Sølvtrans Holding ASA Q Oslo, 15 May Roger Halsebakk, CEO Jon Kvalø, CFO

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1 Sølvtrans Holding ASA Q Oslo, 15 May 2012 Roger Halsebakk, CEO Jon Kvalø, CFO

2 1 Highlights in the quarter 2 Financial review 3 Operational and market review 4 Summary and outlook 5 Appendix

3 Highlights 1 st quarter % utilization, up from 75% in Q Continued YoY growth in revenues and results New state of the art vessel contracted 2 vessels transferred to Chile, and operations reinitiated Contract extension for Ronja Viking with SSC

4 1 Highlights in the quarter 2 Financial review 3 Operational and market review 4 Summary and outlook 5 Appendix

5 Financial highlights 1 st quarter 2012 Operating income NOK million EBITDA NOK million Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Equity ratio % 30.9 % 29.8 % 30.1 % 30.9 % 31.0 % Net interest bearing debt NOK million Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12

6 Operating results 1 st quarter 2012 P&L NOK mill. Q Q Operating income EBITDA EBITDA margin 37.7 % 34.8 % EBIT Net financial items Pretax profit Operating income Up 11 % increase of NOK 6,0 mill Utilization increased 5 % vs Q Mobilization of two vessels to Chile Operating expenses Up 6 % due to higher crew costs (regulatory changes), maintenance and mobilization costs Continued EBITDA growth Increased 20 % vs Q Improved EBITDA margin Depreciations reduced by NOK 2,0 mill Revised estimate for vessel residual value Net financial items of NOK 9.0 mill Net (unrealized) loss on agio and derivatives

7 Balance sheet 31 March ASSETS (NOK mill.) Intangible assets 27 Fixed assets Other current assets Cash Total EQUITY & LIABILITIES (NOK mill.) Equity Non current liabilities / Current liabilities Total Cash of NOK 64 mill Used NOK 11,8 mill from high interest bond Vessels Book value of NOK 939 mill Includes installment NOK 23 mill on new vessel NIBD of NOK 564 mill Increase of NOK 11 mill since year end, mainly due to payment of installment on new vessel Stable NIBD / EBITDA = 4.3 Equity ratio of 31.0 %

8 Cash flow 1 st quarter Cash and EBITDA Net finance Change in bonds at outflow working capital Net investments Loan repayment Other Cash and changes bonds at

9 Group financial profile Terms and conditions Fleet financing through Nordea and Sparebanken Møre Margin influenced dby NIBD/EBITDA ratio Covenants related to: NIBD/EBITDA Equity ratio Working capital level l Working capital (NOK million) Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Equity ratio % NIBD/EBITDA (12m rolling) 30.9 % 29.8 % 30.1 % 30.9 % 31.0 % Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12

10 1 Highlights in the quarter 2 Financial review 3 Operational and market review 4 Summary and outlook 5 Appendix

11 1 st quarter characteristics General characteristics Harsh weather conditions Low temperatures, leads to limited f ish farming activities and reduced spot activity in January, while picking up in February and March January and February preferred months for maintenance 1 st quarter 2012 All planned first half maintenance carried out in January Two vessels mobilized to and prepared for operations in Chile in February and March. Operations initiated April 21 st. 80 % utilisation rate, off hire in Q1 12 mainly related to Chile vessels

12 Fleet performance Utilization rate* Number of off hire days 100 % 90 % 92 % 95 % 93 % 97 % 92 % 96 % % 80 % 80 % % 75 % % % Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Incidents Maintenance Market related *Number of days with vessel revenue / total number of vessel days

13 Contracting of new vessel First vessel of a new generation Capacity of 3000 m3 State of the art the art technology and environmentally friendly solutions Delivery June 2013 Spanish shipyard Astilleros Zamakona S.A. Yard choice a strategic t decision i Design by Rolls Royce Marine

