THE LEADING FERRY COMPANY IN NORWAY

Credit Investor Presentation NOK [1,000]m Senior Unsecured Bond Issue

November 2017

2

IMPORTANT INFORMATION (1/2)

This Presentation (the “Presentation") has been produced by Fjord1 ASA (the “Company”) solely for use in connection with a contemplated offering of bonds by the Company (the “Bonds”) initiated in November 2017 (the “Offering”) as described herein, and may not be reproduced or redistributed in whole or in part to any other person. Fjord1 ASA has mandated DNB Markets and Nordea Bank AB (publ), filial i Norge (“Nordea”) as global coordinators and joint lead managers and Fearnley Securities and SpareBank 1 Markets as joint lead managers (collectively the “Managers”). This Presentation is for information purposes only and does not in itself constitute an offer to sell or a solicitation of an offer to buy any of the Bonds. By attending a meeting where this Presentation is presented, or by reading the Presentation slides, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations.

The information contained in this Presentation is furnished by the Company and has not been independently verified. No representation or warranty (express or implied) is made as to the accuracy or completeness of any information contained herein, and it should not be relied upon as such. None of the Company or the Managers or any of their parent or subsidiary undertakings or any such person’s directors, officers, employees, advisors or representatives (collectively the “Representatives”) shall have any liability whatsoever arising directly or indirectly from the use of this Presentation or otherwise arising in connection with the Offering, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation.

The Recipient accepts the risks associated with the fact that only limited investigations have been carried out by the Managers in relation to the Company and the Offering. The Recipient acknowledges that it will be solely responsible for its own assessment of the Offering and the market, the market position and credit worthiness of the Company. The Recipient will be required to conduct its own analysis and accepts that it will be solely responsible for forming its own view of the potential future performance of the Company, its business and the Bonds.

The content of this Presentation is not to be construed as legal, credit, business, investment or tax advice. The Recipient should consult with its own legal, credit, business, investment and tax advisers to receive legal, credit, business, investment and tax advice.

AN INVESTMENT IN THE COMPANY INVOLVES SIGNIFICANT RISK AND 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 EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION. A NON-EXHAUSTIVE OVERVIEW OF RELEVANT RISK FACTORS THAT SHOULD BE TAKEN INTO ACCOUNT WHEN CONSIDERING AN INVESTMENT IN THE BONDS ISSUED BY THE COMPANY IS INCLUDED IN THIS PRESENTATION. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION.

Certain information contained in this presentation, including any information on the Company’s plans or future financial or operating performance and other statements that express the Company’s management’s expectations or estimates of future performance, constitute forward-looking statements (when used in this document, the words “anticipate”, “believe”, “estimate” and “expect” and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements). Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significant business, economic and competitive uncertainties. The Company cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of the Company to be materially different from the Company’s estimated future results, performance or achievements expressed or implied by those forward-looking statements.

3

IMPORTANT INFORMATION (2/2)

Neither this Presentation nor any copy of it nor the information contained herein is being issued, and nor may this Presentation nor any copy of it nor the information contained herein be distributed directly or indirectly, to or into Canada, Australia, Hong Kong, Italy, Japan, the United Kingdom or the United States (or to any U.S. person (as defined in Rule 902 of Regulation S under the Securities Act)), or to any other jurisdiction in which such distribution would be unlawful, except as set forth herein and pursuant to appropriate exemptions under the laws of any such jurisdiction. Neither the Company nor the Managers, nor any of their Representatives, have taken any actions to allow the distribution of this Presentation in any jurisdiction where action would be required for such purposes. The distribution of this Presentation and any purchase of or application/subscription for Bonds may be restricted by law in certain jurisdictions, and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with such restrictions may constitute a violation of the applicable securities laws of any such jurisdiction. None of the Company or the Managers or any of their Representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presentation. Neither the Company nor the Managers have authorised any offer to the public of securities, or has undertaken or plans to undertake any action to make an offer of securities to the public requiring the publication of an offering prospectus, in any member state of the European Economic Area which has implemented the EU Prospectus Directive 2003/71/EC, as amended (the “Prospectus Directive”).

This Presentation is dated November 6, 2017. Neither the delivery of this Presentation nor any further discussions of the Company or the Managers with the Recipient or any other person shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. None of the Company or the Managers undertake any obligation to review or confirm, or to release publicly or otherwise to investors or any other person, any revisions to the information contained in this Presentation to reflect events that occur or circumstances that arise after the date of this Presentation.

The Managers and/or its Representatives may hold shares, options or other securities of the Company and may, as principal or agent, buy or sell such securities. The Managers may have other financial interests in transactions involving these securities.

ANY INVESTOR INVESTING IN THE BONDS IS BOUND BY THE FINAL TERMS AND CONDITIONS FOR THE BONDS, AND THE OTHER TERMS SET OUT IN THE SUBSCRIPTION MATERIAL FOR THE OFFERING.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.

4

AGENDA

1

3

Introduction

Market overview

2 Company overview

4 Financials

5 Risk factors

6 Appendices

5

INTRODUCTION

Ferries

62 Transported

People (million)

20.9 Passenger

Vessels

4 Employees

1,191 Revenues (NOKbn)

2.4 Transported

Vehicles (million)

10.2 EBITDA (NOKbn)

0.7

Contracted Backlog (NOKbn)

21

Figures as per 2016

Key facts & figures

Note: Figures as per 2016

6

CREDIT HIGHLIGHTS

Norwegian

market leader

The leading player in the consolidated Norwegian ferry

market, in terms of market share, profitability and

operational excellence

World-leading within environmental friendly ferry

solutions

Non-cyclical

industry with

high barriers to

entry

Non-cyclical industry with government backed long-term

contracts

Operating critical infrastructure in a stable and

transparent political environment

Capital-intensive industry with high barriers to entry

Strong

financial

position with

record-high

backlog

Diverse contract portfolio across maturities and

geographical locations

Strong contract backlog of NOK 21bn providing long

term visibility

Strong cash flow generation

Contracted growth based on recent tenders won

NIBD/EBITDA of 1.7x as of Q2 2017

Experienced

management

with track

record

Driven the organization through a period of streamlining

and towards growth with high tender activity and

success

Track record of strong operative performance, with

corresponding growth in profitability

27%

1%

49%

2%

21%

19%

2013 2015

13%

33%

17% 21%

2012 2014

28%

H1 2017 2016

EBITDA margin

2009

31.7

2007

31.4

2013

32.9 34.8 34.0

2011 2010 2008

31.4 30.8

35.0

2012 2014 2016

34.0 34.5

2015

Car equivalents (PCE in millions)

