Arribatec Group ASA — Earnings Release 2015

Nov 4, 2015

Restructuring completed - best profitability year to date since 2008

Restructuring completed - best profitability year to date since 2008

Highlights* (non-GAAP)

·

EBIT of NOK 18 million and EBITDA of NOK 21 million in Q3 2015, compared to NOK

-3 million and NOK 1 million, respectively, in the same period in 2014.

·

EBIT of NOK 51 million and EBITDA of NOK 59 million year to date 2015, compared

to NOK 5 million and NOK 16 million, respectively, in the same period in 2014.

·

Cash flow of NOK 54 million in Q3 2015.

·

Blackstone's acquisition of 10 real estate portfolios is unconditional and

planned to close 15 December.

·

Blackstone's acquisition of 34% of Agasti's operational business, now organised

under Obligo BX, was completed in October 2015.

·

A dividend estimated at NOK 0.73 per share will be proposed, and planned to be

paid to Agasti's shareholders by 31 December 2015.

·

Agasti and Blackstone have ambitions to jointly pursue further real estate

transactions and to potentially build up a leading position in the Nordic real

estate market.

·

A process has been initiated to dispose of the group's Capital Markets business.

·

Obligo Investment Management has received authorisation to manage alternative

investment funds (AIFMD).

·

Major changes in accounting policy going forward; operational business to be

accounted for in accordance with the equity method.

*All accounting figures referred to, such as revenues, operating costs, EBIT,

EBITDA and recurring revenues in percent of fixed costs include revenues and

cost from "discontinued operations" since "discontinued operations" represent

the business which will be at the core of Agasti's future; being income from the

joint venture with an affiliate of Blackstone.

The group's restructuring projects and establishment of new platforms have

continued to secure profit improvements. In the third quarter of 2015, the

Agasti Group achieved EBIT of NOK 18 million and EBITDA of NOK 21 million.

During the first three quarters of the year, the group achieved EBIT of NOK 51

million and EBITDA of NOK 59 million. These figures represent a strong

improvement from the same period last year, and constitute the group's best

results since 2008.

All operations and employees have been transferred to the newly established

company Obligo BX Holding AS and subsidiaries ("Obligo BX"). Processes have been

initiated to dispose of the Capital Markets business in the form of Agasti

Capital Markets AS and the activities in its Swedish agent, Navexa Securities

AB. Once this process concludes, Obligo BX will be a pure investment and asset

management company with around 50 employees and a primary focus on real estate,

although it will continue to manage existing funds in the shipping, private

equity and infrastructure segments.

"We have successfully restructured our business, establishing a streamlined

investment and asset management company with an institutional investor platform.

Our stable, high activity levels, transactions, cooperation with Blackstone and

substantially reduced cost base have had a positive effect on profitability.

2015 will be a good year for us. Through Obligo BX, Agasti and Blackstone have

ambitions to jointly pursue further real estate transactions and to potentially

build up a leading position in the Nordic real estate market," says Agasti

Holding ASA CEO Jørgen Pleym Ulvness.

Obligo BX Holding AS has become the parent company of the operational business,

while as of 20 October 2015 Agasti Holding ASA's function will be to own 66 per

cent of Obligo BX Holding AS, with Blackstone owning the remaining 34 per cent.

The final step in the comprehensive simplification, effectivisation and

streamlining of the business is the process initiated in September to dispose of

the businesses of the subsidiary Agasti Capital Markets AS and the activities in

its Swedish agent, Navexa Securities AB. Substantive negotiations have begun

with selected interested parties in both Norway and Sweden. The aim is to make a

decision on final disposal by the end of 2015.

Thus far in 2015, Agasti has taken i.a. the following steps:

·

Closed nearly all matters relating to the former Acta operation, including the

vast majority of disputes and financial risk relating to these, including the

Lehman matter in Sweden.

·

Completed a challenging restructuring of the business entailing considerable

charges, and at the same time delivering the best results since 2008.

·

One of the world's largest and most respected asset management institutions

invested both in managed funds and in Agasti's operating platform.

·

Secured authorisation for Obligo Investment Management AS to manage alternative

investment funds (AIFMD).

The result of these measures is a new financial group organised under Obligo BX

Holding AS, which has a pure management mandate focused primarily on investment

in and management of Nordic real estate, a streamlined institutional investor

platform, and Blackstone as co-owner and partner.

"In 2015, we have taken the large, definite step which has facilitated the

establishment of an institutional investor platform. Obligo BX's main focus will

be on investment in and management of real estate in the Nordic region. The

steps taken this year have also provided clarification and good news for

Agasti's shareholders," says Jørgen Pleym Ulvness.

Although Obligo BX's main focus will be on Nordic real estate, the company will

seek to attract institutional investors to selected initiatives in the shipping,

private equity and infrastructure segments.

A complete English version of the interim report is attached on www.newsweb.no

and on Agasti's Investor Relations web pages www.agasti.no.

Contact details:

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

CFO, Christian Dovland, phone (+47) 908 84 730

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

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.