market report - nrp finans as ‐ market report december 2017 page 3 table of contents page 1....

Market ReportDecember 2017

2171210 • Bolt Comm

unication AS • ww

w.boltcom

munication.no

NRP Finans ASHaakon VIIs gate 1Postbox 1358 Vika0113 Oslo

Telephone: +47 22 00 81 81Telefax: +47 22 00 81 91

E-mail: [email protected]: www.nrp.no

Market Report – D

ecember 2017

The NRP Group of companies

Ness, Risan & Partners AS

Project arrangement & financing, Corporate Finance and M&A

advisory

Fund management focusing on real estate, shipping and offshore

Corporate management, accounting, tax, corporate consulting & advice,

AIF Depositary

Property management

NRP Procurator ASNRP Asset Management ASNRP Finans AS Aker

Eiendomsdrift AS

NRP InvestorPortalAccess to your Portfolios, Documents and Project info

For more information, call Thor A. Mjør at + 47 22 04 81 68 or Jens A. Evensen at + 47 22 04 81 59, or send e-mail to [email protected]

NRP Finans AS ‐ Market Report December 2017

Table of contents Page

1. Introduction ............................................................................................................................................... 5 2. Sold projects .............................................................................................................................................. 8 3. Real estate ................................................................................................................................................ 11 3.1 The commercial Real Estate Market in Norway and Sweden (by Newsec AS) ......................................... 12 3.2 Key figures real estate portfolio ............................................................................................................ 28 3.3 Real estate projects overview .............................................................................................................. 30 3.4 Real estate projects Brønnøysund Kontorbygg AS ........................................................................................................................ 32 Dagligvarelogistikk AS ................................................................................................................................... 33 Enebakkveien 117 AS .................................................................................................................................... 34 Etterstad Utvikling DIS .................................................................................................................................. 35 Fokserødsenteret Nord AS ............................................................................................................................ 36 Gasolin Handelseiendom DIS ........................................................................................................................ 37 Hellerud Eiendomog Utvikling AS ................................................................................................................. 38 Hvalstad Forretningsbygg AS ........................................................................................................................ 39 Kristiansund Handelseiendom AS ................................................................................................................. 40 København Kontorbygg AS ............................................................................................................................ 41 Lahaugmoen Logistikk AS .............................................................................................................................. 42 Lilleby Eiendom AS ........................................................................................................................................ 43 Logistikk og Lagershop AS ............................................................................................................................. 44 Lørenskog Kombibutvikling AS ...................................................................................................................... 45 Lørenskogveien 75 Holding AS ...................................................................................................................... 46 Martodden Utbygging KS .............................................................................................................................. 47 Maskinveien Kontorbygg AS ......................................................................................................................... 48 NorrLog AS .................................................................................................................................................... 49 Nye Berghagan Næringseiendom AS ............................................................................................................ 50 Nye Holmsbu Invest AS ................................................................................................................................. 51 Nässjö Logistikkbygg AS ................................................................................................................................ 52 Oslo Science Park AS ..................................................................................................................................... 53 Oslo Science Park II AS .................................................................................................................................. 54 Oslo Science Park III AS ................................................................................................................................. 55 Raufoss Industripark AS ................................................................................................................................ 56

Rex Logistikk AB ............................................................................................................................................ 57 Ringeriksveien 2012 DIS ................................................................................................................................ 58

Rud Fryserlager AS ........................................................................................................................................ 59 Sandvika Kontorbygg AS ............................................................................................................................... 60 SKB Hovfaret 4 AS ......................................................................................................................................... 61 Skøyen Kontorbygg AS .................................................................................................................................. 62 Spice Log AS .................................................................................................................................................. 62 Stadion Utbygging KS .................................................................................................................................... 64 Statens Hus Lillehammer KS .......................................................................................................................... 65 Sydsvenskan Lager & Handel AS ................................................................................................................... 66 Sørlandsparken Termina AS .......................................................................................................................... 67 Sørumsand Næringspark AS .......................................................................................................................... 68 Tangen Havnelager AS .................................................................................................................................. 69 TFGS Kombi AS .............................................................................................................................................. 70 Torslanda Lagerbygg AS ................................................................................................................................ 71 Tønsberg Handelseiendom AS ...................................................................................................................... 72 Vestby Logistikk AS ....................................................................................................................................... 73

Wergelandsveien 23 AS & Kongholm Langgaten AS ................................................................................. 74 Wilfast Mølndal AB ....................................................................................................................................... 75


Wilfast Mölnlycke Holding AB ....................................................................................................................... 76 Wilfast Tagenvägen 30 AB ............................................................................................................................ 77 Århus Kombibygg AS ..................................................................................................................................... 78 4. Shipping & offshore .................................................................................................................................... 79

4.1 Shipping & offshore market comments (by Affinity) ............................................................................ 80 4.2 Key figures shipping & offshore portfolio .............................................................................................. 86 4.3 Shipping & offshore projects overview ................................................................................................. 88 4.4 Shipping & offshore projects Arca Shipping DIS ........................................................................................................................................... 89 Atlantic Bulk IS ............................................................................................................................................... 90 BB Troll DIS .................................................................................................................................................... 91 Bulk Avanti DIS............................................................................................................................................... 92 Cresco Shipping DIS ...................................................................................................................................... 93 Eastern Reefer II DIS ...................................................................................................................................... 94 FS Ipanema AS ............................................................................................................................................... 95 Gjende DIS ..................................................................................................................................................... 96 Jupiter Bulker DIS .......................................................................................................................................... 97 KUO DIS ......................................................................................................................................................... 98 Nordic Lübeck DIS .......................................................................................................................................... 99 Nordic Supra IS .............................................................................................................................................. 100 Nordic Supra II IS ........................................................................................................................................... 101 Nordic Tromsoe AS ........................................................................................................................................ 102 Nordic Wismar KG ......................................................................................................................................... 103 Olympic Kombiskip KS ................................................................................................................................... 104 Olympic Master KS ........................................................................................................................................ 105 Olympic Octopus KS ....................................................................................................................................... 106 Songa Container AS ....................................................................................................................................... 107 Songa Macau IS.............................................................................................................................................. 108 Spero DIS ....................................................................................................................................................... 109 UACC Bergshav Tanker DIS ............................................................................................................................ 110 UACC Ross Tanker DIS ................................................................................................................................... 111 5. Explanation of procedures and key figures ................................................................................................. 112 6. Contact information ................................................................................................................................... 114

Ness, Risan & Partners AS and companies controlled by Ness, Risan & Partners AS (« NRP Group») have a restrictive policy regarding owning financial instruments. The NRP Group can participate as a general partner in company‐structures where NRP Finans is the arranger of the project. The NRP Group is also allowed to invest in open‐ended funds managed by NRP Asset Management, in bond funds, or in treasury bills as part of the liquidity management in certain group companies. Companies in the NRP Group only own financial instruments linked to the business. Employees in the NRP Group and their close relatives will from time to time own shares in projects arranged by NRP Finans, or in funds and companies managed by NRP Asset Management. Information of Shares owned by employees in the NRP Group is available upon request to Ness, Risan & Partners’ Compliance Officer. This market report has been prepared by NRP Finans AS, having endeavoured to present a consistent and correct picture of our projects. The information contained herein has been obtained from sources believed to be reliable and in good faith. NRP can however not guarantee or be held financially or legally responsible for the accuracy, completeness or correctness of the information contained in this market report. We underline that investing in real estate and shipping/offshore projects are associated with risk. All investors must be prepared that such investments might result in monetary losses. Anyone who uses this report as a basis for purchasing shares at a later time, must make sure that all relevant and updated information is obtained. The information in this market report is only valid per date of preparation. Possible investors are encouraged to go through the projects thoroughly before investing. All documentation and analyses can be explained by contacting our office.


1. Introduction Dear investors and business relations, We are happy to present a new market report from NRP Finans AS. To introduce this report, we will give a brief update on the current world economy, as well as highlighting the main happenings in NRP Finans over the last six months. Following the introduction, you will find valuations of the projects in our portfolio, market information on real estate, shipping and offshore, and key figures for our portfolio. A highlight for the NRP Group this fall is the launch of our new website. Please see www.nrp.no for the result, where we have sharpened our strategic profile. It is also pleasing to see that the number of investors using our NRP InvestorPortal is increasing. We are continuously working on making our InvestorPortal better, with relevant information about both projects and funds. Following the merger between NRP Business Management AS and AS Procurator, the new name for our accounting and depository department is NRP Procurator AS. Global market outlook There is an expected broad based growth in advanced economies, despite the inflation being below target in most advanced economies. Global growth is projected to be 3.6% for 2017, according to the IMF’s World Economic Outlook of October 2017. The growth for 2018 is projected at the same level. Growth in the euro area is expected to be 2.1% for 2017, and 2.2% in the United States. Growth in emerging Asia, and China in particular, remains strong. Projection for growth in China for 2017 is 6.8%, indicating a slower rebalancing of activity towards services and consumption. The growth rate for emerging markets is estimated to 4.6% for 2017, with a slight rise in both 2018 and 2019. Despite an overall optimistic global growth projection, the growth is fragile. Almost all corners of the world are experiencing geopolitical turmoil, which could easily turn the growth to negative growth, if the tensions escalate. Since our last market report in June, the Brent Crude oil price has steadily been ticking up and broke $60/barrel late October for the first time since the summer of 2015. Based on the improving world growth prognoses, the future looks brighter also for oil demand. Next OPEC‐meeting is on November 30th, and the rumor has it that OPEC will lengthen today’s production‐cut throughout 2018. OPEC has also gained

increased power, as Saudi‐Arabia and Russia, the two largest oil producers in the world, have started working closer together. The Norwegian economy is continuing to improve, and most large sectors are performing well. The largest negative contributing sector is still the oil‐industry, where investments are low. The residential market has also cooled over the summer, much because of new mortgage regulations and increasing supply of housing due to high newbuilding activity and decreasing migration to Oslo. The buyers sit on the fence, and are reluctant to purchase in this market as the future seems more uncertain. As an example, there were 300% more unsold newbuildings in October this year than October last year in Oslo. The Consumer Price Index (CPI) has been low this fall, which contributes to keeping the key policy rate low. Currently falling house prices can also curb growth. Norges Bank kept the key policy rate unchanged at 0.5% in September. At the same time, they increased the probability of a rise in the interest rate in 2018. Market status real estate, shipping and offshore Real estate Prime yield is currently 3.75% for offices, and 5% for logistics in Norway. The probability of a further reduction in the prime yield decreases with increasing probability of a rise in interest rates. At the same time, we do believe to see lower yields than 3.75% for prime office‐properties in the near future. Contributing to an increase in property values is the ongoing rise in rent‐levels for many segments, especially for Oslo office‐space. Furthermore, future value‐add will depend more on increasing rent levels than further yield‐compression. The real estate market is aiming towards a transaction volume of over NOK 80 billion for 2017. The number of transactions is projected to an all‐time high of close to 300. Financing for real estate is still selective, but in general banks are positive to lend to real estate‐ projects. The bond market is very active, and even more so than in 2016. Issued bonds for real estate until September this year was NOK 18 billion, against last year’s NOK 14 billion at the same time. The market is now also positive to lend out amounts under NOK 300 million, which explains much of the increase in total volume from last year.


Shipping and offshore There is a growing optimism in shipping, much driven by positive outlooks for world growth. The demand for goods shipped at sea is increasing, and the order books are generally more in balance with the demand. The ClarkSea Index is on average 11% higher so far this year compared to the 2016 average, and the current level is about 20% higher. Dry bulk freight rates have improved in 2017 compared to 2016, where especially capesize rates have had some long‐awaited spikes. Container‐rates remain volatile and relatively low. However, the order book is currently at low levels of the current fleet, and the demand for container ships is increasing. The tanker market has been rough in 2017, where the late summer was extra tough with rates below USD 10 000/day for VLCCs. In general, the supply is much higher than demand. With a steady stream of deliveries and strong order book, a lasting increase in rates is not likely unless demand increases significantly. There is a slight improvement in the offshore market from 2015/2016. The market is, however, still gloomy, except for some sporadic high fixtures. If the oil price remains at today’s level, we will experience an improvement within oil‐service as well. Direct investments in NRP Finans 2016 was a very active year for NRP Finans, and 2017 has shown to be just as busy. Over the last six months we have established six new real estate projects. Oslo Science Park III AS was established to purchase an office‐building in Forskningsparken. The office was built 2012, and is leased by Oslotech on a 22‐year barehouse lease agreement. Through the projects Oslo Science Park I, II and III, our investors now own the entire Forskningsparken. Sandvika Kontorbygg I AS has purchased a fully let office building located in Sandvika on a weighted remaining 9 year lease agreement to mainly public tenants. In Grimstad, we have purchased three office‐buildings connected to the University in Agder, through the company Sørlandet Teknologipark AS. Tønsberg Handelseiendom AS was established to purchase a retail property on a 15 year barehouse lease agreement to Løvenskiold Handel AS. The property has development potential. In Sweden we have established two projects. In Norrköping we have purchased a logistics property through Norr Log AS. The property is leased to Rusta AB for 20 years on a triple net lease agreement. Net Log AB was established to purchase the head office and central distribution center for NetOnNet in Borås, where the lease

agreement lasts for 10 years. We are also in the process of establishing several other projects. We have also been active on the sell‐side this fall, and have sold property for a total value of NOK 3 billion. The projects sold are Finlog AS, Nydalen Kontorbygg II AS, Nydalen Kontorbygg III AS and Statens Hus Stavanger AS. Sørenga Utvikling is in the liquidation phase. In addition we have sold some properties in existing projects. Over the last year, we have purchased and sold property for a total property value of NOK 10.5 billion. Our current real estate portfolio consists of almost 50 projects with an estimated property value of NOK 16 billion and 1.5 million square meters of lettable area. 2017 has been a very busy year within shipping as well. We are financial advisor for Songa Container, which has purchased 10 new container vessels ranging from 1100‐5000 TEU in 2017. We are also the arranger for one of the vessels, shown in the project FS Ipanema AS in this report. The project has purchased the vessel M/V FS Ipanema, a 1794 TEU, built in 2009. We are in the establishing phase of two new projects, UACC Bergshav Tanker II DIS and UACC Ross Tanker II DIS, with the same ships and bareboat charterer as in our current projects UACC Bergshav Tanker DIS and UACC Ross Tanker DIS. The vessels will enter into 5 year bareboat charter parties with UACC. In addition, we are in the process of closing a purchase of two medium sized car carriers built in 2010. Our current portfolio of shipping & offshore projects consists of 21 projects and 32 ships. Total estimated ship‐value is USD 325 mill. Second hand market So far in 2017, we have sold shares in the second hand market of real estate and shipping projects for NOK 260 mill. in equity. This volume underlines that it is possible to generate liquidity in these kinds of asset‐classes. Most of the second hand trades are within real estate, but we are experiencing increasing interest to purchase shares in our shipping‐projects. Please contact Thor Mjør, Jens Andreas Evensen or Anne Elisabeth Næstvold if you have questions regarding second hand transactions. Return for NRP Finans portfolio NRP Finans’ real estate portfolio has had a return of 22% over the last 12 months, which we are very


satisfied about. Since NRP’s establishment in 2000, the real estate portfolio has given a return of 23% p.a. Additionally our shipping/offshore portfolio has had a long awaited upswing. We are very happy to have delivered a return of 20% p.a. to our investors over the last 12 months. Since the establishment in 2000, the

return for our shipping/offshore‐protfolio has been 9% p.a. The graph under shows the yearly return for our real estate and shipping/offshore‐portfolio for three time‐periods.

We are constantly working to identify and facilitate new opportunities within real estate, shipping and offshore. Our focus is to achieve high risk‐adjusted return for all our projects, as well as securing a good return on our overall portfolio.

On behalf of NRP, we would like to take this opportunity to confirm to our investors and business relations our commitment to deliver the best long‐term risk adjusted return, combined with a positive and personal follow‐up of high quality. We would also like to wish you all a Merry Christmas and a Happy New Year.

Oslo 1. December 2017

Best regards, NRP Finans AS

21 %

27 %

22 %

‐5 %

‐9 %

20 %

‐15 %

‐10 %

‐5 %

0 %

5 %

10 %

15 %

20 %

25 %

30 %

IRR last 5 years IRR last 3 years Return last year

Return on NRP Finans portfolio

Real estate Shipping & offshore


2. Sold projects

Property: Shipping:

Project Established Project Established

China Bulker KS 2003 75 % p.a.

Shipping: China Cape DIS 2004 27 % p.a.

Project Established Containership Invest KS 2004 76 % p.a.

Maud Reefer KS 2001 30 % p.a. European Container DIS 2004 47 % p.a.

Multipurpose 2000 KS 2000 28 % p.a. European Container II DIS 2005 25 % p.a.

Finn RoRo KS 2003 99 % p.a.

Indian Tanker KS 2003 115 % p.a.

Kapitan Korotaev Shipping Ltd. 2003 35 % p.a.

Property: Mesa Invest DIS 2006 11 % p.a.

Project Established Nye Northeast Chemical Carrier KS 2003 35 % p.a.

Skarvenesveien 3 KS 2002 42 % p.a. Olympia DIS 2005 58 % p.a.

Rem Balder DIS 2005 77 % p.a.*

Shipping: Rem Fortress DIS 2005 77 % p.a.*

Project Established Rem Forza DIS 2006 68 % p.a.*

Tofelino Shipping KS 2000 23 % p.a. Rem Fosna 2006 86 % p.a.*

Kapitan Rudnev Shipping Ltd 2002 14 % p.a. Rem Odin DIS 2006 70 % p.a.*

Northeast Chemical Carrier KS 2001 34 % p.a. Rem Provider DIS 2006 130 % p.a.*

Rem Songa DIS 2006 69 % p.a.*

Ross Container DIS 2004 29 % p.a.

Scandinavian RoRo KS 2002 64 % p.a.

Property: Sir Matt Reefer DIS 2005 46 % p.a.

Project Established TDS Containership II KS 2005 34 % p.a.

Fornebuveien 38‐44 KS 2003 123 % p.a.

Karihaugen Kombibygg KS 2000 36 % p.a. *Not taken into account paid in capital in tranches

Nye Skarvenesveien 3 KS 2003 84 % p.a.

Shipping:

Project Established Property:

North Reefer KS 2002 60 % p.a. Project Established

Banebakken 38 AS 2006 128 % p.a.

Helsingborg Kjøpesenter AS 2002 34 % p.a.

Kombibygg Invest I AS 2006 38 % p.a.

Property: Lillsjøvegen Invest AS 2005 60 % p.a.

Project Established Preståsen Park KS 2002 25 % p.a.

Alfasetveien 11 Eiendom KS 2003 59 % p.a. Pueblo Amistad DIS 2005 22 % p.a.

Datavegen 27 AS 2003 42 % p.a.

Hotvedtveien 6 KS 2002 44 % p.a. Shipping:

Valløveien 3 KS 2003 106 % p.a. Project Established

Selga Kombinasjonsbygg AS 2004 65 % p.a. Asian Tanker DIS 2004 44 % p.a.

BOP 15 DIS 2005 69 % p.a.

Shipping: Dynasty DIS 2004 56 % p.a.

Project Established Eagle Shipping DIS 2005 40 % p.a.

Eastern Chemical Carrier KS 2000 125 % p.a. Ivory Ace DIS 2006 93 % p.a.

Gram Chemical Carrier DIS 2004 275 % p.a. Rem Norway DIS 2006 152 % p.a.

Korean Chemical Carrier KS 2001 87 % p.a. Southern Chemical Tanker DIS 2003 36 % p.a.

Lake Eva DIS 2004 18 % p.a.

Lake Maya DIS 2004 18 % p.a.

Sir Matt Reefer KS 2004 1001 % p.a.

Property:

Project Established

Property: Shipping:


Akersgaten 16 Invest KS 2001 7 % p.a. Chem VI DIS 2007 ‐35 % p.a.

Berghagan Næringseiendom KS 2004 181 % p.a. Inter Carib DIS 2006 36 % p.a.

Entreprenørbygg Invest KS 2004 87 % p.a. Med Cruise DIS 2005 23 % p.a.

Finnestadveien 44 ANS 2004 98 % p.a. Stril Offshore DIS 2007 0 % p.a.

Hvamveien 1 KS 2004 87 % p.a. TDS III DIS 2006 31 % p.a.

Kyrre Grepps gt. 19 KS 2001 25 % p.a.

Moss Holmestrand Nærsenter KS 2003 60 % p.a.

Nye Alfasetveien 11 KS 2005 106 % p.a.

Nygaard Brygge Invest KS 2003 27 % p.a.

Scandigade 8 AS 2005 191 % p.a.

IRR since project start

2006




2002

2003






2004

2005

2006 continues




2007



2008


Property: Property:


Buskerud Handelseiendom DIS 2010 11 % p.a

Shipping:

Project Established Shipping:

American Bulker KS 2001 44 % p.a. Project Established

Eastern Chemical Tankers III KS 2001 65 % p.a. M‐Tanker DIS 2005 ‐12 % p.a.*

Indian Chemical Tanker DIS 2007 6 % p.a. Atlantic Seismic DIS 2007 31 % p.a.*

Peg Chemical Carrier DIS 2006 20 % p.a. Perrine DIS 2007 ‐35 % p.a.*

Default/bankruptcy project Default/bankruptcy project Established

Chem Lily DIS 2007 ‐100 % p.a.* Oceanlink Reefer II DIS 2007 ‐68 % p.a.*

Handy Container DIS 2008 ‐100 % p.a.* TDS Containerships V DIS 2012 ‐100 % p.a.*

MPP Container DIS 2007 ‐99 % p.a.*

Swetank DIS 2005 ‐79 % p.a.* * Including paid in uncalled capital

Swetank III DIS 2006 ‐98 % p.a.*

Swetank IV DIS 2007 ‐77 % p.a.*

* Including paid in uncalled capital Property:

Project Established

Alingsås Lager og Handel DIS 2008 ‐1 % p.a.

Berger Kombibygg AS 2013 7 % p.a.

Property: Borås Logistikk AS 2012 17 % p.a.

Project Established El Logistikk DIS 2011 15 % p.a.

Ringeriksveien KS 2001 30 % p.a. Finlogistikk DIS 2011 15 % p.a.

Vestfold Kombibygg AS 2006 7 % p.a. Gøteborg Logistikk DIS 2011 16 % p.a.

Halmstad Logistikk AS 2013 2 % p.a.

Shipping: Prime Logistikk DIS 2012 14 % p.a.

Project Established

China Ropax DIS 2004 34 % p.a. Shipping:

Indian Bulker DIS 2007 ‐37 % p.a.* Project Established

Pacific Bulker DIS 2008 ‐50 % p.a.* BB Troll (before refinancing) 2010 ‐100 % p.a.

Ross Container II DIS 2006 21 % p.a. E‐Tanker DIS 2006 ‐9 % p.a.

Eastern Reefer DIS (now refinanced) 2006 22 % p.a.

Default/bankruptcy project

Indian Chemical Tanker II DIS 2008 ‐50 % p.a.* Default/bankruptcy project Established

Gram LPG DIS 2007 ‐100 % p.a.*

* Including paid in uncalled capital


Property:

Project Established Property:

Alingsås Handel AS 2006 16 % p.a. Project Established

Hallsberg Logistikk DIS 2008 16 % p.a. Gasolin Eiendom DIS 2009 19 % p.a

Nye Nordahl Brunsgate 10 KS 2003 46 % p.a. Nye Bergen Lagerbygg AS 2006 7 % p.a

Shipping: Shipping:


Arendal Offshore DIS 2008 24 % p.a. Feedermate 2004 41 % p.a

Longa DIS 2007 21 % p.a.

Inter Carib III DIS 2007 ‐27 % p.a.*

United Cape DIS 2007 ‐38 % p.a.*

Property:

* Including paid in uncalled capital Project Established

Berger Terminal DIS 2012 36 % p.a.

E‐Logistikk AS 2013 39 % p.a.

Hoffsveien Kontorbygg AS 2014 37 % p.a.

Property: Hovfaret 4 DIS 2012 27 % p.a.

Project Established KS Torggata Bad AS 2011 25 % p.a.

Haugenstua Butikksenter AS 2006 2 % p.a. Lillestrøm Logistikkbygg AS 2015 30 % p.a.

Majorstuen Kontorbygg DIS 2013 32 % p.a.

Shipping: Moa Handelseiendom Holding II AS 2011 4 % p.a.

Project Established Nydalen Kontorbygg AS* 2013 42 % p.a.

Bitumen DIS 2008 22 % p.a. Pottemakerveien Kombibygg AS 2006 ‐9 % p.a.

Teknikstaden Utvikling AS* 2007 8 % p.a.

Default/bankruptcy project Established Wilfast i Torslanda AB 2009 20 % p.a.

Oceanlink Reefer DIS 2007 ‐100 % p.a.* Økernveien Kontorbygg AS* 2014 30 % p.a.

TDS Containerships IV DIS 2007 ‐100 % p.a.*



2014



2010






2011



2012

2009



2013





2015


2016



Shipping:

Project Established

Beta DIS 2006 22 % p.a.

Bulk Transloading DIS 2007 ‐17 % p.a.*

Inter Carib II DIS* 2006 3 % p.a.

Mount Lyderhorn LLC* 2014 15 % p.a.

Neptune Seismic DIS 2007 ‐14 % p.a.

*Waiting for final settlement

Property:

Project Established

Finlog AS* 2015 18 % p.a.

Fredensborg Eiendom AS 2015 43 % p.a.

Holmsbu Invest KS 2005 ‐100 %

Nydale Kontorbygg II AS* 2014 30 % p.a.

Nydalen Kontorbygg III AS* 2015 24 % p.a.

Nye Alfasetveien DIS* 2009 19 % p.a.

Solgaard Skog KS 2007 16 % p.a.

Statens Hus Stavanger AS* 2016 20 % p.a.

Sørenga Utvikling KS* 2007 15 % p.a.

Shipping:

Project Established

Eastern Reefer II DIS 2007 20 % p.a.

Ross Handy IS 2016 24 % Total return

TDSC Opportunity AS* 2010 ‐30 % p.a.

*Waiting for final settlement

2017





3. Real estate


3.1 The commercial Real Estate Market in Norway and Sweden (by Newsec AS) Office and logistics property

1.1 NORWAY Macroeconomics After nearly three years of economic decline, Norwegian economy is bouncing back. Preliminary seasonally adjusted numbers show BNP Mainland‐Norway has exceeded forecasted growth for both Q1 and Q2 2017. Expansionary fiscal policies, weak local currency and substantial growth in residential construction has mitigated the downturn and is helping the economy back on track. Going forward, demand from Norway’s trade partners is expected to increase, and a weak currency coupled with low interest rates provides further comfort that Norway is on the path to economic stability. The Norwegian krone declined drastically along with the worldwide oil bust, promptly terminating economic growth in the country. During the summer of 2014, one Euro was priced at NOK 8.20, while in January 2016; it was priced at NOK 9.60, a 17% decline. Since the currency trough, the krone has gained moderately against the euro and is expected to improve further at a steady pace. Fiscal policy’s influence on the economic recovery is evident when analyzing several key metrics. The key policy rate stood at 1.5% at the beginning of 2012, but towards the end of 2014, the rate was reduced to 0.5%, where it still stands today. Although not as severe, a similar decline in the money market rate (NIBOR) occurred around the same period, when NIBOR dropped 0.8%. Thus, fiscal policy has not been as expansive as the reduction of the key policy rate indicated. NIBOR is expected to remain around 0.8% for a few years before adding 50 bps towards 2020.

Source: SSB.no

If not for the surge in housing prices, interest rates would likely have dropped even further following the oil bust. Between 2014 and 2016, the average annual growth rate for housing prices in Norway were reportedly 5.3% and 9.5% in Oslo. In 2017, however, the residential pricing surge ceased as seasonally adjusted prices started reporting negative growth in May. Mostly attributed to tightened mortgage regulations and excessive residential construction. Housing prices will likely continue to moderately decline through 2018 before stabilizing and reaching 2016 levels by the end of 2020. Low interest rates and an expected decline in residential investments will soften the decline of housing prices. The unemployment rate increased by 150 bps along with the 2014 downturn. In mid‐2016, unemployment rate settled at 5%, according to Arbeidskraftsundersøkelsen (AKU). Since then the unemployment rate has decreased to 4.1%. Going forward, employment will increase as the economy continues its recovery and the unemployment rate is expected to fall below 4% by 2020. The impact of several key economic contributors has provided the recent recovery, such as the local currency, fiscal policy and housing investments, will diminish in the years to come. Interest rates, on the other hand, will remain low and continue to help push

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3,5 %

oktober 14 april 15 oktober 15 april 16 oktober 16 april 17 oktober 17

5 / 10 Y SWAP & NIBOR

10 yr Swap 5 yr Swap 3 month NIBOR


the recovery. Additionally, we expect an uptick in petroleum investments coupled with international growth to help accelerate economic growth in Norway. Although the economy is gaining strength beyond expectations, the recovery will likely be one of the slowest endured since the 1970’s. 1.2 Office rental market in Oslo Average market rents in Oslo for office space settled at 2 080 NOK / m² in Q3 2017, an 11.2% increase from Q3 2016. Class A space reported 5.4% increase to 3 340 NOK / m² in the same period. Activity remains high ‐ we expect rents to settle at 2 150 NOK / m² at the end of 2017 while vacancy continues to decrease as a result of the little new construction and employment growth. The two graphs below further illustrate rent levels in the Oslo office market.

The graph above shows current rent levels for the various submarkets in

Oslo. As expected, office rents are significantly higher in the CBD with City

Center, Inner City and Skøyen trailing behind. The circles depict the highest

recorded rent in each respective submarket.

The graph above details the average rent for class A office space in the

various submarkets in Oslo. CBD has continuously outperformed the other

submarkets since 2005.

Vacancy Newsec AS conducts a comprehensive office vacancy analysis in Oslo, Bergen, Stavanger and Trondheim each quarter. We define vacant office space as premises larger than 100 m2 that have an ad on finn.no and are ready for occupation within one year. Some properties are regarded as combined, and have both office and logistics areas. Newsec does not include warehouse and logistics property in the vacancy rate, but only premises that are considered office. Newsec track newbuilds and conversion cases in order to accurately determine whether the total office stock in each district has changed. The office leasing market in Oslo absorbed 107 080 m² in Q3 2017 across 171 executed leases, which is lower than the past three quarters, but higher than Q3 2016. The latest office vacancy figures show that vacancy in Oslo is slowly declining. The vacancy rate dipped 30 bps since the start of 2017 to 7.4% or 635 00 m² in Q3 2017 – down from the record high in 2015 at 8.6%.

The graph above illustrates historical vacancy for office space in various

submarkets. Vacancy has decreased in nearly all submarkets depicted

except for Skøyen and Lysaker.

The graph above shows historical and future office m² coming to market

against the average vacancy in Oslo. Office conversions will slow down with

the cooling housing market while newbuilds will increase and leave future

vacancy slightly below current levels.

