Private & confidential

Private & confidential
This Presentation has been produced by GTB Invest ASA (the “Company” or “GTB”) solely for use in connection with the Q4 2010 figures and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the
Company and its board of directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.
This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”,
“plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of their parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY
DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING,
AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND
RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN
COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS.
SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE
DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.
No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their parent or subsidiary undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business.
This Presentation speaks as of 17 February 2010. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.
17 February 2011 2

1. HIGHLIGHTS
2. Q4 FIGURES
3. TRANSACTIONS
4. COMPANY OVERVIEW
5. MARKET UPDATE
6. Q&A
17 February 2011
Private & confidential
3

Private & confidential
 On 17 November 2010 GTB took delivery of YM Portland, a 4,414 TEU container vessel built in 2003
 In February 2011 GTB entered into MOAs to purchase two 13,100 TEU container vessels from E.R. Schiffahrt in Hamburg for a total purchase price of USD 310 mill
 GTB has sold all the shares in in its wholly owned subsidiary Global Geo Services AS, which holds the PC 2000 library
 GTB has terminated a secondary guarantee of approximately USD 7 million entered into in connection with seismic transaction in 2008
 The Board has resolved to call for an extraordinary general meeting to approve change of name to SinOceanic Shipping ASA and business objective
 The container market has improved, while the tanker and dry bulk markets have weakened
 Q4 2010 EBITDA for consolidated continued operation in GTB was USD 0.27 million
(USD -6.0 million same period last year)
 Cash position per 31 December 2010 of USD 12.6 million and interest bearing debt of USD 30.2 million
17 February 2011
Change of direction and positioning for growth and expansion in new business areas
4

1. HIGHLIGHTS
2. Q4 FIGURES
3. TRANSACTIONS
4. COMPANY OVERVIEW
5. MARKET UPDATE
6. Q&A
17 February 2011
Private & confidential
5

Private & confidential
(USD 000)
TC Revenue
Other revenue
Vessel related opex
Other operating expenses
EBITDA
D&A
EBIT
Net financial items
Profit/ (loss) before tax
Tax expense
Net profit/ (loss)
Net profit/ (loss) from discontinued operations
Net profit/ (loss)
Q4 10
Unaudited
1,177
(13)
Q4 09
Unaudited
279
(320)
(566)
278
(268)
10
(894)
(885)
(278)
(1,163)
(6,321)
(6,042)
-
(6,042)
(1,214)
(7,256)
616
(6,640)
-
(1,163)
17,934
11,294
2010
Unaudited
1,177
79
2009
Unaudited
3,958
(320)
(4,484)
(3,548)
(268)
(3,816)
(628)
(4,444)
(278)
(4,722)
-
(17,574)
(13,616)
(1,020)
(14,636)
(15,584)
(30,220)
(145)
(30,365)
-
(4,722)
18,677
(11,688)
17 February 2011 6

(USD 000)
Total non-current assets
Other current assets
Cash and cash equivalents
TOTAL ASSETS
Total equity
Current interest bearing debt
Other current liabilities
TOTAL EQUITY AND LIABILITIES
2010
Unaudited
50,979
398
12,355
63,732
2009
Unaudited
545
2,242
121,886
124,673
32,632
30,169
930
63,732
119,334
-
5,339
124,673
Private & confidential
17 February 2011 7

1. HIGHLIGHTS
2. Q4 FIGURES
3. TRANSACTIONS
4. COMPANY OVERVIEW
5. MARKET UPDATE
6. Q&A
17 February 2011
Private & confidential
8

Private & confidential
Key specifications
 Built: 2003
 Shipyard: Stocznia Gdynia, Poland
 Delivery: 17 November 2010
 Length: 286m
 Beam: 32m
 TEU: 4,414
 Purchase price: USD 50.5 million
 Employment: Time charter until 2019
 TC party: Yang Ming Lines
 Net TC rate: USD 25,740 per day
 Technical management: Peter Doehle Shiffart
Vessel acquired at favorable terms yielding solid returns
17 February 2011 9

Private & confidential
Key specifications
 Built: Under construction
 Shipyard: Hyundai Heavy Industries, Korea
 Delivery: January and February 2012
 Length: 366m
 Beam: 48m
 TEU: 13,100
 Combined purchase price: USD 310 million
 Employment: 15 year time charter
 TC party: One of the top five container lines in the world
 Net TC rate: USD 59,672 per day
 Technical management: E.R. Schiffahrt GmbH & Cie. KG
Acquired vessels fit well into GTB’s business model and illustrates GTB’s ability to access high profile transactions
17 February 2011 10

