[PPT] - Credit Investor Presentation NOK [1,000]m Senior Unsecured Bond PowerPoint Presentation

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THE THE LE LEAD ADIN ING FE FERR RRY CO COMP MPAN ANY IN IN NO NORWA RWAY

Credit Investor Presentation

NOK [1,000]m Senior Unsecured Bond Issue

November 2017

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IMPORTANT INFORMATION (1/2)

This Presentation (the “Presentation") has been produced by Fjord1 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.

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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

therwise 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

f 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.

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AGENDA

1 3

Introduction Market overview

2

Company overview

4

Financials

5

Risk factors

6

Appendices

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INTRODUCTION

Ferries

62

Transported People (million)

20.9

Passenger Vessels

4

Employees

1,191

Revenues (NOKbn)

2.4

Transported Vehicles (million)

10.2

EBITDA (NOKbn)

0.7

Contracted Backlog (NOKbn)

21

Key facts & figures

Note: Figures as per 2016

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CREDIT HIGHLIGHTS

Norwegian market leader

The leading player in the consolidated Norwegian ferry

market, in terms of market share, profitability and

perational excellence
World-leading within environmental friendly ferry

solutions

Non-cyclical industry with high barriers to entry

Non-cyclical industry with government backed long-term

contracts

Operating critical infrastructure in a stable and

transparent political environment

Capital-intensive industry with high barriers to entry

Strong financial position with record-high backlog

Diverse contract portfolio across maturities and

geographical locations

Strong contract backlog of NOK 21bn providing long

term visibility

Strong cash flow generation
Contracted growth based on recent tenders won
NIBD/EBITDA of 1.7x as of Q2 2017

Experienced management with track record

Driven the organization through a period of streamlining

and towards growth with high tender activity and success

Track record of strong operative performance, with

corresponding growth in profitability

27% 1% 49% 2% 21% 19% 2013 2015 13% 33% 17% 21% 2012 2014 28% H1 2017 2016 EBITDA margin 2009 31.7 2007 31.4 2013 32.9 34.8 34.0 2011 2010 2008 31.4 30.8 35.0 2012 2014 2016 34.0 34.5 2015 Car equivalents (PCE in millions) 2,387 2015 2,356 2014 1,373 2012 2,386 2,349 2,230 2013 H1 2017 2016 Revenues in NOKm

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AGENDA

1 3

Introduction Market overview

2

Company overview

4

Financials

5

Risk factors

6

Appendices

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INTRODUCTION

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

Provider of high quality ferry services based
n long-term contracts against public

authorities and communities

Fjord1 also has engagements in passenger

boats, catering and tourism, in addition to a 34% ownership in the airline company Widerøe

Primarily present in the Western and Middle

part of Norway

The leading ferry provider
49%* market share
On the forefront of environmentally friendly

vessels and operations

History back to 1858, when the business

commenced under the name Nordre Bergenhus Amts Dampskibe

Listed on Oslo Stock Exchange with a market

cap in excess of 4.0bn

1,143 employees per Q2 2017
Headquartered in Florø, Norway
Operates 61 ferries in island and

fjord crossing

Portfolio of 22 contracts, covering

47 ferry connections Ferries Passenger boats Catering Tourism

3 contracts / 15 local routes in

Sogn og Fjordane

4 owned and 10 chartered

passenger and combi boats

Catering on several connections
Ferdamat concept – raw materials,

fruits and nutritional food

Gridde cake (“Svele”) and hot dogs
Seven tourism and transport

vessels

Concept of modern tourism in

iconic Norwegian fjords

~450,000 passengers in 2016

NOK 2,062m NOK 101m** NOK 188m NOK 21m** # 2016 revenues

Note(*): based on passengers transported. Note(**): based on proportional ownership

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LEADING LOGISTICS COMPANY..

