Results Presentation M A R C H

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1 Results Presentation 1 2 T H M A R C H 2 1 8

2 Agenda Financial Results Markets Outlook Andi Case CEO Jeff Woyda COO/CFO 12th March Annual Results 2

3 Results summary 217 m 216 m Increase % Revenue % Underlying profit before taxation (Before acquisition related costs) % Exceptional items Acquisition related costs (4.8) (8.6) Profit before taxation (After acquisition related costs) % Underlying earnings per share (Before acquisition related costs) 116.8p 15.2p +11.% 12th March Annual Results 3

4 Results summary 217 m 216 m Increase % Revenue % Underlying profit before taxation (Before acquisition related costs) % Exceptional items Acquisition related costs (4.8) (8.6) Profit before taxation (After acquisition related costs) Underlying earnings per share (Before acquisition related costs) 116.8p 15.2p +11.% 12th March Annual Results 4

5 Segmental margin Revenue 217 Revenue 216 Profit 217 Profit 216 m m m m Margin 217 Margin 216 Broking % 17.2% Financial % 16.6% Support Research % 11.8% % 35.8% 12th March Annual Results 5

6 Acquisition related costs Acquisition related costs* 217 m 216 m Cash and share-based payment charges Loan note interest.3.9 Amortisation: Platou *Assuming no further acquisitions, this should amount to a further 2.5m in th March Annual Results 6

7 Balance sheet Dec 212 m Dec 213 m Dec 214 m Dec 215 m Dec 216 m Dec 217 m Tangible fixed assets Investments Working capital (2.8) 3.1 (1.8) (7.1) (15.1) (.4) Net available funds Pensions (9.4) (1.8) (1.3) (4.1) Deferred tax Net assets before loan notes & intangibles Loan notes (46.1) (23.6) - Net assets before intangibles Intangibles Net assets th March Annual Results 7

8 Forward Order Book ( FOB ) for invoicing in the following year 217 For 218 US$m 216 For 217 US$m Directors best estimate of deliverable FOB th March Annual Results 8

9 Net available funds 217 m 216 m Cash and cash equivalents Current investment deposits Net cash equivalents Reserved for bonus (full cost) (88.1) (85.) Loan notes outstanding - (23.6) Net available funds after loan notes Held by regulatory businesses (25.) (27.5) Free cash resources th March Annual Results 9

10 Movement in net available funds and free cash resources (after bonus & loan notes) 49.6 (.2) (2.1) (11.2) 74.8 (6.9) (5.4) (1.5) 79.1 (25.) 54.1 Net available funds Dec 16 Operating profit Other Dividends Working capital Taxation Capex Capitalised development costs Net available funds Dec 17 Cash held by regulated entities Free cash resources Dec 17 12th March Annual Results 1

11 Dividend history Interim Final th March Annual Results 11

12 The Markets 1 2 T H M A R C H 2 1 8

13 Weak market Recovering market Weakening market Strong market Where were we in Freight/Earnings Shipping Cycles in 217? Timeline of each cycle not defined and varies Dry Bulk Offshore LNG Containers Chemical/Specialised tankers Crude tankers LPG Product tankers 12th March Annual Results 13

14 $ /day ClarkSea Shipping Index Average Maximum Minimum Average 16,879 15,316 1,679 19,125 3,98 27,569 24,622 33,61 32,66 11,331 15,491 12,315 9,577 1,263 11,743 14,41 9,441 1,767 Max 23,99 24,44 16,821 28,695 44,513 33,926 29,139 5,714 5,42 15,779 2,686 14,936 12,426 17,4 16,684 18,383 13,876 13,214 Min 11,648 8,878 8,94 15,758 23,523 18,918 18,964 25,47 13,532 7,444 12,841 1,389 7,644 7,52 9,135 12,364 7,73 8,465 Data Source: Clarksons 12th March Annual Results 14

15 Billion tonnes Billion people World Seaborne Trade - historic major dry bulk minor dry bulk crude oil oil products chemicals liquefied gas containers other dry cargo World Population Source: Clarksons/US Census Bureau 12th March Annual Results 15

