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Norske tog ASBond Investor Presentation

November 2019

Confidential

Important Information (1/2)

This presentation and its appendices (collectively the "Presentation") has been produced by Norske Tog AS (the "Company") with assistance from Nordea Bank Abp, filial i Norge, and SEB (together the "Managers") in connection with the

offering of bonds by the Company (the "Offering").

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Norske Tog Investor Presentation 2

Confidential

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Important Information (2/2)

Confidential

Speakers

Øystein Risan - CEO Linda Venbakken - CFO


Confidential


▪ Introduction

▪ Company overview

▪ Market overview

▪ Green bond framework

▪ Financials

▪ Appendix

Confidential

Norske tog in numbers

Employees

Experienced employees

with solid sector

competence

Return on equity

Norske tog delivered a

return on equity of 8.5% per

H1 2019 LTM (against the

required 5%)

33 16yrsAverage fleet age

Norske tog strives to acquire

at least one vehicle per month,

phase out less modern ones

and optimize transport

capacity

89%Electric train sets

The majority of Norske

tog’s 255 train sets are

powered by electricity

255Train sets1

Owns and manages all

Norwegian passenger

trains, with a few

exceptions

17Types of vehicles1

Norske tog strives to effectively

facilitate sufficient access to

reliable and contemporary

vehicles, in line with the

society’s need

24% A+rating

Currently rated A+ (Stable)

by S&P

Equity ratio

The company had an

equity ratio of 24% per

H1 2019

Norske Tog Investor Presentation

8.5%

6Note: Figures based on Norske tog H1 financial report

1) Train sets and vehicle types as of 31 October 2019

Confidential

Credit Highlights

Norske tog owns ~90% of

the rolling stock in Norway

Favourable passenger

railway fundamentals

Visible and stable

cash flows

Supportive regulatory

environment

• Long-term leasing contracts and limited cashflow cyclicality

• Cashflows underpinned by high quality lessee

• Framework that provides stability to Norske tog’s operations

• Supportive mechanism underscore Norske tog’s strategic importance

Highly committed and

long-term owner

• Norwegian state (rated AAA/Aaa) is committed to the solid long-term credit quality of Norske tog

• Railway identified as the clean energy mass transportation solution for the future

Residual value guarantee

Green and sustainable

business model

• Norske tog has a key role to play in achieving a more efficient and climate-friendly transport system

• Investments in the transport sector will play a vital role in meeting the government’s targets for reduced emissions

• Proceeds will be used for electric train investments

• The Norwegian state guarantees 75% of the book value of all vehicles

• High barriers of entry – currently the single provider of passenger rolling stock to the Norwegian railway system1

• Rolling stock portfolio designed for Norwegian rail specifications

• Authorities negotiate lease agreements prior to competitive tenders

• Growing population and increased urbanization expected to drive train usage

• Robust increase in passenger growth and the National Transport Plan forecast significant investments

71) Excluding Oslo Airport Express, trains coming in from Sweden and a few vehicles retained by NSB (Flåmsbanen)

Confidential


▪ Introduction


▪ Market overview


▪ Financials

▪ Appendix

Confidential


MINISTRY OF TRANSPORT AND COMMUNICATIONS

• As part of the railway reform, Norske tog AS was put under direct

ownership of the Transport and Communications Ministry in 2017, tasked

with ensuring equal access to rolling stock for the operators, as well as

acquisitions and management of the stock

• 100% owned by the Norwegian Ministry of Transport and Communications

• Classified as a category 3 company1 by the Norwegian Government

together with Statnett and Avinor among others

• The company own, acquire and manages train stock for leasing to railway

operators in Norway

• Dedicated towards contributing to the “green shift”

• The company also act as an advisor to the Norwegian Railway Directorate

• Following the implementation of the railway reform, rolling stock owned by

NSB AS (now Vy) was spun off and transferred to Norske tog

• Norske tog’s most important social function is laying the foundations for

more people choosing to use public transport for their daily travel, by

ensuring a sufficient supply of – good-quality – rolling stock

Brief company description

100%

Train sets

255

The Norwegian rolling stock owner

135Wagons

22Locomotives

91) A category 3 company fulfils national sectorial political objectives and is primarily not exposed to competition

