MArKet rePortjUly 2012

Prologue

PrologueDear Investors and Business Associates,

The much needed recovery in the shipping markets did not materia­lize in 2011 and 2012 has started off with more negative news and further financial setbacks in the European economies.

Despite a week market development, we have during the last 12 months restructured most of the non performing projects and are presently managing a portfolio were the majority of the projects have a good cashflow and steady dividend payments.

RS Platou Finans has also concluded five new projects during the same period. Four out of the five projects have been in the offshore industry.

Four years with depressive shipping markets will eventually turn into something positive. We believe the present market situation will open up for new investment opportunities especially in the traditional shipping segments.

Being a part of the world’s top three largest ship broking houses, we have access to first­hand information and direct dialogue with most ship owners around the world.

We therefore hope to have some exciting new projects lined up later this year.

In the meantime we wish our investors a happy summer vacation and hope our project report will give you some updated news of interest.

Kind regards,The team at RS Platou Finans

Contents

Axel M Aas Senior Partner

Christian W. Svensson Senior Partner

Øystein L Nilsen Managing Partner

Prologue ........................................................................1the project finance market has equity funding available, but no bank finance ..........................5the shipping environment .............................................8the offshore support vessel market ........................... 13Projects per year .......................................................... 16existing projects per segment ...................................... 18Projects sold ............................................................... 19Projects estimated returns .......................................... 20Agder ocean reefer Ks ............................................... 21Agder ocean reefer II As ............................................ 22Agder ocean reefer III As ............................................ 23Asian Bulkers DIs ....................................................... 24Atlantic guardian DIs .................................................. 25Blue Mountain tankers DIs .......................................... 26Bovey offshore ltd....................................................... 27Bukit timah offshore DIs ............................................ 28Cement ship II DIs ...................................................... 29Dongguan Chemical tankers DIs ................................. 30edda Accommodation DIs ........................................... 31european Venture DIs ................................................. 32european Venture III DIs ............................................. 33global Cable II DIs ...................................................... 34golden Kamsar DIs ..................................................... 35Industrial shipping DIs ................................................ 36Jimbaran DIs .............................................................. 37Marineline Chemical DIs .............................................. 38Med ethylene DIs ....................................................... 39Mount Faber Ks ........................................................... 40northern supply DIs .................................................... 41norwegian offshore II DIs ............................................ 42norwegian Product DIs ............................................... 43norwegian shipping II DIs .......................................... 44

oceanlink offshore III DIs ........................................... 45oceanlink reefer III DIs .............................................. 46octavian Bulker DIs .................................................... 47orchard offshore DIs .................................................. 48Panda Chemical oil DIs ............................................... 49raffles offshore DIs ................................................... 50rts Panamax DIs ....................................................... 51saragol tankers 1 DIs .................................................. 52saragol tankers 2 DIs ................................................. 53sBs torrent Ks ............................................................ 54sBs typhoon Ks ........................................................... 55seminyak DIs ............................................................. 56sentosa offshore DIs .................................................. 57singapore offshore DIs ............................................... 58singapore supply DIs ................................................... 59southern Chemical DIs ............................................... 60ullswater subsea DIs ................................................. 61Vestland Marine PsV DIs ............................................. 62Platou shipinvest I DIs ............................................... 64

real estate 2012 ......................................................... 66Prologue ...................................................................... 68Projects per year .......................................................... 68the scandinavian real estate market ........................... 72ensjøåsen Invest Ks ..................................................... 76Hvam eiendomsinvest Ks ............................................. 77solbråveien Invest As .................................................. 78stavanger eiendom Holding As .................................... 79tønsberg Kontor Ks ..................................................... 80tverrveien eiendom As ................................................. 81

Head office .................................................................. 82Contacts ...................................................................... 83

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rs PlAtou FInAns2 rs PlAtou FInAns

RS PLAtou FiNANS ASRS Platou Finans has since it was established in 2004 become one of the major finance companies in the world that specialize on ship­ping and offshore related financial schemes in the interest of both ship owners and financial investors.

The main objective is to identify attractive investment opportunities involving the purchase of vessels or offshore equipment attached with secure employment, alternatively present asset play cases where the timing is proven to be optimal.

The strength of RS Platou Finans lies not only with the highly qualified staff, but also with the vast shipping related resources available within the RS Platou Group.

RS Platou Finans is an independent company within the Platou Group utilising the full potential of having close contact with ship­brokers, ship­utilizing, ship managers, bankers, lawyers and consul­tants worldwide.

Core Activities:• Identifyinterestingfinancialshippingopportunities.• Executeandsyndicateshippingprojects.• Placementofdebt.• CorporateManagement.• Establishanactivesecondhandmarketonlimitedshares.

RSPlatouFinansalsohasastrongfocusonCorporateManagement.In addition to managing projects developed by RS Platou Finans, we have also been elected corporate manager for projects established by others. With specialized shipping know ledge we handle all kind of project types from asset play, time charter to bareboat deals. We pro­vide services for the entire life cycle of a project from establishment to liquidation. This includes, among others, to follow up the day to day running of the company, to produce all financial statements and tax statements and secretary services for the board of directors. Our highly qualified team seek to provide the best service possible, opti­mizing information and cash flow to the investors. RS PLAtou FiNANS SiNgAPoRe Pte LtdRS Platou Finans Singapore was established in early 2007 to capture the growing demand for new financial instruments in the Asian ship­ping and offshore markets. The limited partnerships structures has in­creased in popularity all over the world and in order to be closer to the customers, the RS Platou Finans Singapore office was opened with a view for further expansion.

We believe that being present in Asia and having the ability to meet clients within short notice gives us a great advantage in concluding more transactions in structured finance. With the booming Asian markets and clients demand for expansion, the limited partnerships has created an additional source for Asian based shipping and off­shore clients to use both the regional and global equity markets to expand their operations.

Being a hub for shipping, offshore and maritime activities, the impor­tance of an Asian presence for us has become apparent over the last fewyears.MoreEuropeanbanks are also increasing their activitiesthrough having fully licensed offices in Singapore.

We are pleased to be part of the RS Platou Group. The unparalleled strength of the RS Platou Group in Singapore provides great syner­gies in both sourcing and servicing clients in Asia.

RS PLAtou ASSet MANAgeMeNt ASRS Platou Asset Management AS (“RSPAM”) was established in2007 and by the end of 2008 its first shipping fund had invested about $50million in35different“KS”projects, including76vessels.Thefund is diversified into both the offshore and the traditional shipping markets, with main emphasis on long term bareboat contracts. Dur­ing its first operational year, the fund was able to pay out distribu­tions to its investors in excess of 10% of the invested amount. In 2009 the fund was hit by the severe downturn in most of the shipping seg­ments. Based on the downturn in the market no dividend was paid out in 2009 and 2010. However, in 2011 the fund paid out another distribution to the investors.

The fall in asset values seen in most of the shipping segments over the past years, has had a negative impact on a large number of exist­ing shipping projects. However, we do believe that the current market conditions will lead to interesting opportunities for investors going forward. We are therefore in discussions to establish new fund struc­tures that can benefit from investing in shipping segments that appear to be in the lower part of the cycle.

RS PLAtou ReAL eStAte ASRS Platou Real Estate AS has since its establishment in 2009 become one of the leading players within real estate project finance, and is now a fully integrated real estate corporate finance house. The company is specialized in sourcing, structuring and facilitating of commercial property, focusing on the Norwegian and Swedish real estate market. RS Platou Real Estate is an independent company within the RS Platou group, and its entrepreneurs have a long track record, each with 15­20 years of experience respectively. Primo 2012, RS Platou Real Estate acquired the real estate fund man­agement company Realkapital Partners comprising eight profession­als,nowbrandedRSPlatouFundManagement.Since inception in2006thecompanyhaslaunchedfourrealestatefundstotalingNOK1,5 billion in gross asset value, and NOK 1 billion in paid­in equity. The RS Platou Real Estate Group now comprise of fourteen profes­sionals. An extensive network in the Nordic real estate market and a team providing highly specialized real estate knowledge, should pave the way for many interesting opportunities in the coming year.

The company’s core activities are:• originationofinterestingfinancialrealestateopportunities• structuringandre-structuringofrealestateprojects• projectfinancingofrealestateprojects• corporatefinanceadvisingwithinthecommercialrealestatesector• realestatefundmanagement• realestateassetmanagement

RS PLAtou iNveStoR SeRviCeS AS ARSRS Platou Investor Services AS ARS is a wholly owned subsidiary of RS Platou Finans, a leading finance company specialising in Shipping and Offshore projects focusing to private investors. Platou Investor Services’ objective is to assist private investors in establishing new companies.

We can offer our customers a wide scope of services, including:– Establishment and incorporation of LTD, NUF, limited,

general and internal partnership – Accounting and budgeting – Remittance – Wage payment– Annual accounts with tax documentation – Tax advice – Secretarial assistance

Why choose Platou Investor Services? We have close connections with numerous well­known and respected companies and establishments, such as lawyers, banks and chartered accountants, whose services can be utilised by our investors if so wished.

Customers of RS Platou Investor Services will, just like customers of RS Platou Finans, be advised of and have access to interesting invest­ment projects proposed by RS Platou Finans. Our employees have substantial qualifications regarding establishing and book keeping of companies under the new Norwegian tonnage tax system.

The cost of the Investor Services is very competitive compared to the market rates in general.

To ensure first­class service the investor establishes a personal busi­ness relation with the assigned accountant for easy and timely assis­tance.

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david P. Österström Joint Managing Partner

Alan Seah Joint Managing Partner

Cheryl Seah Project Broker

Natalie tehAccountant

Axel M. Aas Senior Partner

Christian W. Svensson Senior Partner

Morten Astrup Project Broker

Asbjørn Wulfsberg Managing Director

Øystein L. Nilsen Managing Partner

erik Kristian AndresenCorporate Manager

eva Lise Bjerke Corporate Manager

thomas Ødegård Corporate Manager

Benjamin Ryeng-HansenCorporate Manager

elisabeth RelboSecretary

trond HamreSenior Partner

RS Platou Finans AS

RS Platou Finans Singapore Pte Ltd

Ship Finance

RS Platou Finans

Ship Finance

RS Platou investorServices AS

Investor Services

RS Platou Finans

Corporate Management

RS Platou AssetManagement AS

Fund Structure

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Heidi Meyer Westby Office Manager

rs PlAtou FInAns

tHe ProJeCt FInAnCe MArKet HAs equIty FunDIng AVAIlABle,

But no BAnK FInAnCers Platou Finans is ready to look at new ship finance projects and our investors are backing us with equity. However, a senior debt funding problem makes it very difficult to structure traditional sale/lease back deals.

There are many challenges in the present ship financing market. Since the end of 2008, we have experienced a series of negative events and ship owners are struggling with high debt and grow­ing cash flow problems, while too many newbuildings are still entering the market.

During the second half of 2011, most shipping banks put all new loans on hold due to uncertainties created by the European debt crises and the Basel III regulations.

On the positive side, we believe that the present market situation will create excellent investment opportunities, bearing in mind that shipping is among the most cyclical businesses in the world.

Theprojectmarketwillstartlookingintomore“assetplay”ori­enteddeals,with low(orzero)bankdebtandlowbreak-evenrates. The profit will be generated from higher values when the market returns to the positive side of the business cycle.

The shipping segments where we expect to see the biggest po­tential upsides are probably the tanker and container ship mar­kets. This is where we have seen values drop by more than 50 percent during the last 12 months.

The offshore market recovered very quickly after the financial crisis in 2008, mainly driven by a strong oil price. Ship values have been stable and the charter market has, on average, been quite good, although we have seen periods of high volatility.

The lack of bank financing has slowed down ordering activity. Although this is positive for the supply/demand balance, it will result in a reduced order book for the shipyards.Many ship­yards have therefore improved their payment terms in order to attract new business. These yards are willing to accept 70­80 percent payment on delivery, and some yards are even offering post delivery finance from local banks combined with export credit.

RS PLAtou FiNANS’ PoRtFoLio oF PRojeCtSThe present value of the total fleet under our management is around $2 billion and includes close to 100 ships and offshore vessels. The fleet is well diversified and the majority of the ves­sels are still operating on long­term bareboat contracts. To our knowledge, RS Platou Finans is one of the largest corporate fleet managers in the world, in terms of the number of vessels under our control.

A few long­term bareboat contracts structured during the early periodofRSPlatouFinans(2004-2006)havenowexpiredandthe vessels have been returned. Due to the present market con­ditions, with few buyers and low values, these vessels are now operating in the spot market. RS Platou Finans is involved in their commercial management and, in cooperation with the disponent owner, is using the in­house network to find employ­ment and possible buyers.

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total Projects by segments

Product tankers 7%

Cement vessels 2%

Reefer vessels 9%

Cable layers 5%

Bulk carrier 16%

LPG/Chemical tankers 18%

Offshore/ Supply 36%

Shipping founds 7%

total Projects by emPloyment

Funds 7%

Asset play 2%

Timecharter 16%

Bareboat 75%

Th e chemical market was among the hardest hit during 2011. Th is segment represents about 20 percent of the RS Platou Finans’ portfolio and has required the full att ention of our team. Chemical tanker owners have suff ered from severe cash drain during the last three years and liquidity reserves have run out. Our challenge has been to restructure a few bareboat contracts in order to temporarily reduce the bareboat rate and, at the same time, make sure that both the bank and the investors are happy with the new terms.

Our off shore projects are performing very well. Just prior to the fi nancial crisis, RS Platou Finans was focusing on off shore business and has therefore avoided the trouble seen in many other project houses, which may have focused on large tankers, bulkers and container vessels. Presently about 50 percent of our portfolio is off shore related.

tHe NoRWegiAN “KS” MARKet iN 2011RS Platou Finans’ main focus in 2011 continued to be the main­tenance of the existing project portfolio. In addition, we placed two largePSVoffshore“assetplay”newbuildings in the“KS”market and two AHTS newbuildings with long­term bareboat charters directly to one investor. Our Singapore offi ce has also arranged senior debt facilities to off shore clients from local non­traditional shipping and off shore banks.

Th e top fourNorwegian“KS”houses(Pareto,NRP,FearnleyFinansandRSPlatouFinans),reportedatotalof13newdealsin 2011. Total project size was about $0.5 billion with $170 mill in paid equity. RS Platou Finans represented about 25 percent in terms of project size. 10 deals were off shore related, split between PSVs, AHTS and accommodation barges. Th e other deals were two LPG projects and one small bulk carrier.

Activity levels were similar to 2010, but equated to less than 15 percent of the business concluded in 2007, a top year for the fi rm.

Th e major challenge in 2011, with regard to new business, has been the lack of bank funding, combined with a poor charter market that makes it diffi cult to structure sale/leaseback deals. Modernvesselsinmostshippingsegmentsarestillovervaluedcompared to the present earnings. Th is creates a negative cash fl ow when the required bareboat rate is added on top of the operating costs.

Activity at the outset of 2012 is expected to be limited by the ongoing bank crisis. Th ere is a possibility that some banks will sell off part of their shipping portfolio, or at least restructure some shipping loans. Th e problem departments in the shipping banks have been monitoring several shipping projects for more than three years, and they may be forced to take action soon.

Traditionally “KS” investorshavebeenprivateNorwegian in-dividuals and small domestic investment companies. However, going forward we also expect to see more interest from foreign investors and international funds. We predict that this will be a growing trend in new projects. Direct investments in pure assets with good cash fl ow and stable dividends are preferred, com­pared to structured products with high gearing.

Th e present market values in some shipping segments have dropped to a level not seen since the mid­80s and the potential short-termreturnisextraordinary.Lowgearing(orzerodebt)“assetplay”dealsarelikelytobeofferedtoourinvestorsin2012.

sUmmary ks-hoUses 2005 - 2011 (fearnleys, nrP, Pareto, PlatoU)

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tHe sHIPPIng enVIronMent 8 tHe sHIPPIng enVIronMent (FroM rs PlAtou sHIPBroKers AnnnuAl rePort 2012)

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We do not foresee big changes in rates in 2012 due to a still sig­nificant order book. The real uncertainty is on the demand side of the equation, however. Global GDP growth of 3.3 percent, if correct, is no boom but not terrible either. However, the mar­kets vividly remember how quickly such forecasts got chopped down in 2008 and 2009 once the economy got stuck on a down­ward trajectory.

tANKeR MARKet: LACK oF tRAde gRoWtH AddS to SuPPLy Side PRoBLeMS A marked slowdown in tonnage demand growth added to the tanker market’s supply problems in 2011 and brought average freight rates down to the lowest level since 1994. Seaborne trade volume showed only marginal growth from the previous year. The loss of more than 1.0 mbd of Libyan crude oil ex­ports was an obvious and direct factor. Indirectly, this shortfall hurt the tanker market further by boosting oil prices, which slowed demand, and forcing oil companies to liquidate inven­tories. Increased distances, a small consolation from the Liby­an shortfall, and reduced productivity still resulted in growth in tonnage demand of 2.3 percent, well below the robust pace from 2010. Fleet capacity, on the other hand, continued its steady increasewitha6.2percentgain.Overallfleetutiliza­tion thus fell by more than 3 percentage points to an estimated 83 percent.

dRy BuLK: CHiNA PReveNtS MARKet CoLLAPSe The dry bulk market weakened in 2011, as we had expected. Av­erage freight rates fell by more than 40 percent with Capesize rates leading the way with a 50 percent drop. A sharp jump in fleet capacity outweighed continued strong, albeit volatile, ton­nage demand, which grew at 10%. Fleet capacity growth was massive, despite ongoing delays, slippage and cancellations. Net fleet growth topped 15 percent ­ a modern day record. For

most segments such a fleet increase would have resulted in an outright collapse in freight rates. However, the dry bulk mar­ket“only”sufferedaseveresetbackthankstoverystrongtradegrowth, driven, as usual, by China. The flooding of West Aus­tralia in Q1 had a dramatic negative effect on bulker demand as shipments of coal were curtailed. China helped rates stage a comeback in the second half of the year by moving to refill its depleted inventories of iron ore and coal. Fleet utilization fell by 4 percentage points but at 88 percent remained well above the low levels seen for tankers and containers.

CoNtAiNeR MARKet: Hit HARd By eCoNoMiC WeAKNeSS Average freight rates for container vessels rose in 2011 but mar­ket performance was very uneven. Conditions were strong in the first half of the year but much softer in the second half as the slowdown in the US and European economies hit demand hard. Demand growth was only half of the previous year’s sturdy pace, at 7.5 percent. Fleet capacity added another 8.0 percent resulting in a modest fall in capacity utilization, keeping it below 80 percent for the third straight year. A considerable part of the tonnage that had been laid­up, and thus contributed to the mar­ket upswing in 2010, returned to active trading in 2011, making theswingin“real”capacityutilizationevenbigger.

LNg: deMANd tHRougH tHe RooF The LNG market had a fantastic year, in contrast to the rest of the industry. Average freight rates rose to an estimated $93,000/day, more than double the previous year’s level. Underlying strong demand growth got a further spike from Japan’s earthquake and nuclear disaster, which directly and indirectly caused most of the country’s nuclear power generation capacity to shut down. LNG, along with coal, played a major role in replacing the lost nuclear power. Limited LNG supply availability in the Pacific led to a

World merchant fleet 2002-2011annual changes

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2011 turned out to be one of the most volatile and eventful years ever for the global shipping environment. Three sets of events stand out; another financial crisis raised its head, the so­cialupheaval in theMiddleEast(knownas theArabSpring)continued and, lastly, it was a major year for natural disasters with the two biggest ­ a tsunami and earthquake in Japan and the“floodofthecentury”inAustralia-havingadirectimpacton shipping. While the effect of these disasters varied among segments, the overall impact was negative for world growth and hence for tonnage demand.

deMANd gRoWtH WAS Not BAd… In terms of actual growth numbers, the year we are leaving be­hind was not a terrible one. Global GDP growth did indeed slow significantly to 3.8 percent. While this was less than the 4.4 per­cent that had been expected at the start of the year, and certainly behind the 5.2 percent spike in 2010, it was still not a bad year historically, particularly when comparing with a strong 2010 and when considering the special factors discussed above. The prob­lem was that the slowdown gained momentum in the second half of the year. Tonnage demand growth followed a similar pattern andourpreliminaryestimatesshowgrowthof6.7percent.

… But CouLd Not KeeP uP WitH FLeet CAPACity gRoWtHHigh newbuilding deliveries for the third year in a row contin­ued to drive a large increase in fleet capacity. Total fleet growth came in at 8.2 percent, the highest level in more than 20 years.

LNg PReveNtS LARgeR dRoP iN FLeet utiLizAtioNOur figures thus show a moderate drop in total fleet utilization of slightly more than 1 percentage point to 84 percent. If we disregard the LNG segment, which saw fleet utilization jump sharply, the drop in capacity utilization would have been around 4 percentage­points.

Overall capacity utilization of 84 percent is above the very de­pressed level of 2009 and in line with the low levels seen at the start of the previous decade, which was not a satisfactory time for shipping. Big differences among segments still exist. The container segment stayed below 80 percent capacity utilization for the third straight year, but is the only major segment below this threshold level. Car carriers came perilously close to 80 percent, but stayed above. Tankers are somewhat better at 83 percent while dry bulkers performed better still at 88 percent.

HARd FALL iN ASSet vALueSThe year will also be remembered for a large drop in asset values. Newbuiding prices fell by around 10 percent for tankers and 15 percent for bulkers but actually showed a slight strengthening for containers due to strong activity early in the year. Second­hand values dropped across­the­board with 5­year­old vessels down by around 20 percent for tankers and closer to 30 percent for bulk carriers. While nowhere near the price drop which took place in 2008­2009, the fall in asset values was still severe and along with the fall in freight rates contributed to making 2011 a year of significant losses for shipping.

As we expected at the start of the year, 2011 turned out to be a tough twelve months for the shipping industry overall. Market performance was weak, with the notable exception of lng, despite relatively strong trade growth. With expectations for the world economy undergoing a marked shift to the negative and scheduled newbuilding deliveries still high for 2012, any meaningful increase in capacity utilization will be hard to come by for the main segments.

tHe sHIPPIng enVIronMent

WorlD sHIPPIng 2011;WeAK MArKets, WeAKer

exPeCtAtIons

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jan 2011 jan 2012 jan 2012 Forecast estimates Forecast 2011 2011 2012USA 3.0 1.8 1.8JAPAN 1.6 -0.9 1.7EURO AREA 1.5 1.6 -0.5C AND E EUROPE 3.6 5.1 1.1RUSSIA 4.5 4.1 3.3CHINA 9.6 9.2 8.2INDIA 8.4 7.4 7.0ASEAN 5.5 4.8 5.2M EAST AND N AFRICA 4.6 3.1 3.2SUB-SAHARA AFRICA 5.5 4.9 5.5L AMERICA 4.3 4.6 3.6WORLD 4.4 3.8 3.3

source: IMF

averages but broadly confirmed the 2:1 relationship between tonnage demand growth and GDP growth, which we have dis­cussed in these pages previously. However, had it not been for the strong increase in LNG volume, tonnage demand growth would have been weaker than expected based solely on the GDP vs. trade relationship. The main factor behind the slump in tonnage demand growth was the container trades which were hit hard by the weakness in the US and European economies. In addition, the continued strengthening of the Chinese yuan caused Chinese export growth to slow to 20 percent from more than 30 percent in 2010. With the pressure growing on China to boost domestic demand and on the EU to gradually depreci­ate its currency, this trend can be expected to continue in 2012 and will make life more difficult for container operators. On a positive note, however, continued strong domestic demand in China coupled with an appreciating currency should be an underlying positive force for commodity imports.

PRoSPeCtS FoR tHe WoRLd eCoNoMyThe world economy slowed significantly in 2011. Initially this was not worrying as some moderation in growth from the above­trend pace in 2010 was expected and the combination of the Lib­yan­induced oil price spike and the disruptive effects of the Japa­nese earthquake were seen as obvious explanations. How ever, it soon became clear that there was more to the slowdown than these factors could explain and from the spring onwards financial markets took fright that another crisis could be developing.

Growth in world GDP has been reported at 3.8 percent, which is not a bad figure when taking the special events of the year into account. The problem is both that growth was slowing sharply in the second half of the year and that it was very lopsided with emergingeconomiesgrowingby6to7percentonaveragebuthigh­income economies by less than 2 percent. The impact of the crisis was much more dramatic on expectations and sentiment

than on actual output. Forecasts for 2012 have been marked downmoresignificantlyandarenowbelow3.5percent.More­over, the downside risks are perceived to have increased, as shown by the sharp slump in financial markets; benchmark stockmarket indices globally, with the notable exception of the US, were down 10­20 percent for the year.

Several circumstances make the present situation precarious. First of all it is deeply worrying that the economic recovery has stagnated after less than two years despite heavy stimulus on both the monetary and fiscal side. The potential repercussions for the world economy should the crisis NOT be contained are possibly worse because plenty of ammunition was spent con­taining the previous crisis and the central bank toolbox now looks much depleted.

Another main concern is that investment, which is such an important driver for economic growth and tonnage demand for many segments – notably dry bulk – could get hit dispro­portionately hard. The reduction of capital availability, as seen through the pressure on banks’ capital ratios and adverse devel­opments in world stocks markets, is the most obvious reason to expect investment to weaken. The pressure on deficit countries to cut public spending is another factor pulling in the same di­rection.

Finally, the world remains exposed to a potential third oil shock as geopolitical risks are rising in a tight oil market. 2011 saw benchmark prices averaging above $100 for the first time ever. With limited spare production capacity in OPEC, any supply dis­ruption, political or otherwise, has the potential to move prices even higher, with adverse implications for economic growth.

2012 is consequently expected to be a challenging year for the world economy. Developed economies are the obvious culprits

sharp rise in imports from the Atlantic and consequently also in ton­miles. We estimate that tonnage demand grew by more than 20 percent, while the active fleet increased only by 10 percent. This led to a significant tightening of market fundamentals.

CAR CARRieRS: ReCoveRy tAKeS A BReAtHeR The car carrier market experienced a relatively flat performance in 2011. The earthquake in Japan and the flooding in Thailand were both negative events for this market, as shipments were disrupted. Optimistic projections for tonnage demand at the start of the year therefore had to be scaled back. Fleet capac­ity utilization was around 80 percent on average, little changed from the previous year. Conditions normalized in the second half of the year, however, and the last couple of months saw the market improving relative to the same period in 2010.

oiL ANd gAS SPeNdiNg StReNgtHeNS FuRtHeR. ReSouRCe PeSSiMiSM LiFtSSpending on oil and gas E&P accelerated further in 2011 and rose by an estimated 14 percent, a very impressive figure con­sidering that it came on top of robust double­digit growth in 2010. The sustained jump in oil prices to above $100 was an obvious catalyst but the backdrop for the price increase – in­stabilityintheMiddleEast–wasalsoimportantfortheE&Pindustry. This is due to the fact that it highlighted the political risk in the region and thus accentuated the importance of devel­oping production in other regions.

The year that went by also featured an exciting, giant discovery in the North Sea. The Aldous and Avaldsnes reserve zones are thought to hold between 500 million and 1.2 billion barrels of oil which could put them in the top 10 of reservoir discoveries in the North Sea. This is particularly exciting because a mature province like the North Sea was not expected to hold such gi­ant fields. Another exciting development has been the boom in shale oil production in the US. High prices and technological breakthroughs in horizontal drilling have boosted the number of land rigs drilling for oil to an all time high. In tandem with this,activityintheGulfofMexicohasalsobeguntoreboundaftertheMacondoaccident.

