EXEMPTED DOCUMENT

Prepared for listing of consideration shares issued in connection with the triangular merger between

Frøy Gruppen AS

and

NTS ASA (A public limited liability company incorporated under the laws of Norway)

______

The information contained in this exempted document (the “Exempted Document”) relates to the merger with Frøy Gruppen AS (the “Merger”) by a wholly owned subsidiary of NTS ASA, a public limited liability company existing under the laws of Norway with business registration number 814520242 and listed on Oslo Børs with ticker “NTS” (the “Company”, and taken together with its subsidiaries, the “Group”). ______

On 9 December 2019, the Company entered into an agreement with Gåsø Næringsutvikling AS, (“Gåsø Næringsutvikling” or the “Seller”) to merge with Frøy Gruppen AS (“Frøy Gruppen”). The Merger was completed on 3. April.2020. Pursuant to the terms and conditions of the merger plan, Frøygruppen AS has merged with Frøy Gruppen, against a consideration in the form of 46,516,416 new shares in the Company (the “Consideration Shares”) issued to the Seller. ______

This Exempted Document serves as a prospectus equivalent document for the purpose of listing the new shares to be issued in connection with the Merger, cf. section 7-1 of the Norwegian Securities Act cf. the Prospectus Regulation Article 1 (5) point (f). This Exempted Document is not a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Counsel of 14 June 2017, and therefore it has not been subject to scrutiny and approval by the relevant competent authority as set out in Article 20 of Regulation 2017/1129.

______

This Exempted Document does not constitute an offer or solicitation to buy, subscribe or sell the securities described herein, and no securities are being offered or sold pursuant to this Exempted Document. ______

In reviewing this Exempted Document, you should carefully consider amongst other the matters described in Section 1 “Risk Factors” beginning on page 3. ______

The date of this Exempted Document is 3 April 2020

IMPORTANT INFORMATION

This Exempted Document has been prepared by the Company for the purpose of listing the Consideration Shares which have been issued in connection with the Merger on Oslo Børs.

For the definition of certain capitalised terms used throughout this Exempted Document, please see section 14, “Definitions and Glossary”, which also applies to the front page.

No shares or other securities are being offered or sold in any jurisdiction pursuant to this Exempted Document.

All inquiries relating to this Exempted Document must be directed to the Company. No other person is authorized to give any information about, or to make any representations on behalf of, the Company in connection with the Merger. If any such information is given or representation made, it must not be relied upon as having been authorized by the Company. The information contained herein is as of the date hereof and is subject to change, completion and amendment without further notice. The publication of this Exempted Document shall not under any circumstances create any implication that there has been no change in the Group's affairs or that the information set forth herein is correct as of any date subsequent to the date hereof. No person is authorised to give information or to make any representation in connection with the Merger other than as contained in this Exempted Document.

The contents of this Exempted Document are not to be construed as legal, business or tax advice. Each reader of this Exempted Document should consult with his or her own legal, business or tax advisor as to legal, business or tax advice. If you are in any doubt about the contents of this Exempted Document, you should consult your stockbroker, bank manager, lawyer, accountant or other professional advisor.

Readers are expressly advised that the Shares are exposed to financial and legal risk and they should therefore read this Exempted Document in its entirety, in particular section 1, “Risk Factors”.

This Exempted Document serves as a prospectus equivalent document for the purpose of listing of the Consideration Shares to be issued in connection with the Merger, cf. Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, Article 1 (5) point (f), as implemented by the Norwegian Securities Trading act section 7-1. This Exempted Document is not a prospectus and has neither been inspected nor approved by the Norwegian Financial Supervisory Authority (Nw. Finanstilsynet) in accordance with the rules that apply to prospectuses. This Exempted Document does not constitute an offer or solicitation to buy, subscribe or sell the securities described herein, and no securities are being offered or sold pursuant to this Exempted Document. The content of this Exempted Document has been prepared on the basis of the Final Report: Technical advice on Minimum Information Content for Prospectus Exemption (ESMA31-62-1207).

The distribution of this Exempted Document may in certain jurisdictions be restricted by law. Persons in possession of this Exempted Document 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 Exempted Document, in any country or jurisdiction where specific action for that purpose is required.

This Exempted Document is not for publication or distribution, directly or indirectly, in the United States. The Company has not registered any of the shares issued by the Company, including the Consideration Shares, (jointly, the "Shares") under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and the Shares may not be offered or sold, directly or indirectly, in the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Company does not intend to register any of the Shares pursuant to the U.S. Securities Act.

This Exempted Document shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo District Court as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with this Exempted Document.

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Table of Content 1 RISK FACTORS ...... 3 2 RESPONSIBILITY STATEMENT ...... 10 3 GENERAL INFORMATION ...... 11 4 THE MERGER ...... 12 5 PRESENTATION OF NTS ASA ...... 16 6 PRESENTATION OF FRØY GRUPPEN AS ...... 32 7 PRESENTATION OF NORWAY ROYAL SALMON ASA ...... 43 8 SELECTED FINANCIAL INFORMATION FOR NTS ASA ...... 47 9 SELECTED FINANCIAL INFORMATION FOR FRØY GRUPPEN AS ...... 55 10 CAPITALISATION AND INDEBTEDNESS ...... 60 11 UNAUDITED PRO FORMA FINANCIAL INFORMATION ...... 67 12 INDUSTRY OVERVIEW ...... 80 13 ADDITONAL INFORMATION AND DOCUMENTS ...... 86 14 DEFINITIONS AND GLOSSARY OF TERMS ...... 88

APPENDIX

APPENDIX A - Auditor’s independent assurance report on pro forma financial information

APPENDIX B – Opening balance Frøy Gruppen

APPENDIX C - Historical audited financials for Frøy Gruppen’s subsidiaries

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1 RISK FACTORS The following risk factors and all other information contained in this Exempted Document, including the financial statements and related notes, should be carefully considered when analysing the Company, the Group, Frøy Gruppen AS and/or the Merger. For the purpose of these risk factors, the term "Group" includes Frøy Gruppen AS and its business, results of operations, cash flows, financial condition and/or prospects. The risks and uncertainties described in this Section 1 are the principal known risks and uncertainties faced by the Group as of the date hereof that the Company believes are the material risks relevant to the Group. If any of the following risks were to materialise, individually or together with other circumstances, they could have a material and adverse effect on the Group and/or its business, results of operations, cash flows, financial condition and/or prospects, which may cause a decline in the value and trading price of the Shares in the Company.

1.1. Issuer Risk Factors 1.1.1. Risk related to the business and industry in which the Group operates

Contractual risks

A substantial portion of the Group’s income is dependent on contracts with its customers. Should the Group not be able to renew, obtain new and favourable contracts or exploit the market on spot when the existing contracts expire, this could adversely affect the Group’s results of operations, cash flows and financial condition. The risk will be higher in period from January to April, when the demand is generally lower.

A general downturn in the financial markets and economic activities may result in a higher volume of late payments and outstanding receivables. The Group’s result of operations, cash flows and financial condition could be affected if any or a substantial portion of its customers fail to compensate the Group for its services, terminates contracts with or without cause or fails to renew the existing contracts, and the Group is unable to enter into contracts with new customers at comparable price terms or at all.

Furthermore, the Group’s ability to extend or renew contracts, or to obtain new contracts, will depend on the prevailing market conditions. In cases where the Group is not able to obtain new contracts in direct continuation, or where new contracts are entered into on price terms substantially below the existing price terms or on less favourable terms compared to existing contract terms, the Group’s result of operations, cash flow and financial conditions could be affected.

Risk related to outbreak of diseases

Operation of fish farming facilities involves considerable risk with regard to diseases and sealice. In the case of an outbreak of disease or sealice, the farmer will, in addition to the potential direct loss of fish, incur substantial costs in the form of lost growth with respect to biological assets, accelerated harvesting, loss of quality of harvested fish and subsequent periodic reduced production capacity. Substantial costs will also be increased in connection with fighting of a disease outbreak and for preventive measures.

The economic importance of disease is measured in the form of waste percentages (mortality), reduced growth or reduced quality for the product. The percentage of waste per generation varies; both between generations and producing countries/regions, but an average for the industry would be around 15-20% per generation. The risk of disease is reduced through high quality smolt, “good husbandry”, and the selection of good sites. The risk is also reduced by vaccines, which the Group is using against all known diseases.

For the outbreak of sealice, algae etc. the Company has developed a project called Aquatraz, which is airtight net cages down to 8 meters. The net cages will help reducing the risk for outbreak of sealice, algae etc. for parts of the production. The Company also has equipment for handling outbreak of sealice.

Risk related to algae

Algae represent a risk in fish farming because caged fish cannot swim away as they would normally do in the wild. Blooms of noxious algae are largely dependent on local marine and weather conditions. Algae have from

3 time to time caused losses at individual sites and represent a general threat to any open net cage facility. The project Aquatraz, as referred to above, is expected to mitigate some of the risks related to algae.

Risk related to deformities

The occurrence of physical deformities and cataracts in farmed fish, which has occurred in the past, may lead to financial loss in the form of reduced growth and health, reduced quality on harvesting and damage to the industry’s reputation. This has in the past been caused by the PD vaccine and/or functional fish meals used by the Group. The Group is in the process of testing a new vaccine, but it is not yet clear if the new vaccine will have similar effects.

Risk related to weather conditions

The farmed salmon growth depends, among other things, on weather conditions. Unexpected warm or cold temperatures resulting from annual variations can have a significant negative impact on growth rates and feed consumption. The Groups’ facilities are located in areas where the weather conditions are well known and the facilities well secured, though other weather conditions, such as storms or floods, could also lead to unexpected losses at facilities. The Group will have a low tolerance for any escape of farmed salmon.

Political risk

Changes in laws, regulations and concessions may have a material adverse effect on the business, financial condition, results of operations or cash flow of the Group's customers and of the Group. The authorities may introduce further regulations for the operations of aquaculture facilities, such as enhanced standards of production facilities, capacity requirements, feed quotas, fish density, site allocation conditions or other parameters for production, which may negatively impact the Group directly, or through its customers.

Furthermore, authorities may impose stricter environmental requirements upon fish farming, e.g. restrictions or a ban on discharges of waste substances from the production facilities, stricter requirements to prevent fish escapes and new requirements regarding animal welfare. Investments necessary to meet new regulatory requirements could be significant and expensive for the Group, and the Group may not be able to pass such expenses on to its customers. Legislation and guidelines with stricter requirements are expected and may imply higher costs for the food industry, and limitations on additives and use of medical products in the farmed fish industry may be imposed, which in turn may negatively affect the Group's customers. In addition, increased quality demands from authorities in the future relating to the food safety may also have a material adverse effect on the Group's customers. Such factors may in turn have a material adverse effect on the business, financial condition, results of operations or cash flow of the Group.

The Group cannot predict the extent to which its future cash flow and earnings may be affected by mandatory compliance with any such legislation or regulations. If laws and regulations affecting the company may change, the price of the Shares may be affected.

Risk related to the Group’s fish carrier vessels

The Group operates, among other business areas, in marine environment, which is subject to the forces of nature as well as environmental and climatologically risks that could cause damage to, loss of, or suspension of operation by the Group’s vessels and could result in reduced levels of offshore activity.

Due to potential challenges with capacity or price developments in Norway, the Group may rely on foreign suppliers of vessels. Use of foreign suppliers may involve risk to the Group as some foreign suppliers do not have long experience or the expected expertise regarding the building and development of vessels to be used in the Group’s business.

The vessels are subject to risk particular to marine operations, including capsizing, grounding, sinking, collision and loss and damage from severe weather, storms, fire, or explosions. Such circumstances have not been materialized with respect to the Groups business, but any of the foregoing circumstances could result in damage to, or destruction of, vessels or equipment, personal injury and property damage, suspension of operations and environmental damage. Litigation from any such event may result in the Company or its subsidiaries being

4 named as a defendant in lawsuits asserting large claims. Moreover, the loss of any one vessel could result in the Company’s inability to meet contract deadlines or improve vessel utilization, which could damage its relationships with key costumers, result in opportunity costs to the Company and have material adverse effect on the Group’s business, results of operations, cash flows, financial conditions or prospects.

Risks related to the COVID-19 outbreak

The outbreak of the corona virus (COVID-19), classified as a pandemic by World Health Organization ("WHO"), may have material adverse effect on the Group. The corona virus may affect the overall performance of the Group’s services and result in delays, additional costs and liabilities. There is a great risk of the employees in the Group being infected/sick and/or placed in quarantine, which may lead to a decrease in activity, impacting slaughtering and sales. The Group may experience reduction in the price and/or volume of export due to severe delays on border areas because of passport and custom checks.

Furthermore, the coronavirus may lead to financial distress with the Groups’ customers which may lead to late payments and outstanding receivables. There is also risk for force majeure in the running customer contracts which can lead to contractual default by counterparties. Additionally, there is a risk of force majeure in connection with the building of vessels and/or the vessels at repair yard.

Finally, the outbreak of the corona virus has led to challenging market conditions, which in turn may lead to a decrease of the market price of the Shares. The market conditions may affect the Shares regardless of the Group’s operating performance and the overall performance in the industry. Consequently, the market price of the Shares may not reflect the underlying value of the Group’s net assets and the price at which investors may dispose of their Shares at any point in time may be influenced by a number of factors, only some of which may pertain to the Group, as illustrated above, while others of which may be outside the Group’s control.

1.1.2. Legal and regulatory risk

The Group may incur significant costs to comply with, or as a result of, health, safety, environmental and other laws and regulations

The Group’s operations are subject to environmental requirements under the laws and regulations in the jurisdictions where the Company and its subsidiaries conduct its businesses. Such laws and regulations govern, among other matters, air pollution emissions, wastewater discharges, solid and hazardous waste management, and the use, composition, handling, distribution and transportation of hazardous materials. Non-compliance with such laws and regulations could imply penalties, liability for damages and other costs for the Group, which may be significant. Many of these laws and regulations are becoming increasingly stringent, and the cost of compliance with these requirements can be expected to increase over time.

Changes to accounting rules or regulations may adversely affect the Group’s financial position and results of operations

The Group’s annual audited consolidated financial information is prepared in accordance IFRS, the Group’s quarterly unaudited consolidated financial information is prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” as adopted by the EU (“IAS 34”). Changes to existing accounting rules or regulations may impact the Group’s future profit and loss or cause the perception that the Group is more highly leveraged. In addition, new accounting rules or regulations and varying interpretations of existing accounting rules or regulations may be adopted in the future and could adversely affect the Group’s financial position and results of operations.

The Group’s vessel owning companies may be subject to a reassessment of corporate income taxes

In 2019, the Norwegian tax authorities initiated a coordinated effort to verify whether vessels used in the fish farming industry qualified under the tonnage tax regime. So far, the Group has been notified that the tax authorities are considering a reassessment as it believes that at least one vessel falls outside the scope of the tonnage tax regime, but no decision has been made to date. If a reassessment decision is made it could be challenged in an administrative appeals process and the courts of law.

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A reassessment decision could also affect the companies’ eligibility for obtaining government refunds for grants based on their payments of Norwegian advance tax deductions, social security contributions and employer’s contributions.

Introduction of a new source rent taxation regime for fish farming

An expert panel last year released a report proposing to increase the income taxation of the fish farming industry by introducing a resource rent taxation. A public consultation period of three months ended on 4 February 2020. Should income tax be imposed pursuant to the proposal, this may have a material adverse effect on the Group.

1.1.3. Risks related to the issuer’s financial situation

The Group may not be able to obtain additional financing on satisfactory terms, or at all, which may significantly affect the Group’s business

If the Group fails to renew or enter into a new loan agreement or if the financial condition of the Company for any other reason becomes distressed, the Company may need to raise additional equity and/or debt financing to continue operations. No assurance can be given that the Company will succeed maintaining a comfortable cash reserve for future operations, and no assurances can be given that the Company will be able to raise additional new equity and/or debt financing on attractive terms, or at all.

The Group is exposed to the risk of contractual default by counterparties

Lack of payments from customers/clients may impair the Group’s liquidity. The concentration of the Group’s customers may impact the Group’s overall exposure to credit risk as customers may be similarly affected by prolonged changes in economic- and industry conditions. The Group undertakes due consideration to the credit quality of its potential clients during contract negotiations to minimize the risk of payment delinquency, but no assurance can be given that the Group will be able to avoid this risk.

In particular, the Group has a contract with Havyard Ship Technology AS for the construction of three fish carrier vessels. Havyard Ship Technology is in financial distress and it has been disclosed to the market that the company has lost its equity. Should Havyard Ship Technology not be able to deliver the vessels under construction, at the terms agreed, or at all, this may influence the financial situation of the Group. However, please note that the Group have provisions of guarantees and potential back-up solutions for supply which will lower and minimize the risk of financial loss.

Market risk, including currency and interest risk

The Group is not exposed to changes in exchange rates in any significant manner, as a very small part of the Group's revenues and costs are denominated in foreign currencies. All cash is held in NOK.

The Group is exposed to changes in interest rates, as some of the debt in the Group has a floating interest rate. Furthermore, changes in interest rates affect investment opportunities in future periods. The Group is consecutively considering interest rate hedging in relation to the already existing agreements in cooperation with their bank. The Company is aiming for approx. 30 % of interest rate hedging but is currently awaiting in line with advice from the bank.

1.2. Securities Risk Factors 1.2.1. Risk related to the nature of the shares

Future sales, or the possibility for future sales of substantial numbers of Shares in the Company (“Shares”) may affect the market price of the Shares.

The market price of the Shares could decline as a result of sales of a large number of Shares in the market after the date hereof or the perception that these sales could occur. These sales, or the possibility that these sales may occur, also might make it more difficult for the Company to sell equity securities in the future at a time and at a price that it deems appropriate.

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The Company cannot predict what effect, if any, future sales of the Shares, or the availability of Shares for future sales, will have on the market price of the Shares. Sales of substantial amounts of the Shares in the public market following the date hereof, or the perception that such sales could occur, may materially and adversely affect the market price of the Shares, making it more difficult for holders to sell their Shares or the Company to sell equity securities in the future at a time and price that they deem appropriate.

Pre-emptive rights may not be available to all holders of shares

Under Norwegian law, unless otherwise resolved at a General Meeting, existing shareholders have pre-emptive rights to participate based on their existing ownership of Shares in the issuance of any New Shares for cash consideration. Shareholders in the United States, however, may be unable to exercise any such rights to subscribe for new shares unless a registration statement under the U.S. Securities Act is in effect in respect of such rights and Shares or pursuant to an exemption from, or in transactions not subject to, the registration requirements of the U.S. Securities Act and other applicable securities laws. Shareholders in other jurisdictions outside Norway may be similarly affected if the rights and the New Shares being offered have not been registered with, or approved by, the relevant authorities in such jurisdiction. To the extent that the Company’s shareholders are not able to exercise their rights to subscribe for New Shares, their proportional interests in the Company will be reduced.

Investors may not be able to exercise their voting rights for Shares registered in a nominee account

Beneficial owners of the Shares that are registered in a nominee account (such as through brokers, dealers or other third parties) may not be able to vote for such Shares unless their ownership is re-registered in their names with the VPS prior to the Company’s General Meetings. The Company cannot guarantee that beneficial owners of the Shares will receive the notice of a general meeting in time to instruct their nominees to either effect a reregistration of their Shares or otherwise vote for their Shares in the manner desired by such beneficial owners.

Investors may have difficulty enforcing any judgment obtained in the United States against the Company or its directors or executive officers in Norway

The Company is incorporated under the laws of the Kingdom of Norway, and all its current directors and executive officers reside outside the United States. Furthermore, all or substantially all the Company’s assets and all or substantially all of the assets of the Company’s directors and executive officers are assumed to be located outside the United States. As a result, investors in the United States may be unable to effect service of process on the Company or its directors and executive officers or enforce judgments obtained in the United States courts against the Company or such persons in the United States, including judgments predicated upon the civil liability provisions of the federal securities laws of the United States. The United States and Norway do not currently have a treaty providing for reciprocal recognition and enforcement of judgments (other than arbitral awards) in civil and commercial matters.

Norwegian law may limit shareholders’ ability to bring an action against the Company

The rights of holders of the Shares are governed by Norwegian law and by the Articles of Association. These rights may differ from the rights of shareholders in other jurisdictions. Norwegian law limits the circumstances under which shareholders of Norwegian companies may bring derivative actions. For instance, under Norwegian law, any action brought by the Company in respect of wrongful acts committed against the Company will be prioritised over actions brought by shareholders claiming compensation in respect of such acts. In addition, it may be difficult to prevail in a claim against the Company under, or to enforce liabilities predicated upon, securities laws in other jurisdictions.

Shareholders outside of Norway are subject to exchange rate risk

The Shares are, and the New Shares will be, priced in Norwegian kroner (“NOK”), the lawful currency of Norway, and any future payments of dividends on the Shares or other distributions from the Company will be denominated in NOK. Accordingly, any investor outside Norway is subject to adverse movements in the NOK against their local currency, as the foreign currency equivalent of any dividends paid on the Shares or price

7 received in connection with any sale of the Shares could be materially impacted upon by adverse currency movements.

Upon completion of the Merger, certain Shareholders will control a significant percentage of the share capital. A concentration of ownership may have the effect of delaying, deterring or preventing a change of control of the Company that could be economically beneficial to other Shareholders. Further, the interests of Shareholders exerting a significant influence over the Company may not in all matters be aligned with the interests of the Company and the other shareholders of the Company.

Volatility of the share price

The market price of the Shares may be highly volatile and investors in the Shares could suffer losses. An investment in the Shares involves a degree of risk, and investors should be able to withstand substantial losses and/or wide fluctuations in the market price of the Shares in the Company.

In addition, no assurances can be given that stock market fluctuations, even if otherwise unrelated to the Group’s activities, will not have a material adverse effect on the market price of the Shares. The market price of the Shares in the Company following the completion of the Merger will depend on many factors beyond the Group’s control and may not be related to the operating performance of the Group. As a result, the price of the Shares may decline, which could result in the loss of all or part of an investor’s investment.

In the future, it is possible that the Company may decide to offer additional Shares or other securities in order to finance new capital-intensive projects, or in connection with unanticipated liabilities or expenses or for any other purposes. Any such additional offering could reduce the proportionate ownership and voting interests of holders of Shares, as well as the earnings per share and the net asset value per share of the Company, and any offering by the Company could have a material adverse effect on the market price of the Shares.

1.3. Risk Factors relating to the Merger 1.3.1. Risk related to the nature of the Merger

The failure to integrate the operations of the Company and Frøy Gruppen successfully and on a timely basis could reduce the profitability of the Company and adversely affect its share price

The Company expects certain benefits to arise from the Merger, such as new growth opportunities, improved performance, efficiencies, synergies and cost savings. Achievement of these benefits will depend in part on whether the operations and the personnel of the companies can be integrated in an efficient and timely manner. The challenges involved in this integration include the following:

• retaining key employees; • redeploying resources in different areas of operations to improve efficiency; • minimizing the diversion of management attention from ongoing business concerns; and • addressing possible differences in the business cultures, processes, controls, procedures and systems of the Company and Frøy Gruppen

Even if the Company is able to successfully combine the operations of the Company and Frøy Gruppen, it may not be possible to realize the full benefits that the Company currently expects to result from the Merger, or to realize these benefits within the time frame that is currently expected. The benefits of the Merger may be offset by operating losses relating to changes in market conditions, risks and uncertainties relating to the Group's prospects, an increase in operating or other costs, unanticipated difficulties and costs related to the integration, the impact of competition and other risk factors relating to the industry.

Shareholders in the Company will have a reduced ownership and voting interest in the Company following completion of the Merger and will exercise less influence over management of the Company than previously held in respect of the Company

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The Company will issue 46,516,416 Consideration Shares to the Seller following completion of the Merger. Therefore, it will be an increased number of shares in the Company, and the current shareholders of the Company will thus own a significantly smaller percentage of the Company than they currently own. The reduced ownership percentage has consequently resulted in reduced influence over matters submitted for vote in the general meetings of the Company, including but not limited to reduced influence over election of the members of the Company's board of directors and the distribution of dividend.

The Company will have three major shareholders

Following the completion of the Merger, Gåsø Næringsutvikling AS, Nils Williksen AS and Haspro AS will own approximately 39,00 %, 14,40 % and 13,15 % of the issued share capital of the Company, respectively. As major shareholders of the Company, Gåsø Næringsutvikling AS, Nils Williksen AS and Haspro AS will in their capacity be able to significantly influence the outcome of matters submitted for vote in the general meetings. The commercial goals and interests of Gåsø Næringsutvikling AS, Nils Williksen AS and Haspro AS as shareholders and the commercial goals and interest of the Company and/or the other shareholders, may not always be aligned.

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2 RESPONSIBILITY STATEMENT

2.1. Responsibility for the Exempted Document This Exempted Document has been prepared by NTS ASA to in connection with the listing of the Consideration Shares issued in connection with the Merger.

The Board of Directors of NTS ASA accepts responsibility for the information contained in this Exempted Document, pursuant to and in accordance with section 7-4 (1) of the Norwegian Securities Trading Act. We, the members of the Board of Directors of NTS ASA, hereby confirm that, having taken all reasonable care to ensure that such is the case, the information contained in this Exempted Document is, to the best of our knowledge, in accordance with the facts and contain no omissions likely to affect its import.

3 April 2020

The Board of Directors of NTS ASA

Roger Granheim Nils Martin Williksen Chairman Director

Grete Rekkebo Brovoll Odd Reidar Øie Director Director

Solvår Hallesdatter Hardesty Hege Bjørgum Skillingstad Director Director

Jorunn Dolmen Helge Gåsø Director Director

Anders Gåsø Director

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3 GENERAL INFORMATION

3.1. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Exempted Document includes forward-looking statements that reflect the Company’s current views with respect to future events and financial and operational performance, including, but not limited to, statements relating to the risks specific to the Group’s businesses and the implementation of strategic initiatives, as well as other statements relating to the Group’s future business development and economic performance. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are not historic facts. They appear in a number of places throughout this Exempted Document and include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, goals, objectives, financial condition and results of operations, liquidity, prospects, growth, strategies, impact of regulatory initiatives, capital resources, and the industry trends and developments. Readers are cautioned that forward-looking statements are not guarantees of future performance and that the actual financial condition, operating results and liquidity of the Group, and the development of the industries in which it operates, may differ materially from those made in or suggested by the forward-looking statements contained in this Exempted Document. By their nature, forward-looking statements involve and are subject to known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. The information contained in this Exempted Document, including the information set out under Section 1 “Risk Factors”, identifies certain factors that could adversely affect the business, financial condition, operating results, liquidity, performance and prospects of the Group. Readers are urged to read all sections of this and, in particular, Section 1 “Risk Factors”. The Company undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on the Company’s behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this.

3.2. Information sources from third parties The information in this Exempted Document that has been sourced from third parties has been accurately reproduced and as far as the Company is aware and able to ascertain from information published by that third party, no facts have been omitted which would render the reproduced information inaccurate or misleading.

3.3. Information incorporated by reference The Prospectus Regulation allows the Company to incorporate by reference information in this Exempted Document that has been previously filed with the Oslo Stock Exchange or the Norwegian Financial Supervisory Authority in other documents. The audited historical financial statements for the Group as of and for the years ended 31 December 2019, 2018 and 2017 (the “Annual Financial Statements”), prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”) and the audit reports in respect of the Annual Financial Statements have been incorporated as a part of this Exempted Document; see Section 13.2 “Incorporation by Reference; Documents on Display”. Accordingly, this Exempted Document is to be read in conjunction with these documents.

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4 THE MERGER

4.1. Overview On 9. December 2019 NTS and Gåsø Næringsutvikling entered into an agreement to merge Frøy Gruppen with Frøygruppen AS (“Frøygruppen”) (previous Herkules Invest 316 AS) against issuance of the Consideration Shares by NTS to Gåsø Næringsutvikling. The Merger includes Gåsø Næringsutvikling's 16.05% stake in Norway Royal Salmon ASA ("NRS"), corresponding to 6,993,188 shares.

The Board of Directors of Frøygruppen and Frøy Gruppen agreed upon a merger plan for the Merger on the 20. January 2020, which was co-signed by the Board of NTS, as the party issuing the Consideration Shares. The general assemblies of Frøygruppen and Frøy Gruppen approved the Merger on 11 February 2020, and the General Meeting of NTS approved the issuance of the Consideration Shares on 12 February 2020.

The Merger Plan with appendices is attached in Section 13.2 “Incorporated by reference”.

4.2. Description of the Merger The Merger is set to be carried out as a triangular merger pursuant to the Norwegian Public Limited Liability Companies Act (the “NPLLCA”) section 13-2, second paragraph, in which Frøy Gruppen shall merge with a wholly owned subsidiary of NTS, Frøygruppen, against issuance of Consideration Shares in NTS. The exchange ratio in the Merger has been set to 61/39. The valuation, which is the basis for the exchange ratio, is based on negotiations between the parties and further supported by an independent valuation from Danske Bank, Norwegian Branch.

Following completion of the Merger, Gåsø Næringsutvikling will own 46,516,416 shares in NTS, corresponding to 39% of the outstanding shares in NTS at the time of completion of the Merger. The parties have agreed that Gåsø Næringsutvikling will retain a right to dividends paid on its’ shares in NRS from 2019 paid out in 2020, within limits which are acceptable to the board of NTS.

Gåsø Næringsutvikling has in relation to the Merger committed to a six-month lock-up on the Consideration Shares, which will expire on 3 October 2020.

4.3. Background and reason for the Merger The Merger with Frøy Gruppen enhances NTS’ position as a leading supplier of services to the seafood industry. It will increase its service offering with a fleet consisting of 16 wellboats, 66 service vessels and four shipping vessels, including newbuilds.

Through the acquisition of 6,993,188 shares in NRS, NTS will strengthen its market position in the salmon farming segment significantly, as well as in the service offering to the aquaculture industry. This will give NTS a large foundation to further develop the Company as a leading company in the aquaculture industry. NTS as a long- term value creator views the Merger as instrumental in securing workplaces and activities all across the Norwegian coastline, where the Merged companies currently operates.

Following the Merger, the combined company will have a wider geographical footprint with operations all along the Norwegian coastline which is expected to provide strategic synergy effects to both NTS and Frøy Gruppen.

4.4. Conditions for completion of the Merger Completion of the Merger was subject to fulfilment of certain conditions, including approval from the Norwegian Competition Authority, approval for continued listing by the Oslo Stock Exchange and due diligence of both NTS and Frøy Gruppen.

Furthermore, the Merger required approval from the General Meeting of the Company with a 2/3 majority vote in favour of the Merger, including approval for issuance of the Consideration Shares. Shareholders representing

12 more than 2/3 of the Shares in the Company had pre-committed to vote in favour at the General Meeting. The Extraordinary General Meeting, held 12 February 2020, approved the Merger.

The Merger was also conditional on the following terms:

 Receiving necessary regulatory- and third-party approvals  The creditor deadline for the Merger having expired, without objection form the involved creditors, other than objections that have been paid, pledged satisfactory security for, or where the requirement for collateral has been rejected, cf. the NPLLCA section 13-16.

In addition, the following conditions apply to each party:

 No leakage from the other party, other than leakage permitted by the Transaction Agreement  The other party must in all material respects have complied with its obligations under the Transaction Agreement, which must be complied with before or on the day of the implementation.

All the conditions were met prior to the completion of the Merger and the publication of this Exempted Document.

4.5. Consideration By the Merger, Frøy Gruppen will transfer all its rights, assets and obligations to Frøygruppen, against consideration to the sole shareholder of Frøy Gruppen, Gåsø Næringsutvikling, in the form of issuance of the Consideration Shares by NTS as the parent company of Frøygruppen. The subscription price in the share issuance in NTS to issue the Consideration Shares is set to NOK 64.5 per share, implying a total subscription amount of NOK 3,000,308,832, settled by the merger debt, equal to NOK 3,000,308,832, issued by Frøygruppen for the benefit of NTS upon completion of the Merger. The valuation of the subscription amount is set per 20. January 2020 based upon the opening stock market quotation for shares in NTS on 20. January 2020 multiplied with the number of consideration shares agreed to be issued. Gåsø Næringsutvikling will after completion of the Merger own 39.0% of the shares in NTS.

The Consideration Shares will carry the same rights and will rank pari passu with the already issued Shares of the Company. The Consideration Shares will upon issuance be listed on the Oslo Stock Exchange under NTS’ ordinary ISIN.

Frøy Gruppen has accepted a limited lock-up on the Consideration Shares until 3 October 2020. There are no further restrictions in the lock-up period.

Furthermore, Gåsø Næringsutvikling has retained the right to receive the dividend paid out from NRS in 2020 from the operational year of 2019. The board of NRS has proposed a dividend of NOK 10 per share in its fourth quarter report for 2019, which equals in total NOK 69,931,880 for the shareholding formerly held by Gåsø Næringsutvikling. The dividends will be distributed as a cash dividend of NOK 7.5 per share and a share distribution from the company’s treasury shares.

4.6. Impact of the Merger Following the Merger, NTS will fortify its position as a fully integrated supplier of services along the Norwegian coast. The two companies, NTS and Frøy Gruppen have a complementary service offering and geographical presence. By completion of the Merger, the Group will be a more complete supplier by having access to a large number of both service boats and wellboats. The combined company will own 66 service vessels, 16 wellboats and four transportation vessels, including newbuilds. Furthermore, the merged company will be able to work more efficient, reduce production costs and biological risks for its customers by exchanging expertise. At the date of this Exempted Document, there are no plans to make any material changes in the business of either Frøy Gruppen or NTS following completion of the Merger

NTS will after the Merger be the largest shareholder in NRS with an ownership of 16.05%. NRS has a license capacity with maximum allowed biomass of 34,746 tonnes of salmon located in Troms and western parts of

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Finnmark. In addition, NRS has a minority interest in another three salmon farmers which all combined have 10 farming licences and an ownership in Arctic Fish in Iceland, with a capacity of 11,000 tonnes.

The Merger will not have any effect on current material contracts for NTS and Frøy Gruppen.

Please refer to Section 5.5 “Strategy” for the Company’s intention for the future business of the merged company. The Company has further not considered any restructuring and/or reorganization for the next 12 months.

There will not be any additional debt related to the merger as the merger is conducted as a share-for-share agreement where Gåsø Næringsutvikling will receive consideration shares in NTS.

4.7. Financing Arrangements in connection with the Merger The Company will at completion of the Merger issue the Consideration Shares as full and final settlement for the Merger with Frøy Gruppen.

4.8. Costs in relation to the Merger The costs in relation to the Merger will be covered by the Group. The total expenses related to the Merger amounts to approx. NOK 8,000,000.

As the transaction involves the Merger between Frøygruppen and Frøy Gruppen, against the issuances of Consideration Shares by NTS, no net proceeds will be received by the Company.

4.9. Timetable for the Merger Date: Step: 9 December 2020 Signing of the Transaction Agreement to merge with Frøy Gruppen 20 January 2020 The Merger Plan is signed 11 February 2020 Extraordinary general meeting in Frøygruppen for approval of the Merger Plan 11February 2020 Extraordinary general meeting in Frøy Gruppen for approval of the Merger Plan 12 February 2020 Extraordinary general meeting in the NTS for approval of the Merger Plan and decision on issuance of the Consideration Shares 19 February 2020 Registration of decision on Merger - commencement of six weeks creditor notice period 1 April 2020 Expiry of six weeks creditor notice period 2 April 2020 Filing of final implementation of the Merger to the Norwegian Business Register 3 April 2020 Registration of the final implementation of the Merger - completion of the Merger and issuance of the Consideration Shares

4.10. Interests of certain persons in the Merger Except for the granting of the right to Gåsø Næringsutvikling to retain its right to dividend from NRS for the operational year 2019, as described in Section 4.5 "Consideration", no agreements to the benefit of the members of the Board of Directors or Executive Management of NTS or Frøy Gruppen have been, or are expected to be, entered into as a result of the Merger.

4.11. Interests of natural persons and legal persons in the Merger Danske Bank, Norwegian Branch, acting as the manager for NTS in the Merger, and/or its respective affiliates have provided from time to time, and may provide in the future, investments and commercial banking services to the Company and its affiliates in the ordinary course of business, for which they may have received and may continue to receive customary fees and commissions.

Other than as set out above, the Company is not aware of any interest of any natural or legal persons involved in the Merger that is material to the Merger.

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4.12. Advisors Danske Bank Norwegian Branch is acting as financial advisor to the Company in connection with the Merger, and Arntzen de Besche Advokatfirma AS is acting as legal advisors to the Company and Frøy Gruppen in connection with the Merger.

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5 PRESENTATION OF NTS ASA NTS ASA is a Norwegian public limited liability company incorporated under the laws of Norway with business registration number 814 520 242 and is governed by the NPLLCA. The Company was incorporated on 10 December 1969.

The Company is listed on Oslo Børs with “NTS” as ticker designation. The Company’s share capital at the date of this Exempted Document, and the completion of the Merger, is NOK 119,272,862 divided into 119,272,862 Shares, each with a nominal value of NOK 1. The Shares are registered in the Norwegian Central Securities Depository (the "VPS") with the Securities Identity Number ISIN NO 0004895103. The Company's Registrar in VPS is DNB Bank ASA. The Company has its registered address at Sentrumsgata 6, 7900 Kolvereid, telephone: (+47) 74 21 63 00 and the web-address is www.ntsasa.no. The Company's LEI number is 5967007LIEEX2XIBJC08. Please note that the information on the website does not form part of this Exempted Document unless the information is imported by reference into the Exempted Document.

As per the 2019 NTS Annual Report income amounted to NOK 1,677 million, EBITDA amounted to NOK 489 million and net income NOK 303 million. The total assets on the balance sheet amounted to NOK 6,324 million and equity amounted to NOK 3,024 million. There are no significant assets or liabilities not on the balance sheet.

NTS operates from its office in Kolvereid. Prior to completion of the Merger, the Company employs 335 employees, whereof 65 in Midt-Norsk Havbruk AS, 35 in Fiskeldi Austfjarda hf, 139 in the wellboat segment and 58 in the sea transportation segment. NTS management employs 25 and NTS ASA employs 13.

