ABG Sundal Collier

Quarterly Report • Jul 5, 2024

Positive momentum and significant growth in revenue and profit

Q2 revenues of NOK 510m (+35%) Q2 diluted EPS of NOK 0.16 (+129%) H1 revenues of NOK 913m (+13%) H1 diluted EPS of NOK 0.27 (+42%)

2024 Q2 INTERIM REPORT

CEO comments │ Positive momentum and significant growth in revenue and profit

As we are entering the summer period, we are pleased to report a strong performance, with Q2 profit before tax of NOK 118m (+132%) and revenues of NOK 510m (+35%). H1 revenues totalled NOK 913m (+13%), which is the second-highest revenue recorded since 2007.

During the quarter, we completed more than 40 transactions, with all business lines and geographies contributing well to the strong performance, and with the business mix remaining balanced and diversified.

Revenues from M&A have continued to grow from strong levels, and the positive sentiment in Q1 in DCM accelerated into Q2. We note strong demand from credit investors, and there is an increasing share of new issuers entering the market. Further evidence of peaking interest rates and signs of declining inflation have had a positive effect on investor confidence and risk appetite. While activity in ECM was muted in Q1, we are now seeing indications of a return to normality, with several transactions executed in the second quarter. While the IPO window is so far only just ajar, ABGSC has advised on two out of the three main Nordic market IPO's this year, and we see that the interest among corporates and investors to execute transactions is picking up.

Our strong position as a trading counterparty and preferred advisor to both local and international investors active in the Nordic markets is evident in our Brokerage and Research operations, as they continue to be a consistent contributor to our top line.

While we are dedicated to providing the best possible execution and outcomes for our clients, we have also managed to build our mandate backlog. The current pipeline is diverse across products, industries and geographies and has grown during the quarter. This, coupled with a gradually improving ECM market, puts us in a position to continue to deliver good earnings over the coming quarters.

Jonas Ström, CEO

Key financial figures | H1 revenues of NOK 913m (+13%) and diluted EPS of NOK 0.27 (+42%)

Macro and market backdrop | Positive interest rate and inflation signals driving equity markets to all-time highs

• Long-term interest rates fluctuated during the quarter both in the US and Europe
• VIX is fluctuating well below 20
• S&P 500 was up 3.9% while MSCI Nordic increased by 5.1% in the quarter

Market volumes | Significant upturn in high-yield DCM deal volumes while ECM and announced M&A activity was more in line with last year

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 | YTD revenues up 18% with several sizeable transactions in both DCM and ECM during the quarter

ECM - SP	NOK 3.7bn	Energy
ECM - PP	NOK 400m	Renewables
ECM - PP	NOK 400m	Biotech
ECM - IPO	SEK 1.8bn	Real Estate
ECM - IPO	SEK 787m	Health care
ECM - SP	SEK 740m	Health care
ECM - SP	SEK 400m / SEK 240m	Consumer
DCM - HY / ECM - PP	USD 500m / NOK 791m	Energy
DCM - HY	USD 500m	Energy
DCM - HY	EUR 110m	Industrials
DCM - DL	EUR 81m	Infrastructure
DCM - HY	NOK 500m	Seafood

M&A and Advisory | YTD revenues up 43% with several transactions being completed during the quarter

Selected transactions
	Partnership between Hydro Rein and Macquarie Asset Management	USD 333m	Renewables
	Sale of 50% stake in Kvarøy Smolt AS to Kobbvåglaks and Seløy Sjøfarm	Undisclosed	Seafood
	Acquisition of The Fjords to Norway's Best Group	Undisclosed	Consumer
	Financial advisor to Logistea	SEK 13bn	Real Estate
	Sale of Thunderful's distribution business to Bergsala NDP	SEK 634m	TMT
	Financial advisor to Topdanmark	DKK 33bn	Financials

Brokerage and Research | YTD revenues slightly below last year, but still at consistently high levels

Brokerage and Research revenues (NOKm)

• In recent years, total research revenues and secondary trading commissions have been very consistent at historically high levels
• Fixed income secondary trading activity has been somewhat slower in the quarter due to low volatility and higher primary market activity
• Risk appetite among institutional investors and high-net-worth individuals improved towards the end of the quarter
• Block liquidity improved sequentially, raising hopes for H2

Operating costs | Operating costs primarily up as a function of revenue-driven compensation model