2,387

2015

2,356

2014

1,373

2012

2,386 2,349 2,230

2013 H1 2017 2016

Revenues in NOKm

7

AGENDA

1

3

Introduction

Market overview

2 Company overview

4 Financials

5 Risk factors

6 Appendices

8

INTRODUCTION Fjord1 is the leading provider of road connectiong ferry services in Norway

Provider of high quality ferry services based

on long-term contracts against public

authorities and communities

Fjord1 also has engagements in passenger

boats, catering and tourism, in addition to a

34% ownership in the airline company

Widerøe

Primarily present in the Western and Middle

part of Norway

The leading ferry provider

• 49%* market share

• On the forefront of environmentally friendly

vessels and operations

History back to 1858, when the business

commenced under the name Nordre

Bergenhus Amts Dampskibe

Listed on Oslo Stock Exchange with a market

cap in excess of 4.0bn

1,143 employees per Q2 2017

Headquartered in Florø, Norway

Operates 61 ferries in island and

fjord crossing

Portfolio of 22 contracts, covering

47 ferry connections

Ferries Passenger boats

Catering Tourism

3 contracts / 15 local routes in

Sogn og Fjordane

4 owned and 10 chartered

passenger and combi boats

Catering on several connections

Ferdamat concept – raw materials,

fruits and nutritional food

Gridde cake (“Svele”) and hot dogs

Seven tourism and transport

vessels

Concept of modern tourism in

iconic Norwegian fjords

~450,000 passengers in 2016

NOK

2,062m

NOK

101m**

NOK

188m

NOK

21m**

# 2016 revenues

Note(*): based on passengers transported. Note(**): based on proportional ownership

9

LEADING LOGISTICS COMPANY.. ..with best-in-class operational excellence

Fjord1 is a leading logistics

company

Only long-term contracts

Mostly fixed price contracts

(limited volume risk)

Leading market position built on:

The ability to deliver best-in-class

operations and scheduling

Long track record and

established market presence

Strong environmental profile

Attractive contract portfolio and

large fleet

Security system

& control

Reduced marine accidents by 96%

in the period 2012-2016 as a result

of long term continual work to

develop the Group’s safety and

management systems

Design &

Development

Through a joint effort with

suppliers Fjord1 has designed and

developed a cost effective and

environmentally friendly ferry fleet

(fuel, logistics, environment)

Energy

efficiency

Fuel efficiency, optimizing power

outlet

Transport

logistics

Transport logistics, efficiency in

day-to-day operations (terminal

time, sailing time, maintenance,

crew logistics, cost-effectiveness)

Operations

efficiency

Efficiently operating a large fleet of

ferries across the Norwegian

coastline

10

MANAGEMENT Experienced Management team with track record

Dagfinn Neteland – Chief Executive Officer

• CEO of Fjord1 in the period 2014-15, and from 2017

• Previous positions include CEO of Tide ASA, CEO of HSD

ASA, CEO of Gjensidige Vest and Regional Manager of

Nordea

Andrè Høyset – Chief Operating Officer

• Over 20 years of experience from various positions at

Fjord1 including Head of IT and Project Director

• Master of Science in Information Technology

Deon Mortensen – Director Technical and HSE

• Experience from Fjord1 since 2010

• Previous positions include Senior Vice President of Fjord1

Fylkesbaatane AS, Technical Director of STX Norway

Florø and Project Manager of Odfjell SE

Anne-Mari Sundal Bøe – Chief Financial Officer

• CFO in Fjord1 since 2013

• Previous experience as Group Chief Accountant in INC

Invest AS and Senior Manager in PwC

• Master in Business and Economics

Tor Vidar Kittang – Project Director

• Experience from Fjord1 since 2005

• Various experience from Fjord1 including commercial

leader

11

TRACK RECORD OF INCREASED PROFITABILITY Core business focus has supported momentum in EBITDA margins

1,373

2,3962,242

2,3492,3562,387

2,9803,0232,922

449

681

479456410310

485631578

33%

H1 2017 2016

28%

201 5

21%

2014

19%

201 3

17%

2012

13%

2011

16%

2010

21%

2009

20%

EBITDA margin EBITDA Revenue

…ensuring strong cost control,

improved operations and stronger

profitability Cost initiatives materializing, creating strong

momentum in profitability. Strong growth on

the back of winning new higher margin

contracts and declaration of options /

additional revenue under existing contracts

…to partly private ownership with a strong focus on

core business segments… In 2011, Havilafjord acquired 41% of shares, and the company

started divestment of non-core business segments (road

freight transportation and bus operations), enabling a stronger

focus on core business throughout the organization. At the

same time, the company started a ramp-up of new contracts

and wind-up of legacy routes

New management in place in 2014 and initiation of cost

improvement- and modernization program

From being a joint

holding company for

transportation services

companies… Fjord1 has emerged

following several mergers

and business combinations.

From 2001, the company

was owned by the

municipalities Møre og

Romsdal and Sogn og

Fjordane..

12

STRONG CONTRACT BACKLOG.. ..Comprising a diversified portfolio backed by Norwegian governmental bodies

Tender Start-up End Option Type Regulation Vessels PCE

capacity 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Sulapakken Jan. 19 Dec. 30 Gross Ferry index 5 2.4m Hordaland 1 Jan. 18/20 Dec. 29 Gross Ferry index 8 1.7m

Hordaland 2 Jan. 20 Dec. 28 29 Gross Ferry index 6 1.2m

Brekstad – Valset Jan. 19 Dec. 28 29 Gross Ferry index 2 0.3m

Boknafjorden Jan. 19 Dec. 24 25-29 Gross Ferry index 5 4.8m

Anda – Lote Jan. 18 Dec. 27 28 Gross Ferry index 2 0.8m

Fylkesvegsamband Sogn & Fjordane Gradually from 16 Dec. 25 26/27 Net Ferry index 5 0.5m

