THE LEADING FERRY COMPANY IN

Credit Investor Presentation NOK [1,000]m Senior Unsecured Bond Issue

November 2017 IMPORTANT INFORMATION (1/2)

This Presentation (the “Presentation") has been produced by ASA (the “Company”) solely for use in connection with a contemplated offering of bonds by the Company (the “Bonds”) initiated in November 2017 (the “Offering”) as described herein, and may not be reproduced or redistributed in whole or in part to any other person. Fjord1 ASA has mandated DNB Markets and Nordea Bank AB (publ), filial i Norge (“Nordea”) as global coordinators and joint lead managers and Fearnley Securities and SpareBank 1 Markets as joint lead managers (collectively the “Managers”). This Presentation is for information purposes only and does not in itself constitute an offer to sell or a solicitation of an offer to buy any of the Bonds. By attending a meeting where this Presentation is presented, or by reading the Presentation slides, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The information contained in this Presentation is furnished by the Company and has not been independently verified. No representation or warranty (express or implied) is made as to the accuracy or completeness of any information contained herein, and it should not be relied upon as such. None of the Company or the Managers or any of their parent or subsidiary undertakings or any such person’s directors, officers, employees, advisors or representatives (collectively the “Representatives”) shall have any liability whatsoever arising directly or indirectly from the use of this Presentation or otherwise arising in connection with the Offering, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation. The Recipient accepts the risks associated with the fact that only limited investigations have been carried out by the Managers in relation to the Company and the Offering. The Recipient acknowledges that it will be solely responsible for its own assessment of the Offering and the market, the market position and credit worthiness of the Company. The Recipient will be required to conduct its own analysis and accepts that it will be solely responsible for forming its own view of the potential future performance of the Company, its business and the Bonds. The content of this Presentation is not to be construed as legal, credit, business, investment or tax advice. The Recipient should consult with its own legal, credit, business, investment and tax advisers to receive legal, credit, business, investment and tax advice. AN INVESTMENT IN THE COMPANY INVOLVES SIGNIFICANT RISK AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION. A NON-EXHAUSTIVE OVERVIEW OF RELEVANT RISK FACTORS THAT SHOULD BE TAKEN INTO ACCOUNT WHEN CONSIDERING AN INVESTMENT IN THE BONDS ISSUED BY THE COMPANY IS INCLUDED IN THIS PRESENTATION. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. Certain information contained in this presentation, including any information on the Company’s plans or future financial or operating performance and other statements that express the Company’s management’s expectations or estimates of future performance, constitute forward-looking statements (when used in this document, the words “anticipate”, “believe”, “estimate” and “expect” and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements). Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significant business, economic and competitive uncertainties. The Company cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of the Company to be materially different from the Company’s estimated future results, performance or achievements expressed or implied by those forward-looking statements.

2 IMPORTANT INFORMATION (2/2)

Neither this Presentation nor any copy of it nor the information contained herein is being issued, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly, to or into Canada, Australia, Hong Kong, Italy, Japan, the United Kingdom or the United States (or to any U.S. person (as defined in Rule 902 of Regulation S under the Securities Act)), or to any other jurisdiction in which such distribution would be unlawful, except as set forth herein and pursuant to appropriate exemptions under the laws of any such jurisdiction. Neither the Company nor the Managers, nor any of their Representatives, have taken any actions to allow the distribution of this Presentation in any jurisdiction where action would be required for such purposes. The distribution of this Presentation and any purchase of or application/subscription for Bonds may be restricted by law in certain jurisdictions, and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the applicable securities laws of any such jurisdiction. None of the Company or the Managers or any of their Representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presentation. Neither the Company nor the Managers have authorised any offer to the public of securities, or has undertaken or plans to undertake any action to make an offer of securities to the public requiring the publication of an offering prospectus, in any member state of the European Economic Area which has implemented the EU Prospectus Directive 2003/71/EC, as amended (the “Prospectus Directive”). This Presentation is dated November 6, 2017. Neither the delivery of this Presentation nor any further discussions of the Company or the Managers with the Recipient or any other person shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. None of the Company or the Managers undertake any obligation to review or confirm, or to release publicly or otherwise to investors or any other person, any revisions to the information contained in this Presentation to reflect events that occur or circumstances that arise after the date of this Presentation. The Managers and/or its Representatives may hold shares, options or other securities of the Company and may, as principal or agent, buy or sell such securities. The Managers may have other financial interests in transactions involving these securities. ANY INVESTOR INVESTING IN THE BONDS IS BOUND BY THE FINAL TERMS AND CONDITIONS FOR THE BONDS, AND THE OTHER TERMS SET OUT IN THE SUBSCRIPTION MATERIAL FOR THE OFFERING. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

3 AGENDA

1 Introduction

2 Company overview

3 Market overview

4 Financials

5 Risk factors

6 Appendices

4 INTRODUCTION Key facts & figures

62 4 1,191 20.9 10.2 2.4 0.7 21

Transported Contracted Ferries Passenger Employees Transported Revenues EBITDA Vessels Vehicles (NOKbn) Backlog (NOKbn) People (million) (million) (NOKbn)

Note: Figures as per 2016 5

Figures as per 2016 CREDIT HIGHLIGHTS

. The leading player in the consolidated Norwegian ferry market, in terms of market share, profitability and 2% 1% Norwegian operational excellence 21% market leader 49% . World-leading within environmental friendly ferry 27% solutions

34.5 34.8 35.0 . Non-cyclical industry with government backed long-term 32.9 34.0 34.0 31.4 31.4 31.7 Non-cyclical contracts 30.8 industry with . Operating critical infrastructure in a stable and high barriers to transparent political environment entry 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 . Capital-intensive industry with high barriers to entry Car equivalents (PCE in millions)

. Diverse contract portfolio across maturities and 2,387 2,386 2,356 2,349 2,230 Strong geographical locations financial . Strong contract backlog of NOK 21bn providing long 1,373 position with term visibility record-high . Strong cash flow generation backlog . Contracted growth based on recent tenders won 2012 2013 2014 2015 2016 H1 2017 . NIBD/EBITDA of 1.7x as of Q2 2017 Revenues in NOKm