• Compensation costs (variable) up due to our revenue- and profitability-driven compensation model. Average headcount YTD (332) decreased compared to the first 6 months of last year (342) and last quarter (333).
• Non-compensation costs primarily up due to general cost inflation.
• YTD total fixed cost base inflated by ~NOK 6m due to the weakening NOK relative to last year (slightly positive impact in Q2).
• New business initiatives included in headcount and costs.
• 9 1) Investment Banking includes Corporate Finance, Project Finance and Alternative Investments. Markets includes Equity Sales, Fixed Income and Private Banking

Closing remarks

• Q2 and H1 profit and revenues at high levels in a historical context
• M&A continued to grow from strong levels
• DCM activity accelerated at the end of Q1 and has further increased throughout Q2
• Increasing interest for participating in ECM transactions, including signs of improved IPO sentiment in Sweden
• Brokerage and Research revenues are a stable and strong contributor to our top line
• Our new business initiatives are progressing well, and we look forward to launching new products and services later this year
• The transaction pipeline is diverse and has grown during the quarter

Financial statements and supplementary information

Consolidated income and cash flow statements

Condensed consolidated income statement (unaudited) Other comprehensive income

NOKm	Q2 2024	Q2 2023		YTD 2024 YTD 2023	2023
Corporate Financing	247.4	131.7	369.6	313.7	580.0
M&A and Advisory	127.6	99.9	255.8	178.3	561.8
Brokerage and Research	135.0	147.0	287.5	312.9	565.0
Total revenues	509.9	378.6	912.8	804.9	1,706.7
Personnel costs	-286.8	-222.3	-516.9	-464.3	-988.0
Other operating costs	-81.5	-78.2	-161.1	-151.9	-309.4
Depreciation	-21.4	-22.0	-43.1	-44.4	-83.9
Total operating costs	-389.8	-322.6	-721.1	-660.7	-1,381.3
Operating profit	120.2	56.0	191.7	144.2	325.4
Net interest	-0.9	-2.6	3.9	-0.4	0.7
Associates	-0.5	-2.6	-1.7	-4.8	-5.4
Other	-0.4	0.2	-0.3	-0.7	-0.8
Net financial result	-1.8	-5.0	1.9	-5.9	-5.6
Profit before tax	118.3	50.9	193.6	138.3	319.9
Taxes	-30.2	-12.4	-49.3	-34.2	-82.5
Net profit	88.2	38.5	144.4	104.1	237.3
Profit / loss to non-controlling interests	1.3	0.0	-0.2	0.6	1.0
Profit / loss to owners of the parent	86.9	38.5	144.6	103.4	236.3

NOKm	Q2 2024	Q2 2023	YTD 2024	YTD 2023	2023
Net profit	88.2	38.5	144.4	104.1	237.3
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-7.2	3.2	11.6	34.5	22.7
Hedging of investment in foreign operations	6.5	-6.9	-12.0	-35.5	-20.7
Income tax relating to items that may be reclassified	-1.6	1.7	3.0	8.9	5.2
Total other comprehensive income	-2.3	-2.0	2.6	7.9	7.2
Total comprehensive income for the period	85.9	36.4	147.0	112.0	244.5
Comprehensive income to non-controlling interests	1.2	-0.3	-0.3	1.2	1.8
Comprehensive income to owners of the parent	84.7	36.7	147.3	110.8	242.8

Condensed cash flow statement
NOKm	Q2 2024	Q2 2023	YTD 2024	YTD 2023	2023
Cash and cash equivalents - opening balance	774.5	799.4	525.7	832.0	832.0
Net cash flow from operating activities	-108.2	-61.6	-20.9	-98.1	140.9
Net cash flow from investing activities	-0.9	4.0	-13.4	-13.3	-6.2
Net cash flow from financing activities	-123.8	-170.4	50.2	-149.1	-440.9
Net change in cash and cash equivalents	-232.9	-227.9	16.0	-260.5	-306.2
Cash and cash equivalents - closing balance	541.7	571.4	541.7	571.4	525.7

Consolidated balance sheet

Consolidated balance sheet (unaudited)

NOKm		30/06/2024 30/06/2023	31/12/2023
Intangible assets	162.8	176.1	158.7
Financial non-current assets	68.1	76.8	65.3
Tangible assets	448.2	517.2	489.6
Total non-current assets	679.2	770.1	713.6
Receivables	6,370.4	5,351.7	2,669.7
Investments	75.7	69.6	14.2
Cash and bank deposits	541.7	571.4	525.7
Total current assets	6,987.8	5,992.8	3,209.6
Total assets	7,667.0	6,762.9	3,923.2
Paid-in capital	158.8	138.5	137.8
Retained earnings	715.8	712.2	821.9
Equity attributable to owners of the parent	874.5	850.7	959.7
Non controlling interests	11.4	11.1	11.7
Total equity	885.9	861.8	971.4
Long-term liabilities	432.9	487.6	433.3
Short-term interest bearing liabilities	325.2	236.9	2.9
Short-term liabilities	6,022.9	5,176.5	2,515.6
Total liabilities	6,781.0	5,901.0	2,951.8
Total equity and liabilities	7,667.0	6,762.9	3,923.2

