Company Update November 2016 Disclaimer

• This presentation has been prepared by Kistefos AS (the "Company") for information purposes only. The presentation does not constitute an offering of securities of the Company or any affiliated company thereof

• The distribution of this presentation may, in certain jurisdictions, be restricted by law. Persons in possession of this presentation are required to inform themselves about and to observe any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this presentation in any country or jurisdiction where specific action for that purpose is required

• Unless otherwise indicated, the information contained in this presentation is current as of the date hereof. Neither the publication nor distribution of this presentation shall under any circumstances create any implication that there has been no change in the Company's affairs since the date hereof or that the information in the presentation is correct as of any time since its date. The Company does not assume any obligation to update or revise any of the information set out herein

• This presentation may include certain forward-looking statements, estimates, predictions, influences and projections with respect to anticipated future performance and as to the market for products or services which may reflect various assumptions made by the management of the Company. These assumptions may or may not prove to be correct and no representation is made as to the accuracy of such statements, estimates, projections, predictions and influences. These statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. The information and opinions contained in this presentation are subject to change without notice and the Company assumes no responsibility or obligation to update publicly or review any of the forward-looking statements contained herein

• No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly neither the Company nor any of its directors or employees will accept liability whatsoever arising directly or indirectly from the use of this presentation

2 KISTEFOS OTHER PORTFOLIO ADVANZIA FINANCIALS APPENDIX OVERVIEW COMPANIES

3 Kistefos in brief

The Company Founder & owner . Kistefos AS was established in 1998 when Mr. Christen Sveaas Christen Sveaas – Founder, chairman and owner merged his various investment vehicles into one company . Christen Sveaas has more than 35 years of experience with investment companies . Kistefos has major investments in financial services, . Mr. Sveaas has had several board positions for among others telecommunications, IT, commercial real estate development, Treschow-Fritzøe AS, Stolt-Nielsen AS and Orkla ASA . COB of Anders Sveaas Almennyttige Fond, Vice COB of the logistics, offshore services and various financial investments Kistefos Museum Foundation, Member of Dean’s Council at Harvard Kennedy School, Member of Tate International . Value creation is achieved through financial and industrial expertise Council, Member of Art Basel Global Patrons Council and in core sectors and active ownership – investments range from start- active within charity ups to mature companies and the investment mandate is flexible with respect to horizon and asset classes Portfolio value distribution . Experienced team and strong owner with proven track record in value creation and executing successful transactions across sectors . After successful exits in 2015 and 2016, Kistefos is well positioned to Logistics & take on new investments which will continue to diversify and offshore services ~NOKbn 6.1 strengthen the portfolio

. Kistefos’ investment portfolio is mainly focused towards , and Financials is managed from Oslo, Norway TMT

Other

4 Portfolio overview – key direct investments

Company Description Industry Ownership

Advanzia Bank S.A. (“Advanzia”) is a bank based in , offering no-fee credit cards and deposit accounts to customers within the EU. is the main market, 60.3% additional markets include , and Luxemburg. Financials

Viking Supply Ships (“VSS”) has world leading expertise in operations in areas with ice and extreme weather conditions. 70.4% Offshore services

Western Bulk Chartering (“WBC”) is one of the world’s leading logistics operators in the Handymax and Supramax market. 73.9% Logistics Oslo Airport City was established in 2016 by a consortium of experienced entrepreneurs in real estate and land development by purchasing several prime located land areas in the Oslo Airport City Gardermoen area outside of Oslo. Built around the previous Kistefos companies of 30% Bergmoen and Gardermoen Forum Real estate

Opplysningen 1881 is the leading Norwegian provider of directory services via phone and SMS. 100% TMT

Infront offers electronic trading solutions and real-time market data, news and analytics 31.1% covering over 50 exchanges worldwide. TMT

Kappa Bioscience develops and sells ultra high purity synthetic vitamin K2 (MK-7). 58.3% Med. Tech.

5 Portfolio market value reaching in excess of NOK 6 billion

Portfolio values* Comments . The charts to the left show the total portfolio market values and the value adjusted equity (“VAE”) distribution for the investments of Kistefos AS per 30 June 2016 Logistics & . Advanzia valuation is based on a price-to-earnings multiple Offshore equal to the average of a peer group consisting of Bank services NOKbn ~6.1 Norwegian, Komplett Bank, Nordax Bank and Resurs Bank as of 30 June 2016, which read a 13.9x on a consensus 2016e Financials basis . The value of the investment in Viking Supply Ships is adjusted TMT (Telecom./ according to prevalent vessel broker values relative to book Media/IT) values . Valuation of other portfolio companies are based on internal valuations Other . After 30 June 2016, significant values has been realized in Gross and net market values (NOKm) Phonero and Bergmoen which has increased the financial flexibility, and increased the VAE by NOKm 390 668 300 390 . KIST02 bond of net NOKm 668 and a NOKm 300 bank facility brings VAE to NOKbn 5.2 or NOKbn ~5.6 after sale of Phonero ~6,100 ~5,200 and Bergmoen

Portfolio market value KIST02 bond Bank debt Value adjusted equity

6 * Company’s own valuation Recent realizations – Phonero

Sale of shares in Phonero – Part I (November 2015) Sale of shares in Phonero – Part II (November 2016) . Sold to a company controlled by Norvestor V.I. LP, a fund . In November 2016, majority shareholder Norvestor agrees SPA administrated by Norvestor Equity AS with Telia to sell 100% of the share in Phonero . Kistefos had been an active owner in the company since its . Kistefos will receive a gross compensation of approx. NOKm 400 foundation in 2008 and contributed to both the strategic and which yield a net profit of approx. NOKm 250 operational development of the company . Closing depending on final approval from Competition Authority . Kistefos received gross proceeds of approx. NOKm 750 for its . Multiple to cost of ~2.7x in 11 months share, which yielded a net profit of approx. NOKm 680. This resulted in a multiple of cost of 10.7x for Kistefos . NOKm 152 was re-invested in Phonero for a ownership share of 20.1% Ownership Gross proceeds Performance Ownership Gross proceeds Performance NOKm 750

10.7x NOKm 400 2.7x 57% Multiple 20.1% Multiple to cost to cost

Sale Sale 2015 2016

7 Recent realizations – yA Bank, Bergmoen & CNEI

CNEI Sale of ownership in CNEI Sale of shares in yA Bank Sale of shares in Bergmoen/Gardermoen Forum . Sale of its ownership in CNEI I & . The sale resulted in gross . Oslo Airport City was established in October 2016 by II, Chinese private equity funds proceeds of NOKm 461 purchasing Bergmoen AS and Gardermoen Forum AS investing in Chinese companies and a net profit of NOKm which together owned 850,000 sq.m. of land close to Oslo with exposure to domestic 361 for Kistefos. This Airport Gardermoen growth across a wide range of resulted in a multiple of . Kistefos (through Kistefos Eiendom AS) owned 57% of sectors and industries cost of 6.7x for Kistefos the two companies . The exit timing was ideal - just . yA Bank’s profits . Kistefos received gross proceeds of approx. NOKm 392 before the Chinese market increased by a factor of for its share, which yielded an accounting gain of NOKm turned 6x during Kistefos’ 220 on Group level involvement and push for . Gross proceeds from the sale growth . NOKm 205 of gross proceeds were paid as shares in Oslo was NOKm 218, resulting in a Airport City, which is equivalent to an ownership of 30% net profit of NOKm 32 after tax

Gross Gross Ownership Performance Ownership Performance Ownership Gross proceeds Performance proceeds proceeds

NOKm 461 NOKm 392 1.6x 6.7*x 1.8x NOKm 218 N/A Multiple 29.9% Multiple 57% Multiple to cost to cost to cost

Sale Sale Sale 2015 2016

8 * = multiple calculated including dividend distributions received A proven track record of successful exits

