ABG Sundal Collier

Quarterly Report • Feb 9, 2024

Q4 revenues of NOK 545m (NOK 508m)

2023 FY revenues of NOK 1,707m (NOK 1,704m)

2023 diluted EPS of NOK 0.44

Proposed cash dividend of NOK 0.50 per share

Solid and diversified pipeline for 2024

2023 Q4 INTERIM REPORT

CEO comments │ Improving performance in a muted market

The macroeconomic landscape as we enter 2024 presents an array of challenges, as markets face risks stemming from geopolitica l tensions, Europe's recession and China's slowdown. However, following a turbulent start to 2023, the financial markets surprised investors with a strong rally in stocks and bonds, driven by better economic growth, easing inflation, and dovish signals fro m the Fed.

A solid Q4 with revenues of NOK 545m (+7%) took 2023 full-year revenues slightly above those of 2022, at approx. NOK 1.7bn. Gaining revenue momentum in the second half of the year is a strong achievement following a soft start.

2023 demonstrated the diversity and balance of our business mix, with revenues evenly spread between Corporate Financing, M&A and Brokerage and Research. Despite a continued lack of IPOs, Corporate Financing revenues increased, primarily driven by hig her activity in primary and secondary placings and our debt franchise. Our Brokerage team also showcased an impressive ability to create liquidity and manage complex transactions. Our position in our core markets is well defended and solidified despite the challenging conditions.

M&A and advisory revenues increased in Q4 relative to the same period last year. For 2023 as a whole, we successfully completed a number of landmark deals in a market that has seen relatively muted activity, including in the real estate syndication segment.

Revenues from Brokerage and Research services were fairly stable, both during last year and relative to 2022. We are delighted that our clients appreciate our commitment, as evident by the recent Prospera survey rankings, in which we were #1 in Research & Advisory in Norway and #2 overall in Sweden. The Norwegian financial journal Kapital has also recognized our excellence, awarding ABGSC's analysts and brokers 12 podium places, including #1 analyst and #1 broker.

Operating costs were again negatively impacted by the continued weakening of the NOK relative to other currencies. While we c ontinue to fight general price inflation, some of the cost increase is by design, as we are investing in broadening our service offer ing to secure long-term growth and improve our business diversification. Our diversified revenue model and strong pipeline should lead to continued revenue growth in our core business, and more clarity on interest rate levels going forward will further support reven ue generation. As we navigate these dynamic market conditions, we remain focused on strategic initiatives and prudent financial management. Our commitment to innovation, resilience, and best-in-class advisory services position us well for sustained success.

JonasStröm, CEO

Key financial figures | Total revenues of NOK 1.7bn and diluted EPS of NOK 0.44

Macro and market backdrop | Lower interest rates and falling volatility drove stock markets back to all-time highs

• Long-term interest rates in the US and Europe are falling due to the absence of a recession and declining inflationary pressure.
• The VIX index fluctuating at manageable levels below 20.
• S&P 500 was up 5.8% while MSCI Nordic increased by 10.5% in the quarter.

Market volumes | Recovery in capital markets mainly driven by rights issues and high DCM activity within the oil sector. M&A activity showing signs of improvement

2)

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

1) Nordic primary DCM volumes (NOKbn)

+7%

163 2020 2021 2022 2023 +40%

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 | Several deals closed across multiple sectors in the quarter

M&A and Advisory | Strong M&A quarter with high activity

^{115 78 90} 143 78 82 46 137 122 100 81 82 142 121 125 170 175 ^{225 232} 259 449 381 595 618 562 2019 2020 2021 2022 2023 Q1 Q2 Q3 Q4 -9%

M&A and Advisory revenues (NOKm)

