H transactions 15,897 EURm 66 transactions without rep. value

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2 21 - H H H H H H H H H H H H H H H H H1 Value (EURm) The Norwegian transaction market has experienced a positive trend since the 28 financial crisis. H1 217 saw 19 transactions, a higher level of transactions than before the 28 financial crisis. As of July 1 th, Mergermarket has registered 13 Norwegian transactions* in Q1, and 87 transactions in Q2, reflecting a slight increase from the H1-216 levels. H transactions 15,897 EURm 66 transactions without rep. value *Norwegian transaction defined as Norwegian target, seller or buyer "The market is extremely busy at the moment, and we are experiencing high demand" Key contacts M&A Value (EURm) Trend number of transactions Harald Hellebust,, M&A Harald Hellebust M: hh@wiersholm.no Erik Thyness M et@wiersholm.no Jarle Kvam M: jkv@wiersholm.no Kai Thøgersen M kai@wiersholm.no

3 21 - H H H H H H H H H H H H H H H H H H H H H H H H H H H H H H H H H1 (Europe) (Norway) The Norwegian transaction market is still strongly correlated with the European transaction market, reflecting the fact that we are part of a global market.* Similar analyses comparing the Norwegian transaction market with the Nordic transaction market confirm the results. Correlation between the Norwegian and European transaction market Europe - Norway However, the Norwegian transaction market is still dominated by Norwegian buyers acquiring Norwegian targets and Norwegian targets seeking Norwegian buyers. Norwegian targets tend to be acquired by Norwegian companies. When Norwegian buyers make acquisitions abroad, Sweden is the jurisdiction of choice. When Norwegian targets are acquired by non-norwegian companies, Swedish companies are the most frequent acquirers. Norwegian buyers acquire in Norwegian targets acquired from Norway Rest of world Norway Rest of world *Norwegian transaction defined as Norwegian target, seller or buyer

4 21 - H H H H H H H H H H H H H H H H H H H H H H H H H H H H H H H H H1 (other industries) (technology, telecom, IT) It seems that there is a particularly positive trend in the tech industry.* The recent IPO of Evry, where Wiersholm was appointed as legal advisor to Apax (the majority shareholder), underpins this. Moreover, according to the Norwegian Venture Capital & Private Equity Association, there is also a positive fundraising trend in the PE industry, with a "record high fundraising level" reported by Norwegian firms in 216, totaling NOKb 17.** Sector of target in Norwegian transactions Other Technology, Telecom, IT Wiersholm recently advised on the Visma-transaction where KKR and Cinven sold their 28% and 11% (39%) ownership to HG Capital, Montagu Private Equity, Intermediate Capital Group and Singapore Government Investment Corporation. The transaction value was approximately EURm 4,7. Although the value is extraordinary, this might well be "a typical Norwegian transaction" going forward, with a target in the tech industry and PE players involved on one or both sides of the table. Further, Wiersholm advised on the transaction where the City of Oslo acquired Hafslund ASA for EURm 969, with the objective of dividing the company into three separate entities and selling Hafslund Market (EURm 482) and Hafslund Heat (EURm 251) to Fortum. We are proud to say that we are one of the most trusted legal advisors within the field of transactions, and Wiersholm confirms the long-standing Tier 1 position in the Norwegian transaction market. Wiersholm has advised in connection with 24 deals, with a reported value of EURm 7.81 in the first half of 217, ranking Wiersholm in first place in the Norwegian transaction market.*** The value of several of the deals is undisclosed. * The industry classification is based on the Mergermarket definition, where some industries have been grouped for simplicity. ** Norwegian Venture Capital & Private Equity Association (NVCA) Activity Report 216. NVCA defines a Norwegian private equity firm as a firm with headquarters located in Norway. *** According to Mergermarket report: Global and Regional M&A: H1 217.

5 Number of listings Even though the transaction market in Norway is enjoying a positive trend, with a high number of transactions, the IPO market has been relatively quiet.* While quite a few companies have been preparing for IPOs, only a few have made it to the market so far. The Oslo Stock Exchange has had only six IPOs so far this year (of which Wiersholm has advised on two) and Oslo Axess had only two listings. Merkur Market, which was established in January 216 as a supplement to the regulated market places, already has 14 listed companies. Historical IPO overview in the Norwegian market Oslo Stock Exchange Oslo Axess Merkur Market By comparison, the Stockholm Stock Exchange had five IPOs on a single day in June. So far, there have been more than 6 new listings in the Swedish markets (including First North, an unregulated market place). Time will show if we are at a turning point where the Norwegian IPO market picks up speed again. *Based on Oslo Stock Exchange statistics database "Even though there have been several companies preparing for an IPO lately, few have come to market" Key contacts IPO Sverre Sandvik,, Capital Markets Sverre Sandvik M: ss@wiersholm.no Simen Mejlænder M sme@wiersholm.no

6 22 Employees 15 Lawyers 44 s 17 Lawyers admitted to the Norwegian Supreme Court 6 Lawyers with dr. juris/ph.d 28 Practice areas 11 Industries "Superb full-service corporate M&A team with a particular focus on private equity transactions. "It is one of the strongest names among the Norwegian firms: it is full-service and covers all the areas." - Chambers Europe 217