Fourth quarter 2014 Q4 2014 Operating revenues of NOK 406.5 million, reflecting an increase of 27.6% compared to Q4 2013, of which 8.1% was organic. EBITDA excluding special items was NOK 55.0 million (NOK 45.3 million in Q4 2013). 2014 Operating revenues of NOK 1 579.3 million, reflecting an increase of 24.5% compared to 2013, of which 6.1% was organic. EBITDA excluding special items of NOK 270.6 million (NOK 227.0 million in 2013). Refinanced bank loans on significantly better terms. Agreed to acquire two contracts in Denmark. The board proposes to pay NOK 50 million in dividends for the 2014 fiscal year, equal to a dividend per share of NOK 1.84.

Successfully listed December 2014 EBITDA excl. special items 55.0

EBIT excl. special items 19.9

19.3

Net debt / EBITDA 4.6

45.3

Q4 2013

3.8

Q4 2014

Q4 2013

Q4 2014

2013

2014

RenoNorden is the Nordic region’s leading private waste collection and transportation company, providing services to over five million people across four countries. www.renonorden.com

Key figures fourth quarter and full year 2014 Group highlights Numbers in NOK millions Operating revenues EBITDA EBITDA margin EBIT EBIT margin Net income Earnings per share (NOK) Average number of shares outstanding (millions) There are 27 247 948 shares outstanding after the IPO

Q4 2014 406,5 28,0 6,9 % -7,8 -1,9 % -37,7 -3,28 11,5

Q4 2013 318,5 44,4 13,9 % 19,0 6,0 % -1,1 -0,20 5,4

2014 1 579,3 240,1 15,2 % 133,1 8,4 % 42,5 6,01 7,1

2013 1 268,3 223,0 17,6 % 137,4 10,8 % 49,5 9,23 5,4

Group highlights excluding special items Numbers in NOK millions EBITDA EBITDA margin EBIT EBIT margin Net income Earnings per share (NOK) Please see Special Items table for more details

Q4 2014 55,0 13,5 % 19,3 4,7 % 14,0 1,22

Q4 2013 45,3 14,2 % 19,9 6,3 % -0,1 -0,03

2014 270,6 17,1 % 163,6 10,4 % 97,6 13,83

2013 227,0 17,9 % 141,5 11,2 % 53,5 9,98

Operating revenues Q4 2014

Fi nland 62.3

Norwa y 142.2

Other -4.2 Fi nland 6.6 Denmark 11.4

Denmark 109.7 Sweden 92.3

2

EBITDA excluding special items Q4 2014

Sweden 12.4

Norwa y 28.8

Solid performance The fourth quarter experienced the same positive trends as the previous three quarters and ended a successful year with operating revenue and EBITDA excluding special items at an all-time high. This was an encouraging result given a competitive market environment. The group efficiency program is progressing satisfactorily and in line with expectation. Finally, the entry into Finland has proven to be successful. The listing of the company on Oslo Stock Exchange on 16 December marks a new era for RenoNorden. Fourth Quarter Group operating revenue increased 27.6% to NOK 406.5 million in the fourth quarter 2014 compared to NOK 318.5 million in the same period last year. While most of the year-on-year growth was a result of the HFT acquisition in Finland, completed 19 December 2013, the underlying growth across the business was solid, with organic operating revenue growth of 8.1% excluding Finland for the quarter, over the same quarter last year. The organic growth come from the contracted inflationary index, especially in Norway, and increased activity across geographies in existing contracts and market share gains, particularly in Denmark and Sweden. Group EBITDA in the fourth quarter of 2014 was NOK 28.0 million, compared to NOK 44.4 million for the same period last year. While the fourth quarter is typically a seasonally softer quarter, this quarter was a special quarter that included considerable one-off costs associated with the IPO and a one-off write down related to our highly favorable refinancing. As a result, operating costs increased in the quarter, primarily due to one-off costs of NOK 26.7 million specifically related to the IPO. In addition, the increased activity level led to higher contract start-up costs. Adjusting for these one off items, Group EBITDA in the fourth quarter of 2014 was NOK 55.0 million, up 21.4% on NOK 45.3 million for the corresponding period last year. Main contributors to the growth were the Finnish acquisition and improved margins in Norway. After consolidating the Finnish business,