6001 0001 4001 8002 2002 6003 0003 4003 8004 2004 6005 000

NOK/m²

Source: Newsec

Rent Levels Oslo Q3 2017

Topp

A‐Kategori

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000Kr/m²

Source: Newsec

Rent levels Oslo: Average A category

CBD Indre by sentrum Indre by

Skøyen Lysaker Fornebu

Nydalen Helsfyr Bryn

0%2%4%6%8%

10%12%14%16%18%20%22%

CBD InnerCity

Skøyen Lysaker OuterWest

BrynHelsfyr

OuterSouth

OuterEast

Nydalen

Office Vacancy Oslo Q3 2017

Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017

Source: Newsec & Finn.no

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

2012 2013 2014 2015 2016 2017 2018 2019 2020

Supply/Demand ‐ Vacancy Oslo

Newbuilds Prognosis Newbuilds Net Take‐Up

Conversion Vacancy % (r.a.)


CBD

CBD

% ∆ 12 mo.

Average rent (last 12 mo.) 3,300 ‐0.2%

Announced m² (Q3) 48,500 6.4%

Vacancy (Q3) 4.5% N/A

CBD is defined as Aker Brygge, Vika, Tjuvholmen as well as a few streets around the City Hall. There has been no significant announcement of available space this quarter, which has decreased space available to 48 500 m². Notable vacancies include Tordenskiolds gate 6B with 5 000 m² as well as Rosenkrantz gate 16 and Kronprinsesse Märthas plass 1 with 4 500 m² and 4 300 m², respectively. Average 12 mo. rents for office space in the CBD decreased by 0.2% since last quarter to 3 300 NOK / m². Going forward, Newsec expects average rents to remain stable and vacancy to decline further.

Inner City

Inner City

% ∆ 12 mo.

Average rent (last 12 mo.) 1,935 1.0%

Announced m² (Q3) 52,000 ‐4.8%

Vacancy (Q3) 3.9% ‐0.71%

Oslo’s Inner City (between ring 1 and ring 2) reported a drop in vacancy in Q3 2017. The number of square meters of available space is reportedly 52 000 m², which equates to a vacancy rate of 3.9%. The amount of available square meters has fallen by 5% over the past 4 quarters. Average 12 mo. rents for office space is 1 935 NOK / m², which is a 1% increase from the previous quarter. Notable relocations in Q3 include Dovre Group who signed 500 m² in Kirkegata 15 as well as Yellow Bana’s relocation to Mølleparken. Going forward, Newsec expects average rents and vacancy to remain stable.


Inner City Center

Inner City Center

% ∆ 12 mo.


Announced m² (Q3) 149,500 ‐3.7%

Vacancy (Q3) 7.3% ‐0.52%

In Inner City Center, Newsec registered a vacancy rate of 6.3%, a decrease from 6.9% reported in the previous quarter. In Q3 available office space was 149 500 m², which equates to 13 000 m² decrease from the previous quarter. Average 12 mo. rents have improved since Q2 to 2 185 NOK / m², a 1.1% increase. Notable leasing activity in Q3 include Statens helsetilsyn who absorbed 3 000 m² in Møllergata 24, starting in Q4 2017. Additionally, Phonect renewed their 900 m² lease in Brugata 19.

Skøyen

Skøyen

% ∆ 12 mo.


Announced m² (Q3) 57,000 6.3%

Vacancy (Q3) 9.5% 2.5%

The vacancy rate in Skøyen has remained stable at 9.5% through Q3, which equates to 57 000 m² of available space. The average space over the past 12 mo. is 59 000 m². Average 12 mo. rents have increased slightly by 1.4% to 2 205 NOK / m². Newsec is familiar with signed contracts around Karenslyst Alle at approximately 3 000 NOK / m². Notable leasing activity includes Sykehusbygg’s absorption of 1 800 m² in Hoffsveien 10, and Envac’s 1 000 m² space in Drammensveien 211.


Lysaker

Lysaker

% ∆ 12 mo.


Announced m² (Q3) 118,466 7.0%

Vacancy (Q3) 17.4% 4.26%

The vacancy rate in Skøyen remains high through Q3 and stood at 17.4%, up 1% from the previous quarter or 4.3% over the past 12 months. Announced available space has increased by 7% over the same period and the average space available was reportedly 109,000 m². Among notable vacancies is Snarøyveien 30 with 15 000 m² available, Professor Kohts vei 9 with 9 800 m², Lilleakerveien 2A with 8 388 m², Fornebuveien 38‐40 and Oksenøyveien 8 with 6 000 m², each. Over the past 12 months, average rents have increased by 0.4% to 1 800 NOK / m².

Nydalen

Nydalen

% ∆ 12 mo.


Announced m² (Q3) 14,292 ‐20.7%

Vacancy (Q3) 6.2% ‐4.40%

Nydalen is experiencing both residential and commercial activity through new construction supply and leasing. Average 12 mo. office rents have remained relatively stable with a 1.7% uptick from the previous quarter to 1 885 NOK / m². Newsec registered 14 292 m² available in Q3 2017, a 20% decrease over the past 12 months. The vacancy rate is 4.2% for office space as result of new construction supply that will be available in the next few years and high absorption. Notable vacancies in Nydalen include Nydalsveien 33 with 2 905 m², Gjerdrums vei 10A with 2 500 m² and Sandakerveien 130 with 1 160 m².


Bryn – Helsfyr

Bryn‐Helsyr

% ∆ 12 mo.


Announced m² (Q3) 76,084 ‐3.8%

Vacancy (Q3) 14.1% ‐2.74%

Bryn‐Helsfyr has historically been a stable office submarket. In Q3, the area reported a slight increase of available space at 76 084 m², up from 73 091 m² in Q2. The average vacancy rate in the area was 14.1% in Q3. Average rents increased over the past 12 months to 1 560 NOK / m² in Q3, an increase of 3.4% from the previous quarter. Notable leasing activity includes Arbeids og Velferdsdirektoratet’s 20 600 m² space in JB Ugland’s Fyrstikkalleen 1, where Statens Lånekasse also moved into a 4 200 m² space. Notable vacancies include Brynsalleen 4 with 10 000 m², Grenseveien 88 and 107 with a combined 12 000 m² vacancy, and Strømsveien 102 with 4 000 m² of available space.

Oslo Outer East

Oslo Outer East

% ∆ 12 mo.

Average rent (last 12 mo.) 1,353 ‐2.4%

Announced m² (Q3) 98,000 ‐9.7%

Vacancy (Q3) 11.6% ‐3.81%

The vacancy rate over the past 12 months fell by 3.8% to 11.6% in Q3 2017. Additionally, registered available office space in Q3 was below 100 000 m² for the first time since 2014 as the average decreased by 9.7% over the last 12 months. Unfortunately, average rents have also fallen along with vacancy. Average 12 mo. rents stood at 1 350 NOK / m² after a slight decrease of 2.4% from the previous quarter. Notable vacancies include Lørenfaret 3 with 12 000 m², Ulvenveien 111 with 7 000 m² and OBOS Ulvenveien 90 with 6 000 m² office space available.


Oslo Outer West

Oslo Outer West

% ∆ 12 mo.


Announced m² (Q3) 18,245 ‐7.5%

Vacancy (Q3) 2.7% ‐0.93%

Oslo Outer West reported a decline in vacancy and an uptick in office rents in Q2 2017, which has continued through Q3 – vacancy now stands at 2.7%. Additionally, average available space in the past four quarters has decreased by 7.5% to 20 000 m². Average rents over the past 12 months increased 5.4% in Q3 to 1 673 NOK / m², a high not seen in years in this area.

1.3 The Transaction Market The accumulated transaction volume in Q3 2017 (BnNOK 63.5) is quite higher than in Q3 2016 (BnNOK 47), mainly due to a strong start in 2017 with a transaction volume of BnNOK 26 in the first quarter. Newsec estimates 2017 volume will roughly total NOK 85 billion, BnNOK 21.5 higher than the YTD volume. An interesting side note is that the Q4 2016 volume was BnNOK 30. We are confident transactions will reach a higher volume than last year’s total of BnNOK 80 with help from a strong Q4. Interest rates are still historically low, and commercial real estate remains a very attractive option compared to other asset classes. At the monetary policy meeting September 21, the Norwegian Central Bank held, as expected, the key policy rate unchanged at 0.5%, and stated that it would remain at the current level in the short term. Newsec does not expect interest rates to increase until earliest by the end of 2019. Therefore, we do not believe that prime yield will be pushed upwards before 2019/2020. One effect of the two points above is that we still see capital is seeking alternatives to prime objects in Oslo. We find that the market for good objects in secondary cities such as Bergen, Trondheim and Tromsø is attractive. Several investors, including foreign capital, seek out those type of properties.

Newsec presents the following forecast for the remainder of 2017:

Interest rates will remain low through 2017.

A performing bond market will support stronger bank financing.

Cooling residential market (new mortgage regulations in effect as of January 2017).

0,0 %

0,5 %

1,0 %

1,5 %

2,0 %

2,5 %

3,0 %

3,5 %

4,0 %

4,5 %

2010 2011 2012 2013 2014 2015 2016 2017

10 yr swap 5 yr swap 3 Month NIBOR


Real estate in the outskirts of downtown Oslo will see yield compressions and price escalations. Areas particularly affected include Skøyen, Lysaker, Helsfyr and Ryen.

Real estate in secondary and tertiary markets will witness a similar effect.

Logistics will be subject to further yield compression and we expect transactions to yield as low as 4%.

The volume reported so far in 2017 will continue through the year.

The graph above depicts historical transaction volume in Norway across all

property types against the 10 year SWAP Newsec estimates 2017 volume

will roughly total NOK 80 billion.

The pie chart above show that office product represents 50% of transaction

volume YTD 2017 in Norway.

The graph above illustrates annual transaction volume and number of

trades for office product since 2013. At the end of 2017, we expect office

transactions for 2017 to slightly exceed the previous year.

The table above shows the largest office transactions completed YTD 2017.

Logistics Property Market Newsec has registered a total of 40 logistics/industrial transactions so far this year for a combined volume of approximately NOK 6 billion. Among the largest transactions in 2017 is Smedvig Eiendom’s portfolio sale in Dusavik outside Stavanger for NOK 300 million, which was acquired by EQT Private Equity. Notable tenants in the portfolio include GE oil and gas, Schlumberger and North Atlantic Drilling, among others. Additionally, an Arctic syndicate acquired the Autronica building (Bromstadveien 59) in Trondheim from local investors for NOK 280 million. Autronica, a producer of fire safety equipment and maritime measuring systems, signed a 10‐year lease in 2015. The largest transaction in the logistics segment so far in 2017 is Fabritius's acquisition of Onninen's main storage (Høgslundveien 49) at Berger for approximately MNOK 500. The property is fully let to Onninen and the size of the building is approximately 25 000 m². The property is located in Skedsmo municipality.

0

20

40

60

80

100

120

1,0 %1,5 %2,0 %2,5 %3,0 %3,5 %4,0 %4,5 %5,0 %5,5 %6,0 %6,5 %7,0 %7,5 %

BnNOKHistorical Transaction Volume

Registered Prognosis 10 Year SWAP

Kilde: Newsec

60

81 90

113

69

‐

20

40

60

80

100

120

140

0

10

20

30

40

50

60

70

2013 2014 2015 2016 2017

Number of transactions

BnNOK

Transaction Volume ‐ Office

Volume Number of transactions

Logistics transactions

YIELD PRICE MNOK

BUYER SELLER

Bromstadveien 59, Trondheim

5.40% 280 Arcitc syndicate

Hasle Gjerde & Kaare Arnstad

Onninen (Berger)

N/A

500

Fabritius Gruppen AS

Bjorgen Property Investment Holdings AS

Logistics Portfolio (Ski and Vestby) 5.5% 500

Pareto

Bulk Eiendom

Aurvegen Næringspark

5.2%

94

Pareto Base Property AS and others

Skanska Berger 4.85 % 345 N/A Fabritius

Office50 %

Other50 %

Kilde: Newsec


Contracts with 15‐20 years duration have become more common in the logistics segment. In the transaction market for logistics properties, we see that sale lease back‐deals with long contracts are carried out on very low yields. Newsec operates with 5.25% as prime yield in the logistics segment, but this based on a 10‐year contract. We have seen several examples of transactions where the contract duration is more than 10 years and yields significantly lower than 5.25%. Office transactions YIELD PRICE

MNOK BUYER SELLER

Nils Hansens vei 25 4.2% 1 020 Arctic Pecunia

Kongsgårdbakken 1 N/A

N/A

UNION Real Estate Fund II

Øgreid Eiendom

Eufemia (PWC og Microsoft)

≈ 4.00%

1 740

KLP Eiendom

OSU

Lilleakerveien 2 KONF. 1 245 Mustad Eiendom Nordea Liv

DNB Midtbygget 3.90% 4 300 SBB i Norden AB Meteva AS

The table above shows the largest logistics transactions completed YTD 2017.

The graph above illustrates annual transaction volume and number of trades for logistic/industrial product since 2013. At the end of 2017, we expect transactions for 2017 to slightly exceed the previous year.

1.4 Newsec Valuation Index

The graph above details Newsec’s Valuation Index. The index starts in Q1 2008 at 100 and provides value development for office product in Oslo and retail until Q1 2017. Valuations escalated in Q1 2014 and continues into present day.

14

24

13

36

40

‐

5

10

15

20

25

30

35

40

45

0

2

4

6

8

10

2013 2014 2015 2016 2017

Number of Transactions

BnNOK

Transaction Volume ‐ Logistics and industry

Volume Number of transactions

70

80

90

100

110

120

130

140

150

160

Q1‐08

Q3‐08

Q1‐09

Q3‐09

Q1‐10

Q3‐10

Q1‐11

Q3‐11

Q1‐12

Q3‐12

Q1‐13

Q3‐13

Q1‐14

Q3‐14

Q1‐15

Q3‐15

Q1‐16

Q3‐16

Q1‐17

Q3‐17

Q1‐08 = 100

Source: Newsec

Office Oslo Office Oslo Centre Office Oslo CBD Shopping Centre Logistics


1.5 Yield Table The table below provides an insightful look at current and historic yields for Norwegian real estate across property types and major cities. Current prime yield for office buildings in the CBD is 3.75%.

Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017

SEGMENT Low High Low High Low High Low High Low High

Office Oslo CBD 4.00 % 5.00 % 3.75 % 4.75 % 3.75 % 4.75 % 3.75 % 4.75 % 3.75 % 4.75 %

Office Oslo centre 4.75 % 6.00 % 4.50 % 6.00 % 4.25 % 6.00 % 4.00 % 5.75 % 4.00 % 5.75 %

Office Oslo Skøyen 5.00 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25 %

Office Oslo Lysaker 5.25 % 7.50 % 5.25 % 7.50 % 5.00 % 7.50 % 5.00 % 7.25 % 5.00 % 7.25 %

Office Oslo east 5.50 % 7.50 % 5.25 % 7.50 % 5.25 % 7.50 % 5.00 % 7.50 % 5.00 % 7.50 %

Office Oslo south 7.00 % 8.50 % 6.75 % 8.50 % 6.75 % 8.50 % 6.50 % 8.50 % 6.50 % 8.50 %

Office Stavanger central 5.50 % 7.50 % 5.25 % 7.50 % 5.25 % 7.50 % 5.25 % 7.50 % 5.25 % 7.50 %

Office Bergen central 5.00 % 7.50 % 4.75 % 7.50 % 4.75 % 7.50 % 4.75 % 7.50 % 4.75 % 7.50 %

Office Trondheim central 5.50 % 7.75 % 5.25 % 7.75 % 5.25 % 7.50 % 5.25 % 7.50 % 5.25 % 7.50 %

Office Other cities central 6.25 % 9.25 % 5.75 % 9.00 % 5.75 % 9.00 % 5.50 % 9.00 % 5.50 % 9.00 %

Retail prime 3.75 % 5.50 % 3.75 % 5.50 % 3.75 % 5.50 % 3.75 % 5.25 % 3.75 % 5.25 %

Retail normal and secondary 5.50 % 7.75 % 5.50 % 7.75 % 5.50 % 7.75 % 5.25 % 7.75 % 5.00 % 7.75 %

Retail Big Box 5.50 % 7.75 % 5.50 % 7.75 % 5.50 % 7.50 % 5.25 % 7.50 % 5.25 % 7.50 %

Logistics prime 5.50 % 7.00 % 5.50 % 7.00 % 5.50 % 7.00 % 5.25 % 7.00 % 5.00 % 7.00 %

Logistics normal and secondary 7.00 % 9.25 % 7.00 % 9.25 % 6.50 % 9.25 % 6.50 % 9.25 % 6.50 % 9.25 %

Hotel prime 4.75 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25 % 4.50 % 6.25 % 4.50 % 6.25 %

Hotel normal and secondary 6.25 % 8.50 % 6.25 % 8.50 % 6.25 % 8.50 % 6.25 % 8.50 % 6.25 % 8.50 %

Residential 3.25 % 6.00 % 3.25 % 6.00 % 3.00 % 6.00 % 3.00 % 6.00 % 3.00 % 6.00 %

Parking 5.00 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25 % 4.75 % 6.25 %


2.0 Sweden Macroeconomics The Swedish economy has developed strongly in the last few years and Newsec estimates that growth in 2017 will amount to 3 %, which is comparatively high relative to other European countries. The strong GDP growth is largely due to the gross investments in housing together with municipal investments and regional infrastructure projects. Imports of goods and services and good household consumption trends are other contributory factors to the positive growth. The strengthening of the global economy is boosting Swedish exports, but this is starting to be tempered by the stronger krona and rising labor costs. A first positive contribution to GDP from net exports is not expected until 2019. Newsec estimates that growth will be rather lower in 2018 than in 2017 and will end the year at 2.5 %, before falling further to 2 % in 2019. The Central Bank continues with its expansionary monetary policy, and at its last meeting in October decided to leave the primary rate unchanged at ‐0.5 %. The Central Bank of Sweden is also continuing to purchase bonds in order to ensure a rising inflation trend. Newsec forecasts that the primary rate will remain negative through 2017, before becoming positive during 2018 and then being raised further in 2019. Newsec also forecasts that inflation will end at 1.6 % in 2017 and rise to 1.8 % in 2018 before reaching the inflation target in 2019. Inflation in 2016 was 1 %. In September, the National Institute of Economic Research’s monthly Barometer indicator – which reflects the entire Swedish economy – changed from 110.5 to 113.8. This level indicates a much stronger growth than normal in the Swedish economy. The rise in September

was mainly due to stronger signals from manufacturing, where confidence hit a new high. As a result of low interest rates, a favorable financial policy and a gradually rising pace of wage increases, consumption by Swedish households has increased since the end of 2009. 2 Stockholm 2.1 Office Market Newsec estimates the total office stock in Greater Stockholm at around 12.4 million m², located mainly in the municipalities of Stockholm, Solna, Sundbyberg, Nacka, Sollentuna, Järfälla, Danderyd, and Upplands Väsby. Stockholm CBD (see map to the right), which is considered the best office location, has an office stock of about 1.9 million m², while Stockholm Inner City excluding the CBD has an office stock of about 4.4 million m². Many major companies have recently moved to the suburbs outside central Stockholm and have co‐located several previously existing offices in one location. The office districts with the highest rent rises and the greatest falls in vacancy levels in the last five years are those districts that offer a broad range of services and good public transportation, e.g. office areas in Solna and Hammarby Sjöstad. Newsec estimates the trend to continue for the next three years. The districts where there are possibilities of increasing density, making existing premises more efficient and demolishing buildings in order to build new office blocks are the submarkets that will probably achieve the greatest development and success. New production is expected to continue in these districts, which will further strengthen their position and create a basis for services.

‐6

‐4

‐2

0

2

4

6

8

Economic Indicators ‐ Sweden

Private Consumption Employment GDP 3M STIBOR Source: Newsec

%


2.2 Office Market – Rent Levels The upward trend of market rents in the Stockholm area is continuing. In Stockholm CBD market rents are now around SEK 5 850 per m². Newsec estimates that the top rents in the CBD lie around SEK 6 600 per m², and several property owners are reporting rents well above these levels. The high rent levels are a consequence of the high demand together with the low supply of newly built modern premises in Stockholm CBD.

Area Market rent

(SEK/m²) Top rent (SEK/m²)

Vacancy (%)

Prime Yield (%)

CBD 5,850 6,600 2.0 3.40

Inner city 3,600 4,300 4.0 3.75

Gamla Stan 3,350 3,750 4.0 4.25

Södermalm 3,450 3,850 5.0 4.00

Kungsholmen 3,350 3,650 3.0 4.00

Östermalm 3,650 4,300 1.0 4.75

Kista 2,150 2,750 17.0 5.00

Frösunda 2,400 2,700 12.0 4.50

Solna Business Park 2,450 2,800 3.5 4.50

Arenastaden 2,850 3,200 1.0 4.25

2.3 Office Market – Vacancy The combination of the strong service sector, the few completed new‐building projects in Stockholm CBD and the shortage of attractive premises in inner‐city locations in general, means that the vacancy rate in the CBD remains at low levels of around 2%, which have prevailed since the middle of 2016. The low vacancy level has led to more new‐building and rebuilding projects in the CBD and the Inner Suburbs. AMF’s Urban Escape at Gallerian, where Swedbank previously was a tenant, is undergoing a huge transformation. When Urban Escape is finished in 2019, about 70,000 m² of new or rebuilt office space will be added to Stockholm’s office market. In Stockholm CBD there are several plans for further expansions which are awaiting a go‐ahead from the City Council – for example Pembroke’s development of Hästen 21. Outside the central area, Fabege’s Grand Central project is another example of a major rebuilding project, where 36,000 m² of office space will become available at the end of 2018. Several major projects have also been started south of Stockholm’s inner city; these include Skanska’s Stockholm 01, which comprises 26,000 m² spread over 27 floors, and Fabege’s new‐building project on the Pelaren site in the new Söderstaden development. The vacancy rate in Stockholm Inner City is unchanged from the previous quarter and remains at around 4 %. In the Inner Suburbs vacancy has fallen since the second quarter and the current level is 7.5%. In the Inner Suburbs submarket Newsec includes attractive inner suburban areas such as Globen, Marievik, Alvik, Hammarby Sjöstad and Sickla. The high vacancy levels in Kista remain at 17% during the third quarter. Vacancy levels in Solna/Sundbyberg have fallen and now lie around 10 %. Vacancy levels in Prime

Stockholm Office Areas

Stockholm Central Business District (CBD)


Solna have also fallen and lie around 2%. The Prime Solna district comprises Arenastaden, Solna Business Park and Frösunda. The vacancy rate for the total Stockholm office market stands at 6%.

3 Gothenburg 3.1 Office Market The commercial office market in the Gothenburg region comprises an office stock totaling around 4.8 million m², which includes the stock of municipalities such as Mölndal and Partille. Office districts in the City of Gothenburg are divided as in the map below. Areas making up the CBD total about 860,000 m² of offices and comprise Lilla Bommen, Inom Vallgraven, part of Gullbergsvass, Nordstaden and Avenyn. Demand remains high in these areas, but the shortage of efficient modern premises is problematic, as is the shortage of larger premises. Few new‐building projects are underway in the CBD apart from some extensions or conversions. In Gullbergsvass, Vasakronan is currently progressing the Platinan project, next to the new bridge abutment. This will result in 60,000 m² of GLA, about 40,000 m² of which will be offices. Jernhusen’s Region City project is also planned for the CBD, next to the Central Station, and will result in 26,000 m² of offices. The Inner City comprises a number of districts and covers a large geographical area. Its office stock totals around 900,000 m². Gårda is the most purpose‐built office area in the Inner City, followed by Gullbergsvass and Ullevi‐Heden. In the remaining districts, the office stock is scattered among housing and other commercial properties.

3.2 Office Market – Rent Levels The market rent level in Gothenburg CBD has moved slowly upwards from 2016 to the present day. The market rent in CBD stands at around SEK 2 750 per m². The top rent level in the CBD has also been stable during the quarter and stands at around SEK 3 300 per m². The forecast is that rents will continue at around the same levels. It is possible that the completion of new building projects in central Gothenburg may lead to an increase in the top rent.

Area Market rent (SEK/m²)

Top rent (SEK/m²)

Vacancy (%)

Prime Yield (%)

CBD 2,750 3,300 3,8 3.90

Innerstaden 2,300 2,800 4.2 4.35

Norra Älvstranden 1,900 2,700 4.4 4.40

Hisingen 1,025 1,400 9.0 5.60

Mölndal 1,450 2,400 7.0 5.30

3.3 Office Market – Vacancy The rental market in Gothenburg remains strong despite the fact that Gothenburg has a large industrial sector that is export‐dependent. Neither vacancies nor the stock have changed significantly in recent time, which means that the vacancy rate has remained the same. Service‐based companies that are strengthening their presence in Gothenburg are one explanation of why letting remains stable. The current shortage of vacant office premises larger than 1,000 m² in the CBD means that more companies are resorting to newly built premises outside the submarket. During the third quarter the vacancy rate in Gothenburg CBD has been stable. The current vacancy rate is just above 3%, where it has remained since the Swedish Transport Administration, Trafikverket, announced its move to Lilla Bommen. Most of the properties standing empty today do so because of refurbishments – such as Castellum’s office building on Östra Hamngatan. However, once the refurbishments are completed, the buildings will be full. It remains hard to find modern office premises over 1,000 m² in the CBD, which has a positive effect on the Inner City. Demand for premises in the Inner City is also good, and the vacancy rate in the third quarter is around 4.5%.

Gothenburg Office Areas


4 The Logistic Property Market in Sweden

Sweden is one of the most export dependent countries in the world. Therefore, the country is heavily dependent on economic growth and stability in Europe. This is mainly because two‐thirds of Sweden’s export is sent to countries in Europe. Germany and Norway are Sweden’s biggest export markets with 11% respectively 10.1% in 2017 so far. In 2016, exports were responsible for 44 % of Sweden’s GDP, where two thirds could be derived to goods. Import was slightly lower and was during 2016 responsible for approximately 40% of Sweden’s GDP. The most popular export goods of Sweden are mainly industrial goods, such as vehicles and machines whereas oil, cars and electronics are the main import goods. Sweden is a natural logistics hub in Europe due to its geographical position and shape with access to Nordic cities, the Baltic States, the majority of Germany and the forefront of Russia. All of these areas can be reached within 24 hours or less. The logistic property market has shown a positive trend since the financial crisis. The e‐commerce increasing share of the market and the export‐ and import sector’s large share of GDP could be explanations of this development. New development is also an important factor as many cities are converting city close industrial areas to offices and residential areas. The largest transaction in Q2 and Q3 2017 was Bråviken Logistik’s acquisition of three properties in Nyköping,

Norrköping and Jönköping in April. The transaction volume amounted to SEK 1.5 billion and included roughly 144,000 m2 lettable area. The seller was Invesco Real Estate. The second largest transaction occurred in June where the seller was Kungsleden and buyer was Kildare Partners. The transaction included 18 logistic properties spread across Sweden. The sale was part of Kungsleden’s strategy to sell non‐strategic properties included in their portfolio. The properties had a lettable area of roughly 277,000 m2 with a transaction volume of SEK 882 million. DSV sold one property to Logistea in April that amounted to the period’s third largest transaction. The property is situated in Landskrona and has 40,000 m2 lettable area and was sold for SEK 700 million. The logistic rent level has had a steady but rather slow growth since 2013 (3 % in Stockholm). The highest rent level is found in A‐location Stockholm at 850 SEK/m² with observed top rents close to 1 000 SEK/m². Yield in the logistic segment has been decreasing since 2010 and is noted to be the lowest in A‐location Stockholm and Gothenburg with 5.5 %. The forecast indicates that the yields will be stable during the remaining part of 2017. In Gothenburg the yield has dropped with 150 basis points since 2010. Among the largest and top logistics areas in Sweden is the Gothenburg region, Örebro region, Jönköping region and the Östgöta region. Gothenburg, in the lead, has an enormous advantage with Port of Gothenburg, as the largest import‐ and export shipping port in all of the Nordic countries. The placement of Gothenburg contributes to the attraction of logistics, with close connection to Norway, Denmark and the Atlantic. With new projects and high demand on Hisingen and Arendal/Port of Gothenburg, Gothenburg continues to shine as the logistic capital of Sweden. Although turmoil and union strikes have occurred in the port business, the logistic area remains the same. Moreover, with its strong growth in logistic areas and good infrastructure in the region, Örebro is another important logistic area. The complete region which includes Örebro, Hallsberg, Arboga and Kumla has Sweden’s largest container terminal and one of the biggest freight airports in the country. A new logistic center of learning has brought more interest to the region. The Östgöta region is also following Gothenburg closely with excellent railway and motorway standards, plus an extended container shipping port in Norrköping. There is easy access to land for the establishment of logistic business, due to an


appreciation from the regions’ municipalities. The Jönköping region is strong in the logistics market. With establishments such as Elgiganten and IKEA warehouses and pre‐requisites to deliver goods to Norway, Denmark and Finland in one day, the region has a robust position. The geographical positioning of Jönköping, situated in the center of the south parts of Sweden gives the region a suitable logistic location. Even though new establishment has been limited since 2016 the region still receives a high activity and new establishments are planned for 2018. The railway communication to Gothenburg and three container terminals makes it easy to receive imported goods. 4.1 The Logistic Property Market in Stockholm With the center of Sweden’s leading consumption market and the country’s largest freight airport, the Stockholm logistic market has an ideal location for logistics.

In central Stockholm, land prices are high and the availability is low, as a reaction the logistic property market is located outside the Inner‐city. Attractive areas are Arlanda, Sigtuna, Rosersberg and Brunna in the north as well as Nykvarn, Haninge and Södertälje in the south, close to European routes E4 and E20. Logistic properties closer to the city center exist but are characterized by older and smaller buildings with high rent in, for example, Årsta. With the leading consumption market and an expansive growth, in both Mälardalen and south of Stockholm, Stockholm has a great opportunity for logistics development. An example of high logistic development activity has been in Brunna, north of Stockholm, where NCC has built three properties in the last couple of years and the fourth is on its way. Rent levels Logistic Stockholm 2014 2015 2016 2017p

A‐location (SEK/ m²) 830 850 850 850

B‐location (SEK/ m²) 660 670 670 670

Yield Logistic Stockholm 2015 2016 2017p

A‐location 6.00% 5.65% 5.50%

B‐location 6.75% 6.50% 6.25%

Vacancy Logistic Stockholm 2016 2017p

A‐location 7.0% 6.0%

B‐location 10.0% 10.0%

4.2 The Logistic Property Market in Gothenburg Gothenburg’s geographical location and large shipping port are two great contributors as the city is seen as the logistic capital of Sweden. With these pre‐requisites it is

advantageous for logistic business to establish their operation and trade in Gothenburg. The main areas of logistic are Arendal close to the harbor, where new projects are ongoing, Landvetter Airport, which has undergoing extension plans and areas along European route E6, such as Backa. Important areas are also along road 40 towards Borås and Jönköping. Few central logistic properties are located in the vicinity of Gothenburg train station, although the majority of these are being phased out because of major urban projects. Gothenburg’s property market is characterized by steady low vacancy levels and a high demand for new modern logistic facilities, mainly in A‐location. Municipality planning has made over half a million m2 available in Arendal and areas close to the new container terminal. Rent levels in Gothenburg have been stable the last years with a small increase in 2015. This can indicate a supply and demand equilibrium where developers build on demand from tenants with some built on speculation. Yield has seen an annually decrease from the year 2013 and is forecasted to peak at 5.50% in 2017. Thus the yields are following the country‐wide trend in every segment, decreasing yields with a good economic conjuncture.