Private & confidential
 Acquired assets have secured long term employment

GTB with secured freight income of USD 745 million*
 YM Portland on a time charter until 2019 at USD 25,740 per day (net)

Annual freight income of ~USD 9.5 million
 The Hyundai vessels are secured on 15 year TC contract at USD 59,672 per day (net)

Annual freight income of ~USD 21.5 million per vessel
USDm
800
700
600
500
400
300
200
100
0
85
330
330
YM Portland Hyundai Hull
2156*
Hyundai Hull
2157*
745
Secured freight income
(*) Assuming that the purchase options for the Hyundai vessels are not exercised after 12 years
17 February 2011 11

Private & confidential
 The two 13,100 TEU container vessels shall be paid in 4 tranches

10% shall be paid within 10 working days after closing
 2.5% shall be paid within 31 March 2011
 2.5% shall be paid within 30 October 2011.
 The remaining 85% of the purchase price is payable upon delivery of the vessels in January and February 2012
 The pre-delivery payments are secured by bank guarantees
 Pre-delivery payments to be financed from GTB’s largest shareholder

The loans are unsecured, without recourse to GTB

Interest rate at LIBOR + 3 % p.a., will be aggregated up until maturity of the loans
 GTB needs to raise new debt and equity to finance the post-delivery portion of the purchase price for the vessels and to refinance the shareholder loans

Timing of capital raising will depend on the prevailing market conditions, but is contemplated to take place before the delivery of the vessels
 HNA has issued a letter of undertaking pursuant to which HNA has committed to assist GTB in financing the post-delivery portion of the purchase price for the vessels
17 February 2011 12

 GTB divested its data library covering a part of the Iranian continental shelf (the PC 2000 library)

Trade or commercial relationship with Iran or assets/services relating to Iran is under international boycott, and is forecasted to remain so in the foreseeable future

International investors skeptical to Iranian assets

Seismic no longer core strategy of GTB
 The sale price is insignificant reflecting the fact that the PC
2000 library has been recorded at no value in the consolidated balance sheet of GTB, and that the library in effect had no value
17 February 2011
Private & confidential
13

1. HIGHLIGHTS
2. Q4 FIGURES
3. TRANSACTIONS
4. COMPANY OVERVIEW
5. MARKET UPDATE
6. Q&A
17 February 2011
Private & confidential
14

Private & confidential
 GTB is a Norwegian Public Limited Liability Company incorporated under the laws of Norway

GTB Invest is listed on Oslo Stock Exchange with “GTB” as ticker

The BoD of GTB has resolved to call for an extraordinary shareholders meeting to approve change of company name to SinOceanic Shipping ASA
 GTB aims to create the only ship financing company on the OSE
 The Company shall invest in existing tonnage and resale of new building contracts with existing cash flow

Creating above average returns through a combination of attractive deals and leverage

Exploiting opportunities within a variety of segments
 Main shareholder with substantial resources and long term strategy to build a sizeable shipping company within the Norwegian maritime cluster
 Management with significant experience within the shipping industry and capital markets
 “Lean and mean” organization primarily consisting of transaction and commercial expertise and some high level support staff, while cost driving operations will be outsourced

Objective to engage in cost efficient ownership, chartering and managing of vessels in the GTB fleet

Technical management is proposed outsourced to highly regarded and well reputable management companies
17 February 2011
Organization structure:
GTB Invest ASA
Oceanus
Shipping AS
SinOceanic I
AS
SinOceanic II
AS
15

 Investment Strategy

Acquire modern and standard vessels with appreciation potential and charters attached

Flexible investment approach towards segments, however initial focus on container segment as it is still considered the most attractive in terms of asset prices

Identify the segments which at any given time provide the best risk reward ratio and watch out for and to exploit turning points in all markets
 Dividend policy

Full dividend payout model within the limits of the Norwegian Public
Limited Companies Act

Seek accretive deals at rates that provide a target minimum dividend yield

Future need for funding through issuance of new shares
 Financial Strategy

Financial leverage from Chinese and Western banks

Publicly traded stock ensures liquidity and flexibility for investors – more than 3,400 shareholders
17 February 2011
Private & confidential
16

