kistefos as - company update · kistefos in brief kistefos as was established in 1998 when mr....

October2017

KistefosASCompanyupdate

2

Disclaimer

• This presentation has been prepared by Kistefos AS (the "Company") for information purposes only. The presentation does not constitutean offering of securities of the Company or any affiliated company thereof

• The distribution of this presentation may, in certain jurisdictions, be restricted by law. Persons in possession of this presentation arerequired to inform themselves about and to observe any such restrictions. No action has been taken or will be taken in any jurisdiction bythe Company that would permit the possession or distribution of this presentation in any country or jurisdiction where specific action forthat purpose is required

• Unless otherwise indicated, the information contained in this presentation is current as of the date hereof. Neither the publication nordistribution of this presentation shall under any circumstances create any implication that there has been no change in the Company'saffairs since the date hereof or that the information in the presentation is correct as of any time since its date. The Company does notassume any obligation to update or revise any of the information set out herein

• This presentation may include certain forward‐looking statements, estimates, predictions, influences and projections with respect toanticipated future performance and as to the market for products or services which may reflect various assumptions made by themanagement of the Company. These assumptions may or may not prove to be correct and no representation is made as to the accuracy ofsuch statements, estimates, projections, predictions and influences. These statements and forecasts involve risk and uncertainty becausethey relate to events and depend on circumstances that will occur in the future. The information and opinions contained in this presentationare subject to change without notice and the Company assumes no responsibility or obligation to update publicly or review any of theforward‐looking statements contained herein

• No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy orcompleteness of the information contained herein. Accordingly neither the Company nor any of its directors or employees will acceptliability whatsoever arising directly or indirectly from the use of this presentation

KISTEFOSOVERVIEW ADVANZIABANK APPENDIXOTHERPORTFOLIO

COMPANIES FINANCIALS

3

Kistefosinbrief

KistefosASwasestablishedin1998whenMr.ChristenSveaasmergedhisvariousinvestmentvehiclesintoonecompany

Kistefoshasmajorinvestmentsinfinancialservices,telecommunications,IT,commercialrealestatedevelopment,logistics,offshoreservicesandvariousfinancialinvestments

Valuecreationisachievedthroughfinancialandindustrialexpertiseincoresectorsandactiveownership– investmentsrangefromstart‐upstomaturecompaniesandtheinvestmentmandateisflexiblewithrespecttohorizonandassetclasses

Experiencedteamandstrongownerwithproventrackrecordinvaluecreationandexecutingsuccessfultransactionsacrosssectors

Kistefos’investmentportfolioismainlyfocusedtowardsEurope,andismanagedfromOslo,Norway

TheCompany

ChristenSveaasFounder,chairmanandowner

Founder&owner ChristenSveaashasmorethan35yearsofexperiencewithinvestmentcompanies

Mr.Sveaashashadseveralboardpositions,includingTreschow‐Fritzøe AS,BoardmemberofStolt‐NielsenSA,OrklaASA,SkipsKredittforeningenAS,VestenfjeldskeBykredittAS,Tschudi&EitzenShippingAS,andhehasservedassenioradvisortoEQT,Sweden

Mr.SveaasispresentlyExecutiveChairmanofKistefosASandA/SKistefosTræsliberi,CoBatNorskeSkogindustrier ASA,ViceChairmanoftheboardofTheKistefosMuseumFoundationandChairmanofAndersSveaas'AllmennyttigeFond,aNorwegiancharitablefoundation.HeismemberofDean'sCouncil’sExecutiveCommittee,HarvardKennedySchool,Boston,USA

Mr.Sveaasisamember of TateInternationalCouncil,andisafounding member of theMetropolitanMuseumInternationalCouncil.Further,he isaGlobalPatronof ArtBasel

Mr.SveaasiseducatedatUniversityofSt.Gallen,Switzerland.Lic.Oec.HSG;equivalenttoanMBA

4

~5.2~4.3

1,0 0,3 0,4

Portfoliomarketvalue

KIST04bond Bankdebt Cashandequivalents

Value‐adjustedequity

Grossandnetmarketvalues(NOKbn)

PortfoliomarketvalueofNOK~5.2billionperJune30,2017

Portfoliovalues(June30,2017)* Comments

Kistefoscurrentlyholdsaportfolioof~adozencompanieswheretheCompanyhasaninfluentialstake(>25%),plusafewfinancialinvestmentswithsmallerstakes

TotalportfoliomarketvaluesofNOKbn~5.2asof30June2017usingKistefos’ownvaluations

Advanzia valuationisbasedonaprice‐to‐earningsmultipleequaltotheaverageofapeergroupconsistingofBankNorwegian,KomplettBank,NordaxBank,ResursBankandTFBankasof30June2017,whichreada10.4xonaconsensus2017ebasis– currentmultipleof12.0x**

ThevalueoftheinvestmentinVikingSupplyShipsisbasedonprevalentvesselbrokervaluesrelativetobookvalues

Valuationofotherportfoliocompaniesarebasedoninternalvaluations

KIST04bondofNOKm1,000,aNOKm300bankfacilityandcash/equivalentsofNOKm~400bringsVAEtoNOKbn 4.3

Basedonbondcovenantreportingasof30June2017,themarket‐adjustedequityisNOKbn 4.6(75%)

NOKbn~5.2Financials

TMT(Telecom./Media/IT)

Other

Logistics&Offshoreservices

*Kistefos valuation.**asof25October2017

52%

27%

9%

11%

5

Company Description Industry Ownership

AdvanziaBankS.A.(“Advanzia”)isacreditcardbankbasedinLuxembourg,offeringno‐feecreditcardsanddepositaccountstocustomerswithintheEU.Germanyisthemainmarket,additionalmarketsincludeFrance,AustriaandLuxemburg

Financials

VikingSupplyShips(“VSS”)hasworldleadingexpertiseinoperationsinareaswithiceandextremeweatherconditions

Offshoreservices

WesternBulkChartering(“WBC”)isoneoftheworld’sleadinglogisticsoperatorsintheHandymaxandSupramaxmarket

Logistics

OsloAirportCitywasestablishedin2016byaconsortiumofexperiencedentrepreneursinrealestateandlanddevelopmentbypurchasingseveralprimelocatedlandareasintheGardermoenareaoutsideofOslo.BuiltaroundthepreviousKistefoscompaniesofBergmoenandGardermoenForum

Realestate

1881 GroupownsOpplysningen1881andDigitaleMedier1881, whichcombinedistheleadingNorwegianproviderofpersonalandcorporate directoryservices viaphone,SMS,webandmobileapplications

TMT

Keyinvestmentsarediversifiedandprovideliquiditythroughdividendsorpotentialforrealization

60.3%

75.3%

75.0%

27.0%

100%

6


NextGenTelprovidesfixedandmobileinternetcommunicationsdirecttoconsumerandtosmallbusinessessegments

TMT

PromonisaNorwegiantechnologycompanyspecializinginsecuringsoftwareapplicationswithinthecyber‐securitysegment.Promonfocusesonsolutionsthatareincorporatedintoapplications,andcanrecognizeandpreventattackswithouthumanintervention‐ so‐calledRASP(RuntimeApplicationSelfProtection)technology