33% . Driven the organization through a period of streamlining 28% 21% Experienced 17% 19% and towards growth with high tender activity and 13% management success with track . Track record of strong operative performance, with record 2012 2013 2014 2015 2016 H1 2017 corresponding growth in profitability EBITDA margin

6 AGENDA

1 Introduction

2 Company overview

3 Market overview

4 Financials

5 Risk factors

6 Appendices

7 INTRODUCTION Fjord1 is the leading provider of road connectiong ferry services in Norway

. Provider of high quality ferry services based Ferries Passenger boats on long-term contracts against public authorities and communities . Fjord1 also has engagements in passenger boats, catering and tourism, in addition to a NOK NOK 34% ownership in the airline company 2,062m 101m** Widerøe . Operates 61 ferries in island and . 3 contracts / 15 local routes in . Primarily present in the Western and Middle fjord crossing part of Norway . Portfolio of 22 contracts, covering . 4 owned and 10 chartered . The leading ferry provider 47 ferry connections passenger and combi boats • 49%* market share Catering Tourism • On the forefront of environmentally friendly vessels and operations . History back to 1858, when the business commenced under the name Nordre NOK NOK Bergenhus Amts Dampskibe 188m 21m** . Listed on Oslo Stock Exchange with a market . Catering on several connections . Seven tourism and transport vessels cap in excess of 4.0bn . Ferdamat concept – raw materials, . 1,143 employees per Q2 2017 fruits and nutritional food . Concept of modern tourism in iconic Norwegian fjords . Headquartered in Florø, Norway . Gridde cake (“Svele”) and hot dogs . ~450,000 passengers in 2016

# 2016 revenues

Note(*): based on passengers transported. Note(**): based on proportional ownership 8 LEADING LOGISTICS COMPANY.. ..with best-in-class operational excellence

Transport logistics Fjord1 is a leading logistics company Transport logistics, efficiency in day-to-day operations (terminal . Only long-term contracts time, sailing time, maintenance, crew logistics, cost-effectiveness) . Mostly fixed price contracts (limited volume risk)

Leading market position built on: Security system Operations & control efficiency . The ability to deliver best-in-class operations and scheduling Reduced marine accidents by 96% in the period 2012-2016 as a result Efficiently operating a large fleet of . Long track record and of long term continual work to ferries across the Norwegian established market presence develop the Group’s safety and coastline management systems . Strong environmental profile . Attractive contract portfolio and large fleet

Energy Design & efficiency Development

Fuel efficiency, optimizing power Through a joint effort with outlet suppliers Fjord1 has designed and developed a cost effective and environmentally friendly ferry fleet (fuel, logistics, environment)

9 MANAGEMENT Experienced Management team with track record

Dagfinn Neteland – Chief Executive Officer

• CEO of Fjord1 in the period 2014-15, and from 2017 • Previous positions include CEO of Tide ASA, CEO of HSD ASA, CEO of Gjensidige Vest and Regional Manager of Nordea

Anne-Mari Sundal Bøe – Chief Financial Officer Andrè Høyset – Chief Operating Officer

• CFO in Fjord1 since 2013 • Over 20 years of experience from various positions at • Previous experience as Group Chief Accountant in INC Fjord1 including Head of IT and Project Director Invest AS and Senior Manager in PwC • Master of Science in Information Technology • Master in Business and Economics

Tor Vidar Kittang – Project Director Deon Mortensen – Director Technical and HSE

• Experience from Fjord1 since 2005 • Experience from Fjord1 since 2010 • Various experience from Fjord1 including commercial • Previous positions include Senior Vice President of Fjord1 leader Fylkesbaatane AS, Technical Director of STX Norway Florø and Project Manager of Odfjell SE

10 TRACK RECORD OF INCREASED PROFITABILITY Core business focus has supported momentum in EBITDA margins

From being a joint …to partly private ownership with a strong focus on …ensuring strong cost control, holding company for core business segments… improved operations and stronger transportation services In 2011, Havilafjord acquired 41% of shares, and the company profitability companies… started divestment of non-core business segments (road Cost initiatives materializing, creating strong Fjord1 has emerged freight transportation and bus operations), enabling a stronger momentum in profitability. Strong growth on following several mergers focus on core business throughout the organization. At the the back of winning new higher margin and business combinations. same time, the company started a ramp-up of new contracts contracts and declaration of options / From 2001, the company and wind-up of legacy routes additional revenue under existing contracts

was owned by the New management in place in 2014 and initiation of cost municipalities Møre og improvement- and modernization program Romsdal and Sogn og Fjordane..

