ABG Sundal Collier

Quarterly Report • Jul 7, 2023

Risk aversion dampens market activity Q2 revenues of NOK 379m (NOK 406m) H1 revenues of NOK 805m (NOK 893m) H1 diluted EPS of NOK 0.19 (NOK 0.29)

2023 Q2 INTERIM REPORT

CEO comments

Once again, another quarter unfolds, and the narrative appears strikingly familiar. Macro indicators are showing some signs of improvement, but the business environment we operate in is impacted by fear of continued escalating inflation and an upcoming recession.

Given the market sentiment, it is crucial to focus on what we can control. It is more important than ever to ensure that we are on top of all situations and advise our clients on both creating and seizing opportunities that may still arise.

This quarter, I would especially like to highlight our leading research and brokerage operation. Not only are they contributing greatly to our top line, but by being a preferred advisory and trading counterparty to our broad Nordic and international investor client base, we cement our position as a trusted advisor with market leading placing power within the ECM and DCM primary segments. I am confident that this has been instrumental in us gaining market share, as there has been, post MiFID II in particular, an escalating trend of institutional investors consolidating their number of broker counterparties.

Preferably, we would have liked to see increased activity in the M&A and Corporate Financing markets during the quarter. However, we see the pipeline is building up and we are well positioned to increase our market share. Worth highlighting is the acquisition of Foxway by Nordic Capital, where we were sole advisor in the M&A transaction and sole global coordinator of the EUR 200m high-yield bond issue. This is yet more proof of the importance of providing a high-end, full-service offering to our clients. Among several other well-executed transactions, we were Joint Global Coordinator and Bookrunner in the SEK 2,060m directed share issue in Sagax and Joint Global Coordinator and Joint Bookrunner in the NOK 564m IPO of DOF. In addition, we acted as financial advisor to AP7 for the acquisition of 33% of Urban Escape in Stockholm with a property value of SEK 22bn.

We have executed well on our strategy to leverage our operation, strengthen our execution capacity and broaden and diversify our product offering. While we will continue to further develop our new business initiatives as planned, we must also ensure that we continue to improve our efficiency to fight the impact of the significant cost inflation observed across all segments. The continuous hiring of top talent, our modern IT platform in combination with the organisation embracing new technological innovations should contribute well to us further improving productivity and thereby strengthening our competitiveness.

In the short- to medium-term, we continue to win mandates and we are confident in our ability to execute once conditions allow.

Key financial figures | H1 revenues of NOK 805m and diluted EPS of NOK 0.19 with margins suffering from cost inflation and NOK depreciation

Macro and market backdrop | Market rally in US mega caps and volatility dropping while inflation remains sticky, and rates may be kept higher for longer

• Long-term interest rates have stabilised both in the US and Europe while inflation remains sticky
• Volatility continuing down as VIX dropped below 15
• S&P 500 increased by 8.3% supported by a rally in tech mega-caps while MSCI Nordic was down 2.2% in the quarter

Market volumes | Improving DCM sentiment while ECM market is highly selective and M&A volumes continue at a modest pace

1) Nordic primary DCM volumes (NOKbn) 2)

⁹⁸

+14%

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. Last quarter estimate reflecting a time-lag in Mergermaket deal registration

Corporate Financing | Some sizeable transactions executed during the quarter while we continue to have a 100% participation rate in Nordic IPOs YTD

M&A and Advisory | Seasonally decent M&A revenues while several processes tending to linger

Selected transactions
	Viridor's voluntary offer to acquire all shares in Quantafuel	NOK 1.1bn	Industrials
	Sale of Concedo to Attica Exploration AS	Undisclosed	Energy
	Sale of Solcellespesialisten to FSN Capital	Undisclosed	Renewables
	Papirfly's acquisition of Keepeek SA	Undisclosed	TMT
	Nordic Capital's acquisition of a majority share in Foxway	Undisclosed	TMT
	AP7's acquisition of 33% of the Urban Escape properties in Stockholm CBD	SEK 22bn	Real Estate
	Advisory services to Re-Match related to a voluntary public tender offer	DKK 256m	Industrials

Brokerage and Research | Growing importance of having a broad investor reach as the strong contribution from secondary trading commission and research continues

• Our leading Nordic research franchise crucial post MiFID II, as the institutional client base seems to continue to consolidate its business
• The idea-driven sales operation with unparalleled trading flow matching abilities is a preferred counterpart to a number of local and international investors operating in the Nordic market

Operating costs | Operating costs in line with last year as significant NOK depreciation and general inflation offsets impact of cost initiatives and remuneration model