Kistefos Gross Exit value Multiple Company Exit year Description Ownership (Kistefos’ share) to cost . Holder of 850,000 sq.m. of land close to Oslo Airport 57% 2016 NOKm 392 1.8x . Sold to a consortium of investors with a reinvestment of NOKm 205 for a continued 30% ownership

. Sold to Telia Company AB 20% 2016 NOKm 400 2.7x . Subject to approval from Competition Authority

. Second largest business telecom provider in the Norwegian market 57% 2015 NOKm 750 10.7x . Sold to Norvestor, with re-investment of NOKm 152 for a continued 20.1% ownership

. Provides consumer loans and credit cards to Norwegian clients through a no-branch, 29.9% 2015 NOKm 461 6.7x fully digital distribution model . Sold to Resurs Bank, yielding a strong return to Kistefos

. Chinese private equity fund investing in Chinese companies with exposure to domestic 100% 2015 NOKm 218 1.6x CNEI growth across a wide range of sectors and industries . Sells directory listings and banner advertising on www.1881.no 100% 2013 NOKm 317 3.7x . Spin-off from Opplysningen 1881 ultimo 2010 . Sold to Amedia AS, yielding strong return to Kistefos

. Owns and operates seven large North Sea barges in the offshore markets for 100% 2012 NOKm 140 n/a construction, windmill projects and decommissioning . Fleet sold to Ugland Shipping AS, yielding strong return to Kistefos

. Technology for processing real-time voice and video over IP networks 37% 2010 NOKm 43 1.3x . Sold to Google

. Communication solutions for the enterprise market 31% 2010 NOKm 97 * . Acquired by Opplysningen 1881 in November 2009 and merged with Carrot . Sold to Herkules Private Equity ∞ . Telco operator and provider of value-added telecom services 70% 2007 NOKm 95 2.5x . Merged into Opplysningen 1881

9 Advanzia Bank – proving long-term ownership and value creation

Gross loans and net profit (EURm) Growth & profitability Comments 50

1000 . Advanzia Bank is Kistefos’ 905 40 23% most important investment 36 2010-LTM CAGR 772 Active credit cards 800 30 28 . Kistefos has been majority 25 shareholder since 2006 and 642 21 Q3’16* 20 has been instrumental in the 600 529 long-term focus and 13 development of the bank 9 425 10 26% 2010-LTM CAGR 400 6 Credit card loans 2 327 . Through active ownership 0 246 including industry expertise -4 -6 194 200 and the right management, -8 150 -10 100 Advanzia has managed 50 impressive and consistent 39% value creation through 0 -20 2010-LTM CAGR 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q3'16 Net profit economic cycles Gross loans (EURm) Net profit (EURm)

10 * Q4 is historically the strongest quarter due to year-end dispositions Focus on industrial development through active ownership...

. Acquisition of TDN Finans in April . Acquisition of Six News and Six Edge in October to increase customer base . Kistefos has increased its ownership share from 27.7% to 31.4% during 2016

. Acquisition of Synthetica in May 2016 . Kistefos has increased its ownership share from 54.5% to 58.3% during 2016 . Further acquisitions are foreseen in the next twelve months

. Obtained CE-marking in June 2016 after several years of clinical trials for its titanium implant solution . Following the CE-marking, the company is initiating a commercialization process in selected countries across Europe

. The company had a strategic breakthrough in 2016 when the American company VASCO Data Security International Inc. (Nasdaq: VDSI) came in as a minority shareholder in the company

11 …while significantly de-risking shipping and offshore exposure

Company Key developments in 2016 Main terms – new capital

. February: Kistefos purchased Western Bulk Chartering in a competitive bidding process . Equity issue of USDm 22 in 2016 of which Kistefos has . March: Bulk Invest ASA filed for bankruptcy contributed with USDm 12 . June/September: Offering of share subscription to . Change of bond issuer to WBC from Kistefos Equity former minority shareholders in Bulk Invest ASA Operations AS . Continuous challenging market in 2H16

. Amortizations on bank facilities of in total USDm 215 . February: Stand-still agreement with extended until 31 March 2020 . May: Long-term financing platform agreed with . Bank covenant amendments providing ample room for banks operations in the prevailing market conditions . September: Bondholders approve proposed plan . Redemption of 50% of the bonds in cash @ 35% of par . November: Concluded on an agreement with the . Remaining 50% of the bonds converted to shares in the bankruptcy estate of Norseman Offshore and new listed parent company Viking Supply Ships AB (“VSS AB”) @ owners of Odin Viking 55% of par (@ SEK 1.5/share) . December: Estimated timing for equity issue and . Debt reduction of USDm ~50 in VSS AB final approval of plan . Contemplated equity issue of USDm min. 25.2 in VSS AB with Kistefos subscribing for at least its pro-rata portion

12 Strong sector competence and a flexible, pragmatic approach…

 Focus on sectors with industry expertise and on keeping a diversified portfolio Flexible investment Strong sector mandate competence  Kistefos acts as an industrial investor, developing new platforms which gives opportunities for attractive bolt-on acquisitions  Investing in companies from early to mature stages as well as in turn-around cases  Opportunistic and pragmatic approach – flexible mandate with regards to industry exposure and investment period

Realizations Investment  Focus on securing a mix of cash flow generating of values decisions investments and high potential investments  Prefers controlling stake in investments to drive industrial development  Active engagement through board representation with Active investment strong focus on both operational and strategic activities management

13 …has given a strong track record of value creation…

Value adjusted equity development (NOKbn)* Comments

. Strong value generation and CAGR 24% realization in 2015 significantly increased the VAE

5.2 5.2 . Both positive and negative development on individual assets, but the overall portfolio developed positively 3.9 . “Flat” value creation in H1 3.4 2016, with a continued positive development in Advanzia Bank, whilst the bankruptcy in Bulk Invest has negatively impacted the VAE

2013 2014 2015 H12016

14 * Company’s own valuation …expressed by NOKbn 1.2 in dividends received since 2013…

Dividend history – portfolio companies (NOKm) Comments

. Advanzia has become the most important 342 source of dividends, contributing NOKm 110 to Kistefos in 2016 as of Q3, and 13 292 NOKm ~400 since 2013 . Levering its strong and consistent cash 8 72 Average NOKm ~260 p.a. conversion, Opplysningen 1881 has been 236 and remains another important liquidity source for Kistefos 46 . Since 2011, Western Bulk and Viking Supply Ships have contributed with 198 155 179 NOKm 400 in dividends 66

110 87 30

78 56 37 45

2013 2014 2015 Q3'16 YTD Opplysningen 1881 Advanzia Western Bulk Viking Supply Ships Phonero

15 …as well as realizing investments for NOKbn 2.7…

Realized investments (NOKm) Comments

. Divestments of NOKbn ~2.7 since 2013 within IT/telecom, shipping & offshore, finance and real estate 400 . Strong cash flow generation in 2015 utilized to repay debt at maturity 187 . In addition, Phonero exit announced in 218 CNEI November 2016 will further strengthen liquidity (subject to approval from NCA)

461

2 732 2 332 750 2 073

21 273 610 631 317

2013 2014 2015 Q3'16 YTD Sale 2017eof Phonero SUM (2017e)

16 …using proceeds towards significant deleveraging

Outstanding debt in Kistefos AS (NOKm) Comments

. Kistefos has reduced total bank and bond 1,592 debt from NOKm 1,439 in 2013 to NOKm 968 as of H1 2016 1,439 . KIST01 and KIST03 were repaid at 392 maturity 328 . Outstanding under KIST02 is NOKm 668, net of treasury bonds 968 . NOKm 300 bank financing (to be reduced to NOKm 200 in December) is debt in a 668 614 subsidiary with share pledge in Advanzia 668 Bank and guarantee from Kistefos AS 668