Lokalbåt Sogn og Fjordane Jan. 12 Apr. 20 21-22 Gross Salary/fuel + CPI 3 -

Svelvik- Verket Jan. 13 Dec. 20 21 Sub supplier Net Ferry index 1 0.2m

Romsdalspakken Jan. 10 Dec. 19 20-21 Net CPI 5 2.5m

Nordøyane Jan. 14 Dec. 21 Gross Ferry index 2 0.2m

Sølsnes-Åfarnes Jan. 14 Dec. 18 19-21 Gross Ferry index 1 0.8m

Indre Sunnmøre Jan. 12 Dec. 19 20 Net Ferry index 3 0.6m

Nordmørspakken Jan. 12 Dec. 19 20 Net Ferry index 7 1.6m

Midtre Sunnmøre Jan. 11 Dec. 18 19 – firm Net CPI 4 2.3m

Indre Sogn Jan. 06 Dec. 19 Gross Ferry index 4 1.7m

Bjørnefjorden/Boknafjorden Jan. 17 Dec. 18 Gross Ferry index 6 4.7m

Flakk – Rørvik Jan. 11 Dec. 18 Net CPI 3 1.0m

Refsnes – Flesnes Jan. 10 Dec. 18 Sub supplier Net CPI 1 0.2m Firm

Fylkesveg Møre og Romsdal Jan. 11 Dec. 18 Net CPI 2 0.1m

Nordfjord Jan. 09 Dec. 16/17** Net CPI 1 0.8m Option

Ytre Sogn Jan. 10 Dec. 17** Net CPI 2 0.1m

Current contracted backlog of NOK 21bn of fixed revenue with minimal price and volume risk provide long term visibility

• 11 of the 22 contracts are gross contracts, i.e., Fjord1 receives a pre-agreed contribution and has no risk on transported volume or ticket revenue

• Remaining 11 contracts are net contracts, where Fjord1 is somewhat more dependent on the transportation volume. Most new contracts expected to be on gross structure

• Indexation provisions are included in the contracts, protecting the company from cost-inflation risk

Current contract portfolio

Note(*): 16 of the contracts are operated today, whereas remaining 6 will be initiated in coming years. Two of the contracts are operated by sub-suppliers, whereof Flakk-Rørvik is operated by Fosen Namsos and Refsnes-Flesnes is operated by Torghatten Note (**): The Nordfjord and Ytre Sogn contract are included in the new contract for Fylkesvegsamband Sogn & Fjordane with Fjord1 as operator

# Nr of ferry routs

Counties Fjord1 operates

E39 (Main route through the

west coast of Norway)

Activity based, long-term contracts with public road authorities, being state agencies and county municipalities

Attractive contract coverage with 22* contracts covering 47 ferry connections

• Fjord1 operate 7 of the ten largest contracts and recently won the 6th largest

13

LARGE FLEET OF VESSELS Modern fleet with diverse capacity distribution

Fjord1’s sizeable fleet provides large flexibility and a strong competitive advantage as a number of contracts contain requirements for one or more back-up ferries in the event of engine failures and other operational disruptions

• In order to satisfy with this requirement, not all of the Company’s ferries are in day-to-day operations

• In times of free capacity, the company may charter vessels to third parties

Fjord1 has a fleet of 61 ferries with a total capacity of 5,112 passenger car equivalents

13 ferries currently under construction and contracts awarded for another 6 vessels

The average size of Fjord1’s fleet is 84 PCE, with size ranging from 242 PCE to 11 PCE

Car ferries typically have a useful operating life of up to 50 years and are usually depreciated over a 30-year period

2118

16

2103

6

2

27

200+ PCE 100-150 PCE 50-100 PCE

23 1

1

0-50 PCE

24

Contract awarded* Under construction Existing

Fleet capacity distribution (PCE)

2,500

35

30

500 3,500 1,000

15

5

10

0

1,500 3,000

25

2,000 0

20

31

3 2

# o

f vessels

16

9

<6 years > 20 years 6-10 years 11-15 years 16-20 years

Age/Value distribution of existing ferries

Note (*): Including four existing vessels to be upgraded to hybrid propulsion

14

NORWAY’S LEADING FERRY OPERATOR Front runner in reducing emissions – key competitive advantage going forward

Fjord1 is the leading company within modern technology and environmentally friendly ferry solutions

• The first in the world to commission a LNG ferry in 2000, and today operate a fleet of 12 LNG ferries, including the worlds largest

• First to put a hybrid ferry in operation in 2015, running batteries and LNG

• First company in the world to introduce 100% renewable bio fuel on two of its ferries

Today, the existing fleet includes 12 ferries operating on LNG, two on bio diesel and one hybrid operating on LNG and marine gas oil

Further, the company has 13 hybrid electric ferries under construction, constructed to run on electricity only, with alternative energy solutions as back-up and contracts awarded for another six vessels

The company has in recent years made substantial investments in measures to reduce the release of NOx, e.g. replacing older engines with Tier II certified engines

• In the period 2013-2016, 15 vessels have undergone such engine replacement

2000

The first gas-powered

ferry MF «Glutra»

2011

Twelve gas-powered

ferries

2015

MF «Fannefjord» - the

first LNG-hybrid ferry 2016

«Vision of the Fjords» -

Hybrid technology

2018

Starting first contract with

zero-emission

2018

«Future of the Fjords» -

fully electric

Environmental milestones

15

NEW CONTRACTS TRIGGER FLEET EXPANSION Tenders won over the past two years represent a gross value of NOK 15.2bn

Fjord1 will invest in new vessels and equipment as well as carry reconstruction of some existing vessels on the back long term contracts

• Fjord1 has entered into contracts with three Shipyards; Havyard Ship Technology AS, Tersan (Turkey) and Fjellstrand, regarding 13 new builds for delivery in 2017-2019, all ferries will have hybrid propulsion

• Six more new build orders will be placed to serve contracts recently won. In addition, four existing vessels will also be upgraded to hybrid propulsion for the Hordaland 1 & 2 contracts

Total new build capex expected at NOK 3,505m during 2017-2019

Fjord1 has received indicative terms from two

leading banks regarding funding of the capex

program

• Payment structure varies between contracts, but is

typically structured with 10-30% advance payments and

70-90% payable on delivery

In addition to investments in vessels, Fjord1 will from time to time do investments’ in the infrastructure adapted to the electricity or hybrid based propulsion technologies, as Fjord1 is responsible for the relevant infrastructural construction

• Such infrastructure investment will either be acquired by the respective contract counterparty or repaid in full over the duration of the contract with a margin

Tenders won by Fjord1 the past two years

Tender Current operator Contract period Gross firm

value (NOKm)

