This presentation should be read in conjunction with Vard Holdings Limited’s results for the period ended 30 September 2013 in the SGXNet announcement. Financial figures are presented accordingto SFRS.

This presentation may contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptionsregarding our present and future business strategies and the environment in which we willoperate in the future. As these statements and financial information reflect our current viewsconcerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from theseforward-looking statements and financial information. You are cautioned not to place unduereliance on these forward looking statements, which are based on the Company’s current view offuture events.

Disclaimer

6.11.2013 | Page 2

European network for Health Technology Assessment | JA2 2012-2015 | www.eunethta.eu

3Q 2013 Results PresentationVard Holdings Limited

6 November 2013

Revenue of NOK 2 370 million for 3Q 2013, down from NOK 2 457 millionin 3Q 2012EBITDA of NOK 103 million for 3Q 2013, down from NOK 332 million in 3Q 2012EBITDA margin, representing EBITDA to total operating revenues, of 4.4% for 3Q 2013, down from 13.5% in 3Q 2012Record order intake of NOK 7 950 million in 3Q 2013. Order intake mayvary significantly on a quarter-by-quarter basis43 vessels in the order book as at 30 Sept. 2013, of which 26 of own designNew shipyard in Brazil, Vard Promar, ramping up production; first blocksproducedNiterói yard in Brazil still a drag on margins

Mitigating actions taking longer than expected to show effectFurther delays in the remaining order book

Notwithstanding a highly competitive market, positive outlook for neworder wins for the remainder of 2013 and going into 2014

Key messages

6.11.2013 | Page 4

Business update3Q 2013

1 PSVIsland Duke from Vard Brevik (Norway) to Island Offshore

1 OSCV Siem Dyna from Vard Brattvaag (Norway) to Siem Offshore

2 OtherGadus Poseidon (Fishing Vessel) from Vard Brattvaag (Norway) to HavfiskHopen (Stern Trawler) from Vard Langsten(Norway) to Remøy Fiskeriselskap

Six new vessel contracts secured in 3Q 2013

4 OSCVs for DOF Subsea & Technip (Doftech)

1 OSCV for Farstad Shipping

1 PSV for Carlotta Offshore

Vessel deliveries New contracts

As at 30 September 2013, the Group had 43 vessels in the order book, 26 of which will be of VARD’s own design.

Vessel deliveries and new contracts – 3Q 2013

6.11.2013 | Page 6

Largest order in the Group’s history securedduring 3Q 2013

05.11.2013 | Page 7

Aggregate order value approx. USD 1.1 billion (NOK 6.5 billion)Extending the order book to 2016-17 in both Europe and Brazil, and reversing a long downward order book trendReinforcing key client relationships with DOF and Technip, and securing a leading position in global OSCV market for VARD

2008 2009 2010 2011 2012 9M 2013

2008 2009 2010 2011 2012 9M 2013

Order book value at the end of the period (NOK million)1)

New order intake during the period (NOK million)1)

16 411 17 031

8 Vessels4 458

27 Vessels12 555

16 675

28 Vessels11 117

15 096

16 Vessels9 501

1) Includes firm orders only. Includes variation orders and trading packages

4 Vessels5 692

22 38919 553

12 Vessels11 941

Order book development

3Q 2013: NOK 7 950 million

1H 2013: NOK 3 991 million

6.11.2013 | Page 8

Order book status

Order book as of 30 September 2013 (# of vessels)

