2. Group structure DSD Norled (100%) DSD Shipping 100% Norlines (100%) Tide AS (76%) 2

3. Group 155 years of maritime history. 22 years history from international shipping Main Office in Stavanger, Norway. Privately owned. Controlled by Mrs Yuhong Jin Hermansen. Over 4,000 employees (2011) Fleet of 100 vessel and 1,400 busses. 12 Tankers 11 Liners /RoRo / Reefers / Pallet Carriers. 73 Ferrys / High Speed Crafts Strong contract coverage in Norled, Tide and DSD Shipping. Conservative profile, stable cash flow. 3

4. 4 Norled 1,100 employees. Turnover NOK 1,6 Billions. 73 vessels. Transport of 8 mill cars and over 18 mill pax p.a. Operation from the Oslo Fjord to Troms County Operation of 25 ferry and express boat contracts, about 50 different routes

5. Financials - Norled: Turnover 20111,6 Billion NOK Operational cost (Opex)0,6 Billion NOK –Fuel (MGO and LNG) –Maintenance Ship yard classification and repair Service and spare parts Painting and general maintenance. Investment (Capex) present0,8 Billion NOK –2 ea gas ferries –1 ea Conventional car ferry –1 ea battery driven car ferry –Several upgrades (Environments, efficiency) –Nox - Fond 5

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