Confidential


MINISTRY OF TRANSPORT AND COMMUNICATIONS

Strategic governance and regulation of the

sector, and ownership of several entities

Coordination, operational governance and

continuous development of the sector

Governance and regulation

State owned companies

Private sector

Railway- , maintenance- and construction companies and suppliers competing for tenders

• Following the new structural

changes, responsibilities and

accountabilities for the various

state-owned entities are more

efficiently divided

• The Ministry sets the overall

long-term strategic goals, while

the Railway Directorate is

responsible for tendering

railroad operations and

acquisition of infrastructure

services

• By introducing competition in

the railroad industry, entities

such as Vy compete for tenders

alongside private railway

operators

• Norske tog is not exposed to

competition

Railway

infrastructure

Rolling stock

ownership

Sales ticketing Rolling stock

maintenance

Passenger

operations

Industry structure

As owner of rolling stock, Norske tog is not exposed to competition

10

Confidential

Norske Tog Investor PresentationSource: Norske tog annual report (2018)

Recent development and current vehicle deployment

Overview of railway linesSelected Norske tog milestones

Jan. 2018: Preparation of new local train acquisition started

Mar. 2018: Tender for traffic package North announced

May. 2018: Start of the ERTMS project with Alstorm as supplier for onboard

equipment for new the signal system for the railway

May. 2018: Tender for traffic package North announced

Aug. 2018: FLIRT train #100 delivered from Stadler

Oct. 2018: Traffic package South awarded to British Go-Ahead

Des. 2018: Option 5 in the FLIRT contract with Stadler exercised and the

last 25 vehicles are ordered. Total orders now at 150 vehicles

Des. 2018: Tender for new mobile amplifier (repeater) and replacement of

diesel locomotives opened

Des. 2018: Competition for traffic package West tendered

Jun. 2019: SJ Norge awarded traffic package Nord

Aug. 2019: Contract for new 4G mobile amplifiers signed

Sep. 2019: Norske tog announces new local trains to be used between Ski-

Oslo-Stabekk (planned to be procured in 2020)

Dec. 2019: Traffic package West to be announced with start-up in Dec. 2020

Dec. 2019: Traffic package South scheduled for start-up

11

Not served by Norske tog’s stock

Type 69

Type 70

Type 72

Type 73

Type 74

Type 75

Type 92

Type 93

Type 5/WLAB2

Type 7/WLAB2

Confidential

The Norwegian Railway

Directorate determines

the future railway

offerings in Norway,

and sets the premise

for Norske Tog

The Norwegian

Government

guarantees 75% of

residual book value of

the rolling stock

Norske tog finances

their acquisitions

through debt financing

Norske tog acquires,

owns and manages

rolling stock for

passenger transportation

in Norway

The Norwegian Railway

Directorate has imposed

train operators to use

Norske tog’s stock for the

tenders that have been

made until now, or

announced

Norske tog generates

revenues through

leasing their train stock

to railway operators

Norske tog’s operations

1 2 3 4 5 6

Year 4Year 3Year 2Year 1Preparation stage

• The Directorate sets a rolling stock strategy and

send orders

• Norske tog provides advice to the Directorate,

which sends an application to the Ministry for

residual value guarantees

• Norske tog prepares the competition stage for

delivery

• Announcement of

competition after allocation

of residual value guarantee

• Evaluation and contract

signing at the end of year 1

• Design, testing and production

• Norske tog creates training documentation for

conductors and maintenance personnel

• Delivery of trains

typically after four years

• The first train needs to

be type approved (the

process usually takes

between 6-12 months)

Procurement stage

Illustrative rolling stock acquisition timeline

12

Business model

Confidential

Tender 2 North case study – Norske tog will supply reliable and up to date rolling stock to SJ Norge


Tender 2 North Tender 2 North (diesel)

Tender overviewBackground

• SJ Norge submitted the bid which gave the best balance between quality

and costs to the government for the second traffic package (North)

