Q Interim presentation. 29 April 2015

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1 Interim presentation 29 April

2 highlights Revenues (NOKm) Operating margin % EPS basic (NOK) Revenues (NOKm) Operating margin % EPS (basic) (NOK) % % 21% 23% 23% % 18% 17% 17% Revenue growth of 15% compared to last year revenues up to NOK 296m from NOK 256m in Increased profitability Operating margin of 23% relative to 21% in EPS of NOK 0.11 compared to NOK 0.09 last year Robust capitalisation and liquid balance sheet Group capital adequacy ratio of 3.4x regulatory minimum requirements post NOK 1.00 payment to shareholders

3 NOK/USD NOK/EUR SEK/USD SEK/EUR EUR/USD DKK/USD DKK/EUR NOK/SEK Dec-14 Jan-15 Jan-15 Jan-15 Jan-15 Feb-15 Feb-15 Feb-15 Feb-15 Mar-15 Mar-15 Mar-15 Mar-15 Mar-15 European quantitative easing has increased exchange rate volatility and led to a chase for yield driving share prices Exchange rate changes Nordic equity market performance in 12% 10% 8% 8.4% 9.7% 10.1% % 17% 6% 5.4% % 4% 2% 0% 0.4% % -2% -4% -6% -3.9% -1.2% -2.8% Oslo SE Benchmark Copenhagen SE Benchmark Stockholm SE Benchmark Helsinki SE Benchmark Oil prices: Presents increased challenges for the Norwegian economy, but neutral or positive for other Nordic countries Foreign exchange rates: ECB s introduction of its quantitative easing programme led to a further decline in bond yields and depreciation of the EUR (and the NOK and the SEK) towards the USD Bond yields: The low global government bond yields have led to a continued strong demand for high yield bonds outside the oil and oil service sectors Nordic equity markets: Negative central bank rates in Sweden and Denmark contributed to a strong performance Source: Bloomberg, ABGSC

4 Secondary equity market in line with same period last year, but slower start to the year within M&A Nordic Equity trading volumes USDbn Nordic M&A volumes USDbn Source: Stock Exchanges, Bats, MergerMarket, ABGSC

5 IPO driven ECM market continues while DCM market remains in correction mode Nordic ECM volumes USDbn Nordic DCM (HY & CB) volumes USDbn Source: ThomsonOne, Stamdata

6 Markets division: Continued high activity within the secondary market Revenues (NOKm) Revenues (NOKm) Revenues 4 quarter rolling average (NOKm) Revenues - 4 quarter rolling avg. (NOKm) Operating profit before variable compensation is down from NOK 63m to NOK 56m compared with the same period last year Average number of staff during the quarter amounted to 79, down 4% y-o-y and average revenues per head flat

7 Markets division: Mixed performance between segments Revenues (NOKm) Equities Non-Equities (Fixed Income, CB, FX) Equity related revenues increased by 10% driven by primary deal flow and higher client activity within the secondary segment Non-Equities segment revenues were down 34% y-o-y, mainly as a consequence of lower activity within the market for new issues of high yield bonds.

8 Investment Banking division: A solid quarter with revenues up 49% Y-o-Y to NOK 131m in the quarter Revenues (NOKm) Revenues (NOKm) Revenues 4 quarter rolling average (NOKm) Revenues - 4 quarter rolling avg. (NOKm) Net Investment Banking revenues totalled NOK 131m in, up 49% from. The average headcount for Investment Banking in the quarter was 69, up 11% y-o-y, with average revenue per head increased with 36% Operating profit before variable compensation is up from NOK 43m to NOK 81m when comparing to the same period last year.

9 Investment Banking division: Well diversified business mix with a leading role in several high profile transactions Selected transactions Office Deal type Company Deal size ABGSC role x Sale of Norwegian operations to Telia Sonera Tele2 SEK 5,100m Advisor to Tele2 x Rights issue and CB issue Eniro SEK 958m Sole advisor to Eniro x IPO Nordic Nano NOK 575m Joint global coordinator and bookrunner Convertible bond flush Marine Harvest EUR 348m Joint advisor to Marine Harvest x Bond issue Stendörren SEK 575m Sole bookrunner x Sale of Nordgroup to Ekokem EQT Infrastructure Undisclosed Advisor to EQT Infrastructure x IPO Dustin SEK 1,971m Joint bookrunner x Bond issue HOST SEK 350m Sole bookrunner Restructuring Seabird USD 117m Joint advisor to SeaBird Bond issue 4Finance SEK 225m Sole bookrunner x Restructuring Iona USD 275m Advisor to Iona Energy x Rights issue Aerocrine SEK 445m Sole manager x Restructuring / bond issue Bergteamet SEK 500m / SEK 200m Advisor to the trustee and the bondholders / sole bookrunner x Acquisition by Nordjyske Bank Nørresundby Bank DKK 1,200m Advisor to Nørresundby Bank x Private placement DNO NOK 975m Joint lead manager x Secondary sale Cellavision SEK 160m Sole bookrunner x Secondary sale Scatec Solar NOK 74m Joint bookrunner x Secondary sale Nordic Semiconductor NOK 93m Sole bookrunner

10 Closing remarks ABGSC has established a well functioning integrated Nordic operation in combination with superior international reach We are benefitting from a diversified strategy, having a pan-nordic model and broad sector coverage Both the M&A and ECM markets could prove to be even stronger than last year We observe a strong client and market recognition for our research products, analytical content and market understanding ABGSC continues to focus on growing revenues with cost control in place

11 Appendix: Key figures Y-o-Y YTD YTD Y-o-Y Revenues NOKm % % Personell costs NOKm % % Non-personell costs NOKm % % Operating profit NOKm % % Net financials NOKm % % Profit before tax NOKm % % Taxes NOKm % % Net profit NOKm % % EPS (basic) NOK % % EPS (diluted) NOK % % Book value per share NOK % % Headcount (average) # % % Revenues per head (average) NOKm % % Operating costs per head (average) NOKm % % Operating cost / Revenues % 77.0% 78.9% 77.0% 78.9% Total compensation / Revenues % 55.6% 55.0% 55.6% 55.0% Operating margin % % 23.0% 21.1% 23.0% 21.1%

12 Appendix: Consolidated income statement Condensed consolidated income statement (unaudited) NOKm Brokerage revenues Corporate Finance revenues Total revenues ,149.4 Fixed personnel costs Other operating costs Depreciation Total operating costs Operating profit before variable compensation Variable personnel costs Operating profit after variable compensation Net financial result Profit before tax Taxes Net profit

13 Appendix: Consolidated balance sheet Condensed consolidated balance sheet (unaudited) NOKm 31/03/ 31/03/ 31/12/ Total intangible assets Plant and equipment Financial non-current assets Total non-current assets Receivables 3, , ,257.4 Investments Cash and bank deposits ,014.2 Total current assets 4, , ,466.6 Total assets 4, , ,615.1 Paid-in capital Retained earnings 1, , Total equity 1, , ,248.2 Other long-term liabilities Short-term interest bearing liabilities Other short-term liabilities 3, , ,348.0 Total liabilities 3, , ,366.9 Total equity and liabilities 4, , ,615.1

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