Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager...

29
Pareto Securities A leading independent investment bank January 2020

Transcript of Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager...

Page 1: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

Pareto SecuritiesA leading independent investment bankJanuary 2020

Page 2: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

2Note(*): Including ~42 employees in Business Management (Project Finance) and ~106 providing global support and back-office services

Perth

Nordics: Oslo, Stockholm, CopenhagenNew York

Singapore

Helsinki, Stavanger, Malmö

London

Houston

Zürich, Frankfurt

A leading global investment bank with complete service offering

Pareto office

Pareto Securities is an independent full service investment bank with ~450* employees located in 13 offices across 10 countries

Investment banking

ECM, DCM, M&A & Project Finance

Sales brokerage

Equities & Fixed Income

Research

Equities & Fixed Income

~139 FTEs ~110 FTEs ~47 FTEs

OIL

&

OFF

SHO

RE

SHIP

PIN

G

REA

L ES

TATE

LIFE

SC

EIN

CE

TMT

IND

UST

RIA

LSSE

AFO

OD

PO

WER

&

REN

EWA

BLE

SFI

NA

NC

IALS

GA

MIN

GR

ETA

ILM

ININ

G

Industry expertise and experience have enabled Pareto’s international success

Page 3: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

3Note: Logos representing both recent clients and/or recent transactions

Selected recent investment banking clients

~963 transactions globally between 2015 and 2020

Scandinavia

Americas

Rest of Europe

Rest of World

Page 4: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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24%

24%

11%

10%

15%

9%

7%

DCM funds raised, 2015-2019

31%

16%

3%

10%

24%

15%

ECM funds raised 2015-2019

Source: Dealogic, Pareto Securities

Worldwide investor reach and placing power

~50% of ECM funds raised outside the Nordics More than 40% of HY funds raised outside the Nordics

Sales force > 100 professionals offering premium access to investors both in the primary and secondary markets

Pareto’s global investor base also includes investors who are specialized within the energy and maritime sectors, not served by other generalist investment banks

Norway

Sweden

Other Nordics

Americas

UK

Other

NordicsECM 51%DCM 59%

RoWECM 49%DCM 41%

Pareto total deal value:USD ~14.2bn

in 319 ECM transactions

Pareto total deal value:~USD 16.1bn

in 200 HY transactions

Norway

Sweden

Other Nordics

Americas

UK

RoW

Europe

Page 5: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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89

88

75

71

65

40

37

36

26

24

Pareto

#1

#2

#3

#4

#5

#6

#7

#8

#9

133

80

79

74

73

44

34

34

33

29

#1

Pareto

#2

#3

#4

#5

#6

#7

#8

#9

Source: Bloomberg, Oslo Stock Exchange, NASDAQ OMX, Pareto Securities | (*) Transactions above SEK 50m

Pareto is a leading equity capital markets manager

Leading ECM advisor in the Nordics Broad ECM product offering across all sectors

#1 Norwegian ECM manager

# of OSE private placements, 2010-2019 USDm, 2010-2019

Recent ECM transactions

USDm, 2010-2017

Recent Pareto IPOs

June 2019

Joint Global Coordinator

IPO on OsloStock Exchange

NOK 502m

June 2019

Sole Global Coordinator

IPO on NasdaqFirst North Premier

SEK 475m

November 2019

Joint Global Coordinator

Listing onOslo Axess

December 2019

Joint Bookrunner

Rights Issue

SEK 350m

November 2019

Joint Lead Manager

Block Tradeof ECCs

NOK 2.6bn

November 2019

Sole Manager

Block Tradeof shares

USD 101m

November 2019

Joint Lead Manager

Private Placementof shares

NOK 1,293m

November 2019

Joint Lead Manager

Private Placementof shares

USD 230m

November 2019

Sole Manager

Block Tradeof shares

USD 74m

# ECM transactions in the Swedish market, 2014-2019

60

43

41

40

32

28

22

15

12

12

11

2

Financials

Shipping

E&P

TMT

Industrials

Oil Service

Health Care

Consumer

Seafood

Real Estate

Mining

Utilities

166

63

26

25

23

15

Private Placement

Block trade

IPO

Listing

Rights Issue

Subsequent Offering

ECM transactions by sector# of Swedish ECM transactions

ECM transactions by deal type

# ECM transactions, 2015-2019

Page 6: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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26%

13%

13%

9%

6%

6%

5%

5%

2%

14%

Pareto

Nordea

DNB

Swedbank

ABG

SEB

Danske

Arctic

Carnegie

Other

Source: Stamdata, Bloomberg, Oslo Stock Exchange, NASDAQ OMX, Norges Bank

Oil services

16%

E&P14%

Shipping11%

TMT9%

Industrials

9%

Real Estate

8%

Transportation7%

Mining4%

Financials3%

Other19%

3,491

3,269

2,656

2,542

2,000

1,850

1,722

1,648

1,600

1,500

1,400

1,238

1,200

1,140

1,035

950

860

Transocean

Eysturoy and Sandoy

Services Co.

Plenary Group

Oslo Kommune

Knutsen LNG and NYK

Stolt Nielsen

Offshore Ligistics Port

CFI Stavanger

Aker

Tryg

Goldman Sachs

Gjensidige

TRD Campus

Aroundtown SA

OBOS Nye Hjem

Port of Wilmington

A pioneer DCM manager in both high yield and investment grade

#1 Corporate bond manager Complete toolbox including IG bondsArranged bonds across a variety of sectors

Raising bonds for Nordic and international issuers across all sectors

Nordic HY issues market share Sector split by issued amount Largest Pareto new IG bonds

Market shares (%), 2010-2019 % of total issued amount, 2016-2019 NOKm, 2010-2019

USPP

USPP

USPP

USPP

USPP

November 2019

Joint Lead Manager

3 year senior secured bond

SEK 1,800m

November 2019

Joint Lead Manager

4 year senior secured bond

SEK 700m

November 2019

Joint Lead Manager

5 year senior unsecured bond

NOK 750m

November 2019

Joint Lead Manager

5 year senior unsecured bond

EUR 75m

October 2019

Sole Manager

5 year senior secured bond

EUR 215m

November 2019

Joint Manager

5 year senior unsecured bond

NOK 1,500m

October 2019

Sole Manager

Senior securedUSPP Bond

USD 180m

Offshore Logistics Port

October 2019

Sole Manager

5 year senior secured bond

EUR 50m

September 2019

Joint Lead Manager

4 year senior unsecured bond

NOK 900m

USPP

USPP

Page 7: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Renowned M&A advisory capabilities and expertise

