ABGSC Improved revenues and increased profits

Press Release ABG Sundal Collier First Quarter 2010 - Report to Shareholders ABGSC Improved revenues and increased profits Oslo, 29 April 2010 The outlook for the world economy and our firm has brightened and an improved revenue base and improved earnings gives a solid fundament for optimism going forward. Q1 Highlights First Quarter Total Revenues amounted to NOK 329 million vs. NOK 215 million last year, increasing by 53% Operating costs at NOK 129 million, a decrease of 13 % from last year. EPS of NOK 0.18 versus NOK 0.11 in 1Q 2009. Announced Knut Brundtland as new CEO from fourth quarter 2010. Reorganised operations into 2 divisions, Investment Banking covering primary and advisory business and Markets covering secondary business. Summary Financial Data Operating data and key ratios 1. quarter 1. quarter Year Year 2010 2009 2009 2008 Average number of shares in 1,000 (1) 435,873 410,621 422,847 400,277 Shares outstanding end of period 375,700 361,198 375,343 361,148 Forward contracts for shares outstanding end of period75,035 63,112 55,767 48,696 Earnings per share (in NOK) (2) 0.18 0.11 0.53 (0.18) Pre-tax income (in NOK 1,000) 108,640 52,793 284,800 19,391 Book value per share (in NOK) (3) 3.36 3.31 3.00 3.01 Operating cost / Income ratio (4) 39.1 % 68.5 % 49.3 % 49.7 % Total cost / Income ratio (5) 70.4 % 89.1 % 75.2 % 75.3 % Compensation / Income ratio (6) 52.1 % 57.3 % 49.4 % 49.4 % Pre-tax pre bonus profit margin (7) 64.3 % 45.1 % 54.0 % 27.1 % Return on Equity (12 months) (8) 21.0 % -12.2 % 18.5 % -7.0 % Number of employees at period end 281 273 264 287 (1) Adjusted for treasury shares and shares on forward contracts (2) Net result for the period + interest element in forward contracts divided by the average number of shares (3) Book equity at end of period divided by the total number of shares (adjusted for treasury shares) (4) Operating expenses as a percentage of operating revenues (5) Total expenses including bonus expense and profit to partners as a percentage of operating revenues (6) Personnel expenses plus bonus expense and profit to partners as a percentage of operating revenues (7) Earnings before tax adjusted for bonus expense and profit to partners as a percentage of operating revenues (8) Net result for the last 12 month period as a percentage of average shareholders' equity. Nordic Companies/Global Money 1

Nordic Equity Markets Review The MSCI Nordic advanced by 10.2% during the first quarter of 2010 and hence clearly outperformed the MSCI AC World index, which was up by 4.3%. In general, markets had a rocky start to the year, but have had an outstanding performance since the midst of February. On a global basis, the news flow has been dominated by concerns of the Greek debt crisis, which has had great impact on the day-to-day movements of the stock market. US macro readings have overall been mixed over the course of the quarter, with the change in number of jobs moving from -85k in December to +162k in March being among the most encouraging news. Meanwhile, the unemployment rate moved down slightly from 10.0% to 9.7%. Industrial production also improved during the quarter, while consumer confidence unexpectedly turned sharply lower in February, but recovered somewhat in March. On a sector level, Information Technology (Nokia +29%, Tieto +18% and Ericsson +15%), Consumer Staples (Marine Harvest +25%, Carlsberg +20% and Danisco +18%) and Consumer Discretionary (RCCL +35%, Hennes & Mauritz +18% and MTG +18%) outperformed, while Energy (Seadrill -6%, Statoil -5% and Fred Olsen Energy +2%), Telecommunication Services (Elisa -4%, Telia Sonera -1% and Telenor -0.5%) and Materials (Norsk Hydro -7%, Yara International -2% and Rautaruukki -1%) underperformed. Denmark rose 14% to become the region s best performing market during the quarter, followed by Finland and Sweden, which were up 13.5% and 9%, respectively. Norway clearly underperformed and was only up by 1%, after having outperformed the other Nordic markets in Q4. The reporting season came in mixed, with approximately 50% of the reporting companies exceeding expectations; price action has, however, generally been weaker in comparison with the actual results. Business Segments Review Markets Division 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 (in NOK 1000) Operating revenues 148,010 225,764 159,562 148,294 205,717 Operating Cost 112,702 106,738 97,779 65,087 91,927 Pre Bonus EBIT 35,308 119,026 61,783 83,207 113,790 Headcount 1) 111 106 106 98 100 1) Exclusive of Research Our business in Q1 10 improved for all our offices except New York where the investors have continued to focus on domestic stocks. Measured in Norwegian kroner (NOK) traded volumes on the Nordic stocks exchanges grew by 20.9% in the period. Against this back drop, the division s revenues grew by 39 % in Q1 2010 vs. Q1 2009. We believe the solid development in Q1 10 will continue in Q2 10. In the first quarter our market share of traded volumes was 3.52% compared to 4.20% in the same quarter last year. We have in general seen a positive trend in our Global Corporate Access business throughout the quarter. In mid March we hosted our first oil service seminar in London with more than 60 clients attending. Our analysts have spent many hours on the road during the quarter, which have resulted in an increase in analysts meetings of more than 30%. Nordic Companies/Global Money 2