200 668 497 332 300

2013 2014 2015 H1'16 KIST01 KIST02 KIST03 Bank

17 OTHER PORTFOLIO KISTEFOS OVERVIEW ADVANZIA BANK FINANCIALS APPENDIX COMPANIES

18 Advanzia Bank – a growth story based on strong management and ownership

Company description Ownership overview

. Advanzia Bank S.A. (“Advanzia”) is a Luxembourg based virtual bank, with no branches, Skips AS Tudor offering no-fee credit cards and deposit accounts to customers through a pure digital (Wilhelmsen) distribution model 7,8% Sundt AS 4,9% . Advanzia has an EU cross-border banking license with current activity in Luxembourg, Kistefos Founders Germany, France and Austria . Advanzia was founded in 2005, the founders had a great track record from Bankia Bank 60,3% 15,0% (acquired by Santander early 2005) where Kistefos was a leading shareholder and driving force 12,0% . Advanzia’s scalable platform secures stable operating costs – coupled with strong loan growth, Seed investors this has allowed for high profitability and increasing return on equity and other . The Bank’s growth in Germany is superior compared to the general market growth and the bank has become the largest issuer of revolving MasterCard credit cards in the country Advanzia enters Austria Advanzia 905 enters 772 Advanzia France Bank Advanzia managed well 642 commences through the financial crisis, 529 banking while lowering funding 425 operations costs 327 246 194 150 100 50

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q3'16 Gross loan balance (EURm)

19 A snapshot of Advanzia Bank S.A.

Key figures (Q3’16/YTD)

565,800 active good 598k EURm 905 credit card customers

Size Active credit Gross loan cards balance Present since 2006

HQ EUR EUR ~4,350

Risk ~1,370 Avg. credit 20,800 active good Avg. outstanding limit credit card customers

Present since 2012 37% 18% Credit card ROE yield Performance 11,400 active good credit card customers 13.0% 36% Cost/Income Tier1 ratio Solidity ratio Present since 2015

20 Advanzia credit highlights

. Within consumer finance, the credit card business represents low risk as debt maturities revolve on a monthly basis with a relatively low average credit limit per customer of EUR ~4,350 Low-risk business . Solely focusing on credit cards, Advanzia operates a low-risk business model spread on ~598k active non- model delinquent credit card customers each representing only EUR ~1,370 in average loan balance

. Advanced and proprietary scorecard model for granting revolving credit monitors and controls risk day-to-day

. Advanzia Bank has a ten year track record within credit cards, and managed well through the financial crisis in 2008/09 with a positive net profit from 2009 and onwards Long track record . Advanzia is the market leader in Germany, and is gaining market share in Austria at a responsible pace – & solid market macroeconomic data in the key German market show fairly stable unemployment and GDP figures standing . Annual growth rates of 20-30% over the past 4-5 years proves a controlled and responsible growth strategy – further growth is supported by both Germany as well as new markets

. Impressive financials regarding both nominal figures and stability over a long period, with an ROE increasing from 26% in 2012 to ~48% in 2015 and a stable cost-income ratio of ~35% proving an efficient operation Stellar financials . Credit card yield has been stable at ~18% for several years, while the funding cost has fallen below 1% . Stable total loan losses of ~5% (4.7% as of YE 2015) has been targeted and reached since 2012 as an optimal risk/reward – balance sheet remains healthy with 15.0% Tier1 ratio as of YE 2015 and 13.0% as of Q3’16

21 Stellar financial history of controlled and profitable growth

Key financial figures Comments

Active cards and deposit customers 1000 Gross loans & growth (YoY) 40% . Advanzia has delivered strong growth 30% 24% combined with high margins and 598 21% 30% 509 20% 21% profitability, while maintaining a 433 320 372 500 905 20% 772 strong balance sheet 642 529 10% 23 24 25 27 30 425 . Strong growth figures with a CAGR of 0 0% 2012 2013 2014 2015 Q3'16 2012 2013 2014 2015 Q3'16 ~23% for gross loans, ~26% for NII Credit card customers ('000) Deposit customers ('000) Gross loans (EURm) Gross loans growth (%) and ~29% for net profit since Q3 2012 Net interest income & margins Profitability 40 47,5% 55,0% 200 19,0% . High customer acquisition costs 18,4% 18,4% 18,2% 18,1% 18.0% 42,7% 30 39,5% 45,0% 150 111 128 34,3% implies higher potential underlying 91 17,0% 72 20 35,0% profits, as CAC can be cut to boost 100 54 26,2% 36 37 15,0% 28 50 10 21 20 25,0% profits significantly 13 8 11 13 15 0 13,0%0 15,0% . 2012 2013 2014 2015 Q3'16 2012 2013 2014 2015 2016Q3’16 YTD High and stable credit cards yield of (LTM) Net profit (EURm) (LTM) ~18% and falling funding costs NII (EURm) Credit card yield Customer acquisition cost ROE . Low cost/income in the mid 30s, Tier Cost/income Capital adequacy 1 capital ratio is at 13.0% as of Q3’16 37,0% 15,6% 16,1% 15,0% 13,0% . Advanzia paid dividends of EURm 16 34,2% 33,6% 33,7% 12,2% 32,0% in 2015 and has as of Q3 paid a total of EURm 19.5 in dividends in 2016 . Deposits are the primary source of 2012 2013 2014 2015 Q3'16Q3’16 2012 2013 2014 2015 Q3'16 funding and are precisely adjusted Cost/income (LTM) Tier 1 cap. Ratio (ex. int. profit) according to prevalent liquidity needs

22 Significant dividend payments over the past years

Dividend history (EURm) Comments

% of . Since 2013, Advanzia has paid nearly EURm 80 in net profit 78% dividends, of which Kistefos has received ~60.3% . Advanzia is now the key source of dividend for Kistefos, and is able to pay ample dividends through 19,5 the bank’s stable and profitable growth profile 45% . Through majority ownership, Kistefos has control over the dividend policy and annual distributions

15,9 . Advanzia is well positioned to deliver significant 126% dividends the coming years

77,9

35,0

35%

7,5

2013 2014 2015 Q3'16 YTD 2013-2016YTD

23 Favorable growth drivers and high pricing in the sector

High sector valuation…1 Advanzia – key value driving considerations P/E ‘16E

Collector 23.7 . Strong track record with a proven business model allowing Komplett Bank 19.4 for scalability and flexibility Bank Norwegian 15.1 Nordax 15.0 . Unique growth position in core markets, creating basis for Handelsbanken 15.6 future profits 14.0 TF Bank Consumer banks: . Robust profitability creating high risk-absorption – high net Swedbank 13.2 Average P/E’16 SEB 13.0 16.5 interest margin, low market risk, cost-efficient operations Resurs 12.0 and stable credit quality Nordea 11.7 Wholesale/saving banks: Danske Bank 11.2 Average P/E’16 . Resilient balance sheet with solid deposit cover ratio, equity 12.6 DNB 11.7 level and loan loss allowance coverage Skandiabanken 11.3 . Solid credit practices and a sophisticated risk management …and high ROE support underlying values framework with effective credit risk models and bad-debt P/B ’15E collection procedures Advanzia 9.0 47.5% ROE (2015) . Favorable legal environment protects creditors and supports 8.0 high loan recovery rates 7.0 6.0 . High quality and committed management team 5.0 4.0 . Ideal footprint for expansion: portable USP & systems, 3.0 scalable processes, business diversification, and low costs 2.0 1.0 ROE 0.0 15 5% 10% 15% 20% 25% 30% 35% 40%