0.9

0.2

2.6

0.8

0.2

1.8

39.9

1.0

1.1

0.6

1.9

1.9

<0.1

<0.1

Top-ranked M&A experience Significant cross-border M&A and advisory expertise

Total ~USD 50.8bn

# transactions*, 2016-2019 USDbn, 2006-2019

Selected M&A transactions

Norwegian M&A transactions Pareto M&A deal volume by target dominant country

(*) Disclosed M&A transactions with minimum value of USD 10 millionSource: Mergermarket, Pareto Securities

1.9

May 2018

Sole Financial Advisor

Advisor to AKVA in the acquisition of Egersund Net

NOK 750m

June 2018

Sole Financial Advisor

Sale of Fortum’s 10% stake in Hafslund

Produksjon Holding

EUR 160m

Produksjon Holding

February 2018

Sole Financial Advisor

Sale of TTS to MacGregor

NOK 840m

January 2018

Sole Financial Advisor

Sale of Investinor’s49% stake in AlpinCoto Bjørn Erik Borgen

NOK 800m

August 2017

Sole Financial Advisor

Advisor to Songa in Transocean’s acquisition

of the company

NOK 26bn

August 2018

Sole Financial Advisor

Sale of the marine seismic acquisition assets and

operations of WesternGeco

USD 690m

June 2018

Financial Advisor

Advisor to Norwegian Ministry related to KOG’s acquisition of Rolls Royce

Marine

GBP 500m

January 2019

Sole Financial Advisor

Acquisition of

GBP 635m

July 2019

Financial Advisor

Sale of K Strømmen Lakseoppdrett to MOWI

NOK 790m

39

39

34

29

24

24

22

17

14

14

Pareto

ABG

DNB

Arctic

SB1 Markets

Carnegie

SEB

Goldman Sachs

Danske Bank

Nordea

Page 8: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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December 2019

Sole Financial Advisor

M&A advisor in the sale of Kruse Smith Eiendom

NOK ~2,300m

October 2019

Financial Advisor

Sale of company to Whitehelm Capital

NOK 2,725m

#1 M&A Financial Advisor in Norway 2019

Selected M&A transactions

Sell-side

NOK ~2.3bn

Real estate

Sell-side

NOK 2.3bn

Real estate

Advisor

GBP 635m

E&P

Advisor

NOK 90bn

Energy

79 M&A TRANSACTIONS FOR A COMBINED TOTAL VALUE OF NOK ~232bn SINCE 2017

Sell-side

NOK 790m

Seafood

We are experts in handling large, complex M&A transactions from beginning to end

Pareto SecuritiesM&A Advisor

Norway 2019

July 2019

Financial Advisor

Sale of K Strømmen Lakseoppdrett to MOWI

NOK 790mFinancial Advisor to

Hafslund E-Co

Merger of Hafslund E-Co and Eidsiva Energi

NOK 90bn

June 2019

January 2019

Sole Lead Manager

Acquisition of:

GBP 635m

Page 9: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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26%

24%

13%

11%

Pareto

Arctic

NRP

Clarksons Platou

(*) Only updated on an annual basisSource: Pareto Securities

December 2019

Sole Advisor

5 years senior secured loan

USD 26m

Partankers IX

USD 62m

December 2019

Sole Arranger

Partankers XIV

2x Suezmaxes

5 yr bareboat

The leading Project Finance advisor in the Nordics

Offering the best mix of capital markets

Manager for assets of USD ~6.5bn within

real estate and shipping

Business management

ISO 9001 certified Marine Manager -

technical and commercial, in 16 projects with 25

vessels

Maritime Services

Selected Project Finance Transactions

SHIP

PIN

G

REA

L ES

TATE

Market leader in Project Finance

Market shares (%), 2014-2019

Market shares (%), 2014-2019

Offering

64%

13%

12%

10%

Pareto

Fearnley

Clarkson Platou

NRP

Combined transaction value of USD 7.4bn transaction value in

2016-2019

Project Finance

Providing liquidity in established projects

through PPF sales desk

Secondary trading

Shipping and Offshore

Real Estate

May 2019

Sole Arranger

Sale-and-leaseback of three VLCC vessels

USD 181m

August 2019

Sole Arranger/Manager

Valle EiendomHolding AS

NOK ~1,800m

December 2019

Sole Arranger/Manager

Sale of Bråviken AB

SEK ~1,700m

December 2019

Sole Arranger/Manager

Acquisition of53.7% in OCCI Holding AS

NOK ~720m

November 2019

Sole Arranger/Manager

BreivollbyenHolding AS

NOK ~691m

July 2019

Sole Arranger

Partankers XII

Asset play1 x handysize tanker

USD 16m

Page 10: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

10

21

39

8

28

48

2115

46

15

24

5 612

19

(2)

17

2012 2013 2014 2015 2016 2017 2018 2019

Note(*): Norwegian equity portfolio

40 equity research analysts located in Oslo, Frankfurt and Stockholm

Coverage of a large number of companies across Nordic, German, UK and US stock exchanges

− Covering 95% and 90% of total market capitalisation on Oslo Stock exchange (Incl. Oslo Axess) and Sweden (OMXS) respectively. Currently covering ~50% of the DAX index in Frankfurt

Continuous work on value-added fundamental research ahead of consensus

− Fundamental company research− Market and sector reports− Quarterly updates− Monthly model portfolio− Daily morning reports

Renowned research teams provide in-depth market insights

Equity Research with recognized industry insight Credit Research crucial to our leading DCM position

7 credit research analysts covering ~253 bonds across ~142 companies

Coverage of Nordic and Global bond issuers, operating within a wide variety of sectors

Ad-hoc, daily, weekly and monthly high yield updates

− Maintains post-issue market awareness of the issuers through regular credit updates

− Facilitates market liquidity

Daily indicative bid/ask levels in HY bonds

Offering a third party credit analysis of each new issue

Monthly equity portfolio* Research offering

Annual return for recommended equity portfolio and OSEBX (%)