• In June 2019, the 10 year contract was signed between the Norwegian

Railroad Directorate and SJ Norge

• The tender includes rail passenger services on Dovrebanen, Rørosbanen,

Raumabanen, Nordlandsbanen, Trønderbanen and Meråkerbanen

• The average compensation that SJ Norge requires from the government

amounts to a fifth of the current costs

SJ Norge• SJ Norge is a Norwegian subsidiary of Sweden’s largest rail passenger

operator, SJ AB. SJ is owned 100 % by the Swedish government

• The group is already operating in Norway, and runs the services between

Stockholm and Narvik and between Stockholm and Oslo

Norske tog’s role

• Norske tog's responsibility is to procure and lease out a sufficient number

of safe, reliable and up to date vehicles to SJ Norge

• SJ Norge will be responsible for operation and maintenance of vehicles

leased from Norske tog

• Together, SJ Norge and Norske tog will contribute to make passenger

train transport attractive in Norway and to "the green shift"

13

Confidential

Stable cash flows

Norske tog is the passenger rolling stock supplier in Norway

Area 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Direct acquisition agreements

Gjøviksbanen

Tender 1 – South

Tender 2 – North

Tender 3 – West

Tender 4 - Oslo

Tender 5 – East

Tender 6 – Oslo corridor

Tender 7 – OSL

Cash flow underpinned by high quality lessees Cash flow underpinned by high quality lessees

Vy as main

operator

Other operators

Predictable

revenues

Contract structure

eliminates

exposure to key

costs

▪ Vy is operator of last resort for available stock

▪ Strong credit profile (A- by S&P), providing counterparty

security throughout the contract term

▪ Leases are negotiated with the Norwegian Railway Directorate

▪ Pre-qualified criteria for tender requires solid financial and

economic position, as well as relevant competence

▪ No exposure to key operating costs such as maintenance

insurance or fuel prices, all met by the lessees

▪ Fixed monthly payment contracts provide predictable

stream of revenue

Norske Tog Investor PresentationSource: Company data

Contracted Option Future tenders

14

Confidential

Norske tog is committed to a sustainable business model

Norske tog’s sustainability focus areas Selected guidelines

Innovation and

reduced

emissions

• Emissions reduced through new transport methods

• New technical solutions with reduced energy

consumption on both existing and new trains

• Trains should facilitate easy upgrades of boarding

systems and interior solutions for increased capacity

and thereby resource utilization

Sustainable

public

transport

• In order to increase demand for public transport, Norske

tog aim to provide the best rolling stock possible at

appropriate costs

Responsible

procurement

and acquisition

• Norske tog has ethical requirements towards suppliers

• Suppliers need to commit to international conventions

and facilitate for inspections from Norske tog or the

government

Labour and

human rights

• Strong focus on diversity within the organization

• Work towards zero injuries – no reported incidents in

2018

• Norske tog has several focus areas with respect to contributing to the

sustainability targets set by the UN

• The focus areas and guidelines are integral parts of Norske togs

operations


Confidential


▪ Introduction


▪ Market overview


▪ Financials

▪ Appendix

Confidential

Continued increase in the governments budgeted railway investments

Norske Tog Investor PresentationSource: The Norwegian Government Fiscal Policy 2020

2,0001,900 1,900

528

3,400

624

233

103

Østfoldbanen Vestfoldbanen Dovrebanen FollobanenRingeriksbanen TrønderbanenVossebanen Oslo tunnel

(planning)

25.7

26.8

0.9

11.6

8.7

4.0

1.6

Maintenance Other2019 2020 Investments Acquisition of

transport services

Investment

planning

+4%

Budgeted allocation to the railway sector in 2020 (NOKbn) Budgeted investments in 2020 per railway section (NOKbn)

Intercity Other projects

The Norwegian government aim to modernize the railway sector in order to facilitate effective and sustainable public transport

▪ Significant investments are scheduled going forward, where roughly 50% will be dedicated to InterCity in 2020

▪ In addition to modernizing the infrastructure and phasing in new trains, the government wish to increase the attractiveness of railway transport

▪ NOK 26.8 billion is proposed for rail purposes in the Norwegian Government Fiscal Policy 2020, an increase of 1.1 billion or 4.5% from 2019

17

Confidential

Favourable passenger railway fundamentals


0

50

10

60

20

30

40

70

80 73.6

2013

74.3

2018

Millions

2012

70.3

2014 2015 2016 2017

62.767.3

73.877.7

+4%

3

0

1

2

4

Billions

2013 20182012 2014 2015

3.3

2016 2017

3.1

3.43.6

3.73.6

3.7

+3%

▪ The Norwegian government is currently undertaking the largest expansion

of the railroad system in history

▪ Of the total investments laid out in The National Transport Plan 2018-2029,

45% is to be used on the railroad sector (NOK 319bn)