# of option

years

Anda-Lote Fjord1 2018-2027 752 1

Brekstad – Valset Torghatten 2019-2028 671 1

Bokna-/Bjørnefjorden Fjord1 2017-2018 1,933 -

Boknafjorden Fjord1 2019-2024 3,176 5

Hordaland 1 (7 connections) Torghatten (4) Norled (3) 2018/2020-2029 3,573 1

Sulapakken (2 connections) Norled/Fjord1 2019/2020-2030 2,625

Hordaland 2 (4 connections) Norled 2020-2028 2,488 1

Total / Average ~9 years average* 15,218

Vessels for delivery

Tender Delivery Shipyard Capacity

Anda-Lote 4Q-2017 Tersan 120

Anda-Lote 4Q-2017 Tersan 120

Hordaland2 4Q-2017 Tersan 130

Hordaland1 2Q-2018 Havyard 45

Brekstad-Valset 4Q-2018 Havyard 50

Brekstad-Valset 4Q-2018 Havyard 50

Hordaland1 2Q-2018 Tersan 120

Hordaland1 4Q-2018 Fjellestrand 120

Sulapakken 4Q-2019 Havyard 120

Sulapakken 4Q-2019 Havyard 120

Sulapakken 4Q-2018 Havyard 120

Sulapakken 4Q-2018 Havyard 120

Sulapakken 1Q-2019 Havyard 120

Note (*): Bokna-/Bjørnefjorden and Boknafjorden are seen as one contract for calculation purposes

16

WELL POSITIONED ON UPCOMING TENDERS Strong track record and on the forefront regarding environmentally friendly technology

In terms of PCE capacity, contracts in respect of about 40% of the Norwegian ferry market will be subject to public tenders in the next two to three years

Fjord1 has a strategic priority to maintain and strengthen the leading position within ferry business

The company has the required solidity, track record, competence, balance strength and technological solutions to be an active contender

Well positioned to retain existing contracts by use of existing material and new environmental friendly technology

Fjord1 believes that it has gained significant advantages by being at a technological forefront, having commenced operation of its first LNG ferries in 2007 and being due to commence operation of its fully electric connection in 2018

Fjord1’s incumbent position on the majority of the contracts up for renewal, provides the company with a strong ability to defend its existing contracts

Upcoming tenders

Connection Operator Expiry Est. timing of award

Volda-Folkestad 2019 Tender 2017/2018

Hjelmeland-Skipavik-Nesvik 2018-2020 Tender 2018 *

Indre Sogn 2 Connenctions 2018 (+1) Tender 2017/2018

Festøya-Solavågen 2019 (+1) Tender 2017/2018

Nordmørspakken 4 Connections 2019 (+1) Tender 2017/2018

Indre Sunnmøre 3 Connections 2019 (+1) Tender 2017/2018

Molde-Vestnes 2019 (+1) Tender 2017/2018

Romsdalspakken 3 Connections 2019 (+1) Tender 2018/2019

Halsa-Kanestraumen 2019 (+1) Tender 2018/2019

Troms 12 Connections 2019-2021 **

Nordland 28 Connections 2019-2021 **

Møre og Romsdal 8 Connections Various 2019-2021 Tender 2019/2021

Rogaland 2 Connections 2021 Tender 2019/2021

Note(*): Development contract for hydrogen fuelled ferry. Note(**): 40 connections representing approximately 10% of the ferry market measured by PCE. Several short-term contracts awarded over the last few years. Expecting several upcoming long-term tenders, with start-up from 2021 Source: Anbud365

17

TOURISM: UNIQUE TRAVEL EXPERIENCES Joint partnership between Fjord1 and Flåm AS

New concept of modern tourism in some of the

most iconic Norwegian fjords

Providing an attractive experience that easily

can be combined with other premium travel

adventures

The vessel Vision of the Fjords was delivered

in July 2016, a hybrid-electric carbon fiber

catamaran designed to carry 400 passengers.

A fully-electric sister vessel has been ordered

and will commence operations in April 2018

Long-term strategy to become a leading player

within fjord based tourism, through expanding

geographic presence

The Fjords DA (50% owned) generated

revenues of NOK 126m in 2016, EBITDA of

NOK 14m in 2016

In addition, Fjord Tours AS (30.6% owned)

generated revenues of NOK 60m and EBITDA

of 25m in 2016

Geirangerfjorden The Vision of the Fjords on

Nærøyfjorden

Lysefjorden & Preikestolen (Pulpit Rock)

18

FINANCIAL OWNERSHIP IN WIDERØE

#1 regional airline in the Nordic, serving commercial and tender routes in Norway

Commercial routes represents around 60%, while tender routes represents around 40%

Dominant player on tender routes – high barriers of entry

Won all 13 tender routes in Northern Norway on a 5-year contract commencing in April 2017

Owns and operates a fleet of 41 aircrafts with around 450 daily departures

Signed a contract with Embraer for the delivery of 3 new airplanes in January 2017, with options for an additional 12

Reported revenues of NOK 4,560m and EBITDA of NOK 646m in 2016

Fully owned by WF Holding, which is controlled 66% by Torghatten and 34% by Fjord1

Widerøe´s flight network

19

AGENDA

1

3

Introduction

Market overview

2 Company overview

4 Financials

5 Risk factors

6 Appendices

20

MARKET WITH HIGH BARRIERS TO ENTRY Consolidated market dominated by four players

The Norwegian ferry- and passenger boat market has gone

through comprehensive consolidation recent years on the

back of the market transitioning from being a public service

offering (owned by county municipalities) to becoming a

competitive business provided by private companies

The ferry market is dominated by four ferry operators;

Fjord1, Torghatten, Norled and Boreal Transport, who

combined represent 99% of the market in terms of PCE

capacity

Of the ~120 ferry connections in Norway, the ten largest

amounted to 16.6m PCE in 2016, representing 47% of the

total number of PCE transported

The market is further characterized by strong barriers to

entry, limiting the entry of potential new market participants

• Significant capital investments in existing fleet

• CAPEX intensity requires financial strength

• Industry specific knowledge and necessary certifications

• Organization to handle chartering, operations and technical

matters

Note (*): Data as of March 2017 Note (**): Torghatten includes connections operated by Toghatten Trafikkselskap, Torghatten Nord, Bastø Fosen and Fosen Namsos Sjø. Source: Norwegian Public Roads Administration (Statens vegvesen, Ferjedatabanken), Oslo Economics (08/2016), Kollektivtrafikk (data as of March 2017)

Market shares

1.0%

Other

2.0%

21.0%

27.0%

49.0%

8.3%

Other

11.6%

33.1% 23.1%

24.0%

Ferry operator Connections 2017* PCE 2016

29 16.9m

28 9.5m

40** 7.2m

14 0.7m

Other 10 0.7m

PCE 2016

Connections 2017

21

FERRIES CONNECT NORWAY Ferries are critical in connecting islands to the mainland

The Norwegian coast is the 2nd

longest in the World (100,915 km) and

includes 239,057 registered islands

and 1,190 named fjords

Ferry services are a critical part of

Norwegian public transportation,

crossing the fjords and connecting

islands to the mainland

• Car ferries are vital links across fjords

and to islands where there are no fixed

connections

• Engineering considerations often result

in immensely expensive bridge and

tunnel infrastructure

Ferries are also used as a substitute

in the Norwegian road network

• Cost efficient and flexible transportation

system compared to the alternatives

• Where road alternatives exist, they are

often very inconvenient alternatives, as

this option can take 2-6 times as long

45 min

nm.