..with best-in-class operational excellence

Fjord1 is a leading logistics company

Only long-term contracts
Mostly fixed price contracts

(limited volume risk) Leading market position built on:

The ability to deliver best-in-class
perations and scheduling
Long track record and

established market presence

Strong environmental profile
Attractive contract portfolio and

large fleet

Security system & control

Reduced marine accidents by 96% in the period 2012-2016 as a result

f long term continual work to

develop the Group’s safety and management systems

Design & Development

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

Energy efficiency

Fuel efficiency, optimizing power

utlet

Transport logistics

Transport logistics, efficiency in day-to-day operations (terminal time, sailing time, maintenance, crew logistics, cost-effectiveness)

Operations efficiency

Efficiently operating a large fleet of ferries across the Norwegian coastline

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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

Andrè Høyset – Chief Operating Officer

Over 20 years of experience from various positions at

Fjord1 including Head of IT and Project Director

Master of Science in Information Technology

Deon Mortensen – Director Technical and HSE

Experience from Fjord1 since 2010
Previous positions include Senior Vice President of Fjord1

Fylkesbaatane AS, Technical Director of STX Norway Florø and Project Manager of Odfjell SE

Anne-Mari Sundal Bøe – Chief Financial Officer

CFO in Fjord1 since 2013
Previous experience as Group Chief Accountant in INC

Invest AS and Senior Manager in PwC

Master in Business and Economics

Tor Vidar Kittang – Project Director

Experience from Fjord1 since 2005
Various experience from Fjord1 including commercial

leader

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TRACK RECORD OF INCREASED PROFITABILITY

Core business focus has supported momentum in EBITDA margins

1,373 2,396 2,242 2,349 2,356 2,387 2,980 3,023 2,922 449 681 479 456 410 310 485 631 578 33% H1 2017 2016 28% 201 5 21% 2014 19% 201 3 17% 2012 13% 2011 16% 2010 21% 2009 20% EBITDA margin EBITDA Revenue

…ensuring strong cost control, improved operations and stronger profitability

Cost initiatives materializing, creating strong momentum in profitability. Strong growth on the back of winning new higher margin contracts and declaration of options / additional revenue under existing contracts

…to partly private ownership with a strong focus on core business segments…

In 2011, Havilafjord acquired 41% of shares, and the company started divestment of non-core business segments (road freight transportation and bus operations), enabling a stronger focus on core business throughout the organization. At the same time, the company started a ramp-up of new contracts and wind-up of legacy routes New management in place in 2014 and initiation of cost improvement- and modernization program

From being a joint holding company for transportation services companies…

Fjord1 has emerged following several mergers and business combinations. From 2001, the company was owned by the municipalities Møre og Romsdal and Sogn og Fjordane..

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STRONG CONTRACT BACKLOG..

..Comprising a diversified portfolio backed by Norwegian governmental bodies

Tender Start-up End Option Type Regulation Vessels PCE capacity 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 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 Refsnes – Flesnes

Jan. 10
Dec. 18

Sub supplier Net CPI 1 0.2m Firm 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

Ytre Sogn

Jan. 10
Dec. 17**

Net CPI 2 0.1m

Current contracted backlog of NOK 21bn of fixed

revenue with minimal price and volume risk provide long term visibility

11 of the 22 contracts are gross contracts, i.e., Fjord1

receives a pre-agreed contribution and has no risk on transported volume or ticket revenue

Remaining 11 contracts are net contracts, where Fjord1 is

somewhat more dependent on the transportation volume. Most new contracts expected to be on gross structure

Indexation provisions are included in the contracts,

protecting the company from cost-inflation risk

Current contract portfolio

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 Note (**): The Nordfjord and Ytre Sogn contract are included in the new contract for Fylkesvegsamband Sogn & Fjordane with Fjord1 as operator

Activity based, long-term

contracts with public road authorities, being state agencies and county municipalities

Attractive contract coverage

with 22* contracts covering 47 ferry connections

Fjord1 operate 7 of the ten

largest contracts and recently won the 6th largest

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LARGE FLEET OF VESSELS

Modern fleet with diverse capacity distribution

Fjord1’s sizeable fleet provides large

flexibility and a strong competitive advantage as a number of contracts contain requirements for one or more back-up ferries in the event of engine failures and other operational disruptions