5.1. Business overview Prior to completion of the Merger, the Company’s business is conducted through its subsidiaries Midt-Norsk Havbruk AS, NFT AS, Ice Fish farm (Fiskeldi Austfjarda HF), NTS Shipping AS and NTS Management AS and its associated company FosenNamsos Sjø AS. The below figure illustrates the legal structure of the Company including the subsidiaries and associated companies of the Group prior to completion of the Merger with Frøy Gruppen.

Following completion of the Merger, the Group structure is as illustrated:

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MNH will following the Merger include Fiskeldi Austfjarda sf, which operates under the Ice fish farms brand in a commercial setting. NRS will be a financial investment in Frøygruppen, and Frøygruppen will have the following subsidiaries; Frøy Rederi, Frøy Akvaservice, Frøy Vest, Frøy Akvaressurs, Frøy Nord, Stava Sjø, Evja AS and NCE AS.

5.2. Business areas Midt-Norsk Havbruk AS (“MNH”)

MNH is a salmon farming company located in Rørvik, Trøndelag. As of 01. January 2020 the company had licensed capacity, with maximum allowed biomass of 12,005 tonnes of salmon. The company is integrated with a smolt hatching facility, a processing facility and distribution. At the end of 2019, MNH owned 15 salmon farming licenses, including 11 standard licenses, and 4 development licenses.

MNH has since acquired more shares in Fiskeldi Austfjarda HF, and has now a shareholding at 62.73% of the issued and outstanding shares. Fiskeldi Austfjarda HF, also known as Ice Fish Farms, is a salmon farming company based in Iceland. In 2019 the company was allowed to increase total production to 20,800 tonnes of salmon.

MNH has developed a new project called Aquatraz, a semi-closed steel fish cage for aquaculture of salmon in close coastal areas. Aquatraz is designed to be used in existing fish farming locations using existing frame mooring systems and infrastructure. The fish cage consists of a circular semi-closed steel fish and a conical fish net connected to the lower cage circumference. Open panels with fish net are arranged on the sides of the steel cage to ensure natural change of water due to the tidal current. The fish cage rests on a buoyancy ring of steel. Aquatraz is further arranged with a lifting system (consisting of four (4) lifting columns) with the purpose of lifting the fish cage out of water in connection with unloading, disinfection, maintenance and repair.

MNH has one smolt production license and a smolt production facility, called Osan Settefisk, with an ownership share of 66% per 31 December 2019. Moreover, Osan Settefisk partly owns smolt facilities Flatanger Settefisk Holding AS with an ownership share of 41%. MNH is nearly self-sufficient with smolt, enabling more control of the quality of salmon input.

MNH delivered the following financials for 2019: total revenue of NOK 1,203m, EBITDA of NOK 319m and EBIT of NOK 258m.

Norsk Fisketransport AS (“NFT”)

NFT is today one of the largest wellboat owners in Norway with a fleet comprised of 10 wellboats, and an additional vessel chartered in on a bareboat contract. Three of the wellboats are currently under construction with expected deliveries of the first two wellboats in 2020 and the last in 2021. The current fleet operates within transportation of live fish, processing and delousing. The vessels operate in the areas from Møre to Finnmark in Norway and are mainly on contracts with long duration. Below is an overview of the vessels owned by NFT at the date of this Exempted Document:

Vessel Ownership M3 Tonnes (LWE) Building year

Unknown, under Norsk Fisketransport AS 3,200 640 2021 construction

Unknown, under Norsk Fisketransport AS 3,200 640 2020 construction

Unknown, under Norsk Fisketransport AS 3,200 640 2020 construction

MS Steigen Polarfjell AS 3,200 640 2017

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MS Namsos Norsk Fisketransport AS 3,200 640 2015

MS Havtrans Norsk Fisketransport AS 3,200 640 2014

MS Dønnland Norsk Fisketransport AS 1,500 235 2012

MS Viknatrans Norsk Fisketransport AS 1,200 180 2011

MS Novatrans Norsk Fisketransport AS 1,200 180 2011

MS Veidnes Norsk Fisketransport AS 950 140 2002

NFT delivered the following financials for 2019: total revenue of NOK 469m, EBITDA of NOK 149m and EBIT of NOK 86m.

NTS Shipping AS

NTS Shipping owns and operates four vessels, MS Folla 2, MS Rotsund, MS Rubin and MS Safir. The latter two were purchased by NTS Shipping through an acquisition of Sjøtransport Rotsund AS in 2018. Both vessels are on contracts with the feed producer EWOS. MS Folla 2 operates as a general cargo vessel and sails between Trondheim and Øksfjord on a weekly basis. MS Rotsund sails all across the Norwegian coast in addition to the Baltic area. MS Rotsund changed its name from MS Nordkinn following an upgrade which enables the vessel to unload fish feed.

At the end of 2019, three out of four vessels operated a fixed time charter agreement while the fourth vessels operated in the spot market.

Below is an overview of the vessels owned by NTS Shipping at the date of this Exempted Document:

Vessel Ownership Length Load capacity tonnage Building year

MS Rubin NTS Shipping AS 69.9 2,000 2014

MS Safir NTS Shipping AS 55.9 1,175 1982

MS Rotsund NTS Shipping AS 80.0 2,713 2006

MS Folla 2 NTS Shipping AS 53.2 700 1982

NTS shipping delivered the following financials for 2019: total revenue of NOK 111m, EBITDA of NOK 28m and EBIT of NOK 15m.

5.3. History The Group has over 140 years of experience from the sea transportation business. The Group‘s history dates back to 1879 when cargo and passengers were transported by help of steam ships along Namdalskysten in Nord- Trøndelag. In 2004 the Group gathered all its properties and real estate in the newly formed Siva Namsos Eiendom AS. The ferry business was merged with Fosen Trafikklag in 2008 and subsequently renamed FosenNamsos Sjø AS and headquartered in Trondheim.

In 2008 the Company also acquired 35.0% of the shares in Norsk Fisketransport Holding AS. In November 2012 the Company entered into an agreement with Jaras Eiendom AS to acquire the latter’s pro rata shares of 10.8% ownership stake in Norsk Fisketransport Holding AS. The Company’s pro rata share of 3.1% was acquired in January 2013, and in March 2013 a letter of intention for the acquisition of an additional 40.5% was entered into. The deal was completed on 6 May 2013, resulting in a 68.8% ownership in Norsk Fisketransport Holding AS. In September 2014, the Company acquired the remaining shares in Norsk Fisketransport Holding AS and now

18 holds 100.0% of the company. The transactions were at the time and are still in line with the Group’s long-term aim to focus on the core businesses transport and maritime sector.

Following a 2011 board resolution in Helse Midt-Norge and Helse Innlandet, the Group’s ambulance business was in January 2013 taken over by the regional health authorities.

As part of the strategy to focus on the defined core businesses, in November 2012, the Company agreed to divest its 33.3% share in Siva Namsos Eiendom to Jaras Eiendom AS and Siva Eiendom Holding AS for a consideration of NOK 38 million. The transfer of the shares was completed in January 2013.

In the fourth quarter of 2012 the Company also entered into the waste management business through the acquisition of 66.7% of the shares in Sunde Renovasjon, which operates in nine counties in Namdalen and in Fosen. The company was renamed NTS Miljø AS, and in the first quarter of 2013 the Company exercised the option to acquire the remaining outstanding shares. The move was motivated by the significant opportunities NTS saw in the waste management business and the fit with the Group’s existing transport business. After two years, in March 2015, the Company sold NTS Miljø AS to Reno Norden ASA for NOK 4.6 million.

The freight business was through the third quarter of 2012 carried out through the wholly owned subsidiary Namdalske AS. In the following quarter, the business was expanded through the creation of the subsidiary NTS Transport AS. NTS Transport AS was up until January 2014, when Namdalske and Sunde Transport merged into NTS Transport, the holding company for the two subsidiaries. The company was owned 50.1% by NTS, with the remaining 49.9% shares held by Sunde Invest AS. In November 2014, the Company agreed to divest its shares in NTS transport to Namdal Invest AS for NOK 5.7 million.

In February 2013 the Company strengthened its focus on maritime transport through the acquisition of Folla Sjøtransport AS from Folla Sjøtransport Holding AS for a consideration of NOK 8.3 million. In 2017 Folla Sjøtransport AS changed its name to NTS Shipping AS. In June 2014 the Company also acquired 50.1% of the shares in KB Dykk, adding a new maritime subsidiary to the Group, which in 2018 merged with AQS Holding AS where NTS held a 23.1% ownership stake. The entire stake was sold in 2019. In august 2016, Norsk Fisketransport Holding AS merged with NTS to simplify the Company’s structure. The merger had no impact on the consolidated financials for NTS.

MNH was acquired in 2017 and currently has a maximum allowed biomass of 12,005 tonnes of salmon and control of the entire value chain with through ownership in brood stock, hatcheries, service vessels, and distribution. MNH held an ownership of 16.9% in Fiskeldi Austfjarda HF. The shareholders in MNH received 48,504,296 shares in NTS and NOK 200 million in consideration for their shares in the company. NTS later acquired another 45.9% of Fiskeldi Austfjarda HF and currently holds a 62.73% ownership. Fiskeldi Austfjarda HF has a maximum allowed biomass of 20,800 MTB and access to several parts of the value chain, such as hatchery and brood stock

Other transactions in 2018 include NTS Shipping’s acquisition of Sjøtransport Rotsund AS, along with the two vessels MS Safir and MS Rubin, previously owned by Sjøtransport Rotsund AS.

In 2020 the Group completed the Merger with Frøy Gruppen, as further described in chapter 4 of this Exempted Document.

5.4. Legal structure

Company Ownership Voting Business address Country

Directly owned subsidiaries

Midt-Norsk Havbruk AS 100.0% 100.0% Nyvegen 20, 7900 Rørvik Norway

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MNH Rederi AS 100.0% 100.0% Nyvegen 20, 7900 Rørvik Norway

Norsk Fisketransport AS 100.0% 100.0% Sentrumsgata 6, 7970 Kolvereid Norway

Polarfjell AS 78.5% 78.5% Sentrumsgata 6, 7970 Kolvereid Norway

NTS Shipping AS 100.0% 100.0% Sentrumsgata 6, 7970 Kolvereid Norway

NTS Shipping Færøyene Spf 100.0% 100.0% Mykinesgøta 5, 100 Tórshavn Færøyene

NTS Management AS 100.0% 100.0% Fellesbygget, 7940 Ottersøy Norway

Osan Settefisk AS 66% 66% Nyvegen 20, 7900 Rørvik Norway

Fiskeldi Austfjarda HF 62.7% 62.7% Nesbala 122, 170 Seltjarnarnes Iceland

Frøy Gruppen AS 100 % 100 % Siholmen 34, 7260 Sistranda Norway

Frøy Rederi AS 100 % 100 % Siholmen 34, 7260 Sistranda Norway

Fisketransport AS 100 % 100 % Siholmen 34, 7260 Sistranda Norway

Frøy Akvaservice AS 72.5 % 72.5% Siholmen 34, 7260 Sistranda Norway

Evja Industriområde, 6718 Frøy Vest AS 72.5 % 72.5% Deknepollen Norway

Straumøyvegen 28, 5554 Stava Sjø AS 72.5% 72.5 % Valevåg Norway

Evja Industriområde, 6718 Evja AS 72.5% 72.5% Deknepollen Norway

Frøy Akvaressurs AS 72.5% 72.5% Siholmen 34, 7260 Sistranda Norway

Frøy Nord AS 86.3 % 86.3 % Ferroveien 85, 9308 Finnsnes Norway

NCE AS 86.3% 36.3% Ferroveien 85, 9308 Finnsnes Norway

Directly owned associated companies

Brattørakaia 17B, 7010 FosenNamsos Sjø AS 33.3% 33.3% Trondheim Norway

5.5. Strategy The Group’s purpose is to conduct transportation business and maritime business for the aquaculture industry. Central core values are quality, development and profitability. The Group’s strategy focuses on providing quality services in line with development in the different industries. The industries in which the Group operates are often segmented, putting emphasis on the importance of consumer relations. Maintaining these relations while putting focus on increasing profitability, will be an important focus for current and future operations. Being one of the leading players in the Norwegian market for wellboats, the Group is well positioned for expansion and for becoming a substantial player in the market for services to the aquaculture industry in general. The aquaculture industry is growing rapidly, and the Group wants to take advantage of this through offering a wider range of products and services in the future.

Midt-Norsk Havbruk strategy:

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Through the vision ‘We develop coastal resources’, MNH is continuously working to secure jobs that enable people to live in coastal communities. The key focus is to make sure that MNH is producing sustainably and profitably at good locations. Strategic opportunities for increased production should be constantly considered, and it is important to ensure that MNH is equipped to take the correct decisions going forward.

Sustainable production;

MNH aims to continuously act innovatively to ensure the best technology to provide for the salmon and maintain the environment in the best possible way. MNH will use the company's expertise to assess different solutions and cooperate with suppliers to investigate improvement potential. If necessary, MNH may use additional to work with innovation for further development in these areas deemed important.

MNH needs to improve its feed factor and ability to maintain low lice levels without delousing. These are accordingly focus areas for 2020.

MNH also aims to reduce energy consumption per produced kg of salmon. From 2018 to 2020 MNH has brought electricity to three localities, and this will be continued, given governmental permit. At the same time, MNH will start preparations for electrification of feed barges in 2020. This include replacing existing equipment with LED light, automatically turning on/off lights etc. Anything that reduces power consumption should be considered so feed barges can to a larger extent be powered by battery. The use of the MNH ring-technology has led to increased energy consumption (although it has proven important for maintaining production levels), and it is therefore sought replaced by other, more energy efficient technology that gives the same effect on the salmon.

At Osan Settefisk, efforts are being made to deliver larger smolt at other times of the year than previously. This is a very important part of the strategy, as it is expected to secure less fluctuation for the production in the sea. This in turn means more predictable staffing need at slaughterhouses, as well as less variation in financial performance from quarter to quarter for MNH.

MNH will constantly assess the sustainability of the feed, and also appraise it with fish health in mind, and work to increase survival for the salmon. One part of this is the assessment of feed with more marine content, which will start testing in 2020.

Good localities;

MNH has today secured a minimum of two localities in each operating zone, and this is enough for current operations. However, the company is aware that there is a big difference between the best localities and the worst, and it will continue to work on finding the best localities. The assessments should be based on water replacement, weather exposure, infection exposure, the carrying capacity of the recipient, and temperature profile. MNH will safeguard HSE for the workforce when choosing a locality, while ensuring the best possible conditions for the salmon. The company will also seek localities that have higher winter temperatures, as this has a huge impact on growth and survival.

Profitable operation;

MNH is part of the NTS group, and therefore is compared to other listed companies with regards to margins. MNH will work strategically on production costs in order to act if MNH does not perform as well as other companies. Focus areas for 2020 with regards to production costs are feed factor, control on the number of salmon in the net/average weight, maintenance costs and HSE. MNH organised its own sale of salmon in 2019. This is also part of the strategy for 2020. The aim is to have predictable prices, giving an income to match the budget. This is to be ensured through a mix of spot sales and fixed-price contracts.

Focus is on cost control, achieving attractive sales prices and the achievement of planned harvest volumes shall ensure competitive margins.

In order to ensure the right prices on MNH’s product, MNH will decide in 2020 whether to produce part of the volume directed at specific markets. Any changed production must be secured against contracts so that the margin achieved is higher than expected at current production.

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5.6. Competitive position The Company operates through MNH, Norsk Fisketransport and NTS Shipping, ensuring presence in several industries related to salmon farming and aqua service, maritime transportation and services.

The salmon farming industry has increased significantly over the last decade and has grown into an important export business for Norway. The key competitors include Bakkafrost, Grieg Seafood, Lerøy Seafood, Mowi, Norway Royal Salmon and SalMar. The industry is strictly regulated by the government, which decides the maximum allowed biomass and issues new licenses.

The market for wellboat services is characterized by few large players with different geographic focus and different customer segments. The main competitors for NFT are Sølvtrans, Rostein and prior to the Merger, Frøy Gruppen.

NTS Shipping has its primary operations in the regions between Trøndelag and Troms. In general, large established players and low margins characterize the industry. Key competitors include Nor-Lines AS, Eidshaug Rederi AS, Egil Ulvan Rederi AS and Aquaship AS (acquired Arctic Shipping AS in 2018).

5.7. Management and organization 5.7.1 Executive Management of NTS

All the management duties are carried out by the Company’s Executive Management. The Executive Management team consists of six individuals as listed below.

Name Position Business address

Harry Bøe CEO Sentrumsgata 6, 7970 Kolvereid

Dagfinn Eliassen Deputy CEO Sentrumsgata 6, 7970 Kolvereid

Roar Myhre CFO Sentrumsgata 6, 7970 Kolvereid

Arne Kill Finance Director Sentrumsgata 6, 7970 Kolvereid

Roald Dolmen Head of Strategy and business develop. Sentrumsgata 6, 7970 Kolvereid

5.7.2 Board of Directors of NTS

The names and positions of the members of the Board of Directors are as set out in the table below.

Name Position Business address

Roger Granheim Chairman Sentrumsgata 6, 7970 Kolvereid

Odd Reidar Øie Board member Sentrumsgata 6, 7970 Kolvereid

Grete Rekkebo Brovoll Board member Sentrumsgata 6, 7970 Kolvereid

Nils Martin Williksen Deputy Chairman Sentrumsgata 6, 7970 Kolvereid

Hege Bjørgum Skillingstad Board member Sentrumsgata 6, 7970 Kolvereid

Solvår Hallesdatter Hardesty Board member Sentrumsgata 6, 7970 Kolvereid

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Jorunn Dolmen Board member Sentrumsgata 6, 7970 Kolvereid

Helge Gåsø* Board member Sentrumsgata 6, 7970 Kolvereid

Anders Gåsø* Board member Sentrumsgata 6, 7970 Kolvereid

Personal deputy for Hege Bjørgum Vidar Øie Nilsen Skillingstad Sentrumsgata 6, 7970 Kolvereid

Vidar Kjesbu Personal deputy for Roger Granheim Sentrumsgata 6, 7970 Kolvereid

Kari Øie Nilsen Personal deputy for Odd Reidar Øie Sentrumsgata 6, 7970 Kolvereid

Personal deputy for Grete Rekkebo Mari Anne Hoff Brovoll Sentrumsgata 6, 7970 Kolvereid

Hermann Øystein Dolmen Personal deputy for Jorunn Dolmen Sentrumsgata 6, 7970 Kolvereid

Personal deputy for Solvår Ingvild Aamodt Hallesdatter Hardesty Sentrumsgata 6, 7970 Kolvereid

Personal deputy for Nils Martin Nils Andre Williksen Williksen Sentrumsgata 6, 7970 Kolvereid

Anders Krogstad* Personal deputy for Helge Gåsø Sentrumsgata 6, 7970 Kolvereid

Eirin Ervik Pedersen* Personal deputy for Anders Gåsø Sentrumsgata 6, 7970 Kolvereid

* Elected by the extraordinary general meeting held on 12 February 2020, with effect from completion of the Merger.

5.7.3 Shares owned by the Board of Directors and Executive Management

Name # of shares Ownership (%)

Harry Bøe, CEO, NTS ASA 2,918,183 2.45%1

Dagfinn Eliassen, Deputy CEO, NTS ASA 0 0%

Roar Myhre, CFO, NTS ASA 0 0%

Arne Kill, Finance Director, NTS ASA 12,114 0.01%

Håvard Selnes, Head of Administration, NTS ASA 0 0%

Roald Dolmen, Head of Strategy and business develop, NTS ASA 0 0%2

Roger Granheim, Chairman of the Board 0 0%3

Odd Reidar Øie, Board member 4,902,962 4,11%4

Grete Rekkebo Brovoll, Board member 0 0%5

Nils Martin Williksen, Board member 600 0,00%6

Hege Bjørgum Skillingstad, Board member 0 0%

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Solvår Hallesdatter Hardesty, Board member 0 0%7

Jorunn Dolmen, Board member 0 0%8

Helge Gåsø 46,516,416 39.00%9

Anders Gåsø 100 0,00%10

Vidar Øie Nilsen 854,323 0.72%

Vidar Kjelsbu 0 011

Kari Øie Nilsen 729,091 0.61%

Mari Anne Hoff 510 0,00%

Hermann Øystein Dolmen 4,221,814 3.54%12

Ingvild Aamodt 0 0%13

Nils Andre Williksen 0 0%14

Anders Krogstad 1,197 0,00%

Eirin Ervik Pedersen 0 0%

1) owns shares through Namsos Invest AS and SS-Invest AS

2) Chairman and minority owner (25%) of Rodo Invest AS which holds 6,471,849 shares, remaining 75% is held by close family

3) CEO of Torghatten ASA, the parent company of Trønderbilene which holds a total of 7,749,084 shares

4) Holds 4,667,095 (3,91 %) of the shares through Amble Investment AS

5) CFO of Torghatten ASA, the parent company of Trønderbilene which holds a total of 7,749,084 shares

6) Owns ~27% of Risø AS which owns 100% of Nils Williksen AS which holds 17,179,807

7) CEO and minority shareholder (34.7%) of Haspro AS, which holds 15,678,820 shares

8) CEO of Rodo Invest AS which holds 6,471,849 shares

9) Holds shares through Gåsø Næringutvikling AS

10) Holds 24,5 % of the shares in Gåsø Næringsutvikling, which holds 39 % of the shares in NTS

11) CEO of Trønderbilene which holds 7,471,637 shares

12) CEO and owner of Dolmen Invest AS

13) Owns 30% of Bergpro AS which holds 1,540,932 shares

14) Owns ~37% of Risø AS which holds 100% of Nils Williksen AS which holds 17,179,807

5.7.4 Directorship, partnership and management positions

The table below set forth the directorships, partnerships and/or management positions (apart from any such position of responsibility in the Company or Frøy Gruppen), the member of the Board of Directors and Executive Management currently hold, and have held within the last five years preceding the date of this Exempted

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Document. Please note that any directorship or partnership held in any of the subsidiaries of NTS or Frøy Gruppen and its subsidiaries are not included in the overview below.

Description Current directorships and senior Previous directorships and senior management positions (other than at management positions the last five years Frøy Gruppen or the Company) Board /Management Harry Bøe CEO: Namsos Invest AR, SS-Invest AS, CEO: Nærøysund Holding AS Selbøe Invest AS, Skipsinvest AS Chairman: Nærøysund Holding AS Chairman: Namsos Invest AS, SS-Invest Director: Sandnes Transport og Terminal AS, Selbøe Invest AS, Skipsinvest AS AS, Namdalshagen AS, Director: Moen Ship Management AS, Nærøysundterminalen AS, Moen Marin AS, Fisher AS, Moen Eiendommer AS, Moen Skamik AS, Statland Brygge AS, Verft AS, Moen-Gruppen AS, Ytre Namdal Verkstedsenter AS FosenNamsos Sjø AS, Nærøysundterminalene AS, Nærøysund Kystservice AS Dagfinn Eliassen Roar Myhre Chairman: Salmosea AS Director: Hofseth Biocare Rørvik AS CFO: Sinkaberg-Hansen AS Arne Kiil Roald Dolmen Chairman: Rodo Invest AS, MG Farmer Director: Slitesterk AS AS, Cado Invest AS, RKD Invest AS, LLD Invest AS, Naustbukta Eiendom AS Director: Flatanger Settefisk AS, Moen Ship Management AS, Gaia Salmon AS, Moen Eiendommer AS, Moen Verft AS, Moen-Gruppen AS, Nærøysundterminalene AS, Nærøysund Kystservice AS, Salmosea AS, Innovarena AS, Learning Moment AS Roger Granheim CEO: Torghatten ASA, UNO Invest AS, Chairman: Bastø Fosen AS, Sørlandsruta AS Quattro Invest AS Director: Havila Shipping ASA Chairman: UNO Invest AS, Widerøe AS, Widerøe’s Flyveselskap AS, Provins Eiendom AS, Fjordveien AS, Norgesbuss AS, Trønderbilene AS, FosenNamsos Sjø

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AS, Torghatten Nord AS, Quattro Invest AS Director: WF Holding AS Odd Reidar Øie CEO: AS Avisbygg Chairman: Asker og Bærums Budstikke Holding AS, AS Avisbygg, Sør-Varanger Avis AS. Saltenposten AS, Øyer Vekst AS, Lier Bileiendom AS Deputy Chairman: Nordavis AS, AS Eidsvold Blad, Brønnøysunds Avis AS Director: Helgelands Blad AS, Gudbrandsdølen AS, Amble Invest AS, Os og Fusaposten AS, Gudbrandsdølen Dagningen AS, Ytringen AS, Norgesbuss AS, Helgelands Blad Drift AS, Forus Kontorbygg AS, Gudbrandsdølen Eiendom AS Grete Rekkebo CFO: Torghatten AS Brovoll CEO: T-Finans AS Chairman: Fosen Verkstedservice AS Deputy Chairman: Fjordveien AS, Trønderbilene AS. Director: Berg-Hansen Reiseibureau Trondheim AS Deputy Director: Bastø Fosen AS, Widerøe AS, Widerøe Flyveselskap AS Nils Martin CEO: Risø AS, Nils Williksen AS, Vikna Oi Trøndersk mat og drikke Williksen Eiendom AS, Vikna Aviation AS. Vika næringsforening Chairman: Risø AS, Nils Williksen AS, Williksen Export AS, Rørvik Marina AS, Vikna Eiendom AS, Vikna Aviation AS, Marøystrand Næringsområde AS. Deputy Chairman: Norsida Utmarkslag SA Director: Norway Marine Insurance AS Hege Bjørgum CEO: Advokat Hege Bjørgum Skillingstad Chairman: Namsos Høyre Skillingstad AS

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Chairman: Advokat Hege Bjørgum Skillingstad AS, Sameiet Sjøsiden Namsos, Namsos Næringsforening. Director: Bjerkan Stav Advokatfirma Namsos AS, Namsos Næringsforening Arrangement AS Deputy Chairman: Namsos Handball Solvår CEO: Haspro AS, Hallesdatter AS, Orient Hallesdatter Holding AS Hardesty Chairman: Hallesdatter AS, Director: Bodø Samfunnsbygg AS, Haspro AS, Kjempehyggelig AS, Bodø Håndballklubb Jorunn Dolmen CEO: Rodo Invest AS Director: Rodo Invest AS Helge Gåsø CEO: Blått Kompetansesenter Eiendom AS, Siholmen AS, Gåsø Næringsutvikling AS, Frøy Sjøtransport AS Chairman: Norway Royal Salmon ASA, Handelseiendom Hitra AS, Kolbjørn Ervik & Sønner AS, Twins AS, Siholmen AS, Frøy Utvikling AS, Vikan Settefisk AS, Gåsø Næringsutvikling AS, Frøy Eiendom AS, Frøy Sjøtransport AS, Havbruksinvest AS Director: Blått Kompetansesenter Eiendom AS, Blått Kompetansesenter AS Anders Gåsø Vidar Øie Nilsen CEO: Amble Invest AS. Chairman: Premium Eiendomsmegling AS, LL Inntrøndelagen, Lilliehammer Kultur AS, Kongle Elve AS. Deputy Chairman: KAVI AS, Trønder- Avisa AS Vidar Kjelsbu CEO: Trønderbilene AS, Vassneset Eiendom AS, CEO

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Chairman: Torghatten Buss AS, Indre Namdal Trafikk AS, Vassneset Eiendom AS. Director: Ytre Namdal Verkstedsenter AS, Levanger Næringsforum AS Kari Øie Nilsen CEO: Øyer Vekst AS Chairman: Amble Investment AS, KAVI AS. Deputy Chairman: Lillehammer Kultur AS, Bjørum AS, Kongle Elve AS Mari Anne Hoff CEO: Ansvarlig Selskap Nyfritid Media, Leknesmoen Gårdsdrift ANS Hermann Øystein CEO: Dolmen Invest AS Dolmen Chairman: Dolmen Holding AS. Director: Dolmen Invest AS Ingvill Aamodt Director: Bergpro AS Nils Andre CEO: Williksen Export AS, Ni-Wa Director: Oi Trøndersk Mat og Drikke, Vikna Williksen Lydproduksjon ANS, Nordsia Backline og Næringsforening Lydproduksjon AS. Chairman: Paulsen & Williksen AS, Viteq Farming AS, Aarflesin AS, Paulsen & Williksen Bolig AS, Marina Båtlager AS, Marøystrand Næringsbygg AS, Kahnbrygga AS, Nordsia Backline og Lydproduksjon AS. Director: B & M Holding Dalasjøen AS, Innovarena AS, Marøystrand Næringsområde AS. Andreas Krogstad Eirin Ervik CEO: Ervik Pedersen AS. Pedersen Chairman: Ervik Pedersen AS. Director: MB Peders AS, KSE Ervik i AS

5.7.5 Statement from the board of directors and the management of NTS No member of the Board of Directors or the Executive Management of the Company have during the last five years preceding the date of this Exempted Document:

 been subject to any convictions in relation to indictable offences or convictions in relation to fraudulent offences;

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 Received any official public incrimination and/or sanctions by any statutory or regulatory authorities (including designated professional bodies) or ever been disqualified by a court from acting as member of the administrative, management or supervisory bodies of a company or from acting in the management or conduct of the airs of the company; or  Been declared bankrupt or been associated with any bankruptcy, receiverships or liquidation in this capacity as a founder, director or senior manager of a company

5.8. Conflicts of interest “Save as disclosed below”, there is no arrangement or understanding between any member of the Directors or Executive management

 Jorunn Dolmen, member of the board of directors is married to Roald Dolmen, a member of the Executive Management. This may impose a potential conflict of interest

Save as disclosed below, there is no arrangement or understanding with major shareholders, customers, suppliers or others, pursuant to which any member of the Directors and/or the Executive Management has been selected:

 The following directors Roger Granheim, Grete Rekkebo Brovoll, Odd Reidar Øie, Nils Williksen, Solvår Hallesdatter Hardesty, Jorunn Dolmen, Helge Gåsø and Anders Gåsø are appointed by the main shareholders in the Company. This may pose a potential conflict of interest

Save as disclosed below, the Company is not aware of any conflict of interest between any duties to the Company of the members of the Executive Management and of the Directors, and their private interests and or other duties.

 Gåsø Næringsutvikling, which is controlled by Director Helge Gåsø, has a limited lock-up on the Consideration Shares until 3 October 2020.

5.9. Major shareholders The following table provides an overview of the Company’s largest shareholders at completion of the Merger:

# Investor Country Shares Ownership

1 GÅSØ NÆRINGSUTVIKLING AS Norway 46,516,416 39.00%

2 NILS WILLIKSEN AS Norway 17,179,807 14.40%

3 HASPRO AS Norway 15,678,820 13.15%

4 TRØNDERBILENE AS Norway 7,471,637 6.26%

5 RODO INVEST AS Norway 6,471,849 5.43%

6 AMBLE INVESTMENT AS Norway 4,667,095 3.91%

7 DOLMEN INVEST AS Norway 4,221,814 3.54%

8 NAMSOS INVEST AS Norway 2,343,348 1.96%

9 VERDIPAPIRFONDET ALFRED BERG AKTIV Norway 1,734,554 1.45%

10 VERDIPAPIRFONDET ALFRED BERG NORGE Norway 1,702,970 1.43%

11 BERGPRO AS Norway 1,540,932 1.29%

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12 VIKNA HOLDING AS Norway 1,015,207 0.85%

13 E.R. DOLMEN INVEST AS Norway 995,308 0.83%

14 NILSEN VIDAR ØIE Norway 854,323 0.72%

15 NILSEN KARI ØIE Norway 729,091 0.61%

None of the major shareholder in the Company cf. the above have different voting rights.

Shareholders owning 5% or more of the Shares have an interest in the Company's share capital which is notifiable pursuant to the Norwegian Securities Trading Act, Gåsø Næringsutvikling (39.00%), Nils Williksen AS (14.40 %), Haspro AS (13.15 %), Trønderbilene AS/Torghatten ASA (6.50%) and Rodo Invest (5.43 %) own after completion of the Merger more than 5 % of the Shares. The Company is not aware of any other persons or entities, who, directly or indirectly, have an interest in 5% of more of the Shares as at the date of this Exempted Document, nor is the Company aware of any arrangements, the operations of which may at a subsequent date result in a change of control of the Company.

5.10. Customers The table below sets forward the largest customers in the different business segments:

Business area Largest consumers

Midt-Norsk Havbruk AS Seaborn AS, Norway Royal Salmon ASA, Coast Seafood AS

Norsk Fisketransport AS Cermaq Norge AS, Oppdretternes Miljøservice AS, Lerøy Midt AS

NTS Shipping AS Eidsvaag AS Eimskip AS, Stim AS

5.11. External factors affecting the business Other than stated in section 1 “Risk factors”, the Group has not experienced, and does not foresee, any issues relating to governmental, economic, environmental, tax related, monetary or political factors that may materially affect the business of the Group.

There have been no changes in the regulatory environment since the period covered by the last published audited financial statements and up until the date of this Exempted Document.

5.12. Trend information Except as stated below, there have not been any significant changes since 31 December 2019 impacting the Company’s activities and operations.

Except as stated below, there are for the current fiscal year no known trends, risk factors, claims, obligations or events that are likely to have a material impact upon the Company’s prospects.

The outbreak of the corona virus (COVID-19), classified as a pandemic by WHO, has impacted Norway in an adverse manner. The current situation might impact future operations for NTS ASA in multiple ways.

Fish Farming Iceland:

There might be a risk attached to market access for salmon. Most of the Ice Fish farm salmon is exported to Wholefood in the US. Future exports into the US might be interrupted. Also, there might be a shortage on freeze- containers previously sent to Asia, where they are currently quarantined, leading to a limited supply.

There also might be personnel shortage, leading to reduced manning at localities. Additionally, slaughterhouses might be locked down, and the supply chain for salmon broken.

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Fish Farming Norway;

The main characteristics are the same as for Fish Farming Iceland above. Market access might be interrupted, slaughterhouses might go out of operation and reduced manning at localities are the main risks. There also might be a longer lead time for spare parts for maintenance.

Well-boats and shipping;

There might be issues related to personnel transportation and on/off boarding the ships. There also might be delays at shipyards due to quarantined personnel, and workers not able to travel to their workplace, as well as delay in spare parts necessary for the maintenance of the fleet.

5.13. Independent Auditor The Company’s independent auditor is Ernst & Young AS, which has its registered address at Havnegata 9, 7010 Trondheim, Norway and has audited the Company’s separate and group financial statements for 2017, 2018 and 2019 which are incorporated by reference in this Exempted Document. The partners of Ernst & Young AS are members of The Norwegian Institute of Public Accountants (Nw. Den Norske Revisorforening). Ernst & Young has issued an Independent Practitioners’ Assurance Report on the compilation of unaudited pro forma financial information included in this Exempted Document.

5.14. Legal and Arbitration Proceedings As of the date of this Exempted Document, the Company is not subject to any governmental, legal or arbitration proceedings during the course of the preceding twelve months, including any such proceedings which are pending or threatened, of such importance that they have had in the recent past, or may have, a significant effect on the Company or the Group’s financial position or profitability.

5.15. Material contracts The Group has not for the two preceding years entered into any material contracts outside of the ordinary course of business of the Group, except the agreement for purchase of 100% of the shares of MNH. Furthermore, the Group has not for the two preceding years entered into any contract which entails rights or obligations which are material for any company in the Group, outside of the ordinary course of business of the Group.

5.16. Public takeover bids The Group has not received any public takeover bids by any third party during the last financial year and after the last balance sheet date.

5.17. Investments No material investments have incurred following the last published financial statement.

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6 PRESENTATION OF FRØY GRUPPEN AS This chapter 6 provides additional information about Frøy Gruppen AS pursuant to and in accordance with Article F. in the Final Report - Technical advice on the minimum information content for a prospectus exemption, ESMA31-62-1207. As the Merger constitutes a significant financial commitment for the Company, information about Frøy Gruppen has been included as if it had been the issuer of the Consideration Shares.

Frøy Gruppen is a Norwegian private limited liability company incorporated under the laws of Norway with business registration number 924 294 744 and is governed by the NPLLCA. Frøy Gruppen was incorporated on 4 December 2019, and has its registered address at Siholmen 34, 7260 Sistranda, telephone: +47 72 44 87 89 and the web-address is http://froygruppen.no/. Please note that the information on the website does not form part of this Exempted Document unless the information is imported by reference into the Exempted Document. Frøy Gruppen does not have a legal entity identifier number (LEI).

The Company’s share capital at the date of this Exempted Document, and the completion of the Merger, is NOK 2,000,000 divided into 1,000,000 shares, each with a nominal value of NOK 2.

Frøy Gruppen is a holding company for Frøy Rederi AS, Frøy Akvaservice AS, Frøy Akvaressurs AS, Frøy Vest AS, Frøy Nord AS and 16.05% of the shares in NRS. Frøy Gruppen primarily performs services to the aquaculture industry through its subsidiaries.

As per 2019 consolidated annual accounts which have been based on Norwegian generally accepted accounting principles (NGAAP), revenues were NOK 1,103 million, with an EBITDA of NOK 444 million and net income of NOK 169 million. The total assets on the balance sheet amounted to NOK 2,368 million, equity amounted to NOK 588 million and total net interest baring debt equalled NOK 1,484 million. There are no significant assets or liabilities not on the balance sheet.

As of 31. December 2019, Frøy Gruppen employs 485 employees.

6.1. Business overview 6.1.1 Legal Structure

Prior to the Merger, Frøy Gruppen’s business is conducted through its subsidiaries Frøy Rederi AS, Frøy Fisketransport AS, Frøy Akvaservice AS, Frøy Vest AS, Stava Sjø AS, Evja AS, Frøy Akvaressurs AS, Frøy Nord AS and NCE AS, and the financial investment Norway Royal Salmon ASA,. The figure below illustrates the legal structure of Frøy Gruppen prior to the Merger with NTS.