TradeIXisrewiringtradefinancebyprovidingthemostconnectedandsecureplatforminfrastructureforbanks,assetmanagers,B2Bnetworksandvalueaddedserviceproviders.Builtondistributedledgertechnology,theplatform’sapplications,developertools,andcoreprotocolrepresentthedawnofthe“internetoftrade”

Thecompanyprovidestradefinancesolutionsonitsplatformunlockingbillionsofworkingcapitalthathasnotyetbeenaccessedbyfinancialinstitutionsoralternativefunders

TheSanFranciscobasedcompanyprovidescloudbasedphoneservicesthataddsasecondlinetomobilephones,tabletsandcomputerswiththesimplicityofanapp

Infrontofferselectronictradingsolutionsandreal‐timemarketdata,newsandanalyticscoveringover50exchangesworldwide

StrongTMThistoryandrecentexcitinginvestments

8.9%

31.5%

27.0%

47.1%

25.0%

7

Anactive2017withbothexitsandnewinvestments

April2017 TheNorwegianCompetition

authority(“NCA”)approvedtheannouncedsaleofPhonerotoTelia

Kistefos’remainingsharewas20%atthetime,posttheinitialdivestmentin2015toNorvestor

ThesalereleasedNOKm400toKistefos,amultipletocostof2.7xsince2015

Majoreventsduring2017

September2017 Kistefosowned~31%oftheshares

inInfrontpre‐IPO TheIPOwasclosedlateSeptember

andvaluedInfrontatNOKm498pre‐money

Kistefoscontrols~8.9%ofthetotalsharesoutstandingposttransaction

October2017 Kistefospurchasedsharesin

NextGenTelforapproximatelyNOKm98

AfterthepurchaseKistefoscontrols~25%ofthetotalsharesoutstanding

November2017 TheboardofVSSABhasproposed

ashareissueofSEK120mtocureacovenantbreachinsubsidiaryVSSA/S

TheplacementisfullyunderwrittenbyKistefos.UseofproceedsinVSSA/Sissubjecttocertainconditionsbeingmetbylendingbanks

August2017 KistefossubscribedforNOKm~80

inInsr’sprivateplacementinconnectionwiththeacquisitionofNemi Forsikring,leadingtoownershipof~9%postmoney

ThetransactionissubjecttoregulatoryapprovaloftheacquisitionofNemi Forsikring(pending)

September2017 Alloperationalsubsidiaries

divested Liquidationprocessstarted Smallpositivecasheffectfor

Kistefos

8

Aproventrackrecordofsuccessfulexits…

Company KistefosOwnership Exityear

Gross Exitvalue(Kistefos’share)

Multipletocost Description

31% 2017 NOKm156 5.4x Infrontofferselectronictradingsolutionsandreal‐timemarketdata,newsand

analyticscoveringover50exchangesworldwide ListedonOsloBørs September,2017

57% 2016 NOKm392 1.8x Holderof~1,000,000sq.m.oflandclosetoOsloAirport SoldtoaconsortiumofinvestorswithareinvestmentofNOKm205foracontinued

ownership

20% 2016 NOKm400 2.7x SoldtoTeliaCompanyAB SubjecttoapprovalfromCompetitionAuthority

57% 2015 NOKm750 10.7x SecondlargestbusinesstelecomproviderintheNorwegianmarket SoldtoNorvestor,withre‐investmentofNOKm152foracontinued20.1%ownership

29.9% 2015 NOKm461 6.7x ProvidesconsumerloansandcreditcardstoNorwegianclientsthroughano‐branch,

fullydigitaldistributionmodel SoldtoResursBank,yieldingastrongreturntoKistefos

100% 2015 NOKm218 1.6x ChineseprivateequityfundinvestinginChinesecompanieswithexposuretodomesticgrowthacrossawiderangeofsectorsandindustries

100% 2013 NOKm317 3.7x Sellsdirectorylistingsandbanneradvertisingonwww.1881.no Spin‐offfromOpplysningen1881ultimo2010 SoldtoAmediaAS,yieldingastrongreturntoKistefos

100% 2012 NOKm 140 n/a OwnsandoperatessevenlargeNorthSeabargesintheoffshoremarketsfor

construction,windmillprojectsanddecommissioning FleetsoldtoUglandShippingAS,yieldingastrongreturntoKistefos

CNEI

9

317610 631

20732332

2857

273

21

750

187

394

10

461

72

97

10

218

34

13

2013 2014 2015 2016 2017YTD SUM

…hasreleasedsignificantliquidityoverthepastfiveyears…

Realizedinvestments(NOKm) Comments

DivestmentsofNOKbn~2.9since2013withinIT/telecom,shipping&offshore,financeandrealestate

Strongcashflowgenerationin2015utilizedtorepaydebtatmaturity

During2017,morethanNOKm500hasbeenrealized(mainlysaleofremainingpartofPhonero andIPOofInfront inSeptember2017)

CNEI

10

5678

37 45 30

30

179

87

162

115

198

72

66

8

13

46

2013 2014 2015 2016 2017e

Opplysningen1881 Advanzia WesternBulk VikingSupplyShips Phonero

…combinedwithsolidannualdividendsfromtheportfolio…

Dividendhistory– portfoliocompanies(NOKm) Comments

Advanziahasbecometheprimarysourceofdividends,andhasdemonstratedstrongdividendcapacitysince2013(paidoutEURm 87inperiod2013‐16on100%basis.NetincomeofEURm 125inthesameperiod)

Leveringitsstrongandconsistentcashconversion,Opplysningen1881hasbeenandremainsanotherimportantliquiditysourceforKistefos

WesternBulkandVikingSupplyShipshavecontributedwithNOKm 336individendssince2013

Kistefoswillcontinuetokeepinvestmentscontributingwithdividendstotheparentcompany

292

342

236

207

145

5yavg.NOKm ~240m

11

328 392

614668

668

200

800

1000

497

332

300

3001151

1325

381

839

957

YE2013 YE2014 YE2015 YE2016 1H2017

KIST01 KIST02 KIST03 KIST04 Bank Netdebt

…haskeptnetinterest‐bearingdebtatacomfortablelevel

OutstandingdebtinKistefosAS(NOKm) Comments

KistefoshasreducedtotalbankandbonddebtfromNOKm1,439in2013toNOKm1,300asofH12017

KIST01,KIST02andKIST03wererepaidatmaturity

OutstandingunderKIST04isNOKm1,000,asofH12017

NOKm300bankfinancingisdebtinasubsidiarywithsharepledgeinAdvanziaBankandguaranteefromKistefosAS

1,592

668

1,100

1,300

1,439

12

KISTEFOSOVERVIEW ADVANZIABANK APPENDIXOTHERPORTFOLIOCOMPANIES FINANCIALS

13

50 100 150 194 246327

425529

642772

940

1169

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q32017Grossloanbalance(EURm)

AdvanziaBank– aconsistentgrowthstory…

AdvanziaBankS.A.(“Advanzia”)isaLuxembourgbasedvirtualbank,withnobranches,offeringno‐feecreditcardsanddepositaccountstocustomersthroughapuredigitaldistributionmodel