Rent level Logistic Gothenburg 2014 2015 2016 2017p

A‐location (SEK/ m²) 700 710 710 710

B‐location (SEK/ m²) 600 610 610 610

Yield Logistic Gothenburg 2015 2016 2017p

A‐location 6.00% 5.65% 5.50%

B‐location 6.25% 6.25% 6.25%

Vacancy Logistic Gothenburg 2016 2017p


B‐location 5.00% 5.00%

4.3 The Logistic Property Market in Malmö The Malmö region market has a strong population foundation. Logistic cooperation between Copenhagen Port and Malmö Port has helped to unify the region. With planned projects in Malmö Port, Norra Hamnen, logistic facilities will be constructed and further contribute to the joined property market. Malmö has a close connection with Denmark and Copenhagen through the Öresund Bridge which is an essential part of logistics in the region and to Sweden’s connectivity to Europe. Additionally, Malmö has a short distance to Germany through ferries as well, which is an important trading partner with Sweden.


Rent levels in Malmö have been stable during the last years and only a minor increase has been noted in both A‐locations and B‐locations. The rent level remains unchanged in 2017 compared to 2016. Yields have been observed to decrease since 2015 and were estimated to 6% in A‐locations and 7% in B‐locations this year. Vacancies have decreased from 2016 to 2017 to a level of 8% in A‐locations and slightly higher in B‐locations at unchanged 13%.

Rent level Logistic Malmö 2014 2015 2016 2017p

A‐location (SEK/ m²) 670 680 680 680

B‐location (SEK/ m²) 450 455 455 455

Yield Logistic Malmö 2015 2016 2017p

A‐location 6.50% 6.00% 6.00%

B‐location 7.50% 7.15% 7.00%

Vacancy Logistic Malmö 2016 2017p


B‐location 13.00% 13.00%

5 Transaction Market in Sweden Last year the Swedish property market reached a new record level, with a transaction volume exceeding SEK 200 billion. The total transaction volume in the first three quarters amounted to SEK 100 billion spread over 326 transactions, whereas the corresponding figure in 2016 was SEK 127 billion. The transaction volume has been historically high every year since 2014. Even though the first three quarters of 2017 had a slightly lower volume than previous year, the transaction volume still demonstrates a strong year on the Swedish

property market. Newsec believes that the lower volume is not due to a weakening property market. Rather, it is an effect of the limited supply of properties not matching the high demand. Domestic investors continue to dominate the transaction market. One reason for the continuing interest from international capital is that the Swedish property market persistently offers better risk‐adjusted return than other European markets. During the past three quarters foreign investors have been net buyers for the first time since before the global financial crisis in 2008. The share of industrial, logistics and warehouses have normally accounted for 10 to 15 % of the annual transaction volume. During 2016, however, the sector only accounted for 8%. For the first three quarters of 2017, the sector accounted for 10 % (SEK 9.5 billion) of the volume. Other than NRP, the larger investors in the sector have during 2016 and 2017 been Platzer (acquired the large logistic and office portfolio from Volvo), Round Hill Capital (acquired NLI Eiendomsinvest AS), Corem (acquired a portfolio of 168,000 m² logistic and warehouse properties), private investors through Logistics Real Estate funds and single asset companies (Bråviken Logistik, Logistea and Estea Logistic Properties).

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Estimated Percentage Distribution of the Transaction Volume in SwedenTransactions≥ 100 MSEK

Office Residential Retail Logistics, warehouses and industrial Public properties Other properties

Source: Newsec


3.2 Key figures real estate portfolio

12 % 13 %

24 %

70 %72 % 73 %

19 %

‐38 %

11 %

30 %

23 %

9 %12 % 12 %

25 %30 %

22 %

‐14 %

‐31 %

48 %

39 % 41 %

33 %

11 %

‐54 %

65 %

18 %

‐12 %

15 %

22 %

4 %

12 %

3 %

20 %

‐80 %

‐60 %

‐40 %

‐20 %

0 %

20 %

40 %

60 %

80 %

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Yearly return NRP Finans real estate portfolio vs Oslo Stock Exchange

NRP Finans real estate portfolio Return OSEBX

4 4

10

5

10

15

8

43

4

6 67

10 10 109

‐2 ‐2

‐5

‐9‐10

‐1

‐3

‐5

‐2‐1

‐11

‐3

‐13

‐8

‐30

‐20

‐10

0

10

20

30

40

50

‐15

‐10

‐5

0

5

10

15

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Development in number of real estate projects

Projects established (left axis) Sold projects (left axis akse) Projects in portfolio end of year (right axis)

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

mNOK

Value NRP Finans real estate portfolio (cost price)


The graph shows the internal rate of return for three time‐periods in the NRP Finans real estate portfolio.

The diagram shows the distribution of the different segments in NRP Finans' current portfolio, based on cost price of property.

The diagram shows arranged real estate projects in mNOK from 2000 and up to today. In total, NRP Finans has arranged projects worth NOK 34 billion, including NLP and fund.


3.3 Real estate projects overview

Projects real estate Estimated value

per 1% Established IRR since

established p.a. Return

2017***

Brønnøysund Kontorbygg AS** N.A 2005 N.A N.A

Dagligvarelogistikk AS** N.A 2006 N.A N.A

Etterstad Utvikling DIS NOK 418 074 2008 4% 6%

Fokserødsenteret Nord AS NOK 989 807 2011 14% 6%

Gasolin Handelseiendom DIS** N.A 2010 N.A N.A

Hellerud Eiendom og Utvikling AS* NOK 2 882 581 2016 N.A N.A

Hvalstad Forretningsbygg AS NOK 576 812 2013 1% 0%

Kristiansund Handelseiendom AS NOK 886 443 2013 26% 42%

København Kontorbygg I AS DKK 3 745 809 2016 12% 12%

Lahaugmoen Logistikk AS NOK 1 357 353 2016 4% 4%

Logistikk og Lagershop AS SEK 603 918 2014 15% 5%

Lørenskog Kombiutvikling AS NOK 453 903 2016 16% 23%

Lørenskogveien 75 Holding AS NOK 326 131 2007 6% 19%

Martodden Utbygging KS/AS NOK 550 000 2006 9% 49%

Maskinveien Kontorbygg AS NOK 336 110 2014 10% 12%

NorrLog AS* SEK 5 289 997 2017 N.A N.A

Nye Berghagan Næringseiendom AS NOK 650 462 2006 6% 84%

Nye Holmsbu Invest AS* NOK 50 847 2016 N.A N.A

Nässjö Logistikkbygg AS SEK 500 251 2005 ‐1% ‐6%

Oslo Science Park AS NOK 2 077 982 2015 58% 28%

Oslo Science Park II AS NOK 3 309 801 2016 30% 32%

Oslo Science Park III AS* NOK 1 228 986 2017 N.A N.A

Raufoss Industripark AS NOK 3 684 711 2016 56% 55%

Rex Logistik AB SEK 1 110 831 2016 18% 28%

Ringeriksveien 2012 DIS NOK 162 494 2012 13% ‐14%

Rud Fryselager AS NOK 641 890 2014 39% 20%

Sandvika Kontorbygg I AS* NOK 1 234 035 2017 N.A N.A

SKB Hovfaret 4 AS NOK 1 748 724 2016 21% 21%

Skøyen Kontorbygg AS NOK 3 020 715 2016 23% 21%

Spice Log AS SEK 2 613 632 2016 14% 14%

Stadion Utbygging KS NOK 500 000 2006 3% 14%

Statens Hus Lillehammer KS NOK 336 729 2006 8% 113%

Sydsvenskan Lager & Handel AS SEK 324 442 2006 7% 32%

Sørlandsparken Terminal AS NOK 525 978 2015 18% 15%

Sørumsand Næringspark AS NOK 722 474 2017 6% 6%

Tangen Havnelager AS EUR 15 737 2006 8% 7%

TFGS Kombi AS SEK 600 865 2007 ‐2% 87%

Torslanda Lagerbygg AS SEK 2 588 016 2015 19% 17%

Tønsberg Handelseiendom AS* NOK 398 756 2017 N.A N.A

Vestby Logistikk AS NOK 1 640 490 2014 21% 9% Wergelandsveien 23 AS & Kongholm Langgaten AS**

N.A

2005

N.A

N.A


Projects real estate Estimated value

per 1% Established IRR since

established p.a. Return

2017***

Wilfast Mølndal AB SEK 296 937 2014 18% 31%

Wilfast Mölnlycke Holding AB SEK 278 128 2015 18% 27%

Wilfast Tagenevägen 30 AB SEK 219 658 2016 15% 19%

Århus Kombibygg AS DKK 1 364 568 2015 19% 16%

* The project has not existed long enough to calculate IRR on equity ** The project has been suspended *** Return is equivalent to change in value from 01.12.2016 ‐ 01.12.2017


Brønnøysund Kontorbygg AS

Contact: Knut Ekjord ([email protected])

Date of analysis:

01.12.2017

Share price 1 %

Share price per 1%:**

Key figures 100 %

Paid in capital: 30 300 000

Accumulated dividends/repayments: 15 354 324

Originally paid in participant loan: 14 000 000

Outstanding participant loan: 14 000 000

Repaid interest on participant loan: 3 597 010

Average rent/sqm: 1 327

Sensitivity

Yield 2018

Property value

Property value after deferred tax

Price/sqm (average)

Tax‐based value*

Market value hedging (76%)

Share price per 1% **

IRR share price***

Yield at end of project (2020)

Company information Property information

Business management: NRP Procurator AS Property type: Office

Technical management: Byggtech AS Location: Brønnøysund City Center

Lettable area (sqm): 13 890 sqm

Initial cost of property after deferred tax: 180 000 000 Construction year: 1979, 1984, 1994 and 2000

Paid in capital: 30 300 000 Occupancy rate: 100 %

Guarantee from investors: 20 000 000 Tenants: Brønnøysundregistrene /

Participant loan: 14 000 000 (The State / Department of Justice) (98%)

Established: 13. December 2005 Akvadesign AS (2%)

Yearly rent 2018: 18 431 836 Lease period: Brønnøysundregisterne: 31.12.2020

Adjustment of rent: 80% of CPI

Estimated cash flow (assumed 2.5% CPI) Financing (31.12.17)

2017 2018 2019 Principal Inst. 18 Interest Balloon 2020

Rental income 18 146 295 18 431 836 18 721 945 Mortgage tranche 1 25 125 000 0 3,30 % p.a. 25 125 000

Cost of ownership 2 611 208 2 644 932 2 687 930 Mortgage tranche 2 47 000 000 6 000 000 5,32 % p.a. 29 000 000

Net operating income 15 535 087 15 786 904 16 034 015 Mortgage tranche 3 11 250 000 0 3,30 % p.a. 11 250 000

Interest income 160 961 257 958 376 363 Participant loan 14 000 000 0 0,67 % p.a. 14 000 000

Interest expense 3 940 175 3 620 975 3 301 775 Shareholder loan 20 050 000 0 0,67 % p.a. 20 050 000

Interest participant loan 93 100 92 400 92 400 Total 117 425 000 6 000 000 99 425 000

Interest shareholder loan 132 330 132 330 132 330

Instalments mortgage 6 000 000 6 000 000 6 000 000 Value of interest rate swap per 30.06.2017: ‐3 177 886

Net finance ‐10 004 644 ‐9 587 747 ‐9 150 142

Tax payable 2 202 916 1 552 746 1 838 747

Net cash flow 3 327 527 4 646 411 5 045 125

Estimated balance (31.12) Additional information

2017 2018 2019

Working capital

Property

Total assets

DebtTotal debt

NAV after dividend and tax

* Including market value of plot

**Adjusted for hedging agreement swap

*** After tax

NOK 65 mill. of the mortgage is fixed to interest of 5.32% p.a. including margin until

15.12.2020 with yearly instalments of NOK 6 mill. The rest of the loan has floating

interest rate.

When purchasing shares in the project, pro rata share of the participant loan and pro

rata share of the shareholder guarantee must also be purchased by new owner.

The tenant Brønnøysundregistrene has invited interested parties to submit a bid for a

20 year lease contract. They will select their prefered partner December 2017.


Dagligvarelogistikk AS

Contact: Christian Ness ([email protected])

Anne Elisabeth Næstvold ([email protected]) Date of analysis:

01.12.2017

Share price 1 %

Share price per 1%:

Key figures 100 %



Outstanding participant loan: 0

Repaid instalments and interest on participant loan: 18 185 559

Average rent/sqm. (combination building): 700

Average rent/sqm. (office): 1 700

Sensitivity

Yield 2018

Property value


Price/sqm (average)

Tax‐based value*

Share price per 1%

IRR share price**



Business management: NRP Procurator AS Property type: 1 combination buildings and one office building

Location: Sandnes and Lier

Initial cost of property after deferred tax: 321 500 000 Lettable area (sqm): 12 302 sqm warehouse and 3 667 sqm office

Sales price Lagerveien: 75 000 000 Construction year: 1972‐2006


Initlal participant loan: 15 000 000 Main tenants: Kiwi Minidrift AS (31.12.2027),

Established: 31. March 2006 Extra‐Nett AS (31.12.2019)

Yearly rent 2018: 9 817 411 Lease agreement: Owner responsible for exterior maintenance, own

Adjustment of rent: 100% of CPI administration and insurance

Estimated cash flow (assumed 2.5 CPI) Financing (31.12.17)


Rental income 22 137 497 9 817 411 10 062 846 Mortgage 70 920 000 2 160 000 3,35 % p.a. 61 200 000

Cost of ownership 1 007 500 1 028 663 1 054 379 Total 70 920 000 2 160 000 61 200 000

Net operating income 21 129 997 8 788 749 9 008 467

Interest mortgage 4 557 383 2 688 840 2 584 890

Instalments mortgage 69 740 000 2 160 000 2 160 000

Net finance ‐74 297 383 ‐4 848 840 ‐4 744 890

Other costs 8 800 000 300 000 0

Tax payable 2 529 707 3 182 508 495 799

Net cash flow ‐64 497 093 457 401 3 767 778

Dividend/capital repayment 70 000 000 1 500 000 3 000 000


Working capital

Properties

Total assets

Mortgage

Total debt



** After tax

The mortgage has floating interest rate, and is under refinancing.

The office building is located in Lier, where Kiwi Minidrift AS is the tenant. Lease

agreement with Kiwi Minidrift AS has been extended for 10 years to 31.12.2027,

and the premises have recently been upgraded. The combination building is

located in Sandnes.


Enebakkveien 117 AS

Contact: Morten Berg ([email protected])

Date of analysis:

01.12.2017

Share price 1 %

Share price per 1%: 1 290 219

Key figures 100 %


Sensitivity

Yield 2018 7,50 % 7,00 % 6,50 %

Property value 156 574 114 167 757 979 180 662 439

Property value after deferred tax 146 305 910 156 371 389 167 985 402

Price/sqm (average) 14 064 15 069 16 228

Tax‐based value* 53 892 070 53 892 070 53 892 070

Share price per 1% 1 189 564 1 290 219 1 406 359

IRR share price** 5,2 % 5,2 % 5,2 %

Yield at the end of project (2019) 7,7 % 7,2 % 6,7 %


Business management: NRP Procurator AS Property type: Combination property, office, warehouse and production

Technical management: Aker Eiendomsdrift AS Location: Ryen, Oslo

Lettable area (sqm.): 11 133

Yearly rent 2018: 13 384 403 Construction year: 1950

Adjustment of rent: 100% of CPI Occupancy rate: 100 %

Tenants: Sana Pharma Group AS, Leteng AS, Video Film Int. AS

and several other smaller tenants

Rental agreement: Owner responsible for exterior maintenance,

insurance and own administration

Lease period: Varies, weighted remaining 3 years

Estimated cash flow (assuming 2.5% CPI) Financing (31.12.17)

2017 2018 2019 Principal Inst.18 Interest Balloon

Rental income 13 100 740 13 384 403 13 719 013 Mortgage tranche 1 43 155 000 2 400 000 2,90 % p.a. 38 355 000


Net operating income 11 478 752 11 743 059 12 044 924Interest income 8 471 11 149 18 930Interest expense 1 303 695 1 446 870 1 365 270


Net finance ‐3 695 224 ‐3 835 721 ‐3 746 340

Other costs 0 300 000 300 000

Net cash flow 7 783 527 7 607 338 7 998 584


2017 2018 2019

Working capital 6 242 474 13 849 812 21 848 396

Property value 156 371 389 156 371 389 156 371 389

Total assets 162 613 862 170 221 200 178 219 785

Debt 43 155 000 40 755 000 38 355 000

Total debt 43 155 000 40 755 000 38 355 000

NAV after dividend and tax 119 458 862 129 466 200 139 864 785


** After tax

The mortgage has floating interest rate of 2.9% incl. margin.

Largest tenant, Sana Pharma AS, stands for 40% of the rent and the lease expires

31.12.2020. The property has a beautiful location overlooking Oslo.


Etterstad Utvikling DIS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1%: ** 418 074

Key figures 100 %


Accumulated dividends/repayments: 0

Average rent/sqm (rented space): 1 160

Sensitivity

Yield 2018 8,00 % 7,75 % 7,50 %

Property value 106 281 172 109 387 016 112 699 916

Property value afte deferred tax 97 783 464 100 578 723 103 560 334


Tax‐based value* 21 304 091 21 304 091 21 304 091

Market value hedging (76%) ‐1 108 363 ‐1 108 363 ‐1 108 363

Share price per 1% ** 390 121 418 074 447 890

IRR share price*** 17,2 % 16,2 % 15,3 %

Yield at end of project (2020)**** 8,1 % 8,1 % 8,1 %


Business management: NRP Procurator AS Property type: Retail/Office/Warehouse/Development

Technical management: Aker Eiendomsdrift AS Location: Etterstad, Oslo


Initial cost of property after deferred tax: 98 500 000 Construction year: 1960 and 1997

Paid in capital: 29 500 000 Occupancy rate: Approx. 90%

Established: 28. February 2008 Tenant: Rema 1000 AS, Light House Company, Varoma

Yearly rent 2018: 9 400 967 and approx. 15 smaller tenants

Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for exterior maintenance,


Lease period: Rema 1000 AS: 31.05.2029, others vary mainly from 1‐3 years




Cost of ownership 1 625 488 1 698 473 1 735 342 Mortgage tranche 2 50 000 000 0 7,27 % p.a. 50 000 000

Net operating income 7 848 601 7 702 494 7 853 645 Total 63 642 860 2 357 140 56 571 440

Interest income 52 295 58 091 71 807

Interest expense (tranche 1‐2) 4 112 732 2 269 929 2 640 295 Value of interest rate swap per 30.06.2017: ‐1 458 372


Net finance ‐6 417 577 ‐4 568 978 ‐4 925 628

Tax payable 412 326 715 416 1 203 309

Upgrading costs/ Feasibility study 500 000 400 000 0

Net cash flow 518 698 2 018 100 1 724 707


2017 2018 2019

Working capital 6 152 882 8 170 981 9 895 689

Property value 100 578 723 100 578 723 100 578 723

Total assets 106 731 605 108 749 705 110 474 412

Debt (tranche 1‐2) 63 642 860 61 285 720 58 928 580

Total debt 63 642 860 61 285 720 58 928 580



** Adjusted for hedging agreement swap

*** After tax

***/**** Assuming a residual value of NOK 110 mill. in all the three sensitivities of IRR,

where the development potential is valued to NOK 10 mill. Yield at end of project is

based on a property value of NOK 100 mill.

Mortgage tranche 1 has floating interest.

Mortgage tranche 2 has fixed interest of 7.27% p.a. including margin until 05.03.18.

Development potential of approx. 2 500 ‐ 5 000 sqm. The residual value in the project

is adjusted for a development potential of 2 500 sqm. Final plan proposal to build

apartments was sent to the Planning and Building Services medio 2017, and an answer

is expected medio 2018.

Owner has contributed with a loan of NOK 1.5 mill to Rema 1000 in conjunction with

rehabilitation. The loan will be paid back over a 15 year period, with yearly rent of

7.0%. Efforts are being made to attract new tenants. Light House Company AS will move

out of 963 sqm 31.12.2017.


Fokserødsenteret Nord AS


Date of analysis

01.12.2017

Share price 1 %

Share price per 1%: 989 807

Key figures 100 %



Average rent/sqm office: 1 730

Average rent/parking space outside: 5 475

Average rent/parking space inside: 11 668

Sensitivity

Yield 2018 8,00 % 7,75 % 7,50 %

Property value 229 874 906 237 290 226 245 199 900



Tax‐based value* 161 274 561 161 274 561 161 274 561

Share price per 1% 923 069 989 807 1 060 994

IRR share price** 13,4 % 12,6 % 11,9 %

Yield at end of project (2024) 9,2 % 8,9 % 8,6 %



Technical management: Hjertnes Eiendom AS Location: Sandefjord, Norway

Area including parking (sqm): 15 206

Initial gross property value: 220 000 000 Number of parking spaces: 300

Paid in capital: 66 800 000 Construction year: 2009

Established: 22. December 2011 Occupancy rate: 100 %

Yearly rent 2018: 19 334 737 Tenant: Agility Projects AS

Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for exterior maintenance,

technical installations, insurance and own administration

Lease period: 1. December 2024


2017 2018 2019 Principal Inst. 18 Interest Balloon


Cost of ownership 930 783 944 745 963 640 Total 131 410 000 4 800 000 99 085 000


Interest income 35 920 29 855 26 678

Interest expense 3 240 240 3 776 090 3 762 300


Net finance ‐8 004 320 ‐8 546 235 ‐8 535 622

Tax payable 1 670 000 2 540 442 2 564 428

Net cash flow 8 508 534 7 303 316 7 643 971

Dividend/ capital repayment 9 000 000 8 000 000 7 000 000

Estimated payment (31.12) Additional information

2017 2018 2019

Working capital 695 850 ‐834 643 136

Property value 229 688 659 229 688 659 229 688 659


Debt 131 410 000 126 610 000 121 810 000

Total debt 131 410 000 126 610 000 121 810 000



** After tax

The mortgage has floating interest rate.

The property is located at Fokserød, close to Torp airport in Sandefjord. There are 3

integrated buildings on the property, and with small adjustments the buildings can

serve more than one tenant.

Bank guarantee equal to 1 year rent, in addition to parent company guarantee issued

by Wood Group PSN Limited.


Gasolin Handelseiendom DIS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1%: **

Key figures 100 %



Average rent/sqm: 0

Sensitivity

Yield 2018

Property value


Price/sqm (average)

Tax‐based value*

Market value hedging (76%)


IRR share price***



Business management: NRP Procurator AS Property type: Retail

Technical management: Aker Eiendomsdrift AS Location: 38 gas stations primarily located south in Norway


Initial gross property value: 800 000 000 Occupancy rate: 100 %

Paid in capital: 173 000 000 Tenant: Reitan Convenience Norway AS,

Established: 6. September 2010 Scandinavian Fuel Infrastructure, Uno‐X Automatic, YX Service station.

Yearly rent 2017: 0 Lease agreement: Owner responsible for exterior maintenance,

Adjustment of rent: 100% of CPI property tax, ground rent, insurance and own administration

Lease period: 31. December 2022



Rental income Mortgage

Cost of ownership Total

Net operating finance

Interest income

Interest expense

Instalments mortgage

Net finance

Sale of property

Tax payable

Other costs

Net cash flow

Dividend/ capital repayment


2017 2018 2019

Working capital

Property value

Total assets

Debt

Total debt




*** After tax

* weighted average of four interest rate swaps:

Swap‐agreement of 5.79% incl. margin until 15.09.2021.

Swap‐agreement of 5.76% incl. margin until 15.09.2021.

Swap‐agreement of 5.62% incl. margin until 08.11.2020

Lease agreement with Reitan Convenience Norway AS , Scandinavian Fuel

Infrastructure, Uno‐X Automatic and YX‐Service stations. The buildings are owned by

Gasolin Handelseiendom DIS, while the gas infrastructure is owned by the tenants.


Hellerud Eiendom og Utvikling AS

Contact: Erlend Torsen ([email protected])

Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %


Accumulated dividends/repayments: ‐


Sensitivity Low case Base case High case

Yield 2018 7,00 % 7,00 % 7,00 %

Property value* 724 175 157 724 175 157 724 175 157



Tax‐based value 575 004 412 575 004 412 575 004 412

Share price per 1% 2 882 581 2 882 581 2 882 581

IRR share price** 8,9 % 20,7 % 28,4 %



Business management: NRP Procurator AS Property type: Service and conference

Technical management: Aker Eiendomsdrift AS Location: Hellerud


Initial cost of property: 680 000 000 Construction years: Varies, and parts under construction

Paid in capital: 256 000 000 Plot size: 350 000 sqm

Established: 10.11.2016 Tenants: Exporama Senteret AS, Leaseplan AS, Vastint et al.

Yearly rent 2018: 46 668 631 Lease period: Exporama Senteret AS and Vastint: 30 years from

Adjustment of rent: 100% of CPI approximately august 2017. Leaseplan AS: 01.12.2024




Cost of ownership 2 911 000 2 976 370 3 043 226 Total 442 000 000 399 837 832

Net operating income 28 734 999 43 692 261 44 558 777Interest income 54 774 162 393 157 176


Instalments mortgage 0 8 773 921 8 599 754

Net finance ‐12 009 270 ‐27 302 838 ‐26 762 856

Other costs 435 000 1 000 000 0

Net cash flow 16 290 728 15 389 423 17 795 921

Dividend/capital repayment 0 18 000 000 18 500 000


2017 2018 2019

Working capital 22 990 728 20 380 151 19 676 073

Property value 709 258 083 709 258 083 709 258 083

Total assets 732 248 811 729 638 234 728 934 155

Debt 442 000 000 433 226 079 424 626 325

Total debt 442 000 000 433 226 079 424 626 325


* Includes value of plot (NOK 100 000 000)

** After tax

The mortgage loan has maturity 15.10.2019, and runs with 3.95% interest incl. margin.

Assumed better financing terms ultimo 2018 when the center has had one year of

operations.

The project consists of a conference‐ and exhibition centre and warehouse facilities. In

addition, there is an adjoining 276‐room hotel owned by Vastint, branded by Marriot.

The project also owns approx. 350 000 sqm land with various regulations and

development potential. Bunde Eiendom will be responsible for further development of

the property. The land is valued at NOK 100 mill.

The Low Case includes only minimum rent and no development gain. The Base Case

includes turnower based rent based on tenant budget and 6.5% exit yield. The High

Case includes turnover based rent as above, and development of the plot were the

plot is valued at NOK 250 mill. Due to the complexity of the project the analysis is

uncertain.


Hvalstad Forretningsbygg AS


Date of analysis:

01.12.2017

Share price: 1 %


Key figures 100 %


Accumulated dividends: 3 000 000


Sensitivity

Yield 2018 9,00 % 8,75 % 8,50 %

Property value 51 663 432 53 139 530 54 702 457



Tax‐based value* 12 532 513 12 532 513 12 532 513

Market value hedging (76%) 161 038 161 038 161 038

Share price per 1% 563 527 576 812 590 878


Business management: NRP Procurator AS Property type: Office and retail

Technical management: Aker Eiendomsdrift AS Location: Hvalstad, Asker

Parking: 95 spaces

Initial gross property value: 61 772 861 Lettable areal (sqm): 3 691

Paid in capital: 58 655 000 Construction year: 1978

Established: 11.06.2013 Occupancy rate: 100 %

Yield rent 2018: 5 439 726 Tenants: Norgesgruppen AS (Kiwi), 4Subsea AS, Anouska Engros

Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for exterior mainenance,


Lease period: Norgesgruppen AS: 31.08.2026, 4Subsea AS: 31.12.2018

Estimated cash flow (assumed 2.5% CPI) Financing (31.12.2017)


Rental income 5 679 624 5 439 726 5 548 521 Mortgage tranche 1 17 000 003 1 333 332 2,90 % 14 333 339

Cost of ownership 778 342 790 017 809 768 Mortgage tranche 2 20 000 000 0 3,47 % 20 000 000


Interest income 3 634 3 852 5 868

Interest expense 1 216 000 1 260 667 1 215 333 Value of interest rate swap per 29.09.2017: 211 892


Net finance ‐2 545 698 ‐2 590 147 ‐36 876 136

Other costs 100 000 100 000 100 000

Sale of property 49 078 828

Net cash flow 2 255 584 1 959 562 16 841 445


2017 2018

Working capital 2 177 875 4 137 438

Property value 49 078 828 49 078 828

Claim 37 000 003 35 666 671

Total assets 88 256 707 88 882 937

Debt 37 000 003 35 666 671

Total debt 37 000 003 35 666 671

NAV after dividend and tax 51 256 704 53 216 266


** After tax

Mortgage tranche 1 has floating interest rate of 2.9% incl. margin.

Mortgage tranche 2 has fixed interest rate of 3.47% incl. margin until 13.04.2026.

Hvalstad Forretningsbygg has a claim equal to the loan amount on Enebakkveien 117

AS and Krogsrud Invest AS.

Jakt og Friluft moved out 28.02.2017, and Anouska Engros took over the premises

from 01.07.2017.


Kristiansund Handelseiendom AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 7,00 % 6,75 % 6,50 %

Property value 213 585 219 221 495 783 230 014 851



Tax‐based value* 107 258 393 107 258 393 107 258 393


Share price per 1% ** 815 248 886 443 963 114

IRR share price*** 10,2 % 9,5 % 8,8 %




Technical management: LL Holding AS Location: Løkkemyra, Kristiansund


Initial gross property value: NOK 183 000 000 Construction year: 2012

Paid in capital: NOK 45 000 000 Occupancy rate: 100 %

Established: 06.12.2013 Tenants: COOP Orkla Møre, Jula Norge, G‐Sport, Ekstra Leker Holding

Yearly rent 2018: 16 308 020 Rental agreement: Owner responsible for exterior maintenance,

Adjustment of rent: 100% of CPI insurance and own administration

Lease period: Weighted approx. 31.12.2023





Net operating income 14 768 752 14 950 965 15 339 783 Mortgage tranche 3 15 781 250 500 000 4,23 % p.a. 15 281 250

Interest income 78 722 97 560 110 775 Mortgage tranche 4 16 281 250 0 2,80 % p.a. 16 281 250

Interest expense (tranche 1‐4) 4 553 866 4 859 472 4 561 969 Total 125 000 000 4 000 000 93 500 000


Net finance ‐8 475 144 ‐8 761 911 ‐8 451 194 Value of interest rate swaps per 30.06.2017: ‐3 415 589

Tax payable 1 765 568 1 817 650 1 861 503

Net cash flow 4 528 040 4 371 404 5 027 086



2017 2018 2019

Working capital 6 638 102 7 709 506 9 236 592

Property value 210 072 044 210 072 044 210 072 044

Total assets 216 710 146 217 781 549 219 308 636

Debt (tranche 1‐4) 125 000 000 121 000 000 117 000 000

Total debt 125 000 000 121 000 000 117 000 000




*** After tax

All tranches have quarterly instalments.

Tranche 1 has floating interest rate adjusted with the forward curve.

Trance 2‐4 have fixed interest rates for 10, 5 and 3 years respectively.

The property is located at Løkkemyra Handelspark right next to the main highway to

Kristiansund, close to the airport. The store composition in Løkkemyra has been well

received by the market, and the expected yearly revenue is around NOK 300 mill.


