 for DigiPlex Fet AS

DigiPlex Fet annual report 2018 Annual report 2018 for DigiPlex Fet AS

DigiPlex Fet annual report 2017 Annual report 2017 for DigiPlex Fet AS

DigiPlex Norway interim report Q2 2019 Interim report Q2 2019 for DigiPlex Norway AS

DigiPlex Norway interim report Q1 2019 Interim report Q1 2019 for DigiPlex Norway AS

DigiPlex Norway annual report 2018 Annual report 2018 for DigiPlex Norway AS

DigiPlex Norway annual report 2017 Annual report 2017 for DigiPlex Norway AS

DigiPlex Norway Holding 2 Opening Balance of 24.04.2019 Opening balance from the date of incorporation for DigiPlex Norway Holding 2 AS

DigiPlex Norway Holding 2 interim report Q2 2019 Interim report Q2 2019 for DigiPlex Norway Holding 2 AS (audited)

DigiPlex Rosenholm interim report Q2 2019 Interim report Q2 2019 for DigiPlex Rosenholm AS

DigiPlex Rosenholm interim report Q1 2019 Interim report Q1 2019 for DigiPlex Rosenholm AS

DigiPlex Rosenholm annual report 2018 Annual report 2018 for DigiPlex Rosenholm AS

DigiPlex Rosenholm annual report 2017 Annual report 2017 for DigiPlex Rosenholm AS

Board of Directors The board of directors of the Company

Company/Issuer/Obligor DigiPlex Norway Holding 2 DigiPlex Norway Holding 2 AS, a company existing under the laws of Norway with registration number 922 393 257 and LEI code 549300YMH927XTTFXM65.

Group/Digiplex The Company and its subsidiaries from time to time

Group Company Any person which is a member of the Group

Guarantors a) DigiPlex Fet AS (‘DFAS’)

b) DigiPlex Norway AS (‘DNAS’)

c) DigiPlex Rosenholm AS (‘DRAS’)

8

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

IFRS International Financial Reporting Standards

ISIN International Securities Identification Number

LEI Legal entity identifier

Prospectus The Registration Document together with a Securities Note constitutes the Prospectus.

Registration Document This document dated 17 October 2019. The Registration Document has been approved by the Norwegian FSA, as competent authority under Regulation (EU) 2017/1129. The Norwegian FSA only approves this Registration Document as meeting the standards of completeness, comprehensibility and consistency imposed by Regulation (EU) 2017/1129. Such approval should not be considered as an endorsement of the Issuer that is the subjet of this Registration Document.

Securities Note Document to be prepared for each new issue of bonds under the Prospectus

Manager DNB Markets, part of DNB Bank ASA

VPS or VPS System The Norwegian Central Securities Depository, Verdipapirsentralen

White Space A technical area where the customers place and operate their IT servers and equipment.

9

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

3 Persons responsible

3.1 Persons responsible for the information Persons responsible for the information given in the Registration Document are as follows: Digiplex Norway Holding 2 AS, c/o DigiPlex Norway AS, Ulvenveien 82E, N-0581 Oslo, Norway

3.2 Declaration by persons responsible Digiplex Norway Holding 2 AS declares that to the best of its knowledge, the information contained in the Registration Document is in accordance with the facts and that the Registration Document makes no omission likely to affect its import.

Oslo, 17 October 2019

Digiplex Norway Holding 2 AS

10

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

4 Statutory Auditors The statutory auditors for the Issuer and the Guarantors for the period covered by the historical financial information are given in the table below.

Company Year Auditor Auditor’s address Auditor’s membership in a professional body DigiPlex Norway DigiPlex Norway Pricewaterhouse Dronning Eufemias gt The Norwegian Holding 2 AS Holding 2 Coopers AS 71, N-0194 Oslo, Institute of Public interim report no.1 Norway Accountants 2019 DigiPlex Norway 2017 and 2018 Pricewaterhouse Dronning Eufemias gt The Norwegian AS Coopers AS 71, N-0194 Oslo, Institute of Public Norway Accountants DigiPlex Fet AS 2017 and 2018 Pricewaterhouse Dronning Eufemias gt The Norwegian Coopers AS 71, N-0194 Oslo, Institute of Public Norway Accountants DigiPlex 2017 and 2018 Pricewaterhouse Dronning Eufemias gt The Norwegian Rosenholm AS Coopers AS 71, N-0194 Oslo, Institute of Public Norway Accountants

11

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

5 Information about the Issuer and the Guarantors

5.1 History and development DigiPlex is a Build to Suit (“BTS”) wholesale and colocation provider, specialising in supplying sustainable and cost efficient data centres capable of delivering uninterrupted power supply and cooling services.

Since its story began in 2001, the Company has evolved into the largest data centre provider in Norway (Source: DNB Markets, credit research pre-issue report DigiPlex Norway Holding 2 AS) and the only Pan-Nordic operator, 2 now operating three centres in Norway, one in Sweden and one in Denmark with a total of ~17,000m of white space and ~60 MW of power capacity with sites connected through a dark fibre to data centres.

5.2 Legal and commercial name, domicile and legal form

Legal name Commercial name Domicile Legal form DigiPlex Norway Holding 2 AS DigiPlex Norway Holding 2 Norway Limited liability company DigiPlex Norway AS DigiPlex Norway Norway Limited liability company DigiPlex Fet AS DigiPlex Fet Norway Limited liability company DigiPlex Rosenholm AS DigiPlex Rosenholm Norway Limited liability company

5.3 Place of registration, registration number and LEI code

Legal name Place of registration Registration number LEI code DigiPlex Norway Holding Register of Business 922 393 257 549300YMH927XTTFXM65 2 AS Enterprises, Norway DigiPlex Norway AS Register of Business 981 663 322 5967007LIEEXZXHZ6W97 Enterprises, Norway DigiPlex Fet AS Register of Business 912 189 287 5967007LIEEXZXHZYO46 Enterprises, Norway DigiPlex Rosenholm AS Register of Business 994 817 477 5493002WI30SR6SIUH74 Enterprises, Norway

12

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document Legal name Objects and purposes Reference to the articles of association DigiPlex Norway Holding The object of the company is to invest in and own § 2 The object of the company 2 AS shares, financial instruments, and participations and rights in other companies, render headquarter-services and activities connected thereto. DigiPlex Norway AS The company’s business purpose is to offer § 3 The company’s business services related to operation of data center for secure operation of IT equipment (IT-housing.) and includes building necessary infrastructure in such a center, to own and operate real estate and anything else related to such business, including to participate in other companies of similar business. DigiPlex Fet AS The company’s business purpose is to offer § 3 The company’s business services related to operation of data center for secure operation of IT equipment (IT-housing.) and includes building necessary infrastructure in such a center, to own and operate real estate and anything else related to such business, including to participate in other companies of similar business. DigiPlex Rosenholm AS The company’s business purpose is to offer § 3 The company’s business services related to operation of data center for secure operation of IT equipment (IT-housing.) and includes building necessary infrastructure in such a center, to own and operate real estate and anything else related to such business, including to participate in other companies of similar business.

5.4 Country of incorporation, date of incorporation and legislation Legal name Country of Date of Legislation incorporation incorporation DigiPlex Norway Holding Norway 5 March 2019 Norwegian 2 AS DigiPlex Norway AS Norway 1 March 2000 Norwegian DigiPlex Fet AS Norway 3 July 2013 Norwegian DigiPlex Rosenholm AS Norway 24 November 2009 Norwegian

5.5 Address, telephone and website Legal name Address Telephone Website DigiPlex Norway Holding c/o DigiPlex Norway AS 23 20 78 60 https://www.digiplex.com/ 2 AS Ulvenveien 82E N-0581 Oslo, Norway DigiPlex Norway AS Ulvenveien 82E 23 20 78 60 https://www.digiplex.com/ N-0581 Oslo, Norway DigiPlex Fet AS c/o DigiPlex Norway AS 23 20 78 60 https://www.digiplex.com/ Ulvenveien 82E N-0581 Oslo, Norway DigiPlex Rosenholm AS c/o DigiPlex Norway AS 23 20 78 60 https://www.digiplex.com/ Ulvenveien 82E N-0581 Oslo, Norway

The information on the websites mentioned above does not form part of the Registration Document unless that information is incorporated by reference into the Registration Document.

13

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document 5.6 Material changes in borrowing and funding structure since the last financial year On 30 April 2019, the Company issued a senior secured bond with floating interest rate and a tenor of 5 years. The initial amount was NOK 1,800,000,000, with a maximum amount of NOK 2,250,000,000. The net proceeds from the initial amount were used as follows:

(i) on lending to each of DigiPlex Fet AS, DigiPlex Norway AS and DigiPlex Rosenholm AS such amount as is required to fully repay all liabilities under the existing bond issues with a total principal amount of NOK 1,025,000,000 plus call and buy-back premiums, accrued interest and any other amounts payable thereunder; (ii) on lending to any of the Guarantors for such Guarantor's application towards repayment in full of the existing shareholder loans; and (iii) any remaining amount for one or more distributions and/or general corporate purposes of the Group.

5.7 Expected financing of activities On 30 April 2019, the Company successful issued a NOK 1,800 million secured bond to finance / refinance the Issuers activities. The secured bond issue replaced two former listed bond loans of NOK 500 million and NOK 575 million (originally) in DFAS and DNAS respectively as well as shareholder loans.

The NOK 1,800 million bond issue represented the first tranche of a total borrowing limit of NOK 2,250 million.

14

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

6 Business overview DigiPlex is an established data centre builder and operator in the Nordics. Both private and public organisations, including security sensitive customers such as government and financial institutions, trust DigiPlex data centre solutions. In operation since 2001, DigiPlex is one of Europe's longest-standing data centre operators. The DigiPlex group of companies currently operate three facilities in Oslo, Norway, one in Stockholm, Sweden and its newest center in Copenhagen, Denmark.

The Company operates the three facilities in Oslo, Norway, presented below.

6.1 Services

IT housing DigiPlex provides safe, secure and fully serviced IT housing for the customer’s mission critical equipment and data. This is delivered in a variety of ways, customised to the customer’s needs. Service levels are tailored to the customer’s exact requirements.

The Company’s serviced IT housing space comes in variable sizes and is available in shared areas, cages or dedicated rooms for enhanced security. Smaller spaces are available by special arrangement.

Power and Cooling DigiPlex IT housing services come with a standard Uninterruptible Power Supply (UPS) power and for the newer data centers, an award winning energy-efficient cooling.

The Company’s cooling philosophy incorporates the harvesting of rain water reducing the cost to deliver critical cooling to customer IT infrastructure. The most effective mechanism provided by the Company for this is free cooling engineering (Air-to-Air).

Energy monitoring DigiPlex data centres deploy facility-wide energy measuring devices for monitoring both customer ICT and in- house infrastructure power consumption, so that the Company can continuously compute and monitor power usage effectiveness performance.

Added Value Services In addition to IT housing services, the Company offers a range of data center managed services, from which the customer can choose its ideal combination of facilities and operating support.

Locations Norway – Oslo – Ulven The DigiPlex Norway, Ulven data centre is in the Økern district of central Oslo and was originally designed and built in 1981 for the Norwegian government as a data centre and communication hub.

It has more than 4 900 m2 of (White Space), and is constructed of a concrete frame over four levels. A high security colocation centre with a unique position as a Norwegian interconnection hub and powered by 100% renewable energy.

During recent years, DigiPlex has carried out a substantial upgrading and replacement of the mechanical and electrical infrastructure. The power supplies, cooling and security systems installed at the centre today will meet fully the future requirements of our customers.

Norway – Oslo – Rosenholm The DigiPlex Rosenholm colocation data centre is located below ground in the Rosenholm Business Centre campus. The campus is located in an attractive woodland setting. Previously used by IBM, the facility has been entirely rebuilt to meet the current data centre standards.

The current data halls extend to 2 200 m² of White Space, mainly within reinforced concrete bunkers, providing 3m clear floor to ceiling headroom.

15

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document During 2010, DigiPlex carried out a substantial upgrading of the main infrastructure including replacement of the mechanical and electrical infrastructure in the centre. The power supplies, cooling and security systems installed at the centre today will meet fully the future requirements of our customers.

Waste heat generated in the data centre is re-used to warm the offices within the Rosenholm campus, providing extensive CSR as an added value to our customers profile.

Norway – Oslo – Fetsund The new DigiPlex Fetsund colocation data centre is the Company’s third site in the greater Oslo area.

Fetsund opened in January 2015 and is operated by DigiPlex, featuring two three-storey, air-cooled buildings, each with the capacity for 20 000 servers. Each 2 100m² net White Space' building contains three data halls, one on each floor. These 6m high spaces each have a floor area of 700m² and have been designed for an IT density of 2 kW/m². The facility operates at a PUE factor of only 1.1 to 1.2, made possible by the unique Air-to-Air cooling technology.

6.2 Significant new products or activities

In April 2019, DigiPlex launched its Nordic Connect Platform. DigiPlex five Nordic sites are home to many of the region’s best-known and most interconnected businesses. Through the DigiPlex Nordic Connect Platform, companies seeking to connect with counterparts across borders can now operate as easily as if they occupied neighbouring racks in the same facility. DigiPlex also offers access to numerous carriers and internet exchanges expanding the reach to networks/fabrics across the globe.

DigiPlex Nordic Connect Platform also enables efficient routes to the secure, dedicated and private connections essential to businesses operating in the Cloud. DigiPlex offers connectivity to all major Cloud and Network Service Providers including the first deployment of AWS Direct Connect (Amazon Web Services) in Norway and of Microsoft Azure ExpressRoute for the Nordics through its Ulven data centre in Oslo.

The Nordic Connect Platform has also been designed to help DigiPlex’s customers seeking to expand across borders or enter the Nordic market with a single data centre provider. With five Nordic data centres, DigiPlex offers a unique mix of possible Edge deployments in one or several of the region’s capitals; Oslo, Stockholm and Copenhagen. This enables customers to meet demands on for example latency or local regulations such as GDPR.

6.3 Principal markets DigiPlex Norway Holding 2 has about 60 customers with a value weighted remaining contract length of more than 8 years on average. The majority of the customers are in IT Services/hosting, Telecom or are state owned.

2018 revenue split: Estimated 2019 revenues by customer type

Source: DNB Markets, credit research pre-issue report DigiPlex Norway Holding 2 AS

DigiPlex Norway Holding 2 is currently the largest data centre provider in Norway in terms of utilised white space (sqm) and MW.

16

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

The graph shows Norwegian data centre peers. Current sellable space (squaremeter):

Source: DNB Markets, credit research pre-issue report DigiPlex Norway Holding 2 AS

The demand for more colocation in the Nordics has driven the attractiveness of setting up data centres in the Nordics. Large IT companies (such as Amazon, Facebook, Apple, Microsoft and Google) have shown a particular interest for data centres in the Nordics, having already built in several locations. The reason for this is low power costs, high level of renewable energy, cold climate, reliable power grid, and the stable political climate. Having these attributes, data centres can be launched in Norway (and the Nordics) that may serve other European countries.

Scandinavian colocation Global Big Data Projections Global e-commerce retail projections (NOKbn): (USDbn): projections (USDbn):

Source: DNB Markets, credit research pre-issue report DigiPlex Norway Holding 2 AS

17

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

7 Organisational structure

7.1 Description of the Group Digiplex Norway Holding 2 AS is a limited liability company, incorporated and domiciled in Norway.

Digiplex Norway Holding 2 AS is a holding company and the parent company of the Group.

The legal structure of the Group including its ownership is shown below.

7.2 Dependence upon other entities The Company is a holding company without any operational revenue.

The Company receives contributions from its subsidiaries. Therefore, the Company is dependent on the results of the operations of the Company's subsidiaries.

18

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

8 Trend information

8.1 Prospects and financial performance There has been no material adverse change in the prospects of the Issuer or the Guarantors since the date of their last published audited financial statements.

There has been no significant change in the financial performance of the Group since the end of the last financial period for which financial information has been published to the date of the registration document.

.

19

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document 9 Administrative, management and supervisory bodies

9.1 Information about persons

DigiPlex Norway Holding 2 AS Board of Directors Name Position Business address James Byrne Murphy Chairman c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Gisle Michael Eckhoff Member of the board c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway

Byrne Murphy is co-owner and Chairman of DigiPlex group of companies. He brings more than 30 years experience of making and managing property-led investments and businesses throughout the USA and Europe. He is the former Deputy Chief Executive and co-founder of BAA McArthurGlen, Europe’s largest owner and operator of designer outlet centres and co-founder of Pallazzo Tournabuoni. Byrne is also founding partner and Managing Director of Kitebrook Partners Limited, an international real estate investment company. Byrne received his MBA from University of Virginia and his BA (Cum Laude) from Harvard University.

Gisle M. Eckhoff joined DigiPlex in August 2014 as Chief Executive Officer. He brings nearly thirty years’ experience in senior positions in the IT industry in the US, Sweden, UK and Denmark as well as at home in Norway.

Gisle is the former Senior Vice President and Managing Director of CGI’s operation in Norway, and has also held a number of senior management roles at both country and regional levels in CSC Computer Sciences Corporation. The experience and knowledge gained from heading up the Financial Services vertical in the Nordic region, before becoming Vice President and Managing Director of CSC in both Norway and Sweden, is of great value when implementing DigiPlex’ growth strategy in the Nordic markets.

Gisle holds a Degree in Business Administration from the Norwegian School of Management.

Management Name Position Business address Gisle Michael Eckhoff Chief Executive Officer c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Cathrine M. Telje Chief Financial Office c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Fredrik Jansson Chief Strategy & c/o DigiPlex Norway AS, Ulvenveien 82E Marketing/Communications Officer N-0581 Oslo, Norway Dan Oldham Chief Service Delivery Oficer c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Geoff Fox Chief Technology Officer c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Daniel Joyce Chief Development Officer c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Halvor Bjerke Chief Operating Officer c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Haakon Holm-Knapstad Chief HR & Compliance Officer c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Rickard Hilmersson Head of Nordic Sales c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Pete O’Sullivan Head of Security c/o DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway

Gisle M. Eckhoff, please see description under Board of directors above.

Cathrine M. Telje is the Chief Financial Officer for DigiPlex group of companies. She is an experienced finance professional with more than 20 years in managing positions and a broad background from private equity and publicly listed companies, among others EDB Business Partner ASA (now part of EVRY ASA). Cathrine holds a Master of Business Administration, finance specialization, from the Norwegian School of Economics (NHH) and HEC Paris.

20

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

Fredrik Jansson. In his role as CSMO Fredrik oversees DigiPlex's global strategy, marketing and communications efforts. Before joining DigiPlex, Fredrik held several marketing leadership roles at Tata Consultancy Services (TCS) in a distinguished career spanning over a decade. During his time with TCS, the firm grew from $1bn to $16.5 in revenue and from 40,000 to 370,000 employees. His last position at TCS was as Chief Brand Officer responsible for all brand building activities across 21 European markets. Fredrik has won over 40 of the most prestigious European awards for excellence in Branding, Social Media, Marketing, Communications, Thought Leadership, Event Management and Sports Sponsorships. He is globally educated with university studies in France (INSEAD), UK (London Business School), USA (Kellogg; Northwestern & University of Florida), Ireland (Trinity College Dublin) and Sweden (Uppsala University).

Dan Oldham is Chief Service Delivery Officer for the DigiPlex group of companies. He is a Chartered Building Services Engineer with broad experience in estate maintenance and construction works in both the public and private sectors. His Data Centre Operations experience is extensive having managed multi-site portfolios across the UK and Europe. Dan has achieved operational success employing different techniques; he has supervised in- house staff and has managed consultants and contractors. Dan’s experience is in matching, developing and improving operational delivery mechanisms and tailoring services to match business and customer needs in the complex business-critical data centre environment.

Geoff Fox is group Chief Technology Officer with responsibility for engineering and innovation across all of the DigiPlex data centres. He is a Building Services and Mechanical Engineer, a member of the Chartered Institute of Building Services Engineers and an Uptime Institute Accredited Design Engineer. He has a extensive experience in Data Centre focussed business unit and technical services team management in both Operational and CapEx roles. Geoff is accountable and responsible for the delivery of the capital works program for DigiPlex, where the key focus is to ensure the designs are future ready and aligned with group business direction. Geoff’s team also provide support to the COO in problem resolution and change management. Geoff has been part of the DigiPlex management team from the outset.

Daniel Joyce is the Chief Development Officer and takes responsibility for the company’s expansion projects across the Nordic region. He brings more than 14 years’ experience from the Swedish data centre market and has contributed to designing and building customer specific solutions. Daniel has developed sites that meet the demands of some of the world’s largest IT companies. Daniel was previously with Facebook where he was responsible for the construction of the Luleå site. Prior to that he held several management positions at TelecityGroup (now Equinix).

Halvor Bjerke has been delivering IT operations for large companies since his first appointment as a consultant with Cap Gemini in 2000. In 2005 he moved to Amedia Technoloy, progressing with them and taking responsibility as Head of Operations and in January 2012 he was appointed CEO of the company. An offer from DNB to join them as Senior Vice President / Head of Service Integration in 2014 saw him move from media to banking. Halvor was responsible for all IT operations managing IT deliveries from many high profile Nordic companies, including EVRY, TCS, HCL, Infosys, CSC, NETS and more. When IBM Cloud launched their first SoftLayer based data centre in Scandanavia in 2016, Halvor saw an opportunity to be part of a new journey with an evolving industry. The following year, that same journey brought him to DigiPlex.

Haakon Holm-Knapstad joined DigiPlex August 2015 as Head of Human Resources. He brings nine years of experience as a HR Business Partner and recruiter. He holds a Master of Science degree in Organisational Psychology and a Bachelor Degree in Business Law - both from Norwegian School of Management. Haakon is the former HR Business Partner for Consulting and System Integration and Managed Services at Tieto Norway AS. Before this he worked six years as a recruiter.

Rickard Hilmersson joined DigiPlex in May 2018 as the Head of Nordic Sales. Ahead of joining DigiPlex he held the position as Nordic Sales Director for Equinix. Rickard started his career mid-90s in various sales positions in the telco and datacenter industry. He has held several leading positions and has since 2006 been specialized in the co-location market targeting Nordic and international clients. During his career he has been involved in many client’s journey changing from an in-house datacenter solution to a flexible co-location solution meeting clients future need in a changing environment. He has education in Computer Science from HiG and is a dedicated youth sports leader.

Pete O'Sullivan joined DigiPlex January 2012 and has held several positions related to the Operations of DigiPlex. He is currently the Head of Security, responsible for all data centres of the Group. He has a milityary background and is a Chartered Manager with a broad experience in critical systems facilities developed in a wide range of challenging senior Operational Management roles where critical systems availability is key.

21

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

DigiPlex Norway AS Board of Directors Name Position Business address James Byrne Murphy Chairman DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Gisle Michael Eckhoff Member of the board / DigiPlex Norway AS, Ulvenveien 82E CEO N-0581 Oslo, Norway

Please see descriptions under DigiPlex Norway Holding 2 AS above.

Management Name Position Business address

Please see descriptions under DigiPlex Norway Holding 2 AS above, as the Management team is responsible for all DigiPlex enities.

DigiPlex Fet AS Board of Directors Name Position Business address James Byrne Murphy Chairman DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Gisle Michael Eckhoff Member of the board / DigiPlex Norway AS, Ulvenveien 82E CEO N-0581 Oslo, Norway

Please see descriptions under DigiPlex Norway Holding 2 AS above.

Management Name Position Business address

Please see descriptions under DigiPlex Norway Holding 2 AS above, as the Management team is responsible for all DigiPlex enities.

DigiPlex Rosenholm AS Board of Directors Name Position Business address James Byrne Murphy Chairman DigiPlex Norway AS, Ulvenveien 82E N-0581 Oslo, Norway Gisle Michael Eckhoff Member of the board / DigiPlex Norway AS, Ulvenveien 82E CEO N-0581 Oslo, Norway

Please see descriptions under DigiPlex Norway Holding 2 AS above.

Management Name Position Business address

Please see descriptions under DigiPlex Norway Holding 2 AS above, as the Management team is responsible for all DigiPlex enities.

22

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document 9.2 Administrative, management and supervisory bodies conflicts of interest There are no potential conflicts of interest between any duties to the Issuer or the Guarantors of the persons referred to in item 9.1 and their private interests and/or other duties.

23

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

10 Major shareholders

DigiPlex Norway Holding 2 AS The share capital of DigiPlex Norway Holding 2 AS is NOK 150,000 divided into 300 shares at a nominal value of NOK 500 each. The company has only one class of shares.

DigiPlex Norway Holding 2 AS is wholly owned by DigiPlex Norway Holding 1 AS.

DigiPlex Norway AS The share capital of DigiPlex Norway AS is NOK 33,300,000 divided into 33 300 shares at a nominal value of NOK 1000 each. The company has only one class of shares.

DigiPlex Norway AS is wholly owned by DigiPlex Norway Holding 2 AS.

DigiPlex Fet AS The share capital of DigiPlex Fet AS is NOK 30,000 divided into 30 000 shares at a nominal value of NOK 1 each. The company has only one class of shares.

DigiPlex Fet AS is wholly owned by DigiPlex Norway Holding 2 AS.

DigiPlex Rosenholm AS The share capital of DigiPlex Rosenholm AS is NOK 2,950,000 divided into 2 950 000 shares at a nominal value of NOK 1 each. The company has only one class of shares.

DigiPlex Rosenholm AS is wholly owned by DigiPlex Norway Holding 2 AS.

24

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

11 Financial information concerning the Company's assets and liabilities, financial position and profits and losses

11.1 Historical Financial Information

DigiPlex Norway Holding 2 AS The financial statements of DigiPlex Norway Holding 2 AS have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee ("IFRSIC") applicable to companies reporting under IFRS.

The accounting policies of the Company and the Group are shown in the DigiPlex Norway Holding 2 interim report Q2 2019, Annex 8, page 9 note 1.

The DigiPlex Norway Holding 2 Interim Report No. 1 2019 and the DigiPlex Norway Holding 2 interim report Q2 2019 are attached as Annex 8. The limited historical financial information is due to the fact the Company was incorporated on 5 March 2019. The historical financial information provided in Annex 8 is deemed to fulfill the requirements set out in Regulation (EU) 2017/1129.

Historical financial information is available on the pages shown below.

Interim report Q2 2019 Opening balance 24.04.2019 DigiPlex Norway Holding 2 AS Page(s) Page(s)

Income statement 19 n/a

Statement of financial position 20 1

Statement of cash flow - n/a

Notes 21 2

Group

Consolidated income statement 4

Consolidated statement of financial position 5

Consolidated statement of cash flow 7

Notes 9

25

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document DigiPlex Fet AS The financial statements of DigiPlex Fet AS have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee ("IFRSIC") applicable to companies reporting under IFRS.

The accounting policies of the company are shown in the DigiPlex Fet annual report 2018, annex 7, page 14 note 2.

The DigiPlex Fet annual report 2018, the DigiPlex Fet annual report 2017, the DigiPlex Fet interim report Q1 2019 and the DigiPlex Fet interim report Q2 2019 are available in Annex 7 and 11 respectively.

Historical financial information is available on the pages shown below.

Interim Report Annual Report Q2 2019*) Q1 2019*) 2018*) 2017*) DigiPlex Fet AS Page(s) Page(s) Page(s) Page(s)

Income statement 3 3 10 10

Statement of financial position 4 4 11 11

Statement of cash flow 6 6 13 13

Notes 7-8 7-8 14-27 14-25

*) including comparative figures for previous year/period

DigiPlex Norway AS The financial statements of DigiPlex Norway AS have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee ("IFRSIC") applicable to companies reporting under IFRS.

The accounting policies of the company are shown in the DigiPlex Norway annual report 2018, annex 5, page 14 note 2.

The DigiPlex Norway annual report 2018, the DigiPlex Norway annual report 2017, the DigiPlex Norway interim report Q1 2019 and the DigiPlex Norway interim report Q2 2019, available in Annex 5 and 9 respectively.

Historical financial information is available on the pages shown below.

Interim Report Annual Report Q2 2019*) Q1 2019*) 2018*) 2017*) DigiPlex Norway AS Page(s) Page(s) Page(s) Page(s)

Income statement 3 3 10 10

Statement of financial position 4 4 11 11

Statement of cash flow 5 5 13 13

Notes 6-7 6-7 14-27 14-26

*) including comparative figures for previous year/period

26

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document DigiPlex Rosenholm AS The financial statements of DigiPlex Rosenhom AS have been prepared in accordance with the Accounting Act and Norwegian Generally Accepted Accounting Principles for small enterprises (NGAAP).

The accounting policies of the company are shown in the DigiPlex Rosenholm annual report 2018, page 13.

The DigiPlex Rosenholm annual report 2018, the DigiPlex Rosenholm annual report 2017, the DigiPlex Rosenholm interim report Q1 2019 and the DigiPlex Rosenholm interim report Q2 2019, available in Annex 6 and 10 respectively.

Historical financial information is available on the pages shown below.

Interim Report Annual Report Q2 2019*) Q1 2019*) 2018*) 2017*) DigiPlex Rosenholm AS Page(s) Page(s) Page(s) Page(s)

Income statement 3 3 9 9

Statement of financial position 4 4 10-11 10-11

Statement of cash flow 5 5 12 12

Notes 6 6 13-16 13-16

*) including comparative figures for previous year/period

11.2 Auditing of historical financial information

DigiPlex Norway Holding 2 AS Due to the fact that the company was incorporated only in March 2019, one audited financial statement have been prepared; the Interim Financial Statemens for Q2 and the half year ended 30.06.2019.

The DigiPlex Norway Holding 2 opening balance and audited interim reports are available as Annex 8. A statement of audited historical financial information is given in Annex 8.

DigiPlex Fet AS The historical financial information for 2017 and 2018 has been audited. The audit has been conducted in accordance with laws, regulations, and auditing standards and practises generally accepted in Norway, including International Standards on Auditing (ISAs).

A statement of audited historical financial information is given in the DigiPlex Fet annual report 2018, pages 7-9, and the DigiPlex Fet annual report 2017, pages 7-9, and the unaudited DigiPlex Fet interim report Q1 2019 and Q2 2019 are available in Annex 11.

DigiPlex Norway AS The historical financial information for 2017 and 2018 has been audited. The audit has been conducted in accordance with laws, regulations, and auditing standards and practises generally accepted in Norway, including International Standards on Auditing (ISAs).

A statement of audited historical financial information is given in the DigiPlex Norway annual report 2018, pages 7-9, and the DigiPlex Norway annual report 2017, pages 7-9, and the unaudited DigiPlex Norway interim report Q1 2019 and Q2 2019 are available in Annex 5 and 9 respectively.

DigiPlex Rosenholm AS The historical financial information for 2017 and 2018 has been audited. The audit has been conducted in accordance with laws, regulations, and auditing standards and practises generally accepted in Norway, including International Standards on Auditing (ISAs).

27

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

A statement of audited historical financial information is given in the DigiPlex Rosenholm annual report 2018, pages 7-8, and the DigiPlex Rosenholm annual report 2017, pages 6-8, and the unaudited DigiPlex Rosenholm interim report Q1 2019 and Q2 2019 available in Annex 6 and 10 respectively.

11.3 Legal and arbitration proceedings

DigiPlex Norway Holding 2 AS There are no, nor have there been any, governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware) in the past 12 months which may have, or have had in the recent past significant effects on Issuer or the Group’s financial position or profitability.

DigiPlex Fet AS There are no, nor have there been any, governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which DigiPlex Fet AS is aware) in the past 12 months which may have, or have had in the recent past significant effects on the financial position or profitability of DigiPlex Fet AS.

DigiPlex Norway AS There are no, nor have there been any, governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which DigiPlex Norway AS is aware) in the past 12 months which may have, or have had in the recent past significant effects on the financial position or profitability of DigiPlex Norway AS.

DigiPlex Rosenholm AS There are no, nor have there been any, governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which DigiPlex Rosenholm AS is aware) in the past 12 months which may have, or have had in the recent past significant effects on the financial position or profitability of DigiPlex Rosenholm AS.

11.4 Significant change in the financial position

DigiPlex Norway Holding 2 AS There has been no significant change in the financial position of the Issuer which has occurred since 30 June 2019.

DigiPlex Fet AS There has been no significant change in the financial position of DigiPlex Fet AS which has occurred since the end of the last financial period for which audited financial information or interim financial information have been published.

DigiPlex Norway AS There has been no significant change in the financial position of DigiPlex Norway AS which has occurred since the end of the last financial period for which audited financial information or interim financial information have been published.

DigiPlex Rosenholm AS There has been no significant change in the financial position of DigiPlex Rosenholm AS which has occurred since the end of the last financial period for which audited financial information or interim financial information have been published.

28

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

12 Documents available

For the term of the Registration Document the following documents, where applicable, can be inspected at the websites stated in clause 5.5 or in the in the annexes, respectively:

(a) the up to date memorandum and articles of association of the relevant company;

(b) all reports, letters, and other documents, valuations and statements prepared by any expert at the company's request any part of which is included or referred to in the Registration Document.

13 Third party information and statement by experts and declarations of any interest

13.1 Third party information Part of the information given in this Registration Document has been sourced from a third party. It is hereby confirmed that the information has been accurately reproduced and that as far as DigiPlex Norway Holding 2 is aware and is able to ascertain from information published by that third party, no facts have been omitted which would render the reproduced information inaccurate or misleading. The following table lists such third parties:

Kind of information Publicly Name of third Business Qualifications Material interest available party address in the Company 5.1 History and DNB Bank DNB Bank Dronning Author of the None development ASA at ASA Eufemias gt 30, credit research request, 6.3 Principal markets N-0191 Oslo, upon Norway Reference to DNB payment Markets, credit research pre-issue report DigiPlex Norway Holding 2 AS

29

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document

Manager’s disclaimer

DNB Bank ASA, the Manager, has assisted the Company in preparing the Registration Document. The Manager has not verified the information contained herein. Accordingly, no representation, warranty or undertaking, expressed or implied, is made and the Manager expressly disclaims any legal or financial liability as to the accuracy or completeness of the information contained in this Registration Document or any other information supplied in connection with the issuance or distribution of bonds by DigiPlex Norway Holding 2 AS.

This Registration Document is subject to the general business terms of the Manager, available at its website. Confidentiality rules and internal rules restricting the exchange of information between different parts of the Manager may prevent employees of the Manager who are preparing this Registration Document from utilizing or being aware of information available to the Manager and/or any of its affiliated companies and which may be relevant to the recipient's decisions.

Each person receiving this Registration Document acknowledges that such person has not relied on the Manager, nor on any person affiliated with it in connection with its investigation of the accuracy of such information or its investment decision.

Oslo, 17 October 2019

DNB Bank ASA (www.dnb.no)

30

DigiPlex Norway Holding 2 AS, Prospectus of 17 October 2019

Registration Document Annex 1 Articles of Association for DigiPlex Norway Holding 2 AS

Annex 2 Articles of Association for DigiPlex Norway AS

Annex 3 Articles of Association for DigiPlex Rosenholm AS

Annex 4 Articles of Association for DigiPlex Fet AS

Annex 5 Annual Report 2018 and 2017 for DigiPlex Norway AS

Annex 6 Annual Report 2018 and 2017 for DigiPlex Rosenholm AS

Annex 7 Annual Report 2018 and 2017 for DigiPlex Fet AS

Annex 8 Interim report Q2 2019 for DigiPlex Norway Holding 2 AS consolidated (un-audited) and for the company (audited), and Opening balance of 24 April 2019 (un-audited) for the company, DigiPlex Norway Holding 2 AS

Annex 9 Interim report Q2 2019 and Q1 2019 for DigiPlex Norway AS

Annex 10 Interim report Q2 2019 and Q1 2019 for DigiPlex Rosenholm AS

Annex 11 Interim report Q2 2019 and Q1 2019 for DigiPlex Fet AS

31

Annex 1 Articles of Association for DigiPlex Norway Holding 2 AS Office translation from Norwegian to English. In case of any discrepancies between the Norwegian text and the English translation, the Norwegian text shall prevail.

VEDTEKTER ARTICLES OF ASSOCIATION

DIGIPLEX NORWAY HOLDING 2 AS DIGIPLEX NORWAY HOLDING 2 AS

(Org. nr. 922 393 257) (Reg. no. 922 393 257) (sist endret 24. april 2019) (last amended 24 April 2019)

§ 1 Selskapets navn § 1 Company name

Selskapets navn er DigiPlex Norway Holding 2 The name of the company is DigiPlex Norway AS. Holding 2 AS.

§ 2 Selskapets virksomhet § 2 The object of the company

Selskapet formål er å investere i og eie aksjer, The object of the company is to invest in and own finansielle instrumenter, og andeler og shares, financial instruments, and participations rettigheter i andre selskaper, yte and rights in other companies, render hovedkontortjenester samt annen virksomhet headquarter-services and activities connected som står i naturlig forbindelse med dette. thereto.

§ 3 Aksjekapital § 3 The Share Capital

Selskapets aksjekapital er NOK 150 000 fordelt på The share capital of the company is NOK 150,000 300 aksjer, hver pålydende NOK 500. divided into 300 shares, each having a nominal value of NOK 500.

§ 4 Signatur § 4 Signature

Selskapets firma tegnes av styrets leder. The company is represented by the chairman of the board.

§ 5 Omsettelighet av selskapets aksjer § 5 Transferability of shares

Selskapets aksjer skal være fritt omsettelige. The company's shares shall be freely transferable. Overdragelse av aksjer er ikke betinget av Transfer of shares is not subject to consent from samtykke fra selskapet. Aksjeeierne har ikke the company. Shareholders have no pre-emptive forkjøpsrett til aksjer som overdras eller som rights to shares which are transferred or ellers skifter eier. otherwise have changed ownership.

Annex 2 Articles of Association for DigiPlex Norway AS

Annex 3 Articles of Association for DigiPlex Rosenholm AS

Annex 4 Articles of Association for DigiPlex Fet AS

Annex 5 Annual Report 2018 and 2017 for DigiPlex Norway AS

DigiPlex Norway AS (the Company) Board of Directors’ report For the year ended 31 December 2018

Registration no. 981 663 322

We are pleased to present the 2018 annual financial report for the Company.

BACKGROUND DigiPlex Norway AS forms part of the privately-owned DigiPlex Group of Companies, which specialises in building and operating data centres in the Nordic region. Founded in 2002, the Group is one of the longest standing data centre builders and operators in Europe, with companies registered in Denmark, Finland, Norway, Sweden and the United Kingdom. The Group provides safe, secure and future ready IT housing for our customers’ mission critical systems. This is not a one-size-fits-all service but one that is tailored to suit each customer’s individual needs.

The Company operates from a facility at Selma Ellefsens vei 1, 0581 Oslo, Norway. The facility houses a large range of clients from various sectors including the government, telecommunications and corporates.

BUSINESS ACTIVITIES Throughout 2018 the Company has continued investing in and operating from the facility at Selma Ellefsens vei 1 in Oslo providing a secure IT Housing service for its clients, and it also expanded the white space in the data centre by an additional 700 m2 in order to meet customer demand. Construction work was completed in Q4 2018.

REGULATORY DEVELOPMENTS As at the date of this report, the Board is not aware of any current, or potential regulatory/political changes that may cause any risk to the operations of the Company.

GOING CONCERN As at the date of this report, the Board do not have any reason to believe that either the Company’s external bond holders or its shareholders do not support the going concern of the Company.

The Company’s bond loan of NOK 525 million falls due on 17 July 2019.

Taking the impending bond maturation dates into account, the Company together with two related parties, DigiPlex Rosenholm AS (DRAS) and DigiPlex Fet AS (DFAS) considered a combined bond refinancing by recapitalising the three Norwegian assets. As such, a restructuring of the entities was necessary to enable this new bond issuance. The three entities were therefore contributed in kind by their respective owners to a newly established Norwegian holding company, DigiPlex Norway Holding 2 AS (DNH2) on 24 April 2019.

DNH2 successfully closed on a NOK 1.8 billion senior secured bond issue maturing in April 2024 with a coupon rate of 365bps plus 3-month NIBOR. The bond issue was substantially oversubscribed and is the second largest NOK denominated high yield bond issuance since 2014. Settlement date has been scheduled to take place on 30 April 2019 and an application will be made for the bonds to be listed on the Oslo Stock Exchange.

Part of the proceeds from this bond will be utilised for the repayment of the outstanding bond of NOK 525 million.

The Board is of the opinion that the financial statements give a true and fair view of the activities of the Company.

In accordance with the Norwegian Accounting Act section 3-3, the Board confirms that the conditions for continued operations as a going concern are present for the Company and that the annual financial statements have been prepared under this presumption.

INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION The Directors have noted that market conditions are good, and that the data centre has sufficient flow of new customers and renewal of contracts.

The enclosed financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS").

Operating revenues totalled NOK 179.3 million (2017: NOK 148.4 million), an increase of 20.8%.

Operating expenses (excluding depreciation) totalled NOK 98.8 million (2017: NOK 77.9 million), which comprised of NOK 19.1 million in cost of goods sold, NOK 35.0 million of employee costs and NOK 44.7 million of other operating costs.

EBITDA totalled NOK 80.5 million (2017: NOK 70.5 million), an increase of 14.1 %. The EBITDA margin for 2018 was 44.9% (2017: 47.5%).

Depreciation of property, plant and equipment totalled NOK 46.7 million (2017: NOK 42.7 million).

In light of the above, the operating profit for 2018 come in at NOK 33.8 million (2017: NOK 27.9 million). The increase compared to 2017 was mainly due to increased utilisation of the datacentre and annual inflationary increase in revenues.

Net finance costs were NOK 21.7 million (2017: NOK 21.9 million).

The profit before income tax was NOK 12.1 million (2017: NOK 5.9 million). The tax charge came in at NOK 4.0 million (2017: NOK 2.1 million), due to the effect of the announced reduction of applicable corporate tax rate from 23% to 22%, resulting in a profit for the year of NOK 8.1 million (2017: NOK 3.8 million).

Total assets were NOK 707.9 million (2017: NOK 714.8 million).

The Company continues to explore innovative methods and investing in its technical infrastructure to ensure it keeps its customers future ready.

Notwithstanding the above expectation, the future is not predictable and ultimately no warranties can be made by the Board in relation to the performance of the Company in 2019.

CAPITAL AND FINANCING Net cash inflow for the year was NOK 1.0 million (2017: outflow of NOK 10.5 million). Cash inflow from operating activities amounted to NOK 79.4 million (2017: NOK 69.0 million). Cash outflow to investing activities amounted to NOK 22.7 million (2017: NOK 48.0 million), whereof repayment of loans from related companies account for NOK 40.0 million (2017: issue of loans to related parties NOK 20.0 million). Cash outflow from financing activities amounted to NOK 55.7 million (2017: NOK 31.4 million). A detailed cash flow statement is included in the financial statements.

The Company has raised NOK 575.0 million from issuing bonds. The bonds were issued in July 2015 to refinance its existing bank and shareholder loans. These bonds were listed on the Oslo Stock Exchange in January 2016. The bonds are due to mature in July 2019 and have been refinanced through a new bond loan as described in the “Going Concern” section above.

The Company is making interest payments to the bondholders in accordance with the Bond Agreement.

The Board is confident that the current financial resources available to the Company are adequate for its existing requirements.

RISK MANAGEMENT AND INTERNAL CONTROL The Board ensures that the Company has satisfactory internal control functions and appropriate systems for risk management tailored to its operations and in accordance with the Company’s core values, ethical guidelines and social responsibility policy. The Board, at a minimum, on an annual basis conducts a review of the Company’s most important risk areas and its internal control functions.

This position is in compliance with Bond Rules section 2.5 and the Stock Exchange Regulations section 1 (2).

The facility is fully compliant with the International Organisation for Standardisation (ISO) recognised standards for quality, security, safety and environmental management. ISO standards are the most widely accepted globally. The company’s current ISO certifications are;  ISO 9001: 2015 Quality Management Systems;  ISO 27001: 2013 Information Security Management System Standard;  ISO 14001: 2015 Environmental Management System Standard; and  OHSAS 18001: 2007 Occupational Health and Safety Management.

RISKS The Company’s activities expose it to a variety of financial risks namely; market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company’s finance department under policies approved by the Board. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk The Company operates nationally and is therefore exposed to a limited foreign exchange risk.

However, its interest rate risk arises from a bond loan (see note 12). Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the loan is adjusted quarterly. The Company also holds loans to related companies. These loans are issued at variable rates in accordance with the bond loan.

Interest Rate Sensitivity Analysis At 31 December 2018, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been NOK 500,000 higher/lower, mainly as a result of higher/lower interest expense on Bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Company’s finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The Board is not aware of any additional financial risk factors facing the Company other than those outlined in this report.

HEALTH, SAFETY AND WORK ENVIRONMENT As of 31 December 2018, the Company employed 32 full time staff, made up of 8 females and 24 males. One of those male employees was in a leading management position as the Chief Executive Officer. The Company gives equal opportunities to its employees regardless of gender and will continue this policy in the future.

The Company’s ambition is to conduct its operations with zero injuries through effective risk management. The Company considers the working environment as positive and there have been no serious work incidents or accidents resulting in personal injury or damages to material or equipment during the course of 2018. The Company also maintains a log of sick leave days taken. The absence percentage due to sick leave for 2018 was 1.6 %.

All employees are part of a pension scheme.

