ABG Sundal Collier

Quarterly Report • Feb 8, 2023

Q4 revenues of NOK 508m (NOK 803m) 2022 FY revenues of NOK 1,704m (NOK 2,911m) 2022 diluted EPS of NOK 0.50 Proposed cash dividend of NOK 0.50 per share Solid and diversified pipeline for 2023

2022 Q4 INTERIM REPORT

CEO comments | Solid achievement

After close to two years with various COVID measures and macroeconomic stimuli, 2022 represented everything but a return to normality. The Ukraine war, energy shortages, massive inflation and increased interest rates resulted in volatile and unpredictable markets with a significant drop in investors' appetite for risk.

Although 2022 revenues were well below the levels of the outstanding 2021, full-year revenues of NOK 1.7bn is still a solid achievement in light of market sentiment. As the year progressed and capital markets became less accessible, it became increasingly important to provide quality advice in relation to corporate M&A as well as research and flow matching services for investors trading in the secondary market for equities and bonds.

During the fourth quarter, equity markets improved slightly, supporting some equity capital raising activity and M&A processes. The market for high yield debt issuance was open for limited periods during the quarter.

We continuously monitor our cost base to ensure a lean and efficient operation. Furthermore, when markets are challenging, it is instrumental to improve the relative market position. Therefore, I would particularly like to highlight our increased market share in the Nordics in the high yield DCM segment in combination with our longstanding leading position in Norwegian M&A. The positions are further evidenced by the #1 and #2 rankings within the Prospera Corporate Finance client surveys in Norway and Sweden, respectively. Also, the corresponding equity research and brokerage surveys confirmed our top-ranked positions.

Our 2023 pipeline remains solid and with a better balance between corporate financing and advisory mandates than at the same time last year.

We aim to continue to improve our relative position within our current core offering, but we are also looking forward to initiating the work of expanding our franchise in the fields of private banking and a specialised alternative investment offering with a focus on real estate and infrastructure. We have great ambitions for these new business areas, which will enable us to leverage on our existing operations and further broaden and diversify our revenue mix.

JonasStröm, CEO

Key financial figures | Total revenues of NOK 1.7bn and diluted EPS of NOK 0.50

Macro and market backdrop | Signs of slowing inflation reduces volatility and has a positive impact on Nordic equity markets

• Long-term interest rates continue to rise in both the US and Europe as inflation surges
• The S&P 500 Volatility Index (VIX) fluctuated during the quarter but dropped to 20 by year-end
• S&P 500 down 2.9% and MSCI Nordic up 2.3% in the quarter

Capital markets and M&A market perspectives | Low capital markets activity in Q4, meanwhile more opportunities in the M&A market

Nordic M&A transactions (#) Nordic primary ECM volumes (NOKbn 3) ) 1) Nordic primary DCM volumes (NOKbn) 2)

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 | Decent quarter in a challenging environment with several transactions closed both in Norway and Sweden

M&A and Advisory | Solid M&A quarter with several completed M&A transactions

KKR and Oslo Pensjonsforsikring's acquisition of 30% of Telenor Fiber	NOK 10.8bn	TMT
TGS's voluntary offer to acquire all shares in Magseis	NOK 2.3bn	Oil Service
Chess.com's voluntary offer to acquire all shares in Play Magnus	NOK 0.8bn	TMT
Visma's voluntary offer to acquire all shares in House of Control	NOK 0.7bn	TMT
Sale of Constructa to Veidekke	NOK 365m	Real Estate
Sale of 50% of Revac to Rune Isachsen Holding	Undisclosed	Industrials
Sale of BeGreen to Equinor	Undisclosed	Renewables
REMA 1000's acquisition of ALDI Denmark	Undisclosed	Consumer

▪ 8 project finance M&A and syndication deals closed in Q4 with contribution both from Vika Project Finance (Norway) and ABG Fastena (Sweden)

Brokerage and Research | Top ranked brokerage and research franchise contributes to strong quarter in line with last year

Brokerage and Research revenues (NOKm)

• Strong secondary revenues during the quarter in a market still characterised by continued macro uncertainty
• Investor appetite for primary transactions varied greatly with a burst of activity in November in an otherwise quiet quarter
• Our research department now covers 412 companies, more than any other investment bank in the Nordics
• In the latest Prospera surveys for Norway and Sweden, ABGSC had top 3 positions in 27 sectors, including #1 positions in important sectors such as Bank & Financial Services in Sweden, Shipping, Seafood and Macro & Strategy in Norway

Operating costs | Total costs down due to dynamic cost model, while non-compensation increases in accordance with long-term growth strategy and cost inflation