Market share in the Nordic NOKm ABGSC Nordic traded volume 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 300,000 250,000 200,000 150,000 100,000 50,000 0 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Investment banking Division 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 (in NOK 1000) Operating revenues 67,073 92,182 86,720 86,043 123,460 Operating Cost 34,687 44,567 35,932 2,606 36,891 Pre Bonus EBIT 32,386 47,615 50,788 83,437 86,569 Headcount 56 55 57 57 64 Investment banking revenues increased by 85 % in Q1 2010 compared to Q1 last year, in spite of relatively few completed transactions. Revenues were sourced from a broad range of sectors including E&P, healthcare, oil services, fish farming, IT and real estate. The project pipeline for the division has continued to improve since the end of last quarter. One of the highlights for Q1 was the IPO of Arise Windpower, a leading independent player on the Swedish wind power market, with gross proceeds of SEK 550 million. This was the first Swedish IPO since the financial crisis. With the IPO of Polarcus in Q3 2009 and the IPO of Arise Windpower, we have managed the first IPOs since the financial crisis in both Norway and Sweden, underlining our position as a leading Nordic IPO adviser. Activity within the Nordic real estate market, as well as investor s appetite for real estate equities, was sharply up in the quarter. A key event was Norwegian Property announcing an intention to split the company into two by the end of this year, to create a company focusing on office real estate in Oslo and a separate company being the leading Nordic hotel owning company. ABGSC is acting as sole financial advisor in relation to this process. A first step towards separation was taken on March 10 when the company successfully concluded a 10% private placement with a gross proceed of NOK 544 million. ABGSC acted as joint lead manager and book runner. Issuance of convertible bonds continued to be a significant source of revenues and our first convertible bond offering for the year was launched in the first week of January. Through an accelerated book building process, in which we acted as sole book runner, we raised USD 750 million for PetroBakken Energy, a domestic Canadian E&P company focusing on high-growth, long-life shale reserves found in the Bakken formation in Canada combined with conventional Nordic Companies/Global Money 3