København Kontorbygg I AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (DKK):* 3 745 809

Key figures (DKK) 100 %

Paid in capital 334 000 000


Average rent/sqm: 746

Sensitivity

Yield 2018 5,30 % 5,10 % 4,90 %

Property value 872 233 977 906 439 231 943 436 751



Tax‐based value 768 000 000 768 000 000 768 000 000


Share price per 1%* 3 403 757 3 745 809 4 115 784

IRR share price** 9,8 % 9,0 % 8,3 %


Company information Property


Location: Ballerup, Denmark


Initial cost of property (DKK): 768 000 000 Construction years: 1989, upgraded 2009‐2011

Paid in capital (DKK): 334 000 000 Parking spaces: 1 205

Established: 24.01.2017 Plot size: 162 596

Yield rent*: 49 960 581 Occupancy rate: 100 %

Adjustment of rent: 100% of CPI Tenant: Tryg Forsikring A/S and one non‐disclosed solid tenant

* from fully let Q3 2019 Rental agreement: Owner responsible for exterior maintenance and own admin.

Lease period: Tryg: 31.01.2037

Non‐disclosed tenant: Q2 2030


2017 2018 2019 Principal Inst.18 Interest Balloon 2036

Rental income 42 486 008 40 725 856 46 756 351 Tier I 229 071 000 0 2,48 % p.a. 229 071 000

Cost of ownership 3 659 000 3 732 180 3 806 824 Tier II 110 095 276 4 900 000 1,00 % p.a. 89 495 276

Net operating income 38 827 008 36 993 676 42 949 528 Tier II‐ part 2 115 200 000 0 1,00 % p.a. 115 200 000Interest income 134 397 266 273 267 604 Total 454 366 276 4 900 057 433 766 276Interest expense 6 561 429 8 152 465 9 813 941


Increased debt for refurbishment 0 46 080 000 46 520 000

Net finance ‐10 858 757 33 293 808 31 973 663

Tax payable 0 5 515 917 4 391 616

Common costs 0 1 989 000 1 014 390

Investment 0 76 800 000 19 200 000

Net cash flow 27 968 251 ‐14 017 433 50 317 185

Dividend/capital repayment 0 0 60 200 000


2017 2018 2019

Working capital 37 468 251 23 450 818 13 568 003

Property value 906 439 231 906 439 231 906 439 231

Total assets 943 907 483 929 890 049 920 007 234

Debt 454 366 276 495 546 276 537 066 276

Total debt 454 366 276 495 546 276 537 066 276


* Adjusted for hedging agreement swap

** After tax

75% of the loans have floating rate bond, and 25% have fixed rate bond. Of the 75%

with floating rate, 50% of the rent is secured with a 12‐year swap of 2.48% incl.

margin.

Financing of the building‐project is subject to credit committee at lending bank.

After the end of the building project, the estimated debt is DKK 540 mill.

The project is 100% let until 30.6.18. From 30.6.18 until approx. 1.4.19, parts of the

property will be refurbished/expanded and a new undisclosed tenant has signed a

11 year lease contract for 30% of the building. The new tenant can leave approx.

25% of their areas versus a 6 month penalty after year 7. Refurbishment costs has

been included in the analysis.

Tryg guarantees 80% of the total rent through the rental period.


Lahaugmoen Logistikk AS

Contact: Tobias Gedde‐Dahl ([email protected])

Date of analysis:

01.12.2017

Share price 1 %

Share price per 1%:* 1 357 353

Key figures 100 %




Sensitivity

Yield 2018 5,80 % 5,60 % 5,40 %

Property value 354 947 191 367 623 876 381 239 575



Tax‐based value 280 884 986 280 884 986 280 884 986

Share price per 1%* 1 243 263 1 357 353 1 479 895

IRR share price** 10,9 % 10,1 % 9,3 %



Business Management: NRP Procurator AS Property type: Logistics

Technical Management Anthon B Nilsen Eiendom AS Location: Lahaugmoen


Initial cost of property: 350 000 000 Construction years: 2017

Paid in capital: 145 000 000 Plot size (sqm): 48 414


Yearly rent 2018: 21 921 778 Tenant: Staples Norway AS

Adjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance, technical inst.,

insurance, property tax and own administration

Lease period: 31.03.2027



Rental income 10 798 906 21 921 778 22 360 214 Bond 215 000 000 0 3,95 % p.a. 185 975 000

Cost of ownership 1 321 395 1 334 841 1 353 139 Total 215 000 000 185 975 000


Net finance ‐8 425 407 ‐8 413 308 ‐8 413 390

Net cash flow 1 052 104 12 173 629 12 593 684



2017 2018 2019

Working capital 7 652 104 7 425 733 7 519 418

Property value 358 949 987 358 949 987 358 949 987

Total assets 366 602 091 366 375 721 366 469 405

Debt 215 000 000 215 000 000 215 000 000

Total debt 215 000 000 215 000 000 215 000 000



** After tax

Quarterly instalments of 1 612 500 from 2023.

Staples has an option for an additional 8 000 ‐ 10 000 sqm. The option must be

declared within 5 years.


Lilleby Eiendom AS ‐ residential development project


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %



Key data

Base case

Share price per 1%* 4 000 000

Approx. land price per sqm (based on 82 000 BRAS) 8 000

Estimated IRR* 15‐18%


Business Management: Veidekke Eiendom AS Property type: Apartments/townhomes

Technical Management: Veidekke Eiendom AS Location: Lilleby, Trondheim

Projected built sqm (BRAS): 82‐85 000

Sum budgeted sales revenue: 5.16 billion Plot size: 100 000

Sales period residential: 2014‐2025 Planned residential units: 1 200

Sales start first building stage: 10.11.2014

Additional information: www.nyelilleby.no

Estimated progress Sales rate and financing

Balance 30.09.2017 Additional information

Plot and projects in production 728 251 221

Cash and cash equivalents 17 645 000

Receivables 377 931 000

Total Assets 1 123 827 221

Equity 404 457 221

Land loan 280 500 000

Building loan 360 177 000

Payables 41 851 000

Deferred tax 36 842 000

Total debt 719 370 000

Total equity and debt 1 123 827 221

* After tax, depending on leverage construction costs (70‐90%)

The three land plots have different regulation status. Per Q3‐2017 five contruction stages

are under development; Konsul Lorcks Hage (25 rowhouses), Ladebekken 1 (67

apartments), Ladebekken 2 (60 apartments), Maskinparken 1 (49 apartments) and

Maskinparken 2 & TRE (78 apartments).

5 stages of a total of 278 units have been laid out for sale so far. 24/25 of the units in

Konsul Lorcks Hage are sold, 100% of Ladebekken 1, 90% of Ladebekken 2, 94% of

Maskinparken 1 and 85% of Maskinparken 2 & TRE have been sold per 30.09.2017.

The plot is financed through 60% loan and 40% equity.

Estimated 10‐20% equity requirement on construction cost.

The average salesprice used is NOK 54 000 per sqm. Building cost is approx. NOK 35

600 per sqm. Infrastructure cost estimated to NOK 1 600 per sqm. 3.0% market risk

allocation. Other costs based on Veidekke practice. These numbers apply for

apartments only.

Dividends assumed paid out as free cashflow is available.


Logistikk og Lagershop AS


Date of analysis:

01.12.2017

Share price 1 %

Share price of 1%: (SEK) 603 918

Key figures (SEK) 100 %




Sensitivity

Yield 2018 6,90 % 6,60 % 6,30 %

Property value 57 045 667 59 638 652 62 478 587



Tax‐based value 36 050 497 36 050 497 36 050 497

Share price per 1% 579 415 603 918 630 756

IRR share price* 5,8 % 5,6 % 5,4 %



Business management: NRP Procurator AS Property type: Warehouse / Store

Technical management: Wilfast Forvaltning AB Location: Linkøping

Lettable area (sqm): 4 628

Initial cost of property after deferred tax: SEK 286 500 000 Construction years: 2009

Paid in capital: SEK 114 000 000 Occupancy rate: 100 %

Established: 12.02.2014 Tenants: Net On Net AB

Yield rent: 4 809 781 Lease agreement: Owner responsible for exterior maintenance,

Adjustment of rent: 100% of CPI technical installations, insurance and own administration

Lease period: Net On Net: 31.10.2024

Estimated cash flow (assuming 2.0% CPI) Financing

2017 2018 2019

Rental income 3 724 736 4 809 781 4 896 357

Cost of ownership 856 500 873 630 891 103


Net finance 0 0 0

Tax payable 0 486 862 720 855

Net cash flow 2 868 236 3 449 289 3 284 399


Estimated balance (31.12) Additional Information

2017 2018 2019

Working capital 916 264 1 865 553 2 749 953

Property value 58 341 303 58 341 303 58 341 303

Total assets 59 257 567 60 206 856 61 091 256


* After tax

Loan was repaid 15.04.2016, due to sale of the Helsingborg property with a rental

agreement to Post Nord.

The project consists of a NetOnNet shop in Linkøping. The two other properties are sold.

The property is marketed for sale.


Lørenskog Kombiutvikling AS


Tobias Gedde‐Dahl ([email protected]) Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (NOK):** 453 903

Key figures (NOK) 100 %




Sensitivity

Yield 2018 7,80 % 7,50 % 7,20 %

Property value 106 360 985 110 615 425 115 224 401

Property value after deferred tax* 131 311 643 135 140 638 139 288 717


Tax‐based value** 105 867 560 105 867 560 105 867 560


Share price per 1%*** 415 613 453 903 495 383

IRR share price**** 13,9 % 13,1 % 12,4 %



Business management: NRP Procurator AS Property type: Combination property/development potential

Technical management: CO IN Utvikling AS Location: Skoglistubben 21, Lørenskog

Initial cost of property incl. plot: 123 950 000 Lettable area (sqm.): 11 271

Paid in capital: 36 000 000 Plot size: 45 421 sqm. incl. additional plot

Established: 02.05.2016 Construction year: 1988/1998, later upgraded

Yearly rent 2018: 10 333 301 Occupancy rate: 100 %

Adjustment of rent: 100% of CPI Main tenants: Mega Fun AS, IT Grafisk AS, Oslo Silketrykk AS

Plot value* 25 000 000 Rental agreement: Owner responsible for exterior maintenance,

technical intallations and own administration

Lease period: Weighted remaining 6.5 years




Cost of ownership 2 013 671 2 037 144 2 067 073 Seller's credit 26 538 004 0 4,00 % p.a. 0

Net operating income 8 197 101 8 296 157 8 524 561 Total 98 725 504 2 250 000 56 437 500Interest income 53 012 82 709 92 862Interest expense 2 681 663 2 599 988 2 518 313 Value of interest rate swap per 31.10.2017: 296 585

Potential payment from investors 0 25 000 000 0

Instalments mortgage (tranche 1) 2 250 000 29 865 553 2 250 000

Net finance ‐4 878 650 ‐7 382 832 ‐4 675 450

Tax payable 0 0 70 024

Net cash flow 3 318 451 913 325 3 779 086


2017 2018 2019

Working capital 5 321 891 6 235 216 10 014 303

Property value 135 140 638 135 140 638 135 140 638

Total assets 140 462 530 141 375 855 145 154 941

Debt and seller's credit 98 725 504 69 937 500 67 687 500

Total debt 98 725 504 69 937 500 67 687 500


* Including value of development plot of NOK 25 mill.

** Including market value of plot

*** Adjusted for hedging agreement swap, and investment for Mega Fun.

**** After tax.

* Additional plot of 27 401 sqm. The plot is planned for residential development

Mortgage has fixed interest rate of 3.63% incl. margin until 16.09.2019.

The seller's credit has interest of 4%, which is paid at maturity Q4 2018.

Investors are committed to pay their pro rata share of the seller's credit of NOK 25 mill.,

to be repaid in 2018. The seller's credit will preferably be refinanced through a building

loan and/or parts of the liquidity in the project. Assumed recidential potential of 10

000‐20 000 BRAS.

Profit split on earnings exceeding IRR of 12% to investors. At rezoning and liquidation

of the project, Lund Utvikling and NRP Finans will receive 20% return in the project as

long as the investor has received 12%.


Lørenskogveien 75 Holding AS ‐ financial real estate project


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 7,75 % 7,50 % 7,25 %

Property value 68 982 439 71 281 854 73 739 849


Price/sqm (average): 7 764 8 023 8 299 Tax‐based value* 29 403 144 29 403 144 29 403 144 Share price per 1% ** 305 436 326 131 348 253

IRR share price*** 11,8 % 11,0 % 10,3 %



Business management: NRP Procurator AS Property type: Logistics/office

Technical management: Aker Eiendomsdrift AS Location: Lørenskog


Initial cost of property after deferred tax: NOK 57 447 510 Construction year: 1987/1993/1997


Establishment: 21. September 2007 Tenants: Gummiservice Produksjon AS, Schiedel Skorsteiner AS,

Yearly rent 2018: 7 961 546 Anticimex AS, Heidenreich AS et al.

Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for exterior maintenance, ground rent,

property tax, insurance and own administration

Lease period: Varies



Rental income 7 865 740 7 961 546 8 160 585 Mortgage tranche 1 37 625 000 500 000 2,93 % p.a. 36 625 000

Cost of ownership 2 608 333 2 615 407 2 672 644 Total 37 625 000 500 000 36 625 000




Instalments mortgage 500 000 500 000 500 000

Net finance ‐1 611 214 ‐1 784 084 ‐1 766 923

Tax payable 656 446 1 200 000 0

Other costs 1 070 000 330 000 0

Net cash flow 1 919 747 2 032 055 3 721 018


Estimated balance (31.12) Additonal information

2017 2018


Property value 67 093 983 67 093 983

Total asset 70 864 896 70 396 951

Debt 37 625 000 37 125 000

Total debt 37 625 000 37 125 000




*** After tax


In the municipal plan, the area where the project is located is allocated to large‐scale

commerce, which is positive for the project.

The analysis assumes that contracts expiring 31.12.2017 will be renewed/replaced.

Leasehold plot.


Martodden Utbygging KS/AS ‐ construction/sale of apartments in Hamar


Date of analysis

01.12.2017

Share price 1 %


Key figures 100 %


Uncalled capital: 0

Accumulative dividends: 25 000 000

Sensitivity

BASE CASE

Selling price per sqm (housing)* 43 300

Estimated share price 1% 550 000

IRR estimated share price** 22,1 %

IRR estimated share price after tax *** 15,0 %


Business management: NRP Procurator AS Property type: Residential development

Project leader: Backe Prosjekt AS Location: Hamar

Projected built sqm (BRA‐s): Approx. 22 300 sqm

Sum budgeted revenue: 898 000 000

Sum budgeted project cost: 802 000 000

Budgeted builder margin: 11,4 % Projected number of apartments/townhouses: Approx. 215


Uncalled capital: 0 Lot size (sqm): 63 000

Established: 10. November 2006 Projected completion (estimate): 2011‐2021

Estimated cash flow (assuming 2,5% CPI) Sale and financing

2017 2018 2019

Budgeted homes completed 28 0 35

Budgeted revenue 123 705 000 0 130 010 000

Budgeted expenses 106 430 000 88 129 000 8 690 000

Cash flow before loan property 17 275 000 ‐88 129 000 121 320 000


Estimated balance (31.12) Additonal information

* Incl. garage for the block of flats

** Project completion estimated to 2021

*** After tax is based on purchase at estimated share price, or that received

potential tax losses are fully used by owner. Due to uncertainties regarding date

of completion and delivery, tax may vary and must be recaculated before any

transactions in the project.

All townhouses in phase 1 & 2 of the project are sold and completed (53). Regarding

the apartments, phase 1, 2, 3 and 4 are completed and all 104 are sold. Phase 5

consists of 35 apartments, and 26 are sold. The project owns 50% of the

townhouses. Work is initiated to build 76 more apartments, with estimated

completion in 2021.

For more information regarding the project, visit: www.nordviken.com. The

estimated payments to investors will vary as the actual sale deviates from assumed

sales rate.

Future development is adjusted for in the pricing, but not fully reflected in the

shown cashflow at this stage.


Maskinveien Kontorbygg AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 9,00 % 8,75 % 8,50 %

Property value 92 447 744 95 089 108 97 885 847

Propert value after deferred tax 90 201 465 92 578 692 95 095 757


Tax‐based value* 69 642 795 69 642 795 69 642 795

Market value hedging (76%) ‐393 884 ‐393 884 ‐393 884

Share price per 1% ** 312 338 336 110 361 281

IRR share price*** 16,2 % 15,2 % 14,3 %



Business management: NRP Procurator AS Property type: Office (70%), Warehouse/simulator (30%)

Technical management: Ferrum AS Location: Forus, Stavanger


Initial gross property value: NOK 99 700 000 Construction year: 2009


Established: 01.04.2014 Tenant: MHWirth AS

Yearly rent 2018: 9 191 533 Lease agreement: Owner responsible for exterior maintenance,

Adjustment of rent: 100% of CPI insurance and own administration




Rental income 9 082 542 9 191 533 9 421 321 Mortgage tranche 1 22 540 000 3 500 000 4,49 % p.a.* 12 040 000

Cost of ownership 849 986 871 236 893 016 Mortgage tranche 2 35 000 000 0 3,15 % p.a.** 35 000 000



Interest expense (tranche 1‐2) 2 232 409 2 250 259 2 093 109 Value of interest rate swap per 31.08.2017: ‐518 269


Net finance ‐5 725 964 ‐5 742 865 ‐5 585 816

Tax payable 0 336 178 1 054 371

Net cash flow 2 506 592 2 241 254 1 888 118



2017 2018 2019

Working capital 399 908 341 162 129 280

Property value 92 578 692 92 578 692 92 578 692

Total assets 92 978 600 92 919 854 92 707 972

Debt (tranche 1‐2) 57 540 000 54 040 000 50 540 000

Total debt 57 540 000 54 040 000 50 540 000




*** After tax

* Tranche 1 has fixed interest rate of 4.49% p.a. including margin until 11.04.2019.

** Tranche 2 has floating interest rate.

MHWirth AS has an option to extend the lease agreement for 5 years at Fair Market

Rent.

Because of downsizing due to the ongoing turmoil in the oil‐industry, MHWirth has

subleased 1 200 sqm to Dunlop Hiflex (until 01.12.2017), 439 sqm to Presight

Solutions AS, 612 sqm to WestNet AS and 555 sqm to Well System Technology AS.


NorrLog AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (SEK):* 5 289 997



Accumulated dividends/repayments (SEK):


Sensitivity

Yield 2018 5,75 % 5,50 % 5,25 %

Property value 1 320 528 939 1 380 552 982 1 446 293 600

Property value after deferred tax 1 275 759 185 1 329 780 824 1 388 947 380


Tax‐based value 872 831 400 872 831 400 872 831 400

Share price per 1%* 4 749 781 5 289 997 5 881 663

IRR share price** 11,6 % 10,6 % 9,7 %



Business management: NRP Procurator AS Property type: Logistics

Location: Norrköping, Sweden

Initial cost of property (SEK): 1 347 500 000 Lettable area (sqm): 117 322

Paid in capital: 518 000 000 Construction year: 2016/2018

Established: October 2017 Parking spaces: 300

Yield rent after building‐completion 2018: 77 146 764 Plot size: 233 646


Tenant: Rusta AB

Rental agreement: Owner responsible for exterior maintenance, technical

installations, insurance and own administration





Cost of ownership 1 192 500 1 216 350 1 240 677 Total 315 200 000 1 182 000 0 p.a. 575 045 625


Instalments mortgage (tranche 1) 0 3 031 875 12 127 500

Net finance ‐2 395 042 ‐11 085 754 ‐32 696 503

Tax payable 0 0 3 840 805

Net cash flow 8 410 133 43 838 454 41 486 917



2018 2019


Property value 1 329 780 824 1 329 780 824

Total assets 1 336 029 411 1 335 516 328

Debt 805 468 125 793 340 625

Total debt 805 468 125 793 340 625



** After tax

Mortgage tranche 1 has fixed interest rate of 2.61% incl. margin until 30.09.2022.

New morgage tranche 2 in 2018 in relation to completion of phase two of the building

of close to SEK 500 mill.


Nye Berghagan Næringseiendom AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %



Average rent/sqm 968

Sensitivity

Yield 2018 7,75 % 7,50 % 7,25 %

Property value 163 283 686 168 726 476 174 544 630



Tax‐based value* 72 791 774 72 791 774 72 791 774


Share price per 1% ** 601 477 650 462 702 826

IRR share price*** 12,1 % 11,4 % 10,6 %



Business management: NRP Procurator AS Property type: Office and warehouse/workshop

Technical management: Aker Eiendomsdrift AS Location: Langhus / Ski


Initial gross property value: 140 000 000 Construction year: 1978


Uncalled capital: 0 Tenant / lease agreement Atlas Copco stands for approx. 60% of the rent,

Established: 4. July 2006 and the contract runs until 31.12.2020

Yearly rent 2018: 16 000 000 The project has approximately 30 tenants



Rental income 16 000 000 16 000 000 16 400 000 Mortgage tranche 1 8 360 000 4 056 000 3,80 % p.a. 0



Interest expense 4 659 376 4 539 378 4 424 970 Mortgage tranche 4 25 000 000 0 3,80 % p.a. 22 568 000

Instalments mortgage 4 056 000 4 056 000 4 056 000 Mortgage tranche 5 25 000 000 0 6,47 % p.a. 22 568 000

Net finance ‐8 715 376 ‐8 595 378 ‐8 480 970 Total 95 360 000 4 056 000 78 552 000

Upgrading costs 500 000 500 000 0

Net cash flow 3 504 708 3 559 108 4 489 878 Value of interest rate swap per 01.07.2017: ‐2 747 246


2017 2018 2019

Working capital 3 228 652 6 787 760 11 277 637

Property value 159 133 006 159 133 006 159 133 006

Total assets 162 361 658 165 920 765 170 410 643

Debt 95 360 000 91 304 000 87 248 000

Total debt 95 360 000 91 304 000 87 248 000

NAV after dividend 67 001 658 74 616 765 83 162 643



*** After tax

Tranche 1, 2, 3 and 4 have floating interest rate.

Tranche 5 has fixed interest rate of 6.47% p.a. including margin until 17.01.2022.

The property has development‐potential of approximately 7 000 sqm high ceiling

warehouse.


Nye Holmsbu Invest AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 9,10 % 8,80 % 8,50 %

Property value (after deferred tax) 58 140 907 60 122 984 62 244 971

Price/sqm. 4 727 4 888 5 061

Share price per 1% 31 026 50 847 72 067

IRR share price 86,3 % 58,8 % 44,2 %



Business management: NRP Procurator AS Property type: Hotel

Location: Holmsbu, Hurum

Initial cost of property after deferred tax: 107 000 000 Lettable area (sqm):* 12 300

Paid in capital: 4 995 558 Construction year: 2002/2003

Uncalled capital: 0 Occupancy rate: 100 %

Tenant: Holmsbu Spa & Resort AS

Established: 01.12.2016 Lease agreement: Owner responsible for insurance and own administration

Yield‐rent: 6 000 000

Adjustment of rent: 100% of CPI




Cost of ownership 695 272 709 177 726 907 Total 53 500 000 1 500 000 50 000 000



Instalments mortgage 0 1 500 000 1 500 000

Net finance ‐2 006 250 ‐3 496 875 ‐3 431 250

Net cash flow ‐701 522 1 793 948 1 841 843


2017 2018Working capital 54 033 1 847 980Property 60 122 984 60 122 984

Total assets 60 177 016 61 970 964

Debt 53 500 000 52 000 000

Total debt 53 500 000 52 000 000


* 6 800 of the sqm consists of 42 cabins and boathouses and 26 apartments, which are not

owned but leased for perpetuity with a user‐right 9 months per year.

The mortgage has a floating interest rate of 3.75% including margin, and quarterly instalments

of NOK 500 000.

There is excessive competition amongst hotels offering spa‐services, which affects the income

for Holmsbu SPA Hotel. The actual income for the project could be higher or lower than the

estimates in our analysis.

Nye Holmsbu Invest AS owns 100% of the operating company that leases the hotel.


Nässjö Logistikkbygg AS


Date of analysis:

01.12.2017

Share price SEK 1 %

Share price per 1% (SEK): 500 251


Paid in capital including converted participant loan: 62 693 314



Sensitivity

Yield 2018 8,00 % 7,75 % 7,50 %

Property value 125 610 795 129 662 756 133 984 848



Tax‐based value 42 173 666 42 173 666 42 173 666

Share price per 1% 461 960 500 251 541 095

IRR share price* 16,6 % 15,4 % 14,3 %

Yield at the end of project (2019)** 9,1 % 8,8 % 8,5 %


Business management: NRP Procurator AS Property type: Warehouse/Logistics

Technical management: Wilfast Forvaltning AB Location: Nässjö in Sweden


Initial cost of property after deferred tax: 190 000 000 Construction year: 1941‐2001

Paid in capital (including converted participant loan): 62 693 314 Occupancy rate: Approx. 65%

Participant loan: 0 Tenants: Hultafors AB, Sherwin‐Williams Sweden AB, Schenker Logistics AB et al.

Established: 26. May 2006 Lease agreement: Owner responsible for exterior maintenance, caretaker services,

Yield rent:* 15 914 093 showeling, technical maintenance, insurance and own administration

Weighted adjustment of rent: Approx. 90% of CPI Lease period: Mainly 1‐3 years remaining contract‐length

* yield 2018 + assumed additional rent of 2.5 mill. from 2019



Rental income 13 320 808 13 414 093 17 382 375 Mortgage debt 74 000 000 4 000 000 2,10 % p.a. 66 000 000



Interest expense 1 617 000 1 533 000 735 000


Net finance ‐5 617 000 ‐5 533 000 ‐68 735 000

Tax payable 460 220 505 129 1 823 878

Other costs 500 000 0 0

Sale of property 124 850 856

Net cash flow 988 167 1 510 735 65 697 051


2017 2018


Property value 124 850 856 124 850 856

Total assets 127 095 134 128 605 869

Mortgage debt 74 000 000 70 000 000

Total debt 74 000 000 70 000 000


* After tax

** Based on assumed rent in 2019

The mortgage has a floating interest rate.

The loan agreement runs until 30.09.2018, and is assumed refinanced at equal terms.

Work is being done to attract new tenants, and to extend lease agreements with existing

tenants.


Oslo Science Park AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %

Paid in capital (100%) 194 158 365



Sensitivity

Yield 2018 4,75 % 4,50 % 4,25 %

Property value 575 378 043 607 343 490 643 069 578



Tax‐based value 203 103 886 203 103 886 203 103 886

Share price per 1%* 1 790 293 2 077 982 2 399 517

IRR share price** 8,5 % 7,6 % 6,9 %



Business Management: NRP Procurator AS Property type: Office

Location: Forskningsparken, Oslo

Initial cost of property: 452 100 000 Lettable area (sqm.): 16 005

Paid in capital (100%): 194 158 365 Plot size (leasehold): 6 148

Established: 15.12.2015 Construction year: 2006

Yield rent: 27 707 391 Occupancy rate: 100 %

Adjustment of rent: 80% of CPI Tenant: Oslotech

Rental agreement: Barehouse, owner responsible for own administration

Lease period: 1.October 2036




Cost of ownership 372 500 376 934 386 358 Realkredit (fixed) 190 000 000 0 3,27 % p.a. 123 156 060

Net operating income 25 375 120 25 679 657 26 087 139 Realkredit (floating) 67 700 000 0 2,90 % p.a. 67 700 000Interest income 188 126 83 977 56 697 Total 365 218 750 9 425 000 190 856 060Interest expense 11 092 894 11 848 894 9 811 116


Net finance ‐20 329 767 ‐21 189 917 ‐19 179 419

Net cash flow 5 045 353 4 489 740 6 907 720



2017 2018 2019

Working capital 5 269 178 1 258 918 1 666 638

Property value 566 919 530 566 919 530 566 919 530

Total assets 572 188 708 568 178 448 568 586 168

Debt 365 218 750 355 793 750 346 368 750

Total debt 365 218 750 355 793 750 346 368 750


* Adjusted for loss carry‐forward

** After tax

Loan refinanced 10.03.2017 with a combination of Mortgage loan and Realkredit.

Weighted margin approx 150 bps.

50% of the loan has been fixed for 5 years starting October 2017, with effective

interest rate 2.43% incl. margin.

Year end cash covenant at NOK 8 million in 2017, agreed reduced to NOK 4 million in

2017.

The lease contract was renegotiated and now runs until October 2036 with options to

extend for 15+15 years at same terms. If the tenant declares their extention option,

the owner and tenant shall together 50/50 refurbish parts of the building. Leasehold

plot.

A rent discount runs until October 2021 at NOK 1.6 mill per year. NPV of this is

included in the analysis.


Oslo Science Park II AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 4,75 % 4,50 % 4,25 %

Property value 971 479 198 1 025 450 265 1 085 770 869

Property value after deferred tax 923 977 625 972 551 585 1 026 840 128


Tax‐based value 496 463 464 496 463 464 496 463 464

Share price per 1%* 2 824 062 3 309 801 3 852 687

IRR share price** 7,9 % 7,0 % 6,2 %






Paid in capital: 250 000 000 Plot size (leasehold): 8 940

Established: 23.06.2016 Construction year: 1989/2000

Yield rent without discount: 46 658 946 Occupancy rate: 100 %

Adjustment of rent: 80% of CPI Tenant: Oslotech AS

Rental agreement: Barehouse, owner responsible for own administration





Cost of ownership 506 093 513 684 526 041 Mortgage tranche 2 200 000 000 0 3,05 % p.a. 150 000 000

Net operating income 43 646 378 44 057 000 44 758 483 Total 600 000 000 450 000 000Interest income 87 890 82 340 82 268Interest expense 20 700 000 21 700 000 21 700 000 Value of interest rate swap per 01.12.2017: 0

Net finance ‐20 612 110 ‐21 617 660 ‐21 617 732

Investment contribution 8 000 000 8 000 000 8 000 000

Net cash flow 15 034 268 14 439 340 15 140 752



2017 2018 2019

Working capital 1 886 787 1 526 127 1 666 878

Property value 972 551 585 972 551 585 972 551 585

Total assets 974 438 372 974 077 712 974 218 463

Debt 600 000 000 600 000 000 600 000 000

Total debt 600 000 000 600 000 000 600 000 000


* Adjusted for loss carry‐forward and investment contribution of NOK 80 mill.

** After tax

Tranche 1 has 10 year bullet, and interest rate of 3.65%. Mortgage Tranche 2 has

floating interest rate of 3.05%.

We have assumed intallments of NOK 12 mill. anually from 30.06.2026.

There is an annual hire discount of NOK 2 mill. until 2020. This has been deducted from

the share price. Leasehold plot.

The owner has an obligation to contribute with NOK 8 mill. annually for 10 years for

investments in the property. The tennant will match this amount 100%, making total

investments NOK 160 mill. The obligation has been deducted in the share price.


Oslo Science Park III AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %


Accumulated dividends/repayments:


Sensitivity

Yield 2018 4,60 % 4,40 % 4,20 %

Property value 395 235 087 413 200 318 432 876 524



Tax‐based value 209 681 366 209 681 366 209 681 366

Share price per 1%* 1 067 299 1 228 986 1 406 072

IRR share price** 10,5 % 9,5 % 8,5 %



Business Management: NRP Procurator AS Property type: Office



Paid in capital: 125 000 000 Parking plots: 169



Adjustment of rent: 80% of CPI Tenant: Oslotech AS

Rental agreement: Barehouse. Owner responsible for own administration

Lease period: 03.10.2017‐01.10.2039



Rental income 4 595 500 18 602 584 18 900 225 Bond 272 000 000 0 4,15 % p.a. 272 000 000

Cost of ownership 103 375 421 770 430 205 Total 272 000 000 0 272 000 000


Net finance ‐2 815 107 ‐11 258 676 ‐11 262 352

Net cash flow 1 677 018 6 922 138 7 207 668



2017 2018 2019

Working capital 2 188 018 510 156 517 824

Property value 392 848 423 392 848 423 392 848 423

Total assets 395 036 441 393 358 579 393 366 247

Debt 272 000 000 272 000 000 272 000 000

Total debt 272 000 000 272 000 000 272 000 000



** After tax

The bond runs until 16.12.2029

Leasehold plot.