1 24 P/E from Factset as of 10/11/2016 OTHER PORTFOLIO KISTEFOS OVERVIEW ADVANZIA BANK FINANCIALS APPENDIX COMPANIES

25 Western Bulk Chartering

Company description Key financials . Western Bulk Chartering AS (“WBC”) is an asset-light and trading USDm* 2014 2015 H12016 oriented dry bulk operator, using its shipping experience, customer Revenues 1 289 989 295 relationships, market intelligence and trading skills to generate a Net TC 26,2 44,5 0,9 margin from a high-volume activity EBITDA -8,8 9,1 -10,5 Adjusted net result -11,7 7,2 -10,4 . The group provides vessels and transportation services for commodity producers, consumers and traders world-wide, while providing Total assets 198 117 87 employment for vessel owners. The division currently operates a fleet Book equity 67 47 16 between 130-150 vessels . WBC has over the last years delivered solid results despite the adverse market conditions. However, 2016 has been challenging, the decline Ownership structure was partially caused by the negative effects on WBC’s business from the Bulk Invest ASA bankruptcy, and partially by the difficult market with fewer opportunities for profitable spot business . WBC became a wholly owned subsidiary of Kistefos in February 2016. Ojada 8,1% In June 2016, the company executed a private placement towards previous shareholders in Bulk Invest. In September the remaining shareholders in Bulk Invest ASA was given the opportunity to buy shares through a repair offering, in total USDm 22 in new equity was Kistefos 73,9% raised through these two equity issues . WBC had an equity position of USDm 16 in Q216, while the equity Other 18,0% covenant of USDm 15 in the bond loan is applicable from 1.1.2017. Performance in H216 is expected to contribute negatively to the equity position at year-end 2016. WBC is assessing alternatives for addressing the situation

26 * Adjusted: excluding certain one-off adjustments ( see page 3 in WBC’s Q2 report for further details) Viking Supply Ships A/S

Company description Key financials YTD per . Viking Supply Ships (“VSS”) has world leading expertise in USDm 2012 2013 2014 2015 Q32016 operations in areas with ice and extreme weather conditions Revenue 154 171 276 132 82 . VSS owns three AHTS ice-breakers and four AHTS ice class EBITDA 34 51 114 35 26 vessels customized for operations in harsh and icy environments Profit after tax -27 -9 46 -42 -27 . In addition the company owns five PSVs and one regular AHTS on Total assets 748 691 632 467 444 long term bareboat charter all of which are laid up due to the Book equity 304 283 272 175 152 market conditions within the offshore services sector Equity ratio 41% 41% 43% 38% 34% . In 2015 and 2016, the book value on the fleet of five PSVs has Ownership structure been written down by NOKm 410 Lindén Urnes . During H2 2015 and 2016, VSS has been adversely affected by the Jenny; 5,6%

worsening market for offshore supply vessels, and has entered Folke Patriksson; into several agreements to strengthen its balance sheet: 3,5%

Long-term financing platform agreed with its senior lenders Ernström Finans AB; 2,8% Agreement with Bondholders in place − Kistefos *; 70,4% − Agreement with the bankruptcy estate of Norseman Offshore and new owners of Odin Viking in place − Equity issue and final approval of restructuring plan expected in December Others; 17,7%

. −VSS anticipates the general offshore market to remain weak through 2017. There is however positive indications that the activity level within VSS core areas as the Barents Sea and Canada will increase, which will be of significant importance for VSS.

27 *Ownership Indirectly through Viking Invest AS Opplysningen 1881

Company description Key financials

. Opplysningen 1881 is the leading Norwegian provider of NOKm 2011 2012 2013 2014 2015* H12016 directory services via phone and SMS Revenue 480 444 421 344 291 138 EBITDA 158 143 165 112 94 44 . The company is wholly owned by Kistefos EBITDA margin (%) 32.9 32.2 39.2 32.6 32.3 31.9 . Opplysningen continues to deliver strong cash conversion Profit after tax* 90 91 111 73 45 16 and provide Kistefos with solid annual dividends . Volumes are declining as expected and in line with the general market conditions for its services . Initiatives are undertaken to provide new services in order to capitalize on one of the strongest Norwegian brands . Opplysningen launched “Opplysningen Eksperthjelp” in 2014 which offers expert services from lawyers, medical doctors and veterinarians via telephone and email

28 * For 2015, profit after tax, equity and total assets are affected by the merger between Opplysningen 1881 AS and its parent company Telecom Holding AS. The merger resulted in the booking of intangible assets in Opplysningen with corresponding, non-cash effect, depreciations. Infront

Company description Key financials

. Infront offers electronic trading solutions and real-time NOKm 2011 2012 2013 2014 2015 market data, news and analytics covering over 50 exchanges Revenue 188 169 171 182 193 worldwide EBITDA 44 30 27 28 25 Profit after tax 31 15 7 9 6 . The company is a supplier to more than 100 European banks, brokerage firms and exchanges . In April 2016, Infront acquired TDN Finans, a real-time supplier of financial news in Norway . In October 2016 Infront announced an extensive agreement Ownership structure with Six Financial Information, where Infront will gradually Morten take over Six’s terminal users and news agency customers in Lindeman; the Nordics 29,8% . Through the agreement with Six, Infront is well positioned to further grow revenues, while also reducing data costs Kistefos; 31,4%

Kristian Nesbak; 28,9%

Others; 9,8%

29 Oslo Airport City

Company description Ownership structure

. Oslo Airport City controls approximately 850,000 sq.m. of land for commercial property development purposes, next to Oslo Airport Gardermoen (OSL) . Oslo Airport City has partnered up with Vedal, one of Kistefos Others Norway’s leading commercial developers, which will be 30,0 % 70,0 % responsible for the development and completion of future projects . Commercial properties will include a mix of office space, hotels/conference centers as well as logistic properties in separate areas . The first project is expected to be initiated within the next 3 years . Due to its location, increasing traffic figures and expansion plans, we expect OSL to attract a number of commercial players to Oslo Airport City over the next years

30 Portfolio overview – direct investments

Company Description Ownership . Kappa Bioscience develops and sells ultra high purity synthetic vitamin K2 (MK-7) . With its strong positions in the U.S. and Europe, Kappa focuses on the worldwide food supplement and fortified food markets in addition to potentially entering the pharmacy segment . In 2016, Kappa Bioscience acquired Synthetica, a contract research company which develops new chemical 58.3% production processes for various companies . Kappa Bioscience is now looking into further strengthening its position on the distribution side by making another bolt-on acquisition

. Promon is a “cyber security” company that develops and sells application security software in the B2B market . Promon’s patented method for proactively detecting and blocking security threats enables protection of applications and data on any potentially unsafe or unprotected device in any location 31.5% . In 2016, the company had a strategic break-through when the American company VASCO Data Security International Inc. (Nasdaq: VDSI) came in as a minority investor

. The operations of TransAtlantic comprises mainly of shipping services in the Baltic Sea and Northern Europe . TransAtlantic has during 2016 divested three vessels 70.4% . The company now owns one vessel and have nine vessels on bareboat charters

. Atex is a global software supplier (content management) to the media industry, headquartered in the UK and with major offices in Sweden, Italy and Australia . Atex generated revenues of USDm 24 in 2015 85.3% . Atex delivered USDm 3,3 of positive EBITDA in 2015 and is also expected to deliver positive EBITDA in 2016 . Kistefos will consider to divest its investment in 2017

. The San Francisco based company provides cloud based phone services that adds a second line to mobile phones, 47.1% tablets and computers with the simplicity of an app

. OstomyCure is a Medical Technology company that has developed a revolutionary technology involving a titanium implant solution with lid which is intended to replace conventional ileostomies . OstomyCure’s technology called the TIES system (Transcutaneous Implant Evacuation System), received CE 66.6% marking in June 2016 . The company addresses a market which is estimated at USDm 2,000 per year