Selected transactions
	Expansion of Visma's ownership base and new investments from existing shareholders	EUR 19.0bn	TMT
	Sale of Kahoot! to Kangaroo BidCo	NOK 17.2bn	TMT
	Sale of Self Storage Group to T-C Storage HoldCo	NOK 3.8bn	Real Estate
	Sale of Telenor Satellite to Space Norway	NOK 2.4bn	TMT
	Acquisition of Widerøe to Norwegian	NOK 1.1bn	Transportation
	Partnership with Ferd	NOK 400m	Technology
	Sale of LNSE to HI Cap Bidco	Undisclosed	Construction
	Sale of ~23% in Scala Eiendom	Undisclosed	Real Estate

Brokerage and Research | Maintained strong momentum in our secondary trading and investor research operations

• Facing challenging y-o-y comparisons in the quarter. Improvement in activity towards the end of the year due to increased risk appetite.
• Our research department cover 390 companies, which is among the highest of all Nordic investment banks.
• In the latest Prospera surveys for Norway and Sweden, ABGSC had top 3 positions in 23 sectors, including #1 positions in important sectors:
• Bank & Financial Services and Engineering (Sweden)
• Industrials, Macro & Strategy, Materials, Other oil services, Seafood and Shipping (Norway)

Bank & Financial Serv ices Engineering

Industrials Macro & Strategy Materials Other oil serv ices Seafood Shipping

Operating costs | Full-year costs up slightly from NOK depreciation and expansion into new business areas

▪ Total fixed operating costs increased by approx. NOK 48m for the year due to the weakening NOK relative to last year.

• Y-o-y headcount increase mainly related to new business operations. Q4 average headcount broadly in line with Q3.
• Year-end headcount of 330 vs 340 at the end of 2022 (including new business areas), implying a slimming of current operations.

Cash dividend | Proposed dividend of NOK 0.50 per share ensures strong cash distribution while maintaining solid capitalisation

▪ 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.

• A solid Q4 with revenues of NOK 545m (+7%).
• 2023 demonstrated the diversity and balance of our business mix, with revenues evenly spread between Corporate Financing, M&A and Brokerage and Research.
• The past year has exemplified our unwavering commitment to effectively addressing our clients' needs.
• In a cautious market, timely, quality advice and a strong market position remain key for creating valuable business opportunities.
• Our diversified revenue model and strong pipeline should lead to continued revenue growth in our core business. More clarity on interest rate levels going forward will further support revenue generation.

Financial statements and supplementary information

Consolidated income and cash flow statements

Condensed consolidated income statement (unaudited)						Other comprehensive income
NOKm	Q4 2023	Q4 2022		YTD 2023 YTD 2022	2021
Corporate Financing	144.3	124.0	580.0	519.0	1,712.8
M&A and Advisory	258.5	231.9	561.8	618.2	594.7	Items that may be reclassified to profit or loss
Brokerage and Research	142.5	152.0	564.978759	567.1	603.5
Total revenues	545.4	507.8	1,706.7	1,704.3	2,911.0
Personnel costs	-310.9	-282.0	-988.0	-943.0	-1,563.3
Other operating costs	-84.7	-78.7	-309.4	-279.6	-248.9
Depreciation	-20.0	-22.5	-83.9	-85.4	-63.0
Total operating costs	-415.6	-383.2	-1,381.3	-1,308.0	-1,875.2
Operating profit	129.8	124.6	325.4	396.3	1,035.8
Net interest	1.4	7.2	0.7	-12.1	-6.0
Associates	0.2	-1.2	-5.4	-6.3	-3.9
Other	-0.5	-2.0	-0.8	-2.1	-0.8
Net financial result	1.1	4.0	-5.6	-20.5	-10.7
Profit before tax	130.8	128.6	319.9	375.8	1,025.1
Taxes	-32.9	-31.0	-82.5	-93.8	-248.0
Net profit	98.0	97.6	237.3	282.0	777.1
						Condensed cash flow statement
Profit / loss to non-controlling interests	-0.2	4.9	1.0	11.8	17.2
Profit / loss to owners of the parent	98.2	92.7	236.3	270.3	759.9

