Group structure

DSD

Norled

(100%)

DSD Shipping

100%

Norlines

(100%)

Tide AS

(76%)

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Group

• 155 years of maritime history.• 22 years history from international shipping• Main Office in Stavanger, Norway.• Privately owned. Controlled by Mrs Yuhong Jin

Hermansen.• Over 4,000 employees (2011)• Fleet of 100 vessel and 1,400 busses.

• 12 Tankers• 11 Liners /RoRo / Reefers / Pallet Carriers.• 73 Ferry’s / High Speed Crafts

• Strong contract coverage in Norled, Tide and DSD Shipping.

• Conservative profile, stable cash flow.3

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Norled

• 1,100 employees.• Turnover NOK 1,6 Billions.• 73 vessels.• Transport of 8 mill cars and

over 18 mill pax p.a.• Operation from the Oslo Fjord

to Troms County• Operation of 25 ferry and

express boat contracts, about 50 different routes

Financials - Norled:

• Turnover 2011 1,6 Billion NOK• Operational cost (Opex) 0,6 Billion NOK

– Fuel (MGO and LNG)– Maintenance

• Ship yard classification and repair• Service and spare parts• Painting and general maintenance.

• Investment (Capex) present 0,8 Billion NOK– 2 ea gas ferries– 1 ea Conventional car ferry– 1 ea battery driven car ferry– Several upgrades (Environments, efficiency)– Nox - Fond

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