Frøy Gruppen AS

16.05% 100% 72.53% Norway Royal Frøy Rederi AS Frøy Akvaservice AS Salmon ASA 50% 100% 100% 100% 50% Frøy Frøy Frøy Vest AS Frøy Nord AS Fisketransport AS Akvaressurs AS 100% 100% Stava Sjø AS NCE AS

100% Evja AS

6.1.2 Operations and activities

Frøy Gruppen was established in 2019 as a wholly owned subsidiary of Gåsø Næringsutvikling AS. The purpose of the new company was to bring together all ocean related activities in the group. Frøy Gruppen consists of

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Frøy Rederi AS, Fisketransport AS, Frøy Akvaservice AS, Frøy Akvaressurs AS, Frøy Frøy Vest AS, Stava Sjø AS, Evja AS and Frøy Nord AS.

Frøy Akvaservice AS, Frøy Vest AS, Stava Sjø As and Frøy Nord AS are all located along the Norwegian coastline and all activities are performed by smaller service vessels. The vessels primarily perform activities such as washing, diving and several other services related activities towards the Norwegian seafood farming industry. The companies employ a total of 266 people and operates 54 vessels.

Frøy Akvaressurs AS has its’ offices in Frøya and operates larger service vessels, implying a minimum length of 15 meters, all across the Norwegian coast. Frøy Akvaressurs AS has 11 vessels in operation which carries out services in delousing, mooring, net handling and other general services. 87 people are employed by Frøy Akvaserivce AS.

Frøy Rederi AS and Fisketransport AS are the two companies operating the wellboats. Four wellboats operate on long term time charter contracts while one operates in the spot market. The latter one is mainly operated outside of Norway.

The wellboats are experiencing a high demand for its services in the market. Hence, a new large wellboat has been ordered and is expected to be delivered mid-2021, when it will commence on a long-term time charter contract. In March 2020, Frøy Gruppen entered into another newbuild contact for a 4,500m3 wellboat which will be delivered in 2022 and commence on a contract with a Norwegian salmon farmer.

6.2. Business areas Frøy Rederi AS

The wellboat business in Frøy Gruppen operates under Frøy Rederi AS. There are currently five wellboats in operation and one under construction.

Vessel Ownership M3 Building year

NB 1 Frøy Rederi AS 7,500 2021

Gåsø Jarl Frøy Rederi AS 3,200 2017

Gåsø Freyja Frøy Rederi AS 3,200 2017

Gåsø Viking Frøy Rederi AS 3,000 2015

Frøystrand Frøy Rederi AS 1,200 2009

Sør Dyrøy Fisketransport AS 610 1960/2003

Frøy Akvaservice AS

Frøy Akvaservice AS comprise of smaller service vessels. The vessels include nine service vessels, four washing vessels, six bareboats, three diving vessels and one washing fleet. One diving vessels and one note washing vessel are currently under construction and will be delivered during the first half of 2020.

Vessel Ownership Type Length Width Building year

NB 4 Frøy Akvaservice AS Net washing 15 9 2020

Frøy Neptun Frøy Akvaservice AS Diving 15 10 2020

Frøysund Frøy Akvaservice AS Service 15 11 2019

Frøy Storm Frøy Akvaservice AS Service 14 2018

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Frøyvarg Frøy Akvaservice AS Net washing 15 2018

Vaskeflåte Frøy Akvaservice AS Washing barge 2017

Frøyvask Frøy Akvaservice AS Net washing 15 9 2016

Frøygutt Frøy Akvaservice AS Net washing 15 2016

Frøymulti Frøy Akvaservice AS Service 15 2016

Frøysprint Frøy Akvaservice AS Diving 15 2016

Frøyhav Frøy Akvaservice AS Net washing 14 8 2015

Frøy Dykk Frøy Akvaservice AS Diving 15 8 2015

Blåsvær Frøy Akvaservice AS Bareboat 15 2015

Janker Frøy Akvaservice AS Bareboat 15 2015

Lyngvær Frøy Akvaservice AS Bareboat 15 2015

Frøyskarv Frøy Akvaservice AS Diving 15 2015

Frøy Malin Frøy Akvaservice AS Service 15 2015

Stabben Frøy Akvaservice AS Bareboat 15 2014

Sandvær Frøy Akvaservice AS Bareboat 15 2014

Frøylaks Frøy Akvaservice AS Service 15 8 2013

Frøyvind Frøy Akvaservice AS Service 15 8 2013

Frøysul Frøy Akvaservice AS Service 15 8 2013

Akvafrøy Frøy Akvaservice AS Bareboat 15 2013

Frøyfjord Frøy Akvaservice AS Service 15 8 2012

Tor Viking Frøy Akvaservice AS Service 15 7 2009

The vessels primarily operate in the area from Hustadvika to Buholmråsa.

Frøy Akvaressurs AS

Frøy Akvaressurs comprises all the larger service vessels in Frøy Gruppen. 10 of the vessels are in operation, where Frøy Stadt was delivered in November 2019. Two additional newbuilds are expected to be delivered in March 2020 and May 2020.

Vessel Ownership Type Length Width Building year

NB 3 Frøy Akvaressurs AS Large service vessel 20 10 2020

NB 2 Frøy Akvaressurs AS Large service vessel 16 11 2020

Frøy Stadt Frøy Akvaressurs AS Large service vessel 20 11 2019

Frøy Finnmark Frøy Akvaressurs AS Large service vessel 24 11 2018

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Frøy Harvest Frøy Akvaressurs AS Large service vessel 24 13 2017

Frøy Valkyrien Frøy Akvaressurs AS Large service vessel 24 13 2017

Frøy Pioner Frøy Akvaressurs AS Large service vessel 24 12 2016

Frøy Carrier Frøy Akvaressurs AS Large service vessel 40 13 2015

Frøy Fighter Frøy Akvaressurs AS Large service vessel 38 12 2015

Frøy Server Frøy Akvaressurs AS Large service vessel 24 11 2014

Frøy Merlin Frøy Akvaressurs AS Large service vessel 45 11 2008

Frøy Vest AS

Frøy Vest operates smaller service vessels in western Norway. The vessels are divided into normal service vessels, net washing vessels, diving vessels and bareboat vessels. Frøy Vest AS primarily operates south of Hustadvika.

Vessel Ownership Type Length Width Building year

NB 5 Frøy Vest AS Diving 12 4 2020

Frøy Njord Frøy Vest AS Diving 13 4 2017

Topas Stava Sjø AS Service 15 12 2017

Safir Stava Sjø AS Service 15 12 2017

Multi 04 Frøy Vest AS Service 15 8 2016

Dykkerservice Barge 2 Frøy Vest AS Service 27 13 2015

Rubina Stava Sjø AS Service 22 12 2015

Dykkerservice Barge 1 Frøy Vest AS Service 22 12 2014

Dykkerservice 2 Frøy Vest AS Net washing 15 10 2014

Dykkerservice 9 Frøy Vest AS Service 15 10 2013

Dykkerservice 10 Frøy Vest AS Service 15 10 2013

Dykkerservice 7 Frøy Vest AS Service 15 10 2012

Dykkerservice 8 Frøy Vest AS Bareboat 15 10 2012

Brutalix Frøy Vest AS Diving 15 4 2010

Poseidon Frøy Vest AS Diving 2010

Dykkerservice 3 Frøy Vest AS Service 15 10 2008

Tamina Frøy Vest AS Diving 14 6 2008

Dykkerservice 5 Frøy Vest AS Service 14 8 2002

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Asterix Frøy Vest AS Diving 1997

Miraculix Frøy Vest AS Diving 1995

Frøy Nord AS

Frøy Nord operates smaller service vessels in northern Norway. The vessels are divided into normal service vessels, net washing vessels, diving vessels and bareboat vessels, as well as a washing barge. Frøy Nord AS primarily operates north of Buholmråsa.

Vessel Ownership Type Length Width Building year

Gyme Frøy Nord AS Net washing 15 10 2018

Gyro Frøy Nord AS Net washing 15 9 2018

Garp Frøy Nord AS Service 15 10 2017

Garm Frøy Nord AS Service 15 10 2017

Gere Frøy Nord AS Service 15 10 2016

Gyda Frøy Nord AS Bareboat 14 8 2015

Gorm Frøy Nord AS Service 15 10 2015

Gard Frøy Nord AS Net washing 15 8 2015

KS Multi Frøy Nord AS Net washing 15 8 2015

Østavind Frøy Nord AS Diving 15 4 2009

6.3. History Frøy Gruppen was established in 2019 as a wholly owned subsidiary of Gåsø Næringsutvikling. The purpose of the new company was to bring together all ocean related activities in the group. Frøy Gruppen consists of Frøy Rederi AS, Fisketransport AS, Frøy Akvaservice AS, Frøy Akvaressurs AS, Frøy Frøy Vest AS, Stava Sjø AS, Evja AS and Frøy Nord AS.

The group was founded in 1997, at the establishment of Frøy Sjøtransport AS. In 2007, Frøy Akvaservice was the first of the current Frøy companies to be established. Frøy entered into an ownership in Surnadal Sjøservice AS which later changed its name to Frøy Akvaservice. In 2014, Frøy Akvaressurs AS was established with the intention to operate the large service vessels, which also is the current operational strategy. In 2015, Frøy acquired West Dykker Service AS, Møredykk AS and Sunnfjord Dykkerservice AS. The companies were then merged together into a new entity called Frøy Vest AS. Three years later, in 2018 Frøy Vest AS acquired Seadive AS and Askøy, which became a part of Frøy Vest AS. Frøy Nord was established through an acquisition where Frøy Gruppen purchased NCS AS, NCD AS and NCE AS and renamed the combined company into Frøy Nord AS. Stava Sjø AS represents the newest addition to Frøy Gruppen. The company was acquired in 2019 and operated three service vessels in the Haugesund area at the time of acquisition.

Since its establishment, the group has entered into several vessel transactions and has over time built one of the largest fleets in the industry. More recently, it contracted the world’s largest wellboat. The wellboat is expected to commence on a contract with Lerøy Seafood Group in medio 2021. Another wellboat is expected to be delivered in 2020. Frøy Gruppen currently has 66 service vessels and 6 wellboats in operation and approximately 500 employees. It operates from the county of Rogaland in the south to Finnmark in the north.

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6.4. Legal structure

Company Ownership Voting Business address Country

Directly owned subsidiaries

Frøy Rederi AS 100.0% 100.0% Siholmveien 34, 7260 Sistranda Norway

Fisketransport AS 100.0% 100.0% Siholmveien 34, 7260 Sistranda Norway

Frøy Akvaservice AS 72.5% 72.5% Siholmveien 34, 7260 Sistranda Norway

Frøy Akvaressurs AS 72.5% 72.5% Siholmveien 34, 7260 Sistranda Norway

Evja Industriområde, 6718 Frøy Vest AS 72.5% 72.5% Deknepollen Norway

Tingvegen 74, 5555 Førde I Stava Sjø AS 72.5% 72.5% Hordaland Norway

Evja Iindustriområde, 6718 Evja AS 72.5% 72.5% Deknepollen Norway

Frøy Nord AS 86.3% 36.3% Ferroveien 85, 9308 Finnsnes Norway

NCE AS 86.3% 36.3% Ferroveien 85, 9308 Finnsnes Norway

6.5. Strategy and objectives Following the Merger, Frøy Gruppen’s strategy will match NTS’ strategy. Please see section 5.5 for NTS’s strategy.

6.6. Corporate information and description of the share capital 6.6.1 Shares and share capital

The share capital of Frøy Gruppen is NOK 2,000,000 divided into 1,000,000 shares, each with a nominal value of NOK 2, all shares being fully paid and issued.

The company has only one class of shares, each share carrying equal shareholder rights. At the general meeting of Frøy Gruppen, each share carries one vote.

The table below sets forth the development of Frøy Gruppen’s share capital since its incorporation on 4. December 2019 and up to the date of this Exempted Document:

Date Description Change in Par value Issue price Share No. of of issuance share capital per share capital after shares after (NOK change change 04/12/19 Incorporation N/A 1 1 1,000,000 1,000,000 20/01/20 Share issue 1,000,000 2 1,674.6956 2,000,000 1,000,000

Both the incorporation and the share issue described in the table above subscribed for by way of contribution in kind.

6.6.2 Articles of association

The articles of association of Frøy Gruppen are attached to his Exempted Document.

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The objective of Frøy Gruppen pursuant to article 3 of the articles of association includes ownership of shares in companies within the fishing and aquaculture services, and any other activity naturally related hereto. The company may also participate in other companies by ownership or by other manner.

The articles of association of Frøy Gruppen does not provide any limitations on transferability or ownership of the shares.

6.7. Investments Frøy Gruppen has over the last three years invested a total of NOK ~1.2bn where most of the investments are related to delivery of new vessels and prepayment of vessels being delivered in 2020 and 2021.

In 2017, the investments amounted to NOK 619,122,000. The investments include the payments at delivery of the two most recent wellboats, Gåsø Jarl and Gåsø Freyja. The vessels operate under Frøy Rederi AS. Other investments include the delivery of Frøy Valkyrien, a large service vessel operating under Frøy Akvaressurs AS. The last material investment relates to the large washing barge in Frøy Akvaservice AS.

Total investments in 2018 amounted to NOK 122,372,000. Frøy Gruppen took delivery of Frøy Finnmark, a large service vessel in Frøy Akvaressurs AS. Another vessel delivery in 2018 was Frøystorm, a smaller service vessel in Frøy Akvaservice AS.

Investments in 2019 equalled NOK 451,273,000. In Frøy Rederi AS there was paid a prepayment for the world largest wellboat, which is scheduled to be delivered in 2021. Frøy Akvaressurs took delivery of Frøy Stadt and Frøy Skuld, two large service vessels. Frøy Akvaservice AS took delivery of Frøy Varg, a washing vessel. Lastly, Frøy Nord AS took delivery of Gyro, a net washing vessel during 2019.

A description of the issuer’s material investments made since the date of the last published financial statements and which are in progress and /or for which firm commitments have already been made, together with the anticipated source of funds.

A description of any environmental issues that may affect the issuer’s utilisation of the tangible fixed assets

6.8. Management and organization 6.8.1 Management of Frøy Gruppen

All the management duties are carried out by Frøy Gruppen’s executive management. The executive management team consists of one individual as listed below.

Name Position Business address

Helge Gåsø CEO Siholmveien 34, 7260 Sistranda

6.8.2 Board of directors of Frøy Gruppen

The elected chairman is presented in the table below:

Name Position Business address

Helge Gåsø Chairman Siholmveien 34, 7260 Sistranda

Helge Gåsø has been the chairman of Frøy Gruppen since its incorporation 4. December 2019. The term of appointment is two years pursuant to the NPLLCA.

Frøy Gruppen will be liquidated after completion of the Merger.

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6.8.3 Shares owned by board members and members of management

Name # of shares Ownership (%)

Helge Gåsø, CEO, Frøy Gruppen 510,000 51.0%

6.8.4 Directorship, partnership and management positions

The table below set forth the directorships, partnerships and/or management positions (apart from any such position of responsibility in Frøy Gruppen or the Company), the member of the board and management currently hold, and have held within the last five years preceding the date of this Exempted Document. Please note that any directorship or partnership held in any of the subsidiaries of Frøy Gruppen are not included in the overview below.

Description Current directorships and senior Previous directorships and senior management positions (other than at management positions the last five years Frøy Gruppen or the Company) Board /Management Helge Gåsø Daglig leder: Blått Kompetansesenter Eiendom AS, Siholmen AS, Gåsø Næringsutvikling AS, Frøy Sjøtransport AS Styrets leder: Norway Royal Salmon ASA, Handelseiendom Hitra AS, Kolbjørn Ervik & Sønner AS, Twins AS, Siholmen AS, Frøy Utvikling AS, Vikan Settefisk AS, Gåsø Næringsutvikling AS, Frøy Eiendom AS, Frøy Sjøtransport AS, Havbruksinvest AS. Styremedlem: Blått Kompetansesenter Eiendom AS, Blått Kompetansesenter AS

6.8.5 Statement from the board of directors and the management of Frøy Gruppen No member of the board of directors or management of Frøy Gruppen have during the last five years preceding the date of this Exempted Document:

 Been subject to any convictions in relation to indictable offences or convictions in relation to fraudulent offences;  Received any official public incrimination and/or sanctions by any statutory or regulatory authorities (including designated professional bodies) or ever been disqualified by a court from acting as member of the administrative, management or supervisory bodies of a company or from acting in the management or conduct of the airs of the company; or  Been declared bankrupt or been associated with any bankruptcy, receiverships or liquidation in this capacity as a founder, director or senior manager of a company.

6.8.6 Remuneration and benefits

The compensation for the members of the board of directors of Frøy Gruppen and its subsidiaries for its service as directors is determined on an annual basis by the shareholders at the annual general meeting.

The table below sets out the remuneration paid to each member of the board of directors for the financial year ended 31 December 2019: Name and position Total remuneration in 2019 (in NOK) Helge Gåsø, chairman and CEO of Frøy Gruppen 0

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There are no benefits upon termination of employment for the members of the board of directors and/or management in Frøy Gruppen.

6.8.7 Pensions Frøy Gruppen and its subsidiaries are required to maintain a pension plan in accordance with the Norwegian Pension Benefit Act. The pension plan of Frøy Gruppen and its subsidiaries comply with the requirement set forth in the Norwegian Pension Benefit Act.

The total cost in 2019 for Frøy Gruppen and its subsidiaries to provide pension benefits for the employees is NOK 8,347,322, up from NOK 6,971,013 in 2018.

The total amounts set aside or accrued by the issuer or its subsidiaries to provide pension, retirement or similar benefits consists of a smaller insignificant amount in Frøy Vest AS.

6.9. Conflicts of interest Helge Gåsø is both the sole director and the only member of the executive management in Frøy Gruppen.

Furthermore, Helge Gåsø is a major shareholder in Frøy Gruppen and the chairman. This may pose a potential conflict of interest.

To the knowledge of Frøy Gruppen, there are no conflict of interest between any duties to Frøy Gruppen of the members of the management and the directors – and their private interest or other duties.

None of the major shareholders in Frøy Gruppen cf. Section 6.10 below have different voting rights.

6.10. Major shareholders Frøy Gruppen was prior to completion of the Merger, wholly owned by Gåsø Næringsutvikling, which is a company controlled by Helge Gåsø (51.0%), Anders Gåsø (24.50%) and Christine Gåsø Krogstad (24.50%). Except for the minority protection pursuant to the NPLLCA, there are no measures in place to ensure that such control is not abused.

None of the shareholders have different voting rights.

There are no arrangements, known to Frøy Gruppen, the operations of which may at a subsequent date result in a change of control.

Following completion of the Merger, Frøy Gruppen is now wholly owned by the Company.

6.11. Employees As of the year ended 31 December 2019, Frøy Gruppen had 485 full time employees.

The table below illustrates the development in number of employees over the last years, as per the end of the years 2017, 2018 and 2019 in Frøy Gruppen and its subsidiaries.

2017 2018 2019 Employees 358 406 485

6.12. Trend information Except as stated below, Frøy Gruppen has not experienced any significant changes in the financial or trading position of Frøy Gruppen which has occurred since the end of the last financial period 31 December 2019.

Except as stated below, Frøy Gruppen does not have information on any known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on prospects.

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The outbreak of the corona virus (COVID-19), classified as a pandemic by WHO, has impacted Norway in an adverse manner. For the current situation, please refer to the Wellboat section of Section 5.12, as Frøy Gruppen faces the same risks as the well-boats and shipping in NTS ASA.

In addition, Frøy Gruppen is exposed to risk related to future exchange rate between NOK and EUR on the contract for the well-boat under construction.

6.13. Independent Auditor Frøy Gruppen’s independent auditor is BDO AS, which has its registered address at Klæbuveien 127B, 7031 Trondheim, Norway and has audited Frøy Gruppen’s financial statements for 2017, 2018 and 2019 which are attached to this Exempted Document as Appendix C. The partners of BDO AS are members of The Norwegian Institute of Public Accountants (Nw. Den Norske Revisorforening).

No auditor has resigned, been removed or not been re-appointed during the period covered by the historical financial information.

After completion of the Merger, Ernst & Young AS, the auditor of the Group, will take over the role as the independent auditor of Frøy Gruppen and its subsidiaries.

6.14. Legal and Arbitration Proceedings As of the date of this Exempted Document, Frøy Gruppen is not subject to any governmental, legal or arbitration proceedings during the course of the preceding twelve months, including any such proceedings which are pending or threatened, of such importance that they have had in the recent past, or may have, a significant effect on Frøy Gruppen’s financial position or profitability.

6.15. Material contracts Frøy Gruppen and its subsidiaries have not entered into any material contracts outside of the ordinary course of business of Frøy Gruppen or its subsidiaries, during the two preceding years.

Furthermore, Frøy Gruppen and its subsidiaries have not for the two preceding years entered into any contract which entails rights or obligations which are material for any of Frøy Gruppen or its subsidiaries, outside of the ordinary course of business of Frøy Gruppen and its subsidiaries.

6.16. Related party transactions and conflicts of interests “Save as disclosed below”, there is no material conflict of interest between the Group and Frøy Gruppen.

 Gåsø Næringsutvikling will retain a right to dividends in NRS from 2019 paid out in 2020, within limits which are acceptable to the board of NTS.

Save as disclosed below, there is no material conflict of interest between the Frøy Gruppen and Helge Gåsø and/or companies controlled by Helge Gåsø.

 Frøy Gruppen is leasing office space from Siholmen AS, a company owned by Gåsø Næringsutvikling.  Frøy Gruppen is renting a company cabin from Frøy Utvikling AS, a company owned by Gåsø Næringsutvikling.  Frøy Akvaservice is leasing office space from Siholmen AS, a company owned by Gåsø Næringsutvikling.  Frøy Akvaservice is renting a storage building and a workshop from Frøy Sjøtransport AS, a company owned by Gåsø Næringsutvikling.

6.17. Regulatory environment Aquaculture and its supplier industry are subject to an extensive regulatory framework, both nationally and internationally, part of which is updated/amended on a continuous basis in line with the industry’s development. This includes legislation specific to aquaculture, including that related to the licence system and the control of

41 fish diseases, as well as other public regulation which also affects aquaculture activities, including anti-pollution legislation, harbour and coastal water legislation, planning and building legislation, and requirements regarding food safety, labelling of food products, food hygiene and food additions. International regulations within the EU/EEA and WTO are also of importance in this context. Several treaties governing international trade provide for the possibility to take anti-dumping measures, countervailing measures against specific (product related export) subsidies and the safeguards against a sudden overflow by an unforeseen increase in imports.

Furthermore, bilateral and multilateral free trade agreements provide for free trade of goods. This regulatory framework places limits on the industry’s growth and method of operation but is also intended to ensure that the industry operates and develops in a sustainable manner.

For further information on the regulatory environment and its effect of the business of Frøy Gruppen, it is referred to Section 1 “Risk factors”.

6.18. Corporate Governance There are no corporate governance regimes applicable to Frøy Gruppen. Following completion of the Merger, the corporate governance policy of NTS will apply to the Group, including Frøy Gruppen.

6.19. Takeover bids Frøy Gruppen has not received any takeover bids by any third party during the last financial year and after the last balance sheet date.

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7 PRESENTATION OF NORWAY ROYAL SALMON ASA

Norway Royal Salmon ASA has not been involved in the preparation of this Exempted Document and has not reviewed the information in this presentation. The information provided herein is hence solely based on public available information from a variety of financial reports, please see Section 13.2 “Incorporated by reference” and the company’s website: www.norwayroyalsalmon.no.

Norway Royal Salmon ASA (“NRS”) is a Norwegian public limited liability company incorporated under the laws of Norway with business registration number 864 234 232 and is governed by the NPLLCA. NRS was incorporated in 1992.

NRS is listed on Oslo Børs with “NRS” as ticker designation. NRS’ share capital at the date of this Exempted Document is NOK 43,572,191 divided into 43,572,191 shares each with a nominal value of NOK 1. The Shares are registered in the Norwegian Central Securities Depository (the "VPS") with the Securities Identity Number ISIN NO 0010331838. NRS has its registered address at Ferjemannsveien 10, 7042 Trondheim, telephone: (+47) 73 92 43 00 and the web-address is www.norwayroyalsalmon.no.

As per the unaudited annual figures in the Q4-2019 NRS Report, revenues amounted to NOK 5,587 million, operational EBITDA amounted NOK 630 million and net income at NOK 1,313 million. The total assets on the balance sheet amounted to NOK 4,681 million while equity amounted to NOK 3,357 million.

7.1. Business overview NRS conducts salmon farming businesses in the northern part of Norway. It conducted farming services in southern Norway until September 2019, at which point NRS sold the southern operations.

7.2. Business areas Salmon farming

The salmon farming business has license capacity with maximum allowed biomass of 34,746 tonnes of salmon located in Troms and western parts of Finnmark. NRS is present in most parts of the value chain, including smolt, farming, hatching and sales and marketing. At year-end 2019, NRS owns 10 licenses through associated companies.

NRS owns 50% of Arctic fish in Iceland, which has licence to produce 11,000 tonnes of salmon.

NRS’ farming operations initiated a new offshore project called Arctic Offshore Farming in 2018. The project involves a new and futuristic offshore farming technology design for harsher weather conditions, where current equipment is insufficient. This project has been granted eight development licences, equivalent to 5,990 tonnes.

The project aims to build a semi-submersible offshore fish farm dimensioned for areas with harsh weather conditions. The project is estimated to be finalised and operational by Q3-2020.

Sales activities

The sales division purchases and sells salmon and trout. The farmed fish is sold to a broad network of potential buyers. The sales force has access to seafood of great quality farmed by NRS, its associated companies or external farmers. The main products sold includes fresh and frozen salmon.

7.3. History NRS was incorporated in 1992 by 34 salmon farmers, primarily to conduct sales and marketing operations related to the farmed salmon. In 1996, NRS acquired 90.1% of Reinhartsen Seafood AS and changed the latter’s name to NRS Sales AS. A new investment company Salmon Invest AS was created during the process. At that time there were three companies, NRS, NRS Sales AS and Salmon Invest AS. These companies were merged into one entity in 2003. Between 2006 and 2009, NRS went through multiple equity issuances and several acquisitions.

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NRS raised NOK 50m in 2006 and NOK 100m in 2008. Feøy Fiskeoppdrett AS and Åmøy Fiskeopprett was fully acquired by NRS in 2007, in addition to 82.5% of Nor Seafood AS. In 2008 NRS completed the acquisition of 100% of the shares in Altafjord Laks AS and 76.5% in both AS Tri and Salmo Arctica AS. A year later, 100% of AS Brilliant Fiskeoppdrett was acquired. In 2010 a new company called Nord-Senja Laks AS was established, with NRS holding 67% of the shares. NRS further acquired the remaining shares in AS Tri and merged the latter with Altafjord Laks AS the same year.

Later in 2010, NRS was transformed into a public limited company, namely Norway Royal Salmon ASA. NRS was subsequently listed on the Oslo Stock Exchange in March 2011, with an equity raise of NOK 50m.

In 2014 NRS was awarded 10 green licenses. One was given to NRS Feøy, two to Nord-Senja Laks, two to Nor Seafood and five to NRS Finnmark. In 2016, NRS acquired another 33% in Nord-Senja Laks AS, amounting to 100% ownership. NRS further acquired 50% of Arctic Fish ehf, Iceland and founded NRS Settefisk AS. In 2018, NRS was awarded 7.68 development licenses with 5,990 MTB related to the construction of Arctic Offshore Farming.

7.4. Legal structure

Company Ownership Voting Business address Country

Directly owned subsidiaries

NOR Seafood AS 82.5% 82.5% Torsken Norway

NRS Farming AS 100.0% 100.0% Alta Norway

NRS Settefisk AS 100.0% 100.0% Trondheim Norway

Arctic Offshore Farming AS 100.0% 100.0% Trondheim Norway

Directly owned associated companies

Arctic Fish 50.0% 50.0% Iceland

Wilsgård Fiskeoppdrett AS 37.5% 37.5% Torsken Norway

Måsøval Fishfarm AS 36.1% 36.1% Frøya Norway

Hellesund Fiskeoppdrett AS 33.5% 33.5% Lillesand Norway

Ranfjord Fiskeprodukter AS 37.8% 37.8% Mo i Rana Norway

7.5. Strategy NRS aims to be the industry’s most efficient salmon farmer. NRS has defined four pillars as a foundation for its strategic plan:  Committed by name  Committed to customers  Committed to nature  Committed to people

The key strategic initiatives for NRS include sustainable growth, development and use of new technology and integration of the value chain.

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7.6. Competitive position The salmon farming industry has increased significantly the last decade and grown into an important export business for Norway. The key competitors include Bakkafrost, Grieg Seafood, Lerøy Seafood, Mowi, NTS and SalMar. The industry is characterised by high margins and profitability. The industry is strictly regulated by the government, which decides the maximum production volumes and grants new licenses.

7.7. Management and organization All of the management duties are carried out by NRS’ Executive Management. The Executive Management team consists of four individuals as listed below.

Name Position Business address

Charles Høstlund CEO Ferjemannsveien 10, 7042 Trondheim

Ola Loe CFO Ferjemannsveien 10, 7042 Trondheim

Klaus Hatlebrekke Head of Business development Ferjemannsveien 10, 7042 Trondheim

Arne Olav Lervåg Head of aquaculture Ferjemannsveien 10, 7042 Trondheim

Following the general meeting undertaken by NRS on 6. June 2019, the elected chairman and board members are presented in the table below:

Name Position Business address

Helge Gåsø Chairman Ferjemannsveien 10, 7042 Trondheim

Eva Kristoffersen Deputy Chairman Ferjemannsveien 10, 7042 Trondheim

Marianne E. Johnsen Board member Ferjemannsveien 10, 7042 Trondheim

Tom Vidar Rygh Board member Ferjemannsveien 10, 7042 Trondheim

Trude Olafsen Board member Ferjemannsveien 10, 7042 Trondheim

Lars Måsøval Board member Ferjemannsveien 10, 7042 Trondheim

Shares owned by Board members and members of management

Name # of shares Ownership (%)

Charles Høstlund, Høstlund Invest 179,626 0.41%

Ola Loe, Ramsfjell AS 234,844 0.54%

Klaus Hatlebrekke, Hatlebrekke Invest AS 146,942 0.34%

Arne Olav Lervåg 4,534 0.01%

Per Magne Bølgen 2,728 0.01%

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Ingrid Rønning 5,196 0.01%

Jan Pål Johannesen 699 0.00%

7.8. Major shareholders The following table provides an overview of NRS’ largest shareholders at completion of the Merger.

# Investor Country Shares Ownership

1 NTS ASA Norway 6,993,188 16.05%

2 MÅSØVAL EIENDOM AS Norway 5,255,360 12.06%

3 NORWAY FRESH AS Norway 4,636,202 10.64%

4 HAVBRUKSINVEST AS Norway 4,189,204 9.61%

5 EGIL KRISTOFFERSEN & SØNNER AS Norway 3,801,689 8.73%

6 HELLESUND FISKEOPPDRETT AS Norway 1,665,843 3.82%

7 NYHAMN AS Norway 1,410,000 3.24%

8 DNB NOR BANK ASA EGENHANDELSKONTO Norway 1,055,669 2.42%

9 STATE STREET BANK AND TRUST COMP United States 932,014 2.14%

10 THE NORTHERN TRUST COMP, LONDON BR United Kingdom 890,606 2.04%

11 BNP PARIBAS SECURITIES SERVICES Netherlands 637,731 1.46%

12 BROWN BROTHERS HARRIMAN & CO. United States 447,090 1.03%

13 STATE STREET BANK AND TRUST COMP United States 444,520 1.02%

14 STATE STREET BANK AND TRUST COMP United States 346,510 0.80%

15 MP PENSJON PK Norway 322,072 0.74%

7.9. Trend information The development in the value of the ownership share in NRS is also uncertain, considered the negative market movements caused by the Covid-19 over the last weeks.

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8 SELECTED FINANCIAL INFORMATION FOR NTS ASA The following selected financial information has been extracted from the Group’s audited financial statements as of and for the years ended 31 December 2019, 2018 and 2017

The historical results of the Group are not necessarily indicative of its results for any future period. For a discussion of certain risks that could impact the business, operating results, financial condition, liquidity and prospects of the Group, see Section 1 “Risk Factors”. The following summary of consolidated financial data should be read in conjunction with the other information contained in this Exempted Document, including the Annual Financial Statements of the Group and the notes therein.

8.1. Accounting Principles The Group prepares its financial statements in accordance with the International Financial Reporting Standards (IFRS) adopted by EU and the Norwegian Accounting Act. In the tables below, the presentation principles from the originally issued financial statements have been applied. Please note that in the 2018 financial statements, the 2017 comparative income statement numbers have been represented to reflect discontinued operations. The 2017 numbers in section 8.2 are those comparative income statement numbers as included in the 2018 financial statements.

8.2. Selected income Statement

The table below sets out selected data extracted from the Group’s consolidated income statement for each of the years ended 31 December 2019, 2018 and 2017.

NOKm 2017 2018 2019

Sales revenue 1,108.4 1,421.7 1,677.1

Other revenue 0.0 101.6 0.0

Total revenue 1,108.4 1,523.3 1,677.2

Cost of goods sold (364.3) (535.2) (806.1)

Cost of employee benefits (150.4) (212.0) (219.1)

Other operating cost (149.1) (207.5) (161.1)

Depreciations and amortisations (89.8) (118.3) (148.6)

Operational result 354.9 450.4 342.2

Value adjustment biomass (80.9) 120.3 58.7

Operating result 274.0 570.7 400.9

Financial income 2.7 8.6 11.3

Financial expense (48.7) (67.1) (83.3)

Derivatives 6.3 7.5 3.3

Income from associates 11.3 15.3 33.3

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Profit before tax 245.5 535.0 365.6

Tax (16.6) (66.5) (62.3)

Net income from continuing operations 228.9 468.5 303.3

Profits from discontinued operations 4.4 (2.2) 0.0

Net profits 233.3 466.3 303.3

Actuarial gains and losses (3.4) (2.0) (0.1)

Hedging accounts interest rate swaps (0.7) 1.7 2.0

Share of other comprehensive loss of an associate 0.0 (4.3) 0.0

Total comprehensive income 229.2 461.7 305.3

Attributable to equity holders of parent 230.9 452.8 268.9

Attributable to non-controlling interests 2.4 13.5 34.4

Net profit 233.3 466.3 303.3

Attributable to equity holders of parent 226.8 448.3 270.9

Attributable to non-controlling interests 2.4 13.5 34.4

Total comprehensive income 229.2 461.7 305.3

Average outstanding number of shares 72,756,446 72,756,446 72,756,446

Earnings per Share - ordinary and diluted 3.17 6.22 3.70

8.3. Selected Financial Position The table below sets out selected data extracted from the Group’s consolidated statement of financial position as of 31 December 2019, 2018 and 2017.

NOKm 2017 2018 2019

Licenses Norway 1,130.6 1,343.2 1,343.2

Licenses Iceland 0.0 609.0 615.0

Other intangible assets 263.1 381.4 385.9

Property, plant and equipment 1,935.0 2,155.6 2,624.4

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Financial assets 112.7 6.8 6.8

Investments in associated companies 126.2 201.0 182.1

Loans to associated companies 10.6 19.1 48.2

Other non-current assets 0.0 0.0 0.3

Non-current assets 3,578.1 4,715.9 5,205.8

Biological assets 346.9 762.9 747.4

Inventory 17.0 15.9 25.9

Accounts receivables 197.4 278.3 181.7

Other receivables 25.1 27.8 28.4

Cash and cash equivalents 169.1 168.4 135.2

Current assets 755.6 1,253.3 1,118.5

Assets held for sale 75.8 0.0 0.0

Total assets 4,409.5 5,969.3 6,324.4

Share capital 72.8 72.8 72.8

Share premium 1,509.5 1,509.5 1,509.5

Treasury shares (0.0) (0.0) (0.0)

Paid-in equity 1,582.2 1,582.2 1,582.2

Other equity 449.1 862.3 1,033.3

Non-controlling interests 34.9 294.2 408.4

Total equity 2,066.2 2,738.7 3,023.9

Non-current interest-bearing debt 1,473.4 1,756.8 1,748.0

Other non-current debt - Commitment acquisition 0.0 208.7 138.2

Other non-current debt 10.0 31.1 19.2

Pension liabilities 0.6 2.0 0.0

Deferred tax liabilities 324.2 454.2 454.9

Non-current liabilities 1,808.3 2,452.8 2,360.3

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Current interest-bearing debt 260.0 553.9 635.6

Trade and other payables 217.0 197.0 247.1

Taxes payables 58.0 26.9 57.5

Current liabilities 535.0 777.8 940.2

Total liabilities 2,343.3 3,230.6 3,300.5

Total Equity and Liabilities 4,409.5 5,969.3 6,324.4

8.4. Selected Cash Flow Information The table below sets out a summary of the Group’s cash flow information for the years ended 31 December 2017, 2018 and 2019.

