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poLight intends to apply for a listing on Oslo Børs

September 12, 2018


Horten, 12 September 2018: poLight ASA (“poLight” or the “Company”) today announces its intention to launch an initial public offering (the "IPO") of its shares and to apply for a listing on Oslo Børs, alternatively Oslo Axess.

poLight is a Norwegian company about to introduce a photographic lens based on new, innovative technology to the market for mobile devices and other applications with integrated cameras. The Company's proprietary and patented technology, TLens, “replicates” the lens of the human eye, enabling new user experiences and easing the implementation of autofocus functions for various applications.

The TLens technology offers considerable benefits, such as extremely fast focus, compact xy-dimension (i.e. small footprint), no electromagnetic interference, low power consumption, and constant field of view. These features will enable new application areas for both single and multicamera smartphone implementations and for both front- and back-facing cameras. poLight's technology supports, and is expected to benefit from some of the most recent smartphone trends, including need for higher image and video quality, use of high frame rate image sensors, auto focus for front camera, multi camera solutions, and wearable devices with miniature cameras.

poLight has now reached the stage at which the TLens technology is ready to be designed into commercial products. The technology is generating strong attention in the marketplace and the Company has a number of advanced dialogues with potential customers.

Currently the Company has three ongoing proof-of-concept ("PoC") projects related to smartphones. One of the ongoing PoC projects is with a Tier 1 mobile phone vendor (“OEM”) testing the TLens for use in a high-end front camera, while the other two PoC projects are with Tier 2 and Tier 3 OEMs also testing the TLens for front camera applications. The Company believes more PoC projects with smartphone OEMs will be initiated in the coming months.

Throughout 2017 and 2018, poLight's technology has also started to be assessed by parties outside the smartphone segment, such as barcode and augmented reality (AR), where the implementation of poLight's technology has important benefits. For instance, the recent shift from one-dimensional barcodes (traditional barcodes) towards two-dimensional barcodes (e.g. QR) drives the need for camera scanners with autofocus capability, for optimized reading efficiency, instead of laser scanners. Two PoC projects have recently been initiated with Tier 1 barcode players. In the AR market, poLight's technology may inter alia be used in wearable eye glasses so that the projected information always stays in focus regardless of the focus of the eye (close or far away).

poLight was founded in 2005 and is headquartered in Horten, Norway, with offices in Finland, China and France, and also has representation in Korea and Taiwan. The Company currently has approximately 35 employees with the majority situated in Norway. Since the foundation, poLight has built expertise in optics, polymers, microelectromechanical systems (MEMS) technology and image application and processing. The poLight team comprises professional researchers and developers, all aiming to develop the world's leading imaging technologies. The technology and intellectual property are currently protected by 13 patent families and seven pending patent applications. These patents/pending applications protect both the core of the existing product, new potential related products and system solutions aspects. Furthermore the Company has three registered trademarks. The Company offers three different products (TLens Sliver, TLens Silver Premium and Tlens Platinum) on its roadmap. The main difference between the three products from an application perspective is that these can be used with different sensor formats (the size of the image sensor) due to having different aperture sizes. In addition, the Company has developed a product named PDA50, which is an ASIC used to drive the

various TLenses. The TLens Silver and TLens Silver Premium products have already been released to the market while the TLens Platinum is expected to be finalized mid-2019.

poLight is fabless which means that it will use partners for most manufacturing processes, except for the polymer, which is produced at the Company’s headquarter in Norway. STMicroelectronics is manufacturing the MEMS actuator, utilizing their thin film piezo technology in a semiconductor fabrication plant in Italy. Polymer and wafers with actuators are shipped to the manufacturing partner Tong Hsing Electronic Industries, Ltd. in Taiwan, who assembles the complete product and ships it to camera module vendors. The Company has strong relations to its key vendors and is working very closely with the sub-contractors to realise the market potential of the TLens technology.

Øyvind Isaksen, CEO of poLight, commented:

“poLight’s technology exceeds the capabilities of the incumbent smartphone camera technology and fits very well with the increasing need for autofocus in front-facing cameras and demand from OEMs for solutions that enable a high screen-to-body ratio. In addition to the obvious advantages for our solutions in the smartphone camera market, there are also exciting tangible opportunities for the TLens technology in additional markets, such as barcode readers and augmented reality devices. The planned IPO will position us to advance ongoing dialogues with smartphone, barcode and AR OEMs towards one or more design-wins, enable a subsequent ramp-up of our operations, and to continue to develop our unique TLens technology.”

Eivind Bergsmyr, Chairman of the board of directors of poLight, commented:

“The IPO is a very exciting step for poLight. After more than a decade of research and development aimed at replicating the lens of the human eye, poLight is now ready to introduce to the market a technology that captures astonishing images with instant focus. We are very enthusiastic about what’s next for the Company and believe we are close to a real commercial breakthrough. The IPO represents an opportunity to enhance poLight’s visibility in the market place, ensure organised and regulated trading of the shares as well as provide future access to capital markets.”

Investment highlights

(i) Innovative product offering built on unique and patented technology, outcompeting today's traditional autofocus products for smartphone cameras: Quicker autofocus, constant field of view, high optical axis stability, lower power consumption, efficient manufacturing, small footprint, no magnetic interference, beneficial for multi camera solutions.