31 OTHER PORTFOLIO KISTEFOS OVERVIEW ADVANZIA BANK FINANCIALS APPENDIX COMPANIES

32 Kistefos AS – significant deleveraging over the past years

Key financials – Kistefos AS Comments

P&L (NOKm) 2013 2014 2015 H1 2016 . H1 2016 significantly impacted by the bankruptcy in Bulk OPERATING RESULT -64 -68 -87 -54 Invest, with an impact of NOKm -136 on a parent level Income from sub's and ass. companies 355 161 955 0 Net gains/value change (losses) 50 36 13 -136 . NOKbn 1.2 in aggregated net income/equity contribution Net interest -104 -121 -117 -36 since 2013 Other financial 2 190 91 55 . Solid balance sheet with robust credit metrics; 12% net Net income 258 220 873 -158 interest-bearing debt to total assets and 67% book equity ratio as of H1 2016 Balance sheet (NOKm) 2013 2014 2015 H1 2016 Investments in subsidiaries 1,925 2,586 2,309 2,174 Total fixed assets 2,549 2,783 2,376 2,501 Total stock-in-trade and receivables 250 134 944 92 Key credit metrics Shares and other financial instruments 784 827 580 612 67% Cash and cash equivalents 288 267 287 242 59% TOTAL ASSETS 3,871 4,011 4,187 3,447 Total equity 1,780 1,874 2,472 2,314 46% 47% Interest-bearing debt 1,439 1,552 668 668 32% Non-interest-bearing debt 652 585 1,048 466 30%

12% Key ratios and metrics 9% Book equity ratio 46% 47% 59% 67% Market adjusted equity 4,700 2013 2014 2015 H1 2016 Market adjusted equity ratio 80% Book equity ratio NIBD/total assets IBD/total assets 37% 39% 16% 19% NIBD/total assets 30% 32% 9% 12%

33 Kistefos Group – deleveraging and strong financials

Key financials – group consolidated Comments

P&L (NOKm) 2013 2014 2015 H1 2016 . H1 2016 significantly impacted by the bankruptcy in Bulk Total operating income 10,488 12,120 12,241 3,095 Invest, with an impact of NOKm -280 on a group level EBITDA 635 714 973 -321 EBIT 304 515 560 -565 . Western Bulk Chartering impacted by challenging market and Net interest -310 -290 -252 -96 the bankruptcy in Bulk Invest Other financial -228 31 314 43 . VSS negatively impacted by offshore supply market but Net income -317 253 557 -616 financial restructuring now in process of being concluded – write downs of PSV vessels of NOKm 143 in H1 2016 Balance sheet (NOKm) 2013 2014 2015 H1 2016 Total tangible fixed assets 4,058 4,231 4,222 3,672 . Positive development in un-consolidated group companies Total fixed assets 4,788 5,489 5,273 4,457 Key credit metrics Cash and cash equivalents 1,392 1,521 980 775 TOTAL ASSETS 8,625 10,005 8,396 7,085 37% 36% 35% Total equity 2,533 2,628 2,908 2,331 32% 33% 29% Interest-bearing debt 4,563 5,173 3,701 2,685 26% 27% Non-interest-bearing debt 1,530 2,204 1,787 2,070

Key ratios and metrics Book equity ratio 29% 26% 35% 33% IBD/total assets 53% 52% 44% 38% NIBD/total assets 37% 36% 32% 27% 2013 2014 2015 H1 2016 Book equity ratio NIBD/total assets *Advanzia Bank S.A. is currently not consolidated in the group accounts, but will be consolidated in the future.

34 OTHER PORTFOLIO KISTEFOS OVERVIEW ADVANZIA BANK FINANCIALS APPENDIX COMPANIES

35 Simplified legal structure

Kistefos AS

100% 100% 100% 100% 100% 60.3%

Kistefos Kistefos Viking Kistefos Advanzia Advanzia Equity Venture Other Invest AS Eiendom AS Holding AS Bank S.A. Holdings AS Capital AS

Kistefos Equity Operations AS 70.4% 73,9% 30% 100% 100% 31.1%

Western Viking Telecom Bulk Opplysningen Supply Ships Oslo Airport City Holding 1 Infront AS Chartering 1881 AS AB AS AS

20.1%

100% 100% Phonero AS

Viking Trans- Supply Atlantic AB Ships A/S Consolidated in the Kistefos Group

Not consolidated in the Kistefos Group

36 * Phonero AS is sold subject to to approval from Competition Authorities Debt overview

Total NOKm 200m total debt following placement of the bond 100% • Term loan maturing in April-18 • Share pledge in Advanzia Bank shares Advanzia • Distribution restrictions (allowing up to EUR 25m p.a.) Holding AS • Additional NOKm 300 committed as support of the KIST02 refinancing, giving a potential total facility of NOKm 500, pending certain conditions • Guarantee from Kistefos AS

100% Kistefos 100% Opplysningen100% Total NOKm 140m of debt Venture 1881 AS • «Soft» guarantee from Kistefos AS Capital AS

Kistefos AS Total USDm 32 of debt • NOKm 300 unsecured bond loan, maturing in April Kistefos Kistefos Western 100% 100% 2019 Debt: NOKm 667.5 bond, net Equity Equity 73,9% Bulk • Bank credit facility of USDm 6, undrawn as of Holdings Operations Chartering 30.6.2016. Secured with a pledge over WB’s account AS AS AS receivables and bank accounts and a guarantee from Kistefos AS

Total USDm 261.5 of debt • Bank facilities of USDm 215 maturing in March 2020 100% Viking Viking • USDm 22.6 in other short-term debt to credit Viking 70.4% 100% Supply Ships Supply institutions Invest AS AB Ships A/S • Outstanding bond debt of USDm 23.9, which is currently being restructured. Please see slide 16 for more information

37 Kistefos Board of Directors

. Christen Sveaas is the founder and sole owner of Kistefos

. Mr. Sveaas has held several board positions including chairman of the Board at Treschow-Fritzøe AS, Board member of Stolt-Nielsen SA (NYSE listed), Orkla ASA, SkipsKredittforeningen AS, Vestenfjeldske Bykreditt AS, Tschudi & Eitzen Shipping AS, and he has served as senior advisor to EQT, Stockholm, Sweden

. Mr. Sveaas is presently Executive Chairman of Kistefos AS and A/S Kistefos Træsliberi, Vice Chairman of the board of The Kistefos Museum Foundation and Chairman of Anders Sveaas' Allmennyttige Fond, a Norwegian charitable foundation. He is member of Dean's Council’s Executive Committee, Harvard Kennedy Christen Sveaas School, Boston, USA Executive Chairman and Owner of Kistefos AS . Mr. Sveaas is educated at University of St. Gallen, Switzerland. Lic. Oec. HSG; equivalent to an MBA

. Member of the Board since 1989

. Erik Wahlstrøm has practiced law since 1976, served as member of several public law commissions, lectured in tax-law and published several publications. He has previously been chairman of the Norwegian Shareholder Association and the Norwegian Taxpayer Association.