NOKm 2017 2018 2019

Profit before tax 243.5 532.8 365.6

Taxes (0.0) (58.1) (20.2)

Profit/loss on sale of assets 0.0 (101.6) (3.8)

Depreciations 90.2 118.3 148.6

Income from associates (11.3) (13.1) (10.0)

Change in NWC 118.5 (382.8) 181.9

Non-cash pension costs (2.2) (0.3) (2.0)

Financial income (0.5) 0.0 (11.3)

Financial expenses 50.9 65.3 83.3

Change in accruals (4.4) 19.0 62.1

Other operational activity 0.0 0.0 (23.9)

Cash flow from operational activities 484.9 179.6 770.3

Payment for purchase of financial assets (31.2) 1.1 (4.1)

Payment for purchase of non-current assets (433.7) (428.7) (633.8)

Payment for purchase of intangible assets 0.0 (214.3) 0.0

Payment for purchase of business (192.1) (73.4) 0.0

Proceeds from sale of non-current assets 10.7 305.6 0.1

Proceeds from financial investments 0.5 3.3 18.5

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Proceeds from financial assets 0.0 0.0 47.6

Proceeds from dividend 8.5 0.3 0.0

Interest income 0.0 0.0 11.3

Change in receivables in associated companies (1.0) 0.0 0.0

Cash flow from discontinued operations 3.6 0.6 0.0

Cash flow from investment activities (634.7) (405.5) (560.5)

Proceeds from new non-current debt 521.0 401.9 254.8

Repayment of new non-current debt (91.8) (327.0) (246.7)

Payment of leasing agreements (27.4)

Paid financial expense (50.9) (65.3) (83.3)

Proceeds from new current debt 0.0 107.3 0.0

Net change in overdraft (117.9) 186.5 (107.8)

Dividends (6.1) (78.1) (109.8)

Financial income 0.5 0.0 0.0

Equity issue 0.0 0.0 77.1

Issuing costs (1.3) 0.0 0.0

Change in cash from acquisition of non-controlling 1.1 0.0 0.0 interests

Cash flow from financing activities 254.6 225.3 (243.1)

Net change in cash and cash equivalent 104.8 (0.7) (33.2)

Cash and cash equivalents as of 1. January 64.3 169.1 168.4

Cash and cash equivalents as of 31. December 169.1 168.4 135.2

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8.5. Selected Changes in Equity Information The table below sets out a summary of the Group’s change in equity information for the years ended 31 December 2017, 2018 and 2019

Paid-in Cash Non- Paid-in Treasury Calculation Other Total NOKm share flow Total controlling equity stocks differences equity equity premium hedge interest Balance as of 24.3 128.4 (0.0) 1.0 0.0 252.7 406.5 32.5 438.9 01/01/2017 Net profit 230.9 230.9 2.4 233.3 Actuarial gains and (3.4) (3.4) (0.0) (3.4) losses Hedging accounts 0.3 0.3 (1.0) (0.7) interest rate swap Transaction costs (1.4) (1.4) (1.4) Purchase on non- (21.4) (21.4) (21.4) controlling interests Dividends (6.1) (6.1) (6.1) Other (5.0) (5.0) 1.0 (4.0) Capital increase 48.5 1,382.4 1,430.9 1,430.9 Balance as of 72.8 1,509.5 (0.0) 1.3 0.0 447.8 2,031.3 34.9 2,066.2 31/12/2017 Balance as of 72.8 1,509.5 (0.0) 1.3 0.0 447.8 2,031.3 34.9 2,066.2 01/01/2018 Net profit 452.8 452.8 13.5 466.3 Actuarial gains and (2.0) (2.0) (2.0) losses Change in equity (4.3) (4.3) (4.3) investments Hedging accounts 1.7 1.7 1.7 interest rate swap Calculation differences 37.7 37.7 23.0 60.8 Dividends (72.8) (72.8) (72.8) Liquidation of subsidiary 0.0 (14.2) (14.2) Acquisition of 0.0 237.0 237.0 Austfjarda HF Balance as of 72.8 1,509.5 (0.0) 3.0 37.7 821.6 2,444.5 294.2 2,738.7 31/12/2018 Balance as of 72.8 1,509.5 (0.0) 3.0 37.7 821.6 2,444.5 294.2 2,738.7 01/01/2019 Net profit 268.9 268.9 34.4 303.3 Actuarial gains and losses (0.1) (0.1) (0.1) Hedging accounts interest rate swap 2.0 2.0 2.0 Calculation differences 9.2 9.2 3.4 12.7 Dividends (109.1) (109.1) (109.1) Liquidation of subsidiary 0.0 (0.6) (0.6) Acquisition of non- controlling interest 0.0 77.1 77.1 Balance as of 72.8 1,509.5 (0.0) 5.0 46.9 981.3 2,615.5 408.4 3,023.9 31/12/2019

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8.6. Other Selected Financial and Operating Information The table below sets out certain other unaudited non-IFRS key financial and operating information for the Company:

NOKm 2017 2018 2019 Reported Equity 2,066.2 2,738.7 3,023.9 Reported total assets 4,409.5 5,969.3 6,324.4 Equity ratio (%) 46.9 % 45.9 % 47.8 %

Operating result 354.9 450.4 342.2 Depreciation and amortization 89.8 118.3 148.6 EBITDA 444.7 568.7 490.8

Operating result for segment Fishfarming Norway 245* 195 302

Harvested Salmon (Tonnes) 11 695* 12 285 16 102

Operational EBIT per kg (NOK) 20.95* 15.87 18.74

*) NTS acquired Midt-Norsk Havbruk in April 2017, the numbers are from 19 April 2017 and onwards.

Described below are the alternative performance measures that are used as a supplement to the financial information that is reported in accordance with International Financial Reporting Standards.

Description of financial performance measures that are not used in International Financial Reporting Standards.

Non-IFRS performance measure Description Reason for use of the measure EBIT Earnings before interest and Useful measure of operating tax is defined as operating performance result where the fair value of biomass is disregarded EBITDA Earnings before interest, tax, Useful measure of operating depreciations and performance because they approximate amortizations and the underlying cash flow by eliminating impairments is used to depreciation and amortisation. The focus calculate operating result, is thus on the variable cost where fair value adjustment of biomass is taken out, as well as depreciation. Operational EBIT per kg (Fishfarming Earnings before interest and Useful measure of operating Norway) tax per kg is defined as performance for the segment operational result before Fishfarming Norway, a widely used taxes for segment measured across the industry Fishfarming Norway, where the fair value of biomass is disregarded, divided by the harvested volume Equity Ratio Equity as percent of total The equity ratio is a financial ratio capital indicating the relative proportion of equity used to finance a Group’s assets, at the same time it is an indicator of the solidity of the Group

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8.7. Working Capital Statement As of date of this Exempted document, the Group is of the opinion that the working capital is sufficient for its present requirements for the period covering at least 12 months from the date of this Exempted Document.

8.8. Segment information NTS ASA has operating segments in Norway and Iceland. The segment “Fishfarming Island” is operated from Iceland, while the remaining segments are operated from Norway. The table below gives an overview of geographical allocation of revenues in the different segments. The table is based on selected data from NTS Group’s audited consolidated Financial Statements for the years ended 31 December 2019, 2018 and 2017. Please note that the segment “Fishfarming Iceland” had its first year in 2018 and was reported as “not allocated” in 2018.

Total Revenue (Million NOK) 2019 2018 2017 Fishfarming Norway 910 703 656 Fishfarming Iceland 293 0 0 Well-boat 469 556 446 Shipping 111 120 38 Not allocated/ eliminated (106) 144 (32) Total 1677 1523 1108

8.9. Statutory auditor Ernst & Young AS (“EY”) is the Group’s statutory auditor and has audited the Group’s financial statements for 2019, 2018 and 2017. EY’s address is Dronning Eufemias gate 6, Oslo Atrium, P.O. Box 20, 0051 Oslo, Norway. EY is a member of Den Norske Revisorforening (The Norwegian Institute of Public Accountants). The audits for 2017, 2018 and 2019 have been conducted in accordance with laws, regulations and auditing standards and practices generally accepted in Norway, including International Standards on Auditing (ISAs). EY has issued an Independent Assurance report on the unaudited pro forma condensed financial information included as Appendix A. EY has not audited, reviewed or produced any report on any other information provided in this Exempted Document.

8.10. Significant Change in the Issuer’s Financial Position

There has not been any significant change to NTS’ financial and/or trading position since 31 December 2019 and to the date of this Exempted Document other than what is set out in Section 5.12.

8.11. Dividend Policy In deciding whether to propose a dividend and in determining the dividend amount, the Board of Directors will consider legal restrictions, as set out in the Norwegian Public Limited Companies Act. NTS aims to give a competitive return policy, both through an increased share price and dividend pay-out. The dividend pay-out will be reflected by the company’s profitability and future investment plans, liquidity needs and overall financial solvency. Over time, the company aims to pay out 30-40% of the net result after tax as dividends. For 2019, the board of NTS ASA has proposed a dividend payment of NOK 1 per share. This amounts to NOK 72.8 million for the shareholders in NTS ASA per 31. December 2019, with an addition of NOK 46.5 million for the shares issued in the transaction with Frøy Gruppen. The proposed dividend for 2019 in total amounts to NOK 119.3 million.

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9 SELECTED FINANCIAL INFORMATION FOR FRØY GRUPPEN AS Frøy Gruppen AS was incorporated 19 December 2019 and is a holding company for Frøy Rederi AS, Frøy Akvaservice AS, Frøy Akvaressurs AS, Frøy Vest AS, Stava Sjø AS, Fisketransport AS and Frøy Nord AS as of 31 December 2019, see section 6.1.1 for the legal structure.

Frøy Gruppen AS and subsidiaries are consolidated into Gåsø Næringsutvikling AS and no consolidated financial statements have been prepared for Frøy Gruppen. For the purpose of this Exempted document, an unaudited consolidated financial statement has been compiled for Frøy Gruppen for the years ended 2017, 2018 and 2019. This consolidation is based on financial information for the companies in Frøy Gruppen for the given years, which have then been consolidated for this sole purpose. The consolidation itself has not been audited.

The historical results of Frøy Gruppen are not necessarily indicative of its results for any future period. For a discussion of certain risks that could impact the business, operating results, financial condition, liquidity and prospects of Frøy Gruppen, see Section 1 “Risk Factors”. The following summary of consolidated financial data should be read in conjunction with the other information contained in this Exempted Document, including the Annual Financial Statements of Frøy Gruppen and the notes therein.

9.1. Summary of accounting policies and principles The financial information for Frøy Gruppen has been prepared based on the requirements of NGAAP and the Norwegian Accounting Act. The following selected unaudited financial information is compiled based on financial information for the companies in Frøy Gruppen as included in the consolidated financial statements of Gåsø Næringsutvikling AS (predecessor accounting) prepared in accordance with Norwegian generally accepted accounting principles (NGAAP) and the Norwegian Accounting Act. The selected financial information does not include information about cash flows. Compiling consolidated statement of cash flow based on the financial information for Frøy Gruppen is challenging as only a few of the annual reports have a cash flow statement. As a result, an unaudited consolidated cash flow statement is not included for Frøy Gruppen.

9.2. Consolidated income Statement data

The table below sets out consolidated income statement data for Frøy Gruppen for each of the years ended 2019, 2018 and 2017. NRS is not a part of Frøy Gruppen as at 31 December 2019. 2017 2018 2019 NOKm (Unaudited) (Unaudited) (Unaudited)

Sales revenue 709.2 920.2 1,026.9

Other revenue 7.6 16.0 76.2

Total revenue 716.8 936.1 1,103.1

Cost of goods sold (24.4) (28.5) (15.7)

Cost of employee benefits (215.7) (289.4) (317.3)

Other operating cost (116.4) (183.1) (205.2)

Depreciations and (235.7) (300.6) (326.6) amortisations

Operational result 124.6 134.5 238.4

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Financial income 0.4 (0.6) 0.9

Financial expense 33.6 46.1 (57.9)

Profit before tax 91.4 87.9 181.5

Tax 8.2 (4.3) (12.3)

Net profits 83.2 83.6 169.2

9.3. Selected Financial Position The table below sets out selected financial position for Frøy Gruppen as of 31 December 2019, 2018 and 2017.

2017 2018 2019 NOKm (Unaudited) (Unaudited) (Unaudited)

Other tangible assets 39.5 48.8 52.8

Property, plant and 1,719.7 1,755.3 2,042.8 equipment

Financial assets 7.4 11.0 1.2

Deferred tax assets 0.0 0.0 0.2

Non-current assets 1,766.6 1,815.2 2,097.0

Inventory 4.2 3.5 3.1

Accounts receivables 96.6 95.5 104.9

Other receivables 26.0 28.3 79.2

Cash and cash equivalents 21.3 63.3 84.0

Current assets 148.1 190.5 271.1

Total assets 1,914.7 2,005.7 2,368.1

Share capital 1.0 1.0 1.0

Treasury shares 0.0 0.0 254.7

Share premium 0.0 0.0 0.0

Paid-in equity 1.0 1.0 255.7

Other equity 309.1 416.0 272.0

Non-controllling interests 80.2 60.3 60.6

Total equity 390.3 477.3 588.2

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Non-current interest-bearing 1,343.7 1,352.1 1,562.5 debt

Other non-current debt 0.0 0.0 0.0 related to acquisition

Other non-current debt 42.9 3.5 0.0

Deferred tax liability 16.7 19.2 24.6

Pension obligations 0.0 0.0 1.7

Non-current liabilities 1,403.3 1,374.8 1,588.8

Current interest-bearing debt 0.8 35.3 5.0

Trade payables 43.5 54.8 67.0

Taxes payables 9.5 4.4 12.9

Public duties payable 39.1 36.4 31.9

Other current liabilities 28.3 22.7 74.2

Current liabilities 121.2 153.5 191.0

Total liabilities 1,524.5 1,528.4 1,779.8

Total Equity and Liabilities 1,914.7 2,005.7 2,368.1

9.4. Operating and financial review For the financial year ended 31.12.2019, Frøy Gruppen’s sales revenues ended at NOK 1 027 million. This is an increase of NOK 107 million from 2018, when the sales revenues were NOK 920 million. The corresponding number in 2017 was NOK 709 million. The increase between 2017 and 2018, and between 2018 and 2019 can mainly be explained by Frøy Gruppen acquiring service-boat providers both in 2016, 2018 and 2019, however, there is also an increase in the well-boat companies, and that is mainly explained by two new-builds coming into operation first and last half of 2017, respectively. Other revenues are affected positively by sale of several ships, including a well-boat during 2019. In total other revenues were NOK 76 million for 2019, while the numbers for 2018 and 2017 were NOK 16 million and NOK 8 million, respectively.

The expansion of Frøy Gruppen is also the main explanation for the increased operational cost, both when it comes to cost of employee benefits, which amounted to NOK 317 million, NOK 289 million and NOK 216 million in 2019,2018 and 2017 respectively, an increase of 34% from 2017 to 2018, and 10% from 2018 to 2019. Other operating costs, ending at NOK 205 million in 2019, compared to NOK 183 million in 2018, and NOK 116 million in 2017, is also impacted by the acquisitions done in 2017 and 2018. Similar increases are seen also for the depreciation and amortizations, which were NOK 327 million in 2019, up 9% from 2018, when depreciations ended at NOK 301 million. The depreciations were NOK 236 million in 2017.

The operating result ended at NOK. 238 million for the period ended 31.12.2019, an increase of NOK 104 million compared to 2018, when operating result was NOK 135 million. The operating result was NOK 125 million in

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2017. The increase of NOK 10 million between the years 2017 and 2018 is attributable to improved results from the well-boat segment, while the increase of NOK 104 million from 2018 to 2019 is mainly explained by improved results from the well-boat segment, related to renewal of the fleet, and improved margins in service-boat segment.

The total current assets of Frøy Gruppen, increased from NOK 1 915 million per 31.12.2017, to NOK 2 006 million per 31.12.2018 and NOK 2 368 million per 31.12.2019. The increase is mainly related to higher booked values for property, plant and equipment, as described in the analysis above, this is caused by investment in newer ships, as well as acquisition of companies. There is also an increase both in other receivables and cash and cash equivalents line items. As for the equity, it has increased from NOK 390 million per 31.12.2017, to NOK 477 million per 31.12.2018 and NOK 588 million per 31.12.2019, the increase is mainly linked to the positive results over the same period, as there has not been any payment of dividends to the shareholders.

Total liabilities have in the same period increased from NOK 1 524 million per 31.12.2017, to NOK 1 528 million per 31.12.2018 and NOK1 1 780 million per 31.12.2019, the increase is related to financing of new-builds both on the well-boat and service-boat segments.

Referring to section 8.6 ‘Other Selected Financial and Operating Information’ (NTS ASA), the same alternative performance measures have been calculated for Frøy Gruppen, based on the reported numbers stated previously in this chapter, where applicable.

2017 2018 2019 NOKm (Unaudited) (Unaudited) (Unaudited)

Reported Equity 390.3 477.3 588.2

Reported total assets 1 914.7 2 005.7 2 368.0

Equity ratio (%) 26 % 31 % 33 %

EBIT = Operating result 124.6 134.5 238.4

Depreciation and amortization 235.7 300.6 326.6

EBITDA 360.3 435.1 565.0

9.5. Auditing of Annual Financial Information The annual financial statements of the companies in Frøy Gruppen for the years ended 2019, 2018 and 2017 have been independently audited by BDO AS, as well as the opening balance for Frøy Gruppen AS. Reference is made to appendix B and C. The consolidated financial statements of Frøy Gruppen presented in this Exempted Document are compiled based on the audited financial statements of the individual companies in Frøy Gruppen as at 31 December 2019, 2018 and 2017. Please note that the consolidation itself has not been audited.

The audits have been conducted in accordance with laws, regulations and auditing standards and practices generally accepted in Norway, including International Standards on Auditing (ISAs).

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9.6. Significant Change in the Issuer’s Financial Position

There has not been any significant change to Frøy Gruppen’s financial and/or trading position since 31 December 2019 and to the date of this Exempted Document. Frøy Gruppen does not have information on any known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on future prospects other than what is described in Section 6.12

9.7. Segment information The revenue for 2019 for Frøy Gruppen originates from well-boat services and other services to the salmon farming industry using small and large service-vessels, including diving services. Frøy Gruppen operates in Norway. Please see chapter 6 for more information on Frøy Gruppen’s business areas.

2019 2018 2017 Total Revenue (Million NOK) (Unaudited) (Unaudited) (Unaudited) Well-boat 322 286 231 Service boat 715 649 481 Not allocated/ eliminated -10 (15) (3) Total 1027 920 709

As mentioned above, Frøy Gruppen constitutes of Frøy Akvaressurs AS, Frøy Akvaservice AS, Frøy Nord AS, Frøy Vest AS, Stava Sjø AS, Frøy Rederi AS and Fisketransport AS.

The following companies operates large service vessels (>15 meters long): - Frøy Akvaressurs AS

The following companies operates smaller service vessels (<15 meters long): - Frøy Akvaservice AS - Frøy Nord AS - Frøy Vest AS - Stava Sjø AS

The following companies operates smaller service vessels (<15 meters long): - Frøy Rederi AS - Fisketransport AS

Please see appendix C for financial reports for each company.

9.8. Dividend Policy Frøy Gruppen is a new Group, hence no dividend policy exists yet, nor is there a common dividend policy for the companies that together form Frøy Gruppen. No dividend payments have been paid from Frøy Gruppen or any of its subsidiaries in 2017, 2018 or 2019. As of 31 December 2019, NOK 50 million is suggested as dividend to NTS ASA.

The shares in NRS, which became a part of Frøy Gruppen as of 20 January 2020, paid dividends of NOK 30 million in 2018 and NOK 31 million in 2019 to Gåsø Næringsutvikling . Proposed dividend for the year 2019 is NOK 69 million from NRS to Gåsø Næringsutvikling.

9.9. Working Capital Statement As of date of this Exempted document, Frøy Gruppen is of the opinion that the working capital of Frøy Gruppen is sufficient for its present requirements for the period covering at least 12 months from the date of this Exempted Document.

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10 CAPITALISATION AND INDEBTEDNESS

10.1. Introduction to capitalization and net financial indebtedness for NTS ASA The financial information presented below should be read in connection with the other parts of this Exempted Document, in particular Section 8 ‘Selected financial information for NTS ASA’ and the financial statements for NTS ASA and related notes incorporated by reference hereto, see Section 13.2 "Incorporation by reference".

The financial information presented below provides information about NTS ASA’s capitalisation and net financial indebtedness on an actual basis at 31.12.2019 and, in the ‘As adjusted’ columns, NTS ASA’s capitalization and net financial indebtedness on an adjusted basis to give effect to the Transaction.

10.2. Capitalisation for NTS ASA The following table sets forth information about the Group’s unaudited consolidated capitalisation as of 31 December 2019. Other than as set forth below, there has been no material change to the NTS ASA’s capitalisation and net financial indebtedness since 31.12.2019. The table includes elements that the Company has deemed to be interest-bearing or financial debt, including lease liabilities.

Adjustment for Adjustment for 31/12/2019 Consideration debt in Frøy As adjusted (Unaudited)1 NOKm Shares2 Gruppen3

Indebtedness

Total current debt

Guaranteed and secured 635.6 5.0 640.6

Unguaranteed/Unsecured 304.6 4.0 186.1 494.7

Total non-current debt

Guaranteed and secured 1,748.0 1,673.5 3.421,5

Unguaranteed/Unsecured 612.3 26.3 638.6

Total indebtedness 3,300.5 4.0 1,890.8 5,195.3

Shareholders’ equity

Share capital 72.8 46.5 119.3

Share premium 1,509.5 2,949.8 4,459.3

Other equity 1,033.3 (441.9) 591.4

Non-controlling interests 408.4 408.4

Total shareholders’ equity 3,023.9 2,554.4 5,582.3

Total capitalisation 6,324.4 2,558.4 1,890.8 10,773.6

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1 The data set forth in this column is derived from the statement of financial position set out in the annual report as of 31 December 2019. The information reconciles with the consolidated statement of financial position as at 31 December 2019 as follows:

The current guaranteed and secured debt of NOK 635.6 million is reflected in the line “Current interest- bearing debt” in the statement of financial position as at 31 December 2019

The non-current guaranteed and secured debt of NOK 1,748.0 million is reflected in the line “Non-current interest-bearing debt” in the statement of financial position as at 31 December 2019.

The current unguaranteed/unsecured debt of NOK 304.6 is reflected in the line “Trade and other payables” (NOK 247.1 million) and “Taxes payable” (NOK 57.5 million) in the statement of financial position as at 31 December 2019.

The non-current unguaranteed/unsecured debt of NOK 612.3 is reflected in the line “Other non-current debt related to acquisition” (NOK 138.2 million), “Other non-current debt» (NOK 19.2 million) and “Deferred tax liability» (NOK 454.9 million) in the statement of financial position as at 31 December 2019.

2 In connection with the merger of Frøy Gruppen, 46,516,416 new shares will be issued as part of the Consideration to the Seller (the “Consideration Shares”). The shares each have a par value of NOK 1. The subscription price in the share issuance in NTS to issue the Consideration Shares is set to NOK 64.5 per share, implying a total subscription amount of NOK 2.996.3 (net of directly related expenses of NOK 4.0 million also reflected as current unguaranteed/unsecure debt). The valuation of the subscription amount is set per 20. January 2020 based upon the opening stock market quotation for shares in NTS on 20. January 2020 multiplied with the number of consideration shares agreed to be issued. Share capital and share premium is adjusted accordingly. For further information regarding the Frøy Gruppen merger, see Section 4 “The Merger” and Section 11 “Unaudited Pro Forma Financial Information”.

Accounting wise, the consideration for Frøy Gruppen is to be measured at the fair value at the acquisition date. The valuation of the Consideration Shares is depended on the share value as of the acquisition date which is estimated to take place 3 April 2020. For purposes of the capitalisation for NTS, NOK 55 per share as at 31 March 2020, for a total of 46,516,416 ordinary shares has been used. The difference in subscription price and the fair value of the shares as at the acquisition date is booked as other equity.

3 The non-current bank debt in Frøy Gruppen is originating from investments in well-boats and some service vessels. Leasing debt originates mostly from financing of service vessels and equipment. About one third of the total financial debt relates to leasing contracts, while the rest is non-current guaranteed bank loans.

The current guaranteed and secured debt of NOK 5.0 million is reflected in the line “Current interest- bearing debt” in Frøy Gruppen's financial position information as of 31 December 2019.

The non-current guaranteed and secured debt of NOK 1,673.5 million is reflected in the line “Non-current interest-bearing debt” (NOK 1,562.5 million) in Frøy Gruppen's financial position information as of 31 December 2019 as well as an adjustment of new debt of NOK 111.0 million proceeded between 31 December and this Exempted document related to well-boat under construction.

The current unguaranteed/unsecured debt of NOK 186.1 million is reflected in the line “Trade payables” (NOK 67.1 million), “Taxes payable” (NOK 12.9 million), “public duties payable” (NOK 31.9 million) and “Other current debt” (NOK 74.2 million) in Frøy Gruppen's financial position information as of 31 December 2019.

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The non-current unguaranteed/unsecured debt of NOK 26.3 is reflected in the line “Pension obligation» (NOK 1.7 million) and “Deferred tax liability» (NOK 24.6 million) in Frøy Gruppen's financial position information as of 31 December 2019.

Secured debt is secured by the NTS’ assets, such as ships, fish farming licences, trade receivables and properties. Guaranteed debt has parent company guarantees.

The non-current bank debt is originating from both the Company’s fish farming business, where the Aquatraz technology as well as buying of licences has been financed by long-term bank loans, and from investments in well-boats and cargo ships, more than 90% of total financial debt is long-term bank debt, while less than 10% is leasing debt. Leasing debt originates mostly from fish farming, for financing of feed barges, small vessels and other related equipment.

The non-current debt for well-boats is for the newest part of the fleet linked to the length of each contract, and normally the debt will have to be renegotiated at each contract renewal. For the older well-boats, as well as the fish farming investments, the long-term debt is for a greater part of the lifecycle, up to 10-15 years, and only infrequently, the loans have to be renegotiated.

There are no restrictions on the use of capital resources that have affected or could affect NTS ASA’s operations.

Further funding for the first of the three well-boats being built is finalised, while financing of the remaining two well-boats under construction is under negotiated. Funding related to growth in the segment ‘Fish farming Iceland‘ is also currently being evaluated.

10.3. Net financial indebtedness for NTS ASA The following table sets forth information about the Group’s unaudited net financial indebtedness as of 31 December 2019. Other than as set forth below, there has been no material change since 31 December 2019.

Adjustment for Adjustment for 31/12/2019 financial debt in cash in Frøy As adjusted (Unaudited) NOKm Frøy Gruppen1 Gruppen2

Net Indebtedness

(A) Cash 135.2 84.0 219.2

(B) Cash equivalents

(C) Interest bearing receivables 48.2 48.2

(D) Liquidity (A)+(B)+(C) 183.4 - 84.0 267.3

(E) Current financial receivables

(F) Current bank debt 165.2 5.0 170.2

(G) Current portion of non- 470.4 - 470.4 current debt

(H) Other Current financial debt - - 0

(I) Current financial debt 635.6 5.0 - 640.6 (F)+(G)+(H)

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(J) Net Current financial 452.2 5.0 (84.0) 373.2 indebtedness (I)- (D)-(E)

(K) Non-current bank loans 1,748.0 1,673.5 3,421.6

(L) Bonds issued - - -

(M) Other non-current debt 138.2 138.2

(N) Non-current financial 1,886.2 1,673.5 - 3,559.8 indebtedness

(O) Net financial indebtedness 2,338.4 1,678,5 (84.0) 3,933.0 (J)+(N)

1 The current debt of NOK 5.0 million is reflected in the line “Short-term interest-bearing debt” in Frøy Gruppen's financial position information as of 31 December 2019. The non-current debt of NOK 1,673.5 million is reflected in the line “Long-term interest-bearing debt” (NOK 1,562.5 million) in Frøy Gruppen's financial position information as of 31 December 2019 as well as an adjustment of new debt of NOK 111.0 million proceeded between 31 December and this Exempted document related to well-boat under construction. 2 December 31. 2019, Frøy Gruppen had available liquid funds in the form of cash and cash equivalents amounting to NOK 84 million. This amount will be transferred to NTS ASA as a part of the Merger. Proceeds from borrowings between 31 December and the date of this Exempted document of NOK 111 million are paid to the shipyard, and cash is hence not adjusted.

10.4. Contingent and indirect indebtedness for NTS As at 31 December 2019 and as at the date of the Exempted document, the Group did not have any contingent or indirect indebtedness.

10.5. Introduction to capitalisation and net financial indebtedness for Frøy Gruppen AS The financial information presented below should be read in connection with the other parts of this Exempted Document, in particular Section 9 ‘Selected financial information for Frøy Gruppen’ and the financial statements for the individual companies making up Frøy Gruppen, and related notes incorporated by reference hereto, see Section 13.2 ‘Incorporation by reference’.

The financial information presented below provides information about Frøy Gruppen’s capitalisation and net financial indebtedness on an actual basis at 31.12.2019. Other than as set out above, there has been no material change to Frøy Gruppen’s capitalisation and net financial indebtedness since 31.12.2019.

10.6. Capitalisation for Frøy Gruppen The following table sets forth information about the Frøy Gruppen’s unaudited consolidated capitalisation as of 31 December 2019. Other than as set forth below, there has been no material change to the Frøy Gruppen’s capitalisation and net financial indebtedness since 31.12.2019. The table includes elements that the Company has deemed to be interest-bearing or financial debt, including lease liabilities.

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31/12/2019 Adjustment for new debt2 As adjusted NOKm (Unaudited)1

Indebtedness

Total current debt

Guaranteed and secured 5.0 5.0

Unguaranteed/Unsecured 186.1 186.0

Total non-current debt

Guaranteed and secured 1,562.5 111.0 1,673.5

Unguaranteed/Unsecured 26.3 26.3

Total indebtedness 1,779.8 111.0 1,890.8

Shareholders’ equity

Share capital 255.7 255.7

Other equity 272.0 272.0

Non-controlling interests 60.6 60.6

Total shareholders’ equity 588.2 588.2

Total capitalisation 2,368.0 111.0 2.479.0

1 The current guaranteed and secured debt of NOK 5.0 million is reflected in the line “Short-term interest- bearing debt” in Frøy Gruppen's financial position information as of 31 December 2019.

The non-current guaranteed and secured debt of NOK 1,562.5 million is reflected in the line “Non-current interest-bearing debt” in Frøy Gruppen's financial position information as of 31 December 2019.

The current unguaranteed/unsecured debt of NOK 186.1 million is reflected in the line “Trade payables” (NOK 67.1 million), “Taxes payable” (NOK 12.9 million), “public duties payable” (NOK 31.9 million) and “Other short-term debt” (NOK 74.2 million) in Frøy Gruppen's financial position information as of 31 December 2019.

The non-current unguaranteed/unsecured debt of NOK 26.3 is reflected in the line “Pension obligation» (NOK 1.7 million) and “Deferred tax liability» (NOK 24.6 million) in Frøy Gruppen's financial position information as of 31 December 2019.

2 Frøy has also received NOK 111.0 million in proceeds from borrowings between 31 December and this Exempted document related to well-boat under construction.

Secured debt is secured by Frøy Gruppen’s assets, such as ships and trade receivables. Guaranteed debt has parent company guarantees.

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The non-current bank debt is originating from investments in well-boats and some service vessels. Leasing debt originates mostly from financing of service vessels and equipment. About one third of the total financial debt relates to leasing contracts, while the rest is non-current guaranteed bank loans.

The long-term debt for well-boats is linked to the length of each contract, and normally the debt will have to be renegotiated at each contract renewal.

There are no restrictions on the use of capital resources that have affected or could affect Frøy Gruppen’s operations.

Further funding for the well-boat being built is finalised, while new leasing agreements are in place for two service vessels being delivered in 2020.

10.7. Net financial indebtedness for Frøy Gruppen The following table sets forth information about the Group’s unaudited net financial indebtedness as of 31 December 2019. Other than as set forth below, there has been no material change since 31 December 2019.

31/12/2019 Adjustment for new As adjusted NOKm (Unaudited) financial debt (1)

Net Indebtedness

(A) Cash 84.0 0.0 84.0

(B) Cash equivalents -

(C) Interest bearing receivables - -

(D) Liquidity (A)+(B)+(C) 84.0 0.0 84.0

(E) Current financial receivables 0.0 0.0 0.0

(F) Current bank debt 5.0 0.0 5.0

(G) Current portion of non- 0.0 0.0 0.0 current debt

(H) Other Current financial debt 0.0 0.0 0.0

(I) Current financial debt 5.0 0.0 5.0 (F)+(G)+(H)

(J) Net Current financial (79.0) 0.0 (79.0) indebtedness (I)- (D)-(E)

(K) Non-current bank loans 1,562.5 111.0 1,673.5

(L) Bonds issued 0.0 0.0 0.0

(M) Other non-current debt 0.0 0.0 0.0

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(N) Non-current financial 1,562.5 111.0 1,673.5 indebtedness

(O) Net financial indebtedness 1,483.6 111.0 1.594.6 (J)+(N)

1. Frøy has received NOK 111.0 million in proceeds from borrowings between 31 December and this Exempted document related to well-boat under construction. The proceeds are paid to the shipyard, hence no cash is adjusted.

10.8. Contingent and indirect indebtedness for Frøy Gruppen As at 31 December 2019 and as at the date of the Exempted document, the Group did not have any contingent or indirect indebtedness.

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11 UNAUDITED PRO FORMA FINANCIAL INFORMATION

11.1. General information

Introduction

On 9 December 2019 NTS and Gåsø Næringsutvikling entered into an agreement to merge Frøy Gruppen with Frøygruppen, a fully owned subsidiary of NTS against issuance of shares in NTS as consideration. The Merger includes all of Frøy Gruppen’s subsidiaries, as well as Gåsø Næringsutvikling’s 16.05% stake in NRS, corresponding to 6,993,188 shares.

Following completion of the Merger, Gåsø Næringsutvikling will own 46,516,416 shares in NTS, corresponding to 39% of the post-merger outstanding shares. The parties have also agreed that Gåsø Næringsutvikling will retain a right to dividends paid on its’ shares in NRS from 2019 paid out in 2020, upwards limited to NOK 75m.

The Merger represents a “significant gross change” for the Company, as defined in Commission Regulation (EU) 2019/980, which sets out the requirements of pro forma financial information which need to be included in a prospectus. The same requirement to present pro forma financial information upon a significant gross change does also apply for Exempted Documents (ESMA – Technical advice on Minimum Information Content for Prospectus Exemption – Appendix IV item 3).

The Merger

The Board of Directors of Frøygruppen and Frøy Gruppen agreed upon a merger plan for the Merger on 20 January 2020, which was co-signed by the Board of NTS as the party issuing the Consideration Shares. The general assemblies of Frøygruppen and Frøy Gruppen approved the Merger on 11 February 2020, and the general assembly of NTS approved the issuance of the Consideratioctoon Shares on 12 February 2020.

The Merger is set to be carried out as a triangular merger pursuant to the Norwegian Public Limited Liability Companies Act (the “NPLLCA”) section 13-2, second paragraph, in which Frøy Gruppen shall merge with a wholly owned subsidiary of NTS, Frøygruppen, against issuance of Consideration Shares in NTS. The exchange ratio in the Merger has been set to 61/39. The valuation, which is the basis for the exchange ratio, is based on negotiations between the parties and further supported by an independent valuation from Danske Bank, Norwegian Branch.

The subscription price in the share issuance in NTS is set to NOK 64.5 per share, implying a total subscription amount of NOK 3,000,308,832, settled by the merger debt, equal to NOK 3,000,308,832, issued by Frøygruppen for the benefit of NTS upon completion of the Merger. The valuation of the subscription amount is set per 20. January 2020 based upon the opening stock market quotation for shares in NTS on 20. January 2020 multiplied with the number of consideration shares agreed to be issued.

Gåsø Næringsutvikling has in relation to the Merger committed to a six-moth lock-up on the Consideration Shares, which will expire on 3 October 2020.

Closing of the Merger was subject to fulfilment of certain conditions, including approval from the Norwegian Competition Authority, approval for continued listing by the Oslo Stock Exchange and due diligence of both NTS and Frøy Gruppen.

Furthermore, the Merger required approval from the General Meeting of the Company with a 2/3 majority vote in favour of the Merger, including approval for issuance of the Consideration Shares. Shareholders representing more than 2/3 of the Shares in the Company pre-committed to vote in favour at the General Meeting. The Extraordinary General Meeting, held 12 February 2020, approved the Merger.

The Merger was also conditional on the following terms:

 Receiving necessary regulatory- and third-party approvals

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 The creditor deadline for the merger having expired, without objection form the involved creditors, other than objections that have been paid, pledged satisfactory security for, or where the requirement for collateral has been rejected, cf. the NPLLCA section 13-16.

In addition, the following conditions apply to each party:

 No leakage from the other party, other than leakage permitted by the Transaction Agreement  The other party must in all material respects have complied with its obligations under the Transaction Agreement, which must be complied with before or on the day of the implementation

All the conditions were met prior to the completion of the Merger and the publication of this Exempted Document.

For further information related to the Merger, reference is made to chapter 4 “The Merger” in this Exempted Document.

The tables following this chapter set out unaudited pro forma financial information for the Group as of and for the year ended 31 December 2019 and is prepared under the assumption that the Transaction will close as described 3 April 2020.

11.2. Cautionary Note Regarding the Pro Forma Financial Information The unaudited pro forma financial information has been prepared for illustrative purposes to show how the Transaction would have impacted on the consolidated statement of comprehensive income for the Group for the twelve months ended 31 December 2019 had the Transaction occurred on 1 January 2019, and the consolidated statement of financial position as of 31 December 2019 had the Transaction occurred on 31 December 2019.

Although the unaudited pro forma financial information is based on estimates and assumptions based on current circumstances believed to be reasonable, actual results could materially differ from those presented herein. There is a greater degree of uncertainty associated with pro forma financial information than with historical financial information. Because of its nature, the unaudited pro forma financial information addresses a hypothetical situation and, therefore, does not represent the Company’s actual financial position or results if the transaction had in fact occurred on the dates above and is not representative of the results of operations for any future periods. Investors are cautioned not to place undue reliance on this unaudited pro forma financial information.

The unaudited pro forma financial information has been compiled in connection with the Merger and listing of the Consideration Shares on Oslo Børs to comply with the applicable EU-regulations pursuant to the Norwegian Securities Trading Act. This information is not in compliance with SEC Regulation S-X, and had the securities been registered under the US: Securities Act of 1933, this unaudited pro forma financial information, including the report by the auditor, would have been amended and / or removed from the Exempted Document.

11.3. Independent Assurance Report on the Pro Forma Financial Information

With respect to the unaudited pro forma financial information, EY has applied assurance procedures in accordance with International Standards on Assurance Engagements 3420, Assurance Engagements to Report on the Compilation of pro forma financial information included in a Prospectus, in order to express an opinion as to whether the unaudited pro forma financial information has been properly compiled on the basis stated, and that such basis is consistent with the accounting policies of the Group. EY’s report is included as Appendix A “Independent Assurance Report on the Unaudited Pro Forma Financial Information”.

