MPC Container Ships ASA — Investor Presentation 2023

Sep 21, 2023

PARETO ENERGY CONFERENCE

Moritz Fuhrmann, CFO

INTRODUCTION

MARKET UPDATE OUTLOOK

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

Leading container tonnage provider

Strong balance sheet and significant earnings backlog

Clear strategy & investment principles

Established corporate setup with strong governance

#1 INTRA-REGIONAL TONNAGE PROVIDER

• » 69 vessels ¹
• » ~ 150k total TEU capacity ¹

FLEET

• » Solid portfolio and chartering strategy
• » Reliable operations

STRONG BALANCE SHEET

• » 21 unencumbered vessels
• » Industry-low leverage

HIGH EARNINGS VISIBILITY

» Revenue backlog ~USD 1.2bn² » 94% contract coverage for H2 2023 and 59% for FY 2024²

CAPITAL ALLOCATION

» Clear & rational principles

STRONG EXECUTION

» Proven execution capabilities

SELECTIVE GROWTH

» Focus on per share accretive transactions

DISTINGUISHED CORPORATE SET-UP

• » Solid corporate governance
• » Proven ESG commitment ³
• » Strong sponsor

DISTINCT FOCUS ON INTRA REGIONAL TRADE

CHARACTERISTICS OF INTRA-REGIONAL TRADES

• » 41% of all container vessels sail on intra-regional trades with 99% smaller than 5.2k TEU
• » Advantageous supply dynamics
• » Orderbook biased towards larger tonnage, high age profile
• » Significant capacity reduction expected due to upcoming regulation
• » Moderate supply growth in 2023 (2.6%); in 2024 (-1.1%)
• » Favorable demand outlook
• » Relative robust growth projections (3.7% in 2023 and 4.3% in 2024)
• » Excess demand expected for 2023/2024
• » Supply-chain developments promote regional trade flows
• » Predictable trading profiles and manageable investments in fuel infrastructure imply further potential to create Green Corridors

TOP TONNAGE PROVIDERS < 5.5K TEU 1

MPC Container Ships | | Pareto Energy Conference 4 1 Ranked by number of vessels; operator not considered and including orderbook Sources: Alphaliner, Sep. 2023; MSI, Aug. 2023; Clarksons, Sep. 2023.

INTRODUCTION

MARKET UPDATE

OUTLOOK

TIME-CHARTER RATES DECREASING WHILE VESSEL AVAILABILITY REMAINS TIGHT

CHARTER RATES AND SECONDHAND PRICES START OF THE YEAR VESSEL AVAILABILITY

1 Availability for the remainder of 2023 as of 14-Sep-23

MPC Container Ships | | Pareto Energy Conference 6 2 Forecast based on known and likely open positions at current market conditions, including 2023 remainder and newbuild deliveries Data Sources: Harper Petersen, September 2023; Clarksons Research, September 2023,

OVERSUPPLY EXPECTED FOR TOTAL MARKET WHILE INTRA-REGIONAL DYNAMICS APPEAR MORE FAVORABLE

Data Source: MSI (July 2023) 1 Forecast data

FAVORABLE ORDERBOOK-RATIOS & SCRAPPING POTENTIALS IN SMALLER SIZES

• » Favorable combination of low OB/fleet and substantial scrapping potential in smaller size segments
• » Currently ~300 vessels ordered in 1k–3k TEU segment with majority being delivered in the next ~15 months
• » In existing fleet of ~2,300 vessels, ~300 are 20–24 years old and ~250 are >24 years

in general

40 45

M CGT

» Short term, increasing the orderbook for feeder units is deemed impossible due to high forward utilization of yards and nearly prohibitive prices

GLOBAL SHIPYARD CAPACITY REMAINS MAXED OUT IN THE SHORT TERM

Est. Potential Orderbook Delivered

INTRODUCTION

MARKET UPDATE

OUTLOOK

A SUSTAINABLE CONTAINER FLEET AND COMPANY

• » Ongoing portfolio optimization towards younger and more fuel-efficient vessels
• » Distributed USD >670m to investors through dividends
• » Significantly reduced debt outstanding to USD 256m down from USD 350m
• » Increased number of unencumbered vessels, providing high balance sheet flexibility
• » Reduced the balance sheet leverage to industry-low levels of ~25% based on pro-forma figures. Debt outstanding covered by total fleet's conservative recycling value of USD ~253m

PROVIDING SIGNIFICANT SHAREHOLDER RETURNS

Pareto Energy Conference

1 Dividend yield calculated as total dividends paid and declared since January 2022 divided by opening share price on Jan 3, 2022, of NOK 24.75/share