which has lower margins than the rest of the business, we were able to achieve EBITDA margins excluding special items of 13.5% during the quarter, only slightly lower than the same period last year of 14.2%. Excluding Finland, the EBITDA margin was 14.0% this quarter. EBIT excluding special items was NOK 19.3 million for the quarter giving a margin of 4.7%. Excluding Finland, the EBIT margin excluding special items was 5.0% compared with 6.3% last year. Full Year Total operating revenue for 2014 was NOK 1.6 billion, up 24.5% from 2013, driven largely by the inclusion of the HFT acquisition in Finland, but also by organic growth of 6.1%. All geographies experienced solid organic development during the year. Group EBITDA for 2014 was NOK 240.1 million, compared to NOK 223.0 million for 2013. Excluding special items specifically related with the IPO, EBITDA was NOK 270.6 million giving a margin of 17.1%, compared to NOK 227.0 million in the fourth quarter 2013.Without Finland, full-year EBITDA margin excluding special items was 18.2%, compared to 17.9% in 2013. Successful implementation of continuous operational improvement initiatives has contributed to the underlying margin growth during the year. These initiatives, coupled with the crossNordic scale of the company, will continue to help us deliver a superior service to our customers and improve our competitive edge in the future. EBIT excluding special items was NOK 163.6 million giving a margin of 10.4%. Excluding Finland, the EBIT margin excluding special items was 11.3% compared with 11.2% last year. Order backlog The order backlog at 31 December 2014 was NOK 5.6 billion including NOK 3.6 billion in firm contracts and NOK 2.0 billion in prolonging options. The increase compared to the order backlog presented in the Prospectus, updated in November 2014, is mainly due to new contract wins in Karmøy and Uppsala in addition to options extensions in Drammen and Österåker. Exchange rates also increase the order backlog compared with the Prospectus.

3

Order backlog NOK millions

1,511 57 1,454 1,253 265 1,000 989

471 765 460

576 387

529

336 259

305

159 189

2015

2016

2017

2018

Contracts

2019

77 2020

Options

Order backlog by country (incl. options)

Finland 8%

Norw ay 32 %

Denmark 31 %

Sw eden 29 %

4

135

42

2021

42 2022

Norway (NOK millions) Operating revenue EBITDA EBIT CAPEX

Q4 2014 Q4 2013 142,2 28,8 19,6 -3,8

138,5 26,0 16,6 -2,3

2014

2013

585,1 149,6 113,7 -34,8

549,3 127,1 93,2 -54,9

Norway generated operating revenues in the fourth quarter of NOK 142.2 million, a growth of 2.7% compared with same quarter last year. A new contract in Nordfjord, inflation indexation of existing contracts and increased activity and services in existing contracts contributed to the growth. EBITDA in the fourth quarter was NOK 28.8 million compared to NOK 26.0 million same quarter last year reflecting an EBITDA margin increase of 1.5%. The margin improvement was principally a result of scale advantages and our continued focus and efforts on fleet management and optimization where we saw encouraging improvements in fuel consumption, maintenance costs and lower levels of vehicle damage. CAPEX in the fourth quarter was NOK 3.8 million mainly related to the implementation of a fleet management system, which will enable further optimization projects in the future. Sweden (NOK millions) Operating revenue EBITDA EBIT CAPEX

Q4 2014 Q4 2013 92,3 12,4 0,8 -8,2

81,4 11,8 3,0 -3,3

2014

2013

338,5 54,3 21,1 -40,6

314,7 45,1 17,4 -38,6

Sweden’s operating revenues for the fourth quarter ended at NOK 92.3 million, an increase of 13.5% on the comparable period last year, primarily driven by new contracts wins in Säffle, Sundbyberg, Sigtuna and Nacka ÅVC in addition to increased activity and services on existing contracts.