11.4. Sources of the Pro Forma Financial information

The historical financial information for the Company used for compilation of the unaudited pro forma financial information has been extracted from the audited annual consolidated financial statements for the Company as of and for the year ended 31 December 2019 which were prepared in accordance with IFRS. These financial

68 statements are incorporated by reference to this Exempted Document; See Section 13.2 “Incorporation by Reference”.

The financial information of Frøy Gruppen has been extracted and consolidated from the audited annual financial statements for Frøy Gruppen and its subsidiaries as of and for the year ended 31 December 2019 prepared in accordance with Norwegian generally accepted accounting principles (“NGAAP”) and in compliance with the 1998 Accounting Act. See Section 13.2, “Incorporated by reference” for the financial statements of Frøy Gruppen and its subsidiaries.

The Unaudited Pro Forma Financial Information does not include all information required for the financial statements under IFRS and should be read in conjunction with the Annual Financial Statements as of and for the year ended 31 December 2019 for the Company. The Unaudited Pro Forma Financial Statements are prepared in a manner consistent with the accounting policies of the Company applied in 2019 (IFRS as adopted by the EU). There were no additional new standards or interpretations that have or will be implemented in 2019 which will have had a significant impact on the Company’s financial Statements.

11.5. Basis of preparations The unaudited pro forma financial information consists of audited historical unadjusted financial information for the Company, unaudited historical unadjusted financial information for Frøy Gruppen, IFRS adjustments, pro forma adjustments and notes to the pro forma financial information. As shares in NRS were transferred to Frøy Gruppen 20 January 2020, and hence not included in the unaudited historical unadjusted financial information for Frøy Gruppen presented as of 2019, these are presented in a separate column in the pro forma financial information.

The unaudited pro forma statement of comprehensive income for the year ended 31 December 2019 has been compiled based on the following:

For the Company - audited consolidated financial statements as of and for the year ended 31 December 2019, which were prepared in accordance with International Financial Reporting Standards (“IFRS”).

These financial statements are incorporated by reference to this Exempted Document; See Section 13 “Incorporation by Reference; Documents on Display”.

For Frøy Gruppen - financial information compiled based on financial information for the companies within Frøy Gruppen as included in the 2019 unaudited consolidated financial statements of Gåsø Næringsutvikling AS (predecessor accounting) prepared in accordance with Norwegian generally accepted accounting principles (NGAAP) and the Norwegian Accounting Act. Reference is made to Appendix C illustrating the compilation of the Frøy entities. The statutory financial statements for the Frøy entities are included in Appendix C to the Exempted Document

The Unaudited Pro Forma Financial Information does not include all information required for the financial statements under IFRS and should be read in conjunction with the Annual Financial Statements as of and for the year ended 31 December 2019 for the Company. The Unaudited Pro Forma Financial Statements are prepared in a manner consistent with the accounting policies of the Company applied in 2019 (IFRS as adopted by the EU). Financial information for Frøy Gruppen has for the purpose of the pro forma financial information been converted to IFRS as applied by NTS ASA.

NTS ASA will not adopt any new policies in 2020 as a result of the Merger or otherwise. Please refer to the financial statements for 2019 for description of the accounting policies. The unaudited pro-forma financial information has been prepared under the assumption of going concern.

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11.6. Unaudited Pro Forma Income Statement The table below sets out the unaudited pro forma statement of comprehensive income for the year ended 31 December 2019, as if the Merger had been completed on 1 January 2019.

Norway Notes to Royal Notes Pro- Frøy Salmon IFRS to IFRS Pro forma forma Pro forma NOKm NTS ASA Gruppen ASA adjustments adj. adjustments adj. (Unaudited) Sales revenue 1,677.1 1,026.9 (3.0) 4 (9.1) 1 2,691.9 Other revenue 0.0 76.2 76.2 Total revenue 1,677.2 1,103.1 (3.0) (9.1) 2,768.2

Cost of goods sold (806.1) 15.7 (9.1) 1 812.6 Cost of employee (219.1) 317.3 536.4 benefits Other operating cost (161.1) 326.1 (5.3) 2 15.3 2,3 497.2 Depreciations and 9.8 342.8 (148.6) 205.6 (21.3) 1,2,4,5 3,5 amortisations Operational result 342.2 238.4 0.0 23.6 (25.1) 579.1 Value adjustment 58.7 58.7 biomass Operating result 400.9 238.4 0.0 23.6 (25.1) 637.8

Financial income 11.3 0.9 421.0 0.2 4 433.5 Financial expense (83.3) 57.9 0.9 2 (1.2) 3 (140.9) Derivatives 3.3 3.3 Income from 33.3 associates 33.3 Profit before tax 365.6 181.5 421.0 22.9 (23.9) 667.0 Tax (62.3) 12.3 5.8 2,7 (2.0) 6 78.4 Net income from continuing 303.3 169.2 421.0 17.1 (22.0) 888.6 operations Profits from discontinued 0.0 0.0 0.0 0.0 0.0 0.0 operations Net profits 303.3 169.2 421.0 17.1 (22.0) 888.6

Actuarial gains and (0.1) 0.6 3 0.6 losses Hedging accounts 2.0 2.0 interest rate swaps Change in equity 0.0 0.0 investments Total comprehensive 305.3 169.2 421.0 17.7 (22.0) 891.2 income

Net profit can be split as followed: Attributable to equity holders of 268.9 152.7 421.0 15.5 2, 4, 5 (18.1) 3, 5 839.9 parent

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Attributable to non- 34.4 16.8 1.6 2, 4, 5 (3.9) 3, 5 49.0 controlling interests

Total comprehensive income can be split as followed: Attr. to equity 270.9 152.7 421.0 16.0 2, 4, 5 (18.1) 3, 5 842.5 holders of parent Attri. to non- 34.4 16.8 1.6 2, 4, 5 (3.9) 3, 5 49.0 controlling interests

The table below sets out the unaudited pro forma statement of financial position as of 31 December 2019, as if the Transaction had been completed on 31 December 2019.

11.7. Unaudited Pro Forma Balance Sheet Notes Norway Notes to Royal to pro- Frøy Salmon IFRS IFRS Pro forma forma Pro forma NOKm NTS ASA Gruppen ASA adjustments adj. adjustments adj.

(NGAAP) (NGAAP) (IFRS) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

Licenses 1,343.2 1,343.2 Norway

Licenses 615.0 615.0 Iceland

Other intangible 385.9 52.8 538.2 4 976.8 assets

Property, plant and 2,624.4 2,042.8 (2.9) 2,4,5 62.7 3,4 4,726.9 equipment

Financial 6.8 1.2 1,672.8 5.4 4 (207.0) 4 1,479.2 assets

Investments in associated 182.1 182.1 companies

Loans to associated 48.2 48.2 companies

Other on- 0.3 0.3 current assets

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Deferred tax 0.0 0.2 (0.2) (0.0) assets

Non-current 5,205.8 2,097.0 1,672.8 2.5 393.7 9,371.7 assets

Biological 747.4 747.4 assets

Inventory 25.9 3.1 28.9

Accounts 181.7 104.9 286.6 receivables

Other 28.4 79.2 107.6 receivables

Cash and cash 135.2 84.0 219.2 equivalents

Current 1,118.5 271.1 0.0 0.0 0.0 1,389.7 assets

Assets held 0.0 0.0 0.0 0.0 0.0 0.0 for sale

Total assets 6,324.4 2,368.1 1,672.8 2.5 397.7 10,761.3

Share capital 72.8 1.0 45.5 7 119.3

Paid-in share premium 1,509.5 254.7 2,695.1 8 4,459.3 reserves

Treasury (0.0) (0.0) shares

Paid-in equity 1,582.2 255.7 0.0 2,740.6 4,578.5

Other equity 1,033.3 272.0 1,602.8 20.2 8 (2,341.9) 9 587.4

Non- controlling 408.4 60.6 (10.0) 8 7.8 9 466.8 interests

Total equity 3,023.9 588.2 1,602.8 10.3 407.5 5,632.7

Non-current interest- 1,748.0 1,562.5 (63.7) 2 (23.5) 3 3,223.4 bearing debt

Other non- 138.2 138.2 current debt -

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Commitment acquisition

Other non- 19.2 19.2 current debt

Pension 0.0 1.7 (2.5) 3 (0.8) liabilities

Deferred tax 454.9 24.6 0.0 (5.2) 2,7 5.7 6 480.0 liabilities

Non-current 2,360.3 1,588.8 0.0 (71.3) (17.8) 3,860.0 liabilities

Current interest- 635.6 5.0 113.5 2 754.1 bearing debt

Trade and other 247.1 173.2 69.9 (50.0) 6 4.0 2 444.2 payables

Taxes 57.5 12.9 70.4 payables

Current 939.2 191.0 69.9 63.5 4.0 1,268.6 liabilities

Total 3,299.5 1,779.8 69.9 (7.8) (13.8) 5,128.6 liabilities

Total Equity 6,323.4 2,368.1 1,672.8 2.5 393.7 10,761.3 and Liabilities

The notes to the unaudited pro forma financial information are an integral part of the unaudited pro forma statement information.

11.8. Notes to the unaudited IFRS adjustments Frøy Gruppen has historically presented its statutory financial statements in accordance with NGAAP for each company separately. In connection with the compilation of the unaudited pro forma financial information, differences between IFRS and NGAAP were identified and the resulting adjustments are presented in a separate column in the unaudited pro forma financial information and described in the notes below.

When applicable, the adjustments related to pro forma financial information are shown separately in each note below. All amounts are expressed in NOK 1 million unless otherwise specified.

Note 1 Reversal of amortized goodwill

The GAAP adjustment of NOK 10.2 million consists of reversed amortization of goodwill in Frøy Gruppen. Frøy Gruppen has historically prepared its financial statements according to NGAAP, and goodwill has consequently

73 previously been amortized. According to IFRS, goodwill shall not be amortized, but is required to be tested for impairment losses on annual basis, as stipulated in IAS 36. This GAAP adjustment will have continuing impact.

Note 2 IFRS 16 Leasing agreements (Frøy Gruppen as a lessee)

The leasing agreements in Frøy Gruppen were prior to the merger either recognized as finance leases or operating leases. In order to align the recognition and measurement of leases, IFRS 16 has been implemented for Frøy Gruppen as of 1.1.2019. This has resulted in almost all leases being recognized in the balance sheet except for short term leases, where the lease term is less than 12 months, and low value assets, where the lease value is less then NOK 50 thousand.

In addition, there have been made adjustments for options to prolong the leasing agreements for all ships where the leasing agreements have an option to continue the lease beyond the minimum lease period and where it is considered reasonably certain that such options will be exercised. The maximum lease term has been determined to 15 years while the minimum non-cancellable periods varies between 5 and 10 years.

Most leases in Frøy Gruppen were already recognized as finance leases but has been remeasured, as per the relevant requirements upon first time adoption of IFRS. The portion of the lease liabilities which are payable within 12 months from the balance sheet date, have been classified as current lease liabilities.

The GAAP adjustment is charged with the applicable statutory tax rate, which was 22 % for 2019. This does not apply for Frøy Rederi AS and Frøy Akvaressurs AS, as these companies are taxed according to the Norwegian tonnage tax regime.

IFRS will continue to have effect for Frøy Gruppen, however, this specific adjustment will not have continuing impact, as IFRS 16 will be revaluated as of the acquisition date. The effects of implementing IFRS 16 is as followed:

Statement of comprehensive income (NOKm) 2019 Other operating costs (5.3) Depreciation and amortization (17.2) Financial expenses 0.9 Taxes 5.8 Attributable to equity holders of parent 12.7 Attributable to non-controlling interests 3.1

Statement of financial position (NOKm) 31.12.2019 Property, plant and equipment 18.3 Other equity (19.7) Non-controlling interests (6.7) Long-term interest-bearing debt (63.7) Deferred tax liability (5.2) Short-term interest-bearing debt 113.5

Note 3 Actuarial gains and losses

The following adjustments arises due to GAAP differences related to recognition of actuarial gains and losses for the period and actual return on plan assets not included in the calculation of the pension costs. Frøy Gruppen has previously applied the “Corridor Method” under NGAAP, meaning that the cumulative effect of changes in estimates and deviations exceeding 10 % of the greater of the pension liability or pension funds is amortized over the average remaining service period or shorter. According to IAS 19, actuarial gains and losses and return on plan

74 assets not included in the net interest on the net defined benefit liability shall be recognised in other comprehensive income. This GAAP adjustment will have continuing impact.

Other comprehensive income (NOKm) 2019 Actuarial gains or losses 0.6

Statement of financial position (NOKm) 31.12.2019 Other equity 2.5 Pension liability (2.5)

Note 4 Finance leases (Frøy Gruppen as a lessor)

The following adjustments arises due to differences related to accounting treatment of leases, where Frøy Gruppen is the lessor. Under NGAAP, Frøy Gruppen has accounted for all its leases as operating lease agreements. At transition to IFRS, one of the contracts has been assessed to be a finance lease due to the fact that significantly all of the economic benefits are transferred to the customer, This implies that Frøy Gruppen shall derecognise this asset in its statement of financial position and present a receivable at an amount equal to the net investment in the lease. This GAAP adjustment will have continuing impact on the statement of comprehensive income.

Statement of comprehensive income (NOKm) 2019 Sales revenue (3.0) Depreciation and amortization (0.7) Financial income 0.2 Attributiable to equity holders of parent (1.5) Attributiable to non-controlling interests (0.6)

Statement of financial position (NOKm) 31.12.2019 Property, plant and equipment (13.0) Financial assets 5.4 Other equity (5.5) Non-controlling interest (2.1)

Note 5 Periodic maintenance

The following GAAP adjustment consists of depreciation of periodic maintenance of Frøy Gruppen’s ships. Previously, Frøy Gruppen has not decomposed and depreciated periodic maintenance separately from its ships. Subsequent periodic maintenance has been expensed as incurred and not capitalized within fixed assets. According to IAS 16, each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item shall be decomposed and depreciated separately. NTS ASA depreciates periodic maintenance separately from its ships over an economic lifetime of 5 years. No deferred tax is calculated as the periodic maintenance only occur on Frøy Gruppen’s owned ships in Frøy Rederi AS and Frøy Akvaressurs AS, which are taxed according to the Norwegian tonnage tax regime. This GAAP adjustment will have continuing impact on the statement of comprehensive income as well as the statement of financial position.

Statement of comprehensive income (NOKm) 2019 Depreciation and amortization 6.9 Attributiable to equity holders of parent (6.0) Attributiable to non-controlling interests (0.9)

Statement of financial position (NOKm) 31.12.2019

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Property, plant and equipment (8.2) Other equity (7.0) Non-controlling interests (1.2)

Note 6 Elimination of dividend

Frøy Gruppen has made a provision for dividend to NTS ASA amounting to NOK 50 million. As the dividend is not yet approved by the shareholders as of 31.12.2019, the dividend is reversed. This GAAP adjustment will not have continuing impact. If not reversed as a GAAP adjustment, the dividend would have reversed as a pro forma adjustment as the proposed dividend is a transaction between NTS and Frøy Gruppen.

Note 7 Income tax expense and deferred tax

The income tax expense of NOK 5.8 million and the deferred tax of NOK 5.2 million in the IFRS adjustment column are related to implementation of IFRS 16 as of 1.1.2019. See note 2.

Note 8 Change in other equity due to IFRS adjustments

The IFRS adjustment to other equity and non-controlling interests can be reconciled in the following way:

Other equity Non-controlling interests IFRS 16 Leasing agreements (note 2) (19.7) (6.7) Actuarial gains and losses (note 3) 2.5 - Finance leases (note 4) (5.5) (2.1) Periodic maintenance (note 5) (7.0) (1.2) Elimination of dividend (note6) 50.0 - Total 20.2 (10.0)

11.9. Notes to unaudited pro forma adjustments Note 1 Intercompany transactions

The following adjustments represent eliminations transactions between the NTS and Frøy Gruppen companies. The adjustment will have continuing impact as the transactions will be eliminated as intercompany transactions going forward.

Sales revenue (9,1) Cost of sold goods 9,1 Net 0

Note 2 Transaction costs

The pro forma adjustment for other operating costs and trade and other payables of NOK 4.0 million relates to estimated transaction costs in relation to the Merger. This adjustment will not have continuing impact.

Note 3 Remeasurement of leases

The leased assets are remeasured at the acquisition date. NTS has measured the acquired lease liability as if the lease contract were a new lease at the acquisition date, based on the principles of IFRS 3. The Company have further measured the right-of-use asset at an amount equal to the recognised liability. The revaluated right-of-use asset and lease liability is estimated to be NOK 496.5 million. The pro forma adjustment reflects

76 the difference between the values in the statement of financial position as of 31.12.19 where IFRS 16 was implemented as of 1.1.2019 and the revaluation at acquisition date 1.4.2020.

Statement of comprehensive income (NOKm) 2019 Other operating costs 11.4 Depreciation and amortization (4.8) Financial expenses (1.2) Taxes 0.4 Attributable to equity holders of parent (4.3) Attributable to non-controlling interests (1.5)

Statement of financial position (NOKm) 31.12.2019 Property, plant and equipment (56.9) Other equity (20.1) Non-controlling interest (6.1) Non-current interest-bearing debt (23.5) Deferred tax liability (7.2)

Note 4 Transactions related to the purchase price allocation (PPA)

The fair values of the acquired assets and liabilities have been evaluated by NTS ASA in the preliminary PPA, further described in Section 11.7. For reference, a summary of the purchase price allocation is presented below.

Book value of equity (IFRS) 2 175.2

Fair value adjustments NRS shares (207.0) Fair value adjustments well-boats and service 72.1 vessels Fair value adjustments leasing contracts 47.4 Goodwill 538.2 Deferred tax on fair value adjustments (13.1) Non-controlling interests (58.4) Net fair value of assets acquired and liabilities 2.554.4 assumed Total equity consideration 2.554.4

The pro forma adjustment will have continuing impact

Note 5 Depreciation of excess values

The proforma adjustments of NOK 14.6 million reflects the depreciation of the excess values related to well- boats, service vessels and lease contracts. NOK 9.8 million after tax is attributable to the equity holders of parent and NOK 2.4 million after tax is attributable to non-controlling interests. The useful life of well boats and service vessels have been reassessed as part of the purchase price allocation. The excess values are depreciated over the reassessed remaining useful life. The pro forma adjustment will have continuing impact.

Note 6 Income tax and deferred tax

The income tax expense effect of NOK (2.0) million in the pro forma adjustment column relates to depreciation of excess values. See note 5. This adjustment will have continuing impact.

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The Company expects Frøy Gruppen and the Company to be consolidated for tax purposes by 01.01.2020. The tax positions have been offset in the unaudited Pro Forma statement of financial position. Therefore, deferred tax asset in Frøy Gruppen amounting to NOK 0.2 million have been offset against deferred tax in NTS ASA.

The deferred tax liability effect of NOK 5.7 million in the pro forma adjustment column can be split as presented below:

Summary of changes in deferred tax liability (NOKm) Reclassification deferred tax asset (0.2) Deferred tax on excess values (see note 4) 13.1 Tax effect on remeasurement of IFRS 16 (see note 3) (7.2) Total 5.7

The adjustment will have continuing impact

Note 7 Share capital

The pro forma adjustment of NOK 45,5 million reflects the issuance of 46 516 416 consideration shares in NTS ASA to the shareholders of Frøy Gruppen less elimination of share capital in Frøy Gruppen (NOK 1 million).

The adjustment will have continuing impact

Note 8 Share premium

The pro forma adjustment of NOK 2,695.1 million reflects the share premium from the issuance of 46,516,416 consideration shares of NOK 2,949.8 million less elimination of share premium in Frøy Gruppen of NOK 254.7 million.

The adjustment will have continuing impact.

Note 9 Change in other equity due to pro forma adjustments

The pro forma adjustment to other equity can be reconciled in the following way:

Other equity Non-controlling interests Issuance of new shares (see note 7 and 8) (2,996.3) Elimination of Share capital and share premium Frøy 255.7 (see note 7 and 8) Transaction costs (see note 2) (4.0) Revaluation of leased assets (see note 3) (20.1) (6.1) Fair value adjustments NRS shares (see note 4) (207.0) Fair value of adjustments well-boats and service 72.1 vessels (see note 4) Fair value of leasing contracts (see note 4) 47.4 Goodwill (see note 4) 538.2 Deferred tax on excess values (see note 4) (13.1) Non-controlling interest (see note 4) (13.9) 13.9 Total (2,340.9) 7.8

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11.10. Purchase price allocation The unaudited pro forma condensed financial information also includes certain management assumptions and adjustments, which would not necessarily have been applied for an actual financial consolidation for the same periods.

The Company has for the purposes of the pro forma financial information performed a preliminary purchase price allocation. The excess values identified in this preliminary purchase price allocation may change when further and more complete information regarding the assets and liabilities acquired is available. The values allocated to the identified tangible and intangible assets and liabilities may change in the final purchase price allocation. This allocation has formed the basis for the amortization and depreciation charges in the pro forma statement of comprehensive income and the presentation in the pro forma statement of financial position. The final allocation may significantly differ from this allocation and this could materially have affected the depreciation and amortization of excess values in the pro forma statement of comprehensive income and the presentation in the pro forma statement of financial position. The value of the shares in NRS are also dependent on the share price at the acquisition date. For purposes of the unaudited pro forma financial information, a share value of NOK 209.6 per 31 March 2020 has been used.

In the purchase price allocation, the consideration for Frøy Gruppen is to be measured at the fair value at the acquisition date. The valuation of the Consideration Shares is depended on the share value as of the acquisition date which is estimated to take place 3 April 2020. For purposes of the unaudited pro forma financial information, a total consideration of NOK 2 554.4 million has been estimated. The consideration is based on a share price of NOK 55.0 per 31 March 2020, for a total of 46,516,416 ordinary shares.The fair value of the consideration might change in the period up to acquisition date.

The final purchase price allocation will be based on the share price at the acquisition date.

The purchase price allocation is presented in note 4 in Notes to the unaudited pro forma condensed statement of financial position – pro forma adjustments.

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12 INDUSTRY OVERVIEW The industry overview section below is divided into three parts. All three sections, Wellboats for the salmon farming industry (12.1), Service vessels and diving industry (12.2), and The salmon market (12.3) describe the main industries in which NTS and Frøy Gruppen operates.

12.1. Wellboats for the salmon farming industry The demand for wellboats is closely correlated with salmon and trout farming volumes.

According to the World Databank the world population growth was 1.1 percent in 2019. The growth is expected to continue and the UN estimates that the global population will grow to approximately 9.8bn by 2050, while the demand for proteins will increase by 35% given a constant consumption of protein per capita. The UN, however, argues that the actual demand for protein will double. Fish proteins represent 5 percent of the protein sources for human consumption and with the growth in demand for proteins, total volume of fish produced will increase. Land based resources are scarce, and with aquaculture being the fastest growing animal-based food producing sector, it is expected to contribute increasingly as a source of protein for human consumption (MOWI Salmon Farming Industry Handbook 2019). This supports an expected increase in the aquaculture volumes which in turn supports growth in well boat activity.

Altantic Salmon harvest quantity in Norway 2006-2018 1,400 1,200 1,000 800 600

400 1,000 tonnes wfe 1,000 200 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Figure 1 - Development in Atlantic salmon harvest volumes Source: “The salmon farming industry in Norway”, Kontali 2019 Over the last decade, the wellboat industry has experienced increased demand from salmon farmers due to stricter regulations on sealice. As wellboats provide efficient sea lice treatment, the demand for wellboats has increased over the last years. Furthermore, as the salmon farming sector is becoming more and more consolidated, the requirements for wellboat operators have become substantially stricter. For several years, the Norwegian wellboat industry was dominated by multiple small companies with few (1-2) small and old vessels. These old and outdated vessels are increasingly phased out while the newbuilds are considerably larger and more advanced, with closed valve and lice treatment systems.

The demand for larger and more cost-efficient vessels is strengthened further as salmon factories have become fewer and larger, thus implying longer freight distances. The increased focus on bio-security issues and a more sophisticated market has also stimulated consolidation among the wellboat operators.

The below figure illustrates the increase in both total fleet size and average size of each wellboat in the fleet.

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Market size 150,000 2,500 2,000 100,000 1,500 1,000 50,000 500 0 0 2007 2009 2011 2013 2015 2017 2019

Average size Total size

Figure 2 - Total size of fleet vs. average size per wellboat Source: Internal estimates The number of vessels has decreased from around 110 in 2005 to approximately 59 at the date of this Exempted Document according to research provided by the Group. The wellboat fleet has consolidated considerably and about 71,44 percent ownership (as measured by capacity) is controlled by the top four operators, as showed by figure 3.

Norwegian market Sølvtrans Rostein

19% 24% Norsk Fisketransport DESS 9% Intership 3% 24% Frøy 6% 15% Andre

Figure 3 - Wellboat operators by capacity (m3) Source: Internal estimates

12.2. Service vessel and diving industry The service vessel and diving industry is strongly correlated with the developments in the aquaculture industry. As the figure below illustrates, the aquaculture industry is seeing strong growth.

Value of Norwegian export of Atlantic salmon

72 68 64 61

48 44

40 NOKbn 31 29 30 24 17 17 18 11 14

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Figure 4 – Value of Norwegian export of Atlantic salmon 2011-2019 Source: Danske Bank Equity Research

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Stricter requirements imposed on the aquaculture industry in addition to industry growth, increases the demand for diving, mooring, net cleaning, sea lice treatment and related services. Another source of growth for the service industry is that the aquaculture operators increasingly choose to outsource maintenance services. Since 1980, the volume of a cage has increased 240 times, which has increased the demand for larger workboats and support vessels substantially.

Industry turnover

800 700 600 500 400 300 200 100 0 2012 2013 2014 2015 2016 2017 2018

Figure 5 - Total industry turnover (NOKm) Source: Brreg.no. Estimates based on revenues of companies given by figure 6

Company specific turnover (indexed to 100) 1,500

1,000

500

0 2012 2013 2014 2015 2016 2017 2018

Abyss Aqua AKVA Marine Services Frøy Akvaservice AS FSV Group AS Seløy Undervannsservice AS AQS Holding AS Figure 6 – Turnover of the largest aqua service companies in the diving and service vessel segment in Norway (indexed) Source: Brreg.no Aggregated industry turnover shows a strongly growing industry.

The service vessel industry has previously consisted of vessels less than 15 meters, due to strict regulations for vessels above this limit. However, there is a growing trend towards using larger vessels with higher capacity.

While the market for service vessels is still characterized by many small local players, it is becoming increasingly consolidated.

12.3. The salmon market 12.3.1. Global salmon market

Salmon farming has a production cycle of three years and fresh salmon product have short shelf life of approximately three weeks. It is perishable, therefore often marketed fresh. This also means that all produced salmon needs to be consumed within the same period. The long production cycle makes it challenging to adjust the production level in the short term. Therefore, the supply, represented by harvest volume, is very inelastic. However, temperature conditions and biological issues such as sea lice and algae boom can cause a fluctuation in salmon harvesting results.

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The global market value has seen a strong growth in recent years, as illustrated in the graph below.

Global market value and harvest volume 150 3,500

2,500 100 1,500 50 500

0 -500 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Estimated global market value (NOK bn) Global harvest volume (1,000 tonnes)

Figure 7 – Development of global market value and harvest volume of Atlantic salmon Source: Danske Bank Equity Research From a global market prospective, the harvest volume amounted to approximately 2.4 million tonnes and the market value was estimated at NOK 125.9 billion in 2018. The harvest quantity grew by 6.6 percent from 2017 to 2018. CAGR in 2014-2018 was 5.1 percent, while the market size expanded more than 2 times in the same period.

12.3.2. Norwegian salmon harvest volume

As illustrated in Figure 1 in section 11.1, the Norwegian harvest volume increased by 3.8 percentage in 2018 compared to that of 2017, to 1,253 thousand tonnes. However, stricter government regulations and biological issues including sea lice have limited the growth in recent years.

Overall, considering the period 2006 to 2018, total harvest quantity multiplied by 2.1 times and the CAGR was 6.4 percent.

12.3.3. Industry structure of farmed Atlantic salmon in Norway

The market is dominated by a few very large salmon farmers that account for almost 70% of total harvest volumes in Norway. The remaining market is served by multiple small local salmon farmers.

Below is a table showing the ten largest producers with their respective output quantity based on 2018 GWE figures.

# Top 10 Norway Harvest volume (tonnes gwe) 1 MOWI 230,400 2 Salmar 142,500 3 Lerøy Seafood 137,800 4 Mitsubishi/ Cermaq 57,400 5 Grieg Seafood 46,100 6 Nova Sea 37,900 7 Nordlaks 36,100 8 Norway Royal Salmon 36,000 9 Sinkaberg-Hansen 27,500 10 Alsaker Fjordbruk 26,000 Total Top 10 770,000 Total Norway 1,128,100 Top 10 % of total Norway 69%

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Figure 8 – Top 10 Atlantic salmon farming companies in Norway Note: MOWI Salmon Farming Industry Handbook 2019 The top ten producers had a combined output of 770,000 tonnes of Atlantic salmon in 2018, while the total Norwegian output arrived at 1,128,100 tonnes per year.

MNH produced 12,500 tonnes GWE in 2018, representing a market share of 1.1 percentage in Norway.

12.3.4. Atlantic salmon prices

The graph below shows the development of salmon prices in the Norwegian spot market and in the Norwegian export market.

Spot and contractual prices of Atlantic salmon in the period 2000 - 2019

60 61 61 61

43 40 41 37 63 60 60 58 32 32 31 33 28 26 26 27 27 41 23 23 37 40 41 30 21 32 31 31 25 25 26 26 22 20 19 22

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Spot price (NOK/Kg) Export contractual price (NOK/Kg)

Figure 9 – Spot and contractual prices of Atlantic salmon in the period 2000 – 2019 Source: SSB, Nasdaq 2016 marked a significant jump in the salmon price, with an increase of more than 50% reaching in the spot price and 40% in the export price market, compared to 2015. From 2000 to 2019, the CAGR for the spot price (fresh, HOG) was 3.6% while the CAGR for the export contractual price was 3.4%.

Generally, the price of Atlantic salmon is volatile on a weekly basis, due to supply and demand changes. This is in turn affected by the seasonality in demand, salmon quality, and disease outbreaks among other.

12.3.5. Aquaculture industry regulations

In Norway, fish farming is highly regulated and fish farming companies are subject to many regulations. The two main ones are the Aquaculture Act (17 June 2015) and the Food Safety Act (19 December 2013).

In all salmon producing regions, the authorities have licensing regimes, indicating that a license is the key prerequisite for any fish farming at sea. Such regime constrains the maximum production for each company and the industry.

As the regulatory regime links salmon farming growth to the environmental footprint and biological impact on wild salmon, such strict government regulations push the demand for professionalized services and equipment prviders that can reduce biological risk.

12.3.5.1. The license regime

Norwegian salmon-farming licenses regulate farming in freshwater and in the sea. The Norwegian Ministry of Trade, Industry and Fisheries award salmon farming companies with new seawater licenses in certain years, which are administered by the Directorate of Fisheries. Legal security of the license is registered in the Aquaculture Register. Furthermore, a license can be sold and pledged. In 2018, the total number of licenses for

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Atlantic salmon and trout in seawater in Norway was 1,041, while freshwater licences (smolt production) are unlimited and can be applied for at any time (MOWI Salmon Farming Industry Handbook 2019).

As part of a pilot project launched in 2015, the Norwegian Ministry of Trade, Industry and Fisheries announced it would grant free development concessions for up to 15 years, for projects promoting technology that can solve the environmental and acreage challenges facing the aquaculture sector. If the project fulfils a set of fixed criteria, the license can be converted into a commercial license at the cost of NOK 10 million. By the application deadline, 104 concept applications had been submitted, of which 15 have been approved and 5 are pending at the time of writing this Exempted Document. MNH has been awarded four development licenses with a total maximum allowed biomass of 3,120 to Aquatraz. NRS has been awarded eight licenses with a total maximum allowed biomass of 5,990, through Arctic Offshore Farming.

12.3.5.2. Maximum allowed biomass (MAB)

Fish production in Norway is limited by the maximum allowed biomass (MAB), which is defined as the total allowed volume of fish a company can hold at sea. A salmon company is given a certain MAB per region through a certain number of licenses, and it is the sum of each region’s MAB that defines the salmon company’s total allowed biomass.

12.3.5.3. The traffic light system

The Norwegian government has initiated multiple measures to ensure sustainable production in salmon farming, including the ‘traffic light’ system implemented in 2017. This system divides the Norwegian coast into 13 geographical areas of production. Every second year the government announces the conditions for growth on existing and new licenses. The areas are colour coded, based on the level of sea lice which in turn decide the maximum allowed biomass. A red area indicates that the environmental footprint is unacceptable and must be reduced by 6% bi-annually. A yellow area indicates a moderate environmental footprint and must be regulated to no capacity growth. A green area indicates an acceptable environmental footprint, which allows for 6% bi- annual growth.

12.3.5.4. Significant changes since year-end 2019

On 4 February 2020 the Norwegian Minister of Fisheries announced new updates to the traffic light system. Nine out of the thirteen production regions in Norway are given a green light, which means that the total MAB capacity in these regions will be increased by 6% over the next two years. Two regions were categorized yellow, which implies no change in production capacity. Two regions received a red light and salmon farmers in these regions will have to reduce production capacity by 6%. The net capacity growth is estimated to about 23,000 tonnes by authorities (32,000 capacity growth and 9,000 tonnes capacity reduction).

MNH is located in green areas, and the Company will therefore have access to a 6% capacity growth.

NRS has all of its production in Northern Norway, and the updated traffic light system places NRS’ operations in two green and one yellow area.

The capacity awarded in the traffic light system will be sold to the farmers. 1/3 of the capacity growth will be sold to the farmers in the regions with a green light at a price of NOK156,000 per tonne. The remaining 2/3 will be sold in an auction at market prices later in 2020.

The outbreak of the corona virus (COVID-19), classified as a pandemic by WHO, has impacted Norway in an adverse manner. The corona virus may affect the performance of the Group’s services and result in delays, additional costs and liabilities. There is a great risk of the employees in the Group being infected/sick and/or in quarantine, which may lead to less slaughtering and sales. The Group may experience reduction in the price and/or volume of export due to severe delays on border areas because of passport and custom checks.

Apart from this and the company specific trend information described earlier in this document, there have not been any unforeseen events as of the date of this Exempted Document.

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13 ADDITONAL INFORMATION AND DOCUMENTS

13.1. Documents on display Copies of the following documents will, during a period of 12 months following the publication of this Exempted Document, be available for inspection at any time during normal business hours on any business day free of charge at the Company's offices at Sentrumsgata 6, 7970 Kolvereid or requested by telephone: +47 742 16 300 or downloaded from the Company's web-page www.ntsasa.no.

- the Memorandum and Articles of Association of the Company and Frøy Gruppen; - all reports, letters, and other documents, historical financial information, valuations and statements prepared by any expert at the Company's request any part which is included or referred to in this Exempted Document; - the historical financial information for the Company and its subsidiary undertakings for each of the two financial years preceding the publication of this Exempted Document; and - This Exempted Document, including Appendices.

13.2. Incorporation by reference The information incorporated by reference in this Exempted Document should be read in connection with the cross-reference list set out in the table below. Except as provided in this Section, no other information is incorporated by reference in this Exempted Document. The Company incorporates by reference the Company's audited consolidated financial statements as at, and for the years ended, 31 December 2019, 31 December 2018 and 31 December 2017.

