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2020 Q2 INTERIM

REPORT

Strong quarter with revenues up 18%

particularly demonstrating the strength of

our capital markets operation

Revenues YTD up 16% to NOK 670m (NOK

577m)

Operating margin of 23% YTD (20%)

Net profit up 20% YTD

Diluted EPS of NOK 0.19 YTD (NOK 0.17)

Comments from the CEO

Highlights of the quarter

I am very pleased to report the strongest set of Q2 revenues since 2007, at NOK 408m, which is 18% higher than last year. This a massive

achievement, as we rarely have faced a higher level of uncertainty than has been the case this quarter. Liquidity inflow thro ugh government

financial stimuli and the preliminary positive signals related to the COVID-19 pandemic have supported a quick recovery of financial markets

and provided access to risk capital.

Still, markets aside, I am very proud of how our staff have adapted to the challenging environment we have operated in during the quarter. We

have managed to cope with new working conditions while in parallel changing the focus from processes being put on hold to new situations

arising. This is clearly a quarter where we have gained ground relative to our peers. I would particularly like to highlight our position and

record strong performance in the Norwegian ECM market where we during the quarter have advised on numerous high profile transactions,

including the landmark NOK 2.4bn IPO of the videoconferencing company Pexip, three Merkur Market listings with preceding placements with

reputable cornerstone investors, and the public offering in connection with the restructuring of Norwegian Air Shuttle.

Our Brokerage and Research operations have also continued to perform very strongly after the extreme volatility in the market s in March and

April. On the back of our intensified efforts to not only maintain, but also increase, our level of service to our clients, we are convinced we

have gained market share in this area.

Strengthening our real estate franchise

Real estate is an important sector to ABGSC and I am very pleased about the progress we have made as a broad service provider to

companies and investors active in the real estate segment. In recent years, we have been involved in more Nordic real estate IPOs and

private placements than any other investment bank, and we have a leading position within Nordic real estate high yield debt. During the

quarter, we have cemented our position as the undisputed top broker of Nordic listed real estate supported by the broadest re search

coverage universe and our top-ranked analysts.

Within the syndication and direct investment segment, I am pleased about the launch of ABG Fastena in Sweden, building on our successful

ownership in Vika Project Finance in Norway. We have been looking to expand into this type of business for the Swedish and Finnish markets

for quite some time, and we are now firmly established with a solid team with high ambitions and extensive experience in real estate and

capital markets.

Jonas Ström, CEO

Quarterly snapshot: Solid performance in a turbulent environment

309

229

294

232

345

271

504

263

408

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

22%

13%

21%

14%

25%

19%

34%

14%

28%

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

0.08

0.05

0.07

0.05

0.12

0.07

0.21

0.05

0.14

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Operating revenues (NOKm) Operating margin Diluted EPS (NOK)

Revenue up 18% compared to last year Operating margin up from 25% to 28% Increased diluted EPS with 17%

Key financial figures YTD: Well ahead of last year both in terms of revenues and profitability

231 312 305

232 263 232 263

350 297 309

345 408

242 271 229 271

271

420 403

294

504

1,243 1,283

1,137

1,351

1,445

577

670

2016 2017 2018 2019 L4Q 6M 19 6M 20

Q1 Q2 Q3 Q4

+16%

21%

24%

20%

25% 26%

20%

23%

2016 2017 2018 2019 L4Q 6M 19 6M 20

0.05

0.12 0.11 0.05 0.05 0.05 0.05

0.12

0.11 0.08

0.12 0.14 0.12 0.14

0.06

0.09

0.05 0.07 0.07

0.19

0.17

0.07

0.21 0.21

0.43

0.49

0.30

0.44 0.47

0.17 0.19

2016 2017 2018 2019 L4Q 6M 19 6M 20

Q1 Q2 Q3 Q4

+12%

Operating revenues (NOKm) Operating margin Diluted EPS (NOK)

100

150

200

250

300

350

2 0 1

S&P 500 MSCI Nordic

-2%

-1%

2 0 1

10y US interest 10y German interest

2 0 1

Equity indicesInterest rates Equity market volatility (S&P VIX)

 Equity indices close to recovered with S&P 500 up 20% and MSCI Nordic up 16% during the quarter

 The S&P 500 volatility index (VIX) has come down to the 30-40 level from the 82 peak in March

