Highlights;

• Earnings from shipping activities (ship management and ship ownership combined) at NOK 32.8 million.
• Impairment charge / exceptional items of NOK 25.7 million, reducing earnings from shipping activities to NOK 7.1 million.
• Earnings per share of NOK 1.33 excluding impairment charge.
• LPG market under continued downwards pressure
• Additional contract coverage secured for 2017 for VLGC/LGC fleet.
• Successful consolidation of multiple ship owning companies to increase efficiency and cash-pooling.
• Continued strong HSE results with only 5 minor LTI in the last 9 years, and a LTIF of 0.24.

Complete report for 3rd Quarter 2016 is enclosed.

Stavanger 3rd of November 2016
Solvang ASA