Section in Disclosure requirements Reference document and link Page in Exempted of the Exempted reference Document Document document Chapter 4 Merger agreement https://ntsasa.no/investor/generalforsamling/ 1 - 13 (Fusjonsplan) Chapter 7 Interim financial Q4-2019 information https://norwayroyalsalmon.com/no/investor/ 1 – 23 (Annex I, Section 20.1) Finansielle-rapporter Chapter 7 Audited historical financial Audited annual report 2018 information https://norwayroyalsalmon.com/no/investor/F 7 – 164 (Annex I, Section 20.1) inansielle-rapporter

Audited annual report 2017 https://norwayroyalsalmon.com/no/investor/F 7 - 136 inansielle-rapporter Chapter 8 Audited historical financial Audited annual report 2019 information https://ntsasa.no/investor/rapporter/ 3 – 106 (Annex I, Section 20.1) Audited annual report 2018 https://ntsasa.no/investor/rapporter/ 3 – 110

Audited annual report 2017 https://ntsasa.no/investor/rapporter/ 3 – 101 Chapter 8 Audit report Audit report 2019 (Annex I, Section 20.4) https://ntsasa.no/investor/rapporter/ 107 – 110

Audit report 2018

86 https://ntsasa.no/investor/rapporter/ 111 – 114

Audit report 2017 https://ntsasa.no/investor/rapporter/ 102 – 105

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14 DEFINITIONS AND GLOSSARY OF TERMS

14.1. Definitions Annual Financial The audited historical financial statements for the Group as of and for Statements the years ended 31 December 2019, 2018 and 2017 Appendix/Appendices An appendix to this Exempted Document Articles of Association The articles of association of NTS ASA, as amended and restated from time to time Aquaculture Act The Norwegian Aquaculture Act of 17. June 2015 Board of Director Board of directors of the Company CEO Chief Executive Officer Company NTS ASA Consideration Shares The 46,516,416 shares in NTS, corresponding to 39% of the outstanding shares in NTS at the completion of the transaction Director Elected or appointed members of the board who jointly oversee the activities of a company or organisation EU European Union Executive The executive management of NTS ASA Management Exempted Document This Exempted Document dated 3 April 2020 Extraordinary General The (extraordinary) meeting of the shareholders in NTS Meeting/General Meeting Food Safety Act The Norwegian Food safety Act of 19. December 2013 Forward-looking Statements, including without limitation, projections and expectations statements regarding the Group’s future financial position, business strategy, plans and objectives, and statements such as: “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” and similar expressions as they relate to the Company, its subsidiaries or its Management. Frøy Gruppen Frøy Gruppen AS Group NTS ASA together with the Company’s consolidated subsidiaries from time to time Gåsø Næringsutvikling Gåsø Næringsutvikling AS Frøygruppen Frøygruppen AS IFRS International Financial Reporting Standards as adopted by EU Interim Financial The unaudited historical financial statements for the Group as of and the Statements three months ended December 2019 and 2018 ISN Securities Number for the Company’s shares in the Norwegian Registry of Securities (VPS) Merger Frøy Gruppen merges with a wholly owned subsidiary of NTS, Frøygruppen, against a settlement in the form of Consideration Shares Merger Plan The merger plan for the Merger entered into on 20. January 2020 MNH Midt-Norsk Havbruk AS NGAAP Norwegian generally accepted accounting principles NFT Norsk Fisketransport AS NOK Norwegian kroner

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Norwegian Business Foretaksregisteret Register Norwegian Financial Finanstilsynet Supervisory Authority Norwegian Minister of Fiskeriministeren Fisheries Norwegian Ministry of Fiskeriministeren Trade, Industry and Fisheries NRS Norway Royal Salmon ASA NPLLCA The Norwegian Public Limited Liability Companies Act of 13 June 1997 NTS NTS ASA Oslo Stock Exchange Oslo Børs Prospectus Regulation Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 Registrar DNB Bank ASA Section Means a section in this Exempted Document Securities Act The Norwegian Securities Act of 29 June 2007 Seller Gåsø Næringsutvikling Shares Shares in NTS ASA, the Company Transaction The agreement between Gåsø Næringsutvikling and NTS entered into 9. Agreement December 2019 regarding the Merger WHO World Health Organization WTO World Trade Organization

14.2. Glossary of terms Aquatraz Semi close cage farming system MAB Maximum allowed biomass – the maximum volume of fish allowed held at sea Smolt A juvenile fish Wellboat A well-boat is a fishing vessel with a well or tank for the storage and transport of live fish

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Appendix A:

Auditor’s independent assurance report on pro forma financial information

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Statsautoriserte revisorer Foretaksregisteret: NO 976 389 387 MVA Ernst & Young AS Tlf: +47 24 00 24 00 Fax: Havnegt. 9, NO-7010 Trondheim www.ey.no Postboks 1299 Pirsenteret, NO-7462 Trondheim Medlemmer av Den norske revisorforening

To the Board of Directors of NTS ASA

Independent Practitioners’ Assurance Report on the compilation of pro forma financial information included in an exempted document We have completed our assurance engagement to report on the compilation of pro forma financial information of NTS ASA (the “Company”) by the Board of Directors and Management of the Company. The pro forma condensed financial information consists of the unaudited condensed pro forma balance sheet as at 31 December 2019, the unaudited condensed pro forma income statement for the year ended 31 December 2019, and related notes as set out in section 11 of the exempted document dated 3 April 2020 issued by the Company (the “Exempted document”).

The applicable criteria on the basis of which the Board of Directors and Management of the Company has compiled the pro forma financial information are specified in Commission Regulation (EU) 2019/980 and described in section 11 of the Exempted document (the “applicable criteria”). The historical financial information of Frøy Gruppen (the acquired entity) for the year ended 31 December 2019 used in the compilation of the Pro Forma Financial Information is unaudited and accordingly we do not accept any responsibility for that information. The pro forma financial information has been compiled by the Board of Directors and Management of the Company to illustrate the impact of the transaction set out in section 11 of the Exempted document on the Company’s consolidated financial position as at 31 December 2019 and its consolidated financial performance for the year ended 31 December 2019 as if the transaction had taken place at 31 December 2019 and 1 January 2019 respectively. As part of this process, information about the Company’s consolidated financial position and financial performance has been extracted by the Board of Directors and Management from the Company’s consolidated financial statements for the year ended 31 December 2019. Information about the acquired entity’s financial position and financial performance has been extracted by the Board of Directors and Management from unaudied consolidated financial information for Frøy Gruppen compiled based on financial information for the companies in Frøy Gruppen as included in the 2019 consolidated financial statements of Gåsø Næringsutvikling AS prepared in accordance with Norwegian generally accepted accounting principles (NGAAP) and the Norwegian Accounting Act. The auditor’s report on the Company’s financial statements for the year ended 31 December 2019 has been incorporated by reference in section 11 of the Exempted Document. The auditor’s reports on the financial statements for the year ended 31 December 2019 for the entities included in Frøy Gruppen (Frøy Gruppen AS, Frøy Akvaressurs AS, Evja AS, Frøy Akvaservice AS, Frøy Nord AS, NCE AS, Frøy Vest AS, Stava Sjø AS, Frøy Rederi AS and Fisketransport AS) have been included in Appendix C to the Exempted document.

The Board of Directors’ and Management’s Responsibility for the Pro Forma Financial Information The Board of Directors and Management is responsible for compiling the pro forma financial information on the basis of the applicable criteria. Our Independence and Quality Control We have complied with the independence and other ethical requirement of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior.

The firm applies International Standard on Quality Control 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Practitioner's Responsibilities Our responsibility is to express an opinion, as required by Annex II item 7 of EU Regulation No 809/2004 about whether the pro forma financial information has been compiled by the Board of Directors and Management on the basis of the applicable criteria.

We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus, issued by the International Auditing and Assurance Standards Board. This standard requires that the practitioner plan and perform procedures to obtain reasonable assurance about whether the Board of Directors and Management have compiled the pro forma financial information on the basis of the applicable criteria and whether this basis is consistent with the accounting policies of the Company. Our work primarily consisted of comparing the unadjusted financial information with the source documents as described in section 11 of the Exempted Document, considering the evidence supporting the adjustments and discussing the Pro Forma Financial Information with Management of the Company.

The aforementioned opinion does not require an audit of historical unadjusted financial information, the adjustments to conform the accounting policies of Frøy Gruppen to the accounting policies of the Company, or the assumptions summarized in section 11 of the Exempted Document. For purposes of this engagement, we are not responsible for updating or reissuing any reports or opinions on any historical financial information used in compiling the pro forma financial information, nor have we, in the course of this engagement, performed an audit or review of the financial information used in compiling the pro forma financial information.

The purpose of pro forma financial information included in an exempted document is solely to illustrate the impact of the transaction on unadjusted financial information of the Company as if the transaction occurred or had been undertaken at an earlier date selected for purposes of the illustration. Because of its nature, the Pro Forma Financial Information addresses a hypothetical situation and, therefore, does not represent the Company’s actual financial position or performance. Accordingly, we do not provide any assurance that the actual outcome of the transaction at 31 December 2019 or for the year ended 31 December 2019 would have been as presented. A reasonable assurance engagement to report on whether the pro forma financial information has been compiled on the basis stated involves performing procedures to assess whether the applicable criteria used by the Board of Directors and Management in the compilation of the pro forma financial information provide a reasonable basis for presenting the significant effects directly attributable to the event or transaction, and to obtain sufficient appropriate evidence about whether: · The related pro forma adjustments give appropriate effect to those criteria; · The pro forma financial information reflects the proper application of those adjustments to the unadjusted financial information; and · The pro forma financial information has been compiled on a basis consistent with the accounting policies of the Company.

The procedures selected depend on the practitioner's judgment, having regard to the practitioner's understanding of the nature of the company, the event or transaction in respect of which the pro forma financial information has been compiled, and other relevant engagement circumstances. The engagement also involves evaluating the overall presentation of the pro forma financial information.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion In our opinion: a) the pro forma financial information has been properly compiled on the basis stated in section 11 of the Exempted document; and b) that basis is consistent with the accounting policies of the Company

This report is issued for the sole purpose of the transaction and the admission of consideration shares on Oslo Børs (Oslo Stock Exchange) as set out in the Exempted Document. Our work has not been carried out in accordance with auditing, assurance or other standards and practices generally accepted in the United States and accordingly should not be relied upon as if it had been carried out in accordance with those standards and practices. Therefore, this report is not appropriate in other jurisdictions and should not be used or relied upon for any purpose other than the transaction and the admission of consideration shares described above. We accept no duty or responsibility to and deny any liability to any party in respect of any use of, or reliance upon, this report in connection with any type of transaction, including the sale of securities other than the listing of the consideration shares on Oslo Stock Exchange, as set out in the Exempted Document.

Trondheim, 3 April 2020 ERNST & YOUNG AS

Amund P. Amundsen State Authorized Public Accountant (Norway) Appendix B:

Frøy Gruppen opening balance

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BDO AS Klæbuveien 127B 7031 Trondheim

Til stifterne av Frøy Gruppen AS

Uttalelse om utkast til åpningsbalanse.

Vi har kontrollert utkast til åpningsbalanse datert 4. desember 2019 for Frøy Gruppen AS som viser en samlet egenkapital på NOK 139 078 000 og en aksjekapital på NOK 1 000 000.

Styrets ansvar for utkast til åpningsbalanse

Styret er ansvarlig for utkast til åpningsbalanse som viser eiendeler og forpliktelser ved stiftelsen.

Revisors oppgaver og plikter

Vår oppgave er å uttale oss om klassifisering og presentasjon i utkast til åpningsbalanse på grunnlag av vår kontroll.

Vi har utført vår kontroll og avgir vår uttalelse i samsvar med standard for attestasjonsoppdrag SA 3802 ”Revisors uttalelser og redegjørelser etter selskapslovgivningen”. Standarden krever at vi planlegger og utfører våre kontroller for å oppnå betryggende sikkerhet for at informasjonen i utkast til åpningsbalanse er klassifisert og presentert i samsvar med regnskapslovens bestemmelser.

Etter vår oppfatning er innhentet bevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Konklusjon

Etter vår mening er klassifisering og presentasjon i utkastet til åpningsbalanse datert 4. desember 2019 i samsvar med regnskapslovens bestemmelser og prinsippene beskrevet i note.

Trondheim, 4. desember 2019 Bdo AS

______John Christian Løvaas Statsautorisert revisor

Uttalelse om utkast til åpningsbalanse ved omdanning til AS Frøy Gruppen AS - [År] side 1 av 1

Frøy Gruppen AS Noter åpningsbalanse 4.12.2019

Regnskapsprinsipper Årsregnskapet er satt opp i samsvar med regnskapsloven og god regnskapsskikk. Selskapet ble stiftet 4.12.2019.

Hovedregel for vurdering og klassifisering av eiendeler og gjeld. Eiendeler bestemt til varig eie eller bruk er klassifisert som anleggsmidler. Andre eiendeler er klassifisert som omløpsmidler. Fordringer som skal tilbakebetales innen ett år er klassifisert som omløpsmidler. Ved klassifisering av kortsiktig og langsiktig gjeld er analoge kriterier lagt til grunn.

Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi når verdifallet ikke forventes å være forbigående. Anleggsmidler med begrenset økonomisk levetid avskrives planmessig.

Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseføres til nominelt mottatt beløp på etableringstidspunktet.

Note 1 – Finansielle eiendeler.

Aksjer i datterselskaper: Bokført verdi Antall Pålydende Frøy Rederi AS 99 000 000 100 210 000 Frøy Nord AS 33 125 000 50 1 300 Frøy Akvaservice AS 6 953 000 4 352 500

Aksjene i Frøy Nord AS er sammen med aksjepost i Frøy Akvaservice AS kontrollert av Frøy Gruppen AS. Frøy Rederi AS og Frøy Akvaservice AS har hovedkontor på Frøya. Frøy Nord AS har hovedkontor på Senja.

Aksjer i datterselskaper tilføres som kapitalinnskudd fra Gåsø Næringsutvikling AS ved stiftelse. Iom at dette er en konsernintern omorganisering er kostpris videreført.

Note 2 – Aksjekapital/egenkapital.

Aksjekapitalen består av 1 000 000 aksjer à kr. 1. Det er en aksjeklasse.

Aksjefordeling: Antall Andel i % Gåsø Næringsutvikling AS 1 000 000 100 % 1 000 000 100 % Appendix C:

Historical audited financials for Frøy Gruppen’s subsidiaries

92

Frøy Rederi AS Noter til regnskapet for 2019

Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapsloven og god regnskapsskikk.

Salgsinntekter Inntekter ved salg av tjenester vurderes til virkelig verdi av vederlaget. Tjenester inntektsføres etter hvert som de utføres.

Klassifisering av balanseposter Omløpsmidler og kortsiktig gjeld omfatter poster som forfaller til betaling innen ett år. Øvrige poster klassifiseres som anleggsmidler/ langsiktig gjeld. Første års avdrag på langsiktige fordringer og langsiktig gjeld klassifiseres likevel ikke som omløpsmiddel og kortsiktig gjeld.

Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseføres til nominelt beløp på etableringstidspunktet.

Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi dersom verdifallet ikke forventes å være forbigående. Langsiktig gjeld balanseføres til nominelt beløp på etableringstidspunktet.

Varige driftsmidler Varige driftsmidler balanseføres og avskrives lineært over driftsmidlenes forventede levetid. Vedlikehold av driftsmidler kostnadsføres løpende. Påkostninger eller forbedringer tillegges driftsmidlets kostpris og avskrives i takt med driftsmidlet. Skillet mellom vedlikehold og påkostning/ forbedring regnes i forhold til driftsmidlets stand ved kjøp av driftsmidlet.

Nedskrivning av anleggsmidler Ved indikasjon på at balanseført verdi av et anleggsmiddel er høyere enn virkelig verdi, foretas det test

Tidligere nedskrivninger reverseres hvis forutsetningene for nedskrivningen ikke lenger er til stede.

Pensjoner Selskapet har ulike pensjonsordninger. Pensjonsordningene er finansiert gjennom innbetalinger til forsikringsselskap. Selskapet har både innskuddsplaner og ytelsesplaner.

VedInnskuddsplaner innskuddsplaner betaler selskapet innskudd til et forsikringsselskap. Selskapet har ingen ytterligere betalingsforpliktelse etter at innskuddene er betalt. Innskuddene regnskapsføres som lønnskostnad. Eventuelle forskuddsbetalte innskudd balanseføres som eiendel (pensjonsmidler) i den grad innskuddet kan refunderes eller redusere framtidige innbetalinger.

Ytelsesplaner

En ytelsesplan er en pensjonsordning som ikke er en innskuddsplan. Typisk er en ytelsesplan en pensjonsordning som definerer en pensjonsutbetaling som en ansatt vil motta ved pensjonering. Pensjonsutbetalingen er normalt avhengig av flere faktorer, som alder, antall år i selskapet og lønn. Den balanseførte forpliktelsen knyttet til ytelsesplaner er nåverdien av de definerte ytelsene på balansedagen minus virkelig verdi av pensjonsmidlene (innbetalte beløp til forsikringsselskap), justert for ikke resultatførte estimatavvik og ikke resultatførte kostnader knyttet til tidligere perioders pensjonsopptjening. Pensjonsforpliktelsen beregnes årlig av en uavhengig aktuar ved bruk av en lineær opptjeningsmetode.

Fordringer Kundefordringer og andre fordringer er oppført i balansen til pålydende etter fradrag for avsetning til forventet tap. Avsetning for tap gjøres på grunnlag av individuelle vurderinger av de enkelte fordringene.

______Frøy Rederi AS Frøy Rederi AS Noter til regnskapet for 2019

Regnskapsprinsipper, fortsettelse

Skatt Selskapet beskattes etter rederibeskatningsreglene. Rederibeskattede selskaper blir ikke skattlagt for netto driftsresultat. Netto finansinntekter skattlegges løpende. Tonnasjeskatt klassifiseres som en driftskostnad.

Aksjer i datterselskaper Aksjer i datterselskaper bokføres til kostpris.

Kontantstrømoppstilling Kontantstrømoppstillingen utarbeides etter den indirekte metoden. Kontanter og kontantekvivalenter omfatter kontanter, bankinnskudd and andre kortsiktige, likvide plasseringer som umiddelbart og med uvesentlig kursrisiko kan konverteres til kjente kontantbeløp og med gjenværende løpetid mindre enn tre måneder fra anskaffelsesdato.

Note 1 - Varige driftsmidler

Skip under Skip Totalt bygging Anskaffelseskost 01.01.2019 1 024 878 857 1 024 878 857 Tilgang 108 039 586 20 927 885 128 967 471 Avgang -50 000 000 -50 000 000 Anskaffelseskost 31.12.2019 108 039 586 995 806 742 1 103 846 328 Akkumulerte avskrivninger 31.12.2019 0 -171 731 536 -171 731 536 Balanseført verdi 31.12.2019 108 039 586 824 075 206 932 114 793

Årets avskrivninger 53 524 509 53 524 509

Forventet økonomisk levetid 0 16 - 20 år Avskrivningsplan avskrives ikke lineær

Note 2 - Mellomværende og transaksjoner med selskaper i samme konsern

Fordringer 2019 2018

Konsernfordringer 52 157 031 14 966 894

Gjeld 2019 2018

Konserngjeld - 921 471 Leverandørgjeld 724 331 -

Det er ikke avtalt nedbetalingstid på langsiktig konserngjeld.

Transaksjoner 2019 2018

Kjøp av tjenester og innleie båter 3 024 281 1 052 086 Utleie av båter - - Renter konserngjeld - 603 680 Renteinntekt konsernfordringer 647 592 260 809

______Frøy Rederi AS Frøy Rederi AS Noter til regnskapet for 2019

Note 3 - Fordringer og gjeld 2019 2018 Fordringer med forfall senere enn ett år 0 0

Langsiktig gjeld med forfall senere enn 5 år 299 750 000 357 709 000

Note 4 - Pantstillelser og garantier mv..

Gjeld som er sikret ved pant o.l. 2019 2018

Gjeld til kredittinstitusjoner 643 813 059 651 867 731 Sum 643 813 059 651 867 731

Balanseført verdi av eiendeler pantsatt for egen gjeld 2019 2018

Skip 932 114 793 888 963 498 Driftsløsøre - - Bankinnskudd 20 316 888 10 366 132 Kundefordringer 16 224 676 25 655 141 Sum 968 656 357 924 984 771

I tillegg er eiendelene stilt som sikkerhet for: 2 019 2 018

Ubenyttet kassekreditt 7 000 000 7 000 000 Ubenyttet byggelånsramme 205 728 887 Bankgaranti 220 686 630 -

Note 5 - Aksjekapital og aksjonærinformasjon

Aksjekapitalen på kr 21 000 000 består av 100 aksjer à kr 210 000. Hver aksje har en stemme.

Oversikt over aksjonærene 31.12.2019 Navn Verv Antall aksjer Eierandel

Frøy Gruppen AS 100 100,0 % Totalt 100 100,0 %

Gåsø Næringsutvikling AS (org. nr. 977 030 765) med adresse Siholmen, 7260 Sistranda, er morselskap i konsernet. Konsernregnskapet fås utleveres på morselskapets adresse.

______Frøy Rederi AS Frøy Rederi AS Noter til regnskapet for 2019

Note 6 - Egenkapital Annen Aksjekapital Overkurs innskutt EK Annen EK Sum

Egenkapital 01.01.2019 21 000 000 73 647 502 4 000 000 165 399 479 264 046 981 Årets resultat 0 0 0 100 122 165 100 122 165 Årets resultat 0 0 - -50 000 000 -50 000 000 Egenkapital 31.12.2019 21 000 000 73 647 502 4 000 000 215 521 644 314 169 147

Note 7 - Bundne bankinnskudd, trekkrettigheter 2019 2018

Herav bundne bankinnskudd 1 934 727 2 293 357

Ubenyttet kassekreditt 7 000 000 7 000 000 Ubenyttet byggelånsramme 2 058 728 887 -

Note 8 - Pensjoner

Selskapet er pliktig å ha pensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapet har pensjonsordning som tilfredsstiller kravene i loven. I tillegg har sjømenn en ytelsesbasert ordning iht. pensjonstrygden for sjømenn. 2019 2018

Kostnader ved innskuddsordning 1 971 603 1 793 140

Netto pensjonskostnad ytelsesordning: 2019 2018

Nåverdi av pensjoner opptjent i perioden 1 998 837 1 426 501 Rentekostnad 250 925 176 885 Forventet avkastning på pensjoner -364 606 -286 904 Administrasjonskostnader 143 000 108 000 Periodisert arbeidsgiveravgift 103 436 72 648 Resultatført estimatavvik 82 917 45 420 Årsresultat netto pensjonskostnad inkl. arb.avg. 2 214 509 981 933

2019 Årets resultatføring av aktuarielt tap (gevinst) Korridorgrense 967 100 IB Differanse 2 297 092 Amortiseringsperiode 16,04 Aktuarielt tap (gevinst) 82 917

Beregnede pensjonsforpliktelser (Sikrede): 2019 2018

Estimerte pensjonsforpliktelser 11 073 151 9 670 998 Estimerte pensjonsmidler 8 740 000 7 900 000 Netto pensjonsforpliktelse pr. 31.12. 2 333 151 1 770 998 Periodisert arbeidsgiveravgift 118 991 90 321 Ikke resultatførte estimatavvik -2 083 328 -2 297 092 Netto pensjonsforpliktelse (+) midler (-) pr 31.12 368 815 -435 772

______Frøy Rederi AS Frøy Rederi AS Noter til regnskapet for 2019

Note 8 - Pensjoner, fortsettelse

Medlemsstatus pr.. 31.12.19 Antall aktive 54 Antall pensjonister 3 Gj.snittelig alder, aktive 42,27 Forventet gjenstående tj.tid, aktive 16,91

Økonomiske/ aktuarielle forutsetninger: 31.12.2019 31.12.2018

Diskonteringsrente: 2,30 % 2,60 % Lønnsregulering: 2,25 % 2,75 % G-Regulering: 2,00 % 2,50 % Pensjonsregulering: 50,00 % 0,80 % Forventet avkastning på pensjonsmidler: 3,80 % 4,30 % Arbeidsgiveravgift: 5,10 % 5,10 % Amortiseringstid 16,91 16,04 Korridorstørelse 10,00 % 10,00 %

Nordea Livs Asset Mix 30.09.2019 Aksjer 10 % Eiendom 13 % Obligasjoner til amortisert kost 63 % Omløpsobligasjoner 12 % Annet 2 % Totalt 100 %

Forventet levealder Menn Kvinner Født 31.12.2019 90 94 67 år 31.12.2019 87 90

Seilende personell har egen pensjonsordning. Pensjonsalderen er 60 år og det blir foretatt pensjonsutbetaling fra selskapets pensjonsordning til fylte 67 år. Fra fylte 67 år blir alderspensjonen utbetalt av folketrygden. Den kollektive pensjonsforsikringer blir samordnet med Pensjonstrygden for sjømenn og utgjør 60 % av pensjonsgrunnlagene ved 30 års opptjening. Denne ordningen er sikret.

Beregningene er i henhold til NRS 6 Pensjonskostnader.

Estimatavvik og virkningen av endrede forutsetninger amortiseres over gjennomsnittlig forventet gjenstående tjenestetid i den grad de overstiger 10% av det største av pensjonsforpliktelsene eller pensjonsmidlene (korridor).

Arbeidsgiveravgift er behandlet i henhold til NRS. Arbeidsgiveravgift inngår som et tillegg til netto pensjonsforpliktelse. Arbeidsgiveravgift er ikke inkludert i brutto pensjonsforpliktelse.

Ved beregningene er det ved valg av dødlighetsforutsetninger tatt utgangspunkt i K2013 BE. Det er eksplisitt tatt hensyn til reaktivering av uføre.

Selskapets juridiske forpliktelse er ikke påvirket av den regnskapsmessige behandlingen av pensjonsforpliktelsen.

______Frøy Rederi AS Frøy Rederi AS Noter til regnskapet for 2019

Note 9 - Skatt

Selskapet er omfattet av rederiskatteordningen.

Beregning av betalbar skatt 2019 2018 Finansunderskudd -986 227 -653 600 Finansoverskudd 0 0

Betalbar skatt 0 0 Tonnasjeskatt 11 709 11 826

Midlertidige forskjeller 2019 2018 Finansunderskudd til fremføring -2 875 952 -1 889 725

Utsatt skattefordel (22% / 23%) -632 709 -415 740

Utsatt skattefordel knyttet til finansunderskudd er ikke balanseført. Ut fra usikkerhet når det er mulig å utnytte fordelen

Beregnet skattepliktig inntekt rederiselskap 2019 2018 Renteinntekter 749 908 349 059 Annen finansinntekt - Rentekostnader -1 736 135 -1 002 659 Annen finanskostnad - - Netto skattepliktige finansposter -986 227 -653 600 Inntektstillegg som følge av høy egenkapital - - Skattemessig fremførbart underskudd - - Årets skattegrunnlag -986 227 -653 600

Skattekostnaden i regnskapet består av følgende poster: 2019 2018 Betalbar skatt - - Endring utsatt skatt - - Årets skattekostnad - -

Beskattet egenkapital 2019 2 018 Beskattet annen egenkapital 1.1. 95 000 000 95 000 000 Innbetalt kapital 0 0 Beskattet annen egenkapital 1.1. 95 000 000 95 000 000 Skattepliktig inntekt 0 0 Konto for tilbakehold beskattet egenkapital 31.12. 95 000 000 95 000 000

Ubeskattet egenkapital 2019 2 018 Ubeskattet egenkapital 1.1. 169 046 981 107 327 007 Årets resultat 100 122 165 61 719 974 Utbytte -50 000 000 0 Ubeskattet egenkapital 31.12. 219 169 146 169 046 981

______Frøy Rederi AS Frøy Rederi AS Noter til regnskapet for 2019

Note 10 - Lønnskostnader, antall ansatte, godtgjørelser, lån til ansatte mv.

Lønnskostnader 2019 2018

Lønninger 48 376 999 45 907 073 Refusjon fra sjøfartsdirektoratet -16 152 969 -15 490 525 Arbeidsgiveravgift 2 767 116 2 629 934 Pensjonskostnader 4 403 927 3 236 877 Andre lønnsrelaterte ytelser 2 412 059 2 495 640 Sum 41 807 133 38 778 999

Sysselsatte årsverk 76 90

Det er mottatt kr 16 152 969,- i refusjon av lønnskostnader fra Sjøfartsdirektoratet iht. Nettolønnsordningen for sjøfolk. Tilsvarende beløp for 2018 var kr 15 490 525.

Det er ikke utbetalt lønn eller annen godtgjørelse til daglig leder eller styret i 2019. Det er ikke gitt lån/sikkerhetsstillelse til daglig leder, styrets leder eller andre nærstående parter.

Kostnadsført godtgjørelse til revisor 2019 2018

Revisjon inkl. teknisk bistand årsregnskap og lign oppg. 66 000 70 500 Andre tjenester 71 642 18 000 Sum godtgjørelse til revisor 137 642 88 500

Selskapetsatte.DetTotaltIhhtAS erJernvareselskapets Forpliktelsen erikke det har utarbeidet utgiftsført eierhaddeusikrede vedtekter 90% er6 aksjonærerikkekonsernregnskap avpensjonsforpliktelserNOK har aksjene balanseført, hverX i forskning pr.iA Fargebutikken- aksje31.12.99. ogfor …..stemmerden ogmorselskapet ovenfor utviklingårligeDaglig AS, firepensjonspremien leder somog i ansatte.Z1999. hver AS.gireier ASB Akkumulertden Forpliktelsen-aksje Jernvare største anses …..stemmer. aksjeposten 90%kostnadsom er avåretsberegnet stemmenetil pensjonskostnad. med ut 22,3% fra i selskapet.7% av diskonteringsrente aksjene Akkumulert Fargebutikken i selskapet. innbetali og AS 2,5 harng% årlig tilfor ret reguleringningskontor av i

Note 11 - Salgsinntekter

Inntekter fordelt på geografisk område 2019 2018 Inntekter i Norge 344 478 898 278 896 431 Sum inntekter 344 478 898 278 896 431

Inntekter fordelt på virksomhetsområde 2019 2018 Transport på sjø 296 075 813 267 313 731 Utleie av fartøy 17 194 751 11 582 699 Andre inntekter 31 208 334 0 Sum inntekter 344 478 898 278 896 430

Note 12 - Tilskudd

Frøy Rederi AS har i 2019 mottatt refusjon av mineraloljeavgift på kr 1 990 607.

______Frøy Rederi AS Frøy Rederi AS Noter til regnskapet for 2019

Note 13 - Andre forhold.

Det er en pågående sak med Skatteetaten vedrørende rederiskatteordningen, samt tilhørende refusjonsordning for sjømenn. Selskapet har mottatt brev fra Skatteetaten, der det bestrides om vilkårene i skattelovens § 6-13 er oppfylt. Styret i Frøy Rederi AS er av en annen oppfatning og mener vilkårene for å være omfattet av rederiskatte- ordningen er oppfylt.

Note 14 - Aksjer i datterselskaper

Bokført Stemmeandel Forretnings- Egenkapital Resultat verdi kommune Fisketransport AS 2 123 000 100 % Frøya 5 117 221 10 280 410

Det er mottatt kr 15 000 000 i utbytte fra Fisketransport AS. Utbytte har i sin helhet redusert kostpris på aksjene.

______Frøy Rederi AS

BDO AS Klæbuveien 127B 7031 Trondheim

Uavhengig revisors beretning Til generalforsamlingen i Frøy Rederi AS

Uttalelse om revisjonen av årsregnskapet

Konklusjon Vi har revidert årsregnskapet til Frøy Rederi AS.

Årsregnskapet består av: Etter vår mening: • Balanse per 31. desember 2019 Er årsregnskapet avgitt i samsvar med lov og • Resultatregnskap for 2019 forskrifter og gir et rettvisende bilde av • Kontantstrømoppstilling for selskapets finansielle stilling per 31. desember regnskapsåret avsluttet per 31. 2019, og av dets resultater og kontantstrømmer desember 2019 for regnskapsåret avsluttet per denne datoen i • Noter til årsregnskapet, herunder et samsvar med regnskapslovens regler og god sammendrag av viktige regnskapsskikk i Norge. regnskapsprinsipper.

Grunnlag for konklusjonen Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Annen informasjon Ledelsen er ansvarlig for annen informasjon. Annen informasjon består av årsberetningen.

Vår uttalelse om revisjonen av årsregnskapet dekker ikke annen informasjon, og vi attesterer ikke den andre informasjonen.

I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese annen informasjon identifisert ovenfor med det formål å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom annen informasjon og årsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynelatende inneholder vesentlig feilinformasjon.

Dersom vi, på bakgrunn av arbeidet vi har utført, konkluderer med at disse andre opplysningene inneholder vesentlig feilinformasjon, er vi pålagt å uttale oss om dette. Vi har ingenting å rapportere i så henseende.

Styret og daglig leders ansvar for årsregnskapet Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik intern kontroll som den finner nødvendig

Uavhengig revisors beretning Frøy Rederi AS - 2019 side 1 av 2

for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

For videre beskrivelse av revisors oppgaver og plikter vises det til: https://revisorforeningen.no/revisjonsberetninger

Uttalelse om andre lovmessige krav

Konklusjon om årsberetningen Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, mener vi at opplysningene i årsberetningen om årsregnskapet og forutsetningen om fortsatt drift er konsistente med årsregnskapet og i samsvar med lov og forskrifter.

Konklusjon om registrering og dokumentasjon Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

Trondheim, 23. mars 2020 BDO AS

John Christian Løvaas statsautorisert revisor

Uavhengig revisors beretning Frøy Rederi AS - 2019 side 2 av 2

BDO AS, et norsk aksjeselskap, er deltaker i BDO International Limited, et engelsk selskap med begrenset ansvar, og er en del av det internasjonale nettverket BDO, som består av uavhengige selskaper i de enkelte land. Foretaksregisteret: NO 993 606 650 MVA. Frøy Rederi AS KONTANTSTRØMOPPSTILLING - DEN INDIREKTE MODELL

2019 2018 Kontantstrømmer fra operasjonelle aktiviteter Resultat før skattekostnad 100 122 165 61 719 974 Periodens betalte skatt 0 0 Gevinst ved salg av anleggsmidler -31 208 334 0 Ordinære avskrivninger 53 524 509 56 657 904 Endring pensjonsforpliktelse 804 587 -98 646 Endring i kundefordringer 9 430 465 -5 984 707 Endring i leverandørgjeld -6 773 904 13 429 157 Endring i andre tidsavgrensningsposter -39 740 748 -479 151 Netto kontantstrøm fra operasjonelle aktiviteter 86 158 740 125 244 531

Kontantstrømmer fra investeringsaktiviteter Innbetalinger ved salg av varige driftsmidler 63 500 000 0 Utbetalinger ved kjøp av varige driftsmidler -128 967 471 3 680 000 Innbetalinger ved salg av aksjer og andeler i andre foretak 0 0 Innbetaling av lån til foretak i samme konsern 0 -14 787 713 Utbetaling ved kjøp av aksjer i andre foretak -2 123 000 0 Netto kontantstrøm fra investeringsaktiviteter -67 590 471 -11 107 713

Kontantstrømmer fra finansieringsaktiviteter Innbetalinger ved opptak av ny langsiktig gjeld 54 271 113 0 Utbetalinger ved nedbetaling av langsiktig gjeld -63 247 256 -101 949 911 Netto endring i kassekreditt 0 -741 417 Netto kontantstrøm fra finansieringsaktiviteter -8 976 143 -102 691 328

Effekt av valutakursendringer på kontanter og kontantekvivalenter

Netto endring i kontanter og kontantekvivalenter 9 592 126 11 445 490 Beholdning av kontanter og kontantekvivalenter ved periodens begynnelse 12 659 489 1 213 999 Beholdning av kontanter og kontantekvivalenter ved periodens slutt 22 251 615 12 659 489

BDO AS Klæbuveien 127B 7031 Trondheim

Uavhengig revisors beretning Til generalforsamlingen i Fisketransport AS

Uttalelse om revisjonen av årsregnskapet

Konklusjon Vi har revidert årsregnskapet til Fisketransport AS.

Årsregnskapet består av: Etter vår mening: • Balanse per 31. desember 2019 Er årsregnskapet avgitt i samsvar med lov og • Resultatregnskap for 2019 forskrifter og gir et rettvisende bilde av • Noter til årsregnskapet, herunder et selskapets finansielle stilling per 31. desember sammendrag av viktige 2019 og av dets resultater for regnskapsåret regnskapsprinsipper. avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge.

Grunnlag for konklusjonen Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Annen informasjon Ledelsen er ansvarlig for annen informasjon. Annen informasjon består av årsberetningen.

Vår uttalelse om revisjonen av årsregnskapet dekker ikke annen informasjon, og vi attesterer ikke den andre informasjonen.

I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese annen informasjon identifisert ovenfor med det formål å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom annen informasjon og årsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynelatende inneholder vesentlig feilinformasjon.

Dersom vi, på bakgrunn av arbeidet vi har utført, konkluderer med at disse andre opplysningene inneholder vesentlig feilinformasjon, er vi pålagt å uttale oss om dette. Vi har ingenting å rapportere i så henseende.

Styrets ansvar for årsregnskapet Styret (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik internkontroll som den finner nødvendig

Uavhengig revisors beretning Fisketransport AS - 2019 side 1 av 2

for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

For videre beskrivelse av revisors oppgaver og plikter vises det til: https://revisorforeningen.no/revisjonsberetninger

Uttalelse om andre lovmessige krav

Konklusjon om registrering og dokumentasjon Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

Trondheim, 23.03.2020 BDO AS

John Christian Løvaas statsautorisert revisor

Uavhengig revisors beretning Fisketransport AS - 2019 side 2 av 2

BDO AS, et norsk aksjeselskap, er deltaker i BDO International Limited, et engelsk selskap med begrenset ansvar, og er en del av det internasjonale nettverket BDO, som består av uavhengige selskaper i de enkelte land. Foretaksregisteret: NO 993 606 650 MVA.

Noter til regnskapet 2019

Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapsloven og god regnskapsskikk.

Salgsinntekter Inntekter ved salg av tjenester inntektsføres i takt med utførelsen.

Klassifisering av balanseposter Eiendeler bestemt til varig eie eller bruk klassifiseres som anleggsmidler. Andre eiendeler klassifiseres som omløpsmidler. Fordringer for øvrig klassifiseres som omløpsmidler hvis de skal tilbakebetales innen ett år. For gjeld legges analoge kriterier til grunn.

Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseføres til nominelt beløp på etableringstidspunktet.

Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi ved verdifall som ikke forventes å være forbigående. Anleggsmidler med begrenses økonomisk levetid avskrives planmessig.

Langsiktig gjeld balanseføres til nominelt beløp på etableringstidspunktet, med unntak av gjeld knyttet til leasingavtaler som balanseføres til nåverdien av forpliktelsen.

Varige driftsmidler Varige driftsmidler balanseføres og avskrives lineært til restverdi over driftsmidlenes forventede utnyttbare levetid. Vedlikehold av driftsmidler kostnadsføres løpende som driftskostnader. Påkostninger og forbedringer tillegges driftsmidlets kostpris og avskrives i takt med driftsmidlet. Skillet mellom vedlikehold og påkostning/ forbedring regnes i forhold til driftsmidlets stand på anskaffelsestidspunktet.

Leide (leasede) driftsmidler balanseføres som driftsmidler hvis leiekontrakten anses som finansiell.

Investering i datterselskaper og andre selskaper Investeringer i datterselskaper og selskaper i samme konsern bokføres etter kostmetoden.

Nedskrivning av anleggsmidler Ved indikasjon på at balanseført verdi av et anleggsmiddel er høyere enn virkelig verdi, foretas det test for verdifall. Testen foretas for det laveste nivå av anleggsmidler som har selvstendige kontantstrømmer. Hvis balanseført verdi er høyere enn både salgsverdi og gjenvinnbart beløp (nåverdi ved fortsatt bruk/ eie), foretas det nedskrivning til det høyeste av salgsverdi og gjenvinnbart beløp.

Tidligere nedskrivninger reverseres hvis forutsetningene for nedskrivningen ikke lenger er til stede.

Fordringer Kundefordringer og andre fordringer er oppført i balansen til pålydende etter fradrag for avsetning til forventet tap. Avsetning for tap gjøres på grunnlag av individuelle vurderinger av de enkelte fordringene.