NOKm	Q4 2023	Q4 2022		YTD 2023 YTD 2022	2021
Net profit	98.0	97.6	237.3	282.0	777.1
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-1.6	-32.7	22.7	15.9	-15.9
Hedging of investment in foreign operations	4.3	33.2	-20.7	-17.2	19.0
Income tax relating to items that may be reclassified	-1.1	-8.3	5.2	4.3	-4.7
Total other comprehensive income	1.6	-7.7	7.2	2.9	-1.6
Total comprehensive income for the period	99.6	89.9	244.5	284.9	775.5
Comprehensive income to non-controlling interests	0.1	4.9	1.8	11.8	17.2
Comprehensive income to owners of the parent	99.4	85.0	242.8	273.2	758.2

Condensed cash flow statement
NOKm	Q4 2023	Q4 2022		YTD 2023 YTD 2022	2021
Cash and cash equivalents - opening balance	619.8	921.7	832.0	1,388.5	1,251.3
Net cash flow from operating activities	248.5	-88.5	140.9	-53.4	746.2
Net cash flow from investing activities	3.6	-8.4	-6.2	-18.9	-39.5
Net cash flow from financing activities	-346.1	7.1	-440.9	-484.3	-569.5
Net change in cash and cash equivalents	-94.1	-89.8	-306.2	-556.5	137.2
Cash and cash equivalents - closing balance	525.7	832.0	525.7	832.0	1,388.5

Consolidated balance sheet

Consolidated balance sheet (unaudited)

NOKm		31/12/2023 31/12/2022	31/12/2021
Intangible assets	158.7	178.6	179.5
Financial non-current assets	65.3	70.5	79.1
Tangible assets	489.6	531.3	553.9
Total non-current assets	713.6	780.3	812.5
Receivables	2,669.7	2,241.7	1,392.3
Investments	14.2	63.1	541.2
Cash and bank deposits	525.7	832.0	1,388.5
Total current assets	3,209.6	3,136.8	3,322.0
Total assets	3,923.2	3,917.1	4,134.4
Paid-in capital	137.8	134.3	114.8
Retained earnings	821.9	884.8	1,099.1
Equity attributable to owners of the parent	959.7	1,019.1	1,213.9
Non controlling interests	11.7	7.6	19.8
Total equity	971.4	1,026.7	1,233.6
Long-term liabilities	433.3	480.4	496.6
Short-term interest bearing liabilities	2.9	70.0	0.0
Short-term liabilities	2,515.6	2,340.0	2,404.2
Total liabilities	2,951.8	2,890.4	2,900.8
Total equity and liabilities	3,923.2	3,917.1	4,134.4

Condensed statement of changes in equity

NOKm	Q4 2023	Q4 2022		YTD 2023 YTD 2022	2021
Equity attributable to owners of the parent - opening balance	859.2	933.5	1,019.1	1,213.9	893.9
Comprehensive income to owners of the parent	99.4	85.0	242.8	273.2	758.2
Payment to shareholders	0.0	0.0	-248.7	-470.7	-473.3
New issuing of shares	0.0	0.0	4.2	16.3	0.0
Change in own shares	1.1	0.6	-57.7	-13.5	35.0
Equity attributable to owners of the parent - closing balance	959.7	1,019.1	959.7	1,019.1	1,213.9
Equity attributable to non-controlling interests - opening balance	11.6	2.7	7.6	19.8	89.9
Comprehensive income to non-controlling interests	0.1	4.9	1.8	11.8	17.2
Payment to shareholders	0.0	0.0	0.0	-23.9	-87.4
Business combinations	0.0	0.0	2.4	0.0	0.0
Equity attributable to non-controlling interests - closing balance	11.7	7.6	11.7	7.6	19.8
Total equity - closing balance	971.4	1,026.7	971.4	1,026.7	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 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 t hose 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 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

• NOK exchange rate depreciated 5% towards SEK and 10 13% relative to other key currencies (USD, GBP, EUR and DKK) relative to 2022. This impacts both compensation and non-compensation costs.
• Increased non-compensation costs also driven by price increases in telecom, data, info systems and travel.
• Compensation to Revenue ratio inflated by costs related to new business initiatives currently not generating revenues.