EXTERNAL ENVIRONMENT Within our environmental impact it is energy use and consequently carbon emissions that determine the biggest part of our environmental agenda. The Company is committed to operating sustainably with continuous improvements in environmental performance.

The initial target for the DigiPlex group of entities in this area was to purchase all our electricity from certified, renewable sources. We first achieved this in July 2004. We have maintained this achievement ever since.

Our aim is to be the most environmentally friendly data centre provider in Europe and we have put this into action with our fiercely competitively low PUE (Power Usage Effectiveness) achievements to date. We particularly welcome the opportunity to work with our customers and help them to achieve their own environmental performance improvement goals. With the above processes and initiative in place, the Board is very proud of the small environmental footprint that it leaves behind.

CORPORATE SOCIAL RESPONSIBILITY The Company’s policy is designed and implemented in a way to help tackle the challenges we face in today’s society. The DigiPlex policy ensures that we responsibly and fairly recruit and manage DigiPlex employees on the basis of competence and performance regardless of age, nationality, race, gender, religious beliefs, sexuality, physical ability or cultural background. We strive on our ability to provide our customers an unprecedented level of support and flexibility in all aspects of providing a Data Centre service and do so in a manner that ensures our businesses future and the prosperity of all stakeholders involved.

The Company is committed to maintaining an open working environment in which employees and contractors are able to report instances of unethical, unlawful or undesirable conduct without fear of intimidation or reprisal. In order to maintain a current and effective responsibility strategy we promote transparency in the actions of all stakeholders and act on all relevant concerns highlighted for attention.

We take the responsibility of fairness and equality beyond our own walls and ensure that external parties with whom we engage in business are also focused on their responsibility to the wider community. The Company’s tendering process clarifies whether the supplier has established its own policy and guidelines for corporate social responsibility, and whether it has been involved in incidents related to corruption, child labour or breaches of human rights or the rights of employees to unionise.

Information on such matters is obtained from the suppliers themselves or from other investigations. Possible conditions uncovered will be significant in qualifying the supplier for participation in the tendering process.

YEAR-END APPROPRIATIONS The net profit for the year of NOK 8.1 million (2017: NOK 3.8 million) is transferred to retained earnings.

RESEARCH AND DEVELOPMENT The Company is continually undertaking confidential research and development with the view of improving its processes, customer service, costs and its environmental footprint.

OUTLOOK In 2019, the primary goal is continued focus on providing highly reliable IT housing services to its customers; ensuring renewals when due and providing tailor-made solutions to meet new customers’ requirements.

The Board is not aware of any additional risk factors facing the Company other than those outlined in this report.

Oslo, 30 April 2019

J Byrne Murphy Gisle M Eckhoff Chairman CEO

DigiPlex Norway AS

Income statement Amounts in NOK

Operating income and operating expenses Notes 2018 2017

Revenue from services 18 157 964 101 134 845 397 Revenue from goods sold 18 21 300 444 13 558 903 Total revenue 179 264 545 148 404 300

Cost of goods sold 19 096 564 12 661 264 Employee benefits expense 7 35 020 927 33 138 359 Other operating expenses 7, 18 44 654 554 32 069 035 EBITDA 80 492 499 70 535 642

Depreciation and amortisation 5 46 676 197 42 681 317 Operating profit 33 816 302 27 854 325

Finance income 11, 18 9 239 557 9 746 893 Finance costs 11 30 929 953 31 670 660 Finance - net -21 690 396 -21 923 767

Profit/(loss) before tax 12 125 906 5 930 558

Income tax expense/(benefit) 13 4 041 490 2 115 615

Profit/(loss) for the year 8 084 417 3 814 943

Profit/(loss) for the year attributable to the shareholders 8 084 417 3 814 943

Statement of comprehensive income/(loss)

Items that may be reclassified to profit or loss 0 0 Items that will not be reclassified to profit or loss 0 0

Total comprehensive income/(loss) for the year 8 084 417 3 814 943

Total comprehensive income/(loss) attributable to shareholders 8 084 417 3 814 943 DigiPlex Norway AS

Statement of financial position Amounts in NOK

Assets Notes 2018 2017

Non-current assets Deferred tax asset 13 38 314 774 42 356 264 Land, building and outfitting 5 412 448 530 388 129 912 Furniture and fixtures 5 2 575 177 1 897 700 Loans to related parties 18 20 000 000 197 500 000 Total non-current assets 473 338 482 629 883 876

Current assets Loans to related parties 6 137 500 000 6 250 000 Inventories 682 712 616 353 Trade and other receivables 6 66 690 969 49 410 143 Bank deposits 8 29 698 317 28 660 515 Total current assets 234 571 998 84 937 011

Total assets 707 910 482 714 820 888

Equity and liabilities Notes 2018 2017

Paid in equity Share capital 16 33 300 000 33 300 000 Share premium reserve 16 22 609 964 22 609 964 Total paid in equity 55 909 964 55 909 964

Earned equity Other equity 28 725 818 20 641 402 Total earned equity 28 725 818 20 641 402

Total equity 84 635 782 76 551 366

Liabilities

Non-current liabilities Borrowings 12 0 545 316 250 Total non-current liabilities 0 545 316 250

Current liabilities Borrowings 12 548 438 752 25 000 000 Deposits from customers 19 8 602 920 8 913 320 Trade and other payables 9 60 601 000 53 794 924 Public tax liabilities 10 5 632 027 5 245 028 Total current liabilities 623 274 699 92 953 272

Total equity and liabilities 707 910 482 714 820 888

Oslo, 30 April 2019

James Byrne Murphy Gisle Michael Eckhoff Chairman of the board Member of the board / CEO DigiPlex Norway AS

Statement of changes in equity Amounts in NOK

Share premium Retained Share capital reserve earnings Total Equity

Balance at 1 January 2017 16 33 300 000 22 609 964 16 826 459 72 736 423

Profit/(loss) for the period 0 0 3 814 943 3 814 943 Other comprehensive income 0 0 0 0 Total comprehensive income for the period 33 300 000 22 609 964 20 641 402 76 551 366

Transactions with owners in their capacity as owners:

Dividends paid 0 0 0 0 Balance at 31 December 2017 16 33 300 000 22 609 964 20 641 402 76 551 366

Share premium Retained Share capital reserve earnings Total Equity

Balance at 1 January 2018 16 33 300 000 22 609 964 20 641 402 76 551 366

Profit/(loss) for the period 0 0 8 084 417 8 084 417 Other comprehensive income 0 0 0 0 Total comprehensive income for the period 33 300 000 22 609 964 28 725 818 84 635 782

Transactions with owners in their capacity as owners:

Dividends paid 0 0 0 0 Balance at 31 December 2018 16 33 300 000 22 609 964 28 725 818 84 635 782

The above statement of changes in equity should be read in conjunction with the accompanying notes. DigiPlex Norway AS

Statement of cash flow Amounts in NOK

Notes 2018 2017 Cash flows from operating activities

Profit/(loss) before income tax 12 125 906 5 930 558 Depreciation charges 5 46 676 197 42 681 317 Adjustment for financial activities 21 690 396 21 923 767 Changes in inventories -66 359 -168 651 Change in trade and other receivables 6 -11 030 826 -9 878 536 Change in trade and other payables 9 10 005 177 8 488 325 Net cash from operating activities 79 400 491 68 976 780

Cash flows from investing activities Purchase of property, plant and equipment 5 -71 672 293 -37 535 424 Issue of loan to related party 18 0 -20 000 000 Repayment of loan from related party 18 40 000 000 0 Interests received from related parties 11, 18 8 971 901 9 486 872 Net cash from investing activities -22 700 392 -48 048 552

Cash flows from financing activities Repayment of bond loan 12 -25 000 000 0 Interests paid 11 -30 662 297 -31 410 639 Net cash from financing activities -55 662 297 -31 410 639

Net (decrease)/increase in cash and cash equivalents 1 037 802 -10 482 412 Cash and cash equivalents at beginning of year 8 28 660 515 39 142 926 Cash and cash equivalents at end of year 8 29 698 317 28 660 515 0 1 The above statement of cash flows should be read in conjunction with the accompanying notes. DigiPlex Norway AS

Notes to the Financial Statement

1. General information

Digiplex Norway AS ("the Company") is a Norwegian private limited liability company incorporated on 1 March 2000 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 981 663 322, its registered business address is Ulvenveien 82E, 0581 Oslo, Norway.

Digiplex Norway AS provides highly secure, high-powered, energy-efficient and carrier-neutral data centre space at Selma Ellefsens vei 1 in Oslo, Norway, for its customer's information and communication technology equipment.

The Company's financial statements are based upon International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").

The financial statements of Digiplex Norway AS for the year ended 31 December 2018 were authorised for issue by the Board of Directors on 30 April 2019. The financial statements will be approved by the shareholders meeting on 30 April 2019. The financial statements are presented in Norwegian Kroner (NOK).

2. Summary of significant accounting policies

2.1 Basis of preparation

The financial statements have been prepared on a historical cost basis, and in accordance with IFRS as adopted by the EU, and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").

The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been applied consistently, unless otherwise stated. The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Company’s accounting policies. The areas where significant judgements and estimates have been made in preparing the financial statements are disclosed in the notes to these financial statements.

The financial statements have been prepared on a going concern basis.

2.1.1 New and amended standards and interpretations

The Company has applied IFRS 9, 'Financial instruments' and IFRS 15, 'Revenue from contracts with customers' for the first time in their annual reporting period commencing 1 January 2018. The new standards have not had any material effects. Refer to note 2.2 and 2.14 for further information.

The following new standard has been reviewed with regards to its effect on the Company's financial statements. This standard has not yet been implemented.

'IFRS 16, 'Leases'

IFRS 16 will affect primarily the accounting by lessees and will result in the recognition of almost all leases on balance sheet. The standard removes the current distinction between operating and finance leases and requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all lease contracts. An optional exemption exists for short-term and low-value leases. The income statement will be affected as the operating expense will be replaced with interest and depreciation, thereby impacting EBITDA. The accounting by lessors will not significantly change. Some differences may arise as a result of the new guidance on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

IFRS 16 can be implemented according to either a full retrospective approach or a modified retrospective approach. The Company has selected the modified retrospective approach. This means that comparative figures are not restated and the effect is entered into the balance sheet in the implementation year of 2019. Upon implementation, the right of use of the asset and liability will be the same amount and will not impact on equity.

The new standard, which is mandatory from 1 January 2019, is not expected to have a significant effect on the financial statements of the Company. The transition to IFRS 16 is expected to increase liabilities by approximately NOK 6.6 million on transition date. It is expected to reduce operating expenses by approximately NOK 2.3 million in 2019.

Leases with a duration of less than 12 months as at 1 January 2019 and leases including assets valued at less than NOK 50,000 will not be recognised in the balance sheet, but will be recognised as an operating expense over the lease period. DigiPlex Norway AS

2.2 Revenue recognition

The new standard for revenue recognition, IFRS 15, entered into force on 1 January 2018. It replaces IAS 18 which covered contracts for goods and services and IAS 11 which covered construction contracts.

The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer – so the notion of control replaces the existing notion of risks and rewards.The standard permits a modified retrospective approach for the adoption. Implementation of the new standard has not had any material effects on the financial statements of the Company.

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Company's activities, as described below. The Company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Sales of services: The Company provides IT housing services including engineering support, connectivity and other IT services. For sales of services, revenue is recognised in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. Where invoices are raised in advance for contracted services, the revenue is spread over the period of the service and deferred income is recognised in the balance sheet. Sale of goods: The Company sells some IT related goods to its existing customers. Sales of goods are recognised when the entity has delivered and installed the products to the customer.

2.3 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the board of directors that makes strategic decisions.

The Company has identified one segment; IT housing services, and one geographical segment; Oslo.

2.4 Classification of balance sheet items

Assets intended for long term ownership or use have been classified as fixed assets. Assets relating to the trading cycle have been classified as current assets. Other receivables are classified as current assets if they are to be repaid within one year after the transaction date. Similar criteria apply to liabilities. Instalments payable or receivable within one year on long term liabilities and long term receivables are classified as short term liabilities and current assets.

2.5 Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

2.6 Cash and cash equivalents

Cash and cash equivalents are classified at amortised cost. In the statement of cash flows, cash and cash equivalents includes cash in hand and deposits held at call with banks.

2.7 Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred. DigiPlex Norway AS

2.8 Foreign currencies

Functional and presentation currency

The financial statements of the Company are presented in Norwegian kroner (NOK) which is the functional currency of the Company.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges. All other foreign exchange gains and losses are presented in the income statement within ‘Other gains and losses’.

2.9 Employee benefits

The Company has one defined contribution plan. With a defined contribution plan the Company pays contributions to an insurance company. After the contribution has been made the Company has no further commitment to pay. The contribution is recognised as payroll expenses.

2.10 Taxation

Income tax expense represents the current tax calculated on taxable profits for the year, any adjustments in respect of prior periods and the deferred tax charge or credit for the year.

The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted by the reporting date.

Deferred tax Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered.

Deferred tax is calculated at the tax rates that have been enacted and that are expected to apply in the year when the liability is settled or the asset realised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the company intends to settle its current tax assets and liabilities on a net basis.

Deferred tax is reflected at nominal value.

2.11 Property, plant and equipment

Fixed assets are reflected in the balance sheet and depreciated to residual value over the asset's expected useful life on a straight-line basis. If changes in the depreciation plan occur the effect is distributed over the remaining depreciation period. Direct maintenance of an asset is expensed under operating expenses as and when it is incurred. Additions or improvements are added to the asset's cost price and depreciated together with the asset. The split between maintenance and additions/improvements is calculated in proportion to the asset's condition at the acquisition date.

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as described in note 5.

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement for the period. DigiPlex Norway AS

2.12 Impairment of tangible assets

On an annual basis, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The test is performed on the lowest level of fixed assets at which independent cash flows can be identified (Cash Generating Unit - CGU).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years.

2.13 Provisions

Provisions are recognised when the Company has a present obligation as a result of a past event, and it is probable that the Company will be required to settle that obligation. Provisions are measured at the management’s best estimate of the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the effect is material.

2.14 Financial instruments

The Company has implemented IFRS 9 Financial Instruments at 1 January 2018.

IFRS 9 addresses the classification, measurement and recognition of financial assets and financial liabilitites. It replaces the part of IAS 39 that relates to the classification and measurement of financial instruments. IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities and introduces new rules for hedge accounting.

Implementation of the new standard has not had any material effects on the financial statements of the Company.

Classification

The Company has the following classes of financial assets and liabilities: Receivables and financial liabilities at amortised cost.

Regular purchases and sales of financial assets are recognised on the trade-date - the date on which the Company commits to purchase or sell the asset. Investments are initially at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and all risks and rewards of ownership have been transferred. Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Receivables

Trade receivables are amounts due from customers or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Receivables where collection is expected in one year or more are treated as non-current assets.

Receivables include cash and cash equivalents, trade and other receivables recognised in the balance sheet (notes 6 and 8).

Evidence of impairment may include indications that the debtor or a group of debtors is experiencing significant financial difficulty, and that it is probable that they will enter bankruptcy or insolvency.

For loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the consolidated income statement.

Impairment of financial assets, primarily trade receivables, is based on an expected credit loss model, which replaces the incurred loss model in IAS 39. The Company has taken advantage of the exception defined in the standard for trade receivables which permits provision for expected credit loss to be based on loss over the whole lifecycle of the receivable. DigiPlex Norway AS

2.15 Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.16 Government grant

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions.

Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate.

Government grants relating to property, plant and equipment are deducted from the cost of the asset and are credited to the income statement on a straight line basis over the expected lives of the related assets as part of depreciation.

In 2018, the Company was approved for a SkatteFUNN R&D tax incentive grant, a government program designed to stimulate research and development (R&D) in Norwegian trade and industry, for a project at the Ulven site. SkatteFUNN grants are recognised as a reduction of acquisition cost of assets or cost reduction in the income statement, depending on where the underlying cost has been recognised.

2.17 Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. No impairments were made in 2018 nor in 2017.

3 Significant accounting estimates and assumptions

The application of accounting standards and policies requires the Company to make estimates and assumptions about future events that directly affect its reported financial condition and operating performance. The accounting estimates and assumptions discussed are those that the Company considers to be most critical to its financial statements. An accounting estimate is considered critical if both (a) the nature of estimates or assumptions is material due to the level of subjectivity and judgement involved, and (b) the impact within a reasonable range of outcomes of the estimates and assumptions is material to the Company's financial condition or operating performance. Management have identified the following material estimates:

Deferred tax asset: The Company has a significant deferred tax asset. Deferred tax assets are only recognised to the extent that it is probable that the temporary difference will reverse in the foreseeable future and that taxable profit will be available against which the temporary difference will be utilised. A change in this assumption will have significant effect on the financial statements.

Depreciation: Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. Changes in the estimated useful life will have significant effect on the financial statements. DigiPlex Norway AS

4 Financial risk management and Financial instruments

Financial risk management The Company’s activities exposes it to a variety of financial risks: market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company's finance department under policies approved by the board of directors. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk – foreign exchange risk The Company operates domestically and is therefore exposed to a limited foreign exchange risk.

Market risk – cash flow interest rate risk The Company's interest rate risk arises from a long-term bond loan (see note 12). Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the bond loan is adjusted quarterly.

Sensitivity analysis – cash flow interest rate risk At 31 December 2018, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been approximately NOK 500,000 higher/lower, mainly as a result of higher/lower interest expense on bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customers, taking into account its financial position, past experience and other factors. Given the customers dependability of the services provided by the Company, there is a low collection risk, demonstrated through immaterial overdue accounts receivable at year end. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Company's finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The table on the next page analyses the Company’s non-derivative financial liabilities and assets into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

The Company has completed the re-financing of the bond loan which falls due on 17 July 2019. More information can be found in Note 17 - Events after the balance sheet date. DigiPlex Norway AS

Book value Less than 1 year Between 1 and 3 Between 3 and 5 Over 5 years At 31 December 2018 years years Trade and other receivables 198 090 883 198 090 883 0 0 0

At 31 December 2018 Bond loan 548 438 752 564 641 000 0 0 0 Deposits from customers (1) 8 602 920 8 602 920 0 0 0 Trade and other payables (2) 60 601 000 60 601 000 0 0 0

Book value Less than 1 year Between 1 and 3 Between 3 and 5 Over 5 years At 31 December 2017 years years Trade and other receivables 47 998 512 47 998 512 0 0 0

At 31 December 2017 Bond loan 545 316 250 26 759 063 589 515 875 0 0 Deposits from customers (1) 8 913 320 8 913 320 0 0 0 Trade and other payables (2) 53 794 924 53 794 924 0 0 0

(1) See note 19. (2) The Company holds restricted cash to meet the cash outflow from certain transactions, see note 8 for details.

The carrying amount of cash and cash equivalents and bank overdrafts approximates fair value because these instruments have a short-term maturity date. Similarly, the carrying amount of accounts receivable and accounts payable approximates fair value as the impact of discounting is not significant.

Fair value of the bond loan is calculated to be NOK 552 million using the observations from the Norwegian Securities Dealers Association as 31.12.2018 (NOK 583 million at 31.12.2017). The bond was listed on the Oslo Stock Exchange on 29 January 2016.

The fair value hierarchy The Company has not recognised any items at fair value as of 31 December 2018 or 31 December 2017. There has not been any transfers between the levels of the fair value hierarchy during 2018 and 2017.

Classification of financial assets and liabilities The Company has the following classification of financial assets and liabilities.

Financial instruments

Financial assets At 31 December 2018 Other items Total at amortised cost

Assets Trade receivables (non interest bearing) 53 738 468 0 53 738 468 Other receivables (non interest bearing) 0 12 952 502 12 952 502 Cash and cash equivalents 29 698 317 0 29 698 317 Loans to related parties 157 500 000 0 157 500 000 Total financial assets 240 936 785 12 952 502 253 889 286

The maximum exposure to credit risk is equal to the book value.

Financial assets At 31 December 2017 Other items Total at amortised cost

Assets Trade receivables (non interest bearing) 32 316 813 0 32 316 813 Other receivables (non interest bearing) 0 17 093 330 17 093 330 Cash and cash equivalents 28 660 515 0 28 660 515 Loans to related parties 203 750 000 0 203 750 000 Total financial assets 264 727 328 17 093 330 281 820 658

The maximum exposure to credit risk is equal to the book value. DigiPlex Norway AS

Other financial At 31 December 2018 liabilities at Other items Total amortised cost

Liabilities Bond loan 548 438 752 0 548 438 752 Prepayments from customers 0 28 939 202 28 939 202 Deposits from customers 8 602 920 0 8 602 920 Trade payables (non interest bearing) 12 027 724 0 12 027 724 Other current liabilities (non interest bearing) 19 634 074 0 19 634 074 Accrued public taxes (non interest bearing) 0 5 632 027 5 632 027 Total financial liabilities 588 703 470 34 571 229 623 274 699

Other financial At 31 December 2017 liabilities at Other items Total amortised cost

Liabilities Bond loan 545 316 250 0 545 316 250 Prepayments from customers 0 26 058 804 26 058 804 Deposits from customers 8 913 320 0 8 913 320 Trade payables (non interest bearing) 8 435 147 0 8 435 147 Other current liabilities (non interest bearing) 44 300 973 0 44 300 973 Accrued public taxes (non interest bearing) 0 5 245 028 5 245 028 Total financial liabilities 606 965 690 31 303 832 638 269 522

Capital management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital management.

During 2015, according to the Company's strategy, the Company has refinanced, replacing the interest free shareholder loan and the interest bearing bank loan with an interest bearing bond loan. To ensure that the company complies with covenants, minimum liquidity and loan-to- value ratio is closely monitored. The Company has completed the process of refinancing the bond loan which falls due on 17 July 2019. More information can be found in the "Going Concern" section in the Board of Directors' report and in note 17 - Events after the balance sheet date. DigiPlex Norway AS

Note 5 - Property, plant and equipment

Land Building Outfitting Furniture and Total fixtures

At 1 January 2017 Accumulated cost 7 430 578 80 134 520 677 913 489 4 130 632 769 609 219 Accumulated depreciation 0 48 614 849 322 935 680 2 885 185 374 435 714 Net book amount 7 430 578 31 519 671 354 977 809 1 245 447 395 173 505

Year ended 31 December 2017 Opening net book amount 7 430 578 31 519 671 354 977 809 1 245 447 395 173 505 Additions 0 0 36 084 620 1 450 804 37 535 424 Depreciation charge 0 3 205 381 38 677 385 798 551 42 681 317 Net book amount 7 430 578 28 314 290 352 385 044 1 897 700 390 027 612

At 31 December 2017 Accumulated cost 7 430 578 80 134 520 713 998 109 5 581 436 807 144 643 Accumulated depreciation 0 51 820 230 361 613 065 3 683 736 417 117 031 Net book amount 7 430 578 28 314 290 352 385 044 1 897 700 390 027 612

At 1 January 2018 Accumulated cost 7 430 578 80 134 520 713 998 109 5 581 436 807 144 643 Accumulated depreciation 0 51 820 230 361 613 065 3 683 736 417 117 031 Net book amount 7 430 578 28 314 290 352 385 044 1 897 700 390 027 612

Year ended 31 December 2018 Opening net book amount 7 430 578 28 314 290 352 385 044 1 897 700 390 027 612 Additions 0 0 69 245 964 2 426 329 71 672 293 Depreciation charge 0 3 205 381 41 721 964 1 748 852 46 676 197 Net book amount 7 430 578 25 108 909 379 909 044 2 575 177 415 023 708

At 31 December 2017 Accumulated cost 7 430 578 80 134 520 783 244 073 8 007 765 878 816 936 Accumulated depreciation 0 55 025 611 403 335 029 5 432 588 463 793 228 Net book amount 7 430 578 25 108 909 379 909 044 2 575 177 415 023 708

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts.

Expected useful life 15 - 25 years 10-25 years 3-6 years Depreciation plan None Straight line Straight line Straight line

The Company has entered into operating lease agreements with non-cancellable lease periods of 3 years. Future minimum leases payable (to the nearest break-clause) under non-cancellable operating leases where the Company is the lessee:

Leases expiring 2018 2017 * within 1 year 2 346 239 0 in 2-3 years 3 269 728 0 over 3 years 958 409 0 Total leases 6 574 376 0 * No operating leases as of 31 December 2017 DigiPlex Norway AS

Note 6 - Trade and other receivables

2018 2017

Trade receivables 38 418 809 28 036 760 Trade receivables related parties 15 319 659 4 280 053 Trade receivables - net 53 738 468 32 316 813 Prepayments 5 328 152 7 661 631 Other receivables related parties 137 500 000 6 250 000 Accrued income not invoiced 7 624 350 9 431 699 Total receivables 204 190 969 55 660 143

Note 7 - Payroll and auditor remuneration

Personnel expenses 2018 2017

Salaries 28 365 077 26 970 911 Payroll tax 4 521 540 3 881 412 Defined contribution plan 1 742 529 1 326 566 Other benefits 391 781 959 470 Total personnel expenses 35 020 927 33 138 359

Number of employees 32 28 Average number of full-time employees 30 28

The Company maintains a pension scheme which is applicable for all employees. The Company fulfils the regulations regarding mandatory pension fund.

Key management personnel are defined as directors of the board and the CEO. The Chairman of the Board charges management fee, see note 18 for details. No loans have been granted to the CEO, the Chairman of the Board or other individual related parties.

Remuneration to key personnel Salaries Bonus Pension Other benefits Sum

Directors of the board 0 0 0 0 0 CEO 2 370 452 1 148 583 91 460 73 190 3 683 685

Auditor remuneration (all amounts are excluding VAT) 2018 2017

Statutory audit 203 103 228 574 Other assurance services 0 0 Other assistance 0 59 200 Total auditor remuneration (excluding VAT) 203 103 287 774

Note 8 - Cash and cash equivalents

Cash and other cash equivalents 2018 2017

Short term cash deposits, cash equivalents 25 534 870 27 434 061 Restricted cash 4 163 447 1 226 454 Cash and cash equivalents 29 698 317 28 660 515

Cash and cash equivalents consist of short term cash deposits and cash equivalents held at financial institutions. As at 31 December 2018, the Company had bank accounts with a total restricted amount of NOK 4,163,447; of which NOK 1,733,533 were related to employees' tax deductions, NOK 1,284,338 to office lease deposit and NOK 1,145,576 to the settlement with a contractor related to development projects. DigiPlex Norway AS

Note 9 - Trade and other payables

Trade payables and other current liabilities 2018 2017

Trade payables 11 057 124 8 085 560 Trade payables related parties 970 600 349 587 Accrued salaries to employees 5 428 836 5 971 072 Other accrued expenses 14 205 237 13 329 901 Prepayments from customers 28 939 202 26 058 804 Total trade and other payables 60 601 000 53 794 924

Note 10 - Public tax liabilities

Public tax liabilities 2018 2017

Withheld tax for employees 1 731 451 1 225 029 VAT settlement 2 608 282 3 041 664 Accrued and unpaid employees social 1 292 293 978 335 Total public tax liabilities 5 632 027 5 245 028

Note 11 - Financial income and expenses

Financial income 2018 2017

Interest income on short term bank 174 102 204 314 deposits Interest income from related parties 8 971 901 9 486 872 Other interest and financial income 93 553 55 707 Total financial income 9 239 557 9 746 893

Financial expenses 2018 2017

Interest expenses 30 627 086 31 323 957 Other financial expenses 302 866 346 703 Total financial expenses 30 929 953 31 670 660 Net financial (expenses)/income -21 690 396 -21 923 767

Note 12 - Borrowings

Borrowings 2018 2017

Bond loan non-current part 0 550 000 000 Bond loan current part 550 000 000 25 000 000 Total 550 000 000 575 000 000

Capitalised transaction cost -1 561 248 -4 683 750 Book value at amortised cost 548 438 752 570 316 250

Accrued interest 5 619 778 5 571 750

The bond loan is interest bearing with a coupon rate equal to 3 months NIBOR plus a margin of 3.75 %. The bond shall be repaid in two instalments of NOK 25 million. The first instalment was paid on 17 July 2018, the second instalment is due on 18 January 2019. The remaining balance of NOK 525 million shall be repaid on the maturity date of 17 July 2019.

The bond loan is secured with a first priority charge on fixed assets and trade receivables for the value of NOK 575 million. Furthermore, Digiplex Rosenholm AS, a related party, provides a guarantee on the bond loan up to the amount that it receives from the Company (please refer to note 18). DigiPlex Norway AS

Changes in liabilities arising from financial activities Reconciliation of the opening and closing balances for liabilities arising from financial activitites:

Changes from Changes from foreign Changes Other 2017 financial flows exchange in fair value changes* 2018 External debt 570 316 250 -25 000 000 3 122 502 548 438 752

* amortisation of deferred transaction cost

Note 13 - Tax

2018 2017 Change in deferred tax 2 299 909 274 039 Effect of change in tax rate to deferred tax positions 1 741 581 1 841 576 Income tax expense 4 041 490 2 115 615

Basis for tax payable Result before tax 12 125 906 5 930 558 Permanent differences -2 126 302 -4 788 730 Change in deferred tax 14 128 937 15 962 729 Change in tax losses carry forward -24 128 541 -17 104 557 Basis for tax payable 0 0

Temporary differences Non-current assets -127 598 982 -115 430 745 Provision for losses 0 -389 867 Capitalised transaction cost 2 333 183 4 683 750 Tax loss carry forward -48 892 265 -73 020 806 Basis for deferred tax asset in the balance sheet -174 158 064 -184 157 668 Calculated deferred tax asset with 22 % (2017: 23%) -38 314 774 -42 356 264

Net deferred tax positions Non-current assets -28 071 776 -26 549 071 Goods 0 -89 669 Capitalised transaction costs 513 300 1 077 263 Tax loss carry forward -10 756 298 -16 794 785 Net at 31 December -38 314 774 -42 356 264

Calculation of effective tax rate

Profit before income tax 12 125 906 5 930 558 Tax calculated using effective tax rate 23% (2017: 24%) 2 788 958 1 423 334 Effect of permanent differences 23% (2017: 24%) -489 049 -1 149 295 Effect of change in tax rate to 22% for deferred tax positions (2017: 23%) 1 741 581 1 841 576 Income tax expense 4 041 490 2 115 615 Tax payable 0 0 Effective tax rate 0 % 0 %

Deferred tax asset is recognised. Deferred income tax assets are recognised for tax loss carry forward to the extent that the realisation of the related tax benefit through future taxable profits is probable.

With effect from 1 January 2019, the corporate tax rate has changed from 23% to 22%. Tax losses carried forward have been calculated with the new tax rate due to this change.

Note 14 - Contingencies and commitments

The Company does not have any contingent liabilities as at 31 December 2018. DigiPlex Norway AS

Note 15 - Dividends

No dividends were paid during 2018 or 2017.

Note 16 - Share capital and shareholder information

Number of Ordinary Share face Share capital Share premium Total paid in shares shares value capital

As 1 January 2017 33 300 33 300 1 000 33 300 000 22 609 964 55 909 964 Share capital 0 0 0 0 0 0 As 31 December 2017 33 300 33 300 1 000 33 300 000 22 609 964 55 909 964 Share capital 0 0 0 0 0 0 As 31 December 2018 33 300 33 300 1 000 33 300 000 22 609 964 55 909 964

All shares have equal rights and are fully paid.

Shares Percentage Shareholders ownership DigiPlex Norway Acquisitions L.L.C., Washington D.C, USA 33 300 100,0 %

Chairman of the Board, Mr James Byrne Murphy, jointly controls DigiPlex Norway AS through Chesapeake Partners LLC.

Note 17 - Events after the balance sheet date

Taking the impending bond maturation dates into account, the Company together with two related parties, DigiPlex Rosenholm AS (DRAS) and DigiPlex Fet AS (DFAS) considered a combined bond refinancing by recapitalising the three Norwegian assets. As such, a restructuring of the entities was necessary to enable this new bond issuance. The three entities were therefore contributed in kind by their respective owners to a new established Norwegian holding company, DigiPlex Norway Holding 2 AS (DNH2) on 24 April 2019.

DNH2 successfully closed on a NOK 1.8 billion senior secured bond issue maturing in April 2024 with coupon rate of 365bps plus 3-month NIBOR. Settlement date has been scheduled to take place on 30 April 2019 and an application will be made for the bonds to be listed on the Oslo Stock Exchange.

Note 18 - Related party disclosures

The Company is jointly controlled by Stupar Holdings Corporation and Chesapeake Partners LLC through DigiPlex Norway Acquisitions LLC. The following transactions were carried out with related parties:

2018 2017 Purchase of services Management services 3 390 488 3 584 267 Support services 4 405 136 3 254 123 Total 7 795 624 6 838 390

Trade payables related to purchases of services from related parties are included in Trade and other payables (see also note 9).

2018 2017 Sale of services Support services 20 738 505 7 338 034 Interest charged 8 971 901 9 486 872 Total 29 710 406 16 824 906

Trade receivable from the sale of services to related parties are included in Trade and other receivables (see also note 6).

Long term loans to related parties: 2018 2017 As 1 January 197 500 000 183 750 000 Loans advanced -40 000 000 20 000 000 Reclassified to current -137 500 000 -6 250 000 As 31 December 20 000 000 197 500 000

Interest charged 8 971 901 9 486 872 DigiPlex Norway AS

Long term loans from related parties: 2018 2017 As 1 January 0 0 Loans advanced 0 0 Loans repaid 0 0 As 31 December 0 0

Interest charged 0 0

The loans issued in 2017, 2016 and 2015 were to DigiPlex Rosenholm AS and to the parent company, DigiPlex Norway Acquisitions LLC. Both loans are interest bearing. DigiPlex Rosenholm AS is a guarantor for the bond loan issued by DigiPlex Norway AS, for an amount equal to the loan between the two parties.

The Company has identified the following related parties:

Name of company Type of relationship Type of services DigiPlex Fet AS Related party Support services DigiPlex Fet 2 AS Related party Support services DigiPlex Rosenholm AS Related party Support services and financing DigiPlex London 1 Limited Related party Support services DigiPlex Stockholm 1 AB Related party Support services DigiPlex Stockholm 2 AB Related party Support services DigiPlex Copenhagen 1 Aps Related party Support services Kitebrook Partners LLC Related party Management services DigiPlex Norway Acquisitions LLC Owner Financing

Note 19 - Deposits from customers

Deposits from customers are held as security for contractually obligated payments in the event of a default .The deposits are non-interest bearing and will be repaid upon termination of contract. The customer contract does not include a time clause, hence no amortisation has been made.

Note 20 - Assets and liabilities related to contracts with customers

The Company has the following assets and liabilities related to contracts with customers:

Current assets and liabilities relating to sales contracts: 2018 2017

Current contract assets 7 624 350 3 181 699 Current contract liabilities 28 939 202 26 058 804 DigiPlex Norway AS

Definitions

DigiPlex Norway AS' financial information is prepared in accordance with International Financial Reporting Standards ('IFRS'). Additionally, some alternative performance measures have been provided, these are defined as follows:

EBITDA is defined as earnings before interest, tax, depreciation and amortisation.

RESPONSIBILITY STATEMENT

We confirm, to the best of our knowledge, that the financial statements for the year ended 31 December 2018 have been prepared in accordance with IFRS as adopted by the EU, and give a true and fair view of the Company’s assets, liabilities, financial position and results of operation, and that the Board of Directors’ Report gives a true and fair review of the development and performance of the business and the position of the Company, and includes a description of the principal risks and uncertainties facing the Company.

Oslo, 30 April 2019

J Byrne Murphy Gisle M. Eckhoff Chairman CEO

DigiPlex Norway AS (the Company) Board of Directors’ report For the year ended 31 December 2017

Registration no. 981 663 322

We are pleased to present the 2017 annual financial report for the Company.

BACKGROUND DigiPlex Norway AS forms part of the privately-owned DigiPlex Group of Companies, which specialises in building and operating data centres in the Nordic region. Founded in 2002, the Group is one of the longest standing data centre builders and operators in Europe, with companies registered in Denmark, Finland, Norway, Sweden and the United Kingdom. The Group provides safe, secure and future ready IT housing for our customers’ mission critical systems. This is not a one-size-fits-all service but one that is tailored to suit each customer’s individual needs.

The Company operates from a facility at Selma Ellefsens vei 1, 0581 Oslo, Norway. The facility houses a large range of clients from various sectors including the government, telecommunications and corporates.

BUSINESS ACTIVITIES Throughout 2017 the Company has continued investing in and operating from the facility at Selma Ellefsens vei 1 in Oslo providing a secure IT Housing service for its clients.

REGULATORY DEVELOPMENTS As at the date of this report, the Board is not aware of any current, or potential regulatory/political changes that may cause any risk to the operations of the Company.

GOING CONCERN As at the date of this report, the Board do not have any reason to believe that either the Company’s external bond holders or its shareholders do not support the going concern of the Company.

The bond loan agreement provides that the quantum of any dividends or loan repayments to the parent is limited to NOK 20 million per year, and is subject to minimum liquidity requirements, on a combined basis with DigiPlex Rosenholm AS. An amount of NOK 20 million was distributed via a loan to the shareholder in 2017.

The Board is of the opinion that the financial statements give a true and fair view of the activities of the Company.

In accordance with the Norwegian Accounting Act section 3-3, the Board confirms that the conditions for continued operations as a going concern are present for the Company and that the annual financial statements have been prepared under this presumption.

INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION The Directors have noted that market conditions are good, and that the data centre has sufficient flow of new customers and renewal of contracts.

The enclosed financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS").

Operating revenues totalled NOK 148.4 million (2016: NOK 143.3 million), an increase of 3.5%.

Operating expenses (excluding depreciation) totalled NOK 77.9 million (2016: NOK 77.7 million), which comprised of NOK 12.7 million in cost of goods sold, NOK 33.1 million of employee costs and NOK 32.1 million of other operating costs.

EBITDA totalled NOK 70.5 million (2016: NOK 65.6 million), an increase of 7.5%. The EBITDA margin for 2017 was 47.5% (2016: 45.8%).

Depreciation of property, plant and equipment totalled NOK 42.7 million (2016: NOK 42.0 million).

In light of the above, the operating profit for 2017 come in at NOK 27.9 million (2016: NOK 23.6 million). The increase compared to 2016 was mainly due to inflationary uplifts in revenues and a reduction in operating expenses.

Net finance costs were NOK 21.9 million (2016: NOK 23.2 million).

The profit before income tax was NOK 5.9 million (2016: NOK 0.4 million). The tax charge came in at NOK 2.1 million (2016: NOK 2.0 million), due to the effect of the announced reduction of applicable corporate tax rate from 24% to 23%, resulting in a profit for the year of NOK 3.8 million (2016: loss of NOK 1.6 million).

Total assets were NOK 714.8 million (2016: NOK 702.5 million).

The Company continues to explore innovative methods and investing in its technical infrastructure to ensure it keeps its customers future ready.

Notwithstanding the above expectation, the future is not predictable and ultimately no warranties can be made by the Board in relation to the performance of the Company in 2018.

CAPITAL AND FINANCING Net cash outflow for the year was NOK 10.5 million (2016: outflow of NOK 7.5 million). Cash inflow from operating activities amounted to NOK 69.0 million (2016: NOK 68.4 million). Cash outflow to investing activities amounted to NOK 48.0 million (2016: NOK 47.9 million), whereof loans to related companies account for NOK 20.0 million (2016: NOK 40 million). Cash outflow from financing activities amounted to NOK 31.4 million (2016: NOK 28.0 million). A detailed cash flow statement is included in the financial statements.

The difference between operating results and cash flow from operating activities, mainly relates to depreciation, financial items and change in trade and other payables. The Company’s investments are financed primarily via cash generated from operating activities.

The Company has raised NOK 575.0 million from issuing bonds. The bonds were issued in July 2015 to refinance its existing bank and shareholder loans. These bonds were listed on the Oslo Stock Exchange in January 2016. The bonds are due to mature in July 2019. The Company may redeem these bonds in part or in full, in accordance with the terms of the Bond Agreement.

The Company is making interest payments to the bondholders in accordance with the Bond Agreement.

As noted above, a loan advance to the Company’s parent was made in 2017 in the amount of NOK 20 million. This loan was made within the parameters of the Bond Agreement.

The Board is confident that the current financial resources available to the Company are adequate for its existing requirements.

RISK MANAGEMENT AND INTERNAL CONTROL The Board ensures that the Company has good internal control functions and appropriate systems for risk management tailored to its operations and in accordance with the Company’s core values, ethical guidelines and social responsibility policy. The Board, at a minimum, on an annual basis conducts a review of the Company’s most important risk areas and its internal control functions.

This position is in compliance with Bond Rules section 2.5 and the Stock Exchange Regulations section 1 (2).

The facility is fully compliant with the International Organisation for Standardisation (ISO) recognised standards for quality, security, safety and environmental management. ISO standards are the most widely accepted globally. The company’s current ISO certifications are; • ISO 9001: 2015 Quality Management Systems; • ISO 27001: 2013 Information Security Management System Standard; • ISO 14001: 2015 Environmental Management System Standard; and • OHSAS 18001: 2007 Occupational Health and Safety Management.

RISKS The Company’s activities expose it to a variety of financial risks namely; market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company’s finance department under policies approved by the Board. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk The Company operates nationally and is therefore exposed to a limited foreign exchange risk.

However, its interest rate risk arises from a long-term bond loan (see note 12). Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the loan is adjusted quarterly. The Company also holds loans to related companies. These loans issued at variable rates in accordance with the long-term bond loan.

Interest Rate Sensitivity Analysis At 31 December 2017, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been NOK 500,000 higher/lower, mainly as a result of higher/lower interest expense on Bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Company’s finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The Board is not aware of any additional financial risk factors facing the Company other than those outlined in this report.

HEALTH, SAFETY AND WORK ENVIRONMENT As of 31 December 2017, the Company employed 28 full time staff, made up of 8 females and 20 males. One of those male employees was in a leading management position as the Chief Executive Officer. The Company gives equal opportunities to its employees regardless of gender and will continue this policy in the future.

The Company’s ambition is to conduct its operations with zero injuries through effective risk management. The Company considers the working environment as positive and there have been no serious work incidents or accidents resulting in personal injury or damages to material or equipment during the course of 2017. The Company also maintains a log of sick leave days taken. The absence percentage due to sick leave for 2017 was 1.6%.

All employees are part of a pension scheme.

EXTERNAL ENVIRONMENT Within our environmental impact it is energy use and consequently carbon emissions that determine the biggest part of our environmental agenda. The Company is committed to operating sustainably with continuous improvements in environmental performance.

The initial target for the DigiPlex group of entities in this area was to purchase all our electricity from certified, renewable sources. We first achieved this in July 2004. We have maintained this achievement ever since.

Our aim is to be the most environmentally friendly data centre provider in Europe and we have put this into action with our fiercely competitively low PUE (Power Usage Effectiveness) achievements to date. We particularly welcome the opportunity to work with our customers and help them to achieve their own environmental performance improvement goals. With the above processes and initiative in place, the Board is very proud of the small environmental footprint that it leaves behind.

CORPORATE SOCIAL RESPONSIBILITY The Company’s policy is designed and implemented in a way to help tackle the challenges we face in today’s society. The DigiPlex policy ensures that we responsibly and fairly recruit and manage DigiPlex employees on the basis of competence and performance regardless of age, nationality, race, gender, religious beliefs, sexuality, physical ability or cultural background. We strive on our ability to provide our customers an unprecedented level of support and flexibility in all aspects of providing a Data Centre service and do so in a manner that ensures our businesses future and the prosperity of all stakeholders involved.

The Company is committed to maintaining an open working environment in which employees and contractors are able to report instances of unethical, unlawful or undesirable conduct without fear of intimidation or reprisal. In order to maintain a current and effective responsibility strategy we promote transparency in the actions of all stakeholders and act on all relevant concerns highlighted for attention.

We take the responsibility of fairness and equality beyond our own walls and ensure that external parties with whom we engage in business are also focused on their responsibility to the wider community. The Company’s tendering process clarifies whether the supplier has established its own policy and guidelines for corporate social responsibility, and whether it has been involved in incidents related to corruption, child labour or breaches of human rights or the rights of employees to unionise.

Information on such matters is obtained from the suppliers themselves or from other investigations. Possible conditions uncovered will be significant in qualifying the supplier for participation in the tendering process.

YEAR-END APPROPRIATIONS The net profit for the year of NOK 3.8 million (2016: net loss of NOK 1.6 million) is transferred to retained earnings.

RESEARCH AND DEVELOPMENT The Company is continually undertaking confidential research and development with the view of improving its processes, customer service, costs and its environmental footprint.

OUTLOOK In 2018, the primary goal is to convert the office space on the third floor of the data centre into technical space; alongside its continued focus on providing highly reliable IT housing services to its customers; ensuring renewals when due and providing tailor-made solutions to meet new customers’ requirements.

The Board is not aware of any additional risk factors facing the Company other than those outlined in this report.