 An unprecedented level of financial stimulus packages have been applied – short- and long-term interest rates have fallen to historical lows

Macro and market backdrop: Markets close to fully recovered from the COVID-19 pandemic, supported by financial stimulus packages

Capital market and M&A market perspectives: Increased ECM activity compensates for lower DCM and M&A volumes so far this year

1,236

1,396

1,220

1,501

1,166

825

490

2016 2017 2018 2019 L4Q 6M 19 6M 20

-41%

48 32 32 31

10 10

33 21

123

2016 2017 2018 2019 L4Q 6M 19 6M 20

IPO Primary placement Rights issue

+110%

124

104

118

2016 2017 2018 2019 L4Q 6M 19 6M 20

-45%

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

 Equity capital primary volumes significantly higher than the relatively soft first half last year

 Low debt capital primary activity during the quarter

 Announced M&A volumes well below last year as several processes have been delayed or put on hold due to COVID 19

Source: Refinitiv, Stamdata, Mergermarket

1) Corporate high yield, Nordic issuers

2) Nordic buyers or sellers, announced transactions

ABGSC market leader in a strong Norwegian ECM market in May/June: particular strength within TMT, Healthcare and Seafood

7 Source: ABGSC

1.2

4.1

4.9

3.5

2.4

8.6

0.3

1.1 1.0

11.1

8.7

0.3

1.0

2.8

14.5

3.0 3.5

4.9

1.0 0.6

6.5

7.3

0.5

1.2

2.7

3.8 3.8 3.4

6.8

0.2 0.0

5.0 4.7

7.9

4.4

2.2

3.1

0.8

0.2

12.4

6.6

2 0 1

7 -0

2 0 1

7 -0

2 0 1

7 -0

2 0 1

7 -0

2 0 1

7 -0

2 0 1

7 -0

2 0 1

7 -0

2 0 1

7 -0

2 0 1

7 -0

2 0 1

7 -1

2 0 1

7 -1

2 0 1

7 -1

2 0 1

8 -0

2 0 1

8 -0

2 0 1

8 -0

2 0 1

8 -0

2 0 1

8 -0

2 0 1

8 -0

2 0 1

8 -0

2 0 1

8 -0

2 0 1

8 -1

2 0 1

8 -1

2 0 1

8 -1

2 0 1

9 -0

2 0 1

9 -0

2 0 1

9 -0

2 0 1

9 -0

2 0 1

9 -0

2 0 1

9 -0

2 0 1

9 -0

2 0 1

9 -0

2 0 1

9 -0

2 0 1

9 -1

2 0 1

9 -1

2 0 1

9 -1

2 0 2

0 -0

2 0 2

0 -0

2 0 2

0 -0

2 0 2

0 -0

2 0 2

0 -0

2 0 2

0 -0

IPO Primary Rights issue Secondary

6 13 9 4 6 7 2 4 5 7 9 3 4 4 13 4 8 13 3 0 1 6 6 2 5 8 4 4 10 11 2 1 2 10 7 3 6 7 3 2 18 13

Summer breakSummer breakSummer break

Number of transactions

Transaction volume NOKbn

Corporate Financing: Strong pan-Nordic quarter for ABGSC with ~30 capital market transactions and increasing market share in Sweden

170 179

29 50 29 50

142

136 127

165

236

165

236

102

80 42

96 134

182

101 213

213

426

569

448

503

594

195

285

2016 2017 2018 2019 L4Q 6M 19 6M 20

Q1 Q2 Q3 Q4

+47%

Corporate Financing (ECM/DCM) revenues (NOKm) Selected transactions

ECM – IPO NOK 2.4bn TMT

ECM – RI SEK 684m TMT

ECM – PP NOK 852m TMT

ECM – PP NOK 390m Seafood

ECM – PP SEK 648m Real Estate

ECM – PP NOK 850m TMT

ECM – PP SEK 270m Healthcare

DCM – HY EUR 100m Retail

DCM – HY NOK 1.1bn Real Estate

DCM – HY SEK 375m TMT

 ECM: ABGSC significantly increased market share within private placements

in Sweden on top of leading position in Norway

 DCM: Two sizable deals, including green bond, completed towards the end of

the quarter, highlighting rebound in market

Bulk Industrier AS

M&A and Corporate Advisory: Reduction in deal activity as several M&A processes pushed into H2 or put on hold

55 30 32

120 81

48 85

113

156

108

176

321

270

327

470

399

208

137

2016 2017 2018 2019 L4Q 6M 19 6M 20

Q1 Q2 Q3 Q4

-34%

M&A and Corporate Advisory revenues (NOKm)

 The landmark NOK 12.7bn recapitalisation of Norwegian Air Shuttle was a key

transaction for ABGSC during the quarter.