. Mr. Wahlstrøm is the chairman of the Kistefos-Museum and serves as member of board of AS Kistefos Træsliberi and Anders Sveaas' Allmennyttige Fond a Erik Wahlstrøm Norwegian charitable foundation Member since 1989

. Tom Ruud served as CEO of Kistefos Group for the period 2013-2015. Before joining Kistefos Ruud was a member of the Group Executive management of the Umoe Group. Prior to that Ruud was a member of the Group Executive management of Nordea bank AB in Stockholm, the largest Nordic financial services group. Before that Ruud was the Group President and CEO of Kreditkassen and Group President and CEO of Aker Norcem, both major listed Norwegian companies at that time. Ruud has been chairman or board member in a large number of listed and private companies and organizations both in Norway and internationally over the past 30 years. Tom Ruud is currently a Board Member of Kistefos AS and Advanzia Bank S.A. Tom Ruud . Member since 2010 Tom Ruud is a Civil Engineer from Norwegian University of Science and Technology (1974) . Member of the Board since 2011 • Martin Reimers is a Professor in Applied Mathematics at the University of Oslo (UiO). He was educated at the Norwegian University of Science and Technology (NTNU) and at the University of California, Berkeley. He holds an MSc (Sivilingeniør) degree in Industrial Mathematics and a PhD in Applied Mathematics from UiO. Dr. Reimers has worked in applied mathematics and computer science since 1996; as a research scientist at SINTEF, as a senior research scientist at the Norwegian startup-company Martin Reimers SimSurgery AS and as a Professor at the Centre of Mathematics for Applications (CMA), a Centre of Excellence at the UiO. He is currently a Professor at the Department of BoD member since 2011 Mathematics at UiO, and chairman of the board of Fridtjof Eiendom AS, a privately held real estate company. . Member of the Board since 2014

. Ragnhild Wiborg has over 30 years of experience from the financial markets and has an extensive network both within the international and Nordic business communities. She is non-executive director of several Nordic Stock Exchange listed companies; RECSilicon ASA, Borregaard ASA, Gränges AB, Intrum Justitia AB, Skandiabanken ASA, EAM Solar and I.M. Skaugen ASA. Ms. Wiborg was previously partner, owner and fund manager in Consepio, Wiborg Kapitalförvaltning, CIO and Ragnhild Wiborg portfolio manager in Odin Fund Management and has held several positions within Investment Banking in the Nordic and UK capital markets; Pareto Securities, BoD member since 2014 ABGSundal&Collier, First Chicago (now JPMorgan) and Scandinavian Bank (now SEB) . Ragnhild Wiborg has a Bachelor in Economics and International Business from Stockholm School of Economics and Business Administration and Masterstudies from Fundacao Getulio Vargas (Sao Paulo, Brazil) She has also studied French and Political Science at the Sorbonne University

38 Management & key investment team

. Prior to joining Kistefos in 2015, Bengt A. Rem was CEO in Arctic Partners. His previous experience includes Executive Vice President & CFO as well as other leading positions in the industrial investment company Aker ASA, Head of the Department Responsible for Financial Instruments on the Oslo Stock Exchange and state authorized accountant in Arthur Andersen & Co . Mr. Rem holds a Master of Science in Business Administration and Finance from the Norwegian Business School (BI) and is a state authorized public accountant from the Norwegian School of Economics and Business Administration (NHH) Bengt A. Rem CEO . Mr. Rem represents Kistefos on the following boards: Advanzia Bank S.A., Viking Supply Ships AB, Western Bulk Chartering AS and Bergmoen AS

. Prior to joining Kistefos as CFO in May 2015, Tone Bachke was CFO & Head of Staff at Fjords Processing, a portfolio company of the Norway-based oil- services investment company Akastor. Her previous experience includes 12 years in leading positions in the oil service company Aker Solutions, Analyst at DnB and Norske Conoco AS . Mrs. Bachke holds an MSc from the Norwegian School of Economics and Business Administration (NHH) Tone H. Bachke . Mrs. Bachke represents Kistefos on the following board: Bergmoen AS and Gardermoen Forum AS CFO . Mrs. Bachke has accepted another assignment outside Kistefos and will leave the company early 2017

. Prior to joining Kistefos, Mr. Jacobsen was CEO of BlueCom, a Norwegian telecommunications company targeting primarily the residential market. His previous experience includes senior project management in Catch Communications, and different roles in Telenor . Mr. Jacobsen holds a Master of Science in Marketing and Management and a Master in Corporate Finance from the Norwegian School of Management (BI) Gunnar Jacobsen Investment Director . Mr. Jacobsen represents Kistefos AS on the following boards: Phonero AS, Opplysningen 1881 AS, Kappa AS, Atex Group, Infront AS, Direkt AB, Alliance Venture Spring

. Prior to joining Kistefos in 2016, Mr. Borgen was a partner at the private equity firm HitecVision. His previous experience includes partner at Arctic Securities AS as well as other positions in leading global Investment Banking firms like Morgan Stanley and Perella Weinberg Partners. . Mr. Borgen holds an MSc in finance from the Norwegian School of Economics (NHH). Erik Borgen . Mr. Borgen represents Kistefos on the following boards: Western Bulk Chartering AS, Viking Supply Ships AB, and Rognkallen AS Investment Director

39 Advanzia Bank – management

. Previously, Director at . Previously, CEO of Fortis . Previously, IT consultant for Lufthansa Airplus, Consumer Finance Germany several German Companies responsible for credit cards and MD at Von Essen Bank and global bank and General Manager BGL- . IT consultant – Quality partnerships Fortis Luxembourg; retail & Assurance and Project commercial banking Management . Management positions, UK Mark Hentgen and multinational credit . 28 years of financial services Georg Sanner . 19 years of IT services David Voss (40) (56) CEO Chief Chief Marketing cards, at GE Capital Bank experience, whereof 10 in (49) experience Operating Officer Officer consumer finance . Employed in Advanzia since . 16 years of financial services experience . Employed in Advanzia since April 2008 2007 . Employed in Advanzia since April 2014

. Co-founder, VP Operations of . Previously, Customers . Previously controller at Bankia Bank ASA, Norway; Relations Manager at Fortis Arcelor Mittal and various Bankia was later sold to Bank in Holland & Germany finance positions within Santander Group and former and Branch Manager Advanzia VP Procurement Kværner positions within Fortis Bank Hydro, later sold to GE Netherlands and Fortis . Took over as CFO from founder Eirik Holtedahl on Tor Erland . 27 years of international Pieter Verhoeckx Insurance Patrick Thilges the 15th of August, previous Fyksen (51) business experience within (50) Chief (38) . 22 years of financial services position in Advanzia as Chief Risk Officer / consumer Customer Officer experience CFO Senior Country Manager Co-Founder finance/oil&gas/hydro France power/media/consulting . Employed in Advanzia since May 2008 . Employed in Advanzia since . Employed in Advanzia since 2007 inception (2005)

40 Advanzia: Offerings comprising both proprietary and partnership cards

Customers / Product area Product Countries Marketing Awards / examples partners (Q2’16)

Handelsblatt Top Traveller Zero fee Internet direct and via Direct-to-customer Card Gold-branded credit cards ~481,000 active affiliates/partners Credit Cards Börse Online specialist Revolving credit Email marketing award

Drivango, Co-brand and white label ~117,000 active Online and offline via B2B Partner Cards fluege.de, credit card partnerships 140 partners partners E.ON

Competitive EUR deposit 30,000 active Internet direct and Stiftung Warentest award Consumer Deposits accounts for consumers (65,000 clients) comparison sites for permanently good offer

Complete card issuance, Professional Card 15 partners processing and servicing N/A N/A Services (since launch mid 2014) solution

41 P&L – Kistefos Group and Kistefos AS

Income Statement GROUP ISSUER NOK 1,000 2011 2012 2013 2014 2015 1H 2016 2011 2012 2013 2014 2015 1H 2016 OPERATING INCOME Income 8,512,419 9,506,085 10,103,167 11,693,097 11,507,248 3,305,534 0 0 0 0 0 0 Gain on disposal of fixed assets 14,177 77,066 0 10,321 682,419 -219,156 0 0 0 0 0 -32 Other operating income 550,549 693,439 384,818 416,508 51,627 8,953 0 27,818 7,598 8,423 2,225 1,544 Total operating income 9,077,145 10,276,590 10,487,985 12,119,926 12,241,294 3,095,332 0 27,818 7,598 8,423 2,225 1,513