16 Tonnes per capita World Seaborne Trade per Capita Trade per Capita Extrapolated Based on Average Absolute Growth Rate Source: Clarksons/US Census Bureau 12th March Annual Results 16

17 Billion tonnes Billion people World Seaborne Trade & Population Growth the future major dry bulk minor dry bulk crude oil oil products chemicals liquefied gas containers other dry cargo World Population Trade per sector Extrapolated Based on Average absolute Growth Rate in Trade per Capita per Sector Source: Clarksons/US Census Bureau 12th March Annual Results 17

18 (f) % change (year on year) World & U.S. Economic Growth World GDP US GDP Data Source: IMF 12th March Annual Results 18

19 % change (year on year) Distribution of World Economic Growth vs Seaborne Trade Growth 16 World GDP US GDP EU GDP China GDP India GDP World Seaborne Trade Data Source: Clarksons/IMF 12th March Annual Results 19

20 World Seaborne Trade (Billion tonnes) GDP Current Prices (Trillion Dollars) World Seaborne Trade vs. GDP 16 World Seaborne Trade Trade trend volume GDP Current Prices GDP trend volume Linear (World Seaborne Trade) Linear (GDP Current Prices) Data Source: Clarksons/World Bank 12th March Annual Results 2

21 Futures & Options (millions) Growing Investor Confidence That The Commodity Rally Will Continue 1.2 Brent Net Longs WTI Net Longs Combined Source: Bloomberg, ICE, CFTC 12th March Annual Results 21

22 China s One-Belt-One-Road Silk Road Economic Belt and 21 st Century Maritime Silk Road Main goal: Boosting economic growth and trade through infrastructure development. Infrastructure such as roads, ports, railways and airports have been built and funded by Chinese state-backed firms, but private Chinese firms and international partners will fund new business opportunities. Chinese companies and their partners aim to put some US$35bn in projects over the next 5 years. Outward Chinese Investment linked to US$19bn over the next five years. The end-game target of all size corridors is 249, which will encompass 63% of the World s population and 29% of the World GDP. Public and Development finance from: Asian Development Bank aim at $1.5trillion per year until 23 (45 member countries) New Silk Road Fund Export Import Bank of China Asian Infrastructure Investment Bank China Development Bank The New Development Bank Commercial banks can provide project finance to boost trade flows 12th March

23 AIIB s Global Investments in Approved Power Plants, Rail and Port projects The Asian Infrastructure Investment Bank (AIIB) has contracted 24 projects worth about US$4.23 billion, in its two years since inception in 216. Projects range from power plants to rail and port facilities, currently mostly in Asia, Egypt & Oman. The bank aims to finance projects in South America, Africa, and more in Middle East, in its third year of operation. 12th March Annual Results 23

24 (f) Trade Growth (%) Infrastructure investment drive the demand for construction related materials China and Russia are discussing to extend Eurasian Economic Union (EEU) membership to include Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. EEU is holding talks with Iran and India to extend the free trade block. China and Russia are active in development of the Northern Sea Route. Yamal LNG project has commenced. Belkomur railway project commenced which is scheduled for completion by 223. Port and railway investments in East Africa - port expansions in Djibouti and Dar Es Salaam in Tanzania and railways being built in Tanzania and Kenya. 18% 15% 13% 1% 8% 5% 3% % -3% -5% -8% -1% -13% -15% Construction Related Seaborne Trade Growth 16% 16% 11% 1% 9% 4% 6% 7% 3% 4% 1% 1% 1% % 4% -8% -14% 5% 12th March Annual Results 24

25 Kg Crude Steel equivalent per person World Steel Consumption 1,4 1,2 1, Per Capita Steel Consumption Evolution China (from 1995) India (from 1995) South Korea (from 1973) Japan (from 1955) USA (from 193) Years Source: World Steel Association/IMF/Clarksons Platou South Korea Taiwan Germany China Japan Turkey EU-28 USA Russia Middle East Mexico Other Asia Brazil India Africa 216 Per Capita Steel Consumption (finished steel prod.) 1, World Average 28kg Kg per person 12th March Annual Results 25