 ABGSC also advised in the announced NOK 7.7bn sale of Veidekke Eiendom

to Residential Holding. The transaction is expected to be completed in Q3.

 Several processes are ongoing for potential closing in H2.

Selected transactions

Restructuring NOK 12.7bn Transportation

M&A Not disclosed Financials

Brokerage and Research: Continued strong momentum within our secondary trading and investor research operations

128 112 95 82 132

82 132

127 113

98 91

117

111

107

74 89

129

113

95 115

115

496

445

362 378

452

174

248

2016 2017 2018 2019 L4Q 6M 19 6M 20

Q1 Q2 Q3 Q4

+43%

Brokerage and Research revenues (NOKm)

 High secondary trading activity continued following the COVID-19 turbulence

in Q1

 ABGSC has benefited from its strong position, relationships and capabilities

within debt and equity brokerage and securities research

 The importance of quality research and trading flow matching capabilities

becomes evident when uncertainty increases and insight is key

 The entire operation has adapted well to satisfy clients’ requirements in spite

of having to partially operate from remote locations

Comments

Operating costs: YTD operating costs are up 13%, mainly driven by the weakened Norwegian krone (NOK) and higher variable compensation costs

724 711 633

730 769

329 368

252 262

273

282 302

130 150

976 972

905

1,012 1,071

458 518

2016 2017 2018 2019 L4Q 6M 19 6M 20

Compensation Non-Compensation

+13%

74 77 84 91 93 91 95

72 72 69

70 66 71 62

52 52 58

61 60 61 58

53 54 57

57 56 57 56

251 254 267

278 275 279 272

2016 2017 2018 2019 L4Q 6M 19 6M 20

Investment Banking Markets Research Operations

-2%

Total operating costs (NOKm) Headcount average (FTE #)

 Approx. NOK 23m cost increase YTD due to weakening of the NOK relative to last year

 Increased variable compensation costs driven by higher revenues and profitability

 Headcount broadly in line with recent periods

Cost efficiency: Cost-to-revenue ratios remain stable

2.9 2.8 2.4

2.6 2.8

1.2 1.4

1.0 1.0

1.0

1.0 1.1

0.5 0.6

3.9 3.8

3.4

3.6

3.9

1.6

1.9

2016 2017 2018 2019 L4Q 6M 19 6M 20

Compensation Non-Compensation

58% 55% 56%

54% 53%

57% 55%

2016 2017 2018 2019 L4Q 6M 19 6M 20

20% 20%

24%

21% 21%

23% 22%

2016 2017 2018 2019 L4Q 6M 19 6M 20

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

Capital and balance sheet summary: Highly liquid asset base and solid capitalisation with satisfactory buffers to regulatory requirement

600 588

461

504

462

18% 19%

13%

16% 16%

2016 2017 2018 2019 LQ

Core Capital (MNOK) Core Capital ratio Regulatory minimum (8%)

507

313

147

706

100

200

300

400

500

600

700

800

900

1,000

Cash & Bank

Investments Net fixed assets

Net working capital

Other liabilities

Equity

Balance sheet summary (NOKm)Core capital and regulatory capital ratio period-end (NOKm)

 ABGSC is well capitalised with a core capital ratio of 1.6x the regulatory

minimum requirement

 Current year profits not included in core capital until year-end

 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.)

1) ABGSC currently has credit lines of NOK 1bn for catering to short-term liquidity needs

Closing remarks

 Our Q2 performance has been strong in a period with challenging working conditions and high uncertainty.

 The recent period proves that high-quality financial advisory services are always in demand and of great value to

clients. We have advised companies manoeuvring in troubled waters and provided capital for clients looking to capture

the opportunities arising from changing conditions.

 We have demonstrated best-in-class ability to match trading flows and to execute corporate financing transactions in the

Nordics.

 While executing on a record-breaking number of transactions during the quarter, we have continued to build our

transaction pipeline for the coming quarters. The M&A market will recover when the dust settles.