Page 11: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Wide and renowned research coverage provide in-depth market insight40 analysts are currently covering ~400 firms across Nordic, German, UK and US stock exchanges

Page 12: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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274

93

457

Non-deal

Deal

Analyst

Pre-sound

235

65

47

3

12ECM

DCM

ECM+DCM

PPF

Other

Keeping the pulse on the market through high corporate access activity

Number of high-profile annual conferences Pareto hosted 386 roadshows in 2019

The largest European meeting place for issuers and investors in the global oil and offshore industry held annually in Oslo in September

Some 1,500 investor and company representatives from across the world attended in 2019, with ~125 companies presenting and over 1,250 one-on-one meetings

Pareto’s Oil & Offshore Conference

Roadshows by product, 2019

Roadshows by type, 2018

January

Power & Renewable Energy Conference

Oslo

March

North Atlantic Seafood ForumBergen

September

Oil and Offshore Conference

Oslo

March

GamingSeminar

Stockholm

March

Nordic Corporate Bond ConferenceStockholm

October

Renewable Energy & Cleantech Conference

Stockholm

November

iGaming Seminar

Stockholm

May

Seafood Investor ForumNew York

October

Nordic Bond Day

Frankfurt

January

E&P Independent Conference

London

April

Property Developer Seminar

Stockholm

May

Inaugural Danish Bond ConferenceCopenhagen

May

Metals & Mining Seminar

Stockholm

June

Shale and Finance Conference

Houston

September

Health Care ConferenceStockholm

Page 13: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

13Source: Pareto Securities, OnlineTrader (InFront)

Serving self-serviced investors through our electronic trading services

Trading and real-time market data through our website, the WebTrader application and mobile applications

Online access to all Pareto Securities’ research and event presentations

Trading access to 14 different markets covering 80% of global listed market cap

Flexible solutions for gearing and short sale of equities and bonds

Large mutual fund centre with >300 funds launched summer 2017

Open websites in Norway and Sweden with interviews, articles and market data

Knowledge centre and traders corner provide trader- and investor education

Monthly portfolio recommendations

Market comments and a strong presence in social media for relevant customer attention

Market leading electronic trading solutions, including care orders, DMA and algorithms

Smart order router access various pools of liquidity using high speed connection to secure best price

Advanced trading- and information system available for active traders

Institutional clients and professional traders Online portfolio and trading platform www.paretosec.no and .se

Page 14: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Appendix: Core sectors

Page 15: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Pareto is the leading advisor to the global seafood industryThe #1 seafood investment bank across all transaction types

Selected Pareto seafood clients by year

Pre 2009

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

IPOs 2010 – 2019M&A transactions 2010 – 2019

DCM transactions 2010 – 2019ECM transactions 2010 – 2019

88%

25% 25% 25%

13% 13%

Pareto Carneg DNB Nordea ABG SEB

% o

f tr

ansa

ctio

ns

1 1

41%

23%

15%14%

10% 10%

Pareto DNB ABG Arctic Fondf. Carneg

% o

f tr

ansa

ctio

ns

51%

28% 28%

14% 14%

9%

Pareto Arctic DNB CarnegNordea ABG

% o

f tr

ansa

ctio

ns

48%

43%

26% 26%

17%

9%

Pareto DNB Nordea Danske ABG Swedb.

% o

f tr

ansa

ctio

ns

Page 16: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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2

5

5

6

6

7

10

11

14

20

Houlihan

Deutsche

JP Morgan

Rothschild

Citi

Arctic

DNB

ABG

SEB

Pareto

No

. of

M&

A t

ran

sact

ion

s

Selected Pareto shipping ECM and DCM transactions

The undisputed shipping champion in the NordicsPareto has raised more than USD 16bn in shipping capital since 2013

Source: MergerMarket, Pareto Securities research

Leading shipping M&A advisor… …with unmatched track record across the capital structure

Shipping M&A transactions (2005-2019)

Selected Pareto maritime M&A transactions

Shipping ECM transactions

January 2018

Financial Advisor

Advisor in relation to a USD 100m private

placement

February 2019

Financial Advisor

Advisor in a MLP drop-down transaction

October 2018

Financial Advisor

Advisor to Antin in the acquisition of Sølvtrans

October 2019

Financial Advisor

Advisor to Clean Marine in the merger with FMSI

September 2019

Financial Advisor

Advisor in the carve out and sale of Navios’ ship management division

10

13

15

16

16

Other

Tanker

LPG/LNG

Dry bulk

Product

No. of transactions, 2013-2019

Shipping DCM transactions

USDm, 2010-2019

2

3

6

7

7

7

7

11

Cruise

Tanker

Container

Dry bulk

Chemical

Leasing

Other

LPG/LNG

No. of transactions, 2013-2019

August 2019

Joint Bookrunner

Perpetual hybrid bond issue

USD 125m

November 2019

Global Coordinator

Private Placement & IPO on Oslo Axess

USD 230m

July 2019

Sole Arranger

Lease financing of 2x LNGCs

USD 300m

November 2019

Sole Manager

Secondary Offering of shares

USD 100m

November 2019

Sole Manager

Secondary Offering of shares

USD 75m

Page 17: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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ECM289

DCM261

M&A99

13.311.6

7.4

3.4

7.35.9 6.5

8.3 7.7

2.31.3

7.1 6.53.6

85

103

39 39

52 48 4957

41

2415

29

42

26

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Value # transactions

Drilling43

E&P21

Oil Svcs.