Oslo, 30 April 2018

J Byrne Murphy Gisle M Eckhoff Chairman CEO

Digiplex Norway AS

Income statement Amounts in NOK

Operating income and operating expenses Notes 2017 2016

Revenue from services 18 134 845 397 129 260 596 Revenue from goods sold 18 13 558 903 14 060 629 Total revenue 148 404 300 143 321 225

Cost of goods sold 12 661 264 13 181 623 Employee benefits expense 7 33 138 359 26 697 793 Other operating expenses 7, 18 32 069 035 37 845 180 EBITDA 70 535 642 65 596 629

Depreciation and amortisation 5 42 681 317 42 039 261 Operating profit 27 854 325 23 557 368

Finance income 11, 18 9 746 893 8 390 859 Finance costs 11 31 670 660 31 555 774 Finance - net -21 923 767 -23 164 915

Profit/(loss) before tax 5 930 558 392 453

Income tax expense/(benefit) 13 2 115 615 1 990 571

Profit/(loss) for the year 3 814 943 -1 598 118

Profit/(loss) for the year attributable to the shareholders 3 814 943 -1 598 118

Statement of comprehensive income/(loss)

Items that may be reclassified to profit or loss 0 0 Items that will not be reclassified to profit or loss 0 0

Total comprehensive income/(loss) for the year 3 814 943 -1 598 118

Total comprehensive income/(loss) attributable to shareholders 3 814 943 -1 598 118 Digiplex Norway AS

Statement of financial position Amounts in NOK

Assets Notes 2017 2016

Non-current assets Deferred tax asset 13 42 356 264 44 471 879 Land, building and outfitting 5 388 129 912 393 928 060 Furniture and fixtures 5 1 897 700 1 245 445 Loans to related parties 18 197 500 000 183 750 000 Total non-current assets 629 883 876 623 395 384

Current assets Inventories 616 353 447 702 Trade and other receivables 6 55 660 143 39 531 607 Bank deposits 8 28 660 515 39 142 926 Total current assets 84 937 011 79 122 235

Total assets 714 820 888 702 517 619

Equity and liabilities Notes 2017 2016

Paid in equity Share capital 16 33 300 000 33 300 000 Share premium reserve 16 22 609 964 22 609 964 Total paid in equity 55 909 964 55 909 964

Earned equity Other equity 20 641 402 16 826 459 Total earned equity 20 641 402 16 826 459

Total equity 76 551 366 72 736 423

Liabilities

Non-current liabilities Borrowings 12 545 316 250 566 688 250 Total non-current liabilities 545 316 250 566 688 250

Current liabilities Deposits from customers 19 8 913 320 8 818 819 Trade and other payables 9 78 794 924 47 907 151 Public tax liabilities 10 5 245 028 6 366 978 Total current liabilities 92 953 272 63 092 948

Total equity and liabilities 714 820 888 702 517 619

Oslo, 30 April 2018

James Byrne Murphy Gisle Michael Eckhoff Chairman of the board Member of the board / general manager Digiplex Norway AS

Statement of changes in equity Amounts in NOK

Share premium Retained Share capital reserve earnings Total Equity

Balance at 1 January 2016 16 33 300 000 22 609 964 18 424 577 74 334 541

Profit/(loss) for the period 0 0 -1 598 118 -1 598 118 Other comprehensive income 0 0 0 0 Total comprehensive income for the period 33 300 000 22 609 964 16 826 459 72 736 423

Transactions with owners in their capacity as owners:

Dividends paid 0 0 0 0 Balance at 31 December 2016 16 33 300 000 22 609 964 16 826 459 72 736 423

Share premium Retained Share capital reserve earnings Total Equity

Balance at 1 January 2017 16 33 300 000 22 609 964 16 826 459 72 736 423

Profit/(loss) for the period 0 0 3 814 943 3 814 943 Other comprehensive income 0 0 0 0 Total comprehensive income for the period 33 300 000 22 609 964 20 641 402 76 551 366

Transactions with owners in their capacity as owners:

Dividends paid 0 0 0 0 Balance at 31 December 2017 16 33 300 000 22 609 964 20 641 402 76 551 366

The above statement of changes in equity should be read in conjunction with the accompanying notes. Digiplex Norway AS

Statement of cash flow Amounts in NOK

As at 31 December Notes 2017 2016 Cash flows from operating activities

Profit/(loss) before income tax 5 930 558 392 453 Depreciation charges 5 42 681 317 42 039 261 Adjustment for financial activities 21 923 767 25 191 504 Changes in inventories -168 651 71 178 Change in trade and other receivables 6 -9 878 536 127 180 Change in trade and other payables 9 8 488 325 609 799 Net cash from operating activities 68 976 780 68 431 375

Cash flows from investing activities Purchase of property, plant and equipment 5 -37 535 424 -13 819 124 Issue of long term loan to related parties 18 -20 000 000 -40 000 000 Interests received from related parties 11, 18 9 486 872 5 952 618 Net cash from investing activities -48 048 552 -47 866 506

Cash flows from financing activities Interest paid 11 -31 410 639 -28 030 858 Net cash from financing activities -31 410 639 -28 030 858

Net (decrease)/increase in cash and cash equivalents -10 482 411 -7 465 989 Cash and cash equivalents at beginning of year 8 39 142 926 46 608 915 Cash and cash equivalents at end of year 8 28 660 515 39 142 926

The above statement of cash flows should be read in conjunction with the accompanying notes. Digiplex Norway AS

Notes to the Financial Statement

1. General information

Digiplex Norway AS ("the Company") is a Norwegian private limited liability company incorporated on 1 March 2000 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 981 663 322, its registered business address is Selma Ellefsens vei 1, 0581 Oslo, Norway.

Digiplex Norway AS provides highly secure, high-powered, energy-efficient and carrier-neutral data centre space at Selma Ellefsens vei 1 in Oslo, Norway, for its customer's information and communication technology equipment.

The Company's financial statements are based upon International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").

The financial statements of Digiplex Norway AS for the year ended 31 December 2017 were authorised for issue by the Board of Directors on 30 April 2018. The financial statements will be approved by the shareholders meeting on 30 April 2018. The financial statements are presented in Norwegian Kroner (NOK).

2. Summary of significant accounting policies

2.1 Basis of preparation

The financial statements have been prepared on a historical cost basis, and in accordance with IFRS as adopted by the EU, and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").

The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been applied consistently, unless otherwise stated. The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Company’s accounting policies. The areas where significant judgements and estimates have been made in preparing the financial statements are disclosed in the notes to these financial statements.

The financial statements have been prepared on a going concern basis.

2.1.1 New and amended standards and interpretations

The Company has applied the following standards and amendments for the first time in their annual reporting period commencing 1 January 2017: - Accounting for acquisitions of interests in joint operations – Amendments to IFRS 11 - Clarification of acceptable methods of depreciation and amortisation – Amendments to IAS 16 and IAS 38 - Annual improvements to IFRSs 2012 – 2014 cycle, and - Disclosure initiative – amendments to IAS 1.

The adoption of these amendments did not have any impact on the current period or any prior period and is not likely to affect future periods. The Company also elected to adopt the following amendments early: - Disclosure Initiative: Amendments to IAS 7. This amendment requires disclosure of changes in liabilities arising from financing activities.

The following new standards have been reviewed with regards to their effect on the Company's financial statements: IFRS 9, ‘Financial instruments' IFRS 9 addresses the classification, measurement and recognition of financial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It replaces the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities and introduces new rules for hedge accounting. In July 2014, the IASB made further changes to the classification and measurement rules and also introduced a new impairment model. These latest amendments now complete the new financial instruments standard. Following the changes approved by the IASB in July 2014, the Company no longer expects any impact from the new classification, measurement and derecognition rules on the Company's financial assets and financial liabilities. The standard is mandatory from 01.01.2018 and has been endorsed by the EU.

IFRS 15, ‘Revenue from contracts with customers’ The IASB has issued a new standard for the recognition of revenue. This will replace IAS 18 which covers contracts for goods and services and IAS 11 which covers construction contracts. The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer – so the notion of control replaces the existing notion of risks and rewards.The standard permits a modified retrospective approach for the adoption. Under this approach entities will recognise transitional adjustments in retained earnings on the date of initial application (e.g. 1 January 2017), i.e. without restating the comparative period. They will only need to apply the new rules to contracts that are not completed as of the date of initial application. The standard is mandatory from 01.01.2018 and has been endorsed by the EU. Digiplex Norway AS

IFRS 16, 'Leases' IFRS 16 will affect primarily the accounting by lessees and will result in the recognition of almost all leases on balance sheet. The standard removes the current distinction between operating and financing leases and requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all lease contracts. An optional exemption exists for short-term and low-value leases. The income statement will be affected, additionally, operating expense will be replaced with interest and depreciation, so EBITDA will change. The accounting by lessors will not significantly change. Some differences may arise as a result of the new guidance on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The new standard which is mandatory from 01.01.2019 is not expected to have a significant effect on the financial statements of the Company.

2.2 Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Company's activities, as described below. The Company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Sales of services: The Company provides IT housing services including engineering support, connectivity and other IT services. For sales of services, revenue is recognised in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. Where invoices are raised in advance for contracted services, the revenue is spread over the period of the service and deferred income is recognised in the balance sheet.

Sale of goods: The Company sells some IT related goods to its existing customers. Sales of goods are recognised when the entity has delivered and installed the products to the customer.

2.3 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the board of directors that makes strategic decisions.

The Company has identified one segment; IT housing services, and one geographical segment; Oslo.

2.4 Classification of balance sheet items

Assets intended for long term ownership or use have been classified as fixed assets. Assets relating to the trading cycle have been classified as current assets. Other receivables are classified as current assets if they are to be repaid within one year after the transaction date. Similar criteria apply to liabilities. Instalments payable or receivable within one year on long term liabilities and long term receivables are classified as short term liabilities and current assets.

2.5 Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

2.6 Cash and cash equivalents

In the statement of cash flows, cash and cash equivalents includes cash in hand and deposits held at call with banks.

2.7 Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Digiplex Norway AS

2.8 Foreign currencies

Functional and presentation currency

The financial statements of the Company are presented in Norwegian kroner (NOK) which is the functional currency of the Company.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges. All other foreign exchange gains and losses are presented in the income statement within ‘Other gains and losses’.

2.9 Employee benefits

The Company has one defined contribution plan. With a defined contribution plan the Company pays contributions to an insurance company. After the contribution has been made the Company has no further commitment to pay. The contribution is recognised as payroll expenses.

2.10 Taxation

Income tax expense represents the current tax calculated on taxable profits for the year, any adjustments in respect of prior periods and the deferred tax charge or credit for the year.

The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted by the reporting date.

Deferred tax Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered.

Deferred tax is calculated at the tax rates that have been enacted and that are expected to apply in the year when the liability is settled or the asset realised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the company intends to settle its current tax assets and liabilities on a net basis.

Deferred tax is reflected at nominal value.

2.11 Property, plant and equipment

Fixed assets are reflected in the balance sheet and depreciated to residual value over the asset's expected useful life on a straight-line basis. If changes in the depreciation plan occur the effect is distributed over the remaining depreciation period. Direct maintenance of an asset is expensed under operating expenses as and when it is incurred. Additions or improvements are added to the asset's cost price and depreciated together with the asset. The split between maintenance and additions/improvements is calculated in proportion to the asset's condition at the acquisition date.

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term as described in note 5.

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement for the period. Digiplex Norway AS

2.12 Impairment of tangible assets

On an annual basis, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The test is performed on the lowest level of fixed assets at which independent cash flows can be identified (Cash Generating Unit - CGU).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years.

2.13 Provisions

Provisions are recognised when the Company has a present obligation as a result of a past event, and it is probable that the Company will be required to settle that obligation. Provisions are measured at the management’s best estimate of the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the effect is material.

2.14 Financial instruments

The Company has the following classes of financial assets and liabilities: Receivables and financial liabilities at amortised cost.

Regular purchases and sales of financial assets are recognised on the trade-date – the date on which the Company commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the group has transferred substantially all risks and rewards of ownership. Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Receivables

Trade receivables are amounts due from customers or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Receivables where collection is expected in one year or more are treated as non-current assets.

Receivables include cash and cash equivalents, trade and other receivables recognised in the balance sheet (notes 6 and 8). Cash and cash equivalents comprise cash on hand and demand deposits.

The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset is impaired. A financial asset is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event has an impact on the estimated future cash flows of the financial asset that can be reliably estimated.

Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, the probability that they will enter bankruptcy or insolvency.

For loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the consolidated income statement.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor’s credit rating), the reversal of the previously recognised impairment loss is recognised in the income statement.

2.15 Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Digiplex Norway AS

2.16 Government grant

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions.

Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate.

Government grants relating to property, plant and equipment are deducted from the cost of the asset and are credited to the income statement on a straight line basis over the expected lives of the related assets as part of depreciation.

In 2017, the Company was approved for a SkatteFUNN R&D tax incentive grant, a government program designed to stimulate research and development (R&D) in Norwegian trade and industry, for a project at the Ulven site. SkatteFUNN grants are recognised as a reduction of acquisition cost of assets or cost reduction in the income statement, depending on where the underlying cost has been recognised.

2.17 Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. No impairments were made in 2017 nor in 2016.

3 Significant accounting estimates and assumptions

The application of accounting standards and policies requires the Company to make estimates and assumptions about future events that directly affect its reported financial condition and operating performance. The accounting estimates and assumptions discussed are those that the Company considers to be most critical to its financial statements. An accounting estimate is considered critical if both (a) the nature of estimates or assumptions is material due to the level of subjectivity and judgement involved, and (b) the impact within a reasonable range of outcomes of the estimates and assumptions is material to the Company's financial condition or operating performance. Management have identified the following material estimates:

Deferred tax asset: The Company has a significant deferred tax asset. Deferred tax assets are only recognised to the extent that it is probable that the temporary difference will reverse in the foreseeable future and that taxable profit will be available against which the temporary difference will be utilised. A change in this assumption will have significant effect on the financial statements.

Depreciation: Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. Changes in the estimated useful life will have significant effect on the financial statements. Digiplex Norway AS

4 Financial risk management and Financial instruments

Financial risk management The Company’s activities exposes it to a variety of financial risks: market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company's finance department under policies approved by the board of directors. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk – foreign exchange risk The Company operates domestically and is therefore exposed to a limited foreign exchange risk.

Market risk – cash flow interest rate risk The Company's interest rate risk arises from a long-term bond loan (see note 12). Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the bond loan is adjusted quarterly.

Sensitivity analysis – cash flow interest rate risk At 31 December 2017, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been approximately NOK 500,000 higher/lower, mainly as a result of higher/lower interest expense on bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customers, taking into account its financial position, past experience and other factors. Given the customers dependability of the services provided by the Company, there is a low collection risk, demonstrated through immaterial overdue accounts receivable at year end. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Company's finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The table on the next page analyses the Company’s non-derivative financial liabilities and assets into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Digiplex Norway AS

Book value Less than 1 year Between 1 and 3 Between 3 and 5 Over 5 years As 31 December 2017 years years Trade and other receivables 55 660 143 55 660 143 0 0 0

As 31 December 2017 Bond loan 545 316 250 26 759 063 589 515 875 0 0 Deposits from customers* (see note 19) 8 913 320 8 913 320 0 0 0 Trade and other payables 84 039 952 84 039 952 0 0 0

Book value Less than 1 year Between 1 and 3 Between 3 and 5 Over 5 years years years As 31 December 2016 Trade and other receivables 39 531 607 39 531 607 0 0 0

As 31 December 2016 Bond loan 566 688 250 28 500 000 619 000 000 0 0 Deposits from customers* (see note 19) 8 818 819 8 818 819 0 0 0 Trade and other payables 54 274 129 54 274 129 0 0 0

The Company holds restricted cash to meet the cash outflow from certain transactions, see note 8 for details.

* Deposits from customers are payable on demand. There is no contractual obligation related to the customer contract.

Determination of fair value The carrying amount of cash and cash equivalents and bank overdrafts approximates fair value because these instruments have a short-term maturity date. Similarly, the carrying amount of accounts receivable and accounts payable approximates fair value as the impact of discounting is not significant.

Fair value of the bond loan is calculated to be NOK 583 million using the observations from the Norwegian Securities Dealers Association as 31.12.2017 (NOK 578 million at 31.12.2016). The bond was listed on the Oslo Stock Exchange on 29 January 2016.

The fair value hierarchy The Company has not recognised any items at fair value as of 31 December 2017 or 31 December 2016. There has not been any transfers between the levels of the fair value hierarchy during 2017 and 2016.

Classification of financial assets and liabilities The Company has the following classification of financial assets and liabilities.

Financial instruments

Loans and As 31 December 2017 Other items Total receivables

Assets Trade receivables (non interest bearing) 32 316 813 0 32 316 813 Other receivables (non interest bearing) 6 250 000 17 093 330 23 343 330 Cash and cash equivalents 28 660 515 0 28 660 515 Loans to related parties 197 500 000 0 197 500 000 Total financial assets 264 727 328 17 093 330 281 820 658

The maximum exposure to credit risk is equal to the book value.

Loans and As 31 December 2016 Other items Total receivables

Assets Trade receivables (non interest bearing) 31 103 662 0 31 103 662 Other receivables (non interest bearing) 0 8 427 945 8 427 945 Cash and cash equivalents 39 142 926 0 39 142 926 Loans to related parties 183 750 000 0 183 750 000 Total financial assets 253 996 588 8 427 945 262 424 533

The maximum exposure to credit risk is equal to the book value. Digiplex Norway AS

Other financial As 31 December 2017 liabilities at Other items Total amortised cost

Liabilities Bond loan 545 316 250 0 545 316 250 Prepayments from customers 0 26 058 804 26 058 804 Deposits from customers 8 913 320 0 8 913 320 Trade payables (non interest bearing) 8 435 147 0 8 435 147 Other current liabilities (non interest bearing) 44 300 973 0 44 300 973 Accrued public taxes (non interest bearing) 0 5 245 028 5 245 028 Total financial liabilities 606 965 690 31 303 832 638 269 522

Other financial As 31 December 2016 liabilities at Other items Total amortised cost

Liabilities Bond loan 566 688 250 0 566 688 250 Prepayments from customers 0 23 947 944 23 947 944 Deposits from customers 8 818 819 0 8 818 819 Trade payables (non interest bearing) 8 852 482 0 8 852 482 Other current liabilities (non interest bearing) 15 106 726 0 15 106 726 Accrued public taxes (non interest bearing) 0 6 366 978 6 366 978 Total financial liabilities 599 466 277 30 314 922 629 781 199

Capital management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital management.

During 2015, according to the Company's strategy, the Company has refinanced, replacing the interest free shareholder loan and the interest bearing bank loan with an interest bearing bond loan. To ensure that the company complies with covenants, minimum liquidity and loan-to-value ratio is closely monitored. Digiplex Norway AS

Note 5 - Property, plant and equipment

Land Building Outfitting Furniture and Total fixtures

At 1 January 2016 Accumulated cost 7 430 578 80 134 520 664 891 370 3 333 627 755 790 095 Accumulated depreciation 0 45 409 468 284 475 276 2 511 709 332 396 453 Accumulated impairment 0 0 0 0 0 Net book amount 7 430 578 34 725 052 380 416 094 821 918 423 393 642

Year ended 31 December 2016 Opening net book amount 7 430 578 34 725 052 380 416 094 821 918 423 393 642 Additions 0 0 13 022 119 797 005 13 819 124 Disposals 0 0 0 0 0 Depreciation charge 0 3 205 381 38 460 404 373 476 42 039 261 Net book amount 7 430 578 31 519 671 354 977 809 1 245 447 395 173 505

At 31 December 2016 Accumulated cost 7 430 578 80 134 520 677 913 489 4 130 632 769 609 219 Accumulated depreciation 0 48 614 849 322 935 680 2 885 185 374 435 714 Accumulated impairment 0 0 0 0 0 Net book amount 7 430 578 31 519 671 354 977 809 1 245 447 395 173 505

At 1 January 2017 Accumulated cost 7 430 578 80 134 520 677 913 489 4 130 632 769 609 219 Accumulated depreciation 0 48 614 849 322 935 680 2 885 185 374 435 714 Accumulated impairment 0 0 0 0 0 Net book amount 7 430 578 31 519 671 354 977 809 1 245 447 395 173 505

Year ended 31 December 2017 Opening net book amount 7 430 578 31 519 671 354 977 809 1 245 447 395 173 505 Additions 36 084 620 1 450 804 37 535 424 Depreciation charge 3 205 381 38 677 385 798 551 42 681 317 Net book amount 7 430 578 28 314 290 352 385 044 1 897 700 390 027 612

At 31 December 2017 Accumulated cost 7 430 578 80 134 520 713 998 109 5 581 436 807 144 643 Accumulated depreciation 51 820 230 361 613 065 3 683 736 417 117 031 Net book amount 7 430 578 28 314 290 352 385 044 1 897 700 390 027 612

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts.

Expected useful life 15 - 25 years 10-25 years 3-5 years Depreciation plan None Straight line Straight line Straight line

Note 6 - Trade and other receivables

2017 2016

Trade receivables 28 036 760 17 796 108 Trade receivables related parties 4 280 053 13 307 554 Trade receivables - net 32 316 813 31 103 662 Prepayments 7 661 631 2 540 043 Other receivables related parties 6 250 000 2 500 Accrued income not invoiced 9 431 699 5 885 402 Total receivables 55 660 143 39 531 607 Digiplex Norway AS

Note 7 - Payroll and auditor remuneration

Personnel expenses 2017 2016

Salaries 26 970 911 21 540 802 Payroll tax 3 881 412 3 041 467 Defined contribution plan 1 326 566 1 128 763 Other benefits 959 470 986 761 Total personnel expenses 33 138 359 26 697 793

Number of employees 28 26 Average number of full-time employees 28 26

The Company maintains a pension scheme which is applicable for all employees. The Company fulfils the regulations regarding mandatory pension fund.

Key management personnel are defined as directors of the board and the CEO. The Chairman of the Board charges management fee, see note 19 for details. No loans have been granted to the CEO, the Chairman of the Board or other individual related parties

Remuneration to key personnel Salaries Bonus Pension Other benefits Sum

Directors of the board 0 0 0 0 0 CEO 2 085 924 1 024 007 67 416 7 427 3 184 774

Auditor remuneration (all amounts are excluding VAT) 2017 2016

Statutory audit 228 574 217 000 Other assurance services 0 337 870 Other assistance 59 200 241 050 Total auditor remuneration (excluding VAT) 287 774 795 920

Note 8 - Cash and cash equivalents

Cash and other cash equivalents 2017 2016

Short term cash deposits, cash equivalents 27 434 061 38 012 035 Restricted cash regarding employee tax deductions 1 226 454 1 130 891 Cash and cash equivalents 28 660 515 39 142 926

Cash and cash equivalents consists of short term cash deposits and cash equivalents held at financial institutions.

Note 9 - Trade and other payables

Trade payables and other current liabilities 2017 2016

Trade payables 8 085 560 8 076 354 Trade payables related parties 349 587 776 128 Accrued salaries to employees 5 971 072 4 325 710 Other accrued expenses 13 329 901 10 781 016 Current bond debt 25 000 000 0 Prepayments from customers 26 058 804 23 947 944 Total trade and other payables 78 794 924 47 907 151

Note 10 - Public tax liabilities

Public tax liabilities 2017 2016

Withheld tax for employees 1 225 029 1 129 962 VAT settlement 3 041 664 4 378 329 Accrued and unpaid employees social contribution 978 335 858 687 Total public tax liabilities 5 245 028 6 366 978 Digiplex Norway AS

Note 11 - Financial income and expenses

Financial income 2017 2016

Interest income on short term bank deposits 204 314 287 707 Interest income from related parties 9 486 872 7 968 190 Other interest and financial income 55 707 134 962 Total financial income 9 746 893 8 390 859

Financial expenses 2017 2016

Interest expenses 31 323 957 31 377 519 Other financial expenses 346 703 178 255 Total financial expenses 31 670 660 31 555 774 Net financial (expenses)/income -21 923 767 -23 164 915

Note 12 - Borrowings

Borrowings 2017 2016

Bond loan long term 575 000 000 575 000 000 Total 575 000 000 575 000 000

Capitalised transaction cost -4 683 750 -8 311 750 Reclassified to current liabilities -25 000 000 0 Book value at amortised cost 545 316 250 566 688 250

Accrued interest 5 571 750 5 809 896

The bond loan is interest bearing with a coupon rate equal to 3 months NIBOR plus a margin of 3.75 %. The bond shall be repaid in two instalments of NOK 25 million. The first instalment is due on 17 July 2018 and the second instalment is due on 18 January 2019. The remaining balance of NOK 525 million shall be repaid at the maturity date 17 July 2019.

The bond loan is secured with a first priority charge on fixed assets and trade receivables for the value of NOK 575 million. Furthermore, Digiplex Rosenholm AS, a related party, provides a guarantee on the bond loan up to the amount that it receives from the Company (please refer to note 18).

Changes in liabilities arising from financial activities Reconciliation of the opening and closing balances for liabilities arising from financial activitites:

Changes from Changes from Changes Other financial flows foreign in fair value changes* 2016 exchange rates 2017 External debt 566 688 250 -21 372 000 545 316 250

*net of capitalised transaction cost and reclassification to current liabilities Digiplex Norway AS

Note 13 - Tax

2017 2016 Change in deferred tax 274 039 137 577 Effect of change in tax rate to deferred tax positions 1 841 576 1 852 994 Income tax expense 2 115 615 1 990 571

Basis for tax payable Result before tax 5 930 558 392 453 Permanent differences -4 788 730 157 853 Change in deferred tax 15 962 729 12 501 869 Change in tax losses carry forward -17 104 557 -13 052 175 Basis for tax payable 0 0

Temporary differences Non-current assets -115 430 745 -103 485 883 Provision for losses -389 867 0 Capitalised transaction cost 4 683 750 8 311 750 Tax loss carry forward -73 020 806 -90 125 363 Basis for deferred tax asset in the balance sheet -184 157 668 -185 299 496 Calculated deferred tax liability with 23 % (2016: 24%) -42 356 264 -44 471 879

Net deferred tax positions Non-current assets -26 549 071 -24 836 612 Goods -89 669 0 Capitalised transaction costs 1 077 263 1 994 820 Tax loss carry forward -16 794 785 -21 630 087 Net at 31 December -42 356 264 -44 471 879

Calculation of effective tax rate

Profit before income tax 5 930 558 392 453 Tax calculated using effective tax rate 24% (2016: 25%) 1 423 334 98 113 Effect of permanent differences 24% (2016: 25%) -1 149 295 39 464 Effect of change in tax rate to 23% for deferred tax positions (2016: 24%) 1 841 576 1 852 994 Income tax expense 2 115 615 1 990 571 Tax payable 0 0 Effective tax rate 0 % 0 %

Deferred tax asset is recognised. Deferred income tax assets are recognised for tax loss carry forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. In 2017, tax losses carried forward were utilised with a total of NOK 16 794 785.

With effect from 1 January 2018, the corporate tax rate has changed from 24% to 23%. Tax losses carried forward have been calculated with the new tax rate due to this change.

Note 14 - Contingencies and commitments

The Company does not have any contingent liabilities as at 31 December 2017.

Note 15 - Dividends

No dividends were paid during 2017 or 2016.

Note 16 - Share capital and shareholder information

Number of Ordinary shares Share face value Share capital Share premium Total paid in shares capital

As 1 January 2016 33 300 33 300 1 000 33 300 000 22 609 964 55 909 964 Share capital 0 0 0 0 0 0 As 31 December 2016 33 300 33 300 1 000 33 300 000 22 609 964 55 909 964 Share capital 0 0 0 0 0 0 As 31 December 2017 33 300 33 300 1 000 33 300 000 22 609 964 55 909 964

All shares have equal rights and are fully paid.

Shares Percentage Shareholders ownership DigiPlex Norway Acquisitions L.L.C., Washington D.C, USA 33 000 100,0 %

Chairman of the Board, Mr James Byrne Murphy, directly and indirectly controls 15% of DigiPlex Norway AS through Chesapeake Partners LLC. Digiplex Norway AS

Note 17 - Events after the balance sheet date

There have been no events after the balance sheet date.

Note 18 - Related party disclosures

The Company is controlled by Stupar Holdings Corporation and Chesapeake Partners LLC through DigiPlex Norway Acquisitions LLC. The following transactions were carried out with related parties:

2017 2016 Purchase of services Management services 3 584 267 4 471 470 Support services 3 254 123 2 870 307 Total 6 838 390 7 341 777

Trade payables related to purchases of services from related parties are included in Trade and other payables (see also note 9).

2017 2016 Sale of services Support services 7 338 034 12 886 332 Interest charged 9 486 872 7 968 190 Total 16 824 906 20 854 522

Trade receivable from the sale of services to related parties are included in Trade and other receivables (see also note 6).

Long term loans to related parties: 2017 2016 As 1 January 183 750 000 143 750 000 Loans advanced 20 000 000 40 000 000 Reclassified to current -6 250 000 0 As 31 December 197 500 000 183 750 000

Interest charged 9 486 872 7 968 190

Long term loans from related parties: 2017 2016 As 1 January 0 0 Loans advanced 0 0 Loans repaid 0 0 As 31 December 0 0

Interest charged 0 0

The loans issued in 2016 and 2015 were to DigiPlex Rosenholm AS and to the parent company, DigiPlex Norway Acquisitions LLC. Both loans are interest bearing. DigiPlex Rosenholm AS is a guarantor for the bond loan issued by DigiPlex Norway AS, for an amount equal to the loan between the two parties.

The Company has identified the following related parties:

Name of company Type of relationship Type of services DigiPlex Fet AS Related party Support services DigiPlex Fet 2 AS Related party Support services DigiPlex Rosenholm AS Related party Support services and financing DigiPlex London 1 Limited Related party Support services DigiPlex Stockholm 1 AB Related party Support services DigiPlex Stockholm 2 AB Related party Support services Kitebrook Partners LLC Related party Management services DigiPlex Norway Acquisitions LLC Owner Financing

Note 19 - Deposits from customers

Deposits from customers are held as security for contractually obligated payments in the event of a default . The deposits are non-interest bearing and will be repaid upon termination of contract. The customer contract does not include a time clause, hence according to IAS 39 no amortisation has been made. Digiplex Norway AS

Definitions

DigiPlex Norway AS's financial information is prepared in accordance with International Financial Reporting Standards ('IFRS'). Additionally, some alternative performance measures have been provided, these are defined as follows:

EBITDA is defined as earnings before interest, tax, depreciation and amortisation. RESPONSIBILITY STATEMENT We confirm, to the best of our knowledge, that the financial statements for the year ended 31 December 2017 have been prepared in accordance with IFRS as adopted by the EU, and give a true and fair view of the Company’s assets, liabilities, financial position and results of operation, and that the Board of Directors’ Report gives a true and fair review of the development and performance of the business and the position of the Company, and includes a description of the principal risks and uncertainties facing the Company.

Oslo, 30 April 2018

J Byrne Murphy Gisle M. Eckhoff Chairman CEO

Annex 6 Annual Report 2018 and 2017 for DigiPlex Rosenholm AS

DigiPlex Rosenholm AS (the Company) Board of Directors’ report For the year ended 31 December 2018

Registration no. 994 817 477

We are pleased to present the 2018 annual financial report for the Company.

BACKGROUND DigiPlex Rosenholm AS forms part of the privately-owned DigiPlex Group of Companies, which specialises in building and operating data centres in the Nordic region. Founded in 2002, the Group is one of the longest standing data centre builders and operators in Europe, with companies registered in Denmark, Finland, Norway, Sweden and the United Kingdom. The Group provides safe, secure and future ready IT housing for our customers’ mission critical systems. This is not a one-size-fits-all service but one that is tailored to suit each customer’s individual needs.

The Company operates from a facility in Rosenholm, Oslo, Norway. The initial data halls were re- built by the Company with new mechanical and electrical infrastructures and fitted out according to customers' current and future requirements with state-of-the-art security, functionality and sustainability. It has a large range of clients from various sectors including the government, telecommunications and corporates.

BUSINESS ACTIVITIES Throughout 2018 the Company has continued investing in and operating from the facility at Rosenholm in Oslo providing a secure IT Housing service for its clients. The Company expanded the data centre with an additional 500 m2 of white space to meet increased customer demand, thereby increasing the initial data halls of 1,400 m2 white space to 1,900 m2. Construction work was completed in Q3 2018.

GOING CONCERN Notwithstanding that the Company’s equity is in a negative position (NOK 11.9 million), the Board confirms that there are sufficient funds available to the Company from its operating revenues and its existing funding arrangement to operate as a going concern.

The Board have evaluated the Company’s value adjusted equity. The valuation of the data centre operations was based on external advice, and the Board conclude that the market value of the Company’s equity is positive.

The Company has loans from DigiPlex Norway AS (DNAS), in the amount of NOK 137.5 million, for which it provides a guarantee to DNAS as required under the bond loan agreement. There is a shareholder loan of NOK 105.5 million, and the agreement does not contain restrictive

covenants. Although the loan is stated to be payable on demand, there are contractual restrictions under the bond agreement that restrict repayment thereof.

As at the date of this report, the Board do not have any reason to believe that either the related party, DNAS or its shareholders do not support the going concern of the Company.

Consequently, the Board is of the opinion that the financial statements give a true and fair view of the activities of the Company.

In accordance with the Norwegian Accounting Act section 3-3, the Board confirms that the conditions for continued operations as a going concern are present for the Company and that the annual financial statements have been prepared under this presumption.

INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION The Directors have noted continued improvement in market conditions and decided to expand the data centre with an additional area of approximately 500 m2 in 2018. The Company has increased its EBITDA (earnings before interest, tax, depreciation and amortisation) by NOK 3.6 million from 2017 to 2018. The operating profit for the year amounts to NOK 10.4 million (2017: NOK 7.6 million).

The Company reports revenues of NOK 50.8 million (2017: NOK 45.8 million). The increase was mainly driven by increased IT Housing revenues of 4.7% and by increased cost of power which resulted in higher electricity related revenue.

EBITDA for 2018 was in the amount of NOK 22.5 million (2017: NOK 19.0 million) which represents an EBITDA margin of 44.4% (2017: 41.4%). This is the result of strict control of operating expenses such as site operation and maintenance costs.

Total equity as of 31 December 2018 is negative NOK 11.9 million (2017: negative NOK 14.0 million). The Company’s financials are as expected. Due to the signing of several new contracts and effective cost control, the Company’s outlook is positive.

CAPITAL AND FINANCING Net cash outflow for the year was NOK 18.2 million (2017: inflow of NOK 13.3 million). Cash inflow from operating activities amounted to NOK 11.8 million (2017: NOK 15.8 million). Cash outflow to investing activities amounted to NOK 23.7 million (2017: NOK 2.5 million). The cash outflow related to financing activities was NOK 6.3 million (2017: no cash outflow related to financing activities). A detailed cash flow statement is included in the financial statements.

The difference between operating results and cash flow from operating activities, mainly relates to depreciation and change in trade receivable. The Company’s investments are financed primarily via its operating cash flow.

Loans from a related party totalling NOK 137.5 million were re-classified from long term borrowings to current liabilities in July 2018. A repayment of NOK 6.3 million was made in December 2018 with a further repayment of NOK 6.3 million in January 2019, leaving an amount of NOK 131.3 million to be repaid in July 2019.

2 (6)

The Company is making interest payments to DNAS in accordance with the loan agreement drawn up on similar terms to the Bond Agreement where DNAS is the Issuer.

No interest is due on the shareholder loans. As noted above under the ‘Going Concern’ section of the report, at balance sheet date shareholder loans of NOK 105.5 million were outstanding.

Taking the impending bond maturation dates into account, the Company together with DNAS and another related party, DigiPlex Fet AS (DFAS) considered a combined bond refinancing by recapitalising the three Norwegian assets. As such, a restructuring of the entities was necessary to enable this new bond issuance. The three entities were therefore contributed in kind by their respective owners to a newly established Norwegian holding company, DigiPlex Norway Holding 2 AS (DNH2) on 24 April 2019.

DNH2 successfully closed on a NOK1.8 billion senior secured bond issue which was substantially over-subscribed and is the second largest NOK denominated high yield bond issuance since 2014. Settlement date has been scheduled to take place on 30 April 2019. Part of the proceeds from this bond issue will be used to replace the Company’s related party loan with DNAS of NOK 131.3 million and its existing shareholder loan of NOK 105.5 million.

The Board is therefore confident that with the proceeds from the bond issue to meet its long-term capital requirements together with the cash flow generated from its operations, the Company’s funding requirements are satisfactorily met.

RISKS The Company’s activities expose it to a variety of financial risks namely; market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company’s finance department under policies approved by the Board. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk The Company operates nationally and is therefore exposed to a limited foreign exchange risk. However, its interest rate risk arises from the related party loan where the interest rate is based on a floating rate (see note 2). Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the loan is adjusted quarterly. The Company also holds borrowings issued by the shareholder. The shareholder loan is not interest bearing.

3 (6)

Interest Rate Sensitivity Analysis At 31 December 2018, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been NOK 144k higher/lower, mainly as a result of higher/lower interest expense on Bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Company’s finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The Board is not aware of any additional financial risk factors facing the Company other than those outlined in this report.

HEALTH, SAFETY AND WORK ENVIRONMENT As of 31 December 2018, the Company employed 2 full time staff of which there were 1 male and 1 female. None of these employees were in a leading management positions. The Company gives equal opportunities to its employees regardless of gender and will continue this policy in the future. The Company aims to conduct its operations with zero injuries through effective risk management. The Company considers the working environment as positive and there have been no serious work incidents or accidents resulting in personal injury or damages to material or equipment during the course of 2018. The Company also maintains a log of sick leave days taken and the absence percentage due to sick leave for 2018 was 0.1%.

All employees are part of a pension scheme.

EXTERNAL ENVIRONMENT Within our environmental impact it is energy use and consequently carbon emissions that determine the biggest part of our environmental agenda. The Company is committed to operating sustainably with continuous improvements in environmental performance.

The initial target for the DigiPlex group of entities in this area was to purchase all our electricity from certified, renewable sources. We first achieved this in July 2004. We have maintained this achievement ever since.

4 (6)

Our aim is to be the most environmentally friendly data centre provider in Europe and we have put this into action with our fiercely competitively low PUE achievements to date. We particularly welcome the opportunity to work with our customers and help them to achieve their own environmental performance improvement goals. With the above processes and initiative in place, the Board is very proud of the small environmental footprint that it leaves behind.

CORPORATE SOCIAL RESPONSIBILITY The Company’s policy is designed and implemented in a way to help tackle the challenges we face in today’s society. The DigiPlex policy ensures that we responsibly and fairly recruit and manage DigiPlex employees on the basis of competence and performance regardless of age, nationality, race, gender, religious beliefs, sexuality, physical ability or cultural background. We strive on our ability to provide our customers an unprecedented level of support and flexibility in all aspects of providing a Data Centre service and do so in a manner that ensures our business’s future and the prosperity of all stakeholders involved.

The Company is committed to maintaining an open working environment in which employees and contractors are able to report instances of unethical, unlawful or undesirable conduct without fear of intimidation or reprisal. In order to maintain a current and effective responsibility strategy we promote transparency in the actions of all stakeholders and act on all relevant concerns highlighted for attention.

We take the responsibility of fairness and equality beyond our own walls and ensure that external parties with whom we engage in business are also focused on their responsibility to the wider community. The Company’s tendering process clarifies whether the supplier has established its own policy and guidelines for corporate social responsibility, and whether it has been involved in incidents related to corruption, child labour or breaches of human rights or the rights of employees to unionise.

Information on such matters is obtained from the suppliers themselves or from other investigations. Possible conditions uncovered will be significant in qualifying the supplier for participation in the tendering process.

YEAR-END APPROPRIATIONS The net profit for the year of NOK 2.1 million (2017: net loss for the year of NOK 0.2 million) is transferred to retained earnings.

RESEARCH AND DEVELOPMENT The Company is continually undertaking confidential research and development with the view of improving its processes, customer service, costs and its environmental footprint.

OUTLOOK In 2019 the primary goal is to continue to renew existing customers and to provide tailor-made solutions including having the potential to expand its current available technical space, as required, to meet its customers’ requirements in terms of providing highly reliable IT Housing.

5 (6)

The Board is not aware of any additional risk factors facing the Company other than those outlined in this report.

Oslo, 30 April 2019

J Byrne Murphy Gisle M Eckhoff Chairman CEO

6 (6)

DigiPlex Rosenholm AS

DigiPlex Rosenholm AS

Profit and Loss Statement

OPERATING REVENUE AND EXPENSES 2018 2017

OPERATING REVENUE Sales revenue 50 760 649 45 836 472 Total revenue 50 760 649 45 836 472

Cost of goods sold 290 239 332 998 Salaries 6 1 794 218 3 178 843 Other operating expenses 26 139 144 23 364 597

EBITDA 22 537 047 18 960 034

Depreciation of fixed assets 1 12 102 845 11 348 847

OPERATING PROFIT 10 434 202 7 611 187

Interest income 8 916 4 915 Other financial income 40 417 28 408 Interest expense 2, 8 6 939 946 6 909 581 Other financial expense 24 458 68 797

PROFIT / (LOSS) BEFORE TAXES 3 519 131 666 132

Taxes 5 1 381 836 826 573

ORDINARY PROFIT / (LOSS) 2 137 294 (160 441)

NET PROFIT / (LOSS) FOR THE YEAR 2 137 294 (160 441)

TRANSFERS AND ALLOCATIONS Allocated to uncovered loss/other equity 4 2 137 294 (160 441) TOTAL TRANSFERS AND ALLOCATIONS 2 137 294 (160 441)

Annual Report DigiPlex Rosenholm AS Reg.no: 994817477

2018 Audited Financial Statements DigiPlex Rosenholm AS

DigiPlex Rosenholm AS

Balance Sheet as at 31 December

ASSETS 2018 2017

Intangible assets Deferred tax asset 5 3 438 538 4 820 374 Total intangible assets 3 438 538 4 820 374

Tangible assets Property, plant and equipment 1 225 189 259 213 676 601 Furniture, fittings and office equipment 1 171 864 41 164 Total tangible assets 225 361 123 213 717 765

Financial fixed assets Other long-term recivables 460 392 0

Total fixed assets 229 260 053 218 538 139

Current assets Inventory 477 827 570 732 Trade receivables 11 171 646 5 212 744 Other current assets 310 534 843 625 Bank deposits 3 9 495 837 27 666 398 Total current assets 21 455 843 34 293 499

TOTAL ASSETS 250 715 896 252 831 638

Annual Report DigiPlex Rosenholm AS Reg.no: 994817477

2018 Audited Financial Statements DigiPlex Rosenholm AS

DigiPlex Rosenholm AS

Balance Sheet as at 31 December

EQUITY AND LIABILITIES 2018 2017

Equity

Paid in equity Share capital 4 2 950 000 2 950 000 Total paid in equity 2 950 000 2 950 000

Earned equity Other equity 4 (14 817 352) (16 954 647) Total earned equity (14 817 352) (16 954 647)

Total equity (11 867 352) (14 004 647)

Liabilities

Long term liabilities Loans from related parties 2, 8 - 137 500 000 Shareholder loans 2 105 527 148 105 527 148 Other long term liabilities 2 682 422 682 422 Total long term liabilities 106 209 570 243 709 570

Short term liabilities Trade liabilities 674 709 2 018 806 Public tax liabilities 2 412 314 2 273 532 Loans from related parties 2, 8 137 500 000 6 250 000 Other short term liabilities 15 786 656 12 584 377 Total short term liabilities 156 373 679 23 126 715

Total liabilities 262 583 248 266 836 285

TOTAL EQUITY AND LIABILITIES 250 715 896 252 831 638

Annual Report DigiPlex Rosenholm AS Reg.no: 994817477

Oslo 30 April 2019 The Board of DigiPlex Rosenholm AS

J. Byrne Murphy Gisle M. Eckhoff Chairman of the Board CEO

2018 Audited Financial Statements DigiPlex Rosenholm AS

DigiPlex Rosenholm AS

Cash Flow Statement

2018 2017

Profit / (loss) before taxes 3 519 131 666 132

Depreciations 12 102 845 11 348 847 Change in inventory 92 905 (133 995) Change in trade receivables (5 886 202) 4 456 415 Change in trade liabilities 1 996 963 (548 900)

Cash flow from operating activities 11 825 642 15 788 499

Investments in fixed assets (23 746 203) (2 491 494)

Cash flow used in investing activities (23 746 203) (2 491 494)

Repayment of related party loan (6 250 000) -

Cash flow used in financing activities (6 250 000) -

Net change in cash (18 170 561) 13 297 005 Cash as at 1 January 27 666 398 14 369 393 Cash as at 31 December 9 495 837 27 666 398

Annual Report DigiPlex Rosenholm AS Reg.no: 994817477

2018 Audited Financial Statements DigiPlex Rosenholm AS

Accounting principles

The annual accounts have been prepared in compliance with the Accounting Act and Norwegian Generally Accepted Accounting Principles for small enterprises (NGAAP).

Sales Revenues IT housing service revenues are recognised and expensed over the life time for each contract. Sales costs incurred in relation to new customers contracts are deferred and expensed over the contract.

Classification and valuation of balance sheet items Assets intended for long-term ownership or use have been classified as fixed assets. Assets relating to the trading cycle have been classified as current assets. Receivables are classified as current assets if they are recoverable within one year after the transaction date. Similar criteria apply to liabilities.

Current assets are valued at the lower of purchase cost and net realisable value. Short term liabilities are reflected in the balance sheet at nominal value on the establishment date.