MPC Container Ships | | 11 2 Dividend yield YTD calculated as dividends paid and declared since January 2023 divided by opening share price on Jan 2, 2023, of NOK 16.30/share

3 Q2 2023 recurring DPS of USD 0.15 (NOK 1.6118) to be paid on Sept. 28, 2023

ROBUST BACKLOG AND COUNTERPARTIES PROVIDES FORWARD VISIBILITY

FIXED OPERATING DAYS AND REVENUE / EBITDA 1, 2

COUNTERPARTIES ⁸

• » 85% of revenue backlog with top 10 liners and cargo-backed⁹
• » 1.8 years average remaining contract duration

STRONG VALUE PROPOSITION: LOW RISK & SIGNIFICANT DISTRIBUTION POTENTIAL

USD million

• » Significant Upside Potential from 69 vessel fleet ³
• » Current Enterprise Value fully covered by the projected EBITDA backlog which alone creates an excess value

2024 2025

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 1.2bn provides high earnings visibility
• » Ideally positioned to balance strategic and selective fleet optimization efforts with continued attractive shareholder returns
• » Strong emphasis on returning capital to shareholders

APPENDIX

ROBUST MID-TERM OUTLOOK FOR INTRA-REGIONAL TRADES

ORDERBOOK TO FLEET RATIO AND VESSEL AGE ACROSS SIZE SEGMENTS WILDCARD FACTORS INFLUENCING THE OUTLOOK

• » Favorable demand outlook for intra-regional trades (4.9% CAGR from 2022 2025)

• » Favorable supply dynamics: relatively old fleet, low orderbook, manageable newbuild deliveries and negative net fleet growth prospect (0.2% CAGR 2022-2025)

• » Environmental regulations: The decarbonization framework will become stricter, tightening supply due to increased slow-steaming and more retrofits leading to more yard downtime.

• » Geo-political developments: Countries will continue to look for resilience in supply chains that might hurt Chinese export growth while competing economies are benefiting already from these developments, mitigating the overall impact on TEU-miles.
• » Cascading: Cascading is inevitable, but larger vessels will find it increasingly difficult to call at ports without constraints, requiring feeder services.
• » Intra-regional trades: Relative outperformance of intra-regional trades in connection with a relatively lower orderbook to fleet is expected to keep modern, fuel-efficient units in demand during the downturn.

CREATING SHAREHOLDER VALUE ACROSS CYCLES

SECOND-HAND INVESTMENTS

• » 88 vessels acquired for USD ~1bn (avg. USD ~12m per vessel)
• » 2x Scrubber fitted well-known feeder-designs: 1x 3,400 TEU (2010-built) & 1x 2,800 TEU (2007-built) for USD ~34m

NEWBUILDINGS & ECO VESSELS

• » 4 NBs ordered for USD ~222m with an EBITDA backlog of USD ~281m
• » 2x 5,500 TEU dual-fuel methanol ready and 2x 1,300 dual-fuel methanol vessels

• » 5x modern eco-vessels: 4x 1,800 TEU (2019-built) & 1x 2,200 TEU (2015-built) for USD 136.4m

• » 26 vessels sold for USD ~508m (avg. USD ~20m per vessel)

• » Disposal of older and less efficient tonnage
• » Final dissolvement of JV to simplify corporate structure

OVERVIEW OF DEBT FINANCINGS

MPC Container Ships ASA

	100%	100%	100%	100%	100%	100%	100%	90.1%
	1 AS Claudia	2 MPCC Invest B.V.	3 MPCC Second Financing	4 Unencum bered	5 MPCC Third Financing AS	6 Eco-fleet	7 Ecoboxes	8 Greenboxes
# of vessels	1	12	8	21	16	5	2	2
Financing	OVB	BOCOMM	CIT Bank	-	HCOB/ CA	HCOB	CA/K-Sure	European Bank3
Maturity	Feb 2027	Aug 2027	Jul 2024	-	Nov 2026	Jul 2028	2031	2039
Debt Outstanding	USD 6.9m 1	USD 75m	USD 35m 1	-	USD 70m 1	USD 50m	USD 117m 2	~USD 55m
Recycling Value	USD 4.2m	USD 39.1m	USD 27.4m	USD 70m	USD 61.7m	USD 13.7m	USD 15.4m	USD 4.2m
Average Age	16.3y	15.4y	15.3y	16.1y	15.9y	4.6y	-	-
Margin (SOFR +)	350 bps	260 bps	325 bps	-	335 bps	280 bps	150 bps	<250 bps
LTV	45,8%	55%	35,3%	-	26,9%	40%	70%	up to 75%
MPC Container Ships	Pareto Energy Conference		1 As of Q2 2023	2 Pre-delivery tranche of USD 15.9m and post-delivery tranche of USD 101.5m