26 Manufacturing PMI s increased across many countries Global Purchasing Managers Indices Selected Asia Purchasing Managers Indices Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 US Japan Eurozone China Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 India S Korea Vietnam Taiwan Source: HSBC, Markit, Caixin, Reuters 12th March Annual Results 26

27 Rises in Global Manufacturing send Commodity Prices Higher Global Manufacturing Index Trending Up Demand Surge for Commodities Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Global Manufacturing PMI Bloomberg Commodity Spot Index Source: Markit, JPMorgan, Bloomberg 12th March Annual Results 27

28 e Global Container Trade Growth 25 2 m. TEU Global Container Trade (TEU), Growth In Terms of Additional TEU, s Average : 6.2m TEU pa Average : 8.7m TEU pa s Average : 1.5m TEU pa 199s Average : 3.5m TEU pa -5-1 In 25 growth of 1.4% added 9.9m TEU to global trade; in 217 growth of 5.2% added 9.4m TEU to global trade. -15 Source: Clarksons Research 12th March Annual Results 28

29 Per capita oil cons (litre) Oil Consumption per Capita 9, per capita oil cons World oil cons per capita OECD oil cons per capita 8, 8,49 7, 6, OECD= 4. x China OECD = 1.4 x India 5, 4, 3, World Av. = 1.5 x China World Av. = 3.8 x India 3,149 3,526 3,988 2, 1,671 1,828 1, Million ppl Africa (1,19) India (1,267) Indonesia (258) China (1,374) Brazil (26) Mexico (123) European Union (515) Japan (127) S.Korea (51) USA (323) Canada (35) Saudi Arabia (28) Source: EIA/BP Stats/US Census Bureau 12th March Annual Results 29

30 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17e Q1 18e Q2 18e Q3 18e Q4 18e The oil market rebalancing is well in progress Global Oil Supply and Demand balance The oil market was largely balanced during H2/17 with commercial inventories coming down rapidly as a result The IEA currently forecasts slight oversupply through 218 on average. The IEA s demand growth estimate is however conservative, particularly in light of current strong global GDP growth. At the same time, the IEA forecasts very strong non- OPEC production growth in Demand Supply In our view, the IEA potentially underestimates demand growth and overestimates non-opec supply growth, and we forecast a fairly balanced market for 218 Data Source: IEA; EIA; Clarksons Platou Offshore 12th March Annual Results 3

31 Jan-3 Jan-4 Jan-5 Jan-6 Jan-7 Jan-8 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Million bpd Jan-9 Jul-9 Jan-1 Jul-1 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 No. of Rigs Million bpd Oil Production Developments 2, 1,5 1, 5 US Crude Oil Production Oil Rig Count Breakeven prices of new offshore projects have fallen materially OPEC Middle East Crude Production OPEC Middle East Crude Oil Production Capacity Data Source: EIA Feb 218, IEA, Technip, Clarksons Platou U.S. crude production expected to rise substantially in 218 despite declining drilling efficiency and continued concerns about free cash flow, which may slow future growth. U.S. crude exports will drive crude tanker tonne-mile growth in 218 along with increased Asian imports. Returning OPEC oil in 219 is expected to add to crude oil trade volumes in a more balanced oil market. Offshore project cost curve has come down substantially over the last three years. Combined with gradual oil price recovery, Offshore has increasingly become viable again. 12th March Annual Results 31

32 Offshore drilling rigs: Fixing activity is improving, both for jackups and floaters Jackup fixing activity Floater fixing activity Jack-ups, #rig years Floaters, #rig years Data Source: RigLogix, Clarksons Platou Securities Floaters seemingly stable, but 215/16 saw substantial contract cancellations implying net demand was ~zero. During 217 there were almost no cancellations, implying net demand has started improving slightly 12th March Annual Results 32