▪ Attractiveness of train travel is set to improve dramatically following renewal

and expansion of the existing infrastructure

5.6

5.4

5.8

5.0

5.2

4.8

4.4

4.6

6.0

6.26.1

Estimated population (billions)

2020 2030 2040

5.3

6.0

5.4

5.7

5.45.5

5.65.7

5.85.9

5.9

Substantial railroad investments going forward

Growing population expected to drive train usage Steady growth in passenger kilometres

Source: Statistics Norway

Increased number of boardings

18

Confidential


▪ Introduction


▪ Market overview


▪ Financials

▪ Appendix

Confidential

Green bond framework

20

Norske tog will further promote investments in rolling stock and improve existing trains

• By the end of 2018 Norske tog has taken delivery

of 105 FLIRTS, with remaining 45 scheduled for

delivery over the next four years

• All FLIRTS are electric except for 14 new Class 76

bimodal trains, i.e. trains that can run on both

electricity and diesel

• In addition to acquire new trainsets, modifications

and mid-life upgrades are important investments

in order to ensure sufficient capacity

• Norske tog wants to contribute to making the

railway even more climate friendly

• In 2018, Norske tog joined forces with Feral on a

pilot project developing new, retrofittable engine

technology for diesel trains, which could

potentially help reduce greenhouse gas emissions

and consumption of fossil fuels for Norske tog’s

diesel trains by up to 20%

• The National Transport Plan outlines a

historically large investment budget in the

Norwegian railway sector

• The Norwegian population is expected to

increase from current 5.3 million to 6 million

people within the next 20 years1

• Urbanization is a global trend increasing the

demand for efficient and environmentally friendly

transport in urban areas

• Rail transport plays a crucial role in achieving

society’s environmental and climate goals

• Compared to other modes of transport, trains are

more energy efficient and makes only a marginal

contribution to local air pollution

• Norske tog must follow up the significant

investments made in expanding and upgrading the

rail network in Norway

• Norske tog has a key role to play in achieving a

more efficient and climate-friendly transport system

• The company shall help to make passenger train

transport attractive in Norway and contribute to “The

Green Shift

• The green bond framework is based on the 2018

version of Green Bond Principles (ICMA)

• Through the eligible projects, the framework targets

the following UN Sustainable Development Goals:

Overview Climate considerations Norske tog and Green Bonds

Norske Tog Investor Presentation 201) Statistics Norway

Confidential

Use of proceeds

• The net proceeds raised

from the issuance of

Norske tog green bonds

will be used to finance or

re-finance a selected pool

of assets that promote the

transition to low-carbon

and climate resilient growth

• Refinancing of eligible

projects will have a look-

back period of no longer

than 3 years from the time

of issuance

Category Eligible Projects UN SDG Mapping Environmental Objective

Clean

Transportation

Investments into new or renewed

electric train sets and renovation or

improvements of the existing electric

rolling stock

Provide access to safe, affordable,

accessible and sustainable transport

systems for all

Climate change

mitigation

Pollution prevention and

control

Electric train investments, renovations or improvements


Confidential

Management of proceeds and reporting

22

✓ Norske tog will establish a green bond register in relation to green bonds

issued for the purpose of monitoring the eligible projects and the allocation

of the net proceeds

✓ Norske tog will strive to report on the actual environmental impact of the

investments financed by their green bonds

✓ Norske tog will annually publish a report on the allocation and impact of

green bonds issued under this framework

Clean transportation

Energy savings

(GWh saved / reduced)

Increase in the use of

renewable energy

Annual GHG emissions

reduced / avoided

Impact metrics selected may include:


Norske tog has implemented a process to ensure that only projects aligned with the criteria will be selected as eligible projects

Confidential

Second opinion from CICERO


• Dark Green is allocated to the projects and solutions that correspond to the

long-term vision of a low carbon and climate resilient future

• Selected highlights from the second opinion:

✓ The framework is well aligned with the Green Bond Principles

✓ The eligible category (clean transportation) is well defined and aligned with

a low carbon future

✓ Norske tog has close dialog with other stakeholders in the railway industry

to influence and put green considerations on the agenda for future decisions

✓ Norske tog emphasizes responsible purchasing and procurement of new

trains

✓ No significant weaknesses associated with this green bond issuance

framework

Norske tog has received the highest possible shading, “Dark Green”, from CICERO

Confidential


▪ Introduction


▪ Market overview


▪ Financials

▪ Appendix

Confidential


Income statement Operating revenue (NOKt)

Financial statements

NOKt H1 2019 FY 2018 FY 2017

Operating income 628,275 1,217,061 996,681

Salary and other personnel expenses -20,747 -43,028 -34,732

Other operating expenses -55,104 -56,045 -51,817

EBITDA 552,424 1,117,988 910,132

Depreciations and write-downs -352,936 -692,055 -642,522

Operating profit 199,488 425,933 267,610

Financial income 78,370 169,200 120,607

Financial costs -147,834 -291,645 -233,863

Net financial pension costs - -311 -334

Unrealised value changes 6,740 20,371 -1,896

Sum financial items -62,724 -102,385 -115,486

EBIT 136,764 323,548 152,124

Taxes -30,088 -44,243 -9,613

Net income 106,676 279,305 142,511

Estimate deviations pension 0 -13,423 -2,773

Tax related to posts not subject to

reclassifications0 2883 595

Net profit for the year 106,676 268,765 140,333

628,275 607,772

H1 2018H1 2019

EBITDA (NOKt)

552,424 569,578

H1 2019 H1 2018

25

Confidential


Balance sheet Equity ratio


NOKt H1 2019 FY 2018 FY 2017

Tangible assets 10,334,487 9,883,793 9,733,784

Total fixed assets 10,334,487 9,883,793 9,733,784

Trade receivables and other receivables 1,442 698 21,247

Derivatives 1,156,946 1,203,006 1,091,712

Cash 602,939 2,372,091 360,499

Total current assets 1,761,327 3,575,795 1,473,458

Total assets 12,095,814 13,459,588 11,207,242

Share capital 2,400,000 2,400,000 2,400,000

Retained earnings 541,275 434,598 165,834

Total equity 2,941,275 2,834,598 2,565,834

Debt 6,715,394 8,311,286 7,309,273

Derivatives

Deferred tax liability 690,225 660,137 618,777

Pension liabilities 31,455 32,296 18,271

Other accruals 8,869

Total long-term liabilities 7,445,943 9,003,719 7,946,321

Trade payables and other short term debt 72,811 138,676 19,509

Deferred tax liability

Debt 1,591,197 1,463,863 647,635

Derivatives 44,589 18,732 27,943

Total short-term liabilities 1,708,596 1,621,271 695,087

Total liabilities 9,154,539 10,624,990 8,641,408

Total equity and liabilities 12,095,814 13,459,588 11,207,242

24.3% 23.5%

H1 2018H1 2019

10,334,4879,864,241

H1 2018H1 2019

Total fixed assets (NOKt)

26

Confidential


Cash flow


NOKt H1 2019 FY 2018 FY 2017

Ordinary result before taxes 136,764 323,548 152,124

Depreciations and write-downs 352,936 692,055 642,522

Pension differences -841 602 -1,164

Interest items -106,082 -52,161 76,739

Changes in working capital -59,135 139,717 -524,107

Net cash flow from operating activities 323,642 1,103,761 346,114

Acquisition of fixed assets -792,805 -842,064 -1,133,603

Net cash flow from investment activities -792,805 -842,064 -1,133,603

Debt drawings - 2,850,000 1,049,941

Debt repayments -1,300,000 -1,099,995 -549,946

Net group contribution 644,428

Net cash flow from financing activities -1,300,000 1,750,005 1,144,423

Change in cash position for the period -1,769,163 2,011,702 356,934

Liquidity reserve at the beginning of the

period2,372,091 360,499 1,245

Currency gains/ loss on cash 11 -110 2,320

Liquidity reserve at the end of the period 602,939 2,372,091 360,499

Operating cash flow (NOKt)

323,642

552,258

H1 2019 H1 2018

Acquisition of fixed assets (NOKt)