Financial statements and supplementary information

Consolidated income and cash flow statements

NOKm Q2 2020 Q2 2019 YTD 2020 YTD 2019 2019

Corporate Financing 235.5 165.2 285.3 194.6 503.3

M&A and Corporate Advisory 55.5 88.1 137.0 208.4 470.3

Brokerage and Research 116.5 91.3 248.1 173.6 377.7

Total revenues 407.5 344.6 670.4 576.5 1,351.4

Personnel costs -218.9 -193.7 -367.9 -328.5 -729.8

Other operating costs -58.8 -56.2 -122.6 -111.1 -243.2

Depreciation -13.7 -9.3 -27.4 -18.7 -39.0

Total operating costs -291.5 -259.2 -517.9 -458.4 -1,012.0

Operating profit 116.0 85.3 152.5 118.2 339.4

Net financial result -3.8 0.6 -3.5 -0.3 -5.4

Profit before tax 112.2 86.0 149.0 117.8 334.0

Taxes -28.8 -21.9 -39.3 -29.3 -80.3

Net profit 83.4 64.0 109.7 88.5 253.7

Profit / loss to non-controlling interests 7.7 2.6 8.7 4.5 26.2

Profit / loss to owners of the parent 75.6 61.5 100.9 84.0 227.4

NOKm Q2 2020 Q2 2019 YTD 2020 YTD 2019 2019

Net profit 83.4 64.0 109.7 88.5 253.7

Items that may be reclassified to profit or loss

Exchange differences on translating foreign operations -18.9 -5.8 34.1 -12.5 6.4

Hedging of investment in foreign subsidiaries 19.9 7.5 -34.7 13.2 -6.1

Income tax relating to items that may be reclassified -5.0 -1.9 8.7 -3.3 1.5

Total other comprehensive income -4.0 -0.2 8.1 -2.6 1.8

Total comprehensive income for the period 79.4 63.9 117.7 85.9 255.4

Comprehensive income to non-controlling interests 7.7 2.6 8.7 4.5 26.2

Comprehensive income to owners of the parent 71.7 61.3 109.0 81.5 229.2

Condensed consolidated income statement (unaudited) Other comprehensive income

Condensed cash flow statement

NOKm Q2 2020 Q2 2019 YTD 2020 YTD 2019 2019

Cash and cash equivalents - opening balance 779.6 363.7 570.6 427.7 427.7

Net cash flow from operating activities 56.6 -11.5 170.6 -44.4 434.2

Net cash flow from investing activities -9.5 -24.7 -62.7 -36.8 -63.8

Net cash flow from financing activities -320.1 -52.1 -171.9 -71.2 -227.4

Net change in cash and cash equivalents -273.0 -88.3 -64.0 -152.3 142.9

Cash and cash equivalents - closing balance 506.6 275.3 506.6 275.3 570.6

Consolidated balance sheet

NOKm 30/06/2020 30/06/2019 31/12/2019

Intangible assets 158.1 144.5 159.4

Financial non-current assets 81.5 36.6 52.3

Tangible assets 306.8 86.5 73.5

Total non-current assets 546.4 267.6 285.1

Receivables 4,237.8 2,941.0 1,356.3

Investments 77.7 47.3 59.2

Cash and bank deposits 506.6 275.3 570.6

Total current assets 4,822.0 3,263.7 1,986.0

Total assets 5,368.5 3,531.3 2,271.2

Paid-in capital 112.3 115.2 116.0

Retained earnings 545.4 494.9 575.1

Equity attributable to owners of the parent 657.8 610.2 691.1

Non controlling interests 48.6 43.7 62.2

Total equity 706.4 653.9 753.3

Long-term liabilities 263.1 121.6 72.8

Short-term interest bearing liabilities 14.0 59.0 0.0

Short-term liabilities 4,384.9 2,696.8 1,445.1

Total liabilities 4,662.0 2,877.4 1,517.9

Total equity and liabilities 5,368.5 3,531.3 2,271.2

Consolidated balance sheet (unaudited)

