This presentation should be read in conjunction with Vard Holdings Limited’s results for the periodended 31 March 2013 in the SGXNet announcement. Financial figures are presented according to 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

14.05.2013 | Page 2

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

1Q 2013 Results PresentationVard Holdings Limited

14 May 2013

Revenue of NOK 2 747 million for 1Q 2013, down 2% from NOK 2 811 million in1Q 2012EBITDA of NOK 304 million for 1Q 2013, down 23% from NOK 393 million in 1Q 2012EBITDA margin, representing EBITDA to total operating revenues, of 11.1% for1Q 2013, down from 14.0% in 1Q 2012Order intake of NOK 2 782 million in 1Q 2013. Contracts with key clients for threelarge and complex projects secured. Order intake may vary significantly on a quarter-by-quarter basis46 vessels in the order book as at 31 March 2013, of which 26 of own designMajor investments in Romania to secure long-term competitiveness in Europe, and in Vietnam to expand shipyard capabilitiesBrazil operations expected to stabilize by end 2013, but affecting group performance until delivery of last vessel in current order bookNew shipyard in Brazil starting production in end JuneOptimistic outlook for subsea support and construction vessel market and overall new order intake

Key messages

14.05.2013 | Page 4

Business update1Q 2013

3 PSVLundstrom Tide from Vard Søviknes (Norway) to TidewaterFar Spica from Vard Langsten (Norway) to Farstad ShippingFar Sitella from Vard Vung Tau (Vietnam) to Farstad Shipping

1 MRV (Multi Role Vessel)Skandi Hugen from Vard Aukra (Norway) to DOF

1 AHTSFar Senator from Vard Langsten (Norway) to Farstad Shipping

Three new vessel contracts secured in 1Q 2013

1 OSCV for Solstad Offshore1 OSCV for Farstad Shipping1 OSCV for DOF Subsea

Three new contracts secured since the end ofthe quarter

1 PSV for Simon Møkster Rederi1 Offshore Tug for Buksér og Berging1 Offshore support vessel for Island Offshore

Vessel deliveries New contracts

As of 31 March 2013, the Group had 46 vessels in the order book, 26 of which will be of VARD’s own design.

Vessel deliveries and new contracts – 1Q 2013

14.05.2013 | Page 6

2008 2009 2010 2011 2012 1Q 2013

2008 2009 2010 2011 2012 1Q 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

22 389

15 450

3 Vessels2 782

Order book development

14.05.2013 | Page 7

Order book status

Order book as of 31 Mar. 2013 (# of vessels)

19

18

6

3

22

5

0 10 20 30

2012

2013

2014

2015

2016

Deliv

ery

year

Delivery year

Norway / Romania

Brazil Vietnam Total

2016

3 Other

3

2015 2 OSCV4 Other

6

2014

2 AHTS3 PSV5 OSCV3 Other

2 AHTS1 PSV

1 Other

1 PSV 18

2013

3 AHTS10 PSV3 OSCV4 Other

1 AHTS1 PSV 2 PSV 24

2012 15 PSV1 OSCV2 Other

1 AHTS1 PSV

1 AHTS1 PSV 22delivered

14.05.2013 | Page 8

Order book by region and vessel type

By RegionOrder book

31 Dec. 2012Deliveries

1Q 2013Order intake

1Q 2013Order book

31 Mar. 2013

Norway / Romania 32 4 3 31

Brazil 13 - - 13

Vietnam 3 1 - 2

Total 48 5 3 46

By Vessel TypeOrder book

31 Dec. 2012Deliveries

1Q 2013Order intake

1Q 2013Order book

31 Mar. 2013

AHTS 8 1 - 7

PSV (incl. MRV) 18 4 - 14

OSCV 7 - 3 10

Other 15 - - 15

Total 48 5 3 46

14.05.2013 | Page 9

Operations update – Norway

Four vessels successfully delivered during the quarterStable operations and good utilization of all yard facilitiesCompleted implementation of common work processes based on best practices at all yardsISO 9001 certification received as part of ongoing efficiency improvement program