▪ Lower compensation costs reflecting our revenue and profitability driven compensation model

• Headcount has increased by approx. 7% for the full year as we have strengthened our team with junior hires and selective senior additions
• Non-compensation up due to increased headcount, normalising travel and interaction activity, in addition to general cost inflation and higher infrastructure costs

Cost ratios | Stable non-compensation costs in spite of underlying inflation. Competitive total remuneration at ratios in line with Nordic and international peers

• Competitive and performance-based remuneration model to secure key talent
• Continuous reviews of non-compensation costs to ensure a lean cost base and to fight general underlying cost inflation

• Total cost base monitored in light of development in market activity and revenue levels

• Solid achievement in light of the market sentiment

• Market share within the high yield DCM segment improved further in 2022, just as our longstanding leading position within Norwegian M&A
• Slow capital markets resulted in an increased focus on providing quality advice in relation to M&A transactions, as well as research and flow matching services targeting investors trading in the secondary markets
• Our 2023 corporate pipeline is solid, with a well-balanced product and geographical mix
• ABGSC is looking forward to expanding our franchise and further broadening and diversifying our revenue mix through two new business areas: private banking and alternative investments

Financial statements and supplementary information

Consolidated income and cash flow statements

Condensed consolidated income statement (unaudited) Other comprehensive income

NOKm	Q4 2022	Q4 2021		YTD 2022 YTD 2021	2020
Corporate Financing	124.0	426.6	519.0	1,712.8	1,044.6
M&A and Advisory	231.9	225.5	618.2	594.7	380.9
Brokerage and Research	152.0	150.6	567.1	603.5	500.6
Total revenues	507.8	802.6	1,704.3	2,911.0	1,926.0
Personnel costs	-282.0	-434.4	-943.0	-1,563.3	-994.1
Other operating costs	-78.7	-72.3	-279.6	-248.9	-241.8
Depreciation	-22.5	-19.9	-85.4	-63.0	-54.9
Total operating costs	-383.2	-526.6	-1,308.0	-1,875.2	-1,290.8
Operating profit	124.6	276.0	396.3	1,035.8	635.3
Net interest	7.2	-0.3	-12.1	-6.0	-6.6
Associates	-1.2	0.7	-6.3	-3.9	-9.9
Other	-2.0	-0.2	-2.1	-0.8	2.7
Net financial result	4.0	0.1	-20.5	-10.7	-13.8
Profit before tax	128.6	276.2	375.8	1,025.1	621.4
Taxes	-31.0	-67.2	-93.8	-248.0	-157.9
Net profit	97.6	208.9	282.0	777.1	463.6
Profit / loss to non-controlling interests	4.9	7.5	11.8	17.2	51.8
Profit / loss to owners of the parent	92.7	201.4	270.3	759.9	411.8

NOKm	Q4 2022	Q4 2021		YTD 2022 YTD 2021	2020
Net profit	97.6	208.9	282.0	777.1	463.6
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-32.7	-14.1	15.9	-15.9	6.6
Hedging of investment in foreign operations	33.2	16.5	-17.2	19.0	-6.8
Income tax relating to items that may be reclassified	-8.3	-4.1	4.3	-4.7	1.7
Total other comprehensive income	-7.7	-1.8	2.9	-1.6	1.5
Total comprehensive income for the period	89.9	207.1	284.9	775.5	465.0
Comprehensive income to non-controlling interests	4.9	7.5	11.8	17.2	51.8
Comprehensive income to owners of the parent	85.0	199.7	273.2	758.2	413.2

Condensed cash flow statement
NOKm	Q4 2022	Q4 2021		YTD 2022 YTD 2021	2020
Cash and cash equivalents - opening balance	921.7	1,249.7	1,388.5	1,251.3	570.6
Net cash flow from operating activities	-88.5	203.7	-53.4	746.2	1,033.4
Net cash flow from investing activities	-8.4	-27.6	-18.9	-39.5	-76.6
Net cash flow from financing activities	7.1	-37.3	-484.3	-569.5	-276.0
Net change in cash and cash equivalents	-89.8	138.8	-556.5	137.2	680.7
Cash and cash equivalents - closing balance	832.0	1,388.5	832.0	1,388.5	1,251.3

Consolidated balance sheet

Consolidated balance sheet (unaudited)

