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Prospectus in Connection with the Listing of Norwegian

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iÀiÊÕ`iÀÊ-iVÌÊÎ]ʺ-Ì>ÌiiÌÃÊ>`Ê«ÀÌ>ÌÊvÀ>ÌÊqÊ«ÀÌ>ÌÊvÀ>Ì»Ê>`Ê>Ê>««V>LiÊ>Üð ÌÊi>`Ê>>}iÀÃÊ>`ÊLÀÕiÀà i>`Ê>>}iÀ ÓÇÊ"VÌLiÀÊÓääÈ Prospectus – Norwegian Property ASA Table of Contents 1 SUMMARY........................................................................................................5 1.1 Introduction to Norwegian Property ......................................................................................... 5 1.2 Directors, senior management and employees.......................................................................... 8 1.3 Financial information................................................................................................................ 9 1.4 Advisors and auditors ............................................................................................................. 12 1.5 Major shareholders.................................................................................................................. 12 1.6 Summary of the Offering........................................................................................................ 13 1.7 Summary of risk factors.......................................................................................................... 16 1.8 Shares, dilution and articles of association ............................................................................. 18 1.9 Transactions with related parties ............................................................................................18 1.10 Documents on display............................................................................................................. 18 2 RISK FACTORS .............................................................................................21 2.1 Company and industry risk factors ......................................................................................... 21 2.2 Risks relating to the Shares..................................................................................................... 24 3 STATEMENTS AND IMPORTANT INFORMATION .............................27 4 THE COMPANY AND ITS BUSINESS .......................................................33 4.1 Background............................................................................................................................. 33 4.2 Business concept, goal and strategies ..................................................................................... 33 4.3 History and important events.................................................................................................. 35 4.4 The property portfolio............................................................................................................. 36 4.5 Tenant information.................................................................................................................. 39 4.6 Property locations ................................................................................................................... 42 4.7 Property details ....................................................................................................................... 44 4.8 Valuation of properties ........................................................................................................... 57 4.9 Value drivers........................................................................................................................... 59 4.10 Property, plant and equipment and other assets...................................................................... 59 4.11 Investments ............................................................................................................................. 60 4.12 Property management agreements .......................................................................................... 60 4.13 Material contracts.................................................................................................................... 61 4.14 Working capital....................................................................................................................... 61 4.15 Incorporation, registered office and registration number........................................................ 61 5 MARKET OVERVIEW .................................................................................65 5.1 The Norwegian office property market................................................................................... 67 6 OPERATING AND FINANCIAL INFORMATION ..................................77 6.1 Accounting principles ............................................................................................................. 77 6.2 Historical financial information.............................................................................................. 81 6.3 Management discussion of financial condition and results of operations............................... 87 6.4 Significant changes in financial and trading position after 30 September 2006..................... 88 6.5 Pro Forma historical financial information............................................................................. 88 6.6 Debt financing......................................................................................................................... 95 6.7 Capital resources, capitalisation and indebtedness ................................................................. 98 6.7 Cash flow ................................................................................................................................ 98 6.8 Dividend policy....................................................................................................................... 99 6.9 Trends ..................................................................................................................................... 99 6.10 Legal and arbitration proceedings...........................................................................................99 7 ORGANISATION, BOARD AND MANAGEMENT................................101 7.1 Legal structure ...................................................................................................................... 101 7.2 Board of Directors................................................................................................................. 101 7.3 Company management.......................................................................................................... 102 1 Prospectus – Norwegian Property ASA 7.4 Board Members’ and management’s shareholdings and options etc. ................................... 104 7.5 Compensation to Board Members, the CEO and Senior Management................................. 104 7.6 Board practices and corporate governance policy etc........................................................... 105 7.7 Related-party disclosures...................................................................................................... 106 7.8 Relation to the Managers ...................................................................................................... 107 7.9 Conflicts of interest, family relations, convictions and bankruptcies ................................... 108 8 SHARE CAPITAL AND SHAREHOLDER MATTERS .........................111 8.1 Stock Exchange Listing ........................................................................................................ 111 8.2 Current share capital ............................................................................................................. 111 8.3 Development of the share capital.......................................................................................... 111 8.4 Authority to purchase own shares......................................................................................... 112 8.5 Other Financial Instruments..................................................................................................112 8.6 Shareholder structure ............................................................................................................ 112 8.7 Articles of Association.......................................................................................................... 113 8.8 Shareholder matters .............................................................................................................. 113 8.9 Statutory auditors.................................................................................................................. 117 9 TAXATION....................................................................................................119 9.1 General.................................................................................................................................
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