Private & confidential
 GTB can establish a tax exempt structure by entering the
Norwegian Tonnage Tax regime
 At present GTB is an ordinary taxed company, but is anticipated to be the holding company for a number of ship owning companies registered inside the tonnage tax regime
 Alternative tonnage tax regimes will be evaluated either in combination with the Norwegian regime or as separate alternative structures
 GTB has approx. NOK 965 million in tax losses carried forward which has limited value for the tax free shipping business, but may be used in the ordinary tax regime, provided such investments results in superior returns.
 GTB will be managed and operated in accordance with
Norwegian corporations law and best practice corporate governance
Corporate Structure:
General Shareholder Meeting
Vessel SPV
Board of Directors
GTB Invest ASA
Vessel SPV Vessel SPV
17 February 2011 17

 Management

Jan Håkon Pettersen – CEO

Garup C. Meidell – Deputy CEO

Morten Steen Martinsen – Technical Director
 Board of Directors

Stewart Smith – Chairman

Svein Eggen

Anne Øian

Mari Thjømøe

Rebekka Glasser Herlofsen

Wen Jiang

Liu Liang
17 February 2011
Private & confidential
18

1. HIGHLIGHTS
2. Q4 FIGURES
3. TRANSACTIONS
4. COMPANY OVERVIEW
5. MARKET UPDATE
6. Q&A
17 February 2011
Private & confidential
19

Private & confidential
Chinese export trends
Chinese Exports to Europe and North America
40%
30%
20%
China/North America EB
2010q3 Base
China/Europe WB
2010q3 Base
FORECAST
10%
0%
-10%
-20%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Recent fleet developments
Net Fleet Growth
600
500
400
300
200
FORECAST
100
-
2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1
10Q3 Base Case 10Q4 Base Case Actual
17 February 2011
Source: Viamar
Asia & Europe intra-regional demand
13 000
12 000
Intra-Asia Demand
FORECAST
Q3 Intra Asia
Q4 Intra Asia
11 000
10 000
9 000
8 000
7 000
6 000
5 000
4 000
3 000
02Q1 04Q1 06Q1 08Q1 10Q1 12Q1
7 000
Intra-Europe Demand
FORECAST
6 500
Q3 Intra Europe
Q4 Intra Europe
6 000
5 500
5 000
4 500
4 000
3 500
3 000
2 500
2 000
02Q1 04Q1 06Q1 08Q1 10Q1
Market balance (Q4 2010)
Supply vs. Demand
Total Productivity Adjusted Container Carrying Fleet vs. Container Trade
20 000
18 000
16 000
14 000
12 000
10 000
8 000
FORECAST
6 000
4 000
2 000
-
2004Q1 2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1
UTILISATION SUPPLY DEMAND 2010q3 Base
105%
100%
95%
90%
85%
80%
75%
70%
65%
60%
55%
20

Timecharter forecasts
Timecharter Equivalent Charter Market Earnings
Post-Panamax 4400 TEU gearless
60 000
FORECAST
50 000
40 000
30 000
20 000
10 000
-
2001q1 2003q1 2005q1 2007q1 2009q1 2011q1 2013q1
2010q3 Base Case 2010q4 Base Case Actual
Private & confidential
Timecharter forecasts
Timecharter Equivalent Charter Market Earnigns
3rd Quarter 2010 Base Case
50 000 FORECAST
40 000
30 000
20 000
10 000
-
1998q1 2000q1 2002q1 2004q1 2006q1 2008q1 2010q1 2012q1
4400 g'less 3500 g'less 1700 grd 725 grd
17 February 2011
Source: Viamar
21

