VARD BRĂILA S.A. Telephone Celulozei 1 A Fax Braila Braila Romania WEB

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1 Page 1 from 13 Company identification VARD BRĂILA S.A. Telephone Celulozei 1 A Fax Braila Braila braila@vard.com Romania WEB Crefo No Registration No. J09/4/1991 Tax No. RO Status Active Solvency index 250 S Solvency index between 221 and 320 means average rating. This class represents moderate risk in a business partnership. Business connections appear permissible, unsecured credits are still possible moderate credit risk. Solvency index is a very strong and capable early-alarm indicator enabling a fast assessment of solvency of business partners. The higher the solvency index, the higher the risk of default of a client. The solvency index ranges from 100, a very good rating, to 600 where highly negative characteristics are present. Economic situation Maximum credit limit (EUR) Business connection Business connections appear permissible (31) Payment behaviour No complaints, but occasional delays (31) Basic information Legal form Joint Stock Co.

2 Page 2 from 13 Registration and changes established on as Aker Braila Sa Joint Stock Co. Changes Legal form / Stx Ro Offshore Braila Sa Stx Osv Braila Sa Vard Braila Sa Owners and Capital / Address / Nationality From Share STX RO HOLDING SRL TULCEA, Romania Romanian 18/10/ , % STX NORWAY OFFSHORE AS ALESUND 6004, Norway Norwegian 18/10/2010 5, % Registered capital Currency Value Management / Address / Status Since Position Bakke Magne Olav (birth date 12/08/1960) AALESUND Norvegia 11/06/2009 Administrator Geir Ingebrigtsen (birth date 22/01/1974) ALESUND 6016 Norvegia Gjelsten Stig Harald Kile (birth date 07/09/1969) MUNICIPIUL BRAILA Romania Staerk Lars Eivind (birth date 02/01/1947) 3770 KRAGERO Norvegia 26/02/2015 Administrator 27/03/2008 Administrator 27/03/2008 Administrator

3 Page 3 from 13 Topa Tudorel (birth date 07/09/1957) MUNICIPIUL TULCEA Romania PRICEWATERHOUSECOOPERS AUDIT SRL BUCURESTI SECTORUL 2 Romania Rusinoiu Laurentiu - Daniel (birth date 30/04/1974) Romania 04/05/2009 Administrator 19/11/2013 Auditor 01/11/2010 General Manager Subsidiaries Participation of the company Tax No. / Address Share Participations of the company RO VARD ENGINEERING CONSTANȚA SRL 30, % Connections Through / Address Position Share Geir Ingebrigtsen RO VARD TULCEA S.A. administrator Gjelsten Stig Harald Kile RO VARD TULCEA S.A. administrator Rusinoiu Laurentiu - Daniel RO VARD SHIP REPAIR BRĂILA S.A. administrator RO VARD TULCEA S.A. administrator Topa Tudorel RO VARD TULCEA S.A. administrator Business activities Main activity Nace Building of ships and floating structures 3011

4 Page 4 from 13 Additional activities Nace Repair and maintenance of ships and boats 3315 Legal office and working spaces at the above mentioned address Economic data Turnover and Employees Date Turnover Employees , , , Properties According to the Balance Sheet of date the company holds real estates with a book value of ,00, but we do not have any other details on the type and location of these assets. Supplementary data Banks Financial Institution GARANTI BANK Unicredit Tiriac Bank Branch Braila Braila

5 Page 5 from 13 The subject is registered in the Electronic Archive for Secured Transactions, as having credits at: - GARANTI BANK, Braila - Unicredit Tiriac Bank, Braila These credits are guaranteed with cash-flow and fixed assets. If the company is asking for credits, for which the company has to present guarantees, these have to be first verified. Main indices Payment experience and credit opinion Maximum credit limit (EUR) Business connection Business connections appear permissible (31) Payment behaviour No complaints, but occasional delays (31) Negative events According to the information registered at the Ministry of Finance, the company has no overdue debts to the State budget as of There are no records related to the subject at the Payment Incidents Bureau (CIP) in the period There are no records related to the subject company at the Insolvency Proceedings Bulletin. The subject company is not registered with legal proceedings opened against it, according to Court Portal. The subject company is not registered with legal proceedings opened against it, according to Court Portal. Balances Assets Incorporation expenses r1 0 N/A N/A Development expenses r2 0 N/A N/A Concession rights, patents, licences, trademarks, similar rights and assets and other intangible fixed assets r Goodwill r4 0 N/A N/A Down payments and intangible fixed assets in progress r5 0 N/A N/A TOTAL INTANGIBLE FIXED ASSETS r Land and buildings r Technical installations and machines r