In order to satisfy with this requirement,

not all of the Company’s ferries are in day- to-day operations

In times of free capacity, the company

may charter vessels to third parties

Fjord1 has a fleet of 61 ferries with a

total capacity of 5,112 passenger car equivalents

13 ferries currently under construction

and contracts awarded for another 6 vessels

The average size of Fjord1’s fleet is 84

PCE, with size ranging from 242 PCE to 11 PCE

Car ferries typically have a useful
perating life of up to 50 years and are

usually depreciated over a 30-year period

21 18 16 2 10 3 6 2 27 200+ PCE 100-150 PCE 50-100 PCE 23 1 1 0-50 PCE 24 Contract awarded* Under construction Existing

Fleet capacity distribution (PCE)

2,500 35 30 500 3,500 1,000 15 5 10 1,500 3,000 25 2,000 20 31 3 2 # of vessels 16 9 <6 years > 20 years 6-10 years 11-15 years 16-20 years

Age/Value distribution of existing ferries

Note (*): Including four existing vessels to be upgraded to hybrid propulsion

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NORWAY’S LEADING FERRY OPERATOR

Front runner in reducing emissions – key competitive advantage going forward

Fjord1 is the leading company within modern technology

and environmentally friendly ferry solutions

The first in the world to commission a LNG ferry in 2000,

and today operate a fleet of 12 LNG ferries, including the 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

Today, the existing fleet includes 12 ferries operating on

LNG, two on bio diesel and one hybrid operating on LNG and marine gas oil

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, e.g. replacing older engines with Tier II certified engines

In the period 2013-2016, 15 vessels have undergone such

engine replacement 2000 The first gas-powered ferry MF «Glutra» 2011 Twelve gas-powered ferries 2015 MF «Fannefjord» - the first LNG-hybrid ferry 2016 «Vision of the Fjords» - Hybrid technology 2018 Starting first contract with zero-emission 2018 «Future of the Fjords» - fully electric

Environmental milestones

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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

well as carry reconstruction of some existing vessels

n the back long term contracts
Fjord1 has entered into contracts with three Shipyards;

Havyard Ship Technology AS, Tersan (Turkey) and Fjellstrand, regarding 13 new builds for delivery in 2017- 2019, all ferries will have hybrid propulsion

Six more new build orders will be placed to serve

contracts recently won. In addition, four existing vessels will also be upgraded to hybrid propulsion for the Hordaland 1 & 2 contracts

Total new build capex expected at NOK 3,505m

during 2017-2019

Fjord1 has received indicative terms from two

leading banks regarding funding of the capex program

Payment structure varies between contracts, but is

typically structured with 10-30% advance payments and 70-90% payable on delivery

In addition to investments in vessels, Fjord1 will from

time to time do investments’ in the infrastructure adapted to the electricity or hybrid based propulsion technologies, as Fjord1 is responsible for the relevant infrastructural construction

Such infrastructure investment will either be acquired by

the respective contract counterparty or repaid in full over the duration of the contract with a margin

Tenders won by Fjord1 the past two years

Tender Current operator Contract period Gross firm value (NOKm) # of option years Anda-Lote Fjord1 2018-2027 752 1 Brekstad – Valset Torghatten 2019-2028 671 1 Bokna-/Bjørnefjorden Fjord1 2017-2018 1,933

Boknafjorden

Fjord1 2019-2024 3,176 5 Hordaland 1 (7 connections) Torghatten (4) Norled (3) 2018/2020-2029 3,573 1 Sulapakken (2 connections) Norled/Fjord1 2019/2020-2030 2,625 Hordaland 2 (4 connections) Norled 2020-2028 2,488 1 Total / Average ~9 years average* 15,218

