Q3 revenues of NOK 303m and YTD revenues of NOK 1.2bn

9M diluted EPS of NOK 0.33

Continued strong inflow of corporate mandates

2022 Q3 INTERIM REPORT

CEO comments | Challenging sentiment for raising capital

The challenging market backdrop continued and escalated into the third quarter, as rising inflation and interest rates in combination with a tense geo-political situation hurt equity and credit markets. Consequently, the equity capital market almost closed, with Nordic volumes falling to a 4-year low in Q3, while the high yield debt capital market segment was slightly more open for business.

Compared to previous periods with similar market sentiment, we have improved our revenue level and relative position. In this context, I would highlight the closing of several high-yield bonds issues in the quarter, providing more evidence of our superior investor access leading to significantly higher market share. Also, secondary brokerage activity held up well as we succeeded in providing market insight and execution support to our investor clients that are navigating in troubled waters.

We have advised on a record number of public-to-private transactions in recent months and thereby cemented our strong market share within this segment. M&A activity is generally less impacted by short-term market fluctuations and financial and industrial investors with capital readily available are seizing the opportunity to acquire assets and companies at lower prices. Still, we have a slight decline in M&A volumes compared to last year.

Our long-term growth ambition is unchanged, and we are determined to continue to improve our service offering and market share. However, considering the cyclicality of our business, we are constantly reviewing our cost base to fight inflation and to optimise our spending.

Outlook

We continue to focus on winning mandates and being prepared when conditions allow for raising capital. We are highly focused on fully utilising our leading M&A franchise in the current market. Also, as many planned equity capital market (ECM) transactions have been postponed, we often see that they are transforming into something different, allowing us to benefit from our strength within all key investment banking product segments.

JonasStröm, CEO

Key financial figures | YTD revenues of approximately NOK 1.2bn

Macro and market backdrop | Increased market volatility brought on by geopolitical tension, surging inflation and soaring interest rates

▪ Long-term interest rates continue to rise in both the US and Europe as inflation surges

S&P 500 down 5.3% and MSCI Nordic down 4.7% in the quarter
S&P 500 Volatility Index (VIX) has risen above 30

Capital market and M&A perspectives | Nordic deal volumes have dropped in line with global trends, for which YTD investment banking fees are estimated down 39%4)

1) Nordic primary DCM volumes (NOKbn) 2)

1) Source: Refinitv. Issuers listed on Nordic stock exchanges

2) Source: Stamdate. Corporate high yield, Nordic issuers

3) Source: Mergermarket. Nordic targets, announced transactions with financial advisors

4) Source: Dealogic

Corporate Financing | Several sizeable DCM transactions closed in the quarter as ECM activity was muted

ECM – PP	USD 275m	Energy
ECM – PP	NOK 200m	Energy
ECM – PP	SEK 70m	Energy
DCM – HY	USD 300m	Energy Service
DCM – HY	NOK 1.5bn	Financials
DCM – HY	NOK 700m	Financials
DCM – HY	NOK 500m	Infrastructure
DCM – HY	SEK 250m	Financials

M&A and Advisory | Four Public to private transactions in the quarter demonstrating our leading position

31 ¹¹⁵ ⁷⁸ ⁹⁰ 143 90 80 143 82 46 137 122 137 122 109 81 82 142 121 142 121 92 170 175 ²²⁵ ²²⁵ 313 449 381 ⁵⁹⁵ ⁶¹² ³⁶⁹ ³⁸⁶ 2018 2019 2020 2021 L4Q 9M 21 9M 22 Q1 Q2 Q3 Q4 +5%

M&A and Advisory revenues (NOKm)

Thoma Bravo's voluntary offer to acquire all shares in Mercell NOK 3.2bn TMT Establishment of partnership with Hydro and Altor Undisclosed Renewables Sale of Voff Premium Pet Food to Axcel Undisclosed Consumer Majority sale to Verdane Undisclosed Health care Selected transactions

Ongoing and not completed as of 30 September 2022:

Combination between Frontline and Euronav
TGS's voluntary exchange offer to acquire all shares in Magseis
Visma's contemplated voluntary offer to acquire all shares in House of Control
Chess.com's voluntary offer to acquire all shares in Play Magnus