up and running. We have increased the level of additional activities, which are highly profitable, and taken measures to lower our costs and improve our efficiency, for example through substitution of subcontractors with in-house personnel. This leads to a better service for our customers. CAPEX in the fourth quarter was NOK 8.2 million mainly related to new trucks in Östhammar and Sundbyberg. Denmark (NOK millions) Operating revenue EBITDA EBIT CAPEX

Q4 2014 Q4 2013 109,7 11,4 5,0 -28,3

98,6 12,2 5,0 -9,4

2014

2013

422,2 54,5 30,8 -46,1

404,4 57,9 34,1 -45,2

Denmark generated operating revenues of NOK 109.7 million in the fourth quarter, representing strong growth of 11.2% compared with same quarter last year, driven by new contracts won in Frederikssund, Holbæk, Århus, Stevns and Glostrup as well as increased activity and services in existing contracts. EBITDA in the fourth quarter was NOK 11.4 million compared to NOK 12.2 million same quarter last year. The decrease is due to a higher level of startup costs in 2014 directly attributable to the higher win rate. These start-up costs should subside as the contracts mature. With continued rigorous focus on fleet management and Group-wide sourcing initiatives, we are working to further lower our costs and leverage from our scale, in addition to expanding our sales. CAPEX in the fourth quarter was NOK 28.3 million mostly related to new trucks in 2 new contracts. During the quarter, RenoNorden agreed to acquire two contracts from a competitor. The transaction closed in January 2015 and will be included in the order backlog during Q1.

EBITDA in the fourth quarter was NOK 12.4 million compared to the NOK 11.8 million generated in the fourth quarter of 2013. EBITDA margin for the quarter was 13.4% (14.5% in Q4 2013). The slight decrease is mainly due to start-up cost on the new contracts, which should cease once the contracts are

5

Finland (NOK millions) Operating revenue EBITDA EBIT CAPEX

Q4 2014 Q4 2013 62,3 6,6 2,2 -14,2

NA NA NA NA

2014

2013

233,6 25,9 11,6 -20,0

NA NA NA NA

increased thereby replacing local subcontractors. This has reduced costs and improved the company’s control over the quality of the service we deliver to our customers. CAPEX in the fourth quarter was NOK 14.2 million related to trucks in 3 new contracts. Other

Finland’s operating revenues in the fourth quarter ended at NOK 62.3 million. Because the acquisition was completed on 19 December 2013, the Finnish results in 2013 have not been included. However, the Finnish business experienced a solid above market growth rate of 6.2% compared with same quarter last year driven by new municipal and I&C (industrial & commercial) contract wins. EBITDA in the fourth quarter was NOK 6.6 million. We have started many new contracts during the year (both municipal and I&C contracts). In addition, the production rate of the company’s own fleet has been

6

(NOK millions) Operating revenue EBITDA EBIT CAPEX

Q4 2014 Q4 2013 -31,2 -35,5 -

-5,7 -5,7 -

2014

2013

-44,2 -44,2 -

-7,2 -7,2 -

The other segment contains primarily administration costs related to the Group. This quarter it also includes IPO related costs of NOK 26.7 million and Q4 2013 include NOK 2.2 million related to the HFT acquisition in Finland.

Financials Financial items Net financial items increased in the fourth quarter 2014 to NOK 47.1 million up from NOK 21.4 million in Q4 last year. This is mainly due to a full refinancing of the Group and includes the write-off of NOK 24.6 million relating to capitalized origination fees related to the old bank facility. Taxation RenoNorden ended up with tax income of NOK 7.3 million for 2014 as opposed to a tax expense of NOK 12.2 million in 2013. The tax income in 2014 relates mainly to a NOK 10.1 million reversal in the first quarter 2014 of previously over recognized deferred tax liabilities in Sweden and to a permanent tax difference related to the previous PIK note interest (repaid on IPO). See note 1 for further details. Consolidated cash flow RenoNorden had a negative net change in cash and cash equivalents of NOK 66.0 million in 2014 mainly due to refinancing of the old bank facility and IPO related costs. The cash generated from operations was NOK 172.1 million in 2014 compared to NOK 189.7 million in 2013. The decrease is mainly due to lower profit before tax. Cash used in investing activities was a negative NOK 28.1 million in 2014 compared to a negative NOK 66.1 million in 2013. The difference mainly relates to the Finnish acquisition in 2013. Net cash from financing activities was a negative NOK 209.4 million in 2014 compared to a positive NOK 4.3 million in 2013. The movements in 2014 reflect the new bank facilities where the Group used a significant portion of cash to repay the old bank facility. Financial position and liquidity As at 31 December 2014, total assets amounted to NOK 2.24 billion. Total equity was NOK 673.0 million, giving an equity ratio of 30%.The shareholder loan of NOK 1.02 billion per 30 September 2014 was partly repaid and partly converted to equity as a part of the IPO. 16 December 2014 the Group refinanced its bank debt with a new senior facility of NOK 970.0