19

OSV10

Pareto has completed USD 92bn worth of energy transactions since 2006

Pareto energy transaction volume, 2006-2019

USDbn, #

Pareto offers a complete approach to the energy space with a global footprint through major deals in Europe, North- and South-America, Africa and Asia

Strong oil and oil service research team and sales force of more than 100 professional brokers offering industry leading placing power in capital markets transactions

Energy includes drilling, OSV, E&P and oil service transactions

Selected Pareto energy transactions

USD 93bn

644deals

May 2018

Joint Bookrunner

Private placementof shares

USD 250m

October 2017

Joint Bookrunner

Private placementof shares

USD 650m

August 2017

Sole Financial Advisor

Advisor to Songa in Transocean’s acquisition

of the company

NOK 26,000m

January 2019

Sole Lead Manager

Acquisition of:

GBP 635m

November 2018

Joint Lead Manager

Private Placement of Shares

USD 300m

May 2019

Joint Lead Manager

Senior unsecured bond issue

USD 400m

July 2019

Sole Manager

Senior secured USPP bond issue

USD 200m

June 2019

Joint Global Coordinator

IPO on OsloStock Exchange

NOK 362m

December 2019

Joint Bookrunner

Private Placementof shares

USD 100m

Transactions by deal value Number of transactions

Page 18: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

18Note: TMT-transactions include technology companies within various industries

Increasingly active within the TMT space

Selected Pareto TMT deals in 201971 TMT transactions closed since 2017

Pareto with almost 4x more TMT-transactions from 2017-2019 compared to 2014-2016

January 2019 May 2019

Joint Lead Manager

Senior secured bond issue

EUR 50m

June 2019

Joint Lead Manager

3 year seniorsecured bond

EUR 40m

July 2019

Sole Manager

4 year seniorsecured bond

EUR 50m

June 2019

Joint Lead Manager

3 year seniorsecured bond

EUR 40m

September 2019

Sole Manager

Senior secured bond issue

SEK 550m

April 2019

Sole Bookrunner

Private Placementof Shares

SEK 100m

June 2019

Sole Bookrunner

Private Placementof Shares

SEK 82m

June 2019

Joint Global Coordinator

IPO on OsloStock Exchange

NOK 502m

June 2019

Sole Global Coordinator

IPO on NasdaqFirst North Premier

SEK 475m

August 2019

Sole Lead Manager

Capital increase

EUR 9.7m

October 2019

Sole Bookrunner

Private Placement of shares

SEK 74m

Joint Lead Bookrunner

Private Placementof shares

NOK 1,500m

September 2019

Joint Lead Manager

Senior unsecured bond issue

NOK 900m

June 2019

Sole Manager

4 year seniorsecured bond

SEK 350m

18

71

2014-2016 2017-2019

#Total TMT transactionsDecember 2019

Financial Advisor

Sale of MEHRWERK AG to netgo group

n.a.

Page 19: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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USD 9.6bn

USD 3.0bn

USD 1.8bn

USD 14.4bn

USD 4.5bn

USD 4.0bn

USD 1.1bn

USD 24.0bn

0

2

4

6

8

10

12

14

16

18

20

22

24

HY bonds Equity (OSE) Equity (Int. &private)

Total capitalraisings

M&A advisory Refi./Bondamend.

Secondary buy-backs/sale

Total

USDbn

65

57

35

25

1617

= # of transactions

Pareto has advised on 210+ E&P transactions at a total value of USD ~24bn since 2004

Selected

clients

Pareto E&P capital raisings, M&A, bond refinancing/amend. and secondary buy-backs/sale 2004 – 2019 (USDbn, gross)

Page 20: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Unmatched financial sector experience in the Nordic regionPareto has significant competence through numerous financial sector transactions