(ii) Unique position to benefit from favourable market trends such as demand for increased screen-to-body ratio and front cameras with autofocus.

(iii) Several on-going proof-of-concept projects with tier 1 & 2 camera module- and mobile phone vendors.

(iv) Additional strong interest from other application areas, e.g. from barcode vendors resulting in already initiated proof-of-concept projects and companies evaluating the TLens for use in next generation augmented reality products.

(v) Organisational set-up with local presence in key customer markets and a management team with extensive industry experience.

Offering highlights

poLight believes that the IPO will provide the Company with enhanced access to the capital markets and a strengthened profile with investors and business partners. The IPO will consist of an issue of new shares with a market standard over-allotment facility. The net proceeds from the IPO will be used to strengthen the Company's financial position to ensure sufficient working capital to cover operating and product development expenses until the poLight’s products are commercialized. There will not be any secondary sell-down from existing shareholders in connection with the IPO.

The IPO will comprise a public offering to the public in Norway and Sweden and a private placement to certain institutional investors internationally.

ABG Sundal Collier ASA and Arctic Securities AS are acting as Joint Global Coordinators and Joint Bookrunners in the IPO. In addition, Nordnet Bank AB is acting as placing agent in the retail offering on behalf of the managers.

Advokatfirmaet CLP DA is acting as legal advisor to poLight. Aabø-Evensen & Co Advokatfirma AS is acting as legal advisors to the Joint Global Coordinators.

Further announcements relating to the process will be made in due course.

Eivind Bergsmyr, Chairman of poLight, +47 920 99 010
Øyvind Isaksen, CEO of poLight, +47 908 76 398

Important Information

Neither this announcement or a copy of it may be published, distributed or transmitted in the United States, Canada, Switzerland, Japan, Australia or the Hong Kong Special Administrative Region of the People’s Republic of China. Any failure to comply with this restriction may constitute a violation of securities laws in United States, Canada, Switzerland, Australia or the Hong Kong Special Administrative Region of the People’s Republic of China, South Africa or Japan. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.

This announcement do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the " Shares") of poLight ASA (the " Company") in the United States, Norway, Sweden or any other jurisdiction.

The Shares of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Shares of the Company have not been, and will not be, registered under the Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.

Any offering of securities will be made by means of a prospectus to be published that may be obtained from the Company or selling security holder, once published, and that will contain detailed information about the Company and its management, as well as financial statements.

This announcement is an advertisement and does not constitute a prospectus for the purposes of Directive 2003/71/EC, as amended (together with any applicable implementing measures in any Member State, the " Prospectus Directive"). Investors should not subscribe for any securities referred to in these materials except on the basis of information contained in the prospectus. A Prospectus prepared pursuant to the Prospectus Directive and approved by the competent authority in Norway and Sweden is expected to be published by the Company before the Offering period commences (if ever commenced) and, when and if published, can be obtained on the Company's website, subject to regulatory restrictions. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the Prospectus. Before purchasing any securities, persons viewing this announcement should ensure that they fully understand and accept the risks which will be set out in the Prospectus when published. The information in this announcement is for background purposes only and does not purport to be accurate or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.

In any EEA Member State other than Norway and Sweden (from the time the prospectus has been approved by the Financial Supervisory Authority of Norway, in its capacity as the competent authority in Norway, and published in accordance with the Prospectus Directive as implemented in Norway and passported into Sweden) that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at "qualified investors" in that Member State within the meaning of Article 2(1)(e) of the Prospectus Directive (" Qualified Investors") and such other persons as this document may be addressed on legal grounds, i.e., only to investors to whom an offer of securities may be made without the requirement for the Company to publish a prospectus pursuant to Article 3 of the Prospectus Directive in such EEA Member State.

In the United Kingdom, this announcement is only being distributed to and are only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred

to as " Relevant Persons"). This announcement are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. Each of the Company, the Joint Bookrunners and their respective affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.

This announcement does not constitute a recommendation concerning any offer of securities. The price and value of securities and any income from them can go down as well as up. Past performance is not a guide to future performance. Information in this announcement or any of the documents relating to the IPO cannot be relied upon as a guide to future performance. There is no guarantee that the listing on Oslo Børs will occur and you should not base your financial decisions on the Company's intentions in relation to the listing at this stage. Potential investors should consult a professional advisor as to the suitability of the IPO for the entity concerned. The Joint Bookrunners and their respective affiliates are acting exclusively for the Company and no one else in connection with the IPO.

In connection with the IPO, the Joint Bookrunners and any of their affiliates, may take up a portion of the Shares in the IPO as a principal position and in that capacity may retain, purchase, sell, offer to sell for their own accounts such securities and other securities of the Company or related investments in connection with the IPO or otherwise. Accordingly, references in the Prospectus, once published (if published), to the securities being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, the Joint Bookrunners and any of their affiliates acting as investors for their own accounts. The Joint Bookrunners do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

None of the Joint Bookrunners or any of their respective affiliates or any of their respective directors, officers, employees, advisors or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

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