AdvanziahasanEUcross‐borderbankinglicensewithcurrentactivityinLuxembourg,Germany,FranceandAustria

Advanzia’s scalableplatformsecuresstableoperatingcosts– coupledwithstrongloangrowth,thishasallowedforhighprofitabilityandhighreturnonequity

Thebank’sgrowthinGermanyissuperiorcomparedtothegeneralmarketgrowthandthebankhasbecomethelargestissuerofrevolvingMasterCardcreditcardsinthecountry

Companydescription Ownershipoverview

60,3%

7,8%4,9%

15,0%

12,0%

Kistefos

SkipsASTudor(Wilhelmsen)

SundtAS

Founders

Seedinvestorsandother

AdvanziaBank

commencesbankingoperations

AdvanziaentersFrance

AdvanziaentersAustria

Advanziamanagedwellthroughthefinancialcrisis,whileloweringfunding

costs

Firstacquisitionclosedandfundingdiversification

14

50100

150194

246327

425

529

642

772

940

1169

‐4‐8

‐6

26

913

21

28

3640

48

‐20

‐10

0

10

20

30

40

50

60

0

200

400

600

800

1000

1200

1400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q32017/LTMGrossloans(EURm) Netprofit(EURm)

…providinganimpressiveandconsistentvaluecreationovermorethanadecade

Financialdevelopments– 2006‐Q32017 Comments

AdvanziaBankisKistefos’mostimportantinvestment

Kistefoshasbeenthemajorityshareholdersince2006andhasbeeninstrumentalinthelong‐termfocusanddevelopmentofthebank

Throughactiveownershipincludingindustryexpertiseandtherightmanagement,Advanziahasmanagedimpressiveandconsistentvaluecreationthrougheconomiccycles

Strongandconsistentgrowthfigureswithkeygrowthfiguresabove25%p.a.since2010

Loanlossesof4.0%inQ3’17(annualized),downfrom4.6%inQ3’16

26%Loangrowthfrom2010(CAGR)

35%

NetProfitgrowthfrom2010(CAGR)

15

650,400activecreditcardcustomers

Presentsince2006

AsnapshotofAdvanziaBankS.A.

HQ

718kActivecredit

cards


Presentsince2012


Presentsince2015

EURm1,169Grossloanbalance

EUR~1,471

Avg.outstanding

17.4%Creditcardyield(YTD)

EUR~4,350Avg.credit

limit

37%Cost/Income

ratio

44%ROE(LTM)

13.6%Tier1ratio

Size

Risk

Performance

Solidity

Keyfigures(Q3’17)

16

21 28 36 40 48

11 13 15 20 22

34%40%

48% 44% 44%

0,15

0,25

0,35

0,45

0,55

0

20

40

60

2013 2014 2015 2016 Q32017(LTM)

Netprofit(EURm) Customeracquisitioncost ROE

Stellarfinancialhistoryofcontrolledandprofitablegrowth

Keyfinancialfigures Comments

Advanziahasdeliveredstronggrowthcombinedwithhighmarginsandprofitability,whilemaintainingastrongbalancesheet

Highcustomeracquisitioncostsimplieshigherpotentialunderlyingprofits,asCACcanbecuttoboostprofitssignificantly

Highandstablecreditcardsyieldof~17‐18%anddecreasingfundingcosts

Lowcost/incomeinthemid30s

Depositsaretheprimarysourceoffundingandareadjustedaccordingtoprevalentliquidityneeds

Activecardsanddepositcustomers Grossloans&growth(YoY)

Netinterestincome&margins Profitability

Cost/income Capitaladequacy

529 642 772 940 1169

24% 21% 20% 22%

29%

2013 2014 2015 2016 Q32017LTM*

Grossloans(EURm) Grossloansgrowth(%)

72 91 111 133 155

18,4% 18,2% 18,1% 17,9% 17,4%

2013 2014 2015 2016 Q32017(LTM)

NII(EURm) Creditcardyield

34,2%32,0% 33,6%

36,2% 37,2%

2013 2014 2015 2016 Q32017Cost/income

16,1%

12,2%15,0% 13,8% 13,6%

2013 2014 2015 2016 Q32017Tier1capitalratio(incl.Interimprofit)

*2017numberincludesportfolioacquiredinFranceinH1foranamountofEURm63

372 433 509 614 71824 25 27 31 33

16% 16% 18% 21%17%

2013 2014 2015 2016 Q32017(YoY)

Creditcardcustomers('000) Depositcustomers('000)Creditcardgrowth(%)

17


18

WesternBulkChartering

Companydescription Keyfinancialsandownershipstructure

WesternBulkCharteringAS(“WesternBulk”)WesternBulkCharteringisaglobaldrybulkoperatorwithanuntraditionalbusinessmodel;Assetlight,trading‐orientedanddecentralized,withriskmanagementasakeycomponent

TheCompanyisamajoroperatorofSupramax andlargeHandysizetonnage,andiscurrentlyoperating120‐150vessels

WesternBulkmatchescargowithvesselsinallmarketconditions;leasingvesselsfromvariousvesselownersandtransportingcargoforalargenumberofcustomersworldwide

Thecompanyhasastrongbrandnameandexcellentcustomerrelationshipsindiversifiedsegments

Tostrengthenthecompany’sfinancialposition,thecompanyconductedaprivateplacementofNOKm 154(USDm 18)directedtowardsthelargestownersinQ1’17.Kistefos investedNOKm 119intheprivateplacement

WesternBulk’sperformancesawasignificantimprovementinH1’17comparedtoH1’16,aidedbyanimproveddrybulkmarket,marketvolatility,improvedcustomerrelationships,betteroperationalperformanceandanincreasedfleet

Q2’17wassignificantlybetterthanQ1’17,andshowedpositiveresultsforthequarteronastand‐alonebasis

USDm* 2015 2016 H12017Revenues 989 632 412NetTC 44,5 4,4 15,1EBITDA 9,1 ‐19,2 0,7Profit/(loss)aftertax 7,2 ‐20,0 ‐2,1

Totalassets 117 99 93Bookequity 47 14 15

Ojada9.2%

Other15.8%

Kistefos75.0%

*Adjustments: FY 2016 figures are excluding USDm ‐16.9 in losses, write‐offs, provisions, and other impairment charges with no cash effect. FY 2015 figures are excluding USDm ‐23.3 in write‐off1) Source: Bloomberg

BalticDryIndex– Supramax1)

0

200

400

600

800

1000

1200

01.16 04.16 07.16 10.16 01.17 04.17 07.17 10.17

19

VikingSupplyShipsA/S

Companydescription Keyfinancials

VikingSupplyShips(“VSS”)hasworldleadingexpertiseinoperationsinareaswithiceandextremeweatherconditions

VSSownsthreeAHTSice‐breakersandfourAHTSiceclassvesselscustomizedforoperationsinharshandicyenvironments,whereoftwoiceclassvesselislaidupduetothemarketconditionswithintheoffshoreservicessector

Inaddition,thecompanyownsfivePSVsandoneregularAHTSonlongtermbareboatcharter,allofwhicharelaidupduetothemarketconditionswithintheoffshoreservicessector

