Saga Pure — Earnings Release 2018

May 30, 2018

Saga Tankers ASA :Q1 2018 financial results

Saga Tankers ASA :Q1 2018 financial results

(Oslo, 30 May 2018) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset

value (NAV) of NOK  412 million end of the first quarter 2018, corresponding to

NOK 1.55 per outstanding share, excluding minority interests and with Vallhall

valued at book value.

By the end of the first quarter, Saga had a cash balance of NOK 58 million. All

long term debt are related to the real estate in Vallhall (Saga's ownership is

55%).

During the quarter the net change in market value of SD Standard Drilling Plc,

Vistin Pharma ASA and Pareto Bank ASA was negative NOK 21 million, classified as

net loss from available for sale assets. The negative change should be

contemplated in conjunction with the quarterly share of profits from associates

of NOK 22.6 million, as this relates to SD Standard Drilling Plc.

Saga's ownership in SD Standard Drilling Plc has been diluted during the quarter

from 20.2% to 18.4% due to an equity issue in SD Standard Drilling Plc. As a

result SD Standard Drilling Plc is not considered as an associated entity from

March 2018. No further substantial changes have been made in the investment

portfolio during the fourth quarter.

Key figures

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NOK 1000 Jan-Mar 2018 Jan-Mar 2017 Jan-Dec 2017

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(unaudited) (unaudited) (unaudited)

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Operating revenues   6 831   42 545   73 979

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Operating profit (-loss)

before depreciation   4 309   36 715   59 368

(EBITDA) (1)

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Operating profit/(-loss)   3 576   36 076   56 656

(EBIT) (2)

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Net profit/(-loss)   3 097   36 228   56 883

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Total comprehensive income   2 690   56 432   20 543

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Value adjusted equity per   1,55   3,15   1,54

share (NOK) (3)

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Basic and diluted earnings   0,01   0,13   0,20

per share NOK

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(1) EBITDA can be calculated from the statement  of income by deducting

interest income, interest expenses and depreciation from the profit/(loss)

before taxes.

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(2) EBIT can be calculated from the statement of income by deducting interest

income and  interest expenses from the profit/(loss) before taxes.

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(3) Value adjusted equity has been calculated through application of  market

value for assets and liabilities traded in quoted markets, and book value for

other assets and liabilities. As traded assets and liabilities are carried at

fair value in the balance sheet, the VAE per share equals total equity

excluding non-controlling interests per outstanding share.

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TNOK Share of total

Fixed assets   92 011 17 %

Available-for-sale financial assets   377 476 71 %

Current assets   59 116 11 %

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Total assets 528 602 100 %

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Available-for-sale financial assets Fair value TNOK No of shares Ownership

Pareto Bank ASA   186 944 5 052 547 8,6 %

SD Standard Drilling Plc   160 040 105 846 245 18,4 %

Vistin Pharma ASA   22 903 1 965 943 11,5 %

Other investments   7 589

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Total 377 476

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Financial assets are adjusted to market value according to IFRS. Vallhall Arena

is a subsidiary.

By end of first quarter the main investments in Saga Tankers ASA were:

Pareto Bank ASA (8.6% ownership)

Pareto Bank is a leading niche player within project financing. The bank has

main focus on financing of real estate, securities and corporate, shipping and

offshore. Pareto Bank is a compact organization with approximately 37 employees,

short decision lines, and an efficient credit decision process. The main

geographical real estate exposure is in Oslo and Akershus. Financing of

securities is mainly related to listed stocks. Pareto Bank also finance small

and medium size corporate, primarily related to a project or M&A. Further Pareto

Bank finance some segments within the shipping and offshore industry.

For further information: www.paretobank.no

SD Standard Drilling Plc (18.4% ownership):

The company currently owns 100% of five large-size PSV's and has ownership in

15 mid-size PSV's bringing the total fleet of party and/or fully owned vessels

to 20.

For more information: www.standard-drilling.com

Vistin Pharma ASA (11.5% ownership):

Vistin Pharma is a Norwegian pharmaceutical company producing Metformin

Hydrochloride.

Vistin Pharma ASA is a pure play metformin producer, with a strong position in

the global market and with significant growth ambitions. In May 2018 Vistin

Pharma ASA expanded the business area to also include investments in energy

derivatives and other energy related assets.

For further information: www.vistin.com

Vallhall (55% ownership):

Vallhall Arena is Oslo's largest indoor arena, centrally located at Helsfyr in

Oslo with good public transportation connections. Several hotels are also

located close to the arena. The arena was built in 2001. The cost was

approximately NOK 130 million whereof NOK 80 million was funded by debt and NOK

55 million was funded by equity from owners. The size of the arena is about

9 000 square meter. The arena is well-known for its high quality indoor soccer

hall and is used by school children, as well as professionals. The arena is also

leased out for events such as exhibitions, seminars, concerts and other events

requiring facilities that Vallhall Arena can offer.

For more information: www.vallhall.no

For further information, please contact:

CEO Espen Lundaas

+47 92 43 14 17

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.