OPERATING EXPENSES Cost of goods 98,883 138,268 115,253 429,655 667,114 34,251 0 0 0 0 0 0 Wages and salaries 510,883 579,023 522,327 533,716 575,538 174,642 47,644 37,484 46,753 47,444 55,720 35,599 Operating expenses ships and barges 7,659,756 8,527,349 8,833,648 10,037,605 9,633,242 3,064,252 0 0 0 0 0 0 Depreciation of fixed and intangible assets 398,362 250,826 331,167 198,965 412,727 243,126 175 110 75 72 574 356 Other operating expenses 465,213 535,306 381,841 405,312 392,565 143,620 29,683 34,702 24,673 28,837 32,940 19,502 Total operating expenses 9,133,097 10,030,772 10,184,236 11,605,253 11,681,185 3,659,890 77,502 72,296 71,501 76,354 89,235 55,457

OPERATING RESULT -55,952 245,819 303,749 514,673 560,109 -564,559 -77,502 -44,478 -63,903 -67,931 -87,010 -53,944

FINANCIAL INCOME AND EXPENSES Income from investments in subsidiaries and associated comp. -13,419 7,249 1,001 -4,943 -51,308 0 -14,469 210,494 354,507 160,733 954,648 -268 Interest received from group companies 0 0 0 0 191 0 27,187 18,356 66,896 20,211 2,950 3,721 Other interest received 18,651 18,857 20,158 17,575 23,728 10,797 11,089 5,569 6,271 3,472 3,027 -427 Net gains (losses) on shares and other financial instruments -133,663 -9,136 3,247 -37,326 347,101 -448 -129,438 72,139 331,141 36,616 310,213 18 Other financial income 44,481 78,731 126,815 285,863 203,406 139,546 14,852 87,309 34,014 198,199 99,245 59,906 Change in value of shares and other financial instruments -25,307 -1,971 -266,780 2,801 -2,352 0 0 -6,497 -280,780 -660 -296,826 -135,577 Interest paid to group companies 0 0 -10,376 0 0 0 -83,839 -72,572 -52,047 -12,734 -12,318 -9,640 Other interest expenses -198,538 -317,055 -319,426 -307,360 -276,295 -107,043 -82,957 -115,044 -125,303 -131,885 -110,717 -29,689 Other financial expenses -82,596 -75,257 -92,160 -215,621 -183,261 -95,425 -19,776 -10,603 -31,569 -7,854 -8,406 -2,815 Net financial income / (expenses) -390,391 -298,581 -537,521 -259,011 61,209 -53,135 -277,352 189,151 303,129 266,098 941,816 -116,771

Operating result before tax -446,343 -52,763 -233,772 255,662 621,318 -617,694 -354,854 144,673 239,226 198,167 854,807 -170,716 Tax 58,833 -40,035 -83,624 -2,787 -64,001 1,699 61,507 -9,057 18,873 22,136 18,085 12,747

NET INCOME -387,509 -92,798 -317,396 252,875 557,317 -615,995 -293,347 135,616 258,099 220,303 872,891 -157,968 Minority’s share of net income -147,547 -121,678 -115,791 24,612 -183,770 Majority’s share of net income -239,962 28,880 -201,605 228,263 741,087

42 Assets – Kistefos Group and Kistefos AS

Balance sheet (Assets) GROUP ISSUER NOK 1,000 2011 2012 2013 2014 2015 1H 2016 2011 2012 2013 2014 2015 1H 2016 FIXED ASSETS Deferred tax assets 82,873 97,076 55,495 68,225 25,447 51,400 0 0 0 2,421 6,607 19,354 Goodwill (badwill) -188,917 -147,492 -125,113 69,132 -36,112 18,162 0 0 0 0 0 0 Other intangible assets 668,458 638,091 440,165 595,279 343,322 324,733 0 0 0 0 0 0 Total intangible assets 562,414 587,675 370,547 732,636 332,658 394,295 0 0 0 2,421 6,607 19,354

Real estate 493,613 297,901 299,304 366,219 458,838 458,923 0 0 0 0 0 0 Ships, PSVs and AHTS 3,612,099 3,436,414 3,437,840 3,602,062 3,494,338 3,126,107 0 0 0 0 0 0 Ships, industrial shipping 404,824 314,244 163,246 76,888 140,767 78,279 0 0 0 0 0 0 Ships, bulk carriers 142,746 130,613 136,324 157,405 119,600 0 0 0 0 0 0 0 Barges 59,914 0 0 0 0 0 0 0 0 0 0 0 Operating equipment, FF&E, machines, etc. 59,319 52,448 20,998 28,864 8,606 8,473 2,868 366 291 219 4,215 3,740 Total tangible fixed assets 4,772,515 4,231,620 4,057,712 4,231,438 4,222,149 3,671,782 2,868 366 291 219 4,215 3,740

Investments in subsidiaries 0 0 0 0 0 0 3,224,336 3,033,196 1,924,934 2,585,603 2,309,155 2,173,578 Loans to group companies 0 0 0 14,494 60,192 0 405,828 678,916 597,764 167,517 47,295 297,703 Investments in associated companies 58,878 60,073 64,858 95,470 65,569 3 0 0 0 0 0 0 Restricted bank deposits 67,798 99,557 63,380 134,037 176,209 61,291 0 0 0 0 0 0 Other long-term receivables 80,652 249,273 231,555 280,429 416,680 330,104 58,614 77,042 26,237 26,770 8,631 6,144 Total financial fixed assets 207,328 408,903 359,793 524,430 718,649 391,397 3,688,778 3,789,154 2,548,935 2,779,890 2,365,081 2,477,424

Total fixed assets 5,542,257 5,228,198 4,788,052 5,488,504 5,273,456 4,457,474 3,691,646 3,789,520 2,549,226 2,782,529 2,375,903 2,500,519

CURRENT ASSETS Inventory 29,258 75,799 81,554 65,160 72,881 207,285 0 0 0 0 0 0 Accounts receivable 638,553 590,455 703,545 840,343 392,764 281,234 4,126 5,539 5,612 6,649 6,805 6,795 Loans to group companies 0 77,789 13,003 19,633 11,670 13,709 268,312 452,886 226,920 114,309 773,655 0 Other receivables 586,694 562,062 573,541 959,280 672,901 305,712 50,329 13,606 17,357 13,166 163,534 84,988 Total stock-in-trade and receivables 1,254,506 1,306,105 1,371,643 1,884,416 1,150,217 807,940 322,768 472,031 249,889 134,124 943,994 91,783

Shares and other financial instruments 1,313,145 1,216,185 1,074,132 1,110,837 992,981 1,044,397 558,407 490,124 784,015 827,364 580,022 612,116 Cash and cash equivalents 1,163,769 980,337 1,391,662 1,521,345 979,657 775,411 123,624 260,510 287,509 266,641 287,353 242,434 Total current assets 3,731,419 3,502,627 3,837,436 4,516,598 3,122,856 2,627,748 1,004,799 1,222,665 1,321,414 1,228,129 1,811,369 946,333

TOTAL ASSETS 9,273,677 8,730,827 8,625,490 10,005,102 8,396,312 7,085,223 4,696,445 5,012,184 3,870,640 4,010,658 4,187,272 3,446,852

43 Equity & liabilities – Kistefos Group and Kistefos AS

Balance sheet (Equity and Liabilities) GROUP ISSUER NOK 1,000 2011 2012 2013 2014 2015 1H 2016 2011 2012 2013 2014 2015 1H 2016 EQUITY Share capital 310,828 310,828 310,828 310,828 310,828 310,828 310,828 310,828 310,828 310,828 310,828 310,828 Fund for valuation differences 0 0 0 0 0 0 252,839 0 0 0 0 0

Other equity 971,408 983,010 1,264,290 1,304,672 1,891,651 1,479,918 802,570 1,211,661 1,468,894 1,563,234 2,160,946 2,002,978 Minority interest 1,028,060 811,819 958,205 1,012,546 705,537 539,908 0 0 0 0 0 0 Total equity 2,310,293 2,105,657 2,533,323 2,628,046 2,908,016 2,330,654 1,366,237 1,522,489 1,779,722 1,874,062 2,471,774 2,313,806

