ABG Sundal Collier

Quarterly Report • Feb 13, 2025

A strong quarter reflecting the overall performance of the year Q4 revenues of NOK 628m (+15%) Q4 diluted EPS of NOK 0.21 (+17%) FY revenues of NOK 1,933m (+13%) FY diluted EPS of NOK 0.56 (+27%) Proposed dividend of NOK 0.50 per share

2024 Q4 INTERIM REPORT

CEO comments │A strong quarter reflecting the overall performance of the year

The final quarter of 2024 reflected the full year's performance, with revenues up 15% y-o-y and annual revenues up 13% compared to 2023.

While most of our operations made steady contributions, the debt capital markets segment was the primary driver of this improvement. Sentiment for high-yield bond issuance reached an all-time high, fueled by strong investor appetite and capital inflows into credit funds. The dynamics of the Nordic bond market are unique globally, attracting a range of local and international issuers to raise debt capital in the Nordics. ABGSC's broad access to investors has enabled us to capture a fair share of this market, helping to raise the equivalent of more than NOK 55bn for our clients during the year.

Apart from a few relatively large transactions, the Nordic market for raising equity remained modest in 2024. Although a few companies listed their shares on the Nordic exchanges, the number of IPOs and the amount of money raised remained at historically low levels. During Q4, we began to see signs of improvement, advising on 2 out of 2 main market IPOs completed in the Nordics. Especially in Sweden, we have recently seen a growing pipeline from new companies looking to go public, and we are hopeful for a gradual return to more normal activity levels in this important segment for ABGSC.

M&A activity was decent during the quarter and throughout the year. In this regard, I would like to highlight ABGSC's strong position in public-toprivate transactions, where we secured the #1 ranking in both deal count and total transaction value. In addition, our brokerage and research businesses continued to contribute consistently throughout the year, providing an anchor of stability to the business.

While there are some cyclical elements to our industry, as well as notable fluctuations at the product and client sector level, our broad sector coverage and balanced full-service approach contribute to lower revenue and earnings volatility. Our ability to provide best-in-class advice and execution across all major product groups always makes us a relevant partner for our clients.

As we look ahead to 2025, we will be looking to further improve our market share, and we are excited about broadening our service offering through the upcoming launch of our Private Banking operation. We have great ambitions in this area and look forward to welcoming our first clients to explore the potential of this new offering.

Jonas Ström, CEO

Key financial figures | Total revenues of NOK 1.9bn and diluted EPS of NOK 0.56

Initial costs of ~NOK 50m to set up new business initiatives that are expected to yield future revenues are included in 2024 costs.

Negative impact on operating margin of ~3pp (1.5pp in 2023) and negative diluted EPS impact of ~NOK 0.06 (0.03)

Macro and market backdrop | Moderate volatility has brought global equity markets to an all-time high despite increased interest rates driven by inflation concerns

• Long-term interest rates in the US and Europe are rising
• The VIX index fluctuating at manageable levels
• S&P 500 was up 2.1% while MSCI Nordic was down 10.0% in the quarter

Market volumes | Significant upturn in high-yield DCM deal volumes and increasing M&A activity in the quarter, while volumes in the ECM market remain modest1)

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

1) Source: Refinitv. Issuers listed on Nordic stock exchanges. Q4 2024 driven by the DSV A/S DKK37.3bn deal

2) Source: Stamdata. 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 | Full-year revenues up 36% with balanced business mix across products, sectors and geographies

		Corporate Financing (ECM/DCM) revenues (NOKm)			Selected transactions
		Q1 Q2 Q3	Q4	+36%		ECM – IPO	SEK 2.5bn	Real Estate
	1,713					ECM – IPO	SEK 1.9bn	Consumer
						ECM – PP	NOK 1.0bn	Renewables
	427					ECM – PP	SEK 505m	Real Estate
						ECM – SP	NOK 294m	Consumer
1,045	260					ECM – RI	DKK 88m	TMT
				789		DCM – HY	USD 550m	Oil Service
579	534	519	580	258		DCM – HY	SEK 2.3bn	Consumer
180		124	144 122	161		DCM – HY	USD 200m	Mining
	492	62 137	132	247		DCM – HY	EUR 125m	Consumer
236 50		196	182	122		DCM – HY	SEK 1.3bn	Business Services
2020	2021	2022	2023	2024		DCM – HY	USD 100m	Oil Service

M&A and Advisory | Strong position within public-to-private transactions and several other transactions completed during the quarter. 2024 revenues slightly above last year.