Raufoss Industripark AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 7,25 % 7,00 % 6,75 %

Property value 1 661 475 862 1 720 814 286 1 784 548 148

Property value after deferred tax 1 559 028 276 1 612 432 857 1 669 793 333


Tax‐based value* 637 000 000 637 000 000 637 000 000

Share price per 1% 3 150 665 3 684 711 4 258 316

IRR share price** 12,5 % 11,2 % 10,2 %



Business management: NRP Procurator AS Property type: Industry

Technical management: Location: Raufoss, Norway

Initial cost of property: NOK 1 290 000 000 Lettable area (sqm.): 238 000

Paid in capital: NOK 360 000 000 Plot size (sqm): 2 980 000

Established: 17.02.2016 Construction year: Varies

Yield rent: 130 457 000 Occupancy rate: 90‐100%

Adjustment of rent: Mainly fixed at 1.5% Main tenants: Benteler Aluminium Systems Norway AS (27%), Nammo AS (22%)

Plastal AS (10%), Kongsberg Automotive AS (8%). 45 tenants in total.

Rental agreement: Mostly Barehouse contracts

Lease period: Weighted approx 9,5 years.

Benteler (31.12.2032), Nammo AS (31.12.2030),

Plastal AS (01.05.2020), Kongsberg Automotive AS (31.12.2020)



Rental income 121 580 000 130 457 000 132 413 855 1. pri debt 831 000 000 0 3,75 % p.a. 831 000 000

Cost of ownership 12 607 500 12 922 688 13 245 755 Unsecured debt 416 000 000 0 8,00 % p.a. 416 000 000

Net operating income 108 972 500 117 534 313 119 168 100 Total 1 247 000 000 831 000 000Interest income 373 036 291 395 316 450


Instalments mortgage ‐208 450 000 0 0

Net finance 162 139 411 ‐64 151 105 ‐64 126 050

Investments and tax 85 973 677 31 666 852 7 510 885

Net cash flow 150 138 234 21 716 355 47 531 166



2017 2018 2019

Working capital 13 038 234 19 754 589 17 285 754

Property value 1 612 432 857 1 612 432 857 1 612 432 857

Total assets 1 625 471 091 1 632 187 446 1 629 718 612

Debt 1 247 000 000 1 247 000 000 1 247 000 000

Total debt 1 247 000 000 1 247 000 000 1 247 000 000



** After tax

The project has been refinanced effective from Q3 2017

There are two tranches of financing both with maturity Q3 2020:

1. pri debt of NOK 831 mill

Unsecured debt of NOK 416 mill

All debt has floating interest rate, and no ammortization.

From 2008‐2017, the property has been upgraded for approx. NOK 300 mill. Large plot

of approximately 3 000 acres that enables for expansion possibilities, with potential

building rights of 193 500 sqm.

Initially paid in NOK 500 mill., but approx. NOK 140 mill was immediately paid out to

investors because of junior loan drawdown hence higher gearing of the project.

Due to many investment projects in the project, the figures in the analysis are

uncertain.

The analysis is based on 25 mill. remaining capex cost, and no future capex investment

projects.


REX Logistik AB


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (SEK):** 1 110 831


Paid in capital SEK 92 000 000



Sensitivity

Yield 2018 6,00 % 5,75 % 5,50 %

Property value 248 756 614 259 572 119 271 370 852



Tax‐based value 188 449 085 188 449 085 188 449 085

Market value hedging (78%) 1 412 901 1 412 901 1 412 901

Share price per 1%* 1 013 492 1 110 831 1 217 020

IRR share price** 10,5 % 9,7 % 8,9 %



Business Management: NRP Procurator AS Property type: Warehouse/office

Technical management: Wilfast Forvaltning AB Location: Haninge and Gothenburg, Sweden

Initial cost of property: SEK 231 700 000 Lettable area (sqm): 21 340

Paid in capital: SEK 91 800 000 Construction year: 2016


Yearly rent 2018: 15 960 697 Tenants: Rexel Sverige AB and Exide Technologies AB

Adjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance, technical

installations, insurance and own administration

Lease period: 31.07.2026 / 30.09.2021



Rental income 15 647 742 15 960 697 16 279 911 Mortgage tranche 1 23 556 000 981 500 2,30 % p.a. 15 213 250


Net operating income 14 632 742 14 925 397 15 223 905 Mortgage tranche 3 11 400 000 475 000 2,30 % p.a. 7 600 000Interest income 54 680 64 621 68 770 Mortgage tranche 4 35 625 000 0 3,04 % p.a. 35 625 000Interest expense 4 231 975 3 652 288 4 115 819 Total 144 193 500 1 456 500 132 050 750


Net finance ‐5 633 795 ‐5 044 167 ‐5 503 549 Value of interest rate swap per 30.09.2017: 1 811 412

Net cash flow 8 998 947 9 881 230 9 720 356



2017 2018 2019

Working capital 2 463 246 3 044 476 2 964 832

Property value 252 459 816 252 459 816 252 459 816

Total assets 254 923 061 255 504 291 255 424 647

Debt 144 193 500 142 737 000 141 280 500

Total debt 144 193 500 142 737 000 141 280 500



** After tax

Mortgage tranche 1 and 3 have floating interest rates, while tranche 2 and 4 have a

fixed interest rate.

Rexel has an option to expand their premises another 7 000 sqm. Plot size of 42 000

sqm.

Exide Technologies has a plot of 19 000 sqm.


Ringeriksveien 2012 DIS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 7,75 % 7,50 % 7,25 %

Property value 74 129 144 76 600 116 79 241 499



Tax‐based value* 41 962 964 41 962 964 41 962 964


Share price per 1% ** 140 255 162 494 186 266

IRR share price*** 14,6 % 13,4 % 12,3 %



Business management: NRP Procurator AS Property type: Warehouse, office and industry

Technical Management: Aker Eiendomsdrift AS Location: Vøyenenga, Bærum


Initial cost of property after deferred tax: 79 074 697 Plot size (sqm): 43 000


Established: 16. March 2012 Tenants: Veidekke Entreprenør AS (barehouse) and

Yield rent: 6 262 318 Telenor Norge AS

Adjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance,


Lease period: Veidekke Entreprenør AS: 31.12.2026



Rental income 5 222 615 5 512 318 6 418 876 Mortgage tranche 1 24 160 000 880 000 5,84 % p.a.* 0

Cost of ownership 507 166 517 309 530 242 Mortgage tranche 2 24 160 000 880 000 3,65 % p.a.** 32 920 000

Net operating income 4 715 449 4 995 009 5 888 634 Seller's credit 8 000 000 0 7,50 % p.a.*** 8 000 000

Interest income 8 782 9 113 10 783 Total 56 320 000 1 760 000 40 920 000

Interest expense (tranche 1‐2) 2 355 418 2 487 366 2 395 934

Interest seller's credit 520 000 600 000 600 000 Value of interest rate swap per 30.06.2017: ‐1 551 146


Net finance ‐4 626 636 ‐4 838 253 ‐4 745 151

Other costs 284 522 140 000 0

Net cash flow ‐195 709 16 756 1 143 483


2017 2018 2019

Working capital 1 825 430 1 842 186 2 985 669

Property value 73 136 401 73 136 401 73 136 401

Total assets 74 961 831 74 978 586 76 122 069

Debt (tranche 1‐2) 48 320 000 46 560 000 44 800 000

Seller's credit 8 000 000 8 000 000 8 000 000

Total debt 56 320 000 54 560 000 52 800 000




*** Before tax

* Tranche 1 has fixed interest rate of 5.84% p.a. including margin until 15.04 2020.

** Tranche 2 has floating interest rate.

*** The seller's credit from Veidekke Entreprenør AS has no instalments and fixed

interest rate of 7.50% p.a.

The property consists of office, warehouse and industrial premises. Mølla

Kompetansesenter AS moved out 31.03.2017. Work is being done to attract new

tenants to the premises, which are assumed to be rented out from 01.07.2018.


Rud Fryselager AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1%:** 641 890

Key figures 100 %




Sensitivity

Yield 2018 6,25 % 6,00 % 5,75 %

Property value 165 908 487 172 821 340 180 335 312



Tax‐based value* 68 738 165 68 738 165 68 738 165

Share price per 1%** 579 674 641 890 709 515

IRR share price*** 9,5 % 8,8 % 8,2 %



Business Management: NRP Procurator AS Property type: Combination property, office, logistics, cold storage

Technical management: Aker Eiendomsdrift AS Location: Rud, Bærum


Initial cost of property: 139 200 000 Construction year: 1976/2001


Established: 17.12.2014 Tenant: Bring Frigo Warehouse AS

Yearly rent 2018: 10 746 077 Rental agreement: Barehouse. Owner responsible for own administration

Adjustment of rent: 100% CPI





cost of ownership 371 228 376 796 386 216 Total 104 000 000 3 120 000 82 160 000

Net operating income 10 247 425 10 369 280 10 574 782Interest income 21 827 39 481 40 528


Instalments mortgage (tranche 1‐2) 0 3 120 000 3 120 000

Net finance ‐2 026 973 ‐5 144 919 ‐5 081 472

Tax payable 1 043 517 1 147 189 1 721 005

Other costs 0 0 0

Net cash flow 7 176 935 4 077 172 3 772 305



2017 2018 2019

Working capital 4 825 820 5 402 992 6 275 297

Property value 162 413 023 162 413 023 162 413 023

Total assets 167 238 843 167 816 015 168 688 320

Debt 104 000 000 100 880 000 97 760 000

Total debt 104 000 000 100 880 000 97 760 000




*** After tax

The mortgage has floating interest of 1.97% incl. margin.

Parent company, Bring Frigo AB, guarantees the rent. The tenant has an option to

extend the lease‐agreement for 10 + 10 years at equal terms. Must be declared three

years before expiration.


Sandvika Kontorbygg I AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1%:** 1 234 035

Key figures 100 %




Sensitivity

Yield 2018 5,60 % 5,40 % 5,20 %

Property value 322 932 373 334 892 831 347 773 325



Tax‐based value* 300 000 000 300 000 000 300 000 000

Share price per 1%** 1 126 391 1 234 035 1 349 960

IRR share price*** 9,7 % 9,1 % 8,4 %




Location: Sandvika, Bærum


Paid in capital: 112 400 000 Plot size (sqm): 2 782



Adjustment of rent: 100% of CPI Energy label: B

Office rent* 2 214 / kvm Tenants: Skattetaten, Bufetat, Nordea et. al

* Office rent includes NOK 348 000 in yearly VAT compensation for Bufetat. Rental agreement: Owner responsible for exterior maintenance, technical inst.,


Lease period: Weighted nine years


2017 2018 2019 Principal Inst.18 Interest Balloon 2026

Rental income 9 323 537 18 870 838 19 248 255 Realkredit 1 104 000 000 0 2,50 % p.a. 104 000 000

Cost of ownership 387 500 786 625 802 358 Realkredit 2 40 000 000 0 2,05 % p.a. 40 000 000

Net operating income 8 936 037 18 084 213 18 445 897 Mortgage tranche 3 64 000 000 5 200 000 3,35 % p.a. 17 200 000

Interest income 11 170 21 205 24 524 Total 208 000 000 5 200 000 144 000 000


Instalments mortgage (tranche 3) 0 5 200 000 5 200 000

Net finance ‐1 698 830 ‐11 212 745 ‐11 369 226

Net cash flow 7 237 207 6 871 467 7 076 671



2017 2018 2019

Working capital ‐834 793 336 674 313 345

Property value 331 403 548 331 403 548 331 403 548

Total assets 330 568 754 331 740 222 331 716 893

Debt 208 000 000 202 800 000 144 000 000

Total debt 208 000 000 202 800 000 144 000 000




*** After tax

Mortgage tranche 1 has fixed interest of 2.5% incl. margin until 04.10.2022.

Mortgage tranche 2 and 3 has floating interest rate.

Quarterly instalments of 1.3 mill. from 15.10.2017.

The loans have maturity October 2021

72 parking spaces on the property.

As the project is in a start up phase, the analysis is more uncertain than usual.


SKB Hovfaret 4 AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 5,75 % 5,50 % 5,25 %

Property value 164 694 765 172 180 891 180 379 981



Tax‐based value* 45 023 348 45 023 348 45 023 348

Share price per 1% 1 673 863 1 748 724 1 830 715



Technical management: Aker Eiendomsdrift AS Location: Skøyen, Oslo


Construction year: 1925/1944


Established: 4. December 2012 Tenants: Zalaris ASA, NorcoSpectra AS, 2 Clean AS, Metier

Yearly rent 2018: 10 129 721 Hoff Fysioterapi, Dyrø & Moen AS et al.

Adjustment of rent: 100% of CPI Lease agreement: Owner responsible for maintenance, caretaker,


Lease period: Varies



Rental income 10 280 111 10 129 721 10 713 070 Mortgage tranche 1

Cost of ownership 681 256 659 772 676 266 Mortgage tranche 2

Net operating income 9 598 855 9 469 949 10 036 804 Total

Net finance 0 0 0

Upgrading costs 1 000 000 2 242 800 0

Net cash flow 8 598 855 7 227 149 10 036 804


Working capital

Property value

Total assets

Debt

Total debt



** Before tax

The property is located at Skøyen in Oslo.


Skøyen Kontorbygg AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %



Average rent office/sqm: 3 021

Average rent parking /space: 29 553

Sensitivity

Yield 2018 4,60 % 4,40 % 4,20 %

Property value 726 341 449 759 356 969 795 516 825



Tax‐based value* 445 106 003 445 106 003 445 106 003


Share price per 1%** 2 723 575 3 020 715 3 346 154

IRR share price*** 7,5 % 7,8 % 8,0 %




Technical management: T. Klaveness Eiendom AS Location: Skøyen, Oslo

Initial cost of property: 666 000 000 Lettable area (sqm): 12 646

Paid in capital: 225 000 000 Parking spaces: 76



Adjustment of rent: 100% of CPI Tenant: Yara International ASA

Rental agreement: Owner responsible for exterior maintenance,

technical inst., insurance, property tax and own administration






Net operating income 33 294 799 33 411 707 34 266 958 Total 425 422 500 4 330 000 399 442 500Interest income 107 962 113 509 110 974Interest expense 10 073 745 12 480 690 12 357 285 Value of interest rate swap per 30.06.2017: ‐1 918 070


Net finance ‐14 295 783 ‐16 697 181 ‐16 576 311

Tax payable 492 767 2 450 117 2 351 171

Net cash flow 18 506 249 14 264 408 15 339 476



2017 2018 2019

Working capital 3 076 828 2 341 236 2 680 712

Property value 727 931 873 727 931 873 727 931 873

Total assets 731 008 700 730 273 109 730 612 585

Debt 425 422 500 421 092 500 416 762 500

Total debt 425 422 500 421 092 500 416 762 500




*** After tax

Mortgage tranche 1 has fixed interest of 2.35% incl. margin from 08.01.2018 until

09.01.2023.

Yara has option to extend the lease at 5+5 years at market terms. Yara has an option to

leave the property partly or in full from 2019, but with a 36 month penalty. If the

property is re‐lett, the penalty will be reduced.

Floor two only has a lease period until 2019, but with 5 year extention option for Yara.

The seller has guaranteed for this area.

The company also owns the land of the neighbouring residential building with an

annual lease income of NOK 60 000.


Spice Log AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (SEK):* 2 613 632





Sensitivity

Yield 2018 6,20 % 5,90 % 5,60 %

Property value 536 354 484 563 626 746 593 821 036



Tax‐based value 214 381 477 214 381 477 214 381 477

Share price per 1%* 2 368 182 2 613 632 2 885 381

IRR share price** 11,3 % 10,2 % 9,3 %



Business management: NRP Business Management AS Property type: Logistics

Technical management: Wilfast Fastigheter AB Location: Kungsbacka


Initial cost of property (SEK): 522 000 000 Construction years: 1952 & 2016

Paid in capital (SEK): 230 000 000 Plot size: 91 559


Yield rent fully let: 35 555 098 Tenants: Santa Maria AB, FastLogik AB et al.


technical installations, insurance and own administration

Lease period: Santa Maria AB: 31.07.2028,

FastLogik AB: 15.12.2022





Net operating income 32 657 651 33 013 686 33 798 960 Mortgage tranche 3 10 620 000 5 840 000 2,25 % p.a. 0Interest income 100 524 95 379 85 642 Total 287 620 000 0 223 380 000Interest expense 5 696 475 6 981 500 7 336 500


Net finance ‐9 975 951 ‐12 726 121 ‐13 090 858

Net cash flow 22 681 700 20 287 565 20 708 102



2017 2018 2019

Working capital 13 505 280 8 792 845 9 000 946

Property value 528 702 219 528 702 219 528 702 219

Total assets 542 207 499 537 495 064 537 703 165

Debt 287 620 000 281 780 000 275 940 000

Total debt 287 620 000 281 780 000 275 940 000



** After tax



Mortgage tranche 3 has floating interet rate.

FastLogik guarantees for the vacant space at establishment of project until December

2022.


Stadion Utbygging KS ‐ construction/sale of apartments in Fredrikstad


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %


Outstanding uncalled capital: 0

Accumulated dividends/repayments: 0

Sensitivity

BASE CASE

Sales price per sqm (apartments) 44 000

Estimated share price 1% 500 000

IRR estimated share price before tax* 25,0 %

IRR estimated share price after tax** 16,0 %


Business management: NRP Procurator AS Property type: Housing under construction

Project leader: Backe Prosjekt AS Location: Fredrikstad

Projected built sqm: Approx. 13 500 sqm residential

Sum budgeted revenue: Approx. NOK 603 million Approx. 1 500 sqm commercial

Sum budgeted project cost: Approx. NOK 532 million

Budgeted builder margin: 13,0 % Projected number of apartments Approx. 160


Initially paid in uncalled capital: 0 Plot size (sqm): 19 000

Established: 23. November 2006 Projected completion (estimated): 2021

Estimated cash flow (assuming 2.5% CPI) Sales rate and financing

2017 2018 2019

Budgeted homes completed 36 12 25

Budgeted revenue 121 000 000 25 500 000 91 350 000

Budgeted expenses 108 944 602 22 336 000 81 425 213

Cash flow before loan property 12 055 398 3 164 000 9 924 787

Estimated payments 7 500 000 15 000 000 15 000 000


* Project completion estimated to 2022.

** After tax is based on new buyer, or that received potential tax losses are fully

used by owner. Due to uncertainties regarding date of completion and delivery, tax

may vary and must be re‐caculated before any transaction in the project.

Phase 1, 2 and 3 have been completed, and all of the 89 apartments are now sold.

Phase 4, with 12 apartments, is 100% sold, and will be completed February 2018. In

phase 5, 11 apartments are sold and planned building start is 2018.

The estimatet payments to investors will vary as the actual sale will deviate from

assumed sales rate.


Statens Hus Lillehammer KS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %


Outstanding uncalled capital: ‐


Initial participant loan: 8 000 000

Outstanding participant loan: 3 463 692

Repaid instalments and interest on participant loan: 6 010 069


Sensitivity

Yield 2018 6,25 % 6,00 % 5,75 %

Property value 129 125 946 134 506 194 140 354 289



Tax‐based value* 29 285 462 29 285 462 29 285 462

Share price per 1% 288 307 336 729 389 362

IRR share price 11,2 % 10,2 % 9,4 %



Business management: NRP Procurator AS Property type: Office/ retail

Technical management: Aker Eiendomsdrift AS Location: Storgata, Lillehammer

Lettable are (sqm.): 10 736

Initial cost of property after deferred tax: 116 000 000 Construction year: 1966 and 1978, upgraded in 1997/98 and 2016

Initially paid in capital: 16 200 000 Occupancy rate: Approx. 60%

Established: 25. April 2006 Main tenants: Lillehammer Kommune, Rema 1000 Norge AS,

Yield rent: 9 088 803 Arbeidstilsynet, Torshov Bilrekvisita AS



Lease period: Rema 1000 (31.12.2029), Lillehammer Kommune (31.12.2031)

Arbeidstilsynet (14.03.2027)

Estimated cash flow (cash flow 2.5% CPI) Financing (31.12.17)



Cost of ownership 1 223 605 1 018 431 519 442 Participant loan 3 473 140 0 1,52 % p.a. 4 003 937



Interest expenses 3 068 530 3 420 300 3 358 500

Instalments mortgage 0 3 000 000 3 000 000New mortgage 4 000 000Net finance 937 141 ‐6 409 359 ‐6 339 663Other costs/upgrading costs 7 108 837 350 000 0

Net cash flow 578 333 801 013 2 091 259


2017 2018 2019

Working capital 1 644 802 657 2 893 916

Property value 123 984 121 123 984 121 123 984 121

Total assets 123 985 764 124 786 777 126 878 036

Debt 87 900 000 84 900 000 81 900 000

Participant loan 3 473 140 3 511 344 3 549 969

Total debt 91 373 140 88 411 344 85 449 969

Nav after dividend and tax 32 612 624 36 375 433 41 428 067



New loan of NOK 21 mill. has been raised 2016/2017 to finance upgrading of the

premises to Lillehammer Kommune and Arbeidstilsynet.

If purchasing shares in the project, pro rata share of the participant loan will also have

to be purchased by new owner. Arbeidstilsynet moved in 01.04.2017 on approx. 500

sqm. Tax is paid by the participants of the project.

Assume contract with Ting & Tøy will be signed and rent will start from 01.04.2018. In

the yield‐rent, it is assumed that 600 sqm in addition to today's contracted area will be

rented out AS‐IS. Work is being done to attract new tenants.


Sydsvenskan Lager & Handel AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (SEK): 324 442


Paid in capital (SEK): 36 007 234

Accumulated dividends/repayments (SEK): 30 505 439

Average rent/sqm (SEK): 1 049

Sensitivity

Yield 2018 10,50 % 10,00 % 9,50 %

Property value 53 111 362 55 766 930 58 702 032



Tax‐based value 33 439 199 33 439 199 33 439 199

Share price per 1% (SEK) 299 347 324 442 352 179

IRR share price* 23,5 % 21,7 % 20,0 %




Technical management: Wilfast Forvaltning AB Location: Borås in Sverige


Initial cost of property after deferred tax (SEK): SEK 128 400 000 Construction year: 1929, 1970, 2003, 2004

Paid in capital (SEK), including converted participant loan: SEK 36 007 234 Occupancy rate: 100 %

Established: 17. November 2006 Tenants: Bilia Group 1 AB

Yield rent Borås‐property: 6 209 658

Adjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance at Höganäs,

and own administration

Lease period: Bilia Group 1 AB: 31.03.2018


2017 Principal Inst. 18 Interest Balloon 2018

Rental income 6 209 658 Mortgage tranche 1 24 942 000 0 2,60 % p.a. 24 942 000

Cost of ownership 868 465 Total 24 942 000 0 24 942 000

Net operating income 5 341 193

Interest expense 1 341 756

Instalments mortgage 53 011 304

Net finance ‐54 353 060

Other costs 120 000

Net sale of Högenäs properties 56 200 000

Net cash flow 7 068 133

Dividend/capital repayment 6 400 000


2017Working capital 3 056 029

Property value 54 538 905

Total assets 57 594 934

Debt 24 942 000

Total debt 24 942 000

* After tax

The mortgage has floating interest rate. Negotiating extension of the loan for 9 months.

Bilia Group 1 AB will not renew their contract, and will move out in 2018. The two

properties in Höganäs have been sold in 2017, and loan has been reduced following

the sale.

Ongoing sales process for the property.


Sørlandsparken Terminal AS


Tobias Gedde‐Dahl ([email protected]) Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 6,50 % 6,25 % 6,00 %

Property value 109 703 878 114 092 034 118 845 868



Tax‐based value* 81 003 990 81 003 990 81 003 990


Share price per 1%** 486 485 525 978 568 763

IRR share price*** 11,1 % 10,3 % 9,5 %



Business management: NRP Procurator AS Property type: Combination property (logistics and office)

Initial cost of property: 107 500 000 Location: Kristiansand, Norway

Paid in capital: 47 500 000 Lettable area (sqm.): 6 506

Established: 27.10.2015 Plot size: 23 700

Yearly rent 2018: 7 399 310 Construction year: 2011


Tenant: Posten Norge AS

Rental agreement: Barehouse. Owner responsible for own administration





Cost of ownership 263 292 268 558 275 272 Total 60 000 000 60 000 000


Interest income 14 626 15 468 15 389 Value of interest rate swap per 30.06.2017: ‐260 479


Net finance ‐1 713 374 ‐1 712 532 ‐1 712 611

Net cash flow 5 352 286 5 418 220 5 559 414



2017 2018 2019

Working capital 422 487 340 708 300 121

Property value 110 783 229 110 783 229 110 783 229

Total assets 111 205 717 111 123 937 111 083 351

Debt 60 000 000 60 000 000 60 000 000

Total debt 60 000 000 60 000 000 60 000 000



** Adjusted for hedging agreement swap and loss carry‐forward

*** After tax

The mortgage has fixed interest of 2.88% incl. margin until 31.03.2021.

Tenant has an option to extend the lease for 5+5 years.


Sørumsand Næringspark AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 8,75 % 8,50 % 8,25 %

Property value 213 603 566 219 886 024 226 549 236



Tax‐based value* 210 000 000 210 000 000 210 000 000

Share price per 1%** 665 932 722 474 782 443

IRR share price*** 20,7 % 19,0 % 17,6 %



Business Management: NRP Procurator AS Property type: Industry

Location: Ing. Bøhns Veg 5 & Industrivegen 16, Sørumsand


Paid in capital: 68 000 000 Construction year: 1998/2013, one part from 1900


Yearly rent 2018: 19 872 788 Tenants: Eureka Pumps AS and Rainpower Norge AS

Adjustment of rent: 100% of CPI Rental agreement: Owner responsible for exterior maintenance, technical inst.,insurance and own administration





Cost of ownership 860 615 1 182 476 1 206 126 Seller's credit 13 000 000 0 4,00 % p.a. 0

Net operating income 9 504 555 18 690 312 19 064 118 Total 153 000 000 0 140 000 000Interest income 19 093 52 721 12 804


Net finance ‐2 585 907 ‐5 857 279 ‐5 897 196


Net cash flow 6 918 648 12 833 033 12 187 953



2017 2018 2019

Working capital 9 658 648 ‐1 508 319 ‐320 366

Property value 218 897 421 218 897 421 218 897 421

Total assets 228 556 069 217 389 102 218 577 055

Debt 153 000 000 153 000 000 153 000 000

Total debt 153 000 000 153 000 000 153 000 000




*** After tax

Mortgage tranche 1 has floating interest rate of 3.35% incl. margin.

Today's regulation is for industrial purposes. The property is suitable for property

development in the future, because of its location in a housing‐area close to the

center of Sørumsand.


Tangen Havnelager AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (EUR):** 15 737

Key figures 100 %

Paid in capital (EUR): 1 875 307

Accumulated dividends/repayments (EUR): 1 750 291

Average rent/sqm. (NOK/EUR): 1 100 / 125

Sensitivity

Yield 2018 9,25 % 9,00 % 8,75 %

Property value 8 765 918 9 009 416 9 266 828


Price/sqm (EUR) 1 285 1 321 1 359

Tax‐based value* 1 632 797 1 632 797 1 632 797


Share price per 1%** 13 546 15 737 18 054

IRR share price*** 13,8 % 8,9 % 4,6 %

Yield at the end of project (2021)**** 11,2 % 11,2 % 11,2 %


Business management: NRP Procurator AS Property type: Industry/ warehouse

Technical mangement: Aker Eiendomsdrift AS Location: Drammen


Initial cost of shares after deferred tax: (NOK/EUR) 80 550 030/10 072 150 Construction year: 1986/1991/2001/2003

Paid in capital: (NOK/EUR) 15 250 000/1 875 307 Occupancy rate: 100 %

Established: 12. December 2006 Tenant: Midsona Norge AS, guaranteed by FMC Biopolymer AS

Yearly rent 2018: (EUR) 878 678 Rental agreement: Owner responsible for exterior maintenance,

Adjustment of rent: 80% of CPI government taxes, technical installations, insurance and own administration

Lease period: 30. June 2021

Estimated cash flow (assuming 2.0% CPI) (EUR) Financing (31.12.17) (EUR)


Rental income 864 841 878 678 896 252 Mortgage tranche 1 1 724 985 36 832 2,70 % p.a. 1 596 073

Cost of ownership 66 501 67 831 69 527 Mortgage tranche 2 1 724 985 36 832 2,70 % p.a. 1 596 073

Net operating income 798 340 810 847 826 725 Mortgage tranche 3 2 056 476 0 6,80 % p.a. 2 056 476

Interest expense (tranche 1‐4) 267 086 258 539 260 981 Mortgage tranche 4 982 479 216 116 2,70 % p.a. 303 573

Instalments mortgage (tranche 1‐4) 373 780 289 780 289 780 Total 6 488 925 289 780 5 552 195

Net finance ‐640 866 ‐548 319 ‐550 761

Tax payable 41 798 111 746 117 295 Value of interest rate swap per 31.08.2017: ‐312 094

Net cash flow 115 676 150 782 158 669

Dividend/capital repayment 229 000 145 000 145 000

Estimated balance (31.12) (EUR) Additional information

2017 2018 2019

Working capital 63 341 69 123 82 792

Property value 8 271 754 8 271 754 8 271 754

Total assets 8 335 095 8 340 877 8 354 546

Debt (tranche 1‐4) 6 488 925 6 199 145 5 909 365

Total debt 6 488 925 6 199 145 5 909 365



** Adjusted for hedging agreement swap.

*** After tax

**** Residual value is reduced to EUR 7 500 000

Tranche 1, 2 and 4: Floating interest rate.

Tranche 3: Fixed interest of 6.8% p.a. including margin until 2020.

Total quarterly instalments for tranche 1‐4 combined is EUR 36 195. Extraordinary

instalments equal to dividends, when dividends are paid.

The property is leased to Midsona Norge AS, guaranteed by FMC Biopolymer AS.


TFGS Kombi AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (SEK):* 600 865





Sensitivity

Yield 2018 8,50 % 8,00 % 7,50 %

Property value 223 138 918 237 085 100 252 890 773



Tax‐based value 106 962 336 106 962 336 106 962 336

Share price per 1% * 469 073 600 865 750 228

IRR Share price** 17,2 % 14,1 % 11,7 %



Business management: NRP Procurator AS Property type: Storage/industry

Technical management: Wilfast Forvaltning AB Location: Trelleborg, Falköping, Göteborg, Stenungsund in Sweden


Initial cost of property after deferred tax: SEK 337 400 000 Construction year: Varies


Established: 11. May 2007 Tenants: LEAX Arkivator Sweden, Daros Piston Rings AB, Prestando AB

Yearly rent 2018: 21 234 423 Lease period: LEAX AB until 2020

Adjustment of rent: 100% of CPI Daros Piston Rings until until 2022

Prestando AB until 2026






Interest mortgage 8 120 050 7 013 050 7 592 300


Net finance ‐35 620 050 ‐13 013 050 ‐13 592 300

Other income 20 000 000 0 0

Net cashf flow 1 763 748 5 953 758 6 154 456


2017 2018 2019

Working capital ‐1 083 707 4 870 051 11 024 506

Property value 229 928 348 229 928 348 229 928 348

Total assets 228 844 641 234 798 399 240 952 854

Debt 172 550 000 166 550 000 160 550 000

Total debt 172 550 000 166 550 000 160 550 000

Value loss carried forward 2 953 239 1 980 642 798 550


* Including value of loss carried forward.