Vard Brattvaag Vard Søviknes

14.05.2013 | Page 10

Operations update – Romania

Very high workload in steel hull production at Vard TulceaInvestment program being implemented in Tulcea for continuous improvement of productivity, quality and throughput

New blasting and painting facilitiesRobots in the production lineNew piping prefabrication facilities including state of the art bending technology

New contract signed for smaller vessel to be fully outfittedand delivered from Vard Braila

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Major investments in Romania (Vard Tulcea)

New blasting and painting facilities

New piping prefabrication facilities

Robots in theproduction line

14.05.2013 | Page 12

Operations update – Vietnam (Vard Vung Tau)

Low utilization of the yard, with only two vessels still in the order book

One of which to be delivered in 2Q 2013

Investment program ongoing for the yard to accommodatelarger vessel types

Extension of thefloating dockImproved flow ofsteel cutting, and logistics for handling of larger units

High priority to securenew orders

14.05.2013 | Page 13

Operations update – Brazil (Vard Niterói)Challenges

High cost level in Brazil in general and especially in Rio/Niterói areaHigh personnel turnover and very high pressure on qualified resourcesProductivity – lower than anticipatedVery high pressure in the subcontracting market resulting in fewer alternative subcontractors, higher prices, and delaysDelays – knock-on effect and delays on the next deliveries

Actions takenNew yard manager and increased number of expatsReorganized production; more project oriented organizationFocus on responsibility for each person in the organization, and commitment to improvementsReduced indirect cost in all departments – downsizing, reorganization and stronger cost focusReduced number of subcontractors and building up of longer-term partners going forward

14.05.2013 | Page 14

Operations update – Brazil (Vard Niterói) (cont’d)

OutlookRevised delivery schedule agreed with clients; taking into account challenging operational environmentStrain on organization will be reduced as improvementmeasures take effect, and vessels are being deliveredOperations expected to stabilize by end 2013 But Vard Niterói still affecting group performance until delivery of last vessel in current order book

14.05.2013 | Page 15

Vard Niterói: Vessels under construction

2013.05.14 | Page 16

Pro29 Pro30

Pro31 Pro32

Pro33

Pro32

Pro31

Pro30

Pro29

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

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

Vard Niterói: Revised delivery schedule

Note: Delivery dates rounded to end of quarter

14.05.2013 | Page 17

Operations update – Brazil (Vard Promar)

Overall progress of yard construction is over 85%, and over 95% in areas vital for commencing operationsDredging completed in AprilStart of steel cutting/production planned for end JunePreparations for production start ongoing

Installation of equipmentDetail planning of production, workflow, logistics, etc.

Recruitment and training ongoingAbout 190 people employed; about 60 of these currently working at NiteróiTraining program for blue collars started and with good experience so farRecruitment of key personnel like managers, specialists, etc. in progress

14.05.2013 | Page 18

Vard Promar: Greenfield development in less than 18 months

14.05.2013 | Page 19

Vard Promar: Construction over 85% complete

LPG 8

LPG 7

LPG 6

LPG 5

LPG 4

LPG 3

LPG 2

LPG 1

mar-13 jun-13 sep-13 dec-13 mar-14 jun-14 sep-14 dec-14 mar-15 jun-15 sep-15 dec-15 mar-16 jun-16 sep-16 dec-16

Vard Promar: Delivery schedule

(hull under construction at CGU – Rio Nave)

(hull under construction at CGU – Rio Nave)

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

4Q2015

1Q2016

2Q2016

3Q2016

4Q2016

Note: Delivery dates rounded to end of quarter

14.05.2013 | Page 21

Financial highlights1Q 2013

Revenues and margins

0

500

1 000

1 500

2 000

2 500

3 000

1Q 2012 1Q 2013

2 811 2 747

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

0

100

200

300

400

500

1Q 2012 1Q 2013

393

304

14.0%

11.1%

14.05.2013 | Page 23

(NOK million)1Q ended 31 March

D(%) 2013 2012

Revenue 2 747 2 811 (2%)