LIABILITIES Deferred tax 210,928 212,615 208,053 174,343 133,341 149,348 21,630 18,793 15,098 0 0 0 Liabilities to financial institutions 4,750,096 3,954,560 2,865,104 3,268,087 2,564,856 36,337 1,526,635 1,342,531 497,679 292,204 0 0 Unsecured bonds 0 735,032 1,697,483 1,756,077 1,136,605 2,648,492 0 454,500 941,500 1,259,500 667,500 667,500 Liabilities to group companies 32,755 0 0 0 0 1,674,286 1,354,190 577,861 306,523 633,471 379,083 Other long-term liabilities 123,870 271,256 97,547 192,550 235,136 1,141,078 12,504 63,321 2,898 4,952 1,578 1,456 Total long-term liabilities 5,117,649 5,173,463 4,868,187 5,391,057 4,069,938 4,046,819 3,235,055 3,233,335 2,035,036 1,863,179 1,302,548 1,048,039

Liabilities to financial institutions 138,582 26,069 0 148,883 0 0 0 0 0 0 0 0 Trade creditors 408,108 295,120 316,770 535,433 190,484 140,533 1,596 2,423 1,273 1,747 956 786 Tax payable 51,939 21,684 15,158 15,155 16,549 14,930 0 0 0 0 0 0 Government taxes, holiday pay, tax deductions 32,720 34,898 19,446 48,146 28,138 14,675 6,744 2,100 2,564 2,493 3,397 3,926 Provisions for dividends 0 0 0 125,000 278,000 63,473 0 0 0 125,000 278,000 63,473 Liabilities to group companies 53,492 85,601 0 7,942 0 0 76,014 221,797 40,840 46,970 33,458 0 Other short-term liabilities 1,160,906 988,334 872,607 1,105,441 905,189 474,141 10,799 30,042 11,206 97,207 97,138 16,822 Total short-term liabilities 1,845,746 1,451,706 1,223,981 1,986,000 1,418,359 707,751 95,153 256,362 55,883 273,417 412,950 85,007

Total liabilities 6,963,396 6,625,169 6,092,167 7,377,056 5,488,298 4,754,569 3,330,209 3,489,697 2,090,919 2,136,596 1,715,498 1,133,046

TOTAL EQUITY AND LIABILITIES 9,273,677 8,730,827 8,625,490 10,005,102 8,396,312 7,085,223 4,696,445 5,012,184 3,870,640 4,010,658 4,187,272 3,446,852

44 Cash flow – Kistefos Group and Kistefos AS

Cash Flow Statement GROUP ISSUER NOK 1,000 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 CASH FLOW FROM OPERATING ACTIVITIES Pre-tax profit -503,023 -52,763 -317,852 255,662 621,318 -354,854 144,673 239,226 198,167 854,807 Tax (paid)/repaid during the year 16,154 -51,939 0 0 0 0 0 0 0 0 Depreciation and amortization 398,362 250,826 415,247 198,965 412,727 175 110 75 72 574 Gain on disposal of fixed assets -14,177 -77,066 0 -10,321 -682,419 0 -6,304 0 0 0 Net (gain)/losses on sales of shares and other financial instr. 133,663 9,136 -3,247 37,326 -347,101 129,438 762 -331,141 -36,616 -310,213 Change in accounts receivable -149,435 48,098 -113,089 -136,798 447,578 3,324 -1,413 -74 -1,037 156 Change in trade creditors 181,445 -112,988 21,649 218,663 -344,949 941 827 -1,150 474 -791 Income from use of equity method 13,419 -7,249 -1,001 4,943 51,308 14,468 0 0 0 0 Gain from booked dividends 0 0 0 0 0 0 -44,000 -11,458 11,458 0 Income from investment in subsidiaries / associated companies 0 0 0 0 0 0 -210,494 -354,507 -99,627 -954,648 Change in value of shares and other financial instruments 25,307 1,971 266,780 -2,801 2,352 -14,274 6,497 280,780 660 296,826 Change in other receivables and other liabilities 345,653 -191,661 86,257 2,269 -50,162 7,308 34,556 131,205 -3,923 7,761 A = Net cash flow from operating activities 447,368 -183,635 354,743 567,908 110,652 -213,474 -74,785 -47,043 69,628 -105,840

CASH FLOW FROM INVESTMENT ACTIVITIES Reduction/(increase) operating equipment, FF&E, buildings/real-estate etc. -51,344 133,740 26,724 -41,452 -42,474 -493 8,695 0 0 0 Reduction/(increase) ships -352,298 191,970 -63,897 -425,169 -218,890 0 0 0 0 0 Reduction/(increase) intangible assets -659,687 30,367 265,699 -400,462 573,206 0 0 0 0 0 Reduction/(increase) investments in subsidiaries/associated companies -28,175 6,054 -4,785 -90,612 29,901 -126,826 211,844 599,635 -50 -50 Reduction/(increase) shares and other financial instruments -126,151 85,853 -135,265 -53,190 223,824 -46,700 68,283 -315,727 -37,184 353,311 Change in restricted bank deposits -234,612 -31,759 36,177 -70,657 -42,172 0 0 0 0 0 Change in other long-term receivables 258,728 -168,621 57,970 -48,874 -136,250 10,990 -18,427 0 0 18,139 Cash in acquired and disposed of subsidiaries / associated companies -1,124 0 0 0 500,377 0 0 0 0 0 Reduction/(increase) receivables for group companies 0 0 0 -21,124 -37,735 276,967 -82,168 228,677 -220,848 59,329 B = Net cash flow from investment activities -1,194,663 247,604 182,923 -1,151,540 849,787 113,938 188,227 512,585 -258,082 430,729

CASH FLOW FROM FINANCIAL ACTIVITIES Increase/(reduction) liabilities to financial institutions 1,141,258 -908,017 -1,089,456 402,984 -703,231 258,123 -184,104 -844,852 -205,475 -292,204 Increase/(reduction) of unsecured bonds 0 735,000 962,451 58,594 -619,472 0 454,500 487,000 318,000 -592,000 Increase/(reduction) liabilities and loans to group companies -79,540 -78,435 -66,423 7,942 -7942 -134,280 -337,314 0 -30,940 600,299 Increase/(reduction) other long-term liabilities -22,270 147,386 -289,107 330,569 -129,700 2,103 70,061 -80,691 86,001 104,728 Equity Issue / (dividends) -12,376 0 356,194 11,308 -152,374 -12,376 0 0 0 -125,000 C = Net cash flow from financial activities 1,027,072 -104,066 -126,342 811,396 -1,612,718 113,570 3,143 -438,543 167,586 -304,177

OTHER CHANGES Dividends from de-consolidated companies 0 0 0 0 50,994 0 0 0 0 0 Other changes, principles, accounting and currency fluctuations 0 -143,334 0 -98,081 59,601 0 20,300 0 0 0 D = Net other changes 0 -143,334 0 -98,081 110,595 0 20,300 0 0 0

A + B + C + D = Net change in bank deposits and cash 279,777 -183,431 411,325 129,683 -541,685 14,034 136,885 26,999 -20,868 20,713 Bank deposits and cash as of per 1 January 883,992 1,163,769 980,338 1,391,663 1,521,344 109,590 123,624 260,510 287,509 266,641 Bank deposits and cash as of per 31 December 1,163,769 980,337 1,391,663 1,521,344 979,657 123,624 260,509 287,509 266,641 287,353

45 Visiting address: Dokkveien 1, N-0250 Oslo, Norway Tel: +47 23 11 70 00 Fax: +47 23 11 70 01 Email: [email protected]

46