33 YoY growth Rig fixing back to growth mode YoY growth in rig fixing activity, last 12M 4% 36% 32% 31% 3% 27% 2% 19% 17% 1% 8% 1% 4% % -1% -2% -7% -16% -18% -16% -26% -2% -27% -28% -19% -21% -14% -24% -9% -14% -1% -19% -19% -7% -11% -3% -4% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Data Source: RigLogix, Clarksons Platou Securities 12th March Annual Results 33

34 Rig fleet supply side adjustment progressing. More than 1 floaters scrapped since the downturn started late-14 seen utilisation and fixing improve Scrapping/quarter Scrapping total Scrapping/quarter Scrapping total Floaters Scrapped 34% of peak fleet Jack-ups Scrapped 13% of peak fleet Quarterly scrapping, lhs Total scrapping, rhs Quarterly scrapping, lhs Total scrapping, rhs 12th March Annual Results 34

35 Jan 213 Jul 213 Jan 214 Jul 214 Jan 215 Jul 215 Jan 216 Jul 216 Jan 217 Jul 217 Jan 213 Jul 213 Jan 214 Jul 214 Jan 215 Jul 215 Jan 216 Jul 216 Jan 217 Jul 217 Offshore Service Vessels: Active utilization levels for the large vessels seems to have bottomed out and starts displaying slight improvement Global AHTS utilization, vessels > 1, BHP Global PSV utilization, vessels > 2, DWT 7 1% 13 1% 6 9% % 5 8% 1 9 8% 4 3 7% 6% % 6% 5% 5 5% 2 Active Idle 4% 4 3 Active Idle 4% 1 Laid Up Utilisation 3% 2 1 Laid Up Utilisation 3% 2% 2% Graphs measure active utilization. Total utilization (including laid up vessels) is significantly lower, but reactivation of laid up vessels is costly and owners will only reactivate stacked units vs. reasonable term contracts Data Source: Clarksons Research Services; Clarksons Platou Offshore 35 12th March Annual Results

36 Liquidity rising in the 2nd hand market, typically a bullish indicator 2 nd hand sales by vessel type and year Commentary All-time high level of asset sales in 217 (16), which may indicate rising confidence Many of the most distressed assets have changed hands 4 2 Brokers indicate that ask prices are rising, especially for larger and high quality vessels Source: Clarksons Research AHTS >16, BHP AHTS 12-16, BHP AHTS 8-12, BHP AHTS 4-8, BHP PSV >4, DWT PSV 3-4, DWT PSV 2-3, DWT PSV <2, DWT 12th March Annual Results 36

37 million dwt Shipping Fleet Development: ,5 2, 1,5 1, 5 Bulkers Tankers Containers Gas Carriers Other Growth Fleet as at end year. 218 is a projection. Comprises world merchant fleet >1 GT, including ship-shaped offshore units 1% 9% 8% 7% 6% 5% 4% 3% 2% Year-on-year fleet growth (RHS) 1% % Note: data prior to 1996 does not include retrospective changes and certain estimates. 1 Fleet forecast based on provisional estimates. 12th March Annual Results 37

38 No. Ships Global Newbuilding Orders at Historic Low ,5 Oil Price $79 $111 $11 $18 $98 $53 $45 $57 3, 2,5 Orders representative of vessels over 2, dwt 2,254 2,95 Bunker Price $45 $618 $639 $595 $532 $264 $213 $35 Eco-Bubble 2, 1,873 1,835 2,46 1,5 1, ,378 1,196 1, , ,343 1, NB: Number of orders may change retrospectively due to late reporting of data. 12th March Annual Results 38

39 No. of Vessels Million dwt Demolition Trends Number of vessels demolished Annual Volume of dwt demolished (RH Axis) , ,148 1,139 1, Source: Clarksons 12th March Annual Results 39

40 Jan 215 Mar 215 May 215 Jul 215 Sep 215 Nov 215 Jan 216 Mar 216 May 216 Jul 216 Sep 216 Nov 216 Jan 217 Mar 217 May 217 Jul 217 Sep 217 Nov 217 Jan 218 USD/WON Exchange Rate US$ per ton Shipyard Inflationary Pressure USD/WON Exchange Rate 118 Korean Steel Price Index $ $ $ Won has strengthened 6.7% against dollar over the last year $5 $45 14 Mar 217 Apr 217 May 217 Jun 217 Jul 217 Aug 217 Sep 217 Oct 217 Nov 217 Dec 217 Jan 218 Feb 218 $4 Note: Currency data as 5 th March 218. Source: Bloomberg; ASIAIS Source: ASIAIS 12th March Annual Results 4