25 min

nm.

Oslo

Hamar

Drammen

Stavanger

Kristiansand

Bergen

Florø

Ålesund

Trondheim

22

ROBUST, NON-CYCLICAL MARKET Demand expected to remain stable with limited threats going forward

Today, the Norwegian domestic ferry market consists of

around 120 connections served by around 220 ferries

In 2016, ferries in Norway transported 35m passenger

car equivalents (“PCE”) and 43.2m passengers

(including drivers)

Demand for transportation by ferries has exhibited a

fairly steady growth rate over time and the Norwegian

ferry market is characterised by limited cyclicality due to

the critical nature of the ferry connections

Future demand for ferries mainly driven by two opposing

factors

• Population growth and economic development

• Construction of new bridges and tunnels entailing closure of

ferry connections

There are limited number of ferry connections where

there are concrete plans for new bridges or tunnels

• 9 identified infrastructure projects on larger ferry

connections, of which only 2 are approved

• Oslo Economics estimate a minimum of 30 years to

complete projects

• Generally, expensive and time consuming projects of which

many are deemed socioeconomically unprofitable

43.343.042.442.142.441.940.541.941.741.3

2010

+0.5%

2016 2013 2012 2007 2009 2008 2015 2014 2011

Passengers, incl. Drivers (in millions)

35.034.834.534.034.032.9

31.731.431.430.8

2009 2008 2013 2014 2016

+1.4%

2015 2011 2007 2010 2012

Historical development in ferry transportation

Car equivalents (PCE in millions)

Source: Oslo Economics (08/2016), Institute of Transport Economics (10/2013), Norwegian Public Roads Administration (Statens vegvesen, Ferjedatabanken), Kollektivtrafikk foreningen (Market overview 2017)

23

KEY TRENDS IN THE FERRY MARKET Shift to environmentally friendly technology, less price volatility and larger contracts

Source: tu.no

Impact on ferry operators Current market trends

Higher requirements for environmentally friendly

technology on the back of the Norwegian

government implementing a strategy to reduce

emissions from the state ferry operations

Contracts will demand low and zero emission

technology where circumstances permit such

requirements

Increased requirements for battery and/or hybrid

powered ferries

Increases differentiation among ferry competitors.

Ferry operators with technological advanced and

adaptable fleet with favourable positioning.

Operators will need to adapt to the requirements and

will likely lead to a gradual renewal of the ferry fleet,

in particularly on shorter crossings that are better

suited for such energy packages

Quality &

environment

Over the last few years there has been a transition

from net to gross contract terms

Indexation on new contracts adjusted according to

the Ferry Index compared to previously regulation

by the CPI index

More stable environment for operators as income is

not directly dependent on the amount of passengers

Pricing

model

Contract sizes are growing – when smaller route

bundles are freed they tend to be consolidated into

larger contracts

Cost reduction is easier with larger contracts Larger

contracts

24

AGENDA

1

3

Introduction

Market overview

2 Company overview

4 Financials

5 Risk factors

6 Appendices

25

KEY FINANCIALS*

*Figures for 2012-2014 are based on Norwegian GAAP while figures for 2015 and 2016 are restated according to IFRS

Revenue & EBITDA in (NOKm) Net Interest Bearing Debt & NIBD/EBITDA

Cash development in (NOKm) Equity (NOKm) & Equity Ratio

1.7x1.9x

5.6x 4.3x

6.9x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x3,000

2,500

2,000

1,500

1,000

500

0

Q2’17

1,448

2016

1,402

2015

1,720

3.5x

2014

1,974

2013

2,295

2012

2,140

36.3%35.4%

29.0%26.6%

24.7%25.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%3,000

2,500

2,000

1,500

1,000

500

0

Q2’17 2016

1,723

2015

1,308

2014

1,176

2013

1,137

2012

1,112

1,743

Net Debt /EBITDA NIBD

Equity Equity ratio

2,500

2,000

1,500

1,000

500

0

H1 2017

449

1,373

2016

730

2,386

2015

494

2,230

2014

456

2,349

2013

410

2,356

2012

310

2,387

600

500

400

300

200

100

0

Q2’17

368

2016

554

2015

359

2014

334

2013

245

2012

170

Cash

EBITDA Total income

26

BUSINESS SEGMENT CONTRIBUTION

616571

2,062

1,906

223204

618

423

2015 2016 Q1’17 Q2’17

EBITDA Revenue

Ferry Passenger boat Catering Tourism

2525

101104

3

-2

913

Q1’17 Q2’17 2015 2016

5238

188190

123

3932

2015 Q1’17 2016 Q2’17

8

4

2121

4

-7

11

5

Q1’17 2015 2016 Q2’17

EBITDA Revenue Revenue EBITDA Revenue EBITDA

27

INCOME STATEMENT

Growth from 2015 to 2016 driven by the start-up of two new contracts

Improvement in operating expenses driven by focus on stability and safety resulting in reduced marine accidents (collisions with quays and running aground) by nearly 96%

In April 2015, the tourism activities were separated into a joint venture company and thus accounted for under share of profit/(loss) from joint ventures

For 2015 and 2016 reversals of impairments accounted for NOK 65.1m and NOK 78.6m respectively. Reversals related to settlement regarding compensation for “Autopass” under the contracts for Indre Sogn and Flakk-Rørvik

Note (*): Financials for 2013 and 2014 are prepared under Norwegian GAAP while financials for 2015, 2016 and Q1 2017 are prepared under IFRS and are thus not comparable Note (**): Under IFRS, public contribution is accounted for as other income, whereas ticket revenues are booked as operating revenue

