Belships — AGM Information 2015

May 7, 2015

Belships – Annual General Meeting

May 7, 2015

Key investment highlights

Owner/operator of high quality ships on medium to long‐term charters to highly reputable customers

Strengthening market balance representing an attractive window of opportunity

5

4

6

Strong focus on fleet expansion withmodern dry bulk tonnage

1

3

2

Management team with ^a track record for building and operating successful shipping companies

USD 92 ^m fixed charter backlog providing long‐term stable revenues

Belships ASA was founded in 1918 and listed in Oslo in 1937. Strong and supportive majority shareholder inthe Tidemand family.

Businessstrategy and core activities

• •Owner/operator of dry bulk tonnage
• •Pure play in dry bulk – clear strategic focus
• • Building ^a portfolio of c/p's to reputable counterparts
• •Duration of c/p's evenly spread – long tail
• • Fixed long term charters will provide stable distributable cash flows
• • Cost efficient operation and administration – «lean and mean»
• •Transparency, good corporate governance
• • Targeting an efficiently priced equity with an attractive dividend ratio

Corporate Structure

Tonnage overview

l Ve ss e n am e	Dw t	/ l d Bu i t y ar	Ty p e	Cu to s m er
ls Be ta r	5 8, 0 0 0	/ 2 0 0 9 Da y an g	bu l k Su p ra m ax	Ca te np o x
lno Be r	5 8, 0 0 0	/ 2 0 1 0 Da y an g	bu l k Su p ra m ax	Ca te np o x
loc Be ea n	5 8, 0 0 0	/ 2 0 1 1 Da an g y	bu l k Su p ra m ax	/ Ca te np o op en x
/ ba b Im i a r n	6 1, 0 0 0	l V / e s s e ba l n n a 2 0 1 5 Im Ve i ss e am e a r	m e l bu l k U tra m ax	Op en
/ ba b Im i a r n	6 1, 0 0 0	/ ba 2 0 1 6 Im i a r	l bu l k U tra m ax	** ) Ca te np o x
ba / b *) i Im a r n	6 3, 0 0 0	/ ba 2 0 1 i 7 Im a r	l bu l k U tra m ax	Op en

*) Lease period of 8+1+1+1 years with purchase option from end of year 4 of JPY 3.01 bn, decreasing annually by JPY 110 m. **) One n/b will be swapped with Belocean for the balance period of c/p with Canpotex, adding USD 1,300/day net to the t/c hire.

Contractcoverage

‐ USD 92mfixed charter backlog

Canpotex is ^a joint venture among three Canadian potash producers

• •Agrium
• •Mosaic
• •PotashCorp

established in 1972 tomarket potash outside of Canada and USA. Potash is used in agriculture as fertilizer. Canpotex sells potash on CFR basis and has invested in 5,400 specialized railcars and port terminals in Vancouver and Portland. Canpotex has since 1972 supplied approx. 200 million mt of high‐quality potash to customers in Asia, Latin America, Oceania andAfrica.

Belships ASA has the option to sell maximum two of the Canpotex‐vessels after 5 alt. 7 years without obligation to continue the Charter.

Support team

• •Technical management
• •Insurance
• •Finance
• •Analyst coverage
• •Stock exchange

Dry Bulk Trade Demand By Importer

IronOre – main driver of dry bulk demand

• The most important factor for dry bulk demand is ^a surge in low‐cost supply of high‐quality iron ore from Australia and Brazil

Supply side considerations

i d E t t t s m a e n e f l h t t e e g r o w
2	%
0	3
1	8
5
2	%
0	3
1	6
6
2	1
0	5
1	%
7