Duetothecurrentweakmarketconditions,VSSA/SregisteredabreachonitsEBITDAandcashcovenantsperQ22017.VSSA/Sisinnegotiationswithitslendingbankstofindalong‐termsolution

Inconnectiontothis,theBoDintheparentcompanyVSSABhasdecidedtoraiseapproximatelySEKm120inarightsissue,whereKistefoshasguaranteedthefullissue.TheproceedswillbemadeavailableforthesubsidiaryVSSA/Ssubjecttocertainconditionsarebeingmetbythelendingbanks.Kistefos hasnoguaranteesorcommitmentsforVSS’debtorobligations

Despitethecurrentweakmarketconditions,therearehoweverpositiveindicationsthatactivitylevelswithinVSScoreareasastheBarentsSea,RussiaandCanadawillincreasein2018,whichwillbeofsignificantimportanceforVSS

USDm 2012 2013 2014 2015 2016 H12017Revenue 154 171 276 133 89 19EBITDA 34 51 114 35 19 ‐12Profitaftertax ‐27 ‐9 46 ‐40 ‐44 ‐12

Totalassets 748 691 632 475 405 377Book equity 304 283 272 178 155 158Equityratio 41% 41% 43% 37% 38% 42%

LindénUrnesJenny;2,4%

FolkePatriksson;2,0%

Others;20,3%

Kistefos*;75,3%

*OwnershipIndirectlythroughVikingInvestASandOdinVikingSPVAS

Ownershipstructure

20

1881GroupAS

Companydescription Keyfinancials

Thewholly‐owned1881GroupASiscomprisedofOpplysningen1881andDigitaleMedier1881AS.Thelatterwasre‐acquiredfromAmediainDecember2016,afterinitiallybeingsoldtoAmediain2013

Opplysningen1881ASistheleadingNorwegianproviderofdirectoryservicesviaphoneandSMS

DigitaleMedier1881ASisoneofthelargestprovidersofdirectoryservicesonline

Combined,1881GroupistheleadingNorwegianproviderofpersonalandcompanydirectoryserviceswithmorethan130yearsofhistory

OpplysningencontinuestodeliverstrongcashconversionandprovidesKistefoswithsolidannualdividends

Volumesaredecliningasexpected,andinlinewiththegeneralmarketconditionsforitsservices

InitiativesareundertakentoprovidenewservicesinthecombinedcompanyinordertocapitalizeononeofthestrongestNorwegianbrands,and1881GroupASisconsideredtobeanidealplatformforadditionalacquisitionswithintheindustry

Opplysningen1881ASNOKm 2011 2012 2013 2014 2015* 2016

Revenue 480 444 421 344 291 270EBITDA 158 143 165 112 94 87EBITDAmargin(%) 32.9 32.2 39.2 32.6 32.3 32.3Profitaftertax* 90 91 111 73 45 35

*For2015,profitaftertax,equityandtotalassetsareaffectedbythemergerbetweenOpplysningen1881ASanditsparentcompanyTelecomHoldingAS.ThemergerresultedinthebookingofintangibleassetsinOpplysningenwithcorresponding,non‐casheffect,depreciations.

DigitaleMedier1881ASNOKm 2011 2012 2013 2014 2015 2016

Revenue 183 190 200 199 192 183EBITDA 15 34 42 42 43 45EBITDAmargin(%) 8.2 17.9 21.0 21.1 22.4 24.6Profitaftertax 6 23 31 30 27 35

1881GroupAS(Opplysningen1881ASandDigitaleMedier1881AS)NOKm H12017

Revenue 192EBITDA 50EBITDAmargin(%) 26.1Profitaftertax 19

21

27%

57%

OsloAirportCity

Companydescription Propertyillustration

OsloAirportCity(“OAC”)controlsmorethan1,000,000sq.m.oflandforcommercialpropertydevelopmentpurposes,nexttoOsloAirport(“OSL”)

OAChaspartneredupwithVedal,oneofNorway’sleadingcommercialdevelopers,whichwillberesponsibleforthedevelopmentandcompletionoffutureprojects

Experiencedmanagementteam– previousprojectsinclude,amongstother,thedevelopmentofBjørvika,Oslo

Commercialpropertieswillincludeamixofofficespace,hotels/conferencecentersaswellaslogisticpropertiesinseparateareas

Thefirstprojectisexpectedtoinitiatewithinthenext2years

Duetoitslocation,increasingtrafficfiguresandexpansionplans,weexpectOSLtoattractanumberofcommercialplayerstoOsloAirportCityoverthenextyears

Ownershipstructureand2016realization

Sale

Ownership Grossproceeds Performance

NOKm392

1.8xMultipletocost

Pre‐saleownershipPost‐saleownership

22


KappaBiosciencedevelopsandsellsultrahighpuritysyntheticK2(MK‐7),avitaminforbothboneandhearthealth

KappaBiosciencefocusesontheworldwidefoodsupplementandfortifiedfoodmarkets,wherevitaminK2iscurrentlygainingstrongermomentum

MedTech

LumarineisaproduceroflumpfishwithproductionfacilitiesinTømmervåg,MøreogRomsdal

LumpfishisusedinfishfarmingfacilitiestocombattheSalmonparasitesealiceFish

Farming

OstomyCureisaMedicalTechnologycompanythathasdevelopedarevolutionarytechnologyinvolvingatitaniumimplantsolutionwithlidwhichisintendedtoreplaceconventionalileostomies

OstomyCure’stechnologycalledtheTIESsystem(TranscutaneousImplantEvacuationSystem),receivedCEmarkinginJune2016

MedTech

Portfoliooverview– directinvestments;other

55.0%

82.0%

66.6%

23


24

KistefosAS– KeyFinancials

Keyfinancials– KistefosAS Comments

Keycreditmetrics

46% 47%

59%52%

58%

30% 32%

9%15% 18%

2013 2014 2015 2016 H12017

Bookequityratio NIBD/totalassets

P&L(NOKm) 2013 2014 2015 2016 H12017

Operatingresults ‐64 ‐68 ‐88 ‐118 ‐31

Incomefromsubsandass.companies 355 161 955 423 242

NetGains/valuechange(losses) 50 36 13 ‐566 8

Netinterest ‐104 ‐121 ‐108 ‐60 ‐40

OtherFinancial 2 190 91 ‐2 ‐9

Net income 258 220 872 ‐343 181

Balancesheet(NOKm) 2013 2014 2015 2016 2017

Investmentsinsubsidiaries 1,925 2,586 2,309 2,330 2,330

Total fixedassets 2,549 2,783 2,376 2,919 3,016

Total stock‐in‐tradeandreceivables 250 134 944 408 124

Shares andotherfinancialinstruments 784 827 580 130 149

Cash andcashequivalents 288 267 287 261 343

Total Assets 3,871 4,011 4,187 3,717 3,632

TotalEquity 1,780 1,874 2,472 1,927 2,108Interest‐bearing debt 1,439 1,552 668 800 1,000Non‐interest‐bearingdebt 652 585 1,048 990 524

