RS Platou Markets AS

June 2014

Company presentation

Leading international ship- & offshore broker and investment bank

RS Platou overview

• RS Platou is a leading global ship- and offshore brokerage house

― Established in 1936

― Approx. 350 employees worldwide

― Revenues in 2013 of NOK 1.3 billion

• RS Platou is present in all key geographical regions of the worldwide offshore and shipping sector

• RS Platou Markets established in 2008

― Leading international investment bank with core focus on offshore and shipping

― Approx. 75 employees located in Oslo and New York

• Strong international placing power and client relationships

― Majority of investor demand from the U.S., UK, Continental Europe, the Nordic countries and Asia

The Platou Group – global reach, local expertise

2

Shipping Offshore Economic Research

Investment banking Project Finance

Platou Markets is a leading investment bank dedicated towards the Shipping and Offshore sectors

The diversity of the Platou Group effectively makes it a “one-stop shop” for shipping and offshore companies

3

The Platou Group - “one-stop shop” for shipping and offshore companies

The Platou Group

Shipping Offshore Investment Banking

The Platou Group

Market Research Equity and Credit Research

• Key facts

―World leading ship- broker

―Established 1936

• Provides research of all major shipping markets and macro economic factors affecting the shipping, energy and offshore markets

• Global coverage within our core industries

• Covering blue-chip stocks in other sectors

• Key facts

―Largest offshore broker in the world

―Established 1973

• Key facts

―Full service investment bank

―Established 2008

• Key segments

―Tankers

―Dry cargo ships

― Industrial shipping

• Key segments

―Offshore support vessels

―Drilling units

―Field development

• Key segments

―Shipping

―Offshore

―E&P

Financial Services

• Key facts

―Norwegian financing company

―Established 2004

• Key segments

―Shipping projects

―Offshore projects

―Real Estate

Platou Group with extensive research coverage

RS Platou Markets

• Equity research with international coverage within our core sectors

• Credit research with in-depth daily, weekly, monthly and quarterly sector reports within our core areas

Coverage of the Maritime and Offshore Industry

4

Platou offers in depth company, sector, and macro reports together with regular company reports and daily updates

RS Platou

• Industry specific research reports within a wide range of sectors: Rig, Offshore Support Vessels, Shipping, Tanker, LNG, Dry Bulk, Container

Crude carrier Product carrier

Shuttle tankers

LNG carriers Container carriers

Car carriers

Offshore drilling rigs Offshore support

vessels

Cruise

Equipment & services

FSO/FPSO

Bulk carriers

Macro Oil Steel New building

Key drivers

Seismic services E&P Offshore

construction vessels/Subsea

250

300 300

350

101 120

100

58

310

225

110

227

230

235

300

219

168 250

100

64

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7

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200

400

600

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1,400

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Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14

Global Shipping Equity Issues: 2013 – 2014 YTD

5

Public Shipping ECM Transactions Globally 2013 - 2014 YTD

Source: Bloomberg, company information and RS Platou Markets.

RS Platou Markets is the global market leader in shipping equity issues

USD

m

RSPM: USD604m Total: USD611m

RS Platou Markets

RSPM: USD101m Total: USD229m

RSPM: USD235m Total: USD331m

Total: USD365m

RSPM: USD250m Total: USD465m

RSPM: USD420m Total: USD443m

RSPM: USD219m Total: USD647m

Total: USD269m

RSPM: USD400m Total: USD719m

RSPM: USD300m Total: USD776m

RSPM: USD110m Total: USD1,383m

RSPM: USD350m Total: USD630m

RSPM: USD511m Total: USD961m

RSPM: USD158m Total: USD252m

Total: USD543m

RSPM: USD 116m Total: USD235m

USDm Market share

RS Platou Markets 3,773 43%

Total 8,826

Total shipping ECM transactions 2013 - 2014 YTD

6

RS Platou Markets shipping equity markets activity 2013 - YTD

Platou Markets market share by exchange

Issue volume by company on OSE

# of issues per company

Issue volume by company on NYSE

• RS Platou Markets with the largest market share on shipping equities regardless of exchange

• Working with the most active issuers on both OSE and NYSE measured by issue volume and activity Source: RS Platou Markets, company information, SEC, Newsweb and Bloomberg.

43% 54%

32%

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Total NYSE OSE

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Platou Markets is the undisputed OTC leader

N-OTC market share 2011 (%) N-OTC market share 2012 (%) N-OTC market share 2013 (%)

7

.

Source: Norwegian Securities Dealer Association.

Platou Markets provides strong after market support

• The OTC market continues to be an attractive funding market for companies with growth ambitions

• Short time to market creates flexibility to use the market sentiment

• Turnover OTC 2013, NOK 5.4bn (NOK 3bn in 2012 and 7.2m in 2011)

• NOK 20.7 billion raised in equity in 2013 (NOK 4.3 bn in 2012 and NOK 18.2bn in 2011)

• Platou Markets with largest market share of 19.78% in 2013 (27.6% in 2012 and 27.7% in 2011)

• Scorpio Bulkers, North Atlantic Drilling, Agrinos, and Frontline 2012 most traded companied in 2013. Platou Markets has acted as manager for all four companies

“…this year’s champions of the capital markets.”

“Never in our years of publishing this issue have we singled out an investment bank…”

“...words cannot express their accomplishments as well as the numbers can.”