3 Term sheet signed

OVERVIEW OF FINANCING FACILITIES

Facility	Type	Outstanding 30/06/23	Total capacity	Interest rate	#	Repayment profile	Maturity
CIT	RCF	USD 55m	USD 70m	325bps + 1M SOFR	8	Commitment will be reduced in semi-annually steps from Jan 2022 to Jul 2024	Jul. 2024
HCOB/CA-CIB	Term loan	USD 20m	USD 130m	335bps + 3M LIBOR / SOFR 17		2 installments with USD 22.5m 1 installment with USD 20m 4 installments with USD 15m 1 installment with USD 5m	Nov. 2023
	RCF	USD 50m	USD 50m	335bps + 1M LIBOR/ SOFR		Commitment will be reduced starting in Nov 2023 – Nov 2026	Nov. 2026
CA-CIB	Pre- & Post delivery finance	USD -	USD ~100m	150 – 250bps + SOFR		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 6.9m	USD 8.3m	450bps (year 1) & 350bps (after) + SOFR	1	May 31, 2023 & Aug 31, 2023: quarterly installments of USD 1.4m Nov 30, 2023: quarterly installments of USD 0.69m Feb 29, 2024ff.: quarterly installments of USD 0.37m	Feb. 2027
HCOB Ecofeeder	Term Loan	USD 0m	USD 50m	280bps + SOFR	5	20 x quarterly installments of USD 1.2m + USD 26m balloon	Oct 2028
BoComm	Sale & Lease back	USD 0m	USD 75m	260bps + SOFR	13	12x monthly installments of USD 2.1m, 12x USD 1.2m, 24x USD 0.3m + USD 28.1m balloon	Sep 2027
European Bank2	Pre- & Post delivery finance	USD -	USD ~55m	<250bps + SOFR	2	23 x quarterly installments of 3.33% + 23.341% balloon	2036

Q2 2023 KEY FINANCIALS

BALANCE SHEET AS OF JUNE 30, 2023 PROFIT OR LOSS

USD m	June 30, 2023	December 31, 2022
Assets	984.3	956.3
Non-current assets	835.5	799.8
Current assets	148.8	156.5
thereof cash & cash equivalents	93.1	125.5
Equity and liabilities	984.2	956.3
Equity	778.1	721.4
Non-current liabilities	67.8	76.9
Current liabilities	138.3	158.0
Equity ratio	79.1%	75.4%
Leverage ratio 1	13.3%	16.1%

USD m		Q2 2023	Q2 2022
Operating revenues		194.4	151.7
Gross profit		146.4	114.8
EBITDA		142.7	111.8
Profit for the period		101.5	90.1
Number of vessels 2		63	65
Ownership days		5,460	5,460
Trading days		5,320	5,104
Utilization 3		97.40%	98.20%
TCE	USD per trading day	35,757	28,071
EBITDA (unadjusted)	USD per ownership day	26,154	20,472
OPEX	USD per ownership day	6,798	5,972
EPS (diluted)	USD	0.23	0.20

CASH FLOW

USD m	H1 2023	H1 2022
Cash at beginning of period	125.5	180.3
Operating cash flow	265.8	186.2
Financing cash flow	-103.6	47.1
Investing cash flow	-194.6	-327.2
Cash at end of period	93.1	86.5