light oil assets. Also in Q1 we completed a convertible bond offering for Marine Harvest with gross proceeds of EUR 225. Financial Review With revenues increasing 53% and operating costs decreasing 13% on last year, operating profit before bonuses and profit to partners jumped up with 196% to NOK 200 million compared to NOK 67 million in the same period last year. During the fall of 2008 and spring of 2009 we initiated a cost saving programme aiming at reducing our operating cost to a run rate of NOK 550 million per year based on the business set up at the time. Despite the fact that we have expanded our operations within the Convertible Bonds market we have been able to stay within our cost goal. The cost reductions have been implemented through reduction in number of partners and employees and by a general belt tightening. Net financial income of NOK 11 million benefitted with NOK 6 million from interest we received following a court case. With our normal accrual for bonuses, pre-tax profit came in at NOK 109 million in Q1 2010 compared to NOK 53 million in Q1 2009, representing an increase of 106%. Net profit amounted to NOK 73 million in Q1 2010 compared to NOK 40 million in the same period last year, representing an increase of 82%. EPS also increased to NOK 0.18 per share compared to NOK 0.11 per share in Q1 2009. The Company remains in a very strong capital position with a Group capital adequacy ratio of 21.9 % (proforma after payment to shareholders) compared with the 8% requirement of the Financial Supervisory Authority of Norway. Protecting our balance sheet has been a high priority and we are satisfied that we have managed to control risk within our set limits and also that we have avoided further losses on our client financing activity. Both during and towards the end of the quarter we have remained a net depositor with our main bank. During the quarter we received the Oslo District Court's (Oslo tingrett) decision in the case filed by Schlumberger against ABG Sundal Collier. Schlumberger s claim was put forward following ABG Sundal Collier s engagement as financial advisor to Eastern Echo Holding Plc in November 2007, prior to Schlumberger s take-over of Eastern Echo. Schlumberger alleged that ABG Sundal Collier during the take-over process contributed to market manipulation relating to the contents of and omissions in information releases provided to the market by Eastern Echo, causing Schlumberger to pay a higher price for the shares in Eastern Echo. The court has dismissed Schlumberger's claim and ordered Schlumberger to pay ABG Sundal Collier's legal costs in connection with the claim. In addition to the court's conclusion, we are satisfied to note that the court as basis for its conclusion, inter alia, has dismissed Schlumberger's allegation that ABG Sundal Collier contributed to market manipulation in the Eastern Echo shares during the take-over process. We have further received notice from Schlumberger s legal counsel stating that the decision of Oslo tingrett will not be appealed by Schlumberger and the outstanding amount as stated by the court have been paid. Nordic Companies/Global Money 4

Cost/ Income ratio 90% 89% 80% 70% 70% 73% 79% 80% 73% 76% 70% 60% 65% 50% 40% 37% 30% 20% 20% 22% 26% 29% 23% 28% 21% 10% 8% 0% Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Cost/income ratio Salary & benefits/income ratio Return on Equity 90% 80% 70% 73% 60% 66% 60% 64% 50% 52% 52% 40% 30% 20% 39% 33% 30% 40% 21% 45% 18% 18% 46% 16% 19% 21% 10% 0% Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Pre-tax pre bonus profit margin Return on equity Return on Equity adjusted for loss on Carnegie shares Reorganisation and Management changes Effective from 1 Quarter 2010 the operations of the group have been organised into 2 divisions and a common support organisation. The Investment banking division comprises all activities related to primary capital market business including issuance of equity, bonds or other debt as well as services related to Mergers and Acquisitions and general financial advice. The Markets division comprises all activities in the secondary markets in equities, bonds, FX and other investments. Research is a separate area and report directly to the CEO in line with Risk Management and Support. Knut Bruntland (48) has been hired in the Investment Banking division in Oslo and is scheduled to take up the position as CEO after the announcement of the Third quarter accounts this year. The current CEO Jan Petter Collier will then return to a full time position in our Investment Banking division focusing on client business. Nordic Companies/Global Money 5

