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Results Presentation T H 1 4 A U G U S T 2 0 1 7 Agenda Financial Results Markets Outlook Andi Case Jeff Woyda CEO COO/CFO 14th August 2017 2017 Interim Results 2 Results summary June 2017 June 2016 Increase

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SLIDE 1

Results Presentation

1 4

T H

A U G U S T 2 1 7

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SLIDE 2

Agenda

  • Financial Results
  • Markets
  • Outlook

Andi Case CEO Jeff Woyda COO/CFO

14th August 2017 2017 Interim Results 2

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SLIDE 3

Results summary

June 2017 £m June 2016 £m Increase %

Revenue 156.8 147.2

+6.5%

Underlying Profit before taxation

(Before acquisition related costs)

24.5 21.8

+12.4%

Acquisition related costs (2.6) (4.3) Profit before taxation

(After acquisition related costs)

21.9 17.5

+25.1%

Underlying Earnings per share

(Before acquisition related costs)

57.5p 52.9p

+8.7%

Earnings per share

(After acquisition related costs)

50.8p 41.7p

+22.0%

14th August 2017 2017 Interim Results 3

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SLIDE 4

Summary of first half 2017 results

Successes

  • Broking transaction volumes up again
  • Average ClarkSea index H1 17 vs H1 16 up 2%
  • Increased revenue from new transactions in 2017
  • Increased Financial deal flow and revenues (+US$5.8m or 24%)

14th August 2017 2017 Interim Results

GBP/USD H1 2017 H1 2016 Average

1.27 1.42

Closing

1.30 1.34

£118.0 M £115.5 M £23.2M £16.7M £8.3M £8.3M £7.3M £6.7M

£147.2m £156.8m Broking Financial Support Research

2016 2017

Headwinds

  • Lower revenue brought forward from FOB
  • Weakness in North Sea projects continues to impact port services

Other

  • Increased HO costs includes technology not capitalised
  • Weaker sterling environment following Brexit decision June 2016

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SLIDE 5

Segmental margin

14th August 2017 2017 Interim Results

Revenue 2017 Profit 2017 Margin 2017 Revenue 2016 Profit 2016 Margin 2016 £m £m £m £m Broking 118.0 21.0 17.8% 115.5 19.3 16.7% Financial 23.2 5.0 21.5% 16.7 2.4 14.4% Support 8.3 0.7 8.4% 8.3 0.8 9.6% Research 7.3 2.4 32.9% 6.7 2.3 34.3%

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SLIDE 6

ClarkSea Index

  • 5.0

10.0 15.0 20.0 25.0 30.0 35.0

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Average Minimum

Average 13,424 11,336 9,840 16,848 15,431 10,626 18,953 30,753 27,785 24,661 32,969 32,954 11,711 15,721 12,947 9,586 10,442 11,793 14,164 9,441 10,040 Minimum 11,980 9,850 8,650 11,340 8,920 8,870 15,690 23,420 19,230 18,860 25,280 13,740 7,730 13,060 10,980 7,523 7,574 9,175 12,364 7,073 8,465

14th August 2017 2017 Interim Results

Data source: Clarksons Research

2004 to 2010 Average = 25,222 2011 to 2017 Average = 11,202 1997 to 2003 Average = 13,780 1st Half 2017 Average = 10,040 Uplift to Average 1997 to 2003 +37%

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SLIDE 7

Acquisition related costs

Acquisition related costs*

June 2017 £m June 2016 £m

Cash & share-based payment charges 0.5 0.5 Loan note interest 0.3 0.6 Amortisation: Platou 1.8 3.2 2.6 4.3

14th August 2017 2017 Interim Results *Assuming no further acquisitions, this should amount to a further £2.2m in 2017 and £2.5m in 2018 7

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SLIDE 8

Balance sheet

Dec 2012 £m Dec 2013 £m Dec 2014 £m Dec 2015 £m Dec 2016 £m Jun 2017 £m

Tangible fixed assets 8.8 9.4 8.4 33.1 33.0 31.9 Investments 1.9 1.8 1.9 1.9 4.1 4.3 10.7 11.2 10.3 35.0 37.1 36.2 Working capital (2.8) 3.1 (1.8) (7.1) (15.1) (3.3) Net funds 75.2 75.0 115.7 91.6 98.4 71.4 72.4 78.1 113.9 84.5 83.3 68.1 Pensions (9.4) (1.8) (10.3) (4.1) 2.3 5.5 Deferred tax 12.5 10.0 13.0 8.4 7.1 4.9 75.5 86.3 116.6 88.8 92.7 78.5 Net assets before loan notes & intangibles 86.2 97.5 126.9 123.8 129.8 114.7 Loan notes