1 Long-term and short-term interest-bearing debt divided by total assets

2 Number of vessels as at June 30 / Dec 31 2022, including Bluewater JV

3 Fleet utilization equals trading days (non-normalized, Dry-docking days deducted) / ownership days.

FLEET EMPLOYMENT OVERVIEW

No	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24	Apr-24	May-24	Jun-24	Jul-24 Aug-24	Sep-24 Oct-24	Min / Max
1	AS ROBERTA	1400 gls	BTL	10,500													Oct-23 / Oct-23
2	AS CARLOTTA	2800 grd	ONE	15,850													Sep-23 / Nov-23
3	AS FLORA	1200 gls	Sea Consortium	13,500													Nov-23 / Dec-23
4	AS ROMINA	1500 gls	SeaLead	12,000					DD(1)								Oct-23 / Dec-23
5	AS CYPRIA	2800 gls	ONE	17,000													Oct-23 / Jan-24
6	AS EMMA(2)	4200 gls	MSC	20,000													Dec-23 / Feb-24
7	AS RAFAELA	1400 gls	Global Feeder Services	10,400													Jan-24 / Mar-24
8	AS NINA	3500 gls	Maersk Line	14,150(3)													Feb-24 / Mar-24
9	AS PETRA	2500 HR grd	Seaboard	28,800(4)							DD(1)						Feb-24 / Mar-24
10	AS PAULINE	2500 gls	Seaboard	25,500													Feb-24 / Mar-24
11	AS SIMONE	1700 grd eco	Maersk Line	14,000							DD(1)						Aug-23 / Apr-24
12	AS SAVANNA	1700 grd	Seaboard	22,400(4)								DD(1)					Apr-24 / May-24
13	AS ALEXANDRIA	2000 gls	Global Feeder Services	42,000													Mar-24 / May-24
14	AS PAULINA	2500 HR grd	MSC	26,750								DD(1)					Mar-24 / May-24
15	AS SABINE	1700 grd eco	Maersk Line	14,000(4)													Mar-23 / Jun-24
16	AS FATIMA	1300 gls	Diamond Line (COSCO)	14,400	DD(1)												Apr-24 / Jun-24
17	AS FRANZISKA	1300 grd	Sealand Europe A/S (Maersk)	14,150													Apr-24 / Jun-24
18	AS ROSALIA	1500 gls	Diamond Line (COSCO)	15,000										DD(1)			May-24 / Jul-24
19	AS SABRINA	1700 grd	Seaboard	22,400(4)											DD(1)		Jun-24 / Jul-24
20	AS ANITA	2000 gls	Diamond Line (COSCO)	29,350													Jul-24 / Jul-24
21	AS ALVA	2000 grd	Unifeeder	29,000													May-24 / Jul-24
22	AS PENELOPE	2500 gls	Hapag-Lloyd	17,200													Apr-24 / Jul-24
23	AS FILIPPA	1300 grd	CMA CGM	18,250													Jun-24 / Jul-24
24	AS CLARITA	2800 gls	Oman Shipping Lines	26,975						DD(1)							Jun-24 / Aug-24
25	STADT DRESDEN	2800 gls	Hapag-Lloyd	18,300													May-24 / Aug-24

Min. period Max. period On subs

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

Sold: handover planned for November 2023

Contracted base rate, index-linked with a floor of USD 10,000 and a ceiling of USD 14,150, besides base rate scheme the charter also includes a Scrubber savings sharing mechanism in favor of MPCC

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

FLEET EMPLOYMENT OVERVIEW

No	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24	Apr-24	May-24	Jun-24 Jul-24	Aug-24	Sep-24 Oct-24	Min / Max
26	AS RAGNA	1500 gls	ZISS	30,000										DD(1)			Jun-24 / Aug-24
27	AS SICILIA	1700 grd	Unifeeder	30,000													Jul-24 / Sep-24
28	AS SAMANTA	1700 grd	Seaboard	22,400(1)											DD(2)		Aug-24 / Sep-24
29	AS SERENA	1700 grd	Shanghai Jin Jiang	15,000													Jul-24 / Sep-24
30	AS CHRISTIANA	2800 grd	CMA CGM	32,400													Jul-24 / Sep-24
31	AS SILJE	1700 grd eco	Maersk Line	14,000									DD(2)				Aug-23 / Oct-24
32	AS FIORELLA	1300 grd	COSCO	25,950													Oct-24 / Oct-24
33	AS PAOLA	2500 grd	CMA CGM	28,900													Aug-24 / Oct-24
34	AS CONSTANTINA	2800 gls	Diamond Line (COSCO)	39,900													Sep-24 / Oct-24
35	AS FABRIZIA	1300 grd	King Ocean	26,000													Sep-24 / Oct-24
36	AS CAMELLIA	2800 gls	MSC	17,750													Sep-24 / Nov-24
37	AS ANNE	2200 eco	CMA CGM	17,250													Sep-24 / Nov-24
38	AS CARELIA	2800 gls	Hapag-Lloyd	33,000													Aug-24 / Nov-24
39	AS CALIFORNIA	2800 gls	MSC	17,750													Sep-24 / Nov-24
40	AS CLAUDIA	2800 gls	Hapag-Lloyd	16,000													Sep-24 / Dec-24
41	AS SVENJA	1700 grd	CMA CGM	29,995													Oct-24 / Dec-24
42	AS COLUMBIA	2800 gls	Sea Consortium	15,500													Oct-24 / Dec-24
43	AS CLEMENTINA	2800 gls	Unifeeder	35,500													Oct-24 / Dec-24
44	AS PAMELA	2500 grd	New Golden Sea Shipping (COSCO)	37,500										DD(2)			Nov-24 / Jan-25
45	AS SELINA	1700 grd	Maersk Line	29,500													Nov-24 / Jan-25
46	AS FENJA	1200 gls	New Golden Sea Shipping (COSCO)	27,000													Nov-24 / Jan-25
47	AS STINE	1700 grd eco	Sealand Maersk Asia Pte. Ltd. (Maersk)	14,000													Nov-23 / Feb-25
48	AS FLORETTA	1300 grd	Crowley	26,500													Nov-24 / Feb-25
49	AS SARA	1700 grd	Maersk Line	35,000													Feb-25 / Apr-25
50	AS FLORIANA	1300 gls	CFS	27,750													Feb-25 / Apr-25

