MPC Container Ships ASA

Investor Presentation • Sep 12, 2024

PARETO ENERGY CONFERENCE

Moritz Fuhrmann, Co-CEO and CFO

AGENDA

01 COMPANY INTRODUCTION

• 02 MARKET UPDATE
• 03 COMPANY OUTLOOK

MARKET-LEADING CONTAINER SHIP COMPANY WITH STRONG FINANCIALS AND RATIONAL CAPITAL ALLOCATION

Leading container tonnage provider

#1 INTRA-REGIONAL TONNAGE PROVIDER

• » 59 vessels ¹
• » ~130k TEU capacity
• » Solid portfolio and chartering strategy

FLEET RENEWAL & OPTIMIZATION

• » Sustainability as a strategic priority
• » Total investment program of USD 400m

Strong balance sheet and significant earnings backlog

STRONG BALANCE SHEET

» 35 debt-free vessels

HIGH EARNINGS VISIBILITY

• » Revenue backlog ~USD 1.1bn²
• » 98% contract coverage for H2 2024 and 76% for FY 2025 ²

Clear strategy & investment principles

CAPITAL ALLOCATION

• » Clear & rational principles
• » USD 893m in dividends declared
• » USD ~200m in debt reduction

STRONG EXECUTION

• » Proven execution capabilities
• » 97 vessels acquired and 37 sold

Pareto Energy Conference 3 1 Including four newbuildings and excluding vessels sold subject to successful handover

DISTINCT FOCUS ON INTRA REGIONAL TRADE

CHARACTERISTICS OF INTRA-REGIONAL TRADES

• » Advantageous supply dynamics
  • » Orderbook biased towards larger tonnage, high age profile
  • » Significant capacity reduction expected due to upcoming regulation
• » Favorable demand outlook as supply-chain developments promote regional trade flows

TOP TONNAGE PROVIDERS < 5.5K TEU ¹

MANAGING OWNER	TOTAL FLEET SIZE (TEUk)	# OF VESSELS
	135	59
Peter Döhle	150	48
Contships	52	47
Seaspan	144	38
Navios	161	36

FLEET EMPLOYMENT BY REGION

• » Feeder vessels play a crucial role in the supply chain by serving intra-regional trade lanes due to their versatility
• » Enhancing port connectivity and accessibility as well as operational flexibility

MPC Container Ships | | Pareto Energy Conference 4 1 Ranked by number of vessels; operator not considered and including orderbook Sources: Alphaliner, Aug. 2024; MSI, Aug. 2024; Clarksons, Aug 2024

AGENDA

01 COMPANY INTRODUCTION

02 MARKET UPDATE

03 COMPANY OUTLOOK

RED SEA DISRUPTIONS CONTINUE TO DRIVE DEMAND

DIVERSION AROUND THE CAPE OF GOOD HOPE

SECONDHAND PRICES AND TIME-CHARTER RATES FOLLOW THE UPWARD

» Time charter rates are above initial expectations for 2024. Charter rates have stabilized with subdued activity due to low availability and the summer period.

Ø 500

» Secondhand market remained busy, and prices are well above the previous quarters' levels.

Jan.-17 Jan-18 Jan.-19 Jan-20 Jan.-21 Jan-22 Jan.-23 Jan-24 Jan.-25

0

Jan.-16

20

810

SHIPBUILDING CYCLE TRENDING TOWARDS LARGER VESSELS

» In the segments from 1,000 TEU to 8,000 TEU, an orderbook of 236 vessels is facing a rapidly ageing fleet of 899 units, which are already 20 years or older.

UTILIZING STRONG CHARTER MARKET TO INCREASE BACKLOG¹

MPC Container Ships | | 8 Pareto Energy Conference 1 As per 28.08.24. See Employment Overview in the appendix for further details.