NOKm Q2 2020 Q2 2019 YTD 2020 YTD 2019 2019

675.7 638.4 691.1 636.9 636.9

Comprehensive income to owners of the parent 71.7 61.3 109.0 81.5 229.2

Payment to shareholders -103.6 -94.1 -103.6 -94.1 -174.2

New issuing of shares 0.0 0.0 0.0 0.0 0.0

Change in own shares 14.0 4.6 -38.8 -14.0 -0.8

657.8 610.2 657.8 610.2 691.1

63.2 62.7 62.2 60.8 60.8

Comprehensive income to non-controlling interests 7.7 2.6 8.7 4.5 26.2

Payment to shareholders -22.3 -21.6 -22.3 -21.6 -24.8

Business combinations 0.0 0.0 0.0 0.0 0.0

48.6 43.7 48.6 43.7 62.2

Total equity - closing balance 706.4 653.9 706.4 653.9 753.3

Equity attributable to owners of the parent - closing

balance

Equity attributable to owners of the parent - opening

balance

Equity attributable to non-controlling interests -

Opening balance

Equity attributable to non-controlling interests -

Closing balance

Condensed statement of changes in equity

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 2019 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 2019.

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.

Shareholder matters: Share count and shareholder structure

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Shares outstanding (period end) 470,747 470,747 470,747 470,747 470,747

- Treasury shares (period end) 17,421 14,996 14,023 32,534 30,219

+ Forward contracts outstanding (period end) 77,361 75,211 75,611 99,801 97,836

Diluted shares (period end) 530,688 530,963 532,335 538,015 538,365

Shares outstanding (average) 470,747 470,747 470,747 470,747 470,747

- Treasury shares (average) 17,949 16,164 14,500 17,723 31,639

+ Forward contracts outstanding (average) 78,181 76,638 75,063 80,437 99,337

Diluted shares (average) 530,978 531,222 531,311 533,460 538,445

Share count

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).

Shareholder structure

Share transactions

During the quarter, ABGSC purchased 0.15m shares

from a retired partner at an average price of NOK 3.77

per share. ABGSC sold 2.5m treasury shares to

partners as settlement of forward contracts previously

entered into. ABGSC also sold 0.5m shares on a

forward contract to a new partner.

Shares held by Directors and staff Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Shares held by Directors and Staff / Shares outstanding 18% 18% 19% 20% 20%

Shares and fwd contracts held by Directors and Staff / Diluted shares 31% 30% 31% 36% 36%

Shareholders by country (shares outstanding) Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Norway 63% 64% 67% 73% 74%

Great Britain 15% 13% 11% 4% 4%

USA 9% 9% 9% 9% 9%

Sweden 4% 4% 4% 5% 5%

Other 9% 9% 9% 9% 8%

Shareholder matters: ABGSC sold a total of 0.5m shares to new partners and repurchased 0.15m shares from leaving partners in Q2

15 18 18

-18 -13

-18 -10

-23

2016 2017 2018 2019 YTD

Shares offered Shares acquired

Forward contract overviewShare offering and share buy-back volumes (m)

Expiry year Forward contracts (1,000) Forward average price

2021 3,875 2.90

2022 11,961 3.38

2023 11,315 4.55

2024 42,945 3.25

2025 27,740 2.42

Total 97,836

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 final settlement price will be adjusted to reflect any distribution to

shareholders paid prior to settlement. The interest element in the forward

contract will also lead to an adjustment of the settlement price in cases where

the contract is settled prior to the original expiry date.

The Board currently has a mandate from the shareholders to acquire a number

of ASC shares corresponding to approximately 10% of the share capital. The

one-year mandate is valid until the end of June 2020.

Shareholder matters: Distribution to shareholders

0.20 0.17

0.20 0.22

0.50 0.50

0.40 0.39

2016 2017 2018 2019

Dividend H1 (NOK) Dividend H2 (NOK)

Cash distribution to shareholders (per share) Pay-out ratio (DPS/Diluted EPS)

 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

 The Board, will until concluding otherwise, have a target of returning at least

80% of annual diluted EPS to the shareholders

117%

102%

132%

88%

2016 2017 2018 2019

NOKm Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Revenues 309 229 294 232 345 271 504 263 408

Operating costs -240 -199 -233 -199 -259 -219 -335 -226 -291

Operating profit 69 30 61 33 85 52 169 36 116

Net financial result 1 2 1 -1 1 -3 -2 0 -4

Profit before tax 70 33 62 32 86 49 167 37 112

Taxes -22 -11 -14 -7 -22 -11 -40 -11 -29

Non-controlling interests -12 3 -15 -2 -3 -2 -20 -1 -8

Net profit 36 25 32 23 61 36 107 25 76

NOKm Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Total non-current assets 176 178 177 261 268 285 285 557 546

