S D Standard ETC : Q4 Financial Report 31.12.2022

S.D. STANDARD ETC PLC

(FORMER S.D. STANDARD DRILLING PLC) FOURTH QUARTER REPORT 2022

CONTENTS

STATEMENT OF THE MEMBERS OF THE BOARD OF DIRECTORS AND OTHER RESPONSIBLE
PERSONS OF THE COMPANY FOR THE INTERIM CONDENSED FINANCIAL STATEMENTS	2
FOURTH QUARTER MANAGEMENT REPORT	3
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME	7
INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION	8
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY	9
INTERIM CONDENSED STATEMENT OF CASH FLOWS	10
NOTES TO THE FINANCIAL INFORMATION	11

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STATEMENT OF THE MEMBERS OF THE BOARD OF DIRECTORS AND OTHER RESPONSIBLE PERSONS OF THE COMPANY FOR THE INTERIM CONDENSED FINANCIAL STATEMENTS

In accordance with Article 10 sections (3) (c) and (7) of the Transparency Requirements (Securities for Trading on Regulated Markets) Law of 2007 and 2009 (''Law'') we, the members of the Board of Directors and other responsible persons for the drafting of the interim condensed financial statements of S.D. Standard ETC Plc (the "Company"), for the three and twelve months ended

31 December 2022 we confirm that, to the best of our knowledge:

1. The interim condensed financial statements of the Company for the three and twelve months ended 31 December 2022 which are presented on pages 7 to 18:
2. 1. were prepared in accordance with International Financial Reporting Standards IAS 34 "Interim Financial Reporting", as adopted by the European Union in accordance with provisions of Article 10, section (4) of the Law, and
   2. give a true and fair view of the assets and liabilities, the financial position and the profit or losses of the Company, and the business that are included in the financial statements as a total, and
3. The Interim Management Report provides a fair overview of the information required as per section 6 of article 10 of Law 190(I)/2007.

Limassol, 8 February 2023

Martin Nes	Konstantinos Pantelidis	George Crystallis
Chairman	Independent Director	Independent Director

Christos Neokleous	Evangelia Panagide
Chief Financial Officer	General Manager

S.D. Standard ETC Plc - Fourth Quarter Report 2022

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Fourth Quarter Management Report 2022

Selected Financial Information

	Three Months Ended		Twelve Months Ended
	2022 Q4	2021 Q4		2022 Q4	2021 Q4
(Amounts in USD 000)	Unaudited	Unaudited		Unaudited	Unaudited
Operating profit	13 814	10 241	39 892	13 801
Profit for the period before tax	13 812	10 231	39 843	13 784
Total comprehensive income for the period	13 788	10 231	39 772	13 737

(*) Analytical income statement is presented on page 7 of the fourth quarter report.

Presentation of Interim Condensed Financial Statements

These interim condensed financial statements for the fourth quarter of the year 2022 are prepared and presented on a standalone basis, since the Company is an investment entity and shall not consolidate its subsidiaries.

The Company measures its investment in subsidiary Standard Supply AS and associate Dolphin Drilling AS at fair value through profit or loss. Consequently, the Company's investments in Standard Supply AS and Dolphin Drilling AS are valued based on the traded share price on Euronext Growth Oslo respectively as of 30 December 2022.

With regards to the subsidiary Standard Invest AS which is not an investment entity and its main purpose is to provide services relating to the investment activity of the Company, the management of the Company decided not to consolidate this subsidiary since the effect of its results for the year 2022 are considered immaterial.

Highlights Fourth Quarter

1. The Company recognized an unrealized gain of USD 13,8 million from the revaluation of its investments in Standard Supply AS and Dolphin Drilling AS at fair value. The fair value of these investments as of 31 December 2022 was USD 87,7 million.
2. The Company recognised a gain from the revaluation of other financial assets held for trading of USD 39 thousands. The fair value of the financial assets held for trading as of 31 December 2022 was USD 5,7 million.
3. On 28 October 2022, the shares of the associate Dolphin Drilling AS commenced public trading to Euronext Growth Oslo.
4. On 4 November 2022, the subsidiary Standard Supply AS ("Standard Supply") contemplated a private placement of new shares (the "Private Placement") directed towards existing shareholders and new investors. The Private Placement raised gross proceeds of approximately USD 20 million and Standard Supply has allotted 44,085,106 New Shares at the subscription price of NOK 4.70 per New Share. Following the Private Placement, the holding of the Company was diluted to 53%.
5. In November 2022, the subsidiary Standard Supply AS settled the debt under the revolving credit facility that was concluded with the Company as lender in June 2022, amounting to USD 19,8 million plus interest.

S.D. Standard ETC Plc - Fourth Quarter Report 2022

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Fourth Quarter Management Report 2022 (Continued)

Selected Financial Information

Alternative Performance Measures

The Company is an investment entity and shall not consolidate its subsidiaries. The Company measures its investment in subsidiary Standard Supply AS and associates at fair value through profit or loss.

In reporting financial information, the Company presents alternative performance measures, "APMs", which are not defined or specified under the requirements of IFRS. The Company believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the subsidiary and associate companies.

More information on the APMs used in the Q4 2022 Report, their definition and calculation are provided below, as well as a reference to the respective pages of Q4 2022 and of the presentation which is released together with this interim report on the Company's website:

APM	Definition and Calculation	Reference
	Income from operating activities subtracting	Q4 2022 Report - Interim
Operating Profit / Loss	administration expenses as presented in the	Condensed Statement of
	income statement	Comprehensive Income on
		page 7
Profit / Loss before tax	Operating profit less finance costs
		Presentation Highlights on
Profit / Loss after tax	Operating profit less finance costs and income tax	page 6 and Income Statement
		on page 11

Subsequent Events

There have been no material subsequent events that have an impact on these interim condensed financial statements.

S.D. Standard ETC Plc - Fourth Quarter Report 2022

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