Tangible assets Tangible assets are reflected in the balance sheet and depreciated to residual value over the asset's expected useful life on a straight- line basis. If changes in the depreciation plan occur the effect is distributed over the remaining depreciation period. Direct maintenance of an asset is expensed under operating expenses as and when it is incurred. Additions or improvements are added to the asset's cost price and depreciated together with the asset. The split between maintenance and additions/improvements is calculated in proportion to the asset's condition at the acquisition date.

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives.

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement for the period.

Debtors Trade debtors and other debtors are reflected in the balance sheet at nominal value less provisions for doubtful debts. Provisions for doubtful debts are calculated on the basis of individual assessments. In addition, for the remainder of accounts receivables outstanding balances, a general provision is carried out based on expected loss.

Foreign currencies Monetary items in foreign currencies are translated at the exchange rate on the balance sheet date.

Tax The tax charge in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated at 23% on the basis of the temporary differences which exist between accounting and tax values, and any carry forward losses for tax purposes at the year-end. Tax enhancing or tax reducing temporary differences, which are reversed or may be reversed in the same period, have been eliminated. Deferred tax and tax benefits which may be shown in the balance sheet are presented on a net basis. The Company elected to capitalise the deferred tax advantage.

Cash Flow Statement The Cash Flow Statement is prepared using the indirect method. Cash available includes petty cash, deposits on bank accounts and other short term placements which can be transformed to cash within a short time.

2018 Audited Financial Statements DigiPlex Rosenholm AS

Note 1 Fixed assets

Plant and Furniture and Fixed assets equipment fittings Total Acquisition cost as at 1 January 2018 278 666 825 109 945 278 776 770 Additions 23 577 783 168 422 23 746 205 Acquisition cost as at 31 December 2018 302 244 608 278 367 302 522 975

Accumulated depreciation as at 31 December 2018 77 055 348 106 502 77 161 850 Net book value as at 31 December 2018 225 189 259 171 865 225 361 125

Depreciation for the year 12 065 124 37 721 12 102 845

Expected useful life 7-25 years 3-6 years Depreciation plan Straight line Straight line

Note 2 Borrowings

Debt to financial institutions: 2018 2017 Term Loan 0 0 Total 0 0

Deposits from clients 2018 2017 Deposits 682 422 682 422 Total 682 422 682 422

Long term debt 2018 2017 DigiPlex Rosenholm L.L.C., parent company 105 527 148 105 527 148 DigiPlex Norway AS, related party, non current part 0 137 500 000 Total long term debt 105 527 148 243 027 148

Current debt 2018 2017 DigiPlex Norway AS, related party, current part 137 500 000 6 250 000 Total current debt 137 500 000 6 250 000

Total debt 243 027 148 249 277 148

DigiPlex Rosenholm L.L.C. did not apply interest to the loan in 2018 and 2017.

Interest expenses related to the loan from DigiPlex Norway AS (DNAS) amount to NOK 6,800,562 (2017: NOK 6,866,072). The Company provided a first priority charge over its debtor ledger to the bondholders of the DNAS bond issue, as detailed below. This serves as collateral for funds raised from the DNAS bond issue of NOK 575,000,000, of which NOK 143,750,000 has been advanced to the Company by DNAS, in accordance with the Bond Agreement. In July 2018, the entire loan was classified from long term borrowings to current liabilities. As of 31 December 2018, the related party loan is at 137,500,000 after one repayment of NOK 6,250.000 during the second half of 2018. FRN DigiPlex Norway AS Senior Secured Callable Bond Issue 2015/2019 ISIN NO: 001 0741747 Issue date 17/07/2015 Bond trustee: Nordic Trustee ASA Amount 575,000,000 NOK Duration 4 years

Note 3 Bank deposits

Bank deposits 2018 2017 Short term cash equivalents 7 709 353 27 574 135 Restricted cash/employee tax deductions 1 786 484 92 263 Total bank deposits 9 495 837 27 666 398

As of 31 December 2018, total restricted bank deposits amount to NOK 1,786,484 (2017: NOK 92,263), of which NOK 1,727,380 are held in escrow awaiting completion of a construction contract. The remaining balance of NOK 59,104 are restricted funds related to employees' tax deductions.

2018 Audited Financial Statements DigiPlex Rosenholm AS

Note 4 Shareholders’ equity, share capital and shareholder information

Equity change for the year Share capital Uncovered loss Total

Equity as at 1 January 2018 2 950 000 (16 954 647) (14 004 647) Profit / loss for the year 0 2 137 294 2 137 295 Shareholders equity as at 31 December 2018 2 950 000 -14 817 353 -11 867 353

The share capital of NOK 2,950,000 consists of 2,950,000 shares of NOK 1 each. All shares have equal rights.

Shareholders as at 31 December 2018 Shares Total Ownership DigiPlex Rosenholm L.L.C., New Castle County, Delaware 19801, USA 2 950 000 2 950 000 100 %

Note 5 Taxes

Calculation of deferred tax and change in deferred tax Change 2018 2017 Temporary differences Fixed assets 1 057 422 48 580 838 47 523 416 Other differences 460 392 460 392 - Net temporary differences 1 517 814 49 041 230 47 523 416 Adjustments due to interest limitation rules - (1 374 533) (1 374 533) Carry forward losses 3 810 617 (63 296 415) (67 107 032) Basis for deferred tax in the balance sheet 5 328 431 (15 629 718) (20 958 149)

Deferred tax and change in deferred taxes 22% (23%) deferred tax benefit (1 381 836) (3 438 538) (4 820 374) Deferred tax/tax benefit in the balance sheet (1 381 836) (3 438 538) (4 820 374)

Payable taxes Basis for payable taxes Result before tax charges 3 519 131 666 132 Permanent differences 1 809 300 1 904 667 Basis for payable taxes 5 328 431 2 570 799 Change in temporary differences (1 517 814) (2 193 779) Taxable income 3 810 617 377 020 Basis for payable taxes (in the tax charge) 3 810 617 377 020

Tax charge in the profit and loss Change in deferred tax using effective tax rate 23 % 1 225 539 616 992 Effect of change in tax rate to 22% for deferred tax positions 156 297 209 581 Income tax expense 1 381 836 826 573 Tax payable 0 0 Effective tax rate 0 % 0 %

With effect from 1 January 2019 the corporate tax rate reduced from 23% to 22%. Temporary differences and tax carried forward have been re-calculated with the new tax rate on 31 December 2018.

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the calculation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The Company's carry forward tax loss as at 31 December 2018 amounts to NOK 63,296,415 (2017: NOK 67,107,032) and represents a significant value. The Company has decided to capitalise 22% of the tax loss in 2018 showing a deferred tax advantage in the balance sheet amounting to NOK 3 438 538 (2017: NOK 4,820,374). This decision was made on the basis that the Company prepared a long term business plan. This plan forecasts a profitable position over the coming years (based on existing/potential customer contracts) and as such the Company intends to utilise the deferred tax advantage over the next ten years.

2018 Audited Financial Statements DigiPlex Rosenholm AS

Note 6 Payroll expenses, number of employees, remunerations, loans to employees, etc.

Average number of full-time employees in 2018 was 2 (2.6 in 2017).

Payroll expenses 2018 2017 Salaries 1 399 628 2 629 665 Payroll tax 268 726 426 907 Other personnel costs 125 865 122 271 Total 1 794 218 3 178 843

Obligatory pension fund The Company has established a pension fund which is applicable for all employees. The yearly pension cost for 2018 amounts to NOK 108,806 (2017: NOK 125,430). The Company fulfills the regulations regarding obligatory pension fund.

Key management personnel are defined as directors of the board and the CEO. The CEO is employed by a related party, and the fee for his services as CEO for 2018 was NOK 377,716 (2017: NOK 270,339) which is included in Other expenses. The directors of the board did not receive any remuneration during 2018.

Neither the CEO, nor the chairman of the board or any other individual related parties have received loans during 2018.

Audit remuneration for 2018 amounted to NOK 125,500, excluding VAT (2017: NOK 128,220).

Note 7 Guarantees, pledges

The parent company has provided a bank guarantee towards the landlord of the Rosenholm site in the amount of NOK 1,656,000. The rental agreement expires in 2025, and the Company has a right to extend the rental for 5+5+5+5 years. As at 31 December 2018, the undiscounted and unadjusted financial obligations from the rental contract with the landlord is circa NOK 31.3 million.

Note 8 - Related party disclosures

The Company is controlled by Stupar Holdings Corporation and Naragansett Partners LLC through DigiPlex Rosenholm LLC. The following transactions were carried out with related parties:

Purchase of services 2018 2017 Management services 2 756 642 3 185 092 Support services 7 890 472 7 291 065 Total 10 647 115 10 476 157

Trade payables from purchase of related party services in the amount of NOK 207,322 (2017: NOK 944,696) are included in Trade liabilities.

Loans from related parties: 2018 2017 As at 1 January 143 750 000 143 750 000 Loans repaid (6 250 000) 0 Reclassified to current liabilities (137 500 000) (6 250 000) As at 31 December 137 500 000 143 750 000 Interest charged 6 800 562 6 866 072

As of July 2018 all loans from related parties have been reclassified from long term to current. Accrued interest costs at 31.12.2018 related to loans from related companies amount to NOK 1,404,936.

Note 9 - Events after balance sheet date

Taking the impending bond maturation dates into account, the Company together with DigiPlex Norway AS (DNAS) and another related party, DigiPlex Fet AS (DFAS) considered a combined bond refinancing by recapitalising the three Norwegian assets. As such, a restructuring of the entities was necessary to enable this new bond issuance. The three entities were therefore contributed in kind by their respective owners to a newly established Norwegian holding company, DigiPlex Norway Holding 2 AS (DNH2) on 24 April 2019.

DNH2 successfully closed on a NOK1.8 billion senior secured bond issue with settlement date scheduled to take place on 30 April 2019. Part of the proceeds from this bond issue will be used to replace the Company’s related party loan with DNAS of NOK 131.3 million and its existing shareholder loan of NOK 105.5 million.

2018 Audited Financial Statements

DigiPlex Rosenholm AS (the Company) Board of Directors’ report For the year ended 31 December 2017

Registration no. 994 817 477

We are pleased to present the 2017 annual financial report for the Company.

BACKGROUND DigiPlex Rosenholm AS forms part of the privately-owned DigiPlex Group of Companies, which specialises in building and operating data centres in the Nordic region. Founded in 2002, the Group is one of the longest standing data centre builders and operators in Europe, with companies registered in Denmark, Finland, Norway, Sweden and the United Kingdom. The Group provides safe, secure and future ready IT housing for our customers’ mission critical systems. This is not a one-size-fits-all service but one that is tailored to suit each customer’s individual needs.

The Company operates from a facility in Rosenholm, Oslo, Norway. The facility was fully renovated in 2010 into 1,500m2 of white space. It has a large range of clients from various sectors including the government, telecommunications and corporates.

BUSINESS ACTIVITIES Throughout 2017 the Company has continued investing in and operating from the facility at Rosenholm in Oslo providing a secure IT Housing service for its clients.

GOING CONCERN Notwithstanding that the Company’s equity is in a negative position (NOK 14.0 million), the Board confirms that there are sufficient funds available to the Company from its operating revenues and its existing funding arrangement to operate as a going concern.

The Board have evaluated the Company’s value adjusted equity. The valuation of the data centre operations was based on external advice, and the Board conclude that the market value of the Company’s equity is positive.

The Company has loans from DigiPlex Norway AS (DNAS), in the amount of NOK 143.8 million, received as guarantor to DNAS bond loan agreement. There is a shareholder loan of NOK 105.5 million, and the agreement does not contain restrictive covenants. Although the loan is stated to be payable on demand, there are contractual restrictions that restrict repayment thereof.

As at the date of this report, the Board do not have any reason to believe that either the related party, DNAS or its shareholders do not support the going concern of the Company.

Consequently, the Board is of the opinion that the financial statements give a true and fair view of the activities of the Company.

In accordance with the Norwegian Accounting Act section 3-3, the Board confirms that the conditions for continued operations as a going concern are present for the Company and that the annual financial statements have been prepared under this presumption.

INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION The Directors have noted continued improvement in market conditions and have decided to expand the data centre with an additional area of approximately 700 m2. The Company has maintained its 2016 EBITDA (earnings before interest, tax, depreciation and amortisation) level of NOK 19 million. The operating profit for the year amounts to NOK 7.6 million (2016: NOK 8.4 million).

The Company reports revenues of NOK 45.8 million (2016: NOK 49.1 million). The reduction was mainly driven by a lower electricity revenue, due to power tax relief, which also led to a reduction in electricity costs. IT Housing revenues increased by 1.6% from 2016 to 2017.

EBITDA for 2017 was in the amount of NOK 19.0 million (2016: NOK 19.5 million) which represents an EBITDA margin of 41.4% (2016: 39.8%). This is the result of strict control of operating expenses such as site operation and maintenance costs.

Total equity as of 31 December 2017 is negative NOK 14.0 million (2016: negative NOK 13.8 million). The Company’s financials are as expected. Due to the signing of several new contracts and effective cost control, the Company’s outlook is positive.

CAPITAL AND FINANCING Net cash inflow for the year was NOK 13.3 million (2016: outflow of NOK 0.8 million). Cash inflow from operating activities amounted to NOK 15.8 million (2016: NOK 12.9 million). Cash outflow to investing activities amounted to NOK 2.5 million (2016: NOK 3.7 million) and there were no cash flow related to financing activities (2016: cash outflow of NOK 10 million). A detailed cash flow statement is included in the financial statements.

The difference between operating results and cash flow from operating activities, mainly relates to depreciation and change in trade receivable. The Company’s investments are financed primarily via its operating cash flow.

There have been no changes to the Bond issue made in July 2015.

The Company is making interest payments to DNAS in accordance with the loan agreement drawn up on similar terms to the Bond Agreement.

No interest is due on the shareholder loans. As noted above under the ‘Going Concern’ section of the report, at balance sheet date shareholder loans of NOK 105.5 million were outstanding.

The Board is confident that with the current financial resources that are available to the Company, the business’s cash flow is currently self-sustaining.

2 (5)

RISKS The Company’s activities expose it to a variety of financial risks namely; market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company’s finance department under policies approved by the Board. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk The Company operates nationally and is therefore exposed to a limited foreign exchange risk. However, its interest rate risk arises from a long-term bond loan (see note 2). Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the loan is adjusted quarterly. The Company also holds borrowings issued by the shareholder. The shareholder loan is not interest bearing.

Interest Rate Sensitivity Analysis At 31 December 2017, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been NOK 144k higher/lower, mainly as a result of higher/lower interest expense on Bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Company’s finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The Board is not aware of any additional financial risk factors facing the Company other than those outlined in this report.

HEALTH, SAFETY AND WORK ENVIRONMENT As of 31 December 2017, the Company employed 2 full time staff of which there were 1 male and 1 female. None of these employees were in a leading management positions. The Company gives equal opportunities to its employees regardless of gender and will continue this policy in the future. The Company aims to conduct its operations with zero injuries through effective risk management. The Company considers the working environment as positive and there have been no serious work incidents or accidents resulting in personal injury or damages to material

3 (5)

or equipment during the course of 2017. The Company also maintains a log of sick leave days taken and the absence percentage due to sick leave for 2017 was 1.7%.

All employees are part of a pension scheme.

EXTERNAL ENVIRONMENT Within our environmental impact it is energy use and consequently carbon emissions that determine the biggest part of our environmental agenda. The Company is committed to operating sustainably with continuous improvements in environmental performance.

The initial target for the DigiPlex group of entities in this area was to purchase all our electricity from certified, renewable sources. We first achieved this in July 2004. We have maintained this achievement ever since.

Our aim is to be the most environmentally friendly data centre provider in Europe and we have put this into action with our fiercely competitively low PUE achievements to date. We particularly welcome the opportunity to work with our customers and help them to achieve their own environmental performance improvement goals. With the above processes and initiative in place, the Board is very proud of the small environmental footprint that it leaves behind.

CORPORATE SOCIAL RESPONSIBILITY The Company’s policy is designed and implemented in a way to help tackle the challenges we face in today’s society. The DigiPlex policy ensures that we responsibly and fairly recruit and manage DigiPlex employees on the basis of competence and performance regardless of age, nationality, race, gender, religious beliefs, sexuality, physical ability or cultural background. We strive on our ability to provide our customers an unprecedented level of support and flexibility in all aspects of providing a Data Centre service and do so in a manner that ensures our businesses future and the prosperity of all stakeholders involved.

The Company is committed to maintaining an open working environment in which employees and contractors are able to report instances of unethical, unlawful or undesirable conduct without fear of intimidation or reprisal. In order to maintain a current and effective responsibility strategy we promote transparency in the actions of all stakeholders and act on all relevant concerns highlighted for attention.

We take the responsibility of fairness and equality beyond our own walls and ensure that external parties with whom we engage in business are also focused on their responsibility to the wider community. The Company’s tendering process clarifies whether the supplier has established its own policy and guidelines for corporate social responsibility, and whether it has been involved in incidents related to corruption, child labour or breaches of human rights or the rights of employees to unionise.

Information on such matters is obtained from the suppliers themselves or from other investigations. Possible conditions uncovered will be significant in qualifying the supplier for participation in the tendering process.

4 (5) YEAR-END APPROPRIATIONS The net loss for the year of NOK 0.2 million (2016: net profit for the year of NOK 1.3 million) is transferred to retained earnings.

RESEARCH AND DEVELOPMENT The Company is continually undertaking confidential research and development with the view of improving its processes, customer service, costs and its environmental footprint.

OUTLOOK In 2018 the primary goal is to continue to renew existing customers and to provide tailor-made solutions including having the potential to expand its current available technical space, as required, to meet its customers’ requirements in terms of providing highly reliable IT Housing.

The Board is not aware of any additional risk factors facing the Company other than those outlined in this report.

Oslo, 30 April 2018

J Byrne Murphy Gisle M Eckhoff Chairman CEO

5 (5)

DigiPlex Rosenholm AS

DigiPlex Rosenholm AS

Profit and Loss Statement

OPERATING REVENUE AND EXPENSES 2017 2016

OPERATING REVENUE Sales revenue 45 836 472 49 056 193 Total revenue 45 836 472 49 056 193

Cost of goods sold 332 998 271 001 Salaries 6 3 178 843 5 485 212 Other operating expenses 23 364 597 23 756 508

EBITDA 18 960 034 19 543 472

Depreciation of fixed assets 1 11 348 847 11 187 252

OPERATING PROFIT 7 611 187 8 356 220

Interest income 4 915 69 611 Other financial income 28 408 253 565 Interest expense 2, 8 6 909 581 6 305 096 Other financial expense 68 797 3 195

PROFIT / (LOSS) BEFORE TAXES 666 132 2 371 105

Taxes 5 826 573 1 092 480

ORDINARY PROFIT / (LOSS) (160 441) 1 278 625

NET PROFIT / (LOSS) FOR THE YEAR (160 441) 1 278 625

TRANSFERS AND ALLOCATIONS Allocated to uncovered loss/other equity 4 (160 441) 1 278 625 TOTAL TRANSFERS AND ALLOCATIONS (160 441) 1 278 625

Annual Report Digiplex Rosenholm AS Reg.no: 994817477

2017 Audited Financial Statements DigiPlex Rosenholm AS

DigiPlex Rosenholm AS

Balance Sheet as at 31 December

ASSETS 2017 2016

Intangible assets Deferred tax asset 5 4 820 374 5 646 947 Total intangible assets 4 820 374 5 646 947

Tangible assets Property, plant and equipment 1 213 676 601 222 550 951 Furniture, fittings and office equipment 1 41 164 24 167 Total tangible assets 213 717 765 222 575 118

Total fixed assets 218 538 139 228 222 065

Current assets Inventory 570 732 436 737 Trade receivable 5 212 744 10 100 958 Other current assets 843 625 460 912 Bank deposits 3 27 666 398 14 369 393 Total current assets 34 293 499 25 368 000

TOTAL ASSETS 252 831 638 253 590 065

Annual Report DigiPlex Rosenholm AS Reg.no: 994817477

2017 Audited Financial Statements DigiPlex Rosenholm AS

DigiPlex Rosenholm AS

Balance Sheet as at 31 December

EQUITY AND LIABILITIES 2017 2016

Equity

Paid in equity Share capital 4 2 950 000 2 950 000 Total paid in equity 2 950 000 2 950 000

Earned equity Other equity 4 (16 954 647) (16 794 206) Total earned equity (16 954 647) (16 794 206)

Total equity (14 004 647) (13 844 206)

Liabilities

Long term liabilities Liabilities to parent / related party 2, 8 243 027 148 249 277 148 Other long term liabilities 2 682 422 682 422 Total long term liabilities 243 709 570 249 959 570

Short term liabilities Trade liabilities 2 018 806 1 219 239 Public tax liabilities 2 273 532 2 419 205 Other short term liabilities 18 834 377 13 836 258 Total short term liabilities 23 126 715 17 474 702

Total liabilities 266 836 285 267 434 272

TOTAL EQUITY AND LIABILITIES 252 831 638 253 590 065

Annual Report DigiPlex Rosenholm AS Reg.no: 994817477

Oslo 30 April 2018 The Board of DigiPlex Rosenholm AS

J. Byrne Murphy Gisle M. Eckhoff Chairman of the Board CEO

2017 Audited Financial Statements DigiPlex Rosenholm AS

DigiPlex Rosenholm AS

Cash Flow Statement

2017 2016

Profit / (loss) before taxes 666 132 2 371 105

Depreciations 11 348 847 11 187 252 Change in inventory (133 995) (20 032) Change in trade receivable 4 888 214 (263 500) Change in trade liabilities (597 987) (2 038 287) Change in other short term receivable/liabilities (382 712) 1 650 003

Cash flow from operating activities 15 788 499 12 886 541

Investments in fixed assets (2 491 494) (3 662 110)

Cash flow used in investing activities (2 491 494) (3 662 110)

Loan from related party - 20 000 000 Repayment of loan to parent company - (30 000 000)

Cash flow used in financing activities - (10 000 000)

Net change in cash 13 297 005 (775 569) Cash as at 1 January 14 369 393 15 144 962 Cash as at 31 December 27 666 398 14 369 393

Annual Report DigiPlex Rosenholm AS Reg.no: 994817477

2017 Audited Financial Statements DigiPlex Rosenholm AS

Accounting principles

The annual accounts have been prepared in compliance with the Accounting Act and Norwegian Generally Accepted Accounting Principles for small enterprises (NGAAP).

Sales Revenues IT housing service revenues are recognised and expensed over the life time for each contract. Sales costs incurred in relation to new customers contracts are deferred and expensed over the contract.

Classification and valuation of balance sheet items Assets intended for long-term ownership or use have been classified as fixed assets. Assets relating to the trading cycle have been classified as current assets. Receivables are classified as current assets if they are recoverable within one year after the transaction date. Similar criteria apply to liabilities.

Current assets are valued at the lower of purchase cost and net realisable value. Short term liabilities are reflected in the balance sheet at nominal value on the establishment date.

Tangible assets Tangible assets are reflected in the balance sheet and depreciated to residual value over the asset's expected useful life on a straight-line basis. If changes in the depreciation plan occur the effect is distributed over the remaining depreciation period. Direct maintenance of an asset is expensed under operating expenses as and when it is incurred. Additions or improvements are added to the asset's cost price and depreciated together with the asset. The split between maintenance and additions/improvements is calculated in proportion to the asset's condition at the acquisition date.

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives.

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement for the period.

Debtors Trade debtors and other debtors are reflected in the balance sheet at nominal value less provisions for doubtful debts. Provisions for doubtful debts are calculated on the basis of individual assessments. In addition, for the remainder of accounts receivables outstanding balances, a general provision is carried out based on expected loss.

Foreign currencies Monetary items in foreign currencies are translated at the exchange rate on the balance sheet date.

Tax The tax charge in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated at 23% on the basis of the temporary differences which exist between accounting and tax values, and any carry forward losses for tax purposes at the year-end. Tax enhancing or tax reducing temporary differences, which are reversed or may be reversed in the same period, have been eliminated. Deferred tax and tax benefits which may be shown in the balance sheet are presented on a net basis. The Company elected to capitalise the deferred tax advantage.

Cash Flow Statement The Cash Flow Statement is prepared using the indirect method. Cash available includes petty cash, deposits on bank accounts and other short term placements which can be transformed to cash within a short time.

VedAndelenThe companyregnskapsføring av salgsinntekter has had av the pensjon followingsom knytter er lineær R&D seg opptjeningsprofil projectstil fremtidige during serviceytelser the og accounting forventet balanseføres sluttlønnyear: som som opptjeningsgrunnlaVed uopptjent inntekt ved salget,regnskapsføring og inntektsføres av pensjon deretter er i

2017 Audited Financial Statements DigiPlex Rosenholm AS

NoteVedAndelenThe companyregnskapsføring 1 av salgsinntekter hasFixed had av assetsthe pensjon followingsom knytter er lineær R&D seg opptjeningsprofil projectstil fremtidige during serviceytelser the og accounting forventet balanseføres sluttlønnyear: som som opptjeningsgrunnlaVed uopptjent inntekt ved salget,regnskapsføring og inntek tsføresav pensjon deretter er i

Plant and Furniture and Fixed assets equipment fittings Total Acquisition cost as at 1 January 2017 276 209 717 75 559 276 285 276 Additions 2 457 108 34 386 2 491 494 Acquisition cost as at 31 December 2017 278 666 825 109 945 278 776 770

Accumulated depreciation as at 31 December 2017 64 990 224 68 781 65 059 005 Net book value as at 31 December 2017 213 676 601 41 164 213 717 765

Depreciation for the year 11 331 458 17 389 11 348 847

Expected useful life 7-25 years 3-5 years Depreciation plan Straight line Straight line

Note 2 Long term debt

Debt to financial institutions: 2017 2016 Term Loan 0 0 Total 0 0

Deposits from clients 2017 2016 Deposits 682 422 682 422 Total 682 422 682 422

Long term debt 2017 2016 DigiPlex Rosenholm L.L.C., parent company 105 527 148 105 527 148 DigiPlex Norway AS, related party 143 750 000 143 750 000 DigiPlex Norway AS, related party, classified as current liabilities (6 250 000) 0 Total 243 027 148 249 277 148

Total long term debt 243 709 570 249 959 570

DigiPlex Rosenholm L.L.C. did not apply interest to the loan in 2017 and 2016.

Interest expenses related to the loan from DigiPlex Norway AS (DNAS) amounts to NOK 6,866,072 (2016: NOK 6,278,190). The Company provided a first priority charge over its debtor ledger to the bondholders of the DNAS bond issue, as detailed below. This serves as collateral for funds raised from the DNAS bond issue of NOK 575,000,000, of which NOK 143,750,000 has been advanced to the Company by DNAS, in accordance with the Bond Agreement. As of 31.12.2017, the short term part of the loan of NOK 6,250,000 was classified as current liabilities.

FRN DigiPlex Norway AS Senior Secured Callable Bond Issue 2015/2019 ISIN NO: 001 0741747 Issue date 17/07/2015 Bond trustee: Nordic Trustee ASA Amount 575,000,000 NOK Duration 4.5 years

Note 3 Bank deposits

Bank deposits 2017 2016 Short term cash equivalents 27 574 135 14 187 327 Restricted cash/employee tax deductions 92 263 182 066 Total bank deposits 27 666 398 14 369 393

Restricted bank deposits relating to employee tax deductions amount to NOK 92,263 as of 31 December 2017 (2016: NOK 182,066). The balance of the funds on hand is unrestricted.

2017 Audited Financial Statements DigiPlex Rosenholm AS

Note 4 Shareholders’ equity, share capital and shareholder information

Uncovered Equity change for the year Share capital loss Total

Equity as at 1 January 2017 2 950 000 (16 794 206) (13 844 206) Profit / loss for the year 0 (160 441) (160 441) Shareholders equity as at 31 December 2017 2 950 000 -16 954 647 -14 004 647

The share capital of NOK 2,950,000 consists of 2,950,000 shares of NOK 1 each. All shares have equal rights.

ShareholdersA shares have full as rights.at 31 BDecember shares have 2017 no voting rights. Shares Total Ownership DigiPlex Rosenholm L.L.C., New Castle County, Delaware 19801, USA 2 950 000 2 950 000 100 %

De aktuarmessige forutsetningene er basert på vanlige benyttede forutsetninger innen forsikring når det gjelder demografiske faktorer og TheNoteThe company actuarial 5 hasassumptionsTaxes pension schemes relating whichto demographic cover a total factors of xx are persons. based onThe assumptions schemes give generally right to applied defined to future insurance. benefits. These a re mainly

Calculation of deferred tax and change in deferred tax Change 2017 2016 Temporary differences Fixed assets 2 193 779 47 523 416 45 329 637 Net temporary differences 2 193 779 47 523 416 45 329 637 Adjustments due to interest limitation rules 0 (1 374 533) (1 374 533) Carry forward losses 377 019 (67 107 032) (67 484 051) Basis for deferred tax in the balance sheet 2 570 798 (20 958 149) (23 528 947)

Deferred tax and change in deferred taxes 23% (24%) deferred tax benefit (826 573) (4 820 374) (5 646 947) Deferred tax/tax benefit in the balance sheet (826 573) (4 820 374) (5 646 947)

Payable taxes Basis for payable taxes Result before tax charges 666 132 2 371 105 Permanent differences 1 904 667 1 057 658 Basis for payable taxes (*) 2 570 799 3 428 763 Change in temporary differences (2 193 779) (3 485 771) Taxable income 377 020 (57 008) Basis for payable taxes (in the tax charge) 377 020 (57 008)

Tax charge in the profit and loss Change in deferred tax using effective tax rate 24 % 616 992 Effect of change in tax rate to 23% for deferred tax positions 209 581 Income tax expense 826 573 1 092 480 Tax payable 0 Effective tax rate 0 %

With effect from 1 January 2018 the corporate tax rate reduced from 24% to 23%. Temporary differences and tax carried forward have been re-calculated with the new tax rate on 31 December 2017.

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the calculation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The Company's carry forward tax loss as at 31 December 2017 amounts to NOK 67,107,032 (2016: NOK 67,484,051) and represents a significant value. The Company has decided to capitalise 23% of the tax loss in 2017 showing a deferred tax advantage in the balance sheet amounting to NOK 4,820,374 (2016: NOK 5,646,947). This decision was made on the basis that the Company prepared a long term business plan. This plan forecasts a profitable position over the coming years (based on existing/potential customer contracts) and as such the Company intends to utilise the deferred tax advantage over the next ten years.

2017 Audited Financial Statements DigiPlex Rosenholm AS

Note 6 Payroll expenses, number of employees, remunerations, loans to employees, etc.

Average number of full-time employees in 2017 was 2.6 (5 in 2016).

Payroll expenses 2017 2016 Salaries 2 853 247 4 393 674 Payroll tax 426 907 651 097 Other personnel costs (101 311) 440 441 Total 3 178 843 5 485 212

Obligatory pension fund The Company has established a pension fund which is applicable for all employees. The yearly pension cost for 2017 amounts to NOK 125,430 (2016: NOK 232,976). The Company fulfills the regulations regarding obligatory pension fund.

Key management personnel are defined as directors of the board and the CEO. The CEO is employed by a related party, and the fee for his services as CEO for 2017 was NOK 270,339 (2016: NOK 366,652) which is included in Other expenses. The directors of the board did not receive any remuneration during 2017.

Neither the CEO, nor the chairman of the board or any other individual related parties have received loans during 2017.

Audit remuneration for 2017 amounted to NOK 128 220, excluding VAT (2016: NOK 110,000).

Note 7 Guarantees, pledges

The parent company has provided a bank guarantee towards the landlord of the Rosenholm site in the amount of NOK 1,656,000. The rental agreement expires in 2025, and the Company has a right to extend the rental for 5+5+5+5 years. As at 31 December 2017, the undiscounted and unadjusted financial obligations from the rental contract with the landlord is circa NOK 31,200,000.

Note 8 - Related party disclosures

The Company is controlled by Stupar Holdings Corporation and Naragansett Partners LLC through DigiPlex Rosenholm LLC. The following transactions were carried out with related parties:

Purchase of services 2017 2016 Management services 3 185 092 3 098 351 Support services 7 291 065 5 284 604 Total 10 476 157 8 382 955

Trade payables from purchase of related party services in the amount of NOK 944,696 (2016: NOK 560,939) are included in Trade liabilities.

Loans from related parties: 2017 2016 As at 1 January 249 277 148 259 277 148 Loans repaid 0 (10 000 000) Reclassified to current liabilities (6 250 000) 0 As at 31 December 243 027 148 249 277 148 Interest charged 6 866 072 6 278 190

Accrued interest costs at 31.12.2017 related to loans from related companies amount to NOK 1,392,928.

2017 Audited Financial Statements

Annex 7 Annual Report 2018 and 2017 for DigiPlex Fet AS

DigiPlex Fet AS (the Company) Board of Directors’ report For the year ended 31 December 2018

Registration no. 912 189 287

We are pleased to present the 2018 annual financial report for the Company, DigiPlex Fet AS.

BACKGROUND DigiPlex builds and operates data centres. Data centres are vital to the functioning of the modern economy. DigiPlex is one of the longest standing data centre builders and operators in Europe. We started operations in 2002. Our data centres are located in the Nordic Region. We are a privately-owned group of companies. Our companies are registered in Denmark, Finland, Norway, Sweden and the United Kingdom. We provide a safe, secure and fully serviced home for customers’ information and communication technology (ICT) equipment and data. Ours is not a one-size-fits-all service. How we deliver the service is tailored to each customer’s needs.

The Company was founded in July 2013 when it signed one of the largest data centre deals in Europe for its facility at Heiaveien 9 in the municipality of Fetsund, near Oslo.

The more than 20-year contract with EVRY AS (one of the two largest IT service companies in the Nordics) secures revenue for its 4,200 m2 of IT space, served by 9.8 megawatts of power. The high security facility benefits from DigiPlex’s industry leading Air-to-Air cooling technology delivering a power usage efficiency which places it in the top 3 per cent of data centres worldwide and ensuring a sustainable performance with minimum environmental footprint.

BUSINESS ACTIVITIES The business activities for 2018 were related to the continued delivery of IT Housing services and some additional construction work and services to EVRY. The Company also initiated works to expand the power capacity in one of the data halls, in order to prepare it for an international hyperscale customer to “go-live” in Q1 2019.

REGULATORY DEVELOPMENTS As at the date of this report, the Board is not aware of any current, or potential, regulatory/political changes that may cause any risk to the operations of the Company.

GOING CONCERN Notwithstanding that the Company’s equity is in a negative position (NOK 24.2 million), the Company had a positive cash flow from operating activities, which funded the investments and the interests charged on the bond loan.

The Board have evaluated the Company’s value adjusted equity. In doing so, the valuation of the building and infrastructure was based on external advice, and the Board concluded that the market value of the Company’s equity is positive.

The shareholder loan agreement does not contain restrictive covenants. Although the loan is stated to be payable on demand, there are contractual restrictions that restrict repayment thereof. Firstly, the bond loan agreement provides that any repayment of shareholder loan is subject to no event of default having occurred which is continuing, and that the issuer satisfies certain dividend incurrence tests. Secondly, the shareholder loan agreement is subject to a turn-over and subordination agreement entered into by its shareholder, DigiPlex Fet LLC and the bond trustee and pursuant to which the Company has agreed to, inter alia, (i) subordinate its claims under the shareholder loan agreement to any claim the bond trustee has against the issuer and (ii) not accept any payment from the Company which would contravene the above-mentioned clause in the Bond Agreement.

The Company’s bond loan of NOK 500 million falls due on 11 June 2019. Taking the impending bond maturation dates into account, the Company together with two related parties, DigiPlex Rosenholm AS (DRAS) and DigiPlex Norway AS (DNAS) considered a combined bond refinancing by recapitalising the three Norwegian assets. As such, a restructuring of the entities was necessary to enable this new bond issuance. The three entities were therefore contributed in kind by their respective owners to a newly established Norwegian holding company, DigiPlex Norway Holding 2 AS (DNH2) on 24 April 2019.

DNH2 successfully closed on a NOK 1.8 billion senior secured bond issue maturing in April 2024 with a coupon rate of 365bps plus 3-month NIBOR. The bond issue was substantially over- subscribed and is the second largest NOK denominated high yield bond issuance since 2014. Settlement date has been scheduled to take place on 30 April 2019 and an application will be made for the bonds to be listed on the Oslo Stock Exchange. The proceeds from this bond will partly be utilised for repayment of the outstanding bond of NOK 500 million.

The Board is of the opinion that the financial statements give a true and fair view of the activities of the Company.

In accordance with the Norwegian Accounting Act section 3-3, the Board confirms that the conditions for continued operations as a going concern are present for the Company and that the annual financial statements have been prepared under this presumption.

INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION For the year ended 31 December 2018, operating revenues totalled NOK 91.6 million (2017: NOK 129.5 million). Operating revenues for 2017 were impacted positively by a higher level of added value services in relation to construction work.

Operating expenses (excluding depreciation) totalled NOK 31.4 million (2017: NOK 68.8 million), which comprised of NOK 3.1 million in cost of goods sold, NOK 1.9 million of employee costs and NOK 26.4 million of other operating costs. The decrease in operating expenses was due to the reduction in activities related to added value services.

EBITDA totalled NOK 60.2 million (2017: NOK 60.7 million) with an EBITDA margin of 65.7% (2017: 46.9%).

Depreciation of property, plant and equipment totalled NOK 35.1 million (2017: NOK 34.3 million).

In light of the above, the operating profit for 2018 come in at NOK 25.1 million (2017: NOK 26.3 million).

Net finance costs were NOK 26.4 million compared to NOK 25.9 million in 2017.

The loss before tax was NOK 1.3 million (2017: profit before tax of NOK 0.5 million) which resulted in an income tax expense of NOK 5 thousand (2017: income tax expense of NOK 0.4 million), whereof the effect of the announced reduction of applicable corporate tax rate from 23% to 22% is reflected.

Total assets were NOK 910.2 million (2017: NOK 734.5 million).

CAPITAL AND FINANCING Net cash inflow for the year was NOK 68.5 million (2017: outflow NOK 27.8 million). Cash inflow from operating activities amounted to NOK 57.9 million (2017: NOK 40.4 million). Cash outflow to investing activities amounted to NOK 72.4 million (2017: NOK 10.4 million) and cash inflow from financing activities amounted to NOK 83.1 million (2017: cash outflow of NOK 57.9 million). A detailed cash flow statement is included in the financial statements.

The difference between operating results and cash flow from operating activities, mainly relates to depreciation and financial items. The Company’s investments are financed primarily via its bond issue and shareholder loans.

The Company has raised NOK 500 million from issuing bonds. The bonds were issued in June 2014 to primarily finance the construction of the data centre for EVRY, and these bonds were listed on the Oslo Stock Exchange in December 2014. The bonds are due to mature in June 2019, and will be redeemed through the new bond issued by DigiPlex Norway Holding 2 AS, as described in the Going Concern section above.

The Company is making interest payments to the bondholders in accordance with the Bond Agreement which commenced in September 2014.

No interest is due on the shareholder loans and a net advancement of NOK 109.5 million was made in 2018, in accordance with requirements of the bond agreement. As such, at balance sheet date shareholder loans of NOK 346.6 million remained outstanding.

The Board is confident that the current financial resources available to the Company are adequate for its existing requirements.

RISK MANAGEMENT AND INTERNAL CONTROL The Board ensures that the Company has good internal control functions and appropriate systems for risk management tailored to its operations and in accordance with the Company’s core values, ethical guidelines and social responsibility policy. The Board, at a minimum, on an annual basis conducts a review of the Company’s most important risk areas and its internal control functions.

This position is in compliance with Bond Rules section 2.5 and the Stock Exchange Regulations section 1 (2).

The facility is fully compliant with the International Organisation for Standardisation (ISO) recognised standards for quality, security, safety and environmental management. ISO standards are the most widely accepted globally. The company’s current ISO certifications are;  ISO 9001: 2015 Quality Management Systems;  ISO 27001: 2013 Information Security Management System Standard;  ISO 14001: 2015 Environmental Management System Standard; and  OHSAS 18001: 2007 Occupational Health and Safety Management.

RISKS The Company’s activities expose it to a variety of financial risks namely; market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company’s finance department under policies approved by the Board. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk The Company operates nationally and is therefore exposed to a limited foreign exchange risk.

However, its interest rate risk arises from a bond loan (see note 12). Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the loan is adjusted quarterly. The Company also holds loans from its shareholder. The shareholder loan is not interest bearing.

Interest Rate Sensitivity Analysis At 31 December 2018, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been NOK 500,000 higher/lower, mainly as a result of higher/lower interest expense on Bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customer, taking into account its financial position,

past experience and other factors. The Company have only one customer, which is rated at low risk. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Company’s finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The Board is not aware of any additional financial risk factors facing the Company other than those outlined in this report.

HEALTH, SAFETY AND WORK ENVIRONMENT As of 31 December 2018, the Company employed 2 male full-time staff. These staff members are not in a leading management position. The Company gives equal opportunities to its employees regardless of gender and will continue this policy in the future.

The Company’s ambition is to conduct its operations with zero injuries through effective risk management. The Company considers the working environment as positive and there have been no serious work incidents or accidents resulting in personal injury or damages to material or equipment during the course of 2018. The Company also maintains a log of sick leave days taken and the absence percentage due to sick leave for 2018 was 4.5 %.

All employees are part of a pension scheme.

EXTERNAL ENVIRONMENT Within our environmental impact it is energy use and consequently carbon emissions that determine the biggest part of our environmental agenda. The Company is committed to operating sustainably with continuous improvements in environmental performance.

The initial target for the DigiPlex group of entities in this area was to purchase all our electricity from certified, renewable sources. We first achieved this in July 2004. We have maintained this achievement ever since.

Our aim is to be the most environmentally friendly data centre provider in Europe and we have put this into action with our fiercely competitively low PUE achievements to date. We particularly welcome the opportunity to work with our customers and help them to achieve their own environmental performance improvement goals. At the same time as targeting improvement of our existing centres, we are considering how we can apply emerging green technologies to each major new construction, including but not limited to, adiabatic cooling.

With the above processes and initiative in place, the Board is very proud of the small environmental footprint that it leaves behind.

CORPORATE SOCIAL RESPONSIBILITY The Company’s policy is designed and implemented in a way to help tackle the challenges we face in today’s society. The DigiPlex policy ensures that we responsibly and fairly recruit and manage DigiPlex employees on the basis of competence and performance regardless of age, nationality, race, gender, religious beliefs, sexuality, physical ability or cultural background. We strive on our ability to provide our customers an unprecedented level of support and flexibility in all aspects of providing a Data Centre service and do so in a manner that ensures our businesses future and the prosperity of all stakeholders involved.

The Company is committed to maintaining an open working environment in which employees and contractors are able to report instances of unethical, unlawful or undesirable conduct without fear of intimidation or reprisal. In order to maintain a current and effective responsibility strategy we promote transparency in the actions of all stakeholders and act on all relevant concerns highlighted for attention. We take the responsibility of fairness and equality beyond our own walls and ensure that external parties with whom we engage in business are also focused on their responsibility to the wider community. The Company’s tendering process clarifies whether the supplier has established its own policy and guidelines for corporate social responsibility, and whether it has been involved in incidents related to corruption, child labour or breaches of human rights or the rights of employees to unionise.

Information on such matters is obtained from the suppliers themselves or from other investigations. Possible conditions uncovered will be significant in qualifying the supplier for participation in the tendering process.

YEAR-END APPROPRIATIONS The net loss for the year of NOK 1.3 million (2017: net profit of NOK 0.05 million) is transferred to retained earnings.

RESEARCH AND DEVELOPMENT The Company is continually undertaking confidential research and development with the view of improving its processes, customer service, costs and its environmental footprint.

OUTLOOK In 2019 the primary goal is to continue to meet our customers’ requirements; including project managing modifications to the technical space in order to enhance our customers’ service offerings to their customers; as part of our added value services.

The Board is not aware of any additional risk factors facing the Company other than those outlined in this report.