3,023 2,922 2,980

2,387 2,356 2,349 2,396 2,242 33%

28%

21% 21% 20% 19% 1,373 17% 16% 13% 681 578 631 485 479 410 456 449 310

2009 2010 2011 2012 201 3 2014 201 5 2016 H1 2017 Revenue EBITDA EBITDA margin

11 STRONG CONTRACT BACKLOG.. ..Comprising a diversified portfolio backed by Norwegian governmental bodies

. Current contracted backlog of NOK 21bn of fixed . Activity based, long-term revenue with minimal price and volume risk provide long contracts with public road term visibility authorities, being state • 11 of the 22 contracts are gross contracts, i.e., Fjord1 agencies and county receives a pre-agreed contribution and has no risk on municipalities transported volume or ticket revenue . Attractive contract coverage • Remaining 11 contracts are net contracts, where Fjord1 is with 22* contracts covering 47 somewhat more dependent on the transportation volume. ferry connections Most new contracts expected to be on gross structure • Fjord1 operate 7 of the ten • Indexation provisions are included in the contracts, largest contracts and recently protecting the company from cost-inflation risk won the 6th largest Current contract portfolio PCE Tender Start-up End Option Type Regulation Vessels 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 capacity Sulapakken Jan. 19 Dec. 30 Gross Ferry index 5 2.4m Hordaland 1 Jan. 18/20 Dec. 29 Gross Ferry index 8 1.7m Hordaland 2 Jan. 20 Dec. 28 29 Gross Ferry index 6 1.2m Brekstad – Valset Jan. 19 Dec. 28 29 Gross Ferry index 2 0.3m Boknafjorden Jan. 19 Dec. 24 25-29 Gross Ferry index 5 4.8m Anda – Lote Jan. 18 Dec. 27 28 Gross Ferry index 2 0.8m Fylkesvegsamband Sogn & Fjordane Gradually from 16 Dec. 25 26/27 Net Ferry index 5 0.5m Lokalbåt Sogn og Fjordane Jan. 12 Apr. 20 21-22 Gross Salary/fuel + CPI 3 - Svelvik- Verket Jan. 13 Dec. 20 21 Sub supplier Net Ferry index 1 0.2m Romsdalspakken Jan. 10 Dec. 19 20-21 Net CPI 5 2.5m Nordøyane Jan. 14 Dec. 21 Gross Ferry index 2 0.2m Sølsnes-Åfarnes Jan. 14 Dec. 18 19-21 Gross Ferry index 1 0.8m Indre Sunnmøre Jan. 12 Dec. 19 20 Net Ferry index 3 0.6m Nordmørspakken Jan. 12 Dec. 19 20 Net Ferry index 7 1.6m Midtre Sunnmøre Jan. 11 Dec. 18 19 – firm Net CPI 4 2.3m Indre Sogn Jan. 06 Dec. 19 Gross Ferry index 4 1.7m Bjørnefjorden/Boknafjorden Jan. 17 Dec. 18 Gross Ferry index 6 4.7m Flakk – Rørvik Jan. 11 Dec. 18 Net CPI 3 1.0m # Nr of ferry routs Refsnes – Flesnes Jan. 10 Dec. 18 Sub supplier Net CPI 1 0.2m Firm Counties Fjord1 operates Fylkesveg Møre og Romsdal Jan. 11 Dec. 18 Net CPI 2 0.1m Nordfjord Jan. 09 Dec. 16/17** Net CPI 1 0.8m Option E39 (Main route through the Ytre Sogn Jan. 10 Dec. 17** Net CPI 2 0.1m west coast of Norway)

Note(*): 16 of the contracts are operated today, whereas remaining 6 will be initiated in coming years. Two of the contracts are operated by sub-suppliers, whereof Flakk-Rørvik is operated by Fosen Namsos and Refsnes-Flesnes is operated by Torghatten 12 Note (**): The Nordfjord and Ytre Sogn contract are included in the new contract for Fylkesvegsamband Sogn & Fjordane with Fjord1 as operator LARGE FLEET OF VESSELS Modern fleet with diverse capacity distribution

Fleet capacity distribution (PCE)

. Fjord1’s sizeable fleet provides large 27 1 flexibility and a strong competitive 24 23 advantage as a number of contracts 2 1 3 10 contain requirements for one or more 2 back-up ferries in the event of engine failures and other operational disruptions 21 • In order to satisfy with this requirement, 18 not all of the Company’s ferries are in day- 16 6 to-day operations • In times of free capacity, the company may charter vessels to third parties 0-50 PCE 50-100 PCE 100-150 PCE 200+ PCE . Fjord1 has a fleet of 61 ferries with a Contract awarded* Under construction Existing total capacity of 5,112 passenger car equivalents Age/Value distribution of existing ferries 35 . 13 ferries currently under construction 31 and contracts awarded for another 6 30 vessels 25 . The average size of Fjord1’s fleet is 84 20

PCE, with size ranging from 242 PCE to 16

vessels

11 PCE of 15 # # . Car ferries typically have a useful 10 9 operating life of up to 50 years and are 5 usually depreciated over a 30-year 3 2 period 0 0 500 1,000 1,500 2,000 2,500 3,000 3,500 > 20 years 16-20 years 11-15 years 6-10 years <6 years

Note (*): Including four existing vessels to be upgraded to hybrid propulsion 13 NORWAY’S LEADING FERRY OPERATOR Front runner in reducing emissions – key competitive advantage going forward

Environmental milestones . Fjord1 is the leading company within modern technology and environmentally friendly ferry solutions 2000 The first gas-powered 2011 • The first in the world to commission a LNG ferry in 2000, Twelve gas-powered and today operate a fleet of 12 LNG ferries, including the ferry MF «Glutra» ferries worlds largest • First to put a hybrid ferry in operation in 2015, running batteries and LNG • First company in the world to introduce 100% renewable bio fuel on two of its ferries 2015 Today, the existing fleet includes 12 ferries operating on . MF «Fannefjord» - the LNG, two on bio diesel and one hybrid operating on 2016 first LNG-hybrid ferry LNG and marine gas oil «Vision of the Fjords» - Hybrid technology . Further, the company has 13 hybrid electric ferries under construction, constructed to run on electricity only, with alternative energy solutions as back-up and contracts awarded for another six vessels . The company has in recent years made substantial investments in measures to reduce the release of NOx, 2018 e.g. replacing older engines with Tier II certified engines Starting first contract with 2018 zero-emission «Future of the Fjords» - • In the period 2013-2016, 15 vessels have undergone such fully electric engine replacement

14 NEW CONTRACTS TRIGGER FLEET EXPANSION Tenders won over the past two years represent a gross value of NOK 15.2bn

. Fjord1 will invest in new vessels and equipment as Tenders won by Fjord1 the past two years well as carry reconstruction of some existing vessels Gross firm # of option on the back long term contracts Tender Current operator Contract period value (NOKm) years • Fjord1 has entered into contracts with three Shipyards; Havyard Ship Technology AS, Tersan (Turkey) and Anda-Lote Fjord1 2018-2027 752 1 Fjellstrand, regarding 13 new builds for delivery in 2017- Brekstad – Valset Torghatten 2019-2028 671 1 2019, all ferries will have hybrid propulsion Bokna-/Bjørnefjorden Fjord1 2017-2018 1,933 - • Six more new build orders will be placed to serve Boknafjorden Fjord1 2019-2024 3,176 5 contracts recently won. In addition, four existing vessels Hordaland 1 (7 connections) Torghatten (4) (3) 2018/2020-2029 3,573 1 will also be upgraded to hybrid propulsion for the Hordaland 1 & 2 contracts Sulapakken (2 connections) Norled/Fjord1 2019/2020-2030 2,625 . Total new build capex expected at NOK 3,505m Hordaland 2 (4 connections) Norled 2020-2028 2,488 1 during 2017-2019 Total / Average ~9 years average* 15,218 . Fjord1 has received indicative terms from two Vessels for delivery leading banks regarding funding of the capex program Tender Delivery Shipyard Capacity Anda-Lote 4Q-2017 Tersan 120 • Payment structure varies between contracts, but is Anda-Lote 4Q-2017 Tersan 120 typically structured with 10-30% advance payments and Hordaland2 4Q-2017 Tersan 130 70-90% payable on delivery Hordaland1 2Q-2018 Havyard 45 Brekstad-Valset 4Q-2018 Havyard 50 . In addition to investments in vessels, Fjord1 will from Brekstad-Valset 4Q-2018 Havyard 50 time to time do investments’ in the infrastructure Hordaland1 2Q-2018 Tersan 120 adapted to the electricity or hybrid based propulsion Hordaland1 4Q-2018 Fjellestrand 120 technologies, as Fjord1 is responsible for the Sulapakken 4Q-2019 Havyard 120 relevant infrastructural construction Sulapakken 4Q-2019 Havyard 120 • Such infrastructure investment will either be acquired by Sulapakken 4Q-2018 Havyard 120 the respective contract counterparty or repaid in full over Sulapakken 4Q-2018 Havyard 120 the duration of the contract with a margin Sulapakken 1Q-2019 Havyard 120

