Agasti Holding ASA. 3 rd quarter 2013 Oslo, November 6 th 2013

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1 Agasti Holding ASA 3 rd quarter 213 Oslo, November 6 th 213 Alfred Ydstebø, Chief Executive Officer Jørgen Pleym Ulvness, Deputy Chief Executive Officer Kjersti Aksnes Gjesdahl, CEO Navigea Securities Christian Tunge, Chief Financial Officer Disclaimer: Unaudited Q3 figures. This interim report contains certain forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements and must not be understood as guarantees for the future. 1

2 Agenda Highlights 3 rd quarter 213 Delivering on strategic goals Wealth Management Interim financial statements Outlook Highlights 3 rd quarter 213 Agasti is delivering in accordance with the ambitions defined in 212, and has achieved the profitability objective set for 213 All three business areas are continuing the positive trend Cash flow from operations (DA) of NOK 19 million and operating income of NOK million Solid returns of 7.7% in the third quarter and 14.4% during the year to date for clients who have invested in the core selection of our equity funds Equity under management (EUM) increased by NOK 1.6 billion to NOK 28 billion Obligo Investment Management acquired RS Platou Fund Management AS in October, further strengthening the real estate team and increasing AUM by NOK 1. billion 4 2

3 Delivering on strategic goals Jørgen Pleym Ulvness, Deputy Chief Executive Officer Challenging strategic goals BNOK 8 Assets under Management 7 6 Year Operating earnings DA

4 Equity under Management Equity under Management* Equity under Management per asset class* Q12 4Q12 1Q13 2Q13 3Q13 Norway Sweden Equity funds Fixed Income funds Real estate Shipping Private Equity Infrastructure Unit Linked Other Very strong development in Equity under Management with an increase of NOK 1.6 billion in the quarter Assets under Management of NOK 7 billion, increase of NOK billion YTD * Billion NOK 7 Excellent client returns Equity under Management (bnok) 28,3 Client investments in core equity fund selection yielded returns of 7.7 % in the third quarter of 213 1,6 Client investments in spicy equity fund selection yielded returns of.3 % in the third quarter of ,7 Client return EuM 2Q13 Real estate yielded 4. % returns in the third quarter of Q13 3Q13 8 4

5 Operating earnings improving 2 4Q12 1Q13 2Q13 3Q13 - DA 4Q12 DA DA DA 1Q13 2Q13 3Q NOK 19 MILLION in DA in the third quarter of Stock returns Aug 12- Nov 13 YTD AGA 71 % 24 % OSEBX 23 % 2 % Improved ratios % Recurring revenues / fixed costs % Recurring revenues / fixed and activity-based costs 1% 1% % % % 1H13 3Q13 % H13 3Q13 1

6 Delivering on strategic goals 8 Client satisfaction vs. AuM BNOK 6 6 Year YTD 213 Operating earnings DA AuM (right hand scale) Client satisfaction advisory accounts 11 Strong traction on new platform Operating earnings improving Equity under Management (bnok) mnok Q Q13 2Q Q13 - DA 4Q12-6 DA 1Q13 DA 2Q DA 3Q13 19 bnok Norway Sweden Q12 4Q12 1Q13 2Q13 3Q13 Growth in advisory accounts Building a strong secondary market NOK 1,3 MILLION* in new equity in advisory concepts NOK 6 MILLION* in secondary brokerage transactions * YTD 12 6

7 Crossing borders to deliver Agasti Wunderlich Capital Markets helped FracRock, an American oil service provider, to raise capital to enter international markets Combined effort Agasti used both the American and Norwegian network to raise capital Private placement Combined financing with US and Norwegian investors - USD 1 million Equity research Agasti is able to support the client through the equity research of Wunderlich Securities The transaction exemplifies the strategic partnership between Agasti and Wunderlich, and underpins the potential of our cross border presence 13 Private Placement in Real Estate Agasti Wunderlich Capital Markets facilitator in private placement in K4 Eiendom AS (Hamar) for Morgenstjernen Eiendom The Agasti Group raised NOK 1 million Distributor AWCM Facilitator AWCM Distributor Navigea 14 7