AGENDA

• 01 COMPANY INTRODUCTION
• 02 MARKET UPDATE
• 03 COMPANY OUTLOOK

ROBUST BACKLOG PROVIDES EARNINGS VISIBILITY

FIXED OPERATING DAYS AND CHARTER BACKLOG / PROJECTED EBITDA 1, 2, 3

CHARTER BACKLOG AND COUNTERPARTIES

• » 90% of revenue backlog with top 10 liners and cargo-backed⁷
• » 2.2 years average remaining contract duration

UPDATE ON UPCOMING VESSELS IN FY 24 & FY 25

PROVIDING SIGNIFICANT SHAREHOLDER RETURNS

66.6 Q4 2022 31.1 66.6 Q1 2023 66.6 Q2 2023 48.8 Q3 2023 57.7 Q4 2023 57.7 Q1 2024 44.4 Q4 2021 Q2 2024 164.8 57.7 Q1 2022 17.7 66.6 Q2 2022 13.3 71.0 Q3 2022 62.1 47% DIV. YIELD 2022 ¹ DIVIDEND DISTRIBUTIONS USD million 43% DIV. YIELD 2023 ¹ Event-driven Recurring 28.5% DIV. YIELD YTD 2024 ² 666 227 Total 893

PERIOD RECURRING DPS EVENT-DRIVEN DPS TOTAL (NOK) 2021 Q4 0.95 0.95 2022 Q1 1.30 3.30 4.60 Q2 1.57 0.42 1.98 Q3 1.58 0.30 1.87 Q4 1.58 1.58 2023 Q1 1.59 0.72 2.32 Q2 1.61 1.61 Q3 1.52 1.52 Q4 1.37 1.37 2024 Q1 1.37 1.37 Q2² 1.05 1.05 Total 15.48 4.74 20.22

1 Dividend yield 2022 calculated as total dividends paid from January 2022 to December 2022 divided by opening share price on Jan 3, 2022, of NOK 24.75/share and Dividend yield 2023 calculated as total dividends paid from January 2023 to December 2023 divided by opening share price on Jan 2, 2023, of NOK 16.30/share

MPC Container Ships | | 2 Dividend yield YTD 2024 calculated as dividends declared since January 2024 divided by opening share price on Jan 2, 2024, of NOK 13.50/share. DPS of USD 0.10 to be paid on September 24, 2024, estimated to NOK 1.05 per share based on FX rate of 10.50

STRATEGIC EXECUTION PHASE – RESILIENT AND READY

MPC Container Ships | | 1 Includes 5 newbuildings of which 2 have been delivered throughout 2024 already. Further two vessels will still be delivered in 2024 and one vessel in 2026, 5 eco-type vessels of which 4 are part of the retrofit program and further 9 vessels scheduled for retrofit in 2024. Proforma view based on Q3 2023 fleet composition.

WELL-POSITIONED FOR CONTINUED VALUE CREATION

SUMMARY

• » Strong financial and operational performance
• » Continuation of low-leverage strategy while executing on fleet optimization
• » Favorable dynamics for intra-regional tonnage (supply and demand)

OUTLOOK

• » Robust revenue backlog of USD 1.1bn and contract coverage for 76% of open days remaining in 2025 provides high earnings visibility
• » Executing on fleet renewal strategy, enhancing value whilst remaining committed to shareholder returns

APPENDIX

OVERVIEW OF FINANCING FACILITIES

Facility	Type	Outstanding 30/06/24	Total capacity	Interest rate	#	Contractual repayment profile	Maturity
HCOB	RCF	USD 0m	USD 96.7m	295bps + SOFR	13	Commitment will be reduced starting in Mar 2024 – Dec 2027	Dec. 2027
CA-CIB	Pre- & Post delivery finance	USD 58.7m	USD ~101m	175 – 275bps + SOFR	2	48x USD 1.1m + 8x USD 2.4m, 4x USD 1.4m, followed by subsequent instalments (to be agreed by borrower and lender)	Q2 2031
Ostfriesische Volksbank (OVB)	Term Loan	USD 4.1m	USD 8.3m	350bps + SOFR	1	quarterly installments of USD 0.37m	Feb. 2027
HCOB Ecofeeder	Term Loan	USD 47.4m	USD 50m	280bps + SOFR	5	20 x quarterly installments of USD 1.2m + USD 26m balloon	Oct. 2028
BoComm	Sale & Lease back	USD 50.9m	USD 75m	260bps + SOFR	11	1x monthly installments of USD 1.9m, 12x USD 1.1m, 24x USD 0.3m + USD 26.2m balloon	Sep. 2027
Deutsche Bank 1	Pre- & Post delivery finance	USD 11.7m	USD ~54.5m	230bps + SOFR	2	23 x semi-annual installments of 3.33% + 23.34% balloon	2036