Note (*): Bokna-/Bjørnefjorden and Boknafjorden are seen as one contract for calculation purposes 15 WELL POSITIONED ON UPCOMING TENDERS Strong track record and on the forefront regarding environmentally friendly technology

Upcoming tenders

. In terms of PCE capacity, contracts in respect of about 40% of the Norwegian ferry Connection Operator Expiry Est. timing of award market will be subject to public tenders in the next two to three years Volda-Folkestad 2019 Tender 2017/2018 . Fjord1 has a strategic priority to maintain and strengthen the leading position within Hjelmeland-Skipavik-Nesvik 2018-2020 Tender 2018 * ferry business Indre Sogn 2 Connenctions 2018 (+1) Tender 2017/2018 . The company has the required solidity, track record, competence, balance strength and Festøya-Solavågen 2019 (+1) Tender 2017/2018 technological solutions to be an active contender Nordmørspakken 4 Connections 2019 (+1) Tender 2017/2018 . Well positioned to retain existing contracts by use of existing material and new Indre Sunnmøre 3 Connections 2019 (+1) Tender 2017/2018 environmental friendly technology Molde-Vestnes 2019 (+1) Tender 2017/2018 . Fjord1 believes that it has gained significant advantages by being at a technological Romsdalspakken 3 Connections 2019 (+1) Tender 2018/2019 forefront, having commenced operation of its first LNG ferries in 2007 and being due to Halsa-Kanestraumen 2019 (+1) Tender 2018/2019 commence operation of its fully electric connection in 2018 Troms 12 Connections 2019-2021 ** . Fjord1’s incumbent position on the majority of the contracts up for renewal, provides the Nordland 28 Connections 2019-2021 ** company with a strong ability to defend its existing contracts Møre og Romsdal 8 Connections Various 2019-2021 Tender 2019/2021

Rogaland 2 Connections 2021 Tender 2019/2021

Note(*): Development contract for hydrogen fuelled ferry. Note(**): 40 connections representing approximately 10% of the ferry market measured by PCE. Several short-term contracts awarded over the last few years. Expecting several upcoming long-term tenders, with start-up from 2021 Source: Anbud365 16 TOURISM: UNIQUE TRAVEL EXPERIENCES Joint partnership between Fjord1 and Flåm AS

. New concept of modern tourism in some of the most iconic Norwegian fjords . Providing an attractive experience that easily can be combined with other premium travel adventures . The vessel Vision of the Fjords was delivered The Vision of the Fjords on in July 2016, a hybrid-electric carbon fiber Geirangerfjorden Nærøyfjorden catamaran designed to carry 400 passengers. A fully-electric sister vessel has been ordered and will commence operations in April 2018 . Long-term strategy to become a leading player within fjord based tourism, through expanding geographic presence

. The Fjords DA (50% owned) generated Lysefjorden & Preikestolen (Pulpit Rock) revenues of NOK 126m in 2016, EBITDA of NOK 14m in 2016 . In addition, Fjord Tours AS (30.6% owned) generated revenues of NOK 60m and EBITDA of 25m in 2016

17 FINANCIAL OWNERSHIP IN WIDERØE

. #1 regional airline in the Nordic, serving Widerøe´s flight network commercial and tender routes in Norway . Commercial routes represents around 60%, while tender routes represents around 40% . Dominant player on tender routes – high barriers of entry . Won all 13 tender routes in Northern Norway on a 5-year contract commencing in April 2017 . Owns and operates a fleet of 41 aircrafts with around 450 daily departures . Signed a contract with Embraer for the delivery of 3 new airplanes in January 2017, with options for an additional 12 . Reported revenues of NOK 4,560m and EBITDA of NOK 646m in 2016 . Fully owned by WF Holding, which is controlled 66% by Torghatten and 34% by Fjord1

18 AGENDA

1 Introduction

2 Company overview

3 Market overview

4 Financials

5 Risk factors

6 Appendices

19 MARKET WITH HIGH BARRIERS TO ENTRY Consolidated market dominated by four players

. The Norwegian ferry- and passenger boat market has gone Ferry operator Connections 2017* PCE 2016 through comprehensive consolidation recent years on the back of the market transitioning from being a public service 29 16.9m offering (owned by county municipalities) to becoming a competitive business provided by private companies 28 9.5m

. The ferry market is dominated by four ferry operators; 40** 7.2m Fjord1, Torghatten, Norled and Boreal Transport, who combined represent 99% of the market in terms of PCE 14 0.7m capacity Other 10 0.7m . Of the ~120 ferry connections in Norway, the ten largest amounted to 16.6m PCE in 2016, representing 47% of the total number of PCE transported Market shares . The market is further characterized by strong barriers to entry, limiting the entry of potential new market participants Other • Significant capital investments in existing fleet Other 2.0% 8.3% • CAPEX intensity requires financial strength 1.0% 21.0% 11.6% 24.0% • Industry specific knowledge and necessary certifications PCE Connections • Organization to handle chartering, operations and technical 2016 49.0% 2017 matters 27.0% 33.1% 23.1%

Note (*): Data as of March 2017 Note (**): Torghatten includes connections operated by Toghatten Trafikkselskap, Torghatten Nord, Bastø Fosen and Fosen Namsos Sjø. 20 Source: Norwegian Public Roads Administration (Statens vegvesen, Ferjedatabanken), Oslo Economics (08/2016), Kollektivtrafikk (data as of March 2017) FERRIES CONNECT NORWAY Ferries are critical in connecting islands to the mainland

