GRIEG GROUP 20

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Risiko i generasjonsskifter

2

• Our shared values

• Ethical Guidelines

• Corporate Social Responsibility

Corporate CultureCommon value base in Grieg Group

Global Business

3

Creating value for our customers

2055 COLLEAGUES

15 COUNTRIES

22 OFFICES

4

Core BusinessOur companies

GRIEG STAR

2013 Trading pattern

Open hatchTailor-made and flexible shipping

Open hatch vessels are tailor-made for unitized cargoes,

but the flexibility also allows smaller parcels of various bulk commodities.

GRIEG GREENA part of Grieg Star

TRADITIONAL PROCESS GRIEG GREEN PROCESS

THE GENUINELY GREEN SOLUTION TO SHIP RECYCLING

Ship Recycling ServicesGrieg Green

GRIEG SHIPBROKERS

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• Dry Cargo Chartering; International clients; handy/supramax bulk carriers Arranging the fully array of spot, time charter and COAs

• Dry Star Chartering services for Grieg Star exclusievly, eg. semi-liner, project cargo From sophisticated project cargo handling to all conventional bulk cargoes Substantial expertice in arranging time charter, COAs and spot contracts

• S & P Cover all major markets with focus on dry and tank Advices clients on timing of acquisitions or disposals of tonnage Organizes pre-purchase inspections executes negotiations and ensures smooth takeover

• Gas Cover the Pressurized, Semi-ref, Ethylene, Fully ref and LNG segment Transport of LPG, ammonia, petrochemical gases and LNG Spot, period charters, COA, S&P and contracting

• Tank Cover petroleum products, edible oils, solvents and chemicals Particular emphasis on long-haul trades and a key number of clients Substantial resources allocated to assist clients in planning, scheduling and post-fixture activities Focus on spot cargoes, COA's and period employment

An international ship broking companyGrieg Shipbrokers

GRIEG SEAFOOD

FinnmarkBergen and Rogaland

Shetland

British Columbia

EMPLOYEES

640ANNUAL PRODUCTION 2013

65.000 GTW

Fish farming and processingOne of the world’s larges. Specializiong in salmon and trout.

GRIEG LOGISTICS

A leading provider of ship services and maritime

logistics to shipping, energy, offshore and

industry related business;

Business areas:

• Ships Services (Ships Agency)

• Industrial Terminal operations

• Offshore Service Bases

• Project development

• Port Related ERP Systems (Seamless)

Welcome to port!Grieg Logistics

GRIEG INVESTOR

• Acts as an independent investment advisor to a number of the

nation's largest;

− foundations

− pension funds

− family-owned investment companies

• Service categories;

− Investment strategy

− Investment manager selection;

− Performance measurement and attribution analysis

− ALM-modelling

• Located in Oslo, Bergen, Stavanger and LondonADVICE ON CLIENT PORTFOLIO

50 BN NOK

Independent invstment advisorGrieg Investor

The overall objective for the

investment portfolio is to provide

competitive returns for the company.

• Private Equity

• Fund management

• Offshore

• Property

• Technology

Grieg International, Grieg Holdings & Grieg Ltd. Investment companies

GRIEG FOUNDATION

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• Established in its present form in 2002

• Supports projects world wide

• Main focus:

− Education of children and youth

− Culture and arts

− Medical research

− Other benevolent projects

Owns 25 % of the Group Companies

Grieg Foundation

Our Guidelines

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WE SHALL EARN MONEY

WE SHALL BEHAVE

WE SHALL HAVE FUN

PROFIT BEFORE TAX - BUSINESS AREAS 2014

Grieg Star52 %

Grieg Seafood (NGAAP)

38 %

Grieg Investor1 %

Grieg Logistics7 %Joachim Grieg

1 %

MARIS1 %

Property0 %

Finance/Investment companies

0 %

OPERATING REVENUE BUSINESS AREAS 2014

Grieg Star; -2,1 %

Grieg Seafood (NGAAP); 74,6 %

Grieg Investor group; 2,9 %

Grieg Logistics group; -4,7 %

Grieg Shipbrokers group; 1,3 %

MARIS; -0,5 %

Property group; 3,9 %

Finance/Investment companies;