Keyratiosandmetrics

Bookequityratio 46% 47% 59% 52% 58%

IBD/total assets 37% 39% 16% 22% 28%

NIBD/totalassets 30% 32% 9% 15% 18%

PositivenetincomeofNOKm181inH12017

Thecompany’sliquiditysituationissound,withNOKm343inbankdeposits

Theequityratioincreasedduringthefirsthalfof2017from52%to58%

Moderategearing– netinterest‐bearingdebtofNOKbn1oraNIBD/totalassetsratioof18%

25

KistefosGroup– KeyFinancials

Keyfinancials– groupconsolidated Comments

TheKistefosGroup’srevenueincreasedbyNOKm862y‐o‐y,fromNOKm3,713toNOKm 4,575*

GroupcashofNOKm869perH1’17

Totalassetsin2016weresignificantlyaffectedbythefirsttimeconsolidationofAdvanziaBank,adding~NOKm10,000tooverallbalancesheet

Keycreditmetrics

*AdvanziaBankS.A.consolidatedinthegroupaccountsfrom2016

P&L(NOKm) 2013 2014 2015 2016 H12017

Totaloperatingincome 10,488 12,120 12,241 8,180 4,575

EBITDA 635 714 973 84 202

EBIT 304 515 560 ‐361 100

Netfinancialitems ‐538 ‐259 61 ‐436 242

Netincome ‐317 253 557 ‐857 281

Balancesheet(NOKm)

Totalfixedassets 4,788 5,489 5,273 3,675 3,754

Othercurrentassets 2,446 2,995 2,143 12,518 15,339

Cash&cashequivalents 1,392 1,521 980 863 869Totalassets 8,625 10,005 8,396 17,056 19,962

Totalequity 2,533 2,628 2,908 2,070 2,360

Interest‐bearingdebt 4,563 5,173 3,701 3,517 3,704

Noninterest‐bearingdebt 1,530 2,204 1,787 11,468 13,899

Keyratiosandmetrics

Bookequityratio 29% 26% 35% 12% 12%

IBD/totalassets 53% 52% 44% 21% 19%

NIBD/totalassets 37% 37% 32% 16% 14%

29%26%

35%

12% 12%

37% 37%32%

16% 14%

2013 2014 2015 2016 H12017

Bookequityratio NIBD/totalassets

1)TheGroup’sfinancialsforthefirsthalfof2016havebeenrestatedtoincludeAdvanziaBank.AdvanziaBankwasconsolidated intotheGroupwithfullyeareffectforthefirsttimeinthefourthquarterof2016

26

Kistefosinvestmentapproach

Agile

Balancedportfolio

Activeownership

Pragmaticandopportunisticapproach Flexiblemandate,e.g.,intermsofsector,geography,ticketsizeandholdingperiod

(evergreen) Capturewindowsofopportunitythroughswiftdecision‐making

Mainfocusoninfluentialstakestocreatevaluethroughactiveownership,typicallywithboardrepresentationandstrongfocusonbothoperationalandstrategicactivities.

Focusonbalancingtheportfoliobetweencash‐flowgeneratingandearly‐stageinvestmentswithhighpotential

Commitmentandtrackrecord

Proventrackrecordandlong‐termcommitmentasanownerhasmadeusanattractivepartneronmultiplecases

27

• Moderategearing– strongassetbacking

Portfoliohasprovenrobusteveninadversemarketconditions

Strongtrackrecordofvaluecreationandcashflowgeneration

Well‐positionedtotakeadvantageofattractiveopportunitieswithaflexibleapproachandlong‐termcommitmenttoportfoliocompanies

Summary

28


29

P&L– GroupandIssuerGROUP ISSUER

Pr.30.6 Pr.30.6NOK1,000 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

OPERATINGINCOMEFreightrevenuesships 9603798 10745342 10198606 6370063 3647834 ‐ ‐ ‐ ‐ ‐Salesrevenue 499369 947755 1308642 275152 191844 ‐ ‐ ‐ ‐ ‐Interestincome,bankactivities ‐ ‐ ‐ 1451691 707678 ‐ ‐ ‐ ‐ ‐Gain(loss)ondisposaloffixedassets ‐ 10321 682419 9911 111 ‐ ‐ ‐ ‐ ‐Otheroperatingincome 384818 416508 51627 73579 28030 7598 8423 1250 12834 549Totaloperatingincome 10487984 12119926 12241294 8180396 4575498 7598 8423 1250 12834 549

OPERATINGEXPENSESCostofgoodssold 115253 429655 667114 60354 33466 ‐ ‐ ‐ ‐ ‐Operatingexpensesships 8833648 10037605 9633242 6165194 3568603 ‐ ‐ ‐ ‐ ‐Operatingexpensesrealestate ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐Interestexpenses,bankactivities ‐ ‐ ‐ 526113 367118 ‐ ‐ ‐ ‐ ‐Wagesandsalaries 522327 533716 575538 455989 263036 46753 47444 55720 72498 11368Depreciationandwrite‐downsoffixedandintangibleassets 331167 198965 412727 445537 101918 75 72 574 603 338Otheroperatingexpenses 381841 405312 392565 888479 141473 24673 28837 32940 58057 19452Totaloperatingexpenses 10184235 11605253 11681185 8541665 4475613 71501 76354 89235 131158 31159

‐ ‐ ‐ ‐ ‐OPERATINGRESULT 303749 514673 560109 ‐361269 99884 ‐63903 ‐67931 ‐87985 ‐118324 ‐30610

FINANCIALINCOMEANDEXPENSESIncome/(expense)fromgroupcompaniesandassociatedcompanies 1001 ‐4943 ‐51308 ‐8449 13 354507 160733 954648 423227 241501Interestreceivedfromgroupcompanies ‐ ‐ 191 ‐0 0 66896 20211 2950 7574 9408Otherinterestreceived 20158 17575 23728 23971 10481 6271 3472 3027 4589 941Gain/(losses)onsharesandotherfinancialinstruments 3247 ‐37326 347101 ‐226774 250004 331141 36616 310213 22180 8158Otherfinancialincome 126815 285863 203406 171875 105944 34014 198199 99245 13728 ‐4662Changeinvalueofsharesandotherfinancialinstruments ‐266780 2801 ‐2352 0 0 ‐280780 ‐660 ‐296826 ‐588574 ‐Interestpaidtogroupcompanies ‐10376 ‐ ‐ 0 ‐0 ‐52047 ‐12734 ‐12318 ‐24085 ‐14634Otherinterestexpenses ‐319426 ‐307360 ‐276295 ‐210405 ‐105435 ‐125303 ‐131885 ‐110717 ‐64370 ‐40976Otherfinancialexpenses ‐92160 ‐215621 ‐183261 ‐186007 ‐18579 ‐31569 ‐7854 ‐8406 ‐15880 ‐4310Netfinancialincome/(expenses) ‐537521 ‐259010 61209 ‐435788 242428 303129 266098 941816 ‐221613 195426

Operatingresultbeforetaxes ‐233772 255662 621318 ‐797056 342312 239226 198167 853831 ‐339937 164817