6 Page 6 from 13 Other installations, machinery and furniture r Down payments and tangible fixed assets in progress r TOTAL TANGIBLE FIXED ASSETS r Shares in subsidiaries r Loans given to subsidiaries r Participating interests r N/A Loans given to associates r15 0 N/A N/A Other long term investments r16 0 N/A N/A Other loans r N/A TOTAL CAPITAL ASSETS r NON CURRENT ASSETS - TOTAL r Raw materials and consumables r Work in progress r Finished goods r Down payments on inventory purchases r TOTAL INVENTORIES r Trade receivables r Receivables from subsidiaries r Receivables from entities in respect of participating interests r27 0 N/A N/A Other receivables r Unpaid subscribed capital r29 0 N/A N/A TOTAL RECEIVABLES r Shares in subsidiaries r31 0 N/A N/A Other short-term investments r TOTAL SHORT-TERM INVESTMENTS r PETTY CASH AND BANK ACCOUNTS r CURRENT ASSETS - TOTAL r PREPAID EXPENSES r TOTAL ASSETS r Liabilities Debenture loans r38 0 N/A N/A Amounts payable to credit entities r39 0 N/A N/A Down payments received on orders in progress r Commercial debts - suppliers r Commercial bills due r42 0 N/A N/A Amounts payable to subsidiaries r43 0 N/A N/A

7 Page 7 from 13 Amounts payable to associates in respect of participating interests Other debts, including fiscal debts and amounts payable to social security r44 0 N/A N/A r TOTAL SHORT-TERM DEBTS r NET CURRENT ASSETS/NET CURRENT DEBTS r TOTAL ASSETS MINUS CURRENT DEBTS r Debenture loans r49 0 N/A N/A Amounts payable to credit entities r50 0 N/A N/A Down payments received on orders in progress r51 0 N/A N/A Commercial debts - suppliers r52 0 N/A N/A Commercial bills due r53 0 N/A N/A Amounts payable to subsidiaries r54 0 N/A N/A Amounts payable to associates in respect of participating interests Other debts, including fiscal debts and amounts payable to social security r55 0 N/A N/A r56 0 N/A N/A TOTAL -TERM DEBTS r57 0 N/A N/A Provisions for pensions and other similar obligations r58 0 N/A Provisions for taxes r Other provisions r TOTAL DEBTS r TOTAL PROVISIONS r Grants for investments r deferred income r64 0 N/A N/A TOTAL DEFERRED INCOME r Subscribed and paid capital r Subscribed and unpaid capital r67 0 N/A N/A Assets and liabilities (public sector companies) r68 0 N/A N/A TOTAL SHARE CAPITAL r CAPITAL PREMIUM r70 0 N/A N/A REVALUATION RESERVES r Legal reserves r Statutory or contractual reserves r73 0 N/A N/A Reserves representing the revaluation reserve surplus r Other reserves r N/A TOTAL RESERVES r Own shares r77 0 N/A N/A Earnings associated to own capital instruments r78 0 N/A N/A Losses associated to own capital instruments r79 0 N/A N/A Reported profit or loss (e) Balance account C r80 0 N/A

8 Page 8 from 13 Reported profit or loss (e) Balance account D r Profit or loss as per the financial year Balance account C Profit or loss as per the financial year Balance account D r r Profit distribution r SHAREHOLDERS EQUITY - TOTAL r Public patrimony r86 0 N/A N/A EQUITY - TOTAL r TOTAL LIABILITIES r Profit and Loss Account Net turnover r Own work sold r Income from the sale of goods r Income from interests made by leasing r92 0 N/A N/A Income from grants related to income corresponding to net turnover r93 0 N/A N/A -Balance account C r94 0 N/A 0 Balance account D r Production made by the entity for its own purposes and capitalized r Other operating income r OPERATING INCOME - TOTAL r Expenses on raw materials and consumables r Other expenses supplies and materials r Other outsourced expenses (electricity and water) r Expenses on goods r Expenses on personnel, of which: r Salaries and benefits r Insurance and social security costs r Adjustments of the value of tangible and intangible fixed assets r Expenses r Income r