RS Platou Markets: Marine Money 2013 Deal of the Year Award

9

Platou Markets has consistent transaction flow

Representative ECM, DCM and M&A transactions (1)

August 2013

USD 218.5m Registered Direct

Offering

Joint Lead Manager

September 2013

USD 100m Registered Direct

Offering

Sole Manager

September 2013

USD 350m (tap issue) Senior Secured Bond in Latina Offshore Limited

Sole Manager

September 2013

USD 300m Equity Private

Placement

Sole Manager

October 2013

USD 300m Equity Private

Placement

Sole Manager

December 2013

USD 350m IPO Listing on NYSE

Joint Lead Manager

November 2013

USD 110m Equity Private

Placement

Sole Manager

January 2014

USD 208m Follow-on Equity

Offering

Joint Lead Manager

Nov. / Dec. 2013

NOK 157m Bridge Loan and

Equity Placement

Sole Manager

November 2013

USD 176m Acquisition of licenses

in the Heimdal area

Sole Financial Advisor

November 2013

NOK 174m Equity Private

Placement

Joint Lead Manager

January 2014

USD 125m IPO Listing on NYSE

Joint Lead Manager

January 2014

USD 75m Equity Private

Placement

Joint Lead Manager

January 2014

USD 227m Follow-on Equity

Offering

Joint Lead Manager

January 2014

USD 186m Senior Secured Bond

Issue

Sole Manager

February 2014

USD 100m Equity Private

Placement

Joint Lead Manager

February 2014

USD 58m Follow-on Equity

Offering

Joint Lead Manager

March 2014

USD 300m Senior Unsecured

Notes

Co-Manager

March 2014

USD 160m Senior Secured

Callable Bond Issue

Sole Manager

March 2014

USD 125m Senior Secured Bond

Issue

Sole Manager

April 2014

USD 116m Common Equity

Offering

Joint Lead Manager

10

Platou Markets has consistent transaction flow

Representative ECM, DCM and M&A transactions (2)

December 2012

Sale of DSV Seven Havila

to Subsea 7

Sole Manager

January 2013

USD 310m Private Placement

Joint Lead Manager

January 2013

USD 230m Registered Direct

Offering

Sole Manager

January 2013

USD 64m Follow-On Offering

Co-Manager

February 2013

USD 250m Private Placement

Joint Lead Manager

February 2013

USD 100.5m Registered Direct

Offering

Sole Manager

March 2013

USD 90m Tap-issue Unsecured

Bond

Co-Manager

March 2013

USD 235m Registered Direct

Offering

Sole Manager

March 2013

USD 35m Private Placement

Co-Manager

March 2013

USD 140m 2nd Lien Callable Bond

Joint Lead Manager

March 2013

NOK 500m 1st Lien Bond secured

in two PSV’s

Joint Lead Manager

March 2013

USD 775m Senior Secured

Financing

Co-Manager

April 2013

Sale of Norske AEDC to KUFPEC

Sole Advisor

May 2013

USD 120m Registered Direct

Offering

Sole Manager

May 2013

USD 300m Registered Direct

Offering

Sole Manager

May 2013

USD 750m Senior Secured

Notes

Co-Manager

June 2013

NOK 500m Senior Unsecured

Notes

Co-Manager

June 2013

USD 175m Senior Secured Bond in Santa Maria Offshore

Sole Manager

June 2013

USD 250m Equity Private

Placement

Sole Manager

July 2013

NOK 650m Senior Secured 1st

Lien Bond

Joint Lead Manager

July 2013

USD 112m Private Placement

Sole Manager

May 2012

USD 210m Private Placement

Joint Lead Manager

11

Platou Markets has consistent transaction flow

Representative ECM, DCM and M&A transactions (3)

December 2011

JV with financial partner

Sole Financial Advisor

December 2011

Conversion of NOK 102m Convertible

Bonds and NOK 27m Private Placement

Sole Manager

January 2012

NOK 400m Senior Unsecured

Bond

Joint Lead Manager

January 2012

NOK 1,250m Senior Unsecured

Bond

Joint Lead Manager

February 2012

USD 300m Senior Unsecured

Bond

Joint Lead Manager

February 2012

NOK 120m Private Placement

Joint Lead Manager

March 2012

NOK 300m Senior Unsecured

Bond

Joint Lead Manager

March 2012

USD 300m Private Placement

Joint Lead Manager

April 2012

USD 27m Registered Direct

Offering

Placement Agent

July 2012

Farm-down in several assets on the NCS

Sole Advisor

August 2012

NOK 500m Senior Unsecured

Bond

Joint Lead Manager

September 2012

USD 150m Senior Unsecured

Bond

Joint Lead Manager

October 2012

USD 1,650m Senior Secured

Financing

Co-Manager

September 2012

USD 45m Private Placement

Joint Lead Manager

October 2012

Acquisition of approx. 30% of Asia Offshore

Drilling Ltd.

Advisor to Seadrill

October 2012

NOK 80m Private Placement

Joint Lead Manager

November 2012

NOK 100m Senior Unsecured

Bond

Sole Manager

November 2012

NOK 75m Senior Unsecured

Bond

Sole Manager

December 2012

NOK 100m Senior Unsecured

Bond

Joint Lead Manager

December 2012

USD 132m Registered Direct

Offering

Placement agent

RS Platou Markets AS: Haakon VII's gate 10 0116 Oslo Norway Telephone: +47 22 01 63 00 www.platoumarkets.com

RS Platou Markets, Inc.: 410 Park Avenue, 7th floor/Suite 710 New York, 10022 United States Telephone: +1 212 317 7080 www.platoumarkets.com

RS Platou Markets contact information