" FERNCLIFF "

Øystein Stray Spetalen (49), Chairman and owner. Chairman and owner of Ferncliff TIH AS. Mr. Spetalen is an independent investor. He has worked in the Kistefos Group as an investment manager, as corporate advisor in different investment banks and as a portfolio manager in Gjensidige Forsikring. Mr. Spetalen is a chartered petroleum’s engineer from NTNU.

Glen Ole Rødland (47), Director and co-investor Direct Active Investments. Director and co-investor Direct Active Investments in Ferncliff TIH AS. Mr. Rødland has PhD studies in Finance from NHH and UCLA. He has worked as a management consultant in PWC and research assistant at NHH. Mr. Rødland has also worked as a market and investment analyst at JEBSENS, a shipping company based in Bergen. Mr. Rødland has worked 15 years with portfolio management and investment banking for Vital (2 years) and First Securities (formerly Elcon Securities) (13 years). Mr. Rødland’s experience is mainly in Energy, Basic Materials and Shipping, where he has led a number of IPOs, M&A processes and restructurings. Mr. Rødland joined Ferncliff TIH AS in early 2006 as a partner.

Martin Nes (42), Chief Executive Officer and Partner. Mr Nes has a law degree from University of Oslo and also holds a Master of laws’ degree from University of Southampton, England. He has previously worked several years for the Norwegian law firm Wikborg Rein, both in their Oslo and London offices, and for the shipping law firm Evensen & Co. Mr Nes’ experience is especially within the shipping and offshore industry where he has been involved in and also led a number of projects. Mr Nes joined Ferncliff TIH AS on 1 March 2008.

Espen Lundaas (34), Chief Financial Officer and Partner. Mr Lundaas has been with the company since 1999. He is board member in different entities in the organization and has also worked with developing different companies acquired by Ferncliff TIH AS. He holds a Master of Business and Economics from the Norwegian School of Management (1997-2001).

Tore J. Berg (38), Chief Accounting Officer. Mr. Berg was employed as Senior Advisor in Lindorff Accounting AS from 2006-2008. Prior to this he worked as Controller in Reitan Servicehandel AS (2004-2006), as Tax Advisor at KPMG Law Advokatfirma DA (2000-2004), and as Senior Associate at KPMG AS (1999-2000). Mr. Berg holds a Master of Business Administration from the Norwegian School of Economics and Business Administration (1996-1999).

Inger Sangnæs Glendrange (43), Financial secretary. Ms. Glendrange is responsible for reconciling, reporting, and recording the daily settlement activity related to all financial transactions. Generates management reports, monitors incoming/outgoing payments and prepares settlement confirmations. She has been with the company since 2002.

Margrete Davies (47), Controller. Mrs Davies joined Ferncliff TIH on 14 April 2008 on returning from 8 years in London. Her previous experience includes a year as Controller for Medinnova (1999-2000) and one year at DnB as an Assistant Account Manager (1998). Prior to this she worked for JPMorgan Oslo for 10 years in accounting and controllership roles including 8 years as Chief Accountant two years as Senior Financial Officer. Mrs. Davies received a BBA from The School of Economics, Copenhagen in 1989.

Heidi Johannessen (30), Research and Analysis. Ms. Johannessen was previously in Equity Research in Handelsbanken Capital Markets (2005-2007). She has a Master of Business and Economics from the Norwegian School of Management (2000-2004). Ms Johannessen is part of the Direct Active Investment Department in Ferncliff TIH AS and is currently hired-out to one of the portfolio companies, Strata Marine & Offshore AS, as Chief Financial Officer. She joined Ferncliff TIH AS in June 2007.

Hanne Grøstad (38), Office Manager and Secretary. Ms. Grøstad, educated as a secretary, joined the company in January 2007. She previously worked as a secretary, research and corporate assistant in First Securities ASA during 2000-2006. Before 2000 she worked as a secretary/coordinator in Rubicon Norge AS, as a law secretary at Evensen & Co. and as a travel consultant in Tjæreborg Reiser AS.

Lars Christian Stugaard (29), Financial Analyst. Mr. Stugaard joined the company as financial analyst 1. August 2010. He holds a BSc from the Norwegian School of Management (2007-2010).

Terje Olaussen (41), Property Operator. Mr. Olaussen works as an operator for the properties in the Ferncliff Group. He has been with the company since 2005.

Lena Moe (40), Secretary. Ms. Moe has studied economics at the Economic College in Oslo and at BI Sandvika. She previously worked as Sales Manager and Activity Manager at Ikea Slependen and as project coordinator for quality assurance standards EQUASS by Løxa Utvikling AS. She has held several positions in finance and accounting, most recently at Megaron AS.

THE TEAM