Valueadjusted balance sheet

TheBelships share

Ownership and Organization chart

Shareholder overview

ha ho l de S re r	ha # s res	%
( de d ) So A S Sv J. T i ta na er re ma n	2 8 8 5 6 0 3 0	6 0. 9 4 %
( ) i ds h ip A S Ot G. i de d T T to s ma n	6 2 0 1 0 8 5	1 3. 1 0 %
Sv i de d J. T er re ma n	2 8 9 6 2 1 4	6. % 1 1
do S E B Lo n n	9 8 7 4 1 9	% 2. 0 9
Ge A S ms co	5 3 7 0 5 8	1. 1 3 %
ls h Be ip A S A s	4 9 8 0 0 0	1. 0 5 %
l Ca ing A S r s	4 0 0 0 0 0	0. 8 4 %
i d inv S T I I A t es	3 1 5 4 1 4	0. 6 % 7
Im A S te p or r	3 0 5 0 0 1	% 0. 6 4
/ & Je Co A S ns se n	3 0 2 8 1 6	0. 6 4 %
hr l C Ca ita A S em p	2 7 0 0 0 0	0. 5 7 %
Ko i A S nt rar	2 5 0 0 0 0	0. 5 3 %
ka Na To ats g u ru	2 5 0 0 0 0	0. 5 3 %
iv Sø lan d L	2 0 0 0 0 4	0. % 5 1
da Gr Ma A S t an a na g em en	2 2 0 0 0 0	% 0. 4 6
l k Ca Er i Ste r en	2 0 7 2 0 3	0. 4 4 %
ha d l lan d Be K ie rn r	2 0 0 0 0 0	0. 4 2 %
J S L A S	1 7 5 0 0 0	0. 3 7 %
l d A S L Ho ing A S	1 7 5 0 0 0	0. 3 7 %
in lan d To Sø rst e	1 3 0 0 0 0	% 0. 2 7
he ha ho l de Ot s r re rs	3 9 4 0 5 3 9	% 8. 3 2
l d ha To ing ta uts ta o n s res	4 7 3 5 2 0 0 0	1 0 0. 0 0 %

i A U S D t m o n s n m u	2 0 1 4	2 0 1 3
i i O t p e r a n g n c o m e	2 2 1	2 6 0
E B I T D A	8 6	9 3
f h i i I t m p a r m e n o s p s	3 2 ‐	2 7 ‐
l O i t t p e r a n g r e s u	1 1	2 4
l b f N t t t e r e s e o r e a u x	6 1 ‐	0 2 ‐

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

US 1 000 D	20 14	20 13
ig ht Fre rev en ue	91 2 17	22 094
fee Ma ent nag em s	67 4 1	3 8 79
Op tin inc era g om e	22 079	25 97 3
har h Tim ire ter e‐c	‐80 4	‐4 660
Shi ati p o per ng exp en ses	‐5 434	‐5 059
hip Op tin ent era g e xpe nse s s ma nag em	‐3 74 1	‐3 706
al d dm Ge inis tiv tra ner an a e e xpe nse s	‐3 540	‐3 214
tin Op era g e xpe nse s	‐13 519	‐16 639
tin lt ( A) Op EB ITD era g r esu	8 5 60	9 3 34
nd De cia tio iza tio ort pre n a am n	‐4 274	‐4 25 1
of Im irm ent ent ets pa no n‐c urr ass	‐3 200	‐2 700
lt ( IT) Op tin EB era g r esu	1 0 86	2 3 83
Int in st ere com e	124	142
Int st ere e xpe nse s	‐1 96 1	‐2 040
fin Ot he ial ite r anc ms	‐27 7	‐68 1
/ (‐ ) Cu ins los rre ncy ga ses	‐55 0	208
Ne fin cia l it t an em s	‐2 6 64	‐2 37 1
sul b efo Re t t re axe s	‐1 78 5	12
Tax es	‐23	‐16 6
sul Ne t t re	6 01 ‐1	‐15 4
f olli int He ntr sts reo n on ‐co ng ere	80	60
f ajo rity int He sts reo m ere	‐1 68 1	‐21 4
he he nsi inc Ot c r om pre ve om e
in/ ial ( los s) o def d ben efit lan Act ine uar ga n p s	‐99	‐3
tal reh siv e i To co mp en nco me	‐1 700	‐15 7
f olli int He ntr sts reo n on ‐co ng ere	80	60
f ajo rity int He sts reo m ere	‐1 780	‐21 7
nin har ( US t) Ear gs pe r s e cen	‐3, 63	‐0, 34
Dil d ing sha ( US t) ute e arn s p er re cen	‐3, 63	‐0, 34

CONSOLIDATEDBALANCE SHEETS

U S D 1 0 0 0	2 0 1 4	2 0 1 3
S S S A E T
ixe d F ts as se
h S ip s	8 8 9 2 0	9 2 5 4 4
bu l d lm Ne i in in ta ts w g s en	1 4 1 2 5	5 6 5 0
he f d O ixe t ts r as se	2 3 4 5	3 0 8 8
l f ixe d To ta ts as se	1 0 5 3 9 0	1 0 4 1 6 2
Cu t ts rre n as se
de de b Tr to a rs	4 4	1 2
he b les O iva t r re ce	9 6 7	9 6 8
h d h le Ca iva ts s an ca s eq u n	8 0 6 4	1 4 2 8 2
l To ta t ts cu rre n as se	9 0 7 5	1 5 2 6 2
l To ta ts as se	6 1 1 4 4 5	9 2 1 1 4 4

