Green Reefers ASA General Meeting, 10 May 2005, Bergen

Green Reefers ASA | Concept | Transport systems | The logistic highway | Development | Current resources | Segments and Finance | 2004 | So far 2005 | Market development | Green Reefers’ figures

1 | Concept Provide a logistic highway for chilled and frozen products Resources –Specialized reefervessels –Terminals –Organisation Transport systems –Sea/land

2 | Transport systems Fish from the Northern Areas to: –The Baltic Region –Black Sea –Continent –USA/Canada Juice/Fruit from Florida to the Continent Fruits from C-America to USEC/USWC Fish/Fertilizer from Continent to West Africa Chicken/Meat products from Brazil to Russia

3 | The logistic highway - Development Purchase options for 3 vessels decleared Number of vessels on TC to the company increased Purchase of terminal in Måløy Increased share in Odraport, where additional coldstore was completed Relocation of main office to more suitable location 2004

Purchase of 5 reefer vessels Renewal of TC to the company Sale of part-owned terminal in Ålesund Sale of Green Flake Continue to renew and expand our fleet - organic growth Expanding coldstore capacity 3 | The logistic highway - Development Future focus So far 2005

Conventional (20 + 5) Sidedoor (6) Short term TC (2-3) Green Spring Green Summer Green Winter Green Tundra Green Cooler Green Crystal Green Freezer Green Bodø Green Måløy Green Austevoll Green Karmøy Green Egersund Green Selje Green Concordia Green Toledo Primadonna Prince Green Atlantic Green Snow Frio Pusan Specialized reefervessels (34) Glacier Marianao Ice Alvena Sierra Leyre Sierra Lara Green Ice Green Arctic Green Frio Green Igloo Green Frost Wilson Express* * Previously Green Bergen 3 | The logistic highway - Current resources

Træna, Norway Kaliningrad, Russia Odraport, Poland Terminals Klaipeda, Lithuania Måløy, Norway 3 | The logistic highway - Current resources

Coordinating the chain Fully integrated shipping operation Close to the client and the market –Bergen –Ålesund –Måløy –Kaliningrad –Poland, Swinoujscie, Gdynia –Klaipeda –Florida 3 | The logistic highway - Current resources Organisation

Sidedoor market –Largest logistic provider on the Norwegian Coast –Increased volumes from other areas 4 | Segments and Finance Conventional market –Brazil-contract renewed and expanded for –Spot rates increased by 20% –Substantial increase in second- hand values (+ 60 %) Finance –Rights issue of NOK 36 millions –Private placement of NOK 4 millions (employees option program)

Sidedoor market –10 % growth in transported volumes –Increased use of external vessels 4 | Segments and Finance - So far 2005 Conventional market –Market rates up 40% Finance –Private placement of NOK 58 millions –Refinancing in May 2005, USD 73,5 millions

5 | Market development Positive rate-trend

Demand –Long trend –Strong euro 5 | Market development Positive rate-trend

5 | Market development Supply –Fleet Demand –Long trend –Strong euro Positive rate-trend

5 | Market development Supply –Fleet Demand –Long trend –Strong euro Positive rate-trend –Scrapping –Newbuilding

Containers –Reefer capacity VS market share Lower utilization 5 | Market development

–Containershare in the bananatrade Containers –Reefer capacity VS market share Lower utilization 5 | Market development

–Containershare in the bananatrade Containers –Reefer capacity VS market share Lower utilization Current situation as follows: –Limited reefer newbulidings –High level of scrapping –Reefer trade - steady growth –BUT: Container vessel orderbook of 50 percent (!) Container impact 5 | Market development

–Containershare in the bananatrade Containers –Reefer capacity VS market share Lower utilization Advantage containers: –Small volumes / spesialized products –Year-round availability –Trades combinable with dry cargo trades –Door-to-door spesialists Container impact A comparison Advantage specialised reefers: –Temperature controll on delivery, on air return and in pulp –CO2 contents can be controlled and adjusted –Air controll Deliver, adjust or/and recycle the air –Humidity controll –Cost advantage large volumes –Flexibility in seasonal business –Less paperwork for Charterers –Direct and thereby faster service 5 | Market development

–Containershare in the bananatrade Containers –Reefer capacity VS market share Lower utilization The myth of the containers: –Less cargo damage. –No touching or handling between point- of-production and end user. –Extensive temperature control all the way. Container impact The reality of the containers: –The container is often stripped and cargo put in cold store in port of loading and discharge. –Result is increasing risk of cargo damage, and loss of cost advantage. –More temperature problems with cargo in containers than with cargo in specialized reefers. –Each container has to be controlled 5 | Market development

–Containershare in the bananatrade Containers –Reefer capacity VS market share Lower utilization Container impact If the container market collapses, the questions for the reefer market are: A. Will the container companies chase reefer cargoes aggressively? B. Will they succeed in gaining market shares again? Our answers: A. Probably yes. B. To a certain degree, yes. But: Increasing cost in securing higher market share. Specialized reefer operators - improved product 5 | Market development

–Containershare in the bananatrade Containers –Reefer capacity VS market share Lower utilization Certain trades will "belong to" reefers, and others to containers. In the middle, there are trades that the two modes will compete for. Container impact Our conclusion The reefer market will therefore also in future be influenced by the container market, however the containers will not cause another collapse. 5 | Market development

Profit/loss | Green Reefers’ figures

Profit/loss Balance sheet 6 | Green Reefers’ figures

Profit/loss Balance sheet Cash-flow 6 | Green Reefers’ figures

Profit/loss Balance sheet Cash-flow EBITDA trend 6 | Green Reefers’ figures

Profit/loss Balance sheet Cash-flow EBITDA trend 6 | Green Reefers’ figures Market capitalization

We go all the way ”Only those who will risk going too far can possibly find out how far one can go” T. S. Elliot