million, which was mainly used to repay the old bank loans. The facility, provided by DNB and Danske Bank, consists of a term loan facility of NOK 620.0 million and an RCF facility of NOK 350.0 million. Both facilities are 5-year bullets. The new credit facility has significantly lower margins with currently 2.0% for the term loan facility and 1.75% for the revolving loan facility over the relevant interbank offered rate. This will substantially reduce the financial costs of the company going forward. In addition to the bank loans, the Group has guarantees of approximately NOK 116.0 million. The Group has cash and cash equivalents of NOK 219.6 million as at 31 December 2014. The Group also has leasing facilities available for truck financing. At 31 December 2014, Net interest bearing debt amounted to NOK 1.03 billion. Net debt/ EBITDA before special items is 3.8x. Overall RenoNorden has access to various sources of financing to support our growth ambitions. Dividend The Board proposes a payout of NOK 50.0 million for 2014 equal to NOK 1.84 per share. The dividend will be paid after the AGM. Risks and uncertainties RenoNordens risks and uncertainties are described on pages 15-31 in the IPO prospectus, which is available on www.renonorden.com. No significant changes have taken place that have changed the view of the risks and uncertainties. Outlook The Group improvement program is making good progress. RenoNorden has recently focused on the operational efficiency of contracts in Sweden and Norway and has for example initiated a number of common Group sourcing initiatives to further strengthen our competitive position and meet an expected maturing market with continued focus on price competition. RenoNorden has a strong position as the only full Nordic household collection specialist. Our structural advantages and constant operational improvements will position us well to win new contracts at

7

competitive prices while managing to operate them at good margins. This is the key to sustainable growth.

We see room for consolidation in the market and we will consider strategic actions as an alternative to organic growth on the right terms.

The Board of Directors and CEO of RenoNorden

8

Special items Amounts in NOK 1000 Q4 2014

EBITDA effect Q4 2013 2014

2013

Profit before tax effect Q4 2014 Q4 2013 2014

2013 Write-down of capitalized origination fees related to old bank facility 24 627 24 627 Management fees 392 944 3 792 4 044 392 944 3 792 4 044 IPO costs 26 674 26 674 26 674 26 674 Total special items 27 066 944 30 466 4 044 51 693 944 55 093 4 044 Management fees were incurred under the previous ownership structure and will not be incurred from January 2015.

9

10

Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited)

Amounts in NOK 1 000

Note

Q4 2014

Q4 2013

2014

2013

2

406,463

318,458

1,579,306

1,268,323

42,289 212,099 35,753 124,109 414,250

20,561 169,409 25,388 84,115 299,473

158,610 804,129 107,030 376,432 1,446,201

77,705 679,336 85,571 288,296 1,130,908

-7,787

18,985

133,105

137,415

Net Financial items

-47,119

-21,413

-97,939

-75,732

Profit/loss before taxes Income tax expense Profit/loss for the period

-54,906 17,208 -37,698

-2,429 1,347 -1,082

35,166 7,320 42,486

61,683 -12,183 49,499

19,275 -18,423

-2,673 -3,755

11,996 54,482

-1,001 48,498

-3.28 -3.28

-0.20 -0.20

6.01 6.01

9.23 9.23

11,495

5,384

7,056

5,363

Operating revenues and expenses Total operating revenue Cost of sales Employee benefit expense Depreciation and amortization Other operating expenses Total operating expenses Operating profit/loss