792,805

470,560

H1 2018H1 2019

27

Confidential


Low refinancing risk

28

1.0

2.2

2.4

0.0

0.4

0.2

0.6

1.4

0.8

1.2

1.6

1.8

2.0

20272020

NOKbn

2019

0.30

0.30

2021

2.00

0.35

0.75

2022

0.60

2023 2024 2025 2026 2028

1.52

2.35

0.77

0.55

0.65

0.50

1.15

Maturity profile for Norske tog’s long term liabilities

Undrawn credit facilities

NOK bonds

CHF bonds1

1) NOK equivalent as per Norske tog’s Q2 2019 report

Confidential


Book values of rolling stock (per September 2019)

29

The Norwegian state guarantees 75% of the book value of all vehicles

153

9,853

453

484

734

2,079

5,332

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Type 73BType 70 Total

NOKm

Type 5Type 93

246135

Type 72 Type 74Type 69 Type 75Type Wlab2

7,389

(75%)

51

Type 92

12

TYPE Di4

55

Type 73A

53

Type EL18 Type 7

111

Train sets

Wagons

Locomotives

Confidential


▪ Introduction


▪ Market overview


▪ Financials

▪ Appendix

Confidential

Value chain and Norske tog’s positioning


Maintenance

providers

Passenger train

operators

Rolling stock

owner

Train

manufacturers

Ove

rvie

wR

esp

on

sib

ilit

y

• Norske tog has an ongoing

procurement contract with

Stadler AG

• Manufacturing lead time of

typically 2-5 years

• Currently no competition in Norway

• High entry barriers due to

customized trains for Norwegian

climate and rail tenders, and a

supportive owner

• Operator agreements of 8-10 years

with extension options

• Offering maintenance services to

passenger train operators for which

they are responsible

• Mantena wholly owned by the

Ministry of Transport and

communications

• Manufactures Norske tog’s train

orders

• Railway Directorate responsible

for instructing Norske tog on

new investments

• Manages overall rolling stock fleet

for Norwegian passenger services

• No regular maintenance

responsibility

• Procures mid-life upgrade services

from manufacturers

• Lease and runs rolling stock

• Procures maintenance services to

maintain the fleet

• Provides maintenance services

Norske tog operations protected due to no existing competition, customized train requirements in Norway, manufacturing lead-times of 2-5 years as well as significant initial investment requirements

31

Confidential

Commercial

objectives

Commercial and

other defined objectives

Regulator and

political objectives

Baneservice Vy Norske Tog

Entra Posten Norge Avinor

Flytoget Statkraft Bane NOR

Mesta Eksportfinans Nye Veier

GIEK Kredittforsikring Kommunalbanken Statnett

Importance of “government related entity”*A category 3 company fulfils national sectorial political objectives, and is primarily not exposed to competition. The Norwegian government sets guidelines for a

number of conditions, including airport structure, emergency preparedness, aviation fees and duties imposed by society

Source: Norwegian Government Norske Tog Investor Presentation

Strategic importance to Norwegian infrastructure

32

Norske tog is defined as a category 3 company*

1 2 3

Confidential


Management team

CEOØystein Risan

Øystein joined Norske tog in 2016 from

NSB, where he worked as director

Traffic for Passenger Trains. Øystein

has over 24 years industry experience

from the railway sector, and holds a

Civil Engineering degree from the

University of Glasgow.

TechnicalLuca Cuppari

Prior to joining Norske tog as

Technical Director, Luca held various

technical positions at NSB. Before

joining NSB he has experience from

The National Railway Authority,

Mantena and AnsaldoBreda. Luca

holds a Master degree in Electrical

Engineering

LegalIren Marugg

Iren has broad experience within the

railway sector. She is specialized

within procurement- and contract law,

and has been working with both

national and international suppliers.

Iren holds a M.Sc. Of Law from the

University of Oslo.

Asset ManagementKjell-Arthur Abrahamsen

Kjell-Arthur joined Norske tog from

NSB Materiell where he held the

position Head of Projects. He is

long- tenured within acquisition,

modification and management of

rolling stock. Kjell-Arthur has 19

years of sector expertise and holds a

B.Sc. In Mechanical Engineering.

FinanceLinda Venbakken

Linda served as group treasurer at

NSB from 2006 prior to joining Norske

tog as CFO in 2016. She also held

various controller and accounting

positions at The Royal Bank of

Scotland, Kohn, Pedersen and King

Sturge. Linda holds a Master of

Management from BI.

firmapresentasjon for norske tog as · confidential important information (1/2) this presentation...

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