** After tax

The mortgage has floating interest rate, and runs until April 2018. Assumed

refinanced.

The Stenungsund property is sold.


Torslanda Lagerbygg AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (SEK): * 2 588 016





Sensitivity

Yield 2018 7,00 % 6,75 % 6,50 %

Property value 497 173 236 515 587 060 535 417 331


Price/sqm 18 748 19 442 20 190

Tax‐based value 224 188 279 224 188 279 224 188 279


Share price per 1%* 2 414 005 2 588 016 2 775 412

IRR share price** 10,4 % 9,8 % 9,2 %



Business management: NRP Procurator AS Property type: Production facility, warehouse and office

Technical management: Wilfast Forvaltning AB Location: Torslanda, Sweden

Lettable area (sqm.) 27 490

Initial gross property value: 465 500 000 Construction year: 2008


Established 22.01.2015 Tenant: The International Automotive Components AB (IAC AB)

Yearly rent 2018: 37 195 025 Lease agreement: Owner responsible for exterior maintenance,

Adjustment rent: 100% CPI technical installations, insurance and administration







Interest expense (tranche 1‐2) 6 557 393 6 367 190 6 605 288


Net finance ‐14 507 393 ‐14 317 190 ‐14 555 288

Net cash flow 20 004 495 20 884 937 20 967 042



2017 2018 2019

Working capital 8 128 991 9 413 928 8 780 969

Property value 499 560 127 499 560 127 499 560 127

Total assets 507 689 118 508 974 054 508 341 096

Debt (tranche 1‐2) 245 125 000 237 175 000 229 225 000

Total debt 245 125 000 237 175 000 229 225 000



** After tax

Tranche 1 has fixed interest of 2.8% p.a. including margin until 15.01.2020.

Tranche 2 has fixed interest of 2.39% until 15.10.2018.

The tenant has an option to extend the lease period for 5 years. The lease is

guaranteed by the parent company IAC Group Sweden AB.


Tønsberg Handelseiendom AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 6,25 % 6,00 % 5,75 %

Property value 112 818 560 117 519 333 122 628 870



Tax‐based value* 66 200 000 66 200 000 66 200 000

Share price per 1%** 356 449 398 756 444 742

IRR share price*** 10,2 % 9,3 % 8,5 %




Technical management: Aker Eiendomsdrift AS Location: Sagveien 20, Tønsberg municipality


Initial cost of property: 117 333 333 Plot size: 18 984 sqm

Paid in capital: 39 000 000 Construction year: 1972, and some parts later

Established: sep.17 Occupancy rate: 100 %

Yearly rent 2018: 7 429 800 Tenants: Løvenskiold Handel AS

Adjustment of rent: 100% of CPI Rental agreement: Barehouse. Owner responsible for insurance,

potential real estate tax and own administration.





Cost of ownership 220 000 378 640 386 213 Mortgage tranche 2 22 800 000 0 3,98 % p.a. 22 800 000

Net operating income 7 100 000 7 051 160 7 192 183 Total 75 548 091 1 807 636 61 087 003Interest income 12 412 24 227 24 249


Instalments mortgage (tranche 1‐2) 451 909 1 807 636 1 807 636

Net finance ‐3 118 497 ‐4 432 312 ‐4 457 926


Net cash flow 3 981 503 2 618 848 2 478 127



2017 2018 2019

Working capital 3 181 503 3 000 351 2 978 479

Property value 112 387 400 112 387 400 112 387 400

Total assets 115 568 903 115 387 751 115 365 879

Debt 75 548 091 73 740 455 71 932 819

Total debt 75 548 091 73 740 455 71 932 819




*** After tax

Mortgage tranche 1 has floating interest rate.

Mortgage tranche 2 has fixed interest of 3.33% incl. margin until October 2022.

The property has development potential, as the surrounding properties south and east

of the property are residential properties.


Vestby Logistikk AS


Date of analysis:

01.12.2017

Share price 1 %


Key figures 100 %




Sensitivity

Yield 2018 6,90 % 6,70 % 6,50 %

Property value 314 731 735 324 126 712 334 099 841



Tax‐based value* 188 611 105 188 611 105 188 611 105


Share price per 1%** 1 555 936 1 640 490 1 730 249

IRR share price*** 9,0 % 8,6 % 8,3 %



Business management: NRP Procurator AS Property type: Logistics

Technical management: Aker Eiendomsdrift AS Location: Vestby, Norway


Initial cost of property after deferred tax: 265 400 000 Plot size in relation to building (sqm): 67 000

Paid in capital: 106 000 000 Extra plot with development potential: 44 000



Adjustment of rent: 100 % Tenant: DHL Supply Chain Norway AS

Rental agreement: Owner responsible for insurance and own administration

Lease period: 70% until 31.12.2023, and 30% until 30.04.2018



Rental income 23 256 808 23 601 834 24 068 769 Mortgage tranche 1 82 500 000 0 3,82 % p.a. 0


Net operating income 21 399 326 21 716 490 22 145 718 Mortgage tranche 3 18 787 500 4 950 000 3,00 % p.a. 0Interest income 29 759 51 051 51 025 Total 151 387 500 4 950 000 121 687 500Interest expense 5 490 938 5 421 525 5 258 175


Net finance ‐10 411 179 ‐10 320 474 ‐10 157 150

Tax payable 1 715 992 2 010 760 2 218 755

Net cash flow 9 272 155 9 385 256 9 769 812



2017 2018 2019

Working capital 7 302 934 7 188 190 7 158 002

Property value 310 575 151 310 575 151 310 575 151

Total assets 317 878 085 317 763 341 317 733 153

Debt 151 387 500 146 437 500 141 487 500

Total debt 151 387 500 146 437 500 141 487 500




*** After tax

Tranche 1 has fixed interest of 3.82% p.a. incl. margin until 07.11.2019. Tranche 2 has

fixed interest of 3.30% until 15.10.2019. Tranche 3 has floating interest rate of 3% incl.

margin.

The property consists of 3 logistics halls, with a joint office‐space located in connection

to hall 1. Hall 3 is subleased to Varner Gruppen AS until 30.04.2018. The company owns

a separate plot of approximately 44 000 sqm. Broker is working on finding new tenant

for Hall 3.


Wergelandsveien 23 AS/Kongholm Langgaten AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1%: **

Key figures 100 %



Average rent/sqm office:

Average rent/sqm apartments:

Sensitivity

Yield 2018

Property value


Price/sqm (average)

Tax‐based value*


IRR share price***



Business management: NRP Procurator AS Property type: 1 commercial property and 1 residential block/

apartment hotels (42 apartments)

Initial cost of property after deferred tax: 83 500 000 Location: Holmestrand / Kongsberg

Initial paid in capital: 18 150 000 Lettable area (sqm.): 2 595 sqm. and 1 134 sqm. (GFA)

Uncalled capital: 0 Construction year: 2005 and 1999

Established: 15. September 2005 Occupancy rate: 70 %

Tenants: Statsped, Police/Bailiff, et al.

Adjustment of rent: 100 % Lease agreement: Short‐time rental on the apartments

Statsped: 2020, Police/Bailiff: 2020

Operational responsibility for the apartments,

limited responsibility for the commercial properties


Principal Inst. 18 Interest Ballon 2019

Mortgage 58 745 750 0 3,00 % p.a. 58 745 750

Total 58 745 750 58 745 750




*** After tax

The mortgage has floating interest rate of 3.00% including margin.

The project consists of apartments in Kongsberg and office/commercial property in

Holmestrand. Around 1 000 sqm office space is vacant in Holmestrand.

.


Wilfast Mølndal AB


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (SEK): * 296 937





Sensitivity

Yield 2018 6,50 % 6,25 % 6,00 %

Property value 61 213 800 63 662 352 66 314 950



Tax‐based value 42 402 615 42 402 615 42 402 615


Share price per 1% * 273 798 296 937 322 004

IRR share price** 9,9 % 9,2 % 8,5 %


Company information Property Information

Business management: NRP Procurator AS Property type: Office and warehouse

Technical management: Wilfast Holding AB Location: Gothenburg

Lettable are (sqm.): 3 274

Initial cost of property after deferred tax: SEK 55 000 000 Construction year: 2012


Established: 15.01.2014 Tenant: Bravida Sverige AB

Yield rent: 4 479 717 Rental agreement: Owner responsible fo exterior maintenance, technical

Adjustment of rent: 100% of CPI installations, insurance and own administration





Cost of ownership 491 000 500 820 585 988 Mortgage tranche 2 4 700 000 1 000 000 2,25 % p.a. 0


Interest expense 1 127 000 1 110 125 968 875 Mortgage tranche 4 10 000 000 0 2,61 % p.a. 10 000 000

Instalments mortgage 500 000 1 000 000 1 000 000 Total 34 700 000 1 000 000 26 700 000

Net finance ‐1 627 000 ‐2 110 125 ‐1 968 875

Other costs 1 200 000 Value of interest rate swap per 29.09.2017: ‐716 539

Net cash flow 1 073 879 1 868 772 2 014 448



2017 2018 2019

Working capital 1 637 548 1 456 320 1 570 768

Property value 62 493 066 62 493 066 62 493 066

Total assets 64 130 614 63 949 386 64 063 834

Debt 34 700 000 33 700 000 32 700 000

Total debt 34 700 000 33 700 000 32 700 000



** After tax

Tranche 1 has fixed interest of 4.25% p.a. incl. margin until 28.12.2018.

Tranche 2 has floating interest rate.

Tranche 3 has fixed interest of 3.24% p.a. until 08.09.2019.

Tranche 4 has fixed interest of 2.61% p.a. until 31.01.2019.

The property consists of 2 buildings, one office building of 2 142 sqm and a warehouse of

1 132 sqm. Investment in project of SEK 1.2 mill. due to extension of lease agreement

until 30.06.2025.


Wilfast Mölnlycke Holding AB


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (SEK):* 278 128





Sensitivity

Yield 2018 6,00 % 5,75 % 5,50 %

Property value 51 688 075 53 935 383 56 386 991



Tax‐based value 30 923 914 30 923 914 30 923 914


Share price per 1%* 256 891 278 128 301 296

IRR share price** 8,2 % 7,7 % 7,1 %



Business Management: Wilfast Forvaltning AB Property type: Logistics/terminal

Technical Management: Wilfast Forvaltning AB Location: Mölnlycke (Gothenburg)


Initial cost of property: SEK 43 500 000 Construction year: 2015


Established: 20.02.2015 Tenant: Arla Foods AB

Yearly rent 2018: 3 412 895 Rental agreement: Owner is responsible for insurance,

Adjustment of rent: 100% of CPI technical replacements, and own administrative expenses.





Cost of ownership 305 500 311 610 317 842 Mortgage tranche 2 6 672 500 810 000 2,11 % p.a. 0

Net operating income 3 040 475 3 101 285 3 163 310 Total 24 772 500 810 000 15 052 500

Interest expense 607 918 590 827 598 640

Instalments mortgage (tranche 1‐2) 810 000 810 000 810 000 Value of interest rate swap per 29.09.2017: ‐322 672

Net finance ‐1 417 918 ‐1 400 827 ‐1 408 640


Net cash flow 1 622 557 1 700 458 1 751 832



2017 2018 2019

Working capital 397 165 497 623 549 455

Property value 52 669 752 52 669 752 52 669 752

Total assets 53 066 917 53 167 375 53 219 207

Debt 24 772 500 23 962 500 23 152 500

Total debt 24 772 500 23 962 500 23 152 500


* Adjusted for hedging agreemen swap

** After tax

Mortgage tranche 1 has fixed interest of 2.51% including margin until 20.02.2020.


The property is strategically located in Mölnlycke, east of Gothenburg, which has

become one of Swedens best locations for logistics.


Wilfast Tagenevägen 30 AB


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1%: (SEK)* 219 658





Sensitivity

Yield 2018 6,50 % 6,25 % 6,00 %

Property value 51 944 661 54 022 448 56 273 383



Tax‐based value 20 740 545 20 740 545 20 740 545


Share price per 1%* 200 958 219 658 239 916

IRR share price* 11,3 % 10,4 % 9,7 %



Business management: NRP Procurator AS Property type: Combination property

Technical management: Wilfast Forvaltning AB Location: Kärra, Gothenburg


Initial cost of property after deferred tax: SEK 48 650 000 Plot size (sqm): 8 892

Paid in capital: SEK 20 200 000 Construction year: 1984, 2007 and 2011


Yearly rent 2018: 3 691 583 Tenant: Holmgrens Bil i Göteborg AB

Adjustment of rent: 100% of CPI Rental agreement: Barehouse





Cost of ownership 309 000 315 180 321 484 Mortgage tranche 2 9 250 000 600 000 2,00 % p.a. 2 050 000

Net operating income 3 310 199 3 376 403 3 443 931 Total 29 250 000 600 000 22 050 000

Interest expense 612 000 600 000 630 500

Instalments mortgage (tranche 1‐2) 600 000 600 000 600 000 Value of interest rate swap per 29.09.2017: 53 217

Net finance ‐1 212 000 ‐1 200 000 ‐1 230 500

Tax payable 86 836 364 287 381 162

Net cash flow 2 011 363 1 812 116 1 832 269



2017 2018 2019

Working capital 899 787 911 902 1 044 171

Property value 50 694 257 50 694 257 50 694 257

Total assets 51 594 044 51 606 160 51 738 429

Debt 29 250 000 28 650 000 28 050 000

Total debt 29 250 000 28 650 000 28 050 000



** After tax


Mortgage tranche 2 has floating interest rate.

The property has development potential of approximately 1 500 sqm.


Århus Kombibygg AS


Date of analysis:

01.12.2017

Share price 1 %

Share price per 1% (DKK):* 1 364 568

Key figures (DKK) 100 %




Sensitivity

Yield 2018 6,25 % 6,00 % 5,75 %

Property value 217 317 644 226 372 546 236 214 830



Tax‐based value 142 704 276 142 704 276 142 704 276


Share price per 1%* 1 283 074 1 364 568 1 453 149

IRR share price** 7,9 % 7,5 % 7,1 %



Business management: NRP Procurator AS Property type: Combination/production property

Technical management: Wilfast Forvaltning AB Location: Lystrup, Denmark

Initial cost of property: DKK 190 000 000 Lettable area (sqm.): 34 075

Paid in capital: DKK 100 500 000 Construction year: 1967, extended and rehabilitated later


Yearly rent 2018: 14 928 506 Tenant: Elopak Denmark A/S

Adjustment of rent: 100% of CPI (minimum 1%, maximum 2.5%) Rental agreement: Owner responsible for exterior maintenance,









Instalments mortgage (tranche 1‐2) 4 214 272 4 796 448 4 796 448 Value of interest rate swap per 29.09.2017: ‐1 858 213

Net finance ‐5 573 831 ‐6 295 055 ‐6 305 804

Tax payable 0 1 544 925 1 538 212

Other costs 1 000 000 0 0

Net cash flow 6 874 043 5 742 373 6 009 984



2017 2018 2019

Working capital 508 730 451 103 511 087

Property value 218 005 719 218 005 719 218 005 719

Total assets 218 514 449 218 456 822 218 516 806

Debt 80 044 634 75 248 186 70 451 738

Total debt 80 044 634 75 248 186 70 451 738



** After tax

Mortgage tranche 1 has floating interest of 1.04% p.a. including margin.

Mortgage tranche 2 has fixed interest of 2.36% p.a. including margin until 30.06.2025.

Tenant has options to extend for 5*1 year until 2035.


4. Shipping & offshore


4.1 Shipping market comments by Affinity1 TANKER MARKET Freight Rates By all accounts, 2017 has been a rough year for crude oil tankers across the board, with VLCCs having a particularly tough time. 2017 has given new meaning to the old adage of ‘too many ships, not enough cargoes’, with all three of the sectors struggling under the weight of the steady stream of deliveries and orderbook. VLCCs have fared worst of all, with rates wilting beneath the pressure of excessive tonnage lists. The Opec‐led production cut has also been a factor, while the lows of this year in September were in no small part down to China’s third‐smallest monthly imports during the year‐to‐date. Q4 has seen rates recover, though, driven more by sentiment than fundamentals, but owners are hanging on to their gains. Baltic Rates (USD/day)

Suezmax earnings have been somewhat bolstered by weather delays, increased USG exports, and owners’ resilience, particularly on the TD20 route. However, things have improved in Q4 with more weather delays and a firming VLCC market, which suggests that the recovery will continue throughout the rest of the year. Finally, for Aframaxes Q1 was perhaps better than expected, but after that new ‘bottoms’ were set in every market, with earnings almost reaching break‐even levels. Fixing in October was much improved, with weather delays also playing their part, but more new vessels are continuing to arrive, keeping the pressure on.

Demand Since our last report in May, the IEA has revised its oil demand forecast for 2017, now expected to average 97.71 Mn bpd, which would be an increase just shy of 1.6 Mn bpd on the year. However, the Opec production cut agreement has, unsurprisingly, had an adverse effect on the number of available cargoes, with cargo volumes in both the Middle East and West Africa failing to match the rate at which the tanker fleet has grown. According to Kpler, exports from Middle Eastern members of Opec between January and October this year averaged 18.28 Mn bpd, as opposed to the 18.24 Mn bpd during the same period last year. Despite the dip during the second half of this year so far, China’s crude oil imports have averaged 7.79 Mn bpd during the first ten months of the year, compared to 6.76 Mn bpd during the same period last year. We have seen a similar trend in India; crude oil imports are flat on the year between January and October, averaging 4.202 Mn bpd during the period in 2017 and 4.207 Mn bpd in 2016. Fleet Development

In terms of Dwt, the entire tanker fleet grew by a net 6 per cent in 2016, its largest annual increase since 2011. 31.6 Mn Dwt was added to the fleet, while 2.1 Mn Dwt were demolished. As of the end of September this year, 31.5 Mn Dwt have already been delivered into the tanker fleet; deliveries of both Suezmaxes and Aframaxes during the first nine months of this year have already exceeded last year’s total – 7.8 Mn Dwt to 4.2 Mn Dwt and 2.9

0

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Jan‐81

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Jan‐97

Jan‐99

Jan‐01

Jan‐03

Jan‐05

Jan‐07

Jan‐09

Jan‐11

Jan‐13

Jan‐15

Jan‐17

VLCC Suezmax Aframax

‐6%

‐4%

‐2%

0%

2%

4%

6%

8%

10%

12%

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‐20,0

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Mn Dwt

Deliveries Demolitions %Change

1 The shipping market comment is written by Affinity (Shipping) LLP's Research team.


Mn Dwt to 2.1 Mn Dwt respectively. 41 VLCCs, meanwhile, have been delivered, totalling 12.5 Mn Dwt. On the other hand, 5.2 Mn Dwt was already scrapped by the beginning of October, of which 1.8 Mn Dwt were VLCCs, 1.2 Mn Dwt were Suezmaxes, and 1.3 Mn Dwt were Aframaxes. A further 10.5 Mn Dwt are still currently under construction for delivery this year; should all vessels be delivered on time, a total of 42 Mn Dwt would be delivered in 2017, 10.4 Mn Dwt more than in 2016. Second Hand Prices five‐year‐old vessel – last 20 months

Five‐year‐old asset values have this year reflected the poor spot and time charter markets for all three sectors, although the annual lows for both VLCCs and Aframaxes were in January (USD 60 Mn and USD 28 Mn respectively). Suezmax values fell to their lowest in March, down to USD 40 Mn. All three sectors have been struggling under the weight of both deliveries and the orderbook. At the moment, a 5‐year‐old VLCC, Suezmax and Aframax is worth USD 61.3 Mn, USD 40 Mn, and USD 29 Mn respectively. DRY CARGO MARKET Freight Rates Since bottoming out in March 2016, the freight market has enjoyed a relatively quick recovery, with Capesize spot rates for October 2017 averaging at USD 20,858 per day. This compares to an average of USD 8,074 per day in July 2017. Much of this rally can be attributed to a combination of seasonal developments, positive sentiment, and increased activity leading up to the Chinese National Party Congress. Some of the momentum now seems to have diminished and given the fact that the fleet remains

more or less the same as seen in July, the likelihood of a downwards correction in the second half of Q1, following the seasonal dip in demand associated with Chinese New Year, is high.

Second Hand Prices As is the norm, asset values have increased along with freight rates, with second hand assets beginning to approach the historical average, discounting the years between 2003 and 2009. Overall second‐hand tonnage remains relatively cheap, but despite the orderbook as a percentage of the fleet being a low 8 per cent, expected fleet growth of 1‐3 per cent in the coming years means that any upside in the near term is largely dependent on continued strength from the freight market. Increased regulatory pressure and a marked shift towards larger sizebands to benefit from the economies of scale may also add downwards price pressure for vessels that risk becoming non‐compliant under IMO’s Ballast Water Management Convention or simply uneconomical to operate with higher cost low sulphur fuels.

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VLCC Suezmax Aframax

0

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01.2010

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11.2015

06.2016

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08.2017

USD

/ Day

1 Year TC Rates

Handysize Supramax

Panamax Modern Capesize


Dry Bulk Demand On the demand side, there are both driver and detractors, particularly when considering Chinese demand. While renewed infrastructure stimulus has helped boost demand for key raw materials, coal and iron ore in particular, the question of how much further Chinese regional governments can afford to rely on infrastructure development to fuel growth still looms. This is particularly so as it appears to be at odds with China’s push to reduce its industrial pollution and combat the thick smog that envelops key cities like Beijing. As mentioned above, this renewed investment, which puts Chinese growth back on the same track as has been seen over the past 10 years, has exaggerated the seasonal push normally seen at the end of Q3/Q4. In the end, the question of Chinese demand is one of long term sustainability. From a demographic point of view there is little doubt that both energy demand and food / meal requirements will continue to drive volumes, but with China slowly maturing and cracking down on pollution with an increasingly firm hand a gradual slow‐down in the long run should not come as a surprise. How long into the future that will be is however uncertain.

CONTAINER MARKET Fleet capacity grew by 1.4% in 2016, and is expected to expand by 2.5% in 2017 and 4% in 2018 as shipbuilding slows down. The fleet growth is mainly driven by larger size classes, while the feeder segment has limited growth. Liner companies, still remaining under severe pressure, now attempt to reduce the sector’s capacity in an effort to lessen the slower demand growth. Alliances and further consolidation, both between operators and tonnage providers, have been some of the tools that proved rather popular among most if not all investors with exposure to liner shipping. As in every other commercial shipping sector, miracles cannot happen from the one day to another on the supply side, as there are no quick fixes. This means that some overcapacity is here to stay for the next couple of years, mainly driven by deliveries of larger vessels, scheduled by the end of 2018 look still rather strong. However, the dynamic scrapping activity in combination with the strengthened scrap steel prices have allowed some sectors to take a breath. We only have to wait to see if that will continue and for how long it could last. Real rebalancing back to healthy‐rates levels could only come through strong demand growth, with the market’s optimists still recognizing some potentials in several routes. In contrast to that, there is doubt whether any supply side adjustments could be enough for a dynamic recovery to come, even if demolitions have been strengthening this year, with bigger and younger vessels getting scrapped.

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5 Year Old Asset Values

Handysize Supramax

Panamax Modern Capesize

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Mn Tonnes

Chinese Iron Ore Imports

Chinese Iron Ore Imports 12 Month MA


Fleet growth >4k TEU container ships

Contracting was limited in 2016, down by 55 per cent in terms of number of orders placed and by 81 per cent in terms of Teu capacity added to orderbook. Maersk’s determination to avoid placing orders for newbuildings in the near future and the marginal earnings of bigger vessels, which were expected to be rather profitable when ordered, will make the already struggling shipyards to downsize their capacity. Other major liner companies seem to have followed the example of Maersk, with most of them already having reduced their orderbooks during the last years. In contrast to the market’s expectations back in late 2015, 2016 was not as strong as earlier anticipated, as the demand side, mainly driven by the Asia ‐ Europe route, only grew marginally. European import volumes originating in Asia only increased by less than 1.5 per cent during 2016, with the same growth rate maintained both before and after the Brexit referendum. Intraregional trade performed rather impressively last year, with volumes up by up to 8 per cent year‐on‐year, compared to the growth of 2.1 per cent experienced in 2015 versus 2014. Asian exports to North America are expected to start improving by the end of 2017. Trade from Asia to Latin America suffered more losses, declining by 1.5 per cent in 2016, compared to previous year’s marginal decline by 0.4 per cent. In general, 2017 looks much better both in terms of demand and rates achieved.

1 Year TC rate (1000 USD/day)

The most recent data on containerised trade volumes suggest that earlier expectations for this year’s global container throughput growth have been on track. The growth in 2017 is still expected to exceed 6 per cent, mainly driven by strengthening volume growth across all major ports around the world. The growth during the first half of this year has been quite impressive, estimated at around 6.7 per cent year‐on‐year, while results of the third‐quarter throughput have remained quite dynamic. Chinese ports, including Hong Kong, have had the biggest positive impact on the market, with recent figures suggesting a growth above 9 per cent from July to September. Total volumes at Chinese ports during the first nine months of 2017 grew at the same pace. The TEU‐to‐GDP multiplier is now expected to reach 1.7 times global GDP growth, mainly driven by the improving container volume growth. This suggests a change in the recent downward trend which brought the multiplier below 1.0 in the last couple of years. Earlier predictions that the container trade has been experiencing a mature phase, and that volume growth would not exceed GDP growth, proved rather pessimistic, even if the market still does not believe in the container volume growth returning close to 3 times GDP ratios last enjoyed before 2008. With the global economy recovering, the IMF lifted its global GDP growth forecast for 2017 and 2018 to 3.6 and 3.7 per cent respectively in its most recent World Economic Outlook report released last week, significantly up from 2016’s 3.2 per cent growth rate. Last year’s growth was the lowest annual growth rate since 2009. The optimism for the container ship sector has good reasoning behind it, as demand seems to be expanding at a rather healthy pace, while higher GDP growth and a

‐9%

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0‐1kTEU 1‐2kTEU2‐4kTEU y‐o‐y Growth

‐ 2 4 6 8

10 12 14 16

k USD/ Day

1.1k TEU 1.7k TEU 2.5k TEU

2.7k TEU 3.5k TEU


rebound in the container‐to‐GDP multiplier further support the market’s fundamentals, at least by the end of 2018. The sentiment across the market about the industry’s future has been more positive than it ever was during the last years. Volumes handled at most container ports around the world has been improving, with the totals for the leading 250 ports having grown by an estimated 6.7 per cent in the first half of 2017, according to Alphaliner. Global throughput growth is now expected to reach a six‐year high of 6 per cent year over year. In the meantime, profitability has been following a similar path, with profit margins growing by 4 per cent on average. 5 Year Old Asset Prices

Maersk Line reported growth of 4 per cent for 2017 Q2, in a report published in August, with a profit of USD 339 Mn, the first profit for the company in five quarters. Other ocean carriers such as OOCL, “K” Line, and Zim Integrated Shipping Services experienced higher increases in unit revenue than volumes. CMA CGM now expects continued improvement in its financial position, given the increase in freight rates, unless there was a “significant” increase in gas prices or a shift in exchange rates. With the order of the new ships, the company will “further reduce unit transport costs, particularly on the Asia‐Europe routes,” the carrier commented in its release. However, there is a reduction to report in terms of the carrier’s fleet which declined from 532 ships in 2016 to 426 in the 2017 Q2. Currently the third largest ocean carrier, CMA CGM controls a fleet of 2 Mn Teu, with an orderbook of 424 k

1 Clarksons Research and NRP Finans

Teu. Including the most recently ordered vessels (mega size), the capacity on order of the Ocean Alliance reached 6.3 Mn Teu, compared with 6.8 Mn Teu linked to the 2M Alliance and HMM, and 5.2 Mn Teu that the Alliance has on order. OFFSHORE SUPPLY MARKET1 2017 has been another difficult period for the offshore industry. Rates for almost all vessel types remain at bottom of the cycle levels. Despite some stabilization in the oil price in the past eighteen months, and improvements in the wider project‐sanctioning environment, demand for offshore units remains low. Based on several oil company reports, it is estimated that E&P spending will increase by around 10% year‐on‐year in full year 2017. This is still expected to be primarily driven by an increase in onshore spending of circa 30%, with offshore focused E&P probably lower year‐over‐year. Global E&P Spending (YoY) Change

On the positive side, there has been growing evidence of increased activity, in particularly in the jack‐up rig market, plus greater levels of requirement evident in increased OSV tendering in the North Sea, Brazil and Middle East in particular. This has been driven by reduced prices in the value chain and an increase in the oil price. However, most offshore markets struggle with structural oversupply, due to high order books, continued high levels of lay‐up, and lack of scrapping. This has limited any significant rate improvement. Overall, it is likely to take a few more years for the offshore market to rebalance in full, but we might have seen a bottom in terms of overall utilization.

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1.7k TEU 2.5k TEU 3.5k TEU


Reported OSVs in cold lay‐up

Source: Clarksons Research

For the Offshore Supply Vessels in the North Sea market, there are currently about 120 AHTS and PSV vessels in lay‐up compared to about 100 operating in the spot market, according to Westshore. Rate levels have improved some this year, and are now slightly above opex levels. However, the crucial factor is keeping vessels utilized. North Sea Spot rates for PSVs (GBP/day)


North Sea Spot rates for AHTS (GBP/day)


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4.2. Key figures shipping & offshore portfolio

47 %54 % 52 %

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Yearly return NRP Finans Shipping/offshore portfolio vs OSEBX

NRP Finans Shipping/offshore portfolio OSEBX

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Development number of shipping/offshore projects

Projects established (left axis) Projects sold (left axis) Projects in portfolio end of year (right axis)

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mUSD

Accumulated equity raised to NRP shipping & offshore projects


The graph shows the internal rate of return for three time‐periods in the NRP Finans shipping & offshore portfolio.

The diagram shows the distribution of the different segments in NRP Finans’ current portfolio, based on market value of projects

The diagram shows a segment breakdown of arranged NRP Finans shipping and offshore projects from 2000 and up to today.


4.3 Shipping & offshore projects overview Projects Shipping

Estimated value per 1% Established

IRR since established p.a.