Receivables 2,490 1,721 1,948 3,491 2,941 2,943 1,356 4,841 4,238

Investments 71 48 124 54 47 105 59 102 78

Cash and bank deposits 579 499 428 364 275 566 571 780 507

Total current assets 3,140 2,268 2,499 3,908 3,264 3,614 1,986 5,723 4,822

Total assets 3,316 2,447 2,676 4,169 3,531 3,899 2,271 6,280 5,368

Equity attributable to owners of the parent 661 684 637 638 610 657 691 676 658

Non-controlling interests 52 46 61 63 44 46 62 63 49

Total equity 712 730 698 701 654 703 753 739 706

Long-term liabilities 25 30 30 126 122 119 73 277 263

Short-term interest bearing liabilities 0 0 0 0 59 246 0 212 14

Short-term liabilities 2,579 1,687 1,948 3,342 2,697 2,831 1,445 5,053 4,385

Total liabilities 2,604 1,717 1,978 3,468 2,877 3,196 1,518 5,541 4,662

Total equity and liabilities 3,316 2,447 2,676 4,169 3,531 3,899 2,271 6,280 5,368

Income statement

Balance sheet

Historical figures – nine quarters

Segment revenues

Historical figures – nine quarters (cont’d)

NOKm Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Brokerage and Research 98 74 95 82 91 89 115 132 117

Corporate Financing 127 42 101 29 165 96 213 50 236

M&A and Corporate Advisory 85 113 97 120 88 86 176 81 55

Group 309 229 294 232 345 271 504 263 408

NOKm Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Norway 146 147 134 80 174 96 272 136 211

Sweden 98 37 102 108 118 119 161 85 132

Denmark 22 16 12 15 13 24 32 8 10

International 43 29 46 29 40 31 39 34 54

Group 309 229 294 232 345 271 504 263 408

NOK Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Headcount (average) 257 276 276 279 278 280 275 270 274

Revenues per head (average) 1.20 0.83 1.06 0.83 1.24 0.97 1.83 0.97 1.49

Operating costs per head (average) -0.94 -0.72 -0.84 -0.71 -0.93 -0.78 -1.21 -0.84 -1.07

Operating cost / Revenues 78% 87% 79% 86% 75% 81% 66% 86% 72%

Total compensation / Revenues 52% 59% 57% 58% 56% 55% 50% 57% 54%

Operating margin % 22% 13% 21% 14% 25% 19% 34% 14% 28%

Return on Equity (annualised) 19% 15% 20% 14% 39% 23% 64% 15% 45%

Shares outstanding (period end) 470,747 470,747 470,747 470,747 470,747 470,747 470,747 470,747 470,747

Treasury shares (period end) -14,989 -15,422 -13,472 -17,899 -17,421 -14,996 -14,023 -32,534 -30,219

Forward contracts outstanding (period end) 41,116 39,799 37,974 78,589 77,361 75,211 75,611 99,801 97,836

Diluted shares (period end) 496,874 495,124 495,249 531,438 530,688 530,963 532,335 538,015 538,365

Earnings per share (basic) 0.08 0.05 0.07 0.05 0.14 0.08 0.24 0.06 0.17

Earnings per share (diluted) 0.08 0.05 0.07 0.05 0.12 0.07 0.21 0.05 0.14

Book value per share (basic) 1.45 1.50 1.39 1.41 1.35 1.44 1.51 1.54 1.49

Book value per share (diluted) 1.67 1.71 1.59 1.76 1.67 1.75 1.79 1.86 1.77

Total capital adequacy 3,038 3,197 3,540 3,193 3,165 2,972 3,196 3,546 2,958

Core capital 500 495 461 442 458 391 504 450 462

Total capital adequacy ratio 16% 15% 13% 14% 14% 13% 16% 13% 16%

Minimum requirement coverage ratio 2.1x 1.9x 1.6x 1.7x 1.8x 1.6x 2.0x 1.6x 2.0x

Key figures

Historical figures – nine quarters (cont’d)

Financial calendar

 Q3 2020 earnings release: 14 October 2020

 Q4 2020 earnings release/preliminary full-year figures: 10 February 2021

Responsibility statement

We confirm to the best of our knowledge that the condensed set of financial statements for the period 1 January to 30 June 20 20 has been prepared in accordance with

the IAS 34 “Interim Financial Reporting” and gives a true and fair view of the Group’s assets, liabilities, financial position and results for the period viewed in their

entirety, and that the interim report includes a fair review of any significant events that arose during the six-month period and their effect on the half-yearly financial

report and any significant related parties’ transactions. The report includes, to the best of our knowledge, a description of the material risks that the Board of Directors

at the time of this report deem might have a significant impact on the financial performance of the Group.

