GTB Invest ASA

Private & confidential

GTB Invest ASA

Creating a ship financing company on the OSE

Presentation of Q4 2010 Results – 17 February 2011


17 February 2011

DISCLAIMERThis Presentation has been produced by GTB Invest ASA (the “Company” or “GTB”) solely for use in connection with the Q4 2010 figures and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company and its board of directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import. This 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.

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 and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of their parent or subsidiary undertakings or any such person’s officers 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. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

AN INVESTMENT IN THE COMPANY INVOLVES 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, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS.

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. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their parent or subsidiary undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business.

This Presentation speaks as of 17 February 2010. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

2


17 February 2011 3

CONTENTS

1. HIGHLIGHTS

2. Q4 FIGURES

3. TRANSACTIONS

4. COMPANY OVERVIEW

5. MARKET UPDATE

6. Q&A


17 February 2011

Change of direction and positioning for growth and expansion in new business areas

HIGHLIGHTSOn 17 November 2010 GTB took delivery of YM Portland, a 4,414 TEU container

vessel built in 2003

In February 2011 GTB entered into MOAs to purchase two 13,100 TEU container vessels from E.R. Schiffahrt in Hamburg for a total purchase price of USD 310 mill

GTB has sold all the shares in in its wholly owned subsidiary Global Geo Services AS, which holds the PC 2000 library

GTB has terminated a secondary guarantee of approximately USD 7 million entered into in connection with seismic transaction in 2008

The Board has resolved to call for an extraordinary general meeting to approve change of name to SinOceanic Shipping ASA and business objective

The container market has improved, while the tanker and dry bulk markets have weakened

Q4 2010 EBITDA for consolidated continued operation in GTB was USD 0.27 million (USD -6.0 million same period last year)

Cash position per 31 December 2010 of USD 12.6 million and interest bearing debt of USD 30.2 million

4


17 February 2011 5

CONTENTS

1. HIGHLIGHTS

2. Q4 FIGURES

3. TRANSACTIONS

4. COMPANY OVERVIEW

5. MARKET UPDATE

6. Q&A


17 February 2011

PROFIT & LOSS STATEMENT

6

(USD 000) Q4 10 Q4 09 2010 2009Unaudited Unaudited Unaudited Unaudited

TC Revenue 1,177 1,177Other revenue (13) 279 79 3,958

Vessel related opex (320) (320) - Other operating expenses (566) (6,321) (4,484) (17,574)EBITDA 278 (6,042) (3,548) (13,616)D&A (268) - (268) (1,020)EBIT 10 (6,042) (3,816) (14,636)Net financial items (894) (1,214) (628) (15,584)Profit/ (loss) before tax (885) (7,256) (4,444) (30,220)Tax expense (278) 616 (278) (145)Net profit/ (loss) (1,163) (6,640) (4,722) (30,365)

Net profit/ (loss) from discontinued operations - 17,934 - 18,677Net profit/ (loss) (1,163) 11,294 (4,722) (11,688)


17 February 2011

BALANCE SHEET

7

(USD 000) 2010 2009Unaudited Unaudited

Total non-current assets 50,979 545Other current assets 398 2,242Cash and cash equivalents 12,355 121,886TOTAL ASSETS 63,732 124,673

Total equity 32,632 119,334Current interest bearing debt 30,169 - Other current liabilities 930 5,339TOTAL EQUITY AND LIABILITIES 63,732 124,673


17 February 2011 8

CONTENTS

1. HIGHLIGHTS

2. Q4 FIGURES

3. TRANSACTIONS

4. COMPANY OVERVIEW

5. MARKET UPDATE

6. Q&A


17 February 2011

ACQUISTION OF YM PORTLAND (former MS Amaranta)

Key specifications

Built: 2003

Shipyard: Stocznia Gdynia, Poland

Delivery: 17 November 2010

Length: 286m

Beam: 32m

TEU: 4,414

Purchase price: USD 50.5 million

Employment: Time charter until 2019

TC party: Yang Ming Lines

Net TC rate: USD 25,740 per day

Technical management: Peter Doehle Shiffart

9

Vessel acquired at favorable terms yielding solid returns


17 February 2011

ACQUISITION OF TWO 13,100 TEU CONTAINER VESSELS

Key specifications

Built: Under construction

Shipyard: Hyundai Heavy Industries, Korea

Delivery: January and February 2012

Length: 366m

Beam: 48m

TEU: 13,100

Combined purchase price: USD 310 million

Employment: 15 year time charter

TC party: One of the top five container lines in the world

Net TC rate: USD 59,672 per day

Technical management: E.R. Schiffahrt GmbH & Cie. KG

10

Acquired vessels fit well into GTB’s business model andillustrates GTB’s ability to access high profile transactions