Selected financial sector transactions executed since 2010Corporate finance team

Equity capital raisings

Equity block trades

Initial public offerings

Tier 1 debt capital

Tier 2 debt capital

Senior unsecured bonds

Mergers & acquisitions

> 100 large FIG deals since 2009

I

II

III

IV

V

VI

VII

Typical products

December 2010

Joint Lead Manager

IPO and listingon Oslo Børs

NOK 11,800m

October 2013

Selling Agent

IPO and listing on London Stock Exchange

USD 1.25bn

March 2014

Joint Bookrunner

IPO and listing on Oslo Børs

NOK 185m

September 2014

Sole Lead Manager

Perpetual Additional Tier 1 Capital / 10 year

Tier 2 Capital

SEK 200m/300m

September 2014

Joint Lead Manager

30 year Tier 2 subordinated

bond issue

NOK 1.2bn

July 2014

Joint Bookrunner

Private Placementof shares

NOK 600m

November 2014

Joint Bookrunner

Private Placementof shares and

Subsequent Offering

NOK 363m

January 2015

Sole Lead Manager

4 year seniorunsecured bond

SEK 300m

April 2015

Sole Lead Manager

5.4 year senior unsecured bond tap

issue

NOK 250m

May 2015

Sole Bookrunner

Fully guaranteed equity offering

NOK 375m

June 2015

Sole Manager

Perpetual NC 5Hybrid Tier 1 bond

NOK 85m

June 2015

Sole Lead Manager

Private placementof shares

SEK 78m

July 2015

Sole Lead Manager

5 year senior unsecured bond

NOK 500m

July 2015

Sole Financial Advisor

Spin-off of VostokEmerging Finance fromVostok New Ventures

and listing onNasdaq First North

July 2015

Sale of company to Resurs Bank AB

NOK 1.6bn

Sole Financial Advisor

October 2015

Joint Bookrunner

3 year senior unsecured bond

NOK 500m

November 2015

Sole Lead Manager

4.6 year senior unsecured

bond tap issue

NOK 300m

November 2015

Joint Lead Manager

30 year NC 10 subordinated Tier 2

bond issue

NOK 1.4bn

March 2015

Joint Bookrunner

Private placement of shares & registration on the Norwegian OTC list

NOK 150m

February 2014

Joint Bookrunner

Block sale of sharesby Gjensidige

NOK 3,250m

November 2015

Sole Bookrunner

Private placementof shares

NOK 165m

December 2015

Sole Lead Manager

3.5 year senior unsecured bond

SEK 250mNOK 250m

December 2015

Sole Manager

Rights issue

SEK 588m

February 2016

Joint Manager

Tier 1 and Tier 2bond issues

NOK 110m

February 2016

Joint Bookrunner

Private placementof shares and

IPO on Oslo Axess

NOK 197m

March 2016

Sole Bookrunner

3 year seniorunsecured,

non-callable bond

SEK 275m

April 2016

Sole Lead Manager

Tap issue

SEK 100mNOK 250m

April 2016

Joint Bookrunner

Fully guaranteed rights issue

NOK 600m

April 2016

Joint Manager

30NC5 FRNTier 2 bond issue

NOK 500m

May 2016

Co-Manager

5 yearcorporate bond

EUR 100m

April 2016

Joint Bookrunner

Fully guaranteed rights issue

NOK 350m

May 2016

Sole Bookrunner

10 year fixed seniorunsecured bond

NOK 1.2bn

August 2016

Joint Bookrunner

Private placementof shares

NOK 205m

October 2016

Joint Bookrunner

Block sale of 5.67% of SpareBank 1 SR-Bank by

Gjensidige Forsikring

NOK 667m

October 2016

Joint Bookrunner

Private placementof shares

NOK 175m

November 2016

Sole Bookrunner

Fully guaranteed rights issue

NOK 200m

December 2016

Sole Bookrunner

3 year 3 monthssenior unsecured bond

EUR 25m

January 2017

Joint Bookrunner

Block sale of 3.9% of SpareBank 1 SR-Bank by

Gjensidige Forsikring

NOK 610m

June 2017

Sole Lead Manager

4 year senior unsecured bond

EUR 15m

June 2017

Joint Manager

2 year senior unsecured bond

NOK 400m

August 2017

Joint Manager

Hybrid Tier 1 andSubordinated Tier 2

bond issues

NOK 100m

September 2017

Joint Manager

3- and 5 year seniorunsecured bond

NOK 1bn

September 2017

Joint Bookrunner

Block saleof ECCs

NOK 135m

October 2017

Joint Bookrunner

Private placementof shares

NOK 150m

October 2017

Joint Bookrunner

Private placementof shares

NOK 175m

February 2017

Joint Manager

Listing onMerkur Market

NOK 850m

March 2017

Joint Manager

Perpetual Tier 1 NC5and 30 year Tier 2 NC5

bond issues

NOK 750m

June 2017

Joint Bookrunner

IPO ofSpareBank 1 Østlandet

on Oslo Børs

NOK 2.4bn

June 2017

Joint Lead Manager

Perpetualcallable note

USD 300m

TCS Holding PLC

November 2017

Joint Bookrunner

IPO ofKomplett Bankon Oslo Børs

NOK 1bn

November 2017

Joint Bookrunner

10 year NC5Tier 2 bond

SEK 750m

December 2017

Joint Bookrunner

Private placementof shares

NOK 150m

November 2017

Sole Lead Manager

3 years senior secured bond

EUR 50m

May 2018

Joint Lead Manager

5 year seniorunsecured bond

NOK 450m

May 2018

Joint Bookrunner

Private Placementof shares

NOK 62m

May 2018

Joint Manager

Hybrid Tier 1bond issue

NOK 150m

May 2018

Sole Coordinatorand Bookrunner

4 year seniorunsecured bond

EUR 100m

June 2018

Joint Bookrunner

Block saleof ECCs

NOK 195m

June 2018

Joint Bookrunner

Private placementof shares

NOK 150m

August 2018

Sole Lead Manager

3 year seniorunsecured bond

SEK 500m

July 2018

Joint Bookrunner

Buy-back of shares

NOK 253m

September 2018

Joint Manager

Hybrid Tier 1bond issue

NOK 250m

February 2019

Joint Advisor

Merger of

and

NOK 240m

April 2019

Sole Manager

Private placement ofshares

SEK 100m

April 2019

Sole bookrunner

4 year senior unsecured bond

EUR 80m

June 2019

Sole Bookrunner

3 year seniorunsecured bond

EUR 40m

June 2019

Joint Bookrunner

Private placementof shares

NOK 400m

June 2019

Joint Bookrunner

Hybrid Tier 1 andSubordinated Tier 2

bonds

NOK 50m + NOK 150m

June 2019

Joint Manager

Hybrid Tier 1 bond

NOK 225m

November 2019

Joint Manager

SubordinatedTier 2 bond

EUR 25m

November 2019

Joint GlobalCoordinator

Sale of ECCs by Sparebankstiftelsen

Sparebanken Vest

NOK 2.66bn

Leading Nordic investment bankwithin the financial services sector

Extensive deal experience and competence through numerous transactions

Broad research coverage of the Nordic financial sector

Page 21: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Selected PE clients

June 2017

USD 300,000,000Senior Secured

2017/2021

Coupon: 8.25%

Joint Lead Manager

Source: Stamdata, Bloomberg, high yield bonds defined as: Issue spread above 300 bps, issued under Nordic law. Equal divided volume credit awarded to all bookrunners. Includes tap-issues. Updated as of 2019-01-03

SEK 700,000,000Secured

2019/2023

Coupon: 3mS + 5.00%

Joint Lead Manager

December 2019

December 2019

EUR 8,000,000Secured

2019/2024

Coupon: 3mE + 6.75%

Sole Bookrunner

Providing all debt capital market financing products

Unrated HY bonds

Rated TLBsUnrated TLBs

Rated HY bonds

Direct lending Debt advisory

SEK 450,000,000Secured

2019/2022

Coupon: 3mS + 8.00%

Sole Bookrunner

May 2019

Pareto is the leading HY arranger in the private equity spaceContinuously driving the bond market in a sponsor-friendly direction

EUR 42,500,000Senior Secured

2018/2023

Coupon: 3mE + 7.00%

Sole Bookrunner

September2017

Nordic PE-backed HY issues market share, 2015-2019

5%

2%

3%

3%

6%

6%

9%

14%

53%

Other

SpareBank1

ABG

Other

Danske

Carnegie

DNB

Nordea

Pareto

SEK 1,800,000,000Secured

2019/2022

Coupon: 3mS + 7.50%

Joint Lead Manager

December 2019

Selected Nordic HY bonds 2017-2019

Page 22: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Pareto has been consistently active within the Power & Renewables/ Infrastructure space over a long periodSuperior industry knowledge

Pareto has gained a unique insight in the renewable & utility space through multiple transactions and advisory assignments over the last years

The experience is attained through both advisory for investors and for managing sales processes

− Solid insight in managing transactions, both with operational assets and assets under development

− Superior investor knowledge, both domestic and internationally

In addition, Pareto releases several market-reports annually, such as analyses over the Norwegian and European power market, power sales companies, Norwegian grid companies and onshore wind, to name a few