Return 2017***

Arca Shipping DIS USD 31 186 2013 3 % 4 %

Atlantic Bulk IS* USD 107 149 2017 N.A N.A

BB Troll DIS NOK 500 000 2014 ‐19 % ‐27 %

Bulk Avanti DIS USD 61 883 2013 ‐14 % 111 %

Cresco Shipping DIS USD 35 322 2014 ‐9 % 0 %

Eastern Reefer II DIS* USD 48 000 2017 N.A N.A

FS Ipanema AS* USD 59 093 2017 N.A N.A

Gjende DIS USD 19 000 2014 10 % 14 %

Jupiter Bulker DIS USD 54 000 2014 ‐23 % 41 %

KUO DIS USD 65 298 2012 12 % 2 %

Nordic Lübeck DIS EUR 55 000 2016 ‐1 % ‐3 %

Nordic Supra IS USD 87 601 2016 86 % 46 %

Nordic Supra II IS USD 136 148 2016 71 % 71 %

Nordic Tromsoe AS EUR 43 020 2017 N.A N.A

Nordic Wismar KG USD 10 000 2016 ‐61 % 0 %

Songa Container AS* USD 690 104 2017 N.A N.A

Songa Macau IS* USD 135 224 2017 N.A N.A

Spero DIS USD 21 634 2013 ‐10 % ‐42 %

UACC Bergshav Tanker DIS** N.A 2011 N.A N.A

UACC Ross Tanker DIS** N.A 2010 N.A N.A

* The project has not existed long enough to calculate IRR on equity ** The project has been suspended *** Return is equivalent to change in value from 01.12.2016 ‐ 01.12.2017


Arca Shipping DIS ‐ container project

Contact: Mats Olimb ([email protected])

Date of analysis:

01.12.2017

Share price (USD): 1 %

Share price per 1% (USD):* 31 186

Key figures: 100 %

Paid in equity (USD): 3 650 000

Accumulated dividends (USD): 900 000

Tax value vessel (USD): 1 160 880

Net asset value sensitivity:

LOW CASE BASE CASE HIGH CASE

Gross vessel value 2 500 000 3 000 000 3 500 000Net vessel value 2 500 000 3 000 000 3 500 000

Working capital 118 591 118 591 118 591

Net asset value 2 618 591 3 118 591 3 618 591

Corporate details The Vessel

Corporate management: NRP Procurator AS Vessel's name: MV Arca

Commercial management: Atlantica Shipping AS Type: 1,641 TEU geared container vessel (Hanjin 1600)

Class: Bureau Veritas

Purchase price vessel: USD 2 800 000 DWT/LDT: 21 480 dwt/7 007 mt

Paid in capital: USD 3 650 000 LOA/ Beam/Draught: 167.98 m/27.25 m/9.22 m

Uncalled capital: USD 0 Speed & Cons: 19 knots on 49 TS Fuel (laden)

Established: 12.09.2013 Yard: Hanjin HI Co. Ltd, South Korea

Delivery: 01.11.2013 Built: 1994

Commencement of C/P 01.11.2013 Flag: Liberia

Expiry of C/P: 01.11.2018 Main engine: B&W 6S60MC 16,681 BHP @ 105 RPM

Charterer: SPC, Timber Shipping Inc. Reefer plugs: 108

Guaranteed by Conbulk Shipping S.A, Greece Next intermediate: 2022

Next DD/SS: Nov. 2019

BB‐rate:* USD 1 085/day Other information: 1 199 TEU homogeneous, 7 holds, 8 hatches,

Est. net TC‐rate year 2017 USD 6 850/day 2 cranes with safe working load of 40 tonnes, Ice class equipped

Est. net TC‐rate year 2018 USD 7 600/day

Profit split hurdle rate 2017: (BB‐rate + opex) USD 7 000/day

* Reduced BB‐rate in 2017 due to challenging market. Will be repaid

before any profit split.

Estimated Cashflow Financing (31.12.2017)

2017 2018 Balance Inst. 18 Interest Balloon

Operating revenue 270 195 231 979 Mortgage debt 0 0 0,00 % p.a. 0

Repayment of outst. BB‐hire 0 184 104 Total 0 0 0

Administration expenses 84 001 110 645Net operating cashflow 186 194 305 438Net financial items 0 0

Net project cashflow 186 194 305 438

* Profit split initially used to pay docking‐cost of USD 500 000, paid by investors.

Implicit vessel value Additional information

01.12.2017Estimated equity value 3 118 591Working capital 118 591Net implicit vessel value* 3 000 000

* including CP value, and after profit split

* Before adjusted for tax value of vessel.

** The net residual value is after profit split 70% to the owning company and 30% to

the BB‐charterer.

The Vessel is fixed on a 5 year BB‐charterparty with a profit sharing agreement to an

SPC, Timber Shipping Inc., guaranteed by Conbulk S.A of Greece. When the DD/SS

cost of USD 1 700 000 is paid, all earnings exceeding a pre‐agreed hurdle rate

consisting of the BB‐rate and operational expenses to be split 60/40 between the

owning company and the charterer. Sales proceeds exceeding investors initial equity

of USD 3 650 000 to be split 70/30 between the owning company and Conbulk.

Tax value of the vessel is subject to currency risk, as the tax value is denominated in

NOK. Exchange‐rate of 8.2 NOK/USD is used in this analysis.


Atlantic Bulk IS ‐ dry bulk asset play project


Date of analysis:

01.12.2017



Key figures: 100 %


Accumulated dividends (USD): 0



Vessel value 11 000 000 14 000 000 17 000 000

Working capital 1 114 860 1 114 860 1 114 860

Debt 4 400 000 4 400 000 4 400 000

Net asset value 7 714 860 10 714 860 13 714 860


Corporate management: NRP Procurator AS Vessel name: MV Rego

Technical management: A. M. Nomikos Type: Geared Supramax bulk carrier

Manager: Atlantica Shipping AS Design: TESS 58 by Tsuneishi

Established: 01.03.2017 Class: DNV‐GL

DWT/LDT: 58 729 / 9 085

Purchase price vessel: USD 11 000 000 LOA/ Beam/Draught: 190.0m / 32.3m / 12.8m

Paid in capital: USD 7 740 000 Speed / cons (Laden): 12.5kts @ 27.0MT

Estimated net contribution from pool 2017‐2019: USD 9 500 Yard: Tsuneishi Zhoushan, China

Estimated break even rates (ex. SS/DD) 2017: USD 6 018 Built: 2009

Flag / IMO: Marshall Islands / 9423554

Main engine: Mitsui MAN B&W 6S50MC‐C, 11.421BHP @ 113RPM

Holds/hatch: 5 / 5

Cranes / Grabs: 4 x 30T/ 4 x 12 cbm

Next SS: Aug. 2019


2017 2018 2019 Balance Inst. 18 Interest Balloon 2019

Operating revenue 2 475 647 3 088 440 3 753 901 Mortgage debt 1 4 400 000 330 000 6,70 % p.a. 3 630 000

Operating expenses 1 447 332 1 822 781 1 859 236 Total 4 400 000 330 000 0 0 3 630 000

Administration expenses 119 656 150 000 153 000

Docking cost 0 0 650 000

Net operating cashflow 908 659 1 115 659 1 091 665

Interest expenses 229 800 291 115 265 320

Repayment long term debt 0 330 000 440 000Net financial items ‐229 800 ‐621 115 ‐705 320Net project cashflow 678 859 494 544 386 345


01.12.2017Estimated equity value 10 714 860Debt 4 400 000

Working capital 1 114 860

Implicit vessel value 14 000 000


Mortgage loan has an interest rate of 6.70% incl. margin. Quarterly instalments of USD

110 000, starting June 2018. Maturity 07.03.2022.

The vessel has entered into the A. M. Nomikos supramax pool from 9th of March 2017.

The pool will pay hire as per the BSI Index multiplied by its pool points. The earnings will

be adjusted to actual earnings (under/overperformance) every 6 months.


BB Troll DIS ‐ offshore asset play project

Contact: Ragnvald Risan ([email protected])/

Date of analysis:

01.12.2017

Share price (NOK): 1 %

Share price per 1% (NOK):* 500 000

Key figures: 100 %

Paid in equity (NOK): 116 700 000

Accumulated dividends (NOK): 10 000 000

Tax value vessel (NOK): 74 362 064



Vessel value 30 000 000 50 000 000 100 000 000

Working capital 8 588 613 8 588 613 8 588 613

Net asset value 38 588 613 58 588 613 108 588 613


Corporate management: NRP Procurator AS Vessel name: M/V BB Troll

Technical management: Buksér og Berging AS Type/design: AHTS 15 000 bhp DPSII ‐ VS 473 design

Commercial management: Buksér og Berging AS Class: DNV

LOA: 73.8 m

Purchase price vessel*: NOK 120 000 000 Breadth: 16.0 m

Paid in capital: NOK 116 700 000 Yard: Ferguson Shipbuilders, Glasgow, UK

*including working capital Delivery: Apr 2000

DWT: 2,881 t

Opex break even 2017 per day**: NOK 72 835 Main engine: Wartsila 12V32 Diesel, 2 x 7 500 BHP

Current Employment: The Vessel trades in the spot market Bollard pull: 165 t

Delivery: 01.05.2014 Aux. engines: 2 x 430 kVA V 3ph 60 hz

** (ex DD/SS, including admin. expenses) Main generator: 2 x 2125 kVA 440V 3ph 60hz

Flag: NOR

Next special survey: Nov. 2019

Intermediate survey*: Q4 2017


Balance Inst. 18 Interest Balloon

Mortgage debt 1 0 0 0,00 % p.a. 0

Total 0 0 0


* The share price includes a deduction from the estimated net asset value

calculation, due to a volatile market. The vessel value is based on broker

estimate.

* Full overhaul of main engines, new stern roller, spooling gear for towing winch and

sandblasting + coating of four ballast tanks

The vessel is operating in the spot market in the North Sea. The vessel will also be

tendered for long term contracts.


Bulk Avanti DIS ‐ dry bulk asset play project

Contact: Ragnvald Risan ([email protected])

Even Bakke Dimmen ([email protected]) Date of analysis:

01.12.2017



Key figures: 100 %

Paid in equity after refinancing (USD): 1 850 000

Accumulated dividends before refinancing (USD): 1 100 000


Net asset value senstivity


Vessel value 11 000 000 12 000 000 13 000 000

Working capital 385 405 385 405 385 405

Debt 6 197 068 6 197 068 6 197 068

Net asset value 5 188 337 6 188 337 7 188 337


Corporate management: NRP Procurator AS Vessel name: MV Bulk Avanti

Commercial management: Eastern Bulk Holding Type: Supramax Bulk Carrier

Technical Management: Wilhelmsen Shipmanagement Class NKK

Singapore Pte Ltd (WSM) DWT: 56,042 mt

Purchase price vessel: USD 17 000 000 LDT: 8,500

Initially paid in capital: USD 9 250 000 LOA/ Beam: 189.99 m / 32.26 m / 12.55 m

Additionally paid in capital due to refinancing: USD 1 850 000 Speed/cons: 14.5 kts / 31.0 ts

Uncalled capital: USD 0 Yard: Mitsui S.B. Japan, Tamano Shipyard

Initial shareholder loan: USD 1 500 000 Built: 2006

Outstanding shareholder loan: 0 Flag: Panama

Delivery: 11.04.2013 Main engine: MAN B&W, 12,880 KM @ 127 rpm

Holds / hatches: Fore & aft hatches, hydr. Operated, 5 holds / 5 hatchesNet TC‐rate 01.04.2017‐31.03.2018:* USD 7 000 Grain capacity: 70,810 cubic m.

Estimated TC‐rate 01.04.2018‐31.12.2018: USD 9 500 Cranes: 4 cranes with safe working load of 30,5 tonnes

Estimated TC‐rate 2019: USD 10 000 Fitted with grabs

Operational expenses 2017:** USD 4 734 Next DD/SS: June 2021

* On a 10‐12 month TC with Eastern Bulk AS at net rate of USD 7 000

** excl. DD/SS, including insurance



Operating revenue 2 285 767 2 513 700 3 412 636 Mortgage debt 6 197 068 0 5,26 % p.a. 6 197 068

Operating expenses 1 925 905 1 764 500 1 808 613 Total 6 197 068 0 6 197 068


Net operating cashflow 256 804 634 810 1 509 182


Net financial items ‐357 289 ‐368 339 ‐368 339

Net project cashflow ‐100 485 266 471 1 140 844


01.12.2017Estimated equity value 6 188 337

Debt 6 197 068

Working capital 385 405


* Before adjusted for tax value vessel.

Minimum free liquidity is USD 150 000. Loan runs until 24.04.2019. Quarterly

instalments are waived, but cash sweep of cash exceeding USD 1.25 mill. Maturity of

loan April 2019, but assumed refinanced in estimated cashflow for 2019.



Capital increase in April 2016 by setting off USD 350 000 of the shareholder loan and

USD 1.5 mill., with payment from investors, subsequent to writedown of equity to USD

1. Loans were restructured in April 2016, incl. the shareholder loan of USD 1.5 mill.

entered into in January 2016.


Cresco Shipping DIS ‐ container project


Date of analysis:

01.12.2017


Share price per 1% (USD): 35 322

Key figures: 100 %



Net asset value sensitivity


Gross vessel value 3 000 000 3 500 000 4 000 000

Net vessel value 3 000 000 3 500 000 4 000 000

Working capital 32 188 32 188 32 188

Net asset value 3 032 188 3 532 188 4 032 188


Corporate management: NRP Procurator AS Vessel name: MV Sentosa

Commercial management: Atlantica Shipping AS Type: Gearless cellular container vessel

TEU: 1 216 TEU (840 TEU Homogenous)

Purchase price vessel: USD 2 500 000 Class: DNV GL

Uncalled capital: USD 0 Reefer Capacity: 200 Reefer Plugs

Established: 2014 DWT/LDT: 15 312 / 6 424

Commencement of C/P: 15.07.2017 LOA/ Beam/Draught: 158.7m / 25.6m / 9.2m

Expiry of C/P: 15.07.2022 Speed/Consumption 16.0 kts @ 27mt

Charterer: SPC, Capri Marine Co. Yard: Hanjin H.I, Stoh Korea

guaranteed by Conbulk Shipping S.A, Greece Built: 2001

Flag: Liberia

BB‐rate:* USD 1 266/day Main engine: Wartsila 8RTA62UB 24

Est. net TC‐rate year 2017 USD 5 627/day Next intermediate: 2019

Est. net TC‐rate year 2018‐2019: USD 7 412/day Next DD/SS: 2021

Profit split hurdle rate: (BB‐rate + opex) USD 6 570/day Other information: 5 Holds, 7 Hatches

* Reduced BB‐rate in 2017 due to challenging market. Will be repaid

before any profit spilt.


2017 2018 2019 Balance Inst. 18 Interest Balloon

Operating revenue 392 913 462 000 462 000 Mortgage debt 0 0 0,00 % p.a. 0

Repayment of outst. BB‐hire 0 52 164 298 813 Total 0 0 0

Administration expenses 87 300 89 046 135 978Net operating cashflow 305 613 425 118 624 835Net financial items 0 0 0

Net project cashflow 305 613 425 118 624 835

Estimated dividend 0 200 000 350 000


01.12.2017Estimated equity value 3 532 188Working capital 32 188Net implicit vessel value 3 500 000

* The net residual value is after profit split, 70% to the owning company

and 30% to the BB‐charterer.

Currently no debt on the vessel.

MV Cresco was scrapped January 2017, and replaced by the vessel MV Sentosa.

The vessel was delivered 15th of June 2017 and entered into a 5 year bareboat

charter party with Capri Marine Co. Cresco and Conbulk will split all vessel trading

surplus 60/40. The vessel trading surplus is calculated as the net revenue of the

time charter less (i) the bareboat hire payments of total USD 1,265.75/day, (ii) the

pre‐agreed operation expense rate of USD 5,200/day (including escalation of 2,0%

p.a.), (iii) towards full repayment of all outstanding BB hire and (iv) maximum USD

500/day to cover charterers repositioning cost. Sale profit above USD 4.15 mill. to

be split 70/30 between Cresco and Conbulk, after repaying the USD 100,000 in

Charterer's credit from Conbulk in connection with the purchase of Sentosa.


Eastern Reefer II DIS ‐ industrial shipping project



01.12.2017



Key figures: 100 %



Residual value sensitivity on IRR:

BASE CASE

Residual value end C/P 2022: 1 000 000

IRR estimated share price: 13,1 %


Corporate management: NRP Procurator AS Vessel name: M/V No. 2 Pohah

Commercial management: Lorentzens Skibs Management AS Type: Reefer

Cargo Cap: 235 039 cbft

Purchase price vessel: USD 5 000 000 DWT: 5 134

Seller's credit USD 600 000 LOA/ Beam: 113.4m / 16.6m

Paid in capital: USD 4 671 491 Built: 2000

Uncalled capital: USD 0 Class/flag: N.K

Delivery: 16.04.2017 Main engine: Akasaka, 8UEC37LA

Commencement of C/P 16.04.2017 Yard (all vessels): Kyokuyo hipyard Corp, Japan

Expiry of C/P: 16.04.2022

DD/SS: May 2020

BB hire (5 years): USD 3 600/day

Charterer: NOK Co. Ltd., Panama

Guarantor: Khana Enterprise CO. Ltd. S.A., Japan

and Trans Pac Inc (TPI), USA.



Operating revenue 990 000 1 314 000 1 314 000 Seller's credit 600 000 0 0,00 % p.a. 600 000

Administration expenses 58 300 92 516 94 366 Total 600 000 0 600 000

Net operating cashflow 931 700 1 221 484 1 219 634Net project cashflow 931 700 1 221 484 1 219 634

Estimated dividend 1 150 000 1 100 000 1 200 000


01.12.2017

Estimated equity value 4 800 000

Seller's credit 600 000Working capital 635 286Implicit vessel value 4 764 714

No debt on the vessel.

Seller's credit of USD 600 000, as a bullet over 5 years. None interest bearing.

The Charterer has a purchase obligation at the end of the charterparty at

USD 1 000 000, i.e net USD 400 000 after deduction of the seller's credit.


FS Ipanema AS ‐ container asset play project



01.12.2017



Key figures: 100 %





Vessel value 8 250 000 8 750 000 9 250 000

Working capital 459 345 459 345 459 345

Debt 3 300 000 3 300 000 3 300 000

Net asset value 5 409 345 5 909 345 6 409 345


Corporate management: NRP Procurator AS Vessel name: M/V FS Ipanema

Commercial management: Pausco Agencies (UK) Type: 1 794 TEU (1 350 TEU @14T homogeneous)

Technical management: Nordic Hamburg Reefer Capacity 319

Class: NK

Project established: 29.06.2017 DWT/LDT: 25 860 / 9 244

Purchase price vessel: 7 740 000 LOA/ Beam/Draught: 179.7m / 27.6m / 10.7m

Paid in capital: 4 986 000 Yard: Taizhou Kouan Shipbuilding, China

Built: 2009

Currently on a 6 month TC to King Ocean Services*: USD 7 700/day Flag: Liberia

*Commenced 14.09.2017 Main engine: MAN 7S60 MC‐C MK VIII‐16 660 KW@105 RPM

Cranes: 2 cranes with safe working load of 40T

Next SS: February 2019



Operating revenue 1 322 156 2 971 850 3 850 000 Mortgage debt 1 3 300 000 0 4,50 % p.a. 2 000 000

Operating expenses 966 000 1 935 570 1 974 281 Total


Docking/Upgrade cost 0 150 000 650 000

Net operating cashflow 343 658 861 113 1 200 049Net financial items ‐36 527 ‐195 529 ‐452 778




Debt 3 300 000




The vessel is part of the Songa Container fleet. Majority owner is Songa Container

AS.


Gjende DIS ‐ industrial shipping project



01.12.2017



Key figures: 100 %

Paid in equity (USD): USD 3 180 000

Accumulated dividends (USD): USD 2 475 000


BASE CASE

Residual value end C/P 2019: 2 000 000

IRR estimated share price: 13,9 %


Corporate management: NRP Procurator AS Vessel name: M/V Mabah

Commercial management: Lorentzens Skibs Management AS Type: Reefer

Flag: Panama

Purchase price vessel: USD 5 000 000 Built: 1995

Seller's credit USD 2 000 000 DWT: 5 249

Paid in capital: USD 3 180 000 Cargo cap (cbft): 235 128

Uncalled capital: USD 0 Yard: Kyokuyo Shipyard Corp., Japan

Delivery: 10.11.2014 LOA/Beam/Draught: 120.75 m / 16.60 m / 7.1 m

Commencement of C/P 10.11.2014 Main engine: AKASAKA 6UEC37LA, 3,090 kW @ 210 rpm

Expiry of C/P: 10.11.2019 Next DD/SS Nov. 2019

BB hire (5 years): USD 2 805/day

Charterer: NOK Co. Ltd., Panama

Guarantor: Khana Enterprise CO. Ltd., Japan

and Boyang Ltd., South Korea



Operating revenue 1 023 825 1 023 825 851 318 Seller's credit 2 000 000 0 0,00 % p.a. 2 000 000

Administration expenses 105 080 107 182 99 495 Total 2 000 000 0 2 000 000

Net operating cashflow 918 745 916 643 751 823

Repayment Seller's credit 2 000 000

Purchase obligation 0 0 2 000 000Net project cashflow 918 745 916 643 751 823

Estimated dividend 925 000 925 000 0


01.12.2017


Seller's credit 2 000 000Working capital 414 034Implicit vessel value 3 485 966

No mortgage on the vessel.

Seller's credit of USD 2 000 000, as a bullet over 5 years. None interest bearing.

The Charterer has a purchase obligation at the end of the charterparty at

USD 2 000 000, i.e net zero (0) after deducting the seller's credit.


Jupiter Bulker DIS ‐ bulk asset play project



01.12.2017



Key figures: 100 %

Paid in capital after restructuring (USD): 2 485 000


Tax value of vessel (USD): 4 301 504



Gross residual value end C/P: 4 000 000 5 500 000 7 000 000

IRR estimated share price: 1,3 % 18,8 % 34,9 %


Corporate management: NRP Procurator AS Vessel name: MV Astra

Commercial management: Atlantica Shipping AS Type: Handymax bulk carrier


Purchase price vessel: USD 12 250 000 DWT: 47 777

Net purchase price: USD 8 500 000 LDT: 8 485

Initially paid in capital: USD 8 550 000 LOA/ Beam/Draught: 187.5 m/ 31.00 m/ 11.75 m

Uncalled capital: USD 0 Speed/consumption: 14.1 knots

Delivery. 11.09.2014 Yard: COSCO Nantong, China

Commencement of current C/P: 25.05.2016 Built: 2002

Expiry of C/P: 25.05.2019 Flag: Liberia

Main engine: MAN B. W, 6S50MC6.1

BB hire (3 years):* USD 250/day Next DD/SS: 2022

* Additional profit split 60% to owner on rate exceeding USD 5 350 Next intermediate: 2019

Estimated gross TC‐rate: USD 10 000/day Other information: 5 holds, 5 hatches, 4 cranes

with safe working load of 30.0 tonnes

Charterer: Atlantis Service Company Limited



Operating revenue 95 000 91 250 33 625 Mortgage 0 0 0,00 % p.a. 0

Profit split 392 723 625 422 608 320 Total

Administrative expenses 95 822 98 980 104 301


Loan and interest 30 113

Net financial items 30 113 0 0


Estimated dividend 230 000 600 000 300 000




Implicit net vessel value 5 070 673


Shareholder loan of USD 3 000 000, was converted to equity in March 2016.


NOK. Exchange rate of 8.2 NOK/USD is used in this analysis.

The vessel is fixed on a 3 year BB‐charterparty, from 25.05.2016. Agreed BB rate is

USD 250 per day and a 60/40 profit split on rate exceeding the threshold of USD

5,350 per day, and 60/40 profit split on sale of the vessel above pre‐agreed

threshold.


KUO DIS ‐ container project


Date of analysis:

01.12.2017



Key figures: 100 %


Accumulated dividends (USD): 6 475 000

Tax value vessels (USD): 3 610 978

Net asset value sensitivity:LOW CASE BASE CASE HIGH CASE

Vessel value 5 000 000 6 500 000 8 000 000

Net vessel value* 5 000 000 6 250 000 6 250 000

Working capital 279 801 279 801 279 801

Net asset value 5 279 801 6 529 801 6 529 801

Corporate details The Vessels

Corporate management: NRP Procurator AS Vessel names: KUO Tai / KUO Lung

Commercial management: Atlantica Shipping AS Type: Gearless Container Vessles

Purchase price vessels en‐bloc: USD 14 000 000 TEU: 1 367 TEU (1 120 TEU @ 14T homogeneous)

Paid in capital: USD 8 800 000 Reefer capacity: 200

Delivery: 28.09.2012 DWT: 18 595

Commencement of C/P: 28.09.2012 LDT: 5 955

Expiry of C/P: 28.09.2019 LOA/ Beam/Draft: 168.8m / 27.3 m / 8.42 m

Charterer: SPCs guaranteed by Conbulk S.A Greece Speed: 17.0 / 18.2 / 18.2 knots

and Auster Finance Inc., Marshall Islands Yard: CSBC Shipyard, Kaohsiung, Taiwan

Built: 1995, 1997, 1998

BB ‐ Hire en‐bloc (excl. BB instalments):* USD 2 195 / day Flag: Panama

Profit split hurdle rate avg. per vessel: USD 8 740 / day Class: Bureau Veritas

Main engine: Man B&W, 13 580 kW a 127 rpm

Est. average net TC‐rate per vessel 2017‐2019: USD 7 070 / day Other: 4 holds, 8 hatches, 4 tiers on deck

* Reduced BB‐rate in 2017 due to challenging market. Will be repaid KUO Tai KUO Lung

before any profit split. Next SS Jan. 2020 Feb. 2018

Next intermediate Des. 2017 Mar. 2021

Estimated Cashflow Financing


Operating revenue 522 925 683 999 344 810 Mortgage debt

Repayment of outstanding BB hire 0 436 438 121 098

Profit split 0 0 206 848 TotalAdministration expenses 213 159 208 839 298 718


Net financial items 93 241 0 0



01.12.2017



Net implicit value of vessels* 6 250 000

*including CP value, after profit split

* The net vessel value is after profit split 50/50 between the owning

company and the BB‐Charterer on value above owners exposure in project.

Loan of USD 2 500 000 fully repaid subsequent to the sale of MV Kuo Hung.

All earnings exceeding the pre‐agreed operating expenses and BB hire (incl.BB

instalments) to be split 50/50 between the partnership, KUO DIS, and the

Charterer (Conbulk). The profit sharing agreement also applies in the event of a

sale. Any sale revenue shall be split 50/50 between KUO DIS and Conbulk. Should

the value of the Vessels fall below USD 5 700 000, KUO DIS has the right to, but no

obligation, to sell the Vessels.

Tax value of the vessels are subject to currency risk, as the tax value is

denominated in NOK. Exchange‐rate of 8.2 NOK/USD is used in this analysis.


Nordic Lübeck DIS ‐ financial shipping project


Date of analysis:

01.12.2017

Share price (EUR): 1 %

Share price (EUR):* 55 000

Key figures: 100 %

Paid in equity (EUR): 5 805 000

Accumulated dividend (EUR): 250 000

Tax value vessel: 9 245 717

Residual value sensitivity on IRR :


Gross Residual value end C/P: 6 000 000 11 400 000 20 000 000

Net residual value end C/P: 6 000 000 10 815 000 16 835 000

IRR estimated share price: 1,3 % 21,8 % 38,7 %

IRR total capital: 3,7 % 16,9 % 29,2 %


Corporate management: NRP Procurator AS Vessel name: Nordic Lübeck

Commercial management: Nordic Hamburg Shipmanagement Type: SSW Super 1000

Class: BV classed, Ice strengthened 1A

Purchase price vessel: 9 450 000 DWT/LDT: 13 200 / 4 958

Paid in capital: 5 805 000 LOA/ Beam/ draught: 152 / 23.4 / 7.6

Commencement of C/P: 21.04.2016 Speed/Consumption: 37.5 tonnes at 18.5 knots

Expiry of C/P: 21.04.2021 Yard: Sainty SB, China

BB‐rate: EUR 2 500/day Built: 2011

Bareboat Charterer: Nordic Lübeck Shipping Company Limited, Flag: MI

administrated and guaranteed by Nordic Hamburg Group Main engine: MAN 8L48/60B 4‐stroke 8‐cyl

Estimated net TC‐rate 2017: EUR 6 424/day Next SS: 2021

Estimated net TC‐rate 2018‐2019: EUR 7 750/day



Operating revenue 912 500 912 500 912 500 Mortgage debt 1 3 450 000 440 000 3,25 % p.a. 1 910 000

Profit split ‐ ‐ 106 233 Total 3 450 000 440 000 1 910 000



Interest expenses 121 956 101 400 87 100 Repayment long term debt 385 000 440 000 440 000



Estimated dividend 400 000 220 000 500 000



Debt 3 450 000


Net implicit vessel value 8 666 072

* Not adjusted for tax value vessel.

** The net residual value is after profit split 70% to the owning company.

Loan duration 5 years with 20 equal instalments of EUR 110 000. Interest margin:

EURIBOR + 325 bps. LTV 60% of fair market value. Minimum liquidity EUR 200 000.

Owners are entitled to 70% of profit from trading and sale of vessel above pre‐

agreed thresholds. Pre‐agreed threshold starting at EUR 7 300 p/d (pre‐agreed OPEX

EUR 4 800 p/d incl. EUR 300 p/d in DD provision escalated 2% p.a. + EUR 2 500 p/d

BB). Owners are also entitled to 70% of profit from sale defined as net sales

proceeds above purchase price of EUR 9.45 million.




Nordic Supra IS ‐ dry bulk asset play project


Date of analysis:

01.12.2017


Share price (USD):* 87 601

Key figures: 100 %






Vessel value 19 000 000 23 000 000 27 000 000

Outstanding senior debt 12 500 000 12 500 000 12 500 000

Working capital 1 784 958 1 784 958 1 784 958

Profit split to junior loan 1 679 828 3 679 828 5 679 828

Net asset value 6 760 130 8 760 130 10 760 130

Corporate details The Vessels

Corporate management: NRP Procurator AS Vessel name: Nordic Stavanger Nordic Kiel

Commercial management: Nordic Hamburg Ship Management Type: Geared supramax Geared handymax

GmBH & Co KG Class: NK NK

Manager: Lorentzens Skibs Mgmt. DWT/LDT: 56,700/9,770 48,400/7,800

Implied purchase price vessels: 17 000 000 LOA/ Beam/Draught: 190/32.3/12.7 187.3/32.2/11.7

Initially paid in capital: 7 000 000 Yard: Mitsui SB (JPN) Sanoyas (JPN)

Initial senior loan: 15 500 000 Built: 2011 2001

Initial junior loan: 14 500 000 Holds/hatch: 5/5 5/5

Project established: 16.08.2016 Flag: Liberia Liberia

Main engine: MAN B. W. Sulzer 6RTA48T

Estimated average yearly net TC‐rate Nordic Stavanger 2017‐2020: USD 10 150/day 2‐stroke, 6‐cyl 2‐stroke, 6‐cyl

Estimated average yearly net TC‐rate Nordic Kiel 2017‐2020: USD 9 500/day Gir/Grabs: JIB Cranes 4*30 JIB Cranes 4*30

MT/4*13.5 CBM MT/4*12 CBM

Next DD/SS: Oct. 2021 Nov. 2020

Estimated break even rate for each vessel 2017/2018:* USD 7 220/day

* excluding SS/DD costs



Operating revenue 6 459 641 6 685 000 7 403 500 Senior debt 12 500 000 265 000 3,55 % p.a. 10 465 000

Docking costs 0 500 000 100 000 Junior debt 13 750 150 0 2,50 % p.a. 13 750 150

Operating expenses 5 789 031 3 901 000 1 954 000 Total 26 250 150 24 215 150


Net operating cashflow 468 290 2 080 974 5 000 633


Repayment long term debt 3 749 850 265 000 1 120 000

Net financial items ‐4 685 100 ‐1 144 379 ‐1 978 709

Sale of vessel 6 759 281 0 0

Net project cashflow 2 542 471 936 594 3 021 924

Estimated dividend 3 787 322 1 140 000 1 140 000

Additional information

* Profit split 50/50 between equity and junior loan on sales proceeds after repayment

of senior loan, equity and equity return of 12% p.a.