17 February 2011

VESSELS SECURED ON LONG TERM CHARTER PARTIES

Acquired assets have secured long term employment GTB with secured freight income of USD 745 million*

YM Portland on a time charter until 2019 at USD 25,740 per day (net) Annual freight income of ~USD 9.5 million

The Hyundai vessels are secured on 15 year TC contract at USD 59,672 per day (net) Annual freight income of ~USD 21.5 million per vessel

11

(*) Assuming that the purchase options for the Hyundai vessels are not exercised after 12 years

85

330

330

745

0

100

200

300

400

500

600

700

800

YM Portland Hyundai Hull 2156*

Hyundai Hull 2157*

Secured freight income

USDm

Secured freight income


17 February 2011

PAYMENT & FINANCINGThe two 13,100 TEU container vessels shall be paid in 4 tranches

10% shall be paid within 10 working days after closing 2.5% shall be paid within 31 March 2011 2.5% shall be paid within 30 October 2011. The remaining 85% of the purchase price is payable upon delivery of the vessels in January and February 2012 The pre-delivery payments are secured by bank guarantees

Pre-delivery payments to be financed from GTB’s largest shareholder The loans are unsecured, without recourse to GTB Interest rate at LIBOR + 3 % p.a., will be aggregated up until maturity of the loans

GTB needs to raise new debt and equity to finance the post-delivery portion of the purchase price for the vessels and to refinance the shareholder loans Timing of capital raising will depend on the prevailing market conditions, but is contemplated to take place before the delivery of the vessels

HNA has issued a letter of undertaking pursuant to which HNA has committed to assist GTB in financing the post-delivery portion of the purchase price for the vessels

12


17 February 2011

DIVESTMENT OF DATA LIBRARY

GTB divested its data library covering a part of the Iranian continental shelf (the PC 2000 library) Trade or commercial relationship with Iran or assets/services relating

to Iran is under international boycott, and is forecasted to remain so in the foreseeable future

International investors skeptical to Iranian assets Seismic no longer core strategy of GTB

The sale price is insignificant reflecting the fact that the PC 2000 library has been recorded at no value in the consolidated balance sheet of GTB, and that the library in effect had no value

13


17 February 2011 14

CONTENTS

1. HIGHLIGHTS

2. Q4 FIGURES

3. TRANSACTIONS

4. COMPANY OVERVIEW

5. MARKET UPDATE

6. Q&A


17 February 2011

GTB INVEST IN BRIEFGTB is a Norwegian Public Limited Liability Company incorporated under

the laws of Norway GTB Invest is listed on Oslo Stock Exchange with “GTB” as ticker The BoD of GTB has resolved to call for an extraordinary shareholders meeting to

approve change of company name to SinOceanic Shipping ASA

GTB aims to create the only ship financing company on the OSE The Company shall invest in existing tonnage and resale of new building

contracts with existing cash flow Creating above average returns through a combination of attractive deals and

leverage Exploiting opportunities within a variety of segments Main shareholder with substantial resources and long term strategy to build a

sizeable shipping company within the Norwegian maritime cluster

Management with significant experience within the shipping industry and capital markets “Lean and mean” organization primarily consisting of transaction and

commercial expertise and some high level support staff, while cost driving operations will be outsourced

Objective to engage in cost efficient ownership, chartering and managing of vessels in the GTB fleet

Technical management is proposed outsourced to highly regarded and well reputable management companies

15

Organization structure:

Oceanus Shipping AS

SinOceanic I AS

SinOceanic II AS

GTB Invest ASA


17 February 2011

COMPANY STRATEGY

Investment Strategy Acquire modern and standard vessels with appreciation potential and

charters attached Flexible investment approach towards segments, however initial focus on

container segment as it is still considered the most attractive in terms of asset prices

Identify the segments which at any given time provide the best risk reward ratio and watch out for and to exploit turning points in all markets

Dividend policy Full dividend payout model within the limits of the Norwegian Public

Limited Companies Act Seek accretive deals at rates that provide a target minimum dividend yield Future need for funding through issuance of new shares

Financial Strategy Financial leverage from Chinese and Western banks Publicly traded stock ensures liquidity and flexibility for investors – more

than 3,400 shareholders

16


17 February 2011

CORPORATE STRUCTURE AND GOVERNANCE

GTB can establish a tax exempt structure by entering the Norwegian Tonnage Tax regime

At present GTB is an ordinary taxed company, but is anticipated to be the holding company for a number of ship owning companies registered inside the tonnage tax regime

Alternative tonnage tax regimes will be evaluated either in combination with the Norwegian regime or as separate alternative structures

GTB has approx. NOK 965 million in tax losses carried forward which has limited value for the tax free shipping business, but may be used in the ordinary tax regime, provided such investments results in superior returns.