3

2

Financial items

Other comprehensive income Items that may be subsequently reclassified to profit or loss Currency translation differences Total comprehensive income/loss for the period

Earnings per share Basic earnings per share from profit for the year Diluted earnings per share from profit for the year Weighted average number of outstanding shares

3

The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

11

Condensed Consolidated Balance Sheet (Unaudited) Note

31.12.2014

31.12.2013

2

1 014 223 12 246 729 138 27 1 755 634

1 011 502 12 986 675 296 34 1 699 818

7 157 39 213 560 43 976 219 642 484 374

5 651 413 206 007 39 210 285 600 536 881

2 240 008

2 236 699

27 248 501 445 133 442 11 116 673 252

54 3 875 -1 -412 008 -880 -408 961

23 000 337 170 760 300 1 120 470

49 626 255 965 845 184 1 150 774

89 106 58 166 95 221 8 320 38 536 156 937 446 286

1 007 482 136 707 61 948 77 851 7 077 45 962 157 858 1 494 885

Total liabilities

1 566 756

2 645 659

Total equity and liabilities

2 240 008

2 236 699

Amounts in NOK 1 000

Assets Non-current assets Goodwill Other intangibles Property plant and equipment Investments in shares Total non-current assets Current assets Inventory Derivative financial Instruments Accounts receivable Other receivables Cash and cash equivalents Total current assets Total assets

Equity and liabilities Equity Share capital Share premium Treasury shares Retained earnings Currency translation reserve Total equity Non-current liabilities Deferred tax Non-current finance lease obligation Non-current liabilities to financial institutions Total non-current liabilities Current liabilities Shareholder loan Current liabilities to financial institutions Current finance lease obligation Accounts payable Taxes payable Accrued public taxes Other current liabilities Total current liabilities

3 3

4

3

The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

12

Condensed Consolidated Statement of Changes in Equity (Unaudited)

Notes Share capital Amounts in NOK 1 000 Opening shareholders Equity 01.01.2013 Repurchase of own shares Profit for the year Other comprehensive income for the period Shareholder's equity 31.12.2013 Opening shareholders Equity 01.01.2014 Proceeds from shares issued (private placement) Repurchase of own shares Sale of treasury shares Cancellation of preference shares Share capital increase Proceeds from shares issued (public offering) Profit/loss for the period Other comprehensive income/loss for the period Shareholders' equity 31.12.2014

54

Share premium

3 942 -67

Retained earnings

-461 507

Currency Total translation shareholders reserve equity

Treasury shares

-1

121

-457 390 -68 49 499

-1 001

-1 001

49 499

3 3 3

54

3 875

-412 008

-1

-880

-408 961

54

3 875

-412 008

-1

-880

-408 961

2

226 -196 301

29

-1 3

151 20 458

215 431 -20 458

6 584

302 266

227 -197 333

502 934

718 516 308 850 42 486

42 486

27 248

501 445

133 442

0

11 996

11 996

11 116

673 252

The accompanying notes are an integral part of the unaudited condensed consolidated interim financial statements.

13

Condensed Consolidated Statement of Cash Flows (Unaudited) Amounts in NOK 1 000

31.12.2014

31.12.2013

Cash flows from operating activities Profit before income taxes Taxes paid in the period Gain/loss from sale of property, plant and equipment Depreciation and amortization Fair value changes in derivatives Change in inventory Change in accounts receivable Change in accounts payable Change in other receivables, other current liabilities, and non-cash items Net cash generated from operating activities

35 166 -9 512 -502 107 030 374 -1 506 -7 553 17 370 31 184 172 050

61 683 -4 576 -337 85 571 -2 688 -1 110 -6 749 17 464 40 445 189 703

Cash flows from investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment Purchase of Finnish acquisition, net of cash acquired Net cash used in investing activities