Brokerage and Research | Solid contribution from research and brokerage in a challenging environment

Challenging market environment in Q3 with reduced risk appetite and activity
Focus on being close to companies and the markets to be able to offer investors quality advice at a time when uncertainty is exceptionally high
Finding liquidity in illiquid securities is one of our key value-adds in volatile markets

Operating costs | Compensation costs down with lower revenues, but non-compensation cost increase as a function of long-term growth strategy and cost inflation

Lowered compensation costs reflecting our revenue- and profitability-driven compensation model
Headcount has increased by approx. 7% YTD as we have strengthened our teams with junior hires and selective senior additions
Non-compensation up due to a combination of a increased headcount, normalizing travel and interaction activity, general cost inflation, and higher infrastructure costs

Closing remarks

Third quarter is always seasonally slow due to the July/August holiday periods. Consequently, performance is highly dependent on September, which this year was subject to significant market turmoil
We are very pleased with our performance to raise a significant amount of high-yield debt for our clients given the challenging sentiment where risk appetite generally has been low with limited interest for new issues of capital
Secondary research brokerage and M&A have performed well and are becoming increasingly important as this activity normally is less impacted by short-term fluctuations
We have a continued inflow of new corporate finance mandates and will have full focus on executing transactions when the market allows
We remain focused on continuing to strengthen and broaden our service offerings to further improving market shares

Financial statements and supplementary information

Consolidated income and cash flow statements

Condensed consolidated income statement (unaudited)		Other comprehensive income
-----------------------------------------------------	--	----------------------------

NOKm	Q3 2022	Q3 2021		YTD 2022 YTD 2021	2021
Corporate Financing	62.3	260.1	395.0	1,286.3	1,712.8
M&A and Advisory	121.3	141.7	386.3	369.2	594.7
Brokerage and Research	119.7	159.3	415.1	452.9	603.5
Total revenues	303.3	561.1	1,196.5	2,108.4	2,911.0
Personnel costs	-180.8	-309.2	-661.0	-1,128.9	-1,563.3
Other operating costs	-66.4	-62.1	-200.9	-176.6	-248.9
Depreciation	-21.8	-14.4	-62.9	-43.1	-63.0
Total operating costs	-269.0	-385.7	-924.8	-1,348.6	-1,875.2
Operating profit	34.3	175.5	271.7	759.8	1,035.8
Net interest	-6.2	-1.0	-19.4	-5.8	-6.0
Associates	-1.4	-2.0	-5.1	-4.6	-3.9
Other	0.2	-1.2	-0.1	-0.6	-0.8
Net financial result	-7.5	-4.2	-24.6	-10.9	-10.7
Profit before tax	26.8	171.3	247.1	748.9	1,025.1
Taxes	-9.0	-43.7	-62.7	-180.7	-248.0
Net profit	17.9	127.5	184.4	568.2	777.1

Profit / loss to non-controlling interests	1.9	2.0	6.9	9.8	17.2
Profit / loss to owners of the parent	16.0	125.5	177.5	558.5	759.9

NOKm	Q3 2022	Q3 2021	YTD 2022	YTD 2021	2021
Net profit	17.9	127.5	184.4	568.2	777.1
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	22.3	-0.6	48.5	-1.8	-15.9
Hedging of investment in foreign subsidiaries	-22.0	2.0	-50.5	2.5	19.0
Income tax relating to items that may be reclassified	5.5	-0.5	12.6	-0.6	-4.7
Total other comprehensive income	5.8	0.9	10.7	0.1	-1.6
Total comprehensive income for the period	23.6	128.5	195.1	568.3	775.5

Comprehensive income to non-controlling interests	1.9	2.0	6.9	9.8	17.2
Comprehensive income to owners of the parent	21.8	126.4	188.2	558.6	758.2