The key point about these latest developments is that they serve to lift the resource pessimism that has dominated the oil and gas sector over the past decade. Production estimates are now on the rise again and the IEA has raised its forecast for non­OPEC production in 2015by some2.0mbd (3 percent) against its estimate in mid­2010.

WoRLd eCoNoMy ANd WoRLd SHiPPiNgThe steady relationship between the global GDP growth and sea­borne trade growth continued in 2011. Tonnage demand rose by 6.7percent,comparedtoworldGDPgrowthof3.8percent.Therespective figures were somewhat below observed long­term

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annUal groWth in real gdP Percentage change from PrevioUs year

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100

110

120

130

and growth is expected to continue slowing from last year’s weak pace. It is likely that Europe will experience a recession, or come very close to one. Th e US may be stabilizing, but at an unsat­isfactorily low level, while a likely rebound in Japanese growth must be seen in the context of the country emerging from reces­sion. Consensus expectations for OECD growth are around 1.5 percent, down from closer to 2.0 percent in 2011.

For shipping, a key point is how much of an impact the fac­tors discussed above will have on emerging economies, which are the engines of tonnage demand growth. Aft er two years of heady growth all of these countries are batt ling rising infl ation with tighter monetary policy and are att empting to cool down domestic demand. Th e growth slowdown has already been “helpful” in that regard by bringing down commodity prices.However,itgoeswithoutsayingthatadeepening(andpossible)broadening of the fi nancial crisis in the OECD will have further negative repercussions for these economies as well.

What will it take to produce a turnaround in 2012 and set the world economy on course for a stronger 2013 and beyond? A lot hangs on restoring confi dence in the private sector and a worst­case scenario involving capital fl ight and bank runs in Europe must be avoided. Continued stimulative monetary policy and measured eff orts to reduce debt in a downturn are critical ele­ments in this process. Th e past year has shown how important confi dence is in moving markets and politicians have an unusu­ally large responsibility in this regard.

SHiPPiNg MARKet PRoSPeCtSTh e shipping market has its own batt les to fi ght and does not need any more foes. 2012 will be yet another year of high new­building deliveries with more than 10 percent of the fl eet on or­der. Given the macroeconomic issues outlined above, tonnage demand growth seems hard pressed to top last year’s fi gure of

6.7percent and risks areon thedownside.Th ebest scenariothus seems to be that total fl eet utilization can stabilize around the 83 percent level seen in 2011.

In our view, positive surprises in the shipping market in 2012 are more likely to come from the supply side. Newbuilding deliver­ies may slip further behind schedule than the 30 percent seen on average in the past two years as owners face tightening fi nancial conditions in a sett ing of generally unsatisfactory rates. Scrap­ping, meanwhile, should increase markedly for much the same reasons. In combination, these two factors could possibly reduce fl eet growth below expected trade growth but the margin is un­likely to be very big, not least because of the normal strong dy­namic of higher freight rates quickly leading to reduced scrapping. One of the few bright spots for owners this year has been the substantial reduction in the newbuilding orderbook. New or­ders fell by almost 20 percent, with conventional shipping segments seeing a decline of more than 50 percent. Th at has brought the overall order book down to around 20 percent of the fl eet, in line with the long­term pre­2007 trend. Another year of relatively high deliveries and limited ordering should take the ratio below trend. Th is is positive for everyone involved because the fi rst step towards a balanced market and adequate earnings begins with a manageable supply side.

In summary, there is every reason to expect 2012 to be another challenging year for world shipping markets, in line with 2011. Th at said, there are encouraging signs that market mechanisms are being allowed to work and one may hope that a more bal­anced situation will emerge from 2013 onwards, world econo­my permitt ing.

Ole-Rikard HammerRS Platou Economic Research

global economic groWth 2003-2013forecasts and actUal groWth rates

Percent change

-1

0

1

2

3

4

5

6

Actual

Forecast

20132012201120102009200820072006200520042003

source: IMF

13

PSvAverage annual spot rates in 2011 for medium and large sized PSVs in the North Sea were in line with levels achieved in 2010. However, term rates in the North Sea increased 30 percent for medium sized vessels and 27 percent for the larger sized ves­sels. Fleet utilization of medium sized PSVs in the North Sea decreasedfrom90percentin2010to86percentin2011.Largesized PSVs averaged 91 percent fl eet utilization in 2011, similar to levels achieved in 2010. Th e higher utilization of large sized PSVs refl ects the continued preference among oil companies to charter relatively modern and sophisticated tonnage in the North Sea.

Term rates for medium sized PSVs in Brazil also increased, but as with the AHTS vessels, they were subject to higher opera­tionalcosts.Recovery inrigactivity(especiallydeepwaterac-tivity)post-MacondoraiseddayratesforlargePSVsintheGulfofMexico.HigherUDWactivityinWestAfricaandEastAfricamade DP2 PSVs increasingly scarce and lift ed day rates by close to 30 percent during 2011, to a peak of $27,000 per day. Th is lack of supply has led to a relatively large income diff erential be­

AHtSWhile day rates for large sized AHTS vessels generally increased in 2011, smaller sized vessels were left struggling to perform in many regions throughout the year.

In the North Sea, spot and term rates for large sized AHTSs (16,000+bhp)increasedsubstantially.Annualaveragespotin-creased from £22,000 in 2010 to £34,000 in 2011. Term rates for 20,000+bhp vessels also increased considerably andwerequoted at the end of the year at £30,000, an increase of 20 per­cent from the start of the year. Term rates for all sizes of AHTSs in Brazil also increased by an average of 10­15 percent, but the net eff ect was not considerable, given the increases in opera­tional costs.

Th e SE Asian market for AHTSs was still oversupplied in 2011 and as a direct result day rates came under pressure. Th is has, in some cases, led to owners moving tonnage to, for example, West Africa, despite considerable mobilization cost. As a result, the 2011 term rates of smaller/medium sized AHTSs operating in SE Asia and West Africa were similar to levels achieved in 2010.

north sea tonnage 2002-2011ahts average t/c rates (rePorted and estimated)

north sea tonnage 2002-2011Psv average t/c rates (rePorted and estimated)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000£/day

16-19,999 BHP

20,000+ BHP

10-15,999 BHP

8-9,999 BHP

02 03 04 05 06 07 08 09 10 11

£/day

900+ m2 deck area

3,100+ dwt

750-899 m2

deck area

2,200 -3,099dwt2,200+ dwt

500-749 m2

deck area

02 03 04 05 06 07 08 09 10 110

5,000

10,000

15,000

20,000

25,000

30,000

tHe oFFsHore suPPort Vessel MArKet

rIse In uPstreAM InVestMent

Demand for offshore support Vessels (osV) in 2011 clearly benefi ted from signifi cant increases in global offshore activity. the increase in offshore activity came on the back of rising oil prices and an estimated 14 percent rise in global e&P spending. the rise in upstream investments produced growth across all the major drivers of osV demand.

➤

12 tHe sHIPPIng enVIronMent

15 tHe oFFsHore suPPort Vessel MArKet14 tHe oFFsHore suPPort Vessel MArKet

tween West Africa and other regions, which some owners are beginning to take advantage of.

deMANd: RevieW oF 2011OSV demand is estimated to have increased by close to 10 per­cent for the year, which is similar to the demand growth experi­enced in 2010. The increase in OSV demand came on the back of rising oil prices and an estimated 14 percent rise in global E&P spending. The rise in upstream investments produced growth across all the major drivers of OSV demand.

Rising rig support demand was symptomatic of the increas­ing offshore activity. As reported in the rig section, jackups on contract globally increased from 302 units at the start of 2011 andfinished18percenthigher,at356units,inDecember2011.Similarly, floater activity was significantly higher and our figures show global demand increased 12 percent, from 202 units in January2011to226unitsinDecember2011.Acloserlookatthe additional floaters on contract reveals that growth mainly took place in the Golden Triangle and that modern UDW rigs represented the majority of that growth. Demand for OSVs able to support “deepwater” activitieswere thereforegrowing rap­idly, which in many cases entailed modern DP2 vessels.

Brazil was again the epicenter of activity and increasing demand there attracted a number of vessels from other regions. How­ever, some owners have begun expressing hesitancy about mov­ing to Brazil, due to increasing operational costs and the coun­try’s strict regulatory regime.

Offshore activity in the North Sea was significantly up in 2011, which was reflected in OSV activity. Our average annual fig­ures indicatedemand forAHTSvessels increasedby6units,or 10 percent, while PSV demand increased by 20 units, or 9 percent. Figures show offshore drilling activity in the North Seaincreasedfrom65unitsoncontractatthestartoftheyearto a peak of 82 on contract in late summer/early autumn. The North Sea summer market was boosted by Cairn’s renewed, but unfortunately fruitless, exploration campaign in Greenland. Several vessels were also performing pipe haulage duties in the summer season. AHTS vessels, and especially large AHTS units(16,000+bhp),intheNorthSeawereliterally‘sailingintoa headwind’ in the second half of 2011, as abnormally poor weather decreased operational weather windows. Oil and gas companies also tended to favor fixing AHTS vessels for cargo runs in the same period, in order to stretch the weather win­dows due to better station­keeping. It remains to be seen how the weather will affect the market in 2012!

FLeet tReNd ANd NeW oRdeRSThe fleet grew considerably less than the order books had sug­gested at the start of 2011. Our records show 158 AHTS ves­selsand61PSVsweredeliveredin2011,while,atthestartof

the year, 230 AHTSs and 80 PSVs were earmarked for delivery. Inexperienced yards in India/Asian region, especially in the latter stages of construction, are quoted as the main reason for delays. Once more, scrapping was insignificant in 2011. Our figures indicate only 7 AHTSs and 2 PSVs were scrapped. The resultanttotalfleetgrowthin2011was6percentand9percentfor the AHTS and PSV fleets respectively.

Trends in new orders showed a distinct divergence in prefer­ence with regards to tonnage in 2011. While investments in PSVs reached record levels, new orders of larger AHTS vessels were insignificant in 2011. Clearly, the record levels of PSV in­vestments must be seen in relation to increasing expectations for deepwater activity and the increasing preference for invest­ments in DP UDW drillships.

MARKet PRoSPeCtSdeMANd Global demand for OSVs in 2012 is expected to grow 9­11 per­cent on the back of higher E&P spending and offshore activity. OSV demand growth in 2012 is likely to be driven by a further focus on exploring and developing deepwater assets. It seems likely that the main region propelling demand further will be

in service orderbook total totalAHTS 4-9,999 BHP 1263 146AHTS 10-15,999 BHP 307 37AHTS 16-19,999 BHP 100 28AHTS 20,000+ BHP 67 14AHtS total 1737 225PSV <500 m2 359 35PSV 500-749 m2 423 48PSV 750-899 m2 70 55PSV 900+ m2 192 145PSv total 1044 283total orderbook 2781 508

ahts/Psv fleet overvieW

ahts/Psv neW orders Per year

No. of vessels

0

50

100

150

200

250

11100908070605040302

AHTS

PSV

Brazil. As vessels per unit serviced in Brazil tends to be relative­ly high compared to other regions combined with longer dis­tances offshore, demand for offshore supply vessels is expected to receive an additional boost.

The increase in demand for offshore supply vessels in deepwa­ter is unlikely to be entirely uniform. This is due to the fact that most new floaters are dynamically positioned and will therefore requiremorePSVsforservice(asopposedtoAHTSvessels).

Offshore activity is expected to rise substantially in the Norwegian sector, with new discoveries and regions open­ing up. Investment counts done by the state statistical agency (SSB)inNorwayindicatethatupstreaminvestmentscouldriseby as much as 20 percent in 2012.

FLeet tReNdThe current AHTS order book is indicating that 191 units will be delivered in 2012 and 34 units will be delivered in 2013. How­ever, it is expected that delays at yards, which were extensive in 2011, will continue in 2012 and mitigate the fleet growth. Scrap­ping/removal of tonnage is expected to remain insignificant, as in the previous year, despite a large part of the fleet being built as early as the 70s/80s. Given the above, we expect the AHTS fleet willprobablygrowbycloseto6percentin2012.ThelargeAHTSfleet(16,000+bhp)islikelytogrowmorerapidly-closerto10percent in 2012 ­ as there are still a number of large AHTS vessels in the order book for the year ahead.

ThecurrentPSVorderbookisindicating146unitswillbede­livered in 2012 and 100 units in 2013. Significant delays are also expected for PSV newbuilds in 2012, although many of the large PSVs to be delivered are from Norwegian yards, which have a history of delivering on time. The PSV fleet is therefore expected to grow by 9 percent in 2012.

CoNCLuSioNSOn a global basis OSV day rates and fleet utilization for OSVs are forecasttorise,butwillvarybyassetandregion(althoughsubsti­tutioneffectshavethepotentialtosmoothlocalvariations).

Morespecifically,thereisanexpectationthat2012dayratesforsmaller/medium sized AHTSs will be affected by the oversupply of vessels in the main markets of Asia and West Africa. Day rates fortheir largersiblings(AHTS>16,000+bhp)in2012arealsolikely to be pressured, as several Asian built vessels will enter the market, while demand is expected to drift relatively towards the PSVs. The North Sea may be a beacon of light for large AHTS owners, as demand is expected to increase, especially in the Nor­wegian sector. It should also be noted that only a limited num­ber of newbuilds are likely to enter the North Sea market. How­ever, the harsh environment weather will have the final say in the strength of the large AHTS market in the North Sea.

Global day rates for PSVs in 2012 are expected to rise, as de­mand tightens the market. As mentioned, it is deepwater activ­ity that is raising demand for PSVs and the main region of deep­water activity, Brazil, is unlikely to cover its own demand with locally built vessels.

The North Sea PSV market may be temporarily oversupplied, duetoaninfluxofNorwegianbuiltPSVs.Moreover,seasonaldemand drivers, such as Cairn’s Greenland campaign, are pre­dicted to be less of an influence in 2012. However, income dif­ferentials between the North Sea and other regions are already leading to some vessels leaving the North Sea, thus improving the supply­demand balance.

tHe CoNStRuCtioN veSSeL MARKetThe construction market improved throughout 2011 with in­creased offshore installation activity and a boost in vessel utili­zation. 2011 was driven by increased activity in fixed platform, subsea tree and pipeline installation markets. However, float­ing production installation slowed down in 2011, as only a few units were installed.

Order intake for subsea contractors has been on a stable upward trend since the financial turmoil began, and we expect the trend to continue, despite quarterly variations. As a result of strong order intake, subsea companies are starting to build an order backlogand‘workahead’isclosetothepeaklevelsseenin2008.

The deep/ultra deepwater segment is mainly driven by the Golden Triangle, were the activity level again is expected to in­crease the next few years.

The current DP construction fleet consists of 344 vessels in ser­vice, and 42 vessels on order. 28 vessels were delivered in 2011, which produced a fleet growth of almost 9 percent. Newbuild­ing activity has been close to nil, after a period of substantial overtonnage and weak financial markets.

In 2010 the major transaction was the merger of Acergy and Subsea7. Technip’s acquisition of Global Industries was the most notable transaction in 2011. There was also a newcomer in the market, Ocean Installer, which will try to challenge estab­lished players in the SURF segment.

With expected increases in E&P spending the global oil and gas companies are likely to take on new projects and increase activi­ty in the subsea construction market. Increased water depth will increase complexity and vessel intensity, and the sum of these factors is expected to improve the fundamentals for the subsea construction market. The strong development in the renew­able market will continue to increase requirements for offshore vessels in the years ahead ­ a factor that will further add to the positive trend.

ProJeCts suMMAry16 ProJeCts suMMAry

ProJeCts Per yeAr Uncalled total committed Project name no. of vsls. established cUrrency Project Price Paid in caPital caPital caPital

Projects established 2004

Aries supply I Ks 1 April 2004 noK 201 046 770 42 300 000 15 000 000 57 300 000 ross Cape DIs 1 october 2004 usD 17 350 000 3 850 000 1 000 000 4 850 000 International Container ships Ks 2 november 2004 usD 66 260 000 12 260 000 4 150 000 16 410 000 J.B.u oBo I Ks 1 December 2004 usD 36 580 000 7 780 000 5 000 000 12 780 000 no. of vessels 5 total noK 201 046 770 42 300 000 15 000 000 57 300 000 no. of projects 4 total usD 120 190 000 23 890 000 10 150 000 34 040 000 total eur - - - - Project price usD 150 018 898 30 165 964 12 375 519 42 541 484 Projects established 2005

eidsiva trucker Ks 1 February 2005 eur 10 900 000 2 470 000 2 000 000 4 470 000 Mount Faber Ks 4 April 2005 usD 80 900 000 13 325 000 0 13 325 000 norwegian shipping DIs April 2005 usD 19 200 000 13 700 000 5 500 000 19 200 000 goliat roro Ks 1 May 2005 eur 9 000 000 1 960 000 1 500 000 3 460 000 global Cable Ks 2 June 2005 usD 12 320 000 2 870 000 3 000 000 5 870 000 Bergshav Chemical Ks 2 July 2005 eur 20 470 000 4 470 000 2 200 000 6 670 000 Volstad supply I Ks 1 August 2005 noK 262 620 000 75 050 000 20 000 000 95 050 000 scandinavian Bulkers Ks 5 september 2005 eur 28 926 000 6 776 000 6 000 000 12 776 000 Volstad supply II Ks 1 november 2005 noK 262 620 000 75 050 000 20 000 000 95 050 000 Agder ocean reefer Ks 3 november 2005 usD 27 750 000 6 150 000 0 6 150 000 Celine I oBo DIs 1 november 2005 usD 12 470 000 1 970 000 3 000 000 4 970 000 Cement ship II DIs 1 november 2005 usD 19 800 000 5 575 000 4 000 000 9 575 000 Multipurpose Bulkers DIs 4 December 2005 eur 27 145 000 4 695 000 4 500 000 9 195 000 sBs tempest Ks 1 December 2005 noK 134 300 000 29 300 000 10 000 000 39 300 000 sBs torrent Ks 1 December 2005 noK 141 175 000 31 975 000 10 000 000 41 975 000 green Pacific DIs 3 December 2005 usD 30 590 000 6 090 000 8 000 000 14 090 000 no. of vessels 31 total noK 800 715 000 211 375 000 60 000 000 271 375 000 no. of projects 16 total usD 203 030 000 49 680 000 23 500 000 73 180 000 total eur 96 441 000 20 371 000 16 200 000 36 571 000 Project price usD 447 167 112 107 807 795 52 940 994 160 748 789 Projects established 2006

norwegian shipping II DIs January 2006 usD 8 000 000 5 200 000 2 800 000 8 000 000 sBs typhoon Ks 1 January 2006 noK 167 050 000 36 650 000 25 000 000 61 650 000 Japan offshore DIs 3 April 2006 usD 37 150 000 8 150 000 3 000 000 11 150 000 Aries supply II Ks 1 April 2006 noK 155 000 000 33 000 000 21 000 000 54 000 000 european Venture DIs 2 April 2006 usD 46 325 000 9 965 000 5 000 000 14 965 000 nFC offshore DIs 4 April 2006 usD 74 500 000 24 480 000 8 000 000 32 480 000 oceanlink offshore DIs 1 May 2006 usD 13 250 000 2 750 000 2 500 000 5 250 000 Panda Chemical oil DIs 1 June 2006 usD 19 545 000 4 345 000 1 500 000 5 845 000 Western Chemical Ks 3 July 2006 eur 32 775 000 7 095 000 5 750 000 12 845 000 singapore offshore DIs 5 August 2006 usD 129 100 000 8 500 000 8 000 000 16 500 000 oceanlink offshore II DIs 1 August 2006 usD 12 000 000 2 250 000 2 250 000 4 500 000 Japan offshore II DIs 3 september 2006 usD 39 075 000 8 775 000 7 825 000 16 600 000 nFC offshore III DIs 2 october 2006 usD 46 046 000 14 186 000 8 666 000 22 852 000 Japan offshore III DIs 2 october 2006 usD 47 340 000 10 540 000 9 430 000 19 970 000 oceanlink offshore III DIs 2 october 2006 usD 28 500 000 5 200 000 9 600 000 14 800 000 Agder ocean reefer II As 2 november 2006 usD 19 500 000 4 500 000 0 4 500 000 northern offshore DIs 2 november 2006 usD 39 000 000 8 400 000 6 740 000 15 140 000 norwegian Product DIs 2 november 2006 usD 32 865 000 7 265 000 6 500 000 13 765 000 global Cable II DIs 2 December 2006 usD 45 400 000 9 400 000 6 000 000 15 400 000 no. of vessels 39 total noK 322 050 000 69 650 000 46 000 000 115 650 000 no. of projects 19 total usD 637 596 000 133 906 000 87 811 000 221 717 000 total eur 32 775 000 7 095 000 5 750 000 12 845 000 Project price usD 728 855 930 153 651 288 102 186 000 255 837 288

Projects established 2007

ross Chemical II DIs 5 February 2007 usD 119 100 000 25 100 000 12 000 000 37 100 000 Atlantic guardian DIs 1 February 2007 usD 42 880 000 8 100 000 8 000 000 16 100 000 nFC Panamax DIs 1 March 2007 usD 24 650 000 4 650 000 0 4 650 000 orchard offshore DIs 4 March 2007 usD 43 800 000 7 800 000 2 125 000 9 925 000 raffles offshore DIs 1 March 2007 usD 45 945 000 12 445 000 4 500 000 16 945 000 norwegian offshore DIs 4 April 2007 usD 65 470 000 21 900 000 6 000 000 27 900 000 Med ethylene DIs 2 May 2007 usD 27 875 000 6 275 000 4 500 000 10 775 000 ullswater subsea DIs 1 May 2007 usD 48 820 000 12 820 000 5 000 000 17 820 000 european Venture II DIs 1 July 2007 usD 11 370 000 3 370 000 6 000 000 9 370 000

Uncalled total committed Project name no. of vsls. established cUrrency Project Price Paid in caPital caPital caPital

Projects established 2007 continUed

tioman offshore DIs 1 July 2007 usD 51 150 000 11 150 000 0 11 150 000 sentosa offshore DIs 4 July 2007 usD 46 350 000 8 300 000 0 8 300 000 southern Chemical DIs 3 July 2007 eur 88 200 000 10 350 000 10 000 000 20 350 000 Bovey offshore ltd 4 August 2007 usD 43 600 000 10 500 000 0 10 500 000 Asian Bulkers DIs 3 october 2007 usD 142 875 000 49 075 000 0 49 075 000 short sea Bulkers DIs 4 november 2007 eur 24 800 000 4 550 000 4 500 000 9 050 000 ross Chemical IV DIs 2 november 2007 usD 53 000 000 18 000 000 0 18 000 000 Dongguan Chemical tankers DIs 1 november 2007 usD 32 750 000 7 150 000 7 000 000 14 150 000 Pantheon Chemical DIs 1 november 2007 eur 31 000 000 5 160 000 5 500 000 10 660 000 no. of vessels 43 total noK 0 0 0 0 no. of projects 18 total usD 799 635 000 206 635 000 55 125 000 261 760 000 total eur 144 000 000 20 060 000 20 000 000 40 060 000 Project price usD 996 467 765 234 054 898 82 462 884 316 517 782 Projects established 2008

Marineline Chemical DIs 3 February 2008 usD 79 850 000 12 680 000 0 12 680 000 edda Accommodation DIs 1 February 2008 eur 126 500 000 44 000 000 12 000 000 56 000 000 nFC AHts ltd. 2 March 2008 usD 70 520 000 24 600 000 0 24 600 000 Bukit timah offshore DIs 3 May 2008 usD 125 269 250 29 269 250 0 29 269 250 Mountbatten offshore DIs 2 May 2008 usD 109 134 000 25 134 000 0 25 134 000 Bovey offshore ltd. 4 May 2008 usD 42 650 000 14 475 000 0 14 475 000 semakau Producer DIs 1 July 2008 usD 20 400 000 20 400 000 0 20 400 000 european Venture III DIs 1 July 2008 usD 17 720 000 5 720 000 5 000 000 10 720 000 golden Kamsar DIs 1 August 2008 usD 67 294 000 17 294 000 12 500 000 29 794 000 Jimbaran DIs 1 september 2008 usD 54 200 000 9 035 000 0 9 035 000 seminyak DIs 2 september 2008 usD 108 963 000 18 618 000 14 000 000 32 618 000 JBus offshore DIs 2 september 2008 usD 60 000 000 27 000 000 0 27 000 000 oceanlink reefer III DIs 1 september 2008 usD 20 200 000 5 200 000 5 000 000 10 200 000 Agder ocean reefer III As 7 october 2008 usD 53 500 000 10 000 000 7 000 000 17 000 000 no. of vessels 31 total noK 0 0 0 0 no. of projects 14 total usD 829 700 250 219 425 250 43 500 000 262 925 250 total eur 126 500 000 44 000 000 12 000 000 56 000 000 Project price usD 1 004 270 250 280 145 250 60 060 000 340 205 250

Projects established 2009

3 offshore barges 3 July 2009 usD 135 000 000 10 000 000 10 000 000 ICon Victorious 1 september 2009 usD 42 500 000 18 750 000 18 750 000 Diving Bell 1 september 2009 usD 10 000 000 10 000 000 10 000 000 no. of vessels 5 total noK 0 0 0 0 no. of projects 3 total usD 277 500 000 127 750 000 0 127 750 000 total eur 0 0 0 0

Project price usD 277 500 000 127 750 000 - 127 750 000

Projects established 2010

octavian Bulker DIs 1 september 2010 usD 37 400 000 16 000 000 0 16 000 000 shanghai Bulker DIs 1 August 2010 usD 9 000 000 1 670 000 1 670 000 saragol tanker 1 DIs 1 July 2010 usD 48 237 500 17 737 500 0 17 737 500 saragol tanker 2 DIs 1 november 2010 usD 54 312 500 18 812 500 2 000 000 20 812 500 no. of vessels 4 total noK 0 0 0 0 no. of projects 4 total usD 148 950 000 54 220 000 2 000 000 56 220 000 total eur 0 0 0 0 Project price usD 148 950 000 54 220 000 2 000 000 56 220 000 Projects established 2011

northern supply DIs 88 000 000 20 800 000 19 280 000 40 080 000 redfish offshore 45 000 000 9 000 000 0 9 000 000 no. of vessels 4 total noK 0 0 0 0 no. of projects 2 total usD 133 000 000 29 800 000 19 280 000 49 080 000 total eur 0 0 0 0 Project price usD 133 000 000 29 800 000 19 280 000 49 080 000

Projects established 2012

singapore supply DIs 42 700 000 10 240 000 8 580 000 18 820 000 Vestland Marine PsV DIs 1 650 000 1 650 000 0 1 650 000 Industrial shipping DIs 25 950 000 5 750 000 0 5 750 000 no. of vessels 9 total noK 0 0 0 0 no. of projects 3 total usD 44 350 000 11 890 000 8 580 000 20 470 000 total eur 25 950 000 5 750 000 0 5 750 000 Project price usD 78 423 478 19 440 000 8 580 000 28 020 000

17

ProJeCts suMMAry18 ProJeCts suMMAry

ProJeCts solD accUmUlated Projects sold established Paid in caPital distribUtions irr P.a. sold