Oslo, 9 July 2020

_________________ _______________ _______________

Knut Brundtland (Chairman) Martina Klingvall Adele Norman Pran

(sign) (sign) (sign)

_________________ _______________ _______________

Jan Petter Collier Arild A. Engh Jonas Ström (CEO)

(sign) (sign) (sign)

Company overview

Mission: Enabling businesses and capital to grow and perform

NOK

~2bn

Exchange listed

~15%

IRR

Staff

~275

Revenues (2019)

NOK

~1.4bn

Global operation

Core service offering

M&A and

Corporate

Advisory

Brokerage

and

Research

Project

Finance &

Syndication

Corporate

Financing

Excellence – endurance – independence

Vision: To be the most agile and respected Nordic investment bank

Quality

Growth

Lean

Partnership

Yield

 Quality focused advisory firm with a clear strategic direction, operating in an active and diversified Nordic

financial industry

 Lean and asset-light with limited financial risk taking

 Independence and partnership model securing alignment of interests with shareholders and a long-term

commitment among its senior professionals

 Dedication to delivering strong returns primarily through cash flow to shareholders, while maintaining a

solid capitalisation with a slim and liquid balance sheet without long-term interest bearing debt

 Commitment to growth with a sustainable and profitable business model and a proven track record of

adapting to changing markets

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

This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to th e specific investment objectives, financial situation or particular needs of any

recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty,

either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information containe d herein, nor is it intended to be a complete statement or summary of the

securities, markets or developments referred to in the materials. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are

subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of ABGSC as a result of using different assumptions and criteria. ABGSC is under

no obligation to update or keep current the information contained herein. ABGSC, its directors, officers and employees' or cl ients may have or have had interests or long or short positions in the securities

or other financial instruments referred to herein and may at any time make purchases and/or sales in them as principal or agent. ABGSC may act or have acted as market-maker in the securities or other

financial instruments discussed in this material. Furthermore, ABGSC may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial

services to the relevant companies. Neither ABGSC nor any of its affiliates, nor any of ABGSC' or any of its affiliates, dire ctors, employees or agents accepts any liability for any loss or damage arising out

of the use of all or any part of this material.

© 2020 ABG Sundal Collier ASA. All rights reserved. ABG Sundal Collier ASA specifically prohibits the redistribution of this material and accepts no liability whatsoever for the actions of third parties in this

respect.

Norway

ABG Sundal Collier ASA

Pb. 1444 Vika

Munkedamsveien 45E

7th floor

NO-0250 Oslo

Tel +47 22 01 60 00

Fax +47 22 01 60 60

Sweden

ABG Sundal Collier AB

Box 7269

Regeringsgatan 25

8th floor

SE-11153 Stockholm

Tel +46 8 566 286 00

Fax +46 8 566 286 01

United Kingdom

ABG Sundal Collier Ltd.

St Martin's Court

25 Newgate St

5th floor

UK-EC4M 7EJ London

Tel +44 207 905 5600

Fax +44 207 905 5601

Denmark

ABG Sundal Collier ASA

Copenhagen Branch

Forbindelsesvej 12

DK-2100 Copenhagen Ø

Tel +45 3546 3000

Fax +45 3546 3010

Germany

ABG Sundal Collier ASA

Frankfurt Branch

Schillerstrasse 2

5. Obergeschoss

DE-60313 Frankfurt /Main

Tel +49 69 96 86 96 0

Fax +49 69 96 86 96 9

USA

ABG Sundal Collier Inc.

850 Third Avenue

Suite 9-C

US-10022 New York

Tel +1 212 605 3800

Fax +1 212 605 3801

Singapore

ABG Sundal Collier Pte Ltd

10 Collyer Quay

Ocean Financial Center

#40-07, Singapore 049315

Tel +65 6808 6082