. The Norwegian coast is the 2nd longest in the World (100,915 km) and includes 239,057 registered islands and 1,190 named fjords . Ferry services are a critical part of Norwegian public transportation, crossing the fjords and connecting Trondheim islands to the mainland

• Car ferries are vital links across fjords Ålesund and to islands where there are no fixed 45 min connections • Engineering considerations often result nm. Florø in immensely expensive bridge and Hamar tunnel infrastructure . Ferries are also used as a substitute 25 min in the Norwegian road network Drammen Oslo nm. • Cost efficient and flexible transportation system compared to the alternatives • Where road alternatives exist, they are often very inconvenient alternatives, as this option can take 2-6 times as long Kristiansand

21 ROBUST, NON-CYCLICAL MARKET Demand expected to remain stable with limited threats going forward

. Today, the Norwegian domestic ferry market consists of around 120 connections served by around 220 ferries Historical development in ferry transportation . In 2016, ferries in Norway transported 35m passenger car equivalents (“PCE”) and 43.2m passengers +1.4% 34.8 35.0 (including drivers) 34.0 34.0 34.5 32.9 31.7 . Demand for transportation by ferries has exhibited a 30.8 31.4 31.4 fairly steady growth rate over time and the Norwegian ferry market is characterised by limited cyclicality due to the critical nature of the ferry connections . Future demand for ferries mainly driven by two opposing factors • Population growth and economic development 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Car equivalents (PCE in millions) • Construction of new bridges and tunnels entailing closure of ferry connections +0.5%

42.4 42.4 43.0 43.3 . There are limited number of ferry connections where 41.3 41.7 41.9 40.5 41.9 42.1 there are concrete plans for new bridges or tunnels • 9 identified infrastructure projects on larger ferry connections, of which only 2 are approved • Oslo Economics estimate a minimum of 30 years to complete projects • Generally, expensive and time consuming projects of which many are deemed socioeconomically unprofitable 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Passengers, incl. Drivers (in millions)

Source: Oslo Economics (08/2016), Institute of Transport Economics (10/2013), Norwegian Public Roads Administration (Statens vegvesen, Ferjedatabanken), Kollektivtrafikk foreningen (Market overview 2017) 22 KEY TRENDS IN THE FERRY MARKET Shift to environmentally friendly technology, less price volatility and larger contracts

Current market trends Impact on ferry operators

. Higher requirements for environmentally friendly technology on the back of the Norwegian . Increases differentiation among ferry competitors. government implementing a strategy to reduce Ferry operators with technological advanced and emissions from the state ferry operations adaptable fleet with favourable positioning. Quality & . Contracts will demand low and zero emission environment . Operators will need to adapt to the requirements and technology where circumstances permit such will likely lead to a gradual renewal of the ferry fleet, requirements in particularly on shorter crossings that are better . Increased requirements for battery and/or hybrid suited for such energy packages powered ferries

. Over the last few years there has been a transition from net to gross contract terms Pricing . More stable environment for operators as income is model . Indexation on new contracts adjusted according to not directly dependent on the amount of passengers the Ferry Index compared to previously regulation by the CPI index

. Contract sizes are growing – when smaller route Larger bundles are freed they tend to be consolidated into . Cost reduction is easier with larger contracts contracts larger contracts

Source: tu.no 23 AGENDA

1 Introduction

2 Company overview

3 Market overview

4 Financials

5 Risk factors

6 Appendices

24 KEY FINANCIALS*

Revenue & EBITDA in (NOKm) Net Interest Bearing Debt & NIBD/EBITDA

6.9x 2,500 2,387 2,356 2,349 2,386 3,000 7.0x 2,230 2,500 2,295 6.0x 2,000 2,140 1,974 5.6x 4.3x 5.0x 2,000 1,720 1,500 1,373 3.5x 1,448 4.0x 1,500 1,402 3.0x 1,000 730 1,000 1.9x 1.7x 2.0x 456 494 449 500 410 310 500 1.0x

0 0 0.0x 2012 2013 2014 2015 2016 H1 2017 2012 2013 2014 2015 2016 Q2’17 Total income EBITDA NIBD Net Debt /EBITDA

Cash development in (NOKm) Equity (NOKm) & Equity Ratio

3,000 36.3% 40% 600 554 35.4% 35% 2,500 500 29.0% 26.6% 30% 25.5% 24.7% 2,000 400 359 368 1,723 1,743 25% 334 300 1,500 1,308 20% 245 1,112 1,137 1,176 15% 200 170 1,000 10% 500 100 5%

0 0 0% 2012 2013 2014 2015 2016 Q2’17 2012 2013 2014 2015 2016 Q2’17 Cash Equity ratio Equity

*Figures for 2012-2014 are based on Norwegian GAAP while figures for 2015 and 2016 are restated according to IFRS 25 BUSINESS SEGMENT CONTRIBUTION

Ferry Passenger boat Catering Tourism

2,062 1,906

104 101 190 188 21 21

618 616 571 11 423 8 52 25 25 39 5 204 223 32 38 4 4 13 9 12 3 3

2015 2016 Q1’17 Q2’17 -2 2015 2016 Q1’17 Q2’17 2015 2016 Q1’17 Q2’17 -7

2015 2016 Q1’17 Q2’17 Revenue EBITDA Revenue EBITDA Revenue EBITDA Revenue EBITDA

26 INCOME STATEMENT

2015 2016 H1 2017 INCOME STATEMENT (NOKm)* 2013 2014 . Growth from 2015 to 2016 (IFRS audited) (IFRS audited) (IFRS audited) driven by the start-up of two new contracts REVENUES Operating revenue** 1,443 1,454 1,326 1,224 416 Improvement in operating . Other income 912 896 904 1,162 957 expenses driven by focus on Total income 2,355 2,349 2,230 2,386 1,373 stability and safety resulting in reduced marine accidents (collisions with quays and Personnel expenses -977 -930 -889 -885 -458 running aground) by nearly Operating expenses -969 -963 -858 -781 -469 96% Total operating costs -1,946 -1,893 -1,747 -1,666 -927