Aries supply I Ks apr-2004 noK 42 300 000 125 499 000 66 % 2007nFC offshore DIs apr-2006 usD 16 280 000 32 500 000 477 % 2007ross Cape DIs nov-2004 usD 3 850 000 6 088 300 41 % 2007International Containerships Ks nov-2004 usD 12 260 000 18 802 700 96 % 2005Aries supply II Ks apr-2006 noK 33 000 000 46 560 000 64 % 2007nFC offshore III DIs okt-2006 usD 13 100 000 16 400 000 26%*) 2007J.B.u oBo I Ks des-2004 usD 7 780 000 6 608 000 37 % 2007Japan offshore DIs apr-2006 usD 8 150 000 1 400 000 70%*) 2007Japan offshore II DIs sep-2007 usD 350 000 3 166 300 733%*) 2007Japan offshore III DIs okt-2007 usD 1 110 000 1 635 000 48.5%*) 2007northern offshore DIs des-2007 usD 8 400 000 21 000 000 153 % 2007Celine I oBo DIs nov-2007 usD 1 970 000 4 250 000 57 % 2007goliat roro Ks mai-2005 eur 1 960 000 0 -25 % 2007semakau Producer DIs juli-2008 usD 20 400 000 17 750 000 n/A 2009global Cable Ks juni-2005 usD 2 870 000 7 625 182 28 % 2009scandinavian Bulkers DIs sep-2010 eur 6 776 000 6 776 000 0 % 2010sBs tempest Ks sep-2005 noK 29 300 000 84 150 000 30 % 2011norwegian offshore I DIs apr-2007 usD 23 025 000 23 325 000 0 % 2011eidsiva trucker Ks feb-2005 eur 6 180 000 - -100%*) 2010JBus offshore DIs sep-2008 usD 32 500 000 35 000 000 3 % 2011Bergshav Chemical Ks juli-2005 eur 4470000 840 000 -48 % 2011Western Chemical Ks juli-2006 eur 7095000 1 650 000 -60 % 2011european Venture II DIs juli-2007 usD 3 370 000 6 964 845 20 % 2011Mountbatten offshore DIs juli-2008 usD 26 698 000 26 300 000 -8 % 2011norwegian shipping DIs apr-2005 usD 13 700 000 19 317 994 15 % 2012tioman offshore DIs juli-2007 usD 10 000 000 12 050 000 10 % 2011shanghai Bulkers DIs aug-2010 usD 1 670 000 2 690 000 55 % 2011Volstad supply I DIs aug-2005 noK 40 000 000 130 000 000 27 % 2011Volstad supply II DIs nov-2005 noK 55 250 000 200 000 000 38 % 2011

totAL PRojeCtS By SegMeNt totAL PRojeCtS By SegMeNttotAL PRojeCtS By eMPLoyMeNt

Shippping funds 5%

Cement vessels 2%

Product tankers 7%

Reefer vessels 9%

Cable layers 5%

Bulk carrier 12%

LPC/Cemical tankers 16%

O�shore/Supply 44%

Funds 5%

Asset play 7%

Timecharter 7%Bareboat 81%

CAPitAL PeR yeAR - uSd ACCuMuLAted CAPitAL - uSd

Paid in capital

Uncalled capital

Total projects priceMill

0

200

400

600

800

1,000

1,200

201220112010200920082007200620052004

exIstIng ProJeCts Per segMentProjects totAl ProJeCt PrICe

offshore/supply

Mount Faber Ks usD 80 900 000sBs torrent Ks noK 144 900 000sBs typhoon Ks noK 163 000 000european Venture DIs usD 46 325 000european Venture III DIs usD 17 750 000singapore offshore DIs usD 129 100 000oceanlink offshore III DIs usD 28 500 000norwegian offshore DIs usD 65 470 000orchard offshore DIs usD 43 800 000raffl es offshore DIs usD 45 945 000ullswater subsea DIs usD 12 820 000sentosa offshore DIs usD 46 350 000Bovey offshore ltd usD 86 250 000 Bukit timah offshore DIs usD 125 269 250 edda Accommodation DIs eur 120 437 500Vestland Marine PsV DIs usD 1 600 000northen supply DIs usD 88 000 000singapore supply DIs usD 44 440 000

lPg / chemical tankers

Panda Chemical oil DIs usD 19 545 000Med ethylene DIs usD 6 275 000southern Chemical DIs eur 88 200 000Dongguan Chemical DIs usD 32 750 000Marineline Chemical DIs usD 79 850 000seminyak DIs usD 108 963 000Blue Mountain tankers DIs usD 120 800 000

Projects totAl ProJeCt PrICe

bulk carriers

nFC Panamax DIs usD 24 650 000Asian Bulkers DIs usD 142 875 000Industrial shipping DIs eur 25 950 000golden Kamsar DIs usD 67 294 000octavian Bulker DIs usD 37 000 000

reefer vessels

Agder ocean reefer Ks usD 27 750 000Agder ocean reefer II As usD 19 500 000Agder occean reefer III As usD 53 500 000oceanlink reefer III DIs usD 20 200 000

cable layers

Atlantic guardian DIs usD 42 880 000global Cable II DIs usD 45 400 000

shipping funds

norwegian shipping II DIs usD 5 200 000Platou shipinvest I DIs usD 47 000 000

cement vessels

Cement ship II DIs usD 20 275 000

Product tankers

norwegian Product DIs usD 32 865 000saragol tankers 1 DIs usD 56 000 000saragol tankers 2 DIs usD 49 000 000

*) return on equity

Paid in capital

Uncalled capital

Total projects priceMill

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

201220112010200920082007200620052004

19

20 ProJeCts suMMAry

ProJeCts estIMAteD returns accUmUlated distribUtions estimated estimated estimated accUmUlated in% of share Price irr seller irr forProjects established Paid in caPital distribUtions Paid in caPital Per 1% Per 1% bUyer

Agder ocean reefer Ks november-2005 usD 6 150 000 2 050 000 33 % n/A n/A n/AAgder ocean reefer II As november-2006 usD 4 500 000 1 270 000 28 % n/A n/A n/AAgder ocean reefer III As october-2008 usD 10 000 000 - 0 % n/A n/A n/AAsian Bulkers DIs october-2007 usD 48 000 000 - 0 % 125 000 n/A n/AAtlantic guardian DIs February-2007 usD 8 100 000 4 100 000 51 % 115 000 13 % 17 %Bovey offshore ltd August-2007 usD 21 375 000 8 050 000 38 % 282 000 13 % 20 %Bukit timah offshore DIs May 2008 usD 29 269 000 14 000 000 48 % 285 000 11 % 17 %Cement ship II DIs november-2005 usD 5 575 000 5 800 000 104 % 54 000 18 % 17 %Donguan Chemical tankers DIs December-2007 usD 7 150 000 2 725 000 38 % 43 000 0 % 18 %edda Accommodation DIs may 2008 eur 51 000 000 - 0 % 510 000 n/A n/Aeuropean Venture DIs April-2006 usD 9 965 000 8 090 000 81 % 145 000 17 % 20 %european Venture III DIs July-2008 usD 5 720 000 5 885 000 103 % 45 500 23 % 23 %global Cable II DIs December-2006 usD 9 400 000 7 900 000 96 % 115 000 17 % 19 %golden Kamsar DIs August-2008 usD 23 694 000 - 0 % 222 500 -2 % 16 %Industrial shipping DIs May2012 usD 5 750 000 - 0 % 57 500 n/A n/AJimbaran DIs september-2008 usD 8 025 500 7 550 000 94 % n/A n/A n/AMarineline Chemical DIs February-2008 usD 18 710 000 - 0 % 15 000 -52 % 26 %Med ethylene DIs May-2007 usD 6 275 000 2 960 000 47 % 68 500 10 % 20 %Mount Faber Ks April-2005 usD 13 325 000 19 244 720 144 % 38 250 24 % 17 %rts Panamax DIs March-2007 usD 4 650 000 3 050 000 66 % 0 -15 % n/Anorthern supply DIs May 2011 usD 40 800 000 - 0 % 408 000 n/A n/Anorwegian offshore II DIs April-2007 usD 25 575 000 - 0 % 255 750 n/A n/Anorwegian Product DIs november-2006 usD 10 115 000 1 560 000 15 % 123 500 8 % 20 %norwegian shipping II DIs January-2006 usD 5 200 000 6 116 500 118 % 10 000 7 % n/Aoceanlink offshore III DIs october-2006 usD 5 200 000 2 342 500 45 % 22 000 3 % 20 %oceanlink reefer III DIs september-2008 usD 5 200 000 - 0 % 26 800 n/A n/Aoctavian Bulker DIs september-2010 usD 16 000 000 500 000 3 % 135 000 -4 % n/Aorchard offshore DIs March-2007 usD 7 800 000 6 850 000 88 % 89 000 18 % 17 %Panda Chemical oil DIs June-2006 usD 4 345 000 1 565 000 36 % 0 -45 % 0 %Platou shipinvest I DIs october-2007 usD 47 365 930 5 200 000 11 % n/A n/A n/Araffl es offshore DIs March-2007 usD 12 445 000 6 425 000 52 % 162 500 14 % 17 %Blue Mountain tankers DIs February-2007 usD 36 375 000 - 0 % n/A n/A n/Asaragol tankers 1 DIs June-2010 usD 17 737 500 786 500 0 % 187 500 n/A n/Asaragol tankers 2 DIs December-2010 usD 18 812 500 0 4 % 180 260 n/A n/AsBs torrent Ks December-2005 noK 31 975 000 27 150 000 85 % 355 000 13 % 17 %sBs typhoon Ks January-2006 noK 36 650 000 38 450 000 105 % 385 000 17 % 17 %seminyak DIs september-2008 usD 18 618 000 - 0 % 0 5 % 20 %sentosa offshore DIs July-2007 usD 8 300 000 4 640 000 56 % 113 000 16 % 17 %singapore offshore DIs August-2006 usD 7 850 000 5 079 000 65 % 90 000 15 % 16 %singapore supply DIs March-2012 usD 10 240 000 - 0 % n/A n/A n/Asouthern Chemical DIs July-2007 eur 16 350 000 540 000 3 % 75 000 -22 % 21 %ullswater subsea DIs May-2007 usD 12 820 000 5 788 400 45 % 139 000 10 % 17 %Vestland Marine PsV DIs March-2012 usD 1 650 000 140 000 8 % 14 600 15 % 14 %

AgDer oCeAn reeFer Ks key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: eva lise Bjerke

the vessels

Vessels name: MV Italian reefer MV Iberian reefer MV Indian reefertype: refrigerated Carrier refrigerated Carrier refrigerated CarrierDWt: 6 088 6 112 6 120Capacity (cbm): 265 770 265 770 265 770yard: Kvaerner Kleven As Kvaerner Kleven As Kleven Mek. Verksted AsBuilt: 1992 1991 1991Class: DnV - 1A DnV - 1A DnV - 1 AFlag: Isle of Man Isle of Man Isle of Man

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Agder ocean shipping AsProcject price: usD 27 750 000Paid in capital: usD 0uncalled capital:

tC rate per day per vesselCommencement of timecharterexpiry of timecharter

Charterer

residUal valUe sensitivity on irr loW base high

residual value end CP: n/A n/A n/Aestimated Irr: n/A n/A n/A

cashfloW 2011e 2012e 2013e 2014e

operating revenue n/A n/A n/A n/Aoperating expenses n/A n/A n/A n/Anet operating cashfl ow 0 0 0 0 Interest earned n/A n/A n/A n/AInterest expenses n/A n/A n/A n/ADrawdown/ repayment long term debt n/A n/A n/A n/Anet fi nancial items n/A n/A n/A n/Anet projected cash fl ow estimated dividend n/A n/A n/A n/A

Project balance 01.07.2012

Cash Impicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value

Mortgage: usD 21 600 000Balloon: usD 11 782 000quarterly instalments: usD 1 - 25: 500.000term: 6 yearsInterest:3 months lIBor + margin

financing comments

the project was established with a bareboat contract to eastwind Maritime Inc. the Charterer went bankrupt in 2009 and the vessels have since then been operating in the spot/short period market.the project has been taken over by the mortgage bank.

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

established: november 2005Paid in capital: usD 6 900 000uncalled capital: usD 0Accumulated dividends: usD 2 050 000

estimated share value per 1%: 0last reported sale per 1%: June 2008 usD 73 450 estimated Irr Buyer: n/Aestimated Irr seller: n/A

* All share values are before tax considertations. latent tax on vessel and debt are based on implicit values pr 01.07.2012. the exchange rate noK/eur 7.55 and noK/usD 5.75 is used when applicable.

21 ProJeCts

AgDer oCeAn reeFer II As key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: eva lise Bjerke

the vessels

Vessels name: MV elbrus MV eiger type: refrigerated Carrier refrigerated CarrierDWt: 7 242 6 809Capacity (cbm): 373 588 306 420yard: shikoku Dock yard (Jap.) shanghai shipyardBuilt: 1990 1991Class: nK CHg MPP lsA rCF DnV - 1CFlag: liberia liberia

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Agder ocean shipping AsProcject price: usD 19 500 000

Paid in capital: usD 4 500 000uncalled capital: usD 0

residUal valUe sensitivity on irr loW base high

residual value end CP: n/A n/A n/Aestimated Irr: n/A n/A n/A

cashfloW 2011e 2012e 2013e 2014e

operating revenue n/A n/A n/A n/Aoperating expenses n/A n/A n/A n/Anet operating cashfl ow n/A n/A n/A n/A Interest earned n/A n/A n/A n/AInterest expenses n/A n/A n/A n/ADrawdown/ repayment long term debt n/A n/A n/A n/Anet fi nancial items n/A n/A n/A n/Anet projected cash fl ow estimated dividend n/A n/A n/A n/A

Project balance 01.07.2012

Cash Impicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value

AgDer oCeAn reeFer III As key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas Corporate Manager: erik Kristian Andresen

the vessels

vessels name: sold mv kohfu sold mv eW kilimamjaro sold saramati sold fitzroy vinson c. blossom&belletype: refrigerated Carrier refrigerated Carrier refrigerated Carrier refrigerated Carrier refrigerated Carrier refrigerated CarrierDWt: 6 544 6 514 7 188 713 7 181 7 197Capacity (cbm): 262 846 270 792 326 112 332 219 332 219 346 408yard: Kurushima sHIn Kurushima shikoku shikoku shikoku KitanihonBuilt: 1986 1988 1986 1987 1988 1993Class: nKK nKK nKK nKK nKK nKKFlag: Panama Panama singapore singapore liberia liberia

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Agder ocean shipping AsProject price: 53 500 000Paid in capital: 10 000 000uncalled capital: 7 000 000 BB rate per day in total for all seven vessels (net): n/ACommencement of CP: okt-08expiry of CP: Art-Hamburg reefer pool (5 vessels) and 1 vessel spot

residUal valUe sensitivity on irr loW base high

residual value end CP n/A n/A n/Aestimated Irr: n/A n/A n/A

cashfloW 2010e 2011e 2012e 2013e

operating revenue n/A n/A n/A n/Aoperating expenses n/A n/A n/A n/Anet operating cashfl ow n/A n/A n/A n/A Interest earned n/A n/A n/A n/AInterest expenses n/A n/A n/A n/ADrawdown/ repayment long term debt n/A n/A n/A n/Anet fi nancial items n/A n/A n/A n/Anet Projected Cashfl ow estimated dividend n/A n/A n/A n/A

Project balance 01.07.2012

Cash n/AImplicit vessel value n/Atotal assets n/Aoutstanding debt n/Ashort term payables n/Asellers credit n/Atotal outstanding debt n/Aestimated project value n/A

Mortgage: usD 15 000 000Balloon: usD 8 562 000quarterly instalments: usD 1 - 12: 300.000 13 - 24: 400.000term: 6 yearsAs per 31/12/2009 90% of the loan is fi xed for the entire term of the loan(incl.margin) 6.00%Floating rate 3 mths. lIBor

financing comments

the project was established with a bareboat contract to eastwind Maritime Inc. the Charterer went bankrupt in 2009 and the vessels have since been operating in the spot/short period market.the project has been taken over by the mortgage bank.

Mortgage: usD 31 500 000Balloon: usD 6 500 000quarterly instalments: usD 1 - 20: 1.250.000term: 5 yearsInterest: 6.20%

financing comments

the Charterer, eastwind Maritime Inc., went bankrupt in 2008 and the Vessels are presently operating in the spot market.Four of the vessels have been sold since start-up.

established: october 2008Paid in capital: usD 10,000,000uncalled capital: usD 7 000 000Accumulated dividends: usD 0

estimated share value per 1%: n/Alast reported sale pr 1%: n/Aestimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

established: november 2006Paid in capital: usD 6 000 000uncalled capital: usD 0Accumulated dividends: usD 1 270 000

estimated share value per 1%: 0last reported sale pr 1%: october 2007 usD 49 000estimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

23 ProJeCts22 ProJeCts

AsIAn BulKers DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård

the vessels

Vessels name: svenner slettnes svinoytype: supramax Bulk Carrier supramax Bulk Carrier supramax Bulk CarrierDWt: 58 000 58 000 58 000yard: Dayang, China Dayang, China Dayang, ChinaBuilt /delivered: January 2010 July 2010 August 2010Class: BV BV BVFlag: Marshall Island Marshall Island Marshall Island

commercial details

Corporate management: rs Platou Finans AsDisponent owner: seabulk AsProject price: usD 123 000 000Paid in capital: usD 45 850 000

uncalled capital: usD 2 150 000Commencement of CP: trading in the Klaveness poolexpiry of CP: 3 months in advance

residUal valUe sensitivity on irr loW base high

residual value end CP: n/Aestimated Irr: n/A

cashfloW 2011 2012e

operating revenue 14 838 000 10 330 000operating expenses -5 609 839 -4 738 000net operating cashfl ow 9 228 161 5 592 000 Interest earned 0 0Interest expenses -1 243 591 -1 755 000Drawdown/ repayment long term debt -5 760 000 -5 760 000net fi nancial items -7 003 591 -7 515 000Purchase / sale of vessel 0 0net Projected Cashfl ow 2 224 570 -1 923 000estimated dividend 0 0

Project balance 01.07.2012

Cash balance 4 132 000Impicit vessel value 79 673 000short term receiveables 1 050 000total assets 83 805 000outstanding debt 71 280 000short term payables 25 000sellers credit 0total outstanding debt 71 305 000estimated project value 12 500 000

Mortgage: usD 86 100 000sellers Credit: usD 0Balloon: usD 63 000 000term: 5semi-annually instalments usD 1 440 000Interest: 100% fl oating

financing comments

Being initially an asset play project, we experienced a major drop in asset values . With such a reduction in values it was decided to take delivery and trade the Vessel in the spot market.All vessels are delivered and are trading in the Klaveness pool.Break even is about usD 12,000 pd.

AtlAntIC guArDIAn DIs key figUres (date of analysis: 01.07.2012) Project Broker: Morten Astrup, Corporate Manager: erik Kristian Andresen

the vessels

Vessel name: MV Atlantic guardiantype: Cable / Construction / seismic vesselgrt / nrt: 7,172 / 2,151speed: 13,5lDt: 17 495yard: Van der geissen-de noord, the netherlandsBuilt: 2001 / 2006Class: DnVFlag: norway

commercial details

Corporate management: rs Platou Finans AsDisponent owner: north sea shipping AsProject price: usD 42 880 000Paid in capital: usD 8 100 000uncalled capital: usD 7 000 000BB rate: usD per day year 1: 14 300 usD per day year 2-4: 16 000 usD per day current period: 16 000

Bareboat charter: 4 years + 3 month optionsBareboat charterer: north sea Invest AsCommencement of CP: March 2007expiry of CP: september 25th + 3 months

Mortgage: usD 32 000 000Balloon usD 20 750 000sellers Credit: usD 3 000 000term: 4 yearsquarterly instalments: usD 1 - 4: 500 000 usD 5 - 16: 750 000Interest: 100% of the loan Floatingsellers Credit 2.00%

financing commentsthe Charterer is paying hire on time.the project has been in compliance with the loan agreement and dividend has been paid as planned throughout the BB period. the initial charterparty ended in march 2011, and we have fi xed the Vessel on a shorter period.Base case scenario assumes a sale of the Vessel in June 2014.the Vessel is currently chartered until september 25th with another 3 month charter option.

established: January 2007Paid in capital: usD 8 100 000uncalled capital: usD 7 000 000Accumulated dividends: usD 4 100 000

estimated share value per 1%: usD 115 000 last reported sale pr 1%: n/Aestimated Irr Buyer: 17%estimated Irr seller: 13%

latent tax liability vessel pr. 1% usD 26 100latent tax liability debt pr. 1% usD 3 700

residUal valUe sensitivity on irr loW base high

residual value end CP: 20 000 000 25 000 000 30 000 000 estimated Irr: -3% 17% 35%

cashfloW 2011 2012e

operating revenue 4 188 000 5 618 000operating expenses -967 000 -100 000net operating cashfl ow 3 223 011 5 518 000 Interest earned 1 000 0Interest expenses -687 000 -512 000Drawdown/ repayment long term debt -3 000 000 -21 500 000Purchase / sale of vessel 0 30 000 000net fi nancial items -3 686 000 7 988 000net Projected Cashfl ow -462 989 13 506 000estimated dividend 500 000 9 911 000

Project balance 01.07.2012

Cash 1 220 000Implicit vessel value 30 385 000total assets 31 605 000outstanding debt 17 000 000short term payables 105 000sellers credit 3 000 000total outstanding debt 20 105 000estimated Project value 11 500 000

established: october 2007Paid in capital: usD 48 000 000uncalled capital: usD 0Accumulated dividends: usD 0

estimated share value per 1%: usD 125 000last reported sale per 1%: n/Aestimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax liability vessel pr. 1% 0latent tax liability debt pr. 1% 0

25 ProJeCts24 ProJeCts

BoVey oFFsHore ltD. key figUres (date of analysis: 01.07.2012) Project Broker: Morten Astrup, Corporate Manager: Benjamin ryeng-Hansen

the vessels

Vessel names: topaz glory/topaz legend topaz Jurong/topaz Johor lewek lion/lewek leopard lewek lynxtype: AHts AHts AHts AHtsBHP: 5 150 5 150 5 150 5 150speed: 13 knots 13 knots 13 knots 13 knotsyard: Funing shipyard, China Funing shipyard, China Jinlong shipyard, China Jinlong shipyard, ChinaBuilt: 2010 2010 2010/2011 May/Jun 2011Class: ABs ABs ABs ABsFlag: Marshall Islands Marshall Islands Marshall Islands Marshall Islands

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Adhart shipping Pte ltd and Juniper Marine services Pte ltdProject price: usD 85 300 000Paid in capital: usD 21 375 000uncalled capital: usD 0BB rate (average): usD 5 145 pd usD 5 145 pd usD 3 450 pd usD 3 450 pdBareboat charter: 7 years 7 years 5 years 5 yearsBareboat charterer: xt shipping ltd team III ltd eMAs offshore Pte ltd eMAs offshore Pte ltdCommencement of CP: 19.04.2010/29.03.2010 12.07.2010/19.08.2010 27.10.2010/24.01.2011 31.08.2011expiry of CP: 19.04.2017/29.03.2017 12.07.2017/19.08.2017 27.10.2015/24.01.2016 31.08.2016 residUal valUe sensitivity on irr loW base high

residual value end CP: 40 500 000 45 500 000 50 500 000 estimated Irr: 18% 20% 22%

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 10 360 000 12 066 000 12 045 000 12 045 000 11 783 400operating expenses -1 385 000 -347 000 -350 000 -354 000 -357 000net operating cashfl ow 8 975 000 11 719 000 11 695 000 11 691 000 11 426 400 Interest earned 1 000 - - - -Interest expenses -1 547 000 -1 893 000 -1 719 000 -1 542 000 -1 366 000Drawdown/ repayment long term debt -2 926 000 -5 109 000 -4 722 000 -4 721 000 -9 226 000net fi nancial items -4 472 000 -7 002 000 -6 441 000 -6 263 000 -10 592 000Purchase/sale of vessel 2 574 000 - - - 8750000net project cashfl ow 7 077 000 4 717 000 5 254 000 5 428 000 9 584 400estimated dividend 4 600 000 5 950 000 5 300 000 5 500 000 9 600 000

Project balance 01.07.2012

Cash 2 117 000Impicit vessel value 76 060 000total assets 78 177 000outstanding debt 49 877 000short term payables 100 000sellers credit - total outstanding debt 49 977 000estimated project value 28 200 000

Jinlong 4 vsl Funing 4 vslMortgage: usD 30 080 000 36 360 000Balloon: usD 18 016 000 20 424 000 term: 5 years 5 yearsquarterly instalments: usD 603 200 1-8: usD 900 000 9-20: usD 728 000Interest mortgage: Pre-del: libor + 1.40% libor + 1.50% Post-del: libor + 3.00% libor + 2.00%

financing commentsthe Charterer has purchase options from after delivery to year 5 for the Jinlong vessels.the Charterer has purchase options after year 7 for the Funing vessels.In addition to gross BB rate Jinlong vessels: 50/50 profi t split on daily hire above 7 000 to be settled on a quarterly basis.All hire is being paid promptly.the company sold the Vessel rogelio tide (formerly known as lewek labrador) on delivery in 2011.

established: August 2007 / May 2008Paid in capital: usD 21 375 000uncalled capital: usD 0Accumulated dividends: usD 8 050 000

estimated share value per 1%: usD 282 000 last reported sale per 1%: n/Aestimated Irr Buyer: 20%estimated Irr seller: 13%

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

Blue MountAIn tAnKers DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: eva lise Bjerke

the vessels

Vessel name: oceanic Indigo oceanic Crimson oceanic Coral oceanic Cerise oceanic Cyan oceanic Cobalttype: IMoII /III product tankers IMoII /III product tankers IMoII /III product tankers IMoII /III product tankers IMoII /III product tankers IMoII /III product tankersDWt: 11 000 13 000 13 000 13 000 13 000 13 000Capacity (cbm): 13 450 13 450 13 450 13 450 13 450yard: Penglai Bohai shipyard Co. ltd, China Jinse Co. ltd,. Korea Jinse Co. ltd,. Korea Jinse Co. ltd,. Korea Jinse Co. ltd,. Korea Jinse Co. ltd,. KoreaDelivery: April 2011 March 2008 April 08 May 2008 June 2008 July 2008Class: ABs ABs ABs ABs ABs ABsFlag: liberia liberia liberia liberia liberia

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Panoceanic Bulk Carriers uKProject price: usD 120 800 000Paid in capital: usD 25 100 000uncalled capital: usD 12 000 000

BB rate per day year usD 8 050Bareboat charter: 7 yearsBareboat charterer: A company guaranteed by Pan gulf groupCommencement of CP: March 2008 + 2 months interval per vesselexpiry of CP: year 2015

residUal valUe sensitivity on irr loW base high

residual value end CP: estimated Irr for buyer:

cashfloW 2011 2012e 2013e 2014eoperating revenue n/A n/A n/A n/Aoperating expenses n/A n/A n/A n/Anet operating cashfl ow n/A n/A n/A n/A Interest earned n/A n/A n/A n/AInterest expenses n/A n/A n/A n/ADrawdown/ repayment long term debt n/A n/A n/A n/Anet fi nancial items n/A n/A n/A n/Anet projected cash fl owestimated dividend n/A n/A n/A n/A

Project balance 01.07.2012

Cash balance n/AVessel n/Atotal assets n/Aoutstanding debt n/Atotal outstanding debt n/Aestimated Prjocet value n/A

established: February 2007Paid in capital: usD 36 375 000uncalled capital: usD 7 000 000Accumulated dividends: usD 0

estimated share value per 1%: n/Alast reported sale per 1%: n/Aestimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

27 ProJeCts26 ProJeCts

BuKIt tIMAH oFFsHore DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: Benjamin ryeng-Hansen

the vessels

Vessel name: swiber else-Marie swiber Anne-Christine swiber Mary-Anntype: AHts AHts AHtsBHP: 10 800 10 800 10 800speed: 14 knots 14 knots 14 knotsyard: China China ChinaBuilt: 2009 2009 2010Class: ABs ABs ABsFlag: Marshall Islands Marshall Islands Marshall Islands

commercial details

Corporate management: rs Platou Finans AsDisponent owner: scantank AsProject price: usD 125 269 250Paid in capital: usD 29 269 250uncalled capital: usD 0BB rate: usD 15 850 pd usD 15 850 pd usD 15 850Bareboat charter: 10 years 10 years 10 yearsBareboat charterer: newcruz offshore Marine Pte ltd guaranteed by swiber Holdings ltdCommencement of CP: 27.08.2009 06.01.2010 23.09.2010expiry of CP: 27.08.2019 06.01.2020 23.09.2020

residUal valUe sensitivity on irr loW base high

residual value end CP: 16 000 000 23 500 000 31 000 000 estimated Irr: 16% 17% 19%

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 17 356 000 17 403 000 17 356 000 17 356 000 17 356 000operating expenses -259 000 -262 000 -264 000 -267 000 -270 000net operating cashfl ow 17 097 000 17 141 000 17 092 000 17 089 000 17 086 000 Interest earned 9 000 - 70 000 70 000 70 000Interest expenses -7 115 000 -7 037 000 -6 410 000 -5 803 000 -5 182 000Drawdown/ repayment long term debt -7 200 000 -7 200 000 -7 200 000 -7 263 000 -7 700 000net fi nancial items -14 306 000 -14 237 000 -13 540 000 -12 996 000 -12 812 000net project cashfl ow 2 791 000 2 904 000 3 552 000 4 093 000 4 274 000estimated dividend 3 400 000 3 200 000 3 600 000 4 100 000 4 300 000

Project balance 01.07.2012

Cash 1 859 000Implicit vessel value 113 441 000total assets 115 300 000outstanding debt 79 800 000short term payables 1 000 000sellers credit 6 000 000total outstanding debt 86 800 000estimated project value 28 500 000

Mortgage: usD 96 000 000 sellers credit: usD 6 000 000 Balloon: usD 20 250 000 term: 10 yearsquarterly instalments: 1-20: usD 1 800 000 21-40: usD 1 987 500 Interest mortgage: Average of 8.3213% including 3.625% marginInterest sellers credit: 3.50%

financing comments

the Charterer has purchase options from after year 5 to year 10latest valuation of the vessels was usD 33-34 million meaning that we are within the minimum value clause.