Min. period Max. period On subs

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

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

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

FLEET EMPLOYMENT OVERVIEW

No	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24	Apr-24	May-24	Jun-24	Jul-24	Aug-24	Sep-24	Oct-24	Min / Max
51	AS FREYA	1300 grd	Maersk Line	28,000						DD(2)									Feb-25 / Apr-25
52	AS SUSANNA	1700 grd	ONE	39,990															Mar-25 / May-25
53	AS NORA	3500 grd	CMA CGM	40,000															Apr-25 / Jun-25
54	AS FABIANA	1300 grd	Maersk Line	29,500															May-25 / Jul-25
55	SEVILLIA	1700 grd	Samudera	40,000(1)										15,000					May-25 / Jul-25
56	AS ANGELINA	2000 grd	Maersk Line	36,500															Aug-25 / Oct-25
57	AS NADIA	3500 gls	MSC	20,000															Aug-25 / Oct-25
58	AS PIA	2500 grd	Maersk Line	45,750						DD(2)									Aug-25 / Oct-25
59	AS SOPHIA	1700 grd	Sealand Maersk Asia Pte. Ltd. (Maersk)	38,000															Sep-25 / Nov-25
60	AS PALINA	2500 HR grd	Maersk Line	45,750					DD(2)										Oct-25 / Dec-25
61	AS PETRONIA	2500 HR grd	Maersk Line	45,750									DD(2)						Nov-25 / Jan-26
62	AS FELICIA	1300 grd	ZISS	24,000															Mar-26 / May-26
63	AS PATRIA	2500 grd	KMTC	55,000											25,000				Mar-26 / Jul-26
64	AS CAROLINA	2800 gls	ZISS	41,000			DD(2)												Nov-26 / Jan-27
65	AS CASPRIA	2800 gls	ZISS	40,700															Mar-27 / May-27
66	ZIM MACKENZIE	5,500 grd	ZIM		ZIM –			avg. Rate of USD 39,000 (first two years USD 70,000, the third year USD 45,000 and for the remaining four years											Jan-31 / Mar-31
67	ZIM COLORADO	5,500 grd	ZIM								USD 21,565)(4)								Feb-31 / Apr-31
68	NCL VESTLAND	1,300 grd	NCL																May-39 / Sep-39
69	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 On subs

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

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

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

Fixed, subject to delivery ex shipyard

REFERENCES

SLIDE 12

• 1. Underlying min/max periods for contracted charter based on management assessment. Contracted Revenue and 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 10, 2023, including cash compensation from the early redelivery of AS Anne.
• 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 FY revenue divided by fixed operating days
• 1. Total number of operating days based on assumed utilization of 95% (of available days)
• 1. Includes USD 22.0 million in cash settlement from the early redelivery of AS Anne from Pasha Group in Q3 2023.
• 1. Ranking based on list of 100 largest container/liner operators by Alphaliner.

SLIDE 13

• 1. NIBD = net interest-bearing debt (gross debt cash & cash equivalent) as of June 30, 2023
• 1. Based on MPCC share price of NOK 18.86 as of September 14, 2023, and USDNOK 10.75
• 1. Including four newbuildings with delivery in 2024. Including one vessel scheduled for take-over in August 2023
• 1. Recycling Value of MPCC fleet as of June 30, 2023, calculated with USD 400/LWT
• 1. Fleet Value based on charter-free values from VesselsValue.com dated August 21, 2023. Including newbuildings
• 1. Net profit to be considered as illustrative earning scenarios and not forecast.
• 1. 10-Y Historical average of with USD ~16,000/day and current market rates of ~14,600/day based on Clarksons rates as of July. Rates are weighted averages based on size and number of vessels.

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.