Shareholder matters | Share count and shareholder structure

Share count
Figures in thousands	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023
Shares outstanding (period end)	483 343 ,	497 463 ,	497 463 ,	497 463 ,	497 463 ,
(period end) - Treasury shares	5 669 ,	13 401 ,	5 586 ,	9 549 ,	8 649 ,
(period end) + Forward outstanding contracts	81 776 ,	76 176 ,	69 261 ,	69 486 ,	68 586 ,
Diluted shares (period end)	559 450 ,	560 238 ,	561 138 ,	557 399 ,	557 399 ,
Shares outstanding (average)	483 343 ,	483 657 ,	497 463 ,	497 463 ,	497 463 ,
(average) - Treasury shares	6 142 ,	9 875 ,	10 799 ,	8 055 ,	8 980 ,
(average) + Forward outstanding contracts	80 801 ,	82 605 ,	74 141 ,	69 337 ,	68 916 ,
Diluted shares (average)	558 002 ,	556 386 ,	560 805 ,	558 746 ,	557 399 ,
Shareholder structure
Shares held by Directors and staff	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023
Shares held by Directors and Staff / Shares outstanding	25%	27%	29%	29%	29%
Shares Staff / and fwd held by Directors and Diluted shares contracts	36%	38%	38%	38%	38%

Shareholders (shares outstanding) by country	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023
Norway	69%	69%	69%	71%	72%
Great Britain	5%	5%	5%	5%	4%
USA	9%	9%	9%	9%	8%
Sweden	6%	7%	8%	7%	8%
Other	10%	10%	10%	9%	8%

Share transactions

During the quarter, ABGSC delivered 900k 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 |

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 ,	price Forward average
2024	29 272 ,	0 72
2025	1 750 ,	0 95
2026	12 509 ,	6 09
2027	11 135 ,	6 86
2028	13 920 ,	99 5
Total	68 586 ,

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.

Balance sheet summary | Highly liquid asset base

• 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 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023
Revenues	803	487	406	303	508	426	379	356	545
Operating costs	-527	-355	-301	-269	-383	-338	-323	-305	-416
Operating profit	276	132	106	34	125	88	56	51	130
financial Net result	0	-11	-6	-7	4	-1	-5	-1	1
Profit before tax	276	121	99	27	129	87	51	51	131
Taxes	-67	-30	-23	-9	-31	-22	-12	-15	-33
Non-controlling interests	-7	0	-5	-2	-5	-1	0	-1	0
Net profit	201	91	71	16	93	65	39	35	98

Balance sheet
NOKm	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023
Total non-current assets	812	782	771	752	780	803	770	736	714
Receivables	1,392	2,784	4,775	4,931	2,242	4,903	5,352	3,098	2,670
Investments	541	66	98	95	63	75	70	53	14
Cash and bank deposits	1,388	1,745	1,213	922	832	799	571	620	526
Total current assets	3,322	4,596	6,087	5,948	3,137	5,778	5,993	3,770	3,210
Total assets	4,134	5,378	6,858	6,700	3,917	6,580	6,763	4,506	3,923
Equity attributable to owners of the parent	1,214	1,284	912	933	1,019	1,039	851	859	960
Non-controlling interests	20	20	1	3	8	11	11	12	12
Total equity	1,234	1,304	913	936	1,027	1,051	862	871	971
Long-term liabilities	497	485	478	476	480	497	488	479	433
Short-term interest bearing liabilities	0	198	70	49	70	163	237	332	3
Short-term liabilities	2,404	3,390	5,397	5,238	2,340	4,869	5,177	2,823	2,516
Total liabilities	2,901	4,074	5,945	5,764	2,890	5,530	5,901	3,635	2,952
Total equity and liabilities	4,134	5,378	6,858	6,700	3,917	6,580	6,763	4,506	3,923