NOKm		31/12/2022 31/12/2021	31/12/2020
Intangible assets	178.6	179.5	164.6
Financial non-current assets	70.5	79.1	77.4
Tangible assets	531.3	553.9	289.0
Total non-current assets	780.3	812.5	530.9
Receivables	2,241.7	1,392.3	1,622.8
Investments	63.1	541.2	65.1
Cash and bank deposits	832.0	1,388.5	1,251.3
Total current assets	3,136.8	3,322.0	2,939.2
Total assets	3,917.1	4,134.4	3,470.1
Paid-in capital	134.3	114.8	113.1
Retained earnings	884.8	1,099.1	780.9
Equity attributable to owners of the parent	1,019.1	1,213.9	893.9
Non controlling interests	7.6	19.8	89.9
Total equity	1,026.7	1,233.6	983.8
Long-term liabilities	480.4	496.6	256.4
Short-term interest bearing liabilities	70.0	0.0	0.0
Short-term liabilities	2,340.0	2,404.2	2,229.9
Total liabilities	2,890.4	2,900.8	2,486.3
Total equity and liabilities	3,917.1	4,134.4	3,470.1

Condensed statement of changes in equity

NOKm	Q4 2022	Q4 2021		YTD 2022 YTD 2021	2020
Equity attributable to owners of the parent - opening balance	933.5	1,039.0	1,213.9	893.9	691.1
Comprehensive income to owners of the parent	85.0	199.7	273.2	758.2	413.2
Payment to shareholders	0.0	-1.8	-470.7	-473.3	-183.6
New issuing of shares	0.0	0.0	16.3	0.0	0.0
Change in own shares	0.6	-23.0	-13.5	35.0	-26.8
Equity attributable to owners of the parent - closing balance	1,019.1	1,213.9	1,019.1	1,213.9	893.9
Equity attributable to non-controlling interests - opening balance	2.7	12.3	19.8	89.9	62.2
Comprehensive income to non-controlling interests	4.9	7.5	11.8	17.2	51.8
Payment to shareholders	0.0	0.0	-23.9	-87.4	-24.1
Business combinations	0.0	0.0	0.0	0.0	0.0
Equity attributable to non-controlling interests - closing balance	7.6	19.8	7.6	19.8	89.9
Total equity - closing balance	1,026.7	1,233.6	1,026.7	1,233.6	983.8

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.

Shareholder matters | Share count and shareholder structure

Share count
Figures in thousands	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022
Shares (period end) outstanding	470 747 ,	470 747 ,	483 343 ,	483 343 ,	483 343 ,
- Treasury shares (period end)	19 371 ,	11 738 ,	069 7 ,	6 419 ,	669 5 ,
+ Forward outstanding (period end) contracts	101 511 ,	101 004 ,	81 306 ,	80 726 ,	81 776 ,
Diluted shares (period end)	552 887 ,	560 013 ,	557 580 ,	557 650 ,	559 450 ,
Shares outstanding (average)	470 747 ,	470 747 ,	474 900 ,	483 343 ,	483 343 ,
(average) - Treasury shares	19 973 ,	16 874 ,	8 405 ,	6 904 ,	6 142 ,
(average) + Forward outstanding contracts	102 280 ,	101 221 ,	91 908 ,	81 142 ,	80 801 ,
(average) Diluted shares	553 054 ,	555 094 ,	558 402 ,	557 581 ,	558 002 ,

Share transactions

During the quarter, ABGSC sold 1.8m shares on forward contracts to new partners. ABGSC also sold 750k treasury shares to partners as settlement of forward contracts previously entered into.

Shareholder structure

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

Shareholders by (shares outstanding) country	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022
Norway	67%	69%	71%	70%	69%
Great Britain	4%	3%	3%	4%	5%
USA	11%	9%	9%	9%	9%
Sweden	9%	8%	7%	7%	6%
Other	9%	10%	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 1.8m shares to new partners in Q4

Share offering and share buy-back volumes (m) Forward contract overview

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	15 870 ,	0 44
2026	12 934 ,	6 25
2027	11 410 ,	6 88
2028	1 800 ,	6 11
Total	81 776 ,

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 2.7x 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	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022
Revenues	893	738	809	561	803	487	406	303	508
Operating costs	-509	-464	-499	-386	-527	-355	-301	-269	-383
Operating profit	384	274	310	175	276	132	106	34	125
financial Net result	-7	-4	-2	-4	0	-11	-6	-7	4
Profit before tax	377	270	308	171	276	121	99	27	129
Taxes	-95	-63	-74	-44	-67	-30	-23	-9	-31
Non-controlling interests	-38	1	-9	-2	-7	0	-5	-2	-5
Net profit	243	208	225	126	201	91	71	16	93