14 1 st quarter contract activity Two new contracts in Chile Ronia Pacific two years Ronia Austral three years Total contract value USD 15.5m Contract coverage per 15 May Contract textensions in Scotland with Scottish Salmon Company Ronja Viking two years from December % 50 % 14 %

15 Re initiated operations in Chile Strong market outlook Industry recovery remains strong Tight well boat market kt Two contracts signed in February 2 and 3 years contract length Vessels prepared for operation, and tranferred to Chile during Q1 Operation commenced 21 April Vessels renamed Ronia Pacific and Ronia Austral

16 Sølvtrans Market Overrview Norway: 4 vessels with closed valve operating Scotland: Increased focus on long term charters Canada: Six vessels operating Ongoing market consolidation One vessel operating for Solid position and high ma arket share Prioritized market Cooke Aquaculture Norway Scotlan nd Canada East Chile: Strong demand for modern wellboats therefore decided to re initiate operations with two vessels Chile

17 Contract status per 15 May 2012 Vessel name Capacity (m 3 ) Year built Type * Lice equiped Country Employment at TBN Closed X Ronja Atlantic Closed X Norway Ronja Nordic Closed X Norway Ronja Harvester Closed X Norway Ronja Superior Closed X Norway Ronja Pioneer Closed Scotland Ronja Viking Closed Scotland Ronja Commander Closed Scotland Ronja Carrier X Canada Ronia Pacific Chile Ronja Settler Closed Scotland Roy Kristian X Nor / Scot. Ronia Austral X Chile Ronja Skye Closed Scotland Dec 12 Dec 13 Dec 12 Dec 13 Dec 13 Nov 14 Dec 13 Dec 12 May 14 Dec 12 Spot May 15 Dec 12

18 Modern fleet with leading technology Two vessels 1900 m3 Built 2007 and 2009 Closed Valve system and RSW Lice treatment equipped Five vessels 1000 m3 Built Closed Valve system and RSW Two vessels equipped for lice treatment Six vessels 650 m3 Built Two vessel s with Closed Valve system and RSW Four conventional (open valve) vessels Three vessel equipped for lice treatment

19 1 Highlights in the quarter 2 Financial review 3 Operational and market review 4 Summary and outlook 5 Appendix

20 Outlook Short term Continued growth in global salmon production epected expected Ongoing consolidation and professionalization among fish farmers Expect healthy development in earnings going forward Change in regulatory requirements leads to somewhat higher crew expenses Longer term Positive outlook for transportation of salmon and trout t Increased bio security focus Need for new technology and larger, more efficient i well boats

21 Summary Utilization up 5% pts despite vessel reallocation Continued YoY growth in revenues and earnings Re initiation of Chilean operations Next generation vessel contracted Continued healthy market outlook

22 Th k you for Thank f your y attention! tt ti! History.. now w 2nd quarter will be presented 16 Augustt the future

23 1 Highlights in the quarter 2 Financial review 3 Operational and market review 4 Summary and outlook 5 Appendix

24 Key Financials NOK mill Q Q Operating income and other revenue EBITDA EBIT Net financial items Profit or loss Cash flow from operations 14 Net cash flow 33 Total assets Equity 328 Net interest bearing debt (NIBD) 564 Cash and cash equivalents 64 Working Capital NIBD / EBITDA (12 month rolling) EBITDA margin 38 % 35 % 48 % 33 % 39 % 51 % Equity ratio 31.0 % 30.9 % 30.8 % 30.0 % 17.9 % 11.1 % Earnings per share in NOK 0.26 Equity per share in NOK

25 Disclaimer This Presentation includes and is based, inter alia, on forward looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Sølvtrans Holding ASA and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Sølvtrans Holding s businesses, salmon prices, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Sølvtrans Holding ASA believes that its expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be asset out in this Presentation. ti Sølvtrans Holding ASA nor any other company within the Sølvtrans Holding Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither Sølvtrans Holding ASA, any other company within the Sølvtrans Holding Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Presentation. Sølvtrans Holding ASA undertakes no obligation to publicly update or revise any forward looking information or statements in the Presentation.

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