Industry-wide research coverage

Selected transactions

Financial Advisor to Hafslund E-Co

Merger of Hafslund E-Co and Eidsiva Energi

NOK 90b

June 2019October 2019

Financial Advisor

Sale of Pioneer Public Property

Undiclosed

October 2018

Sole Arranger

Refinance post acquisition

NOK 1,800m senior secured bond

May 2019

Co-Lead Manager

Block Salesof Shares

SEK 465m

December 2019

Sole Global Coordinator

IPO Nasdaq FirstNorth Premier

SEK 345m

December 2019

Joint Bookrunner

Block Tradeof shares

NOK 85m

December 2019

Joint Bookrunner

Rights issue

SEK 350m

June 2018

Joint Bookrunner

Private Placementof shares

NOK 600m

June 2018

Financial Advisor

Sale of Fortum’s 10% stake in Hafslund

Produksjon Holding to Svartisen Holding

EUR 160m

Produksjon Holding

Market and company reports

Page 23: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Syndication

DCM

ECM

M&A

A leading real estate investment bank with a complete product offering

July 2018

Sole Lead Manager

10 year European private placement loan

EUR 70m

Present in all the Nordic countries

Norway140

Sweden53

Finland7

Denmark20

# of real estate transactions 2014-2019

June 2017

Sell-side M&A advisor

Sale of 75% of Saltdalsbygg to Mestergruppen(owned by Ferd)

Undisclosed

Febuary 2018

EUR 85m

Joint Bookrunner

Block sale of shares

December 2018

Sole Arranger/Manager

NOK ~66m

Offentlig Eiendom AS

Equity issue and bolt-on acquisition

March 2018

Sole Arranger/Manager

EUR ~767m

CIBUS Nordic Real Estate AB

August 2018

Sole Arranger/Manager

NOK ~2bn

Alna Senter Holding AS

November 2018

Sole bookrunner

Block sale of shares

SEK 21m

November 2018

Sole Arranger/Manager

Motor Holding AS

NOK ~1.4bn

April 2016

3 year senior secured bond

Joint lead manager

SEK 350m

October 2018

December 2018

Hotel – City Denmark AS

Sole Arranger/Manager

Net yield 5.1%20-y contractDKK ~720m

December 2019

Sole Financial Advisor

M&A advisor in the sale of Kruse Smith Eiendom

NOK ~2,300m

October 2019

Financial Advisor

Sale of company to Whitehelm Capital

NOK 2,725m

July 2019

Sole Financial Advisor

Acquisition of 10% of Nyhamna from Shell

n.a.

November 2019

Sole Bookrunner

Block Tradeof shares

NOK 166m

December 2019

Sole Manager

Senior secured loan facility

SEK 216m

August 2019

Sole Lead Arranger

4 year senior (+1 year prolongation) secured

Schuldschein loan

EUR 12m

December 2019

Sole Arranger/Manager

Acquisition of53.7% in OCCI Holding AS

NOK ~720m

August 2019

Sole Arranger/Manager

Valle EiendomHolding AS

NOK ~1,800m

December 2019

Sole Arranger/Manager

Sale of Bråviken AB

SEK ~1,700m

Page 24: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Appendix: Selected 2016-2019 transactions

Page 25: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Selected debt capital markets transactions – 2018-2019

Investment Grade

March 2018

Sole Lead Manager

3 year seniorunsecured bond

EUR 125m

March 2018

Joint Lead Manager

6.5 year seniorunsecured bond

USD 250m

May 2018

Joint Lead Manager

5 year seniorsecured bond

USD 350m

July 2018

Sole Lead Manager

5 year seniorunsecured bond

USD 100m

October 2018

Joint Lead Manager

Dual TrancheSenior Secured Bond

USD 475m

September 2018

Sole Lead Manager

7 year seniorsecured bond

NOK 1,800m

November 2018

Joint Bookrunner

5 year seniorsecured bond

USD 350m

November 2018

Lead Manager

5 year seniorunsecured bond

NOK 900m

November 2018

Joint Lead Manager

5 year seniorunsecured bond

USD 240m

April 2018

Nordic Lead Manager

6 year seniorunsecured bond

USD 1,300m

January 2019

Sole Manager

5 year senior secured bond

NOK 515m

PEC Norway Holding AS

March 2019

Sole Manager

10 year senior unsecured bond

NOK 1 035m

City of Stavanger

January 2019

Joint Bookrunner

Sovereign

NOK 800m

March 2019

Joint Lead Manager

Tap issue of existing unsecured bond

USD 100m

February 2019

Joint Lead Manager

Senior unsecured bond issue

USD 100m

April 2019

Sole Manager

Senior secured bond issue

USD 100m

May 2019

Joint Lead Manager

Senior unsecured bond issue

USD 400m

July 2019

Sole Manager

Senior secured USPP bond issue

USD 200m

July 2019

Sole Manager

4 year seniorsecured bond

SEK 750m

High Yield

November 2019

Joint Manager

5 year senior unsecured bond

NOK 1,500m

July 2019

Sole Manager

Senior secured USPP bond issue

USD 200m

October 2019

Sole Manager

Senior securedUSPP Bond

USD 180m

Offshore Logistics Port

December 2019

Sole Manager

Senior secured loan facility

SEK 216m

October 2019

Sole Manager

5 year senior secured bond

EUR 215m

November 2019

Joint Lead Manager

5 year senior unsecured bond

NOK 750m

November 2019

Joint Lead Manager

4 year senior secured bond

SEK 700m

November 2019

Joint Lead Manager

3 year senior secured bond

SEK 1,800m

September 2019

Joint Lead Manager

4 year senior unsecured bond

NOK 900m

September 2019

Joint Lead Manager

Bondholders meeting

n.a.