Vessels for delivery

Tender Delivery Shipyard Capacity Anda-Lote 4Q-2017 Tersan 120 Anda-Lote 4Q-2017 Tersan 120 Hordaland2 4Q-2017 Tersan 130 Hordaland1 2Q-2018 Havyard 45 Brekstad-Valset 4Q-2018 Havyard 50 Brekstad-Valset 4Q-2018 Havyard 50 Hordaland1 2Q-2018 Tersan 120 Hordaland1 4Q-2018 Fjellestrand 120 Sulapakken 4Q-2019 Havyard 120 Sulapakken 4Q-2019 Havyard 120 Sulapakken 4Q-2018 Havyard 120 Sulapakken 4Q-2018 Havyard 120 Sulapakken 1Q-2019 Havyard 120 Note (*): Bokna-/Bjørnefjorden and Boknafjorden are seen as one contract for calculation purposes

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WELL POSITIONED ON UPCOMING TENDERS

Strong track record and on the forefront regarding environmentally friendly technology

In terms of PCE capacity, contracts in

respect of about 40% of the Norwegian ferry market will be subject to public tenders in the next two to three years

Fjord1 has a strategic priority to maintain

and strengthen the leading position within ferry business

The company has the required solidity, track

record, competence, balance strength and technological solutions to be an active contender

Well positioned to retain existing contracts

by use of existing material and new environmental friendly technology

Fjord1 believes that it has gained significant

advantages by being at a technological forefront, having commenced operation of its first LNG ferries in 2007 and being due to commence operation of its fully electric connection in 2018

Fjord1’s incumbent position on the majority
f the contracts up for renewal, provides the

company with a strong ability to defend its existing contracts Upcoming tenders

Connection Operator Expiry

Est. timing of award

Volda-Folkestad 2019 Tender 2017/2018 Hjelmeland-Skipavik-Nesvik 2018-2020 Tender 2018 * Indre Sogn 2 Connenctions 2018 (+1) Tender 2017/2018 Festøya-Solavågen 2019 (+1) Tender 2017/2018 Nordmørspakken 4 Connections 2019 (+1) Tender 2017/2018 Indre Sunnmøre 3 Connections 2019 (+1) Tender 2017/2018 Molde-Vestnes 2019 (+1) Tender 2017/2018 Romsdalspakken 3 Connections 2019 (+1) Tender 2018/2019 Halsa-Kanestraumen 2019 (+1) Tender 2018/2019 Troms 12 Connections 2019-2021 ** Nordland 28 Connections 2019-2021 ** 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

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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

in July 2016, a hybrid-electric carbon fiber 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

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

f 25m in 2016

Geirangerfjorden The Vision of the Fjords on Nærøyfjorden Lysefjorden & Preikestolen (Pulpit Rock)

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FINANCIAL OWNERSHIP IN WIDERØE

#1 regional airline in the Nordic, serving

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 Widerøe´s flight network

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AGENDA

1 3

Introduction Market overview

2

Company overview

4

Financials

5

Risk factors

6

Appendices

SLIDE 20

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MARKET WITH HIGH BARRIERS TO ENTRY

Consolidated market dominated by four players

The Norwegian ferry- and passenger boat market has gone

through comprehensive consolidation recent years on the back of the market transitioning from being a public service

ffering (owned by county municipalities) to becoming a

competitive business provided by private companies

The ferry market is dominated by four ferry operators;

Fjord1, Torghatten, Norled and Boreal Transport, who combined represent 99% of the market in terms of PCE capacity

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

The market is further characterized by strong barriers to

entry, limiting the entry of potential new market participants

Significant capital investments in existing fleet
CAPEX intensity requires financial strength
Industry specific knowledge and necessary certifications
Organization to handle chartering, operations and technical

matters

Note (*): Data as of March 2017 Note (**): Torghatten includes connections operated by Toghatten Trafikkselskap, Torghatten Nord, Bastø Fosen and Fosen Namsos Sjø. Source: Norwegian Public Roads Administration (Statens vegvesen, Ferjedatabanken), Oslo Economics (08/2016), Kollektivtrafikk (data as of March 2017)