• Total operating costs increased by approx. NOK 24m YTD due to weakening NOK relative to last year
• Underlying compensation costs down, in spite of some fixed salary inflation, due to revenue- and profitability-driven compensation model
• Underlying non-compensation costs are primarily up due to increased headcount, general cost inflation and some costs of a non-recurring nature
• Headcount broadly in line with Q1

Closing remarks

• Superior position within research and brokerage is a major contributor to revenues and a key differentiator when executing ECM and DCM transactions
• Important to seize opportunities in all market sentiments. Challenging conditions allow us to really make a difference
• Cost inflation and weakened NOK has a negative impact on margins
• Embracing new technology and innovations is key to improving efficiency
• Mandate inflow strong, we are ready to execute once markets allow
• Low market volatility and a re-opening IPO market in the US may serve as a catalyst for European IPO activity

Financial statements and supplementary information

Consolidated income and cash flow statements

Condensed consolidated income statement (unaudited) Other comprehensive income

NOKm	Q2 2023	Q2 2022		YTD 2023 YTD 2022	2022
Corporate Financing	131.7	137.0	313.7	332.7	519.0
M&A and Advisory	99.9	122.2	178.3	265.0	618.2
Brokerage and Research	147.0	147.0	312.9	295.5	567.1
Total revenues	378.6	406.3	804.9	893.2	1,704.3
Personnel costs	-222.3	-214.5	-464.3	-480.2	-943.0
Other operating costs	-78.2	-65.3	-151.9	-134.5	-279.6
Depreciation	-22.0	-21.0	-44.4	-41.2	-85.4
Total operating costs	-322.6	-300.7	-660.7	-655.8	-1,308.0
Operating profit	56.0	105.5	144.2	237.4	396.3
Net interest	-2.6	-4.4	-0.4	-13.1	-12.1
Associates	-2.6	-1.6	-4.8	-3.7	-6.3
Other	0.2	-0.5	-0.7	-0.3	-2.1
Net financial result	-5.0	-6.4	-5.9	-17.1	-20.5
Profit before tax	50.9	99.1	138.3	220.3	375.8
Taxes	-12.4	-23.4	-34.2	-53.8	-93.8
Net profit	38.5	75.7	104.1	166.5	282.0
Profit / loss to non-controlling interests	0.0	5.0	0.6	5.0	11.8
Profit / loss to owners of the parent	38.5	70.7	103.4	161.5	270.3

NOKm	Q2 2023	Q2 2022	YTD 2023	YTD 2022	2022
Net profit	38.5	75.7	104.1	166.5	282.0
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	3.4	38.0	34.8	26.2	15.9
Hedging of investment in foreign operations	-6.9	-37.2	-35.5	-28.4	-17.2
Income tax relating to items that may be reclassified	1.7	9.3	8.9	7.1	4.3
Total other comprehensive income	-1.8	10.1	8.2	4.9	2.9
Total comprehensive income for the period	36.7	85.8	112.2	171.4	284.9
Comprehensive income to non-controlling interests	-0.3	5.0	1.2	5.0	11.8
Comprehensive income to owners of the parent	36.7	80.8	110.8	166.4	273.2

Condensed cash flow statement
NOKm	Q2 2023	Q2 2022	YTD 2023	YTD 2022	2022
Cash and cash equivalents - opening balance	799.4	1,745.0	832.0	1,388.5	1,388.5
Net cash flow from operating activities	-61.6	99.5	-98.1	289.2	-53.4
Net cash flow from investing activities	4.0	-7.5	-13.3	-9.1	-18.9
Net cash flow from financing activities	-170.4	-624.1	-149.1	-455.6	-484.3
Net change in cash and cash equivalents	-227.9	-532.1	-260.5	-175.5	-556.5
Cash and cash equivalents - closing balance	571.4	1,212.9	571.4	1,212.9	832.0

Consolidated balance sheet

Consolidated balance sheet (unaudited)

NOKm		30/06/2023 30/06/2022	31/12/2022
Intangible assets	176.1	178.0	178.6
Financial non-current assets	76.8	74.8	70.5
Tangible assets	517.2	518.4	531.3
Total non-current assets	770.1	771.2	780.3
Receivables	5,351.7	4,775.3	2,241.7
Investments	69.6	98.4	63.1
Cash and bank deposits	571.4	1,212.9	832.0
Total current assets	5,992.8	6,086.7	3,136.8
Total assets	6,762.9	6,857.9	3,917.1
Paid-in capital	138.5	133.6	134.3
Retained earnings	712.2	778.9	884.8
Equity attributable to owners of the parent	850.7	912.4	1,019.1
Non controlling interests	11.1	0.9	7.6
Total equity	861.8	913.3	1,026.7
Long-term liabilities	487.6	478.3	480.4
Short-term interest bearing liabilities	236.9	69.5	70.0
Short-term liabilities	5,176.5	5,396.7	2,340.0
Total liabilities	5,901.0	5,944.6	2,890.4
Total equity and liabilities	6,762.9	6,857.9	3,917.1