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

In USD thousands	Q2 2024	Q2 2023	H1 2024	H1 2023
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Operating revenues	130,899	194,368	278,442	374,491
Commissions	(3,762)	(5,421)	(7,753)	(10,551)
Vessel voyage expenditures	(3,936)	(3,448)	(7,280)	(6,295)
Vessel operation expenditures	(38,738)	(38,173)	(76,159)	(72,358)
Ship management fees	(2,157)	(2,469)	(4,778)	(4,783)
Share of profit or loss from joint venture	(349)	1,520	(378)	10,268
Gross profit	81,957	146,376	182,094	290,772
Administrative expenses	(4,360)	(3,508)	(8,687)	(6,716)
Other expenses	(638)	(805)	(1,163)	(1,290)
Other income	1,040	684	2,102	1,386
Gain (loss) from sale of vessels	6,412	-	6,201	-
Depreciation	(17,521)	(20,611)	(35,265)	(40,215)
Held for sale loss/impairment	-	(18,391)	-	(18,391)
Operating profit	66,890	103,745	145,282	225,547
Finance income	2,435	1,485	4,397	3,009
Finance costs	(4,393)	(3,689)	(8,690)	(7,312)
Profit (loss) before income tax	64,932	101,542	140,989	221,245
Income tax expenses	(119)	(50)	277	(93)
Profit (loss) for the period	64,813	101,491	141,266	221,152
Attributable to:
Equity holders of the Company	64,797	101,439	141,220	221,051
Minority interest	16	53	46	101
Basic earnings per share – in USD	0.15	0.23	0.32	0.50
Diluted earnings per share – in USD	0.15	0.23	0.32	0.50

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

in USD thousands	June 30, 2024	Dec 31, 2023
(unaudited)		(audited)
ASSETS
Non-current Assets
Vessels	728,750	691,291
Newbuildings	66,593	78,980
Right-of-use asset	359	84
Other non-current assets	2,496	-
Investments in associate and joint venture	6,557	2,934
Total non-current assets	804,755	773,289
Current Assets
Vessel held for sale	-	25,165
Inventories	6,537	8,088
Trade and other receivables	24,807	23,667
Financial instruments at fair value	2,782	1,951
Restricted cash	8,492	5,005
Cash and cash equivalents	160,788	117,579
Total current assets	203,406	181,455
TOTAL ASSETS	1,008,161	954,744

in USD thousands	June 30, 2024	Dec. 31, 2023
	(unaudited)	(audited)
EQUITY AND LIABILITIES
Equity
Share capital	48,589	48,589
Share premium	1,879	1,879
Retained earnings	725,879	700,021
Other reserves	135	(843)
Non-controlling interest	3,624	3,835
Total equity	780,106	753,481
Non-current liabilities
Non-current Interest-bearing debt	129,093	92,951
Lease liabilities -long-term	169	-

Total non-current liabilities	131,931	93,699
Deferred tax liabilities	-	748
Other non-current liabilities	2,669	-

Current liabilities
Current interest-bearing debt	38,028	33,564
Acquired TC contracts, current	13,570	20,397
Trade and other payables	452	21,459
Income tax payable	721	289
Deferred revenues	29,060	35,230
Other liabilities	14,293	17,022
Total current liabilities	96,124	107,564
TOTAL EQUITY AND LIABILITIES	1,008,161	954,744

