Arribatec Group ASA — Earnings Release 2013

Feb 11, 2014

The positive trend continues

The positive trend continues

· Operating earnings/EBIT of NOK 10 million and EBITDA of NOK 14

million in the fourth quarter of 2013, compared with EBIT and EBITDA of

NOK -12 million and NOK -5 million in the corresponding quarter of 2012,

and EBIT of NOK 18 million and EBITDA of NOK 37 million on an annual

basis in 2013, compared with EBIT and EBITDA of NOK -56 million and NOK

-33 million the previous year

· The Group has delivered a profit for the first time in five years

after an extensive restructuring process and improved the operating

earnings in 2013 with NOK 74 million compared with 2012

· The Agasti Group has reached its strategic ambition for recurring

revenues to cover both fixed and activity-based costs on an annual basis

· Solid returns of 4% in the fourth quarter and 20% during the year

for clients who have invested in the Real Estate asset class

· Equity under management increased by NOK 6.2 billion to NOK 30

billion during 2013, and Agasti has a total of NOK 57 billion under

management at year-end 2013

· Obligo Investment Management successfully established, assuming full

operational control over portfolios and enabling NOK 700 million to be

distributed to Wealth Management clients during 2013

· The positive trend in Wealth Management continues. Client

satisfaction has consistently improved throughout 2013. Agasti continues

to strengthen its Wealth Management platform through the recruitment of

Mr. Jens Morten Wembstad and entering into a strategic client

relationship with Griff Kapital AS with ambitions to further increase

our value adding investment advisory services towards our clients.

The Agasti Group achieved operating earnings of NOK 10 million in the

fourth quarter of 2013, compared with NOK -12 million in the

corresponding quarter of the previous year. Profit for the year ended at

NOK 18 million, compared with NOK -56 million in 2012. 2013 is the first

year to deliver a profit since 2008, and means that a long-term negative

trend has now been broken.

"The positive trend is continuing, and for the year as a whole we are

delivering a profit for the first time in five years, which is in line

with our ambitions that we have communicated to the market throughout

2013. The Agasti Group improved the operating earnings in 2013 with NOK

74 million compared with 2012. The turnaround has been achieved through

a year with significant reorganisation, restructuring, and the

establishment of a new business model. We are satisfied with the results

of the turnaround that we have achieved, but we have by no means reached

our final goal. The potential within all our business areas is

significant, and we shall continue to work tirelessly every single day

to create increased profitability for our clients, owners and

employees," says CEO Jørgen Pleym Ulvness.

Within the Markets segment, Obligo Investment Management (Obligo), well

-supported by Agasti Wunderlich Capital Markets (AWCM), is delivering

promisingly on the Agasti Group's ambitions. The ambitions are to

attract international institutional capital to recognised Norwegian and

international institutions within the industries in which Agasti has

specialist competence.

"During the fourth quarter we have attracted significant interest and

capital from international investors in the Middle East and other

regions, where both institutions and affluent investors wish to invest

in our projects. This is a direct result of Obligo and AWCM's unique

competence and international investor network, which help to ensure

attractive and profitable opportunities for clients of the Agasti

Group," says Ulvness.

In the fourth quarter, several transactions were also carried out which

were positive for clients in the form of either appreciation in value,

improved liquidity, reduced liabilities or repayments. In addition to

the sale of properties in Sweden and a shopping centre portfolio in the

USA at a combined value of NOK 2.3 billion, a company has been

established using capital from investors in the Middle East. This

company has currently invested in property in London worth NOK 110

million, with ambitions to multiply the investment amount.

A positive development has also been seen on the secondary market, and

total brokerage transactions ended at NOK 187 million in the fourth

quarter and 700 million for 2013.

The positive trend in the Wealth Management segment also continued in

terms of revenues and in other areas such as compliance, business

processes and cost efficiency. Equity under management (EUM) from new

and existing clients increased by NOK 660 million in the fourth quarter,

which means a total increase of NOK 3.7 billion in 2013. The return on

the Real Estate asset class in 2013 was 19.9 per cent, compared with the

typical mandate of 9.0 per cent. Approximately 90 per cent of advisory

clients follow the current applicable recommendations of Navigea

Securities' (Navigea) Investment Director and her team. Clients

investing in the core selection of funds in 2013 could note a return of

20.5 per cent.

The positive trend in Wealth Management continues. Client satisfaction

has consistently improved throughout 2013. Agasti continues to

strengthen its Wealth Management platform through the recruitment of Mr.

Jens Morten Wembstad and entering into a strategic client relationship

with Griff Kapital AS with ambitions to further increase our value

adding investment advisory services towards our clients.

It is most gratifying to conclude that Navigea's clients in both Norway

and Sweden are increasingly becoming more satisfied. Measurements showed

at the end of January a satisfaction index at 73 while the willingness

to recommend Navigea Securities to others at 80 (Index of 70 is normally

considered as good, while index levels above 80 are considered very

good). Navigea is in a positive trend compared to Norwegian banks, where

satisfaction according to the rating agency EPSI dropped back in 2013.

"The feedback we have received from our clients through customer

satisfaction surveys in the latter half of the year is very gratifying

and in contrast to the feedback the same clients gave in 2012. Satisfied

clients are the best proof that the work we have done with the

establishment of the new business model, new routines and strengthened

competence within advisory services, management and compliance has been

justified and necessary," says Ulvness.

As explained in the third quarter, subsidiary Navigea received a

preliminary report from the Financial Supervisory Authority of Norway in

October 2013, which contained criticism resulting from on-site

inspections carried out in April 2013. Both the Navigea management and

the Agasti management have taken the criticism very seriously, and as

previously communicated have implemented extensive actions and changes.

In December 2013 Navigea sent its response to the report to the

Financial Supervisory Authority. The final report is expected to be

issued in the spring of 2014.

A complete English version of the interim report of the fourth quarter

of 2013 is attached on www.newsweb.no and on Agasti's Investor Relations

web pages www.agasti.no.

Contact details:

CEO, Jørgen Pleym Ulvness: (+47) 906 67 877

CCO, Tor Arne Olsen, mobile phone: (+47) 900 90 470

This information is subject of the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act.