Taxes ‐83624 ‐2787 ‐64001 ‐60007 ‐61065 18873 22136 18085 ‐2914 15731

NETINCOME ‐317396 252875 557317 ‐857063 281247 258099 220303 871916 ‐342850 180548

30

Assets– GroupandIssuerBalancesheet(Assets)NOK1,000 2013 2014 2015 2016 1H2017 2013 2014 2015 2016 1H2017FIXEDASSETSDeferredtaxassets 55495 68225 25447 12430 44523 ‐ 2421 6607 ‐ 10330Goodwill(badwill) ‐125113 69132 ‐36112 ‐50886 ‐2721 ‐ ‐ ‐ ‐ 0Otherintangibleassets 440165 595279 343322 339375 526571 ‐ ‐ ‐ ‐ 0

Totalintangibleassets 370547 732636 332658 300918 568373 ‐ 2421 6607 ‐10330

Realestate 299304 366219 458838 26459 26446 ‐ ‐ ‐ ‐ ‐Ships,PSVsandAHTS 3437840 3602062 3494338 3155953 2985184 ‐ ‐ ‐ ‐ ‐Ships,industrialshipping 163246 76888 140767 ‐ ‐ ‐ ‐ ‐ ‐ ‐Ships,bulkcarriers 136324 157405 1196 ‐ ‐ ‐ ‐ ‐ ‐ ‐

Operatingequipment,FF&E,machines,etc. 20998 28864 8606 25825 7802 291 219 4215 3385 3047

Totaltangiblefixedassets 4057712 4231438 4222149 3208238 3019431 291 219 4215 3385 3047

Investmentsinsubsidiaries ‐ ‐ ‐ ‐ ‐ 1924934 2585603 2309155 2330434 2330434Loanstogroupcompanies ‐14494 60192 ‐ ‐ 597764 167517 47295 578594 666335Investmentsinassociatedcompanies 64858 9547 65569 ‐ ‐ ‐ ‐ ‐ ‐ ‐Restrictedbankdeposits 6338 134037 176209 58610 52587 ‐ ‐ ‐ ‐ ‐Otherlong‐termreceivables 231555 280429 41668 106782 113919 26237 2677 8631 6201 6236Totalfinancialfixedassets 359793 52443 718649 165392 116506 2548935 2779890 2365081 2915230 3003028

Totalfixedassets 4788052 5488504 5273456 3674549 3754310 2549226 2782529 2375903 2918615 3016405

CURRENTASSETSInventory 81554 6516 72881 287969 281608 ‐ ‐ ‐ ‐ ‐Accountsreceivable 703545 840343 392764 204745 172481 5612 6649 6805 7098 6760Loanstocustomers,bank ‐ ‐ ‐ 8976148 11121688 ‐ ‐Loanstogroupcompanies 13003 19633 1167 14513 14514 22692 114309 773655 300217 ‐Otherreceivables 573541 95928 672901 262454 244328 17357 13166 163534 100586 117679Totalstock‐in‐tradeandreceivables 1371643 1884416 1150217 9745830 11834619 249889 134124 943994 407900 124438

Sharesandotherfinancialinstruments 1074132 1110837 992981 608691 488109 784015 827364 580022 129645 148500Depostits,bankactivities ‐ ‐ ‐ 2163642 3016682 ‐ ‐ ‐ ‐ ‐Cashandcashequivalents 1391662 1521345 979657 875 868699 287509 266641 287353 261144 342798Totalcurrentassets 3837436 4516598 3122856 13381037 16208109 1321414 1228129 1811369 798690 615739

TOTALASSETS 8625490 10005102 8396312 17055586 19962418 3870640 4010658 4187272 3717305 363214

GROUP ISSUER

31

Equity&liabilities– GroupandIssuerB a la nc e s he e t (Equity a nd Lia bilit ie s )

N OK 1,0 0 0 2013 2014 2015 2016 1H2017 2013 2014 2015 2016 1H2017

EQUITYSharecapital 310828 310828 310828 310828 310828 310828 310828 310828 310828 310828Fundforvaluationdifferences ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐Otherequity 1264290 1304672 1891651 1025585 1266787 1468894 1563234 2160946 1616336 1796884Minorityinterest 958205 1012546 705537 733348 782318 ‐ ‐ ‐Totalequity 2533323 2628046 2908016 2069761 2359933 1779722 1874062 2471774 1927164 2107712

LIABILITIESDeferredtax 208053 174343 133341 116329 149602 15098 ‐ ‐ 5400Liabilitiestofinancialinstitutions 2865104 3268087 2564856 2244338 2432568 497679 292204 ‐ ‐ ‐Unsecuredbonds 1697483 1756077 1136605 1273063 1271001 9415 1259500 667500 800000 1000000Liabilitiestogroupcompanies ‐ ‐ ‐ ‐ 577861 306523 633471 691911 511316Otherlong‐termliabilities 97547 19255 235136 134305 130277 2898 4952 1578 1615 1615Totallong‐termliabilities 4868187 5391057 4069938 3768035 3983448 2035036 1863179 1302548 1498926 1512931

Depositsfromcustomers,bank 10014045 12725024Liabilitiestofinancialinstitutions ‐ 148883 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐Tradecreditors 31677 535433 190484 79626 105131 1273 1747 956 1486 276Taxpayable 15158 15155 16549 159138 14024 ‐ ‐ ‐ ‐ ‐Governmenttaxes,holidaypay,taxdeductions 19446 48146 28138 13055 19262 2564 2493 3397 2292 2060

Provisionsfordividends ‐ 125 278 200000 ‐ ‐125 278 200000 ‐Liabilitiestogroupcompanies ‐7942 ‐ ‐ ‐ 4084 4697 33458 38861 ‐Othershort‐termliabilities 872607 1105441 905189 751924 755597 11206 97207 97138 48574 9163Totalshort‐termliabilities 1223981 1986000 1418359 11217788 13619038 55883 273417 41295 291213 11498

Totalliabilities 6092167 7377056 5488298 14985823 17602487 2090919 2136596 1715498 1790140 1524429

TOTALEQUITYANDLIABILITIES 8625490 10005102 8396312 17055586 19962419 3870640 4010658 4187272 3717305 3632141

ISSUERGROUP

32

Cashflow– GroupandIssuerCashFlowStatement GROUP ISSUERNOK1,000 2013 2014 2015 2016* 2013 2014 2015 2016CASHFLOWFROMOPERATINGACTIVITIESPre‐taxprofit ‐317,852 255,662 621,318 ‐797,056 239,226 198,167 854,807 ‐339,937Tax(paid)/repaidduringtheyear 0 0 0 ‐14,576 0 0 0 0Depreciationandamortization 415,247 198,965 412,727 445,537 75 72 574 603Gainondisposaloffixedassets 0 ‐10,321 ‐682,419 ‐9,911 0 0 0 0Net(gain)/lossesonsalesofsharesandotherfinancialinstr. ‐3,247 37,326 ‐347,101 226,774 ‐331,141 ‐36,616 ‐310,213 ‐22180Changeinaccountsreceivable ‐113,089 ‐136,798 447,578 ‐8,788,128 ‐74 ‐1,037 ‐156 ‐293Changeintradecreditors 21,649 218,663 ‐344,949 9,903,187 ‐1,150 474 ‐791 530Incomefromuseofequitymethod ‐1,001 4,943 51,308 8,449 0 0 0 0Gainfrombookeddividends 0 0 0 0 ‐11,458 11,458 0 0Incomefrominvestmentinsubsidiaries/associatedcompanies 0 0 0 0 ‐354,507 ‐99,627 ‐954,648 ‐260,858Changeinvalueofsharesandotherfinancialinstruments 266,780 ‐2,801 2,352 0 280,780 660 296,826 588,574Changeinotherreceivablesandotherliabilities 86,257 2,269 ‐50,162 523,587 131,205 ‐3,923 7,761 ‐1,680A=Netcashflowfromoperatingactivities 354,743 567,908 110,652 1,497863 ‐47,043 69,628 ‐105,840 ‐35,240