9 726 -40 968 3 156 -28 087

9 794 -24 004 -51 900 -66 110

748 038 -872 412 -47 601 11 915 -308 948 -49 619 333 -197 227 308 850 -209 414

86 329 8 114 -90 239 41 265 -41 123 -

-509

-

-65 959 285 601 219 642

127 939 157 662 285 601

Cash flows from financing activities Proceeds from bank borrowings related to Finish acquisition Proceeds from non-current liabilities to financial institutions Repayments of non-current liabilities to financial institutions Net increase/decrease in current liabilities to financial institutions Proceeds from shareholder loans Repayment of shareholder loans Repayment of finance lease obligation Proceeds from sale of treasury shares Purchases of treasury shares Proceeds from issuance of equity (private placement) Proceeds from issuance of equity (public offering) Net cash used in financing activities

Note

4 4 3 3

3 3

Exchange losses on cash and cash equivalents Net change in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the year The accompanying notes are an integral part of the condensed consolidated interim financial statements.

14

4 346

Notes Note 1. Accounting policies and judgments and estimates The Board of Directors of RenoNorden ASA approved these unaudited condensed consolidated interim financial statements on February 25, 2015. The unaudited condensed consolidated interim accounts are prepared in accordance with IAS 34 Interim Financial Reporting. The Group's accounting principles are presented in Note 2 Accounting policies in RenoNorden Group's IFRS Consolidated Financial Statements for the year ending 31 December 2013. The interim financial information should be read in conjunction with the RenoNorden Group 2013 IFRS Consolidated Financial Statements that are a part of the Oslo Stock exchange prospectus filing from 28 November 2014. The prospectus is available on www.renonorden.com. There was no material effect on the unaudited condensed consolidated interim financial statements from the implementation in 2014 of new or amended IFRS standards or interpretations. New or amended IFRS standards or interpretations with implementation dates on or after 1 January 2015 are not expected to have a material effect on the Group consolidated financial reporting. As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column. Judgements and estimates The preparation of the interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ending 31 December 2013. Income tax expense is assessed based on annual results and, accordingly, determining the tax charge for the interim period involves making an estimate of the likely effective tax rate for the year for each material tax jurisdiction. The tax effect of 'one-off' items are not included in the estimated effective annual tax rate, but are recognized in the same period as the relevant 'one-off' item. The effective tax rate for 2014 was reduced by a NOK 10 million reversal in the first quarter of 2014 of previously over recognised deferred tax liabilities in Sweden. The effective tax rate for both years is also reduced due to permanent tax differences related to the PIK note interest. (There is no effect on reported profit while the interest is deductible in taxable income.) In 2014 the PIK note interest effect is partially offset by the permanent difference on the net expense of the net issue/repurchase of preference shares and PIK notes. The permanent difference of the PIK note interest and preference shares was NOK 22 million for 2014 and NOK 5 million for the Q4 three-month period, respectively. The permanent difference of the PIK note interest and preference shares was NOK 20 million and NOK 5 million for 2014 the Q4 three-month period, respectively. As of 31 December 2014 the PIK notes and preference shares have been repaid and cancelled, respectively. See note 3 for additional information.

15

Note 2. Segment information and seasonality RenoNorden Group identifies its reportable segments and discloses segment information under IFRS 8 Operating Segments. This standard requires RenoNorden Group to identify its segments according to the organization and reporting structure used by management. See RenoNorden Group's 2013 financial statements note 5 Segment Information for a description of the management model and segments, including a description of the segment measures and accounting principles used for segment reporting. There have been no changes from the last annual consolidated financial statements in the basis of segmentation or in the basis of measurement of segment profit or loss. The Group’s business is seasonal, and has historically realised a higher portion of its operating revenue and EBITDA in the second and third quarter of each year. This seasonality is a characteristic of the business in which it operates. During the warmer summer months the Group increases the frequency of collection for biodegradable waste matter. Furthermore, the Group also collects from areas where holiday properties require additional collections in the summer holiday season. Volume of collections also increases during the summer months when outdoor activity increases the waste generated from garden waste and other household projects. In December 2013 the Group acquired the Finnish operations. As the business combination was completed at year-end, 2013 profit or loss does not include the Finnish operations. Consequently the 2013 12-month and the 2013 Q4 three-month result are not comparable to the 2014 12-month and 2014 Q4 three-month result.