Condensed statement of changes in equity

NOKm	Q2 2023	Q2 2022	YTD 2023	YTD 2022	2022
Equity attributable to owners of the parent - opening balance	1,039.1	1,283.8	1,019.1	1,213.9	1,213.9
Comprehensive income to owners of the parent	36.7	80.8	110.8	166.4	273.2
Payment to shareholders	-248.7	-470.7	-248.7	-470.7	-470.7
New issuing of shares	0.0	16.3	4.2	16.3	16.3
Change in own shares	23.6	2.3	-34.7	-13.4	-13.5
Equity attributable to owners of the parent - closing balance	850.7	912.4	850.7	912.4	1,019.1
Equity attributable to non-controlling interests - opening balance	11.4	19.8	7.6	19.8	19.8
Comprehensive income to non-controlling interests	-0.3	5.0	1.2	5.0	11.8
Payment to shareholders	0.0	-23.9	0.0	-23.9	-23.9
Business combinations	0.0	0.0	2.4	0.0	0.0
Equity attributable to non-controlling interests - closing balance	11.1	0.9	11.1	0.9	7.6
Total equity - closing balance	861.8	913.3	861.8	913.3	1,026.7

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 2022 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 those that applied to the consolidated financial statements as of the period ending 31 December 2022.

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 evaluations 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

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

Shareholder matters | Share count and shareholder structure

Share count
Figures in thousands	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Shares outstanding (period end)	483 343 ,	483 343 ,	483 343 ,	497 463 ,	497 463 ,
- Treasury shares (period end)	069 7 ,	6 419 ,	669 5 ,	13 401 ,	586 5 ,
(period end) + Forward outstanding contracts	81 306 ,	80 726 ,	81 776 ,	76 176 ,	69 261 ,
Diluted shares (period end)	557 580 ,	557 650 ,	559 450 ,	560 238 ,	561 138 ,
Shares outstanding (average)	474 900 ,	483 343 ,	483 343 ,	483 657 ,	497 463 ,
(average) - Treasury shares	8 405 ,	6 904 ,	6 142 ,	9 875 ,	10 799 ,
+ Forward outstanding (average) contracts	91 908 ,	81 142 ,	80 801 ,	82 605 ,	74 141 ,
Diluted shares (average)	558 402 ,	557 581 ,	558 002 ,	556 386 ,	560 805 ,

Shareholder structure

Shares held by Directors and staff	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Shares held by Directors and Staff / Shares outstanding	25%	25%	25%	27%	29%
Shares and fwd held by Directors and Staff / Diluted shares contracts	37%	36%	36%	38%	38%

Shareholders (shares outstanding) by country	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Norway	71%	70%	69%	69%	69%
Great Britain	3%	4%	5%	5%	5%
USA	9%	9%	9%	9%	9%
Sweden	7%	7%	6%	7%	8%
Other	10%	10%	10%	10%	10%

Share transactions

During the quarter, ABGSC sold 1.2m shares on forward contracts to new partners. ABGSC purchased 300k shares from former partners at an average price of NOK 4.99 per share. ABGSC also delivered 8.1m treasury 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 sold a total of 1.2m shares to new partners and repurchased 300k shares from 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 2024.

Expiry year	(1 000) Forward contracts ,	Forward price average
2023	1 150 ,	1 79
2024	29 772 ,	0 72
2025	1 750 ,	0 95
2026	12 534 ,	6 09
2027	11 135 ,	6 86
2028	12 920 ,	6 03
Total	69 261 ,

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 2.5x 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 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Revenues	809	561	803	487	406	303	508	426	379
Operating costs	-499	-386	-527	-355	-301	-269	-383	-338	-323
Operating profit	310	175	276	132	106	34	125	88	56
Net financial result	-2	-4	0	-11	-6	-7	4	-1	-5
Profit before tax	308	171	276	121	99	27	129	87	51
Taxes	-74	-44	-67	-30	-23	-9	-31	-22	-12
Non-controlling interests	-9	-2	-7	0	-5	-2	-5	-1	0
Net profit	225	126	201	91	71	16	93	65	39