6

21

9

6

1

22

17

0 10 20 30

2012

2013

2014

2015

2016

2017

Deliv

ery

year

Delivery year

Norway / Romania

Brazil Vietnam Total

2017 1 OSCV 1

2016 2 OSCV 1 OSCV3 Other

6

2015 1 PSV3 OSCV1 Other

1 AHTS

3 Other

9

2014

2 AHTS4 PSV5 OSCV3 Other

2 AHTS1 PSV

2 Other

2 PSV 21

2013

3 AHTS10 PSV3 OSCV4 Other

1 PSV 2 PSV 23

2012 15 PSV1 OSCV2 Other

1 AHTS1 PSV

1 AHTS1 PSV 22delivered

6.11.2013 | Page 9

Order book by region and vessel type

By RegionOrder book

30 June 2013Deliveries

3Q 2013Order intake

3Q 2013Order book

30 Sep 2013

Norway / Romania 28 4 3 27

Brazil 12 - 2 14

Vietnam 1 - 1 2

Total 41 4 6 43

By Vessel TypeOrder book

30 June 2013Deliveries

3Q 2013Order intake

3Q 2013Order book

30 Sep 2013

AHTS 6 - - 6

PSV 11 1 1 11

OSCV 9 1 5 13

Other 15 2 - 13

Total 41 4 6 43

6.11.2013 | Page 10

Operations – Norway, Romania & Vietnam

Operations in European shipyards generally stableGradually reverting to normal load situation in RomaniaEffective cooperation in the Romania-Norway value chain, utilizing flexibility in the production system

Commissioning of new piping pre-fabrication factory in TulceaongoingComprehensive program initiated to further improve efficiency and enhance competitiveness in Romania

Complementary to recent investments in physical assetsSuccessful delivery of four projects from Norwegian yards

Including two complex projects for non-offshore related vessels (fishing trawlers)

Load situation in Vietnam improved as a result of new contractExtension of floating dock in Vietnam about to be completed,

Extending launching capacity from 100m to 120m long vessels

6.11.2013 | Page 11

Operations update – Brazil (Vard Niterói)

Vard Niterói still suffering from overload situation; further delays and cost overruns incurredMitigating actions in progress, but taking longer time to show effect

Organizational changes introducedStrengthening of project organization and reorganizationin production

All time high manning at the yard; approx. 1,250 own employees and 750 subcontractors

But still a shortfall of qualified personnel Project Pro30 (AHTS for DOF) more than 95% complete and ready for sea trials shortly

6.11.2013 | Page 12

EP02 (outfitting only)

EP01 (outfitting only)

Pro33

Pro32

Pro31

Pro30

jun-13 sep-13 dec-13 mar-14 jun-14 sep-14 dec-14 mar-15

4Q 20143Q 2013 4Q 2013 2Q 2014 3Q 20141Q 2014

Vard Niterói: Revised delivery schedule

6.11.2013 | Page 13

1Q 2015

Operations update – Brazil (Vard Promar)

Key shipyard infrastructure completed within 3Q 2013Shipbuilding works in progress on LPG carrier number 3 for Transpetro; pending start-up for vessel number 4

First blocks producedProductivity in hull production for LPG carriers number 1 and 2 built at external yard still not satisfactory

Rapid ramp-up of capacity to accommodate ambitious order book

Total number of employees currently around 600 Need to recruit, train and integrate approximately 80 new employees per monthAll new employees undergoing training and qualification program

Foundations in place for sustainable operations and future growth in Brazil

6.11.2013 | Page 14

05.11.2013 | Page 15

Floating dock

Vard Promar – Key yard infrastructure completed

Outfitting quay

Vard Promar - Production at new yard ramping up

6.11.2013 | Page 16

Production halls

Production of ring blocks

Financial highlightsQ3 2013

Revenues and margins

6 1485 692

2 4572 370

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

9M 2012 9M 2013

8 6058 062

Revenues (NOK million) EBITDA (NOK million) and EBITDA Margin (%)

854

103

332

425

0

200

400

600

800

1 000

1 200

1 400

9M 2012 9M 2013

13.8%

6.6%

6.11.2013 | Page 18

Statement of income – major items

(NOK million)3Q ended 30 September

D(%) 9M ended 30 September

D(%) 2013 2012 2013 2012

Revenue 2 370 2 457 -3.5% 8 062 8 605 -6.3%

Materials, subcontract cost and others (1 627) (1 594) 2.1% (5 613) (5 696) -1.5%

Salaries and related costs (527) (429) 22.8% (1 530) (1 386) 10.4%

EBITDA 103 332 -69.0% 528 1 186 -55.5%

EBITDA % 4.4% 13.5% NA 6.6% 13.8% NA

Operating profit 72 301 -76.1% 367 1 095 -66.5%

Net financial income / (cost) 35 13 169.2% 39 35 11.4%

Profit before tax 111 314 -64.6% 410 1 132 -63.8%

Profit for the period 58 228 -74.6% 194 778 -75.1%

6.11.2013 | Page 19

2 332 2 4181 747

15 19

56

0

500

1 000

1 500

2 000

2 500

30 Sept 2012 31 Dec 2012 30 Sept 2013Restricted Cash Non-restricted Cash

Cash and cash equivalents, and construction loans

(1) Cash and cash equivalents less sum of short-term and long-term interest bearing liabilities, excluding construction financing