Condensed statement of changes in equity

NOKm	Q2 2024	Q2 2023	YTD 2024	YTD 2023	2023
Equity attributable to owners of the parent - opening balance	1,050.5	1,039.1	959.7	1,019.1	1,019.1
Comprehensive income to owners of the parent	84.7	36.7	147.3	110.8	242.8
Payment to shareholders	-260.3	-248.7	-260.3	-248.7	-248.7
New issuing of shares	0.0	0.0	20.8	4.2	4.2
Change in own shares	-0.3	23.6	7.0	-34.7	-57.7
Equity attributable to owners of the parent - closing balance	874.5	850.7	874.5	850.7	959.7
Equity attributable to non-controlling interests - opening balance	10.2	11.4	11.7	7.6	7.6
Comprehensive income to non-controlling interests	1.2	-0.3	-0.3	1.2	1.8
Payment to shareholders	0.0	0.0	0.0	0.0	0.0
Business combinations	0.0	0.0	0.0	2.4	2.4
Equity attributable to non-controlling interests - closing balance	11.4	11.1	11.4	11.1	11.7
Total equity - closing balance	885.9	861.8	885.9	861.8	971.4

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 2023 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 2023.

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

52% 54% 55% 58% 57% 58% 57% 2020 2021 2022 2023 L4Q 6M 23 6M 24

Shareholder matters | Share count and shareholder structure

Share count
Figures in thousands	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024
Shares outstanding (period end)	497 463 ,	497 463 ,	497 463 ,	527 ,735	527 ,735
- Treasury shares (period end)	586 5 ,	9 549 ,	8 649 ,	109 7 ,	159 7 ,
+ Forward outstanding (period end) contracts	69 261 ,	69 486 ,	68 586 ,	52 999 ,	53 249 ,
Diluted (period end) shares	561 138 ,	557 399 ,	557 399 ,	573 624 ,	573 824 ,
Shares outstanding (average)	497 463 ,	497 463 ,	497 463 ,	501 163 ,	527 ,735
- Treasury shares (average)	10 799 ,	8 055 ,	8 980 ,	7 870 ,	7 127 ,
(average) + Forward outstanding contracts	74 141 ,	69 337 ,	68 916 ,	71 866 ,	53 131 ,
(average) Diluted shares	560 805 ,	558 ,746	557 399 ,	565 159 ,	573 ,739

Shareholder structure

Shares held by Directors and staff	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024
Shares held by Directors and Staff / Shares outstanding	29%	29%	29%	33%	32%
Shares and fwd held by Directors and Staff / Diluted shares contracts	38%	38%	38%	39%	38%

Shareholders by (shares outstanding) country	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024
Norway	69%	71%	72%	69%	69%
Great Britain	5%	5%	4%	4%	4%
USA	9%	9%	8%	8%	8%
Sweden	8%	7%	8%	10%	10%
Other	10%	9%	8%	9%	9%

Share transactions

During the quarter, ABGSC sold 250k shares on a forward contract to a new partner. ABGSC purchased 50k shares from a former partner at a price of NOK 6.06 per share.

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 250k shares to a new partner and repurchased 50k shares from a former partner 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 2025.

Expiry year	(1 000) Forward contracts ,	Forward price average
2025	500	1 91
2026	12 259 ,	62 5
2027	11 135 ,	6 41
2028	13 920 ,	51 5
2029	15 435 ,	6 48
Total	53 249 ,

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

Cash distribution to shareholders (per share) Pay-out ratio (DPS/Diluted EPS)

▪ 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 2.4x 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 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024
Revenues	406	303	508	426	379	356	545	403	510
Operating costs	-301	-269	-383	-338	-323	-305	-416	-331	-390
Operating profit	106	34	125	88	56	51	130	72	120
Net financial result	-6	-7	4	-1	-5	-1	1	4	-2
Profit before tax	99	27	129	87	51	51	131	75	118
Taxes	-23	-9	-31	-22	-12	-15	-33	-19	-30
Non-controlling interests	-5	-2	-5	-1	0	-1	0	2	-1
Net profit	71	16	93	65	39	35	98	58	87