. In April 2015, the tourism Share of profit/(loss) from joint 11 9 3 activities were separated into a ventures joint venture company and thus accounted for under share of EBITDA 410 456 494 730 449 profit/(loss) from joint ventures Depreciation of tangible and intangible -227 -215 -242 -240 -125 . For 2015 and 2016 reversals of assets Impairment of tangible and intangible impairments accounted for 30 21 25 79 NOK 65.1m and NOK 78.6m assets respectively. Reversals related EBIT 152 220 278 568 324 to settlement regarding compensation for “Autopass” Income from associates and JV’s 17 35 45 73 18 under the contracts for Indre Other financial income 12 9 5 6 2 Sogn and Flakk-Rørvik Financial expenses -157 -150 -123 -105 -31 Other financial items, net 54 58 -3 Net finance -128 -108 -20 30 -9

EBT 24 111 259 599 315 Tax on ordinary profit -4 16 -40 -149 -76 Profit/ (loss) for the year 28 95 219 450 239

Note (*): Financials for 2013 and 2014 are prepared under Norwegian GAAP while financials for 2015, 2016 and Q1 2017 are prepared under IFRS and are thus not comparable Note (**): Under IFRS, public contribution is accounted for as other income, whereas ticket revenues are booked as operating revenue 27 BALANCE SHEET

30 June 30 June 2015 2016 2015 2016 ASSETS 2017 EQUITY AND LIABILITIES 2017 (IFRS (IFRS (IFRS (IFRS (NOKm)* (IFRS (NOKm) (IFRS audited) audited) audited) audited) . Increase in non- audited) audited) current assets from ASSETS EQUITY 2015 to 2016 mainly Share capital 250 250 250 due to delivery of two Non-current assets Share premium 361 361 361 new vessels Deferred tax Retained earning 694 1,108 1,128 38 21 20 . Increase in borrowings assets Total equity attributable to 1,305 1,719 1,739 was mainly related to Property, plant owners of the parent 3,649 3,795 3,867 debt financing for and equipment Non-controlling interests 4 4 4 these vessels Total Equity 1,309 1,723 1,743 Investments in Non-current liabilities . The company´s main joint ventures and 301 362 366 debt facility was associates Borrowings 1,823 155 1,611 classified as current Derivative financial instruments 65 42 19 Other non-current liabilities in the 8 8 8 financial assets Net employee defined benefit 33 14 17 accounts for 2016 and liabilities Q1 2017 due to short TOTAL Other non-current liabilities 0 0 0 term to maturity TANGIBLE 3,996 4,186 4,261 ASSETS Deferred tax liabilities 250 382 401 . The negative working Current assets Total non-current liabilities 2,171 594 2,048 capital can be Current liabilities Inventory 13 15 16 explained by Fjord1’s Borrowings 256 1,801 205 business model where Trade receivables 72 79 90 customers use a Derivative financial instruments 54 23 25 Other current travelcards solution. 66 36 69 Trade and other payables 95 110 110 receivables The prepayment of Current income tax liabilities 0.3 3 27 tickets are classified Cash and cash 359 554 368 Social security and other taxes 94 92 73 as short-term debt and equivalents as a working capital TOTAL Other current liabilities 527 526 573 liability CURRENT 510 683 544 Total current liabilities 1,026 2,552 1,013 ASSETS Total liabilities 3,197 3,146 3,062 TOTAL ASSETS 4,506 4,869 4,805 Total equity and liabilities 4,506 4,869 4,805

28 CASH FLOW

2015 2016 H1 2017 Cash flow statement (NOKm)* (IFRS audited) (IFRS audited) (IFRS audited) . The material investments over the Profit before tax 259 599 315 period comprise Depreciation and impairment 217 162 125 reconstruction of a Interest expense 118 100 31 vessel to hybrid technology in 2015 Change in fair value of financial instruments -20 -53 -20 (Fannefjord), two Non-cash post-employment benefit expense -14 -2 2 newbuilds (Hornelen and Gain on disposal of property, plant and equipment -11 -5 Losna) in 2016 and the Share of profit from associates and joint ventures -56 -82 -21 purchase of one used Change in working capital 47 31 -17 vessel in Q1-2017 Cash generated from operations 550 743 411 (Sulafjord) Net interest -118 -100 -32 Net cash flows from operating activates 432 643 379 . In 2016, The Company received dividends from associates in the amount Purchases of property, plant and equipment -111 -380 -292 of NOK 24m and Purchases of shares incl. joint ventures -21 -2 proceeds from sale of Proceeds from dividends from associates 24 17 vessels and equipment Proceeds from sale of property, plant and equipment 84 100 in the amount of NOK Proceeds from non-current receivables 4 83m Net cash used in investing activities -127 -274 -175 . Proceeds from sale in Proceeds from borrowings 133 2017 relate to sale of Repayment of borrowings -230 -256 -140 two older vessels for a total consideration on Dividends -50 -50 -250 NOK 100m Proceeds from other non-current liabilities Net cash used in financing activities -280 -173 -390

Net change in cash and cash equivalents 24 195 -186 Cash and cash equivalents at the beginning of the period 334 359 554 Cash and cash equivalents at the end of the period 359 554 368

Note (*): Financials for 2013 and 2014 are prepared under Norwegian GAAP while financials for 2015, 2016 and Q1 2017 are prepared under IFRS and are thus not comparable 29 AGENDA

1 Introduction

2 Company overview

3 Market overview

4 Financials

5 Risk factors

6 Appendices

30 SUMMARY RISK FACTORS (1/3)

Market related risks . Changes in national and international economic conditions, including, for example interest rate levels, inflation, employment levels, may influence the valuation of real and financial assets. In turn, this may impact the demand for goods, services and assets globally and thereby the macro economy. The current macroeconomic situation is uncertain and there is a risk of negative developments. Such changes and developments – none of which will be within the control of the Company – may negatively impact the Company's investment activities, realization opportunities and overall investor returns. . The demand for, and the pricing of the underlying assets are outside of the Company's control and depend, among other things, on the global economy, global trade growth, as well as oil and gas prices. On the supply side there are uncertainties tied to ordering of new vessels and scope of future scrapping. The actual residual value of the vessels in the underlying investments, and/or their earnings after expiration of the fixed contract terms, may be lower than the Company estimates. . Changes in legal, tax and regulatory regimes within the relevant jurisdictions may occur during the life of the Company which may have an adverse effect on the Company.