16

Note 2. Segment information and seasonality (continued) Amounts in NOK 1 000 Total operating revenue specified by geographic area: Norway Sweden Denmark Finland Total operating revenues

Q4 2014 (3 Months) Q4 2013 (3 Months) 142 222 138 477 92 309 81 352 109 682 98 629 62 250 406 463 318 458

2014 585 071 338 459 422 200 233 576 1 579 306

2013 549 259 314 690 404 374 1 268 323

31.12.2014 232 224 231 838 192 999 72 077 729 138

31.12.2013 236 663 220 072 158 727 59 835 675 297

Q4 2014 (3 Months) Q4 2013 (3 Months) (4) (2) (8) (3) (28) (9) (14) NA (55) (15)

2014 (35) (41) (46) (20) (142)

2013 (55) (39) (45) NA (139)

Q4 2014 (3 Months) Q4 2013 (3 Months) 28 846 26 040 12 389 11 804 11 378 12 180 6 591 NA -31 238 -5 652 27 966 44 372 35 753 25 388 (7 787) 18 985

2014 149 613 54 304 54 500 25 899 -44 181 240 135 107 030 133 105

2013 127 145 45 121 57 933 NA -7 213 222 986 85 571 137 415

Amounts in NOK 1 000 Non-current operating assets specified by segment: Norway Sweden Denmark Finland Total property, plant and equipment Amounts in NOK 1 000 000 CAPEX specified by segment: Norway Sweden Denmark Finland Total CAPEX Amounts in NOK 1 000 EBITDA by segment: Norway* Sweden Denmark Finland Other Total EBITDA Less depreciation and amortization Operating profit/loss

*As of Q4 2014 administration costs related to the Group cost is moved from Norway to «Other» segment.

17

Note 3. Earnings per share, shareholder transactions and related parties Earnings per Share Basic and diluted earnings per share is calculated by dividing profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year excluding ordinary shares purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There are no dilutive potential ordinary shares in the Company in 2014 and 2013.

Net profit/loss attributable to ordinary equity holders of the parent (NOK 1 000) Weighted average number of ordinary shares in issue (thousands)* Basic earnings per share from profit for the year attributable to the ordinary shareholders (NOK) Diluted earnings per share from profit/loss for the period attributable to the ordinary shareholders (NOK)

Q4 2014

Q3 2013

2014

2013

(37 698)

(1 082)

42 486

49 499

11 495

5 384

7 056

5 363

(3.28)

(0.20)

6.01

9.23

(3.28)

(0.20)

6.01

9.23

* The Company purchased 1 44 135 and 123 429 ordinary shares during 2014 and 2013, respectively. The weighted average number of shares is calculated based on the assumption that the treasury shares were purchased and sold evenly throughout the year. At the end of 2014, there are no treasury shares held by the company. Shareholder transactions During the fourth quarter of 2014, several equity-related transactions took place. These transactions are the cancellation of the preference shares, a capital increase in the ordinary share par value, issuance of additional ordinary shares in connection with an IPO listing on the Oslo Stock Exchange and repayment of the PIK notes. As of 31 December 2014 there are no treasury shares outstanding. The cancellation of 263,027,808 preference shares (out of a total of 278,121,091), each with a nominal value of NOK 0.01, was approved at an Extraordinary Shareholders’ meeting held 27 November 2014. Issuance of the preference shares under IFRS was initially recognized in the financial statements as a short-term shareholder loan in the amount of NOK 276 040 thousand plus a guaranteed return on the preference shares. Cancellation of the preference shares in the amount of NOK 718 365 thousand (principal plus accumulated guaranteed return) was recognized in the financial statements as a reversal of the preference share shareholder loan against share premium and retained earnings. The remaining 15,093,283 preference shares outstanding, together with the Company’s outstanding ordinary shares, were then converted into one share class consisting of 20,664,163 total ordinary shares with a par value of NOK 0.01. This increased share capital by NOK 151 thousand. In accordance with a proposal from the Board of Directors’, the Extraordinary Shareholders’ meeting also passed a resolution for a share capital increase of NOK 20,458 thousand with a transfer from share premium to share capital. The share capital increase was effected with an NOK 0.99 increase in the nominal value of each share, from NOK 0.01 to NOK 1.00. On December 16, 2014 the Company successfully completed an initial public offering (IPO) of ordinary shares on Oslo Stock Exchange, with an issue of 6,583,785 new shares raising gross proceeds NOK 308.9 million. Post IPO total shares outstanding were 27,247,948. Direct transaction costs of NOK 26.7 million were incurred as a