Historical figures | Segment revenues in last nine quarters

Segment revenues
NOKm	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023
Corporate Financing	427	196	137	62	124	182	132	122	144
M&A and Advisory	225	143	122	121	232	78	100	125	259
Brokerage and Research	151	148	147	120	152	166	147	110	143
Group	803	487	406	303	508	426	379	356	545

NOKm	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023
Norway	429	238	212	190	266	209	195	153	388
Sweden	285	199	147	74	167	144	133	108	110
Denmark	28	14	18	18	38	15	11	65	11
International	61	36	30	21	37	58	39	30	37
Group	803	487	406	303	508	426	379	356	545

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023
Headcount (average)	323	324	327	336	341	340	340	346	338
(average) Revenues head per	2 48	1 50	1 24	0 90	1 49	1 25	1 11	1 03	1 62
Operating head (average) costs per	-1 63	-1 10	-0 92	-0 80	-1 12	-0 99	-0 95	-0 88	-1 23
Operating / Revenues cost	66%	73%	74%	89%	75%	79%	85%	86%	76%
Total compensation / Revenues	54%	55%	53%	60%	56%	57%	59%	60%	57%
Operating margin %	34%	27%	26%	11%	25%	21%	15%	14%	24%
Return Equity (annualised) on	74%	29%	26%	7%	25%	25%	16%	16%	25%
Shares outstanding (period end)	470 747	470 747	483 343	483 343	483 343	497 463	497 463	497 463	497 463
(period end) Treasury shares	, -19 371	, -11 738	, -7 069	, -6 419	, -5 669	, -13 401	, -5 586	, -9 549	, -8 649
Forward outstanding (period end) contracts	, 101 511	, 101 004	, 81 306	, 80 726	, 81 776	, 76 176	, 69 261	, 69 486	, 68 586
Diluted shares (period end)	, 552 887 ,	, 560 013 ,	, 557 580 ,	, 557 650 ,	, 559 450 ,	, 560 238 ,	, 561 138 ,	, 557 399 ,	, 557 399 ,
Earnings share (basic) per	0 45	0 20	0 15	0 03	0 19	0 14	0 08	0 07	0 20
Earnings (diluted) share per	0 37	0 17	0 13	0 03	0 17	0 12	0 07	0 07	0 18
Book value share (basic) per	2 69	2 80	1 92	1 96	2 13	2 15	1 73	1 76	1 96
Book value share (diluted) per	2 68	2 88	2 01	2 05	2 21	2 33	1 90	1 94	2 12
Total capital adequacy	4 843 ,	4 994 ,	4 860 ,	4 683 ,	5 006 ,	4 966 ,	5 169 ,	4 937 ,	4 853 ,
Core capital	648	625	628	627	671	614	643	621	623
Total capital adequacy ratio	13%	13%	13%	13%	13%	12%	12%	13%	13%
Minimum requirement ratio coverage	1 7x	1 6x	1 6x	1 7x	1 7x	1 5x	1 6x	1 6x	1 6x

Financial calendar

22 March 2024	2023 annual report release
18 April 2024	Q1 2024 earnings release
18 April 2024	Annual General Meeting
19 April 2024	Ex. dividend date
5 July 2024	Q2 2024 earnings release
17 October 2024	Q3 2024 earnings release
13 February 2025	Q4 2024 earnings release

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 tim e-lag in Mergermaket deal registration

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

25

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

ABG Sundal Collier Inc. 140 Broadway

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

Suite 4604 US-10005 New York Tel +1 212 605 3800

USA

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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