Balance sheet
NOKm	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Total non-current assets	494	484	812	782	771	752	780	803	770
Receivables	6,278	5,245	1,392	2,784	4,775	4,931	2,242	4,903	5,352
Investments	52	74	541	66	98	95	63	75	70
Cash and bank deposits	1,195	1,250	1,388	1,745	1,213	922	832	799	571
Total current assets	7,526	6,569	3,322	4,596	6,087	5,948	3,137	5,778	5,993
Total assets	8,019	7,053	4,134	5,378	6,858	6,700	3,917	6,580	6,763
Equity attributable to owners of the parent	913	1,039	1,214	1,284	912	933	1,019	1,039	851
Non-controlling interests	10	12	20	20	1	3	8	11	11
Total equity	923	1,051	1,234	1,304	913	936	1,027	1,051	862
Long-term liabilities	238	234	497	485	478	476	480	497	488
Short-term interest bearing liabilities	0	0	0	198	70	49	70	163	237
Short-term liabilities	6,859	5,767	2,404	3,390	5,397	5,238	2,340	4,869	5,177
Total liabilities	7,097	6,002	2,901	4,074	5,945	5,764	2,890	5,530	5,901
Total equity and liabilities	8,019	7,053	4,134	5,378	6,858	6,700	3,917	6,580	6,763

Historical figures | Segment revenues in last nine quarters

Segment revenues
NOKm	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Corporate Financing	534	260	427	196	137	62	124	182	132
M&A and Advisory	137	142	225	143	122	121	232	78	100
Brokerage and Research	138	159	151	148	147	120	152	166	147
Group	809	561	803	487	406	303	508	426	379

NOKm	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Norway	375	246	429	238	212	190	266	209	195
Sweden	312	208	285	199	147	74	167	144	133
Denmark	52	55	28	14	18	18	38	15	11
International	70	51	61	36	30	21	37	58	39
Group	809	561	803	487	406	303	508	426	379

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
(average) Headcount	307	315	323	324	327	336	341	340	340
Revenues head (average) per	2 63	1 78	2 48	1 50	1 24	0 90	1 49	1 25	1 11
Operating head (average) costs per	-1 62	-1 23	-1 63	-1 10	-0 92	-0 80	-1 12	-0 99	-0 95
Operating / Revenues cost	62%	69%	66%	73%	74%	89%	75%	79%	85%
/ Total compensation Revenues	52%	55%	54%	55%	53%	60%	56%	57%	59%
Operating margin %	38%	31%	34%	27%	26%	11%	25%	21%	15%
Return Equity (annualised) on	90%	51%	74%	29%	26%	7%	25%	25%	22%
Shares outstanding (period end)	470 747 ,	470 747 ,	470 747 ,	470 747 ,	483 343 ,	483 343 ,	483 343 ,	497 463 ,	497 463 ,
Treasury shares (period end)	-18 288 ,	-18 063 ,	-19 371 ,	-11 738 ,	-7 069 ,	-6 419 ,	-5 669 ,	-13 401 ,	-5 586 ,
Forward outstanding (period end) contracts	102 791 ,	102 436 ,	101 511 ,	101 004 ,	81 306 ,	80 726 ,	81 776 ,	76 176 ,	69 261 ,
(period end) Diluted shares	555 249 ,	555 119 ,	552 887 ,	560 013 ,	557 580 ,	557 650 ,	559 450 ,	560 238 ,	561 138 ,
(basic) Earnings share per	0 50	0 28	0 45	0 20	0 15	0 03	0 19	0 14	0 08
Earnings share (diluted) per	0 41	0 23	0 37	0 17	0 13	0 03	0 17	0 12	0 07
Book value share (basic) per	2 02	2 30	2 69	2 80	1 92	1 96	2 13	2 15	1 73
(diluted) Book value share per	2 12	2 35	2 68	2 88	2 01	2 05	2 21	2 33	1 90
Total capital adequacy	4 323 ,	4 043 ,	4 843 ,	4 994 ,	4 860 ,	4 683 ,	5 006 ,	4 966 ,	5 169 ,
Core capital	503	506	648	625	628	627	671	614	643
Total capital adequacy ratio	12%	13%	13%	13%	13%	13%	13%	12%	12%
Minimum requirement ratio coverage	1 5x	1 6x	1 7x	1 6x	1 6x	1 7x	1 7x	1 5x	1 6x

Financial calendar

13 October 2023 | Q3 2023 earnings release

9 February 2024 | Q4 2023 earnings release

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 2023 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, 6 July 2023

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

Company overview

Mission | Enable businesses and capital to grow and perform

1) Source: Mergermarket (M&A). Pending and completed transactions with targets from Norway, Sweden or Denmark. Last quarter estimate reflecting a time-lag in Mergermaket deal registration

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

26

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

Vision | Being 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

Sweden

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

United Kingdom

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

Denmark

ABG Sundal Collier ASA Copenhagen Branch Forbindelsesvej 12 DK-2100 Copenhagen Ø

Tel +45 3546 3000

Germany

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

Tel +49 69 96 86 96 0

USA

ABG Sundal Collier Inc. 140 Broadway Suite 4604 US-10005 New York Tel +1 212 605 3800

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.

© 2023 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.