GTB will be managed and operated in accordance with Norwegian corporations law and best practice corporate governance

17

GTB Invest ASA

Vessel SPV Vessel SPV Vessel SPV

Board of Directors

General Shareholder Meeting

Corporate Structure:


17 February 2011

EXPERIENCED TEAM

Management Jan Håkon Pettersen – CEO Garup C. Meidell – Deputy CEO Morten Steen Martinsen – Technical Director

Board of Directors Stewart Smith – Chairman Svein Eggen Anne Øian Mari Thjømøe Rebekka Glasser Herlofsen Wen Jiang Liu Liang

18


17 February 2011 19

CONTENTS

1. HIGHLIGHTS

2. Q4 FIGURES

3. TRANSACTIONS

4. COMPANY OVERVIEW

5. MARKET UPDATE

6. Q&A


17 February 2011

THE CONTAINER MARKET

20

Asia & Europe intra-regional demandChinese export trends

Market balance (Q4 2010)Recent fleet developments

21

,3 %

6,9

%

28

,7 %

18

,0 %

23

,0 %

14

,0 %

14

,5 %

2,9

%

-8,8

%

-18

,5 %

18

,0 %

18

,0 %

16

,5 %

15

,0 %

18

,7 %

5,8

%

17

,0 %

17

,0 %

24

,5 %

24

,0 %

25

,0 %

23

,0 %

4,0

%

-14

,5 %

23

,0 %

21

,0 %

19

,0 %

17

,0 %

-20%

-10%

0%

10%

20%

30%

40%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

10

00

TE

Us

Chinese Exports to Europe and North America

China/North America EB China/Europe WB

2010q3 Base 2010q3 BaseFORECAST

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

11 000

12 000

13 000

02Q1 04Q1 06Q1 08Q1 10Q1 12Q1

TE

U 1

000s

Intra-Asia Demand

Q3 Intra Asia

Q4 Intra Asia

FORECAST

2 000

2 500

3 000

3 500

4 000

4 500

5 000

5 500

6 000

6 500

7 000

02Q1 04Q1 06Q1 08Q1 10Q1

TE

U 1

000s

Intra-Europe Demand

Q3 Intra Europe

Q4 Intra Europe

FORECAST

-

100

200

300

400

500

600

2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1

100

0 T

EU

Net Fleet Growth

10Q3 Base Case 10Q4 Base Case Actual

FORECAST

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

105%

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

2004Q1 2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1

TE

U 1

000s

Supply vs. DemandTotal Productivity Adjusted Container Carrying Fleet vs. Container Trade

UTILISATION SUPPLY DEMAND 2010q3 Base

FORECAST

Source: Viamar


17 February 2011

THE CONTAINER MARKET

21

Timecharter forecastsTimecharter forecasts

-

10 000

20 000

30 000

40 000

50 000

60 000

2001q1 2003q1 2005q1 2007q1 2009q1 2011q1 2013q1

US

D/D

AY

Timecharter Equivalent Charter Market EarningsPost-Panamax 4400 TEU gearless

2010q3 Base Case 2010q4 Base Case Actual

FORECAST

Timecharter Equivalent Charter Market Earnigns3rd Quarter 2010 Base Case

-

10 000

20 000

30 000

40 000

50 000

1998q1 2000q1 2002q1 2004q1 2006q1 2008q1 2010q1 2012q1

US

D/D

AY

4400 g'less 3500 g'less 1700 grd 725 grd

FORECAST

Source: Viamar


17 February 2011

THE TANKER MARKET

22

Large tanker market balanceOpec oil production

Average earnings modernNet fleet growth (Q4 2010)