Condensed cash flow statement
NOKm	Q3 2022	Q3 2021	YTD 2022	YTD 2021	2021
Cash and cash equivalents - opening balance	1,212.9	1,195.1	1,388.5	1,251.3	1,251.3
Net cash flow from operating activities	-254.1	72.8	35.1	542.5	746.2
Net cash flow from investing activities	-1.4	-7.7	-10.5	-11.9	-39.5
Net cash flow from financing activities	-35.8	-10.6	-491.4	-532.2	-569.5
Net change in cash and cash equivalents	-291.2	54.6	-466.8	-1.6	137.2
Cash and cash equivalents - closing balance	921.7	1,249.7	921.7	1,249.7	1,388.5

Consolidated balance sheet

Consolidated balance sheet (unaudited)

NOKm		30/09/2022 30/09/2021	31/12/2021
Intangible assets	176.8	158.4	179.5
Financial non-current assets	73.1	77.4	79.1
Tangible assets	502.1	248.6	553.9
Total non-current assets	752.0	484.4	812.5
Receivables	4,931.4	5,245.2	1,392.3
Investments	94.9	73.9	541.2
Cash and bank deposits	921.7	1,249.7	1,388.5
Total current assets	5,948.0	6,568.7	3,322.0
Total assets	6,700.0	7,053.1	4,134.4

Paid-in capital	134.1	114.3	114.8
Retained earnings	799.4	924.7	1,099.1
Equity attributable to owners of the parent	933.5	1,039.0	1,213.9
Non controlling interests	2.7	12.3	19.8
Total equity	936.2	1,051.3	1,233.6
Long-term liabilities	476.4	234.4	496.6
Short-term interest bearing liabilities	49.0	0.0	0.0
Short-term liabilities	5,238.4	5,767.5	2,404.2
Total liabilities	5,763.8	6,001.9	2,900.8
Total equity and liabilities	6,700.0	7,053.1	4,134.4

Condensed statement of changes in equity

NOKm	Q3 2022	Q3 2021	YTD 2022	YTD 2021	2021
Equity attributable to owners of the parent - opening balance	912.4	912.6	1,213.9	893.9	893.9
Comprehensive income to owners of the parent	21.8	126.4	188.2	558.6	758.2
Payment to shareholders	0.0	0.0	-470.7	-471.5	-473.3
New issuing of shares	0.0	0.0	16.3	0.0	0.0
Change in own shares	-0.7	-0.1	-14.2	58.0	35.0
Equity attributable to owners of the parent - closing balance	933.5	1,039.0	933.5	1,039.0	1,213.9
Equity attributable to non-controlling interests - opening balance	0.9	10.3	19.8	89.9	89.9
Comprehensive income to non-controlling interests	1.9	2.0	6.9	9.8	17.2
Payment to shareholders	0.0	0.0	-23.9	-87.4	-87.4
Business combinations	0.0	0.0	0.0	0.0	0.0
Equity attributable to non-controlling interests - closing balance	2.7	12.3	2.7	12.3	19.8
Total equity - closing balance	936.2	1,051.3	936.2	1,051.3	1,233.6

Notes to the financial statements

1) Accounting principles

The quarterly report is prepared in accordance with IAS 34 Interim Financial Reporting and International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and all interpretations from the Financial Reporting Interpretations Committee (IFRIC), which have been endorsed by the European Commission for adoption within the EU. The quarterly report is prepared using the same principles as those used for the 2021 annual report. The quarterly report is unaudited.

2) Judgments, estimates and assumptions

The preparation of condensed consolidated interim financial statements in accordance with IFRS and the application of the chosen accounting policies require management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a continuous basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. When preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimate uncertainty were the same as t hose that applied to the consolidated financial statements as of the period ending 31 December 2021.

3) Risk and uncertainty

As described in ABGSC's annual report, ABGSC's total risk exposure is analysed and evaluated at the group level. Risk evaluat ions are integrated in all business activities both at the group and business unit levels, increasing ABGSC's ability to take advantage of business opportunities. There has not been any significant change in the risk exposure or the risks and uncertainties described in the annual report.

4) Related parties

There have not been any changes or transactions with any related parties that significantly impact the Group's financial position or results for the period.