Market shares

1.0% Other 2.0% 21.0% 27.0% 49.0% 8.3% Other 11.6% 33.1% 23.1% 24.0%

Ferry operator Connections 2017* PCE 2016

29 16.9m 28 9.5m 40** 7.2m 14 0.7m

Other

10 0.7m

PCE 2016 Connections 2017

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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 islands to the mainland

Car ferries are vital links across fjords

and to islands where there are no fixed connections

Engineering considerations often result

in immensely expensive bridge and tunnel infrastructure

Ferries are also used as a substitute

in the Norwegian road network

Cost efficient and flexible transportation

system compared to the alternatives

Where road alternatives exist, they are
ften very inconvenient alternatives, as

this option can take 2-6 times as long

45 min nm. 25 min nm.

Oslo Hamar Drammen Stavanger Kristiansand Bergen Florø Ålesund Trondheim

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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

In 2016, ferries in Norway transported 35m passenger

car equivalents (“PCE”) and 43.2m passengers (including drivers)

Demand for transportation by ferries has exhibited a

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
Construction of new bridges and tunnels entailing closure of

ferry connections

There are limited number of ferry connections where

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

43.3 43.0 42.4 42.1 42.4 41.9 40.5 41.9 41.7 41.3 2010 +0.5% 2016 2013 2012 2007 2009 2008 2015 2014 2011 Passengers, incl. Drivers (in millions) 35.0 34.8 34.5 34.0 34.0 32.9 31.7 31.4 31.4 30.8 2009 2008 2013 2014 2016 +1.4% 2015 2011 2007 2010 2012

Historical development in ferry transportation

Car equivalents (PCE in millions) Source: Oslo Economics (08/2016), Institute of Transport Economics (10/2013), Norwegian Public Roads Administration (Statens vegvesen, Ferjedatabanken), Kollektivtrafikk foreningen (Market

verview 2017)

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KEY TRENDS IN THE FERRY MARKET

Shift to environmentally friendly technology, less price volatility and larger contracts

Source: tu.no

Impact on ferry operators Current market trends

Higher requirements for environmentally friendly

technology on the back of the Norwegian government implementing a strategy to reduce emissions from the state ferry operations

Contracts will demand low and zero emission

technology where circumstances permit such requirements

Increased requirements for battery and/or hybrid

powered ferries

Increases differentiation among ferry competitors.

Ferry operators with technological advanced and adaptable fleet with favourable positioning.

Operators will need to adapt to the requirements and

will likely lead to a gradual renewal of the ferry fleet, in particularly on shorter crossings that are better suited for such energy packages

Quality & environment

Over the last few years there has been a transition

from net to gross contract terms

Indexation on new contracts adjusted according to

the Ferry Index compared to previously regulation by the CPI index

More stable environment for operators as income is

not directly dependent on the amount of passengers

Pricing model

Contract sizes are growing – when smaller route

bundles are freed they tend to be consolidated into larger contracts

Cost reduction is easier with larger contracts

Larger contracts

SLIDE 24

24

AGENDA

1 3

Introduction Market overview

2

Company overview

4

Financials

5

Risk factors

6

Appendices

SLIDE 25

25

KEY FINANCIALS*

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

Revenue & EBITDA in (NOKm) Net Interest Bearing Debt & NIBD/EBITDA Cash development in (NOKm) Equity (NOKm) & Equity Ratio

1.7x 1.9x 5.6x

4.3x

6.9x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 3,000 2,500 2,000 1,500 1,000 500 Q2’17

1,448

2016

1,402

2015

1,720 3.5x

2014

1,974

2013

2,295

2012

2,140

36.3% 35.4% 29.0% 26.6% 24.7% 25.5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 3,000 2,500 2,000 1,500 1,000 500 Q2’17 2016 1,723 2015 1,308 2014 1,176 2013 1,137 2012 1,112 1,743 Net Debt /EBITDA NIBD Equity Equity ratio 2,500 2,000 1,500 1,000 500 H1 2017 449 1,373 2016 730 2,386 2015 494 2,230 2014 456 2,349 2013 410 2,356 2012 310 2,387 600 500 400 300 200 100 Q2’17 368 2016 554 2015 359 2014 334 2013 245 2012 170 Cash EBITDA Total income