Oslo, 30 April 2019

J Byrne Murphy Gisle M Eckhoff Chairman CEO

DigiPlex Fet AS

Income statement Amounts in NOK

Operating revenue and operating expenses Notes 2018 2017

Revenue from services 87 699 433 83 080 643 Revenue from goods sold 3 884 568 46 418 662 Total revenue 91 584 001 129 499 305

Cost of goods sold 3 078 138 43 252 493 Employee benefits expense 7 1 913 455 2 610 036 Other operating expenses 16 26 439 009 22 952 866 EBITDA 60 153 400 60 683 910

Depreciation 5 35 069 413 34 343 779 Operating profit 25 083 987 26 340 131

Finance income 10 314 617 436 422 Finance costs 10 26 731 596 26 322 906 Finance - net -26 416 979 -25 886 484

Profit/(loss) before tax -1 332 992 453 647

Income tax expense/(benefit) 13 4 689 406 700 Profit/(loss) for the year -1 337 681 46 947

Profit/(loss) for the year attributable to the shareholders -1 337 681 46 947

Statement of comprehensive income/(loss)

Items that may be reclassified to profit or loss 0 0 Items that will not be reclassified to profit or loss 0 0

Total comprehensive income/(loss) for the year -1 337 681 46 947

Total comprehensive income/(loss) attributable to shareholders -1 337 681 46 947 DigiPlex Fet AS

Statement of financial position Amounts in NOK

Assets Notes 2018 2017

Non-current assets Deferred tax asset 13 6 845 290 6 849 979 Property, plant and equipment 5 772 400 389 677 300 085 Other non-current assets 4 131 055 3 700 910 Total non-current assets 783 376 735 687 850 974

Current assets Inventories 1 945 379 1 645 944 Trade and other receivables 6 44 662 324 33 357 432 Bank deposits 8 80 211 339 11 667 601 Total current assets 126 819 042 46 670 977

Total assets 910 195 776 734 521 951

Equity and liabilities Notes 2018 2017

Paid in equity Share capital 15 30 000 30 000 Total paid in equity 30 000 30 000

Earned equity Other equity 14 -24 216 694 -22 879 014 Total earned equity -24 216 694 -22 879 014

Total equity -24 186 694 -22 849 014

Liabilities

Non-current liabilities Borrowings 11 0 497 005 411 Shareholder loan 12, 16 346 567 804 237 067 804 Total non-current liabilities 346 567 804 734 073 215

Current liabilities Borrowings 11 499 060 408 0 Trade and other payables 9 88 754 258 23 297 750 Total current liabilities 587 814 666 23 297 750

Total equity and liabilities 910 195 776 734 521 951

Oslo, 30 April 2019 0

James Byrne Murphy Gisle Michael Eckhoff Chairman of the board Member of the board / CEO DigiPlex Fet AS

Statement of changes in equity Amounts in NOK

Share premium Retained Notes Share capital reserve earnings Total Equity

Balance at 1 January 2017 15 30 000 0 -22 925 961 -22 895 961

Profit/(loss) for the period 0 0 46 947 46 947 Other comprehensive income 0 0 0 0 Total comprehensive income for the period 0 0 46 947 46 947

Transactions with owners in their capacity as owners:

Dividends paid 0 0 0 0 Balance at 31 December 2017 15 30 000 0 -22 879 014 -22 849 014

Balance at 1 January 2018 15 30 000 0 -22 879 014 -22 849 014

Profit/(loss) for the period 0 0 -1 337 681 -1 337 681 Other comprehensive income 0 0 0 0 Total comprehensive income for the period 0 0 -1 337 681 -1 337 681

Transactions with owners in their capacity as owners:

Dividends paid 0 0 0 0 Balance at 31 December 2018 15 30 000 0 -24 216 694 -24 186 694

The above statement of changes in equity should be read in conjunction with the accompanying notes. DigiPlex Fet AS

Statement of Cash Flow Amounts in NOK

Notes 2018 2017

Cash flows from operating activities Profit/(loss) before tax -1 332 992 453 647 Depreciation charges 5 35 069 413 34 343 779 Adjustment for financial activities 26 416 979 25 886 484 Changes in inventories and non-current assets -299 435 -192 295 Change in trade and other receivables 6 -7 240 078 -3 769 887 Change in trade and other payables 9 5 247 843 -16 280 558 Net cash from operating activities 57 861 729 40 441 170

Cash flows from investing activities Purchase of property, plant and equipment 5 -72 401 013 -10 390 110 Net cash from investing activities -72 401 013 -10 390 110

Cash flows from financing activities Drawdown of shareholder loan 12,16 129 500 000 0 Repayment of shareholder loan 12,16 -20 000 000 -32 000 000 Interest paid 10 -26 416 979 -25 886 484 Net cash from financing activities 83 083 021 -57 886 484

Net increase/(decrease) in cash and cash equivalents 68 543 737 -27 835 424 Cash and cash equivalents at beginning of year 8 11 667 601 39 503 025 Cash and cash equivalents at end of year 80 211 339 11 667 601 0 0 The above statement of cash flows should be read in conjunction with the accompanying notes. DigiPlex Fet AS

Notes to the Financial Statement

1. General information

DigiPlex Fet AS ("the Company") is a Norwegian private limited liability company incorporated on 3 July 2013 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 912 189 287, and its registered business address is Selma Ellefsens vei 1, 0581 Oslo, Norway.

The Company provides highly secure, high-powered, energy-efficient and carrier-neutral data centre space at Heiaveien 9 in the municipality of Fetsund, near Oslo, Norway, for its customer's information and communication technology equipment.

The financial statements of DigiPlex Fet AS have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee ("IFRSIC") applicable to companies reporting under IFRS.

The financial statements of the Company for the year ended 31 December 2018 were authorised for issue by the Board of Directors on 30 April 2019. The financial statements will be approved by the shareholders meeting on 30 April 2019. The financial statements are presented in Norwegian Kroner (NOK).

2. Summary of significant accounting policies

2.1 Basis of preparation

These financial statements have been prepared on a historical cost basis, and in accordance with IFRS as adopted by the European Union ("EU"), and interpretations issued by IFRSIC.

The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been applied consistently, unless otherwise stated. The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Company’s accounting policies. The areas where significant judgements and estimates have been made in preparing the financial statements are disclosed in the notes to these financial statements.

The financial statements have been prepared on a going concern basis.

2.1.1 New and amended standards and interpretations

The Company has applied IFRS 9, 'Financial instruments' and IFRS 15, 'Revenue from contracts with customers' for the first time in their annual reporting period commencing 1 January 2018. The new standards have not had any material effects. Refer to note 2.2 and 2.14 for further information.

The following new standard has been reviewed with regards to its effect on the Company's financial statements. This standard has not yet been implemented.

'IFRS 16, 'Leases'

IFRS 16 will affect primarily the accounting by lessees and will result in the recognition of almost all leases on balance sheet. The standard removes the current distinction between operating and finance leases and requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all lease contracts. An optional exemption exists for short-term and low- value leases. The income statement will be affected as the operating expense will be replaced with interest and depreciation, thereby impacting EBITDA. The accounting by lessors will not change significantly. Some differences may arise as a result of the new guidance on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

IFRS 16 can be implemented according to either a full retrospective approach or a modified retrospective approach. The Company has selected the modified retrospective approach. This means that comparative figures are not restated and the effect is entered into the balance sheet in the implementation year of 2019. Upon implementation, the right of use of the asset and liability will be the same amount and will not impact on equity.

The new standard, which is mandatory from 1 January 2019, is not expected to have a significant effect on the financial statements of the Company. The transition to IFRS 16 is not expected to affect the Company's financial statements in a material way.

Leases with a duration of less than 12 months as at 1 January 2019 and leases including assets valued at less than NOK 50,000 will not be recognised in the balance sheet, but will be recognised as an operating expense over the lease period. DigiPlex Fet AS

2.2 Revenue recognition

The new standard for revenue recognition, IFRS 15, entered into force on 1 January 2018. It replaces IAS 18 which covered contracts for goods and services and IAS 11 which covered construction contracts.

The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer – so the notion of control replaces the existing notion of risks and rewards.The standard permits a modified retrospective approach for the adoption. Implementation of the new standard has not had any material effects on the financial statements of the Company.

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Company's activities, as described below. The Company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Sales of services: The Company provides IT housing services including engineering support, connectivity and other IT services. For sales of services, revenue is recognised in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. When invoices are raised in advance for contracted services, the revenue is spread over the period of the service and deferred income is recognised on the balance sheet. Sale of goods: The Company sells some IT related goods to its existing customers. Sales of goods are recognised when the entity has delivered and/or installed the products to the customer.

2.3 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the board of directors that makes strategic decisions.

The Company has identified one segment; IT housing services, and one geographical segment; Fetsund.

2.4 Classification of balance sheet items

Assets intended for long term ownership or use have been classified as fixed assets. Assets relating to the trading cycle have been classified as current assets. Other receivables are classified as current assets if they are to be repaid within one year after the transaction date. Similar criteria apply to liabilities. Instalments payable or receivable within one year on long term liabilities and long term receivables are classified as either current liabilities or current assets.

2.5 Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

2.6 Cash and cash equivalents

In the statement of cash flows, cash and cash equivalents includes cash in hand and deposits held at call with banks.

2.7 Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.

Borrowing cost on qualifying assets are capitalised. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. DigiPlex Fet AS

2.8 Foreign currencies

Functional and presentation currency

The financial statements of the Company are presented in Norwegian kroner (NOK) which is the functional currency of the Company.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges. All other foreign exchange gains and losses are presented in the income statement within ‘Other gains and losses’.

2.9 Employee benefits

The Company has one defined contribution plan. With a defined contribution plan the Company pays contributions to an insurance company. After the contribution has been made the Company has no further commitment to pay. The contribution is recognised as payroll expenses.

2.10 Taxation

Income tax expense represents the current tax calculated on taxable profits for the year, any adjustments in respect of prior periods and the deferred tax charge or credit for the year.

The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted by the reporting date.

Deferred tax

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that have been enacted and that are expected to apply in the year when the liability is settled or the asset realised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

Deferred tax is reflected at nominal value.

2.11 Property, plant and equipment

Fixed assets are reflected in the balance sheet and depreciated to residual value over the asset's expected useful life on a straight-line basis. If changes in the depreciation plan occur the effect is distributed over the remaining depreciation period. Direct maintenance of an asset is expensed under operating expenses as and when it is incurred. Additions or improvements are added to the asset's cost price and depreciated together with the asset. The split between maintenance and additions/improvements is calculated in proportion to the asset's condition at the acquisition date.

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term, as described in note 5.

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement for the period. DigiPlex Fet AS

2.12 Impairment of tangible assets

On an annual basis, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The test is performed on the lowest level of fixed assets at which independent cash flows can be identified (Cash Generating Unit - CGU).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years.

2.13 Provisions

Provisions are recognised when the Company has a present obligation as a result of a past event, and it is probable that the Company will be required to settle that obligation. Provisions are measured at the management’s best estimate of the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the effect is material.

2.14 Financial instruments

The Company has implemented IFRS 9 Financial Instruments at 1 January 2018.

IFRS 9 addresses the classification, measurement and recognition of financial assets and financial liabilitites. It replaces the part of IAS 39 that relates to the classification and measurement of financial instruments. IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities and introduces new rules for hedge accounting.

Implementation of the new standard has not had any material effects on the financial statements of the Company.

Classification

The Company has the following classes of financial assets and liabilities: Receivables and financial liabilities at amortised cost.

Regular purchases and sales of financial assets are recognised on the trade-date – the date on which the Company commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the group has transferred substantially all risks and rewards of ownership. Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Receivables

Trade receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Receivables where collection is expected in on year or more are treated as non-current assets.

Receivables include cash and cash equivalents, trade and other receivables recognised in the balance sheet (notes 6 and 8). Cash and cash equivalents comprise cash on hand and demand deposits.

Evidence of impairment may include indications that the debtor or a group of debtors is experiencing significant financial difficulty, and that it is probable that they will enter bankruptcy or insolvency.

For loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the consolidated income statement.

Impairment of financial assets, primarily trade receivables, is based on an expected credit loss model, which replaces the incurred loss model in IAS 39. The Company has taken advantage of the exception defined in the standard for trade receivables which permits provision for expected credit loss to be based on loss over the whole lifecycle of the receivable. DigiPlex Fet AS

2.15 Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.16 Government grant

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions.

Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate.

Government grants relating to property, plant and equipment are deducted from the cost of the asset and are credited to the income statement on a straight line basis over the expected lives of the related assets as part of depreciation.

2.17 Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. No impairment was made in 2018 or 2017.

3 Significant accounting estimates and assumptions

The application of accounting standards and policies requires the Company to make estimates and assumptions about future events that directly affect its reported financial condition and operating performance. The accounting estimates and assumptions discussed are those that the Company considers to be most critical to its financial statements. An accounting estimate is considered critical if both (a) the nature of estimates or assumptions is material due to the level of subjectivity and judgement involved, and (b) the impact within a reasonable range of outcomes of the estimates and assumptions is material to the Company's financial condition or operating performance. Management have identified the following material estimates:

Deferred tax asset: The Company has a significant deferred tax asset. Deferred tax assets are only recognised to the extent that it is probable that the temporary difference will reverse in the foreseeable future and that taxable profit will be available against which the temporary difference will be utilised. A change in this assumption will have significant effect on the financial statements.

Depreciation: Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. Changes in the estimated useful life will have significant effect on the financial statements. DigiPlex Fet AS

4 Financial risk management and Financial instruments

Financial risk management The Company’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company's finance department under policies approved by the board of directors. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk – foreign exchange risk The Company operates domestically and is therefore exposed to a limited foreign exchange risk.

Market risk – cash flow interest rate risk The Company's interest rate risk arises from a bond loan (see note 11). Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the bond loan is adjusted quarterly. The Company also holds borrowings issued by the shareholder. The shareholder loan is not interest bearing.

Sensitivity analysis – cash flow interest rate risk At 31 December 2018, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post- tax profit for the year would have been approximately NOK 500,000 higher/lower, mainly as a result of higher/lower interest expense on bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customers, taking into account its financial position, past experience and other factors. Notwithstanding that the Company only has one customer, given the customer's dependability of the services provided by the Company, there is a low collection risk. This is demonstrated through the immaterial overdue accounts receivable at year end. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Company's finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The table on the next page analyses the Company’s non-derivative financial liabilities and assets into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

The Company has completed the re-financing of the bond loan which falls due on 11 June 2019. More information can be found in Note 19 - Events after the balance sheet date. DigiPlex Fet AS

Book value Less than 1 Between 1 and 3 Between 3 and 5 Over 5 years At 31 December 2018 year years years Trade and other receivables 31 483 438 31 483 438 0 0 0 VAT receivable 10 716 873 10 716 873 0 0 0

At 31 December 2018 Bond loan 499 060 408 510 377 908 0 0 0 Shareholder loan (1) 346 567 804 346 567 804 0 0 0 Trade and other payables 88 624 003 88 624 003 0 0 0

Book value Less than 1 Between 1 and 3 Between 3 and 5 Over 5 years At 31 December 2017 year years years Trade and other receivables 30 902 033 30 902 033 0 0 0

At 31 December 2017 Bond loan 497 005 411 23 116 667 532 616 677 0 0 Shareholder loan (1) 237 067 804 237 067 804 0 0 0 Trade and other payables 20 063 166 20 063 166 0 0 0

1) The shareholder loan is stated to be payable on demand, however there are contractual restrictions that restrict repayment thereof. See note 11 Borrowings for further details.

Determination of fair value The carrying amount of cash and cash equivalents and bank overdrafts approximates fair value because these instruments have a short-term maturity date. Similarly, the carrying amount of accounts receivable and accounts payable approximates fair value as the impact of discounting is not significant.

Fair value of the bond loan is calculated to be NOK 503 million (2017: NOK 506 million) using the observations from the Norwegian Securities Dealers Association as 31.12.2018. The bond was listed on the Oslo Stock Exchange on 11 December 2014. The fair value hierarchy The Company has not recognised any items at fair value as at 31 December 2018 or 31 December 2017. There has not been any transfers between the levels of the fair value hierarchy during 2018 and 2017.

Classification of financial assets and liabilities The Company has the following classification of financial assets and liabilities.

Financial instruments

Loans and At 31 December 2018 Other items Total receivables

Assets Trade receivables (non interest bearing) 30 846 242 3 099 208 33 945 451 Cash and cash equivalents 80 211 339 0 80 211 339 Other receivables 10 716 873 0 10 716 873 Total financial assets 121 774 454 3 099 208 124 873 662

Loans and At 31 December 2017 Other items Total receivables

Assets Trade receivables (non interest bearing) 30 267 530 3 089 900 33 357 430 Cash and cash equivalents 11 667 601 0 11 667 601 Total financial assets 41 935 131 3 089 900 45 025 031 DigiPlex Fet AS

Other financial At 31 December 2018 liabilities at Other items Total amortised cost

Liabilities Bond loan 499 060 408 0 499 060 408 Shareholder loan (non interest bearing) 346 567 804 0 346 567 804 Trade payables and other current liabilities (non interest bearing) 88 624 003 130 255 88 754 258 Total financial liabilities 934 252 216 130 255 934 382 470

Other financial At 31 December 2017 liabilities at Other items Total amortised cost

Liabilities Bond loan 497 005 411 0 497 005 411 Shareholder loan (non interest bearing) 237 067 804 0 237 067 804 Trade payables and other current liabilities (non interest bearing) 23 297 750 126 003 23 423 753 Total financial liabilities 757 370 965 126 003 757 496 968

Capital management The Company's objectives when managing capital are to safeguard the Company's abitliy to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital management.

To ensure that the Company complies with covenants, minimum liquidity and loan to value ratio are closely monitored. DigiPlex Fet AS

Note 5 - Property, plant and equipment

Property Plant and Furniture and Total equipment fixtures

At 1 January 2017 Accumulated cost 38 520 577 717 974 184 598 870 757 093 631 Accumulated depreciation 0 47 829 353 228 931 48 058 284 Net book amount 38 520 577 670 144 831 369 939 709 035 347

Year ended 31 December 2017 Opening net book amount 38 520 577 670 144 831 369 939 709 035 347 Additions 0 2 572 618 35 899 2 608 517 Depreciation charge 0 34 195 171 148 608 34 343 779 Net book amount 38 520 577 638 522 278 257 230 677 300 085

At 31 December 2017 Accumulated cost 38 520 577 720 546 802 634 769 759 702 148 Accumulated depreciation 0 82 024 524 377 539 82 402 063 Net book amount 38 520 577 638 522 278 257 230 677 300 085

At 1 January 2018 Accumulated cost 38 520 577 720 546 802 634 769 759 702 148 Accumulated depreciation 0 82 024 524 377 539 82 402 063 Net book amount 38 520 577 638 522 278 257 230 677 300 085

Year ended 31 December 2018 Opening net book amount 38 520 577 638 522 278 257 230 677 300 085 Additions 396 450 129 701 242 72 026 130 169 717 Depreciation charge 0 34 920 532 148 881 35 069 413 Net book amount 38 917 027 733 302 988 180 375 772 400 389

At 31 December 2018 Accumulated cost 38 917 027 850 248 044 706 795 889 871 865 Accumulated depreciation 0 116 945 056 526 420 117 471 476 Net book amount 38 917 027 733 302 988 180 375 772 400 389

Expected useful life 7 - 50 years 3-6 years Depreciation plan None Straight line Straight line

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts.

Note 6 - Trade and other receivables

2018 2017

Trade receivables 29 805 367 30 267 532 Trade receivables related parties 1 040 875 0 Trade receivables - net 30 846 242 30 267 532 Prepayments 2 462 013 2 455 399 VAT receivable 10 716 873 0 Accrued income not invoiced 637 196 634 501 Total receivables 44 662 324 33 357 432 DigiPlex Fet AS

Note 7 - Payroll and auditor remuneration

Personnel expenses 2018 2017

Salaries 1 468 667 1 977 413 Payroll tax 237 236 284 863 Defined contribution plan 90 746 110 363 Other benefits 116 806 237 397 Total personnel expenses 1 913 455 2 610 036

Number of employees 2 3 Average number of full-time employees 2 2.2

Key management personnel are defined as directors of the board and the CEO. The CEO is employed by a related party, and the fee for his services as managing director for 2018 was NOK 1,133,147 (2017: NOK 540,680). The fee is included in Other operating expenses.

No loans have been granted to the CEO, the Chairman of the Board or other individual related parties.

Auditor remuneration (all amounts are excluding VAT) 2018 2017

Statutory audit 155 000 140 000 Other assurance services 0 20 000 Tax compliance 0 0 Other assistance 13 000 23 000 Total auditor remuneration (excluding VAT) 168 000 183 000

Note 8 - Cash and cash equivalents

Cash and other cash equivalents 2018 2017

Short term cash deposits, cash equivalents 80 143 894 11 599 297 Restricted cash 67 445 68 304 Cash and cash equivalents 80 211 339 11 667 601

Cash and cash equivalents consists of short term cash deposits and cash equivalents held at financial institutions.

As at 31 December 2018, the Company had a bank account with restricted amount of NOK 67,445 related to employees' tax deductions (2017: NOK 68,304).

Note 9 - Trade and other payables

Trade payables and other current liabilities 2018 2017

Trade payables 37 656 403 2 696 255 Trade payables related parties 1 899 603 2 003 059 Accrued salaries to employees 227 520 282 072 Social security and other taxes 130 255 126 003 Other accrued expenses 48 840 478 18 190 361 Total trade and other payables 88 754 258 23 297 750

Amounts are settled on standard commercial trade terms. Generally no interest is charged on the trade payables. The Company has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.

Accrued expenses are mainly related to accruals for construction work completed, but yet to be invoiced by the contractor. DigiPlex Fet AS

Note 10 - Financial income and expenses

Financial income 2018 2017

Interest income on short term bank deposits 274 807 419 706 Other interest and financial income 39 809 16 716 Total financial income 314 617 436 422

Financial expenses 2018 2017

Interest expenses 26 446 254 25 722 577 Other financial expenses 285 342 600 329 Total financial expenses 26 731 596 26 322 906 Net financial (expenses)/income -26 416 979 -25 886 484

Note 11 - Borrowings

Borrowings 2018 2017

Bond loan non-current part 0 500 000 000 Bond loan current part 500 000 000 0 Total 500 000 000 500 000 000

Capitalised transaction cost 939 592 2 994 589 Book value at amortised cost 499 060 408 497 005 411

Accrued interest 1 400 000 1 270 000

The bond loan is interest bearing with a coupon rate equal to 3 months NIBOR plus a margin of 4.0%, which was reduced to 3.75 % when the final and full delivery of the data centre and acceptance by the customer took place on 3 March 2016. The maturity date for the bond loan is 11 June 2019. The bond loan has financial covenants related to minimum liquidity and loan to value ratio below 65 per cent. Loan to value ratio is calculated on the basis of fair value.

The shareholder loan agreement does not contain restrictive covenants. Although the loan is stated to be payable on demand, there are contractual restrictions that restrict repayment thereof. Firstly, the bond loan agreement provides that any repayment of shareholder loan is subject to no event of default having occurred and that is continuing and that the issuer satisfies certain dividend incurrence test. Secondly, the shareholder loan agreement is subject to a turn-over and subordination agreement entered into by DigiPlex Fet LLC and the bond trustee and pursuant to which the Company has agreed to, inter alia, (i) subordinate its claims under the shareholder loan agreement to any claim the bond trustee has against the issuer and (ii) not accept any payment from the Issuer which would contravene the above mentioned clause in the bond agreement.

Fair value of the bond loan is calculated to be NOK 503 million using the observations from the Norwegian Securities Dealers Association as at 31 December 2018. The bond was listed on the Oslo Stock Exchange on 11 December 2014.

Total borrowings include secured liabilities of NOK 500 000 000. The bond loan is secured by fixed assets (note 5) and trade receivables (note 6).

Changes in liabilities arising from financial activities Reconciliation of the opening and closing balances for liabilities arising from financial activitites:

Changes from Changes in 2017 financial flows fair value Other changes* 2018 External debt 497 005 411 0 0 2 054 997 499 060 408 Debt to shareholders 237 067 804 109 500 000 0 0 346 567 804

*capitalised transaction cost

Note 12 - Shareholder loan Fair value of shareholders loan was equal to book value due to the loan being repayable on demand. No interest was paid during 2018 and 2017. DigiPlex Fet AS

Note 13 - Tax

2018 2017 Tax payable 0 0 Change in deferred tax -306 461 108 876 Effect of change in tax rate to deferred tax positions 311 150 297 825 Income tax expense/(benefit) 4 689 406 701

Basis for tax payable Result before tax -1 332 992 453 647 Permanent differences 554 0 Change in deferred tax -10 397 050 -3 430 970 Change in tax losses carry forward 11 729 488 2 977 323 Basis for tax payable 0 0

Temporary differences Non-current assets 98 152 086 86 347 873 Capitalised transaction cost 939 592 2 994 589 Other differences 647 834 0 Tax loss carry forward -130 854 469 -119 124 981 Basis for deferred tax liability/(asset) in the balance sheet -31 114 957 -29 782 519 Calculated deferred tax liability/(asset) with 22 % (2017: 23 %) -6 845 290 -6 849 979

Net deferred tax positions Non-current assets 21 593 459 19 860 011 Capitalised transaction costs 206 710 688 755 Other differences 142 523 0 Tax loss carry forward -28 787 983 -27 398 745 Net deferred tax liability/(asset) at 31 December -6 845 290 -6 849 979

Calculation of effective tax rate

Profit/(loss) before income tax -1 332 992 453 647 Tax calculated using effective tax rate 23% (2017: 24%) -306 588 108 875 Effect of permanent differences 23% (2017: 24%) 127 0 Effect of change in tax rate to 22% for deferred tax positions (2017: 23%) 311 150 297 825 Income tax expense 4 689 406 700 Tax payable 0 0 Effective tax rate 0 % 0 %

Deferred tax asset is recognised. Deferred income tax assets are recognised for tax loss carry-forward to the extent that the realisation of the related tax benefit through future taxable profits is probable.

With effect from 1 January 2019 the corporate tax rate has changed from 23% to 22%. Accordingly, tax loss carry forward has been calculated with the new tax rate.

Note 14 - Dividends

No dividends were paid during 2018 or 2017. DigiPlex Fet AS

Note 15 - Share capital and shareholder information

Number Ordinary shares Share Share premium Total paid of shares capital in capital

As 1 January 2017 30 000 30 000 30 000 0 30 000 Share capital 0 0 0 0 0 As 31 December 2017 30 000 30 000 30 000 0 30 000 Share capital 0 0 0 0 0 As 31 December 2018 30 000 30 000 30 000 0 30 000

All shares have equal rights and are fully paid.

Shares Percentage Shareholders ownership DigiPlex Fet LLC 30 000 100,0 %

Chairman of the Board, James Byrne Murphy jointly controls DigiPlex Fet AS through Kitebrook Fet LLC.

Note 16 - Related party disclosures

The Company is controlled by Stupar Holdings Corporation and Kitebrook Fet LLC through DigiPlex Fet LLC. The following transactions were carried out with related parties:

2018 2017 Purchase of services Management services 2 772 479 2 013 296 Support services 8 955 353 8 796 886 Total 11 727 832 10 810 182

The year end balances arising from the purchase of related party services in the amount of NOK 1,899,603 (2017: NOK 2,003,059) are included in Trade and other payables.

Long term loans to/from related parties: 2018 2017 As 1 January 237 067 804 269 067 804 Loans advanced 129 500 000 0 Loans repaid -20 000 000 -32 000 000 As 31 December 346 567 804 237 067 804

Fair value of shareholders loan is equal to book value as the loan is repayable on demand.

The Company has identified the following related parties:

Name of company Type of relationship DigiPlex Norway AS Related party DigiPlex Rosenholm AS Related party DigiPlex Fet 2 AS Related party DigiPlex London 1 Limited Related party DigiPlex Stockholm 1 AB Related party DigiPlex Stockholm 2 AB Related party DigiPlex Copenhagen 1 Aps Related party Kitebrook Partners LLC Related party DigiPlex Fet LLC Owner DigiPlex Fet AS

Note 17 - Lease

The future minimum payments receivable under non-cancellable operating lease are as follows: 2018 2017

No later than 1 year 54 729 160 63 242 937 Later than 1 year and no later than 5 years 229 263 466 267 739 151 Later than 5 years 902 742 538 1 076 273 265

The contractual arrangement with the customer contains a lease in accordance with IAS 17. The Company is the lessor.

Note 18 - Contingencies and commitments

The Company does not have any contingent liabilities as at 31 December 2018.

Note 19 - Events after the balance sheet date

Taking the impending bond maturation dates into account, the Company together with two related parties, DigiPlex Rosenholm AS (DRAS) and DigiPlex Norway AS (DNAS) considered a combined bond refinancing by recapitalising the three Norwegian assets. As such, a restructuring of the entities was necessary to enable this new bond issuance. The three entities were therefore contributed in kind by their respective owners to a newly established Norwegian holding company, DigiPlex Norway Holding 2 AS (DNH2) on 24 April 2019.

DNH2 successfully closed on a NOK 1.8 billion senior secured bond issue maturing in April 2024 with a coupon rate of 365bps plus 3-month NIBOR. Settlement date has been scheduled to take place on 30 April 2019 and an application will be made for the bonds to be listed on the Oslo Stock Exchange.

Note 20 - Assets and liabilities related to contracts with customers

The Company has the following assets and liabilities related to contracts with customers:

Current assets and liabilities relating to sales contracts:

2018 2017

Current contract assets 419 507 416 812 Current contract liabilities 11 258 117 11 096 060 DigiPlex Fet AS

Definitions

DigiPlex Fet AS's financial information is prepared in accordance with International Financial Reporting Standards ('IFRS'). Additionally, some alternative performance measures have been provided, these are defined as follows:

EBITDA is defined as earnings before interest, tax, depreciation and amortisation.

RESPONSIBILITY STATEMENT

We confirm, to the best of our knowledge, that the financial statements for the year ended 31 December 2018 have been prepared in accordance with IFRS as adopted by the EU, and give a true and fair view of the Company’s assets, liabilities, financial position and results of operation, and that the Board of Directors’ Report gives a true and fair review of the development and performance of the business and the position of the Company, and includes a description of the principal risks and uncertainties facing the Company.

Oslo, 30 April 2019

J Byrne Murphy Gisle M Eckhoff Chairman CEO

DigiPlex Fet AS (the Company) Board of Directors’ report For the year ended 31 December 2017

Registration no. 912 189 287

We are pleased to present the 2017 annual financial report for the Company, DigiPlex Fet AS.

BACKGROUND DigiPlex builds and operates data centres. Data centres are vital to the functioning of the modern economy. DigiPlex is one of the longest standing data centre builders and operators in Europe. We were founded in 2002. Our data centres are located in the Nordic Region. We are a privately- owned group of companies. Our companies are registered in Denmark, Finland, Norway, Sweden and the United Kingdom. We provide a safe, secure and fully serviced home for customers’ information and communications technologies (ICT) equipment and data. Ours is not a one-size- fits-all service. How we deliver the service is tailored to each customer’s needs.

The Company was founded in July 2013 when it signed one of the largest data centre deals in Europe for its facility at Heiaveien 9 in the municipality of Fetsund, near Oslo.

The more than 20-year contract with EVRY AS (one of the two largest IT service companies in the Nordics) secures revenue for its 4,200 m2 of IT space, served by 8.4 megawatts of power. The high security facility benefits from DigiPlex’s industry leading Air-to-Air cooling technology delivering a power usage efficiency which places it in the top 3 per cent of data centres worldwide and ensuring a sustainable performance with minimum environmental footprint.

BUSINESS ACTIVITIES The business activities for 2017 were related to the continued delivery of IT Housing services and some additional construction work and services to EVRY.

During 2017 EVRY and DigiPlex worked together for a Tier III certification from Uptime Institute, which was obtained in September.

REGULATORY DEVELOPMENTS As at the date of this report, the Board is not aware of any current, or potential, regulatory/political changes that may cause any risk to the operations of the Company.

GOING CONCERN Notwithstanding that the Company’s equity is in a negative position (NOK 22.8 million), the Company had a positive cash flow from operating activities, which funded the investments and the interests charged on the bond loan.

The Board have evaluated the Company’s value adjusted equity. In doing so, the valuation of the building and infrastructure was based on external advice, and the Board concluded that the market value of the Company’s equity is positive.

The shareholder loan agreement does not contain restrictive covenants. Although the loan is stated to be payable on demand, there are contractual restrictions that restrict repayment thereof. Firstly, the bond loan agreement provides that any repayment of shareholder loan is subject to no event of default having occurred which is continuing, and that the issuer satisfies certain dividend incurrence tests. Secondly, the shareholder loan agreement is subject to a turn-over and subordination agreement entered into by its shareholder, DigiPlex Fet LLC and the bond trustee and pursuant to which the Company has agreed to, inter alia, (i) subordinate its claims under the shareholder loan agreement to any claim the bond trustee has against the issuer and (ii) not accept any payment from the Company which would contravene the above-mentioned clause in the Bond Agreement.

The Board is of the opinion that the financial statements give a true and fair view of the activities of the Company.

In accordance with the Norwegian Accounting Act section 3-3, the Board confirms that the conditions for continued operations as a going concern are present for the Company and that the annual financial statements have been prepared under this presumption.

INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION 2017 was the first full year of operations, which was reflected in revenues. Expenses such as fees for management and accounting support, personnel costs and other operational costs were incurred at fully operational level.

Operating revenues totalled NOK 129.5 million (2016: NOK 78.7 million), partly reflecting additional added value services of NOK 46.4 million (2016: NOK 4.0 million) in connection with the Tier III certification project and construction projects undertaken on behalf of EVRY’s customers.

Operating expenses (excluding depreciation) totalled NOK 68.8 million (2016: NOK 34.0 million), which comprised of NOK 43.3 million in cost of goods sold, NOK 2.6 million of employee costs and NOK 22.9 million of other operating costs.

EBITDA totalled NOK 60.7 million (2016: NOK 44.7 million) with an EBITDA margin of 46.9% (2016: 56.8%).

Depreciation of property, plant and equipment totalled NOK 34.3 million (2016: NOK 34.6 million).

In light of the above, the operating profit for 2017 come in at NOK 26.3 million (2016: NOK 10.1 million).

Net finance costs were NOK 25.9 million compared to NOK 28.5 million in 2016.

The profit before tax was NOK 0.5 million (2016: loss before tax of NOK 18.4 million) which resulted in an income tax expense of NOK 0.4 million (2016: income tax benefit of NOK 4.3 million), whereof the effect of the announced reduction of applicable corporate tax rate from 24% to 23% is reflected.

Total assets were NOK 734.5 million (2016: NOK 790.5 million).

CAPITAL AND FINANCING Net cash outflow for the year was NOK 27.8 million (2016: NOK 9.0 million). Cash inflow from operating activities amounted to NOK 40.4 million (2016: NOK 55.7 million). Cash outflow to investing activities amounted to NOK 10.4 million (2016: NOK 98.4 million) and cash outflow to financing activities amounted to NOK 57.9 million (2016: cash inflow of NOK 33.7 million). A detailed cash flow statement is included in the financial statements.

The difference between operating results and cash flow from operating activities, mainly relates to depreciation and financial items. The Company’s investments are financed primarily via its bond issue and shareholder loans.

The Company has raised NOK 500 million from issuing bonds. The bonds were issued in June 2014 to primarily finance the construction of the data centre for EVRY, and these bonds were listed on the Oslo Stock Exchange in December 2014. The bonds are due to mature in June 2019. The Company may redeem these bonds in part or in full, in accordance with the terms of the Bond Agreement.

The Company is making interest payments to the bondholders in accordance with the Bond Agreement which commenced in September 2014.

No interest is due on the shareholder loans and a repayment of NOK 32.0 million was made in 2017, in accordance with requirements of the bond agreement. As such, at balance sheet date shareholder loans of NOK 237.1 million remained outstanding.

The Board is confident that the current financial resources available to the Company are adequate for its existing requirements.

RISK MANAGEMENT AND INTERNAL CONTROL The Board ensures that the Company has good internal control functions and appropriate systems for risk management tailored to its operations and in accordance with the Company’s core values, ethical guidelines and social responsibility policy. The Board, at a minimum, on an annual basis conducts a review of the Company’s most important risk areas and its internal control functions.

This position is in compliance with Bond Rules section 2.5 and the Stock Exchange Regulations section 1 (2).

The facility is fully compliant with the International Organisation for Standardisation (ISO) recognised standards for quality, security, safety and environmental management. ISO standards are the most widely accepted globally. The company’s current ISO certifications are; • ISO 9001: 2015 Quality Management Systems; • ISO 27001: 2013 Information Security Management System Standard; • ISO 14001: 2015 Environmental Management System Standard; and • OHSAS 18001: 2007 Occupational Health and Safety Management.

RISKS The Company’s activities expose it to a variety of financial risks namely; market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company’s finance department under policies approved by the Board. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk The Company operates nationally and is therefore exposed to a limited foreign exchange risk.

However, its interest rate risk arises from a long-term bond loan (see note 12). Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the loan is adjusted quarterly. The Company also holds loans from its shareholder. The shareholder loan is not interest bearing.

Interest Rate Sensitivity Analysis At 31 December 2017, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been NOK 500,000 higher/lower, mainly as a result of higher/lower interest expense on Bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. The Company have only one customer, which is rated at low risk. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Company’s finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The Board is not aware of any additional financial risk factors facing the Company other than those outlined in this report.

HEALTH, SAFETY AND WORK ENVIRONMENT As of 31 December 2017, the Company employed 2 male full-time staff. These staff members are not in a leading management position. The Company gives equal opportunities to its employees regardless of gender and will continue this policy in the future.

The Company’s ambition is to conduct its operations with zero injuries through effective risk management. The Company considers the working environment as positive and there have been no serious work incidents or accidents resulting in personal injury or damages to material or equipment during the course of 2017. The Company also maintains a log of sick leave days taken and the absence percentage due to sick leave for 2017 was 0.4%.

All employees are part of a pension scheme.

EXTERNAL ENVIRONMENT Within our environmental impact it is energy use and consequently carbon emissions that determine the biggest part of our environmental agenda. The Company is committed to operating sustainably with continuous improvements in environmental performance.

The initial target for the DigiPlex group of entities in this area was to purchase all our electricity from certified, renewable sources. We first achieved this in July 2004. We have maintained this achievement ever since.

Our aim is to be the most environmentally friendly data centre provider in Europe and we have put this into action with our fiercely competitively low PUE achievements to date. We particularly welcome the opportunity to work with our customers and help them to achieve their own environmental performance improvement goals. At the same time as targeting improvement of our existing centres, we are considering how we can apply emerging green technologies to each major new construction, including but not limited to, adiabatic cooling.

With the above processes and initiative in place, the Board is very proud of the small environmental footprint that it leaves behind.

CORPORATE SOCIAL RESPONSIBILITY The Company’s policy is designed and implemented in a way to help tackle the challenges we face in today’s society. The DigiPlex policy ensures that we responsibly and fairly recruit and manage DigiPlex employees on the basis of competence and performance regardless of age, nationality, race, gender, religious beliefs, sexuality, physical ability or cultural background. We strive on our ability to provide our customers an unprecedented level of support and flexibility in all aspects of providing a Data Centre service and do so in a manner that ensures our businesses future and the prosperity of all stakeholders involved.

The Company is committed to maintaining an open working environment in which employees and contractors are able to report instances of unethical, unlawful or undesirable conduct without fear

of intimidation or reprisal. In order to maintain a current and effective responsibility strategy we promote transparency in the actions of all stakeholders and act on all relevant concerns highlighted for attention. We take the responsibility of fairness and equality beyond our own walls and ensure that external parties with whom we engage in business are also focused on their responsibility to the wider community. The Company’s tendering process clarifies whether the supplier has established its own policy and guidelines for corporate social responsibility, and whether it has been involved in incidents related to corruption, child labour or breaches of human rights or the rights of employees to unionise.

Information on such matters is obtained from the suppliers themselves or from other investigations. Possible conditions uncovered will be significant in qualifying the supplier for participation in the tendering process.

YEAR-END APPROPRIATIONS The net profit for the year of NOK 0.05 million (2016: net loss of NOK 14.1 million) is transferred to retained earnings.

RESEARCH AND DEVELOPMENT The Company is continually undertaking confidential research and development with the view of improving its processes, customer service, costs and its environmental footprint.

OUTLOOK In 2018 the primary goal is to continue to meet our customer’s requirements; including project managing modifications to the technical space in order to enhance our customer’s service offerings to their customers; as part of our additional value added services.

The Board is not aware of any additional risk factors facing the Company other than those outlined in this report.

Oslo, 30 April 2018

J Byrne Murphy Gisle M Eckhoff Chairman CEO

Digiplex Fet AS

Income statement Amounts in NOK

Operating revenue and operating expenses Notes 2017 2016

Revenue from services 83 080 643 74 731 860 Revenue from goods sold 46 418 662 3 959 454 Total revenue 129 499 305 78 691 314

Cost of goods sold 43 252 493 2 593 683 Employee benefits expense 7 2 610 036 2 000 203 Other operating expenses 7, 16 22 952 866 29 401 144 EBITDA 60 683 910 44 696 284

Depreciation and write-off 5 34 343 779 34 591 666 Operating profit 26 340 131 10 104 618

Finance income 10 436 422 427 432 Finance costs 10 26 322 906 28 902 151 Finance - net -25 886 484 -28 474 719

Profit/(loss) before tax 453 647 -18 370 101

Income tax expense/(benefit) 13 406 700 -4 289 900 Profit/(loss) for the year 46 947 -14 080 201

Profit/(loss) for the year attributable to the shareholders 46 947 -14 080 201

Statement of comprehensive income/(loss)

Items that may be reclassified to profit or loss 0 0 Items that will not be reclassified to profit or loss 0 0

Total comprehensive income/(loss) for the year 46 947 -14 080 201

Total comprehensive income/(loss) attributable to shareholders 46 947 -14 080 201 Digiplex Fet AS

Statement of financial position Amounts in NOK

Assets Notes 2017 2016

Non-current assets Deferred tax asset 13 6 849 979 7 256 681 Property, plant and equipment 5 677 300 085 709 035 347 Other non-current assets 3 700 910 3 918 599 Total non-current assets 687 850 974 720 210 627

Current assets Inventories 1 645 944 1 235 960 Trade and other receivables 6 33 357 432 29 587 543 Bank deposits 8 11 667 601 39 503 025 Total current assets 46 670 977 70 326 528

Total assets 734 521 951 790 537 155

Equity and liabilities Notes 2017 2016

Paid in equity Share capital 15 30 000 30 000 Total paid in equity 30 000 30 000

Earned equity Other equity 14 -22 879 014 -22 925 961 Total earned equity -22 879 014 -22 925 961

Total equity -22 849 014 -22 895 961

Liabilities

Non-current liabilities Borrowings 11 497 005 411 494 950 413 Total non-current liabilities 497 005 411 494 950 413

Current liabilities Shareholder loan 12, 16 237 067 804 269 067 804 Trade and other payables 9 23 297 750 49 414 899 Total current liabilities 260 365 554 318 482 703

Total equity and liabilities 734 521 951 790 537 155

Oslo, 30 April 2018 0 0

James Byrne Murphy Gisle Michael Eckhoff Chairman of the board Member of the board / general manager Digiplex Fet AS

Statement of changes in equity Amounts in NOK

Share premium Retained Notes Share capital reserve earnings Total Equity

Balance at 1 January 2016 15 30 000 0 -8 845 760 -8 815 760

Profit/(loss) for the period 0 0 -14 080 201 -14 080 201 Other comprehensive income 0 0 0 0 Total comprehensive income for the period 0 0 -14 080 201 -14 080 201

Transactions with owners in their capacity as owners:

Dividends paid 0 0 0 0 Balance at 31 December 2016 15 30 000 0 -22 925 961 -22 895 961

Balance at 1 January 2017 15 30 000 0 -22 925 961 -22 895 961

Profit/(loss) for the period 0 0 46 947 46 947 Other comprehensive income 0 0 0 0 Total comprehensive income for the period 0 0 46 947 46 947

Transactions with owners in their capacity as owners:

Dividends paid 0 0 0 0 Balance at 31 December 2017 15 30 000 0 -22 879 014 -22 849 014

The above statement of changes in equity should be read in conjunction with the accompanying notes. Digiplex Fet AS

Statement of Cash Flow Amounts in NOK

As at 31 December Notes 2017 2016 Cash flows from operating activities

Profit/(loss) before tax 453 647 -18 370 101 Depreciation charges 5 34 343 779 34 591 666 Adjustment for financial activities 25 886 484 28 474 719 Changes in inventories and non-current assets -192 295 47 595 Change in trade and other receivables 6 -3 769 887 -8 441 426 Change in trade and other payables 9 -16 280 558 19 444 032 Net cash from operating activities 40 441 170 55 746 485

Cash flows from investing activities Purchase of property, plant and equipment 5 -10 390 110 -98 438 530 Net cash from investing activities -10 390 110 -98 438 530

Cash flows from financing activities Proceeds from shareholder loan 59 985 334 Repayment of shareholder loan 12, 16 -32 000 000 Interest paid 10 -25 886 484 -26 289 039 Net cash from financing activities -57 886 484 33 696 295

Net increase/(decrease) in cash and cash equivalents -27 835 424 -8 995 750 Cash and cash equivalents at beginning of year 8 39 503 025 48 498 775 Cash and cash equivalents at end of year 11 667 601 39 503 025

The above statement of cash flows should be read in conjunction with the accompanying notes. Digiplex Fet AS

Notes to the Financial Statement

1. General information

DigiPlex Fet AS ("the Company") is a Norwegian private limited liability company incorporated on 3 July 2013 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 912 189 287, and its registered business address is Selma Ellefsens vei 1, 0581 Oslo, Norway.

The Company provides highly secure, high-powered, energy-efficient and carrier-neutral data centre space at Heiaveien 9 in the municipality of Fetsund, near Oslo, Norway, for its customer's information and communication technology equipment.

The financial statements of Digiplex Fet AS have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee ("IFRSIC") applicable to companies reporting under IFRS.

The financial statements of the Company for the year ended 31 December 2017 were authorised for issue by the Board of Directors on 30 April 2018. The financial statements will be approved by the shareholders meeting on 30 April 2018. The financial statements are presented in Norwegian Kroner (NOK).

2. Summary of significant accounting policies

2.1 Basis of preparation

These financial statements have been prepared on a historical cost basis, and in accordance with IFRS as adopted by the European Union ("EU"), and interpretations issued by IFRSIC.

The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies have been applied consistently, unless otherwise stated. The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Company’s accounting policies. The areas where significant judgements and estimates have been made in preparing the financial statements are disclosed in the notes to these financial statements.

The financial statements have been prepared on a going concern basis.