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW

	H1 2024	H1 2023
in USD thousands	(unaudited)	(unaudited)
Profit (loss) before income tax	140,989	221,245
Income tax expenses paid	-	(173)
Net change inventory and trade and other receivables	984	(2,179)
Net change in trade and other payables and other liabilities	1,716	(6,676)
Net change in deferred revenues	(6,170)	2,479
Depreciation	35,265	40,215
Finance costs (net)	4,293	4,302
Share of profit (loss) from joint venture	377	(10,268)
Impairment	-	18,391
(Gain) loss from sale of vessels and fixed assets	(4,648)	-
Amortization of TC contracts	(926)	(1,565)
Cash flow from operating activities	171,880	265,771

Cash flow from investing activities	(42,556)	(103,642)
Investment in associate	(4,000)	(404)
Dividend received from joint venture investment	-	20,950
Interest received	3,019	1,907
Acquisition of vessels	-	(75,344)
Newbuildings	(72,850)	(22,638)
Scrubbers, dry dockings and other vessel upgrades	(19,114)	(28,113)
Proceeds from disposal of vessels	50,389	-

	H1 2024	H1 2023
in USD thousands	(unaudited)	(unaudited)
Dividends paid	(115,619)	(164,461)
Additions from non-controlling interest	-	541
Proceeds from debt financing	61,670	8,300
Repayment of long-term debt	(18,516)	(31,400)
Payment of principal of leases	(97)	(100)
Interest paid	(5,188)	(6,261)
Debt issuance costs	(3,648)	-
Other finance paid	(1,376)	-
Cash from /(to) financial derivatives	146	(1,194)
Cash flow from financing activities	(81,628)	(194,575)
Net change in cash and cash equivalents	46,696	(32,446)
Restricted cash, cash & cash equiv. at beginning of the period	122,584	125,517
Restricted cash, cash & cash equiv. at end of the period	169,280	93,071

FLEET EMPLOYMENT OVERVIEW

No	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Aug-24	Sep-24	Oct-24	Nov-24	Dec-24	Jan-25	Feb-25	Mar-25	Apr-25	May-25 Jun-25	Jul-25	Aug-25	Sep-25	Min / Max
1	AS FATIMA1	1,300 gls	COSCO	11,500														Aug-24 / Sep-24
2	AS PAOLA1	2,500 grd	CMA CGM	28,900									DD2					Sep-24 / Oct-24
3	AS ANNE	2,200 grd eco	CMA CGM	17,250														Sep-24 / Nov-24
4	AS SVENJA	1,700 grd	CMA CGM	29,995					DD2									Oct-24 / Dec-24
5	AS FRANZISKA	1,300 grd	Maersk	11,500														Oct-24 / Dec-24
6	AS PAMELA	2,500 grd	COSCO	37,500				DD2										Nov-24 / Jan-25
7	AS FENJA	1,200 gls	COSCO	27,000					DD2									Nov-24 / Jan-25
8	AS ANITA	2,000 gls	COSCO	18,000														Jan-25 / Feb-25
9	AS NINA	3,500 gls	Maersk	18,250									DD2					Jan-25 / Mar-25
10	AS ALEXANDRIA	2,000 gls	SCI	13,500														Feb-25 / Apr-25
11	AS FLORIANA	1,300 gls	CFS	27,750														Feb-25 / Apr-25
12	AS FREYA	1,300 grd	Maersk	28,000														Feb-25 / Apr-25
13	AS PENELOPE	2,500 gls	Hapag-Lloyd	16,950													DD2	Mar-25 / Jun-25
14	AS NORA	3,500 grd	CMA CGM	40,000														Apr-25 / Jun-25
15	AS FABIANA	1,300 grd	Maersk	29,500														May-25 / Jul-25
16	SEVILLIA	1,700 grd	Samudera	15,0003														May-25 / Jul-25
17	AS ANGELINA	2,000 grd	Maersk	36,500														Aug-25 / Oct-25
18	AS SERENA	1,700 grd	Shanghai Jin Jiang	15,0004		Maersk –	20,300											Aug-25 / Nov-25
19	AS SOPHIA	1,700 grd	Maersk	38,000														Sep-25 / Nov-25
20	AS SIMONE	1,700 grd eco	Maersk	23,5005														Sep-25 / Sep-26
21	AS SILJE	1,700 grd eco	Maersk	23,5005		DD2												Oct-25 / Oct-26
22	AS SABINE	1,700 grd eco	Maersk	23,5005														Nov-25 / Nov-26
23	AS STINE	1,700 grd eco	Maersk	23,5005				DD2										Dec-25 / Dec-26
24	AS FILIPPA	1,300 grd	CMA CGM	18,250	13,500													Jan-26 / Mar-26
25	AS FABRIZIA	1,300 grd	King Ocean	11,000														Feb-26 / Apr-26