SLIDE 26

26

BUSINESS SEGMENT CONTRIBUTION

616 571 2,062 1,906 223 204 618 423 2015 2016 Q1’17 Q2’17 EBITDA Revenue

Ferry Passenger boat Catering Tourism

25 25 101 104 3

2

9 13 Q1’17 Q2’17 2015 2016 52 38 188 190 12 3 39 32 2015 Q1’17 2016 Q2’17 8 4 21 21 4

7

11 5 Q1’17 2015 2016 Q2’17 EBITDA Revenue Revenue EBITDA Revenue EBITDA

SLIDE 27

27

INCOME STATEMENT

Growth from 2015 to 2016

driven by the start-up of two new contracts

Improvement in operating

expenses driven by focus on stability and safety resulting in reduced marine accidents (collisions with quays and running aground) by nearly 96%

In April 2015, the tourism

activities were separated into a joint venture company and thus accounted for under share of profit/(loss) from joint ventures

For 2015 and 2016 reversals of

impairments accounted for NOK 65.1m and NOK 78.6m

respectively. Reversals related

to settlement regarding compensation for “Autopass” under the contracts for Indre Sogn and Flakk-Rørvik

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

INCOME STATEMENT (NOKm)* 2013 2014 2015 (IFRS audited) 2016 (IFRS audited) H1 2017 (IFRS audited) REVENUES Operating revenue** 1,443 1,454 1,326 1,224 416 Other income 912 896 904 1,162 957 Total income 2,355 2,349 2,230 2,386 1,373 Personnel expenses

977
930
889
885
458

Operating expenses

969
963
858
781
469

Total operating costs

1,946
1,893
1,747
1,666
927

Share of profit/(loss) from joint ventures 11 9 3 EBITDA 410 456 494 730 449 Depreciation of tangible and intangible assets

227
215
242
240
125

Impairment of tangible and intangible assets 30 21 25 79 EBIT 152 220 278 568 324 Income from associates and JV’s 17 35 45 73 18 Other financial income 12 9 5 6 2 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

SLIDE 28

28

BALANCE SHEET

Increase in non-

current assets from 2015 to 2016 mainly due to delivery of two new vessels

Increase in borrowings

was mainly related to debt financing for these vessels

The company´s main

debt facility was classified as current liabilities in the accounts for 2016 and Q1 2017 due to short term to maturity

The negative working

capital can be explained by Fjord1’s business model where customers use a travelcards solution. The prepayment of tickets are classified as short-term debt and as a working capital liability

EQUITY AND LIABILITIES (NOKm) 2015 (IFRS audited) 2016 (IFRS audited) 30 June 2017 (IFRS audited) EQUITY Share capital 250 250 250 Share premium 361 361 361 Retained earning 694 1,108 1,128 Total equity attributable to

wners of the parent

1,305 1,719 1,739 Non-controlling interests 4 4 4 Total Equity 1,309 1,723 1,743 Non-current liabilities Borrowings 1,823 155 1,611 Derivative financial instruments 65 42 19 Net employee defined benefit liabilities 33 14 17 Other non-current liabilities Deferred tax liabilities 250 382 401 Total non-current liabilities 2,171 594 2,048 Current liabilities Borrowings 256 1,801 205 Derivative financial instruments 54 23 25 Trade and other payables 95 110 110 Current income tax liabilities 0.3 3 27 Social security and other taxes 94 92 73 Other current liabilities 527 526 573 Total current liabilities 1,026 2,552 1,013 Total liabilities 3,197 3,146 3,062 Total equity and liabilities 4,506 4,869 4,805 ASSETS (NOKm)* 2015 (IFRS audited) 2016 (IFRS audited) 30 June 2017 (IFRS audited) ASSETS Non-current assets Deferred tax assets 38 21 20 Property, plant and equipment 3,649 3,795 3,867 Investments in joint ventures and associates 301 362 366 Other non-current financial assets 8 8 8 TOTAL TANGIBLE ASSETS 3,996 4,186 4,261 Current assets Inventory 13 15 16 Trade receivables 72 79 90 Other current receivables 66 36 69 Cash and cash equivalents 359 554 368 TOTAL CURRENT ASSETS 510 683 544 TOTAL ASSETS 4,506 4,869 4,805