CeMent sHIP II DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: thomas Ødegård

the vessels

Vessels name: MV queen Arrow type: Cement carrierrDWt: 10 300Capacity (cbm): 9 432yard: DaehanBuilt: 2005Class: Krs1 - KrM1 - uMAFlag: Panama

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Atlantica shipping AsProject price: usD 19 800 000Paid in capital: usD 5 575 000uncalled capital: usD 4 000 000Commencement of CP: December 2005

expiry of CP: December 2015BB rate per day: year 1 - 5: usD per day: 4 720 year 6 - 10: usD per day 4 969Bareboat charter: 10 yearsPurchase obligation after end of charter: usD 8 000 000Bareboat charterer: (a company nominated and guaranted by CtI group Inc) guaranteed by CtI group Incc

residUal valUe sensitivity on irr base case

residual value end CP: 8 000 000estimated Irr: 17%

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 1 814 000 1 819 000 1 814 000 1 814 000 1 663 000operating expenses -109 000 -127 000 -128 000 -129 000 -130 000net operating cashfl ow 1 705 000 1 692 000 1 686 000 1 685 000 1 533 000 Interest earned 3 000 0 0 0 0Interest expenses -119 000 -131 000 -188 000 -158 000 -127 000Drawdown/ repayment long term debt -760 000 -760 000 -760 000 -760 000 -3 513 000net fi nancial items -876 000 -891 000 -948 000 -918 000 -3 640 000net Projected Cashfl ow 829 000 801 000 738 000 767 000 -2 107 000estimated dividend 700 000 750 000 800 000 800 000 6 488 000 Project balance 01.07.2012 Cash balance 1 592 000Impicit vessel value 9 131 000total assets 10 723 000outstanding debt 5 313 000short term payables 10 000sellers creditt 0total outstanding debt 5 323 000estimeted project value 5 400 000

financing comments

Cement ship II DIs bought two vessels in 2005. one vessel has been sold back to the Charterer at a preagreed price and the second Vessel is running as planned. the Charterer is paying the BB hire on time and the project has been in compliance with the loan agreement and dividend has been paid as planned throughout the BB period. the Charterer has a purchase option running annually from end of this year. After end of CP in 2015, the Charterer has a purchase obligation.

Mortgage: usD 14 700 000Balloon: usD 2 753 000term: 7 yearsquarterly instalments: usD 190 000 Interest: 100% fl oating

established: May 2008Paid in capital: usD 29 269 250uncalled capital: usD 0Accumulated dividends: usD 14 000 000

estimated share value per 1%: usD 285 000last reported sale per 1%: n/Aestimated Irr Buyer: 17%estimated Irr seller: 11%

latent tax liability vessel pr. 1% usD 89 200latent tax liability debt pr. 1% usD 10 100

established: november 2005Paid in equity: usD 5 575 000uncalled capital: usD 3 000 000Accumulated dividends: usD 5 800 000

estimated share value per 1%: usD 54 000last reported sale pr 1%: usD 66 000estimated Irr Buyer: 17%estimated Irr seller: 18%

latent tax liability vessel pr. 1% usD 15 120latent tax liability debt pr. 1% usD 0

29 ProJeCts28 ProJeCts

DongguAn CHeMICAl tAnKers DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: Benjamin ryeng-Hansen

the vessels

Vessel name: toreach Pioneertype: Chemical tanker IMo IIDWt: 8 200speed: 12 knotsyard: Zhejiang Haifeng shipbuilding Co. ltd, ChinaBuilt: 2008Class: CCsFlag: Marshall Islands

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Atlantica shipping AsProject price: usD 15 324 000Paid in capital: usD 7 150 000uncalled capital: usD 3 500 000BB rate: usD 5 250 pd

Bareboat charter: 8 yearsBareboat charterer: toreach Marine Pte ltd guaranteed by Dongguan Fenghai ocean shipping Co ltdCommencement of CP: 15.10.2008expiry of CP: 15.10.2016

residUal valUe sensitivity on irr loW base high

residual value end CP: 7 500 000 9 100 000 12 500 000 estimated Irr: 10% 18% 29%

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 1 916 000 1 922 000 1 916 000 1 916 000 1 916 000operating expenses -98 000 -96 000 -97 000 -98 000 -100 000net operating cashfl ow 1 818 000 1 826 000 1 819 000 1 818 000 1 816 000 Interest earned - - 5 000 5 000 5 000Interest expenses -483 000 -370 000 -260 000 -222 000 -185 000Drawdown/ repayment long term debt -720 000 -1 595 000 -720 000 -720 000 -720 000net fi nancial items -1 203 000 -1 965 000 -975 000 -937 000 -900 000net project cashfl ow 615 000 -139 000 844 000 881 000 916 000estimated dividend 0 1 300 000 825 000 925 000 925 000

Project balance 01.07.2012

Cash 423 000Implicit vessel value 10 357 000total assets 10 780 000outstanding debt 5 605 000short term payables 75 000sellers credit 800 000total outstanding debt 6 480 000estimated project value 4 300 000

Mortgage: usD 9 000 000 sellers credit: usD 800 000 Balloon: usD 3 240 000 term: 8 yearsquarterly instalments: usD 180 000 Interest mortgage 20.11.2008-04.05.2012: 6.54% including 1.5% marginInterest mortgage 04.05.2012-04.11.2015: 5.16% including 1.5% marginInterest sellers credit: 0.00%

financing comments

the Charterer has purchase options from after year 3 to year 8.Put option at the end of the charter party.the Charterer is paying bb hire in a timely manner.

eDDA ACCoMMoDAtIon DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: eva lise Bjerke

the vessels

Vessel name: eDDA FIDestype: Mono-Hull offshore Accommodation Vessel, 600 beds, DP3Capacities: 7500 dwt, 1320 m2 deckspeed: 11-13 knotsyard: Hijos de J. Barreras s.A., spainDelivery: 3 March 2011Class: DnV + 1A1Flag: Maltese

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Østensjø rederi AsProject price: eur 130 895 000Paid in capital: eur 51 000 000uncalled capital: eur 0

time charter rate:time charter:time charterer:Commencement of CP:expiry of CP:

residUal valUe sensitivity on irr loW base high

residual value end CP: n/A n/A n/Aestimated Irr:

cashfloW 2012e 2013e 2014e

operating revenue n/A n/A n/Aoperating expenses n/A n/A n/Anet operating cashfl ow n/A n/A n/A Interest earned n/A n/A n/AInterest expenses n/A n/A n/ADrawdown/ repayment long term debt n/A n/A n/Anet fi nancial items n/A n/A n/Anet projected cash fl ow estimated dividend n/A n/A n/A

Project balance 01.07.2012

Cash balance n/AVessel n/Atotal assets n/Aoutstanding debt n/A

Mortgage: eur 81 500 000Balloon: eur 28 708 330term: 5-12 years (3 loans)semi-annually instalments eur 3 200 000Interest: euribor plus margin

financing comments

established: December 2007Paid in capital: usD 7 150 000uncalled capital: usD 3 500 000Accumulated dividends: usD 2 725 000

estimated share value per 1%: usD 43 000last reported sale per 1%: n/Aestimated Irr Buyer: 18%estimated Irr seller: 0%

latent tax liability vessel pr. 1% usD 3 000latent tax liability debt pr. 1% usD 1 500

established: May 2008Paid in capital: eur 51 000 000uncalled capital: eur 0Accumulated dividends: eur 0

estimated share value per 1% eur 510 000last reported sale per 1% n/Aestimated Irr Buyer: n/Aestimated Irr seller:

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

31 ProJeCts30 ProJeCts

euroPeAn Venture DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård

the vessels

Vessels name: gsP queen gsP Kingtype: PsV, 2 x 3978 BHP, FIFI1, DP2 PsV, 2 x 5440 BHP, FIFI1, DP2DWt: 1 800 2 000speed: 14 knots 14 knotsyard: Jaya yard, singapore Jaya yard, singaporeBuilt: 2006 2005Class: ABs ABsFlag: gibraltar gibraltar

commercial details

Corporate management: rs Platou Finans AsDisponent owner: north sea shipping AsProject price: usD 46 325 000Paid in capital: usD 9 965 000

uncalled capital: usD 5 000 000Commencement of CP: June 2006expiry of CP: June 2014

gsP queen gsP King

BB rate per day: year 1-5 usD 8 715 year 1-5 usD 9 330 year 6-8 usD 7 000 year 6-8 usD 8 000Bareboat charter: 8 yearsBareboat charterer: grup servicii grup servicii Petroliere s.A. Petroliere s.A residUal valUe sensitivity on irr base

residual value end CP: 29 500 000 estimated Irr: 20% cashfloW 2011 2012e 2013e 2014e

operating revenue 5 716 000 4 848 000 5 733 000 2 296 000operating expenses -155 000 -179 000 -181 000 -183 000net operating cashfl ow 5 561 000 4 669 000 5 552 000 2 113 000 Interest earned 0 0 0 0Interest expenses -969 000 -449 000 -431 000 -188 000Drawdown/ repayment long term debt -2 860 000 -2 860 000 -2 860 000 -14 910 000net fi nancial items -3 829 000 -3 309 000 -3 291 000 -15 098 000Purchase / sale of vessel 0 0 0 29 500 000net Projected Cashfl ow 1 732 000 1 360 000 2 261 000 16 515 000estimated dividend 1 450 000 1 550 000 1 800 000 16 984 000 Project balance 01.07.2012 Cash balance 851 000impicit vessel value 32 874 000total assets 33 725 000outstanding debt 19 200 000shor term payables 25 000sellers credit 0total outstanding debt 19 225 000estimated project value 14 500 000

Mortgage: usD 36 360 000Balloon: usD 13 480 000term: 8 yearssemi-annually instalments: usD 1-16: 1 430 000Interest: 100% fl oating

financing comments

In April 2012 the project was renegotiated with the Charterer and it was agreed to reduce the bareboat rate with 25% for a period of 1 year (from February 2011 to February 2012). the agreed reduction in the bareboat hire shall be repaid by the Charterer either by withold of distributions or increased bareboat hire for the remaining charter period. the bareboat Charterer has purchase option at end of period at usD 29.5 million enbloc. there is a 60/40 profi t split between the market value and the Charterer optional price.

established: April 2006Paid in capital usD 9 965 000uncalled capital: usD 5 000,000Accumulated dividends: usD 8 090 000

estimated share value per 1 %: usD 145 000last reported sale pr 1 %: usD 115 000estimated Irr Buyer : 20%estimated Irr seller : 17%

latent tax liability vessel pr. 1% usD 37 000latent tax liability debt pr. 1% usD 3 700

euroPeAn Venture III DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård

the vessels

Vessels name: gsP Vegatype: AHtsBollard pull: 120 tonspeed: 14.5 knotsyard: Bolsoenes, Molde, singaporeBuilt: 1983Class: DnVFlag: nIs

commercial details

Corporate management: rs Platou Finans AsDisponent owner: scantank AsProject price: usD 17 750 000Paid in capital: usD 5 720 000uncalled capital: usD 5 000 000Commencement of CP: August 08expiry of CP: August 12

BB rate per day: August 2008 - August 2010 usD 15 100 August 2010 - August 2011 usD 11 500 August 2011 - February 2012 usD 10 000 February 2012 - August 2013 usD 7 000Bareboat charter: 4 yearsBareboat charterer: grup servicii Petroliere s.A.

residUal valUe sensitivity on irr base case

residual value end CP: usD 6 000 000 estimated Irr: 23%

cashfloW 2011 2012e 2013e

operating revenue 3 746 000 2 655 000 1 617 000operating expenses -80 000 -90 000 -91 000net operating cashfl ow 3 666 000 2 565 000 1 526 000

Interest earned 0 0 0Interest expenses -293 000 -217 000 -122 000Drawdown/ repayment long term debt -1 225 000 -1 000 000 -3 000 000net fi nancial items -1 518 000 -1 217 000 -3 122 000Purchase / sale of vessel 0 0 6 000 000net Projected Cashfl ow 2 148 000 1 348 000 4 404 000estimated dividend 1 085 000 1 110 000 5 582 000

Project balance 01.07.2011

Cash balance 3 059 000Impicit vessel value 5 006 000total assets 8 065 000outstanding debt 3 500 000short term payables 15 000sellers creditt 0total outstanding debt 3 515 000estimated project value 4 550 000

Mortgage: usD 12 000 000Balloon: usD 2 250 000term: 5 yearsquarterly instalments: usD 1-4 825 000 usD 5-8 787 500 usD 9-12 325 000 usD 13-16 250 000Interest: 6.06% Fixed to 12.08.2012

financing comments

In April 2012 the project was renegotiated with the Charterer and it was agreed to reduce the bareboat rate from usD 10.000 pr. day to usD 7.000. It was also agreed to prolong the bareboat charter period with one year until the 31st of August 2013. It was also agreed to reduce the prolong obligation from usD 6,550,000 to usD 6,000,000.

established: July 2008Paid in equity: usD 5 720 000uncalled capital: usD 5 000 000Accumulated dividends: usD 5 885 000

estimated share value per 1%: usD 45 500last reported sale pr 1%: usD 53 000estimated Irr Buyer: 23%estimated Irr seller: 23%

latent tax liability vessel pr. 1% usD 100latent tax liability debt pr. 1% usD 0

33 ProJeCts32 ProJeCts

gloBAl CABle II DIs key figUres (date of analysis: 01.07.2012) Project Broker: Morten Astrup, Corporate Manager: erik Kristian Andresen

the vessels

Vessels name: Wave sentinel Cs sovereigntype: Cable Vessel Cable VesselMax nominal cable load: 2 600 1 700yard: Koninklijke scheldgroep BV., the netherlands Van de giessen de noord, the netherlandsBuilt / (rebuilt): 1995 / (1999) 1991Flag: uK uK

commercial details

Corporate management: rs Platou Finans AsDisponent owner: north sea shipping AsProject price: usD 45 300 000Paid in capital: usD 9 400 000

uncalled capital: usD 6 000 000Commencement of CP: January 07expiry of CP: January 14

Wave sentinel Cs sovereign

BB rate per day in total per vessel: usD 7 000 - 1.5% usD 11 750 - 1.5%Bareboat charter: 7 + 1 + 1 + 1 year 7 + 1 + 1 + 1 yearBareboat charterer: global Marine services ltd residUal valUe sensitivity on irr loW base high

residual value end CP: 20 000 000 24 000 000 24 000 000 estimated Irr: 0% 19% 19% cashfloW 2011 2012e 2013e 2014e

operating revenue 6 741 000 6 759 000 6 741 000 0operating expenses -182 000 -164 000 -165 000 -83 000net operating cashfl ow 6 559 000 6 595 000 6 576 000 -83 000

Interest earned 1 000 2 000 1 000 0Interest expenses -1 353 000 -1 133 000 -904 000 -190 000Drawdown/ repayment long term debt -3 700 000 -4 000 000 -4 000 000 -11 250 000Purchase / sale of vessels 24 000 000net fi nancial items -5 052 000 -5 131 000 -4 903 000 12 560 000net Projected Cashfl ow 1 507 000 1 464 000 1 673 000 12 477 000estimated dividend 750 000 2 900 000 1 700 000 13 200 000

Project balance 01.07.2012

Cash 755 000Implicit vessel value 28 207 000total assets 28 962 000outstanding debt 15 750 000short term payables 212 000sellers credit 1 500 000total outstanding debt 17 462 000estimated Project value 11 500 000

Mortgage: usD 31 500 000Balloon: usD 10 500 000sellers credit: usD 4 400 000term: 7 yearsquarterly instalments: usD 1 - 28: 750 000Interest: the interest rate is fi xed for the entire fi xed charter period 6. 67% (incl. margin)Interest on sellers credit 2.50%

financing commentsthe project is running very well. Values exceeds debt with good margin and hire is being paid on time.the cable layer market is improving and we see more interest in cable layer vessels.the Charterer is fi nancial stabile, with improved results compared to last year.

established: December 2006Paid in capital: usD 9 400 000uncalled capital: usD 6 000 000Accumulated dividends: usD 7 900 000

estimated share value per 1%: usD 115 000last reported sale pr 1% ; april 2010 usD 108 500estimated Irr Buyer: 19%estimated Irr seller: 17%

latent tax liability vessel pr. 1% usD 14 000latent tax liability debt pr. 1% usD 5 500

golDen KAMsAr DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: eva lise Bjerke

the vessels

Vessel name: golden eclipsetype: Kamsarmax bulk carrierDWt: 79 600yard: Jinhaiwan shipyard, PrCDelivery: April 2010Class: ABsFlag: Hong Kong

commercial details

Corporate management: rs Platou Finans AsDisponent owner: scantank AsProject price: usD 57 500 000Paid in capital: usD 22 494 000uncalled capital: usD 12 500 000Commencement of CP: April 2010

expiry of CP: April 2020BB rate per day year usD year 1-5 21,975 year 5-10 16,284Bareboat charter: 10 yearBareboat charterer: golden eclipse Inc.

residUal valUe sensitivity on irr loW base high

residual value end CP: 25 000 000 33 550 000 33 550 000 estimated Irr: 13.5% 16.1% 16.1%

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 8 020 875 8 042 850 8 020 875 8 020 875 6 558 000operating expenses -107 000 -110 000 -115 000 -117 000 -119 000net operating cashfl ow 7 913 875 7 932 850 7 905 875 7 903 875 6 439 000 Purchase of vessel Interest earned 13 000 20 000 20 000 20 000 12 000Interest expenses -2 242 000 -1 962 000 -1 612 000 -1 633 000 -1 864 000Paid in capital 0 1 200 000 0 0 0Drawdown/ repayment long term debt -3 500 000 -6 250 000 -3 000 000 -3 000 000 -3 000 000net fi nancial items -5 729 000 -6 992 000 -4 592 000 -4 613 000 -4 852 000net projected cash fl ow 2 184 875 940 850 3 313 875 3 290 875 1 587 000estimated dividend 0 0 -3 100 000 -8 800 000 -1 900 000

Project balance 01.07.2012

Cash 4 045 000Impicit vessel value 44 570 000total assets 48 615 000outstanding debt 26 000 000short term payables 365 000sellers credit 0total outstanding debt 26 365 000estimated project value 22 250 000

Mortgage: usD 36 000 000 Balloon: usD 21 500 000 term: 4,5 yearsquarterly instalments: usD year 1-2: 875,000 year 3-5: 750,000Interest: the interest rate is fi xed for the entire term of the loan (incl. margin) 6.55%

financing comments

As a result of a major drop in ship values, we have negotiated the purchase price down from usD 65,340,000 to usD 57,500,000 with the seller. the Charterer has purchase options from year 3 and onwards.usD 6,500,000 of uncalled capital has been paid in.

established: April 2008Paid in capital: usD 23 694 000uncalled capital: usD 11 300 000Accumulated dividends: usD 0

estimated share value per 1% usD 222 500last reported sale pr 1% May 2009 usD 171 500estimated Irr Buyer: 16%estimated Irr seller: -2%

latent tax liability vessel pr. 1% usD 4 200latent tax liability debt pr. 1% usD 3 000

35 ProJeCts34 ProJeCts

JIMBArAn DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: Benjamin ryeng-Hansen

the vessels

Vessels name: Mt Puspawatitype: Chemical tanker IMo IIDWt: 19 900speed: 14 knotsyard: shin Kurushima, JapanBuilt: 2008Class: nKFlag: singapore

commercial details

Corporate management: rs Platou Finans AsDisponent owner: -Project price: usD 53 240 000Paid in capital: usD 8 024 892uncalled capital: usD 0

BB rate: Bareboat charter: Commencement of CP: expiry of CP:

residUal valUe sensitivity on irr loW base high

residual value end CP: n/A n/A n/Aestimated Irr: n/A n/A n/A

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue n/A n/A n/A n/A n/Aoperating expenses n/A n/A n/A n/A n/Anet operating cashfl ow n/A n/A n/A n/A n/A Interest earned n/A n/A n/A n/A n/AInterest expenses n/A n/A n/A n/A n/ADrawdown/ repayment long term debt n/A n/A n/A n/A n/Anet fi nancial items n/A n/A n/A n/A n/Anet project cashfl ow n/A n/A n/A n/A n/Aestimated dividend n/A n/A n/A n/A n/A

Project balance 01.07.2012

Cash n/AImplicit vessel value n/Atotal assets n/Aoutstanding debt n/Ashort term payables n/Asellers credit n/Atotal outstanding debt n/Aestimated project value

Mortgage: usD 40 000 000 sellers credit: usD 5 275 000 Balloon: usD 11 200 000 term: 12 yearsquarterly instalments: usD 600 000 Interest mortgage: libor + 3.00% marginInterest sellers credit: 0.00%

financing comments

the Charterer is in fi nancial trouble, and has stopped paying the bareboat hire. As a result the owners are in a process of cancelling the bare boat charter.

established: september 2008Paid in capital: usD 8 024 892uncalled capital: usD 0Accumulated dividends: usD 7 550 000

estimated share value per 1%: n/Alast reported sale per 1%: n/Aestimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

InDustrIAl sHIPPIng DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: Øystein l. nilsen

the vessels

Vessel names: MV Forza / MV Volante MV sonoro / MV lontano / MV Distinto MV Brilliante MV risolutotype: MPP single-decker MPP single-decker MPP single-decker MPP single-deckerDWt: 4 117 4 110 / 4 135 / 4 160 5 557 4 145speed: 13 knots 13 knots 13.5 knots 11 knotsyard: severnav s.A, romania severnav s.A, romania Ferus smith B.V netherland Bodewes Volharding B.V netherlandBuilt: 2000 2000 1997 1997Class: gl gl gl glFlag: gibraltar gibraltar gibraltar gibraltar

commercial details

Corporate management: rs Platou Finans AsDisponent owner: rs Platou Asset Management AsProject price: eur 25 950 000Paid in capital : eur 5 750 000uncalled capital: eur 0

BB rate (fi xed not including profi t split): eur 1 175 Bareboat charter: 12 + 2 yearsBareboat charterer (guaranteed by): transAtlantic short sea Bulk ABCommencement of CP: 2012expiry of CP: 2024

residUal valUe sensitivity on irr loW base high

residual value end CP: 5 000 000 estimated Irr: 23%

cashfloW 2012e 2013e 2014e 2015e

operating revenue n/A n/A n/A n/Aoperating expenses n/A n/A n/A n/Anet operating cashfl ow n/A n/A n/A n/A Interest earned n/A n/A n/A n/AInterest expenses n/A n/A n/A n/ADrawdown/ repayment long term debt n/A n/A n/A n/Anet fi nancial items n/A n/A n/A n/Anet project cashfl ow n/A n/A n/A n/Aestimated dividend n/A n/A n/A n/A

Project balance 01.07.2012

Cash 300 000Impicit vessel value 25 150 000total assets 25 450 000outstanding debt 19 700 000short term payables 0sellers credit - total outstanding debt 19 700 000estimated project value 5 750 000

1st. 2nd.Mortgage: eur 17 700 000 2 000 000Balloon: eur 11 000 000 - term: 5 years 12 yearsquarterly instalments: eur 1 - 12: eur 325 000 1-20: eur 0 13 - 20: eur 350 000 21-36: eur 50 000 37-48: eur 100 000Interest mortgage: 6,50 % 7,00 %

financing comments

BB rate of 1 175 per day per vessel + profi t split element based on the Vessels actual earnings.the Charterer has purchase options throughout the BB period that will generate an estimated Irr p.a. in the range 20-30% p.a. depending on the profi t split earnings during the period.Industrial shipping DIs has an option throughout the BB period to sell any of the vessels in the market.BB period of 12 years + 2 years in owners option.

established: May 2012Paid in capital: eur 5 750 000uncalled capital: eur 0Accumulated dividends: eur 0

estimated share value per 1 %: eur 57 500 last reported sale per 1%: n/Aestimated Irr Buyer: 23%estimated Irr seller: n/A

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

37 ProJeCts36 ProJeCts

MArInelIne CHeMICAl DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård

the vessels

Vessels name: royal emerald royal Crystal 7 royal Aquatype: Chemical tankers IMo II Chemical tankers IMo II Chemical tankers IMo IIDwt 13100 Dwt 13100 Dwt 13100 Dwtspeed: 14 knots 14 knots 14 knotsyard: south Korea south Korea south KoreaBuilt: 2006 2007 2008Class: ABs ABs ABsFlag: Panama Panama Panama

commercial details

Corporate management: rs Platou Finans AsDisponent owner: scantank AsProject price: usD 79 850 000