5) Segment information

The group segments its business primarily on a product level as this provides the best understanding of the Group's integrated operation. The Group does not allocate profits or split the balance sheet per product. Revenues are also split at an overall geographical level. Segment information is presented on other pages of this report, including on the historical quarterly summary pages.

Cost ratios

2.4 2.6 3.5 5.0 3.3 3.7 2.0 1.0 1.0 1.0 1.0 1.1 0.7 0.8 3.4 3.6 4.5 6.0 4.4 4.4 2.8 2018 2019 2020 2021 L4Q 9M 21 9M 22 Compensation Non-Compensation

56% 54% 52% 54% 55% 54% 55% 2018 2019 2020 2021 L4Q 9M 21 9M 22

Cost per head (NOKm) Total compensation/Revenue Non-compensation/Revenue

Shareholder matters | Share count and shareholder structure

Share count
Figures in thousands	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Shares outstanding (period end)	470 747 ,	470 747 ,	470 747 ,	483 343 ,	483 343 ,
- Treasury shares (period end)	18 063 ,	19 371 ,	11 738 ,	069 7 ,	6 419 ,
+ Forward outstanding (period end) contracts	102 436 ,	101 511 ,	101 004 ,	81 306 ,	80 726 ,
Diluted shares (period end)	555 119 ,	552 887 ,	560 013 ,	557 580 ,	557 650 ,

Shares outstanding (average)	470 747 ,	470 747 ,	470 747 ,	474 900 ,	483 343 ,
(average) - Treasury shares	18 267 ,	19 973 ,	16 874 ,	8 405 ,	6 904 ,
(average) + Forward outstanding contracts	102 751 ,	102 280 ,	101 221 ,	91 908 ,	81 142 ,
(average) Diluted shares	555 231 ,	553 054 ,	555 094 ,	558 402 ,	557 581 ,

Share transactions

During the quarter, ABGSC purchased 200k shares from retired partners at an average price of NOK 5.88 per share. ABGSC sold 270k shares on forward contracts to new partners. ABGSC also sold 850k treasury shares to partners as settlement of forward contracts previously entered into.

Shareholder structure
Shares held by Directors and staff	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Shares held by Directors and Staff / Shares outstanding	22%	22%	24%	25%	25%
Shares and fwd held by Directors and Staff / Diluted shares contracts	37%	37%	38%	37%	36%

Shareholders by (shares outstanding) country	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Norway	67%	67%	69%	71%	70%
Great Britain	4%	4%	3%	3%	4%
USA	11%	11%	9%	9%	9%
Sweden	8%	9%	8%	7%	7%
Other	9%	9%	10%	10%	10%

Shareholder information

For more information about the ABGSC share and its largest shareholders, please visit the Investor Relations section on the ABGSC website (www.abgsc.com).

Shareholder matters | ABGSC sold a total of 270k shares to new partners and repurchased 200k shares from leaving partners in Q3

The Board currently has a mandate from the shareholders to acquire a number of ABGSC shares corresponding to approximately 10% of the share capital. The one-year mandate is valid until the end of June 2023.

Expiry year	Forward (1 000) contracts ,	Forward price average
2023	9 440 ,	2 55
2024	30 322 ,	1 22
2025	16 620 ,	0 46
2026	12 934 ,	6 25
2027	11 410 ,	6 88
Total	80 726 ,

As part of the partner share incentive programme, several partners in the firm have entered into forward contracts for the future delivery of shares. Under the programme, new and certain existing partners are given the opportunity to acquire restricted partner shares at market price, with a 15% price adjustment reflecting several restrictions with regards to the selling (or purchasing) of these shares.

The forward settlement price is adjusted for changes in interest rates and any cash distribution paid to shareholders. The interest element in the forward contract will also be adjusted in cases where the contract is settled prior to the original expiry date.