Financial risks . The Company’s committed and any future loan facilities will impose, operating and financial restrictions on the Company. The restrictions may limit the Company’s ability to pay dividends, incur additional indebtedness, create liens on its assets, sell its vessels, and additional actions which may otherwise be beneficial for the Company. Nordea has reserved the right to amend the financial covenants if the Company did not refinance its existing debt within 31 July 2017, and consequently such right does now exist. . The Company will finance its assets in part by borrowed funds. There is a risk that income from the assets obtained with borrowed funds is not sufficient to cover the cost of borrowings and that the net income of the Company will be negatively affected by such borrowing arrangements. . NOK is the functional currency of the Company and its subsidiaries. The Company is mainly exposed to foreign currency risk related to purchase of ferries and passenger boats. Major fluctuations in the foreign currency market for NOK in relation to USD and/or EUR could have a negative impact on the Company. . The Company may engage in certain hedging transactions which are intended to reduce the currency or interest rate exposure; however, there would normally be no obligation to enter into any such transactions. Any such hedging transaction may be imperfect, leaving the Company indirectly exposed to some risk from the position that was intended to be protected. The successful use of hedging strategies depends upon the availability of a liquid market and appropriate hedging instruments and there can be no assurance that the underlying subsidiaries will be able to close out a position when deemed advisable. . Any changes in the underlying interest rate would directly affect the returns on the underlying investments. Interest rate levels can also indirectly affect the value of the assets at the point of sale. This will impact the value of the Company's portfolio.

31 SUMMARY RISK FACTORS (2/3)

Commercial and Operational risks . The price and supply of bunker fuel are unpredictable and fluctuate based on events outside the Company’s control, including geopolitical developments, supply and demand for oil, actions by members of the Organization of the Petroleum Exporting Countries and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns and regulations. Depending on the employment of the Company’s vessels, the Company may be exposed to the fluctuating bunker prices. . All contracts are associated with considerable risks and responsibilities. These include technical, operational, commercial and political risks. The Company will obtain insurance deemed adequate for its business, but it is impossible to insure against all applicable risks and liabilities. Consequently, the Company may assume substantial liabilities as part of its operations. . There are numerous risks associated with construction of the Company's new builds, including risks of delay, risks of termination of the shipbuilding contracts by yard, the risk of need for variation orders and amendments resulting in additional need for capital, the ability of the yard to perform its duties under the shipbuilding contracts, and the risk of failure by key suppliers to deliver necessary equipment. Delays in delivery of the new builds may affect the Company’s potential revenue, or potentially lose contracts from clients. . The Company’s focus on the further development and implementation of new zero or low emission power technology implies a higher degree of risk that the relevant ferries do not function as intended, compared to older and tested technology. There is further a risk that sub suppliers are not able to provide adequate and relevant deliveries, e.g. sufficient charging facilities. This may lead to failure to comply with the terms of the relevant contracts, e.g. in respect of breach of the environmental requirements under the contracts or traffic delays. The reconstruction of docks to facilitate the construction of charging towers and other infrastructure may be affected in a manner that may lead to non-compliance with the environmental requirements in the new contracts. . Repairs and maintenance costs for vessels are inherently difficult to predict and may be substantially higher than expected. . The Company’s development and prospects are dependent upon the continued services and performance of its senior management and other key personnel. The loss of the services of any of the senior management or key personnel may have an adverse impact on the Company. In addition to the senior management the Company depends on professional and operational personnel that are not currently employed by the Company. An inability to attract and retain such professional and operational personnel, or the unavailability of such skilled crews, could have an adverse impact on the Company. . As the Company’s majority of assets are concentrated in a single industry, the Company may be more vulnerable to particular economic, political, regulatory, environmental or other developments than would a company holding a more diversified portfolio of assets and the aggregate return of the Company will be substantially adversely affected by the unfavourable performance of a single asset. . For certain new contracts there is a risk related to vessels with new technology performing in accordance with specific energy requirements in the contracts, where non-compliance could affect contract profitability. . Contracts are normally awarded for a period of 5-10 years, certain with additional option periods. There is a risk that option periods for current tenders will not be exercised and/or that new tenders are not awarded the Company. The long term of contracts imply a risk for committing to potentially unprofitable projects for a long period of time, should the Company be erroneous in its calculations and/or assumptions forming the basis for the offers made in the respective tender process.

32 SUMMARY RISK FACTORS (3/3)

Commercial and Operational risks (cont.) . Suitable investments may not always be available at a particular time. The Company's investment rate may be delayed or progress at a slower than anticipated rate for a variety of reasons and as a result, there is also no guarantee that the Company will be able to fully invest the required amount in respect of a particular investment opportunity. The Company may be competing for appropriate investment opportunities with other participants in the markets. It is possible that the level of such competition may increase, which may reduce the number of opportunities available to the Company and/or adversely affect the terms upon which such investments can be made by the Company. In addition, such competition may have an adverse effect on the length of time required to fully invest the Company. . The Company has completed a limited legal and financial due diligence prior to admission to trading. No commercial due diligence has been performed. Any due diligence information may be erroneous, incomplete and/or misleading, and there can be no assurance that all material issues have been uncovered. . Although the Company's management will monitor the performance of each investment, the Company will rely upon the technical and day-to-day management of the assets. There can be no assurance that such management will operate successfully. . The Company will make investments in assets that are illiquid and not traded on any regulated market. The realization of such investments may consequently take time and will be exposed to a variety of general and specific market conditions see Section 2.4 below. There can be no assurance that the Company will manage to achieve a successful realisation of its investments. . The Company may only participate in a limited number of investments so that returns might be adversely affected by the poor performance of even a single investment. . The technical operation of a ferry or a passenger boat will have significant impact on the ferry's or the passenger boat's economic life. Thus, technical risks will always be present. There can be no guarantee that the parties tasked with operating a ferry or a passenger boat or overseeing such operation perform their duties according to agreement or satisfaction. Failure to adequately maintain the technical operation of a ferry or a passenger boat may adversely impact the operating expenses of the portfolio investment and accordingly the potential realization values that can be obtained. . The Company provides ferry and passenger boat services to many individuals or companies with limited counterparty risk. However, the performance of an underlying portfolio investment depends heavily on its counterparties' ability to perform their obligations, including the suppliers. Default by a supplier of its obligations under its agreements may have material adverse consequences on the portfolio investment. Thus, the counterparty's financial strength will thus be very important. . All ferries and passenger boats may carry pollutants. Accordingly there will always be certain environmental risks and potential liabilities involved in the ownership of commercial ferries and passenger boats. . It is not expected that the Company will operate in a variety of geographic regions. However, the Company may, indirectly through its underlying investments, be exposed to political risk, risk of piracy, corruption, terrorism, outbreak of war, amongst others. The business, financial condition and results of operations of the Company, indirectly, and its underlying investments directly, may accordingly be negatively affected if such events do occur.