Paid in capital: usD 18 350 000uncalled capital: usD 0

royal emerald royal Crystal 7 royal Aqua

Commencement of CP: March 2008 March 2008 August 2008expiry of CP: March 2014 March 2014 August 2014BB rate per day year usD 6 500 6 250 6 500Bareboat charter: 6 years 6 years 6 yearsBareboat charterer: Hanjin shipping Hanjin shipping Hanjin shipping residUal valUe sensitivity on irr loW base high

enbloc residual value end CP: n/A n/A n/A estimated Irr: n/A n/A n/A cashfloW 2011 2012e 2013e 2014e

operating revenue 7 026 000 7 026 000 7 026 000 1 948 000operating expenses -158 000 -200 000 -202 000 -209 000net operating cashfl ow 6 868 000 6 826 000 6 824 000 1 739 000 Interest earned 0 0 0 0Interest expenses -2 774 000 -2 611 000 -2 375 000 -806 000Drawdown/ repayment long term debt -4 221 000 -4 100 000 -4 100 000 -39 300 000net fi nancial items -6 995 000 -6 711 000 -6 475 000 -40 106 000Purchase / sale of vessel 0 0 0 37 650 000net Projected Cashfl ow -127 000 115 000 349 000 -717 000estimated dividend -360 000 0 0 0

Project balance 01.07.2012

Cash balance 287 000Impicit vessel value 45 263 000total assets 45 550 000outstanding debt 45 450 000short term payables 100 000sellers creditt 0total outstanding debt 45 550 000estimated project value 0

Mortgage A usD 20 250 000Mortgage B usD 20 250 000Mortgage C usD 21 000 000sellers Credit: usD 0Balloon: usD 37 800 000term: 8quarterly instalments usD 1 025 000Interest: 5.51%

financing comments

the original BB charter has been cancelled due to miss-performance by the Charterer, sekwang shipping in Korea.All three vessels have since then been fi xed on BB charter to Hanjin shipping at a reduced rate. the chemical tanker market is presently very low, with tC rates below usD 10,000 per day for these vessels. this has also reduced the ship values.the estimated share value depends very much on the residual value as there will be no dividends during the remaining bareboat period.

established: February 2008Paid in capital: usD 18 710 000uncalled capital: usD 0Accumulated dividends: usD 0

estimated share value per 1%: usD 0last reported sale pr 1%: n/Aestimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

MeD etHylene DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: eva lise Bjerke

the vessels

Vessels name: syn Mizar syn Miratype: ethylene / lPg carrier ethylene / lPg carrierDWt: 4 290 4 290Capacity (cbm): 3 982 3 982yard: Fincantieri FincantieriBuilt: 1989 1990Class: BV and rina (dual classed) BV and rina (dual classed)Flag: Maltese Maltese

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Pan oceanic Bulk Carriers uK ltd.Project price: usD 27 875 000Paid in capital: usD 6 275 000

syn Mizar syn Mira

Commencement of CP: september 2007 July 2007expiry of CP: september 2014 July 2014

residUal valUe sensitivity on irr loW base high

residual value end CP: 4 000 000 6 000 000 8 000 000 estimated Irr: 7% 20% 31%

cashfloW 2011 2012e 2013e 2014e

operating revenue 4 903 000 4 916 000 4 903 000 3 171 000operating expenses -163 000 -155 000 -144 000 -146 000net operating cashfl ow 4 740 000 4 761 000 4 759 000 3 025 000 sale of vessels 6 000 000Interest earned 0 0 4 000 3 000Interest expenses -631 000 -463 000 -343 000 -165 000Drawdown/ repayment long term debt -3 693 000 -2 443 000 -2 443 000 -2 558 000net fi nancial items -4 324 000 -2 906 000 -2 782 000 -2 720 000net projected cash fl ow 416 000 1 855 000 1 977 000 6 305 000estimated dividend -1 250 000 -1 920 000 -1 960 000 -6 890 000

Project balance 01.07.2012

Cash 578 000Impicit vessel value 12 567 000total assets 13 145 000outstanding debt 6 222 000short term payables 73 000sellers credit 0total outstanding debt 6 295 000estimated project value 6 850 000

uncalled capital: usD 4 500 000BB rate per day for both vessels: usD 13 500Bareboat charter: 7 yearsBareboat charterer: synergas srl

Mortgage: usD 21 600 000Balloon: usD 4 500 000term: 7quarterly instalments usD 1-28: usD 610,714Interest: As per 31/12/2009 85% of the loan is fi xed for the entire term of the loan (incl.margin) 6.40%Floating rate 3 mths. lIBor

financing comments

the ethylene market has been negatively effected by the general downturn in the world economy. However, despite an operating loss, the Charterer has been paying full bareboat hire on time during the entire bareboat period. In addition, both vessels have passed special survey at the Charterer’s cost. this has been estimated at about usD 2-3 million.Both vessels are performing various contracts around Italian waters.

established: May 2007Paid in capital: usD 6 275 000uncalled capital: usD 4 500 000Accumulated dividends: usD 2 960 000

estimated share value per 1%: usD 68 500 last reported sale pr 1% ; oct 2007 usD 67 000 estimated Irr Buyer: 20%estimated Irr seller: 10%

latent tax liability vessel pr 1% usD 300latent tax liability debt pr 1% usD 700

39 ProJeCts38 ProJeCts

Mount FABer Ks key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: erik Kristian Andresen

the vessels

Vessels name: lewek Heron lewek swan lewek stork lewek snipetype: AHts, 8000 BHP , FIFI1 AHts, 14,000 BHP, FIFI1 AHts, 14,000 BHP, FIFI1 AHts, 14,000 BHP, FIFI1DWt: 1 800 2 300 2 300 2 300speed: 14 knots 13 knots 13 knots 13 knotsyard: Cheoy lee shipyards ltd Pan-limited shipyard Pan-limited shipyard Pan-limited shipyardBuilt: 2005 2006 2006 2006Class: ABs + A1 lr + 100A1 lr + 100A1 lr + 100A1Flag: singapore singapore singapore singapore

commercial details

Corporate management: rs Platou Finans AsDisponent owner: navigation Finance CorpProcject price: usD 80 900 000

Paid in capital: usD 13 325 000uncalled capital: usD 0

lewek Heron lewek swan lewek stork lewek snipe

BB rate pr day: usD 4 880 usD 8 045 usD 8 160 usD 8 185Commencement of CP: February 2006 october 2005 February 2006 May 2006expiry of CP: February 2014 october 2013 February 2014 May 2014Bareboat charter: 8 yearsBareboat charterer: (a company nominated and guarenteed by ezra Holdings Pte ltd) emas offshore Pte ltd

residUal valUe sensitivity on irr base

residual value end CP: 35 300 000estimated Irr: 17% cashfloW 2011 2012e 2013e

operating revenue 10 676 000 10 705 000 9 402 000operating expenses -150 000 -172 000 -176 000net operating cashfl ow 10 526 000 10 533 000 9 226 000 Interest earned 0 2 200 2 300Interest expenses -3 164 000 -2 844 000 -2 480 000Drawdown/ repayment long term debt -5 200 000 -5 200 000 -14 450 000net fi nancial items -8 364 000 -8 041 800 -16 927 700Purchase of Vessel 9 600 000net project cashfl ow 2 162 000 2 491 200 1 898 300estimated dividend 2 100 000 2 500 000 2 750 000

Project balance 01.07.2012

Cash 1 807 000Implicit vessel value 46 875 000total assets 48 682 000outstanding debt 44 400 000short term payables 457 000sellers Credit 0total outstanding debt 44 857 000estimated project value 3 825 000

Mortgage: usD 73 000 000sellers Credit: usD 0Balloon: usD 34 000 000term: 8 yearsquarterly instalments: usD 1 300 000Interest usD 6.21%the interest rate is fi xed for the entire fi xed charter period (incl.margin).

financing comments

the Charterer has paid BB hire on time and the project has been in compliance with the loan agreement throughout the bb period. the Charterer has a purchase option at end of the fi xed charter period at usD 35.3 million. the Vessel’s present charterfree value is about usD 115 mil. enbloc.

established: April 2005Paid in capital: usD 13 325 000Accumulated dividends: usA 19 244 720uncalled capital: usD 0

estimated share value per 1%: usD 38 250last reported sale pr 1% ; Dec 2009 usD 75 000estimated Irr Buyer: 17%estimated Irr seller: 24%

latent tax liability vessel pr 1%: usD 35 492latent tax liability debt pr 1%: usD 15 275

nortHern suPPly DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård

the vessels

Vessels’ name: 2 x to be namedtype: stx PsV 09 Clean Design Platform supply VesselsDWt: 4 600speed: 14,5 knotsyard: Asl shipyard Pte. ltdBuilt: 2012 / 2013Class: DnVFlagg: n/A

commercial details

Corporate management: rs Platou Finans AsDisponent owner: scantank AsProject price (resale case): usD 88 000 000

Paid in capital: usD 20 800 000Working capital / stack up if delivered usD 2 480 000uncalled capital: usD 19 280 000

residUal valUe sensitivity on irr loW base high

residual value end CP: n/A n/A n/Aestimated Irr: n/A n/A n/A

cashfloW 2011 2012e

operating revenue n/A n/Aoperating expenses n/A n/Anet operating cashfl ow n/A n/A Interest earned n/A n/AInterest expenses n/A n/ADrawdown/ repayment long term debt n/A n/Anet fi nancial items n/A n/A

estimated dividend n/A n/A

Project balance 01.07.2012

Cash balance 1 800 000Impicit vessel value 20 500 000total assets 22 300 000outstanding debt 0short term payables 0sellers creditt 1 500 000total outstanding debt 1 500 000estimated project value 20 800 000

financing comments

this is an asset play project based on the assumption that both vessels will be sold prior to delivery. If sale is not concluded before delivery, northern supply DIs will take delivery and operate the vessels in the spot marked until favourable offer has been received.

established: July 2011Paid in capital: usD 20 800 000uncalled capital : usD 19 280 000Accumulated dividends: 0

estimated share value per 1 %: usD 208 000last reported sale per 1 %: usD 208 000estimated Irr Buyer : n/Aestimated Irr seller : n/A

latent tax liability vessel pr. 1% usD 0latent tax liability debt pr. 1% usD 0

41 ProJeCts40 ProJeCts

norWegIAn oFFsHore II DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård

the vessels

Vessels name: 2 x to be namedtype: AHts, Vs 4612 MK I, 2 x 12,240 BHP, DP I, FIFI IDWt: 2500speed: 16 knotsyard: Bharati shipyard ltd., IndiaBuilt: August 2011Class: DnV

commercial details

Corporate management: rs Platou Finans AsDisponent owner: supply service AsProject price: usD 70 734 000Paid in capital: usD 23 700 000

Working capital / stack up if delivered usD 1 500 000uncalled capital: usD 8 000 000Bareboat charter: n/ABareboat charterer: Asset play

residUal valUe sensitivity on irr base

residual value end CP: n/Aestimated Irr: n/A

cashfloW 2011 2012e 2013e

operating revenue n/A n/A n/Aoperating expenses n/A n/A n/Anet operating cashfl ow n/A n/A n/A Interest earned n/A n/A n/AInterest expenses n/A n/A n/ADrawdown/ repayment long term debt n/A n/A n/Anet fi nancial items n/A n/A n/Aestimated dividend n/A n/A n/A

Project balance 01.07.2012

Cash balance 250 000Impicit vessel value 32 121 000total assets 32 371 000outstanding debt 6 786 000short term payables 10 000sellers creditt 0total outstanding debt 6 796 000estimated project value 25 575 000

financing comments

the company is in an arbitration process with the yard.Mortgage: usD usD 6 786 000Balloon: usD usD 6 786 000term: to be repaid within July 2012Interest: 100% fl oating

norWegIAn ProDuCt DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson Corporate Manager: erik Kristian Andresen

the vessels

Vessels name: emily Pg lesley Pgtype: Product tanker, DH Product tanker, DHDWt: 6 249 6 249yard: Kværner govan shiopbuilders, uK Appledore shipbuilders, uKBuilt / (rebuilt): 1996 1998Flag: Isle of Man Isle of ManClass: lloyds register lloyds register

commercial details

Corporate management: rs Platou Finans AsDisponent owner: seabulk AsProject price: usD 32 865 000Paid in capital: usD 7 265 000uncalled capital: usD 6 500 000Commencement of CP: December 06

expiry of CP: December 14BB rate per day in total for all vessels (net): usD 13 100Bareboat charter: 8 yearsBareboat charterer: giles W. Pritchard-gordon tankers ltd.

residUal valUe sensitivity on irr loW base high

residual value end CP: 8 000 000 12 500 000 15 000 000estimated Irr for buyer: 3% 20% 28% cashfloW 2011 2012e 2013e 2014e

operating revenue 4 782 000 4 794 000 4 781 000 4 375 000operating expenses -149 000 -134 000 -134 000 -123 000net operating cashfl ow 4 633 000 4 660 000 4 647 000 4 252 000 Interest earned 0 0 0 0Interest expenses -824 000 -682 000 -551 000 -388 000Drawdown/ repayment long term debt -2 250 000 -2 250 000 -2 250 000 -4 150 000Purchase / sale of vessels 12 500 000net fi nancial items -3 074 000 -2 932 000 -2 801 000 7 962 000net Projected cashfl ow 1 559 000 1 728 000 1 846 000 12 214 000estimated dividend 0 3 000 000 1 000 000 13 633 000

Project balance 01.07.2012

Cash 685 000Implicit vessel value 19 190 000total assets 19 875 000outstanding debt 7 525 000short term payables 0total outstanding debt 7 525 000estimated Project value 12 350 000

Mortgage: usD 25 600 000Balloon: usD 7 600 000sellers credit: usD 0term: 8 yearssemi-annual instalments: usD 1 - 16: 1 125 000Interest: 90% of the loan 6.05% Fixed for the entire fi xed charter period (incl. margin.) 10% of the loan Floating

financing comments

the project is running very well. the Charterer is fi nancially strong, and hire is being paid on time.

established: november 2006Paid in capital: usD 10 115 000 uncalled capital: usD 6 500 000 Accumulated dividends: usD 1 560 000

estimated share value per 1%: usD 123 500last reported sale per 1% november 2008: usD 73 000estimated Irr Buyer: 20%estimated Irr seller: 8%

latent tax liability vessel pr. 1% usD 14 700latent tax liability debt pr. 1% usD 1 600

established: May 2007Paid in capital: usD 25 575 000uncalled capital: usD 8 000 000Accumulated dividends: 0

estimated share value per 1%: usD 255 750last reported sale per 1%: n/Aestimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

43 ProJeCts42 ProJeCts

norWegIAn sHIPPIng II DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: Asbjørn Wulfsberg

the vessel

expiry of Purchase Uncalled % of total Projects ownership: charterer: vessel type: charter: charter type: price: capital: portfolio:

ross Cape DIs solD 0.00% seyang shipping DIs Bulk carrier 2008 Bareboat charter usD 0 usD 0 0%south Pacifi c II Ks solD 0.00% Austral Asia line Container ship 2010 Bareboat charter usD 0 usD 0 0%Celine I oBo DIs solD 0.00% Makro sipping As oBo ship 2009 Bareboat charter usD 0 usD 0 0%Cement ship Inc solD 0.00% seyang shipping As Bulk carrier 2009 Bareboat charter usD 0 usD 0 0%global Cable Ks solD 0.00% global Marine systems ltd roro ship 2010 Bareboat charter usD 0 usD 0 0%Agder ocean reefer Ks solD 21.00% green reefer reefer ship 2010 Bareboat charter usD 0 usD 0 0%Cement ship II DIs 19.50% CtI group Inc Cement ship 2015 Bareboat charter usD 1 218 750 usD 683 000 100%total: 1 218 750 683 000 100%

commercial details

Corporate management: rs Platou Finans As

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 137 000 1 223 000 n/A n/A n/Aoperating expenses -28 000 -28 000 n/A n/A n/Anet operating cashfl ow 109 000 1 195 000 n/A n/A n/A Interest earned 0 0 n/A n/A n/AInterest expenses 0 0 n/A n/A n/ADrawdown/ repayment long term debt 0 0 n/A n/A n/Anet fi nancial items 0 0 n/A n/A n/APurchase of Vessel net project cashfl ow 109 000 1 195 000 n/A n/A n/Aestimated dividend 300 000 1 245 000 n/A n/A n/A

norwegian shipping II DIs is a company established for the purpose of owning shares in single purpose shipowning companies. the fund is a closed end fund with a 5 year investment period (2006-2011). norwegian shipping DIs is a low risk diversifi ed shipping portfolio with an expected Irr p.a. of 12 - 15 %.

financing comments

norwegian shipping II DIs is a company established for the purpose of owning shares in single purpose shipowning companies. the fund is a closed end fund with a 5 year investment period. norwegian shipping II DIs is planning to exit its fi nal investment within the next 6 months.

established: January 2006Paid in capital: usD 5 200 000uncalled capital: usD 683 000Accumulated dividends: usD 6 116 500

estimated share value per 1%: usD 10 000last reported sale per 1%: JAn 2010 usD 23 000estimated Irr Buyer: 14%estimated Irr seller: 3%

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

oCeAnlInK oFFsHore III DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: erik Kristian Andresen

the vessels

Vessel name: ramco Crusadertype: AHts, 13,040 BHPDWt: 2150-2500speed: 16yard: Dae Dong, KoreaBuilt: 1983

commercial details

Corporate management: rs Platou Finans AsProject price: usD 28 535 000Paid in capital: usD 5 200 000uncalled capital: usD 5 950 000BB rate nobleman net per day: year 1 usD 4 000 year 2 usD 4 500 year 3 uDD 5 000

Bareboat charter: 3 yearsVestland Marine sp. z o.o. 1. november 2010 / 31. october 2013

residUal valUe sensitivity on irr base

residual value end CP: 6 000 000estimated Irr for buyer: 20%

cashfloW 2011 2012e 2013e

operating revenue 3 747 000 1 927 000 1 802 000operating expenses -141 000 -46 000 -47 000net operating cashfl ow 3 606 000 1 881 000 1 755 000 Interest earned 1 000 0 0Interest expenses -354 000 -61 000 0Drawdown/ repayment long term debt -3 565 000 -285 000 0Purchase / sale of vessel 0 0 0net fi nancial items -3 918 000 -346 000 0net projected cashfl ow -312 000 1 535 000 1 755 000estimated dividend 0 1 500 000 1 823 000

Project balance 01.07.2012

Cash 67 000Implicit vessel value 2 133 000total assets 2 200 000outstanding debt 0short term payables 0Charteres credit 0total outstanding debt 0estimated Project value 2 200 000

financing comments

Mortgage: usD 20 500 000term: 5 yearsquarterly instalments: usD 1- 2: 750 000 usD 3 - 8: 1 348 750 usD 9 - 12: 625 000 usD 13 - 20: 500 000Balloon: usD 4 407 500Interest: 6.25%

ocean Viking (ex roman) was sold in July 2010. ramco Crusader (ex nobleman) is on a BB hire purchase contract which is paid through a BB up to 31 october 2013. the buyer has taken the Vessel on a contract with Petrobras, as per June 2011, and the purchase price increased by usD 400,000.

established: october 2006Paid in capital: usD 5 200 000uncalled capital: usD 5 950 000Accumulated dividends: usD 2 342 500

estimated share value per 1%: usD 22 000last reported sale per 1% june 2008: usD 45 750estimated Irr Buyer: 20%estimated Irr seller: -3.4%

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

45 ProJeCts44 ProJeCts

oCeAnlInK reeFer III DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: erik Kristian Andresen

the vessels

Vessels name: Condor Baytype: reefer vessel 527 401 Cubic Feetspeed: n/Ayard: shikoku Dock JapanBuilt: 1990Class: nippon Kaiji KyokaiFlag: singapore

commercial details

Corporate management: rs Platou Finans AsDisponent owner: oceanlink Management As Project price: usD 20 200 000Paid in capital: usD 5 200 000uncalled capital: usD 5 000 000

Commencement of CP: september 2008expiry of CP: December 2013BB rate: usD 5 000

residUal valUe sensitivity on irr loW base high

residual value end CP: 2 500 000 5 500 000 7 000 000estimated Irr for buyer: n/A n/A n/A

cashfloW 2011 2012e 2013e

operating revenue 1 825 000 1 830 000 1 825 000operating expenses -72 000 -73 000 -75 000net operating cashfl ow 1 753 000 1 757 000 1 750 000 Interest earned 0 500 500Interest expenses -516 000 -175 000 -135 000Drawdown/ repayment long term debt -1 600 000 -1 600 000 -5 500 000Purchase / sale of vessel 5 000 000net fi nancial items -2 116 000 -1 774 500 -634 500net projected cashfl ow -363 000 -17 500 1 115 500estimated dividend 0 0 0

Project balance 01.07.2012

Cash 74 000Implicit vessel value 6 234 300total assets 6 308 300outstanding debt 6 300 000short term payables 8 300sellers credit 0total outstanding debt 6 308 300estimated Project value 0

financing comments

the Charterer has been paying hire on time throughout the project period. the reefer market has been soft for a long time and the drop in the Vessel’s value has resulted in extraordinary downpayment of bank debt from excess cashfl ow.

Mortgage: usD 13 000 000Balloon: usD 0term: 8 yearsquarterly instalments: usD 1 - 30: 400 000Interest: the interest rate is fi xed for the entire fi xed charter period 5.475% (incl. margin)Interest on sellers credit 0.00%

established: september 2008Paid in capital: usD 5 200 000uncalled capital: usD 5 000 000Accumulated dividends: usD 0

estimated share value per 1%: usD 0last reported sale per 1%: n/Aestimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax benefi t vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

oCtAVIAn BulKer DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård

the vessels

Vessels name: MV skomvaertype: supramax Bulk CarrierDWt: 58 000yard: Dayang, ChinaDelivered: september 2010Class: BV1Flag: Marshall Island

commercial details

Corporate management: rs Platou Finans AsDisponent owner: scantank AsProject price: usD 36 000 000Paid in capital: usD 16 000 000uncalled capital: usD 0

Commencement of CP: september 2010expiry of CP: september 2015tC rate per day year : usD 15 500 tC charter: Hanjin shipping Co. ltd.

residUal valUe sensitivity on irr loW base high

residual value end CP: estimated Irr: cashfloW 2011 2012e 2013e 2014e

operating revenue 5 678 000 5 601 000 5 601 000 5 601 000operating expenses -1 759 000 -1 844 000 -1 890 000 -1 937 000Administration expenses -173 000 -179 000 -180 000 -182 000extraordinary costs 0 0 0 0net operating cashfl ow 3 746 000 3 578 000 3 531 000 3 482 000 Interest earned 0 0 0 0Interest expenses -784 000 -763 000 -671 000 -568 000Paid in capital 0 0 0 0Purchase of vessel 0 0 0 0Drawdown/ repayment long term debt -1 800 000 -1 800 000 -1 800 000 -1 800 000net fi nancial items -2 584 000 -2 563 000 -2 471 000 -2 368 000net Projected Cashfl ow 1 162 000 1 015 000 1 060 000 1 114 000estimated dividend - - - -

Project balance 01.07.2012

Cash 2 110 000Implicit vessel value 30 250 000total assets 32 360 000outstanding debt 18 850 000short term payables 10 000sellers credit 0total outstanding debt 18 860 000estimated project value 13 500 000

financing comments

Mortgage: usD 22 000 000Balloon: usD 13 000 000term: 5 yearsquarterly instalments usD 450 000 Interest: 70% of the loan fi xed for 3 years 3.97% 30% of the loan fl oating 3.57%

the Vessel is fi xed on a 5 year tC to Hanjin shipping in Korea. throughout the time charter period, the Vessel is fi xed on a fl oor rate of usD 15,500 per day and a ceiling rate of usD 18,500 per day. the daily running costs amounted to usD 4,700 per day in 2011 which is according to budget.After completion of year 3 of the tC, the owner has the option to sell the Vessel at any time and any circumstances and thereby cancel the tC.

established: september 2010Paid in capital: usD 16 000 000uncalled capital: usD 0Accumulated dividends: usD 500 000

estimated share value per 1%: usD 135 000 last reported sale per 1%: n/Aestimated Irr Buyer: n/Aestimated Irr seller: -3.5%

latent tax liability vessel pr 1%: usD 11 000latent tax liability debt pr 1%: usD 2 200

47 ProJeCts46 ProJeCts

orCHArD oFFsHore DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: Benjamin ryeng-Hansen

the vessels

Vessel name: swiber navigator swiber explorer swiber Ada swiber torunntype: AHt AHt AHts AHtsBHP: 4 000 4 000 5 000 5 000speed: 13.5 knots 13.5 knots 13.5 knots 13.5 knotsyard: Malaysia / China Malaysia / China Malaysia / China Malaysia / ChinaBuilt: 2008 2008 2008 2008Class: ABs ABs BV BVFlag: singapore singapore singapore singapore

commercial details

Corporate management: rs Platou Finans AsDisponent owner: scantank AsProject price: usD 43 800 000

Paid in capital: usD 7 800 000uncalled capital: usD 2 125 000

residUal valUe sensitivity on irr loW base high

residual value end CP: 20 000 000 23 500 000 26 000 000 estimated Irr: 8% 18% 22% cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 5 913 000 5 929 000 5 913 000 5 913 000 5 913 000operating expenses -220 000 -223 000 -225 000 -227 000 -229 000net operating cashfl ow 5 693 000 5 706 000 5 688 000 5 686 000 5 684 000 Interest earned - - 30 000 30 000 30 000Interest expenses -1 682 000 -1 593 000 -1 436 000 -1 304 000 -1 228 000Drawdown/ repayment long term debt -2 268 000 -2 268 000 -2 268 000 -2 268 000 -5 458 000net fi nancial items -3 950 000 -3 861 000 -3 674 000 -3 542 000 -6 656 000sale of vessel - - - - 4 250 000net project cashfl ow 1 743 000 1 845 000 2 014 000 2 144 000 3 278 000estimated dividend 1 800 000 1 950 000 2 050 000 2 150 000 2 600 000

Project balance 01.07.2012

Cash 862 000Implicit vessel value 35 910 000total assets 36 772 000outstanding debt 25 622 000short term payables 250 000sellers credit 2 000 000total outstanding debt 27 872 000estimated project value 8 900 000

swiber navigator swiber explorer swiber Ada swiber torunn

BB rate: usD 3 150 pd usD 3 150 pd usD 4 950 pd usD 4 950 pdBareboat charter: 8 years 8 years 8 years 8 yearsBareboat charterer: swiber offshore Marine Pte ltd guaranteed by swiber Holdings ltdCommencement of CP: January 2008 February 2008 october 2008 December 2008expiry of CP: January 2016 February 2016 october 2016 December 2016

financing comments

Mortgage: usD 34 000 000 sellers Credit: usD 2 000 000 Balloon: usD 15 856 000 term: 8 yearssemi-annually instalments usD 1 134 000 Interest mortgage: Average of 5.7424% including 1.00% marginInterest sellers credit: 3.50%

the Charterer has purchase options from after year 5 to year 10 for swiber navigator and swiber explorer.swiber navigator and swiber expolorer were valued at usD 7.5-8 million, and swiber Ada and swiber torunn at usD 13-13.5 million per september 2011.

established: March 2007Paid in capital: usD 7 800 000uncalled capital: usD 2 125 000Accumulated dividends: usD 6 850 000

estimated share value per 1%: usD 89 000last reported sale per 1%: n/Aestimated Irr Buyer: 17%estimated Irr seller: 18%

latent tax liability vessel pr. 1% usD 33 100latent tax liability debt pr. 1% usD 3 500