October 2019

Sole Manager

5 year senior secured bond

EUR 50m

Page 26: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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June 2019

Sole Global Coordinator

IPO on NasdaqFirst North Premier

SEK 475m

Selected equity capital markets transactions – 2018-2019

February 2018

Private Placementof shares

NOK 759m

Joint Bookrunner

February 2018

Joint Bookrunner

Block saleof shares

EUR 85m

March 2018

Joint Bookrunner

Private Placement of shares

NOK 1,300m

March 2018

Sole Bookrunner

IPO on NasdaqFirst North

EUR 311m

March 2018

Joint Bookrunner

Private placementof shares

USD 250m

April 2018

Joint Bookrunner

Private placementof shares

USD 175m

April 2018

NOK 600m

Joint Bookrunner

Private placement and listing on

Merkus Market

February 2018

Joint Bookrunner

IPO on Oslo Stock Exchange

NOK 832m

June 2018

Joint Bookrunner

Private placementof shares

NOK 600m

May 2018

Joint Bookrunner

Private placementof shares

USD 250m

June 2018

Joint Bookrunner

Secondary Sale of Shares for the

Norwegian State

SEK 652m

April 2018

Sole Bookrunner

Block Tradeof Shares

GBP 132m

October 2018

Private placementof shares

Joint Lead Bookrunner

USD 300m

November 2018

Joint Bookrunner

Private Placementof shares

USD 150m

November 2018

Joint Manager

Private placement of shares

NOK 707m

December 2018

Sole Global Coordinator

IPO on Nasdaq First North Premier

SEK 374m

December 2018

Joint Lead Bookrunner

Private Placement of shares

USD 110m

December 2018

Sole Bookrunner

Block Tradeof Shares

SEK 263m

May 2019

Sole Bookrunner

Block Salesof Shares

SEK 1,099m

May 2019

Joint Bookrunner

Private Placementof Shares

USD 80m

May 2019

Joint Bookrunner

Private Placementof Shares

USD 70.2m

January 2019

Joint Lead Bookrunner

Private Placementof shares

NOK 1,500m

June 2019

Joint Global Coordinator

IPO on OsloStock Exchange

NOK 362m

June 2019

Joint Global Coordinator

IPO on OsloStock Exchange

NOK 502m

November 2019

Joint Lead Manager

Private Placementof shares

NOK 1,293m

November 2019

Sole Manager

Block Tradeof shares

USD 101m

November 2019

Sole Manager

Block Tradeof shares

USD 74m

November 2019

Joint Lead Manager

Block Tradeof ECCs

NOK 2.6bn

December 2019

Sole Global Coordinator

IPO Nasdaq FirstNorth Premier

SEK 345m

December 2019

Joint Bookrunner

Private Placementof shares

USD 100m

December 2019

Joint Bookrunner

Rights Issue

SEK 350m

Page 27: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Selected M&A and Other Advisory – 2017-2019

Sell-side M&A Advisor

Sale of 75% of Saltdalsbygg to Mestergruppen(owned by Ferd)

Undisclosed

June 2017

Sell-side M&A Advisor

Sale of company to SwixSport (owned by Ferd)

Undisclosed

June 2017

Sell-side M&A Advisor

Sale of company to Hilti

Undisclosed

June 2017

Sole Financial Advisor

Advisor to City of Oslo in the acquisition of Hafslund ASA, and subsequent sale of

assetsNOK 47,750m

April 2017March 2017

Sole Financial Advisor

Sale of company toAker Solutions

NOK 213m

August 2017

Sole Financial Advisor

Advisor to Songa in Transocean’s acquisition

of the company

NOK 26,000m

January 2018

Sale of Investinor’s49% stake in AlpinCoto Bjørn Erik Borgen

NOK 800m

Sole Financial Advisor

February 2018

Sole Financial Advisor

Sale of Karsten Moholt AS and Sika AS to

HitecVision

Undisclosed

Financial Advisor

Sale of TTS to MacGregor

NOK 840m

February 2018

Financial Advisor

Sale of TrønderEnergi’spower retail division to

Fjordkraft

Undisclosed

February 2018

Financial Advisor

February 2018

Sale of BKK’s 35.1%stake to Norfund

NOK 1.3bn (100% EV)

May 2018

Advisor to AKVA inthe acquisition of

Egersund Net

NOK 750m

Sole Financial Advisor

June 2018

Sole Financial Advisor

Sale of Fortum’s 10% stake in Hafslund

Produksjon Holding to Svartisen Holding

EUR 160m

Produksjon Holding

June 2018

Advisor to Norwegian Ministry related to

Kongsberg’s acquisition of Rolls Royce Marine

GBP 500m

Financial Advisor

July 2018

Undisclosed

Sole Financial Advisor

Acquisition of 3.7% in Nyhamna from Exxon

July 2018

Undisclosed

Sole Financial Advisor

Advisor to Gearbulk in relation to the

establishment of High Heat Tankers

August 2018

Sole Financial Advisor

Sale of FrioNordica toPerfect Temperature

Group and combination with Kuldeteknisk AS

Undisclosed

August 2018

Sale of the marine seismic acquisition

assets and operations of WesternGeco

USD 690m

Sole Financial Advisor

Undisclosed

August 2018

Sole Financial Advisor

Advisor to Falck in the sale of a Falck Safety

Services to Polaris

September 2018

Financial Advisor

Sale of Add novatech to Constellation Software

Undisclosed

October 2018

Financial Advisor

Advisor to Antin IP in the acquisition of a majority

stake in Sølvtrans

Undisclosed

October 2018

Sole Financial Advisor

Sale of Company to Elite Service Partner AS

Undisclosed

November 2018

Sole Financial Advisor

Advisor to PGS in the sale of OptoSeis to

Geospace Technologies

USD 25m

January 2019

Sole Lead Manager

Acquisition of:

GBP 635m

February 2019

Sole Financial Advisor

Sale of Company to:

NOK 300m

July 2019

Financial Advisor

Sale of K Strømmen Lakseoppdrett to MOWI

NOK 790m

July 2019

Financial Advisor

Sale of Njord Salmon to Kistefos and Lumarine

n.a.

Financial Advisor to Hafslund E-Co

Merger of Hafslund E-Co and Eidsiva Energi

n.a.