ABG SUNDAL COLLIER GROUP Income statement % Amount in NOK 1,000 1. quarter 1. quarter change Year Year 2010 2009 2009 2008 Operating revenues Brokerage revenues 157,999 133,409 18.4 % 577,160 687,720 Corporate Finance revenues 158,580 67,416 135.2 % 394,889 523,595 Proprietary Trading revenues 12,598 14,233-11.5 % 41,568 74,554 Other revenues - 25 31 1,337 Total operating revenues 329,177 215,083 53.0 % 1,013,649 1,287,206 Operating expenses Salaries and NI expenses (68,569) (79,014) -13.2 % (238,923) (306,568) Other operating expenses (55,240) (62,900) -12.2 % (238,997) (312,900) Depreciation (5,009) (5,476) -8.5 % (22,178) (20,422) Total operating expenses (128,818) (147,390) -12.6 % (500,098) (639,890) EBIT Pre-bonus and profit to partners 200,359 67,693 196.0 % 513,551 647,317 Bonus and profit to partners (102,991) (44,232) 132.8 % (262,236) (329,506) EBIT Post-bonus and profit to partners 97,367 23,461 315.0 % 251,314 317,810 Net financial result 11,273 29,331-61.6 % 33,485 (298,419) Pre-tax income 108,640 52,792 105.8 % 284,800 19,391 Taxes (32,592) (12,582) 159.0 % (79,556) (114,945) Net result for the period 76,048 40,210 89.1 % 205,244 (95,554) Diluted earnings per share 0.18 0.11 0.53 (0.18) Basic earnings per share 0.20 0.11 0.56 (0.28) Statement of comprehensive income Net result for the period 76,048 40,210 205,244 (95,554) Other comprehensive income Exchange diiferences on translating foreign operations 2,602 21,712 (45,693) 52,456 hedging of investment in foreign subsidiaries (1,081) (23,945) 50,822 (42,786) Valuation og available for sale financial assets - (67,909) 1,325 9,753 Income tax relating to other comprehensive income 303 6,706 (14,230) 11,980 Other comprehensive income 1,823 (63,435) (7,776) 31,403 Total comprehensive income for the period 77,871 (23,225) 197,468 (64,151) Nordic Companies/Global Money 6

Statement of financial position 31. March 31. March 31. December Amount in NOK 1,000 2010 2009 2009 Total intangible assets 46,011 75,441 46,805 Plant and equipment 48,801 58,907 48,493 Financial non-current assets 21,296 27,767 20,808 Total non-current assets 116,108 162,115 116,106 Receivables 1,844,221 2,327,445 768,057 Investments 41,588 79,835 81,888 Cash and bank deposits 1,176,697 651,465 1,200,658 Total current assets 3,062,506 3,058,745 2,050,602 Total assets 3,178,614 3,220,860 2,166,708 Paid-in capital 593,152 699,841 577,170 Other equity 667,641 425,403 603,361 Total equity 1,260,793 1,125,245 1,180,530 Long-term liabilities 347,143 397,787 354,000 Current liabilities 1,570,678 1,697,829 632,178 Total liabilities 1,917,821 2,095,616 986,178 Total equity and liabilities 3,178,614 3,220,860 2,166,709 Statement of cash flow 1. quarter 1. quarter Year Year 2010 2009 2009 2008 Net cash flow from operating activities (348,866) (136,634) 536,637 383,012 Net cash flow from investing activities (22,178) (24,700) (27,673) 457,343 Net cash flow from financing activities 347,083 (1,564) (89,231) (832,020) Net change in cash and cash equivalents (23,961) (162,898) 394,630 8,335 Cash and cash equivalents - opening balance 1,200,658 814,363 814,363 806,028 Cash and cash equivalents - ending balance 1,176,697 651,465 1,200,658 814,363 Statement of changes in equity 1. quarter 1. quarter Year Year 2010 2009 2009 2008 Shareholders equity - opening balance 1,180,530 1,088,266 1,088,266 1,647,596 Comprehensive income for the period 77,871 36,642 197,468 (64,151) Dividend paid - - (181,022) (577,847) New issuing of shares 2,392 337 75,696 82,361 Change in own shares - - (2) 308 Other - - 123 (1) Shareholders equity - ending balance 1,260,793 1,125,245 1,180,530 1,088,266 Nordic Companies/Global Money 7