41 Orderbook as a % of existing fleet Orderbook as % of Fleet 9% Tankers - 1,+ Dwt (% based on Dwt) Containerships - 1+ TEU (% based on TEU) LPG Carriers (% based on Cu. M.) Bulk Carriers - 1,+ Dwt (% based on Dwt) LNG Carriers (% based on Cu. M.) Global Fleet - All Vessel Types (% based on No. of Vessels) 8% 7% 6% 5% 4% 3% 2% 1% % th March Annual Results 41

42 Environmental Regulation Timeline Baltic Sea ECA in effect 1.% ECA Sulphur Limit 3.5% Global ECA Sulphur Limit Lower EEDI reference line (Phase 1) Ratification of Ballast Water Management Convention (BWC) Lower EEDI reference line (Phase 3) Global NOx Tier I Limit Global NOx Tier II Limit US Carrib. ECA in effect EU Monitoring, Reporting & Verification MRV certification in effect Lower EEDI reference line (Phase 2) North Sea ECA in effect N. Am ECA in effect.1% ECA Sulphur limit BWC enters into force MRV becomes mandatory in EU ports.5% Global ECA Sulphur Limit Key Current Position ECA NOx MRV EEDI Hong Kong Convention SOx Ballast Water Convention EEDI for newbuildings formally adopted EEDI & SEEMP Mandatory (Phase ) ECA NOx Tier III emission limit takes effect* North Sea & Baltic Sea to be adopted as NOx ECAs Potential entry into force of Hong Kong Convention *At the MEPC 66 it was decided that, as of 1st September 215, Tier III limits within future ECAs will only apply to ships bu ilt after the date of adoption of the ECA, or a later date as may be specified in the amendment designating the NOx Tier III ECA. 12th March Annual Results 42

43 Top 4 Bank Portfolio s (US$ billions)* Shipping Lending Overview: By Bank & Geography Top 4 Banks Lending to Shipping (by year) 21: $449.8bn 211: $454.9bn 212: $422.1bn 213: $41.bn 214: $391.5bn 215: $397.6bn 216: $355.3bn Geographical Breakdown of Lenders EUROPE 83.1% 79.3% 75.1% 72.9% 7.5% 63.9% 62.2% USA 2.1% 1.7% 2.8% 2.7% 2.6% 3.9% 4.8% Actively seeking to lend to both existing and new clients Selective/restricted lending capacity/criteria Actively reducing/selling portfolio and/or exiting shipping ASIA-PAC 14.8% 19.% 22.% 24.4% 26.8% 32.2% 33.% Reported Top 4 Bank Portfolios as at 31 December th March Annual Results 43

44 Clarksons Platou Securities: In Brief Investment Banking Equity and Debt IPOs and listings Private and Public Offerings Block trades Refinancing Restructuring Valuations M&A advisory Private Equity Sales & Trading Equity and Debt instruments Secondary trading Block trades Forward Freight Agreements FX services Private Equity Research Equity and credit research Company reports Sector reports Daily, weekly, monthly, and quarterly reports Leading investment bank within energy and maritime industries $34.8bn 43% 4% 2 Raised in equity and high yield debt since 21 Market share for shipping equity issues YTD Market share for offshore drilling equity issues YTD Offices located in Oslo and New York 12th March Annual Results 44

45 % of Shipping Equity Raised in New York and Oslo Shipping Equity Market Activity by Sector YTD Equity Raised by Sector Increasing Investor Focus on Dry and Containers 6, 5, $4,813 Oslo NYC $5,427 1% 9% 8% $65 $11 $1,86 Tanker Gas Dry Containers Other $23 $764 $36 $735 $157 $597 4, 7% 3, $3,454 $3,38 6% 5% $1,982 $4,196 $544 $726 $693 $2,122 4% 2, $1,398 3% $364 $463 1, $938 $11 2% 1% $2,764 US$m raised in sector $1,83 $1,66 $387 $472 - DRY Crude Product LPG LNG Container Chemicals Other % th March Annual Results 45