Construction Loans (NOK million)

3 351

4 199

0500

1 0001 5002 0002 5003 0003 5004 0004 500

31 Dec 2012 30 Sept 2013

Net Cash (NOK million)1

1 858

864

0

500

1 000

1 500

2 000

31 Dec 2012 30 Sept 2013

Cash and Cash Equivalents (NOK million)

2 4372 347

1 803

6.11.2013 | Page 20

Major balance sheet items

(NOK million)As at

30 September 2013 31 December 2012

Non-current assets 3 130 2 410

Current assets 9 884 10 404

Total assets 13 014 12 814

Total equity 3 532 3 227

Loans and borrowings and construction loans 4 483 3 385

Trade and other payables and construction work in progress 2 546 4 319

Other current liabilities 630 1 096

Long-term loans and borrowings 655 545

Other non-current liabilities 210 242

Total liabilities 9 482 9 587

Total equity and liabilities 13 014 12 814

6.11.2013 | Page 21

Cash flow highlights

(NOK million)3Q ended 30 September 9M ended 30 September

2013 2012 2013 2012

Cash flows from operating activities (107) (168) (384) 840

Cash flows from investing activities (350) (156) (678) (466)

Cash flows from financing activities 208 (637) 372 (1 065)

Net change in cash and cash equivalents (249) (961) (690) (691)

Cash and cash equivalents excluding restricted cash at the beginning of the financial period 1 986 3 305 2 418 3 035

Effects of currency translation differences 10 (12) 19 (12)

Cash and cash equivalents excluding restricted cash at the end of the financial period 1 747 2 332 1 747 2 332

Restricted cash at the end of financial period 56 15 56 15

Cash and cash equivalents at the end of the financial period 1 803 2 347 1 803 2 347

6.11.2013 | Page 22

Earnings per share

Note: Earnings per ordinary share for the financial period attributable to equity holders of the parent. SGD amounts are translated from NOK based on the exchange rates prevailing at the reporting dates.

3Q ended 30 September 9M ended 30 September

2013 2012 2013 2012

Earnings for the period (NOK millions) 76 228 244 778

Earnings for the period (SGD millions) 16 49 51 167

Weighted average number of shares (millions) 1 180 1 180 1 180 1 180

Earnings per share (NOK) 0.06 0.19 0.21 0.66

Earnings per share (SGD cents) 1.36 4.16 4.32 14.18

Adj. weighted average number of shares (millions) 1 180 1 182 1 180 1 182

Diluted earnings per share (NOK) 0.06 0.19 0.21 0.66

Diluted earnings per share (SGD cents) 1.36 4.16 4.32 14.15

Exchange rates (SGD/NOK) 4.784 4.650 4.784 4.650

6.11.2013 | Page 23

Net asset value per share

Note: Net asset value at the end of the financial period, and at the end of the last financial year, attributable to equity holders of the parent. SGD amounts are translated from NOK based on the exchange rates prevailing at the reporting dates.

As at

30 September 2013 31 December 2012

Net asset value at the end of the period (NOK millions) 3 513 3 162

Net asset value at the end of the period (SGD millions) 734 694

Number of shares (millions) 1 180 1 180

Net asset value per ordinary share (NOK) 2.98 2.68

Net asset value per ordinary share (SGD) 0.62 0.59

Exchange rate (SGD/NOK) 4.784 4.557

6.11.2013 | Page 24

Outlook3Q 2013

OutlookGrowth in Exploration & Production (E&P) spending expected to continue in 2014

North Sea the largest offshore market globally, measured by E&P spendingHigh growth in Barents Sea and other challenging environmentsdrive the need for new technology

Positive outlook for new order wins for the remainder of 2013, and goinginto 2014

Subsea support and construction vessel segment the main driver High tendering activity; project opportunities with existing and newclients also outside core market and client baseVARD well positioned to maintain its leading position in the OSCV segment in a highly competitive market

Brazil continues to be focus area operationallyStabilization of Vard Niterói and delivery of ongoing projectsSuccessfull ramp-up of Vard Promar, and efficiency gains as activitylevel increases

6.11.2013 | Page 26

Q&AQ&A3Q 2013