Shareholder matters | Distribution to shareholders

▪ The Board is committed to returning excess capital to shareholders through cash and buy-backs of shares over time. Excess capital will be evaluated on a continuous basis, taking into consideration a number of factors, including market conditions, regulatory requirements, counterparty and market perceptions and the nature of our business

Capital and balance sheet summary | Highly liquid asset base and solid capitalisation with satisfactory buffers to regulatory requirement

▪ ABGSC is well capitalised with a core capital ratio of 1.7x the current regulatory minimum requirement and 2.6x the expected future requirement

95 752 307 525 1,000 1,200 1,400 1,600 1,800 2,000

Cash & Bank Investments Net fixed Net WC Other liab Equity

▪ Liquid balance sheet with limited proprietary trading activity and a modest and

▪ Net working capital shall be close to neutral over time, but may be subject to

▪ Cash & Bank includes collateral cash deposits (stock borrowing, clearing, etc.)

922

short-term fluctuations1)

conservative security financing operation

200

400

600

800

936

Historical figures | Key financials in last nine quarters

Income statement
NOKm	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Revenues	363	893	738	809	561	803	487	406	303
Operating costs	-264	-509	-464	-499	-386	-527	-355	-301	-269
Operating profit	99	384	274	310	175	276	132	106	34
Net financial result	-3	-7	-4	-2	-4	0	-11	-6	-7
Profit before tax	96	377	270	308	171	276	121	99	27
Taxes	-24	-95	-63	-74	-44	-67	-30	-23	-9
Non-controlling interests	-5	-38	1	-9	-2	-7	0	-5	-2
Net profit	67	243	208	225	126	201	91	71	16

Balance sheet
NOKm	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Total non-current assets	541	531	493	494	484	812	782	771	752
Receivables	4,762	1,623	5,828	6,278	5,245	1,392	2,784	4,775	4,931
Investments	249	65	37	52	74	541	66	98	95
Cash and bank deposits	752	1,251	940	1,195	1,250	1,388	1,745	1,213	922
Total current assets	5,763	2,939	6,805	7,526	6,569	3,322	4,596	6,087	5,948
Total assets	6,304	3,470	7,298	8,019	7,053	4,134	5,378	6,858	6,700
Equity attributable to owners of the parent	726	894	1,084	913	1,039	1,214	1,284	912	933
Non-controlling interests	54	90	88	10	12	20	20	1	3
Total equity	779	984	1,173	923	1,051	1,234	1,304	913	936
Long-term liabilities	265	256	235	238	234	497	485	478	476
Short-term interest bearing liabilities	223	0	0	0	0	0	198	70	49
Short-term liabilities	5,036	2,230	5,890	6,859	5,767	2,404	3,390	5,397	5,238
liabilities Total	5,524	2,486	6,125	7,097	6,002	2,901	4,074	5,945	5,764
equity liabilities Total and	6,304	3,470	7,298	8,019	7,053	4,134	5,378	6,858	6,700

Historical figures | Segment revenues in last nine quarters

Segment revenues
NOKm	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Corporate Financing	180	579	492	534	260	427	196	137	62
M&A and Advisory	82	175	90	137	142	225	143	122	121
Brokerage and Research	101	139	156	138	159	151	148	147	120
Group	363	893	738	809	561	803	487	406	303

NOKm	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Norway	168	524	343	375	246	429	238	212	190
Sweden	133	224	287	312	208	285	199	147	74
Denmark	23	37	21	52	55	28	14	18	18
International	39	108	87	70	51	61	36	30	21
Group	363	893	738	809	561	803	487	406	303

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022
Headcount (average)	287	298	301	307	315	323	324	327	336
Revenues head (average) per	1 27	2 99	2 45	2 63	1 78	2 48	1 50	1 24	0 90
Operating head (average) costs per	-0 92	-1 70	-1 54	-1 62	-1 23	-1 63	-1 10	-0 92	-0 80
Operating / Revenues cost	73%	57%	63%	62%	69%	66%	73%	74%	89%
Total compensation / Revenues	54%	48%	54%	52%	55%	54%	55%	53%	60%
Operating margin %	27%	43%	37%	38%	31%	34%	27%	26%	11%
(annualised) Return Equity on	39%	56%	84%	90%	51%	74%	29%	26%	35%