INCOME STATEMENT (NOKm)* 2013 2014 2015

(IFRS audited)

2016

(IFRS audited)

H1 2017

(IFRS audited)

REVENUES

Operating revenue** 1,443 1,454 1,326 1,224 416

Other income 912 896 904 1,162 957

Total income 2,355 2,349 2,230 2,386 1,373

Personnel expenses -977 -930 -889 -885 -458

Operating expenses -969 -963 -858 -781 -469

Total operating costs -1,946 -1,893 -1,747 -1,666 -927

Share of profit/(loss) from joint

ventures 11 9 3

EBITDA 410 456 494 730 449

Depreciation of tangible and intangible

assets -227 -215 -242 -240 -125

Impairment of tangible and intangible

assets 30 21 25 79

EBIT 152 220 278 568 324

Income from associates and JV’s 17 35 45 73 18

Other financial income 12 9 5 6 2

Financial expenses -157 -150 -123 -105 -31

Other financial items, net 54 58 -3

Net finance -128 -108 -20 30 -9

EBT 24 111 259 599 315

Tax on ordinary profit -4 16 -40 -149 -76

Profit/ (loss) for the year 28 95 219 450 239

28

BALANCE SHEET

Increase in non-current assets from 2015 to 2016 mainly due to delivery of two new vessels

Increase in borrowings was mainly related to debt financing for these vessels

The company´s main debt facility was classified as current liabilities in the accounts for 2016 and Q1 2017 due to short term to maturity

The negative working capital can be explained by Fjord1’s business model where customers use a travelcards solution. The prepayment of tickets are classified as short-term debt and as a working capital liability

EQUITY AND LIABILITIES

(NOKm)

2015

(IFRS

audited)

2016

(IFRS

audited)

30 June

2017

(IFRS

audited)

EQUITY

Share capital 250 250 250

Share premium 361 361 361

Retained earning 694 1,108 1,128

Total equity attributable to

owners of the parent 1,305 1,719 1,739

Non-controlling interests 4 4 4

Total Equity 1,309 1,723 1,743

Non-current liabilities

Borrowings 1,823 155 1,611

Derivative financial instruments 65 42 19

Net employee defined benefit

liabilities 33 14 17

Other non-current liabilities 0 0 0

Deferred tax liabilities 250 382 401

Total non-current liabilities 2,171 594 2,048

Current liabilities

Borrowings 256 1,801 205

Derivative financial instruments 54 23 25

Trade and other payables 95 110 110

Current income tax liabilities 0.3 3 27

Social security and other taxes 94 92 73

Other current liabilities 527 526 573

Total current liabilities 1,026 2,552 1,013

Total liabilities 3,197 3,146 3,062

Total equity and liabilities 4,506 4,869 4,805

ASSETS

(NOKm)*

2015

(IFRS

audited)

2016

(IFRS

audited)

30 June

2017

(IFRS

audited)

ASSETS

Non-current

assets

Deferred tax

assets 38 21 20

Property, plant

and equipment 3,649 3,795 3,867

Investments in

joint ventures and

associates

301 362 366

Other non-current

financial assets 8 8 8

TOTAL

TANGIBLE

ASSETS

3,996 4,186 4,261

Current assets

Inventory 13 15 16

Trade receivables 72 79 90

Other current

receivables 66 36 69

Cash and cash

equivalents 359 554 368

TOTAL

CURRENT

ASSETS

510 683 544

TOTAL ASSETS 4,506 4,869 4,805

29

CASH FLOW

The material investments over the period comprise reconstruction of a vessel to hybrid technology in 2015 (Fannefjord), two newbuilds (Hornelen and Losna) in 2016 and the purchase of one used vessel in Q1-2017 (Sulafjord)

In 2016, The Company received dividends from associates in the amount of NOK 24m and proceeds from sale of vessels and equipment in the amount of NOK 83m

Proceeds from sale in 2017 relate to sale of two older vessels for a total consideration on NOK 100m

Note (*): Financials for 2013 and 2014 are prepared under Norwegian GAAP while financials for 2015, 2016 and Q1 2017 are prepared under IFRS and are thus not comparable

Cash flow statement (NOKm)* 2015

(IFRS audited)

2016

(IFRS audited)

H1 2017

(IFRS audited)

Profit before tax 259 599 315

Depreciation and impairment 217 162 125

Interest expense 118 100 31

Change in fair value of financial instruments -20 -53 -20

Non-cash post-employment benefit expense -14 -2 2

Gain on disposal of property, plant and equipment -11 -5

Share of profit from associates and joint ventures -56 -82 -21

Change in working capital 47 31 -17

Cash generated from operations 550 743 411

Net interest -118 -100 -32

Net cash flows from operating activates 432 643 379

Purchases of property, plant and equipment -111 -380 -292

Purchases of shares incl. joint ventures -21 -2

Proceeds from dividends from associates 24 17

Proceeds from sale of property, plant and equipment 84 100

Proceeds from non-current receivables 4

Net cash used in investing activities -127 -274 -175

Proceeds from borrowings 133

Repayment of borrowings -230 -256 -140

Dividends -50 -50 -250

Proceeds from other non-current liabilities

Net cash used in financing activities -280 -173 -390

Net change in cash and cash equivalents 24 195 -186

Cash and cash equivalents at the beginning of the period 334 359 554

Cash and cash equivalents at the end of the period 359 554 368

30

AGENDA

1

3

Introduction

Market overview

2 Company overview

4 Financials

5 Risk factors

6 Appendices

31

SUMMARY RISK FACTORS (1/3)

Market related risks

Changes in national and international economic conditions, including, for example interest rate levels, inflation, employment levels, may influence the valuation of real and financial assets. In turn, this may impact the demand for goods, services and assets globally and thereby the macro economy. The current macroeconomic situation is uncertain and there is a risk of negative developments. Such changes and developments – none of which will be within the control of the Company – may negatively impact the Company's investment activities, realization opportunities and overall investor returns.

The demand for, and the pricing of the underlying assets are outside of the Company's control and depend, among other things, on the global economy, global trade growth, as well as oil and gas prices. On the supply side there are uncertainties tied to ordering of new vessels and scope of future scrapping. The actual residual value of the vessels in the underlying investments, and/or their earnings after expiration of the fixed contract terms, may be lower than the Company estimates.

Changes in legal, tax and regulatory regimes within the relevant jurisdictions may occur during the life of the Company which may have an adverse effect on the Company.