9 Page 9 from 13 Adjustments of the value of current assets r Expenses r Income r Other operating costs r Expenses on third party services r Expenses on other taxes, duties and similar charges Expenses on compensations, donations and assigned assets Expenses with refinancing interest rates of leasing entities r r r116 0 N/A N/A Adjustments of provisions r Expenses r income r OPERATING EXPENSES - TOTAL r Profit r Loss r Income from participating interests, of which: r income obtained from subsidiaries r N/A Income from other financial investments and loans which are part of intangible fixed assets (acc. 763), of which: r N/A income obtained from subsidiaries r N/A Income from interest rates, of which: r income obtained from subsidiaries r Other financial income r FINANCIAL INCOME - TOTAL r Value adjustments in respect of capital assets and investments as current assets r131 0 N/A N/A Expenses r132 0 N/A N/A

10 Page 10 from 13 income r133 0 N/A N/A Interest expenses r N/A N/A of which, expenses in respect of subsidiaries r N/A N/A Other financial expenses r FINANCIAL EXPENSES - TOTAL r Financial profit r Financial loss r Current profit r N/A - Current loss r N/A Extraordinary income r142 0 N/A N/A Extraordinary expenses r N/A - Extraordinary profit r N/A - Extraordinary loss r N/A TOTAL INCOME r TOTAL EXPENSES r Gross profit r Gross loss r Income tax r Other taxes which are not recorded above r151 0 N/A N/A - Net profit r Net loss r Net result r Additional information

11 Page 11 from 13 Outstanding payments-total, of which: - TOTAL r Accounts payable outstanding- total, of which: - TOTAL r over 30 days - TOTAL r over 90 days - TOTAL r over 1 year - TOTAL r Outstanding payments to social security- total, of which: - TOTAL contributions to social security payable by employers, employees and other assimilated entities - TOTAL contributions to the social health insurance fund - TOTAL contribution to the additional state pension system - TOTAL r160 0 N/A N/A r161 0 N/A N/A r162 0 N/A N/A r163 0 N/A N/A contributions to the unemployment fund - TOTAL r164 0 N/A N/A other social liabilities - TOTAL r165 0 N/A N/A Payments due to special funds and other funds - TOTAL r166 0 N/A N/A Payments due to other creditors - TOTAL r167 0 N/A N/A Taxes and fees unpaid to the public budget on the date due - TOTAL Taxes and fees unpaid to the local budget on the date due - TOTAL Bank credits which were not reimbursed on the date due - total, of which: - TOTAL r168 0 N/A N/A r169 0 N/A N/A r N/A back payments after 30 days - TOTAL r171 0 N/A N/A back payments after 90 days - TOTAL r172 0 N/A N/A back payments after 1 year - TOTAL r173 0 N/A N/A Past due interest - TOTAL r174 0 N/A N/A Average number of employees r Specific tangible fixed assets

12 Page 12 from 13 Lands r Buildings r Technical installations and machines r Amortization r179 N/A N/A N/A Financial Ratios Debt Ratio R1 0,38 0,31 0,22 Quick ratio R2 0,51 0,86 2,01 Current ratio R3 1,46 1,95 2,70 Solvency ratio R4 0,00 Return on sales ( ROS ) R5 0,14 0,03 0,00 Return on assets ( ROA ) R6 0,12 0,02 0,00 Return on equity ( ROE ) R7 0,21 0,03 0,00 Operating margin, in (%) R8 0,13 0,01 0,00 Days supply in inventory R9 143,04 147,41 73,12 Days sales in receivables R10 13,47 100,84 205,00 Days purchase in payables R11 150,12 135,27 105,54 SALES TO TOTAL ASSETS R12 0,92 0,85 0,77 OPERATING RESULT /TOTAL ASSETS R13 0,12 0,01 0,00 CASH RATIO R14 0,08 0,11 0,04 Equity as % of total assets R15 59,20 65,56 75,97 Fixed assets as % of total assets R16 45,02 38,65 39,76 Receivables as % of current assets R17 6,15 38,32 71,91 Net working capital R , , ,00 Exchange rate USD 1, = 3,33 EUR 1, = 4,42 USD 1, = 3,35 EUR 1, = 4,44 USD 1, = 4,01

13 Page 13 from 13 EUR 1, = 4,44 The credit rating index may vary farom 100 to 600 points as follows: 0 new company or no official or other information available very good good average strained weak insufficient