CASHFLOWFROMINVESTMENTACTIVITIESReduction/(increase)operatingequipment,FF&E,buildings/real‐estate etc. 26,724 ‐41,452 ‐42,474 143,453 0 0 0 0Reduction/(increase)ships ‐63,897 ‐425,169 ‐218,890 ‐86,679 0 0 0 0Reduction/(increase)intangibleassets 265,699 ‐400,462 573,206 ‐86,054 0 0 0 0Reduction/(increase)investmentsinsubsidiaries/associatedcompanies ‐4,785 ‐90,612 29,901 65,569 599,635 ‐50 ‐50 ‐139,204Reduction/(increase)sharesandotherfinancialinstruments ‐135,265 ‐53,190 223,824 ‐40,642 ‐315,727 ‐37,184 353,311 ‐10,209Changeinrestrictedbankdeposits 36,177 ‐70,657 ‐42,172 117,600 0 0 0 0Changeinotherlong‐termreceivables 57,970 ‐48,874 ‐136,250 135,247 0 0 18,139 2,430Cashinacquiredanddisposedofsubsidiaries/associatedcompanies 0 0 500,377 0 0 0 0 0Reduction/(increase)receivablesforgroupcompanies 0 ‐21,124 ‐37,735 57,348 228,677 ‐220,848 59,329 ‐109,755B=Netcashflowfrominvestmentactivities 182,923 ‐1,151,540 849,787 305,842 512,585 ‐258,082 430,729 ‐256,737

CASHFLOWFROMFINANCIALACTIVITIESIncrease/(reduction)liabilitiestofinancialinstitutions ‐1,089,456 402,984 ‐703,231 ‐123,108 ‐844,852 ‐205,475 ‐292,204 0Increase/(reduction)ofunsecuredbonds 962,451 58,594 ‐619,472 136,458 487,000 318,000 ‐592,000 132,500Increase/(reduction)liabilitiesandloanstogroupcompanies ‐66,423 7,942 ‐7,942 0 0 ‐30,940 600,299 459,834Increase/(reduction)otherlong‐termliabilities ‐289,107 330,569 ‐129,700 ‐354,392 ‐80,691 86,001 104,728 ‐48,564EquityIssue/(dividends) 356,194 11,308 ‐152,374 ‐241,634 0 0 ‐125,000 ‐278,000C=Netcashflowfromfinancialactivities ‐126,342 811,396 ‐1,612,718 ‐582,676 ‐438,543 167,586 ‐304,177 265,769

OTHERCHANGESDividends fromde‐consolidatedcompanies 0 0 50,994 853,143 0 0 0 0Otherchanges,principles,accountingandcurrencyfluctuations 0 ‐98,081 59,601 ‐27,309 0 0 0 0D=Netotherchanges 0 ‐98,081 110,595 825,832 0 0 0 0

A+B+C+D=Netchangeinbankdepositsandcash 411,325 129,683 ‐541,685 2.046,860 26,999 ‐20,868 20,713 ‐26,208Bankdepositsandcashasofper1January 980,338 1,391,663 1,521,344 979,659 260,510 287,509 266,641 287,353Bankdepositsandcashasofper31December 1,391,663 1,521,344 979,657 3,026,517 287,509 266,641 287,353 261,145

*In2016thechangeinaccountsreceivablesandchangeinaccountspayablesareaffectedbyfirsttimeconsolidationofAdvanziaBank33

Simplifiedlegalstructure

75.3% 75.0% 27%

100% 100%

100% 8.9%

100% 60.3%100%

100%100%

NotconsolidatedintheKistefosGroup

ConsolidatedintheKistefosGroup

KistefosAS

VikingSupplyShips

AB


KistefosEquity

HoldingsAS

KistefosEiendomAS

OsloAirportCity

KistefosVentureCapitalAS

1881GroupAS

AdvanziaHoldingAS

AdvanziaBankS.A.

VikingInvestAS

InfrontAS

Trans‐AtlanticAB

WesternBulk

CharteringAS

100%

KistefosEquity

OperationsAS

OtherNextGenTel

25.02%

34

Debtoverview

75,3%

73,9%

100%

100%

100%

100%

100%Debt: NOKm1000bond(perJune 2017)

KistefosAS

VikingSupplyShips

AB


KistefosEquityHoldings

AS

KistefosVentureCapitalAS

1881GroupAS

AdvanziaHoldingAS

VikingInvestAS

WesternBulk

CharteringAS

100%

KistefosEquity

OperationsAS

TotalNOKm300totaldebtTermloanmaturinginApril‐19• SharepledgeinAdvanziaBankshares• Distributionrestrictions(allowinguptoEUR25mp.a.)• GuaranteefromKistefosAS

100%TotalNOKm170ofdebtin1881GroupAS(NOKm100)andOpplysningen1881AS(NOKm100) «Soft»guaranteefromKistefosAS

TotalUSDm32ofdebt NOKm300unsecuredbondloan,maturinginApril

2019 BankcreditfacilityofUSDm6,undrawnasof

31.12.2016.SecuredwithapledgeoverWB’saccountreceivablesandbankaccountsandaguaranteefromKistefosAS

TotalUSDm210ofbankdebt,allmaturinginMarch2020

100%

35

PriortojoiningKistefosin2015,BengtA.RemwasCEOinArcticPartners.HispreviousexperienceincludesExecutiveVicePresident&CFOaswellasotherleadingpositionsintheindustrialinvestmentcompanyAkerASA,HeadoftheDepartmentResponsibleforFinancialInstrumentsontheOsloStockExchangeandstateauthorizedaccountantinArthurAndersen&Co

HoldsaMScinBusinessAdministrationandFinancefromtheNorwegianBusinessSchool(BI)andisastateauthorizedpublicaccountantfromtheNorwegianSchoolofEconomicsandBusinessAdministration(NHH)

Representedontheboardsof:AdvanziaBankS.A.,VikingSupplyShipsAB,WesternBulkCharteringASandOsloAirportCityAS

Management&keyinvestmentteam

BengtA.RemCEO

ErikBorgenInvestmentDirector

GunnarJacobsenInvestmentDirector

PriortojoiningKistefos,Mr.JacobsenwasCEOofBlueCom,aNorwegiantelcocompanytargetingprimarilytheresidentialmarket.HispreviousexperienceincludesseniorprojectmanagementinCatchCommunications,anddifferentrolesinTelenor

HoldsaMScinMarketingandManagementaswellasCorporateFinancefromtheNorwegianSchoolofManagement(BI) RepresentsKistefosASonthefollowingboards:Opplysningen1881AS,DigitaleMedier1881AS,KappaAS,AtexGroup,Infront