Financial risks

The Company’s committed and any future loan facilities will impose, operating and financial restrictions on the Company. The restrictions may limit the Company’s ability to pay dividends, incur additional indebtedness, create liens on its assets, sell its vessels, and additional actions which may otherwise be beneficial for the Company. Nordea has reserved the right to amend the financial covenants if the Company did not refinance its existing debt within 31 July 2017, and consequently such right does now exist.

The Company will finance its assets in part by borrowed funds. There is a risk that income from the assets obtained with borrowed funds is not sufficient to cover the cost of borrowings and that the net income of the Company will be negatively affected by such borrowing arrangements.

NOK is the functional currency of the Company and its subsidiaries. The Company is mainly exposed to foreign currency risk related to purchase of ferries and passenger boats. Major fluctuations in the foreign currency market for NOK in relation to USD and/or EUR could have a negative impact on the Company.

The Company may engage in certain hedging transactions which are intended to reduce the currency or interest rate exposure; however, there would normally be no obligation to enter into any such transactions. Any such hedging transaction may be imperfect, leaving the Company indirectly exposed to some risk from the position that was intended to be protected. The successful use of hedging strategies depends upon the availability of a liquid market and appropriate hedging instruments and there can be no assurance that the underlying subsidiaries will be able to close out a position when deemed advisable.

Any changes in the underlying interest rate would directly affect the returns on the underlying investments. Interest rate levels can also indirectly affect the value of the assets at the point of sale. This will impact the value of the Company's portfolio.

32

SUMMARY RISK FACTORS (2/3)

Commercial and Operational risks

The price and supply of bunker fuel are unpredictable and fluctuate based on events outside the Company’s control, including geopolitical developments, supply and demand for oil, actions by members of the Organization of the Petroleum Exporting Countries and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns and regulations. Depending on the employment of the Company’s vessels, the Company may be exposed to the fluctuating bunker prices.

All contracts are associated with considerable risks and responsibilities. These include technical, operational, commercial and political risks. The Company will obtain insurance deemed adequate for its business, but it is impossible to insure against all applicable risks and liabilities. Consequently, the Company may assume substantial liabilities as part of its operations.

There are numerous risks associated with construction of the Company's new builds, including risks of delay, risks of termination of the shipbuilding contracts by yard, the risk of need for variation orders and amendments resulting in additional need for capital, the ability of the yard to perform its duties under the shipbuilding contracts, and the risk of failure by key suppliers to deliver necessary equipment. Delays in delivery of the new builds may affect the Company’s potential revenue, or potentially lose contracts from clients.

The Company’s focus on the further development and implementation of new zero or low emission power technology implies a higher degree of risk that the relevant ferries do not function as intended, compared to older and tested technology. There is further a risk that sub suppliers are not able to provide adequate and relevant deliveries, e.g. sufficient charging facilities. This may lead to failure to comply with the terms of the relevant contracts, e.g. in respect of breach of the environmental requirements under the contracts or traffic delays. The reconstruction of docks to facilitate the construction of charging towers and other infrastructure may be affected in a manner that may lead to non-compliance with the environmental requirements in the new contracts.

Repairs and maintenance costs for vessels are inherently difficult to predict and may be substantially higher than expected.

The Company’s development and prospects are dependent upon the continued services and performance of its senior management and other key personnel. The loss of the services of any of the senior management or key personnel may have an adverse impact on the Company. In addition to the senior management the Company depends on professional and operational personnel that are not currently employed by the Company. An inability to attract and retain such professional and operational personnel, or the unavailability of such skilled crews, could have an adverse impact on the Company.

As the Company’s majority of assets are concentrated in a single industry, the Company may be more vulnerable to particular economic, political, regulatory, environmental or other developments than would a company holding a more diversified portfolio of assets and the aggregate return of the Company will be substantially adversely affected by the unfavourable performance of a single asset.

For certain new contracts there is a risk related to vessels with new technology performing in accordance with specific energy requirements in the contracts, where non-compliance could affect contract profitability.

Contracts are normally awarded for a period of 5-10 years, certain with additional option periods. There is a risk that option periods for current tenders will not be exercised and/or that new tenders are not awarded the Company. The long term of contracts imply a risk for committing to potentially unprofitable projects for a long period of time, should the Company be erroneous in its calculations and/or assumptions forming the basis for the offers made in the respective tender process.

33

SUMMARY RISK FACTORS (3/3)

Commercial and Operational risks (cont.)

Suitable investments may not always be available at a particular time. The Company's investment rate may be delayed or progress at a slower than anticipated rate for a variety of reasons and as a result, there is also no guarantee that the Company will be able to fully invest the required amount in respect of a particular investment opportunity. The Company may be competing for appropriate investment opportunities with other participants in the markets. It is possible that the level of such competition may increase, which may reduce the number of opportunities available to the Company and/or adversely affect the terms upon which such investments can be made by the Company. In addition, such competition may have an adverse effect on the length of time required to fully invest the Company.

The Company has completed a limited legal and financial due diligence prior to admission to trading. No commercial due diligence has been performed. Any due diligence information may be erroneous, incomplete and/or misleading, and there can be no assurance that all material issues have been uncovered.

Although the Company's management will monitor the performance of each investment, the Company will rely upon the technical and day-to-day management of the assets. There can be no assurance that such management will operate successfully.

The Company will make investments in assets that are illiquid and not traded on any regulated market. The realization of such investments may consequently take time and will be exposed to a variety of general and specific market conditions see Section 2.4 below. There can be no assurance that the Company will manage to achieve a successful realisation of its investments.

The Company may only participate in a limited number of investments so that returns might be adversely affected by the poor performance of even a single investment.

The technical operation of a ferry or a passenger boat will have significant impact on the ferry's or the passenger boat's economic life. Thus, technical risks will always be present. There can be no guarantee that the parties tasked with operating a ferry or a passenger boat or overseeing such operation perform their duties according to agreement or satisfaction. Failure to adequately maintain the technical operation of a ferry or a passenger boat may adversely impact the operating expenses of the portfolio investment and accordingly the potential realization values that can be obtained.

The Company provides ferry and passenger boat services to many individuals or companies with limited counterparty risk. However, the performance of an underlying portfolio investment depends heavily on its counterparties' ability to perform their obligations, including the suppliers. Default by a supplier of its obligations under its agreements may have material adverse consequences on the portfolio investment. Thus, the counterparty's financial strength will thus be very important.