33 AGENDA

1 Introduction

2 Company overview

3 Market overview

4 Financials

5 Risk factors

6 Appendices

34 THE FERRY INDEX

Development in the Ferry Index (Q2 2009 – Q2 2017)

. The Ferry Index is a cost index used to regulate 125 agreements between ferry operators and the contractor 120 • Ferry operators have little or no possibility to influence the general price development related to operations, 115 maintenance and fuel 110 • It has been deemed appropriate that these risk elements are held by the contractor (the state) through a regulation mechanism 105

. Since 2009, SSB has calculated and published a 100 0 cost index, which has been used to regulate all Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 contracts awarded following the initiation 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 • The Index is calculated based on a fixed set of input parameters, a pre-agreed calculation method and Components and calculation of the Ferry Index weighted by importance

• Includes the measurement of change in price of fuel, Q1 2017 – today Q1 2017 – today Q2 2009 – Q4 2016 crew, maintenance, administrative costs, other (including fuel) (excluding fuel) operating costs, depreciation and interest expenses Fuel 17.3% 18.8% - • Costs related to operating a contract is subsequently adjusted according to the index development, Crew 43.0% 39.6% 48.8% typically multiplied by 0.9 Repair & maintenance 9.4% 9.7% 12.0% . With the implementation of the Ferry Index, ferry Administration 3.3% 5.5% 6.7% operators bear limited risk of price increase on key Other costs 8.1% 10.3% 12.6%

cost components, thus have a predictable cost Depreciation 13.0% 11.3% 13.9% base Interest expenses 5.9% 4.9% 6.0%

Source: SSB, Oslo Economics (report 23/2016) 35 FLEET OVERVIEW

Ferry** Build year Capacity* Ferry** Build year Capacity* Under construction Delivery Capacity*

Hornelen 2016 60 Tresfjord 1991 124 Gloppefjord 4Q-2017 120 Losna 2016 60 Gulen 1989 83 Eidsfjord 4Q-2017 120 Edøyfjord 2012 50 Rauma 1988 73 Møkstrafjord 4Q-2017 130 Boknafjord 2011 242 Romsdal 1988 87 TBN 4 2Q-2018 45 Hjørundfjord 2011 122 Selje 1987 58 Horgefjord 2Q-2018 120 Storfjord 2011 122 Dalsfjord 1986 28 TBN 6 4Q-2018 50 Fannefjord 2010 128 Sulafjord 1986 106 TBN 7 4Q-2018 50 Korsfjord 2010 128 Sognefjord 1984 64 TBN 8 4Q-2018 120 Lifjord 2010 110 Sogn 1982 110 TBN 9 4Q-2018 120 Norangsfjord 2010 120 Solskjel 1981 35 TBN 10 4Q-2018 120 Romsdalsfjord 2010 128 Bjørnsund 1979 61 TBN 11 1Q-2019 120 Davik 2009 45 Geiranger 1979 36 TBN 12 4Q-2019 120 Vågsøy 2009 42 Stordal 1979 51 TBN 13 4Q-2019 120 Moldefjord 2009 128 Stryn 1979 81 Årdal 2008 108 Aukra 1978 36 Contract awarded Delivery Capacity* Fanafjord 2007 212 Eid 1978 35 Mastrafjord 2007 212 Nordmøre 1978 52 TBN 14 4Q-2019 40 Raunefjord 2007 212 Sunnfjord 1978 46 TBN 15 4Q-2019 40 Stavangerfjord 2007 212 Aurland 1977 35 TBN 16 4Q-2019 130 Harøy 2006 35 Solnør 1977 36 TBN 17 4Q-2019 80 Lote 2006 120 Kvernes 1976 35 TBN 18 4Q-2019 80 Bergensfjord 2006 212 Sykkylvsfjord 1975 36 TBN 19 4Q-2019 90 Dryna 2005 35 Veøy 1974 50 Julsund 2004 99 Fanaraaken 1973 29 Passenger boat Build year Pass. Eira 2002 100 Tingvoll 1972 35 Volda 2002 100 Bolsøy 1971 38 Tansøy 2007 96 Nordfjord 2001 54 Goma 1968 29 Fjordglytt 2000 81 Glutra 2000 120 Nårasund 1968 11 Sylvarnes 2000 70 Ivar Aasen 1997 76 Ørsta 1964 25 Skagastøl 1970 384 Lærdal 1997 77 Driva 1963 29 Svanøy 1992 89 Note (*) Capacity measured in passenger car equivalents 36 Note (**) Four existing vessels to be upgraded to hybrid propulsion for Hordaland1 and Hordaland2 LEGAL ENTITIES Fjord1 ASA

F1 Adm. AS 100%

Ferry Tourism Passenger boat Other

Fanafjord AS The Fjords DA Kystekspressen ANS Bolsønes Verft AS 100% 50% 49% 100%

Nye Fanafjord AS The Fjords Fartøy DA ÅB Eigedom AS 100% 100 % 66%

The Fjords Fartøy II DA Hareid Trafikkterm. AS 100 % 63%

Fjord Tours AS Måløy Reisebyrå AS 30.6% 100%

WF Holding AS 34%

Widerøe AS 100%

The ferry segment represent the The Tourism segment includes Through Kystekspressen ANS Operating figures includes a core business of Fjord1 and Fjord1’s joint partnership in The Fjord1 manages the 4 passenger minor contributions from other includes all activities related to Fjords DA, the wholly owned entity boats investments ferries The Fjords Fartøy AS and part ownership in Fjord Tours AS

37 THE LEADING FERRY COMPANY IN NORWAY