Selected transactions
	Voluntary tender offer	NOK 6.1bn	TMT
	Voluntary tender offer	NOK 4.7bn	Business Service
	Sale of VAQ to Endúr	NOK 115m (equity value)	Seafood
	Sale of Cryogenetics to Bluefront Equity	Undisclosed	Biotech
	Sale of Dossier to MTIP and Peakstone	Undisclosed	Health care
	Voluntary tender offer for ININ Group and listing of Qben Infra	N/M	Construction
	Sale of Schysst Käk to Agra	Undisclosed	Consumer
	Sale of Wint to Norvestor	Undisclosed	TMT
	Nykredit's recommended public tender offer for Spar Nord	DKK 24.7bn	Financials

Brokerage and Research | Highly ranked operations with continued stable contribution at solid levels

Brokerage and Research revenues (NOKm)

• Research revenues and secondary trading up 8% y-o-y, solid growth throughout the quarter
• Good risk appetite among both institutional investors and high-net-worth individuals, some uncertainty emerged during December
• All in all, good performance across geographies and products
• Our research department cover ~400 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 27 sectors, including #1 positions in important sectors such as:
  • Bank & Financial Services and Media & Entertainment (Sweden)
  • Industrials, Materials and Seafood (Norway)

Bank & Financial Services Media & Entertainment

Operating costs | Main cost drivers include compensation costs based on profitability-driven compensation model, weakening of NOK and inflation

▪ Average headcount for 2024 (336) is down compared to 2023 (342), total cost increase is primarily driven by variable compensation costs due to profit-driven compensation model

• Approx- NOK 50m in initial costs related to new business initiatives are included in operating expenses for 2024 (2023: NOK 25m)
• Non-compensation costs primarily up due to general cost inflation, the main cost drivers are telecom, data and information systems
• Full-year total fixed cost base inflated by ~NOK 16m due to the weakening NOK relative to 2023

Cash dividend | Proposed dividend of NOK 0.50 per share ensures strong cash distribution while allowing for share buy-backs and maintaining solid capitalisation

Dividend and capital distribution policy

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.

Closing remarks

• Q4 was strong and the result reflected the overall performance of the year, with revenues up 15%
• Core operational EPS (before new business initiatives) improved from NOK 0.47 to NOK 0.62 for the full year
• Broad contribution across all business areas, with DCM as the primary growth driver, both in the quarter and for the full year
• Robust activity level into the new year with pipeline building soundly
• In line with our distribution policy, excess capital is planned to be distributed through NOK 0.50 in dividend per share and through buy-backs
• We are looking forward to the launch of our new Private Banking operation

Financial statements and supplementary information

Consolidated income and cash flow statements

Condensed consolidated income statement (unaudited) Other comprehensive income

NOKm	Q4 2024	Q4 2023		YTD 2024 YTD 2023
Corporate Financing	257.6	144.3	788.5	580.0
M&A and Advisory	214.7	258.5	577.7	561.8
Brokerage and Research	155.4	142.5	566.5	565.0
Total revenues	627.6	545.4	1,932.8	1,706.7
Personnel costs	-346.7	-310.9	-1,096.2	-988.0
Other operating costs	-105.4	-84.7	-340.6	-309.4
Depreciation	-23.5	-20.0	-88.6	-83.9
Total operating costs	-475.7	-415.6	-1,525.4	-1,381.3
Operating profit	152.0	129.8	407.4	325.4
Net interest	6.1	1.4	9.2	0.7
Associates	0.0	0.2	-1.4	-5.4
Other	1.3	-0.5	-1.5	-0.8
Net financial result	7.4	1.1	6.3	-5.6
Profit before tax	159.4	130.8	413.6	319.9
Taxes	-42.5	-32.9	-106.6	-82.5
Net profit	116.9	98.0	307.1	237.3
Profit / loss to non-controlling interests	-0.2	-0.2	-0.7	1.0
Profit / loss to owners of the parent	117.2	98.2	307.7	236.3