  • (46.1)

(23.6)

  • Net assets before intangibles

86.2 97.5 126.9 77.7 106.2 114.7 Intangibles 39.8 40.2 40.4 263.2 300.5 293.7 Net assets 126.0 137.7 167.3 340.9 406.7 408.4

14th August 2017 2017 Interim Results

June billings & Hedge IAS19 Surplus Repaid June 2017 Currency revaluation

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SLIDE 9

Net available funds

Jun 2017 £m Dec 2016 £m

Cash and cash equivalents 117.4 154.0 Current investment deposits 5.4 29.4 Net cash equivalents 122.8 183.4 Reserved for bonus (full cost) (51.4) (85.0) Net available funds 71.4 98.4 Loan notes outstanding

  • (23.6)

Net available funds after loan notes 71.4 74.8

14th August 2017 2017 Interim Results 9

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SLIDE 10

Movement in net funds (after bonus & loan notes)

1.3 (13.1) (3.3) (1.6) 74.8 24.1 (5.3) 71.4

Net Funds Dec 16 Operating Profit Other Dividends Working capital FX loss on cash held Taxation Capex Net Funds Jun 17

(5.6)

14th August 2017 2017 Interim Results 10

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SLIDE 11

Dividend history

6 7 9 10 12 14 16 16 17 18 18 19 21 22 22 23 9 11 16 22 24 26 26 27 30 32 33 37 39 40 43

10 20 30 40 50 60 70 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Interim Final

14th August 2017 2017 Interim Results 11

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SLIDE 12

O S L O

Strategy & the markets

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ClarkSea Index

  • 5.0

10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Average Maximum Minimum

Average 13,424 11,336 9,840 16,848 15,431 10,626 18,953 30,753 27,785 24,661 32,969 32,954 11,711 15,721 12,947 9,586 10,442 11,793 14,164 9,441 10,040 Minimum 11,980 9,850 8,650 11,340 8,920 8,870 15,690 23,420 19,230 18,860 25,280 13,740 7,730 13,060 10,980 7,523 7,574 9,175 12,364 7,073 8,465 Maximum 15,907 12,250 11,148 23,161 24,343 16,719 28,382 44,132 33,901 29,319 50,702 50,682 15,784 20,172 14,993 12,485 17,141 16,684 17,524 13,876 11,842

14th August 2017 2017 Interim Results

Data source: Clarksons Research

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World Seaborne Trade

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1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Population (billion people) Seaborne Trade (billion tonnes) major dry bulk minor dry bulk crude oil

  • il products

chemicals liquefied gas containers

  • ther dry cargo

World Population

Data Source: Clarksons / US Census Bureau 14th August 2017 2017 Interim Results

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SLIDE 15

Shipping Fleet Development: 1989-20181

14th August 2017 2017 Interim Results

Note: data prior to 1996 does not include retrospective changes and certain estimates.1Fleet forecast based on provisional estimates.

15 Data source: Clarksons Research Data as of 1st August 2017

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 500 1,000 1,500 2,000 2,500 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017(f) 2018(f)

million dwt

Bulkers Tankers Containers Gas Carriers Other Growth

Year-on-year fleet growth (RHS)

Fleet as at end year. 2017-18: projection. Comprises world merchant fleet >100 GT, including ship-shaped offshore units

10 Year CAGR (end 1989-99) 1.8% 8 Year CAGR (end 2008-16) 5.6% Fleet 1st August 2017: 1,897m dwt

Fleet at end 2008: 1,204m dwt Fleet at end 1990: 681m dwt

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All Types* Fleet Deliveries & Projections

14th August 2017 2017 Interim Results

500 1,000 1,500 2,000 2,500 3,000 3,500 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

  • No. of vessels

Tanker Bulk Carrier Container Ship Gas Carrier Other Ship Types (>2,000 Dwt/GT) Projected deliveries

Data Source: Clarksons Research Shipbuilding Forecast Club. *Not including Fishing Vessels, vessels below 2000 DWT/GT excluded 16