Balance sheet
NOKm	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022
Total non-current assets	531	493	494	484	812	782	771	752	780
Receivables	1,623	5,828	6,278	5,245	1,392	2,784	4,775	4,931	2,242
Investments	65	37	52	74	541	66	98	95	63
Cash and bank deposits	1,251	940	1,195	1,250	1,388	1,745	1,213	922	832
Total current assets	2,939	6,805	7,526	6,569	3,322	4,596	6,087	5,948	3,137
Total assets	3,470	7,298	8,019	7,053	4,134	5,378	6,858	6,700	3,917
Equity attributable to owners of the parent	894	1,084	913	1,039	1,214	1,284	912	933	1,019
Non-controlling interests	90	88	10	12	20	20	1	3	8
Total equity	984	1,173	923	1,051	1,234	1,304	913	936	1,027
Long-term liabilities	256	235	238	234	497	485	478	476	480
Short-term interest bearing liabilities	0	0	0	0	0	198	70	49	70
Short-term liabilities	2,230	5,890	6,859	5,767	2,404	3,390	5,397	5,238	2,340
Total liabilities	2,486	6,125	7,097	6,002	2,901	4,074	5,945	5,764	2,890
Total equity and liabilities	3,470	7,298	8,019	7,053	4,134	5,378	6,858	6,700	3,917

Historical figures | Segment revenues in last nine quarters

Segment revenues
NOKm	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022
Corporate Financing	579	492	534	260	427	196	137	62	124
M&A and Advisory	175	90	137	142	225	143	122	121	232
Brokerage and Research	139	156	138	159	151	148	147	120	152
Group	893	738	809	561	803	487	406	303	508

NOKm	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022
Norway	524	343	375	246	429	238	212	190	266
Sweden	224	287	312	208	285	199	147	74	167
Denmark	37	21	52	55	28	14	18	18	38
International	108	87	70	51	61	36	30	21	37
Group	893	738	809	561	803	487	406	303	508

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022
Headcount (average)	298	301	307	315	323	324	327	336	341
Revenues head (average) per	2 99	2 45	2 63	1 78	2 48	1 50	1 24	0 90	1 49
Operating head (average) costs per	-1 70	-1 54	-1 62	-1 23	-1 63	-1 10	-0 92	-0 80	-1 12
Operating / Revenues cost	57%	63%	62%	69%	66%	73%	74%	89%	75%
Total compensation / Revenues	48%	54%	52%	55%	54%	55%	53%	60%	56%
Operating margin %	43%	37%	38%	31%	34%	27%	26%	11%	25%
(annualised) Return Equity on	56%	84%	90%	51%	74%	29%	26%	7%	25%
Shares (period end) outstanding	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,	483 343 ,	483 343 ,	483 343 ,
(period end) Treasury shares	-26 940 ,	-26 870 ,	-18 288 ,	-18 063 ,	-19 371 ,	-11 738 ,	-7 069 ,	-6 419 ,	-5 669 ,
Forward outstanding (period end) contracts	94 483 ,	104 373 ,	102 791 ,	102 436 ,	101 511 ,	101 004 ,	81 306 ,	80 726 ,	81 776 ,
Diluted shares (period end)	538 290 ,	548 249 ,	555 249 ,	555 119 ,	552 887 ,	560 013 ,	557 580 ,	557 650 ,	559 450 ,
Earnings share (basic) per	0 55	0 47	0 50	0 28	0 45	0 20	0 15	0 03	0 19
Earnings share (diluted) per	0 45	0 39	0 41	0 23	0 37	0 17	0 13	0 03	0 17
Book value share (basic) per	2 01	2 44	2 02	2 30	2 69	2 80	1 92	1 96	2 13
Book value share (diluted) per	2 17	2 62	2 12	2 35	2 68	2 88	2 01	2 05	2 21
Total capital adequacy	3 386 ,	3 892 ,	4 323 ,	4 043 ,	4 843 ,	4 994 ,	4 860 ,	4 683 ,	5 006 ,
Core capital	441	431	503	506	648	625	628	627	671
Total capital adequacy ratio	13%	11%	12%	13%	13%	13%	13%	13%	13%
Minimum requirement ratio coverage	1 6x	1 4x	1 5x	1 6x	1 7x	1 6x	1 6x	1 7x	1 7x

Financial calendar

31 March 2023	2022 annual report release
26 April 2023	Q1 2023 earnings release
26 April 2023	Annual General Meeting
27 April 2023	Ex. dividend date
7 July 2023	Q2 2023 earnings release
13 October 2023	Q3 2023 earnings release
9 February 2024	Q4 2023 earnings release

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.

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