SLIDE 29

29

CASH FLOW

The material

investments over the period comprise reconstruction of a vessel to hybrid technology in 2015 (Fannefjord), two newbuilds (Hornelen and Losna) in 2016 and the purchase of one used vessel in Q1-2017 (Sulafjord)

In 2016, The Company

received dividends from associates in the amount

f NOK 24m and

proceeds from sale of vessels and equipment in the amount of NOK 83m

Proceeds from sale in

2017 relate to sale of two older vessels for a total consideration on NOK 100m

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

Cash flow statement (NOKm)* 2015 (IFRS audited) 2016 (IFRS audited) H1 2017 (IFRS audited) Profit before tax 259 599 315 Depreciation and impairment 217 162 125 Interest expense 118 100 31 Change in fair value of financial instruments

20
53
20

Non-cash post-employment benefit expense

14
2

2 Gain on disposal of property, plant and equipment

11
5

Share of profit from associates and joint ventures

56
82
21

Change in working capital 47 31

17

Cash generated from operations 550 743 411 Net interest

118
100
32

Net cash flows from operating activates 432 643 379 Purchases of property, plant and equipment

111
380
292

Purchases of shares incl. joint ventures

21
2

Proceeds from dividends from associates 24 17 Proceeds from sale of property, plant and equipment 84 100 Proceeds from non-current receivables 4 Net cash used in investing activities

127
274
175

Proceeds from borrowings 133 Repayment of borrowings

230
256
140

Dividends

50
50
250

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

SLIDE 30

30

AGENDA

1 3

Introduction Market overview

2

Company overview

4

Financials

5

Risk factors

6

Appendices

SLIDE 31

31

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.

SLIDE 32

32

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

il 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.

SLIDE 33

33

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

f 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

bligations 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
wnership 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.

SLIDE 34

34

AGENDA

1 3

Introduction Market overview

2

Company overview

4

Financials

5

Risk factors

6

Appendices

SLIDE 35

35

THE FERRY INDEX

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

The Ferry Index is a cost index used to regulate

agreements between ferry operators and the contractor

Ferry operators have little or no possibility to influence

the general price development related to operations, maintenance and fuel

It has been deemed appropriate that these risk

elements are held by the contractor (the state) through a regulation mechanism

Since 2009, SSB has calculated and published a

cost index, which has been used to regulate all contracts awarded following the initiation

The Index is calculated based on a fixed set of input

parameters, a pre-agreed calculation method and weighted by importance

Includes the measurement of change in price of fuel,

crew, maintenance, administrative costs, other

perating costs, depreciation and interest expenses
Costs related to operating a contract is subsequently

adjusted according to the index development, typically multiplied by 0.9

With the implementation of the Ferry Index, ferry
perators bear limited risk of price increase on key

cost components, thus have a predictable cost base Development in the Ferry Index (Q2 2009 – Q2 2017)

120 115 110 125 105 100 Q2 2014 Q4 2009 Q2 2009 Q2 2010 Q2 2017 Q2 2012 Q4 2012 Q2 2015 Q4 2015 Q4 2016 Q2 2013 Q2 2016 Q4 2010 Q4 2011 Q2 2011 Q4 2013 Q4 2014

Components and calculation of the Ferry Index

Q2 2009 – Q4 2016 Q1 2017 – today (including fuel) Q1 2017 – today (excluding fuel)

Fuel 17.3% 18.8%

Crew

43.0% 39.6% 48.8% Repair & maintenance 9.4% 9.7% 12.0% Administration 3.3% 5.5% 6.7% Other costs 8.1% 10.3% 12.6% Depreciation 13.0% 11.3% 13.9% Interest expenses 5.9% 4.9% 6.0%

