ABG Sundal Collier

Quarterly Report • Jul 8, 2022

2022 Q2 INTERIM REPORT

CEO comments | Solid performance in a turbulent market

We delivered revenues of NOK 893m for the first six months, representing the second-highest level in the last 15 years, despite challenging market conditions with geopolitical uncertainty and macroeconomic challenges.

ABGSC has established itself as a resilient full-service Nordic investment bank with a diverse revenue base. In a complicated market environment, we have proven our ability to adapt to rapidly changing client needs. I am pleased to see our ability to adapt and execute business in such a challenging environment.

We operate with a long-term perspective and seek to gradually improve our position in all relevant market segments. Our broad industry competence enables us to shift focus to the sectors most relevant for our clients and the market at the time. Also, having a market-leading position in all our key product areas makes us a relevant speaking partner for our corporate clients across products and transactions.

I would like to take the opportunity to highlight the strength and contribution from our research and brokerage operations, as these services have contributed significantly to our earnings this year. Our long-term commitment to employ some of the most experienced and talented analysts and brokers in the Nordics continues to pay off.

Although we have been steadily growing our operation and fixed cost base in line with our long-term strategy, we keep tabs on our costs and benefit from having a dynamic remuneration model reflecting the pace and profitability of our business.

Outlook

The current sentiment provides limited visibility, but our ability to win mandates is stronger than ever and the activity in secondary markets is holding up well. Furthermore, our pipeline remains robust and is better adapted to current market conditions, making us cautiously optimistic about H2.

JonasStröm, CEO

Key financial figures | L4Q revenues >NOK 2.2bn and corresponding diluted EPS of NOK 0.29 per share

Macro and market backdrop | High inflation and rising interest rates combined with the war in Ukraine have dampened equities and fuelled volatility

▪ Long-term interest rates continue to rise in both the US and Europe as fear of inflation is high and as central banks make the largest interest rate rise in decades

• S&P 500 down 16.4% and MSCI Nordic down 11.7% in the quarter
• The S&P 500 Volatility Index (VIX) has been mainly above 25 throughout the quarter and confirms a higher degree of turmoil in the markets

Capital market and M&A market perspectives | Breaks are on within capital markets, but new opportunities within M&A as valuation has come down

1) Nordic primary DCM volumes (NOKbn)

2)

Nordic M&A transactions (#) Nordic primary ECM volumes (NOKbn 3) )

Source: Refinitiv, Stamdata, Mergermarket

1) Issuers listed on Nordic stock exchanges

2) Corporate high y ield, Nordic issuers

3) Nordic targets, announced transactions with financial advisors

Corporate Financing | Increased market share within DCM and maintained strong market position within ECM

ECM - SP	NOK 5.0bn	Energy
ECM – PP	NOK 1.8bn	Shipping
ECM - SP	NOK 809m	Industrials
ECM - PP	NOK 300m	Seafood
ECM – SP	SEK 1.0bn	Renewables
ECM - IPO	SEK 520m	TMT
ECM - SP	SEK 500m	Industrials
DCM – HY	NOK 950m	Energy
DCM – DL	EUR 80m	Energy
DCM – HY	USD 75m	Energy
DCM – HY	USD 300m	Financials
DCM – HY	SEK 440m	Financials

M&A and Advisory | Significant participation in public deals

Sale of Kappa Bioscience to Balchem Corporation	NOK 3.2bn	Health care
Acquisition of Danica PensjonsforsikringAS	NOK 2.0bn	Financials
EG Norge AS' offer to acquire all shares in Ørn	NOK 600m	TMT
Divestment of Visma Custom Solutions to CVC	Undisclosed	TMT
Sale of fibre infrastructure to GlobalConnect	Undisclosed	TMT

Ongoing and not completed as of 30 June 2022:

• Combination between Frontline and Euronav (USD 4.5bn)
• Thoma Bravo's voluntary offer to acquire all shares in Mercell (NOK 3.2bn)
• TGS's voluntary exchange offer to acquire all shares in Magseis (NOK 2.3bn)

Brokerage and Research | Respectable performance with YTD revenues in line with last year

• Q2 was marked by falling asset prices and high volatility, translating into lower risk appetite among investors
• Significant interest for Nordic equities among international investors
• Secondary trading commissions and research revenues in line with last year can be considered respectable given the market conditions
• ABGSC has continued to make selective senior hires to further strengthen our team

Operating costs | Dynamic cost model dampens leverage, but underlying costs increase as 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%, reflecting our strategic decision to further expand the investment banking operation.
• 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