NOKm	Q4 2024	Q4 2023	YTD 2024	YTD 2023
Net profit	116.9	98.0	307.1	237.3
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	19.8	-1.6	40.7	22.7
Hedging of investment in foreign operations	-21.3	4.3	-42.1	-20.7
Income tax relating to items that may be reclassified	5.3	-1.1	10.5	5.2
Total other comprehensive income	3.8	1.6	9.1	7.2
Total comprehensive income for the period	120.7	99.6	316.2	244.5
Comprehensive income to non-controlling interests	-0.3	0.1	-0.4	1.8
Comprehensive income to owners of the parent	121.1	99.4	316.6	242.8

Condensed cash flow statement
NOKm	Q4 2024	Q4 2023	YTD 2024	YTD 2023
Cash and cash equivalents - opening balance	533.2	619.8	525.7	832.0
Net cash flow from operating activities	437.3	248.5	584.4	140.9
Net cash flow from investing activities	-0.8	3.6	-14.1	-6.2
Net cash flow from financing activities	-182.0	-346.1	-308.2	-440.9
Net change in cash and cash equivalents	254.6	-94.1	262.1	-306.2
Cash and cash equivalents - closing balance	787.8	525.7	787.8	525.7

Consolidated balance sheet

Consolidated balance sheet (unaudited)

NOKm		31/12/2024 31/12/2023
Intangible assets	167.2	158.7
Financial non-current assets	64.2	65.3
Tangible assets	432.9	489.6
Total non-current assets	664.3	713.6
Receivables	4,102.0	2,669.7
Investments	34.1	14.2
Cash and bank deposits	787.8	525.7
Total current assets	4,923.9	3,209.6
Total assets	5,588.2	3,923.2
Paid-in capital	158.8	137.8
Retained earnings	885.5	821.9
Equity attributable to owners of the parent	1,044.3	959.7
Non controlling interests	11.3	11.7
Total equity	1,055.6	971.4
Long-term liabilities	413.0	433.3
Short-term interest bearing liabilities	6.4	2.9
Short-term liabilities	4,113.2	2,515.6
Total liabilities	4,532.7	2,951.8
Total equity and liabilities	5,588.2	3,923.2

Condensed statement of changes in equity

NOKm	Q4 2024	Q4 2023	YTD 2024	YTD 2023
Equity attributable to owners of the parent - opening balance	922.8	859.2	959.7	1,019.1
Comprehensive income to owners of the parent	121.1	99.4	316.6	242.8
Payment to shareholders	0.0	0.0	-260.3	-248.7
New issuing of shares	0.0	0.0	20.8	4.2
Change in own shares	0.4	1.1	7.4	-57.7
Equity attributable to owners of the parent - closing balance	1,044.3	959.7	1,044.3	959.7
Equity attributable to non-controlling interests - opening balance	11.6	11.6	11.7	7.6
Comprehensive income to non-controlling interests	-0.3	0.1	-0.4	1.8
Payment to shareholders	0.0	0.0	0.0	0.0
Business combinations	0.0	0.0	0.0	2.4
Equity attributable to non-controlling interests - closing balance	11.3	11.7	11.3	11.7
Total equity - closing balance	1,055.6	971.4	1,055.6	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