46 Equity raised per year (USDm) Cumulative (USDbn) Debt raised per year (USDm) Cumulative (USDbn) Leader in raising capital for energy and maritime industries USD 19.bn ECM capital raised since 21 USD 15.8bn DCM capital raised since 21 6, Equity raised Cumulative billions 2 4,5 Debt raised Cumulative billions 4, , 3, , 4, ,5 14 4, 3,61 3, , 2,5 2, , 2, , 2,11 8 2, 6 1,5 6 1, 1,158 1,11 1, , Clarksons Platou Securities has raised USD 34.8bn in capital for energy and maritime industries, YTD 12th March Annual Results 46

47 USDm 43% market share in global shipping equity transactions ~USD 21.3bn global shipping equity issues in the period YTD 4, CPS (Sole or Joint Lead) Others Amount (USDbn) 3,5 3,388 3, 2, ~21.3bn 9.2 2,5 2, 1,715 2,468 1,929 1, Market share (%) 1,5 1, 5 1,164 1,323 1, , , Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 57% ~43% 43% Clarksons Platou Securities has a market share of 43% in global shipping ECM, YTD 12th March Annual Results 47

48 USD million 4% market share in global offshore drilling equity transactions ~USD 12.4bn global offshore drilling equity issues in the period YTD 3,5 3, Clarksons Platou Securities Others Amount (USDbn) 2,5 2, 7.4 ~12.4bn 5. 1,5 1, Market share (%) 5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 6% ~4% 4% Source: Bloomberg, company information and press releases Clarksons Platou Securities has a market share of 4% in global offshore drilling ECM, YTD 12th March Annual Results 48

49 Issue volume (USDm) # of issues Market leader in USD denominated bonds on Norwegian docs 2 15 Market share in # of core sector transactions CPS Others DCM placing power Clarksons Platou Securities has a sustained market leading position in core segments: 1 Offshore drilling 5 3, 2,5 2, 1,5 1, 5 29% 25% 43% 33% 33% Source: Stamdata, Company filings, Clarksons Platou Securities Market share in core sector issue volume CPS Others 2% 3% 5% 31% 26% % % 8% 9% OSV Shipping Proven track-record of strong placing power over time and across core segments We are in continuous dialogue with a large number of institutional debt investors looking for exposure to energy and maritime industries Clarksons Platou Securities has a leading market share in core segments 12th March Annual Results 49

50 Leading restructuring advisor Proven track record In excess of USD 13.5bn in oil service debt restructured since 215 Leading industry expertise combined with proven restructuring and financial strategy experience secures the best possible outcome for our clients Involved in oil service situations on a global basis, advising both public and private companies Demonstrated process leadership in recent complex situations involving a large number of stakeholders Able to create and drive consensus among stakeholders due to high industry credibility Independent and unbiased advisor with no objective other than achieving a value-maximizing solution for our clients Oil service Selected recapitalization and restructuring credentials. Representation of Board of Directors, Companies, Banks, Bondholders, and Capital Providers September 217 Financial Advisor to Company $4.bn Debt Restructuring February 217 Financial advisor to Secured Banks $65m Debt Restructuring June 216 Financial Advisor to Secured Banks $6m Debt Restructuring July 217 Financial Advisor to Secured Bondholders $455m Debt Restructuring December 216 Financial Advisor to Company $355m Debt Restructuring April 216 Fairness Opinion $2.7bn Debt Restructuring May 217 Financial Advisor to Company $18m Debt Restructuring December 216 Financial Advisor to Bondholders $65m Debt Restructuring March 216 Financial Advisor to Bondholders $7m Debt Restructuring March 217 Financial Advisor to Company $4m Debt Restructuring November 216 Fairness Opinion $48m Debt Restructuring December 215 Advisor to WWS Recovery in Acquisition of WWS AS $15m Debt Restructuring February 217 Sale of Ceona Amazon $21m Debt Restructuring July 216 Fairness Opinion to Board of Directors $1.75bn Debt Restructuring February 215 Restructuring, Equity and Bond Offering $5m Debt Restructuring 12th March Annual Results 5