• Solid performance in a market with high volatility and limited capital markets activity
• We will continue to improve our relative position irrespective of market conditions
• Long-term commitment to brokerage and research paying off
• Broad industry competence and product capabilities ability to adapt to changing needs of a broadened client base
• Limited visibility, but cautiously optimistic about H2

Financial statements and supplementary information

Consolidated income and cash flow statements

Condensed consolidated income statement (unaudited)						Other comprehensive income
NOKm	Q2 2022	Q2 2021		YTD 2022 YTD 2021	2021	NOKm
Corporate Financing	137.0	534.5	332.7	1,026.1	1,712.8	Net profit
M&A and Advisory	122.2	137.1	265.0	227.5	594.7	Items that may be reclassified to profit or loss
Brokerage and Research	147.0	137.7	295.5	293.6	603.5	Exchange differences on translating foreign operations
Total revenues	406.3	809.2	893.2	1,547.3	2,911.0	Hedging of investment in foreign subsidiaries
Personnel costs	-214.5	-424.2	-480.2	-819.6	-1,563.3	Income tax relating to items that may be reclassified
Other operating costs	-65.3	-60.4	-134.5	-114.6	-248.9	Total other comprehensive income
Depreciation	-21.0	-14.3	-41.2	-28.7	-63.0	Total comprehensive income for the period
Total operating costs	-300.7	-498.9	-655.8	-962.9	-1,875.2
Operating profit	105.5	310.4	237.4	584.3	1,035.8	Comprehensive income to non-controlling interests
Net interest	-4.4	-1.5	-13.1	-4.8	-6.0	Comprehensive income to owners of the parent
Associates	-1.6	-0.6	-3.7	-2.6	-3.9
Other	-0.5	-0.4	-0.3	0.7	-0.8
Net financial result	-6.4	-2.5	-17.1	-6.7	-10.7
Profit before tax	99.1	307.9	220.3	577.7	1,025.1
Taxes	-23.4	-73.9	-53.8	-137.0	-248.0
Net profit	75.7	233.9	166.5	440.7	777.1
						Condensed cash flow statement
Profit / loss to non-controlling interests	5.0	9.2	5.0	7.7	17.2
Profit / loss to owners of the parent	70.7	224.7	161.5	432.9	759.9	NOKm

NOKm	Q2 2022	Q2 2021	YTD 2022	YTD 2021	2021
Net profit	75.7	233.9	166.5	440.7	777.1
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	38.0	14.7	26.2	-1.2	-15.9
Hedging of investment in foreign subsidiaries	-37.2	-12.2	-28.4	0.5	19.0
Income tax relating to items that may be reclassified	9.3	3.0	7.1	-0.1	-4.7
Total other comprehensive income	10.1	5.6	4.9	-0.8	-1.6
Total comprehensive income for the period	85.8	239.5	171.4	439.9	775.5
Comprehensive income to non-controlling interests	5.0	9.2	5.0	7.7	17.2
Comprehensive income to owners of the parent	80.8	230.3	166.4	432.1	758.2

Condensed cash flow statement
NOKm	Q2 2022	Q2 2021	YTD 2022	YTD 2021	2021
Cash and cash equivalents - opening balance	1,745.0	939.5	1,388.5	1,251.3	1,251.3
Net cash flow from operating activities	99.5	761.8	289.2	469.6	746.2
Net cash flow from investing activities	-7.5	-6.6	-9.1	-4.2	-39.5
Net cash flow from financing activities	-624.1	-499.6	-455.6	-521.6	-569.5
Net change in cash and cash equivalents	-532.1	255.6	-175.5	-56.2	137.2
Cash and cash equivalents - closing balance	1,212.9	1,195.1	1,212.9	1,195.1	1,388.5

Consolidated balance sheet

Consolidated balance sheet (unaudited)

NOKm		30/06/2022 30/06/2021	31/12/2021
Intangible assets	178.0	160.5	179.5
Financial non-current assets	74.8	72.9	79.1
Tangible assets	518.4	260.1	553.9
Total non-current assets	771.2	493.6	812.5
Receivables	4,775.3	6,278.5	1,392.3
Investments	98.4	52.2	541.2
Cash and bank deposits	1,212.9	1,195.1	1,388.5
Total current assets	6,086.7	7,525.8	3,322.0
Total assets	6,857.9	8,019.4	4,134.4
Paid-in capital	133.6	114.5	114.8
Retained earnings	778.9	798.1	1,099.1
Equity attributable to owners of the parent	912.4	912.6	1,213.9
Non controlling interests	0.9	10.3	19.8
Total equity	913.3	922.9	1,233.6
Long-term liabilities	478.3	237.9	496.6
Short-term interest bearing liabilities	69.5	0.0	0.0
Short-term liabilities	5,396.7	6,858.7	2,404.2
Total liabilities	5,944.6	7,096.5	2,900.8
Total equity and liabilities	6,857.9	8,019.4	4,134.4