All ferries and passenger boats may carry pollutants. Accordingly there will always be certain environmental risks and potential liabilities involved in the ownership of commercial ferries and passenger boats.

It is not expected that the Company will operate in a variety of geographic regions. However, the Company may, indirectly through its underlying investments, be exposed to political risk, risk of piracy, corruption, terrorism, outbreak of war, amongst others. The business, financial condition and results of operations of the Company, indirectly, and its underlying investments directly, may accordingly be negatively affected if such events do occur.

34

AGENDA

1

3

Introduction

Market overview

2 Company overview

4 Financials

5 Risk factors

6 Appendices

35

THE FERRY INDEX

Source: SSB, Oslo Economics (report 23/2016)

The Ferry Index is a cost index used to regulate

agreements between ferry operators and the

contractor

• Ferry operators have little or no possibility to influence the general price development related to operations, maintenance and fuel

• It has been deemed appropriate that these risk elements are held by the contractor (the state) through a regulation mechanism

Since 2009, SSB has calculated and published a

cost index, which has been used to regulate all

contracts awarded following the initiation • The Index is calculated based on a fixed set of input

parameters, a pre-agreed calculation method and weighted by importance

• Includes the measurement of change in price of fuel, crew, maintenance, administrative costs, other operating costs, depreciation and interest expenses

• Costs related to operating a contract is subsequently adjusted according to the index development, typically multiplied by 0.9

With the implementation of the Ferry Index, ferry

operators bear limited risk of price increase on key

cost components, thus have a predictable cost

base

Development in the Ferry Index (Q2 2009 – Q2 2017)

120

115

110

125

105

100

0 Q2

2014

Q4

2009

Q2

2009

Q2

2010

Q2

2017

Q2

2012

Q4

2012

Q2

2015

Q4

2015

Q4

2016

Q2

2013

Q2

2016

Q4

2010

Q4

2011

Q2

2011

Q4

2013

Q4

2014

Components and calculation of the Ferry Index

Q2 2009 – Q4 2016 Q1 2017 – today

(including fuel)

Q1 2017 – today

(excluding fuel)

Fuel 17.3% 18.8% -

Crew 43.0% 39.6% 48.8%

Repair & maintenance 9.4% 9.7% 12.0%

Administration 3.3% 5.5% 6.7%

Other costs 8.1% 10.3% 12.6%

Depreciation 13.0% 11.3% 13.9%

Interest expenses 5.9% 4.9% 6.0%

36

FLEET OVERVIEW

Note (*) Capacity measured in passenger car equivalents

Note (**) Four existing vessels to be upgraded to hybrid propulsion for Hordaland1 and Hordaland2

Ferry** Build year Capacity*

Hornelen 2016 60

Losna 2016 60

Edøyfjord 2012 50

Boknafjord 2011 242

Hjørundfjord 2011 122

Storfjord 2011 122

Fannefjord 2010 128

Korsfjord 2010 128

Lifjord 2010 110

Norangsfjord 2010 120

Romsdalsfjord 2010 128

Davik 2009 45

Vågsøy 2009 42

Moldefjord 2009 128

Årdal 2008 108

Fanafjord 2007 212

Mastrafjord 2007 212

Raunefjord 2007 212

Stavangerfjord 2007 212

Harøy 2006 35

Lote 2006 120

Bergensfjord 2006 212

Dryna 2005 35

Julsund 2004 99

Eira 2002 100

Volda 2002 100

Nordfjord 2001 54

Glutra 2000 120

Ivar Aasen 1997 76

Lærdal 1997 77

Svanøy 1992 89

Ferry** Build year Capacity*

Tresfjord 1991 124

Gulen 1989 83

Rauma 1988 73

Romsdal 1988 87

Selje 1987 58

Dalsfjord 1986 28

Sulafjord 1986 106

Sognefjord 1984 64

Sogn 1982 110

Solskjel 1981 35

Bjørnsund 1979 61

Geiranger 1979 36

Stordal 1979 51

Stryn 1979 81

Aukra 1978 36

Eid 1978 35

Nordmøre 1978 52

Sunnfjord 1978 46

Aurland 1977 35

Solnør 1977 36

Kvernes 1976 35

Sykkylvsfjord 1975 36

Veøy 1974 50

Fanaraaken 1973 29

Tingvoll 1972 35

Bolsøy 1971 38

Goma 1968 29

Nårasund 1968 11

Ørsta 1964 25

Driva 1963 29

Contract awarded Delivery Capacity*

TBN 14 4Q-2019 40

TBN 15 4Q-2019 40

TBN 16 4Q-2019 130

TBN 17 4Q-2019 80

TBN 18 4Q-2019 80

TBN 19 4Q-2019 90

Passenger boat Build year Pass.

Tansøy 2007 96

Fjordglytt 2000 81

Sylvarnes 2000 70

Skagastøl 1970 384

Under construction Delivery Capacity*

Gloppefjord 4Q-2017 120

Eidsfjord 4Q-2017 120

Møkstrafjord 4Q-2017 130

TBN 4 2Q-2018 45

Horgefjord 2Q-2018 120

TBN 6 4Q-2018 50

TBN 7 4Q-2018 50

TBN 8 4Q-2018 120

TBN 9 4Q-2018 120

TBN 10 4Q-2018 120

TBN 11 1Q-2019 120

TBN 12 4Q-2019 120

TBN 13 4Q-2019 120

37

LEGAL ENTITIES

The ferry segment represent the

core business of Fjord1 and

includes all activities related to

ferries

The Tourism segment includes

Fjord1’s joint partnership in The

Fjords DA, the wholly owned entity

The Fjords Fartøy AS and part

ownership in Fjord Tours AS

Through Kystekspressen ANS

Fjord1 manages the 4 passenger

boats

Operating figures includes a

minor contributions from other

investments

The Fjords DA

50%

Fjord1 ASA

Kystekspressen ANS

49%

Bolsønes Verft AS

100%

ÅB Eigedom AS

66%

Hareid Trafikkterm. AS

63%

Måløy Reisebyrå AS

100%

Ferry Tourism Passenger boat Other

Nye Fanafjord AS

100%

Fanafjord AS

100%

Fjord Tours AS

30.6%

The Fjords Fartøy DA

100 %

WF Holding AS

34%

Widerøe AS

100%

The Fjords Fartøy II DA

100 %

F1 Adm. AS

100%

THE LEADING FERRY COMPANY IN NORWAY