Arribatec Group ASA — Earnings Release 2015

Feb 18, 2016

	17.02.2016
The Equity Story
WHAT WE SAID	• WHAT WE DID
1Q14: Strategic ambition to attract institutional capital, create return, liquidity to clients	•Blackstone invested both in managed funds and in platform. •More than 10 NOK billion in dividends / payments to clients since 2013
1Q14: Re-establish profitability	•EBIT 2012: -56 (Agasti Group) •EBIT 2013: -4 (Agasti Group) •EBIT 2014: -25 (Agasti Group) •EBIT 2015: +189 (Obligo Group – AGA owns 66%)
1Q14: AIFM directive introduced in Norway; Obligo being one of the leading players	•Secured authorisation for Obligo Investment Management to manage alternative investment funds (AIFMD).
3Q14: Wind-down old business within first half of 2015	•Closed nearly all matters relating to the former operations •Financial risk reduced to a minimum
2Q15: Further streamlining of operations	•Challenging restructuring of the business completed •Closed down Capital Markets activities – reducing employees to approximately 45 and significantly improving profitability
	4

MNOK	4Q 2015	4Q 2014	2015	2014	• Approximately 150 MNOK in performance- and transaction fees
Transaction revenues Management fees	160 65	33 77	250 261	83 194	in 4Q15
Total revenues Variable operating costs	225 18	109 9	511 31	277 15	• SLA is cost allocation for internal services
Activity based costs Fixed costs SLA	25 55 4	20 33 6	60 170 50	45 137 2	• Additional cost reductions underway related to outsourcing,
Operating costs EBITDA	103 122	67 42	311 200	198 79	staff and activity based costs
Depreciation a.o. EBIT	3 119	7 35	10 189	18 62

Bridging Obligo to Agasti income Breakdown of net income (MNOK) Operating revenues Obligo Group Operating costs Obligo Group EBIT Net financial items Tax expense Net income in Obligo Group Agasti Holding's share of net income Amortisation of intangible assets Gain from sale Income from continuing operations	4Q YTD 2015 2015 225 511 106 322 189 119 3 1 35 53 86 137 57 108 -76 -76 539 539 2 -17	17.02.2016 • Agasti Holding ASA owns 66 % of Obligo Group • The table bridges net income in Obligo Group to net income in Agasti Holding ASA • Amortization of intangible assets of 76 MNOK consists mainly of Agasti's share of performance and transaction fees after tax, which was reflected in the purchase price and therefore
			deferred tax assets 9

Agasti Holding ASA: Balance sheet
MNOK	31.12.2015	31.12.14	• The Agasti Group has a robust financial position
Goodwill	0	44
Other intangible assets	0	16	• Bank deposits of 53 MNOK
Deferred tax asset Total intangible assets	0 0	54 113	• Total assets as at 31 December
			2015 were 536 MNOK
Fixed assets	0	5	• Equity equals 95 % of total assets
Investment in joint venture	437	0
Other financial investments	22	19	• Investment in JV valued at 437
Total tangible assets	459	24	MNOK
Financial current assets	21	45
Trade receivables	0	53	• The future will depend on
Other receivables	2	42	Obligo's earnings and dividend
Bank deposits	53	106	capacity
Total current assets	76	246
Total assets	536	383
Equity Long term debt	509 0	215 19
Accounts payable	1	13
Taxes payable	0	1
Overdraft facility	0	0
Other taxes and duties payable	1	15
Salaries/commissions payable	0	26
Other short term debt	25	94
Total debt	27	168
Total equity and debt	536	383

Q & A

Contact information:

• Head of IR, Jo-Inge Fisketjøn
• Phone: +47 21 00 33 49
• E-mail: jif@agasti.no
• www.agasti.no

Agasti Holding ASA Bolette Brygge 1 0252 Oslo Norway

Switch: +47 21 00 10 00

www.agasti.no