Condensed statement of changes in equity

NOKm	Q2 2022	Q2 2021	YTD 2022	YTD 2021	2021
Equity attributable to owners of the parent - opening balance	1,283.8	1,084.2	1,213.9	893.9	893.9
Comprehensive income to owners of the parent	80.8	230.3	166.4	432.1	758.2
Payment to shareholders	-470.7	-471.5	-470.7	-471.5	-473.3
New issuing of shares	16.3	0.0	16.3	0.0	0.0
Change in own shares	2.3	69.6	-13.4	58.0	35.0
Equity attributable to owners of the parent - closing balance	912.4	912.6	912.4	912.6	1,213.9
Equity attributable to non-controlling interests - opening balance		88.4	19.8	89.9	89.9
Comprehensive income to non-controlling interests	5.0	9.2	5.0	7.7	17.2
Payment to shareholders	-23.9	-87.4	-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	0.9	10.3	0.9	10.3	19.8
Total equity - closing balance		922.9	913.3	922.9	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

Shareholder matters | Share count and shareholder structure

Q2	Q3	Q4	Q1	Q2
2021	2021	2021	2022	2022
470	470	470	470	483
747	747	747	747	343
,	,	,	,	,
18	18	19	11	7
288	063	371	738	069
,	,	,	,	,
102	102	101	101	81
791	436	511	004	306
,	,	,	,	,
555	555	552	560	557
249	119	887	013	580
,	,	,	,	,
470	470	470	470	474
747	747	747	747	900
,	,	,	,	,
21	18	19	16	8
820	267	973	874	405
,	,	,	,	,
103	102	102	101	91
661	751	280	221	908
,	,	,	,	,
552	555	553	555	558
588	231	054	094	402
,	,	,	,	,

Shareholder structure

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

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

Share transactions

During the quarter, ABGSC purchased 1.8m shares at NOK 7.00 per share in a buy-back offering. ABGSC also purchased 0.6m shares from retired partners at an average price of NOK 6.92 per share. ABGSC sold 7.1m treasury shares and issued 12.6m new shares to partners as settlement of forward contracts previously entered into.

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 repurchased 2.4m shares from the market and former partners in Q2

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	(1 000) Forward contracts ,	price Forward average
2023	9 440 ,	2 55
2024	30 322 ,	1 22
2025	17 470 ,	0 46
2026	12 934 ,	6 25
2027	11 140 ,	6 90
Total	81 306 ,

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 1.6x the current regulatory minimum requirement and 2.6x the expected future requirement

• Liquid balance sheet with limited proprietary trading activity and a modest and conservative security financing operation
• Net working capital shall be close to neutral over time, but may be subject to short-term fluctuations1)
• Cash & Bank includes collateral cash deposits (stock borrowing, clearing, etc.)

Historical figures | Key financials in last nine quarters

Income statement
NOKm	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022
Revenues	408	363	893	738	809	561	803	487	406
Operating costs	-291	-264	-509	-464	-499	-386	-527	-355	-301
Operating profit	116	99	384	274	310	175	276	132	106
financial Net result	-4	-3	-7	-4	-2	-4	0	-11	-6
Profit before tax	112	96	377	270	308	171	276	121	99
Taxes	-29	-24	-95	-63	-74	-44	-67	-30	-23
Non-controlling interests	-8	-5	-38	1	-9	-2	-7	0	-5
Net profit	76	67	243	208	225	126	201	91	71

Balance sheet
NOKm	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022
Total non-current assets	546	541	531	493	494	484	812	782	771
Receivables	4,238	4,762	1,623	5,828	6,278	5,245	1,392	2,784	4,775
Investments	78	249	65	37	52	74	541	66	98
Cash and bank deposits	507	752	1,251	940	1,195	1,250	1,388	1,745	1,213
Total current assets	4,822	5,763	2,939	6,805	7,526	6,569	3,322	4,596	6,087
Total assets	5,368	6,304	3,470	7,298	8,019	7,053	4,134	5,378	6,858
Equity attributable to owners of the parent	658	726	894	1,084	913	1,039	1,214	1,284	912
Non-controlling interests	49	54	90	88	10	12	20	20	1
Total equity	706	779	984	1,173	923	1,051	1,234	1,304	913
Long-term liabilities	263	265	256	235	238	234	497	485	478
Short-term interest bearing liabilities	14	223	0	0	0	0	0	198	70
Short-term liabilities	4,385	5,036	2,230	5,890	6,859	5,767	2,404	3,390	5,397
Total liabilities	4,662	5,524	2,486	6,125	7,097	6,002	2,901	4,074	5,945
Total equity and liabilities	5,368	6,304	3,470	7,298	8,019	7,053	4,134	5,378	6,858