2.1.1 New and amended standards and interpretations

The Company has applied the following standards and amendments for the first time in their annual reporting period commencing 1 January 2017: - Accounting for acquisitions of interests in joint operations – Amendments to IFRS 11 - Clarification of acceptable methods of depreciation and amortisation – Amendments to IAS 16 and IAS 38 - Annual improvements to IFRSs 2012 – 2014 cycle, and - Disclosure initiative – amendments to IAS 1.

The adoption of these amendments did not have any impact on the current period or any prior period and is not likely to affect future periods. The group also elected to adopt the following amendments early: - Disclosure Initiative: Amendments to IAS 7. This amendment requires disclosure of changes in liabilities arising from financing activities.

The following new standards have been reviewed with regards to their effect on the Company's financial statements:

IFRS 9, 'Financial instruments' IFRS 9 addresses the classification, measurement and recognition of financial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It replaces the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities and introduces new rules for hedge accounting. In July 2014, the IASB made further changes to the classification and measurement rules and also introduced a new impairment model. These latest amendments now complete the new financial instruments standard. Following the changes approved by the IASB in July 2014, the Company has not identified any material impact from the new classification, measurement and derecognition rules on the Company's financial assets and financial liabilities. The standard is mandatory from 01.01.2018 and has been endorsed by the EU.

IFRS 15, 'Revenues from contracts with customers' The IASB has issued a new standard for the recognition of revenue. This will replace IAS 18 which covers contracts for goods and services and IAS 11 which covers construction contracts. The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer – so the notion of control replaces the existing notion of risks and rewards.The standard permits a modified retrospective approach for the adoption. Under this approach entities will recognise transitional adjustments in retained earnings on the date of initial application (e.g. 1 January 2017), i.e. without restating the comparative period. The Company has not identified any material impact from the new standard. The standard is mandatory from 01.01.2018 and has not been endorsed by the EU.

IFRS 16, 'Leases' IFRS 16 will affect primarily the accounting by lessees and will result in the recognition of almost all leases on balance sheet. The standard removes the current distinction between operating and financing leases and requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all lease contracts. An optional exemption exists for short-term and low-value leases. The income statement will be affected, additionally, operating expense will be replaced with interest and depreciation, so EBITDA will change. The accounting by lessors will not significantly change. Some differences may arise as a result of the new guidance on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The new standard which is mandatory from 01.01.2019 is not expected to have a significant effect on the financial statements of the Company. Digiplex Fet AS

2.2 Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Company's activities, as described below. The Company bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

Sales of services: The Company provides IT housing services including engineering support, connectivity and other IT services. For sales of services, revenue is recognised in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. When invoices are raised in advance for contracted services, the revenue is spread over the period of the service and deferred income is recognised on the balance sheet.

Sale of goods: The Company sells some IT related goods to its existing customers. Sales of goods are recognised when the entity has delivered and/or installed the products to the customer.

2.3 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the board of directors that makes strategic decisions.

The Company has identified one segment; IT housing services, and one geographical segment; Fetsund.

2.4 Classification of balance sheet items

Assets intended for long term ownership or use have been classified as fixed assets. Assets relating to the trading cycle have been classified as current assets. Other receivables are classified as current assets if they are to be repaid within one year after the transaction date. Similar criteria apply to liabilities. Instalments payable or receivable within one year on long term liabilities and long term receivables are classified as either current liabilities or current assets.

2.5 Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

2.6 Cash and cash equivalents

In the statement of cash flows, cash and cash equivalents includes cash in hand and deposits held at call with banks.

2.7 Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowing cost on qualifying assets are capitalised. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

2.8 Foreign currencies

Functional and presentation currency

The financial statements of the Company are presented in Norwegian kroner (NOK) which is the functional currency of the Company.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges. All other foreign exchange gains and losses are presented in the income statement within ‘Other gains and losses’.

2.9 Employee benefits

The Company has one defined contribution plan. With a defined contribution plan the Company pays contributions to an insurance company. After the contribution has been made the Company has no further commitment to pay. The contribution is recognised as payroll expenses. Digiplex Fet AS

2.10 Taxation

Income tax expense represents the current tax calculated on taxable profits for the year, any adjustments in respect of prior periods and the deferred tax charge or credit for the year.

The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted by the reporting date.

Deferred tax Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that have been enacted and that are expected to apply in the year when the liability is settled or the asset realised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

Deferred tax is reflected at nominal value.

2.11 Property, plant and equipment

Fixed assets are reflected in the balance sheet and depreciated to residual value over the asset's expected useful life on a straight-line basis. If changes in the depreciation plan occur the effect is distributed over the remaining depreciation period. Direct maintenance of an asset is expensed under operating expenses as and when it is incurred. Additions or improvements are added to the asset's cost price and depreciated together with the asset. The split between maintenance and additions/improvements is calculated in proportion to the asset's condition at the acquisition date.

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term, as described in note 5.

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement for the period.

2.12 Impairment of tangible assets

On an annual basis, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The test is performed on the lowest level of fixed assets at which independent cash flows can be identified (Cash Generating Unit - CGU).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement. Impairment of goodwill is not subject to reversal in subsequent periods.

2.13 Provisions

Provisions are recognised when the Company has a present obligation as a result of a past event, and it is probable that the Company will be required to settle that obligation. Provisions are measured at the management’s best estimate of the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the effect is material.

2.14 Financial instruments

The Company has the following classes of financial assets and liabilities: Receivables and financial liabilities at amortised cost.

Regular purchases and sales of financial assets are recognised on the trade-date – the date on which the Company commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the group has transferred substantially all risks and rewards of ownership. Loans and receivables are subsequently carried at amortised cost using the effective interest method. Digiplex Fet AS

Receivables

Trade receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Receivables where collection is expected in on year or more are treated as non-current assets.

Receivables include cash and cash equivalents, trade and other receivables recognised in the balance sheet (notes 6 and 8). Cash and cash equivalents comprise cash on hand and demand deposits.

The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset is impaired. A financial asset is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event has an impact on the estimated future cash flows of the financial asset that can be reliably estimated.

Evidence of impairment may include indications that the debtor or a group of debtors is experiencing significant financial difficulty, and that it is probable that they will enter bankruptcy or insolvency.

For loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the consolidated income statement.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor’s credit rating), the reversal of the previously recognised impairment loss is recognised in the income statement.

2.15 Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.16 Government grant

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions.

Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate.

Government grants relating to property, plant and equipment are deducted from the cost of the asset and are credited to the income statement on a straight line basis over the expected lives of the related assets as part of depreciation.

2.17 Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. No impairment was made in 2017 or 2016.

3 Significant accounting estimates and assumptions

The application of accounting standards and policies requires the Company to make estimates and assumptions about future events that directly affect its reported financial condition and operating performance. The accounting estimates and assumptions discussed are those that the Company considers to be most critical to its financial statements. An accounting estimate is considered critical if both (a) the nature of estimates or assumptions is material due to the level of subjectivity and judgement involved, and (b) the impact within a reasonable range of outcomes of the estimates and assumptions is material to the Company's financial condition or operating performance. Management have identified the following material estimates:

Deferred tax asset: The Company has a significant deferred tax asset. Deferred tax assets are only recognised to the extent that it is probable that the temporary difference will reverse in the foreseeable future and that taxable profit will be available against which the temporary difference will be utilised. A change in this assumption will have significant effect on the financial statements.

Depreciation: Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. Changes in the estimated useful life will have significant effect on the financial statements. Digiplex Fet AS

4 Financial risk management and Financial instruments

Financial risk management The Company’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company's finance department under policies approved by the board of directors. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk – foreign exchange risk The Company operates domestically and is therefore exposed to a limited foreign exchange risk.

Market risk – cash flow interest rate risk The Company's interest rate risk arises from a long-term bond loan (see note 11). Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the bond loan is adjusted quarterly. The Company also holds borrowings issued by the shareholder. The shareholder loan is not interest bearing.

Sensitivity analysis – cash flow interest rate risk At 31 December 2017, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for the year would have been approximately NOK 500,000 higher/lower, mainly as a result of higher/lower interest expense on bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customers, taking into account its financial position, past experience and other factors. Notwithstanding that the Company only has one customer, given the customer's dependability of the services provided by the Company, there is a low collection risk. This is demonstrated through the immaterial overdue accounts receivable at year end. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Company's finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The table on the next page analyses the Company’s non-derivative financial liabilities and assets into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Digiplex Fet AS

Book value Less than 1 year Between 1 and 3 Between 3 and 5 Over 5 years As 31 December 2017 years years Trade and other receivables 33 357 432 33 357 432 0 0 0

As 31 December 2017 Bond loan 497 005 411 23 116 667 532 616 677 0 0 Shareholder loan (1) 237 067 804 237 067 804 0 0 0 Trade and other payables 23 297 750 23 297 750 0 0 0

Book value Less than 1 year Between 1 and 3 Between 3 and 5 Over 5 years As 31 December 2016 years years Trade and other receivables 29 587 543 29 587 543 0 0 0

As 31 December 2016 Bond loan 494 950 413 24 800 000 535 000 000 0 0 Shareholder loan (1) 269 067 804 269 067 804 0 0 0 Trade and other payables 49 414 899 49 414 899 0 0 0

1) The shareholder loan is stated to be payable on demand, however there are contractual restrictions that restrict repayment thereof, see note 12 Shareholder loan for further details.

The Company holds restricted cash to meet the cash outflow from certain transactions, see note 8 for details.

Determination of fair value The carrying amount of cash and cash equivalents and bank overdrafts approximates fair value because these instruments have a short-term maturity date. Similarly, the carrying amount of accounts receivable and accounts payable approximates fair value as the impact of discounting is not significant.

Fair value of the bond loan is calculated to be NOK 506 million (2016: NOK 509 million) using the observations from the Norwegian Securities Dealers Association as 31.12.2017. The bond was listed on the Oslo Stock Exchange on 11 December 2014.

The fair value hierarchy The Company has not recognised any items at fair value as at 31 December 2017 or 31 December 2016. There has not been any transfers between the levels of the fair value hierarchy during 2017 and 2016.

Classification of financial assets and liabilities The Company has the following classification of financial assets and liabilities.

Financial instruments Loans and As 31 December 2017 Other items Total receivables

Assets Other non-current assets 0 3 700 910 3 700 910 Trade receivables (non interest bearing) 30 267 530 0 30 267 530 Other receivables (non interest bearing) 0 0 0 Cash and cash equivalents 11 667 601 0 11 667 601 Reimbursable VAT 0 0 0 Other current assets 0 3 089 900 3 089 900 Total financial assets 41 935 131 6 790 810 48 725 941

Loans and As 31 December 2016 Other items Total receivables

Assets Other non-current assets 0 3 918 599 3 918 599 Trade receivables (non interest bearing) 22 641 763 0 22 641 763 Other receivables (non interest bearing) 1 554 854 0 1 554 854 Cash and cash equivalents 39 503 025 0 39 503 025 Reimbursable VAT 0 1 628 626 1 628 626 Other current assets 0 3 762 300 3 762 300 Total financial assets 63 699 642 9 309 525 73 009 167 Digiplex Fet AS

Other financial As 31 December 2017 liabilities at Other items Total amortised cost

Liabilities Bond loan 497 005 411 0 497 005 411 Shareholder loan (non interest bearing) 237 067 804 0 237 067 804 Trade payables (non interest bearing) 4 699 314 0 4 699 314 Other current liabilities (non interest bearing) 18 472 433 0 18 472 433 Accrued public taxes (non interest bearing) 0 126 003 126 003 Total financial liabilities 757 244 962 126 003 757 370 965

Other financial As 31 December 2016 liabilities at Other items Total amortised cost

Liabilities Bond loan 494 950 413 0 494 950 413 Shareholder loan (non interest bearing) 269 067 804 0 269 067 804 Trade payables (non interest bearing) 17 418 787 0 17 418 787 Other current liabilities (non interest bearing) 31 872 706 0 31 872 706 Accrued public taxes (non interest bearing) 0 123 406 123 406 Total financial liabilities 813 309 710 123 406 813 433 116

Capital management The Company's objectives when managing capital are to safeguard the Company's abitliy to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital management.

To ensure that the Company complies with covenants, minimum liquidity and loan to value ratio is closely monitored. Digiplex Fet AS

Note 5 - Property, plant and equipment

Property Plant under Plant and Furniture and Total construction equipment fixtures

At 1 January 2016 Accumulated cost 38 520 577 104 969 223 543 133 409 436 407 687 059 616 Accumulated depreciation 0 0 16 773 507 87 236 16 860 743 Net book amount 38 520 577 104 969 223 526 359 902 349 171 670 198 873

Year ended 31 December 2016 Opening net book amount 38 520 577 104 969 223 526 359 902 349 171 670 198 873 Additions 0 38 978 878 34 286 799 162 463 73 428 140 Disposals/write-off 0 0 3 089 669 0 3 089 669 Reclassifications 0 -143 948 101 143 948 101 0 0 Depreciation charge 0 0 31 360 302 141 695 31 501 997 Net book amount 38 520 577 0 670 144 831 369 939 709 035 347

At 31 December 2016 Accumulated cost 38 520 577 0 717 974 184 598 870 757 093 631 Accumulated depreciation 0 0 47 829 353 228 931 48 058 284 Net book amount 38 520 577 0 670 144 831 369 939 709 035 347

At 1 January 2017 Accumulated cost 38 520 577 0 717 974 184 598 870 757 093 631 Accumulated depreciation 0 0 47 829 353 228 931 48 058 284 Net book amount 38 520 577 0 670 144 831 369 939 709 035 347

Year ended 31 December 2017 Opening net book amount 38 520 577 0 670 144 831 369 939 709 035 347 Additions 0 0 2 572 618 35 899 2 608 517 Depreciation charge 0 0 34 195 171 148 608 34 343 779 Net book amount 38 520 577 0 638 522 278 257 230 677 300 085

At 31 December 2017 Accumulated cost 38 520 577 0 720 546 802 634 769 759 702 148 Accumulated depreciation 0 0 82 024 524 377 539 82 402 063 Net book amount 38 520 577 0 638 522 278 257 230 677 300 085

Expected useful life 7 - 50 years 3-5 years Depreciation plan None None Straight line Straight line

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts.

Note 6 - Trade and other receivables

2017 2016

Trade receivables 30 267 532 22 641 763 Trade receivables related parties 0 1 554 854 Trade receivables - net 30 267 532 24 196 617 Prepayments 2 455 399 3 421 549 Other receivables 1 628 626 Accrued income not invoiced 634 501 340 751 Receivables from parent company 0 0 Total receivables 33 357 432 29 587 543 Digiplex Fet AS

Note 7 - Payroll and auditor remuneration

Personnel expenses 2017 2016

Salaries 1 977 413 1 580 918 Payroll tax 284 863 245 622 Defined contribution plan 110 363 86 510 Other benefits 237 397 87 153 Total personnel expenses 2 610 036 2 000 203

Number of employees 3 2 Average number of full-time employees 2.2 2

Key management personnel are defined as directors of the board and the CEO. The CEO is employed by a related party, and the fee for his services as managing director for 2017 was NOK 540,680 (2016: NOK 586,347). The fee is included in Other operating expenses.

No loans have been granted to the CEO, the Chairman of the Board or other individual related parties.

Auditor remuneration (all amounts are excluding VAT) 2017 2016

Statutory audit 140 000 122 500 Other assurance services 20 000 35 000 Tax compliance 0 0 Other assistance 23 000 50 000 Total auditor remuneration (excluding VAT) 183 000 207 500

Note 8 - Cash and cash equivalents

Cash and other cash equivalents 2017 2016

Short term cash deposits, cash equivalents 11 599 297 29 983 189 Restricted cash 68 304 9 519 836 Cash and cash equivalents 11 667 601 39 503 025

Cash and cash equivalents consists of short term cash deposits and cash equivalents held at financial institutions.

As at 31 December 2017, the Company had a bank account with restricted amount of NOK 68,304 related to employees' tax deductions (2016: NOK 9,519,836, hereof NOK 9,460,998 earmarked settlement of development projects with the project contractor and NOK 58,838 related to employees' tax deductions).

Note 9 - Trade and other payables

Trade payables and other current liabilities 2017 2016

Trade payables 2 696 255 16 279 967 Trade payables related parties 2 003 059 1 138 820 Accrued salaries to employees 282 072 236 148 Social security and other taxes 126 003 123 406 Other accrued expenses 18 190 361 31 636 558 Total trade and other payables 23 297 750 49 414 899

Amounts are settled on standard commercial trade terms. Generally no interest is charged on the trade payables. The Company has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.

Accrued expenses are mainly related to accruals for construction work completed but yet to be invoiced by the contractor. Digiplex Fet AS

Note 10 - Financial income and expenses

Financial income 2017 2016

Interest income on short term bank deposits 419 706 383 582 Other interest and financial income 16 716 43 850 Total financial income 436 422 427 432

Financial expenses 2017 2016

Interest expenses 25 722 577 26 750 677 Capitalised borrowing costs 0 0 Other financial expenses 600 329 2 151 474 Total financial expenses 26 322 906 28 902 151 Net financial (expenses)/income -25 886 484 -28 474 719

Note 11 - Borrowings

Borrowings 2017 2016

Bond loan long term 500 000 000 500 000 000 Total 500 000 000 500 000 000

Capitalised transaction cost 2 994 589 5 049 587 Book value at amortised cost 497 005 411 494 950 413

Accrued interest 1 270 000 1 290 000

The bond loan is interest bearing with a coupon rate equal to 3 months NIBOR plus a margin of 4.0%, which was reduced to 3.75 % when the final and full delivery of the data centre and acceptance by the customer took place on 3 March 2016. The maturity date for the bond loan is 11 June 2019. The bond loan has financial covenants related to minimum liquidity and loan to value ratio below 65 per cent. Loan to value ratio is calculated on the basis of fair value.

The shareholder loan agreement does not contain restrictive covenants. Although the loan is stated to be payable on demand, there are contractual restrictions that restrict repayment thereof. Firstly, the bond loan agreement provides that any repayment of shareholder loan is subject to no event of default having occurred and that is continuing and that the issuer satisfies certain dividend incurrence test. Secondly, the shareholder loan agreement is subject to a turn-over and subordination agreement entered into by DigiPlex Fet LLC and the bond trustee and pursuant to which the Company has agreed to, inter alia, (i) subordinate its claims under the shareholder loan agreement to any claim the bond trustee has against the issuer and (ii) not accept any payment from the Issuer which would contravene the above mentioned clause in the bond agreement.

Fair value of the bond loan is calculated to be NOK 506 million using the observations from the Norwegian Securities Dealers Association as at 31 December 2017. The bond was listed on the Oslo Stock Exchange on 11 December 2014.

Total borrowings include secured liabilities of NOK 500 000 000. The bond loan is secured by fixed assets (note 5), trade receivables and restricted bank accounts (notes 6 and 8).

Changes in liabilities arising from financial activities Reconciliation of the opening and closing balances for liabilities arising from financial activitites:

Changes from Changes from foreign Changes in fair Other financial flows exchange rates value changes* 2016 2017 External debt 494 950 413 2 054 998 497 005 411 Debt to shareholders 269 067 804 -32 000 000 237 067 804 *capitalised transaction cost

Note 12 - Shareholder loan Fair value of shareholders loan was equal to book value due to the loan being repayable on demand. No interest was paid during 2017 and 2016. Digiplex Fet AS

Note 13 - Tax

2017 2016 Tax payable 0 0 Change in deferred tax 108 876 -4 592 263 Effect of change in tax rate to deferred tax positions 297 825 302 363 Income tax benefit 406 701 -4 289 900

Basis for tax payable Result before tax 453 647 -18 370 101 Permanent differences 0 1 050 Change in deferred tax -3 430 970 -6 372 138 Change in tax losses carry forward 2 977 323 24 741 189 Basis for tax payable 0 0

Temporary differences Non-current assets 86 347 873 80 861 905 Capitalised transaction cost 2 994 589 5 049 587 Tax loss carry forward -119 124 981 -116 147 660 Basis for deferred tax asset in the balance sheet -29 782 519 -30 236 168 Calculated deferred tax liability with 23 % (2016: 24 %) -6 849 979 -7 256 681

Net deferred tax positions Non-current assets 19 860 011 19 406 857 Capitalised transaction costs 688 755 1 211 901 Tax loss carry forward -27 398 745 -27 875 438 Net at 31 December -6 849 979 -7 256 681

Calculation of effective tax rate

Profit before income tax 453 647 -18 370 101 Tax calculated using effective tax rate 24% (2016: 25%) 108 875 -4 592 525 Effect of permanent differences 24% (2016: 25%) 0 263 Effect of change in tax rate to 23% for deferred tax positions (2016: 24%) 297 825 302 362 Income tax expense 406 700 -4 289 900 Tax payable 0 0 Effective tax rate 0 % 0 %

Deferred tax asset is recognised. Deferred income tax assets are recognised for tax loss carry-forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. 2016 was the first year in full operation and all financial forecast shows an increase in taxable profit for the forthcoming years. Experience from comparable projects shows that there is a high probability that these carry forward losses will be realised over the projects lifetime.

With effect from 1 January 2018 the corporate tax rate has changed from 24% to 23%. Accordingly, tax loss carry forward has been calculated with the new tax rate.

Note 14 - Dividends

No dividends were paid during 2017 or 2016.

Note 15 - Share capital and shareholder information

Number of shares Ordinary shares Share face value Share capital Share premium Total paid in capital

As 1 January 2016 30 000 30 000 1 30 000 0 30 000 Share capital 0 0 0 0 0 0 As 31 December 2016 30 000 30 000 1 30 000 0 30 000 Share capital 0 0 0 0 0 0 As 31 December 2017 30 000 30 000 1 30 000 0 30 000

All shares have equal rights and are fully paid.

Shares Percentage Shareholders ownership DigiPlex Fet LLC 30 000 100,0 %

Chairman of the Board, James Byrne Murphy directly and indirectly controls 15 % of DigiPlex Fet AS through Kitebrook Fet LLC. Digiplex Fet AS

Note 16 - Related party disclosures

The Company is controlled by Stupar Holdings Corporation and Kitebrook Fet LLC through DigiPlex Fet LLC. The following transactions were carried out with related parties:

2017 2016 Purchase of services Management services 2 013 296 7 703 452 Support services 8 796 886 9 056 149 Total 10 810 182 16 759 601

The year end balances arising from the purchase of related party services in the amount of NOK 2,003.059 (2016: NOK 1,138.820) are included in Trade and other payables.

Long term loans to/from related parties: 2017 2016 As 1 January 269 067 804 209 082 470 Loans advanced 59 985 334 Loans repaid -32 000 000 0 As 31 December 237 067 804 269 067 804

Fair value of shareholders loan is equal to book value as the loan is repayable on demand.

The Company has identified the following related parties:

Name of company Type of relationship Type of services DigiPlex Norway AS Related party Management services DigiPlex Rosenholm AS Related party Support services DigiPlex London 1 Limited Related party Support services DigiPlex Stockholm 1 AB Related party Support services Kitebrook Partners LLC Related party Management services DigiPlex Fet LLC Owner Financing

Note 17 - Operating lease

The future minimum payments receivable under non-cancellable operating lease are as follows: 2017 2016

No later than 1 year 63 242 937 61 837 785 Later than 1 year and no later than 5 years 267 739 151 261 758 362 Later than 5 years 1 076 273 265 1 145 496 991

The contractual arrangement with the customer contains a lease in accordance with IFRIC 4. The lease element has been classified as operating leases in accordance with IAS 17.

Note 18 - Contingencies and commitments

The Company does not have any contingent liabilities as at 31 December 2017.

Note 19 - Events after the balance sheet date

There have been no events after the balance sheet date. Digiplex Fet AS

Definitions

DigiPlex Fet AS's financial information is prepared in accordance with International Financial Reporting Standards ('IFRS'). Additionally, some alternative performance measures have been provided, these are defined as follows:

EBITDA is defined as earnings before interest, tax, depreciation and amortisation. RESPONSIBILITY STATEMENT We confirm, to the best of our knowledge, that the financial statements for the year ended 31 December 2017 have been prepared in accordance with IFRS as adopted by the EU, and give a true and fair view of the Company’s assets, liabilities, financial position and results of operation, and that the Board of Directors’ Report gives a true and fair review of the development and performance of the business and the position of the Company, and includes a description of the principal risks and uncertainties facing the Company.

Oslo, 30 April 2018

J Byrne Murphy Gisle M. Eckhoff Chairman CEO Annex 8 Interim report Q2 2019 for DigiPlex Norway Holding 2 AS consolidated (un-audited) and for the company (audited), and Opening balance of 24 April 2019 (un-audited) for the company, DigiPlex Norway Holding 2 AS

DigiPlex Norway Holding 2 AS Management commentary For the half year ended 30 June 2019

Organisation no. 922 393 257

We are pleased to present the first consolidated interim report for DigiPlex Norway Holding 2 AS and its subsidiaries DigiPlex Norway AS, DigiPlex Rosenholm AS and DigiPlex Fet AS, together ‘the Group’.

BACKGROUND The Group designs, builds and operates sustainable and secure data centres. DigiPlex is carrier- neutral and offers connectivity to all major cloud and network service providers. DigiPlex offers best-in-class services with the highest possible availability and is trusted by public and private customers alike – including security sensitive organisations such as government and financial institutions with mission-critical applications. DigiPlex’s three data centres are powered by electricity produced from 100% sustainable sources.

DigiPlex Norway Holding 2 AS was founded in April 2019 and through a contribution in kind by its parent company, DigiPlex Norway Holding 1 AS, acquired 100% of the shares of the three operative subsidiaries DigiPlex Norway AS (DNAS), DigiPlex Fet AS (DFAS) and DigiPlex Rosenholm AS (DRAS), all state-of-the-art Norwegian data centres, located in the greater Oslo area.

The purpose of the new Group structure was to refinance the Group with a new bond loan that was issued on 30 April 2019. The consolidated financial statements are presented based on predecessor accounting of the subsidiaries.

DNAS is situated at Ulven in Oslo’s Økern district and was founded in 2000, making it the most established data centre in the Group. The company provides 4,900 m2 of white technical space, fitted out according to customers’ current and future requirements with state-of-the-art security, functionality and sustainability. It has now been fully operational for more than 18 years over which period it has attracted an impressive portfolio of customers with a high customer renewal rate allowing DNAS to maintain a consistent and reliable operating revenue stream.

DFAS was founded in July 2013 when it signed one of the largest data centre deals in Europe for its facility in the municipality of Fetsund, near Oslo. The 20-year contract with EVRY AS (one of the two largest IT services companies in the Nordics) secures revenue for its 4,200 m2 of IT space, served by 9.8 megawatts of power. The high security facility benefits from DFAS’ industry leading Air-to-Air cooling technology delivering a power usage efficiency which provides a sustainable performance with minimum environmental footprint.

DRAS was founded in 2009 and is based in the Rosenholm Business Centre Campus. The data halls, providing 1,900m2 of technical space, were re-built with new mechanical and electrical infrastructures and fitted out according to customers' current and future requirements with state- of-the-art security, functionality and sustainability.

This report is the first consolidated report for the Group, prepared in accordance with International Financial Reporting Standards (IFRS).

The enclosed interim consolidated financial statements are the condensed interim results for the half year ended 30 June 2019. These statements have been prepared in accordance with IFRS, are not a full set of accounts, and have not been audited.

REFINANCING OF THE GROUP DFAS held a bond loan of NOK 500 million which fell due on 11 June 2019, while DNAS held a bond loan of NOK 525 million which had a final maturity on 17 July 2019. In addition, DFAS and DRAS held shareholder loans of NOK 361.5 million and NOK 105.5 million respectively.

The new Group structure in Norway has made possible a senior secured bond issue of NOK 1,800 million (tranche 1) with a tap-issue up to NOK 2,250 million (tranche 2) to refinance the Group’s outstanding bond issues in DFAS and DNAS and to indirectly further fund DigiPlex’s further growth plans through repayment of shareholder loans and a one-time distribution to the owners. The bond issue has 1st priority mortgage in the DFAS and DNAS data centres, rights under the DRAS lease agreement, share pledges and guarantees from DFAS, DNAS and DRAS. The bond issue is maturing in April 2024 with a coupon rate of 365bps plus 3-month NIBOR. Settlement date took place on 30 April 2019.

UPDATE FOR THE HALF YEAR ENDED 30 JUNE 2019 DigiPlex has been a success since its inception in 2001, and has proven financial track record, with 21% revenue CAGR in the 2014-2018 period and current EBITDA margins close to 55%.

For the half year ended 30 June 2019, the Group’s operating revenues totalled NOK 174.4 million, compared to pro-forma NOK 148.8 million reported for the first half of last year, an increase of 25.6 million, mainly related to organic growth. Operating expenses totalled NOK 79.6 million, compared to pro-forma NOK 62.4 million for the same period last year, and comprised of NOK 10.6 million of cost of goods sold, NOK 45.7 million of operational, management and accounting support costs, and NOK 23.2 million of personnel costs.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the half year ended 30 June 2019 was NOK 94.9 million, compared to pro-forma NOK 86.4 million for the same period of last year.

A charge of NOK 54.1 million was made to reflect depreciation of the plant and equipment, and the Group incurred net finance costs of NOK 44.8 million compared to pro-forma NOK 27.9 million for the first half of 2018. The increase is mainly due to that the settled shareholder loans were non-interest bearing, subordinated loans. In addition, the new bond loan was interest bearing from

the settlement date of 30 April 2019, while most of the refinanced bonds were not settled until due date on 11 June 2019 and 17 July 2019.

Considering the above, the first half year of 2019 came in at a loss before tax of NOK 4.0 million, compared to a pro-forma profit before income tax of NOK 10.1 million for the same period of 2018.

Cash generated from operations was NOK 72.3 million for the half year ended 30 June 2019.

Total book equity for the Group as of 30 June 2019 was NOK 45.5 million based on continuity accounting. However, the book equity of the parent company, Digiplex Norway Holding 2 AS, based on the fair value of the subsidiaries, was NOK 2,115.0 million at 30 June 2019.

FUTURE OUTLOOK Nordic cloud adoption is rapidly outpacing the rest of the market driving strong hyperscale demand for local infrastructure. DigiPlex is the only Pan-Nordic provider of reliable, sustainable and cost- efficient data centres, and the largest operator in Norway.

International customers are increasingly attracted to Norway because of its cool climate, low cost 100% renewable energy and proximity to large European markets. DigiPlex has been building on these natural advantages for nearly two decades by securing premium land and bringing in the engineering and deployment capability to meet the specific requirements of these global businesses. DigiPlex thus sees a stable and growing demand for its services.

Oslo, 20 September 2019

J Byrne Murphy Gisle M Eckhoff Chairman CEO

DigiPlex Norway Holding 2 AS

Consolidated statement

Income statement Amounts in NOK '000

Operating income and operating Actual Pro-forma Actual Pro-forma Pro-forma expenses Notes Q2 2019 Q2 2018 YTD 2019 YTD 2018 31.12.2018 (un-audited) (un-audited) (un-audited) (un-audited) (un-audited)

Revenue from services 81,280 67,255 159,976 135,967 276,513 Revenue from goods sold 11,812 7,914 14,465 12,878 26,387 Total revenue 93,092 75,169 174,441 148,845 302,900

Cost of goods sold 8,480 6,828 10,620 9,937 17,613 Employee benefits expense 9,493 6,450 23,201 16,049 38,730 Other operating expenses 23,212 17,855 45,746 36,452 76,422 EBITDA 51,908 44,036 94,874 86,407 170,136

Depreciation and amortisation 5 28,606 24,195 54,139 48,421 97,893 Operating profit 23,302 19,841 40,736 37,986 72,243

Finance income 2,555 845 2,952 1,773 2,803 Finance costs 32,522 15,209 47,715 29,669 60,734 Finance - net -29,967 -14,364 -44,763 -27,896 -57,931

Profit/(loss) before tax -6,665 5,477 -4,028 10,090 14,312

Income tax expense/(benefit) -1,466 1,259 -882 2,324 5,424 Profit/(loss) for the period -5,199 4,218 -3,146 7,766 8,888 Profit/(loss) for the year attributable to the shareholders -5,199 4,218 -3,146 7,766 8,888 Statement of comprehensive income/(loss) OCI

Items that may be reclassified to 0 0 0 0 0 profit or loss Items that will not be reclassified to profit or loss 0 0 0 0 0

Total OCI for the year -5,199 4,218 -3,146 7,766 8,888

Total OCI attributable to shareholders -5,199 4,218 -3,146 7,766 8,888 DigiPlex Norway Holding 2 AS

Consolidated statement

Statement of financial position Amounts in NOK '000

Assets Notes Actual Pro-forma Pro-forma 30.06.2019 30.06.2018 31.12.2018 (un-audited) (un-audited) (un-audited) Non-current assets Deferred tax asset 11 49,485 51,704 48,603 Land, building and outfitting 5 1,447,218 1,331,063 1,458,513 Furniture and fixtures 5 5,473 1,896 5,426 Other non-current assets 3,886 3,592 4,132 Loans to related parties 9 270,280 60,000 20,000 Total non-current assets 1,776,342 1,448,255 1,536,674

Current assets Other receivables related parties 1,156 2,557 2,147 Inventories 3,432 2,785 3,106 Trade and other receivables 100,817 66,742 124,370 Bank deposits 132,456 72,676 119,435 Total current assets 237,861 144,760 249,058

Total assets 2,014,204 1,593,016 1,785,733

Equity and liabilities Notes Actual Pro-forma Pro-forma 30.06.2019 30.06.2018 31.12.2018 (un-audited) (un-audited) (un-audited) Paid in equity Share capital 7 150 150 150 Share premium reserve 39,578 39,578 39,578 Total paid in equity 39,728 39,728 39,728

Earned equity Other equity 5,743 7,769 8,888 Total earned equity 5,743 7,769 8,888

Total equity 45,470 47,497 48,616

Liabilities

Non-current liabilities Borrowings 8 1,778,250 844,473 452,096 Long term lease obligation 44,036 46,722 47,109 Other long term liabilities 682 682 682 Total non-current liabilities 1,822,968 891,877 499,887

Current liabilities Borrowings 0 547,857 1,047,499 Deposits from customers 8,603 9,200 8,603 Trade and other payables 124,869 87,178 172,955 Public tax liabilities 12,293 9,408 8,174 Total current liabilities 145,765 653,643 1,237,231

Total equity and liabilities 2,014,204 1,593,016 1,785,733 DigiPlex Norway Holding 2 AS

Consolidated statement

Statement of changes in equity Amounts in NOK '000

Share premium Note Share capital reserve Other equity Total equity

Balance at 1 January 2018 (pro-forma, un-audited) 150 39,578 0 39,728

Profit/(loss) for the period 0 0 8,888 8,888 Other comprehensive income 0 0 0 0 Balance at 31 December 2018 (pro-forma, un-audited) 7 150 39,578 8,888 48,616

Share premium Note Share capital reserve Other equity Total equity

Balance at 1 January 2019 (pro-forma, un-audited) 150 39,578 8,888 48,616

Profit/(loss) for the period 0 0 -3,146 -3,146 Other comprehensive income 0 0 0 0 Balance at 30 June 2019 7 150 39,578 5,743 45,470

The above statement of changes in equity should be read in conjunction with the accompanying notes. DigiPlex Norway Holding 2 AS

Consolidated statement

Statement of cash flow Amounts in NOK '000

Notes Actual Pro-forma Actual Pro-forma Q2 2019 Q2 2018 YTD 2019 2018 Cash flows from operating activities

Profit/(loss) before income tax -6,665 5,477 -4,028 14,312 Depreciation charges 5 28,606 24,195 54,139 97,893 Adjustment for financial activities 29,967 14,364 44,763 57,931

Changes in inventories -339 -140 -326 -273 Change in trade and other receivables -4,958 18,359 24,791 -40,100 Change in trade and other payables 17,976 -6,150 -47,040 79,712 Net cash from operating activities 64,586 56,105 72,300 209,475

Cash flows from investing activities Purchase of property, plant and equipment 5 -23,141 -32,974 -42,891 -228,265 Issue of loan to related party 8 -250,280 0 -250,280 0 Repayment of loan from related party 0 0 0 40,000 Net cash from investing activities -273,421 -32,974 -293,171 -188,265

Cash flows from financing activities Net issue of bond loan / shareholder loan 8 1,778,250 0 1,778,250 88,132 Repayment of bond loan / shareholder loan 8 -1,492,095 -19,774 -1,502,096 0 Interests paid -28,760 -14,364 -42,262 -57,931 Net cash from financing activities 257,396 -34,138 233,892 30,201

Net (decrease)/increase in cash and cash equivalents 48,561 -11,007 13,021 51,410 Cash and cash equivalents at beginning of period 83,895 83,683 119,435 68,025 Cash and cash equivalents at end of year 132,456 72,676 132,456 119,435 0 -46,759 The above statement of cash flows should be read in conjunction with the accompanying notes. DigiPlex Norway Holding 2 AS

Consolidated statement

Notes to the Financial Statement

1. General information

DigiPlex Norway Holding 2 AS ("the Company") is a Norwegian private limited liability company incorporated on 5 March 2019 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 922 393 257, its registered business address is Ulvenveien 82E, 0581 Oslo, Norway.

DigiPlex Norway Holding 2 AS is the parent company for three wholly owned subsidiaries, DigiPlex Norway AS (DNAS), DigiPlex Fet AS (DFAS) and DigiPlex Rosenholm AS (DRAS), (together - the Group), all of which provides highly secure, high-powered, energy-efficient and carrier-neutral data centre space for their customer's information and communication technology equipment.

The ownership of the tree subsidiaries was transferred from the parent company, DigiPlex Norway Holding 1 AS, by a contribution in kind on the 24 April 2019. As the parent company has no other activity than financing of the Group's activities and owning the shares in the subsidiaries, predecessor accounting has been applied when showing the Group activity. The Group business going forward will be based on the subsidiaries as a combination of entities under common contol using book values for the individual entities.

The financial statements are presented in thousand Norwegian Kroner (NOK '000).

2. Summary of significant accounting policies

Basis of preparation

These condensed consolidated interim financial statements for the first half year ended 30 June 2019 do not include all of the information required for a full set of annual financial statements, and have not been audited. They have been prepared in accordance with International Accounting Standard ('IAS') 34, 'Interim Financial Reporting'.

The financial statements have been prepared on a historical cost basis, and in accordance with IFRS as adopted by the EU, and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").

The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Group’s accounting policies. The areas where significant judgements and estimates have been made in preparing the financial statements are disclosed in the notes to these financial statements.

The financial statements have been prepared on a going concern basis.

2.1 Consolidation

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations.

For business combinations under common control the group has used predecessor accounting se further note 3.1. For comparison purposes the accounts are prepared as if the combination took place 1 January 2019.

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

2.2 Revenue recognition

The standard for revenue recognition, IFRS 15, entered into force on 1 January 2018. It replaces IAS 18 which covered contracts for goods and services and IAS 11 which covered construction contracts.

The standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer – so the notion of control replaces the existing notion of risks and rewards.The standard permits a modified retrospective approach for the adoption. Implementation of the new standard has not had any material effects on the financial statements of the Group.

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Group recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Group's activities, as described below. The Group bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. DigiPlex Norway Holding 2 AS

Consolidated statement

Sales of services: The Group provides IT housing services including engineering support, connectivity and other IT services. For sales of services, revenue is recognised in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. Where invoices are raised in advance for contracted services, the revenue is spread over the period of the service and deferred income is recognised in the balance sheet.

Sale of goods: The Group sells some IT related goods to its existing customers. Sales of goods are recognised when the entity has delivered and installed the products to the customer.

2.3 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the board of directors that makes strategic decisions.

The Group has identified three primary segments; DNAS, DFAS and DRAS, all providing IT housing services, and one geographical segment; greater Oslo area.

2.4 Classification of balance sheet items

Assets intended for long term ownership or use have been classified as fixed assets. Assets relating to the trading cycle have been classified as current assets. Other receivables are classified as current assets if they are to be repaid within one year after the transaction date. Similar criteria apply to liabilities. Instalments payable or receivable within one year on long term liabilities and long term receivables are classified as short term liabilities and current assets.

2.5 Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

2.6 Cash and cash equivalents

Cash and cash equivalents are classified at amortised cost. In the statement of cash flows, cash and cash equivalents includes cash in hand and deposits held at call with banks.

2.7 Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.8 Foreign currencies

Presentation currency

The financial statements of the Group are presented in Norwegian kroner (NOK).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges. All other foreign exchange gains and losses are presented in the income statement within ‘Other gains and losses’.

2.9 Employee benefits

The Group has defined contribution plans in all Group companies. With a defined contribution plan the Group companies pays contributions to an insurance company. After the contribution has been made the Group company has no further commitment to pay. The contribution is recognised as payroll expenses. DigiPlex Norway Holding 2 AS

Consolidated statement

2.10 Taxation

Income tax expense represents the current tax calculated on taxable profits for the year, any adjustments in respect of prior periods and the deferred tax charge or credit for the year.

The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted by the reporting date.

Deferred tax Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered.

Deferred tax is calculated at the tax rates that have been enacted and that are expected to apply in the year when the liability is settled or the asset realised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the company intends to settle its current tax assets and liabilities on a net basis.

Deferred tax is reflected at nominal value.

2.11 Property, plant and equipment

Fixed assets are reflected in the balance sheet and depreciated to residual value over the asset's expected useful life on a straight-line basis. If changes in the depreciation plan occur the effect is distributed over the remaining depreciation period. Direct maintenance of an asset is expensed under operating expenses as and when it is incurred. Additions or improvements are added to the asset's cost price and depreciated together with the asset. The split between maintenance and additions/improvements is calculated in proportion to the asset's condition at the acquisition date.

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements and certain leased plant and equipment, the shorter lease term.

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement for the period.

2.12 Impairment of tangible assets

On an annual basis, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The test is performed on the lowest level of fixed assets at which independent cash flows can be identified (Cash Generating Unit - CGU).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years.

2.13 Provisions

Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the management’s best estimate of the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the effect is material. DigiPlex Norway Holding 2 AS

Consolidated statement

2.14 Financial instruments

Classification

The Group has the following classes of financial assets and liabilities: Receivables and financial liabilities at amortised cost.

Regular purchases and sales of financial assets are recognised on the trade-date - the date on which the Group commits to purchase or sell the asset. Investments are initially at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and all risks and rewards of ownership have been transferred. Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Receivables

Trade receivables are amounts due from customers or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Receivables where collection is expected in one year or more are treated as non-current assets.

Receivables include cash and cash equivalents, trade and other receivables recognised in the balance sheet.

Evidence of impairment may include indications that the debtor or a group of debtors is experiencing significant financial difficulty, and that it is probable that they will enter bankruptcy or insolvency.

For loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the consolidated income statement.

Impairment of financial assets, primarily trade receivables, is based on an expected credit loss model. The Group has taken advantage of the exception defined in the standard for trade receivables which permits provision for expected credit loss to be based on loss over the whole lifecycle of the receivable.

2.15 Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.16 Government grant

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions.

Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate.

Government grants relating to property, plant and equipment are deducted from the cost of the asset and are credited to the income statement on a straight line basis over the expected lives of the related assets as part of depreciation.

In 2018 and 2019, one of the Group companies (DNAS) were approved for a SkatteFUNN R&D tax incentive grant, a government program designed to stimulate research and development (R&D) in Norwegian trade and industry, for a project at the Ulven site. SkatteFUNN grants are recognised as a reduction of acquisition cost of assets or cost reduction in the income statement, depending on where the underlying cost has been recognised.

2.17 Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. No impairments were made in 2019 nor in 2018. DigiPlex Norway Holding 2 AS

Consolidated statement

3 Significant accounting estimates and assumptions

The application of accounting standards and policies requires the Group to make estimates and assumptions about future events that directly affect its reported financial condition and operating performance. The accounting estimates and assumptions discussed are those that the Group considers to be most critical to its financial statements. An accounting estimate is considered critical if both (a) the nature of estimates or assumptions is material due to the level of subjectivity and judgement involved, and (b) the impact within a reasonable range of outcomes of the estimates and assumptions is material to the Group's financial condition or operating performance. Management have identified the following material estimates:

Deferred tax asset: The Group has a significant deferred tax asset. Deferred tax assets are only recognised to the extent that it is probable that the temporary difference will reverse in the foreseeable future and that taxable profit will be available against which the temporary difference will be utilised. A change in this assumption will have significant effect on the financial statements.

Depreciation: Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives. Changes in the estimated useful life will have significant effect on the financial statements.

3.1 Business combinations under common control and pro-forma accounts

The group accounts have been prepared using predecessor values as the group is founded as a business combination under common control. IFRS 3 do not cover such business combinations as the combination lacks substance from an accounting perspective.

As the accounts are prepared using predessor accounting, the comparative figures for periods prior to the fundation of DNH2 and the Group formation have been prepared on a pro-forma basis using the accounting priciples decribed above

The Group has applied IFRS 9, 'Financial instruments' and IFRS 15, 'Revenue from contracts with customers' when preparing comparative figures (pro- forma). The new standards have not had any material effects, and eventual implementation effects would only had bearing on the pro-forma accounts. Refer to note 2.2, 2.14 and 3 for further information.

3.2 IFRS 16 Leases

New accounting standards are applied in preparation of the pro-forma accounts. This note explains the impact of the adoption of IFRS 16 Leases on the Group’s financial statements and discloses the accounting policies that have been applied from 1 January 2019.