PAnDA CHeMICAl oIl DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård

the vessels

Vessel name: Panda Pgtype: oil / Chemical tankerDWt: 6 725Capacity (cbm): 7 436yard: sedef shipyard / IstanbulBuilt: 2004Class: Bueau VeritasFlag: Isle of Man

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Havinvest AsProject price: usD 19 545 000Paid in capital: usD 4 345 000uncalled capital: usD 1 500 000BB rate: year 1 - 3: usD per day: 7 800 year 4 - 5: usD per day: 7 600 year 6 - 8: usD per day: 1 000

Bareboat charter: 7 yearsBareboat charterer: giles W. Pritchard-gordon tankersltdCommencement of CP: october 2006expiry of CP: october 2013

residUal valUe sensitivity on irr loW base high

residual value end CP: 5 675 000estimated Irr for buyer: 0%

cashfloW 2011 2012e 2013e

operating revenue 2 189 000 365 000 277 000operating expenses -109 000 -99 000 -100 000net operating cashfl ow 2 080 000 266 000 177 000 Interest earned 0 0 0Interest expenses -706 000 -257 000 -272 000Drawdown/ repayment long term debt -2 740 000 0 -5 955 000Purchase / sale of vessel 0 0 5 675 000net fi nancial items -3 446 000 -257 000 -552 000net project cash fl ow -1 366 000 9 000 729 000estimated dividend 0 0 0

Project balance 01.07.2012

Cash 378 000Implicit vessel value 5 602 000total assets 5 980 000outstanding debt 5 955 000short-term payables 25 000sellers Credit 0total outstanding debt 5 980 000estimated project value 0

financing comments

Mortgage: usD 15 200 000sellers Credit: usD 0term: 7 yearssemi-annual instalments: usD 0Ballon payment: usD 5 955 000Interest: 100% fl oating

the Vessel is still trading between the islands in the Bermuda area with refi ned products.It is well kept and in good condition.there has been no signs of delay in payment of hire.All uncalled capital has been paid in.

established: July 2006Paid in capital: usD 5 845 000uncalled capital: usD 0Accumulated dividends: usD 1 565 000

estimated share value per 1%: usD 0last reported sale per 1% (october 2007): usD 48.500estimated Irr Buyer: 0%estimated Irr seller: -45%

latent tax liability vessel pr 1%: usD 8 900latent tax liability debt pr 1%: usD 2 400

49 ProJeCts48 ProJeCts

rAFFles oFFsHore DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: Benjamin ryeng-Hansen

the vessels

Vessels name: swiber Conquesttype: Pipelay bargeloA: 108 mPax: 280yard: Malaysia / ChinaDelivery: 2007Class: BVFlag: Panama

commercial details

Corporate management: rs Platou Finans AsDisponent owner: north sea shipping AsProject price: usD 45 945 000Paid in capital: usD 12 445 000uncalled capital: usD 4 500 000BB rate: usD 15 850 pd less 1.25%

Bareboat charter: 10 yearsBareboat charterer: swiber offshore Marine Pte ltd guaranteed by swiber Holdings ltdCommencement of CP: 26 september 2007expiry of CP: 26 september 2017

residUal valUe sensitivity on irr loW base high

residual value end CP: 17 500 000 27 500 000 35 000 000 estimated Irr for buyer: 10% 17% 23%

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 5 713 000 5 728 000 5 713 000 5 713 000 5 713 000operating expenses -140 000 -142 000 -143 000 -145 000 -146 000net operating cashfl ow 5 573 000 5 586 000 5 570 000 5 568 000 5 567 000 Interest earned - - 20 000 20 000 20 000Interest expenses -1 425 000 -1 314 000 -1 160 000 -1 048 000 -941 000Drawdown/ repayment long term debt -2 700 000 -2 700 000 -1 800 000 -1 800 000 -1 800 000net fi nancial items -4 125 000 -4 014 000 -2 940 000 -2 828 000 -2 721 000net project cashfl ow 1 448 000 1 572 000 2 630 000 2 740 000 2 846 000estimated dividend 1 475 000 2 050 000 2 700 000 2 750 000 2 925 000

Project balance 01.07.2012

Cash 842 000Implicit vessel value 37 083 000total assets 37 925 000outstanding debt 19 350 000short term payables 325 000sellers credit 2 000 000total outstanding debt 21 675 000estimated project value 16 250 000

financing comments

Mortgage: usD 31 500 000 sellers credit: usD 2 000 000 Balloon: usD 9 000 000 term: 10 yearssemi-annual instalments: usD 1 350 000/900 000 Interest mortgage: Average of 5.96% including 1.10% marginInterest sellers credit: 3.50%

the Charterer has purchase options from after year 5 to year 10.the Charterer is paying hire in a timely manner. the barge was valued to usD 51-55 million in April 2012.

established: March 2007Paid in capital: usD 12 445 000uncalled capital: usD 4 500 000Accumulated dividends: usD 6 425 000

estimated share value per 1%: usD 162 500 last reported sale per 1%: March 2012 usD 150 000 estimated Irr Buyer: 17%estimated Irr seller: 14%

latent tax liability vessel pr. 1% usD 47 000latent tax liability debt pr. 1% usD 2 500

rts PAnAMAx DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: erik Kristian Andresen

the vessels

Vessels name: rts Pioneertype: Panamax bulk carrierDWt: 71 319speed: 14 knotsyard: namura ZosenshoBuilt: 1996Class: lrFlag: uK

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Atlantica shipping AsProject price: usD 24 650 000Paid in capital: usD 4 650 000uncalled capital: usD 0Commencement of CP: January 06

expiry of CP: January 13BB rate per day: year 1: usD 15 100 year 2-6: usD 7 700Bareboat charter: 6 yearsBareboat charterer: rio tinto shipping ltd.

residUal valUe sensitivity on irr loW base high

residual value end CP: 10 000 000 15 000 000 17 500 000estimated Irr: n/A n/A n/A

cashfloW 2011 2012e 2013e

operating revenue 2 810 000 2 903 000 633 000operating expenses -98 000 -1 842 000 -928 000net operating cashfl ow 2 712 000 1 061 000 -295 000 Interest earned 0 0 1 000Interest expenses -733 000 -659 000 -149 000Drawdown/ repayment long term debt -1 200 000 -1 200 000 -11 300 000Purchase / sale of vessel 0 0 15 000 000net fi nancial items -1 933 000 -1 859 000 3 552 000net project cash fl ow 779 000 -798 000 3 257 000estimated dividend 450 000 0 3 255 000

Project balance 01.07.2012

Cash 379 000Implicit vessel value 11 547 000total assets 11 926 000outstanding debt 11 900 000short term payables 26 000total outstanding debt 11 926 000estimated Project value 0

financing comments

Mortgage: usD 20 000 000sellers Credit: usD 0Balloon: usD 11 000 000term: 6 yearssemi-annually instalments usD 1 - 4: 750 000 5 - 24: 300 000Interest: 6.535%Comment: 75% of the loan is fi xed at 6.535% including margin

the Charterer, rio tinto shipping redelivered the Vessel one year prior to end of the charter party. the Vessel is currently trading in the spot market.

established: April 2007Paid in capital: usD 4 650 000uncalled capital: usD 0Accumulated dividends: usD 3 050 000

estimated share value per 1%: usD 0last reported sale per 1% may 2009: usD 40 000estimated Irr Buyer: n/Aestimated Irr seller: -15%

latent tax liability vessel pr. 1% usD 1 200latent tax liability debt pr. 1% usD 1 600

51 ProJeCts50 ProJeCts

the vessels

Vessels name: MV luengotype: lr Product tankerDWt: speed: yard: new Century shipbuilding Co in ChinaBuilt: 2007Class: ABsFlag: the republic of liberia

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Jasmin shipping Company ltdProject price: usD 47 000 000Paid in capital: usD 17 737 500uncalled capital: usD 0Commencement of CP: July 2010

expiry of CP: July 2015BB rate per day: First year usD 16.500 less 2,50% Jul 2011 - nov 2011 usD 16.000 less 2,50% thereafter usD 22.000 less 2,50%Bareboat charter: 5 yearsBareboat charterer: sonangol shipping Angola (luanda) ltDA residUal valUe sensitivity on irr loW base high

residual value end CP: n/A estimated Irr for buyer: n/A

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 6 110 000 7 851 000 7 829 000 7 829 000 3 882 000operating expenses -61 000 -68 000 -69 000 -70 000 -72 000net operating cashfl ow 6 049 000 7 783 000 7 760 000 7 759 000 3 810 000 Interest earned 0 0 0 0 0Interest expenses -1 373 000 -1 326 000 -1 119 000 -935 000 -581 000Drawdown/ repayment long term debt -3 500 000 -4 700 000 -4 300 000 -3 500 000 -15 625 000net fi nancial items -4 873 000 -6 026 000 -5 419 000 -4 435 000 -16 206 000Paid in capital by the investors 0 0 0 0 0Purchase / sale of vessel 0 0 0 0 30 000 000net Projected Cashfl ow 1 176 000 1 757 000 2 341 000 3 324 000 17 604 000estimated dividend 0 0 0 0 0

Project balance 01.07.2011

Cash balance 685 000Impicit vessel value 42 615 000total assets 43 300 000outstanding debt 24 300 000short term payables 250 000sellers creditt 0total outstanding debt 24 550 000estimated project value 18 750 000

financing comments

Mortgage: usD 30 500 000Balloon: usD 13 000 000term: 5 yearssemi-annually instalments: usD 1-20: 875 000Interest: 100% of the loan 4,88% Fixed tto the hole bareboat period (incl. margin).

Hire is paid on time, and the values are in compliance with the loan agreement.

sArAgol tAnKers 1 DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Coporate Manager: thomas Ødegård

established: July 2010Paid in capital usD 17 737 500uncalled capital: usD 0Accumulated dividends: usD 768 000

estimated share value per 1%: usD 187 500last reported sale pr 1%: n/Aestimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax liability vessel pr. 1% usD 13 250latent tax liability debt pr. 1% usD 9 000

the vessels

Vessel name: Mt Mucuatype: Product & Crude oil tankerDWt: 114 000yard: new times shipbuilding Co. ltd., ChinaDelivery: october 2008Class: ABsFlag: Cyprus

commercial details

Corporate management: rs Platou Finans AsDisponent owner: n/AProject price: usD 54 312 500Paid in capital: usD 18 812 500uncalled capital: usD 2 000 000Commencement of CP: December 2010

expiry of CP: December 2015BB rate per day year usD year 1: 17,800 year 2-5: 17,500Bareboat charter: 5 yearBareboat charterer: sonangol shipping Angola (luanda) limitada

residUal valUe sensitivity on irr loW base high

residual value end CP: estimated Irr for buyer:

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 6 522 000 8 564 400 8 541 000 8 541 000 7 815 600operating expenses -72 000 -75 000 -77 000 -78 000 -80 000net operating cashfl ow 6 450 000 8 489 400 8 464 000 8 463 000 7 735 600 sale of vessel 36 900 000 Interest earned 0 0 2 000 2 000 2 000Interest expenses -1 319 000 -1 450 000 -1 449 000 -1 226 000 -1 003 000Paid in capital 0 0 0 0 0Drawdown/ repayment long term debt -4 000 000 -4 000 000 -4 000 000 -4 000 000 -19 500 000net fi nancial items -5 319 000 -5 450 000 -5 447 000 -5 224 000 -20 501 000net projected cash fl ow 1 131 000 3 039 400 3 017 000 3 239 000 24 134 600estimated dividend 0 -2 581 000 -2 373 000 -2 373 000 -27 708 000

Project balance 01.07.2011

Cash 1 732 000Impicit vessel value 49 646 000total assets 51 378 000outstanding debt 29 500 000short term payables 388 000sellers credit 0total outstanding debt 29 888 000estimated project value 18 026 000

financing comments

Mortgage: usD 35 500 000 Balloon: usD 15 500 000 term: 5 yearsquarterly instalments: usD 1 000 000 Interest: libor plus margin 3%

the project is running as planned.

sArAgol tAnKers 2 DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: eva lise Bjerke

established: november 2010Paid in capital: usD 18 812 500uncalled capital: usD 2 000 000Accumulated dividends: usD 786 500

estimated share value per 1% usD 180 260last reported sale pr 1% n/Aestimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax liability vessel pr. 1% usD 18 000latent tax liability debt pr. 1% usD 3 500

53 ProJeCts52 ProJeCts

sBs torrent Ks key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: erik Kristian Andresen

the vessels

Vessel name: sBs torrenttype: PsV, PsV, 2 x 2030 Bkw, Vs 470 MK IIDWt: 3 800speed: 14.5 knotsyard: Vyvorg yard, russiaBuilt: 2006Class: DnV - 1A1Flag: British

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Klaveness Marine Holding AsProject price: noK 145 175 000Paid in capital: noK 31 975 000uncalled capital: noK 10 000 000BB rate: noK 50.500 net p.d.Bareboat charter: 7.5 years

Bareboat charterer: sBs Marine ltdCommencement of CP: April 07expiry of CP: october 14

residUal valUe sensitivity on irr loW base high

residual value end CP: 90 000 000 104 000 000 120 000 000estimated Irr for buyer: 17% 33% 50%

cashfloW 2011 2012e 2013e 2014e

operating revenue 18 433 000 18 433 000 18 433 000 13 787 000operating expenses -578 000 -642 000 -649 000 -658 000net operating cashfl ow 17 855 000 17 791 000 17 784 000 13 129 000 Interest earned 58 000 27 000 28 000 0Interest expenses -4 660 000 -4 290 000 -3 896 000 -3 513 000Drawdown/ repayment long term debt -7 100 000 -7 100 000 -7 100 000 -67 050 000net fi nancial items -11 702 000 -11 363 000 -10 968 000 -70 563 000Purchase / sale of vessel 90 000 000net project cashfl ow 6 153 000 6 428 000 6 816 000 32 566 000estimated dividend 6 000 000 6 400 000 6 750 000 37 800 0000

Project balance 01.07.2012

Cash 5 012 000Implicit vessel value 109 259 000total assets 114 271 000outstanding debt 77 700 000short term payables 1 071 000total outstanding debt 78 771 000estimated Project value 35 500 000

financing comments

Mortgage: noK 113 200 000 Balloon: noK 59 950 000 term: 7.5 years semi-annually instalments noK 1-15: 3 550 000 Interest: 5.31% the interest rate is fi xed for the entire fi xed charter period

the Charterer has paid hire on time and the project has been in compliance with the loan agreement throughout the period. the Charterer has a purchase option starting from end of year 3 until the end of the fi xed charter period. there is a 65/35 profi t split between the market value and the optional price. the Vessel’s present charterfree value is about noK 150 mil.the base case scenario assume the purchase option being declared.

established: December 2005Paid in capital: noK 24 619 000uncalled capital: noK 10 000 000Accumulated dividends: noK 27 150 000

estimated share value per 1%: noK 355 000 last reported sale per 1%: May 2009 noK 290 000estimated Irr Buyer: 17%estimated Irr seller: 14%

latent tax liability vessel pr. 1% noK 305 900latent tax liability debt pr. 1% n/A

sBs tyPHoon Ks key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: erik Kristian Andresen

the vessels

Vessel name: sBs typhoontype: PsV, PsV, 2 x 2030 Bkw, Vs 470 MK II, FIFI1, DP1DWt: 3 570speed: 14 knotsyard: Aker Aukra yard, norwayBuilt: 2006Class: DnV - 1A1Flag: nIs

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Klaveness Marine Holding AsProject price: noK 166 245 000Paid in capital: noK 36 650 000uncalled capital: noK 25 000 000BB rate: year 1-3: noK per day: 60 000 net p.d. year 4 - 5.5: noK per day: 55 000 net p.d. year 5.5 - 7.5: noK per day: 53 000 net p.d.

Bareboat charter: 7.5 yearsBareboat charterer: sBs Marine ltdCommencement of CP: november 2006expiry of CP: May 2014

residUal valUe sensitivity on irr loW base high

residual value end CP 97 000 000 109 000 000 120 000 000estimated Irr for buyer: 1% 17% 30%

cashfloW 2011 2012e 2013e 2014e

operating revenue 19 566 000 19 451 000 19 345 000 7 341 000operating expenses -572 000 -636 000 -642 000 -324 000net operating cashfl ow 18 994 000 18 815 000 18 703 000 7 017 000 Interest earned 34 000 27 000 27 000 0Interest expenses -4 983 000 -4 567 000 -4 149 000 -1 879 000Drawdown/ repayment long term debt -8 200 000 -8 200 000 -8 200 000 -73 000 000net fi nancial items -13 149 000 -12 740 000 -12 322 000 -74 879 000Purchase / sale of vessel 109 000 000net project cashfl ow 5 845 000 6 075 000 6 381 000 41 138 000estimated dividend 5 850 000 6 000 000 6 400 000 41 000 000

Project balance 01.07.2012

Cash 522 000Implicit vessel value 123 857 000total assets 124 379 000outstanding debt 85 300 000short term payables 579 000total outstanding debt 85 879 000estimated Project value 38 500 000

Mortgage: noK 130 400 000 Balloon: noK 68 900 000 term: 7.5 years semi-annually instalments noK 1-15: 4 100 000 Interest: 90% of the loan 5.32% Fixed to April 2014 (incl. Margin) 10% of the loan Floating

financing comments

the Charterer has paid hire on time and the project has been in compliance with the loan agreement throughout the period. the Charterer has a purchase option starting from end of year 3 until the end of the fi xed charter period. there is a 65/35 profi t split between the market value and the optional price. the Vessel’s present charterfree value is about noK 150 mil. the base case scenario assume the purchase option being declared with no profi tsplit included.

established: January 2006Paid in capital: noK 21 607 948uncalled capital: noK 25 000 000Accumulated dividends: noK 38 450 00

estimated share value per 1%: noK 385 000 last reported sale per 1%: May 2009 noK 415 000estimated Irr Buyer: 17%estimated Irr seller: 17%

latent tax liability vessel pr. 1% noK 346 800latent tax liability debt pr. 1% n/A

55 ProJeCts54 ProJeCts

seMInyAK DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: Benjamin ryeng-Hansen

the vessels

Vessel name: Mt sira Mt simoatype: Chemical tanker Chemical tankerDWt: 19 998 40 354speed: 15.1 knots 13.5 knotsyard: Japan KoreaBuilt: 2008 2004Class: nippon Kaiji Kyokai DnVFlag: Marshall Islands Marshall Islands

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Klaveness Marine Holding AsProject price: usD 105 750 000

Paid in capital: usD 18 618 000uncalled capital: usD 14 000 000BB rate:Bareboat charter:Bareboat charterer:Commencement of CP:expiry of CP: residUal valUe sensitivity on irr loW base high

residual value end CP: estimated Irr: cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue n/A n/A n/A n/A n/Aoperating expenses n/A n/A n/A n/A n/Anet operating cashfl ow n/A n/A n/A n/A n/A Interest earned n/A n/A n/A n/A n/AInterest expenses n/A n/A n/A n/A n/ADrawdown/ repayment long term debt n/A n/A n/A n/A n/Anet fi nancial items n/A n/A n/A n/A n/Anet project cashfl ow n/A n/A n/A n/A n/Aestimated dividend n/A n/A n/A n/A n/A

Project balance 01.07.2012

Cash n/AImplicit vessel value n/Atotal assets n/Aoutstanding debt n/Ashort term payables n/Asellers credit n/Atotal outstanding debt n/Aestimated project value n/A

financing comments

Mortgage: usD 73 500 000sellers Credit: usD 16 920 000Balloon: usD 14 000 000term: usD 12 yearsquarterly instalments usD 1 239 583Interest mortgage: libor + 2.00% marginInterest sellers credit: 0.00%

Due to no payment of BB hire so far in 2012, the charter parties have been terminated and the company has taken redelivery of the Vessel in April.the vessels are currently trading in the navig8 pool.

established: september 2008Paid in capital: usD 18 618 000uncalled capital: usD 14 000 000Accumulated dividends: usD 0

estimated share value per 1%: n/Alast reported sale per 1%: n/Aestimated Irr Buyer: n/Aestimated Irr seller: n/A

latent tax liability vessel pr. 1% n/Alatent tax liability debt pr. 1% n/A

sentosA oFFsHore DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson Corporate Manager: Benjamin ryeng-Hansen

the vessels

Vessel name: swiber gallant swiber Valiant swiber sandefjord swiber oslotype: AHt AHt AHts AHtsBHP: 5 000 5 000 5 000 5 000speed: 12 knots 12 knots 13.5 knots 13.5 knotsyard: Malaysia / China Malaysia / China Malaysia / China Malaysia / ChinaBuilt: 2007 2007 2009 2009Class: gl gl BV BVFlag: singapore singapore singapore singapore

commercial details

Corporate management: rs Platou Finans AsDisponent owner: scantank AsProject price: usD 46 350 000

Paid in capital: usD 8 300 000uncalled capital: usD 0Bareboat charterer: swiber offshore Marine Pte ltd guaranteed by swiber Holdings ltd

residUal valUe sensitivity on irr loW base high

residual value end CP: 22 000 000 26 000 000 30 000 000 estimated Irr: 11% 17% 22% cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 6 351 000 6 368 000 6 351 000 6 351 000 6 329 000operating expenses -202 000 -215 000 -218 000 -220 000 -222 000net operating cashfl ow 6 149 000 6 153 000 6 133 000 6 131 000 6 107 000 Interest earned 2 000 - 20 000 20 000 20 000Interest expenses -1 877 000 -1 685 000 -1 515 000 -1 344 000 -1 178 000Drawdown/ repayment long term debt -2 825 000 -2 825 000 -2 825 000 -2 825 000 -7 825 000net fi nancial items -4 700 000 -4 510 000 -4 320 000 -4 149 000 -8 983 000sale of vessel - - - - 10 000 000net project cashfl ow 1 449 000 1 643 000 1 813 000 1 982 000 7 124 000estimated dividend 1 700 000 1 675 000 1 825 000 2 000 000 7 125 000

Project balance 01.07.2012

Cash 371 000Implicit vessel value 39 223 000total assets 39 594 000outstanding debt 26 194 000short term payables 100 000sellers credit 2 000 000total outstanding debt 28 294 000estimated project value 11 300 000

financing comments

the Charterer has purchase options from after year 5 to year 8 for swiber gallant and swiber Valiant. swiber gallant and swiber Valiant were valued at usD 8-8.5 million, and swiber sandefjord and swiber oslo at usD 12.5-13 million per november 2011.All four vessels are currently in India.

Mortgage: usD 36 000 000 sellers credit: usD 2 000 000 Balloon: usD 13 400 000 term: 8 yearsquarterly instalments: usD 706 250 Interest mortgage: Average of 5.85% including 1.25% marginInterest sellers credit: 3.50%

swiber gallant swiber Valiant swiber sandefjord swiber oslo

BB rate: usD 3 650 pd usD 3 650 pd usD 5 050 pd usD 5 050 pdBareboat charter: 8 years 8 years 8 years 8 yearsCommencement of CP: December 2007 December 2007 August 2009 november 2009expiry of CP: December 2015 December 2015 August 2017 november 2017

established: July 2007Paid in capital: usD 8 300 000uncalled capital: usD 0Accumulated dividends: usD 4 640 000

estimated share value per 1%: usD 113 000 last reported sale per 1%: n/Aestimated Irr Buyer: 17%estimated Irr seller: 16%

latent tax liability vessel pr. 1% usD 40 0800latent tax liability debt pr. 1% usD 3 300

57 ProJeCts56 ProJeCts

sIngAPore oFFsHore DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: erik Kristian Andresen

the vessels

Vessel name: lewek trogan lewek Petrel lewek Penguin lewek Plover lewek Keatype: AHts, 18,000 BHP, Fifi 1, DP2 AHts, 12,000 BHP, Fifi 1, DP2 AHts, 12,000 BHP, Fifi 1, DP2 AHts, 12,000 BHP, Fifi 1, DP2 AHt, 8,000 BHPDWt: 2800 2200 2200 2200 n/Atotal bollard pull (tonnes): 200 130 130 130 100Delivery MAy 2008 June 2008 June 2007 november 2008 February 2008yard: Pan-united, singapore Pan-united, singapore Pan-united, singapore Pan-united, singapore Cheoy lee, ChinaClass: American Bureau of shipping American Bureau of shipping American Bureau of shipping American Bureau of shipping lloyd’s register of shipping

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Klaveness Marine Holding AsProject price: usD 129 100 000Paid in capital: usD 7 850 000uncalled capital: usD 0

BB rate: 37 490 net p.d.Bareboat charter: 8 yearsBareboat charterer: emas offshore Pte. ltd.Commencement of CP: June 2007expiry of CP: December 2016

residUal valUe sensitivity on irr base

residual value end CP: 69 650 000estimated Irr for buyer: 16%

cashfloW 2011 2012e 2013e

operating revenue 13 680 000 13 680 000 13 680 000operating expenses -245 000 -271 000 -274 000net operating cashfl ow 13 435 000 13 409 000 13 406 000 Interest earned 1 000 0 4 000Interest expenses -5 074 000 -4 747 000 -4 402 000Drawdown/ repayment long term debt -6 606 000 -6 606 000 -6 606 000net fi nancial items -11 679 000 -11 353 000 -11 004 000Purchase of Vessel net project cashfl ow 1 756 000 2 056 000 2 402 000estimated dividend 1 970 000 1 106 000 2 475 000

Project balance 01.07.2012

Cash 2 188 000Implicit vessel value 101 825 000total assets 104 013 000outstanding debt 74 400 000short-term payables 613 000sellers Credit 20 000 000total outstanding debt 95 013 000estimated project value 9 000 000

Mortgage: usD 100 000 000sellers credit: usD 20 000 000term: 8 yearsquarterly instalments: usD 1: 330 000 usD 2: 495 000Interest: 90% of the morgage is fi xed at 6,598% usD 3: 991 000 usD 4-31 1 651 000 usD 32: 31 600 000 usD 33: 10 600 000 usD 34: 10 300 000

financing comments

the Charterer has paid hire on time and the project has been in compliance with the loan agreement throughout the period. All the shares have been sold to northern shipping Fund primo 2011.the Charterer has a purchase option at end of the fi xed charter period at about usD 70 million. In case the option is not declared, the sellers credit of usD 20 mil will be deleted. the net exposure is therefore only usD 50 million.the vessels present charterfree value is about usD 130 mil. enbloc.

established: August 2006Paid in capital: usD 7 850 000uncalled capital: usD 0Accumulated dividends: usD 5 079 000

estimated share value per 1%: usD 90 000last reported sale per 1%: April 2011 usD 97.500estimated Irr Buyer: 16%estimated Irr seller: 15%

latent tax liability vessel pr 1%: usD 25 200latent tax liability debt pr 1%: usD 0

sIngAPore suPPly DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: thomas Ødegård

the vessels

Vessels’ name: 1 x to be namedtype: stx PsV 09 Clean Design Platform supply VesselDWt: 4 600speed: 14,5 knotsyard: Asl shipyard Pte. ltdBuilt: 2013Class: DnVFlagg: n/A

commercial details

Corporate management: rs Platou Finans AsDisponent owner: scantank AsProject price (resale case): usD 43 240 000