Compensation Non-Compensation

2020 2021 2022 2023 2024

58% 57%

52% 54% 55%

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

Shareholder matters | Share transactions and forward contracts

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	Forward (1 000) contracts ,	Forward price average
2025	500	1 91
2026	12 209 ,	5 62
2027	10 935 ,	6 41
2028	13 445 ,	5 51
2029	16 135 ,	6 49
Total	53 224 ,

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 | Share count and shareholder structure

Q4	Q1	Q2	Q3	Q4
2023	2024	2024	2024	2024
497	527	527	527	527
463	735	735	735	735
,	,	,	,	,
8	7	7	7	7
649	109	159	059	059
,	,	,	,	,
68	52	53	53	53
586	999	249	524	224
,	,	,	,	,
557	573	573	574	573
399	624	824	199	899
,	,	,	,	,
497	501	527	527	527
463	163	735	735	735
,	,	,	,	,
8	7	7	7	7
980	870	127	125	059
,	,	,	,	,
68	71	53	53	53
916	866	131	532	322
,	,	,	,	,
557	565	573	574	573
399	159	739	142	997
,	,	,	,	,

Shareholder structure

Shares held by Directors and staff	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Shares held by Directors and Staff / Shares outstanding	29%	33%	32%	30%	30%
Shares and fwd held by Directors and Staff / Diluted shares contracts	38%	39%	38%	37%	37%

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

Share transactions

During the quarter, ABGSC delivered 300k treasury shares to a partner as settlement of a forward contract.

ABGSC purchased 300k shares from a former partner at an average price of NOK 3.34 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).

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 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Revenues	508	426	379	356	545	403	510	392	628
Operating costs	-383	-338	-323	-305	-416	-331	-390	-329	-476
Operating profit	125	88	56	51	130	72	120	64	152
Net financial result	4	-1	-5	-1	1	4	-2	-3	7
Profit before tax	129	87	51	51	131	75	118	61	159
Taxes	-31	-22	-12	-15	-33	-19	-30	-15	-42
Non-controlling interests	-5	-1	0	-1	0	2	-1	0	0
Net profit	93	65	39	35	98	58	87	46	117

Balance sheet
NOKm	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total non-current assets	780	803	770	736	714	705	679	664	664
Receivables	2,242	4,903	5,352	3,098	2,670	3,656	6,370	4,757	4,102
Investments	63	75	70	53	14	73	76	36	34
Cash and bank deposits	832	799	571	620	526	775	542	533	788
Total current assets	3,137	5,778	5,993	3,770	3,210	4,503	6,988	5,326	4,924
Total assets	3,917	6,580	6,763	4,506	3,923	5,208	7,667	5,989	5,588
Equity attributable to owners of the parent	1,019	1,039	851	859	960	1,051	875	923	1,044
Non-controlling interests	8	11	11	12	12	10	11	12	11
Total equity	1,027	1,051	862	871	971	1,061	886	934	1,056
Long-term liabilities	480	497	488	479	433	441	433	426	413
Short-term interest bearing liabilities	70	163	237	332	3	169	325	169	6
Short-term liabilities	2,340	4,869	5,177	2,823	2,516	3,538	6,023	4,460	4,113
liabilities Total	2,890	5,530	5,901	3,635	2,952	4,147	6,781	5,055	4,533
Total equity and liabilities	3,917	6,580	6,763	4,506	3,923	5,208	7,667	5,989	5,588

Historical figures | Segment revenues in last nine quarters

Segment revenues
NOKm	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Corporate Financing	124	182	132	122	144	122	247	161	258
M&A and Advisory	232	78	100	125	259	128	128	107	215
Brokerage and Research	152	166	147	110	143	153	135	124	155
Group	508	426	379	356	545	403	510	392	628

NOKm	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Norway	266	209	195	153	388	214	256	239	303
Sweden	167	144	133	108	110	144	195	114	199
Denmark	38	15	11	65	11	5	20	7	80
International	37	58	39	30	37	39	40	32	46
Group	508	426	379	356	545	403	510	392	628