The Group has adopted IFRS 16 retrospectively from 1 January 2019, and has restated comparatives for the pro-forma 2018 reporting period. The reclassifications and the adjustments arising from the new leasing rules are therefore recognised in the balance sheet on 1 January 2018.

Adjustments recognised on adoption of IFRS 16 On adoption of IFRS 16, the Group recognised lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the Groups cost of capital / borrowing rate under the new bond loan which on 30 April 2019 was 5.27%.

The Group held no leases previously classified as finance leases. For leases previously classified as operational leases the entity recognised the carrying amount of the lease asset and lease liability immediately before transition as the carrying amount of the right of use asset and the lease liability at the date of initial application using the measurement principles of IFRS 16. The pro-forma comparative figures for 2018 has been restaded accordingly. This resulted in Right of Use Assets / lease liabilities as disclosed below. The amounts are specified by operating segment and by accounting line:

DNAS DNAS DFAS DFAS DRAS DRAS Group Group (Amounts in NOK '000. Value per 1 January) 2018 2019 2018 2019 2018 2019 2018 2019 Operating lease commitments, tenancy 1,973 2,044 - - 4,661 4,790 6,634 6,834 Operating lease commitments, machines 319 639 - - - - 319 639

Right of use asset, building 5,803 4,136 - - 46,718 44,518 52,521 48,654 Right of use asset, machines 2,677 2,498 - - - - 2,677 2,498

Long term lease obligation 6,634 4,301 - - 44,519 42,074 51,153 46,375 Short term lease obligation 1,846 2,332 - - 2,199 2,444 4,045 4,776

The right-of use assets were measured at the amount equal to the lease liability as at 31 December 2018. DigiPlex Norway Holding 2 AS

Consolidated statement

The change in accounting policy affected the following items in the Income statement for 2018 and Q2 / YTD 2019:

(Amounts in NOK '000) 2018 Q2 2019 YTD 2019 Other operating expenses -6,954 -1,868 -3,736 Depreciation 4,045 1,624 3,248 Finance cost 2,909 674 1,348 Income tax expense -94 -188 Profit/(loss) for the period -335 -670

In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard: * the use of a single discount rate to a portfolio of leases with reasonably similar characteristics * reliance on previous assessments on whether leases are onerous * the accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short-term leases * the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application, and * the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.

4 Financial risk management and Financial instruments

Financial risk management The Group’s activities exposes it to a variety of financial risks: market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. The Group does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Group's finance department under policies approved by the board of directors. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk – foreign exchange risk The Group operates domestically and is therefore exposed to a limited foreign exchange risk.

Market risk – cash flow interest rate risk The Group's interest rate risk arises from a long-term bond loan in the parent company, DNH2. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The interest on the bond loan is adjusted quarterly.

Sensitivity analysis – cash flow interest rate risk At 30 June 2019, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for any half year would have been approximately NOK 900,000 higher/lower, as a result of higher/lower interest expense on bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers, including outstanding receivables and committed transactions. Management assesses the credit quality of the customers, taking into account its financial position, past experience and other factors. Given the customers dependability of the services provided by the Group, there is a low collection risk, demonstrated through immaterial overdue accounts receivable at year end. Credit risk related to bank insolvency is closely monitored.

Liquidity risk The Group's finance department monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

The Group has completed the re-financing of the bond loans which fell due on 11 June and 17 July 2019. DigiPlex Norway Holding 2 AS

Consolidated statement

Book Less than Between 1 Between 3 Over 5 value 1 year and 3 and 5 years At 30 June 2019 years years

Bond loan (1) 1,778,250 47,790 191,160 1,927,440 0 Trade and other payables 145,765 145,765 0 0 0

(1) See note 8.

The carrying amount of cash and cash equivalents and bank overdrafts approximates fair value because these instruments have a short-term maturity date. Similarly, the carrying amount of accounts receivable and accounts payable approximates fair value as the impact of discounting is not significant.

The bond loan was issued at 30 April 2019. Fair value of the bond loan is correspond to the issuer price. The bond will be listed on the Oslo Stock Exchange on 30 October 2019 at the latest. DigiPlex Norway Holding 2 AS

Consolidated statement

Note 5 - Property, plant and equipment Amounts in NOK '000 Plant and Furniture and Land equipment fixtures Total

At 1 January 2018 Accumulated cost 45,951 1,845,868 6,326 1,898,145 Accumulated depreciation 0 560,448 4,130 564,578 Net book amount 45,951 1,285,420 2,196 1,333,567

Year ended 31 December 2018 Opening net book amount 45,951 1,285,420 2,196 1,333,567 Additions 396 222,525 5,343 228,265 Disposals 0 0 0 0 Depreciation charge 0 95,779 2,114 97,893 Net book amount 46,348 1,412,166 5,426 1,463,939

At 1 January 2019 Accumulated cost 46,348 2,068,393 11,670 1,561,832 Accumulated depreciation 0 656,227 6,244 97,893 Additions Q1 2019 0 19,363 386 19,749 Depreciation Q1 2019 25,337 195 25,532 Net book amount per 31 March 2019 46,348 1,406,192 5,616 1,458,156

At 1 April 2019 Opening net book amount 46,348 1,406,192 5,616 1,458,156 Additions Q2 2019 0 22,839 302 23,141 Disposals Q2 2019 0 0 0 0 Depreciation charge 0 28,161 445 28,457 Net book amount per 30 June 2019 46,348 1,400,871 5,473 1,452,691

Expected useful life 10-50 years 3-6 years Depreciation plan None Straight line Straight line

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts. 2018 and Q1 2019 figures shown for pro-forma purposes, ref. note 3. DigiPlex Norway Holding 2 AS

Consolidated statement

Note 6 - Segment and revenue information

DigiPlex Norway Holding 2 AS is a diversified group which derives its revenues and profits from the oeration of three separate data centres. The group’s senior leadership team, consisting of the chief executive officer, chief strategy officer, chief service delivery officer, chief technology officer, chief development officer, chief operation officer, chief financial officer and chief HR & compliance officer, considers the business from both a product and a geographic perspective. The data centres are considered as reporting segments as they are monitored separately.

Segment information provided to the senior leadership team. The table below shows the segment information provided to the senior leadership team for the reportable segments for the half-year ended 30 June 2019:

Amounts in NOK '000 DNAS DFAS DRAS Total

YTD June 2019 Total segment revenue 101,819 61,879 27,732 191,430 Inter-segment revenue 16,990 0 0 16,990 Revenue from external customers 84,830 61,879 27,732 174,441

Reported EBITDA 44,018 36,451 14,405 94,874 Adjustments 0 0 0 0 Adjusted EBITDA 44,018 36,451 14,405 94,874

YTD June 2018 (pro-forma) Total sement revenue 89,517 44,823 23,892 158,232 Inter-segment revenue 9,387 0 0 9,387 Revenue from external customers 80,130 44,823 23,892 148,845

Reported EBITDA 43,467 29,863 9,760 83,090 IFRS 16 adjustment DNAS / DRAS * 987 0 2,331 3,317 Adjusted EBITDA 44,454 29,863 12,091 86,407

At 30 June 2019 Property, plant and equipment 406,649 775,452 222,614 1,404,715 IFRS 16 adjustment DRAS 42,503 42,503 Other segment assets 156,457 111,670 26,727 294,855

Segment liabilities 474,330 912,451 260,383 1,647,165 IFRS 16 adjustment DRAS 42,297 42,297

At 31 December 2018 Property, plant and equipment 412,449 772,220 225,189 1,409,858 IFRS 16 adjustment DNAS / DRAS * 6,635 44,519 51,154 Other segment assets 295,461 142,157 25,527 463,145

Segment liabilities 623,275 938,563 356,926 1,918,764 IFRS 16 adjustment DNAS / DRAS * 6,635 44,519 51,154

See note 1 for details related to the impact from the change in accounting policy on the current period segment disclosures. The senior leadership team uses adjusted EBITDA as a measure to assess the performance of the segments. The segment overview excludes the effects of unrealised gains/losses on financial instruments. Interest income and expenditure are not allocated to segments, as this type of activity is driven by the central finance function, which manages the cash position of the Group.

* DRAS company accounts 2018 are reported according to NGAAP. IFRS 16 adjustments are made for IFRS reporting purposes in the Group accounts. IFRS 16 was implemented per 01.01.2019. In the pro-forma figures for 2018 adjustments have been made to reflect the new standard in DNAS. In DFAS no adjustments were made. DigiPlex Norway Holding 2 AS

Consolidated statement

Note 7 - Share capital and shareholder information Amounts in NOK '000

Number of Ordinary shares Share Share shares par value capital

As 1 January 2019 0 0 0 0 Foundation 300 300 100 30 Share capital from contribution in kind 0 0 400 120 At 24 April 2019 300 300 500 150

All shares have equal rights and are fully paid.

Shares Percentage Shareholders ownership

DigiPlex Norway Holding 1 AS 300 100.0% Total 100.0%

Note 8 - Bond loan / Shareholder Loans Amounts in NOK '000

DigiPlex Norway Holding 2 AS (the “Issuer”) has issued a senior secured bond of NOK 1,800 million to refinance the Group’s outstanding bond issues in DigiPlex Fet AS (“DFAS”) and DigiPlex Norway AS (“DNAS”) and to indirectly further fund DigiPlex's further growth plans in the Pan-Nordic region through repayment of shareholder loans. These investments are likely to take place in companies within DigiPlex other than the DNH2 Group.

Refinanced debt:

Bond loans (net value) Value 31.12.18 Value 31.03.19 DigiPlex Norway AS 550,000 525,000 DigiPlex Fet AS 500,000 500,000 Transaction cost to be amortized -2,501 -1,206 Short term bond loans 1,047,499 1,023,794

Shareholder loans Lender Value 31.12.18 Value 31.03.19 DigiPlex Fet AS DigiPlex Fet LLC 346,568 361,568 DigiPlex Rosenholm AS DigiPlex Rosenholm LLC 105,528 105,527 Shareholder loans 452,096 467,095

The new lending facility was drawn up by DigiPlex Holding 2 AS at 30 April 2019. The borrowing limit is 2,250,000,000,- of which 1,800,000,000,- was drawn up in tranche 1. The bond shall be repaid in full on final maturity date 30 April 2024. Interest payent quarterly. Reference rate is NIBOR 3 months + 3,65%.

As security for the loan DigiPlex Norway AS , DigiPlex Fet AS and DigiPlex Rosenholm AS all has issued jointly and several, unconditional and irrevocable Norwegian law guarantee and indemnity.

Value 30.06.19 DigiPlex Norway Holding 2 AS FRN senior secured bonds 2019/2024 1,800,000 Transaction cost -22,500 Amortized transaction cost 750 Net value 1,778,250 DigiPlex Norway Holding 2 AS

Consolidated statement

Note 9 - Loans to related parties / Related party transactions Amounts in NOK '000

30.06.2019 DigiPlex Norway Holding 1 AS 250,280 DigiPlex Norway Acquisition LLC 20,000 Sum 270,280

Intercompany revenue vs DigiPlex companies Q2 2019 YTD 2019 DigiPlex Copenhagen 1 Aps 725 1,450 DigiPlex Fet 2 AS 698 1,090 DigiPlex London 1 Limited 292 760 DigiPlex Stockholm 1 AB 550 2,906 DigiPlex Stockholm 2 AB -125 60 Total 2,140 6,266

Note 10 - Events after the balance sheet date

No events have occurred after the balance sheet date that should have been disclosed in the financial statements or are of significance in assessing the Group's position.

Note 11 - Deferred tax asset Amounts in NOK '000 Temporary differences Non-current assets 19,134 Current assets 0 Other differences 1,108 Capitalised transaction cost 3,273 Adjustments due to interest limitation rules -1,375

Tax loss carry forward -243,063 Basis for deferred tax asset in the balance sheet -220,922

Calculated deferred tax asset with 22 % 31.12.2018 -48,603

Income tax expense/(benefit) YTD 30.06.2019 -882 Calculated deferred tax asset 30.06.2019 -49,485 DigiPlex Norway Holding 2 AS

Company statement

Income statement Amounts in NOK '000

Actual Operating income and operating expenses Notes YTD 2019 (audited) Revenue from services 0 Revenue from goods sold 0 Total revenue 0

Cost of goods sold 0 Employee benefits expense 0 Other operating expenses 0 EBITDA 0

Depreciation and amortisation 5 0 Operating profit 0

Finance income 8,439 Finance costs 16,574 Finance - net -8,136

Profit/(loss) before tax -8,136

Income tax expense/(benefit) -1,790 Profit/(loss) for the period -6,346

Profit/(loss) for the year attri. to the shareh. -6,346

Statement of comprehensive income/(loss) OCI

Items that may be reclassified to profit or loss 0 Items that will not be reclassified to profit or loss 0

Total OCI for the year -6,346

Total OCI attributable to shareholders -6,346 DigiPlex Norway Holding 2 AS

Company statement

Statement of financial position Amounts in NOK '000

Assets Notes Actual Opening balance 30.06.2019 24.04.2019 (audited) (un-audited) Non-current assets Deferred tax asset 1,790 0 Shares in subsidiaries 1 2,121,300 2,121,300 Loans to related parties 2 1,752,027 0 Total non-current assets 3,875,117 2,121,300

Current assets Other receivables related parties 8,439 0 Trade and other receivables 281 0 Bank deposits 25,128 30 Total current assets 33,848 30

Total assets 3,908,966 2,121,330

Equity and liabilities Notes Actual Opening balance 30.06.2019 24.04.2019 (audited) (un-audited) Paid in equity Share capital 4 150 150 Share premium reserve 2,121,180 2,121,180 Total paid in equity 2,121,330 2,121,330

Earned equity Other equity -6,346 0 Total earned equity -6,346 0

Total equity 2,114,984 2,121,330

Liabilities

Non-current liabilities Borrowings 3 1,778,250 0 Total non-current liabilities 1,778,250 0

Current liabilities Trade and other payables 15,730 0 Total current liabilities 15,731 0

Total equity and liabilities 3,908,966 2,121,330

Oslo, 20 September 2019

James Byrne Murphy Gisle Michael Eckhoff Chairman of the board Member of the board / CEO

To the General Meeting of Digiplex Norway Holding 2 AS

Independent Auditor’s Report Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Digiplex Norway Holding 2 AS, which comprise the balance sheet as at 30 June 2019, the income statement, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements are prepared in accordance with law and regulations and give a true and fair view of the financial position of the Company as at 30 June 2019, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting.

Basis for Opinion

We conducted our audit in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company as required by laws and regulations, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Board of Directors for the Financial Statements

The Board of Directors (management) is responsible for the preparation in accordance with law and regulations, including fair presentation of the financial statements in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee

PricewaterhouseCoopers AS, Postboks 748 Sentrum, NO-0106 Oslo T: 02316, org. no.: 987 009 713 VAT, www.pwc.no State authorised public accountants, members of The Norwegian Institute of Public Accountants, and authorised accounting firm

Independent Auditor's Report - Digiplex Norway Holding 2 AS

that an audit conducted in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

For further description of Auditor’s Responsibilities for the Audit of the Financial Statements reference is made to https://revisorforeningen.no/revisjonsberetninger

Oslo, 02 October 2019 PricewaterhouseCoopers AS

Stig Lund State Authorised Public Accountant

(2)

DigiPlex Norway Holding 2 AS

Company statement

Statement of changes in equity Amounts in NOK '000

Share premium Note Share capital reserve Other equity Total equity

As 1 January 2019 0 0 0 0 Foundation 30 0 0 30 Share capital from contribution in kind 120 2,121,180 0 2,121,300 At 24 April 2019 150 2,121,180 0 2,121,330 Profit/(loss) for the period 0 0 -6,346 -6,346 Balance at 30 June 2019 4 150 2,121,180 -6,346 2,114,984

Statement of cash flow Amounts in NOK '000

Notes Q2 2019 Cash flows from operating activities

Profit/(loss) before income tax -8,136 Depreciation charges 0 Adjustment for financial activities 8,136

Changes in inventories 0 Change in trade and other receivables -8,720 Change in trade and other payables 15,730 Net cash from operating activities 7,011

Cash flows from investing activities Purchase of property, plant and equipment 0 Issue of loan to related party 2 -1,752,027 Net cash from investing activities -1,752,027

Cash flows from financing activities Share capital paid in 4 30 Transaction cost related to the issuing of the bond 3 -22,500 Net issue of bond loan / shareholder loan 3 1,800,000 Interests paid -7,386 Net cash from financing activities 1,770,144

Net (decrease)/increase in cash and cash equivalents 25,128 Cash and cash equivalents at beginning of period 0 Cash and cash equivalents at end of the period 25,128 DigiPlex Norway Holding 2 AS

Company statement

Significant accounting policies

Basis of preparation of half-year report

This condensed consolidated interim financial report for the half-year reporting period ended 30 June 2019 has been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting.

The interim report does not include all the notes of the type normally included in an annual financial report. The financial statements have been prepared on a historical cost basis, and in accordance with IFRS as adopted by the EU, and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").

The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Company’s accounting policies. The areas where significant judgements and estimates have been made in preparing the financial statements are disclosed in the notes to these financial statements.

The financial statements have been prepared on a going concern basis.

Financial instruments

Classification

The company has the following classes of financial assets and liabilities: Receivables and financial liabilities at amortised cost.

Regular purchases and sales of financial assets are recognised on the trade-date - the date on which the company commits to purchase or sell the asset. Investments are initially at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and all risks and rewards of ownership have been transferred. Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Impairment of financial assets

The loss allowances for financial assets are based on assumptions about risk of default an expected loss rates. The group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

Impairment of tangible assets

On an annual basis, or if an indication of impaired value have occured, the companies reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The test is performed on the lowest level of fixed assets at which independent cash flows can be identified (Cash Generating Unit - CGU).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years.

Shares in subsidiaries and loans to related parties

Shares in subsidiaries and loans provided to subsidiaries are evaluated at the lower of cost or fair value. Any impairment losses and reversal of impairment losses are classified as net gains (loss and impairment) on financial assets in the income statement.

Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred. DigiPlex Norway Holding 2 AS

Company statement

Taxation

Income tax expense represents the current tax calculated on taxable profits for the year, any adjustments in respect of prior periods and the deferred tax charge or credit for the year.

The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companie’s liability for current tax is calculated using tax rates that have been enacted by the reporting date.

Deferred tax Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered.

Deferred tax is calculated at the tax rates that have been enacted and that are expected to apply in the year when the liability is settled or the asset realised. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the company intends to settle its current tax assets and liabilities on a net basis.

Deferred tax is reflected at nominal value.

Note 1 - Shares in subsidiaries Amounts in NOK '000 Percentage Name of company Location ownership Book value DigiPlex Fet AS Fetsund, Lørenskog 100% 516,183 DigiPlex Norway AS Oslo 100% 1,209,141 DigiPlex Rosenholm AS Kolbotn, Oslo 100% 395,976 Total 2,121,300

Note 2 - Loans to related parties Amounts in NOK '000 30.06.2019 DigiPlex Norway AS 398,375 DigiPlex Fet AS 865,052 DigiPlex Rosenholm AS 238,319 DigiPlex Norway Holding 1 AS 250,280 Sum 1,752,027 DigiPlex Norway Holding 2 AS

Company statement

Note 3 - Bond loan

The lending facility was drawn up by DigiPlex Holding 2 AS at 30 April 2019. The borrowing limit is 2,250,000,000,- of which 1,800,000,000,- was drawn up in tranche 1. The bond shall be repaid in full on final maturity date 30 April 2024. Interest payent quarterly. Reference rate is NIBOR 3 months + 3,65%. As security for the loan DigiPlex Norway AS , DigiPlex Fet AS and DigiPlex Rosenholm AS all has issued jointly and several, unconditional and irrevocable Norwegian law guarantee and indemnity.

Amounts in NOK '000 30.06.2019 DigiPlex Norway Holding 2 AS FRN senior secured bonds 2019/2024 1,800,000 Transaction cost -22,500 Amortized transaction cost 750 Net value 1,778,250

Note 4 - Share capital and shareholder information Amounts in NOK '000

Number of Ordinary Share Share shares shares par value capital As 1 January 2019 0 0 0 0 Fundation 300 300 100 30 Share capital contribution in kind 400 120 At 24 April 2019 300 300 500 150

All shares have equal rights and are fully paid. Percentage Shareholders Shares ownership DigiPlex Norway Holding 1 AS 300 100.0% Total 100.0% DigiPlex Norway Holding 2 AS

Company statement

Note 5 - Financial instruments and risk management

Financial risk management The Company’s activities exposes it to a variety of financial risks: market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Company does not use derivative financial instruments to hedge any risk exposures.

Risk management is carried out by the Company's (Group's) finance department under policies approved by the board of directors. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.

Market risk – foreign exchange risk The Company operates domestically and is therefore exposed to a limited foreign exchange risk.

Market risk – cash flow interest rate risk The Company's interest rate risk arises from a long-term bond loan. Borrowings issued at variable rates expose the Company to cash flow interest rate risk. The interest on the bond loan is adjusted quarterly.

Sensitivity analysis – cash flow interest rate risk At 30 June 2019, if the Norwegian key policy rate had been 10 basis points higher/lower with all other variables held constant, post-tax profit for any half year would have been approximately NOK 900,000 higher/lower, as a result of higher/lower interest expense on bond borrowings.

Credit risk Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to related parties. Management assesses the credit quality of the related parties, taking into account a history of meeting its financial obligation for a long period of time, and other factors. Taken this into consideration expected credit losses for loans to related parties are immaterial. Credit risk related to bank insolvency is closely monitored, but currently considered immaterial

Liquidity risk The Company's finance department monitors rolling forecasts of the Company’s liquidity requirements to ensure it has sufficient cash to meet operational needs, while maintaining sufficient headroom at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

Book value Less than 1 year Between 1 and 3 Between 3 and 5 Over 5 years At 30 June 2019 years years Loans to related parties (1) 1,752,027 48,706 194,825 1,881,911 0 Trade and other receivables 8,720 8,720 0 0 0

At 30 June 2019 Bond loan (2) 1,778,250 47,790 191,160 1,927,440 0 Trade and other payables 15,730 15,730 0 0 0

(1) See note 2. (2) See note 3

The carrying amount of cash and cash equivalents and bank overdrafts approximates fair value because these instruments have a short-term maturity date. Similarly, the carrying amount of accounts receivable and accounts payable approximates fair value as the impact of discounting is not significant. For loans to related parties fair value is assumed to be face value due to the fact that the refinancing of the group as a whole was executed on 30 April 2019. The company has also taken into account that the borrowers has a history meeting its financial obligations for a long period of time and the payment structure of the bond.

The bond loan was issued at 30 April 2019. Fair value of the bond loan is correspond to the issuer price. The bond will be listed on the Oslo Stock Exchange on 30 October 2019 at the latest. DigiPlex Norway Holding 2 AS

Company statement

The fair value hierarchy The Company has not recognised any items at fair value as of 30 June 2019.

Classification of financial assets and liabilities The Company has the following classification of financial assets and liabilities.

Financial instruments

Financial assets At 30 June 2019 at amortised cost Other items Total

Assets Trade receivables (non interest bearing) 281 0 281 Other receivables (non interest bearing) 8,439 0 8,439 Cash and cash equivalents 25,128 0 25,128 Shares in subsidiaries 2,121,300 2,121,300 Loans to related parties 1,752,027 0 1,752,027 Total financial assets 1,785,875 2,121,300 3,907,175

The maximum exposure to credit risk is equal to the book value.

Other financial liabilities at At 30 June 2019 amortised cost Other items Total

Liabilities Bond loan 1,778,250 0 1,778,250 Other current liabilities (non interest bearing) 15,730 0 15,730 Total financial liabilities 1,793,980 0 1,793,980

Capital management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital management.

RESPONSIBILITY STATEMENT

We confirm, to the best of our knowledge, that the financial statements for the half year ended 30 June 2019 have been prepared in accordance with IFRS as adopted by the EU, and give a true and fair view of the Group’s assets, liabilities, financial position and results of operation, and that the Management Commentary gives a true and fair review of the development and performance of the business and the position of the Group.

Oslo, 20 September 2019

J Byrne Murphy Gisle M. Eckhoff Chairman CEO

Annex 9 Interim report Q2 2019 and Q1 2019 for DigiPlex Norway AS

20 September 2019

DigiPlex Norway AS (the Company) Management Commentary For the half year ended 30 June 2019

Organisation no. 981 663 322

BACKGROUND

The Company is situated at Ulven in Oslo’s Økern district and was founded in 2000, making it the most established data centre in the DigiPlex Group of Companies.

The Company provides 4,900 m2 of white technical space, fitted out according to customers’ current and future requirements with state-of-the-art security, functionality and sustainability. It has now been fully operational for more than 18 years over which period it has attracted an impressive portfolio of customers, a significant proportion of which consists of government bodies. It also has a high customer renewal rate allowing the Company to maintain a consistent and reliable operating revenue stream.

This report should be read in conjunction with the Company’s 2018 audited financial statements dated 30 April 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

The enclosed financial statements are the condensed interim results for the half year ended 30 June 2019. These statements, which have been prepared in accordance with IFRS, are not a full set of accounts, and have not been audited.

UPDATE FOR THE HALF YEAR ENDED 30 June 2019

The Company continued to provide IT housing solutions to its existing customer base during the first half of 2019.

For the half year ended 30 June 2019, the Company’s operating revenues totalled NOK 101.8 million, compared to NOK 89.6 million reported for the first half of last year. Operating expenses totalled NOK 57.8 million, compared to NOK 46.1 million for the same period last year, and comprised of NOK 12.6 million of cost of goods sold, NOK 24.7 million of operational, management and accounting support costs, and NOK 20.5 million of personnel costs.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the half year ended 30 June 2019 was NOK 44.0 million, compared to NOK 43.5 million for the same period of 2018.

A charge of NOK 25.2 million was made to reflect depreciation of the plant and equipment, and the Company incurred net finance costs of NOK 13.5 million compared to NOK 10.4 million for the same period last year.

Considering the above, the profit before income tax for the half year came in at NOK 5.3 million, compared to a profit before income tax of NOK 9.8 million for the first half of 2018.

Cash generated from operations was NOK 54.3 million, compared to NOK 47.9 million in the same period last year.

The Company has received shareholder loans from its new parent company, DigiPlex Norway Holding 2 AS (DNH2) in June 2019 following DNH2’s successful NOK 1,800 million senior secured bond issue on 30 April 2019. The shareholder loans together with the proceeds from repayment of a related party loan (NOK 131.3 million as at 27 May 2019) was used to refinance the Company’s bond loan of NOK 525.0 million.

At 30 June 2019, cash and cash equivalents stood at NOK 39.0 million compared to NOK 29.7 million at the end of December 2018.

DigiPlex Norway AS Page 1 of 6

Income Statement (All amounts in NOK thousand) Year ended 31 Quarter ended 30 June Year-to-date ended 30 June December

2019 2018 2019 2018 2018 Operating income and operating expenses Notes Un-audited Un-audited Un-audited Un-audited Audited

Revenue from services 41,084 43,620 87,228 79,598 157,964 Revenue from goods sold 13,154 1,181 14,591 9,919 21,300 Total revenue 54,238 44,801 101,819 89,517 179,265

Cost of goods sold 11,340 2,171 12,581 10,568 19,096 Employee benefits expense 7,891 5,845 20,501 14,467 35,021 Other operating expenses 11,568 14,349 24,719 21,015 44,655 EBITDA 23,439 22,435 44,018 43,467 80,492

Depreciation and amortisation 2 12,876 11,463 25,222 23,229 46,676 Operating profit 10,563 10,972 18,796 20,238 33,816

Finance income 1,325 2,558 3,286 4,950 9,240 Finance cost 9,171 7,916 16,773 15,382 30,930 Finance - net -7,846 -5,359 -13,488 -10,431 -21,690

Profit/(loss) before income tax 2,718 5,614 5,308 9,806 12,126

Income tax expense/(benefit) 598 1,291 1,168 2,255 4,041

Profit/(loss) for the period 2,120 4,323 4,140 7,551 8,085

Profit/(loss) for the period attributable to the shareholders 2,120 4,323 4,140 7,551 8,085

Statement of comprehensive income/(loss)

Profit/(loss) for the period 2,120 4,323 4,140 7,551 8,085 Other comprehensive income

Total comprehensive income/(loss) for the 2,120 4,323 4,140 7,551 8,085 period

Total comprehensive income/(loss) 2,120 4,323 4,140 7,551 8,085 attributable to shareholders DigiPlex Norway AS Page 2 of 6

Statement of financial position (All amounts in NOK thousand) As at 31 As at 30 June As at 30 June December

2019 2018 2018 Assets Notes Un-audited Audited Un-Audited

Non-current assets Deferred tax asset 37,147 38,315 40,100 Land, building and outfitting 2 406,649 412,448 392,512 Furniture and fixtures 2 5,186 2,575 1,616 Loans to related parties 20,000 20,000 191,250 Total non-current assets 468,981 473,338 625,479

Current assets Inventories 839 683 751 Trade and other receivable 54,235 66,691 50,150 Loans to related parties 0 137,500 0 Bank deposits 3 39,050 29,698 46,602 Total current assets 94,125 234,572 97,502

Total assets 563,106 707,910 722,981

As at 31 As at 30 June As at 30 June December

2019 2018 2018 Equity and liabilities Notes Un-audited Audited Un-Audited

Equity Share capital 33,300 33,300 33,300 Share premium reserve 22,610 22,610 22,610 Other equity 32,866 28,726 28,193 Total equity 88,776 84,636 84,103

Non-current liabilities Borrowings 3,183 -0 521,878 Shareholder loan 398,375 0 0 Total non-current liabilities 401,559 -0 521,878

Current liabilities Short term borrowings 548,439 50,000 Trade and other payables 56,040 63,204 51,851 Deposits from customers 8,603 8,603 9,200 Public tax liabilities 8,128 3,029 5,950 Total current liabilities 72,771 623,275 117,001

Total equity and liabilities 563,106 707,910 722,981 DigiPlex Norway AS Page 3 of 6

Statement of changes in equity (All amounts in NOK thousand)

Share premium Share capital reserve Other equity Total equity

As at 1 January 2018 33,300 22,610 20,641 76,551

Profit/(loss) for the period 7,551 7,551 Other comprehensive income/(loss) 0 0 0 0 Total comprehensive income/(loss) 0 0 7,551 7,551

Total transactions with shareholders 00 00 recognised directly in equity

As at 30 June 2018 33,300 22,610 28,193 84,103

As at 1 January 2019 33,300 22,610 28,726 84,636

Profit/(loss) for the period 4,140 4,140 Other comprehensive income/(loss) 0 Total comprehensive income/(loss) 0 0 4,140 4,140

Total transactions with shareholders recognised directly in equity

As at 30 June 2019 33,300 22,610 32,866 88,776 DigiPlex Norway AS Page 4 of 6

Statement of cash flow (All amounts in NOK thousand) Year ended 31 Quarter ended 30 June Year-to-date ended 30 June December

2019 2018 2019 2018 2018 Un-audited Un-audited Un-audited Un-audited Audited

Profit/(loss) before income tax 2,718 5,614 5,308 9,806 12,126

Adjustments for: Depreciation and amortisation charges 12,876 11,463 25,222 23,229 46,676 Adjustment for financial activities 7,846 5,359 13,488 10,431 21,690

Changes in working capital Trade and other receivables -4,387 19,122 12,455 5,511 -11,030 Trade and other payables -1,943 -7,274 -2,064 -952 6,882 Inventories -86 -158 -157 -134 -66 Net cash flow from operating activities 17,023 34,125 54,253 47,891 76,278

Cash flows from investing activities Investment in property, plant and equipment -8,703 -14,005 -22,033 -27,330 -71,672 Repayment of loans from related parties 131,250 137,500 6,250 40,000 Interest received from related parties 36 50 62 90 174 Net cash flow from investing activities 122,584 -13,955 115,529 -20,989 -31,498

Cash flows from financing activities Repayment of bond loan -524,220 -548,439 1,561 -21,877 Shareholder loan 398,375 398,375 Borrowings -603 781 3,184 Interests paid -7,882 -5,409 -13,550 -10,522 -21,864 Net cash flow from financing activities -134,329 -4,628 -160,430 -8,960 -43,742

Net (decrease)/increase in cash and cash 5,277 15,542 9,352 17,942 1,038 equivalents

Cash and cash equivalents at beginning of the period 33,773 31,060 29,698 28,661 28,661

Cash and cash equivalents at end of the 39,050 46,602 39,050 46,602 29,698 period DigiPlex Norway AS Page 5 of 6

Note 1 - Statement of compliance, basis of preparation and significant accounting policies

DigiPlex Norway AS is a Norwegian private limited liability company incorporated on 1 March 2000 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 981 663 322 and its registered business address is Selma Ellefsens vei 1, 0581 Oslo, Norway.

DigiPlex Norway AS provides highly secure, high‐powered, energy‐efficient and carrier‐neutral data centre space at Selma Ellefsens vei 1, in Oslo, Norway, for its customers' information and communication technology equipment.

These condensed interim financial statements for the quarter ended 30 June 2019 do not include all of the information required for a full set of annual financial statements, and have not been audited.

They have been prepared in accordance with International Accounting Standard ('IAS') 34, ‘Interim Financial Reporting’. They should be read in conjunction with the audited annual financial statements for the year ended 31 December 2018, dated 30 April 2019, which have been prepared in accordance with International Financial Reporting Standards ('IFRS').

The accounting principles applied in the audited 2018 annual financial statements, IFRS, have also been applied to these statements. The following standard which is mandatory from 1 January 2019, has been implemented in the Company's financial statements:

IFRS 16, 'Leases' IFRS 16 will affect primarily the accounting by lessees and may require the recognition of leases on the balance sheet. The standard removes the current distinction between operating and finance leases and requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all lease contracts. An optional exemption exists for short‐term and low‐value leases. The income statement will also be affected whereby an operating lease expense will be replaced with interest and depreciation, thereby changing the EBITDA. The accounting by lessors will not change significantly. Some differences may arise as a result of the new guidance on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to

According to the new standard the right of use assets and obligations are calculated as shown below (amounts in NOK thousand):

Tenancy agreement for office space at Ulvenveien 82E 4,218 Lease agreement for servers 2,582 Additions to assets and liabilities due to the new accounting standard, IFRS 16 6,799 DigiPlex Norway AS Page 6 of 6

Note 2 - Property, plant and equipment

Land Building Plant and Furniture Total (All amounts in NOK thousand) equipment and fixtures As at 31 December 2018 Accumulated cost 7,431 80,135 783,244 8,008 878,817 Accumulated depreciation 0 55,026 403,335 5,433 463,793 Net book amount according to 2018 audited accounts 0 25,109 379,909 2,576 415,024 Implementation effect IFRS 16 0 4,218 2,582 6,800 Net book amount opening balance 7,431 29,327 379,909 5,158 421,824 01.01.2019

Year to date ended 31 March 2019 Opening net book amount 7,431 29,327 379,909 5,158 421,824 Additions 0 0 6,091 440 6,531 Depreciation charge 0 1,288 10,898 160 12,347 Net book amount 7,431 28,039 375,101 5,437 416,008 As at 31 March 2019 Accumulated cost 7,431 84,352 789,335 11,030 892,148 Accumulated depreciation 0 56,314 414,090 5,737 476,140 Net book amount 7,431 28,039 375,245 5,293 416,008

Year to date ended 30 June 2019 Opening net book amount 7,431 28,039 375,245 5,293 416,008 Additions 0 0 8,401 301 8,703 Depreciation charge 0 1,314 11,153 409 12,876 Net book amount 7,431 26,725 372,494 5,186 411,835 As at 30 June 2019 Accumulated cost 7,431 84,352 797,736 11,332 900,851 Accumulated depreciation 0 57,627 425,243 6,146 489,017 Net book amount 7,431 26,725 372,494 5,186 411,835

Depreciation for the period 0 1,288 -1,288 0 0 Estimated useful life N/A 15-25 years 10-25 years 3-6 years

Note 3 - Bank deposits

(All amounts in NOK thousand) 30 Jun 2019 31 Dec 2018

Short term cash deposits 36,561 25,535 Restricted cash 2,489 4,163 Bank deposits 39,050 29,698

Bank deposits consist of short term cash deposits and cash equivalents held at financial institutions. As at 30 June 2019, the Company had bank accounts with a total restricted amount of NOK 2,489 thousand; of which NOK 1,244 thousand were related to employees' tax deductions and NOK 1,284 thousand to office rent.

29 May 2019

DigiPlex Norway AS (the Company) Management Commentary For the quarter ended 31 March 2019

Organisation no. 981 663 322

BACKGROUND

The Company is situated at Ulven in Oslo’s Økern district and was founded in 2000, making it the most established data centre in the DigiPlex Group of Companies.

The Company provides 4,900 m2 of white technical space, fitted out according to customers’ current and future requirements with state-of-the-art security, functionality and sustainability. It has now been fully operational for more than 18 years over which period it has attracted an impressive portfolio of customers, a significant proportion of which consists of government bodies. It also has a high customer renewal rate allowing the Company to maintain a consistent and reliable operating revenue stream.

This report should be read in conjunction with the Company’s 2018 audited financial statements dated 30 April 2019, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

The enclosed financial statements are the condensed interim results for the quarter ended 31 March 2019. These statements, which have been prepared in accordance with IFRS, are not a full set of accounts, and have not been audited.

UPDATE FOR THE QUARTER ENDED 31 MARCH 2019

The Company continued to provide IT housing solutions to its existing customer base during the quarter.

For the quarter ended 31 March 2019, the Company’s operating revenues totalled NOK 47.6 million, compared to NOK 44.7 million reported in the same quarter last year. Operating expenses totalled NOK 27.0 million, compared to NOK 23.7 million for the same period last year, and comprised of NOK 1.2 million of cost of goods sold, NOK 13.2 million of operational, management and accounting support costs, and NOK 12.6 million of personnel costs.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the quarter ended 31 March 2019 was NOK 20.6 million, compared to NOK 21.0 million for the first quarter last year.

A charge of NOK 12.3 million was made to reflect depreciation of the plant and equipment, and the Company incurred net finance costs of circa NOK 5.6 million compared to NOK 11.8 million and NOK 5.1 million respectively for the same period last year.

Considering the above, the profit before income tax for the quarter came in at NOK 2.6 million, compared to a profit before income tax of NOK 4.2 million for the first quarter of 2018.

Cash generated from operations was NOK 35.0 million, compared to NOK 20.8 million in the same quarter last year.

The Company will be receiving shareholder loans from its new parent company, DigiPlex Norway Holding 2 AS (DNH2) in June 2019 following DNH2’s successful NOK 1,800 million senior secured bond issue on 30 April 2019. The shareholder loans together with the proceeds due from a related party for the repayment of a short-term loan (NOK 131.3 million as at 31 March 2019) will be used to redeem the Company’s bond loan of NOK 525.0 million, which falls due on 17 July 2019.

At 31 March 2019, cash and cash equivalents stood at NOK 33.8 million compared to NOK 29.7 million at the end of December 2018.

DigiPlex Norway AS

Income Statement (All amounts in NOK thousand) Year ended 31 Quarter ended 31 March Year-to-date ended 31 March December

2019 2018 2019 2018 2018 Operating income and operating expenses Notes Un-audited Un-audited Un-audited Un-audited Audited *

Revenue from services 46 161 41 422 46 161 41 422 157 964 Revenue from goods sold 1 421 3 294 1 421 3 294 21 300 Total revenue 47 581 44 716 47 581 44 716 179 265

Cost of goods sold 1 241 4 395 1 241 4 395 19 096 Employee benefits expense 12 610 8 622 12 610 8 622 35 021 Other operating expenses 13 151 10 667 13 151 10 667 44 655 EBITDA 20 580 21 032 20 580 21 032 80 492

Depreciation and amortisation 2 12 347 11 766 12 347 11 766 46 676 Operating profit 8 233 9 266 8 233 9 266 33 816

Finance income 1 959 2 393 1 959 2 393 9 240 Finance cost 7 602 7 466 7 602 7 466 30 930 Finance - net -5 643 -5 073 -5 643 -5 073 -21 691

Profit/(loss) before income tax 2 590 4 193 2 590 4 193 12 125

Income tax expense/(benefit) 570 964 570 964 4 041

Profit/(loss) for the period 2 020 3 229 2 020 3 229 8 084

Profit/(loss) for the period attributable to the shareholders 2 020 3 229 2 020 3 229 8 084

Statement of comprehensive income/(loss)

Profit/(loss) for the period 2 020 3 229 2 020 3 229 8 084 Other comprehensive income 0 0 0 0 0

Total comprehensive income/(loss) for the 2 020 3 229 2 020 3 229 8 084 period

Total comprehensive income/(loss) 2 020 3 229 2 020 3 229 8 084 attributable to shareholders

* The effects of IFRS 16 Leases have been included in the audited 2018 accounts for comparability DigiPlex Norway AS

Statement of financial position (All amounts in NOK thousand) As at 31 As at 31 March As at 31 March December

2019 2018 2018 Assets Notes Un-audited Audited * Un-audited

Non-current assets Deferred tax asset 37 745 38 315 41 392 Land, building and outfitting 2 413 153 419 248 389 869 Furniture and fixtures 2 2 855 2 575 1 716 Loans to related parties 20 000 20 000 191 250 Total non-current assets 473 752 480 138 624 228

Current assets Loans to related parties 131 250 137 500 12 500 Inventories 753 683 592 Trade and other receivable 49 848 66 691 61 981 Bank deposits 3 33 773 29 698 31 060 Total current assets 215 624 234 572 106 133

Total assets 689 376 714 710 730 361

As at 31 As at 31 March As at 31 March December

2019 2018 2018 Equity and liabilities Notes Un-audited Audited * Un-audited

Equity Share capital 33 300 33 300 33 300 Share premium reserve 22 610 22 610 22 610 Other equity 30 746 28 726 23 870 Total equity 86 656 84 636 79 780

Non-current liabilities

Lease obligation right of use assets 3 786 4 389 0 Borrowings 0 0 521 097 Total non-current liabilities 3 786 4 389 521 097

Current liabilities Borrowings 524 219 548 439 50 000 Lease obligation right of use assets 2 411 2 411 0 Trade and other payables 53 325 60 601 63 793 Deposits from customers 8 603 8 603 9 200 Public tax liabilities 10 377 5 632 6 492 Total current liabilities 598 935 625 686 129 484

Total equity and liabilities 689 376 714 710 730 361 * The effects of IFRS 16 Leases have been included in the audited 2018 accounts for comparability DigiPlex Norway AS

Statement of changes in equity (All amounts in NOK thousand)

Share premium Share capital reserve Other equity Total equity

As at 1 January 2018 33 300 22 610 20 641 76 551

Profit/(loss) for the period 0 0 8 084 8 084 Other comprehensive income/(loss) 0 0 0 0 Total comprehensive income/(loss) 0 0 8 084 8 084

Total transactions with shareholders 0 0 0 0 recognised directly in equity

As at 31 December 2018 33 300 22 610 28 726 84 636

As at 1 January 2019 33 300 22 610 28 726 84 636

Profit/(loss) for the period 0 0 2 020 2 020 Other comprehensive income/(loss) 0 0 0 0 Total comprehensive income/(loss) 0 0 2 020 2 020

Total transactions with shareholders 0 0 0 0 recognised directly in equity

As at 31 March 2019 33 300 22 610 30 746 86 656

Statement of cash flow (All amounts in NOK thousand) Year ended 31 Quarter ended 31 March Year-to-date ended 31 March December

2019 2018 2019 2018 2018 Un-audited Un-audited Un-audited Un-audited Audited

Profit/(loss) before income tax 2 590 4 193 2 590 4 193 12 125

Adjustments for: Depreciation and amortisation charges 12 347 11 766 12 347 11 766 46 676 Adjustment for financial activities 5 643 5 073 5 643 5 073 21 691

Changes in working capital Trade and other receivables 16 843 -6 072 16 843 -6 072 -11 031 Trade and other payables -2 353 5 812 -2 353 5 812 10 005 Inventories -71 24 -71 24 -66 Net cash flow from operating activities 34 999 20 796 34 999 20 796 79 400

Cash flows from investing activities Investment in property, plant and equipment -6 531 -13 324 -6 531 -13 324 -71 672 Repayment of loans from related parties 6 250 0 6 250 0 40 000 Interest received from related parties 2 608 2 316 2 608 2 316 8 972 Net cash flow from investing activities 2 327 -11 008 2 327 -11 008 -22 700

Cash flows from financing activities Repayment of bond loan -25 000 0 -25 000 0 -25 000 Interests paid -8 251 -7 389 -8 251 -7 389 -30 662 Net cash flow from financing activities -33 251 -7 389 -33 251 -7 389 -55 662

Net (decrease)/increase in cash and cash 4 075 2 399 4 075 2 399 1 038 equivalents

Cash and cash equivalents at beginning of the period 29 698 28 661 29 698 28 661 28 661

Cash and cash equivalents at end of the 3 33 773 31 059 33 773 31 059 29 698 period DigiPlex Norway AS

Note 1 - Statement of compliance, basis of preparation and significant accounting policies

DigiPlex Norway AS is a Norwegian private limited liability company incorporated on 1 March 2000 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 981 663 322 and its registered business address is Selma Ellefsens vei 1, 0581 Oslo, Norway.