22

24

26

28

30

32

34

36

98q1 99q1 00q1 01q1 02q1 03q1 04q1 05q1 06q1 07q1 08q1 09q1 10q1 11q1 12q1 13q1

Mil

l Bp

d

OPEC Oil Production

3.qtr. Base Case 4.qtr. Base Case

FORECAST

-5,0

-

5,0

10,0

15,0

20,0

2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1

mill

ion

dw

t

Net Fleet Growth - 4. Qtr. Base Case

Net Additions Scrapping Deliveries

FORECAST

70%

75%

80%

85%

90%

95%

100%

200

225

250

275

300

325

350

00Q1 01Q1 02Q1 03Q1 04Q1 05Q1 06Q1 07Q1 08Q1 09Q1 10Q1 11Q1 12Q1 13Q1

Dw

t

ViaMar Large Tanker Market Balance

Utilization Supply Demand (dwt)

FORECAST

-

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

180 000

200 000

00Q1 01Q1 02Q1 03Q1 04Q1 05Q1 06Q1 07Q1 08Q1 09Q1 10Q1 11Q1 12Q1 13Q1

US

D/d

ay

VLCC Ras Tanura - Chiba Average Earnings Modern

2010Q3 Base Case 2010Q4 Base Case

Source: Viamar


17 February 2011

0

100

200

300

400

500

600

700

800

900

1000

2002,1 2003,1 2004,1 2005,1 2006,1 2007,1 2008,1 2009,1 2010,1 2011,1 2012,1 2013,1

mt

an

nu

al r

ate

Iron Ore Imports - China

3.qtr.Base 4.qtr.Base

THE BULK MARKET

23

Iron ore imports ChinaWorld steel production

Total seaborne trade – met coal

100,0

125,0

150,0

175,0

200,0

225,0

250,0

275,0

300,0

04,1 05,1 06,1 07,1 08,1 09,1 10,1 11,1 12,1 13,1

Mill

. to

ns,

annual

rate

Met Coal, Total Seaborne Trade

3.qtr. Base 4.qtr. Base

FORECAST

Source: Viamar


17 February 2011

-

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

90 000

100 000

2004Q1 2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1

usd

/day

Capesize - CS4TC - 4. qtr. Base

2010q3 Base Case 2010q4 Base Case IMAREX CS4TC

FORECAST

THE BULK MARKET CONT.

24

Dry bulk new ordersNet fleet growth

Capesize dayrate forecastsDry bulk market balance

-

5,0

10,0

15,0

20,0

25,0

30,0

2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1

mill

ion

dwt

Net Fleet Growth - 4. qtr. Base Case

Net Additions Scrapping Deliveries

FORECAST

50 %

60 %

70 %

80 %

90 %

100 %

110 %

250

300

350

400

450

500

550

600

650

2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1

ViaMar Dry Bulk Market Balance - Supply vs Demand4.qtr. Base Case

Utilization Supply Demand

FORECAST

-

10,0

20,0

30,0

40,0

50,0

60,0

2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1

mill

ion

dw

t

Dry Bulk New Orders

Former Current History

FORECAST

Source: Viamar


17 February 2011 25

CONTENTS

1. HIGHLIGHTS

2. Q4 FIGURES

3. TRANSACTIONS

4. COMPANY OVERVIEW

5. MARKET UPDATE

6. Q&A


17 February 2011

Q&A

26


17 February 2011

SHAREHOLDERS PER 14.02.2011

27

Shareholders Shares % Country

1 OCEANUS INTERNATIONAL INVESTMENT 44 736 000 33.33 NOR

2 GOLDMAN SACHS INT. – EQUITY 15 951 342 11.89 GBR

3 INAK 2 AS 6 550 000 4.88 NOR

4 SVELA EIENDOM AS 3 551 459 2.65 NOR

5 SKAGEN VEKST 1 790 820 1.33 NOR

6 VPF NORDEA SMB 1 511 167 1.13 NOR

7 HAUGNÆSS THOR KRISTIAN 1 200 000 0.89 NOR

8 TFR INVEST AS 1 135 000 0.85 NOR

9 MATSPECIALEN AS 1 100 000 0.82 NOR

10 JOHANSEN STIG JARLE 1 035 000 0.77 NOR

11 HAVTRÅL AS 1 000 000 0.75 NOR

12 PETTERSEN JAN HÅKON 1 000 000 0.75 NOR

13 RYKKEN ARNE 805 000 0.60 NOR

14 ANDERSEN LARS OLAV 800 000 0.60 NOR

15 MEIDELL CHRISTIAN GARUP 800 000 0.60 NOR

16 MIDDELBOE AS 796 919 0.59 NOR

17 PETTERSEN KÅRE 775 000 0.58 NOR

18 KROSBY ANETTE 750 000 0.56 NOR

19 SIX SIS AG 717 496 0.53 CHE

20 MP PENSJON PK 641 075 0.48 NOR

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