24,6 %

OPERATING REVENUE

7.016 MNOKOPERATING PROFIT

361 MNOKPROFIT BEFORE TAX

365 MNOK

Key Figures P&LGrieg Group

Equity47 %

Pension liabilities0 %

Deferred tax2 %

Liabilitites to financial

institutions 38 %

Short term liabilities to

financial institutions

4 %Accounts payable

3 %

Taxes and public duties payable

1 %

Other current liabilities

5 %

EQUITY RATIO

46,9 %EQUITY

7.145 MNOKTOTAL ASSETS

15.222 MNOK

Intangible assets1 % Licences

7 % Land and real estate

5 %

Vessels45 %

Vehicles,machinery and equipment

8 %

Long-term investments

2 %

Long-term receivables

2 %

Inventories (fish and biological

assets)12 %

Accounts receivable

3 %

Other receivables2 %

Financial investments

8 %

Cash and bank deposits

5 %

ASSETS 31.12.2014 EQUITY & LIABILITIES

Key Figures Balance SheetGrieg Group

4 523

5 0685 408

6 443 6 465

7 016

119

321

-13

-117

472

361

581567

147

-41

430 365

-200

-100

0

100

200

300

400

500

600

700

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

2009 2010 2011 2012 2013 2014

Operating revenue Operating Result (EBIT) Profit before tax

Key Figures P&LGrieg Group

8 128

9 201

12 27412 536

13 415

15 222

5 110 5 334

6 311 6 311 6 111

7 145

63%

58%

51%50%

46%

47%

10,9 %

2,5 %

-0,6 %

6,9 %

5,5 %

-10%

0%

10%

20%

30%

40%

50%

60%

70%

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

2009 2010 2011 2012 2013 2014

Total assets Shareholder’s equity at book value Equity ratio ROE before tax

Grieg Group Assets2009 - 2014

Utvikling av en virksomhetDrift (D) og Transaksjoner (Tr)

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Tiden

omfang

Grunder

T

T

TT

D

D

DD

Krise

Vesentlige beslutninger

1962 Star Shipping – Billabong rederi (10% eierandel)

1972 Bergen Shippingpartners ANS (Tankrederi) (10% eierandel)

1974 Oljekrisen og 6 års tørke i tankmarkedet

1981 Grey Fighter blir Grieg Fighter og vi tjener 100 mill som eneste «overlevende» etter BSP

1981 Billabong kjøpes opp og blir Grieg Shipping

1982-1987 Krise i Bulkmarkedet

1984/5 Kontrahering av 7 Open Hatch ship

1992 FOS konkurs (Laks)

1992 Etablering av Grieg Seafood og kontinuerlig oppkjøp i 15 år

2001 Nedsalg i Fjord SF og etablering av GSF Chile og GSF Canada

2002-2005 Krise i Lakseoppdrett

2006 Fusjon med Volden oppkjøp Sheltland og Børsnotering av GSF (2007)

2007 Kontrahering av K Klasse skip

2007 Finanskrise

2008 Refinansiering av GSF og Økning av eierandel

2010 Kontrahering og replassering av 10 Open Hatch skip og 4 Bulk skip

2013-2016 Ny krise i Bulk markedet

2015 Hva nå – Krise eller Cruise (og rekordhøye laksepriser)

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Og tilhørende kriser

GM II

Grieg Star Logistics Property

Grieg Foundation

75%

25%

GM

Grieg HoldingsGrieg

InternationalGrieg Investor

Kvasshøgdi Salthavn Salthavn IIYstholmen GMC Invest Suletind

Grieg Ltd

Nivå 1

Nivå 2

Nivå 3 – Corporate Strategy

Nivå 4 – Business unit strategy

• Utbyttepolitikk• Styresammensetning• Regler for kapitaltilførsel• Konsernrapportering• Felles verdier • Logo og «Tone of voice»

Per Grieg jrNina Grieg Benedicte Grieg Thomas Grieg Joachim Grieg

Per Grieg jr. Nina Grieg Benedicte Grieg Thomas Grieg Joachim Grieg Elisabeth Grieg

Elisabeth GriegNicolai AndersenMarcus AndersenEllen Andersen

Elna-Kathrine Grieg Anniken Grieg Sæthre Stian Grieg Sæthre Hanna Grieg Sæthre Sturla Grieg Sæthre

Camilla GriegRagnhild GriegPer-Christian Grieg

Per Grieg sr

Capelka

Struktur Grieg Gruppen – Corporate Strategy

• Kjøp og salg av virksomheter• Organisering av Gruppen

Grieg Maturitas

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The holding company in the Grieg Group

• Taking care of the owners short and long term

interest in the Grieg Group

• Profitable, financial and strategic development of the

Group

• Stimulate a good corporate and governance

structure

• Family Business

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© IMD 2009 7

Generational Evolution of Family Business

M

F O

M

F

O

OF

M

Generation 1 Generation 2 Generation 3

F OM

F OM

F

O

M

F

O

M

O

M

F – family

O – ownership

M – management

Generational Evolution of Family BusinessesFamily Business

Being able to change with the times and

always be one step ahead makes us a

dynamic business partner.

30Grieg Maturitas

Family Owned business, 4.th generationGrieg Group

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Workshop - preparing for ownership and/or managementSocial activities and learning

Building national and international external family business network

Next Generation, 5.th generationPreparing for ownership

• Generasjonsskiftet i 1999

− Inndeling i ansvarsområder

− 4 hoved aksjonærer, hvert sitt

ansvar

− Høy grad av autonomitet inne

ansvarsområdet

− La den enkelte få blomstre og

virke

Styringsmodeller i Grieg Gruppen

• Forberedelser til neste

generasjon− Basis i tradisjonell Corporate

governance

− Profesjonalisering av styrerollen

− Fokus på skille eier og utøver

rollen

− Tenke helhetlig i Gruppen som

en portefølje

• Hvordan gjøre plass for kreativitet

og initiativ

• Blir styringen for strukturert

• Får vi det gøy om alle skal ha lik

innflytelse?

• Hvordan takler vi kriser om vi blir

redd for de kollektive beslutninger

Utfordringer

• 13 søskenbarn, 4 sterke

hovedaksjonærer og en oppegående

oldefar

• Profesjonelle ledere som forventer

styringsrett og fullt ansvar som i en

børsnotert bedrift

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Thank you