CONSOLIDATEDBALANCE SHEETS

U S D 1 0 0 0	2 0 1 4	2 0 1 3
E Q U I T Y A N D L I A B I L I T I E S
i Eq ty u
d‐ l Pa i in i ta ca p	4 3 5 6 3	4 3 3 0 5
d in in Re ta e ea rn g s	2 0 8 0 1	2 3 2 2 5
l l No in in tr te ts n‐ co n o g re s	4 0 8	4 0 1
l i To ta ty eq u	6 0 1 5 5	6 6 9 8 5
l b l Lo ia i i ie ‐te t ng rm s
de b M tg t or ag e	4 0 6 5 1	4 2 4 6 0
l F in ia in tr ts an c s um en	5 1 5	8 1 6
io b l ig io Pe t ns n o a ns	1 1 3 8	1 6 4 4
l lo l b l To ia i i ie ta ‐te t ng rm s	4 2 3 0 4	4 4 9 2 0
ho l ia b i l i ie S t‐ te t r rm s
f de b Cu io t t tg t rre n p or n o m or ag e	0 0 0 5	3 8 5 1
de d Tr i to a cr e rs	3 8 1	5 6 2
he ho l b l O ia i i ies t t‐ te t r s r rm	2 9 1 7	8 6 1 4
l ho l ia b i l i ie To ta t‐ te t s r rm s	7 1 1 0	7 5 4 6
l i d l ia b i l i ie To ta ty t eq u an s	1 1 4 4 6 5	1 1 9 4 2 4

Result1st quarter 2015

i S A U D t m o u n s n m	Q 2 0 1‐ 1 5	Q 2 0 1‐ 1 4
O i i t p e r a n g n c o m e	0 5	6 1
I A E B T D	2 2	2 1
f h I i i t m p a r m e n o s p s	2 2 ‐	0 0
l O i t t p e r a n g r e s u	1 0 ‐	1 1
f l b R t t e s u e o r e a x	2 0 ‐	0 3

1st quarter 2015 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

US 1 D 000	Q 1 20 15 (un aud ite d)	Q 1 20 14 (un aud ited )	20 14
ht Fre ig rev en ue	3 87 4	5 09 8	17 91 2
fee Ma t nag em en s	1 13 9	98 1	4 16 7
Op tin inc era g om e	5 01 3	6 07 9	22 07 9
ha hir Tim rte e‐c r e	0	‐80 4	‐80 4
hip tin S op era g e xp en ses	‐1 22 2	‐1 38 4	‐5 43 4
hip Op tin t era g e xp en ses s ma nag em en	‐88 8	‐92 2	‐3 74 1
Ge l nd dm inis tiv tra ne ra a a e e xp en ses	‐69 0	‐84 8	‐3 54 0
tin Op era g e xp en ses	‐2 80 0	‐3 95 8	‐13 51 9
tin lt ( ) Op EB ITD A era g r esu	2 21 3	2 12 1	8 56 0
nd De cia tio iza tio ort pre n a am n	‐1 05 0	‐99 7	‐4 27 4
irm f s hip Im t o pa en s	‐2 20 0	0	‐3 20 0
tin lt ( ) Op EB IT era g r esu	‐1 03 7	1 124	1 08 6
Int inc st ere om e	2	9	12 4
Int st ere e xp en ses	‐44 1	‐49 9	96 ‐1 1
he fin l it Ot cia r an em s	‐28 5	‐35 5	‐27 7
/ (‐ ) Cu ins los rre ncy ga ses	‐19 4	42	‐55 0
fin cia l ite Ne t an ms	‐91 8	‐80 3	‐2 66 4
lt be for Re t su e axe s	‐1 95 5	32 1	‐1 57 8
Ta xes	‐31	‐26	‐23
lt Ne t r esu	98 6 ‐1	29 5	60 ‐1 1
f llin int He ntr sts reo n on ‐co o g ere	33	7	80
f He ajo rity int sts reo m ere	‐2 01 9	28 8	‐1 68 1
he he Ot nsi inc c r om pre ve om e
/ ria l ain ( los ) o de fin d be fit lan Ac tua g s n e ne p s	0	0	‐99
l he To nsi inc ta co mp re ve om e	‐1 98 6	29 5	‐1 70 0
f llin He int ntr sts reo n on ‐co o g ere	33	7	80
f int He	‐2 01 9	28 8	‐1 78 0
ajo rity sts reo m ere
ha ( ) Ea rni US t ngs pe r s re cen	‐4, 24	0, 63	‐3, 42