Materials, subcontract cost and others (1 823) (1 830) (0%)

Salaries and related costs (485) (474) 2%

EBITDA 304 393 (23%)

EBITDA % 11.1% 14.0% n/m

Operating profit 275 362 (24%)

Net financial income / (cost) (12) 10 n/m

Profit before tax 264 373 (29%)

Profit for the period 180 270 (33%)

Statement of income – major items

14.05.2013 | Page 24

3 1072 418

1 969

20

20

27

0

500

1 000

1 500

2 000

2 500

3 000

3 500

31 Mar 2012 31 Dec 2012 31 Mar 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 3 244

0

500

1 000

1 500

2 000

2 500

3 000

3 500

31 Dec 2012 31 Mar 2013

Net Cash (NOK million)1

1 858

1 389

0

500

1 000

1 500

2 000

31 Dec 2012 31 Mar 2013

Cash and Cash Equivalents (NOK million)

2 437

3 127

1 996

14.05.2013 | Page 25

Major balance sheet items

(NOK million)As at

31 March 2013 31 December 2012

Non-current assets 2 581 2 410

Current assets 10 823 10 404

Total assets 13 404 12 814

Total equity 3 427 3 227

Loans and borrowings and construction loans 3 277 3 385

Trade and other payables and construction work in progress 4 981 4 319

Other current liabilities 919 1 096

Long-term loans and borrowings 574 545

Other non-current liabilities 226 242

Total liabilities 9 977 9 587

Total equity and liabilities 13 404 12 814

14.05.2013 | Page 26

Cash flow highlights

(NOK million)1Q ended 31 March

2013 2012

Cash flows from operating activities (335) 257

Cash flows from investing activities (152) (115)

Cash flows from financing activities 26 (61)

Net change in cash and cash equivalents (461) 81

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

Effects of currency translation differences 12 (9)

Cash and cash equivalents excluding restricted cash at the end of the financial period 1 969 3 107

Restricted cash at the end of financial period 27 20

Cash and cash equivalents at the end of the financial period 1 996 3 127

14.05.2013 | Page 27

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.

1Q ended 31 March

2013 2012

Earnings for the period (NOK millions) 188 269

Earnings for the period (SGD millions) 40 59

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

Earnings per share (NOK) 0.16 0.23

Earnings per share (SGD cents) 3.40 5.03

Adj. weighted average number of shares (millions) 1 181 1 197

Diluted earnings per share (NOK) 0.16 0.22

Diluted earnings per share (SGD cents) 3.40 4.96

Exchange rates (SGD/NOK) 4.685 4.533

14.05.2013 | Page 28

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

31 March 2013 31 December 2012

Net asset value at the end of the period (NOK millions) 3 370 3 162

Net asset value at the end of the period (SGD millions) 719 694

Number of shares (millions) 1 180 1 180

Net asset value per ordinary share (NOK) 2.86 2.68

Net asset value per ordinary share (SGD) 0.61 0.59

Exchange rate (SGD/NOK) 4.685 4.557

14.05.2013 | Page 29

Outlook1Q 2013

OutlookOptimistic outlook for subsea support and construction vessels

Project inquiries across a broad range of vessel sizes, specifications, and geographical markets

Promising spot rates for AHTS seen recently, but not yet translating intonewbuilding activityPSV market sluggish, but demand for individual highly specialized vesselswith innovative features, e.g. recent order with advanced rescue featuresHighly competitive market, but leading-edge technology a differentiatorthat secures access to new ordersMajor investment projects in Romania aimed at securing long-term competitiveness in Europe; investments in Vietnam to take on larger and more complex projects thereBrazil operations in Niterói expected to stabilize by year-end, and newshipyard Vard Promar on track to start operations by end June 2013

14.05.2013 | Page 31

Q&AQ&A1Q 2013