Gjeld Gjeld, med unntak for enkelte avsetninger for forpliktelser, balanseføres til nominelt gjeldsbeløp.

Pensjoner Selskapet har innskuddsbasert pensjonsordning.

FRØY AKVASERVICE AS Noter til regnskapet 2019

Skatt Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt beregnes med aktuell skattesats på grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt eventuelt ligningsmessig underskudd til fremføring ved utgangen av regnskapsåret. Skatteøkende og skattereduserende midlertidige forskjeller som reverserer eller kan reversere i samme periode er utlignet.

Oppføring av utsatt skattefordel på netto skattereduserende forskjeller som ikke er utlignet og underskudd til fremføring, er begrunnet med antatt fremtidig inntjening. Utsatt skattefordel som kan balanseføres og utsatt skatt er oppført netto i balansen.

Bruk av estimater I utarbeidelsen av regnskapet er det benyttet estimater. Usikkerhet og bruk av estimater er omtalt under den enkelte note.

Kontantstrømoppstilling Kontantstrømoppstillingen utarbeides etter den indirekte metoden. Kontanter og kontantekvivalenter omfatter kontanter, bankinnskudd and andre kortsiktige, likvide plasseringer som umiddelbart og med uvesentlig kursrisiko kan konverteres til kjente kontantbeløp og med gjenværende løpetid mindre enn tre måneder fra anskaffelsesdato.

FRØY AKVASERVICE AS Noter til regnskapet 2019

Note 1 Aksjonærer

Aksjekapitalen i FRØY AKVASERVICE AS pr. 31.12 består av:

Antall Pålydende Bokført Ordinære aksjer 6 000 500,00 3 000 000 Sum 6 000 3 000 000

Eierstruktur De største aksjonærene i % pr. 31.12 var: Ordinære Eierandel Stemmeandel Frøy Gruppen AS 4 352 72,5 72,5 Icam AS 1 120 18,7 18,7 Knut Solstad Reitan 528 8,8 8,8 Totalt antall aksjer 6 000 100,0 100,0

Aksjer og opsjoner eiet av medlemmer i styret og daglig leder:

Navn Verv Ordinære Knut Solstad Reitan styremedlem 528

Morselskapet Gåsø Næringsutvikling AS har forretningskontor på Siholmen, 7260 Sistranda, hvor en kan få utlevert konsernregnskap der selskapet inngår.

FRØY AKVASERVICE AS Noter til regnskapet 2019

Note 2 Anleggsmidler

Maskiner Båter ol. Leasing skip og anlegg Anskaffelseskost pr. 01.01.19 6 425 445 47 297 871 239 380 693 + Tilgang kjøpte anleggsmidler 152 000 22 701 872 - Avgang i året 177 709 6 472 275 15 625 000 = Anskaffelseskost 31.12.19 6 399 736 40 825 596 246 457 565 Akkumulerte avskrivninger 31.12.19 6 256 856 22 562 514 101 530 743 = Bokført verdi 31.12.19 142 880 18 263 083 144 926 822 Årets ordinære avskrivninger 9 120 4 013 894 26 245 164

Økonomisk levetid 3-6 år 10 år 10 år

Leasing utstyr Sum

Anskaffelseskost pr. 01.01.19 59 816 233 352 920 243 + Tilgang kjøpte anleggsmidler 8 786 553 31 640 425 - Avgang i året 7 988 384 30 263 368 = Anskaffelseskost 31.12.19 60 614 402 354 297 299 Akkumulerte avskrivninger 31.12.19 33 415 726 163 765 839 = Bokført verdi 31.12.19 27 198 676 190 531 461 Årets ordinære avskrivninger 11 449 053 41 717 231

Økonomisk levetid 4 år

Note 3 Datterselskap, TS og FKV

Kontor- Eier- Stemme- Anskaffelses Egenkapital Resultat kommune andel andel kost

DS/FKV/TS Evja AS Vågsøy 100,0% 50,0% 1 887 840 7 676 835 229 237 Frøy Akvaressurs AS Frøya 100,0% 100,0% 41 635 000 107 348 100 18 542 551 Frøy Nord AS Lenvik 50,0% 50,0% 33 125 000 23 319 417 -1 118 977 Frøy Vest AS Vågsøy 100,0% 100,0% 40 549 008 69 718 053 13 749 283

Sum 117 196 848 208 062 405 31 402 094

FRØY AKVASERVICE AS Noter til regnskapet 2019

Note 4 Fordringer og gjeld

2019 2018 Fordringer med forfall senere enn ett år

Andre langsiktige fordringer 0 11 648 Sum 0 11 648

Langsiktig gjeld med forfall senere enn 5 år

Gjeld til kredittinstitusjoner 10 500 000 7 392 500 Leasinggjeld 4 779 519 9 438 279 Sum 15 279 519 16 830 779

Gjeld sikret ved pant 159 630 544 197 718 568

Pantsatte eiendeler: Kundefordringer 21 719 929 20 054 345 Varige driftsmidler 190 531 460 218 885 467 Aksjer i Frøy Vest AS 40 549 008 0 Aksjer i Frøy Nord AS 33 125 000 33 125 000 Sum 285 925 398 272 064 812

Kausjonsansvar Frøy Akvaservice AS har kausjonert for Frøy Akvaressurs AS. Per 31.12.19 utgjør lån det er kausjonert for kr 20 190 669.

Note 5 Leieavtaler

Gjenstående leiebetalinger som forfaller om mer enn 5 år utgjør kr 6 850 394.

Leieavtalene kan forlenges til 1/12 av leiebeløpet etter primærperioden.

Estimerte gjenværende leiebetalinger er kr 136 000 000.

Samlet balanseført gjeld av leasingavtalene utgjør kr 123 255 544. Balanseført verdi av eiendelene er kr 167 100 555.

Årlig leie av ikke balanseførte driftsmidler

Leieavtalen utløper Årlig leie Bil 12.8.2019 – 31.7.2024 55 000 Bil 08.8.2019 – 31.7.2024 55 000

FRØY AKVASERVICE AS Noter til regnskapet 2019

Note 6 Mellomværende med selskap i samme konsern m.v.

Kundefordringer Konsernfordringer 2019 2018 2019 2018 Foretak i samme konsern 134 302 0 4 969 621 0 Sum 0 0 4 969 621 0

Leverandørgjeld Konserngjeld 2019 2018 2019 2018 Foretak i samme 2 246 040 41 575 1 108 376 18 141 752 konsern Sum 2 246 040 41 575 1 108 376 18 141 752

Konserngjeld er i 2019 renteberegnet med kr 284 791. Konsernfordring er i 2019 renteberegnet med kr 65 018.

Note 7 Bankinnskudd

Innestående midler på skattetrekkskonto (bundne midler) er på kr. 3 400 805 per 31.12.2019. Tilsvarende per 31.12.2018 var kr. 3 427 168.

Ubenyttet kassekreditt utgjør kr. 2 554 466.

Note 8 Egenkapital

Aksjekapital Annen Annen egenkapital Sum egenkapital innskutt egenkapital Egenkapital Pr. 01.01.2019 3 000 000 3 810 000 113 058 006 119 868 006 Årets resultat 29 496 233 29 496 233 Pr. 31.12.2019 3 000 000 3 810 000 142 554 239 149 364 239

Note 9 Innskuddspensjon

FRØY AKVASERVICE AS har innkuddsplaner i samsvar med lokale lover.

Kostnadsført innskudd utgjorde NOK 2 619 305 og NOK 1 234 925 i henholdsvis 2018 og 2019.

FRØY AKVASERVICE AS Noter til regnskapet 2019

Note 10 Skatt

Årets skattekostnad fordeler seg på: 2019 2018

Betalbar skatt 7 627 757 3 208 596 Korreksjon betalbar skatt tidligere år 0 0 Endring i utsatt skatt 728 140 1 029 584 Effekt av endring i skattesats 0 0 Sum skattekostnad 8 355 897 4 238 180

Beregning av årets skattegrunnlag: Resultat før skattekostnad 37 852 130 18 912 912 Permanente forskjeller 132 612 1 174 300 Permanente fradrag -3 392 0 Endring i midlertidige forskjeller -3 309 729 -6 391 399 Avgitt konsernbidrag -12 500 000 0 Årets skattegrunnlag 22 171 621 13 695 813

Oversikt over midlertidige forskjeller: Fordringer 0 0 Balanseførte leieavtaler 43 845 011 42 147 895 Anleggsmidler -770 548 -241 454 Andre forskjeller -8 883 433 -11 121 456 Betinget skattefrie gevinster 0 5 390 537 Gevinst- og tapskonto 7 306 537 2 012 317 Sum 41 497 568 38 187 839

Utsatt skatt / skattefordel (22 % / 22 %) 9 129 465 8 401 325

Forklaring til hvorfor årets skattekostnad ikke utgjør 22 % av resultatet før skatt:

Resultat før skatt 37 852 130 18 912 912 22 % skatt av resultat før skatt 8 327 469 4 349 970 Skattekostnad i resultatregnskapet 8 355 897 4 238 180 Differanse 28 428 -111 790

Differansen består av følgende 22 % av permanente forskjeller 28 428 270 089 Endring i utsatt skatt/ skattefordel som føle av endret skattesats 0 -381 878 Skatt på merverdier Sum forklart differanse 28 428 -111 789

FRØY AKVASERVICE AS Noter til regnskapet 2019

Note 11 Lønnskostnader og ytelser, godtgjørelser til daglig leder, styret og revisor

Lønnskostnader 2019 2018 Lønninger 66 097 747 65 405 638 Arbeidsgiveravgift 3 476 993 3 423 603 Pensjonskostnader 2 619 305 1 234 925 Andre ytelser 5 009 724 4 511 152 Sum 77 203 769 74 575 317

Selskapet har i 2019 sysselsatt 127 årsverk. Tilsvarende for 2018 var 135 årsverk.

Daglig leder har fått en samlet godtgjørelse på kr 250 000 i 2019. Det er ikke betalt honorar til styret.

Det er ikke gitt lån/sikkerhetsstillelse til daglig leder, styrets leder eller andre nærstående parter.

Revisor Kostnadsført revisjonshonorar for 2019 utgjør kr 126 219. Herav utgjør honorar for andre tjenester kr 29 375.

Note 12 Transaksjoner med nærstående parter

Ytelser til ledende ansatte er omtalt i note 11, og mellomværende med konsernselskaper er omtalt i note 6.

Selskapets transaksjoner med nærstående parter 2019 2018

Salg av varer og tjenester:

Salg av varer og tjenester til selskaper i samme 5 166 997 11 502 892 konsern

Kjøp av varer og tjenester:

Kjøp av varer og tjenester fra selskaper i samme 11 937 222 9 217 100 konsern

FRØY AKVASERVICE AS Noter til regnskapet 2019

Note 13 Spesifikasjon av finansinntekter og finanskostnader

Finansinntekter 2019 2018

Renteinntekt fra andre foretak i samme konsern 65 018 0 Annen finansinntekt 390 814 374 667 Annen renteinntekt 3 656 1 178

Sum finansinntekter 459 488 375 845

Finanskostnader 2019 2018

Rentekostnad fra andre foretak i samme konsern 284 791 163 970 Annen rentekostnad 6 422 584 7 300 189 Annen finanskostnad 0 13 545 Tap salg av aksjer 0 1 100 000 Sum finanskostnader 6 707 375 8 577 704

Note 14 Salgsinntekter

2019 2018 Pr. Virksomhetsområde Serviceoppdrag 221 856 149 215 174 940 Salg av driftsmidler 6 219 904 828 899 Andre inntekter 4 070 852 4 270 751 Sum 232 146 905 220 274 590

Geografisk fordeling Inntekter i Norge 232 146 905 220 274 590 Sum 232 146 905 220 274 590

FRØY AKVASERVICE AS

Frøy Akvaservice AS KONTANTSTRØMOPPSTILLING - DEN INDIREKTE MODELL

2019 2018 Kontantstrømmer fra operasjonelle aktiviteter Resultat før skattekostnad 37 852 130 18 912 912 Periodens betalte skatt -3 208 596 -7 242 176 Tap/gevinst ved salg av anleggsmidler -2 726 154 -828 899 Tap/gevinst ved salg av aksjer 0 1 100 000 Avskrivninger 41 717 231 39 860 493 Nedskrivning anleggsmidler 0 0 Endring av varebeholdning 120 000 580 000 Endring i kundefordringer -1 665 584 5 118 383 Endring i leverandørgjeld -2 792 546 -8 992 359 Endring i andre tidsavgrensningsposter -7 215 542 -8 511 191 Netto kontantstrøm fra operasjonelle aktiviteter 62 080 939 39 997 163

Kontantstrømmer fra investeringsaktiviteter Innbetalinger ved salg av varige driftsmidler 21 003 355 12 666 498 Utbetalinger ved kjøp av varige driftsmidler -31 640 425 -60 290 535 Innbetalinger ved salg av aksjer og andeler i andre foretak 0 1 900 000 Utbetalinger ved kjøp av aksjer og andeler i andre foretak 0 0 Endringer i konsernmellomværende -22 002 997 16 952 962 Netto kontantstrøm fra investeringsaktiviteter -32 640 067 -28 771 075

Kontantstrømmer fra finansieringsaktiviteter Innbetalinger ved opptak av ny langsiktig gjeld 38 373 335 52 913 343 Utbetalinger ved nedbetaling av langsiktig gjeld -76 461 359 -59 110 308 Netto endring i kasskreditt 4 971 239 0 Netto kontantstrøm fra finansieringsaktiviteter -33 116 785 -6 196 965

Netto endring i kontanter og kontantekvivalenter -3 675 913 5 029 123 Beholdning av kontanter og kontantekvivalenter ved periodens begynnelse 7 085 221 2 056 098 Beholdning av kontanter og kontantekvivalenter ved periodens slutt 3 409 308 7 085 221

Kontantstrøm 2019 - Frøy Akvaservice .xlsx BDO AS Klæbuveien 127B 7031 Trondheim

Uavhengig revisors beretning Til generalforsamlingen i Frøy Akvaservice AS

Uttalelse om revisjonen av årsregnskapet

Konklusjon Vi har revidert årsregnskapet til Frøy Akvaservice AS.

Årsregnskapet består av: Etter vår mening: • Balanse per 31. desember 2019 Er årsregnskapet avgitt i samsvar med lov og • Resultatregnskap for 2019 forskrifter og gir et rettvisende bilde av • Kontantstrømoppstilling for selskapets finansielle stilling per 31. desember regnskapsåret avsluttet per 31. 2019, og av dets resultater og kontantstrømmer desember 2019 for regnskapsåret avsluttet per denne datoen i • Noter til årsregnskapet, herunder et samsvar med regnskapslovens regler og god sammendrag av viktige regnskapsskikk i Norge. regnskapsprinsipper.

Grunnlag for konklusjonen Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Annen informasjon Ledelsen er ansvarlig for annen informasjon. Annen informasjon består av årsberetningen.

Vår uttalelse om revisjonen av årsregnskapet dekker ikke annen informasjon, og vi attesterer ikke den andre informasjonen.

I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese annen informasjon identifisert ovenfor med det formål å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom annen informasjon og årsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynelatende inneholder vesentlig feilinformasjon.

Dersom vi, på bakgrunn av arbeidet vi har utført, konkluderer med at disse andre opplysningene inneholder vesentlig feilinformasjon, er vi pålagt å uttale oss om dette. Vi har ingenting å rapportere i så henseende.

Styret og daglig leders ansvar for årsregnskapet Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik intern kontroll som den finner nødvendig

Uavhengig revisors beretning Frøy Akvaservice AS - 2019 side 1 av 2

for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

For videre beskrivelse av revisors oppgaver og plikter vises det til: https://revisorforeningen.no/revisjonsberetninger

Uttalelse om andre lovmessige krav

Konklusjon om årsberetningen Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, mener vi at opplysningene i årsberetningen om årsregnskapet og forutsetningen om fortsatt drift er konsistente med årsregnskapet og i samsvar med lov og forskrifter.

Konklusjon om registrering og dokumentasjon Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

Trondheim, 23. mars 2020 BDO AS

John Christian Løvaas statsautorisert revisor

Uavhengig revisors beretning Frøy Akvaservice AS - 2019 side 2 av 2

BDO AS, et norsk aksjeselskap, er deltaker i BDO International Limited, et engelsk selskap med begrenset ansvar, og er en del av det internasjonale nettverket BDO, som består av uavhengige selskaper i de enkelte land. Foretaksregisteret: NO 993 606 650 MVA.

Noter til regnskapet 2019

Note 1 - Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapsloven. Det er utarbeidet etter norske regnskapsstandarder.

Driftsinntekter og kostnader Inntekter ved salg av transporttjenester vurderes til virkelig verdi av vederlaget. Tjenester inntektsføres etter hvert som de utføres.

Hovedregel for vurdering og klassifisering av eiendeler og gjeld Eiendeler bestemt til varig eie eller bruk er klassifisert som anleggsmidler. Andre eiendeler er klassifisert som omløpsmidler. Fordringer som skal tilbakebetales innen et år er uansett klassifisert som omløpsmidler. Ved klassifisering av kortsiktig og langsiktig gjeld er analoge kriterier lagt til grunn. Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi når verdifallet forventes ikke å være forbigående. Anleggsmidler med begrenset økonomisk levetid avskrives planmessig. Langsiktig gjeld balanseføres til nominelt mottatt beløp på etableringstidspunktet. Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseføres til nominelt mottatt beløp på etableringstidspunktet.

Varige driftsmidler Varige driftsmidler avskrives over forventet økonomisk levetid. Avskrivningene er som hovedregel fordelt lineært over antatt økonomisk levetid.

Leasing Finansielle leasingavtaler balanseføres som driftsmidler. Operasjonelle leasingavtaler kostnadsføres som annen driftskostnad.

Fordringer Kundefordringer og andre fordringer oppføres til pålydende etter fradrag for avsetning til forventet tap. Avsetning til tap gjøres på grunnlag av en individuell vurdering av de enkelte fordringene.

Pensjoner Selskapet har ulike pensjonsordninger. Pensjonsordningene er finansiert gjennom innbetalinger til forsikringsselskap. Selskapet har både innskuddsplaner og ytelsesplaner.

Innskuddsplaner Ved innskuddsplaner betaler selskapet innskudd til et forsikringsselskap. Selskapet har ingen ytterligere betalingsforpliktelse etter at innskuddene er betalt. Innskuddene regnskapsføres som lønnskostnad. Eventuelle forskuddsbetalte innskudd balanseføres som eiendel (pensjonsmidler) i den grad innskuddet kan refunderes eller redusere framtidige innbetalinger.

Ytelsesplaner En ytelsesplan er en pensjonsordning som ikke er en innskuddsplan. Typisk er en ytelsesplan en pensjonsordning som definerer en pensjonsutbetaling som en ansatt vil motta ved pensjonering. Pensjonsutbetalingen er normalt avhengig av flere faktorer, som alder, antall år i selskapet og lønn. Den balanseførte forpliktelsen knyttet til ytelsesplaner er nåverdien av de definerte ytelsene på balansedagen minus virkelig verdi av pensjonsmidlene (innbetalte beløp til forsikringsselskap), justert for ikke resultatførte estimatavvik og ikke resultatførte kostnader knyttet til tidligere perioders pensjonsopptjening. Pensjonsforpliktelsen beregnes årlig av en uavhengig aktuar ved bruk av en lineær opptjeningsmetode.

Skatt Selskapet beskattes etter rederibeskatningsreglene. Rederibeskattede selskaper blir ikke skattlagt for netto driftsresultat. Netto finansinntekter skattlegges løpende (22,00 %). Tonnasjeskatt klassifiseres som en driftskostnad.

FRØY AKVARESSURS AS Side 5 Noter til regnskapet 2019

Note 2 Anleggsmidler

Leasing skip Driftsløsøre, Skip inventar ol. Anskaffelseskost pr. 01.01.19 66 497 383 11 015 408 279 501 329 + Tilgang kjøpte anleggsmidler 51 960 000 2 469 435 94 523 353 + Tilgang egenproduserte anleggsmidler 56 423 153 = Anskaffelseskost 31.12.19 118 457 383 13 484 843 430 447 835 Akkumulerte avskrivninger 31.12.19 13 315 036 4 006 206 53 477 872 + Akkumulerte nedskrivninger 31.12.19 5 000 000 = Av- og nedskrivninger pr. 31.12.19 13 315 036 4 006 206 58 477 872 = Bokført verdi 31.12.19 105 142 347 9 478 637 371 969 963 Årets ordinære avskrivninger 3 456 500 1 492 615 19 934 445

Økonomisk levetid 20 år 4-10 år 0-20 år

Under bygging Leasing utstyr Sum

Anskaffelseskost pr. 01.01.19 42 480 802 19 467 355 418 962 278 + Tilgang kjøpte anleggsmidler 13 942 351 26 200 781 189 095 919 + Tilgang egenproduserte anleggsmidler -56 423 153 0 = Anskaffelseskost 31.12.19 0 45 668 136 608 058 197 Akkumulerte avskrivninger 31.12.19 11 069 349 81 868 463 + Akkumulerte nedskrivninger 31.12.19 5 000 000 = Av- og nedskrivninger pr. 31.12.19 11 069 349 86 868 463 = Bokført verdi 31.12.19 0 34 598 788 521 189 734 Årets ordinære avskrivninger 5 505 129 30 388 688

Økonomisk levetid Avskrives ikke 4 år

Selskapet har inngått leasingavtaler. Leieavtalene kan forlenges til 1/12 av leiebeløpet etter primærperioden.

FRØY AKVARESSURS AS Side 6 Noter til regnskapet 2019

Note 3 Mellomværende og transaksjoner med konsernselskap

Mellomværende: 2019 2018 Annen langsiktig gjeld 0 0 Annen kortsiktig gjeld 6 645 197 7 530 343 Leverandørgjeld 1 378 275 10 802

Konsernfordringer 0 6 252 901 Kundefordringer 0 0

Transaksjoner: Rentekostnad gjeld i konsern 120 029 302 290 Renteinntekt fordringer i konsern 0 64 492 Kjøp av administrative tjenester 3 738 732 2 100 000 Kjøp av andre tjenester 400 000 7 88 064 Salg av tjenester 0 0

Note 4 - Pantstillelser

Bokført gjeld som er sikret ved pant o.l.: 2019 2018 Gjeld til kredittinstitusjoner 424 228 331 295 655 831

Gjeld med forfall senere enn 5 år: 101 806 666 58 758 146

Ubenyttet ramme av byggelån 17 446 932 0

Bokført verdi av eiendeler stilt som sikkerhet for bokført gjeld:

Skip 521 189 734 362 482 502

Note 5 - Antall aksjer, aksjeeiere mv.

Selskapets aksjekapital er på kr. 2 000 000,- fordelt på 16 000 aksjer à kr. 125,-. Hver aksje har en stemme. Aksjene eies i sin helhet av morselskapet Frøy Akvaservice AS.

Konsernregnskap er utarbeidet av Gåsø Næringsutvikling AS, org.nr. 977 030 765, som har forretningskontor på Sistranda i Frøya kommune. Konsernregnskapet kan fås utlevert på forretningsadressen til morselskapet.

FRØY AKVARESSURS AS Side 7 Noter til regnskapet 2019

Note 6 Egenkapital

Aksjekapital Overkurs Annen Sum egenkapital egenkapital Pr. 01.01 2 000 000 39 600 000 47 205 549 88 805 549 Årets resultat 18 542 551 18 542 551 Pr 31.12 2 000 000 39 600 000 65 748 100 107 348 100

Note 7 - Bundne midler 2019 2018 Skattetrekksmidler 2 577 091 1 800 017

Note 8 - Lønnskostnader, antall ansatte, godtgjørelser, lån til ansatte m.m.

Lønnskostnader 2019 2018 Lønninger 50 505 619 39 906 076 Refusjon fra sjøfartsdirektoratet -15 825 429 -13 572 222 Arbeidsgiveravgift 2 903 820 3 426 925 Pensjonskostnader 4 588 800 3 126 984 Andre ytelser 2 939 920 2 532 106 Sum 45 112 730 35 419 870

Gjennomsnittlig antall årsverk: 94

Det er mottatt kr 15 825 429 i refusjon av lønnskostnader fra Sjøfartsdirektoratet ihht nettolønnsordningen for sjøfolk. Beløpet er klassifisert som en reduksjon av lønnskostnader

Det er ikke utbetalt lønn til daglig leder.

Revisor Kostnadsført revisjonshonorar for 2019 utgjør kr 129 272. Honorar for andre tjenester kr 13 175,-.

FRØY AKVARESSURS AS Side 8 Noter til regnskapet 2019

Note 9 - Skatt

Selskapet er omfattet av rederi katteordningen og har vært omfattet av ordningen fra 2013.

Beregning av betalbar skatt 2019 2018 Finansunderskudd - 1 421 011 - 831 054

Betalbar skatt 0 0 Tonnasjeskatt 2 987 2 628

Midlertidige forskjeller: Finansunderskudd til fremføring -2 820 853 - 1 399 842

Utsatt skattefordel (22 % / 22 %) 620 588 307 965

Utsatt skattefordel knyttet til finansunderskudd er ikke balanseført, ut fra usikkerhet når det er mulig å utnytte fordelen.

Beregnet skattepliktig inntekt rederiselskap: 2019 2018

Renteinntekter 0 64 492 Annen finansinntekt 1 991 3 013 Rentekostnader - 1 198 852 - 737 942 Annen finanskostnad -224 151 -160 616 Netto skattepliktige finansposter -1 421 011 - 831 054

2019 2018 Beskattet egenkapital Beskattet annen egenkapital 1.1. 0 0 Innbetalt kapital 0 13 600 000 Beskattet annen egenkapital 1.1. 41 635 000 13 600 000 Fusjon 0 28 035 000 Skattepliktig inntekt 0 0 Konto for tilbakehold beskattet egenkapital 31.12. 41 635 000 41 635 000

Ubeskattet egenkapital Ubeskattet egenkapital 1.1. 47 205 549 16 818 781 Fusjon 0 11 631 365 Årets resultat 18 542 551 18 755 403 Ubeskattet egenkapital 31.12. 65 748 100 47 205 549

FRØY AKVARESSURS AS Side 9 Noter til regnskapet 2019

Note 10 - Pensjon

Selskapet er pliktig å ha pensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapet har pensjonsordning som tilfredsstiller kravene i loven. I tillegg har sjømenn en ytelsesbasert ordning iht pensjonstrygden for sjømenn.

2019 2018

Kostnader ved innskuddsordning 2 112 966 1 643 538

Netto pensjonskostnad ytelsesordning: 2019 2018

Nåverdi av pensjoner opptjent i perioden 1 493 999 559 683 Kapitalkostnad av tidligere opptjente pensjoner 87 160 29 811 Forventet avkastning på pensjoner -109 381 -41 928 Administrasjonskostnader 47 000 36 000 Periodisert arbeidsgiveravgift 77 458 29 762 Estimatavvik 26 300 14 359 Årsresultat netto pensjonskostnad inkl. arb.avg. 1 622 536 627 687

Beregnede pensjonsforpliktelser (Sikrede): 2019 2018

Estimerte pensjonsforpliktelser 4 651 022 2 189 081 Estimerte pensjonsmidler -3 400 000 -1 260 000 Netto pensjonsforpliktelse pr. 31.12. 1 251 022 929 081 Periodisert arbeidsgiveravgift 63 802 47 383 Ikke resultatførte estimatavvik -393 521 -872 726 Netto pensjonsmidler (-) forpliktelse (+) pr. 31.12 921 303 103 738

Antall aktive 77 25 Antall pensjonister 0 0 Forventet gjenstående tjenestetid 23 25

Økonomiske/ aktuarielle forutsetninger: 31.12.2019 31.12.2018

Diskonteringsrente: 2,30 % 2,60 % Forventet avkastning på pensjonsmidler: 3,80 % 4,30 % Lønnsregulering: 2,25 % 2,75 % Pensjonsregulering: 0,80 % 0,80 % G-Regulering: 2,0 % 2,5 % Korridorstørrelse 10,00 % 10,00 % Arbeidsgiveravgift: 5,10 % 5,10 %

Seilende personell har egen pensjonsordning. Pensjonsalderen er 60 år og det blir foretatt pensjonsutbetaling fra selskapets pensjonsordning til fylte 67 år. Fra fylte 67 år blir alderspensjonen utbetalt av folketrygden. Den kollektive pensjonsforsikringer blir samordnet med Pensjonstrygden for sjømenn og utgjør 60 % av pensjonsgrunnlaget ved 30 års opptjening. Denne ordningen er sikret.

Beregningene er i henhold til NRS 6 Pensjonskostnader.

Estimatavvik og virkningen av endrede forutsetninger amortiseres over gjennomsnittlig forventet gjenstående tjenestetid i den grad de overstiger 10% av det største av pensjonsforpliktelsene eller pensjonsmidlene (korridor)

FRØY AKVARESSURS AS Side 10 Noter til regnskapet 2019

Note 10 - Pensjon, fortsettelse

Arbeidsgiveravgift er behandlet i henhold til NRS 6. Arbeidsgiveravgift inngår som et tillegg til netto pensjonsforpliktelse. Arbeidsgiveravgift er ikke inkludert i brutto pensjonsforpliktelse.

Ved beregningene er det ved valg av dødelighetsforutsetninger tatt utgangspunkt i K2013 BE. Det er eksplisitt tatt hensyn til reaktivering av uføre. Andre forutsetninger er valgt i overensstemmelse med Nordea Livs beregningsgrunnlag for kollektiv pensjons.

Selskapets juridiske forpliktelse er ikke påvirket av den regnskapsmessige behandlingen av pensjonsforpliktelsen.

Note 11 Salgsinntekter

Per virksomhetsområde 2019 2018

Salg av transporttjenester til sjøs 156 352 977 125 789 513 Sum 156 352 977 125 789 513

Geografisk fordeling 2019 2018

Norge 156 352 977 125 789 513 Sum 156 352 977 125 789 513

Note 12 Leasing

Bokført verdi av finanansielle leieavtaler er kr 139 741 135 Samlet avskrivning for 2019 er kr 8 962 629. Leieavtalene kan forlenges til 1/12 av leiebeløpet etter primærperioden.

Forpliktelsen knyttet til leieavtalene utgjør per 31.12.2019 kr 117 198 590.

Resterende leieavtaler er beregnet til 138 000 000.

Leasinggjeld som forfaller om mer enn 5 år utgjør kr 33 000 000. Leiebetalinger som forfaller om mer enn 5 år utgjør 37 000 000.

Det er kostnadsført kr 168 376 i året for leasingavtaler som ikke er balanseført.

Note 13 Andre forhold

Søsterselskapet, Frøy Rederi AS, har en pågående sak med Skatteetaten vedrørende rederiskatteordningen, samt tilhørende refusjonsordning for sjømenn. Selskapet har mottatt brev fra Skatteetaten, der det bestrides at vilkårene i Skattelovens § 6-13 er oppfylt.

Styret er av enn annen oppfatning og mener vilkårene for å være omfattet av rederibeskatningen er oppfylt.

FRØY AKVARESSURS AS Side 11

Frøy Akvaressurs AS KONTANTSTRØMOPPSTILLING - DEN INDIREKTE MODELL

2019 2018 Kontantstrømmer fra operasjonelle aktiviteter Resultat før skattekostnad 18 542 551 18 755 403 Periodens betalte skatt 0 0 Tap/gevinst ved salg av anleggsmidler 0 0 Avskrivninger 30 388 689 23 414 509 Endringer i pensjonsforpliktelser 817 565 103 738 Endring i kundefordringer -6 693 761 -15 506 586 Endring i leverandørgjeld 20 373 761 4 142 145 Endring i andre tidsavgrensningsposter 1 822 775 -2 600 760 Netto kontantstrøm fra operasjonelle aktiviteter 65 251 580 28 308 449

Kontantstrømmer fra investeringsaktiviteter Innbetalinger ved salg av varige driftsmidler 0 85 000 Utbetalinger ved kjøp av varige driftsmidler -189 095 919 -228 134 618 Netto kontantstrøm fra investeringsaktiviteter -189 095 919 -228 049 618

Kontantstrømmer fra finansieringsaktiviteter Innbetalinger ved opptak av ny langsiktig gjeld 157 298 264 131 319 670 Utbetaling ved betaling av langsiktig gjeld -28 725 763 0 Netto endring i kasskreditt -26 535 32 498 039 Innbetalinger av egenkapital 0 39 631 365 Netto kontantstrøm fra finansieringsaktiviteter 128 545 966 203 449 074

Netto endring i kontanter og kontantekvivalenter 4 701 627 3 707 905 Beholdning av kontanter og kontantekvivalenter ved periodens begynnelse 4 559 674 851 769 Beholdning av kontanter og kontantekvivalenter ved periodens slutt 9 261 301 4 559 674

Kontantstrøm 2019 - Frøy Akvaressurs.xlsx BDO AS Klæbuveien 127B 7031 Trondheim

Uavhengig revisors beretning Til generalforsamlingen i Frøy Akvaressurs AS

Uttalelse om revisjonen av årsregnskapet

Konklusjon Vi har revidert årsregnskapet til Frøy Akvaressurs AS.

Årsregnskapet består av: Etter vår mening: • Balanse per 31. desember 2019 Er årsregnskapet avgitt i samsvar med lov og • Resultatregnskap for 2019 forskrifter og gir et rettvisende bilde av • Kontantstrømoppstilling for selskapets finansielle stilling per 31. desember regnskapsåret avsluttet per 31. 2019, og av dets resultater og kontantstrømmer desember 2019 for regnskapsåret avsluttet per denne datoen i • Noter til årsregnskapet, herunder et samsvar med regnskapslovens regler og god sammendrag av viktige regnskapsskikk i Norge. regnskapsprinsipper.

Grunnlag for konklusjonen Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Annen informasjon Ledelsen er ansvarlig for annen informasjon. Annen informasjon består av årsberetningen.

Vår uttalelse om revisjonen av årsregnskapet dekker ikke annen informasjon, og vi attesterer ikke den andre informasjonen.

I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese annen informasjon identifisert ovenfor med det formål å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom annen informasjon og årsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynelatende inneholder vesentlig feilinformasjon.

Dersom vi, på bakgrunn av arbeidet vi har utført, konkluderer med at disse andre opplysningene inneholder vesentlig feilinformasjon, er vi pålagt å uttale oss om dette. Vi har ingenting å rapportere i så henseende.

Styret og daglig leders ansvar for årsregnskapet Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik intern kontroll som den finner nødvendig

Uavhengig revisors beretning Frøy Akvaressurs AS - 2019 side 1 av 2

for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

For videre beskrivelse av revisors oppgaver og plikter vises det til: https://revisorforeningen.no/revisjonsberetninger

Uttalelse om andre lovmessige krav

Konklusjon om årsberetningen Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, mener vi at opplysningene i årsberetningen om årsregnskapet og forutsetningen om fortsatt drift er konsistente med årsregnskapet og i samsvar med lov og forskrifter.

Konklusjon om registrering og dokumentasjon Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

Trondheim, 23. mars 2020 BDO AS

John Christian Løvaas statsautorisert revisor

Uavhengig revisors beretning Frøy Akvaressurs AS - 2019 side 2 av 2

BDO AS, et norsk aksjeselskap, er deltaker i BDO International Limited, et engelsk selskap med begrenset ansvar, og er en del av det internasjonale nettverket BDO, som består av uavhengige selskaper i de enkelte land. Foretaksregisteret: NO 993 606 650 MVA.

BDO AS Klæbuveien 127B 7031 Trondheim

Uavhengig revisors beretning Til generalforsamlingen i Frøy Vest AS

Uttalelse om revisjonen av årsregnskapet

Konklusjon Vi har revidert årsregnskapet til Frøy Vest AS.

Årsregnskapet består av: Etter vår mening: • Balanse per 31. desember 2019 Er årsregnskapet avgitt i samsvar med lov og • Resultatregnskap for 2019 forskrifter og gir et rettvisende bilde av • Kontantstrømoppstilling for selskapets finansielle stilling per 31. desember regnskapsåret avsluttet per 31. 2019, og av dets resultater og kontantstrømmer desember 2019 for regnskapsåret avsluttet per denne datoen i • Noter til årsregnskapet, herunder et samsvar med regnskapslovens regler og god sammendrag av viktige regnskapsskikk i Norge. regnskapsprinsipper.

Grunnlag for konklusjonen Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Annen informasjon Ledelsen er ansvarlig for annen informasjon. Annen informasjon består av årsberetningen.

Vår uttalelse om revisjonen av årsregnskapet dekker ikke annen informasjon, og vi attesterer ikke den andre informasjonen.

I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese annen informasjon identifisert ovenfor med det formål å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom annen informasjon og årsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynelatende inneholder vesentlig feilinformasjon.

Dersom vi, på bakgrunn av arbeidet vi har utført, konkluderer med at disse andre opplysningene inneholder vesentlig feilinformasjon, er vi pålagt å uttale oss om dette. Vi har ingenting å rapportere i så henseende.

Styret og daglig leders ansvar for årsregnskapet Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik intern kontroll som den finner nødvendig

Uavhengig revisors beretning Frøy Vest AS - 2019 side 1 av 2

for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

For videre beskrivelse av revisors oppgaver og plikter vises det til: https://revisorforeningen.no/revisjonsberetninger

Uttalelse om andre lovmessige krav

Konklusjon om årsberetningen Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, mener vi at opplysningene i årsberetningen om årsregnskapet, forutsetningen om fortsatt drift og forslaget til anvendelse av overskuddet er konsistente med årsregnskapet og i samsvar med lov og forskrifter.

Konklusjon om registrering og dokumentasjon Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

Trondheim, 20. mars 2020 BDO AS

John Christian Løvaas Statsautorisert revisor

Uavhengig revisors beretning Frøy Vest AS - 2019 side 2 av 2

BDO AS, et norsk aksjeselskap, er deltaker i BDO International Limited, et engelsk selskap med begrenset ansvar, og er en del av det internasjonale nettverket BDO, som består av uavhengige selskaper i de enkelte land. Foretaksregisteret: NO 993 606 650 MVA. Frøy Vest AS

RESULTATREGNSKAP 01.01. - 31.12.