DigiPlex Norway AS provides highly secure, high-powered, energy-efficient and carrier-neutral data centre space at Selma Ellefsens vei 1, in Oslo, Norway, for its customers' information and communication technology equipment.

These condensed interim financial statements for the quarter ended 31 March 2019 do not include all of the information required for a full set of annual financial statements, and have not been audited.

They have been prepared in accordance with International Accounting Standard ('IAS') 34, ‘Interim Financial Reporting’. They should be read in conjunction with the audited annual financial statements for the year ended 31 December 2018, dated 30 April 2019, which have been prepared in accordance with International Financial Reporting Standards ('IFRS').

The accounting principles applied in the audited 2018 annual financial statements, IFRS, have also been applied to these statements. The following standard which is mandatory from 1 January 2019, has been implemented in the Company's financial statements:

IFRS 16, 'Leases' IFRS 16 will affect primarily the accounting by lessees and may require the recognition of leases on the balance sheet. The standard removes the current distinction between operating and finance leases and requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all lease contracts. An optional exemption exists for short-term and low-value leases. The income statement will also be affected whereby an operating lease expense will be replaced with interest and depreciation, thereby changing the EBITDA. The accounting by lessors will not change significantly. Some differences may arise as a result of the new guidance on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

According to the new standard the right of use assets and obligations are calculated as shown below (amounts in NOK thousand): Tenancy agreement for office space at Ulvenveien 82E 4 218 Lease agreement for servers 2 582 Additions to assets and liabilities due to the new accounting standard, IFRS 16 6 799

Note 2 - Property, plant and equipment

Land Building Plant and Furniture Total equipment and fixtures (All amounts in NOK thousand) As at 31 December 2018 Accumulated cost 7 431 80 135 783 244 8 008 878 817 Accumulated depreciation 0 55 026 403 335 5 433 463 793 Net book amount according to 2018 audited accounts 0 25 109 379 909 2 576 415 024 Implementation effect IFRS 16 0 4 218 2 582 0 6 799 Net book amount opening 7 431 29 327 382 491 2 576 421 823 balance 01.01.2019

Year to date ended 31 March 2019

Opening net book amount 7 431 29 327 382 491 2 576 421 823 Additions 0 0 6 091 440 6 531 Depreciation charge 0 1 288 10 898 160 12 347 Net book amount 7 431 28 039 377 683 2 855 416 007 As at 31 March 2019 Accumulated cost 7 431 84 352 791 917 8 448 892 147 Accumulated depreciation 0 56 314 414 234 5 593 476 140 Net book amount 7 431 28 039 377 683 2 855 416 007

Depreciation for the period 0 1 288 10 898 160 12 347 Estimated useful life N/A 15-25 years 10-25 years 3-6 years DigiPlex Norway AS

Note 3 - Bank deposits

31 Mar 2019 31 Dec 2018 (All amounts in NOK thousand)

Short term cash deposits 30 178 25 535 Restricted cash 3 595 4 163 Bank deposits 33 773 29 698

Bank deposits consist of short term cash deposits and cash equivalents held at financial institutions. As at 31 March 2019, the Company had bank accounts with a total restricted amount of NOK 3,595 thousand; of which NOK 2,311 thousand were related to employees' tax deductions and NOK 1,284 thousand to office rent. DigiPlex Norway AS

Definitions

DigiPlex Norway AS's financial information is prepared in accordance with International Financial Reporting Standards ('IFRS'). Additionally, some alternative performance measures have been provided, these are defined as follows:

EBITDA is earnings before interest, tax, depreciation and amortisation.

Annex 10 Interim report Q2 2019 and Q1 2019 for DigiPlex Rosenholm AS

20 September 2019

DigiPlex Rosenholm AS (the Company) Management Commentary For the half year ended 30 June 2019

Organisation no. 994 817 477

BACKGROUND

The Company is the DigiPlex Group of Companies’ second fully operational data centre in Oslo. It was founded in 2009 and is based in the Rosenholm Business Centre Campus.

The data halls, providing 1,900m2 of technical space, were re-built by the Company with new mechanical and electrical infrastructures and fitted out according to customers' current and future requirements with state-of-the-art security, functionality and sustainability.

This report should be read in conjunction with the Company’s 2018 audited financial statements dated 30 April 2019, which have been prepared in accordance with the Norwegian Generally Accepted Accounting Principles [NGAAP].

The enclosed financial statements are the condensed interim results for the half year ended 30 June 2019. These statements have been prepared in accordance with NGAAP, are not a full set of accounts, and have not been audited.

UPDATE FOR THE HALF YEAR ENDED 30 June 2019

The Company continued to provide IT housing solutions to its existing customer base during the first half of 2019.

For the half year ended 30 June 2019, the Company’s operating revenues totalled NOK 27.7 million, compared to NOK 23.9 million reported for the first half of last year. Operating expenses totalled NOK 15.7 million, compared to NOK 14.1 million for the same period of last year, and comprised of NOK 14.6 million of operational, management and accounting support costs, NOK 0.9 million of personnel costs and NOK 0.2 million cost of goods sold.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the half year ended 30 June 2019 was NOK 12.0 million, compared to NOK 9.8 million for the same period last year.

A charge of NOK 6.1 million was made to reflect depreciation of the plant and equipment, a slight increase from the NOK 5.9 million reported for the first half of 2018.

Operating profit for the first half of 2019 was NOK 5.9 million, compared to NOK 3.9 million for the same period of 2018.

The Company incurred net finance costs of NOK 4.8 million, compared to NOK 3.4 million for the same period last year.

Considering the above, the profit before income tax for the half year came in at NOK 1.1 million, compared to NOK 0.5 million for the first half of 2018.

Cash generated from operating activities was NOK 14.1 million, compared to NOK 6.7 million in the same period last year.

The Company has received shareholder loan from its new parent company, DigiPlex Norway Holding 2 AS (DNH2) in June 2019 following DNH2’s successful NOK 1,800 million senior secured bond issue on 30 April 2019. The loan has been used to repay the related party loans totalling NOK 131.3 million as at 27 May 2019 (NOK 137.5 million as at 31 December 2018) as well as to repay the existing shareholder loans of NOK 105.5 million (no change from the outstanding balance as at 31 December 2018) to its previous owner, DigiPlex Rosenholm LLC.

At 30 June 2019 cash and cash equivalents stood at NOK 10.5 million compared to NOK 9.5 million at the beginning of the year.

DigiPlex Rosenholm AS Page 1 of 5

Income Statement (All amounts in NOK thousand) Year ended 31 Quarter ended 30 June Year-to-date ended 30 June December

2019 2018 2019 2018 2018 Operating income and operating expenses Notes Un-audited Un-audited Un-audited Un-audited Audited

Revenue from services 13,479 11,288 27,158 23,370 49,559 Revenue from goods sold 299 273 574 523 1,202 Total revenue 13,777 11,562 27,732 23,893 50,761

Cost of goods sold 136 29 174 44 290 Employee benefits expense 405 304 945 779 1,794 Other operating expenses 7,840 6,455 14,604 13,309 26,139 EBITDA 5,396 4,773 12,010 9,761 22,537

Depreciation and amortisation 2 3,075 2,969 6,149 5,861 12,103 Operating profit 2,321 1,804 5,861 3,900 10,434

Finance income -0 1 0 30 49 Finance cost 3,143 1,779 4,803 3,431 6,964 Finance - net -3,143 -1,778 -4,803 -3,401 -6,915

Profit/(loss) before income tax -822 26 1,058 499 3,519

Income tax expense/(benefit) -181 6 233 115 1,382

Profit/(loss) for the period -641 20 825 384 2,137 DigiPlex Rosenholm AS Page 2 of 5

Statement of financial position (All amounts in NOK thousand) As at 31 As at 30 June As at 30 June December

2019 2018 2018 Assets Notes Un-audited Audited Un-Audited

Non-current assets Deferred tax asset 3,206 3,439 4,705 Land, building and outfitting 2 222,614 225,189 227,445 Furniture and fixtures 2 151 172 32 Total non-current assets 225,971 228,800 232,182

Current assets Inventories 478 478 571 Trade and other receivable 12,365 11,943 9,080 Bank deposits 3 10,527 9,496 11,367 Total current assets 23,370 21,916 21,017

Total assets 249,341 250,716 253,200

As at 31 As at 30 June As at 30 June December

2019 2018 2018 Equity and liabilities Notes Un-audited Audited Un-Audited

Equity Share capital 2,950 2,950 2,950 Other equity -13,992 -14,817 -16,571 Total equity -11,042 -11,867 -13,621

Non-current liabilities Shareholder loan 238,319 105,527 105,527 Total non-current liabilities 238,319 105,527 105,527

Current liabilities Trade and other payables 20,433 16,461 16,720 Other liabilities 0 137,500 143,750 Deposits from customers 682 682 682 Public tax liabilities 949 2,412 142 Total current liabilities 22,064 157,056 161,294

Total equity and liabilities 249,341 250,716 253,200 DigiPlex Rosenholm AS Page 3 of 5

Statement of changes in equity (All amounts in NOK thousand)

Share premium Share capital reserve Other equity Total equity

As at 1 January 2018 2,950 0 -16,954 -14,004

Profit/(loss) for the period 2,137 2,137

AS at 31 December 2018 2,950 0 -14,817 -11,867

As at 1 January 2019 2,950 0 -14,817 -11,867

Profit/(loss) for the period 825 825

As at 30 June 2019 2,950 0 -13,992 -11,042 DigiPlex Rosenholm AS Page 4 of 5

Statement of cash flow (All amounts in NOK thousand) Year ended 31 Quarter ended 30 June Year-to-date ended 30 June December

2019 2018 2019 2018 2018 Un-audited Un-audited Un-audited Un-audited Audited

Profit/(loss) before income tax -822 26 1,058 499 3,519

Adjustments for: Depreciation and amortisation charges 3,075 2,969 6,149 5,861 12,103 Adjustment for financial activities 3,143 1,778 4,803 3,401 6,915

Changes in working capital Trade and other receivables -3,150 5,750 -422 -3,023 -5,886 Trade and other payables -358 -1,258 2,508 -16 -4,253 Inventories -0 0 -0 0 93 Net cash flow from operating activities 1,888 9,266 14,096 6,722 12,491

Cash flows from investing activities Investment in property, plant and equipment -3,448 -18,263 -3,553 -19,621 -23,746 Interest received from related parties 9 Net cash flow from investing activities -3,448 -18,263 -3,553 -19,621 -23,737

Cash flows from financing activities Repayment of loan from related party -131,250 -137,500 Shareholder loan 132,792 132,792 Interests paid -3,143 -1,778 -4,803 -3,401 -6,924 Net cash flow from financing activities -1,601 -1,778 -9,511 -3,401 -6,924

Net (decrease)/increase in cash and cash -3,161 -10,775 1,032 -16,299 -18,171 equivalents

Cash and cash equivalents at beginning of the period 13,688 21,812 9,496 27,666 27,666

Cash and cash equivalents at end of the 3 10,527 11,037 10,527 11,367 9,496 period DigiPlex Rosenholm AS Page 5 of 5

Note 1 - Statement of compliance, basis of preparation and significant accounting policies

DigiPlex Rosenholm AS is a Norwegian private limited liability company incorporated on 24 November 2009 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 994 817 477 and its registered business address is Selma Ellefsens vei 1, 0581 Oslo, Norway.

DigiPlex Rosenholm AS provides highly secure, high‐powered, energy‐efficient and carrier‐neutral data centre space at Rosenholmveien 25 outside Oslo, Norway, for its customers' information and communication technology equipment.

These condensed interim financial statements for Q2 2019 do not include all of the information required for a full set of annual financial statements and they have not been audited.

They have been prepared in accordance with the Accounting Act and Norwegian Generally Accepted Accounting Principles (NGAAP) for small enterprises. They should be read in conjunction with the audited annual financial statements for the year ended 31 December 2018, issued on 30 April 2019.

The accounting principles applied in the audited 2018 annual financial statements have also been applied to these statements. For further information regarding the accounting principles applied, please refer to the abovementioned

Note 2 Tangible assets

Plant and Furniture Total Tangible assets equipment and fixtures

Accumulated cost as at 01.01.2019 302,245 278 302,523 Additions 99 5 104 Disposals - - - Accumulated cost as at 31.03.2019 302,344 283 302,627 Accumulated depreciation 80,116 120 80,236 Net book value as at 31.03.2019 222,228 163 222,391

Accumulated cost as at 01.04.2019 302,344 283 302,627 Additions 3,448 3,448 Disposals - - - Accumulated cost as at 30.06.2019 305,792 283 306,075 Accumulated depreciation 83,178 132 83,311 Net book value as at 30 June 2019 222,614 151 222,765

Depreciation for the period 3,062 13 3,075 Write-down in the year 00

Expected useful life 7-25 years 3-6 years Depreciation plan Straight line Straight line

Note 3 Bank deposits

Bank deposits 30 Jun 2019 31 Dec 2018

Short term cash deposits, cash equivalents 8,735 7,709 Restricted cash 1,792 1,786 Bank deposits 10,527 9,496

Cash and cash equivalents consist of short term cash deposits and cash equivalents held at financial institutions.

29 May 2019

DigiPlex Rosenholm AS (the Company) Management Commentary For the quarter ended 31 March 2019

Organisation no. 994 817 477

BACKGROUND

The Company is the DigiPlex Group of Companies’ second fully operational data centre in Oslo. It was founded in 2009 and is based in the Rosenholm Business Centre Campus.

The data halls, providing 1,900m2 of technical space, were re-built by the Company with new mechanical and electrical infrastructures and fitted out according to customers' current and future requirements with state-of-the-art security, functionality and sustainability.

This report should be read in conjunction with the Company’s 2018 audited financial statements dated 30 April 2019, which have been prepared in accordance with the Norwegian Generally Accepted Accounting Principles [NGAAP].

The enclosed financial statements are the condensed interim results for the quarter ended 31 March 2019. These statements have been prepared in accordance with NGAAP, are not a full set of accounts, and have not been audited.

UPDATE FOR THE QUARTER ENDED 31 MARCH 2019

The Company continued to provide IT housing solutions to its existing customer base during the first quarter of this year.

For the quarter ended 31 March 2019, the Company’s operating revenues totalled NOK 14.0 million, which is NOK 1.7 million higher compared to the same quarter last year. Operating expenses totalled NOK 7.3 million, which remain unchanged compared to the same period of last year, and comprised of NOK 6.8 million of operational, management and accounting support costs, and NOK 0.5 million of personnel costs.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the quarter ended 31 March 2019 was NOK 6.6 million, compared to NOK 5.0 million for the same quarter last year.

A charge of NOK 3.1 million was made to reflect depreciation of the plant and equipment. A slight increase from the NOK 2.9 million reported for the first quarter of 2018.

Operating profit for the first quarter of 2019 was NOK 3.5 million, compared to NOK 2.1 million for the same period of 2018.

The Company incurred net finance costs for the quarter of NOK 1.7 million, compared to NOK 1.6 million for the same period last year.

In light of the above, the profit before income tax for the quarter ended 31 March 2019 came in at NOK 1.9 million, an increase of NOK 1.4 million compared to the first quarter of 2018, mainly as a result of higher operating revenues.

Cash generated from operating activities was NOK 11.0 million for the quarter ended 31 March 2019, compared to a net outflow of NOK 4.2 million for the same period of 2018.

The Company will be receiving shareholder loans from its new parent company, DigiPlex Norway Holding 2 AS (DNH2) in June 2019 following DNH2’s successful NOK 1,800 million senior secured bond issue on 30 April 2019. The loans will be used to repay the related party loans totalling NOK 131.3 million as at 31 March 2019 (NOK 137.5 million as at 31 December 2018) as well as to repay the existing shareholder loans of NOK 105.5 million (no change from the outstanding balance as at 31 December 2018) to its previous owner, DigiPlex Rosenholm LLC.

At 31 March 2019 cash and cash equivalents stood at NOK 13.7 million compared to NOK 9.5 million at the beginning of the year.

DigiPlex Rosenholm AS

Income Statement (All amounts in NOK thousand) Year ended 31 Quarter ended 31 March Year-to-date ended 31 March December

2019 2018 2019 2018 2018 Operating income and operating expenses Notes Un-audited Un-audited Un-audited Un-audited Audited

Revenue from services 13 679 12 082 13 679 12 082 49 559 Revenue from goods sold 276 249 276 249 1 202 Total revenue 13 955 12 331 13 955 12 331 50 761

Cost of goods sold 34 15 34 15 290 Employee benefits expense 539 475 539 475 1 794 Other operating expenses 6 764 6 854 6 764 6 854 26 139 EBITDA 6 618 4 988 6 618 4 988 22 537

Depreciation and amortisation 2 3 074 2 892 3 074 2 892 12 103 Operating profit 3 544 2 096 3 544 2 096 10 434

Finance income 0 29 0 29 49 Finance cost 1 660 1 652 1 660 1 652 6 964 Finance - net -1 660 -1 623 -1 660 -1 623 -6 915

Profit/(loss) before income tax 1 884 472 1 884 472 3 519

Income tax expense/(benefit) 414 113 414 113 1 382

Profit/(loss) for the period 1 470 359 1 470 359 2 137 DigiPlex Rosenholm AS

Statement of financial position (All amounts in NOK thousand) As at 31 As at 31 March As at 31 March December

2019 2018 2018 Assets Notes Un-audited Audited Un-audited

Non-current assets Deferred tax asset 3 025 3 439 4 707 Land, building and outfitting 2 222 228 225 189 212 147 Furniture and fixtures 2 164 172 36 Other non-current assets 428 460 332 Total non-current assets 225 846 229 260 217 222

Current assets Inventories 478 478 571 Trade and other receivable 8 789 11 482 14 830 Bank deposits 3 13 688 9 496 21 812 Total current assets 22 955 21 456 37 213

Total assets 248 801 250 716 254 435

As at 31 As at 31 March As at 31 March December

2019 2018 2018 Equity and liabilities Notes Un-audited Audited Un-audited

Equity Share capital 2 950 2 950 2 950 Other equity -13 348 -14 817 -16 595 Total equity -10 398 -11 867 -13 645

Non-current liabilities Loans from related parties 0 0 131 250 Shareholder loan 105 527 105 527 105 527 Total non-current liabilities 105 527 105 527 236 777

Current liabilities Trade and other payables 19 597 16 461 16 563 Loans from related parties 131 250 137 500 12 500 Deposits from customers 682 682 682 Public tax liabilities 2 142 2 412 1 558 Total current liabilities 153 672 157 056 31 303

Total equity and liabilities 248 801 250 716 254 435 DigiPlex Rosenholm AS

Statement of cash flow (All amounts in NOK thousand) Year ended 31 Quarter ended 31 March Year-to-date ended 31 March December

2019 2018 2019 2018 2018 Un-audited Un-audited Un-audited Un-audited Audited

Profit/(loss) before income tax 1 884 472 1 884 472 3 519

Adjustments for: Depreciation and amortisation charges 3 074 2 892 3 074 2 892 12 103

Changes in working capital Trade and other receivables 3 153 -8 773 3 153 -8 773 -5 886 Trade and other payables 2 866 1 244 2 866 1 244 1 997 Inventories 0 0 0 0 93 Net cash flow from operating activities 10 977 -4 165 10 977 -4 165 11 826

Cash flows from investing activities Investment in property, plant and equipment -106 -1 357 -106 -1 357 -23 746 Investment in other non current assets -428 -332 -428 -332 0 Net cash flow from investing activities -534 -1 689 -534 -1 689 -23 746

Cash flows from financing activities Repayment of related party loan -6 250 0 -6 250 0 -6 250 Net cash flow from financing activities -6 250 0 -6 250 0 -6 250

Net (decrease)/increase in cash and cash 4 193 -5 854 4 193 -5 854 -18 171 equivalents

Cash and cash equivalents at beginning of the period 9 496 27 666 9 496 27 666 27 666

Cash and cash equivalents at end of the 3 13 688 21 812 13 688 21 812 9 496 period DigiPlex Rosenholm AS

Note 1 - Statement of compliance, basis of preparation and significant accounting policies

DigiPlex Rosenholm AS is a Norwegian private limited liability company incorporated on 24 November 2009 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 994 817 477 and its registered business address is Selma Ellefsens vei 1, 0581 Oslo, Norway.

DigiPlex Rosenholm AS provides highly secure, high-powered, energy-efficient and carrier-neutral data centre space at Rosenholmveien 25 outside Oslo, Norway, for its customers' information and communication technology equipment.

These condensed interim financial statements for Q1 2019 do not include all of the information required for a full set of annual financial statements and they have not been audited.

They have been prepared in accordance with the Accounting Act and Norwegian Generally Accepted Accounting Principles (NGAAP) for small enterprises. They should be read in conjunction with the audited annual financial statements for the year ended 31 December 2018, issued on 30 April 2019.

The accounting principles applied in the audited 2018 annual financial statements have also been applied to these statements. For further information regarding the accounting principles applied, please refer to the abovementioned reports.

Note 2 Tangible assets

Plant and Furniture and Total Tangible assets equipment fixtures

Accumulated cost as at 01.01.2019 302 245 278 302 523 Additions 99 5 104 Disposals - - - Accumulated cost as at 31.03.2019 302 344 283 302 627 Accumulated depreciation 80 117 119 80 236

Net book value as at 31.03.2019 222 228 164 222 392 41 132 Depreciation for the period 3 061 13 3 074

Expected useful life 7-25 years 3-6 years Depreciation plan Straight line Straight line

Note 3 Bank deposits

Bank deposits 31 Mar 2019 31 Dec 2018

Short term cash deposits, cash equivalents 11 884 7 709 Restricted cash 1 804 1 786 Bank deposits 13 688 9 496

Cash and cash equivalents consist of short term cash deposits and cash equivalents held at financial institutions.

As at 31 March 2019, total restricted bank deposits amount to NOK 1,804 thousand, of which NOK 1,727 thousand are held in escrow awaiting completion of a construction contract. The remaining balance of NOK 77 thousand are restricted funds related to employees' tax deductions.

Annex 11 Interim report Q2 2019 and Q1 2019 for DigiPlex Fet AS

20 September 2019

DigiPlex Fet AS (the Company) Management Commentary For the quarter ended 30 June 2019

Organisation no. 912 189 287

BACKGROUND

The Company was founded in July 2013 when it signed one of the largest data centre deals in Europe for its facility in the municipality of Fetsund, near Oslo.

The 20-year contract with EVRY AS (one of the two largest IT services companies in the Nordics) secures revenue for its 4,200 m2 of IT space, served by 9.8 megawatts of power. The high security facility benefits from the Company’s industry leading Air-to-Air cooling technology delivering a power usage efficiency which provides a sustainable performance with minimum environmental footprint.

This report should be read in conjunction with the Company’s 2018 audited financial statements dated 30 April 2019 prepared in accordance with International Financial Reporting Standards (IFRS).

The enclosed interim financial statements are the condensed interim results for the quarter ended 30 June 2019. These statements have been prepared in accordance with IFRS, are not a full set of accounts, and have not been audited.

UPDATE FOR THE HALF YEAR ENDED 30 JUNE 2019

The Company continued to provide IT housing solutions to its customers, during the first half of this year.

For the half year ended 30 June 2019, the Company’s operating revenues totalled NOK 61.9 million compared to an operating revenue of NOK 44.8 million reported for the same period in 2018, the increase was largely due to new services.

Operating expenses totalled NOK 25.4 million, which comprised of NOK 23.6 million of cost of goods sold, operational and management support costs; and NOK 1.9 million of personnel costs. In comparison to the first half of 2018, the increase in total operating costs of approximately NOK 10.4 million is mainly due to the new services mentioned above.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the half year ended 30June 2019 was NOK 36.5 million, compared NOK 29.9 million for the same period of 2018.

A charge of NOK 20.8 million was made to reflect depreciation of the plant and equipment, and the Company incurred net finance costs of NOK 17.2 million, compared to NOK 17.4 million and NOK 12.7 million respectively in the same period last year.

Considering the above, the loss before income tax for the half year ended 30 June 2019 came in at NOK 1.5 million, compared to a loss before income tax of NOK 0.2 million reported for the first half of 2018.

Cash generated from operating activities was NOK 47.0 million, compared to NOK 36.6 million for the half year ended 30 June 2018.

The Company has received a shareholder loan of NOK 865.1 million from its new parent company, DigiPlex Norway Holding 2 AS (DNH2) in June 2019 following DNH2’s successful NOK 1,800 million senior secured bond issue on 30 April 2019. The loan has been used to redeem the Company’s bond loan of NOK 500 million which fell due on 11 June 2019, as well as to repay the existing shareholder loans of NOK 361.6 million (NOK 346.6 million as of 31 December 2018) to its previous owner, DigiPlex Fet LLC.

At 30 June, cash and cash equivalents stood at NOK 57.8 million compared to NOK 80.2 million at the end of 2018.

DigiPlex Fet AS

Income Statement (All amounts in NOK thousand) Year ended 31 Quarter ended 30 June Year-to-date ended 30 June December

2019 2018 2019 2018 2018 Operating income and operating expenses Notes Un-audited Un-audited Un-audited Un-audited Audited

Revenue from services 31 015 21 475 57 684 42 386 87 699 Revenue from goods sold 3 239 1 016 4 195 2 437 3 885 Total revenue 34 254 22 491 61 879 44 823 91 584

Cost of goods sold 1 895 960 2 760 2 012 3 078 Employee benefits expense 1 196 301 1 867 803 1 913 Other operating expenses 9 283 6 061 20 801 12 145 26 439 EBITDA 21 880 15 169 36 451 29 863 60 153

Depreciation and amortisation 2 11 647 8 796 20 751 17 398 35 069 Operating profit 10 232 6 373 15 699 12 465 25 084

Finance income 73 42 163 192 315 Finance cost 10 330 6 578 17 327 12 872 26 732 Finance - net -10 256 -6 536 -17 163 -12 680 -26 417

Profit/(loss) before income tax -24 -163 -1 464 -215 -1 333

Income tax expense/(benefit) -5 -38 -322 -50 5

Profit/(loss) for the period -19 -125 -1 142 -165 -1 338

Profit/(loss) for the period attributable to the shareholders -19 -125 -1 142 -165 -1 338

Statement of comprehensive income/(loss)

Profit/(loss) for the period -19 -125 -1 142 -165 -1 338 Other comprehensive income 0 0 0 0 0

Total comprehensive income/(loss) for the -19 -125 -1 142 -165 -1 338 period

Total comprehensive income/(loss) attributable -19 -125 -1 142 -165 -1 338 to shareholders DigiPlex Fet AS

Statement of financial position (All amounts in NOK thousand) As at 31 As at 30 June As at 30 June December

2019 2018 2018 Assets Notes Un-audited Audited Un-Audited

Non-current assets Deferred tax asset 7 167 6 845 6 899 Land, building and outfitting 2 775 452 772 220 660 518 Furniture and fixtures 2 136 180 248 Other non-current assets 3 489 4 131 3 592 Total non-current assets 786 245 783 377 671 257

Current assets Inventories 2 114 1 945 1 463 Trade and other receivable 41 013 44 662 23 095 Bank deposits 3 57 750 80 211 14 677 Total current assets 100 878 126 819 39 235

Total assets 887 122 910 196 710 492

As at 31 As at 30 June As at 30 June December

2019 2018 2018 Equity and liabilities Notes Un-audited Audited Un-audited

Equity Share capital 30 30 30 Other equity -25 359 -24 217 -23 045 Total equity -25 329 -24 187 -23 015

Non-current liabilities Borrowings 0 0 0 Shareholder loan 865 052 346 568 217 068 Total non-current liabilities 865 052 346 568 217 068

Current liabilities Borrowings 0 499 060 497 857 Trade and other payables 44 184 88 624 15 265 Public tax liabilities 3 215 130 3 317 Total current liabilities 47 399 587 815 516 439

Total equity and liabilities 887 122 910 196 710 492 DigiPlex Fet AS

Statement of changes in equity (All amounts in NOK thousand)

Share premium Share capital reserve Other equity Total equity

As at 1 January 2018 30 0 -22 879 -22 849

Profit/(loss) for the period 0 0 -1 338 -1 338 Other comprehensive income/(loss) 0 0 0 0 Total comprehensive income/(loss) 0 0 -1 338 -1 338

Total transactions with shareholders recognised 0 0 0 0 directly in equity

As at 31 December 2018 30 0 -24 217 -24 187

As at 1 January 2019 30 0 -24 217 -24 187

Profit/(loss) for the period 0 0 -1 142 -1 142 Other comprehensive income/(loss) 0 0 0 0 Total comprehensive income/(loss) 0 0 -1 142 -1 142

Total transactions with shareholders recognised directly in equity

As at 30 June 2019 30 0 -25 359 -25 329 DigiPlex Fet AS

Statement of cash flow (All amounts in NOK thousand) Year ended 31 Quarter ended 30 June Year-to-date ended 30 June December

2019 2018 2019 2018 2018 Un-audited Un-audited Un-audited Un-audited Audited

Profit/(loss) before income tax -24 -163 -1 464 -215 -1 333

Adjustments for: Depreciation and amortisation charges 11 647 8 796 20 751 17 398 35 069 Adjustment for financial activities 10 256 6 536 17 163 12 680 26 417

Changes in working capital Trade and other receivables 1 829 475 4 291 10 261 -7 240 Trade and other payables 4 713 -4 623 6 413 -3 754 5 248 Inventories -253 19 -169 183 -299 Net cash flow from operating activities 28 168 11 040 46 986 36 553 57 862

Cash flows from investing activities Investment in property, plant and equipment -990 -440 -71 708 -864 -72 401 Net cash flow from investing activities -990 -440 -71 708 -864 -72 401

Cash flows from financing activities Repayment of borrowings -500 000 0 -500 000 0 0 Drawdown of shareholder loan 865 053 0 880 053 0 129 500 Repayment of shareholder loan -361 568 -20 000 -361 568 -20 000 -20 000 Interests paid -9 316 -6 704 -16 223 -12 680 -26 417 Net cash flow from financing activities -5 832 -26 704 2 261 -32 680 83 083

Net (decrease)/increase in cash and cash 21 346 -16 104 -22 461 3 009 68 544 equivalents

Cash and cash equivalents at beginning of the period 36 404 30 781 80 211 11 668 11 668

3 57 750 14 677 57 750 14 677 80 211 Cash and cash equivalents at end of the period DigiPlex Fet AS

Note 1 - Statement of compliance, basis of preparation and significant accounting policies

DigiPlex Fet AS ('the Company') is a Norwegian private limited liability company incorporated on 3 July 2013 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 912 189 287 and its registered business address is Selma Ellefsens vei 1, 0581 Oslo, Norway.

The Company is a reliable provider of highly secure, high-powered, energy-efficient and carrier-neutral data centre space at Heiaveien 9 in the municipality of Fetsund, near Oslo, Norway, for its customer's information and communication technology equipment.

These condensed interim financial statements for the half year ended 30 June 2019 do not include all of the information required for a full set of annual financial statements and they have not been audited.

They have been prepared in accordance with International Accounting Standard ('IAS') 34, ‘Interim Financial Reporting’. They should be read in conjunction with the audited annual financial statements for the year ended 31 December 2018, issued on 30 April 2019, which have been prepared in accordance with International Financial Reporting Standards ('IFRS').

The accounting principles applied in the audited 2018 annual financial statements, IFRS, have also been applied to these statements.

The following standard which is mandatory from 1 January 2019, has been implemented, but has no effect on the Company's financial statement:

IFRS 16, 'Leases' IFRS 16 will affect primarily the accounting by lessees and may require the recognition of leases on the balance sheet. The standard removes the current distinction between operating and finance leases and requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all lease contracts. An optional exemption exists for short-term and low-value leases. The income statement will also be affected whereby an operating lease expense will be replaced with interest and depreciation, thereby changing the EBITDA. The accounting by lessors will not change significantly. Some differences may arise as a result of the new guidance on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. DigiPlex Fet AS

Note 2 - Land, building and outfitting

Building and Furniture and (All amounts in NOK thousand) Land Total outfitting fixtures

Year ended 31 December 2018 Opening net book amount 38 521 638 522 257 677 300 Additions 3 015 127 082 72 130 169 Depreciation charge 0 34 921 149 35 069 Net book amount 41 536 730 684 180 772 400 As at 31 December 2018 Accumulated cost 41 536 847 629 707 889 871 Accumulated depreciation 0 116 945 526 117 471

Net book amount 41 536 730 684 180 772 400

Period ended 30 June 2019 Opening net book amount 41 536 730 684 180 772 400 Additions 0 23 804 0 23 804 Depreciation charge 0 20 707 44 20 751 Net book amount 41 536 733 781 136 775 452 As at 30 June 2019 Accumulated cost 41 536 871 433 707 913 675 Accumulated depreciation 0 137 652 570 138 223

Net book amount 41 536 733 781 136 775 452

Depreciation for current period 0 20 707 44 20 751 Estimated useful life n/a 7-50 years 3-6 years

Note 3 - Bank deposits

(All amounts in NOK thousand) 30 Jun 2019 31 Dec 2018

Short term cash deposits 34 367 80 144 Restricted cash (employees' tax deductions) 23 383 67 Bank deposits 57 750 80 211

Cash and cash equivalents consist of short term cash deposits and cash equivalents held at financial institutions.

As at 30 June 2019, the Company had bank accounts with a total restricted amount of NOK 23,383 thousand of which NOK 147 thousand were related to employees' tax deductions and NOK 23,236 thousand to the settlement with a contractor related to development projects.

29 May 2019

DigiPlex Fet AS (the Company) Management Commentary For the quarter ended 31 March 2019

Organisation no. 912 189 287

BACKGROUND

The Company was founded in July 2013 when it signed one of the largest data centre deals in Europe for its facility in the municipality of Fetsund, near Oslo.

The 20-year contract with EVRY AS (one of the two largest IT services companies in the Nordics) secures revenue for its 4,200 m2 of IT space, served by 9.8 megawatts of power. The high security facility benefits from the Company’s industry leading Air-to-Air cooling technology delivering a power usage efficiency which provides a sustainable performance with minimum environmental footprint.

This report should be read in conjunction with the Company’s 2018 audited financial statements dated 30 April 2019 prepared in accordance with International Financial Reporting Standards (IFRS).

The enclosed interim financial statements are the condensed interim results for the quarter ended 31 March 2019. These statements have been prepared in accordance with IFRS, are not a full set of accounts, and have not been audited.

UPDATE FOR THE QUARTER ENDED 31 MARCH 2019

The Company continued to provide IT housing solutions to its customer, EVRY, during the quarter, and it finalised the refitting of a datahall for an international hyperscale customer during Q1 2019.

For the quarter ended 31 March 2019, the Company’s operating revenues totalled NOK 27.6 million compared to an operating revenue of NOK 22.3 million reported for the same quarter in 2018, the increase was largely due to new services to the main customer.

Operating expenses totalled NOK 13.1 million, which comprised of NOK 12.4 million of cost of goods sold, operational and management support costs; and NOK 0.7 million of personnel costs. In comparison to the first quarter of 2018, the increase in total operating costs of approximately NOK 5.5 million is mainly due to the new services mentioned above.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the first quarter of 2019 was NOK 14.6 million, compared NOK 14.7 million for Q1 2018.

A charge of NOK 9.1 million was made to reflect depreciation of the plant and equipment, and the Company incurred net finance costs of NOK 6.9 million, compared to NOK 8.6 million and NOK 6.1 million respectively in the same period last year.

Considering the above, the loss before income tax for the quarter ended 31 March 2019 came in at NOK 1.4 million, compared to a loss before income tax of NOK 0.1 million reported for the first quarter of 2018.

Cash generated from operating activities was NOK 18.8 million, compared to NOK 25.6 million for Q1 2018.

The Company will be receiving shareholder loans from its new parent company, DigiPlex Norway Holding 2 AS (DNH2) in June 2019 following DNH2’s successful NOK 1,800 million senior secured bond issue on 30 April 2019. The loans will be used to redeem the Company’s bond loan of NOK 500 million which falls due on 11 June 2019 as well as to repay the existing shareholder loans of NOK 361.6 million (NOK 346.6 million as of 31 December 2018) to its previous owner, DigiPlex Fet LLC.

At 31 March, cash and cash equivalents stood at NOK 36.4 million compared to NOK 80.2 million at the end of 2018.

DigiPlex Fet AS

Income Statement (All amounts in NOK thousand) Year ended 31 Quarter ended 31 March Year-to-date ended 31 March December

2019 2018 2019 2018 2018 Operating income and operating expenses Notes Un-audited Un-audited Un-audited Un-audited Audited

Revenue from services 26 669 20 911 26 669 20 911 87 699 Revenue from goods sold 956 1 421 956 1 421 3 885 Total revenue 27 625 22 332 27 625 22 332 91 584

Cost of goods sold 865 1 052 865 1 052 3 078 Employee benefits expense 671 502 671 502 1 913 Other operating expenses 11 518 6 083 11 518 6 083 26 439 EBITDA 14 571 14 694 14 571 14 694 60 153

Depreciation and amortisation 2 9 104 8 602 9 104 8 602 35 069 Operating profit 5 468 6 092 5 468 6 092 25 084

Finance income 90 150 90 150 315 Finance cost 6 997 6 294 6 997 6 294 26 732 Finance - net -6 907 -6 144 -6 907 -6 144 -26 417

Profit/(loss) before income tax -1 440 -52 -1 440 -52 -1 333

Income tax expense/(benefit) -317 -12 -317 -12 5

Profit/(loss) for the period -1 123 -40 -1 123 -40 -1 338

Profit/(loss) for the period attributable to the shareholders -1 123 -40 -1 123 -40 -1 338

Statement of comprehensive income/(loss) Profit/(loss) for the period -1 123 -40 -1 123 -40 -1 338 Other comprehensive income 0 0 0 0 0

Total comprehensive income/(loss) for the period -1 123 -40 -1 123 -40 -1 338

Total comprehensive income/(loss) attributable to -1 123 -40 -1 123 -40 -1 338 shareholders DigiPlex Fet AS

Statement of financial position (All amounts in NOK thousand) As at 31 As at 31 March As at 31 March December

2019 2018 2018 Assets Notes Un-audited Audited Un-audited

Non-current assets Deferred tax asset 7 162 6 845 6 862 Land, building and outfitting 2 776 086 772 220 668 716 Furniture and fixtures 2 159 180 297 Other non-current assets 3 447 4 131 3 646 Total non-current assets 786 855 783 377 679 521

Current assets Inventories 1 862 1 945 1 482 Trade and other receivable 38 389 44 662 23 458 Bank deposits 3 36 404 80 211 30 781 Total current assets 76 655 126 819 55 721

Total assets 863 510 910 196 735 242

As at 31 As at 31 March As at 31 March December

2019 2018 2018 Equity and liabilities Notes Un-audited Audited Un-audited

Equity Share capital 30 30 30 Other equity -25 340 -24 217 -22 918 Total equity -25 310 -24 187 -22 888

Non-current liabilities Borrowings 0 0 497 445 Shareholder loan 361 568 346 568 237 068 Total non-current liabilities 361 568 346 568 734 513

Current liabilities Borrowings 499 574 499 060 0 Trade and other payables 27 525 88 624 19 467 Public tax liabilities 152 130 4 151 Total current liabilities 527 251 587 814 23 618

Total equity and liabilities 863 510 910 196 735 242 DigiPlex Fet AS

Statement of changes in equity (All amounts in NOK thousand)

Share premium Share capital reserve Other equity Total equity

As at 1 January 2018 30 0 -22 879 -22 849

Profit/(loss) for the period 0 0 -1 338 -1 338 Other comprehensive income/(loss) 0 0 0 0 Total comprehensive income/(loss) 0 0 -1 338 -1 338

Total transactions with shareholders recognised 0 0 0 0 directly in equity

As at 31 December 2018 30 0 -24 217 -24 187

As at 1 January 2019 30 0 -24 217 -24 187

Profit/(loss) for the period 0 0 -1 123 -1 123 Other comprehensive income/(loss) 0 0 0 0 Total comprehensive income/(loss) 0 0 -1 123 -1 123

Total transactions with shareholders recognised 0 0 0 0 directly in equity

As at 31 March 2019 30 0 -25 340 -25 310 DigiPlex Fet AS

Statement of cash flow (All amounts in NOK thousand) Year ended 31 Quarter ended 31 March Year-to-date ended 31 March December

2019 2018 2019 2018 2018 Un-audited Un-audited Un-audited Un-audited Audited

Profit/(loss) before income tax -1 440 -52 -1 440 -52 -1 333

Adjustments for: Depreciation and amortisation charges 9 104 8 602 9 104 8 602 35 069 Adjustment for financial activities 6 907 6 144 6 907 6 144 26 417

Changes in working capital Trade and other receivables 2 462 9 954 2 462 9 954 -7 240 Trade and other payables 1 700 760 1 700 760 5 248 Inventories 83 164 83 164 -299 Net cash flow from operating activities 18 817 25 571 18 817 25 571 57 862

Cash flows from investing activities Investment in property, plant and equipment -70 718 -315 -70 718 -315 -72 401 Net cash flow from investing activities -70 718 -315 -70 718 -315 -72 401

Cash flows from financing activities Drawdown of shareholder loan 15 000 0 15 000 0 129 500 Repayment of shareholder loan 0 0 0 0 -20 000 Interests paid -6 907 -6 144 -6 907 -6 144 -26 417 Net cash flow from financing activities 8 093 -6 144 8 093 -6 144 83 083

Net (decrease)/increase in cash and cash -43 808 19 113 -43 808 19 113 68 544 equivalents

Cash and cash equivalents at beginning of the period 80 211 11 668 80 211 11 668 11 668

Cash and cash equivalents at end of the period 3 36 404 30 781 36 404 30 781 80 211 DigiPlex Fet AS

Note 1 - Statement of compliance, basis of preparation and significant accounting policies

DigiPlex Fet AS ('the Company') is a Norwegian private limited liability company incorporated on 3 July 2013 and regulated by the Norwegian Private Limited Liability Companies Act and supplementing Norwegian laws and regulations. The Company is registered in the Norwegian Companies Registry with company registration number 912 189 287 and its registered business address is Selma Ellefsens vei 1, 0581 Oslo, Norway.

The Company is a reliable provider of highly secure, high-powered, energy-efficient and carrier-neutral data centre space at Heiaveien 9 in the municipality of Fetsund, near Oslo, Norway, for its customer's information and communication technology equipment.

These condensed interim financial statements for Q1 2019 do not include all of the information required for a full set of annual financial statements and they have not been audited.

They have been prepared in accordance with International Accounting Standard ('IAS') 34, ‘Interim Financial Reporting’. They should be read in conjunction with the audited annual financial statements for the year ended 31 December 2018, issued on 30 April 2019, which have been prepared in accordance with International Financial Reporting Standards ('IFRS').

The accounting principles applied in the audited 2018 annual financial statements, IFRS, have also been applied to these statements.

The following standard which is mandatory from 1 January 2019, has been implemented, but has no effect on the Company's financial statement:

IFRS 16, 'Leases' IFRS 16 will affect primarily the accounting by lessees and may require the recognition of leases on the balance sheet. The standard removes the current distinction between operating and finance leases and requires recognition of an asset (the right to use the leased item) and a financial liability to pay rentals for virtually all lease contracts. An optional exemption exists for short-term and low-value leases. The income statement will also be affected whereby an operating lease expense will be replaced with interest and depreciation, thereby changing the EBITDA. The accounting by lessors will not change significantly. Some differences may arise as a result of the new guidance on the definition of a lease. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. DigiPlex Fet AS

Note 2 - Land, building and outfitting

Building and Furniture and (All amounts in NOK thousand) Land Total outfitting fixtures

Year ended 31 December 2018 Opening net book amount 38 521 638 522 257 677 300 Additions 3 015 127 082 72 130 169 Depreciation charge 0 34 921 149 35 069 Net book amount 41 536 730 684 180 772 400 As at 31 December 2018 Accumulated cost 41 536 847 629 707 889 871 Accumulated depreciation 0 116 945 526 117 471

Net book amount 41 536 730 684 180 772 400

Period ended 31 March 2019 Opening net book amount 41 536 730 684 180 772 400 Additions 0 12 950 0 12 950 Depreciation charge 0 9 082 22 9 104 Net book amount 41 536 734 552 159 776 246 As at 31 March 2019 Accumulated cost 41 536 860 579 707 902 821 Accumulated depreciation 0 126 027 548 126 575

Net book amount 41 536 734 552 159 776 246

Depreciation for current period 0 9 082 22 9 104 Estimated useful life n/a 7-50 years 3-6 years

Note 3 - Bank deposits

(All amounts in NOK thousand) 31 Mar 2019 31 Dec 2018

Short term cash deposits 13 084 80 144 Restricted cash (employees' tax deductions) 23 320 67 Bank deposits 36 404 80 211

Cash and cash equivalents consist of short term cash deposits and cash equivalents held at financial institutions.

As at 31 March 2019, the Company had bank accounts with a total restricted amount of NOK 23,320 thousand of which NOK 84 thousand were related to employees' tax deductions and NOK 23,236 thousand to the settlement with a contractor related to development projects. DigiPlex Fet AS

Definitions

DigiPlex Fet AS's financial information is prepared in accordance with International Financial Reporting Standards ('IFRS'). Additionally, some alternative performance measures have been provided, these are defined as follows:

EBITDA is earnings before interest, tax, depreciation and amortisation.