ASA,AllianceVentureSpring

• PriortojoiningKistefosin2016,Mr.BorgenwasapartnerattheprivateequityfirmHitecVision.HispreviousexperienceincludespartneratArcticSecuritiesASincludingotherpositionsinMorganStanleyandPerellaWeinbergPartners

• HoldsanMScinfinancefromtheNorwegianSchoolofEconomics(NHH)• RepresentsKistefosonthefollowingboards:WesternBulkCharteringAS,VikingSupplyShipsAB,andRognkallenAS

PriortojoiningKistefosin2017,NilsAreKarstadLysøwastheCEOoftheNorwegianNationalOpera&BalletinOslo.HispreviousexperienceincludesExecutiveVicePresidentintheindustrialinvestmentcompanyAkerASA,CEOofMoodsofNorwayandpartneratmanagementconsultingfirmMcKinsey&Company

Mr.LysøholdsaMScinBusinessAdministrationandFinancefromtheNorwegianSchoolofManagement(BI)NilsAreKarstadLysø

CFO

36

KistefosBoardofDirectors

ChristenSveaasExecutiveChairmanandOwnerofKistefosAS

ChristenSveaasisthefounderandsoleownerofKistefos Mr.SveaashasheldseveralboardpositionsincludingchairmanoftheBoardatTreschow‐FritzøeAS,BoardmemberofStolt‐NielsenSA(NYSElisted),OrklaASA,

SkipsKredittforeningenAS,VestenfjeldskeBykredittAS,Tschudi&EitzenShippingAS,andhehasservedassenioradvisortoEQT,Stockholm,Sweden Mr.SveaasispresentlyExecutiveChairmanofKistefosASandA/SKistefosTræsliberi,CoBofNorskeSkogASA,Vice ChairmanoftheboardofTheKistefosMuseum

FoundationandChairmanofAndersSveaas'AllmennyttigeFond,aNorwegiancharitablefoundation.HeismemberofDean'sCouncil’sExecutiveCommittee,HarvardKennedySchool,Boston,USA

Mr.SveaasiseducatedatUniversityofSt.Gallen,Switzerland.Lic.Oec.HSG;equivalenttoanMBA

ErikWahlstrømMembersince1989

ErikWahlstrøm haspracticedlawsince1976,servedasmemberofseveralpubliclawcommissions,lecturedintax‐lawandpublishedseveralpublications.HehaspreviouslybeenchairmanoftheNorwegianShareholderAssociationandtheNorwegianTaxpayerAssociation

Mr.Wahlstrøm isthechairmanoftheKistefos‐MuseumandservesasmemberofboardofASKistefosTræsliberiandAndersSveaas'Allmennyttige FondaNorwegiancharitablefoundation

TomRuudMembersince2010

TomRuudservedasCEOofKistefosGroupfortheperiod2013‐2015.BeforejoiningKistefosRuudwasamemberoftheGroupExecutivemanagementoftheUmoeGroup.PriortothatRuudwasamemberoftheGroupExecutivemanagementofNordeabankABinStockholm,thelargestNordicfinancialservicesgroup.BeforethatRuudwastheGroupPresidentandCEOofKreditkassen andGroupPresidentandCEOofAkerNorcem,bothmajorlistedNorwegiancompaniesatthattime.RuudhasbeenchairmanorboardmemberinalargenumberoflistedandprivatecompaniesandorganizationsbothinNorwayand internationallyoverthepast30years.TomRuudiscurrentlyaBoardMemberofKistefosASandAdvanziaBankS.A.

TomRuudisaCivilEngineerfromNorwegianUniversityofScienceandTechnology(1974)

MartinReimers isaProfessorinAppliedMathematicsattheUniversityofOslo(UiO).HewaseducatedattheNorwegianUniversityofScienceandTechnology(NTNU)andattheUniversityofCalifornia,Berkeley.HeholdsanMSc(Sivilingeniør)degreeinIndustrialMathematicsandaPhDinAppliedMathematicsfromUiO.

Dr.Reimers hasworkedinappliedmathematicsandcomputersciencesince1996;asaresearchscientistatSINTEF,asaseniorresearchscientistattheNorwegianstartup‐companySimSurgery ASandasaProfessorat theCentreofMathematicsforApplications(CMA),aCentreofExcellenceattheUiO.Heis currentlyaProfessorattheDepartmentofMathematicsatUiO,andchairmanoftheboardofFridtjof EiendomAS,aprivatelyheldrealestatecompanyMartinReimers

BoDmembersince2011

Ragnhild Wiborg hasover30yearsofexperiencefromthefinancialmarketsandhasanextensivenetworkbothwithintheinternationalandNordicbusinesscommunities.Sheisnon‐executivedirectorofseveralNordicStockExchangelistedcompanies;RECSilicon ASA,Borregaard ASA,Gränges AB,Intrum JustitiaAB,Skandiabanken ASA,EAMSolarandI.M.Skaugen ASA.Ms.Wiborg waspreviouslypartner,ownerandfundmanagerinConsepio,Wiborg Kapitalförvaltning,CIOandportfoliomanagerinOdinFundManagementandhasheldseveralpositionswithinInvestmentBankingintheNordicandUKcapitalmarkets;ParetoSecurities,ABGSundal&Collier,FirstChicago(nowJPMorgan)andScandinavianBank(nowSEB)

Ragnhild Wiborg hasaBScinEconomicsandInternationalBusinessfromStockholmSchoolofEconomicsandMasterfromFundacao Getulio Vargas(SaoPaulo,Brazil)Ragnhild Wiborg

BoDmembersince2014

37

Kistefos– otheractivities

Examplesofotheractivities

Kistefos‐MuseetislocatedaboutonehourdrivefromOslo.TheobjectofthemuseumistoruntheindustrymuseumandengageinresearchrelatingtotheindustrialactivitiesofA/SKistefosTræsliberi.ThemuseumhasalsodevelopedoneofthebiggestcontemporarysculptureparksinEurope.KistefosASisthemainsponsorforthemuseum,andwillcontributetofundingforconstructionofthenewmuseumbuilding.Thebuildingisscheduledtobefinished2019

2nd Chanceisastaffingcompanythatrecruitsitscandidatesfromthepopulationswherepeopleneedasecondchance,andhasaphilosophythattheschooloflifeisthemostimportantassetapersonmighthave.Kistefosstartedinvestingin2nd Chancein2016

KistefosPublicServiceFellowshipFundwasestablishedin2007toprovidefinancialassistancetoNorwegianstudentstakingmaster’sdegreesinpublicadministrationatHarvardKennedySchoolintheUSA

KistefosAfricanPublicServiceFellowshipwasestablishedin2015andwillprovideAfricanstudentsfundingtotakeamastersdegreeatHarvardKennedySchool

«Castor&Pullox»,sculptureattheKistefos‐Museeum.Artist:TonyCragg.Photo:FredericBoudin/Kistefos‐Museet

HarvardKennedySchool,USA

38

Visitingaddress:Dokkveien 1,N‐0250Oslo,NorwayTel:+4723117000Fax:+4723117001Email:[email protected]

Photocredit:Frédéric Boudin /Kistefos‐Museet39

kistefos as - company update · kistefos in brief kistefos as was established in 1998 when mr....

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