Sold – to be handed over after re-delivery in Q3 / Q4

Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

First year at USD 65,000, thereafter one year at USD 40,000 and then USD 15,000 for the remaining period

Contracted base rate; besides base rate the charter also includes a Scrubber savings sharing mechanism in favour of MPCC

Index-linked charter rate with a floor of USD 8,750 and a ceiling of USD 14,500 - 50/50 profit share for all assessed rates between USD 17,000 and USD 35,000

Min. period Max. period

FLEET EMPLOYMENT OVERVIEW

No	Vsel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Aug-24	Sep-24	Oct-24	Nov-24	Dec-24	Jan-25	Feb-25 Mar-25	Apr-25	May-25	Jun-25	Jul-25	Aug-25	Sep-25	Min / Max
26	AS CYPRIA	2,800 gls	Hapag-Lloyd	16,825								18,500						Feb-26 / Apr-26
27	AS FLORETTA	1,300 grd	Crowley	16,800														Mar-26 / May-26
28	AS FELICIA	1,300 grd	ZISS	24,000														Mar-26 / May-26
29	AS PATRIA	2,500 grd	KMTC	25,0001					DD2									Mar-26 / Jul-26
30	AS FIORELLA	1,300 grd	COSCO	25,950			15,000											Apr-26 / Jun-26
31	AS ALVA	2,000 grd	MSC	15,500														Apr-26 / Jun-26
32	AS CARELIA	2,800 gls	Hapag-Lloyd	19,500														Apr-26 / Jun-26
33	AS CARLOTTA	2,800 grd	ONE	25,500														May-26 / Jun-26
34	AS CLEMENTINA	2,800 gls	Unifeeder	21,178														May-26 / Jul-26
35	STADT DRESDEN	2,800 gls	Hapag-Lloyd	18,300	19,500													Jun-26 / Sep-26
36	AS CHRISTIANA	2,800 grd	CMA CGM	32,400			Seacon –	26,800										Jul-26 / Aug-26
37	AS SICILIA	1,700 grd	Unifeeder	30,000	MSC –	17,000												Jul-26 / Sep-26
38	AS PIA	2,500 grd	Maersk	45,7503														Aug-26 / Jan-27
39	AS COLUMBIA	2,800 gls	Sea Consortium	15,500			DD2 / Maersk –		24,000									Sep-26 / Oct-26
40	AS CAMELLIA	2,800 gls	MSC	17,750		Maersk –	24,000											Sep-26 / Nov-26
41	AS CONSTANTINA	2,800 gls	COSCO	39,900		26,500							DD2					Sep-26 / Nov-26
42	AS CALIFORNIA	2,800 gls	MSC	17,750		Maersk –	24,000											Sep-26 / Nov-26
43	AS SAVANNA	1,700 grd	Maersk	12,500	DD2	12,5004												Sep-26 / Nov-26
44	AS SELINA	1,700 grd	Maersk	29,500				12,5004										Nov-26 / Jan-27
45	AS PETRONIA	2,500 HR grd	Maersk	45,7505														Nov-26 / May-27
46	AS CLAUDIA	2,800 gls	Hapag-Lloyd	16,000					19,500									Oct-26 / Jan-27
47	AS PALINA	2,500 HR grd	Maersk	45,7505														Oct-26 / Apr-27
48	AS SABRINA	1,700 grd	Maersk	13,500			DD2	12,5004										Nov-26 / Jan-27
49	AS SAMANTA	1,700 grd	Seaboard	22,4006			DD2	Maersk –	12,5004									Nov-26 / Jan-27
50	AS CAROLINA	2,800 gls	ZISS	41,000														Nov-26 / Jan-27