NOKm Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Total non-current assets 771 752 780 803 770 736 714 705 679 Receivables 4,775 4,931 2,242 4,903 5,352 3,098 2,670 3,656 6,370 Investments 98 95 63 75 70 53 14 73 76 Cash and bank deposits 1,213 922 832 799 571 620 526 775 542 Total current assets 6,087 5,948 3,137 5,778 5,993 3,770 3,210 4,503 6,988 Total assets 6,858 6,700 3,917 6,580 6,763 4,506 3,923 5,208 7,667 Equity attributable to owners of the parent 912 933 1,019 1,039 851 859 960 1,051 875 Non-controlling interests 1 3 8 11 11 12 12 10 11 Total equity 913 936 1,027 1,051 862 871 971 1,061 886 Long-term liabilities 478 476 480 497 488 479 433 441 433 Short-term interest bearing liabilities 70 49 70 163 237 332 3 169 325 Short-term liabilities 5,397 5,238 2,340 4,869 5,177 2,823 2,516 3,538 6,023 Total liabilities 5,945 5,764 2,890 5,530 5,901 3,635 2,952 4,147 6,781 Total equity and liabilities 6,858 6,700 3,917 6,580 6,763 4,506 3,923 5,208 7,667Balance sheet

Historical figures | Segment revenues in last nine quarters

Segment revenues
NOKm	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024
Corporate Financing	137	62	124	182	132	122	144	122	247
M&A and Advisory	122	121	232	78	100	125	259	128	128
Brokerage and Research	147	120	152	166	147	110	143	153	135
Group	406	303	508	426	379	356	545	403	510

NOKm	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024
Norway	212	190	266	209	195	153	388	214	256
Sweden	147	74	167	144	133	108	110	144	195
Denmark	18	18	38	15	11	65	11	5	20
International	30	21	37	58	39	30	37	39	40
Group	406	303	508	426	379	356	545	403	510

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024
(average) Headcount	327	336	341	341	343	346	338	333	331
Revenues per head (average)	1 24	0 90	1 49	1 25	1 10	1 03	1 62	1 21	1 54
Operating (average) per head costs	-0 92	-0 80	-1 12	-0 99	-0 94	-0 88	-1 23	-0 99	-1 18
Operating / Revenues cost	74%	89%	75%	79%	85%	86%	76%	82%	76%
/ Total compensation Revenues	53%	60%	56%	57%	59%	60%	57%	57%	56%
Operating margin %	26%	11%	25%	21%	15%	14%	24%	18%	24%
(annualised) Return on Equity	26%	7%	25%	25%	16%	16%	25%	23%	30%
Shares outstanding (period end)	483 343 ,	483 343 ,	483 343 ,	497 463 ,	497 463 ,	497 463 ,	497 463 ,	527 735 ,	527 735 ,
Treasury shares (period end)	069 -7 ,	-6 419 ,	669 -5 ,	-13 401 ,	586 -5 ,	-9 549 ,	-8 649 ,	109 -7 ,	159 -7 ,
(period end) Forward outstanding contracts	81 306 ,	80 726 ,	81 776 ,	76 176 ,	69 261 ,	69 486 ,	68 586 ,	52 999 ,	53 249 ,
Diluted shares (period end)	557 580 ,	557 650 ,	559 450 ,	560 238 ,	561 138 ,	557 399 ,	557 399 ,	573 624 ,	573 824 ,
(basic) Earnings per share	0 15	0 03	0 19	0 14	0 08	0 07	0 20	0 12	0 17
Earnings share (diluted) per	0 13	0 03	0 17	0 12	0 07	0 07	0 18	0 11	0 16
Book value per share (basic)	1 92	1 96	2 13	2 15	1 73	1 76	1 96	2 02	1 68
Book value per share (diluted)	2 01	2 05	2 21	2 33	1 90	1 94	2 12	2 33	1 98
Total capital adequacy	4 860 ,	4 683 ,	5 006 ,	4 966 ,	5 169 ,	4 937 ,	4 853 ,	5 046 ,	4 915 ,
Core capital	628	627	671	614	643	621	623	632	633
Total capital adequacy ratio	13%	13%	13%	12%	12%	13%	13%	13%	13%
Minimum requirement coverage ratio	1 6x	1 7x	1 7x	1 5x	1 6x	1 6x	1 6x	1 6x	1 6x

Financial calendar

17 October 2024 | Q3 2024 earnings release

13 February 2025 | Q4 2024 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 2024 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, 4 July 2024

___	___
Martina Klingvall	Adele Norman Pran
(sign)	(sign)
___	___	___
Arild A. Engh	Cecilia Marlow	Jonas Ström (CEO)
(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

Switzerland

ABG Sundal Collier AG Representative Office Schwanenplatz 4 6004 Lucerne

Tel +41 79 502 33 39

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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