CONSOLIDATEDBALANCE SHEETS

		Q 2 0 1 1 5	Q 1 2 0 1 4	2 0 1 4
US D 1 00 0		(un d ite d ) au	(un dit d ) au e
A S S E T S	No te
d F ixe ts a sse
h S ip s		8 6 7 4 6	9 4 6 4 0	8 8 9 2 0
bu l d lm Ne i ing ins ta ts en w	2	1 6 9 5 0	5 6 5 0	1 4 1 2 5
he f d Ot ixe ts r a sse		2 1 8 1	3 0 7 4	2 3 4 5
l f ixe d To ta ts a sse		1 0 5 8 7 7	1 0 3 3 6 4	1 0 5 3 9 0
Cu nt ts rre a sse
bto de de Tr a rs		1 1 2	1 2 2	4 4
he b les Ot iva r r ec e		8 8 6	1 1 0 4	9 6 7
h d c h e len Ca iva ts s a n as q u		6 0 9 1	1 6 6 9 0	8 0 6 4
l To ta nt ts c ur re a sse		7 0 8 9	1 7 9 1 6	9 0 7 5
l To ta ts a sse		1 1 2 9 6 6	1 2 1 2 8 0	1 1 4 4 6 5

BELSHIPSASA

CONSOLIDATEDBALANCE SHEETS

B E L S H I P S A S A
		Q 1 2 0 1 5	Q 1 2 0 1 4	2 0 1 4
US D 1 00 0		(un d d ) ite au	(un dit d ) au e
E Q U I T Y A N D L I A B I L I T I E S
ity Eq u
l i d‐ in ita Pa c ap		4 3 8 1 5	4 3 3 0 5	4 3 6 3 5
d Re ine ing ta e ar n s		1 9 0 6 1	2 3 5 4 0	2 1 0 8 0
l l No ing int tro sts n‐c on ere		4 4 1	4 0 8	4 0 8
l ity To ta e q u		6 3 0 8 3	6 7 2 5 3	6 5 0 5 1
l ia b i l it ies Lo ‐te ng rm
de bt Mo rtg ag e	3	3 9 4 3 0	4 4 4 3 7	4 0 6 5 1
Int t ate er es r s wa p		2 0 5	7 1 1	5 1 5
ion b l ig ion Pe at ns o s		9 6 7	1 6 2 0	1 1 3 8
l lon l b l To ia i it ies ta te g‐ rm		4 0 9 2 6	4 6 7 6 8	4 2 3 0 4
ho l b l S ia i it ies rt‐ te rm
f m de bt Cu ion nt t tg rre p or o or ag e	3	5 0 0 0	5 0 0 0	5 0 0 0
de d Tr ito a c re rs		1 6 5 2	4 8 4	3 8 1
he ho l ia b i l it ies Ot rt‐ te s r rm		2 3 0 5	1 7 7 5	1 7 2 9
l ho l ia b i l it ies To ta rt‐ te s rm		8 9 5 7	7 2 5 9	7 1 1 0
l l b l To ity d ia i it ies ta e q u an		1 1 2 9 6 6	1 2 1 2 8 0	1 1 4 4 6 5

Segment information USD 1 000 Dry cargo Technicalmanagm. Admini‐strationGroup transaction TotalFreight revenue 3 806 0 0 68 3 874 Management fees 0 1 177 137 ‐175 1 139 Operating income 3 806 1 177 137 ‐107 5 013 Ship operating expenses ‐1 328 0 0 106 ‐1 222 Operating expenses ship management 0 ‐888 0 0 ‐888 General and administrative expenses ‐2 0 ‐689 1 ‐690 Operating expenses ‐1 330 ‐888 ‐689 107 ‐2 800 Operating result (EBITDA) 2 476 289 ‐552 0 2 213 Depreciation and amortization ‐1 026 ‐10 ‐14 0 ‐1 050 Impairment of ships ‐2 200 0 0 0 ‐2 200 Operating result (EBIT) ‐750 279 ‐566 0 ‐1 037 Interest income 0 1 1 0 2Interest expenses ‐441 0 0 0 ‐441 Other financial items ‐71 ‐4 ‐210 0 ‐285 Currency gains/(‐losses) 2 14 ‐210 0 ‐194 Net financial items ‐510 11 ‐419 0 ‐918 Result before taxes ‐1 260 290 ‐985 0 ‐1 955 Taxes 0 ‐31 0 0 ‐31 Net result ‐1 260 259 ‐985 0 ‐1 986 Hereof non‐controlling interests 0 33 0 0 33 Hereof majority interests ‐1 260 226 ‐985 0 ‐2 019 January ‐ March 2015