First year at USD 70,000, next year at USD 55,000, thereafter one year at USD 25,000 and then USD 15,500 for the remaining period

Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

as of 29.08.2025 the charter rate will change to an index-linked scheme with a floor of USD 10,500 and a ceiling of USD 16,000, the charter also includes a Scrubber savings sharing mechanism in favour of MPCC

Contracted base rate, index-linked scheme with a floor of USD 12,500 and a ceiling of USD 20,000

as of 21.10.2025 the charter rate will change to an index-linked scheme for AS Palina and as of 19.11.2025 for AS Petronia with a floor of USD 11,000 and a ceiling of USD 17,000, the charter also includes a Scrubber savings sharing mechanism in favour of MPCC

Contracted base rate; besides base rate the charter also includes a Scrubber savings sharing mechanism in favour of MPCC

Min. period Max. period

1 Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitment

3 avg. Rate of USD 39,000 (first two years USD 70,000, the third year USD 45,000 and for the remaining four years USD 21,565)

2 Contracted base rate, index-linked with a floor of USD 12,500 and a ceiling of USD 20,000

FLEET EMPLOYMENT OVERVIEW

No	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Aug-24	Sep-24	Oct-24	Nov-24	Dec-24	Jan-25	Feb-25	Mar-25	Apr-25	May-25 Jun-25	Jul-25	Aug-25	Sep-25	Min / Max
51	AS SARA	1,700 grd	Maersk	35,000				DD1			12,5002							Feb-27 / Apr-27
52	AS CASPRIA	2,800 gls	ZISS	40,700														Mar-27 / May-27
53	AS SUSANNA	1,700 grd	ONE	39,990							DD1	18,000						Mar-27 / Jun-27
54	AS NURIA	3,500 gls	Maersk	25,150														Jun-27 / Aug-27
55	MACKENZIE	3,500 grd	ZISS	70,0003														Jun-31 / Jul-31
58	COLORADO	3,500 grd	ZISS	70,0003														Jul-31 / Sep-31
59	H2530	1,300 gls	Unifeeder		Charter rate of EUR 17,750 per day													Dec-33 / Dec-33
60	NCL VESTLAND	1,300 grd	NCL															May-39 / Sep-39
61	NCL NORDLAND	1,300 grd	NCL		NCL - base charter rate of 16,300 EUR per day increasing by 1.1% each year on January 1st												Aug-39 / Dec-39

Min. period Max. period

Appendix 22

ROBUST BACKLOG PROVIDES EARNINGS VISIBILITY

• 1. Underlying min/max periods for contracted charter based on management assessment. Contracted Revenue and Projected EBITDA not including IFRS adjustments
• 1. Revenues / Periods / TCE's / costs in good faith, but indicative only and subject to changes. Fixed revenue and days as of August 24, 2024.
• 1. Revenue and TCE not including IFRS amortization of time charter carry
• 1. Projected EBITDA based on contracted revenue (consolidated fleet) reduced by operating costs of USD 8,220 per day and vessel (incl. voyage expenditures / OPEX / G&As / Shipman)
• 1. Subject to redelivery of vessels (agreed min. / max. periods of charter contract)
• 1. Contracted forward TCE based on revenue divided by fixed operating days
• 1. Ranking based on list of 100 largest container/ liner operators by Alphaliner