No fixed amortization year 1 and 2. Pay‐as‐you‐earn via Excess Cash Sweep quarterly.

Starting 3 months from draw down if cash buffer of USD 500 000 for each vessel is

built up. Initial working capital of USD 5.5 mill is not to be used towards cash sweep.

The junior loan shall only be repaid when the vessels are sold, or in one balloon at

the final repayment day unless senior loan is fully repaid.

There is no repayment of the junior loan until sale of one or all vessels, unless the

senior loan is fully repaid. Profit split 50/50 between equity and junior loan on sales

proceeds after repayment of senior loan, equity and equity return on 12% p.a. The

vessels operate in the short term TC market. The vessel Nordic Aarhus was sold

summer 2017.




Nordic Supra II IS ‐ dry bulk asset play project


Date of analysis:

01.12.2017



Key figures: 100 %





Vessel value 11 000 000 12 500 000 14 000 000

Working capital 1 114 773 1 114 773 1 114 773

Net asset value 12 114 773 13 614 773 15 114 773


Corporate management: NRP Procurator AS Vessel name: Nordic Stade

Technical and commercial management: Nordic Hamburg Shipmanagement Type: Geared Supramax

(HKG) Ltd. Class: ABS

Established: 31.10.2016 DWT/LDT: 56 785t / 10 872t

Manager: Lorentzens Skibs Management AS LOA/ Beam/Draught: 190.0 / 32.3 / 12.8

Purchase price vessel: USD 7 472 000 Consumption, tonens per day: 27ts @ 12.0 knots (Laden)

Paid in capital: USD 8 412 000 Yard: Taizhou Kouan, China

Built: 2011

Estimated average yearly TC‐rate 2017‐2019: USD 9 500/day Flag: Liberia

Operational expenses 2017:* USD 5 240/day Main engine: STX Korea MAN‐BW 6S50MC‐C

* including technical management fee Holds/hatch: 5 / 5

Cranes / Grabs: TTS 4 * 30t / 12 cbm

Next SS: jan.21

Next intermediate: jun.18



Operating revenue 2 343 000 3 102 500 3 832 500 Mortgage debt 1 0 0,00 % p.a. 0

Operating expenses 1 900 920 1 938 938 1 977 717 Total



Net operating cashflow 322 424 941 512 1 730 293Net financial items 0 0 0

Net project cashflow 322 424 941 512 1 730 293

Estimated dividend 700 000 1 000 000 1 500 000








Nordic Tromsoe AS ‐ container asset play project


Date of analysis:

01.12.2017

Share price (EUR): 1 %

Share price (EUR):* 43 020

Key figures: 100 %

Paid in equity (EUR): 4 434 000

Accumulated dividends (EUR): 0



Vessel value 7 000 000 7 500 000 8 000 000

Working capital 210 000 210 000 210 000

Debt 3 408 000 3 408 000 3 408 000

Net asset value 3 802 000 4 302 000 4 802 000


Corporate management: NRP Procurator AS Vessel name: Nordic Tromsoe

Technical and commercial management: Nordic Hamburg Shipmanagement Type: 1,084 TEU (730 TEU Homogenous)

Manager: Lorentzens Skibs Management AS Class: DNV GL

Dwt/Ldt: 14 237 / 6 570

Established: 15.05.2017 LOA/ Beam/Draught: 158.08m / 23.5m / 8.6m

Purchase price vessel: EUR 6 865 000 Yard: Nanjing Wujiazui Shipbuilding, China

Paid in capital: EUR 4 434 000 Built: 2011

Uncalled capital: 0 Flag: Liberia

Main engine: Wärtsilä 6RT‐FLEX50‐B, 9 960 kW

Est. gross TC rate 2018: EUR 7,100 /day Reefer plugs: 250

Budgeted opex: EUR 3,850/day Next SS: Apr. 21

Next intermediate Oct. 18


2017 2018 Balance Inst. 18 Interest Balloon 2019

Operating revenue 1 042 061 2 351 740 Mortgage debt 1 3 316 000 368 000 3,45 % p.a. 2 580 000

Operating expenses 838 845 1 336 483 Total 3 316 000 2 580 000

Administration expenses 87 286 80 325

Docking cost & extraordinary 92 174 20 000

Net operating cashflow 23 756 914 932Net financial items ‐350 210 ‐673 597Net project cashflow ‐326 454 241 335

Estimated dividend 0 150 000



Debt 3 408 000




The Vessel is operating in a pool.


Nordic Wismar KG ‐ container asset play project


Date of analysis:

01.12.2017



Key figures: 100 %


Accumulated dividend (USD): 0


Corporate management: NRP Procurator AS Vessel name: MV Nordic Wismar

Commercial management: Nordic Hamburg GmbH Type: 3,421 TEU geared container vessel (2 509 TEU Homogeneous)

Manager: Lorentzens Skibs Mgmt. Reefer capacity: 538

Class/IMO: ABS Container Carrier/9539482

Purchase price vessel: 20 000 000 DWT/LDT: 39 753/16 309

Paid in capital: 7 285 000 LOA/ Beam/Draught: 228m/32.2m/12.5m

Uncalled capital: 0 Yard: Rongcheng Shenfei, China

Project established: 25.01.2016 Built: 2011

Estimated TC‐rate 2017 ‐2019: USD 9 000/day Flag: Liberia

Budgeted OPEX*: USD 6 000/day Main engine: Wartsila, 2‐stroke

* including technical management Next SS: nov.21

Currently on charterparty to Sea Consortium until

March/May 2018 at USD 8 900/day



Operating revenue 2 341 136 2 734 703 2 938 099 Mortgage tranche 1 14 500 000 0 4,00 % p.a. 14 050 000

Operating expenses 1 947 502 2 076 768 2 128 687 Mortgage tranche 2 500 000 0 4,00 % p.a. 500 000

Dry docking 561 663 Total 15 000 000 0 14 550 000


Net operating cashflow ‐411 158 477 786 628 113


Instalment 0 0 450 000

New mortgage 500 000 0 0

Net financial items ‐35 661 ‐587 250 ‐1 109 750Net project cashflow ‐446 819 ‐109 464 ‐481 637


01.12.2017Estimated equity value 1 000 000Debt 15 000 000



* The C/P free vessel value of MV Nordic Wismar is today below the total

outstanding mortgage debt. However the loan agreement does not include any

minimum value clause until 01.01.2019, and any debt instalments before

August 2019 can be postponed. Hence, there is an option value (time value) in

the equity of Nordic Wismar.

Mortgage has floating interest rate. New loan of USD 500 00 from January 2017 at

same terms.

The non‐subordinated equity has a 4 year call option of the subordinated equity at a

level of USD 1 000 000 + 12 % p.a.


Olympic Kombiskip KS ‐ offshore asset play project


Date of analysis:

01.12.2017


Share price (NOK):*

Key figures: 100 %

Paid in capital (NOK): 40 000 000





Vessel value:

Working capital:

Debt:

Net asset value:


Corporate management: NRP Procurator AS Vessel's name: Olympic Promoter

Commercial management: Olympic Shipping AS Type: UT 755LN PSV

Technical management: Olympic Shipping AS Class: DNV

Dwt: 3,250

Purchase price vessel: NOK 130 000 000 LOA: 73.6 m

Paid in capital: NOK 40 000 000 Draught: 5.9 m

Uncalled capital: NOK 0 Yard: STX OSV AS, Brevik

Built: 2005

Flag: Norway

Main engine: KRMB9

Deck space: 680 sqm

Next SS: 2019

Cashflow Financing (31.12.2017)


Operating revenue Mortgage debt 36 500 000 3 500 000 4,28 % 26 000 000

Operating expenses Total 36 500 000 26 000 000

Administration expenses

Net operating cashflowInterest expenses

Repayment long term debt

Net financial items

Net project cashflow


The mortgage runs until March 2018 with semi‐annual instalments of

NOK 3 500 000.

Olympic Promotor is currently cold stacked in Norway.


Olympic Master KS ‐ asset play offshore project


Date of analysis:

01.12.2017


Share price (NOK):*

Key figures : 100 %






Vessel value:

Working capital:

Debt:

Net asset value:


Corporate management: NRP Procurator AS Vessel's name: Olympic Progress

Commercial management: Olympic Shipping AS Type: UT 755LN PSV

Technical management: Olympic Shipping AS Class: DNV GL

Dwt: 3 289


Paid in capital: NOK 25 000 000 Draught: 5.9 m

Uncalled capital: NOK 0 Yard: STX OSV AS, Brevik

Built: 2005

Flag: Bahamas

Main engine: MAN B&W 6S50MC‐C8


Balance Inst. 18 Interest Balloon 2018

Operating revenue Mortgage debt 36 500 000 3 500 000 4,00 % 26 000 000

Operating expenses Total 36 500 000 3 500 000 26 000 000

Administration expenses

Net operating cashflow

Interest expenses

Repayment long term debt

Net financial items



The mortgage runs until March 2018, with semi‐annual instalments of

NOK 3 500 000.

Olympic Progress is currently cold stacked in Norway.


Olympic Octopus KS ‐ industrial offshore project


Date of analysis:

01.12.2017


Share price (NOK):* 350 000

Key figures: 100 %


Accumulated dividends (NOK): 0



BASE CASE

Vessel value: 137 000 000

Working capital: 11 300 000

Debt: 79 000 000

Net asset value: 69 300 000


Corporate management: NRP Procurator AS Vessel's name: Olympic Octopus

Commercial management: Olympic Shipping AS Type: UT 712L AHTS

Technical management: Olympic Shipping AS Class: DNV

DWT: 2,600 t


Paid in capital: NOK 135 000 00 Breadth: 17.2 m

Uncalled capital: NOK 10 000 000 Draught: 7 m

Yard: Vard AS, Søviknes

Built: 2006

Flag: NOR

Main engine: B32:40V12P

Bollard pull: 180 t

Next SS: 2020



Mortgage debt 92 000 000 13 000 000 4,10 % 30 000 000

Total 92 000 000 13 000 000 30 000 000


* Before adjusted for tax value vessel. The share price includes a deduction

from the estimated net asset value, due to a volatile market. The vessel value is

based on broker estimate.

The mortgage runs until October 2020, with semi‐annual instalments of

NOK 6 500 000.

Olympic Octopus is operating on a charterparty with Høyland Offshore and Ithaca

Energy Inc.


Songa Macau IS ‐ container asset play project



01.12.2017



Key figures: 100 %

Paid in equity (USD): USD 8 440 000




Vessel value 11 000 000 13 000 000 15 000 000

Working capital 522 425 522 425 522 425

Net asset value 11 522 425 13 522 425 15 522 425


Corporate management: NRP Procurator AS Vessel name: MV Nordic Macau

Technical and commercial management: Nordic Hamburg Shipmanagement Type: 3 421 TEU Fully Cellular Container vessel,

(2 509 TEU Homogenous)

Reefer capacity: 538

Purchase price vessel: USD 7 900 000 Class: GL

Paid in capital: USD 8 440 000 DWT/LDT: 46 130 / 16 309

Project established: 09.02.2017 LOA/ Beam/Draught: 228m / 32.2m / 12.5m

TC‐rate 12.10.2016‐12.06.2018*: USD 6 950/day Speed / cons: 12.0 kts at 31.0 tonnes per day

Estimated average yearly TC‐rate 2018‐2021: USD 13 500/day Yard: Guangzhou Wenchoung, China

Operational expenses 2017 incl. management fee: USD 5 812/day Built: 2014

Flag: Liberia

* Currently on a 15‐21 month TC to Hamburg Süd, with option to extend for 12 Main engine: Wärtsilä 8RT‐FLEX 68‐D –25,040 KW/95 RPM

months at USD 10 000/day. Cranes: 4 cranes with safe working load of 45t

Next SS: jan.19



Operating revenue 2 076 750 2 979 313 3 592 969 Mortgage debt 1 0 0 0,00 % p.a. 0

Operating expenses 1 871 380 2 142 594 2 185 446 Total



Net operating cashflow 155 370 786 219 656 013Net financial items 0 0 0


Estimated dividend 0 0 205 000








Spero DIS ‐ container project


Date of analysis:

01.12.2017



Key figures: 100 %






Gross vessel value 3 750 000 4 750 000 5 750 000

Net vessel value 3 750 000 4 750 000 5 750 000

Debt 3 000 000 3 000 000 3 000 000

Working capital 413 350 413 350 413 350

Net asset value 1 163 350 2 163 350 3 163 350


Corporate management: NRP Business Management AS Vessel name: MV Spero

Commercial management: Atlantica Shipping AS Type: B‐170, 1 730 TEU geared container vessel


Purchase price vessel: USD 7 145 000 Dwt: 22 968

Paid in capital: USD 4 900 000 Ldt: 7 852

Uncalled capital: 0 LOA/ Beam /Draught: 184.7 m / 25.3 m / 9.85 m

Delivery: 24.05.2013 Speed: 19.5 knots @ 54.5 t of fuel per day

Commencement of C/P: 24.05.2013 Yard: Stocz. Szczecin, Poland

Expected expiry of C/P: 24.05.2019 Built: 2002

Charterer: SPC, Marquess Marine Ltd., Flag: Marshall Islands

guaranteed by Conbulk Shipping S.A Greece Main engine: Sulzer, 18 110 kW @ 113 rpm

Homogeneous intake: 1 110 TEU

Reefer plugs: 200

BB‐rate: * USD 1 958/day Next intermediate: July 2019

Estimated net TC‐rate 2017‐2019: USD 7 100/day Next DD/SS: Jan. 2022

Profit split hurdle rate 2017: (net BB‐rate + opex) USD 7 594/day Other information: 4 holds, 9 hatches, DWT to TEU ratio of 13.28,

* Reduced BB‐rate in 2017 due to challenging market. Will be repaid 3 cranes with working load of 45 tonnes

before any profit split.



Operating revenue 672 081 714 670 180 093 Mortgage debt 1 3 000 000 0 6,97 % p.a. 3 000 000

Dry docking* 303 535 0 0 Total 3 000 000 0 3 000 000





Net project cashflow 1 495 378 601 ‐53 599

* Split between Owner and Charterer



Debt 3 000 000


Net implicit vessel value* 4 750 000

* including CP value, after profit split


** The net residual value is net after profit split ‐ 70% to the owning company

and 30% to Conbulk.

Mortgage refinanced 2016, and has floating interest rate. 50% of profit‐split used

as instalment mortgage.

The mortgage assumed refinanced November 2018.

Minimum Value Clause ‐ 140% of outstanding mortgage.

Minimum cash of USD 500,000.

All earnings exceeding a pre‐agreed hurdle rate consisting of the BB‐rate and

operational expenses, to be split 60/40 between the owning company and the

charterer. Up to USD 500/day of the trading profit may be retained in a DD/SS‐

retention account, which if not used will be paid out according to the trading profit

split.

70/30 profit split between the owning company and the charterer of sales

proceeds exceeding USD 7 900 000.

Tax value is subject to currency risk, as the tax value of the vessel is denominated

in NOK. Exchange‐rate of 8.2 NOK/USD is used in this analysis.


UACC Bergshav Tanker DIS ‐ industrial shipping project



01.12.2017


Share price (USD):*

Key figures: 100 %






Corporate management: NRP Procurator AS Vessel name: MT UACC Eagle

Commercial management: Bergshav Tankers AS Type: LR 1 Product Tanker

Class: Lloyd's Register

Purchase price vessel: USD 42 750 000 DWT: 73 427t

Initial paid in capital: USD 11 540 000 LOA/ Beam: 228.6m /32.3m

Outstanding uncalled capital: USD 4 000 000 Speed: 14.9 knots

Commencement of C/P: 10.01.2011 Yard: New Times Shipyard, China

Expiry of C/P: 30.12.2017 Built: 2009

BB rate net per day year 1‐7: USD 13 500 Flag: Marshall Island

Main engine: MAN B&W, 2S.A. 6‐cyl, Engine Model 5S60MC‐C,

11 300 kW @ 105 rpm

Next SS: 2019

Charterer: United Arab Chemical Carriers Ltd., U.A.E.


2017 Balance Inst. 18 Interest Balloon 2017

Operating revenue Mortgage debt 1

Administration expenses Charterer's Credit

Net operating cashflow Total

Interest expenses

Repayment long term debtNet financial itemsSale of vesselNet project cashflow

Estimated dividend


01.12.2017Estimated equity valueDebt and Charterer's credit

Working capital

Implicit vessel value

Tax value of the vessel is subject to currency risk, as the tax value is denominated

in NOK. Exchange rate of 8.2 NOK/USD is used in this analysis.


UACC Ross Tanker DIS ‐ industrial shipping project



01.12.2017


Share price (USD):*

Key figures: 100 %






Corporate management: NRP Procurator AS Vessel name: MT UACC Falcon

Commercial management: Lorentzens Skibs Management AS Type: LR 1 Product Tanker

Class: Lloyd's Register

Purchase price vessel: USD 42 750 000 DWT: 73 427t

Paid in capital: USD 11 540 000 LOA/ Beam: 228.6m /32.3m

Uncalled capital: USD 4 000 000 Speed: 14.9 knots

Commencement of C/P: 30.12.2010 Yard: New Times Shipyard, China

Expiry of C/P: 30.12.2017 Built: 2009

BB rate net per day year 1‐7: USD 13 500 Flag: Marshall Island

Main engine: MAN B&W, 2 S.A. 6‐cyl, Engine Model 5S60MC‐C,

Charterer: United Arab Chemical Carriers Ltd., U.A.E. 11.300 kW @ 105 rpm

Next SS: apr.19


2017 Balance Inst. 18 Interest Balloon

Operating revenue Mortgage debt 1

Administration expenses Charterer's Credit

Net operating cashflow Total

Interest expenses

Repayment long term debtNet financial items

Sale of vessel


Estimated dividend


01.12.2017Estimated equity value

Debt and Charterer's credit

Remaining value C/P

Working capital

Implicit vessel value




5. Explanation of procedures and key figures:

Explanation of procedures: Pricing of projects: In projects where there has been recent second hand transactions, the transaction value will normally be of guidance for setting the market value for the project. Analysis of expected cash flow and net asset value is always performed. We calculate the Net Asset Value (NAV) of real estate projects as follows: Market value of property

- Discount for contingent tax liability + Net cash flow since the last year end, and up to

the date of analysis - Debt per the last year‐end - Dividend since last year‐end

+/‐ Added value/value discount of lease contract + Net working capital per last year end +/‐ Market value hedging agreement + Value loss carry‐forward = NAV The following describes some of the different elements in the calculation above: Market value of property: Market value of property is defined as: Net rent/ yield. The net rent is the gross rental income deducted for owner’s cost. The owner’s cost can vary depending on the lease contracts. Owner’s cost often includes the following: insurance, outdoor maintenance, costs associated with technical installations, common costs on vacant areas. In our calculations, administration costs, audit and management fees are included in owner’s cost. This is conservative as market yield is usually presented without these costs in the owner’s cost. Yield is defined as the required real risk adjusted return of the property. In order to find the right yield, factors such as the following, are considered: 1. The property: Typical factors affecting the

attractiveness of the property are: type of property, location, size of building, development potential, condition, build year, technical installations, plot size.

2. Financing: The leverage of the project and the loan conditions.

3. Lease contract: Length of contract, options to extend, terms, alternative use when the current contact expires.

4. Tenant: The credit of the tenant, securities from other company.

Contingent tax liability: When buying a company instead of the property directly, the tax values are carried forward. If the tax value is lower than the purchase price, it is normal to give the buyer a discount in the purchase price as a compensation for the low future depreciation. This discount is often calculated as follows: (market value property ‐ tax value property) * discount rate. In this market report, we have used the following discount rates: For Norwegian and Danish property we use a depreciation rate of 10%. In Sweden we use 5.5%, and in Finland we use 7%. For property in Norway, we include the market value of the plot when calculating the tax‐value of property instead of book value.

Market value hedging agreement: The valuations are adjusted for the market value of any interest rate swaps.

We have assumed projects are in tax‐position at the time of realization, and the values of hedging agreements are therefore adjusted for the full tax‐effect. The value of any fixed interest rate is also shown explicitly in the valuations under Financing.

Value of loss carry‐forward: In projects where we have loss carry‐forward, 12.5% of the value is added to the project‐price.

Pricing of shipping/offshore‐projects: Pricing of shipping/offshore projects is normally done using cash‐flow calculations when the vessel is on a charter party with some length. We then set the price of a project so it gives a satisfying risk‐adjusted internal rate of return given the underlying cashflow. Risk factors determining the expected internal rate of return can be; residual value of the ship, solidity of the charterer, charter parties, the spot market, the underlying market and loan agreements. The uncertainty in these factors make valuation of shipping/offshore projects challenging. For projects without charter parties or with great uncertainties, valuation is based on net asset value calculations. Unlike in real estate projects, where one normally sells the company, it is more normal to sell the ship in shipping‐projects. Because of this, the company will cease to exist when the ship is sold, and potential latent tax in the company will be triggered. Please be aware that the share prices do not take into account potential latent tax for investors in case of sale of ship. This value will vary based on how the investors have organized their investments and whether they are in tax‐position or not.


Investors in shipping projects must therefore be particularly aware of their tax position when investing in shipping‐projects, and understand the tax implications of a sale of a ship over book value. Trading in shares or units of NRP Finans projects: The projects described in this market report are available for trading through NRP Finans desk for second‐hand transactions, as long as the projects are not suspended. All trades are subject to the supply and demand for shares or units in each project at any prevailing time. If investors are interested in trading in a project's shares, please contact NRP Finans at + 47 22 04 81 68, or your contact person in NRP Finans. Trades in shares or units in projects managed by NRP normally require the approval of the partnership’s or company's board and sometimes approval by lender(s). NRP looks after the communication with the board and the lender in such situations once adequate details have been obtained from the buyer. Normally it takes about seven days to settle such trades. For trades in the second‐hand market for real estate, shipping and offshore asset projects ‐ regardless of whether the firm is a partnership or a company, the buyer is normally charged a commission/brokerage fee of 3%, based on the value of the traded share or unit. For internal transfers of shares between entities in the same group, or between related parties, and where NRP Finans was not involved as a broker, there is a handling charge of NOK 3 000. This is intended to cover the costs of tax reporting forms, update notice to the Register of Business Enterprises, and other formalities. Client agreement: In order to be eligible to buy or sell shares or units in projects listed in this market report, all clients are required to sign a Client Agreement with NRP Finans. More information about Client Agreements and formal procedures are available on our website http://www.nrp.no/en/nrp_finans/compliance/. Clients who have entered into an NRP Client agreement after January 1 2013 do not have to re‐enter into a new agreement. Requests for Client Agreements are kindly received at phone +47 22 00 81 81 or by e‐mail [email protected]

Key figures, terms and expressions: Bareboat charter An agreement for chartering a ship without crew, and where the charterer has the technical and operational risk. Owner is only responsible for own administration.

Charterer Lessee of the ship. Common area maintenance charges Costs such as maintenance, heating, electricity, janitorial costs, service/maintenance of technical installations, shoveling snow and renovation, are typical common area maintenance costs. Internal rate of return (IRR) Measure for the internal rate of return on equity for both our shipping and real estate projects. IRR shows the annualized return of the project. Investors need to consider if the expected IRR of a project is satisfactory to them, when adjusted for risks in the project. Time Charter Charter for a fixed period of time. The owner manages the vessel, but the charterer decides where the vessel shall go. The Owner pays the operational costs such as repairs, crew costs, and insurance, while the charterer pays all travel‐related costs such as fuel costs, port charges, commissions and loading and unloading costs. Suspended Implies that trade in the shares of the project is not recommended and will not be facilitated by NRP Finans. The reasons for suspension may vary, but in general suspension is due to the inability to estimate a fair share price because of great uncertainty in the project, or an ongoing sales‐process. Yield Within real estate, yield is a measure of the first year’s direct return. Yield is calculated by dividing net rental income (gross rental income – owner’s cost) with the purchase price of the property.


6. Contact information

NRP Finans AS E‐mail Office phone Mobile

Anne Elisabeth Næstvold [email protected] 22 04 81 67 99 27 99 28

Christian Ness [email protected] 22 00 81 80 92 26 68 42

Erlend Torsen [email protected] 22 01 79 61 91 72 33 83

Even Bakke Dimmen [email protected] 23 11 39 75 98 80 37 79

Fredrik Holter [email protected] 22 04 81 53 92 29 34 14

Jens Andreas Evensen [email protected] 22 04 81 59 40 87 13 63

Knut Ekjord [email protected] 23 11 78 39 92 65 90 01

Markus Leandersson [email protected] 23 11 39 76 45 45 05 18

Mats Olimb [email protected] 23 11 78 38 93 40 87 94

Morten Berg [email protected] 23 11 78 37 41 42 01 01

Ragnvald Risan [email protected] 22 00 81 82 90 16 11 17

Thor Andreas Mjør [email protected] 22 04 81 68 93 48 01 04

Tobias Gedde‐Dahl [email protected] 22 04 81 66 93 05 19 38

Tom Kjeldsberg [email protected] 23 11 78 36 91 84 36 67

NRP Holding AS E‐mail Office phone Mobile

Elin Bentsen [email protected] 23 11 78 34 92 61 84 58

Hilde K. Østensvig [email protected] 22 01 79 60 93 41 06 10

Wenche Solbakken Johansen [email protected] 23 11 78 42 93 25 53 19

NRP Asset Management E‐mail Office phone Mobile

Andreas Sagbakken [email protected] 23 11 58 82 97 71 49 50

Axel Wroll‐Evensen [email protected] 23 11 58 84 99 40 44 77

Eirik Forthun [email protected] 23 11 58 83 90 63 90 00

Lars Gjørvad [email protected] 23 11 64 41 40 92 11 51

Robin Mattsson [email protected] 23 11 58 90 45 96 24 99

Thorbjørn Pedersen [email protected] 23 11 58 81 90 54 72 43

Aker Eiendomsdrift AS E‐mail Office phone Mobile

Aleksander Engvik aleksander@aker‐eiendom.no 23 11 38 33 40 22 20 86

Bjørn Abrahamsen bjorn@aker‐eiendom.no 23 11 38 38 41 51 63 90

Geir Baastad geir@aker‐eiendom.no 23 11 38 31 90 11 53 15

Ivar Kristiansen ivar@aker‐eiendom.no 23 11 38 35 98 26 91 10

Paal Berg paal@aker‐eiendom.no 23 11 38 32 90 60 10 10

Per‐Andres Nygren per‐anders@aker‐eiendom.no 23 11 38 34 93 44 47 46


NRP Procurator AS E‐mail Office phone Mobile

Alina Hategan [email protected] 23 11 71 03 93 00 80 50

Anita Næsheim [email protected] 22 00 81 83 97 50 07 20

Anne Aspelin [email protected] 23 11 78 49 93 05 23 52

Anne T. Dalsplass [email protected] 98 61 11 40

Anne‐Lill Kvale anne‐[email protected] 92 46 17 85

Arild Kvalsvik [email protected] 23 11 78 35 92 46 99 80

Astrid L. Draleke [email protected] 93 40 20 46

Atle Hermansen [email protected] 91 74 50 23

Bente Elisabeth Larsen [email protected] 93 05 45 33

Bente Larsen [email protected] 97 77 83 22

Berit S. Andersen [email protected] 92 40 31 10

Brita Randem [email protected] 23 11 71 07 99 22 72 01

Børre Nålby [email protected] 23 23 85 47 95 13 21 49

Camilla Hobæk [email protected] 23 23 85 42 41 47 66 65

Cathrin Vo [email protected] 40 49 85 62

Eigil Jensen [email protected] 41 22 39 46

Elfrid Lislevatn [email protected] 23 11 78 45 99 01 91 83

Elin Kristine Bø [email protected] 90 55 19 31

Elisabeth Wahl [email protected] 91 75 41 05

Galina G. Hovland [email protected] 98 88 33 13

Grete Aasheim Anstice [email protected] 22 04 81 52 94 01 98 04

Grete Berild [email protected] 92 43 38 85

Grethe Pedersen [email protected] 22 04 81 54 95 70 25 84

Hege Korsmo Sæther [email protected] 22 01 79 63 90 60 73 49

Heidi Hanson [email protected] 23 11 78 46 95 76 72 53

Henning Torgersen [email protected] 92 45 30 52

Henrik Havnå [email protected] 97 66 27 01

Ho‐Hsing Yu ho‐[email protected] 90 83 88 88

Ingrid Ruud [email protected] 95 89 25 40

Ingvild Hopland [email protected] 48 13 04 27

Joakim Holand [email protected] 48 19 74 92

Johan Malm [email protected] 41 31 51 40

Jon Ånestad [email protected] 23 11 78 31 97 09 75 47

Karin Slettebakk [email protected] 90 87 63 16

Kjell‐Einar Mathiesen kjell‐[email protected] 92 29 38 96

Knut Nielsen [email protected] 92 60 00 98

Kristine Nordheim Brekke [email protected] 22 01 79 64 98 20 68 20

Lars Huuse Øwre [email protected] 95 28 89 09

Linda Cathrin Hansen [email protected] 23 11 71 08 98 80 45 35

Line Solheim [email protected] 99 50 49 91

Maria Bonadei [email protected] 90 17 24 67

Maria Terese Olsen [email protected] 23 11 38 37 41 66 69 66

Mari‐Anne Walum mari‐[email protected] 92 24 92 50

Marit Byklum [email protected] 99 51 54 95

Nina Altermark nina.altermark.no 40 02 03 34

Nina Ekhaugen [email protected] 22 04 81 62 90 58 57 55

Odd Solbakken [email protected] 90 72 23 84

Oddny Skaug Stålesen [email protected] 23 23 85 46 41 43 64 67

Ole Joachim Jonstang [email protected] 23 11 71 06 92 05 75 45

Stine Haugen [email protected] 22 01 79 65 91 13 90 18

Stine Therese Behn [email protected] 41 64 11 23

Terje Valderhaug [email protected] 99 54 45 16

Tom Dreyer [email protected] 97 08 88 28

Tonje Slorafoss [email protected] 23 11 78 44 90 79 53 06

Toril Leinonen [email protected] 97 75 37 87

Wenche Pettersen [email protected] 90 54 22 90

Øystein Karlsen [email protected] 95 20 35 25

The NRP Group of companies

Ness, Risan & Partners AS

Project arrangement & financing, Corporate Finance and M&A

advisory

Fund management focusing on real estate, shipping and offshore

Corporate management, accounting, tax, corporate consulting & advice,

AIF Depositary

Property management

NRP Procurator ASNRP Asset Management ASNRP Finans AS Aker

Eiendomsdrift AS

NRP InvestorPortalAccess to your Portfolios, Documents and Project info

For more information, call Thor A. Mjør at + 47 22 04 81 68 or Jens A. Evensen at + 47 22 04 81 59, or send e-mail to [email protected]

Market ReportDecember 2017

2171210 • Bolt Com

munication AS • w

ww

.boltcomm

unication.no

NRP Finans ASHaakon VIIs gate 1Postbox 1358 Vika0113 Oslo

Telephone: +47 22 00 81 81Telefax: +47 22 00 81 91

E-mail: [email protected]: www.nrp.no

Market Report – D

ecember 2017