Paid in capital: usD 10 240 000Working capital / stack up if delivered usD 1 200 000uncalled capital: usD 8 580 000

residUal valUe sensitivity on irr loW base high

residual value end CP: n/A n/A n/Aestimated Irr: n/A n/A n/A

cashfloW 2011 2012e

operating revenue n/A n/Aoperating expenses n/A n/Anet operating cashfl ow n/A n/A Interest earned n/A n/AInterest expenses n/A n/ADrawdown/ repayment long term debt n/A n/Anet fi nancial items n/A n/A

estimated dividend n/A n/A

Project balance 01.07.2012

Cash balance 900 000Impicit vessel value 10 840 000total assets 11 740 000outstanding debt 0short term payables 0sellers creditt 1 500 000total outstanding debt 1 500 000estimated project value 10 240 000

financing comments

this is an asset play project based on the assumption that the Vessel will be sold prior to delivery. If sale is not concluded before delivery, singapore supply DIs will take delivery and operate the Vessel in the spot marked until an favourable offer has been received.

established: March 2012Paid in capital: usD 10 240 000uncalled capital : usD 8 580 000Accumulated dividends: 0

estimated share value per 1 %: usD 102 400last reported sale per 1 %: n/Aestimated Irr Buyer : n/Aestimated Irr seller : n/A

latent tax liability vessel pr. 1% usD 0latent tax liability debt pr. 1% usD 0

59 ProJeCts58 ProJeCts

soutHern CHeMICAl DIs key figUres (date of analysis: 01.07.2012) Project Broker: Chris W. svensson, Corporate Manager: eva lise Bjerke

the vessels

Vessels name: Alicudi M lipari M gelso Mtype: Chemical tankers 40,083 Dwt 3,400 Dwt 18,000 Dwtspeed: 15 knots 15 knots n/Ayard: Korea Italy turkeyBuilt: 2004 2002 2008Class: registro Ialiano navale registro Ialiano navale registro Ialiano navaleFlag: Italian Italian Italian

commercial details

Corporate management: rs Platou Finans AsDisponent owner: Bergshav Management AsProject price: eur 88 200 000

Paid in capital: eur 10 350 000uncalled capital: eur 10 000 000Bareboat charterer: Augusta Due srl

Alicudi M lipari M gelso M

Commencement of CP: october 2007 october 2007 June 2008 expiry of CP: october 2017 october 2017 June 2018 BB rate per day: eur 9 750 eur 4 950 eur 7 800 Bareboat charter: 10 years 10 years 10 years residUal valUe sensitivity on irr loW base high

residual value end CP: 53 300 000 estimated Irr for buyer: 21% cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 8 577 500 8 476 700 7 882 900 7 847 500 7 847 500operating expenses -219 000 -200 000 -205 000 -210 000 -215 000net operating cashfl ow 8 358 500 8 276 700 7 677 900 7 637 500 7 632 500Paid in capital 6 000 000 Interest earned 0 0 1 000 1 000 1 000Interest expenses -3 253 000 -3 219 000 -2 887 000 -2 600 000 -2 336 000Drawdown/ repayment long term debt -11 100 000 -5 270 000 -4 840 000 -3 870 000 -3 870 000net fi nancial items -8 353 000 -8 489 000 -7 726 000 -6 469 000 -6 205 000net projected cash fl ow 5 500 -212 300 -48 100 1 168 500 1 427 500estimated dividend 0 0 0 0 1

Project balance 01.07.2011

Cash 733 000Impicit vessel value 58 222 000total assets 58 955 000outstanding debt 42 405 000short term payables 400 000sellers credit 8 650 000total outstanding debt 51 455 000estimated project value 7 500 000

financing comments

Mortgage: eur 69 200 000sellers Credit: eur 8 650 000Balloon: eur 30 500 000term: eur 10quarterly instalments eur Alicudi M / tranche 1 415 000 eur lipari M / tranche 2 207 500 eur gelso M / tranche 3 345 000Interest: tranche 1-2 fi xed for the entire term of the loan (incl. margin) 5,5125% eur 44 400 000 tranche 3 fi xed for the entire term of the loan (incl. margin) 5,5300% eur 24 800 000

established: July 2007Paid in capital: eur 16 350 000uncalled capital: eur 5 000 000Accumulated dividends: eur 540 000

estimated share value per 1%: eur 75 000last reported sale per 1%: Jan.08 eur 110 500estimated Irr Buyer: 21%estimated Irr seller: -22%

latent tax liability vessel pr 1%: eur 38 400latent tax liability debt pr. 1%: eur 4 700

Mt gelso grounded March 2012. the insurance case is expected to be settled during the summer 2012. the Vessel will probably be declared total loss or constructive total loss. the Vessel is however included in the above fi gures.

ullsWAter suBseA DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: Benjamin ryeng-Hansen

the vessels

Vessel name: soV ullswatertype: Dive support vessel, 2 x 2030kw, DP2DWt: 2 500speed: 12 knotsyard: Pan united shipyard, singaporeBuilt 2009Class: ABsFlag: singapore

commercial details

Corporate management: rs Platou Finans AsDisponent owner: nFC ullswater subsea llCProject price: usD 48 820 000Paid in capital: usD 12 820 000uncalled capital: usD 5 000 000

BB rate: usD 17 055 pd less 2%Bareboat charter: 10 yearsBareboat charterer: HM2 Pte ltd guaranteed by Hallin Marine subsea International PlCCommencement of CP: 05.02.2009expiry of CP: 05.02.2019 residUal valUe sensitivity on irr loW base high

residual value end CP: 23 000 000 28 000 000 33 000 000 estimated Irr: 14% 17% 20%

cashfloW 2011 2012e 2013e 2014e 2015e

operating revenue 6 111 000 6 107 000 6 101 000 6 101 000 6 101 000operating expenses -122 000 -124 000 -126 000 -128 000 -129 000net operating cashfl ow 5 989 000 5 983 000 5 975 000 5 973 000 5 972 000 Interest earned - - 10 000 10 000 10 000Interest expenses -2 262 000 -2 051 000 -1 769 000 -1 608 000 -1 450 000Drawdown/ repayment long term debt -2 350 000 -2 350 000 -2 350 000 -2 350 000 -2 350 000net fi nancial items -4 612 000 -4 401 000 -4 109 000 -3 948 000 -3 790 000net project cashfl ow 1 377 000 1 582 000 1 866 000 2 025 000 2 182 000estimated dividend 1 250 000 1 400 000 1 975 000 2 050 000 2 235 000

Project balance 01.07.2012

Cash 1 129 000Implicit vessel value 40 616 000total assets 41 745 000outstanding debt 27 775 000short term payables 70 000sellers credit total outstanding debt 27 845 000estimated project value 13 900 000

financing comments

the Charterer has purchase options from after year 5 to year 10.the Charterer is paying hire in a timely manner.the ullswater was valued to usD 51-53 million as at november 2011.

Mortgage: usD 36 000 000 Balloon: usD 12 500 000 term: 10 yearsquarterly instalments: usD 587 500 Interest mortgage: 6.805% including 1.30% margin

established: May 2007Paid in capital: usD 12 820 000 uncalled capital: usD 5 000 000Accumulated dividends: usD 5 788 400

estimated share value per 1%: usD 139 000 last reported sale per 1%: usD 100 000 estimated Irr Buyer: 17%estimated Irr seller: 10%

latent tax liability vessel pr. 1% usD 21 800latent tax liability debt pr. 1% usD 14 800

61 ProJeCts60 ProJeCts

VestlAnD MArIne PsV DIs key figUres (date of analysis: 01.07.2012) Project Broker: Axel M. Aas, Corporate Manager: Benjamin ryeng-Hansen

the vessels

Vessel name: ramco queentype: PsVDWt: 2 777speed: 12 knotsyard: Drammen, norwayBuilt: 1982Class: DnVFlag: Bahamas

commercial details

Corporate management: rs Platou Finans AsDisponent owner: -Project price: usD 1 600 000Paid in capital: usD 1 600 000uncalled capital: usD 0

BB rate: usD 1 000 pd fi rst 6 mths or until vessel is employed. thereafter usD 2 000 pd + profi t split.Bareboat charter: 3 yearsBareboat charterer: grand ocean shipping ltd guaranteed by Vestland Marine sp. z.o.o.Commencement of CP: 24.01.2012expiry of CP: 24.01.2015 residUal valUe sensitivity on irr loW base high

residual value end CP: 1 estimated Irr: 14%

cashfloW 2012e 2013e 2014e 2015e

operating revenue 504 000 730 000 730 000 46 000operating expenses -123 000 -23 000 -24 000 -12 000net operating cashfl ow 381 000 707 000 706 000 34 000 Purchase of vessel -1 500 000 - - -net project cashfl ow -1 119 000 707 000 706 000 34 000estimated dividend 475 000 705 000 705 000 43 000* cash fl ow based on low case with no profi t split.

Project balance 01.07.2012

Cash 8 000Implicit vessel value total assets outstanding debt short term payables sellers credit total outstanding debt estimated project value 1 460 000

financing comments

Financial lease.the Charterer has a purchase obligation at the end of the charter period to usD 1.

100% equity.

established: January 2012Paid in capital: usD 1 600 000 uncalled capital: usD 0Accumulated dividends: usD 140 000

estimated share value per 1%: usD 14 600 last reported sale per 1%: n/A estimated Irr Buyer: 14%estimated Irr seller: 15%

latent tax liability vessel pr. 1% usD 40 900latent tax liability debt pr. 1% usD 0

62 ProJeCts

Project Portfolio

vessels and charters

Project no of vessels segment built charterer type charter end of charter

Bukit timah offshore DIs 3 AHts-offshore 2009/10 swiber Holdings ltd Bareboat 2019/20Cement ship II DIs 1 Dry bulk 1973/2005 CtI group Inc Bareboat 2015Dongguan Chemical tankers DIs 1 Chemical 2008 Dongguan Fenghai ocean shipping Co Bareboat 2016european Venture DIs 2 AHts-offshore 2005/06 group servicii Petroliere Bareboat 2014european Venture III DIs 1 AHts-offshore 1983 group servicii Petroliere Bareboat 2013global Cable II DIs 2 Cable layer 1991/95(99) global Marine services ltd Bareboat 2014 + optionsgolden Kamsar DIs 1 Dry bulk 2010 golden ocean group ltd Bareboat 2020Industrial shipping DIs 7 MPP-Dry bulk 1997-2000 transAtlantic shotr sea Bulk AB Bareboat 2024Marineline Chemical DIs 3 Chemical 2006/07/08 Hanjin shipping Co ltd Bareboat 2014Med ethylene DIs 2 ethylene/lPg 1989/90 synergas srl Bareboat 2014norwegian Product DIs 2 Product tankers 1996/98 Pritchard-gordon tankers ltd Bareboat 2014oceanlink offshore III DIs 1 AHts-offshore 1983 Vestland Marine Bareboat 2013oceanlink reefer III DIs 1 reefer 1990 oceanlink ltd Bareboat 2013orchard offshore DIs 4 AHts-offshore 2007/08 swiber Holdings ltd Bareboat 2015/16Panda Chemical oil DIs 1 Chemical 2004 Pritchard-gordon tankers ltd Bareboat 2013raffl es offshore DIs 1 Pipelayer (barge) 2007 swiber Holdings ltd Bareboat 2017sBs torrent Ks 1 PsV-offshore 2006 sBs Marine ltd Bareboat 2014sBs typhoon Ks 1 PsV-offshore 2006 sBs Marine ltd Bareboat 2014southern Chemical DIs 2 Chemical 2002/04 Augusta Due srl Bareboat 2017total 36

PlAtou sHIPInVest I DIs Asset Manager: trond Hamre, Corporate Manager: thomas Ødegård

established: october 2007

Product 6%

Reefer 1%

Cable layers 13%

Dry Bulk 21%Chemical 25%

Offshore 34%

SegMeNt diveRSiFiCAtioN

Project Portfolio, cont.

Project shares and diversifi cation Project currency share in project invested per 1% invested share in portfolio sold

Agder ocean reefer Ks usD 20.0% 81 685 1 633 690 3.3% Apr. 12Agder ocean reefer II As usD 41.0% 69 195 2 837 000 5.7% Dec. 10Bergshav Chemical Ks eur 7.0% 89 105 623 735 1.6% Jan. 12Bukit timah offshore DIs usD 15.0% 292 700 4 390 500 8.8% Celine I oBo DIs usD 6.0% 15 000 90 000 0.2% Feb. 08Cement ship II DIs usD 7.0% 66 000 462 000 0.9% Chem Cosmos DIs usD 20.0% 116 339 2 326 789 4.7% Mar. 10Chem lily DIs usD 35.5% 133 816 4 750 475 9.5% oct. 09Dongguan Chemical tankers DIs usD 5.0% 71 500 357 500 0.7% european Venture DIs usD 8.0% 120 000 960 000 1.9% european Venture II DIs usD 2.0% 40 150 80 300 0.2% Jun. 10european Venture III DIs usD 18.0% 57 200 1 029 600 2.1% global Cable Ks usD 5.5% 35 000 192 500 0.4% Jul. 10global Cable II DIs usD 14.0% 103 786 1 453 000 2.9% golden Kamsar DIs usD 20.0% 219 000 4 380 000 8.8% Industrial shipping DIs eur 10.0% 57 500 575 000 1.2% Marineline Chemical DIs usD 10.0% 187 100 1 871 000 3.8% Med ethylene DIs usD 1.0% 67 000 67 000 0.1% Multipurpose Bulkers DIs eur 11.0% 68 227 750 500 2.0% May. 12nFC Panamax DIs usD 10.5% 51 000 535 500 1.1% May. 08norwegian Product DIs usD 15.5% 108 500 1 681 750 3.4% oceanlink offshore DIs usD 2.5% 26 500 66 250 0.1% sep. 10oceanlink offshore II DIs usD 4.5% 24 400 109 800 0.2% sep. 10oceanlink offshore III DIs usD 10.0% 48 450 484 500 1.0% oceanlink reefer III DIs usD 6.0% 52 000 312 000 0.6% orchard offshore DIs usD 7.0% 90 000 630 000 1.3% Panda Chemical oil DIs usD 32.5% 63 500 2 063 750 4.1% Pantheon Chemical DIs eur 20.0% 36 775 735 500 1.9% Mar. 10raffl es offshore DIs usD 15.0% 140 000 2 100 000 4.2% ross Chemical II DIs usD 4.0 % 298000 1 192 000 2.4% Dec. 09ross Chemical IV DIs usD 20.0% 130 000 2 600 000 5.2% Dec. 10sBs tempest Ks noK 10.0% 370 000 3 700 000 1.2% Jun. 11sBs torrent Ks noK 8.5% 386 000 3 281 000 1.1% sBs typhoon Ks noK 20.0% 425 000 8 500 000 2.8% scandinavian Bulkers Ks eur 6.0% 63 250 379 500 1.0% Jan. 10short sea Bulkers DIs eur 20.0% 55 500 1 110 000 2.9% May. 12southern Chemical DIs eur 12.5% 166 660 2 083 250 5.4% Western Chemical Ks eur 3.0% 106 000 318 000 0.8% Dec. 11total (Usd equivalent) 49 785 201 100 %

charter dUPration

Southern Chemical DIS

SBS Typhoon KS

SBS Torrent KS

Raffles Offshore DIS

Panda Chemical Oil DIS

Orchard Offshore DIS

Oceanlink Reefer III DIS

Oceanlink Offshore III DIS

Norwegian Product DIS

Med Ethylene DIS

Marineline Chemical DIS

Industrial Shipping DIS

Golden Kamsar DIS

Global Cable II DIS

European Venture III DIS

European Venture DIS

Dongguan Chem.Tankers DIS

Cement Ship II DIS

Bukit Timah Offshore DIS

Platou Shipinvest horizon

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

65 ProJeCts64 ProJeCts

reAl estAte 2012

ProJeCts Per yeAr Project name no. of Units facilitated segment acqUisition valUe eqUity

Projects established 2011

st.olavsgate 26 As 1 apr-11 Hotel noK 250.000.000 noK 75.000.000Handelsbygg Holding 4 aug-11 retail noK 83.000.000 noK 20.000.000Marché portfolio 13 aug-11 retail noK 95.000.000 noK 24.000.000Bredmyra eiendom Invest 1 sep-11 logistics noK 125.000.000 noK 33.000.000ensjøåsen Invest As 1 okt-11 office noK 175.000.000 noK 44.000.000solbråveien Invest As 2 nov-11 office noK 177.000.000 noK 44.000.000Hvam eiendomsinvest Ks 1 des-11 office noK 173.500.000 noK 43.000.000

Project execUted 2012

lovisenberggata 4f As 1 jan-12 residential noK 100.000.000 noK 10.000.000

ProloguedeAR iNveStoRS ANd BuSiNeSS ASSoCiAteS,

Last year RS Platou Real Estate forecast a 2011 transaction volume of NOK 50 billion. However, due to the European debt crisis, and asso­ciated general funding difficulties, the 2011 transaction volume ended at NOK 35 billion. Even though the Norwegian bank sector has been less affected than its peers in Europe, margins have increased and the number of property transactions has declined in relation to previous expectations.

RS Platou Real Estate AS completed seven projects in 2011, with a total asset value of approx. NOK 1,1 billion and paid­in equity of just below NOK 300 million. Long and well­maintained relations with se­lected Norwegian banks secured good financing conditions for all proj­ects, with margins mounting to 175 bps for the average project

During the autumn of 2011 RS Platou Real Estate initiated dialogue with the real estate fund management company Realkapital regarding a potential acquisition of the company. This acquisition was targeted to strengthen the asset management competence within Platou. The share

purchase agreement was signed at the end of the year and Realkapital, now rebranded asRSPlatouFundManagement, joined forceswithRSPlatouRealEstateinQ12012.PlatouFundManagementconsistsof eight professionals with strong structuring and fund management skills. The company manages properties in central Europe with a gross value of NOK 1,5 billion and paid in equity of NOK 1 billion.

During 2012 we have experienced an appetite for operational projects in general, and residential projects in specific. Even though 2012 had an optimistic start with many large transactions, the general market is now characterized by lack of good projects – consequently we focus on working proactively, sourcing off­market deals to our clients in an at­tempt to deliver a best possible risk adjusted return.

Hopefully we will present several interesting investment cases for our clients and investors embracing a wider and diversified investor structure.

Stian Nicolaus Managing Partner

Lars KristiansenSenior Partner

Hans Martin Haug Senior Partner

tom Bøhler CEO Platou

Property Management

Roar BerntzenAccountant

Morten Kampli CEO & Partner Platou

Fund Management

thomas MørchInvestment Manager

Marcus Kruus Investment Manager

Roald Albrigtsen CFO

erich SolbergInvestment Manager

Mayta LuterbacherAdministrative Assistant

RS Platou Real estate group

RS Platou Real estate AS

Project Finance

RS Platou Property Management

Asset Management

RS Platou Fund Management

Fund Management

Pål Sandal Partner

Cecilie SørensenMarketing Coordinator

69 reAl estAte68 reAl estAte

As such, the partnership of Realkapital Partners and RS Platou Real Estate enables international investors an effi cient invest­ment gateway into the Nordic real estate market, via Luxem­bourg.

Th e team at Realkapital Partners values the takeover by RS Pla­tou Real Estate and sees great opportunities ahead. Th e com­panies have complementary skills that enable a solid platform for growing an asset management base, and off ering investors a broader product range in the years to come.

2011 – A gAMe oF tWo HALveS iN tHe euRoPeAN ReAL eStAte MARKetTh e beginning of the year saw a continuation of the sober, steady but largely positive developments that were emerging in 2010. Th epresidingairofcautionledtoastrongpreferencefor“lowrisk”assets-typicallyCBDandlongleaseswithstrongtenants.While many market players expected appetite for more second­ary properties and locations gradually would come back into favour, the opposite development seem to be the case. Non­core assets are hardly possible to transact in the current market environment. Indeed there are considerable funds raised for “opportunisticinvestments”thatarereadytoinvest.However,as the gap between what these opportunistic are willing to pay and the levels existing owners are willing to accept is wide, the market for secondary properties have diminished even further. Th e case seems to be valid between most markets, including liq­uid property markets such as for instance Paris, Hamburg and Warsaw.

Values and rents increased into the fi rst half of the year, while transaction volumes maintained slight growth. Financing was still obtainable for core assets across the fi rst six months of 2011, and also to a certain degree in the second half. Non­core prop­erties on the other hand, have become less and less fi nanceable in parallel with the unrolling of the European debt crisis, where European banks have been hit severely. At the same time, there have been raised considerable amounts into various fund struc­tures intending to invest into debt, including property debt. Th ere have been examples of banks selling of debt at a discount in the past year, but still there has not been a massive sell off , which many of these funds have been positioned for.

Th roughout the year Northern­Europe found itself among the preferred markets, while Southern­Europe and CEE were generally out of favour. Th e debt crisis impacted hard across all markets aft er the summer period. Transaction volumes plum­meted as investor sentiment worsened and banks were left reel­ing by the debt crisis. In the second half of 2011 only selected deals have been done, and only invariably backed by bank fi ­

ACQuiSitioN oF ReALKAPitAL PARtNeRS – NoW BRANded AS RS PLAtou FuNd MANAgeMeNtRealkapital Partners, now brandedRS Platou FundManage-ment, is a private equity fund management company that was foundedin2006.Th ebusinesshasastronginternationalteamof eight professionals with extensive experience and a proven track record from the real estate market. Together they have also gained considerable experience in structuring and manag­ing funds.

Since inception, Realkapital Partners has launched four oppor­tunistic real estate funds, totalling NOK 1,5 billion, of which NOK 1 billion is paid­in­equity. Two of the funds have invested in opportunistic assets in France, Germany, Slovakia, Poland and Sweden. Despite challenging markets for opportunistic property in Europe, the portfolios have upheld values relative to comparable portfolios by adding value through active asset management. Th is strategy has covered green fi eld development projects, repositioning, asset play, refurbishment, lett ing, exits and market timing. Th e two other funds were launched to exploit the illiquid market of non­listed property companies resulting i.a. from the fi nancial crisis. Th ese two Nordic Recovery Funds have, since 2009, been very active in the Nordic secondary mar­ket for real estate funds and companies. Th rough established analysis­models and unique insight, the funds have created considerable value for their investors, so far about 30 % and 20 %respectivelysinceinception(2009and2010).

RealkapitalPartnershasofficesinOslo(whichhasbeenmergedwithRSPlatouRealEstate) and inLuxembourg.Th eLuxem-bourg platform is regulated by the FSA, enabling regulated in­vestment structures. Th is platform is established as the prime platform for international real estate investments in Europe.

NoRWegiAN MARKet 2011In 2011 Platou Real Estate concluded seven projects with an investment value of NOK 1,1 billion – making us the third larg­est player in the market. Of the seven projects, two are retail portfolios, two are logistics/production properties, one is a ho­tel located in the centre of Oslo, one is an offi ce building located in the oil/gas cluster outside Oslo and the remaining one is a development project initiated together with Scandinavian De­velopment, one of the leading housing development companies in Norway.

In spite of the challenging market conditions, RS Platou Real Estate has also sold two projects during 2011, both delivering solid returns to the shareholders, with an internal rate of return (“IRR”)ofrespectively38%and68%.

Like we reported last year, the equity market is dominated by professional investors. In all projects facilitated by Platou Real Estate since Q2 2011, investors are known professionals. However, we have registered that high­net­worth individuals (throughprivatebankingsystems),hasan increasingappetitefor real estate investments in general.

Due to the fi nancing diffi culties, we did not see an upturn in the market for restructuring, especially for the larger entities, funds and/or other real estate vehicles for 2011 – consequently 2012 could be a year fueled by large corporate transactions. Platou Real Estate will continue to procure projects similar to those concluded in 2011, with an additional eff ort directed towards institutional investors through the Platou FundManagementinitiative.

rs PlAtou reAl estAte

2011 trAnsACtIon MArKet WIDely AFFeCteD By tHe euroPeAn DeBt CrIsIs

nancing. For the fi rst time, Paris surpassed London in 2011 as the largest European property market, in terms of transaction volume. CEE­countries on the other hand, become less favour­able among investors, Poland being the market upholding high­est activity, but also here a more cautious approach.

Still, prime rents, especially for central and good quality offi ces and retail assets, seem to have remained resilient in the face of the economic slowdown. Regional markets, with the possible exception of high quality retail, have been treated far less favour­ably. Total take­up was positive territory in 2011, partly as a re­sult of a diminishing supply side. Completion of new­building is currently at a 10­year record low. Th is trend is expected to continue, as developers are hesitant, due to a combination of uncertain demand and fi nancing diffi culties.

Amid the great uncertainty that has characterized the fi nal six months of 2011, numerous transactions have been made, and of­ten by cash­only buyers. Realkapital Partners sold two fully let, completed retail development projects in regional France in Q4, illustrating that there is still a market for the right properties.

Going forward we expect market developments to correlate with the continued European debt crisis, especially in terms of how banks approach fi nancing opportunities. Large debt ma­turities in 2012 will ensure activity, as it is unlikely that all loans will be traditionally refi nanced. We forecast a continued, and even stronger, fl ight to quality and an increased focus on the macrostory.Wealsobelievelocalmarketswillbe(even)moreexposed and vulnerable to political and social shocks, due to the length and magnitude of the crisis. Within Europe we therefore expect the more stable countries in the Nordic region to be an att ractive proposition for many international investors.

transaction market volUme - norWay (billion nok)

source: rs Platou

0

20

40

60

80

12E111009080706050403

Professional

Retail

71 reAl estAte70 reAl estAte

tHe sCAnDInAVIAn reAl estAte MArKet

The Scandinavian economies have shown strong development during recent years. The region seems to be somewhat less affected by the on­going sovereign debt crisis, mainly due to strong domestic growth and strong macroeconomic fundamentals. Norway is benefitting from its oil fueled economy, Sweden having a large competitive export sector while Denmark is to a larger extent affected by the Euro­area turmoil and experiencing the effects by the residential real estate bubble burst­ing after the financial crisis in 2008­09. In addition low sovereign debts, transparent economies, stable banking systems and consumers with healthy finances makes way for an uncommon combination of stability and growth potentials.

The Scandinavian real estate market was healthy throughout 2011. Both the Norwegian and Swedish saw increasing rents, steady invest­ment activity and a healthy balance between supply and demand. As for the rest of Europe, the appetite for prime assets were strong. Well located properties, with strong tenants were also the kind of transac­tions possible to finance in the credit market.

tHe SCANdiNAviAN eCoNoMieSThe sovereign debt crisis is affecting the Scandinavian markets in dif­ferent ways. The open and export driven economies of Sweden and Denmark are heavily dependent on their large export industries. For Sweden the recent development has so far mainly translated into in­creasing uncertainty and diminishing export expectations. This again has affected domestic demand and rising unemployment. GDP growth in2011was4,5%,butisexpectedtoplummetto0,6%in2012and3% in 2013.

In Denmark the effects of the sovereign debt crisis have been more dominant. While the first half of 2011 saw signs of slight recovery, this turned in the second half. The same effects as in Sweden were experi­enced, with diminishing exports and domestic demand, but at a higher pace. GDP in 2011 grew by only 1,1 % and expectations for 2012 and 2012 are 1 %.

The Norwegian market was mainly influenced by the ongoing turmoil through the credit market. Sharply rising credit markets, falling interest rates,butalsosomewhatreducedgrowthexpectations.Majornewoilfield discoveries were announced in 2011, making way for high invest­ment activity for two decades as well as and even tighter labour market (unemploymentaround2,5%).