UPDATE ON UPCOMING VESSELS IN FY 24 & FY 25

• 1. Upcoming vessels based on the minimum period
• 1. 10-Y Historical average of with USD ~16,150/day and current market rates of ~26,850/day based on monthly average 6-12 months TC rates from Clarksons Research as of July 2024. Rates are weighted averages based on size and number of vessels
• 1. Illustrative operating revenue earnings scenarios, no forecasts, assuming upcoming fixtures at above shown rates. Based on 97% utilization
• 1. Illustrative net profit scenarios, no forecasts, assuming operating costs of USD 8,220 per day and vessel, USD 100m of depreciation and net finance costs for 2024 and 2025
• 1. Based on MPCC share price as of August 24, 2024 of NOK 22.50/share and USD/NOK 10.50

DISCLAIMER

This presentation (the "Presentation") has been prepared by MPC Container ships ASA (the "Company") for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein.

Please note that no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any forward-looking statements, including projections, estimates, targets and opinions, contained herein. To the extent permitted by law, the Company, its parent or subsidiary undertakings and any such person's officers, directors, or employees disclaim all liability whatsoever arising directly or indirectly from the use of this Presentation. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances, not historical facts and are sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forwardlooking statements contained in this Presentation (including assumptions, opinions and views of the Company or opinions cited from third party sources) are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company, any of its parent or subsidiary undertakings or any such person's officers, directors, or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein.

The Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading in any material respect.

An investment in the company involves risk. 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 predicted or implied by statements and information in this presentation, including, but not limited to, risks or uncertainties associated with the company's business, development, growth management, financing, market acceptance and relations with customers and, more generally, economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange and interest rates and other factors. should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the actual results of the company may vary materially from those forecasted in this presentation.

By attending or receiving this Presentation recipients acknowledge that they will be solely responsible for their own assessment of the Company and that they will conduct their own analysis and be solely responsible for forming their own view of the potential future performance of the Company and its business.

The distribution of this Presentation may, in certain jurisdictions, be restricted by law. Persons in possession of this Presentation are required to inform themselves about and to observe any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of any documents or any amendment or supplement thereto (including but not limited to this Presentation) in any country or jurisdiction where specific action for that purpose is required.

In relation to the United States and U.S. Persons, this Presentation is strictly confidential and may only be distributed to "qualified institutional buyers", as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "US Securities Act"), or "QIBs". The recipient of this presentation is prohibited from copying, reproducing or redistributing the Presentation. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities law and may not be offered or sold within the United States unless an exemption from the registration requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be made (i) to persons located in the United States, its territories or possessions that are QIBs in transactions meeting the requirements of Rule 144A under the U.S. Securities Act and (ii) outside the United States in "offshore transactions" in accordance with Regulations S of the U.S. Securities Act. Neither the U.S. Securities and Exchange Commission, nor any other U.S. authority, has approved this Presentation.

This Presentation is being communicated in the United Kingdom to persons who have professional experience, knowledge and expertise in matters relating to investments and who are "investment professionals" for the purposes of article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and only in circumstances where, in accordance with section 86(1) of the Financial and Services Markets Act 2000 ("FSMA"), the requirement to provide an approved prospectus in accordance with the requirement under section 85 FSMA does not apply.

The contents of this Presentation shall not be construed as legal, business, or tax advice. Recipients must conduct their own independent analysis and appraisal of the Company and the Shares of the company, and of the data contained or referred to herein and in other disclosed information, and risks related to an investment, and they must rely solely on their own judgement and that of their qualified advisors in evaluating the Company and the Company's business strategy.

This Presentation reflects the conditions and views as of the date set out on the front page of the Presentation. The information contained herein is subject to change, completion, or amendment without notice. In furnishing this Presentation, the Company undertake no obligation to provide the recipients with access to any additional information.

This Presentation shall be governed by Norwegian law. Any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Norwegian courts with the Oslo City Court as legal venue.