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result of the IPO and are recognized in the condensed consolidated statement of comprehensive income as part of Other operating expenses. In connection with the IPO, the Board of Directors, acting on behalf of the shareholders, allocated Company funds in the amount of NOK 308.9 million for the repayment of all outstanding shareholder PIK notes, as well as the accrued to date PIK note interest. Related parties The accrued monitoring fees for the 12 months ended of 31 December 2014 was NOK 4.2 million (2013: NOK 4.0 million), the accrued fee is payable in 2015. The monitoring fee expensed in 2014 is 3.8 after reversal of previous year accruals; the fee is recognized in the condensed consolidated statement of comprehensive income as part of other operating expenses.

Note 4 Bank borrowings and net debt 16 December 2014 the Group refinanced its bank borrowings with a new senior facility of total NOK 970.0 million mainly used to repay the old bank loans. The facility consists of a term loan facility of NOK 620.0 million and an RCF facility of NOK 350.0 million. Both facilities are 5-year bullets. The new credit facility has significantly lower margins, currently 2.0% (term loan facility) and 1.75% (revolving loan facility) over the relevant interbank offered rate. This will substantially reduce the costs going forward. Because of the refinancing, the group has a write-down NOK 24.6 million relating to origination fees on the old loans. In addition to the bank loans, the group has guarantees of approx. NOK 116.0 million. Amounts in NOK 1000 Loan facillity New bank borrowings Total A Total B Capex and revolving Current liabilities to financial institutions Origination fee Total bank borrowings

Carrying value 31.12.2014 31.12.2013 760 300 238 155 539 222 97 038 89 106 107 476 5 470 31 194 854 876 1 013 085

Non-current / current finance lease obligation Cash and cash equivalents Net debt

395 336 219 642 1 030 570

317 913 285 600 1 045 398

Note 5. Subsequent events RenoNorden has on the 23 December 2014 signed an agreement to acquire two contracts from a competitor in Denmark, both with effect from 1 January 2015. The closing of the transaction was conducted 28 January 2015. Contract 1 ends 31 January 2016 with 6 months prolonging options and contract 2 ends 31 May 2018 with 24 months prolonging options. In connection with the transaction RenoNorden has taken over 31 employees and 23 vehicles. The purchase price is 10 MDKK with 7,5 MDKK upfront and 2,5 MDKK as deferred payment.

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Disclaimer This report contains forward-looking statements that reflect RenoNorden’s current views with respect to future developments and performance. These forward-looking statements may be identified by the use of forwardlooking terminology, such as the terms “anticipates”, “assumes”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “might”, “plans”, “projects”, “should”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are not historic facts. The forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in RenoNorden’s records and data available from third parties. Although RenoNorden believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control, and many factors can therefore lead to actual developments and performance deviating substantially from what has been expressed or implied in such statements. Accordingly, no assurance can be given with respect to such developments and performance. RenoNorden disclaims any obligation to update or revise any forward-looking statements, unless required to do so by applicable law or listing rules.

www.renonorden.com

Financial calendar Q4 2014 and full year results Annual report Q1 2015 Annual General Meeting Q2 2015 Q3 2015

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25.02.2014 15.04.2015 12.05.2015 13.05.2015 12.08.2015 12.11.2015

Investor contact Lars Sandodden Johansen [email protected] +47 950 44 237