51 Clarksons Platou Securities has consistent transaction flow Representative ECM, DCM, M&A and restructuring transactions (1) February 218 February 218 December 217 December 217 November 217 November 217 November 217 Advisor to TechnipFMC in the 51% acquisition of Island Offshore Subsea USD 6m Senior Notes Issue CAD 39m Private Placement USD 11m Public Offering of Common Shares USD 9m Public Offering of Common Shares NOK 5m Equity Private Placement USD 5m Equity Private Placement Financial Advisor Co-Manager Lead Finder & Advisor Joint Bookrunner Lead Underwriter Joint Lead Manager Joint Bookrunner November 217 October 217 October 217 October 217 September 217 August 217 August 217 NOK 2m Equity Offering USD 3m Senior Secured 2 nd Lien Notes Issue USD 36m Senior Secured Bond Issue USD 65m Equity Private Placement Financial Advisor to Company USD 5m Equity Private Placement Advisor to Transocean in the USD 3.4bn (EV) acquisition of Songa Offshore SE Sole Manager Co-Manager Joint Bookrunner Joint Lead Manager Financial Advisor Sole Bookrunner Sole Advisor August 217 July 217 June 217 May 217 May 217 May 217 April 217 Songa Bulk NOK 3m Share Repurchase Tender Offer Financial Advisor to Secured Bondholders (BOA OCV) CAD 5m Equity Offering Listing on Oslo Stock Exchange Listing on Oslo Axess Financial advisor to the Company USD 82m Follow-On Equity Offering Sole Manager Sole Advisor Sole Selling Agent Sole Manager Joint Lead Manager Financial Advisor Joint Lead Manager 12th March Annual Results 51

52 Clarksons Platou Securities has consistent transaction flow Representative ECM, DCM, M&A and restructuring transactions (2) April 217 March 217 March 217 March 217 February 217 February 217 February 217 Songa Bulk USD 317m Initial Public Offering on NYSE Financial advisor to the company USD 8m Equity Private Placement NOK 44m Equity Private Placement NOK 38m Exercise of Share Option Program USD 11m Private Placement USD 22m Senior Unsecured Bond Co-Manager Financial Advisor Joint Lead Manager Sole Manager Sole Manager Joint Lead Manager Joint Lead Manager February 217 February 217 February 217 January 217 January 217 January 217 January 217 Sale of Ceona Amazon (Deep water field development vessel) Financial advisor to the Secured Bank Lenders USD 81m Initial Public Offering on NASDAQ NOK 198m Equity Private Placement USD 52m Equity Private Placement (PIPE) NOK 85m Equity Private Placement NOK 1m Equity Private Placement Sole Advisor Sole Advisor Joint Bookrunner Sole Manager Sole Placement Agent Joint Lead Manager Sole Manager December 216 December 216 December 216 December 216 December 216 December 216 December 216 Songa Bulk Listing on Merkur Market USD 155m Equity Private Placement and N-OTC listing NOK 27m Equity Private Placement USD 15m Convertible Senior Notes Issue Advisor to Prosafe SE in acquiring Axis Offshore s assets NOK 275m Equity Private Placement USD 5m Senior Notes Issue Joint Lead Manager Joint Lead Manager Sole Manager Co-Manager Sole Advisor Sole Manager Co-Manager 12th March Annual Results 52