NOTES TO THE FINANCIAL STATEMENTS Note 1 - Accounting principles The quarterly report is prepared in accordance with the International Financial Reporting Standard (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 EU commission for adoption within the EU. The quarterly report is presented using the same principles as in the annual report for 2009, with the exception of a revised allocation of revenues between two main revenue sources and segment information that have been adjusted to reflect a internal organisational changes. Historical comparative figures are amended to reflect the new organisational structure. The quarterly report is unaudited. Note 2 - Information about Segments and Geographical Markets The Group's two business segments are Markets (brokerage and proprietary trading) and Investment Banking. The management system is matrix-based. Revenues and expenses are recorded both by business segment and geographical markets. Assets and liabilities except from directly allocatable items, and equity and cash flow are recorded by geographical markets. Bonus and profit sharing, Financial results and Income taxes are all treated as unallocated items in the internal reporting. Operating profit reported by primary segment (business segment) 2010 Markets Investment Banking Unallocated Total 1Q YTD 1Q YTD 1Q YTD 1Q YTD Profit & loss Revenues - external 170,597 170,597 158,580 158,580 - - 329,177 329,177 Revenues - from other operating segments 35,120 35,120-35,120-35,120 - - 0 0 Total revenues 205,717 205,717 123,460 123,460 - - 329,177 329,177 Operating expenses -91,927-91,927-36,891-36,891 - -128,818-128,818 Profit before bonus and profit sharing 113,790 113,790 86,569 86,569 - - 200,359 200,359 Bonus and profit sharing - - - - -102,991-102,991-102,991-102,991 Financial result - - - - 11,273 11,273 11,273 11,273 Profit before tax from continuing operations 113,790 113,790 86,569 86,569-91,719-91,719 108,640 108,640 Segment assets 1,699,295 1,699,295 68,703 68,703 1,410,616 1,410,616 3,178,614 3,178,614 Segment liabilities 1,106,453 1,106,453 43,236 43,236 768,132 768,132 1,917,821 1,917,821 2009 Markets Investment Banking Unallocated Total 1Q YTD 1Q YTD 1Q YTD 1Q YTD Profit & loss Revenues - external 147,642 147,642 67,416 67,416 25 25 215,083 215,083 Revenues - from other operating segments 583 583-583 -583 - - - - Total revenues 148,225 148,225 66,833 66,833 25 25 215,083 215,083 Operating expenses -112,703-112,703-34,687-34,687 - - -147,390-147,390 Profit before bonus and profit sharing 35,522 35,522 32,146 32,146 25 25 67,693 67,694 Bonus and profit sharing - - - - -44,232-44,232-44,232-44,232 Financial result - - - - 29,331 29,331 29,331 29,331 Profit before tax from continuing operations 35,522 35,522 32,146 32,146-14,876-14,876 52,792 52,792 Segment assets 2,106,355 2,106,355 120,306 120,306 994,199 994,199 3,220,860 3,220,860 Segment liabilities 1,264,981 1,264,981 30,516 30,516 800,119 800,122 2,095,616 2,095,616 Operating revenues from external customers by geographical segments Operating revenues 1Q 1Q Year 2010 2009 2009 Norway 169,102 101,946 508,761 Sweden 75,555 45,738 215,904 Denmark 6,709 4,355 22,787 UK *) 47,049 36,425 166,895 US 30,763 26,619 99,302 Total 329,177 215,083 1,013,649 *) Inc. Continental Europe Nordic Companies/Global Money 8

Shareholder Information ABG Sundal Collier is listed on the Oslo Stock Exchange with the ticker symbol "ASC". 31 Dec 2009 31 March 2010 Share price NOK7.98 NOK 8.50 Planned Payment to shareholders (AGM April 29 th 2010): NOK 0.75 per share. The share will trade ex dividend from April 30 th. High - Low 2010 (closing prices): NOK 7.25-8.50 Ownership Structure Shares % Directors & Staff 130,475,474 34.7 Treasury shares 19,750 0.0 All other 245,205,035 65.3 Total Shares at 31 March 2010 375,700,259 100.0 ABGSC has forward contracts with partners purchasing 66,586,250 shares with settlement in 2010-2013. ABGSC also has agreed to issue 8,448,286 new shares to partners following the AGM. ABGSC owns 19,750 Treasury shares. ABGSC has authorisation to re-purchase its shares in the market or to issue new shares. 9.0 2.5 8.8 8.6 2.0 8.4 8.2 1.5 8.0 7.8 1.0 7.6 7.4 0.5 7.2 7.0 1-Jan 1-Feb 1-Mar 0.0 Volume Share price OBX Swed-OMX Nordic Companies/Global Money 9