Hunter Group ASA

Annual / Quarterly Financial Statement • Dec 29, 2022

Interim statement of financial position as per 19.12.2022

Statement of financial positions – Hunter Group ASA

(Figures in USD 1 000)	Note	19.12.2022	31.12.2021
NON-CURRENT ASSETS
Property, plant & equipment	2, 3	164	224
Total tangible assets		164	224
Investment in subsidiaries	6	200	38 869
Long-term receivable subsidiaries	7	0	53 917
Total finacial long-term assets		200	92 785
TOTAL NON-CURRENT ASSETS		364	93 009
CURRENT ASSETS
Short-term receivable subsidiaries	7	165 522	0
Other short-term receivables		13	29
Total current receivables		165 535	2 9
Cash and cash equivalents		111 029	6 934
TOTAL CURRENT ASSETS		276 564	6 963
TOTAL ASSETS		276 927	99 972
(Figures in USD 1 000)	Note	19.12.2022	31.12.2021
EQUITY
Share capital	5	126	82 625
Own shares	5	-11	-1 660
Share premium	5	4 965	18 569
Other equity		130 540	0
TOTAL EQUITY		135 621	99 534
LIABILITIES
Long-term liabilities (IFRS 16)	3	92	150
Total non-current liabilities		9 2	150
Trade creditors		68	59
Accrued public charges and indirect taxes		42	68
Short-term liabilities (IFRS 16)	3	71	69
Short-term liability subsidiaries	7	141 017	0
Other current liabilities		16	93
Total current liabilities		141 214	288
TOTAL LIABILITIES		141 307	439
TOTAL EQUITY AND LIABILITIES		276 927	99 972

Henrik A. Christensen Chairman of the board

Notes to the interim report as per 19.12.2022 - Hunter Group ASA

Note 1 - Accounting principles

Hunter Group ASA (HUNT) is the parent company of the Hunter Group, consisting of Hunter Group ASA and its subsidiaries Indicator AS and Hunter Tankers AS. Hunter Group ASA's main activities are shareholding in group companies and corporate functions.

The statement of financial positions of Hunter Group ASA are prepared in accordance with simplified IFRS pursuant to the Norwegian Accounting Act § 3-9 and regulations regarding simplified application of IFRS issued by the Norwegian Ministry of Finance on 3 November 2014.

These parent company financial statements should be read in connection with the Consolidated financial statements of Hunter Group of 2021. With the exceptions described below, Hunter Group ASA applies the accounting policies of the group, as described in Hunter Group's disclosure note 2 Significant Accounting Policies, and reference is made to the Hunter Group note for further details.

Subsidiaries

Shareholdings in subsidiaries are accounted for using the cost method. It is annually evaluated if there exist indicators for impairment.

Dividends and group contributions

Dividends will be reflected as Dividends payable within current liabilities. Group contributions to other entities within Hunter Group are reflected in the balance sheet as current liabilities within Liabilities to group companies. Under simplified IFRS the presentation of dividends payable and payable group contributions would differ from the presentation under full IFRS, as it would also include dividend and group contributions payable which at the date of the balance sheet would be subject to a future general assembly approval before distribution.

Note 2 - Property, plant and equipment

The Company has recognized the following assets in the statement of financial position (including internal built-up assets such as development costs).

	Property,
		plant & equip. plant & equip.
(Figures in USD 1 000)	19.12.2022	2021
Cost price at 1 January	21	10
Additions	0	10
Cost price at 31 December	21	21
Accumulated depreciations at 31 December	-20	-14
Booked value at 31 December	0	5
Depreciation	6	8
Impairment charges	0	0
Estimated useful life	3-5 years	3-5 years
Depreciation method	straight-line	straight-line

Notes to the interim report as per 19.12.2022 - Hunter Group ASA

Note 3 - IFRS 16

IFRS 16 requires that all leases, except for short-term and low-value leases are reflected in the balance sheet as a lease liability and a Right of Use (RoU) asset. The weighted average discount rate used to calculate the IFRS 16 opening balance lease liability was 5 %.

(Figures in USD 1 000)	19.12.2022	2021
Right of use assets 01.01	219	51
Additions	0	223
Depreciation	-55	-55
Right of use assets 31.12	164	219
Other interest-bearing debt 01.01	218	50
Additions	0	223
Installments	-55	-55
Other interest-bearing debt 31.12	164	218

Interest expense 10 4

Note 4 - Transactions with related parties

Net interest expense related to the interest-bearing loan to and from the subsidiary Hunter Tankers AS was USD 1,058 thousand in income for 2021 and USD 1,040 thousand in cost per 19.12.2022. Furthermore Hunter Group ASA invoiced Hunter USD 665 thousand for management services in 2021 and USD 590 as per 19.12.2022.