Private & confidential
Opec oil production
OPEC Oil Production
FORECAST
36
34
32
30
28
26
24
22
98q1 99q1 00q1 01q1 02q1 03q1 04q1 05q1 06q1 07q1 08q1 09q1 10q1 11q1 12q1 13q1
3.qtr. Base Case 4.qtr. Base Case
Net fleet growth (Q4 2010)
Net Fleet Growth - 4. Qtr. Base Case
20,0
15,0
10,0
5,0
-
FORECAST
-5,0
2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1
Net Additions Scrapping Deliveries
17 February 2011
Source: Viamar
Large tanker market balance
ViaMar Large Tanker Market Balance
350
325
300
275
250
225
FORECAST
100%
95%
90%
85%
80%
75%
200
00Q1 01Q1 02Q1 03Q1 04Q1 05Q1 06Q1 07Q1 08Q1 09Q1 10Q1 11Q1 12Q1 13Q1
Utilization Supply Demand (dwt)
70%
Average earnings modern
VLCC Ras Tanura - Chiba
Average Earnings Modern
200 000
180 000
160 000
140 000
120 000
100 000
80 000
60 000
40 000
20 000
-
00Q1 01Q1 02Q1 03Q1 04Q1 05Q1 06Q1 07Q1 08Q1 09Q1 10Q1 11Q1 12Q1 13Q1
2010Q3 Base Case 2010Q4 Base Case
22

Private & confidential
World steel production
Total seaborne trade – met coal
Met Coal, Total Seaborne Trade
300,0
275,0
250,0
225,0
200,0
175,0
150,0
125,0
100,0
04,1 05,1 06,1 07,1 08,1
3.qtr. Base
09,1 10,1
4.qtr. Base
11,1
FORECAST
12,1 13,1
17 February 2011
Source: Viamar
Iron ore imports China
Iron Ore Imports - China
1000
900
800
700
600
500
400
300
200
100
0
2002,1 2003,1 2004,1 2005,1 2006,1 2007,1 2008,1 2009,1 2010,1 2011,1 2012,1 2013,1
3.qtr.Base
4.qtr.Base
23

Private & confidential
Net fleet growth
Net Fleet Growth - 4. qtr. Base Case
30,0
25,0
20,0
15,0
FORECAST
10,0
5,0
-
2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1
Net Additions Scrapping Deliveries
Dry bulk market balance
ViaMar Dry Bulk Market Balance - Supply vs Demand
4.qtr. Base Case
650
600
550
500
450
400
FORECAST
350
300
250
2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1
110 %
100 %
90 %
80 %
70 %
60 %
50 %
Utilization Supply Demand
17 February 2011
Source: Viamar
Dry bulk new orders
Dry Bulk New Orders
60,0
50,0
40,0
30,0
FORECAST
20,0
10,0
-
2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1
Former Current History
Capesize dayrate forecasts
Capesize - CS4TC - 4. qtr. Base
100 000
90 000
80 000
70 000
FORECAST
60 000
50 000
40 000
30 000
20 000
10 000
-
2004Q1 2005Q1 2006Q1 2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1
2010q3 Base Case 2010q4 Base Case IMAREX CS4TC
24

1. HIGHLIGHTS
2. Q4 FIGURES
3. TRANSACTIONS
4. COMPANY OVERVIEW
5. MARKET UPDATE
6. Q&A
17 February 2011
Private & confidential
25

17 February 2011
Private & confidential
26

7
8
9
5
6
3
4
1
2
Shareholders
OCEANUS INTERNATIONAL INVESTMENT
GOLDMAN SACHS INT. – EQUITY
INAK 2 AS
SVELA EIENDOM AS
SKAGEN VEKST
VPF NORDEA SMB
HAUGNÆSS THOR KRISTIAN
TFR INVEST AS
MATSPECIALEN AS
10 JOHANSEN STIG JARLE
11 HAVTRÅL AS
12 PETTERSEN JAN HÅKON
13 RYKKEN ARNE
14 ANDERSEN LARS OLAV
15 MEIDELL CHRISTIAN GARUP
16 MIDDELBOE AS
17 PETTERSEN KÅRE
18 KROSBY ANETTE
19 SIX SIS AG
20 MP PENSJON PK
Shares
44 736 000
15 951 342
6 550 000
3 551 459
1 790 820
1 511 167
1 200 000
1 135 000
1 100 000
1 035 000
1 000 000
1 000 000
805 000
800 000
800 000
796 919
775 000
750 000
717 496
641 075
NOR
NOR
NOR
NOR
NOR
NOR
NOR
NOR
Country
NOR
GBR
NOR
NOR
NOR
NOR
NOR
NOR
NOR
NOR
CHE
NOR
0.60
0.60
0.59
0.58
0.77
0.75
0.75
0.60
%
33.33
11.89
4.88
2.65
1.33
1.13
0.89
0.85
0.82
0.56
0.53
0.48
17 February 2011
Private & confidential
27