SLIDE 36

36

FLEET OVERVIEW

Note (*) Capacity measured in passenger car equivalents Note (**) Four existing vessels to be upgraded to hybrid propulsion for Hordaland1 and Hordaland2

Ferry** Build year Capacity*

Hornelen 2016 60 Losna 2016 60 Edøyfjord 2012 50 Boknafjord 2011 242 Hjørundfjord 2011 122 Storfjord 2011 122 Fannefjord 2010 128 Korsfjord 2010 128 Lifjord 2010 110 Norangsfjord 2010 120 Romsdalsfjord 2010 128 Davik 2009 45 Vågsøy 2009 42 Moldefjord 2009 128 Årdal 2008 108 Fanafjord 2007 212 Mastrafjord 2007 212 Raunefjord 2007 212 Stavangerfjord 2007 212 Harøy 2006 35 Lote 2006 120 Bergensfjord 2006 212 Dryna 2005 35 Julsund 2004 99 Eira 2002 100 Volda 2002 100 Nordfjord 2001 54 Glutra 2000 120 Ivar Aasen 1997 76 Lærdal 1997 77 Svanøy 1992 89

Ferry** Build year Capacity*

Tresfjord 1991 124 Gulen 1989 83 Rauma 1988 73 Romsdal 1988 87 Selje 1987 58 Dalsfjord 1986 28 Sulafjord 1986 106 Sognefjord 1984 64 Sogn 1982 110 Solskjel 1981 35 Bjørnsund 1979 61 Geiranger 1979 36 Stordal 1979 51 Stryn 1979 81 Aukra 1978 36 Eid 1978 35 Nordmøre 1978 52 Sunnfjord 1978 46 Aurland 1977 35 Solnør 1977 36 Kvernes 1976 35 Sykkylvsfjord 1975 36 Veøy 1974 50 Fanaraaken 1973 29 Tingvoll 1972 35 Bolsøy 1971 38 Goma 1968 29 Nårasund 1968 11 Ørsta 1964 25 Driva 1963 29

Contract awarded Delivery Capacity*

TBN 14 4Q-2019 40 TBN 15 4Q-2019 40 TBN 16 4Q-2019 130 TBN 17 4Q-2019 80 TBN 18 4Q-2019 80 TBN 19 4Q-2019 90

Passenger boat Build year Pass.

Tansøy 2007 96 Fjordglytt 2000 81 Sylvarnes 2000 70 Skagastøl 1970 384

Under construction Delivery Capacity*

Gloppefjord 4Q-2017 120 Eidsfjord 4Q-2017 120 Møkstrafjord 4Q-2017 130 TBN 4 2Q-2018 45 Horgefjord 2Q-2018 120 TBN 6 4Q-2018 50 TBN 7 4Q-2018 50 TBN 8 4Q-2018 120 TBN 9 4Q-2018 120 TBN 10 4Q-2018 120 TBN 11 1Q-2019 120 TBN 12 4Q-2019 120 TBN 13 4Q-2019 120

SLIDE 37

37

LEGAL ENTITIES

The ferry segment represent the core business of Fjord1 and includes all activities related to ferries The Tourism segment includes Fjord1’s joint partnership in The Fjords DA, the wholly owned entity The Fjords Fartøy AS and part

wnership in Fjord Tours AS

Through Kystekspressen ANS Fjord1 manages the 4 passenger boats Operating figures includes a minor contributions from other investments

The Fjords DA 50%

Fjord1 ASA

Kystekspressen ANS 49% Bolsønes Verft AS 100% ÅB Eigedom AS 66% Hareid Trafikkterm. AS 63% Måløy Reisebyrå AS 100%

Ferry Tourism Passenger boat Other

Nye Fanafjord AS 100% Fanafjord AS 100% Fjord Tours AS 30.6% The Fjords Fartøy DA 100 % WF Holding AS 34% Widerøe AS 100% The Fjords Fartøy II DA 100 % F1 Adm. AS 100%

SLIDE 38