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SLIDE 17

Global Vessel Contracting and Demolition

14th August 2017 2017 Interim Results

480 545 411 547 795 546 667 1,378 1,197 1,140 2,255 2,905 1,874 580 1,833 1,043 707 2,047 1,337 1,107 217 267

  • 206
  • 196
  • 344
  • 340
  • 272
  • 340
  • 368
  • 315
  • 137
  • 89
  • 123
  • 109
  • 233
  • 562
  • 371
  • 548
  • 850
  • 697
  • 507
  • 537
  • 638
  • 266
  • 1,500
  • 1,000
  • 500

500 1,000 1,500 2,000 2,500 3,000 3,500 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017ytd

  • No. of vessels

Contracting Demolition

Includes vessels of 20,000+ DWT only

Source: Clarksons 17

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Regional Shipbuilding Shares (1990-2017ytd)

14th August 2017 2017 Interim Results

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017ytd

% total ships delivered (GT)

Other USA Taiwan China

  • S. Korea

Japan Europe

Data source: Clarksons Research Data as of 1st August 2017 18

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SLIDE 19

Global Newbuilding Orders at Historic Low…

14th August 2017 2017 Interim Results

480 545 411 547 795 546 667 1,378 1,197 1,140 2,255

2,905

1,874 580 1,833 1,043 707 2,047 1,337 1,107

217 267

500 1,000 1,500 2,000 2,500 3,000 3,500

  • No. Ships

Orders representative of vessels over 20,000 dwt

Data source: Clarksons Research Data as of 1st August 2017 19

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…Reflected in Number of Yards with an Orderbook of at least

  • ne Vessel > 20,000 dwt

14th August 2017 2017 Interim Results

47 49 50 53 59 69 70 70 76 84 99 149 205 234 231 238 221 178 156 146 140 131 118 65 61 63 58 47 45 49 47 48 50 55 64 70 71 62 54 49 37 34 29 32 32 30 50 100 150 200 250 300 350 Number of Yards China - Japan - Korea Rest of World

August 2017: 148 Yards 2009: 305 Yards

Data source: Clarksons Research Data as of 1st August 2017

1996-2017: Yards with at least 1 ship on

  • rder at year start/latest month

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Fewer Yards Winning Orders…

14th August 2017 2017 Interim Results

*Peak varies by sector: Bulkers = 2010, Tankers = 2015, Containerships = 2015, LNG carriers = 2013, LPG Carriers = 2015

Includes yards in China, South Korea and Japan only

Data source: Clarksons Research Data as of 1st August 2017 21

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Shipping Lending Overview (By Bank)

14th August 2017 2017 Interim Results

Total Reported Portfolios (by year)

2010: $418.4bn 2011: $400.3bn 2012: $388.5bn 2013: $379.1bn 2014: $391.5bn 2015: $343.8bn 2016: $315.0bn

21 18.1 17.7 17 16.8 16.8 16.2 15.9 15.2 15.1 14.6 14.1 13.9 10.3 10.2 8.9 8 6.3 6.2 5.9 5.8 5.7 5.5 5.1 4.6

2010 2011 2012 2013 2014 2015 2016

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0 5 10 15 20 25

Top 25 Bank Portfolios (US$ bn)*

Geographical Breakdown of Lenders EUROPE 83.1% 79.3% 75.1% 72.9% 70.5% 63.9% 62.2% USA 2.1% 1.7% 2.8% 2.7% 2.6% 3.9% 4.8% ASIA-PAC 14.8% 19.0% 22.0% 24.4% 26.8% 32.2% 33.0%

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Where are we in Freight/Earnings Shipping Cycles in 2017?

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Offshore LNG Product tankers Crude tankers Strong market Recovering market Weakening market Weak market

Timeline of each cycle not defined and varies

Containers Chemical/Specialised tankers Dry Bulk LPG

14th August 2017 2017 Interim Results

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SLIDE 24

Securities - an encouraging start to 2017...

14th August 2017 2017 Interim Results 24

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SLIDE 25

Creating value at the heart of world trade

Underpinned by our values, our integrated business model provides the platform for an unrivalled level of service and information that enables trade and creates long-term value.

14th August 2017 2017 Interim Results 25

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Corporate Outlook

14th August 2017 2017 Interim Results

  • Proven Strategy
  • Integrated business model
  • Breadth & Depth
  • Flow & placing power
  • Investment in technology solutions
  • Strong Balance Sheet
  • Cash generative
  • Progressive dividend policy

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SLIDE 27