53 Clarksons Platou Securities has consistent transaction flow Representative ECM, DCM, M&A and restructuring transactions (3) November 216 November 216 November 216 November 216 September 216 September 216 July 216 USD 5m Equity Private Placement Sole Manager Advisor to Mitsui & Co., Ltd. in establishing JV with Akastor ASA Sole Advisor USD 52m USD 15m Underwritten Public Offering of Common Shares Joint Lead Manager Songa Bulk USD 74m Equity Private Placement and N-OTC listing Joint Lead Manager USD 225m Convertible Senior Notes Issue Co-Manager USD 52m Underwritten Public Offering of Common Shares Joint Lead Manager Fairness opinion Financial Advisor June 216 June 216 June 216 April 216 March 216 March 216 February 216 Up to USD 5m Investment by Stonepeak Infrastructure Partners Sole Financial Advisor USD 61m Underwritten Public Offering of Common Shares Sole Bookrunner Co-financial advisor to the Committee of Bank Lenders Co-Financial Advisor Fairness opinion Financial Advisor USD 63m Underwritten Public Offering of Common Shares Sole Bookrunner Advisor to committee of unsecured bondholders Sole Advisor USD 2m Equity Private Placement Joint Lead Manager December 215 November 215 October 215 August 215 July 215 June 215 June 215 Advisor to WWS Recovery in its acquisition of WWS AS USD 61m Secondary Equity Offering Equity Private Placement directed towards MAC SA USD 75m Senior Secured Callable Bond Restructuring USD 5m Equity Private Placement Listing on Oslo Stock Exchange USD 2m Public Offering of Common Shares Sole Manager Joint Lead Manager Sole Manager Sole Manager Sole Manager Sole Advisor Joint Lead Manager 12th March Annual Results 53

54 Asset Values (US$m) Baltic Dry Index Dry Bulk Market Recovery Anticipated and Invested In From Jan 216: Dry Bulk Asset Values and BDI with CP Securities Dry Bulk Activity $2m Equity Private Placement $63m Public Equity Offering Capesize 18k dwt Resale Prices Kamsarmax 82k dwt Resale Prices Baltic Exchange Dry Index $61m Public Equity Offering $52m Public Equity Offering $74m Equity Private Placement and N-OTC listing Songa Bulk $11m Private Placement Songa Bulk $82M Follow-on Equity Offering Songa Bulk Listing on Oslo Axess 1,8 1,6 1,4 1, Since Jan 216: BDI up 19% Capesize Resale up 33% Kamsarmax Resale up 3% 1, Jan 216 Feb 216 Mar 216 Apr 216 May 216 Jun 216 Jul 216 Aug 216 Sep 216 Oct 216 Nov 216 Dec 216 Jan 217 Feb 217 Mar 217 Apr 217 May 217 Jun 217 Jul 217 Aug 217 Sep 217 Oct 217 Nov 217 Dec 217 Jan 218 Feb th March Annual Results 54

55 Creating value at the heart of world trade Underpinned by our values, our integrated business model provides the platform for an unrivalled level of service and information that enables trade and creates long-term value. 12th March Annual Results 55

56 Corporate Outlook Cyber security No more debt Markets recalibrating Demand improving Supply side challenged Finance requirement strong Cash generative Progressive dividend policy in 15 th year 12th March Annual Results 56

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58 Disclaimer The material and the information (including, without limitation, any future rates and/or forward looking predictions) contained herein (together, the "Information") are provided by H. Clarkson & Co. Ltd ("Clarksons Platou") for general guidance and not by way of recommendation. The Information is provided on "as is" and "as available" basis. Clarksons Platou and all its Group companies make no representations or warranties of any kind, express or implied about the completeness, accuracy, reliability, suitability or availability with respect to the Information. Any reliance placed on such Information is therefore strictly at the recipient's own risk and no responsibility is accepted for any loss or damage howsoever arising. Please note that future rates and/or forward looking predictions are for illustration purposes o nly and given without guarantee; the ultimate outcome may be different. This Information is not for reproduction or distribution without Clarksons Platou s prior written consent. Especially, the Information is not to be used in any document for the purposes of raising finance whether by way of debt or equity. All intellectual property rights are fully reserved by Clarksons Platou, its Group companies and/or its licensors. This disclaimer shall be governed by and construed in accordance with English law. H. CLARKSON & CO. LTD, COMMODITY QUAY, ST. KATHARINE DOCKS, LONDON, E1W 1BF 12th March