Note 5 – Equity transactions and other information

On 5 February 2021, the Company purchased 517,000 own shares in the market at an average price of NOK 2.5106 per share and on 12 May 2021, the Company purchased 3,034,702 of its own shares at NOK 2.9998 per share. On 24 June 2022, the Company purchased 6,757,859 own shares in the market at an average price of NOK 3.5 per share and on 29 June 2022, the Company purchased 1,761,771 of its own shares at NOK 3.42 per share.

Apollo Asset Limited, a company owned by primary insider and board member Mr. Arne Fredly, exercised warrants for 15,000,000 shares in the Company which were delivered from the Company's treasury shares. Following the exercise, Apollo Asset Limited owns 183,500,000 shares in the Company and zero warrants. On 24 November 2022, the Company has purchased 3,450,000 of its own shares at an average price of NOK 2.169 per share. The Company owns a total of 8,212,826 of its own shares as of 19 December 2022.

The board of directors of Hunter Group ASA decided 12 July 2021 to distribute a dividend of NOK 0.50 per share (excluding treasury shares), based on authority granted by the general meeting held 3 June 2021. The distribution was conducted as a reduction of the Company's share premium.

The board of directors of Hunter Group ASA decided 22 August 2022 to distribute a dividend of NOK 1.50 per share (excluding treasury shares). The decision is based on authority granted by the general meeting held on 27 April 2022. The distribution is conducted as a reduction of the Company's equity capital.

Notes to the interim report as per 19.12.2022 - Hunter Group ASA

Note 6 - Investment in subsidiaries

(Figures in USD 1000)			Voting		Book value	Equity at	Net income
Company	Location	Share	rights	Cost	19.12.2022	19.12.2022	19.12.22
Indicator AS	Stavanger	100 %	100 %	91	0	-	-
Hunter Tankers AS	Oslo	100 %	100 %	200	200	200	40 765

The book value of Hunter Tankers equal the equity net of dividend.

Note 7 - Intercompany receivables/payables

Receivables (figures in USD 1 000)	19.12.2022	2021
Long-term receivable subsidiaries	0	53 917
Short-term receivable subsidiaries (dividend)	165 522	0
Payables (figures in USD 1 000)	19.12.2022	2021
Other current liabilities subsidiaries (dividend)	141 017	0

Oslo, 23 December 2022

The board of directors and Chief Executive Director Hunter Group ASA

Statsautoriserte revisorer Ernst & Young AS

Dronning Eufemias gate 6a, 0191 Oslo Postboks 1156 Sentrum, 0107 Oslo

Foretaksregisteret: NO 976 389 387 MVA Tlf: +47 24 00 24 00

www.ev.no Medlemmer av Den norske Revisorforening

To the Shareholders' Meeting of Hunter Group ASA

AUDITOR'S REPORT ON INTERIM BALANCE SHEET

Opinion

We have audited the accompanying interim balance sheet of Hunter Group ASA (the Company) as at 19 December 2022, showing an equity of USD 135 621 thousands. The interim balance sheet comprises the balance sheet and a description of significant accounting policies and other explanatory information. The interim balance sheet has been prepared by the Board of Directors and the Managing Director by applying the accounting principles in 1 to the interim balance sheet.

In our opinion, the interim balance sheet presents fairly, in all material respects, the financial position of the Company at 19 December 2022 in accordance with the accounting principles described in 1 to the interim balance sheet.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the statement and balance sheet section of our report. We are independent of the Company in accordance with the requirements of the relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), 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.

Basis of accounting and restriction on distribution and use

Without modifying our opinion, we draw attention to Note 1 to the interim balance sheet, which describes the basis of accounting. The interim balance sheet has been prepared to enable Hunter Group ASA to carry out a distribution of dividend (section 8-1).

As a result, the interim balance sheet is considered not to be suitable for other purposes. Our opinion is not modified in respect of this matter.

The Board of Directors and the Managing Director's responsibility for the interim balance sheet

The Board of Directors and the Managing Director are responsible for the preparation of the interim balance sheet in accordance with the accounting principles described in Note 1, and for such internal control as the Board of Directors and the Managing Director determine is necessary to enable the preparation of an interim balance that is 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 insofar as it is not likely that the enterprise will cease operations.

Auditor's Responsibilities

Our objectives are to obtain reasonable assurance about whether the interim balance sheet 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 that an audit conducted in accordance with 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the intrim balance sheet.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the interim balance sheet, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Oslo, 23 December 2022 Ernst & Young AS

Johan Lid Nordby State Authorised Public Accountant (This document is signed electronically) $\overline{2}$

Hunter Group ASA Org. no. 985 955 107

Address: Dronningen 1, 0287 OSLO E-mail: Erik A. S. Frydendal, CEO, ef@huntergroup.no Lars Brynildsrud, CFO, lars.brynildsrud@huntergroup.no