ABC arbitrage

                             2023 Results¹ : MEUR16.5
                  2023 ROE: 10.6% - 2023 Distributions: EUR0.30

The Board of Directors of ABC arbitrage, presided by the Chairman Dominique
Ceolin, met on March 21, 2024 to approve the consolidated financial statements
for the fiscal year 2023¹.
+---------------------+------------------+------------------+------------------+
| In EUR millions |Dec. 31, 2023 IFRS|Dec. 31, 2022 IFRS|Dec. 31, 2021 IFRS| +---------------------+------------------+------------------+------------------+
|Net revenues |EUR39.3m | EUR61.2m|EUR64.1m |
+---------------------+------------------+------------------+------------------+
|Net Income |EUR16.5m | EUR29.2m|EUR28.0 m |
+---------------------+------------------+------------------+------------------+
|Earnings per share | | | | |(EPS) |0.28EUR | EUR0.49|EUR0.48 |
+---------------------+------------------+------------------+------------------+
|Return On Equity | | | | |(ROE) |10.6% | 18.0%|17.5% | +---------------------+------------------+------------------+------------------+
|Equity | EUR155m| EUR162m| EUR160m|
+---------------------+------------------+------------------+------------------+
* Context - 2023 markets presented, counter intuitively, strong growth. In
particular, volatility fell back to the low points of FY 2019, significantly below levels seen over the last 3 financial years. The mergers and
acquisitions sector, for its part, has been impacted by the rise in interest

    rates, with a fall-off of 30% - versus 2022 - on the volume of operations.
    As a result, market volumes were significantly lower, illustrated for
    example by a drop-off of 15% on EuroStoxx 600.
  * Business Performance - The Group's results are below ambitions but still in
    line with 2023 market parameters. The strategies launched by the ABC 2022

business plan are below expectations for this fiscal year. Exogenous reasons come down to a lack of volatility, and the temporary halt of the Group's
activities in digital assets, following difficulties in the ecosystem at the

    beginning of 2023 and pending new approvals from the French Market of
    Authority for these assets. Furthermore in 2023, technical complexities
    around these new strategies hampered their overall contribution to group
    performance. Group AUM remains stable (-2%) with a total amount of EUR336
    million on 1 March 2024 (against EUR343 million on December 31, 2023). The
    Group's FIA funds² have nonetheless shown interesting performance,
    recognised by an award (Hedgeweek European Award) for one of them. On

February 6, the Group obtained the necessary regulatory approval to allow it

    to deploy once again its know-how on digital assets³.
  * Dividend Policy - A quarterly distribution policy has been in place since
    2019.

* Distribution of EUR0.10 per share in October 2023 and distribution of EUR0.10 per share in December 2023;
* Interim dividend of EUR0.10 per share on April 23, 2024 for payment on April

    25;
  * The Board does not intend to propose a final dividend at the AGM;

* The total distribution for fiscal year 2023 will amount to EUR0.30 per share,

    i.e. a payout ratio (POR) for 2023 consolidated net result of more than
    108%, and 6.2% yield (using December 31, 2023 price);
  * The Board confirms its intention to distribute EUR0.10 per share in October
    and again in December 2024.
  * Outlook - During the first half of 2024, financial markets are broadly

similar to 2023, with volatility significantly below its historical average, and activity over mergers and acquisitions sector and corporate actions
struggling to pick up. The rhythm of Group activity is still in line with FY

    2023 and remains coherent with this situation. Group AUM remains close to
    2023 levels, but the latest advances give ABC arbitrage reason to expect a
    rebound in this area, despite the delay in 2022 and 2023. In this context,
    ABC arbitrage continues to manage its investments and risks in order to

significantly increase its profitability in such a sluggish environment. The

    role of central banks, which are still very much present, particularly with
    the FED's intervention in February 2023 and the significant size of their
    balance sheets in 2024, combined with the prospect of lower interest rates

in 2024, seem to be driving the markets towards all-time highs, far from the

    geopolitical and economic risks that are nonetheless present. The Group is
    therefore maintaining the ambitions of its Springboard 2025 plan, ambitions
    correlated with the financial markets' parameters, but is undertaking
    additional work to focus its investments to improve profitability if these
    unfavourable situations persist.

1. At this date, the audit procedures carried out by the statutory auditors are in the process of being finalised

2.  FIA: Alternative investment funds for professional clients
3.  Activity developed as part of a civil mandate

Reuters BITI.PA / Bloomberg ABCA FP
EURONEXT Paris - Compartiment B
ISIN : FR0004040608
Contacts : abc-arbitrage.com (http://www.abc-arbitrage.com/)
Relations actionnaires : actionnaires@abc-arbitrage.com
Relations presse : VERBATEE / v.sabineu@verbatee.com
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