Shares (period end) outstanding	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,	483 343 ,	483 343 ,
(period end) Treasury shares	-29 364 ,	-26 940 ,	-26 870 ,	-18 288 ,	-18 063 ,	-19 371 ,	-11 738 ,	-7 069 ,	-6 419 ,
Forward outstanding (period end) contracts	96 531 ,	94 483 ,	104 373 ,	102 791 ,	102 436 ,	101 511 ,	101 004 ,	81 306 ,	80 726 ,
Diluted shares (period end)	537 915 ,	538 290 ,	548 249 ,	555 249 ,	555 119 ,	552 887 ,	560 013 ,	557 580 ,	557 650 ,
Earnings share (basic) per	0 15	0 55	0 47	0 50	0 28	0 45	0 20	0 15	0 03
Earnings share (diluted) per	0 13	0 45	0 39	0 41	0 23	0 37	0 17	0 13	0 03
Book value share (basic) per	1 64	2 01	2 44	2 02	2 30	2 69	2 80	1 92	1 96
Book value share (diluted) per	1 89	2 17	2 62	2 12	2 35	2 68	2 88	2 01	2 05
Total capital adequacy	3 294 ,	3 386 ,	3 892 ,	4 323 ,	4 043 ,	4 843 ,	4 994 ,	4 860 ,	4 683 ,
Core capital	386	441	431	503	506	648	625	628	627
Total capital adequacy ratio	12%	13%	11%	12%	13%	13%	13%	13%	13%
Minimum requirement ratio coverage	1 5x	1 6x	1 4x	1 5x	1 6x	1 7x	1 6x	1 6x	1 7x

Financial calendar

8 February 2023 | Q4 2022 earnings release/preliminary full-year figures

Company overview

ABGSC enables businesses and capital to grow and perform

25 1) Source: Mergermarket (M&A). Pending and completed transactions with targets from Norway, Sweden or Denmark

2) Source: Refinitiv (ECM): Companies listed in Norway, Sweden or Denmark

3) Source: Stamdata (DCM). Non-Shipping related high yield issuers located in Norway, Sweden or Denmark and with documentation in Norway, Sweden or Denmark

Our vision is to be the most agile and respected Nordic investment bank

Norway

ABG Sundal Collier ASA Pb. 1444 Vika Ruseløkkveien 26 8th floor NO-0251 Oslo

Tel +47 22 01 60 00 Fax +47 22 01 60 60

Sweden

ABG Sundal Collier AB Box 7269 Regeringsgatan 25 8th floor SE-11153 Stockholm Tel +46 8 566 286 00 Fax +46 8 566 286 01

United Kingdom

ABG Sundal Collier Ltd. St Martin's Court 25 Newgate St 5th floor UK-EC4M 7EJ London Tel +44 207 905 5600

Fax +44 207 905 5601

Denmark ABG Sundal Collier ASA

Copenhagen Branch Forbindelsesvej 12 DK-2100 Copenhagen Ø

Tel +45 3546 3000 Fax +45 3546 3010

Germany

ABG Sundal Collier ASA Frankfurt Branch Schillerstrasse 2 5. Obergeschoss DE-60313 Frankfurt /Main

Tel +49 69 96 86 96 0 Fax +49 69 96 86 96 9

USA

ABG Sundal Collier Inc. 850 Third Avenue Suite 9-C US-10022 New York Tel +1 212 605 3800 Fax +1 212 605 3801

Singapore

ABG Sundal Collier Pte Ltd 10 Collyer Quay Ocean Financial Center #40-07, Singapore 049315

Tel +65 6808 6082

This material has been prepared by ABG Sundal Collier ASA, or an affiliate thereof ("ABGSC").

This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the materials. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of ABGSC as a result of using different assumptions and criteria. ABGSC is under no obligation to update or keep current the information contained herein. ABGSC, its directors, officers and employees' or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein and may at any time make purchases and/or sales in them as principal or agent. ABGSC may act or have acted as market-maker in the securities or other financial instruments discussed in this material. Furthermore, ABGSC may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant companies. Neither ABGSC nor any of its affiliates, nor any of ABGSC' or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material.

© 2022 ABG Sundal Collier ASA. All rights reserved. ABG Sundal Collier ASA specifically prohibits the redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect.

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