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
(average) Headcount	341	341	343	346	338	333	331	335	345
(average) Revenues per head	1 49	1 25	1 10	1 03	1 62	1 21	1 54	1 17	1 82
Operating (average) per head costs	-1 12	-0 99	-0 94	-0 88	-1 23	-0 99	-1 18	-0 98	-1 38
Operating / Revenues cost	75%	79%	85%	86%	76%	82%	76%	84%	76%
/ Total compensation Revenues	56%	57%	59%	60%	57%	57%	56%	59%	55%
Operating margin %	25%	21%	15%	14%	24%	18%	24%	16%	24%
(annualised) Return on Equity	25%	25%	16%	16%	25%	23%	36%	20%	32%
Shares (period end) outstanding	483 343 ,	497 463 ,	497 463 ,	497 463 ,	497 463 ,	527 735 ,	527 735 ,	527 735 ,	527 735 ,
(period end) Treasury shares	-5 669 ,	-13 401 ,	-5 586 ,	-9 549 ,	-8 649 ,	-7 109 ,	-7 159 ,	-7 059 ,	-7 059 ,
(period end) Forward outstanding contracts	81 776 ,	76 176 ,	69 261 ,	69 486 ,	68 586 ,	52 999 ,	53 249 ,	53 524 ,	53 224 ,
(period end) Diluted shares	559 450 ,	560 238 ,	561 138 ,	557 399 ,	557 399 ,	573 624 ,	573 824 ,	574 199 ,	573 899 ,
(basic) Earnings per share	0 19	0 14	0 08	0 07	0 20	0 12	0 17	0 09	0 23
(diluted) Earnings share per	0 17	0 12	0 07	0 07	0 18	0 11	0 16	0 09	0 21
(basic) Book value per share	2 13	2 15	1 73	1 76	1 96	2 02	1 68	1 77	2 01
(diluted) Book value per share	2 21	2 33	1 90	1 94	2 12	2 33	1 98	2 08	2 29
Total capital adequacy	5 006 ,	4 966 ,	5 169 ,	4 937 ,	4 853 ,	5 046 ,	4 915 ,	4 816 ,	4 418 ,
Core capital	671	614	643	621	623	632	633	636	691
Total capital adequacy ratio	13%	12%	12%	13%	13%	13%	13%	13%	16%
Minimum requirement coverage ratio	1 7x	1 5x	1 6x	1 6x	1 6x	1 6x	1 6x	1 7x	2 0x

Financial calendar

27 March 2025	2024 annual report release
10 April 2025	Q1 2025 earnings release
24 April 2025	Annual General Meeting
25 April 2025	Ex. dividend date
8 July 2025	Q2 2025 earnings release
15 October 2025	Q3 2025 earnings release
11 February 2026	Q4 2025 earnings release

Company overview

Position | Celebrating 40 years of delivering value for clients and shareholders

Leading full-service supplier operating in the attractive Nordic investment banking market

Diversified and balanced business with consistent industry leading profitability1)

Strategy | Profitable growth leveraging our best-in-class platform

Priorities

Increase share of wallet within current core operations and markets

Deliver current and new core services to additional markets and client groups Secure successful launch of new ventures

Keep front staff share >80% Distribution of excess capital

Enablers

People

Attract, retain and develop top talent

Technology

Invest in- and utilise technology to improve offering and efficiency

Brand

Strengthen the ABGSC brand to support and fuel continued growth

Objectives

Minimum top 3 position across all key products

Increase revenue / head by >20%

Operating margin >25%

Purpose | Enable businesses and capital to grow and perform

Excellence

"We will outperform and provide best-in-class advice and execution" Dedication

"We work harder, and we are always there for our clients"

Persistence

"We never give up and can always be trusted to deliver"

Excellence. Always.

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

Tel +45 3546 3000

Forbindelsesvej 12 DK-2100 Copenhagen Ø

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

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This material has been prepared by ABG Sundal Collier ASA, or an affiliate thereof ("ABGSC").

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