8 Wealth Management Kjersti Aksnes Gjesdahl, CEO Navigea Securities 8

9 Building a new company 1Q12 3Q12 3Q13 Restructuring and implementation Employees taken over from Acta Asset Management contacts with clients Introduction to Navigeas service concepts Training of Wealth Management New Head of Compliance, Risk and Legal New salary model implemented Risk-based Control Plan Raising Competence in the organization Compliance Roadshow part 2 Custodian Services taken over from Acta Asset Management Notification of site inspection FSA Cost Focus New CEO Downsized staff based on evaluation On site inspection of FSA Compliance Roadshow part 3 New web page MAP Numerous controls Execute Strategic changes Extensive training of all employees New suitability test and new procedures Compliance precontrol of over cases Compliance Roadshow part 1 New internal guidelines and processes One to one compliance guiding and training Strategy Process; 6 project groups Delivery of sub-conclusions Corporate and secondary trading desk transferred to Agasti Wunderlich Capital Markets Risk-based and efficient compliance controls Completed nearly 24 client meetings The list is non-exhaustive 17 Wealth Management 1 offices in Norway 34 wealth managers 4 6 advisory clients 1 9 transaction clients Total of NOK 13.7 billion in Equity under Management NOK 8.4 billion in advisory accounts 6 offices in Sweden 26 wealth managers 4 2 advisory clients 19 8 transaction clients Total NOK 11.4 billion in Equity under management NOK 4.1 billion in advisory accounts 18 9

10 Satisfied clients 19 1

11 On site inspection of FSA 213 Navigea has received the preliminary report Inspection started in January 213 The report contains critical remarks from Financial Supervisory Authority of Norway The criticism is primarily related to the transfer of business to Navigea during spring/summer of 212 Navigea takes the criticism seriously and will follow this up accordingly The follow-up will be an integral part of the ongoing efforts to ensure the quality of Navigeas operations and identified through the company's ongoing strategic process where the first year of operations are evaluated based on what we offer to our customers for what 21 Ongoing focus reaching our strategic goals Strengthening the competence in our company: Improved quality throughout the organization Professionalization of our services Cultural change Continuous monitoring, control and compliance Development and improvement of our investment services concept

12 Interim financial statements Christian Tunge, Chief Financial Officer 23 Subscriptions Gross subscriptions (mnok) Gross subscriptions per asset class (%) % % 1% 13% % 31% 1% 3% 1% 14% 3% 43% 79% 77% % 6% 3% 3Q13 3Q Q12 4Q12 1Q13 2Q13 3Q13 Norway Sweden Equity and Fixed Income funds Fixed Income funds Real estate Other Equity funds Unit Linked Private Equity Gross subscriptions on product level of NOK 631 million, of which NOK 96 million through advisory concepts 24 12

13 Key financial data 3Q 3Q YTD YTD mnok Transaction revenues Recurring revenues Total revenues Variable operating costs Activity based costs Fixed costs DA Depreciation a.o Operating earnings Net income EPS ROE* - annualised 2% -16% % -24% -26% * After tax 2 Fixed & activity-based operating costs Fixed & activity-based operating costs (mnok) Recurring revenues/costs % 1% % 3Q12 4Q12 1Q13 2Q13 3Q13 Fixed costs Activity-based costs % Fixed costs Fixed and activity based costs Recurring revenues cover 147 % of fixed costs and 121 % of fixed and activitybased costs 26 13

14 DA and DA Q12 4Q12 1Q13 2Q13 3Q Q12 4Q12 1Q13 2Q13 3Q13 DA of NOK 19 million in the third quarter of 213 Operating earnings of NOK million in the third quarter of 213, an increase of NOK 22 million compared to equivalent quarter last year 27 Balance sheet mnok Goodwill 43 9 Other intangible assets 28 3 Deferred tax asset 1 Total intangible assets Fixed assets 8 8 Financial assets Total tangible assets Financial current assets Trade receivables Other receivables 6 44 Bank deposits Total assets The Agasti Group has a robust financial position Bank deposits of NOK 11 million Capital base significantly strengthened through two share issues of NOK 42 million and NOK 1 million Equity Long term debt 3 Accounts payable 7 7 Taxes payable Overdraft facility 21 Other taxes and duties payable 9 18 Salaries/commissions payable Other short term debt Total debt Total equity and debt

15 Segments Transaction revenues Recurring revenues Operating earnings 6 Wealth 4 Management Markets All numbers in mnok 29 Geographical distribution Gross subscriptions Recurring revenues Operating earnings Norway Q12 3Q12 4Q12 1Q13 2Q13 3Q Sweden All numbers in mnok 3

16 Outlook Continued high level of activity throughout the Group WM : Expected continued growth in Equity under Management CM : Strong pipeline for the remainder of the year and into 214. Will compete for attractive mandates in Norway and internationally and leverage cross-border business to an even greater extent IM: Launch of new alternative investments in Norway and internationally Continued focus on several institutional investors to increase AuM in Obligo and transaction revenues in Agasti Wunderlich Capital Markets The Group is set for growth and will work to increase market share through strategic acquisitions and alliances. Continued increase in revenues and sound cost control will contribute to profitable operations for the Group going forward. 31 Q & A Contact information: Head of IR, Jo-Inge Fisketjøn Phone: jif@agasti.no 16