June 2019 July 2019

Financial Advisor

Sale of K Strømmen Lakseoppdrett to MOWI

NOK 790m

October 2019

Financial Advisor

Sale of company to Whitehelm Capital

NOK 2,725m

December 2019

Financial Advisor

Sale of 39.63% of the Company

~NOK 850m

December 2019

Sole Financial Advisor

M&A advisor in the sale of Kruse Smith Eiendom

NOK ~2,300m

Page 28: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Shipping & Offshore

RealEstate

Selected Project Finance transactions – 2017-2019

Sole ArrangerUSD 107m

Sale-and-leaseback of newbuild Diving Support Vessel

June 2017

Sole Arranger/Manager

NOK 830m

FP Bolig Holding AS

April 2018

Appx. 80 000 sqmresidential

development project

Sole Arranger/Manager

NOK 2,000m

Alna SenterHolding AS

August 2018

USD 32m

February 2018

Sole Arranger/Manager

Partanker X AS

Asset play

2x LR1 tankers

June 2018

Financing of a capsize bulker

Sole Arranger/ManagerUSD 32m

Sole Arranger/Manager

August 2017

USD 58m

Sale-and-leaseback of one pure car/truck

carrier, 18-yr bareboat

December 2018

Sole Arranger/Manager

DKK ~720m

Hotel - City Danmark AS

Net yield 5.1%20-y contract

October 2018

Sole Arranger/Manager

NOK ~1,400m

Motor Holding AS

December 2018

Sole Arranger/Manager

NOK ~600m

Sale of LogNor AS

December 2018

Sole Arranger/Manager

SEK 1,085m

Halmslätten Fastighets AB (publ)

August 2018

Sole Arranger/Manager

SEK 660m

Sale of GBG Office 1 AB (publ)

Sole Arranger/Manager

EUR 735m

Cibus Nordic Real Estate (publ)

March 2018

May 2019

Sole Arranger

Sale-and-leaseback of three VLCC vessels

USD 181m

May 2019

Sole Arranger/Manager

Bryggeriet EiendomHolding AS

NOK ~711m

April 2019

Sole Arranger/Manager

Bolt-on-acquisition forLogistri Fastighets AB

SEK ~584m

June 2019

Sole Arranger/Manager

MoldeEiendomsinvest AS

NOK ~410m

June 2019

Sole Arranger/Manager

Trondheim Helsebygg AS

NOK ~400m

July 2019

Sole Arranger/Manager

Oslo Høyskolebygg AS

NOK ~1,236m

August 2019

Sole Arranger/Manager

Valle EiendomHolding AS

NOK ~1,800m

September 2019

Sole Arranger/Manager

Bolt-on-acquisition for Campus Sluppen AS

NOK ~440m

September 2019

Sole Arranger/Manager

Sale of Ryen Kontorbygg AS

NOK ~470m

USD 62m

December 2019

Sole Arranger

Partankers XIV

2x Suezmaxes

5 yr bareboat

December 2019

Sole Advisor

5 years senior secured loan

USD 26m

Partankers IX

September 2019

Sole Manager / Arranger

Korsängen Fastighets AB

SEK ~303m

November 2019

Sole Arranger/Manager

BreivollbyenHolding AS

NOK ~691m

December 2019

Sole Arranger/Manager

Borglanda Fastighets AB

SEK ~379m

December 2019

Sole Arranger/Manager

Bolt-on-acquisitionOffentlig Eiendom AS

NOK ~459m

December 2019

Sole Arranger/Manager

Sale of Bråviken AB

SEK ~1,700m

December 2019

Sole Arranger/Manager

Acquisition of53.7% in OCCI Holding AS

NOK ~720m

December 2019

Sole Arranger/Manager

Fredericia Logistics Denmark II AS

DKK ~88m

Page 29: Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager Leading ECM advisor in the Nordics Broad ECM product offering across all sectors #1

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Contact details and disclaimer

www.paretosec.com | Bloomberg: PASE (go) | Reuters: PARETO

Oslo (Norway)Pareto Securities ASDronning Mauds gate 3PO Box 1411 VikaN-0115 Oslo NORWAY

Tel: +47 22 87 87 00

Stavanger (Norway)Pareto Securities ASHaakon VIIs gate 8PO Box 163N-4001 StavangerNORWAY

Tel: +47 51 83 63 00

Malmö (Sweden)Pareto Securities ABStortorget 13S-211 22 MalmöSWEDEN

Tel: +46 40 750 20

Stockholm (Sweden)Pareto Securities ABBerzelii Park 9PO Box 7415S-103 91 StockholmSWEDEN

Tel: +46 8 402 50 00

Helsinki (Finland)Pareto Securities OyAleksanterinkatu 44 6th floorFI-00100 HelsinkiFINLAND

Tel: +358 9 8866 6000

Copenhagen (Denmark)Pareto Securities ASSankt Annæ Plads 131250 Copenhagen KDENMARK

Tel: +45 78 73 48 00

London (UK)Pareto Securities Ltd11 Berkeley Street3rd floorLondon W1J 8DSUNITED KINGDOM

Tel: +44 20 7786 4370

Disclaimer

These materials have been prepared by Pareto Securities AS and/or its affiliates (together “Pareto”) exclusively for the benefit and internal use of the client named on the cover in order to indicate,on a preliminary basis, the feasibility of one or more potential transactions. The materials may not be used for any other purpose and may not be copied or disclosed, in whole or in part, to anythird party without the prior written consent of Pareto.

The materials contain information which has been sourced from third parties, without independent verification. The information reflects prevailing conditions and Pareto’s views as of the date ofhereof, and may be subject to corrections and change at any time without notice. Pareto does not intend to, and the delivery of these materials shall not create any implication that Pareto assumesany obligation to, update or correct the materials.

Pareto, its directors and employees or clients may have or have had positions in securities or other financial instruments referred to herein, and may at any time make purchases/sales of suchsecurities or other financial instruments without notice. Pareto may have or have had or assume relationship(s) with or engagement(s) for or related to the relevant companies or matters referredto herein.

The materials are not intended to be and should not replace or be construed as legal, tax, accounting or investment advice or a recommendation. No investment, divestment or other financialdecisions or actions should be based solely on the material, and no representations or warranties are made as to the accuracy, correctness, reliability or completeness of the material or itscontents. Neither Pareto, nor any of its affiliates, directors and employees accept any liability relating to or resulting from the reliance upon or the use of all or parts of the materials.

Perth (Australia)Pareto Securities Pty LtdLevel 11216 St Georges TcePerth, Western AustraliaAUSTRALIA, 6000

Tel: +61 8 6141 3366

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Tel: +65 6408 9800

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Tel: +1 212 829-4200

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Tel: +1 713 840-6304

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Tel: +41 44 551 38 00

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Tel: +49 (69) 589 97 0