Despite a somewhat negative development going into 2012, economic growth in the region will be resilient and domestic demand is expected to be increasingly important. The region’s strong fundamentals are ex­pected to benefit from a period with local growth and low imported global interest rates – a combination that generates strong potentials for the property market.

tHe ReNtAL MARKetAs the sentiment in both the Norwegian and Swedish economies has improved, we have seen a stronger demand for office space, especially newer or recently renovated premises with a correspondingly high technical standard. A strong upward trend in employment has fueled demand for high quality office space, especially in Stockholm. In Stock­holm CBD, rents increased by 15 % on total during 2010­11 and are still expected to grow in coming years, though at a slower pace. The pic­ture is the same in secondary Swedish cities, such as Gothenburg and Malmøwhichareexperiencingdecreasingvacanciesandstrongtake-up. The rental increase is seen on the back of very limited supply, espe­cially in Stockholm which offered only 3,2 % new CBD office space in 2011. We expect the development will attract new development proj­ects, but still we know that these processed are lengthy. Prime rents in Stockholm CBD is considered to be around SEK 4 200 per sqm p.a. With limited supply and still a strong underlying demand, we expect a steady development in rental prices in 2012.

Also in the Danish market, and especially in Copenhagen, vacan­cies dropped in 2011. Stable occupational demands were seen on the back of considerable corporate cutbacks during 2009 and 2010. Also

in Denmark development activity has been very low recent years. De­mand continues to be concentrated to prime locations. In the second half especially, effects of the sovereign debt crisis were experienced through more caution among occupiers. Prime property rents stabi­lized throughout 2011, while secondary locations experienced a less attractive development. Prime rents in Copenhagen CBD are currently intheareaDKK1350–1650,peakingatDKK1800persqmp.a.Further increases in rents are dependent on a general improvement in the economy.

With low vacancy rates in Oslo CBD, rental prices have continued to increase. On the other hand, vacancy for grade B properties is increas­ing, and is expected to do so. There has been high activity within new­

building, and only in 2012, almost 300 000 sqm of new office space is due for completion. New supply is somewhat offset by demolition and conversion of outdated commercial stock to particularly residential. Speculative development has been very limited as developers typically have announced large tenants prior to construction. As for the other Scandinavian markets, demand is very CBD focused and for that rea­son rents are expected to continue its positive trend. Prime Oslo rent is considered to be around NOK 3 800 per sqm p.a. The three other main cities in Norway, Bergen, Trondheim and Stavanger, have mostly stable rents and healthy markets. The highest level of activity is in Stavanger, the“oil capital”,where someof the rent indicators showgrowthandvacancies as low as 2,8 %.

the rental market 1997-2012

0

100

200

300

400

500

600

700

2012201120102009200820072006200520042003200220012000199919981997

Oslo prime rent (EUR)

Stockholm prime rent (EUR)

Copenhagen prime rent (EUR)

73 reAl estAte72 reAl estAte

tHe iNveStMeNt MARKetIn 2010 and in the first half of 2011, transaction volumes rebounded strongly in Norway and Sweden, while transaction activity has fallen in Denmark. Cash flows are strong for core assets and the transaction market has been dominated by financially strong investors such as insti­tutions and property companies. In Norway, family offices and profes­sional investors have been active, also during the second half of 2011 and so far in 2012. Good banking relations and a proven track record seem to be key, both to access financing and the transactions them­selves. Foreign investors were active in the Swedish market in the first half of 2011, especially in the retail segment, but since then activity among foreign investors have been much lower.

Activity ahead is expected to be somewhat lower. Investors are becom­ing more cautious, being influenced by rising financing costs, despite low and falling interest rates. Investments are more selective and pri­marily targeted towards centrally located high quality properties with strong tenants and long leases. We also see a considerable demand for residential property. In Denmark and Norway residential investments are dominates by institutional investors, while in Norway HNWI domi­nate. In Sweden and especially in Norway residential prices have in­creased rapidly, by 40% since 2008 in Norway. Institutional investors have not yet capitalized on residential investments.

Prime yield in Oslo CBD is at 5,25 %. We don’t expect considerable change in 2012. The outlook for the market has become weaker. At the same time, continued strong demand from the public sector and the oil industry is likely to reduce the negative effect. The balance in the market seems to be sound and banks are still willing to finance good projects at reasonable levels.

The Danish market is more directly dependent on the general economy development, which again is heavily correlated with the development

of the European debt situation. With diminishing demands, office take­up is not expected to increase near term. We expect institutional players, such as pension funds, to be among the most active players going ahead. Also for not pure equity investors, it is positive to note that the financial sector seemed more willing to lend money to inves­tors in 2011. We expect this to continue in 2012, though on a selective basis both when it comes to project borrower and residual risk. With the somewhat weaker fundamentals, we expect a good primary market, but a stronger negative effect in the secondary markets, probably falling prices.

The Swedish market managed to upheld the transaction levels in 2011 from the year before. However, retail property increased consider­able in demand. Still office property demand continue to dominate, constituting 35 % of the Stockholm transaction volume. Prime yield has remained stable at 5 % in CBD, while peripheral submarkets ex­perienced a compression in 2011 of about half a percent. The Swedish market continue to be by far the most liquid and stable Scandinavian market, attracting most international investors among the Scandina­vian markets. However, domestic demand for high quality properties continue to be strong, making it difficult for international investors to obtain their desired exposure. Banks have been willing to finance prime properties, while secondary locations and value add strategies are still out of flavour indicating that opportunistic investors must remain pa­tient for a while.

We believe the strong fundamentals in the Scandinavian markets in general will attract more foreign investors in the near future. Further­more, domestic institutional investors will continue to buy property as insurance for the actual inflation risk. The combination of local growth and low global interest rates will generate stable cash flows for well­lo­cated properties in the Scandinavian region, making it one of the best locations for property exposure the coming years.

the investment market 1997-2012

4,0

4,5

5,0

5,5

6,0

6,5

7,0

7,5

8,0

2012201120102009200820072006200520042003200220012000199919981997

Oslo prime Yield

Stockholm prime Yield

Copenhagen prime Yield

%

74 reAl estAte

ensJØÅsen InVest Ks

comments

Project broker asset manager corporate manager report date 15.05.12name lars robert Kristiansen tom Bøhler gunnar nilsen/Adimpleo As status date 31.12.11tlf 23 11 26 70 23 11 26 74 32 26 64 32Mail lrk@platou.com tobo@platou.com gunnar@adimpleo.no

comPany and ProPerty information

name ensjøåsen Invest KsAddress co/ rs Platou Property Management As Founded oct.2011Property location grenseveien 97, Helsfyr, oslo segment offi ce/Warehouse/Development residential Plot 14 353Building area 16 189year of Construction 1965-95Property tax value 56 727 858net Cash and receivables 5 100 000shareholder tax value as of 31.12.2011 0

key Points

Initial yield 6,4 %running yield 6,3 %Date of total initial payment 22-02-10real estate purchase price (project price) 165 000 000Paid in equity 30 500 000Paid out equity 0estimated Irr 20,00 %realized Irr 0 %uncalled capital 0gross rent per square meter incl. parking 703

financing

balance date rateFloating 89 250 000 Fixed 5y 38 250 000 01-12-16 3,18 %Vendor note 7 000 000 02-05-15 6,00 %Margin 1,80 %estimated interest rate incl. margin 4,50 %total 134 500 000

trading of shares

last traded n/ADate last traded n/Aseller on price n/ABuyer on price n/A

tenants

name average duration gross rent indexVega Partners As 672 308 100 %HK regnskap As 190 210 100 %HC Andersen As 792 510 100 %Asian Food Import As 3 270 400 100 %Øyvind Moen As 661 579 100 %global Knowledge As 572 781 100 %Plannja As 511 390 100 %gs Bildeler As 2 462 400 100 %Din utvikling As/Akelius As/samtext norway As 1 351 692 100 %Dagslys As 903 000 100 % 4,5 years 11 388 270 100 %

forecast 1,5 % 2,0 %

2012 2013 2014gross rent 11 388 270 12 500 000 12 500 000owners cost 8,0 % -911 062 -1 000 000 -1 000 000net rent 10 477 208 11 500 000 11 500 000Corp. + development cost 30,0 % -3 416 481 -3 467 728 -3 537 083net rent 7 060 727 8 032 272 7 962 917Interest -6 052 500 -6 052 500 -6 052 500tax estimate 35 372 -236 660 -217 241Installments 0 0 0estimated cash-fl ow 1 043 600 1 743 112 1 693 176estimated cash-fl ow in % of paid-in-equity 3,4 % 5,7 % 5,6 %

valUe

yield sensitivity 6,75 % 7,25 % 7,75 %estimated real estate value 155 217 902 144 513 219 135 189 786estimated development value 80 000 000 80 000 000 80 000 000tax disadvantage -10 833 905 -9 656 390 -8 630 812net debt (incl. cash and receivables) -129 400 000 -129 400 000 -129 400 000nAV 94 983 997 85 456 830 77 158 974 Value fi xed interest rate (swap value) -459 000 -459 000 -459 000nAV incl fi xed interest rate 94 524 997 84 997 830 76 699 974nAV incl fi xed interest rate per share (%) 945 250 849 978 767 000number of shares (%) 100 100 100 real estate value per square meter 14 529 13 868 13 292Implied leverage 58 % 60 % 63 %

ensjøåsen Invest Ks is a residential development project. Planning to develop approx. 120 fl ats for sale.

When the project was established, there was an offi ce building with an associated warehouse. the warehouse was old and worn, consequently the price per sqm was low making it attractive for further development. the district of ensjø is currently undergoing a major transformation, and is becoming attractive for mid/high end residents.

HVAM eIenDoMsInVest Ks

comments

Project broker asset manager corporate manager report date 15.05.12name Hans Martin Haug tom Bøhler gunnar nilsen status date 31.12.11tlf 23 11 26 71 23 11 26 74 32 26 64 32Mail hmh@platou.com tobo@platou.com gunnar@adimpleo.no

comPany and ProPerty information

name Hvam eiendomsinvest KsAddress co/ rs Platou Property Management As Founded des-01Property location Jogstadveien 25segment logistics/industry/offi celot size leaseholdBuilding area 11 826year of Construction 2011tax Value 142 500 000net Cash and receivables 920 000shareholder tax value as of 31.12.2011 0

key Points

Initial yield 8,0 %running yield 8,0 %Date of total initial payment 20-12-11real estate purchase price (project price) 173 500 000Paid in equity 43 000 000Paid out equity 0estimated Irr 17,00 %realized Irr n/Auncalled capital 0gross rent per square meter incl. parking 1 327

financing

balance date rateFloating 39 500 000 2y fi xed 26 000 000 23-12-13 2,65 %7y fi xed 65 000 000 27-12-18 3,37 %Margin 1,75 %estimated interest rate incl. margin 4,44 %total 130 500 000

trading of shares

last traded n/ADate last traded n/Aseller on price n/ABuyer on price n/A

the property is running as expected. Acquisition fi nalized ultimo 2011, and last tenant, Hvam Bilsenter just moved into the property.

the building is completed in 2011 by ØM Fjell, and fi rst year inspection was conducted this year with minor fi ndings (two years guarantee still remaining from builder).

the property has an attractive location at Hvam, with a strong tenant structurewith 11,4 years of weighted average duration

tenants

name average duration gross rent indexeikmaskin As 2 012 141 100 %KgK norge As 2 384 693 100 %lubeco As 1 416 747 100 %naustvik As 5 444 202 100 %snap Drive As 1 926 640 100 %glåmdal Bilsenter 2 095 323 100 %total 11 years 15 279 746 100 %

forecast 1,5 % 2,0 %

2012 2013 2014gross rent 15 279 746 15 508 942 15 819 121ownership cost 10,8 % -1 650 213 -1 674 966 -1 708 465net rent 13 629 533 13 833 976 14 110 656Asset/Corp. management 2,75 % -420 193 -426 496 -435 026net rent 13 209 340 13 407 481 13 675 630Interest -5 794 200 -5 794 200 -5 705 400tax estimate -480 239 -535 719 -635 664Installments 0 -2 000 000 -2 500 000estimated cash-fl ow 6 934 901 5 077 562 4 834 566estimated cash-fl ow in % of paid-in-equity 16,1 % 11,8 % 11,2 %

valUe

yield sensitivity 7,75 % 8,00 % 8,25 %estimated real estate value 175 864 948 170 369 168 165 206 466estimated development value 0 0 0tax disadvantage -3 670 144 -3 065 608 -2 497 711net debt (incl. cash and receivables) -129 580 000 -129 580 000 -129 580 000nAV 42 614 803 37 723 559 33 128 755 Value fi xed interest rate (swap value) -231 400 -231 400 -231 400nAV incl fi xed interest rate 42 383 403 37 492 159 32 897 355nAV incl fi xed interest rate per share (%) 423 834 374 922 328 974number of shares (%) 100 100 100 real estate value per square meter 14 871 14 406 13 970Implied leverage 75 % 78 % 80 %

77 ProJeCts76 ProJeCts

solBrÅVeIen InVest As

comments

Project broker asset manager corporate manager report date 15.05.12name lars robert Kristiansen tom Bøhler gunnar nilsen/Adimpleo As status date 31.12.11tlf 23 11 26 70 23 11 26 74 32 26 64 32Mail lrk@platou.com tobo@platou.com gunnar@adimpleo.no

comPany and ProPerty information

name solbråveien Invest AsAddress co/ rs Platou Property Management As Founded dec 2011Property location solbråveien 10-20-22segment offi celot size 12 048Building area 10 635year of Construction 1984 & 2007tax value 111 600 000net Cash and receivables 250 000shareholder tax value as of 31.12.2011 0

key Points

Initial yield 8,1 %running yield 8,4 %Date of total initial payment 10-12-11real estate purchase price (project price) 178 000 000Paid in equity 48 000 000Paid out equity 0estimated Irr 17,00 %realized Irr n/Auncalled capital 0gross rent per square meter incl. parking 1 567

financing

balance date rate2y fi xed 32 500 000 23-12-13 2,54 %5y fi xed 32 500 000 23-12-16 3,05 %10y fi xed 32 500 000 23-12-21 3,50 %Floating 32 500 000 Margin 1,60 %estimated interest rate incl. margin 4,44 %total 130 000 000

trading of shares

last traded n/ADate last traded n/Aseller on price n/ABuyer on price n/A

solbråveien Invest As is a newly established project, comprising three properties in Asker - an oil sevice cluster in the western corridor.

53% of total revenus come from the well knowned oilservice company Hamworthy oil & gas.there are 333 parking spaces on the property giving god coverage.

Most of the tenant employees live nearby Asker, making it a preferred location (consequently the average weighted duration of 4 years is not a concern). A zoned land of approx. 1000 sqm give tenants the possibility to expand on the area.

tenants

name average duration gross rent indexCarefusion 1 279 244 100 %techconsult 210 240 100 %Hamworthy oil & gas systems 8 492 164 100 %Hatteland Display 876 816 100 %Itech 800 644 100 %Miros 2 674 028 100 %Fortis Petrolium 793 716 100 %3D Perception As 1 091 516 100 %other 449 856 100 %total 4,0 years 16 668 224 100 %

forecast 1,5 % 2,0 %

2012 2013 2014gross rent 16 668 224 16 918 247 17 256 612ownership cost 10,0 % -1 666 822 -1 691 825 -1 725 661net rent 15 001 402 15 226 423 15 530 951Asset/Corp. management 3,50 % -583 388 -592 139 -603 981net rent 14 418 014 14 634 284 14 926 970Interest -5 772 000 -5 772 000 -5 638 800tax estimate 0 0 0Installments 0 -3 000 000 -4 000 000estimated cash-fl ow 8 646 014 5 862 284 5 288 170estimated cash-fl ow in % of paid-in-equity 18,0 % 12,2 % 11,0 %

valUe

yield sensitivity 7,50 % 7,75 % 8,00 %estimated real estate value 200 018 688 193 566 472 187 517 520estimated development value 0 0 0tax disadvantage -7 341 869 -6 696 647 -6 091 752net debt (incl. cash and receivables) -129 750 000 -129 750 000 -129 750 000nAV 62 926 819 57 119 825 51 675 768 Value fi xed interest rate (swap value) -624 000 -624 000 -624 000nAV incl fi xed interest rate 62 302 819 56 495 825 51 051 768nAV incl fi xed interest rate per share (%) 129 798 117 700 106 358number of shares (%) 480 480 480 real estate value per square meter 18 808 18 201 17 632Implied leverage 68 % 70 % 72 %

stAVAnger eIenDoM HolDIng As

comments

Project broker asset manager corporate manager report date 15.05.12name stian nicolaus tom Bøhler thomas Ødegård status date 31.12.11tlf 23 11 26 72 23 11 26 74 23 11 23 27Mail sni@platou.com tobo@platou.com t.odegard@platou.com

comPany and ProPerty information

Address co/ rs Platou Property Management As Founded apr-10Property location Forusveien 31segment logistics/offi celot size leaseholdBuilding area 8 866year of Construction 2010tax value 136 768 650net Cash and receivables 4 029 000shareholder tax value as of 31.12.2011 0

key Points

Initial yield 7,3 %running yield 7,5 %Date of total initial payment n/Areal estate purchase price (project price) 198 162 500Paid in equity 20 000 000Paid out equity 0estimated Irr 20,00 %realized Irr n/Auncalled capital 0gross rent per square meter incl. parking 1 799

financing

balance date rateFloating 69 788 000 3y fi xed 75 000 000 15-09-15 3,54 %Bond fi nancing 30 000 000 15-09-15 7,00 %Margin 1,80 %estimated interest rate incl. margin 5,23 %total 174 788 000

trading of shares

last traded n/ADate last traded n/Aseller on price n/ABuyer on price n/A

stavanger eiendom Holding was acquired april 2010 - counterpart was at the time Johs lunde eiendom, a company controlled by lundegruppen (50%) and orkla eiendom As (50%). the acquisition was initated only months after orkla eiendom As and its subsidiary company Fg eiendom completed an equity issue in the company giving them 50% ownership in total. In 2011 lundegruppen went bankrupt due to missmanagement of the company, and Johs lunde eiendom was sold to Kello gruppen As (controlled by the Haugland family), and rebranded Vendere eiendom As.

the masterlease counterpart is now Kello gruppen As, a well reknowned family located in Bergen - and the project is running as expected

tenants

name average duration gross rent indexVendere eiendom As 15 950 000 100 %total 7,5 years 15 950 000 100 %

forecast 1,5 % 2,0 %

2012 2013 2014gross rent 15 950 000 16 189 250 16 513 035ownership cost 7,0 % -1 116 500 -1 133 248 -1 155 912net rent 14 833 500 15 056 003 15 357 123Asset/Corp. management 3,50 % -558 250 -566 624 -577 956net rent 14 275 250 14 489 379 14 779 166Interest -9 141 412 -9 141 412 -9 141 412tax estimate 0 0 -46 762Installments 0 0 0estimated cash-fl ow 5 133 838 5 347 966 5 590 992estimated cash-fl ow in % of paid-in-equity 25,7 % 26,7 % 28,0 %

valUe

yield sensitivity 6,75 % 7,00 % 7,25 %estimated real estate value 219 755 556 211 907 143 204 600 000estimated development value 0 0 0tax disadvantage -8 298 691 -7 513 849 -6 783 135net debt (incl. cash and receivables) -170 759 000 -170 759 000 -170 759 000nAV 40 697 865 33 634 294 27 057 865 Value fi xed interest rate (swap value) -1 155 000 -1 155 000 -1 155 000nAV incl fi xed interest rate 39 542 865 32 479 294 25 902 865nAV incl fi xed interest rate per share (%) 39 543 32 479 25 903number of shares (%) 1 000 1 000 1 000 real estate value per square meter 24 786 23 901 23 077Implied leverage 81 % 84 % 87 %

79 ProJeCts78 ProJeCts

tØnsBerg Kontor Ks

comments

Project broker asset manager corporate manager report date 15.05.12name Hans Martin Haug tom Vebner/søylen Drift As thomas Ødegård status date 31.12.11tlf 23 11 26 71 90 10 37 08 23 11 23 27Mail hmh@platou.com tv@soylen.no t.odegard@platou.com

comPany and ProPerty information

name tønsberg Kontor KsAddress co/ rs Platou Property Management As Founded December 2009Property location rambergvn 1, tønsbergsegment offi ce/Commerciallot size 1 300Area including garage in basement 8 193year of Construction 2009tax value 100 009 745net Cash and receivables 4 397 000shareholder tax value as of 31.12.2011 0

key Points

Initial yield 7,6 %running yield 8,3 %Date of total initial payment February 2010real estate purchase price (project price) 123 300 000Paid in equity 26 700 000Paid out equity 12 000 000estimated Irr 13,40 %realized Irr 47 %uncalled capital 0gross rent per square meter incl. parking 1 294

financing

balance date rateFloating 55 580 000 Fixed rate 48 300 000 02-05-15 3,88 %Margin 2,15 %estimated total interest rate incl. margin 5,10 %total 103 880 000

trading of shares

last traded n/ADate last traded n/Aseller on price n/ABuyer on price n/A

tenants

name average duration gross rent indexstordrange 901 976 100 %Andersen og Askjem 687 945 100 %Mat Invest/spar 1 901 304 100 %Parker scanrope 1 450 185 100 %net trans 1 719 633 100 %Acta 1 140 207 100 %Deloitte 1 804 476 100 %Kaldnes Byutvikling 1 000 059 100 %total 6 years 10 605 785 100 %

forecast 1,5 % 2,0 %

2012 2013 2014gross rent 10 605 785 10 764 871 10 980 169ownership cost 4,0 % -424 231 -430 595 -439 207net rent 10 181 553 10 334 276 10 540 962Asset/Corp. management 4,6 % -485 262 -492 541 -501 198net rent 9 696 291 9 841 735 10 039 763Interest -5 297 880 -5 108 670 -4 892 430tax estimate 0 -65 136 -181 131Installments -3 710 000 -4 240 000 -4 240 000estimated cash-fl ow 688 411 427 930 726 203estimated cash-fl ow in % of paid-in-equity 2,6 % 1,6 % 2,7 %

valUe

yield sensitivity 6,75 % 7,25 % 7,75 %estimated real estate value 150 837 824 140 435 216 131 374 879estimated development value 0 0 0tax disadvantage -3 941 089 -2 796 802 -1 800 165net debt (incl. cash and receivables) -99 483 000 -99 483 000 -99 483 000nAV 47 413 735 38 155 414 30 091 714 Value fi xed interest rate (swap value) -1 875 000 -1 875 000 -1 875 000nAV incl fi xed interest rate 45 538 735 36 280 414 28 216 714nAV incl fi xed interest rate per share (%) 455 387 362 804 282 167number of shares (%) 100 100 100 real estate value per square meter 18 411 17 141 16 035Implied leverage 69 % 73 % 78 %

the property is running as expected. the vacancy has gradually decreased to approximately zero during the past two years. there are still some space available, primarily parking. However, due to a new cultural center and nav offi ces in the neighbourhood, the asset manager is expecting an increased demand for parking. the grocery store spar is experiencing good growth and is expecting a turnover of MnoK 45 in 2012. Acta is downscaling its activities and has communicated that the company needs less offi ce space in tønsberg. Acta has the best space on the top fl oor of the building with terraces and the asset manager expects that a new tenant should be in place before contract expiration.

rambergveien 9, with a 13 years lease with DsB owned by oslo Pensjonsforsikring, is “offmarket” for sale and yield expectation is below 6,25%.

tVerrVeIen eIenDoM As

comments

Project broker asset manager corporate manager report date 15.05.12name lars Kristiansen tom Bøhler gunnar nilsen/Adimpleo As status date 31.12.11tlf 23 11 26 70 23 11 26 74 32 26 64 32 Mail lkr@platou.com tobo@platou.com gunnar@adimpleo.no

comPany and ProPerty information

name tverrveien eiendom AsAddress co/ rs Platou Property Management As Founded juni-08Property location tverrveien 4segment logistics/industrylot size 37 948Building area 11 577year of Construction From 1996tax value 58 012 624net Cash and receivables 11 000 000shareholder tax value as of 31.12.2011 0

key Points

Initial yield 7,2 %running yield 7,3 %Date of total initial payment september 2008real estate purchase price (project price) 138 500 000Paid in equity 36 700 000Paid out equity 0estimated Irr 0,00 %realized Irr n/Auncalled capital 0gross rent per square meter incl. parking 912

financing

balance date rate3y Fixed 91 675 000 01-07-15 5,99 % Margin 0,95 %estimated interest rate incl. margin 6,94 %total 91 675 000

trading of shares

last traded n/ADate last traded n/Aseller on price n/ABuyer on price n/A

tenants

name average duration gross rent indexscana kontor 1 885 792 70 %scana industrihaller 4 330 435 100 %scana enkelt lagerbygg 449 066 100 %scana Parkering / 20 stk 26 316 100 %Plint lager 2 505 100 100 %Plint Kontor 200 000 100 %Plint Parkering / 30 stk 37 500 100 %KAt Development 824 912 100 %Bonver 300 000 100 %total 3,0 years 10 559 121 95 %

forecast 1,5 % 2,0 %

2012 2013 2014gross rent 10 559 121 10 717 508 10 931 858ownership cost 4,0 % -422 365 -428 700 -437 274net rent 10 136 756 10 288 808 10 494 584Asset/Corp. management 6,16 % -650 019 -659 770 -672 965net rent 9 486 737 9 629 038 9 821 618Interest -6 362 245 -6 362 245 -6 362 245tax estimate -225 116 -264 961 -318 883Installments 0 0 0estimated cash-fl ow 2 899 375 3 001 832 3 140 490estimated cash-fl ow in % of paid-in-equity 7,9 % 8,2 % 8,6 %

valUe

yield sensitivity 8,00 % 8,25 % 8,50 %estimated real estate value 126 709 452 122 869 772 119 255 955estimated development value 0 0 0tax disadvantage -5 369 683 -4 985 715 -4 624 333net debt (incl. cash and receivables) -80 675 000 -80 675 000 -80 675 000nAV 40 664 769 37 209 057 33 956 622 Value fi xed interest rate (swap value) -8 855 805 -8 855 805 -8 855 805nAV incl fi xed interest rate 31 808 964 28 353 252 25 100 817nAV incl fi xed interest rate per share (%) 8,04 7,17 6,34number of shares (%) 3 956 964 3 956 964 3 956 964 real estate value per square meter 10 945 10 613 10 301Implied leverage 72 % 74 % 76 %

rs Platou Property Management As took over management of the property as of november 2011. the goal is to have an active role in ongoing operations and communication with the property’s tenants.Bonver has been in danger of bankruptcy, and checked the opportunity to terminate the tenancy as a precursor was effective until 05/31/2013. Consequently it was signed a new lease with Plint As, which is a 3 party logistician, in all former Bonver areas (except for a small offi ce area that Bonver is still renting).

scana has had challenges the last years with little activity and weak orders. the outlook for operations in Vestby is now more positive as a result of new investment in the offshore industry. since many of the contracts expire shortly, it is necessary to have cash available for Investments associated with the renewal. At year end the company had a bank deposit of around 11 million. the input was a feasibility study to show the usage and exploitation of the property to demonstrate the potential in an optimal manner.

81 ProJeCts80 ProJeCts

82 HeAd oFFiCe

ContACts

82 HeAD oFFICe

rs PlatoU finans asoslo office

Project brokersAxelMoltzauAasSenior PartnerDirtel.:+4723112663Mobile:+4797982135a.aas@platou.com

Chris W. SvenssonSenior PartnerDirtel.:+4723112660Mobile:+4795189649c.svensson@platou.com

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