Arribatec Group ASA — Earnings Release 2016

May 11, 2016

Good start to the year for the Agasti Group

Good start to the year for the Agasti Group

In the first quarter of 2016, the Agasti Group (Agasti) achieved a net income

after tax of NOK 5 million, compared to NOK 17 million in the corresponding

quarter of 2015.

The first quarter of 2016 was the first full quarter with the new group

structure, under which Agasti and Blackstone Real Estate Funds respectively own

66 per cent and 34 per cent of the joint venture Obligo Holding AS (Obligo).

Agasti's main source of income is its share of the Obligo Group's net income

after tax, adjusted for amortisations of intangible assets associated with the

investment in the joint venture. Since Agasti's value depends on Obligo's

profitability and dividend capacity, Agasti focuses on Obligo's operational

activity and development in its market communications.

The Obligo Group generated operating revenues of NOK 87 million in the first

quarter of 2016. Operating expenses totalled NOK 56 million in the first quarter

of 2016, including NOK 5 million in provisions for future lease obligations.

Operating income totals NOK 31 million in the quarter. Agasti's 66 per cent

stake in Obligo's net income after tax equates to NOK 14 million.

The result for the quarter reflects management and transaction revenues received

from the different investment companies managed by Obligo, including NOK 25

million received for transitional services linked to portfolios Obligo will no

longer be managing.

Obligo manages assets totalling NOK 44 billion, including NOK 35 billion in real

estate. This includes approximately NOK 21 billion in portfolios acquired by

Blackstone Real Estate Funds in 2015. Obligo is to continue to manage portfolios

acquired by Blackstone Real Estate Funds with an asset value of approximately

NOK 9.5 billion as of March 31 2016. Obligo's management fees for these

portfolios will remain at approximately the same level as previously until July

2016, when a cost-reimbursement and incentive-fee model will be introduced.

Assets under management in Obligo also include NOK 11 billion in real estate

managed on behalf of Patrizia, however these services will be terminated through

2016. Consequently, AUM will be reduced by approximately NOK 22.5 billion.

Obligo's primary focus is acquisition, sale and management of Nordic real

estate. The shared ambition with Blackstone Real Estate Funds is to take a

leading position in the Nordic real estate market. Obligo also sees interesting,

future opportunities in the infrastructure sector, and is currently working on

concrete projects including a potential liquidity event and new initiatives. As

regards private equity and shipping, Obligo's approach is more opportunistic.

The main strategy is to continue generating the greatest possible value for

investors and managing until maturity.

As communicated by Agasti in previous quarterly presentations, interim reports

and in the annual report for 2015, Obligo's management revenues from current

management mandates will decline going forward. This is both as a result of

assets under management being transferred to other managers and as a result of

dispositions, both in the ordinary course of business and as a result of certain

underlying funds approaching maturity. To ensure future management revenues,

Agasti and Blackstone Real Estate Funds established a management platform

through Obligo in 2015 focusing on institutional clients. The platform secures

access to institutional capital and facilitates the completion of real estate

transactions and potential establishment of new management mandates.

Obligo's real estate team is constantly seeking out transaction opportunities in

the Nordic real estate market and evaluating different alternatives.

Obligo is also working to secure profitable exit opportunities for investors in

existing, and in some cases locked-in, investment structures within real estate,

private equity, infrastructure and shipping, as exemplified by the sale of 11

real estate portfolios in 2015

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

COO - 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.