Historical figures | Segment revenues in last nine quarters

Segment revenues
NOKm	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022
Corporate Financing	236	180	579	492	534	260	427	196	137
M&A and Advisory	46	82	175	90	137	142	225	143	122
Brokerage and Research	126	101	139	156	138	159	151	148	147
Group	408	363	893	738	809	561	803	487	406

NOKm	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022
Norway	211	168	524	343	375	246	429	238	212
Sweden	132	133	224	287	312	208	285	199	147
Denmark	10	23	37	21	52	55	28	14	18
International	54	39	108	87	70	51	61	36	30
Group	408	363	893	738	809	561	803	487	406

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022
(average) Headcount	278	287	298	301	307	315	323	324	327
(average) Revenues head per	1 46	1 27	2 99	2 45	2 63	1 78	2 48	1 50	1 24
Operating head (average) costs per	-1 05	-0 92	-1 70	-1 54	-1 62	-1 23	-1 63	-1 10	-0 92
Operating / Revenues cost	72%	73%	57%	63%	62%	69%	66%	73%	74%
/ Total compensation Revenues	54%	54%	48%	54%	52%	55%	54%	55%	53%
Operating margin %	28%	27%	43%	37%	38%	31%	34%	27%	26%
Return Equity (annualised) on	45%	39%	56%	84%	90%	51%	74%	29%	46%
Shares (period end) outstanding	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,	483 343 ,
Treasury shares (period end)	-30 219 ,	-29 364 ,	-26 940 ,	-26 870 ,	-18 288 ,	-18 063 ,	-19 371 ,	-11 738 ,	-7 069 ,
Forward outstanding (period end) contracts	97 836 ,	96 531 ,	94 483 ,	104 373 ,	102 791 ,	102 436 ,	101 511 ,	101 004 ,	81 306 ,
Diluted shares (period end)	538 365 ,	537 915 ,	538 290 ,	548 249 ,	555 249 ,	555 119 ,	552 887 ,	560 013 ,	557 580 ,
(basic) Earnings share per	0 17	0 15	0 55	0 47	0 50	0 28	0 45	0 20	0 15
Earnings share (diluted) per	0 14	0 13	45 0	0 39	0 41	0 23	0 37	0 17	0 13
Book value share (basic) per	1 49	1 64	2 01	2 44	2 02	2 30	2 69	2 80	1 92
Book value share (diluted) per	1 77	1 89	2 17	2 62	2 12	2 35	2 68	2 88	2 01
Total capital adequacy	2 958 ,	3 294 ,	3 386 ,	3 892 ,	4 323 ,	4 043 ,	4 843 ,	4 994 ,	4 860 ,
Core capital	462	386	441	431	503	506	648	625	628
Total capital adequacy ratio	16%	12%	13%	11%	12%	13%	13%	13%	13%
Minimum requirement ratio coverage	2 0x	1 5x	1 6x	1 4x	1 5x	1 6x	1 7x	1 6x	1 6x

Financial calendar

14 October 2022 | Q3 2022 earnings release

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

Responsibility statement

We confirm to the best of our knowledge that the condensed set of financial statements for the period 1 January to 30 June 2022 has been prepared in accordance with the IAS 34 "Interim Financial Reporting" and gives a true and fair view of the Group's assets, liabilities, financial position and results for the period viewed in their entirety, and that the interim report includes a fair review of any significant events that arose during the six-month period and their effect on the half-yearly financial report and any significant related parties' transactions. The report includes, to the best of our knowledge, a description of the material risks that the Board of Directors at the time of this report deem might have a significant impact on the financial performance of the Group.

Oslo, 7 July 2022

_____	___	___
Knut Brundtland (Chairman)	Martina Klingvall	Adele Norman Pran
(sign)	(sign)	(sign)
_____	___	___
Jan Petter Collier	Arild A. Engh	Jonas Ström (CEO)
(sign)	(sign)	(sign)

Company overview

ABGSC enables businesses and capital to grow and perform

26 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.