Note 2019 2018

Salgsinntekt 173 185 631 149 381 494 Annen driftsinntekt 12 333 256 111 270 Sum driftsinntekt 185 518 887 149 492 764

Varekostnad 14 741 151 18 649 841 Lønnskostnad 1 83 088 210 73 621 144 Avskrivning 4 29 270 321 21 457 802 Nedskrivning 4 404 412 0 Annen driftskostnad 2 34 315 562 28 673 162 Sum driftskostnad 161 819 656 142 401 949

Driftsresultat 23 699 231 7 090 815

Inntekt fra investering i datterselskap 6 5 000 000 0 Renteinntekt fra foretak i samme konsern 6 0 206 160 Annen renteinntekt 408 879 74 381 Annen finansinntekt 1 860 17 951 Rentekostnad til foretak i samme konsern 9 0 -79 657 Annen rentekostnad -5 848 302 -2 799 516 Annen finanskostnad -9 988 -537

Ordinært resultat før skattekostnad 23 251 680 4 509 597

Skattekostnad på ordinært resultat 3 4 502 397 931 965

Ordinært resultat 18 749 283 3 577 632

Årsresultat 18 749 283 3 577 632

Disponering (dekning) av årsresultatet Avsatt til annen egenkapital 18 749 283 3 577 632 Sum disponert (dekket) 18 749 283 3 577 632

Frøy Vest AS

BALANSE PR. 31.12.

Note 2019 2018 EIENDELER

Anleggsmidler

Forskning, utvikling, konsesjoner, goodwill o.l. 4 19 378 014 0 Sum immaterielle eiendeler 19 378 014 0

Varige driftsmidler Tomter, bygninger og annen fast eiendom 4 704 049 770 268 Skip, rigger, fly o.l. 4 82 460 004 55 367 865 Driftsløsøre, inventar, verktøy, kontormaskiner o.l. 4 47 956 577 30 846 993 Sum varige driftsmidler 131 120 630 86 985 126

Finansielle anleggsmidler Investeringer i datterselskap 5 26 708 572 28 200 000 Investeringer i aksjer og andeler 2 259 2 259 Obligasjoner og andre fordringer 234 902 164 348 Sum finansielle anleggsmidler 26 945 733 28 366 607

Sum anleggsmidler 177 444 377 115 351 733

Omløpsmidler

Varer 1 468 053 2 037 543

Fordringer Kundefordringer 6 19 504 711 12 034 076 Andre kortsiktige fordringer 3 056 630 1 892 930 Kortsiktige konsernfordringer 6 5 000 000 3 206 160 Sum fordringer 27 561 341 17 133 166

Investeringer

Bankinnskudd, kontanter o.l. 10 32 580 148 21 290 525

Sum omløpsmidler 61 609 542 40 461 234

SUM EIENDELER 239 053 919 155 812 967 Frøy Vest AS

BALANSE PR. 31.12.

Note 2019 2018 EGENKAPITAL OG GJELD

EGENKAPITAL

Innskutt egenkapital Aksjekapital (1 000 aksjer á kr 100) 7 100 000 100 000 Annen innskutt egenkapital 6 826 164 6 826 164 Sum innskutt egenkapital 6 926 164 6 926 164

Opptjent egenkapital Annen egenkapital 52 971 889 32 853 807 Sum opptjent egenkapital 52 971 889 32 853 807

Sum egenkapital 7 59 898 053 39 779 971

GJELD

Avsetning for forpliktelser Pensjonsforpliktelser 137 285 47 598 Utsatt skatt 3 5 434 544 2 307 527 Sum avsetning for forpliktelser 5 571 829 2 355 125

Annen langsiktig gjeld Gjeld til kredittinstitusjoner 4, 8 144 399 506 94 493 878 Sum annen langsiktig gjeld 144 399 506 94 493 878

Kortsiktig gjeld Gjeld til kredittinstitusjoner 7 389 20 750 Leverandørgjeld 9 4 967 233 5 940 900 Betalbar skatt 3 3 706 391 606 480 Skyldige offentlige avgifter 9 636 856 7 309 772 Annen kortsiktig gjeld 10 866 662 2 059 345 Kortsiktig konserngjeld 9 0 3 246 746 Sum kortsiktig gjeld 29 184 531 19 183 993

Sum gjeld 179 155 866 116 032 996

SUM EGENKAPITAL OG GJELD 239 053 919 155 812 967

Frøy Vest AS Noter 2019

Regnskapsprinsipper Årsregnskapet er satt opp i samsvar med regnskapsloven og god regnskapsskikk.

Hovedregel for vurdering og klassifisering av eiendeler og gjeld. Eiendeler bestemt til varig eie eller bruk er klassifisert som anleggsmidler. Andre eiendeler er klassifisert som omløpsmidler. Fordringer som skal tilbakebetales innen ett år er klassifisert som omløpsmidler. Ved klassifisering av kortsiktig og langsiktig gjeld er analoge kriterier lagt til grunn. Mellomværende med selskap i samme konsern er klassifisert som kortsiktig, dersom ikke annet er avtalt.

Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi når verdifallet ikke forventes å være forbigående. Anleggsmidler med begrenset økonomisk levetid avskrives planmessig.

Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseføres til nominelt mottatt beløp på etableringstidspunktet.

Varige driftsmidler Varige driftsmidler avskrives over forventet økonomisk levetid. Avskrivningene er gjennomført som lineære avskrivninger.

Leasing. Leasingkontrakter som er finansielle balanseføres.

Beholdninger Varer er vurdert til laveste av anskaffelseskost og virkelig verdi.

Fordringer Kundefordringer og andre fordringer oppføres til pålydende etter fradrag for avsetning til forventet tap. Avsetning til tap gjøres på grunnlag av en individuell vurdering av de enkelte fordringene. I tillegg foretas generell avsetning.

Skatter Skattekostnaden består av betalbar skatt (skatt på årets skattepliktige inntekt) og endring i netto utsatt skatt. Skattekostnaden fordeles på ordinært resultat og resultat av ekstraordinære poster i henhold til skattegrunnlaget. Det foretas full utligning av positive og negative midlertidige forskjeller.

Skatteeffekt av konsernbidrag føres tilbake, slik at årets skattekostnad ikke er påvirket av konsernbidrag som avgis eller mottas.

Aksjer Langsiktige aksjer er vurdert til anskaffelseskost. Nedskrivning til virkelig verdi foretas ved verdifall som ikke vurderes å være forbigående. Børsnoterte aksjer vurderes til børskurs.

Inntekter. Inntektsføring skjer ved levering eller når en inntekt er opptjent.

Valuta. Eiendeler og gjeld i valuta omregnes til dagskurs pr. 31.12.

Forskning og utvikling. Utgifter til FoU utgiftsføres løpende.

Konsern Konsernregnskap er ikke utarbeidet da dette utarbeides av konsernspiss, Gåsø Næringsutvikling AS Frøy Vest AS Noter 2019

Note 1 – Lønn og personalkostnader. 2019 2018 Lønn 69 099 536 62 143 202 Arbeidsgiveravgift 8 429 521 6 926 247 Pensjonskostnader (OTP) 2 389 224 1 312 654 Personalkostnader 3 169 929 3 239 041 Sum 83 088 210 73 621 144

Antall ansatte 101 97 Lønn daglig leder 1 612 310 1 417 025 Annen godtgjørelse daglig leder 26 405 21 108 Styregodtgjørelse 0 0

Selskapet har en innskuddsbasert pensjonsordning etter lov om obligatorisk tjenestepensjon.

Note 2 – Andre driftskostnader. 2019 2018 Revisjonshonorar 93 000 148 000 Bistand fra revisor 85 440 325 200 Sum 178 440 473 200

Teknisk bistand knyttet til ligning og årsregnskap inngår med kr. 20 000 (2018: 20 000). Alle tall oppgitt ex. mva.

Leie og kjøp fra konsernselskaper: Leiekostnad til Evja AS 1 800 000 1 800 000 = Konserninterne kjøp 1 800 000 1 800 000

Note 3 – Skatteberegning.

Spesifikasjon av årets skattekostnad:

Betalbar skatt på alm. inntekt 3 706 391 Skatteeffekt av avgitt konsernbidrag 0 Endring utsatt skatt 796 006 Årets skattekostnad 4 502 397

Spesifikasjon av årets skattegrunnlag:

Resultat før skattekostnader 23 251 680 Permanente forskjeller -2 786 240 Midlertidige forskjeller -3 618 208 Konsernbidrag 0 Årets skattegrunnlag 16 847 232

Skatt på alm. inntekt, 22 % 3 706 391 Frøy Vest AS Noter 2019

Spesifikasjon av midlertidige forskjeller: 31.12. 1.1. Korrigert Endring Omløpsmidler -100 000 -50 000 -50 000 Anleggsmidler -10 713 769 -12 475 538 1 761 769 Leasingavtaler 15 086 508 25 443 383 -10 356 875 Gev.- og tapskonto 22 853 277 12 379 404 10 473 873 Andre forskjeller -2 423 542 -4 212 983 1 789 441 Netto midl. forskjeller 24 702 474 21 084 266 3 618 208

Endrintg utsatt skatt 5 434 544 4 638 539 796 006

Selskapet har gjennomført fusjon med datterselskapet Seadive AS. I forbindelse med fusjonen er midlertidige forskjeller i noter pr 1.1. omarbeidet med kr 10 595 509, noe som medførte en korreksjon av utsatt skatt på kr. 2 331 012.

Balansemessig skatteffekt av fusjon: Midlertidig forskjell Utsatt skatt Bokført utsatt skatt 31.12.18 10 488 757 2 307 527 Overtatt ved fusjon 10 595 509 2 331 012 =Omarbeidet utsatt skatteforpliktelse 21 084 266 4 638 539

Note 4 – Varige driftsmidler og avskrivninger.

Bygninger Maskiner Goodwill og tomter / Driftsløsøre Skip Totalt

Anskaffelseskost 1.1. 0 3 720 775 86 572 955 134 899 603 225 193 333 +Tilgang via fusjon 21 531 126 5 672 589 14 999 948 42 203 663 +Tilgang 52 681 25 888 689 50 592 064 76 533 434 - Avgang 0 -2 616 393 -48 995 992 -51 612 385 Anskaffelseskost 31.12. 21 531 126 3 773 456 115 517 840 151 495 623 292 318 045 - Akk. avskr. 31.12. 2 153 112 3 069 407 67 561 263 69 035 619 141 819 401 Bokført verdi 31.12. 19 378 014 704 049 47 956 577 82 460 004 150 498 644

Årets avskrivning 2 153 112 118 900 11 835 349 15 567 372 29 674 733 Prosentsats/levetid for ordinære avskr. 10 år 20 år 3-5 år 10 år

Goodwill er videreført ved fusjon med datterselskapet Seadive AS, basert på konsernkontinuitet. Investeringen er gjort med et langsiktig perspektiv og det er derfor lagt til grunn en 10 års avskrivningsperiode.

Maskiner Balanseførte leasingavtaler inngår i driftsmidler: / Driftsløsøre Skip Totalt Anskaffelseskost 1.1. 32 161 806 90 031 029 122 192 835 +Tilgang via fusjon 4 717 999 13 556 620 18 274 619 +Tilgang 21 423 144 5 300 000 26 723 144 - Avgang -1 864 349 -45 873 502 -47 737 851 =Anskaffelseskost 31.12. 56 438 600 63 014 147 119 452 747 - Akk. avskr. 31.12. 18 445 980 27 720 752 46 166 732 Bokført verdi 31.12. 37 992 620 35 293 395 73 286 015

Årets avskrivning 8 227 122 9 934 459 18 161 581

Maskiner Skip Totalt Balanseført leasinggjeld: / Driftsløsøre Leasinggjeld 1.1. 20 191 281 21 302 597 41 493 878 +Tilgang via fusjon 4 616 541 10 207 368 14 823 909 +Tilgang 56 043 144 5 300 000 61 343 144 - Avdrag -44 293 369 -15 168 056 -59 461 425 Leasinggjeld 31.12. 36 557 597 21 641 909 58 199 506 Frøy Vest AS Noter 2019

Note 5 – Finansielle eiendeler.

Aksjer i datterselskaper: Bokført verdi Antall Pålydende Resultat Egenkapital Stava Sjø AS 26 708 572 1 200 1 4 813 845 9 375 241 Selskapet har forretningskontor i Valevåg. Aksjene ble anskaffet i 2019. Det er inntektsført kr. 5 000 000 i utbytte fra selskapet.

Datterselskapet Seadive AS ble i 2019 fusjonert med Frøy Vest AS.

Note 6 – Kortsikige fordringer.

Andre kortsiktige fordringer innen samme konsern: 2019 2018 Frøy Akvaressurs AS 0 3 206 160 Stava Sjø AS(utbytte) 5 000 000 0

Renter er beregnet med 0 206 160 Kreditter er løpende og det er ikke avtalt forfall.

Konserninterne kundefordringer 438 813 1 456 179

Note 7 – Aksjekapital/egenkapital.

Aksjekapitalen består av 1 000 aksjer à kr. 100. Det er en aksjeklasse.

Aksjefordeling: Antall Andel i % Frøya Akvaservice AS 1 000 100 % 1 000 100 %

Avstemming bevegelse egenkapital: Annen innskutt Annen Aksjekapital egenkapital egenkapital Sum Egenkapital 1.1. 100 000 6 826 164 32 853 807 39 779 971 Fusjon/prinsippendring 1 368 799 1 368 799 Resultat 18 749 283 18 749 283 Tilleggsutbytte 0 0 Egenkapital 31.12. 100 000 6 826 164 52 971 889 59 898 053

Selskapet innfusjonerte i 2019 det heleide datterselskapet Seadive AS (915 944 434). Fusjon ble gjennomført med konsernkontinuietet og kr. 21 531 126 ble henført til goodwill. Fusjonen hadde ikke effekt på egenkapitalen. I forbindelse med fusjonen ble det foretatt balanseføring av leasingavtaler. Dette medførte en egenkapitaløkning på kr. 1 368 799. Frøy Vest AS Noter 2019

Note 8 – Gjeld til kredittinstitusjoner. 2019 2018 Pantegjeld 86 200 000 53 000 000 Leasinggjeld 58 199 506 41 493 878

Sikkerheter: Kundefordringer 12 034 076 12 034 076 Varelager 1 468 053 2 037 543 Driftsmidler 131 120 630 86 985 126 Gjeld som forfaller senere enn om 5 år, ca. 1 844 000 0

Selskapet har kausjonert ovenfor bankforbindelse for gjeld i konsernselskap. Som pant inngår kundefordringer, lager og driftsmidler.

Note 9 – Kortsiktig gjeld.

Konsernintern kortsiktig gjeld: 2019 2018 Evja AS 0 3 246 746 Renter er beregnet med 0 79 657

Leverandørgjeld: Konsernintern leverandørgjeld 41 715 20 230

Note 10 – Likvider 2019 2018 Bundet skattetrekk 3 186 743 2 577 944 Frøy Vest AS

Kontantstrømoppstilling

2019 2018

Kontantstrømmer fra operasjonelle aktiviteter: resultat før skattekostnad 23 251 680 4 509 597 betalt skatt -1 000 904 -200 560 tap+/-gevinst ved salg av anleggsmidler -12 100 381 -111 270 ordinære avskrivninger 29 674 733 21 457 802 endring i varelager 569 490 614 772 endring i kundefordringer -3 405 857 7 084 778 endring i leverandørgjeld -2 455 028 -335 464 endring kortsiktige fordringer -167 303 3 278 517 endring i andre tidsavgrensningsposter 89 687 47 557 Netto kontantstrøm fra operasjonelle aktiviteter 34 456 117 36 345 729

Kontantstrømmer fra investeringsaktiviteter innbetalinger ved salg av varige driftsmidler 20 997 964 3 967 450 utbetalinger ved kjøp av varige driftsmidler -76 533 434 -23 197 537 utbetalinger ved kjøp av aksjer og andeler i andre foretak -26 708 572 -28 200 000 utbetalinger ved kjøp av andre investeringer og innbetaling av fordringer -164 348 innbetalinger ved salg av andre investeringer 10 322 129 0 Netto kontantstrøm fra investeringsaktiviteter -71 921 913 -47 594 435

Kontantstrømmer fra finansieringsaktiviteter innbetalinger ved opptak av ny langsiktig gjeld 45 672 077 28 144 480 innbetalinger ved opptak av ny kortsiktig gjeld 4 951 761 0 utbetalinger ved nedbetaling av langsiktig gjeld 0 0 utbetalinger ved nedbetaling av kortsiktig gjeld 0 -530 117 netto endring i kortsiktig gjeld til kredittinstitusjoner -1 868 419 -21 791 utbetalinger av utbytte 0 0 Netto kontantstrøm fra finansieringsaktiviteter 48 755 419 27 592 572

Netto endring i kontanter og kontantekvivalenter 11 289 623 16 343 866 Beholdning av kontanter og kontantekvivalenter ved periodens begynnelse 21 290 525 4 946 659 Beholdning av kontanter og kontantekvivalenter ved periodens slutt 32 580 148 21 290 525

Årsregnskap for Frøy Vest AS Organisasjonsnummer 884 150 752

Nitter AS

Registrert revisor Halfdan Nitter Til generalforsamlingen i STAVA SJØ AS Fekjan 7b - 1394 Nesbru Telefon 66 98 02 00

Bankkonto 8601 29 36925

[email protected] www.nitter.as

Foretaksnr 990 474 729

UAVHENGIG REVISORS BERETNING Uttalelse om revisjonen av årsregnskapet Konklusjon Vi har revidert STAVA SJØ AS årsregnskap som viser et overskudd på kr 4 813 845. - Årsregnskapet består av balanse per 31. desember 2019, resultatregnskap for regnskapsåret avsluttet per denne datoen og noter til årsregnskapet, herunder et sammendrag av viktige regnskapsprinsipper. Etter vår mening er det medfølgende årsregnskapet avgitt i samsvar med lov og forskrifter, og gir et rettvisende bilde av selskapets finansielle stilling per 31. desember 2019, og av dets resultater og kontantstrømmer for regnskapsåret avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Grunnlag for konklusjonen Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon. Styrets og daglig leders ansvar for årsregnskapet Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik intern kontroll som den finner nødvendig for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil. Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet. Revisors oppgaver og plikter ved revisjonen av årsregnskapet Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene (InternationalStandardsOnAuditing), alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

Som del av en revisjon i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, utøver vi profesjonelt skjønn og utviser profesjonell skepsis gjennom hele revisjonen. I tillegg:

Medlem av Den norske Revisorforening Internasjonal samarbeidspartner: Russell Bedford International

 identifiserer og anslår vi risikoen for vesentlig feilinformasjon i årsregnskapet, enten det skyldes misligheter eller utilsiktede feil. Vi utformer og gjennomfører revisjonshandlinger for å håndtere slike risikoer, og innhenter revisjonsbevis som er tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon. Risikoen for at vesentlig feilinformasjon som følge av misligheter ikke blir avdekket, er høyere enn for feilinformasjon som skyldes utilsiktede feil, siden misligheter kan innebære samarbeid, forfalskning, bevisste utelatelser, uriktige fremstillinger eller overstyring av intern kontroll.  opparbeider vi oss en forståelse av den interne kontroll som er relevant for revisjonen, for å utforme revisjonshandlinger som er hensiktsmessige etter omstendighetene, men ikke for å gi uttrykk for en mening om effektiviteten av selskapets interne kontroll.  evaluerer vi om de anvendte regnskapsprinsippene er hensiktsmessige og om regnskapsestimatene og tilhørende noteopplysninger utarbeidet av ledelsen er rimelige  konkluderer vi på hensiktsmessigheten av ledelsens bruk av fortsatt drift-forutsetningen ved avleggelsen av årsregnskapet, basert på innhentede revisjonsbevis, og hvorvidt det foreligger vesentlig usikkerhet knyttet til hendelser eller forhold som kan skape tvil av betydning om selskapets evne til fortsatt drift. Dersom vi konkluderer med at det eksisterer vesentlig usikkerhet, kreves det at vi i revisjonsberetningen henleder oppmerksomheten på tilleggsopplysningene i årsregnskapet, eller, dersom slike tilleggsopplysninger ikke er tilstrekkelige, at vi modifiserer vår konklusjon om årsregnskapet og årsberetningen. Våre konklusjoner er basert på revisjonsbevis innhentet inntil datoen for revisjonsberetningen. Etterfølgende hendelser eller forhold kan imidlertid medføre at selskapet ikke fortsetter driften.  evaluerer vi den samlede presentasjonen, strukturen og innholdet i årsregnskapet, inkludert tilleggsopplysningene, og hvorvidt årsregnskapet gir uttrykk for de underliggende transaksjonene og hendelsene på en måte som gir et rettvisende bilde.

Vi kommuniserer med styret blant annet om det planlagte omfanget av revisjonen og til hvilken tid revisjonsarbeidet skal utføres. Vi utveksler også informasjon om forhold av betydning som vi har avdekket i løpet av revisjonen, herunder om eventuelle svakheter av betydning i den interne kontrollen.

Uttalelse om øvrige lovmessige krav Konklusjon om registrering og dokumentasjon Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

Nesbru, 10. februar 2020 Nitter AS

Halfdan Nitter

2

BDO AS Klæbuveien 127B 7031 Trondheim

Uavhengig revisors beretning Til generalforsamlingen i Frøy Nord AS

Uttalelse om revisjonen av årsregnskapet

Konklusjon Vi har revidert årsregnskapet til Frøy Nord AS.

Årsregnskapet består av: Etter vår mening: • Balanse per 31. desember 2019 Er årsregnskapet avgitt i samsvar med lov og • Resultatregnskap for 2019 forskrifter og gir et rettvisende bilde av • Kontantstrømoppstilling for selskapets finansielle stilling per 31. desember regnskapsåret avsluttet per 31. 2019, og av dets resultater og kontantstrømmer desember 2019 for regnskapsåret avsluttet per denne datoen i • Noter til årsregnskapet, herunder et samsvar med regnskapslovens regler og god sammendrag av viktige regnskapsskikk i Norge. regnskapsprinsipper.

Grunnlag for konklusjonen Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Annen informasjon Ledelsen er ansvarlig for annen informasjon. Annen informasjon består av årsberetningen.

Vår uttalelse om revisjonen av årsregnskapet dekker ikke annen informasjon, og vi attesterer ikke den andre informasjonen.

I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese annen informasjon identifisert ovenfor med det formål å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom annen informasjon og årsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynelatende inneholder vesentlig feilinformasjon.

Dersom vi, på bakgrunn av arbeidet vi har utført, konkluderer med at disse andre opplysningene inneholder vesentlig feilinformasjon, er vi pålagt å uttale oss om dette. Vi har ingenting å rapportere i så henseende.

Styret og daglig leders ansvar for årsregnskapet Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik intern kontroll som den finner nødvendig

Uavhengig revisors beretning Frøy Nord AS - 2019 side 1 av 2

for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

For videre beskrivelse av revisors oppgaver og plikter vises det til: https://revisorforeningen.no/revisjonsberetninger

Uttalelse om andre lovmessige krav

Konklusjon om årsberetningen Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, mener vi at opplysningene i årsberetningen om årsregnskapet, forutsetningen om fortsatt drift og forslaget til anvendelse av overskuddet er konsistente med årsregnskapet og i samsvar med lov og forskrifter.

Konklusjon om registrering og dokumentasjon Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

Trondheim, 20. mars 2020 BDO AS

John Christian Løvaas Statsautorisert revisor

Uavhengig revisors beretning Frøy Nord AS - 2019 side 2 av 2

BDO AS, et norsk aksjeselskap, er deltaker i BDO International Limited, et engelsk selskap med begrenset ansvar, og er en del av det internasjonale nettverket BDO, som består av uavhengige selskaper i de enkelte land. Foretaksregisteret: NO 993 606 650 MVA. RESULTATREGNSKAP FRØY NORD AS

DRIFTSINNTEKTER OG DRIFTSKOSTNADER Note 2019 2018

Salgsinntekt 11 121 275 778 118 201 978 Annen driftsinntekt 0 1 642 028 Sum driftsinntekter 121 275 778 119 844 006

Lønnskostnad 1 52 740 740 49 355 543 Avskrivning av driftsmidler og immaterielle eiendeler 4 23 744 728 20 990 175 Annen driftskostnad 2, 11 41 966 733 46 673 803 Sum driftskostnader 118 452 201 117 019 521

Driftsresultat 2 823 577 2 824 485

FINANSINNTEKTER OG FINANSKOSTNADER Inntekt på investering i datterselskap 5 745 969 2 161 899 Annen renteinntekt 14 770 4 914 Rentekostnad til foretak i samme konsern 218 075 0 Annen rentekostnad 4 764 378 4 292 428 Resultat av finansposter -4 221 714 -2 125 615

Ordinært resultat før skattekostnad -1 398 138 698 870 Skattekostnad på ordinært resultat 3 -279 161 82 168 Ordinært resultat -1 118 977 616 702

EKSTRAORDINÆRE INNTEKTER OG KOSTNADER

Årsresultat -1 118 977 616 702

OVERFØRINGER Avsatt til annen egenkapital -1 118 977 616 702 Sum overføringer -1 118 977 616 702

FRØY NORD AS SIDE 1 BALANSE FRØY NORD AS

EIENDELER Note 2019 2018

ANLEGGSMIDLER IMMATERIELLE EIENDELER Konsesjoner, patenter o.l. 4 0 32 700 Sum immaterielle eiendeler 0 32 700

VARIGE DRIFTSMIDLER Tomter, bygninger o.a. fast eiendom 4 12 382 250 12 696 850 Maskiner og anlegg 4 17 935 243 18 536 221 Skip og flytende installasjoner 4 117 702 813 132 824 814 Driftsløsøre, inventar o.a. utstyr 4 1 536 138 1 998 292 Sum varige driftsmidler 149 556 444 166 056 177

FINANSIELLE ANLEGGSMIDLER Investeringer i datterselskap 5 30 000 30 000 Andre langsiktige fordringer 6 994 113 3 913 871 Sum finansielle anleggsmidler 1 024 113 3 943 871

Sum anleggsmidler 150 580 557 170 032 749

OMLØPSMIDLER

Lager av varer og annen beholdning 1 595 963 1 202 520

FORDRINGER Kundefordringer 6 17 545 438 9 351 839 Andre kortsiktige fordringer 3 856 052 3 136 271 Konsernfordringer 6 745 969 2 161 899 Sum fordringer 22 147 459 14 650 009

INVESTERINGER

Bankinnskudd, kontanter o.l. 10 2 195 159 2 152 283

Sum omløpsmidler 25 938 581 18 004 812

Sum eiendeler 176 519 138 188 037 561

FRØY NORD AS SIDE 2

Frøy Nord AS Noter 2019

Regnskapsprinsipper Årsregnskapet er satt opp i samsvar med regnskapsloven og god regnskapsskikk.

Hovedregel for vurdering og klassifisering av eiendeler og gjeld. Eiendeler bestemt til varig eie eller bruk er klassifisert som anleggsmidler. Andre eiendeler er klassifisert som omløpsmidler. Fordringer som skal tilbakebetales innen ett år er klassifisert som omløpsmidler. Ved klassifisering av kortsiktig og langsiktig gjeld er analoge kriterier lagt til grunn. Mellomværende med selskap i samme konsern er klassifisert som kortsiktig, dersom ikke annet er avtalt.

Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi når verdifallet ikke forventes å være forbigående. Anleggsmidler med begrenset økonomisk levetid avskrives planmessig.

Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseføres til nominelt mottatt beløp på etableringstidspunktet.

Varige driftsmidler Varige driftsmidler avskrives over forventet økonomisk levetid. Avskrivningene er gjennomført som lineære avskrivninger.

Leasing. Leasingkontrakter som er finansielle balanseføres.

Beholdninger Råvarer er vurdert til laveste av anskaffelseskost og virkelig verdi. Ferdigvarer er vurdert til laveste av tilvirkningskost og virkelig verdi.

Fordringer Kundefordringer og andre fordringer oppføres til pålydende etter fradrag for avsetning til forventet tap. Avsetning til tap gjøres på grunnlag av en individuell vurdering av de enkelte fordringene. I tillegg foretas generell avsetning.

Skatter Skattekostnaden består av betalbar skatt (skatt på årets skattepliktige inntekt) og endring i netto utsatt skatt. Skattekostnaden fordeles på ordinært resultat og resultat av ekstraordinære poster i henhold til skattegrunnlaget. Det foretas full utligning av positive og negative midlertidige forskjeller.

Skatteeffekt av konsernbidrag føres tilbake, slik at årets skattekostnad ikke er påvirket av konsernbidrag som avgis eller mottas.

Aksjer Langsiktige aksjer er vurdert til anskaffelseskost. Nedskrivning til virkelig verdi foretas ved verdifall som ikke vurderes å være forbigående. Børsnoterte aksjer vurderes til børskurs.

Inntekter. Inntektsføring skjer ved levering eller når en inntekt er opptjent.

Valuta. Eiendeler og gjeld i valuta omregnes til dagskurs pr. 31.12. Frøy Nord AS Noter 2019

Konsern Konsernregnskap er ikke utarbeidet da dette utarbeides av konsernspiss, Gåsø Næringsutvikling AS

Note 1 – Lønn og personalkostnader. 2019 2018 Lønn 46 762 571 43 014 343 Arbeidsgiveravgift 2 496 940 2 298 710 Pensjonskostnader (OTP) 1 882 092 2 114 819 Personalkostnader 1 599 137 1 927 671 Sum 52 740 740 49 355 543

Antall ansatte 75 68 Lønn daglig leder 1 378 313 1 064 696 Styregodtgjørelse 0 0

Selskapet har en innskuddsbasert pensjonsordning etter lov om obligatorisk tjenestepensjon.

Note 2 – Andre driftskostnader. 2019 2018 Revisjonshonorar 46 000 216 500 Bistand fra revisor 93 580 69 000 Sum 139 580 285 500

Av bistand er kr. 17 500 (2018: 35 500) knyttet til utarbeidelse av ligning og årsoppgjør. Totale kostnader vedrørende innfusjonert datterselskap, NCD AS, inngår med kr. 42 750.

Note 3 – Skatteberegning.

Spesifikasjon av årets skattekostnad:

Betalbar skatt på alm. inntekt 0 Skatteeffekt av avgitt konsernbidrag 0 Endring utsatt skatt -279 160 Årets skattekostnad -279 160

Spesifikasjon av årets skattegrunnlag:

Resultat før skattekostnader -1 398 138 Permanente forskjeller -616 743 Midlertidige forskjeller -6 365 296 Konsernbidrag mottatt 745 969 Årets skattegrunnlag -7 634 208

Skatt på alm. inntekt, 22 % 0 Frøy Nord AS Noter 2019

Spesifikasjon av midlertidige forskjeller: 31.12. 1.1. Endring Omløpsmidler 0 0 0 Anleggsmidler 28 970 925 25 450 740 3 520 185 Andre forskjeller -11 463 509 -14 308 620 2 845 111 Skattemessig underskudd -7 859 868 -225 661 -7 634 207 Netto midl. forskjeller 9 647 548 10 916 459 -1 268 911

Utsatt skatt 2 122 461 2 401 621 -279 160

Note 4 – Varige driftsmidler og avskrivninger.

Konsesjoner, Bygg og annen Maskiner Skip patenter o.l. fast eiendom og anlegg og båter o.l. Driftsløsøre Totalt

Anskaffelseskost 1.1. 130 800 13 326 050 34 984 255 159 283 550 3 508 748 211 233 403 Overtatt ved fusjon datterselskap (NCD AS) 0 +Tilgang 6 458 065 754 229 7 212 294 - Avgang 0 0 0 Anskaffelseskost 31.12. 130 800 13 326 050 41 442 320 160 037 779 3 508 748 218 445 697 - Akk. avskr. 31.12. 130 800 943 800 23 507 076 42 334 966 1 972 610 68 889 252 Bokført verdi 31.12. 0 12 382 250 17 935 244 117 702 813 1 536 138 149 556 445

Årets avskrivning 32 700 314 600 7 059 043 15 876 230 462 154 23 744 727 Prosentsats/levetid for ordinære avskr. 33 % 3 % 20 % 10 % 20 %

Maskiner Balanseførte leasingavtaler inngår i driftsmidler: / Driftsløsøre Skip Totalt Anskaffelseskost 1.1. 32 249 466 158 764 650 191 014 116 +Tilgang 6 124 768 98 627 6 223 395 - Avgang 0 0 =Anskaffelseskost 31.12. 38 374 234 158 863 277 197 237 511 - Akk. avskr. 31.12. 21 519 557 41 949 157 63 468 714 Bokført verdi 31.12. 16 854 677 116 914 120 133 768 797

Årets avskrivning 6 690 419 15 688 040 22 378 459

Maskiner Skip Totalt Balanseført leasinggjeld: / Driftsløsøre Leasinggjeld 1.1. 14 797 988 109 600 788 124 398 776 +Tilgang 5 453 099 5 453 099 - Avdrag -5 753 622 -19 356 936 -25 110 558 Leasinggjeld 31.12. 14 497 465 90 243 852 104 741 317

Note 5 – Finansielle eiendeler.

Aksjer i datterselskaper: Bokført verdi Antall Pålydende Resultat Egenkapital NCE AS 30 000 1 000 30 581 856 517 319

Selskapene har adresse i Lenvik Kommune. Frøy Nord AS eier alle aksjene. Det er inntektført kr. 745 969 som konsernbidrag fra NCE AS. Frøy Nord AS Noter 2019

Note 6 – Fordringer.

Andre kortsiktige fordringer innen samme konsern: 2019 2018 NCE AS 745 969 2 161 899

Kreditter er løpende og det er ikke avtalt forfall.

Kundefordringer Konserninterne kundefordringer 442 214 238 531

Note 7 – Aksjekapital/egenkapital.

Aksjekapitalen består av 100 aksjer à kr. 1 300. Det er en aksjeklasse.

Aksjefordeling: Antall Andel i % Frøy Akvaservice AS 50 50 % Frøy Gruppen AS 50 50 % 100 100 %

Avstemming bevegelse egenkapital: Annen innskutt Annen Aksjekapital egenkapital egenkapital Sum Egenkapital 1.1. 130 000 0 24 308 393 24 438 393 Resultat -1 118 977 -1 118 977 Mottatt konsernbidrag (netto) 0 0 Egenkapital 31.12. 130 000 0 23 189 416 23 319 416

Konsernbidrag fra datterselskap er inntektsført. Frøy Nord AS Noter 2019

Note 8 – Gjeld til kredittinstitusjoner. 2019 2018 Pantegjeld 9 647 219 10 413 887 Leasinggjeld 104 741 316 124 398 776

Sikkerheter: Kundefordringer 17 545 438 9 351 839 Bygninger og fast eiendom 12 382 250 12 696 850 Maskiner og anlegg 17 935 243 18 536 221 Skip og flytende installasjoner 117 702 813 132 824 814 Driftsløsøre 1 536 138 1 998 292

Gjeld som forfaller senere enn om 5 år, ca. 14 953 000 30 120 000

Note 9 – Kortsiktig gjeld.

Konsernintern kortsiktig gjeld: 2019 2018 Frøy Akvaservice AS 1 651 0 Frøy Rederi AS 4 668 075 0 Frøy Fisketransport AS 9 150 000 0 NCE AS 516 222 830 000 Renter er beregnet med 218 075 0

Leverandørgjeld: Konsernintern leverandørgjeld 1 180 131 756 131

Note 10 – Likvider 2019 2018 Bundet skattetrekk 2 013 423 2 142 111

Note 11 – Konsernintern omsetning og kjøp Omsetning 2019 2018 NCE AS 472 359 624 075 Frøy Akvaservice AS 762 851 1 916 078 Frøy Akvaressurs AS 18 534 438 849 Frøy Vest AS -100 000 242 825

Kjøp Gåsø Næringsutvikling AS 712 137 0 NCE AS 271 410 0 Frøy Akvaservice AS 84 770 8 380 441 Frøy Vest AS 107 454 1 527 154 Frøy Nord AS

Kontantstrømoppstilling

2019 2018

Kontantstrømmer fra operasjonelle aktiviteter: resultat før skattekostnad -1 398 138 698 870 betalt skatt 0 -1 625 460 tap+/-gevinst ved salg av anleggsmidler 0 -1 642 028 ordinære avskrivninger 23 744 728 20 990 175 endring i varelager -393 443 -370 863 endring i kundefordringer -8 193 599 1 815 441 endring i leverandørgjeld 1 171 975 2 453 053 endring kortsiktige fordringer 696 149 -1 843 891 Netto kontantstrøm fra operasjonelle aktiviteter 15 627 672 20 475 297

Kontantstrømmer fra investeringsaktiviteter innbetalinger ved salg av varige driftsmidler 0 7 255 640 utbetalinger ved kjøp av varige driftsmidler -7 212 293 -89 362 754 innbetalinger ved salg av aksjer og andeler i andre foretak 0 0 utbetalinger ved kjøp av andre investeringer og innbetaling av fordringer 0 373 509 innbetalinger ved salg av andre investeringer 2 919 758 Netto kontantstrøm fra investeringsaktiviteter -4 292 535 -81 733 605

Kontantstrømmer fra finansieringsaktiviteter innbetalinger ved opptak av ny langsiktig gjeld 0 56 367 982 innbetalinger ved opptak av ny kortsiktig gjeld 14 422 151 1 503 005 utbetalinger ved nedbetaling av langsiktig gjeld -22 970 378 0 netto endring i kortsiktig gjeld til kredittinstitusjoner -2 744 034 2 744 034 Netto kontantstrøm fra finansieringsaktiviteter -11 292 261 60 615 021

Netto endring i kontanter og kontantekvivalenter 42 876 -643 287 Beholdning av kontanter og kontantekvivalenter ved periodens begynnelse 2 152 283 2 795 570 Beholdning av kontanter og kontantekvivalenter ved periodens slutt 2 195 159 2 152 283

Årsregnskap for Frøy Nord AS